Friday's Biggest Stock Decliners
Advocat (NasdaqCM:AVCA - News) shares tumbled 28% Friday after the Brentwood, Tenn.-based health care services provider reported fourth-quarter net earnings of $2.28 million, or 37 cents a share, down from $12.9 million, or $1.99 a share, in the year-ago period. Revenue rose 3.8% to $55.8 million from $53.7 million. The company expects 2007 results in a range of a loss of 8 cents a share to a profit of a penny a share on revenue of $221 million to $228 million.
AFC Enterprises Inc. (NasdaqGM:AFCE - News) shares lost 6.7% after the company said Chief Executive and President Kenneth Keymer is resigning, effective March 30. The Atlanta parent of Popeyes Chicken & Biscuits said Frederick Beilstein, who had been AFC's chief financial officer from 2004 to 2005, will serve as interim CEO while the comapny seeks a permanent successor to Keymer. Beilstein is a managing partner of Equicorp Partners LLC, an Atlanta investment and advisory services firm. Keymer joined Popeyes in June 2004 as president and was promoted to AFC's CEO post in September 2005. The company also said it promoted James Lyons from chief development officer to the newly created position of chief operating officer.
AMN Healthcare Services Inc.'s (NYSE:AHS - News) shares sank 15% after the company reported fourth-quarter net income jumped 44% to $10 million, or 29 cents a share, from $6.98 million, or 21 cents a share, a year earlier. The San Diego company's revenue grew to $283.5 million from $221.4 million.
Atlantic Tele-Network (NasdaqGM:ATNI - News) shares fell 11% after the company said it doesn't expect organic growth in earnings for 2007 to be as strong as it was in 2006 although it does expect to grow consolidated profits. The company posted earnings of $23.2 million, or $1.70 a share, for the year, on revenue of $155.4 million. In 2005, the Salem, Mass., telecommunications provider earned $13.6 million, or $1.09 a share, on revenue of $102.3 million.
Avnet Inc. (NYSE:AVT - News) shares dropped 7% after the company said it plans to offer $250 million of senior notes due 2014. Phoenix-based Avnet, a distributor of electronic and computer components, said it plans to use the proceeds to repay amounts outstanding under its revolving credit facility and/or its accounts receivable securitization program.
Cleveland-Cliffs Inc. (NYSE:CLF - News) shares slipped 5.3% after the company said it would delay the filing of its annual report due to a review of the timing of revenue recognition. The review centers on cash payments for sales from the company's ore stockpiles in the fourth quarter, as the ore was not yet delivered at the request of the customer. The Cleveland iron ore pellets producer said earnings announced on Feb. 21 could be revised as a result.
Credence Systems Corp. (NasdaqGS:CMOS - News) shares tumbled 25% after the company reported a first-quarter net loss of $11,000, or breakeven on a per-share basis, compared with a net loss of $4.05 million, or 4 cents a share, during the year-ago period. The Milpitas, Calif.-based semiconductor-testing-equipment company posted revenue of $118.8 million vs. $121.8 million.
Delta Air Lines Inc. (Other OTC:DALRQ.PK - News) shares lost 6.9% after the company said its loss in January was $109 million, compared with a $300 million loss in January 2006. Delta's consolidated passenger unit revenue rose 3.7% in January over the same month in 2006. The Atlanta-based airline said its monthly operating expenses "remained essentially flat" despite a capacity increase of 2.9%. Delta is currently in Chapter 11 reorganization and is expected to exit bankruptcy in the coming months.
Focus Enhancements Inc. (NasdaqCM:FCSE - News) shares slumped 8.8% after the Campbell, Calif.-based video production company reported a fourth-quarter net loss of $3.01 million, or 4 cents a share, compared with $3.26 million, or 5 cents a share, in the year-ago period. Revenue rose to $10.3 million from $6.08 million. The company expects first-quarter revenue of $7 million to $7.8 million and 2007 revenue of $42 million to $46 million.
Fording Coal Trust (NYSE:FDG - News) shares slid 7.6% after the Calgary, Alberta-based company declared a first-quarter cash distribution of 65 Canadian cents per unit, to be paid April 16 to unitholders of record as of March 30. Fording said the distribution reflects the impact of adverse winter weather conditions on rail transportation in January. The company added that sales volume for the rest of the first quarter continues to be dependent largely on weather conditions and resulting rail and port performance. Fording also expects higher first quarter transportation costs.
Gulf Island Fabrication (NasdaqGS:GIFI - News) shares tumbled 25% after the Houma, La.-based maker of offshore drilling and production platforms reported fourth-quarter net earnings of $3.73 million, or 26 cents a share, up from $2.7 million, or 22 cents a share, in the year ago period. Revenue rose to $76 million from $41.4 million. The company also said it discovered an error regarding estimated revenue on the Tahiti contract, and determined that it had overstated both revenue and net income in the first three quarters of 2006. Gulf Island said it will include the restated results in its 2006 Form 10-K but will not amend its previous filings.
Handleman Co. (NYSE:HDL - News) shares sank 11% after the company said it has suspended its quarterly cash dividend of 8 cents a share in connection with amending its credit agreement. The Troy, Mich.-based distributor of prerecorded music, and video game hardware and software said will redirect its cash flow to reduce outstanding debt.
Inercontinental Exchange (NYSE:ICE - News) shares 8% after the company said average daily volume in the month of February for its U.K.-based ICE Futures unit rose 93% to 492,353 contracts from 255,396 contract a year earlier. The Atlanta operator of the electronic global futures and over-the-counter marketplace for trading energy commodity contracts said the average daily commissions in its over-the-counter unit rose 90% to $800,466 from $421,205 a year ago. Intercontinental Exchange also said average daily volume in February at the New York Board of Trade rose 18% to 256,447 contracts from 217,529 contracts.
KongZhong Corp.'s (NasdaqGM:KONG - News) shares lost 11% after the company said fourth-quarter net income fell 42% to $3.66 million, or 10 cents an American depositary share, from $6.26 million, or 17 cents an American depository share, a year ago. The Beijing provider of wireless services said revenue rose 7.1% to $23.7 million from $22.1 million.
Leapfrog Enterprises (NYSE:LF - News) shares sank 8.4% after the company reported a fourth-quarter loss of $46.0 million, or 73 cents a share, on sales of $182.8 million. In the same period a year earlier, the educational products developer earned $14.4 million, or 23 cents a share, on sales of $248 million. Looking ahead, the company said it expects its 2007 net loss to be "significantly less" than its 2006 loss and consistent with previous expectations.
Shares of New Century Financial Corp. (NYSE:NEW - News) slid 7.6% after the mortgage real estate investment trust said it expects to delay the filing of its annual report. The Irvine, Calif. company said late Thursday that it plans to file Form 12b-25 with the Securities and Exchange Commission, a form used as a notification of late filing. If the form is filed, the company must file the required report within fifteen calendar days for an annual report.
Noven Pharmaceuticals Inc. (NasdaqGS:NOVN - News) shares dropped 13% after the company reported fourth-quarter net earnings of $7.12 million, or 29 cents a share, up from $6.06 million, or 25 cents a share, in the year-ago period. Excluding certain items, the Miami-based company reported a profit of $7.7 million, or 31 cents a share, compared with $2.7 million, or 11 cents a share, last year. Revenue in the three months ended Dec. 31 rose to $17.2 million from $16.8 million.
OmniVision Technologies Inc. (NasdaqGS:OVTI - News) shares sank 7.2% after the company reported third-quarter net earnings of $4.13 million, or 7 cents a share, down from $29.6 million, or 53 cents a share, during the year-ago period. The Sunnyvale, Calif.-based company, which designs and markets high-performance semiconductor image sensors, posted revenue of $134.4 million vs. $137.3 million.
Transaction Systems Architects (NasdaqGS:TSAI - News) shares fell 11% after the company said an examination of its stock options dating and subsequent accounting has determined it will need to restate results for the period running from 1995-2002. The company also said it sees adjusted earnings of $1.57 to $1.86 a share for calendar 2007. It also said it currently anticipates reporting in its fiscal 2006 Form 10-K certain material internal control weaknesses in the areas of income taxes, non-routine transactions, financial reporting and the recognition of revenue as of Sept. 30.
World Fuel Services Corp. (NYSE:INT - News) shares lost 11% after the Miami-based company, which markets and sells fuel products, reported fourth-quarter net earnings of $17.3 million, or 60 cents a share, up from $12 million, or 42 cents a share, in the year-ago period. Revenue rose to $2.62 billion from $2.53 billion. Analysts polled by Thomson Financial were expecting a per-share profit of 60 cents.
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AFC Enterprises Inc. (NasdaqGM:AFCE - News) shares lost 6.7% after the company said Chief Executive and President Kenneth Keymer is resigning, effective March 30. The Atlanta parent of Popeyes Chicken & Biscuits said Frederick Beilstein, who had been AFC's chief financial officer from 2004 to 2005, will serve as interim CEO while the comapny seeks a permanent successor to Keymer. Beilstein is a managing partner of Equicorp Partners LLC, an Atlanta investment and advisory services firm. Keymer joined Popeyes in June 2004 as president and was promoted to AFC's CEO post in September 2005. The company also said it promoted James Lyons from chief development officer to the newly created position of chief operating officer.
AMN Healthcare Services Inc.'s (NYSE:AHS - News) shares sank 15% after the company reported fourth-quarter net income jumped 44% to $10 million, or 29 cents a share, from $6.98 million, or 21 cents a share, a year earlier. The San Diego company's revenue grew to $283.5 million from $221.4 million.
Atlantic Tele-Network (NasdaqGM:ATNI - News) shares fell 11% after the company said it doesn't expect organic growth in earnings for 2007 to be as strong as it was in 2006 although it does expect to grow consolidated profits. The company posted earnings of $23.2 million, or $1.70 a share, for the year, on revenue of $155.4 million. In 2005, the Salem, Mass., telecommunications provider earned $13.6 million, or $1.09 a share, on revenue of $102.3 million.
Avnet Inc. (NYSE:AVT - News) shares dropped 7% after the company said it plans to offer $250 million of senior notes due 2014. Phoenix-based Avnet, a distributor of electronic and computer components, said it plans to use the proceeds to repay amounts outstanding under its revolving credit facility and/or its accounts receivable securitization program.
Cleveland-Cliffs Inc. (NYSE:CLF - News) shares slipped 5.3% after the company said it would delay the filing of its annual report due to a review of the timing of revenue recognition. The review centers on cash payments for sales from the company's ore stockpiles in the fourth quarter, as the ore was not yet delivered at the request of the customer. The Cleveland iron ore pellets producer said earnings announced on Feb. 21 could be revised as a result.
Credence Systems Corp. (NasdaqGS:CMOS - News) shares tumbled 25% after the company reported a first-quarter net loss of $11,000, or breakeven on a per-share basis, compared with a net loss of $4.05 million, or 4 cents a share, during the year-ago period. The Milpitas, Calif.-based semiconductor-testing-equipment company posted revenue of $118.8 million vs. $121.8 million.
Delta Air Lines Inc. (Other OTC:DALRQ.PK - News) shares lost 6.9% after the company said its loss in January was $109 million, compared with a $300 million loss in January 2006. Delta's consolidated passenger unit revenue rose 3.7% in January over the same month in 2006. The Atlanta-based airline said its monthly operating expenses "remained essentially flat" despite a capacity increase of 2.9%. Delta is currently in Chapter 11 reorganization and is expected to exit bankruptcy in the coming months.
Focus Enhancements Inc. (NasdaqCM:FCSE - News) shares slumped 8.8% after the Campbell, Calif.-based video production company reported a fourth-quarter net loss of $3.01 million, or 4 cents a share, compared with $3.26 million, or 5 cents a share, in the year-ago period. Revenue rose to $10.3 million from $6.08 million. The company expects first-quarter revenue of $7 million to $7.8 million and 2007 revenue of $42 million to $46 million.
Fording Coal Trust (NYSE:FDG - News) shares slid 7.6% after the Calgary, Alberta-based company declared a first-quarter cash distribution of 65 Canadian cents per unit, to be paid April 16 to unitholders of record as of March 30. Fording said the distribution reflects the impact of adverse winter weather conditions on rail transportation in January. The company added that sales volume for the rest of the first quarter continues to be dependent largely on weather conditions and resulting rail and port performance. Fording also expects higher first quarter transportation costs.
Gulf Island Fabrication (NasdaqGS:GIFI - News) shares tumbled 25% after the Houma, La.-based maker of offshore drilling and production platforms reported fourth-quarter net earnings of $3.73 million, or 26 cents a share, up from $2.7 million, or 22 cents a share, in the year ago period. Revenue rose to $76 million from $41.4 million. The company also said it discovered an error regarding estimated revenue on the Tahiti contract, and determined that it had overstated both revenue and net income in the first three quarters of 2006. Gulf Island said it will include the restated results in its 2006 Form 10-K but will not amend its previous filings.
Handleman Co. (NYSE:HDL - News) shares sank 11% after the company said it has suspended its quarterly cash dividend of 8 cents a share in connection with amending its credit agreement. The Troy, Mich.-based distributor of prerecorded music, and video game hardware and software said will redirect its cash flow to reduce outstanding debt.
Inercontinental Exchange (NYSE:ICE - News) shares 8% after the company said average daily volume in the month of February for its U.K.-based ICE Futures unit rose 93% to 492,353 contracts from 255,396 contract a year earlier. The Atlanta operator of the electronic global futures and over-the-counter marketplace for trading energy commodity contracts said the average daily commissions in its over-the-counter unit rose 90% to $800,466 from $421,205 a year ago. Intercontinental Exchange also said average daily volume in February at the New York Board of Trade rose 18% to 256,447 contracts from 217,529 contracts.
KongZhong Corp.'s (NasdaqGM:KONG - News) shares lost 11% after the company said fourth-quarter net income fell 42% to $3.66 million, or 10 cents an American depositary share, from $6.26 million, or 17 cents an American depository share, a year ago. The Beijing provider of wireless services said revenue rose 7.1% to $23.7 million from $22.1 million.
Leapfrog Enterprises (NYSE:LF - News) shares sank 8.4% after the company reported a fourth-quarter loss of $46.0 million, or 73 cents a share, on sales of $182.8 million. In the same period a year earlier, the educational products developer earned $14.4 million, or 23 cents a share, on sales of $248 million. Looking ahead, the company said it expects its 2007 net loss to be "significantly less" than its 2006 loss and consistent with previous expectations.
Shares of New Century Financial Corp. (NYSE:NEW - News) slid 7.6% after the mortgage real estate investment trust said it expects to delay the filing of its annual report. The Irvine, Calif. company said late Thursday that it plans to file Form 12b-25 with the Securities and Exchange Commission, a form used as a notification of late filing. If the form is filed, the company must file the required report within fifteen calendar days for an annual report.
Noven Pharmaceuticals Inc. (NasdaqGS:NOVN - News) shares dropped 13% after the company reported fourth-quarter net earnings of $7.12 million, or 29 cents a share, up from $6.06 million, or 25 cents a share, in the year-ago period. Excluding certain items, the Miami-based company reported a profit of $7.7 million, or 31 cents a share, compared with $2.7 million, or 11 cents a share, last year. Revenue in the three months ended Dec. 31 rose to $17.2 million from $16.8 million.
OmniVision Technologies Inc. (NasdaqGS:OVTI - News) shares sank 7.2% after the company reported third-quarter net earnings of $4.13 million, or 7 cents a share, down from $29.6 million, or 53 cents a share, during the year-ago period. The Sunnyvale, Calif.-based company, which designs and markets high-performance semiconductor image sensors, posted revenue of $134.4 million vs. $137.3 million.
Transaction Systems Architects (NasdaqGS:TSAI - News) shares fell 11% after the company said an examination of its stock options dating and subsequent accounting has determined it will need to restate results for the period running from 1995-2002. The company also said it sees adjusted earnings of $1.57 to $1.86 a share for calendar 2007. It also said it currently anticipates reporting in its fiscal 2006 Form 10-K certain material internal control weaknesses in the areas of income taxes, non-routine transactions, financial reporting and the recognition of revenue as of Sept. 30.
World Fuel Services Corp. (NYSE:INT - News) shares lost 11% after the Miami-based company, which markets and sells fuel products, reported fourth-quarter net earnings of $17.3 million, or 60 cents a share, up from $12 million, or 42 cents a share, in the year-ago period. Revenue rose to $2.62 billion from $2.53 billion. Analysts polled by Thomson Financial were expecting a per-share profit of 60 cents.
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Labels: AFCE, AHS, ATNI, AVCA, AVT, CLF, CMOS, FCSE, FDG, GIFI, HDL, ICE, INT, KONG, LF, NEW, NOVN, OVTI, TSAI
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