Jim Cramer Blog

Barr Pharmaceuticals (NYSE:BRL - News) said it lost $390.9 million, or $3.67 a share, vs. a profit of $94.9 million, or 88 cents a share a year earlier. Excluding items, earnings for the quarter ending Dec. 31 would have been 83 cents a share. Revenue rose 79% to $584 million from last year's $325.5 million, with product sales growing 85% to $536.6 million. Analysts surveyed by Thomson Financial had been expecting earnings of 73 cents a share and revenue of $521.3 million, on average. Looking ahead, the Woodcliff Lake, N.J. pharmaceutical company expects 2007 adjusted earnings of $3.00 to $3.30 a share, surrounding analyst forecasts of a $3.23 a share.
Bitstream (NasdaqCM:BITS - News) shares fell after the Cambridge, Mass.-based software development company reported fourth-quarter net earnings of $630,000, or 6 cents a share, down from $788,000, or 8 cents a share, in the year-ago period. Revenue rose to $5.55 million from $4.62 million.
BlackRock Inc. (NYSE:BLK - News) said it is raising its quarterly cash dividend 60% to 67 cents a share from 42 cents. The dividend is payable March 23 to shareholders of record as of March 7, the New York-based investment management firm said.
Blount International (NYSE:BLT - News) shares slumped after the Portland, Ore.-based outdoor products and power equipment company reported fourth-quarter earnings of $9.04 million, or 19 cents a share, down from $56.2 million, or $1.17 a share, in the year-ago period. The company said the results in the year-ago quarter were favorably impacted by a significant income tax benefit. Revenue fell to $158.1 million from $176.9 million. Analysts polled by Thomson Financial were expecting a per-share profit of 20 cents on revenue of $156.2 million. Blount expects 2007 sales in a range of flat to down 3%, and operating income of $85 million to $90 million.
Emcore Corp. (NasdaqGM:EMKR - News) filed to expand the scope of its patent infringement lawsuits against Optium Corp. (NasdaqGM:OPTM - News) to include one additional patent and an additional product line.
E.W. Scripps & Co. (NYSE:SSP - News) cut its first-quarter earnings forecast, citing greater-than-expected weakness at its newspapers. The Cincinnati-based media company said it now expects a profit from continuing operations of 33 to 37 cents a share in the March quarter, down from its previous estimate of 39 cents to 43 cents a share. A year earlier, Scripps earned 49 cents per share. The company pointed to lower-than-expected newspaper advertising sales, costs related to a leadership change at the retail search engine Shopzilla, and weaker-than-expected results for its Internet search business.
Fremont General Corp. (NYSE:FMT - News) shares slid after the mortgage lender said late Tuesday it will postpone the release of its fourth quarter and full-year 2006 results, which was scheduled for Wednesday. Santa Monica-based Fremont also said it will not file its 2006 Form 10-K by March 1.
Idera Pharmaceuticals (AMEX:IDP - News) was initiated with a buy rating at Canaccord Adams.
Integra LifeSciences (NasdaqGS:IART - News) said fourth-quarter net income slipped to $10.1 million, or 34 cents a share, from $10.6 million, or 33 cents a share, while revenue climbed 72% to $125 million on sales of acquired products, surgical instruments and ultrasonic surgical systems. Adjusted for equity-based compensation charges, acquisition-related charges, and other items, it would've earned 50 cents a share compared to 37 cents a share last year. Analysts polled by Thomson Financial expected earnings of 42 cents a share on revenue of $121 million. For 2007, earnings are seen between $1.70 and $1.80 a share on revenue between $508 million and $520 million, growing to $2.05 to $2.25 a share in earnings in 2008 on revenue between $570 million and $590 million.
Interpublic Group (NYSE:IPG - News) swung to a fourth-quarter profit, boosted by lower severance expenses, professional fees and production costs. The New York advertising and marketing services company had fourth-quarter earnings of $69.1 million, or 11 cents a share, compared with a loss of $22.9 million, or 8 cents, a year earlier. Interpublic said revenue fell 1%, to $1.88 billion from $1.9 billion a year ago. Analysts surveyed by Thomson Financial expected, on average, earnings of 21 cents a share on revenue of $1.88 billion. In addition, Interpublic said it has re-mediated a significant number of its existing material weaknesses, and it remains on track to be compliant with the Sarbanes-Oxley Act by the time it files its 2007 annual report.
Joy Global (NasdaqGS:JOYG - News) shares dropped after the company posted a first-quarter profit of $60 million, or 51 cents a share, on sales of about $560 million. The average estimate of analysts polled by Thomson Financial was for earnings of 60 cents a share in the January period on revenue of $629.4 million.
LECG Corp.'s (NasdaqGS:XPRT - News) fourth-quarter net income fell 39% to $3.52 million, or 14 cents a share, from $5.81 million, or 23 cents a share, a year earlier. The Emeryville, Calif., economic consulting company's revenue grew 22% to $88.9 million form $73 million in the year-ago period.
Magellan Health Services Inc. (NasdaqGS:MGLN - News) reported fourth-quarter net income of $22.5 million, or 58 cents a share, down from $52.2 million, or $1.38 a share, earned in the same period during 2005. Quarterly revenue generated by the Avon, Conn.-based health-care management services provider reached $461.3 million from the prior year's $436.4 million. Earnings in the latest quarter benefited from one-time favorable contractual settlements of $5.1 million as well as out-of-period favorable care development of $1.7 million, Magellan Health said. The year-earlier period reflected in part the sale of certain assets to Aetna. Analysts were looking for earnings of 48 cents a share on revenue of $464 million, according to estimates compiled by Thomson Financial.
Ormat Technologies (NYSE:ORA - News) swung to a fourth-quarter profit from a year-earlier loss on 13% higher revenue. Earnings were $4.2 million, or 12 cents a share, compared with a loss of $5.1 million, or 16 cents, in the year-earlier period. Revenue reached $66.7 million from $58.8 million. In the latest period, the earnings reflect 1 cent a share from compensation expense. The year-ago loss reflects a $10.3 million charge to refinance debt.
PRA International (NasdaqGS:PRAI - News) shares slumped after the Reston, Va.-based provider of clinical development services reported fourth-quarter net income of $5.72 million, or 23 cents a share, compared with $7.5 million, or 31 cents a share, in the year-ago period. Revenue rose to $92.5 million from $76.5 million. Analysts polled by Thomson Financial were expecting a per-share profit of 29 cents on revenue of $81.7 million. PRA forecast 2007 earnings of 48 cents to 58 cents a share and adjusted earnings 95 cents to $1.05 a share. The company expects 2007 service revenue, excluding reimbursed out-of-pocket costs associated with client projects and programs, to be in the range of $330 million to $350 million. Analysts are looking for earnings of $1.28 a share.
Salary.com Inc. (NasdaqGM:SLRY - News) said underwriters of its initial public offering have exercised in full their over-allotment option to buy an additional 855,000 shares of common stock. The shares were purchased at the IPO price of $10.50 a share.
Salix Pharmaceuticals (NasdaqGM:SLXP - News) forecast earnings of 85 cents a share on total product revenue of about $260 million for fiscal 2007. The current average estimate of analysts polled by Thomson Financial is for a profit of 87 cents a share for the year.
Sierra Health Services Inc. (NYSE:SIE - News) expects to incur a loss in fiscal 2007, due primarily to an enhanced version of its Medicare Part D prescription drug program. In January, Sierra began offering an enhanced version of its PDP, which provided prescription-drug benefits through the coverage gap.
Syniverse Holdings Inc.'s (NYSE:SVR - News) fourth-quarter net income surged to $59.1 million, or 88 cents a share, from $15.3 million, or 23 cents a share, a year ago. Cash net income was 20 cents a share, the company said. The Tampa, Fla., provider of technology services said revenue increased 2.7% to $85.8 million from $83.6 million a year ago.
URS Corp. (NYSE:URS - News) reported fourth-quarter net earnings of $26.3 million, or 51 cents a share, up from $25.9 million, or 51 cents a share, in the year-ago period. Revenue at the San Francisco-based engineering and construction management company rose to $1.09 billion from $1.07 billion.
Published By MarketWatch

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Agrium (NYSE:AGU - News) was downgraded to neutral from buy at UBS.
Alphatec Holdings Inc. (NASDAQ:ATEC - News) said President and Chief Executive Ronald Hiscock has left the company, along with Chief Administrative Officer Vicky Romanoski. The Carlsbad, Calif.-based spinal device manufacturer provided no reason for the departure of the two executives. John Foster, Alphatec's executive chairman, is assuming the position of president and CEO.
Altair Nanotechnologies (NASDAQ:ALTI - News) shares dropped after the company reached a deal with institutional investors to raise $23.15 million in net proceeds, after fees and expenses, in a "registered direct" offering through the sale of its common shares and warrants. The Canadian developer of nanomaterial and titanium dioxide pigment technologies said it has also entered into subscription agreements, and has agreed to sell 9.26 million units, with each unit consisting of one common share and one warrant to purchase one-fourth of a share. The transaction's closing is scheduled for Dec. 18.
Argon ST (NASDAQ:STST - News) shares fell after the Fairfax, Va.-based developer of systems and sensors for signals intelligence reported fourth-quarter net earnings of $4.1 million, or 18 cents a share, down from $6.06 million, or 29 cents a share, in the year-ago period. Revenue fell to $66.1 million from $83.7 million. Analysts polled by Thomson First Call had forecast a per-share profit of 30 cents on revenue of $90.8 million. The company forecast fiscal 2007 revenue of $305 million to $325 million, and income from operations of $36 million to $39 million.
Beacon Roofing Supply (NASDAQ:BECN - News) reported fourth-quarter net earnings of $14.6 million, or 32 cents a share, up from $10.4 million, or 25 cents a share, on the year-ago period. Revenue jumped to $431.3 million from $231.2 million. Analysts polled by Thomson First Call had forecast a per-share profit of 33 cents on revenue of $405.8 million. "Although we have seen a slowdown in our business since the fourth quarter, when adjusting for five fewer business days than in the first quarter of 2006, our sales continued to grow slightly in the first quarter of fiscal year 2007 through November compared to the first quarter of 2006, considering that there has been no price inflation," said Robert Buck, president and chief executive, in a statement. "As a result, we are optimistic about 2007 and excited about our future."
Cal Dive (NYSE:DVR - News) shares fell in the company's stock market debut.
Chordiant (NASDAQ:CHRD - News) said it expects a fourth-quarter net loss of $8.4 million, and a loss of $7.1 million excluding stock-based compensation. The software company said it sees quarterly revenue of $21.7 million, up 2% from the same period in the prior year, while Wall Street is looking for $27 million.
Shares in EMI Group PLC plunged as the company confirmed that takeover talks with an unnamed bidder had ceased.
Shares of Encysive Pharmaceuticals (NASDAQ:ENCY - News) retreated as it emerged that the Food and Drug Administration still isn't satisfied with the company's application to market a prospective pulmonary drug.
Forest Laboratories (NYSE:FRX - News) agreed to buy privately-held Cerexa for $480 million in cash. Cerexa's lead compound, a broad-spectrum injectable antibiotic called ceftaroline acetate, is slated to begin Phase III clinical testing during the first quarter 2007. Forest said the drug could be on the market as early as 2010, if approved. As a result of the transaction, Forest plans to take a one-time after-tax charge of about 96 cents a share. Excluding the one-time after-tax charge, Forest said it still sees fiscal 2007 earnings per share coming in between $2.60 and $2.65. The deal is expected to close in Forest's fiscal fourth quarter.
Geron Corp. (NASDAQ:GERN - News) said it's agreed to sell common stock to institutional investors in a deal expected to yield gross proceeds of $40 million. The Menlo Park, Calif., biopharmaceutical company is selling the stock at $8 per share, compared to Wednesday's closing price at $9.34. The deal includes an over-allotment option for the sale of an additional $15 million worth of common stock at the same price per share, as well as longer term warrants, exercisable after 180 days, for the purchase of three million shares at an unspecified premium. Geron plans to use the proceeds to fund clinical trials and for regulatory activities.
Introgen Therapeutics Inc. (NASDAQ:INGN - News) said it has offered 4.99 million shares of its common stock. The Austin, Texas-based biopharmaceutical company said it expects to receive gross proceeds of about $24 million. Introgen said it expects to use net proceeds from the offering primarily for working capital and other general corporate purposes, including the development of its clinical programs which include Advexin, INGN 241 and its other programs.
Lehman Brothers (NYSE:LEH - News) said record investment-banking revenue helped propel fourth-quarter profit higher by 22%, surpassing Wall Street estimates, but earnings growth lagged rivals the record results from Goldman Sachs and Bear Stearns earlier this week.
Magellan Health Services (NASDAQ:MGLN - News) announced its financial guidance for fiscal 2007. The group said it sees earnings in the range of $1.67 to $2.04 a share on sales of $2.05 billion to $2.15 billion. Chief Executive Steven Shulman said the outlook reflects the group's view of the coming year as one of transition.
Netflix (NASDAQ:NFLX - News) was initiated with a sell rating at Banc of America Securities with a price target of $24.
Obagi Medical Products (NASDAQ:OMPI - News) shares fell in the company's initial public offering.
Pier 1 Imports Inc. (NYSE:PIR - News) posted a wider third-quarter loss, hurt by increased markdowns and higher marketing costs, but said sales of holiday merchandise have been encouraging.
Smith Micro Software (NASDAQ:SMSI - News) priced an offering of 4.5 million shares at $14.75 per share. The company has granted the underwriters an option to purchase up to an extra 675,000 shares to cover any over-allotments.
United Rentals (NYSE:URI - News) was downgraded to neutral from buy at UBS.
United Technologies (NYSE:UTX - News) backed its 2006 earnings outlook of $3.68 to $3.69 a share. Analysts polled by Thomson First call expect per-share earnings of $3.69. United Technologies also said its board approved a share repurchase program for up to 60 million shares worth about $4 billion at current prices.
Winnebago Industries Inc. (NYSE:WGO - News) said first-quarter net income for the three months ended Nov. 25 fell to $7.9 million, or 25 cents a share, from $14.6 million, or 44 cents a share in the year-ago period. Revenue dropped 13% to $201.8 million. Analysts surveyed by Thomson First Call forecast earnings of 31 cents a share and revenue of $210 million, on average. "While we remained solidly profitable, the motor home market continues to be challenging," said Winnebago Chairman and CEO Bruce Hertzke. "The first quarter of fiscal 2007 was negatively impacted by lower motor home deliveries, particularly of higher priced models in all of our product classes." The company said market conditions remain challenging. The Forest City, Iowa company also cited reluctance by dealers to increase inventory during the winter.

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