<TABLE cellSpacing=0 cellPadding=2 width="100%" bgColor=white border=0 xmlns:msxsl="urn:schemas-microsoft-com:xslt" xmlns:js="http://cbs.markewatch.com/xsl"><TBODY><TR><TD width="100%">Apple Computer Inc. (AAPL: news, chart, profile) reported second-quarter profit thanks to sales of its iPod digital music players. See full story.
Beasley Broadcast Group (BBGI: news, chart, profile) expects 1Q revenue to grow 8 to 10% over year-earlier levels, more than prior forecasts of 3% growth, amid strength in its Philadelphia, Las Vegas and Ft. Myers station clusters. Station operating expenses are expected to increase 16 to 18%. The radio broadcaster's stock closed Wednesday down 23 cents at $16.87.
Best Buy (BBY: news, chart, profile) was downgraded by JP Morgan to "underweight" due to execution risks.
CenterPoint Energy Inc. (CNP: news, chart, profile) said it sold its 30.8% stake in the South Texas Project Nuclear Generating Facility for $700 million to Texas Genco LLC.
ConAgra Foods Inc. (CAG: news, chart, profile) restated its third-quarter earnings, to 32 cents from 31 cents a share, to correct income tax errors. It plans to file restated results for the first and second quarters of 2005 and full-year 2004.
Connetics Corp. (CNCT: news, chart, profile) said it has signed a supply and marketing agreement with a division of Ventiv Health (VTIV: news, chart, profile) . Under the deal, Ventiv Health will provide sales support for certain Connetics products to primary care physicians and pediatricians. Connetics expects the deal to add $5 million to $6 million to revenue in 2005. The partnership is expected to be earnings neutral in 2005 and to generate 8 cents to 10 cents in earnings per share in 2006. Including the revenue contribution from the VCS co-promotion sales activities, Connetics' raised its 2005 revenue guidance to the range of $195 million to $206 million versus its original outlook of $190 million to $200 million.
Constellation Brands Inc. (STZ: news, chart, profile) outlined 2006 base salary and stock-option awards and 2005 incentive-based awards for its top level executives. See full story.
Dave & Buster's (DAB: news, chart, profile) reported 1Q earnings of $7.17 million, or 46 cents a share, vs. $6.97 million, or 46 cents a share in the same period a year ago. Revenue rose 21% to $121.4 million, amid a 26% increase in food and beverage revenue and 16% growth in amusement and other revenue. The restaurant and game room chain said earnings were reduced by about 5 cents a share by severe weather and by 2 cents a share by higher-than-anticipated costs to complete the requirement of Sarbanes-Oxley testing and compliance. Analysts surveyed by Thomson First Call had been expecting earnings of 51 cents a share and revenue of $118.4 million, on average. The company expects fiscal 2005 earnings to be $1.11 to $1.19 a share, including a change in share based payment accounting. The stock closed Wednesday up $1.16 at $17.94.
Entergy Corp. (ETR: news, chart, profile) warned that 1Q earnings would decline to 79 cents a share from 88 cents a share in the same period a year ago, which is also below the average analyst estimate compiled by Thomson First Call of 93 cents a share. The company attributed the shortfall to lower residential sales, increased benefits costs, additional fossil generation outages and the absence of contribution from its Entergy-Koch business due to the sale of the venture's trading and gas pipeline business. The energy company also said 2005 earnings would be at the low end of the previously provided expected range of $4.60 to $4.85 a share. The stock closed Wednesday down 73 cents at $72.50.
The E.W. Scripps Co. (SSP: news, chart, profile) said first-quarter net income eased to $70 million, or 42 cents a share, from $70.5 million, or 43 cents a share, after $9.5 million in investment gains in the year-ago quarter. Analysts were forecasting first-quarter EPS of 38 cents a share, according to Thomson First Call. Operating revenue rose 14% to $585 million, lifted by a "strong" performance at its network division, which includes Home & Garden Television and the Food Network. It forecasts second-quarter EPS between 51 cents and 55 cents a share, with Scripps Networks advertising revenue up 25% to 30% and newspaper advertising revenue up 3% to 5%. Analysts foresee second-quarter EPS of 52 cents a share.
Fairchild Semiconductor (FCS: news, chart, profile) reported a first-quarter loss of $10.4 million, or 9 cents per share, down from its year-ago profit of $13 million, or 10 cents per share. On a pro forma basis, excluding items, the Portland, Maine chip maker earned $12.5 million, or 10 cents per share, down from an equivalent profit of $21.4 million, or 17 cents per share, a year earlier. Sales fell 9 percent on a year-over-year basis to $362.8 million. Wall Street's consensus estimate was for a profit of 8 cents per share in the March period on revenue of $364.8 million. Looking ahead, Fairchild said it expects revenue to be "flattish" in the second quarter with gross margins running flat to slightly higher on a sequential basis. The stock closed Wednesday at $14.37, down 2%.
Fifth Third Bancorp (FITB: news, chart, profile) reported 1Q earnings of $405 million, or 72 cents a share, down from $430 million, or 75 cents a share in the same period a year ago. Excluding acquisition-related charges, earnings would have been 73 cents a share, matching the average analyst estimate compiled by Thomson First Call. Average transaction account balances increased 15%, amid 18% growth in average demand deposits and a 35% rise in average savings and money market balances. Loan and lease balances increased 19% on an average basis. The banking services company's stock closed Wednesday down 34 cents at $43.09.
First Data Corp. (FDC: news, chart, profile) reported first-quarter net earnings of $374.5 million, or 47 cents a share, down from $483.5 million, or 61 cents, earned in the same period in 2004. The provider of electronic-commerce and payment services tallied quarterly revenue of $2.48 billion, up 10% from the prior year's nearly $2.26 billion. The company noted that integration expenses associated with its Concord acquisition had a 3-cent impact on earnings during the latest quarter. Analysts had, on average, been expecting earnings of 50 cents a share on revenue of $2.55 billion. The company bought back $1 billion in stock during the first quarter, leaving its remaining authorization for repurchases at $1.9 billion. Shares of First Data lost 27 cents to end Wednesday's trading at $39.
IHOP (IHP: news, chart, profile) said that system-wide same-store sales rose 0.61% in the quarter to March 31. "While IHOP would have experienced results closer to the low end of our 2% to 4% growth range excluding certain timing issues during the quarter, we are concerned about overall guest traffic trends," said Julia Stewart, president and chief executive officer of the family restaurant chain. The sales outlook for 2005 remains positive. Stewart added.
Investors Financial Services Corp. (IFIN: news, chart, profile) reported first-quarter earnings of $40.9 million, or 60 cents a share, vs. $36.6 million, or 54 cents a share, a year ago. Revenue was $167.8 million vs. $155.2 million.
JDA Software Group Inc. (JDAS: news, chart, profile) said first-quarter revenue is expected to fall, as software sales fell 30%. See full story.
Lam Research Corp. (LRCX: news, chart, profile) said third-quarter earnings more than tripled as sales of its computer-chip making equipment rose 51%. See full story.
Lifecore Biomedical (LCBM: news, chart, profile) reported third-quarter earnings of $2.1 million, or 15 cents a share. Last year, it posted a loss of $49,000, or breakeven per share. Revenue was $14.1 million, vs. $12.5 million. It forecast fourth-quarter earnings of 13 cents to 15 cents a share on revenue of $13.8 million to $14.2 million. For 2005, it forecast earnings of 56 cents to 58 cents a share, up from its previous outlook of 52 cents to 57 cents a share. It forecast 2005 revenue to rise between 15% and 16%, up from its earlier growth forecast of 12% to 15%.
MGI Pharma (MOGN: news, chart, profile) reversed its losses from last year, reporting strong first-quarter earnings fueled largely by robust sales of its oncology drug Aloxi. See full story.
Morgan Stanley (MWD: news, chart, profile) was downgraded by Merrill Lynch to "neutral" from "buy" due to the recent departures of a number of executives.
PepsiCo, Inc. (PEP: news, chart, profile) said first-quarter net income rose to $912 million, or 53 cents a share, from $804 million, or 46 cents a share, in the year-ago quarter. Revenue for the period climbed 7% to $6.58 billion thanks partly to strong growth in the snack division. The results beat the forecast for earnings of 50 cents a share of analysts polled by Thomson First Call. Looking ahead, the beverage company lifted its guidance for 2005 by a penny to at least $2.60 a share, reflecting a favorable adjustment to the company's expected full-year tax rate. Pepsi also said it is still mulling the repatriation of foreign profit under the provisions of the American Jobs Creation Act.
Polaris Industries (PII: news, chart, profile) earned $18.8 million, or 42 cents a share, in its first quarter up from $14.3 million, or 32 cents a share a year earlier. Earnings from continuing operations were $19.1 million, or 42 cents a share, vs. $17.1 million, or 38 cents a share in 2004. Sales from continuing operations were $358.3 million in the 2005 quarter, up from $329 million in 2004. The average forecasts of analysts polled by Thomson First Call was for earnings of 42 cents a share and sales of $356 million. The company maintained its outlook for 2005 earnings per share from continuing operations of $3.28 to $3.42 and its outlook for sales growth of 7% to 10% over 2004. Polaris shares fell $3.10, or 4.7%, to $63.40 on Wednesday.
RLI Corp. (RLI: news, chart, profile) said it earned $29.3 million, or $1.12 a share, in the first quarter, up from $16.9 million, or 65 cents a share, a year ago. The average forecast of analysts polled by Thomson First Call was for earnings of 69 cents a share. The insurance company said earnings were boosted by a reduction in loss reserves. Net premiums earned fell 1% to $124 million. Revenue climbed 1% to $141.6 million. Shares closed Wednesday down 13 cents at $42.19.
SCO Group (SCOXE: news, chart, profile) reported a first-quarter loss of $3 million, or 17 cents a share, vs. a loss of $2.5 million, or 18 cents a share, a year ago. Revenue was $8.9 million vs. $11.4 million.
SM&A (WINS: news, chart, profile) reported first-quarter earnings of $2.6 million, or 12 cents a share, vs. $2.9 million, or 14 cents a share, a year ago. Revenue was $20.2 million vs. $18.5 million. It also increased its repurchase program by an additional $5 million. It also reaffirmed its 2005 revenue growth forecast of 15%, or $80 million. It forecast earnings of 45 cents to 47 cents a share.
Southwest Airlines (LUV: news, chart, profile) reported 1Q earnings of $76 million, or 9 cents a share, up from $26 million, or 3 cents a share in the same period a year ago, and above the average analyst estimate compiled by Thomson First Call of 5 cents a share. Revenue rose 12.1% to $1.66 billion from last year's $1.48 billion, amid 11.5% growth in passenger revenue and a 36% rise in freight revenue. The air carrier said 2Q load factors are expected to decline from year-earlier levels, as the timing of the Easter holiday was hurting traffic and load factors for April, which was offsetting satisfactory booking for May and June. The stock closed Wednesday up 8 cents at $14.72.
StorageTek (STK: news, chart, profile) said it expects to report first-quarter earnings between 18 and 21 cents a share, with revenue of $500 million.
VimpelCom (VIP: news, chart, profile) reported fourth-quarter net earnings of $83.7 million, or 47 cents a share, as opposed to $65.6 million, or 42 cents, earned in the final three months of 2003. The Moscow-based wireless operator's quarterly revenue rose 56%, climbing to $635.7 million from $407.7 million. Analysts surveyed by Thomson First Call who follow VimpelCom had expected earnings of 67 cents a share on revenue of $677 million. The company showed improvement in turnover among subscribers, with the churn rate as of Dec. 31 at 5.7% vs. 7.2% as of Sept. 30. VimpelCom more than doubled its subscriber base last year, reaching nearly 26.6 million. Separately, the company said it's agreed to sell its minority stake in KaR-Tel, a wireless operator serving Kazakhstan, for $175 million. U.S.-traded shares of Vimpelcom fell 77 cents, or 2.1%, to end Wednesday's trading at $35.41.
Tessera Technologies (TSRA: news, chart, profile) said it's adding antitrust law and illegal business interference charges to its suits vs. memory chip makers Micron Technology Inc. (MU: news, chart, profile) and Infineon Technologies AG (IFX: news, chart, profile) . Tessera is seeking damages and injunctions based on the companies' alleged anticompetitive actions in the synchronous DRAM market, in addition to existing charges that the companies' packaged semiconductor components use Tessera patented inventions. Frankfurt-listed Infineon shares were relatively unmoved by the new charges and were last down 0.7%.
Unisys Corp. (UIS: news, chart, profile) said it had a loss of $45.5 million, or 13 cents a share, in the first quarter, pulled back by higher pension costs. The company earned $28.9 million, or 9 cents a share, in the same quarter a year ago. Excluding the pension expense, the company would have lost 4 cents a share. The average estimate of analysts polled by Thomson First Call was for a loss of 10 cents a share. Revenue fell 7% to $1.37 billion. "This was a tough quarter for Unisys," said Chief Executive Joseph W. McGrath. "Our results in the quarter, as expected, were impacted by the continuing challenges of several transformational outsourcing contracts and a substantial increase in pension expense, both of which affected our services margins. We also saw lower-than-expected revenue in the quarter." Unisys now expects second-quarter earnings at breakeven and flat revenue. Shares ended Wednesday down 3.7% at $7.05.
UnitedHealth Group, Inc. (UNH: news, chart, profile) said first-quarter net income rose 41% to $779 million, or $1.16 a share, from $554 million, or 88 cents a share, in the year-ago quarter. Revenue for the period climbed 34% to $10.9 billion thanks to strong growth across the businesses of the health benefits processor. The results beat the forecast for earnings of $1.13 a share of analysts polled by Thomson First Call.
Whitehall Jewellers (JWL: news, chart, profile) said that fourth-quarter net sales dropped to $125.6 million, from $136.6 million a year ago, while comparable sales decreased 8.7%, compared to a 6% increase last year. Net income for the fourth quarter was $5.3 million, or 38 cents a share, compared to net income of $4.3 million, or 31 cents a share, for the prior year period as professional fees and other charges decreased by approximately $17.2 million.
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Michael Baron is a reporter for MarketWatch in New York.
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Beasley Broadcast Group (BBGI: news, chart, profile) expects 1Q revenue to grow 8 to 10% over year-earlier levels, more than prior forecasts of 3% growth, amid strength in its Philadelphia, Las Vegas and Ft. Myers station clusters. Station operating expenses are expected to increase 16 to 18%. The radio broadcaster's stock closed Wednesday down 23 cents at $16.87.
Best Buy (BBY: news, chart, profile) was downgraded by JP Morgan to "underweight" due to execution risks.
CenterPoint Energy Inc. (CNP: news, chart, profile) said it sold its 30.8% stake in the South Texas Project Nuclear Generating Facility for $700 million to Texas Genco LLC.
ConAgra Foods Inc. (CAG: news, chart, profile) restated its third-quarter earnings, to 32 cents from 31 cents a share, to correct income tax errors. It plans to file restated results for the first and second quarters of 2005 and full-year 2004.
Connetics Corp. (CNCT: news, chart, profile) said it has signed a supply and marketing agreement with a division of Ventiv Health (VTIV: news, chart, profile) . Under the deal, Ventiv Health will provide sales support for certain Connetics products to primary care physicians and pediatricians. Connetics expects the deal to add $5 million to $6 million to revenue in 2005. The partnership is expected to be earnings neutral in 2005 and to generate 8 cents to 10 cents in earnings per share in 2006. Including the revenue contribution from the VCS co-promotion sales activities, Connetics' raised its 2005 revenue guidance to the range of $195 million to $206 million versus its original outlook of $190 million to $200 million.
Constellation Brands Inc. (STZ: news, chart, profile) outlined 2006 base salary and stock-option awards and 2005 incentive-based awards for its top level executives. See full story.
Dave & Buster's (DAB: news, chart, profile) reported 1Q earnings of $7.17 million, or 46 cents a share, vs. $6.97 million, or 46 cents a share in the same period a year ago. Revenue rose 21% to $121.4 million, amid a 26% increase in food and beverage revenue and 16% growth in amusement and other revenue. The restaurant and game room chain said earnings were reduced by about 5 cents a share by severe weather and by 2 cents a share by higher-than-anticipated costs to complete the requirement of Sarbanes-Oxley testing and compliance. Analysts surveyed by Thomson First Call had been expecting earnings of 51 cents a share and revenue of $118.4 million, on average. The company expects fiscal 2005 earnings to be $1.11 to $1.19 a share, including a change in share based payment accounting. The stock closed Wednesday up $1.16 at $17.94.
Entergy Corp. (ETR: news, chart, profile) warned that 1Q earnings would decline to 79 cents a share from 88 cents a share in the same period a year ago, which is also below the average analyst estimate compiled by Thomson First Call of 93 cents a share. The company attributed the shortfall to lower residential sales, increased benefits costs, additional fossil generation outages and the absence of contribution from its Entergy-Koch business due to the sale of the venture's trading and gas pipeline business. The energy company also said 2005 earnings would be at the low end of the previously provided expected range of $4.60 to $4.85 a share. The stock closed Wednesday down 73 cents at $72.50.
The E.W. Scripps Co. (SSP: news, chart, profile) said first-quarter net income eased to $70 million, or 42 cents a share, from $70.5 million, or 43 cents a share, after $9.5 million in investment gains in the year-ago quarter. Analysts were forecasting first-quarter EPS of 38 cents a share, according to Thomson First Call. Operating revenue rose 14% to $585 million, lifted by a "strong" performance at its network division, which includes Home & Garden Television and the Food Network. It forecasts second-quarter EPS between 51 cents and 55 cents a share, with Scripps Networks advertising revenue up 25% to 30% and newspaper advertising revenue up 3% to 5%. Analysts foresee second-quarter EPS of 52 cents a share.
Fairchild Semiconductor (FCS: news, chart, profile) reported a first-quarter loss of $10.4 million, or 9 cents per share, down from its year-ago profit of $13 million, or 10 cents per share. On a pro forma basis, excluding items, the Portland, Maine chip maker earned $12.5 million, or 10 cents per share, down from an equivalent profit of $21.4 million, or 17 cents per share, a year earlier. Sales fell 9 percent on a year-over-year basis to $362.8 million. Wall Street's consensus estimate was for a profit of 8 cents per share in the March period on revenue of $364.8 million. Looking ahead, Fairchild said it expects revenue to be "flattish" in the second quarter with gross margins running flat to slightly higher on a sequential basis. The stock closed Wednesday at $14.37, down 2%.
Fifth Third Bancorp (FITB: news, chart, profile) reported 1Q earnings of $405 million, or 72 cents a share, down from $430 million, or 75 cents a share in the same period a year ago. Excluding acquisition-related charges, earnings would have been 73 cents a share, matching the average analyst estimate compiled by Thomson First Call. Average transaction account balances increased 15%, amid 18% growth in average demand deposits and a 35% rise in average savings and money market balances. Loan and lease balances increased 19% on an average basis. The banking services company's stock closed Wednesday down 34 cents at $43.09.
First Data Corp. (FDC: news, chart, profile) reported first-quarter net earnings of $374.5 million, or 47 cents a share, down from $483.5 million, or 61 cents, earned in the same period in 2004. The provider of electronic-commerce and payment services tallied quarterly revenue of $2.48 billion, up 10% from the prior year's nearly $2.26 billion. The company noted that integration expenses associated with its Concord acquisition had a 3-cent impact on earnings during the latest quarter. Analysts had, on average, been expecting earnings of 50 cents a share on revenue of $2.55 billion. The company bought back $1 billion in stock during the first quarter, leaving its remaining authorization for repurchases at $1.9 billion. Shares of First Data lost 27 cents to end Wednesday's trading at $39.
IHOP (IHP: news, chart, profile) said that system-wide same-store sales rose 0.61% in the quarter to March 31. "While IHOP would have experienced results closer to the low end of our 2% to 4% growth range excluding certain timing issues during the quarter, we are concerned about overall guest traffic trends," said Julia Stewart, president and chief executive officer of the family restaurant chain. The sales outlook for 2005 remains positive. Stewart added.
Investors Financial Services Corp. (IFIN: news, chart, profile) reported first-quarter earnings of $40.9 million, or 60 cents a share, vs. $36.6 million, or 54 cents a share, a year ago. Revenue was $167.8 million vs. $155.2 million.
JDA Software Group Inc. (JDAS: news, chart, profile) said first-quarter revenue is expected to fall, as software sales fell 30%. See full story.
Lam Research Corp. (LRCX: news, chart, profile) said third-quarter earnings more than tripled as sales of its computer-chip making equipment rose 51%. See full story.
Lifecore Biomedical (LCBM: news, chart, profile) reported third-quarter earnings of $2.1 million, or 15 cents a share. Last year, it posted a loss of $49,000, or breakeven per share. Revenue was $14.1 million, vs. $12.5 million. It forecast fourth-quarter earnings of 13 cents to 15 cents a share on revenue of $13.8 million to $14.2 million. For 2005, it forecast earnings of 56 cents to 58 cents a share, up from its previous outlook of 52 cents to 57 cents a share. It forecast 2005 revenue to rise between 15% and 16%, up from its earlier growth forecast of 12% to 15%.
MGI Pharma (MOGN: news, chart, profile) reversed its losses from last year, reporting strong first-quarter earnings fueled largely by robust sales of its oncology drug Aloxi. See full story.
Morgan Stanley (MWD: news, chart, profile) was downgraded by Merrill Lynch to "neutral" from "buy" due to the recent departures of a number of executives.
PepsiCo, Inc. (PEP: news, chart, profile) said first-quarter net income rose to $912 million, or 53 cents a share, from $804 million, or 46 cents a share, in the year-ago quarter. Revenue for the period climbed 7% to $6.58 billion thanks partly to strong growth in the snack division. The results beat the forecast for earnings of 50 cents a share of analysts polled by Thomson First Call. Looking ahead, the beverage company lifted its guidance for 2005 by a penny to at least $2.60 a share, reflecting a favorable adjustment to the company's expected full-year tax rate. Pepsi also said it is still mulling the repatriation of foreign profit under the provisions of the American Jobs Creation Act.
Polaris Industries (PII: news, chart, profile) earned $18.8 million, or 42 cents a share, in its first quarter up from $14.3 million, or 32 cents a share a year earlier. Earnings from continuing operations were $19.1 million, or 42 cents a share, vs. $17.1 million, or 38 cents a share in 2004. Sales from continuing operations were $358.3 million in the 2005 quarter, up from $329 million in 2004. The average forecasts of analysts polled by Thomson First Call was for earnings of 42 cents a share and sales of $356 million. The company maintained its outlook for 2005 earnings per share from continuing operations of $3.28 to $3.42 and its outlook for sales growth of 7% to 10% over 2004. Polaris shares fell $3.10, or 4.7%, to $63.40 on Wednesday.
RLI Corp. (RLI: news, chart, profile) said it earned $29.3 million, or $1.12 a share, in the first quarter, up from $16.9 million, or 65 cents a share, a year ago. The average forecast of analysts polled by Thomson First Call was for earnings of 69 cents a share. The insurance company said earnings were boosted by a reduction in loss reserves. Net premiums earned fell 1% to $124 million. Revenue climbed 1% to $141.6 million. Shares closed Wednesday down 13 cents at $42.19.
SCO Group (SCOXE: news, chart, profile) reported a first-quarter loss of $3 million, or 17 cents a share, vs. a loss of $2.5 million, or 18 cents a share, a year ago. Revenue was $8.9 million vs. $11.4 million.
SM&A (WINS: news, chart, profile) reported first-quarter earnings of $2.6 million, or 12 cents a share, vs. $2.9 million, or 14 cents a share, a year ago. Revenue was $20.2 million vs. $18.5 million. It also increased its repurchase program by an additional $5 million. It also reaffirmed its 2005 revenue growth forecast of 15%, or $80 million. It forecast earnings of 45 cents to 47 cents a share.
Southwest Airlines (LUV: news, chart, profile) reported 1Q earnings of $76 million, or 9 cents a share, up from $26 million, or 3 cents a share in the same period a year ago, and above the average analyst estimate compiled by Thomson First Call of 5 cents a share. Revenue rose 12.1% to $1.66 billion from last year's $1.48 billion, amid 11.5% growth in passenger revenue and a 36% rise in freight revenue. The air carrier said 2Q load factors are expected to decline from year-earlier levels, as the timing of the Easter holiday was hurting traffic and load factors for April, which was offsetting satisfactory booking for May and June. The stock closed Wednesday up 8 cents at $14.72.
StorageTek (STK: news, chart, profile) said it expects to report first-quarter earnings between 18 and 21 cents a share, with revenue of $500 million.
VimpelCom (VIP: news, chart, profile) reported fourth-quarter net earnings of $83.7 million, or 47 cents a share, as opposed to $65.6 million, or 42 cents, earned in the final three months of 2003. The Moscow-based wireless operator's quarterly revenue rose 56%, climbing to $635.7 million from $407.7 million. Analysts surveyed by Thomson First Call who follow VimpelCom had expected earnings of 67 cents a share on revenue of $677 million. The company showed improvement in turnover among subscribers, with the churn rate as of Dec. 31 at 5.7% vs. 7.2% as of Sept. 30. VimpelCom more than doubled its subscriber base last year, reaching nearly 26.6 million. Separately, the company said it's agreed to sell its minority stake in KaR-Tel, a wireless operator serving Kazakhstan, for $175 million. U.S.-traded shares of Vimpelcom fell 77 cents, or 2.1%, to end Wednesday's trading at $35.41.
Tessera Technologies (TSRA: news, chart, profile) said it's adding antitrust law and illegal business interference charges to its suits vs. memory chip makers Micron Technology Inc. (MU: news, chart, profile) and Infineon Technologies AG (IFX: news, chart, profile) . Tessera is seeking damages and injunctions based on the companies' alleged anticompetitive actions in the synchronous DRAM market, in addition to existing charges that the companies' packaged semiconductor components use Tessera patented inventions. Frankfurt-listed Infineon shares were relatively unmoved by the new charges and were last down 0.7%.
Unisys Corp. (UIS: news, chart, profile) said it had a loss of $45.5 million, or 13 cents a share, in the first quarter, pulled back by higher pension costs. The company earned $28.9 million, or 9 cents a share, in the same quarter a year ago. Excluding the pension expense, the company would have lost 4 cents a share. The average estimate of analysts polled by Thomson First Call was for a loss of 10 cents a share. Revenue fell 7% to $1.37 billion. "This was a tough quarter for Unisys," said Chief Executive Joseph W. McGrath. "Our results in the quarter, as expected, were impacted by the continuing challenges of several transformational outsourcing contracts and a substantial increase in pension expense, both of which affected our services margins. We also saw lower-than-expected revenue in the quarter." Unisys now expects second-quarter earnings at breakeven and flat revenue. Shares ended Wednesday down 3.7% at $7.05.
UnitedHealth Group, Inc. (UNH: news, chart, profile) said first-quarter net income rose 41% to $779 million, or $1.16 a share, from $554 million, or 88 cents a share, in the year-ago quarter. Revenue for the period climbed 34% to $10.9 billion thanks to strong growth across the businesses of the health benefits processor. The results beat the forecast for earnings of $1.13 a share of analysts polled by Thomson First Call.
Whitehall Jewellers (JWL: news, chart, profile) said that fourth-quarter net sales dropped to $125.6 million, from $136.6 million a year ago, while comparable sales decreased 8.7%, compared to a 6% increase last year. Net income for the fourth quarter was $5.3 million, or 38 cents a share, compared to net income of $4.3 million, or 31 cents a share, for the prior year period as professional fees and other charges decreased by approximately $17.2 million.
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Michael Baron is a reporter for MarketWatch in New York.
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