Advanced Micro Devices (NYSE:
AMD -
News) said it's "unlikely" to meet its outlook for revenue of between $1.6 billion and $1.7 billion for the first quarter. The current average estimate of analysts polled by Thomson Financial is for revenue of $1.66 billion for the March period. The Sunnyvale, Calif., chip maker made the announcement ahead of a presentation by Hector Ruiz, its chairman and chief executive officer, at a conference sponsored by Morgan Stanley.
Barnes & Noble Inc. (NYSE:
BKS -
News) gave an outlook for fiscal 2007 that's well below the current Wall Street consensus estimate.
First Bancorp of Puerto Rico (NYSE:
FBP -
News) agreed in principle to pay $74.25 million to settle all claims in a shareholder class-action lawsuit filed in 2005. The financial holding company said Monday its 2005 financial statements included an accrual of $74.25 million for the settlement. The settlement is subject to final approval by a federal court in Puerto Rico. In December 2005, First Bancorp said it faced several lawsuits alleging securities violations and claims that it artificially inflated the company's earnings and made material misrepresentations and omissions regarding financial conditions.
Fremont General (NYSE:
FMT -
News) said it plans to sell its subprime real-estate lending business.
Home Solutions of America (NasdaqGM:
HSOA -
News) shares fell after the Dallas-based provider of rebuilding and remodeling services said it now expects to report fourth-quarter net earnings of 5 cents to 7 cents a share. The company also cuts its full-year 2006 earnings forecast to a range of 43 cents to 46 cents a share from its earlier forecast of 56 cents to 60 cents a share. In addition, Home Solutions said President and Chief Operating Officer Rick O'Brien will resign effective April 15 to pursue other opportunities. O'Brien's operating responsibilities will be assumed by two new division managers, Brian Marshall and Mike Lane.
InfraSource Services Inc. (NYSE:
IFS -
News) said its fourth-quarter net profit rose 31% to $7.6 million, or 19 cents a share, as revenue increased 12% to $247.9 million. The company, which provides contracting services to the infrastructure industry, said its improved performance was driven by growth in the division that services infrastructure in the electricity sector. Analysts polled by Thomson Financial had expected earnings of 17 cents a share on revenue of $246 million. The company said backlog at the end of the quarter was $902 million, or around 13% higher than at the end of the third quarter.
Lawson Products Inc. (NasdaqGS:
LAWS -
News) reported fourth-quarter net earnings of $1.34 million, or 16 cents a share, down from $9.58 million, or $1.06 a share, during the year-ago period. Adjusted operating income was $4.9 million compared with $6.8 million last year. The results include a full quarter of the operations of Rutland Tool & Supply Co., which was acquired in December 2005, the company said. The Des Plaines, Il.-based company posted revenue of $126.2 million, up 9% from $115.6 million. Lawson is a provider of products, systems and services to industrial maintenance, repair and replacement markets.
Memory Pharmaceuticals (NasdaqGM:
MEMY -
News) said a Phase 2a study of its MEM-1003 drug showed it didn't prove effective for the treatment of bipolar mania. The company said the target symptoms and the nature of the assessment of the ongoing Phase 2a study in Alzheimer's disease are very different.
OM Group Inc. (NYSE:
OMG -
News) said fourth-quarter net income rose to $56.8 million, or $1.93 a share, from $11.6 million, or 40 cents a share. On a continuing operations basis, the Cleveland-based company posted a loss of 58 cents a share. Net sales rose to $172.1 million from $151.5 million.
Palm Inc. (NasdaqGS:
PALM -
News) has reportedly hired Morgan Stanley to evaluate options including a sale, an investment by private-equity firms or its own purchase, The Wall Street Journal reported Monday, citing people familiar with the matter. Palm rallied nearly 11% on Friday on speculation that Nokia may buy it.
Research In Motion (NasdaqGS:
RIMM -
News) said it anticipates a $250 million reduction on previous earnings from erroneously reported stock-option grants when it makes a restatement. The maker of the BlackBerry phone said a special committee determined that all options granted prior to February 27, 2002, were accounted for incorrectly due to not applying variable accounting, and 321 grants -- or 63% of the total awarded -- were incorrect between Feb. 28, 2002 and Aug. 2006. The special committee didn't find intentional misconduct on the part of any director or officer, but said hindsight was used to select grant dates with favorable pricing. Co-CEO Jim Balsillie has voluntarily stepped down as chairman, and Dennis Kavelman will be moving from his position as CFO to become the chief operating officer of administration and operations. Directors and officers will return any benefit from mispriced options, and Co-CEOs Balsillie and Mike Lazaridis will contribute up to C$10 million to defray the costs of the probe.
SL Green Realty Corp. (NYSE:
SLG -
News) said it's agreed to acquire two properties in Manhattan for a total of $73 million from a group of private investors. The properties are located at 331 Madison Ave. and 48 East 43rd Street.
Sunrise Senior Living Inc. (NYSE:
SRZ -
News) said it has expanded the scope of its previously established special independent committee of the board, to include the review of facts and circumstances relating to the historical accounting treatment of certain categories of transactions in the pending restatement. The McLean, Va.-based provider of senior living services said it has also directed the committee to develop recommendations regarding any necessary remedial measures.
The South Financial Group (NasdaqGS:
TSFG -
News) named James Gordon as its new chief financial officer, the company said early Monday. Gordon, who takes over March 15, comes to South from HORNE LLP where he worked as the firm's assurance partner for SEC and financial institutions services since 2004. He replaces Timothy Schools, who will resign to "pursue other opportunities" but stay around until April 30th to assist with the transition.
Universal American Financial Corp. (NasdaqGS:
UHCO -
News) said it's rejecting a management-led proposal to buy the Rye Brook, N.Y. firm for $18.15 a share. A special committee of the board said the offer is "inadequate and not in the best interests of the company and its stockholders."
XM Satellite Radio Inc. (NasdaqGS:
XMSR -
News) and Sirius Satellite Radio Inc. (NasdaqGS:
SIRI -
News), currently seeking approval for a proposed $13.6 billion merger, pledged again Friday that existing XM and Sirius radios would not become obsolete if the deal is completed.
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