Noticias USA (01/02/2005)

[News]

TECO Energy (TE) reported a net loss of $409.3 million or $2.05 per share from continuing operations for the fourth quarter. However the company announced GAAP fourth quarter net loss of $488 million or $2.44 per share, which narrowed from $791 million last year. After various charges and adjustments the Non-GAAP net income of $30.4 million in the quarter compared to $33.4 million in the same period last year.

The company's quarterly revenues increased to $660.2 million from $598.9 million in the same quarter last year.

The company reported that the loss from continuing operations for the full year surged to$404 million or $2.10 per share compared to net income of $61.7 million or EPS of $0.34 per share. In the same period of last year. Full year revenues rose to $2.7 billion from %2.6 billion last year.

In the ensuing year, TECO sees its earnings from continuing operations in be in the range of $0.95 to $1.05 per share, while the consolidated cash flow from operations to be in a range between $250 million and $300 million.

[News]

Tuesday before the bell, Monaco Coach Corp. (MNC), a manufacturer of recreational vehicles, announced fourth quarter results, reporting net income that declined from last year, but topped analysts' estimates, on slightly higher revenues.

For the quarter, the company posted net income of $5.4 million or $0.18 per share, compared to $11.0 million or $0.37 per share in the same quarter of last year. On average, 8 analysts polled by First Call/Thomson Financial had expected the company to post $0.16 per share for the quarter.

Monaco's operating income decreased to $8.9 million from $17.4 million in the prior year's quarter. The revenues increased 1% to $325.6 million from $322.9 million in the comparable quarter of last year. 5 analysts had expected the company to generate revenues of $303.57 million for the quarter.

The unit sales of coach corporation products rose by 15.2% to 2,973 units from 2,581 units in the year-earlier quarter, while motorhome sales and towable recreational vehicles for the quarter totaled 1,822 and 1,151 units respectively.

Monaco said that slowdown of the markets in the second half of the year 2004 was due to the hurricanes in the Southeast and the hesitation by consumers leading up to the election, and added that the full year's record revenues and unit sales confirmed the acceptance of its products by the retail customer and its dealer partners.

For the full year 2005, the company reported net income of $36.7 million or $1.23 per share, in comparison to $22.2 million or $0.75 per share in the previous year. Analysts had consensus earnings estimate of $1.20 per share for the full year.

Full year operating income was at $59.9 million, compared to $38.2 million revealed year-ago. The revenues for the full year were $1.4 billion, up 19.6% from $1.2 billion in the prior year. Analysts had consensus revenue estimate of $1.38 billion for the full year.

Looking ahead, Monaco expects first quarter 2005 earnings in the range of $0.20 to $0.22 per share, while 7 analysts currently have consensus earnings estimate of $0.26 per share for the first quarter.

The company anticipates first quarter revenues ranging between $325 and $335 million, while 5 analysts currently have consensus estimate of $317.55 million for the first quarter.

For full year 2005, the company expects earnings to be around $1.20 per share. 8 analysts currently expect the company to earn $1.39 per share for the full year. Monaco expects full year revenues to be flat to slightly improving unit sales in 2005.

MNC closed Monday's trading session at $18.51, down 4 cents.

[News]

Tuesday morning, network software provider Evolving Systems, Inc. (EVOL) said its network data mediation solution Mediation Central, has been selected by Verizon with a multi-year licensing commitment.

Evolving Systems believes that the Mediation Central solution would allow carriers like Verizon to simplify their operational environment, while at the same time supporting their transition to the new emerging world of IP services.

On Monday, EVOL closed at $3.01

[News]

Tuesday before the bell, United Defense Industries Inc. (UDI), a developer of combat vehicles, revealed an $11 million fixed-price contract to NORSHIPCO, its Norfolk, Virginia shipyard. Sealift Logistics Command Atlantic made the initial award, the company said.

United Defense noted that the award, when all the options exercised, could reach over $13 million. The company expects the work to start on March 1, 2005 and complete on May 30, 2005.

The package of the deal includes towing the vessel from its berth in Philadelphia, dry-docking, hull painting, tank inspections, reactivation of main and auxiliary propulsion equipment, and repair and modernizing of communication and navigation systems, piping systems and underway replenishment equipment.

On Monday, UDI climbed 85 cents and closed trade at $47.93.

[News]

Tuesday morning, QIAGEN N.V. (QGENF), which makes kits for genetic research, said it is expanding its strategic alliance with industrial robotics supplier Protedyne Corp.

The broadened partnership aims to jointly market and cross-promote the use of Protedyne's BioCube in conjunction with QIAGEN nucleic acid purification products, to make a fully automated sample preparation system for research and molecular diagnostics markets. The first commercial system is expected to hit the markets during the second quarter of 2005.

BioCube is used for preanalytical and analytical processing in molecular diagnostics and clinical research. QIAGEN said it has been granted exclusive access to Protedyne's automation platform technologies for nucleic acid sample preparation.

Further, as part of the expansion plans, QIAGEN would invest around $2.0 million in Protedyne's current series D financing.

On Monday, QGENF climbed 2 cents and closed at $10.76.

[News]

CAM Commerce Solutions Inc. (CADA), announced financial results for the first quarter reporting earnings that remained flat with last year.

Including federal tax provisions, the Fountain Valley, California-based company reported net income of $0.4 million or $0.10 per share compared to $0.38 million or $0.10 per share in the same quarter last year.

Operating income for the quarter was given at $0.56 million while the year-ago figure stood at $0.32 million.

The company recorded quarterly revenues of $6.2 million, up 16% from $5.3 million generated in the same quarter last year.

CAM's research and development expenses for the first quarter were recorded at $0.37 million, in line with last year.

CADA ended Monday's trading session at $18.85, up 10 cents.

[News]

Greater Bay Bancorp (GBBK), a financial holding company, announced financial results for its fourth quarter, reporting earnings that lowered from last year and missed analysts' estimates.

The company posted net income for the quarter of $21.1 million or $0.33 per share, compared to $21.4 million or $0.37 per share, in the same quarter prior year. On average, 8 Analysts polled by First call/Thomson Financial expected the company to earn $0.38 per share for the quarter.

Quarterly net interest income recorded by the company was $67.9 million, compared to $68.2 million in the comparable quarter last year. Non-interest income for the quarter was $44.7 million, compared with $40.5 million in the year-ago quarter. Analysts had revenue consensus of $115.59 million.

For the full year, the company reported net income of $92.9 million or $1.50 per share, compared to $92.0 million or $1.62 per share for the year ended December 31, 2003. On average, 9 Analysts polled by First call/Thomson Financial expected the company to earn $1.64 per share for the year.

The company stated that the reported earnings per share reflect the company's implementation of a recent accounting pronouncement relating to contingently convertible debt for reporting purposes.

Net interest income for the year increased to $280 million from $269.7 million in 2003, the company noted. Non-interest income for the year was $186.6 million, compared with $171.5 million reported in the previous year. Analysts had revenue consensus of $470.25 million.

The company's total equity to assets ratio was 10.99% at December 31, 2004 compared to 9.88% at December 31, 2003 and 10.40% at September 30, 2004.

The company said that the allowance for loan and lease losses was $107.5 million or 2.39% of total loans at December 31, 2004, compared to $124.5 million or 2.73% of total loans at December 31, 2003 and $113.5 million or 2.53% of total loans at September 30, 2004.

The company noted that the total loans increased by $10.2 million from September 30, 2004 to December 31, 2004. Between December 31, 2003 and December 31, 2004, total loans declined by $57.9 million, the company added.

Looking ahead, the company expects net interest margin to fluctuate between 4.35% and 4.50%. For 2005, the company anticipates future loan portfolio growth in the low to mid-single digits.

GBBK closed Monday's trade unchanged at $27.27.

[News]

Georgia-Pacific Corp. (GP) reported fourth-quarter net income before unusual items of $134 million or 51 cents per diluted share, compared to $132 million or 52 cents per diluted share in the year-ago quarter.

On average, 14 analysts polled by First Call/Thomson Financial expected earnings of 50 cents per share for the quarter.

Net income for the fourth quarter was posted at $16 million or 6 cents per diluted share, in comparison with $31 million or 12 cents per diluted share in the same period last year.

Quarterly net sales of Georgia-Pacific declined to $4.5 billion from $5.2 billion in the same quarter last year. Five analysts had a consensus revenue estimate for the quarter of $4.5 billion.

[News]

Avon Products, Inc. (AVP) reported net income for the fourth quarter of $288.8 million, or $0.61 per share, compared to $261.3 million, or $0.55 per share, in the same quarter last year. Analysts expected earnings of $0.61 per share for the quarter.

Total revenues for the quarter increased to $2.31 billion from $2.10 billion reported in the corresponding quarter last year.

Looking ahead, Avon expects first quarter earnings of $0.35 per share in line with analysts' consensus estimates. For the full year 2005, Avon expects earnings per share in the range of $1.95-$2.00. Currently, analysts expect the company to earn $1.98 per share for the full year.

[News]

L-3 Communication`s Q4 Earnings Meet Estimates; Issues Fiscal 2005 Revenue And Earnings Guidance.

L-3 communications reported a net income including charges of $119.3 million or $1.01 per share, which increased from $98.4 million, or $0.90 per share in the same period last year. Charges included this year amounted to $3.2 million or $0.03 per share. Otherwise the EPS stood $1.04 for quarter, increasing by 15.6% from the same quarter last year. These earnings came in line with the consensus $1.01 per share by 16 analysts polled by First Call/Thomson Financial.

Quarterly sales increased 29 % to $1.9 billion from $1.48 billion last year compared to the analysts' average of $1.84 billion.

For the ensuing fiscal 2005, the company expects to record earning in the range of $3.95 and $4.05 per share compared to the analyst's estimate of $3.99 per share.

The company added that it sees a 17% growth in sales of over $8 billion in the next full fiscal. The free cash flow is expected to exceed $575 million in the same period.

[News]

Before the opening bell Tuesday, Rock of Ages Corporation (ROAC) Chairman and CEO Kurt Swenson announced the unexpected passing of Douglas Schair, a Director of the Company and one of its largest shareholders.

The granite manufacture said that Mr. Schair, aged 59 was a Director since June 2001, and a Principal of Insurance Investment Associates and also Vice Chairman of the Board and Chief Investment Officer of FFS Holdings. Rock of Ages owns 6% of the voting equity and 8% of the total common equity of FFS Holdings.

ROAC closed Monday's trading session at $7.73.

[News]

Ariba Inc. (ARBA) reported a first quarter EPS loss of $0.16 after the close on Monday, compared to a profit of $0.13 last year. Revenues increased to $86.9 million, from the $52.7 million reported last year. The stock is now down 2.90 on 14K shares Tuesday morning on Instinet.

Ariba Inc. gapped up Monday and climbed higher for the bulk of the afternoon, to close up by 0.94 at $13.88 on above average volume. The stock finished at a 3-week high.

[News]

Internet Security Systems (ISSX) reported fourth quarter EPS of $0.22 after the bell on Monday, which beat the consensus estimate of $0.20. Revenues increased to $80.56 million, from the $67.12 million reported last year. Full year 2004 EPS came in at $0.64. The company expects to report first quarter EPS of $0.17 to $0.19 and full year 2005 EPS of $0.79 to $0.85.

Internet Security Systems gapped up Monday morning and climbed higher around mid-afternoon, to finish up by 0.54 at $22.35. The stock rose above a range and closed at over a 3-week high.

[News]

HCA (HCA) reported its fourth quarter net income, including items, of $322 million or $0.70 per share, compared to $317 million or $0.63 per share in the same quarter last year.

Excluding items, the company posted its earnings for the quarter of $0.70 per share, compared to $0.58 per share in the same prior year quarter. Analysts expected $0.66 per share.

Quarterly revenues increased 6.1% to $5.9 billion from $5.6 billion in the year-ago quarter, while analysts anticipated $5.93 billion. Same facility revenues rose 6.5%, the company added.

The company confirms its full year 2005 earnings guidance of $2.75 - $2.90 per share, while analysts expect $2.83 per share.

The company raised its quarterly dividend to $0.15 per share from $.13 per share, payable on June 1, to shareholders of record May 1.

[News]

Before the opening bell Tuesday, Docucorp International (DOCC), a leading provider of enterprise information solutions, announced today that it has signed a software licensing agreement with Specialty Underwriters' Alliance, Inc.

Specialty Underwriters' Alliance also licensed Policy Xpress for commercial auto, business owners, commercial general liability, commercial property, commercial umbrella, commercial inland marine, and crime.

Specialty Underwriters' Alliance expects to reduce costs with the purchase of these software.

DOCC closed Monday's regular trading session at $9.79