said it will add up to eight power plants to its roster of those up for sale and reiterated plans possibly to exit the U.S. oil and gas business as part of a broad plan to reduce debt. The power producer is targeting accelerated debt reduction of more than $3 billion by the end of 2005, $275 million of annual interest savings, and about $200 million in annual operating cost reductions. In addition to plant sales, the company might temporarily shut down plants with negative cash flow until market conditions warrant a restart. The stock was up 31 cents, or 15.6%, to $2.29 on Instinet.
said it earned $8 million, or 30 cents a share, for the first quarter ended April 30, vs. $4.2 million, or 16 cents a share, a year ago. Revenue for the quarter was $591.2 million, with same-stores sales increasing 1.8%. Excluding items, the company earned $9.4 million, or 36 cents a share. Analysts expected profits of 25 cents a share on revenue of $594.2 million, according to Thomson First Call. For the second quarter, the company expects to earn 47 cents to 49 cents a share on revenue of $620 million to $625 million, compared with Wall Street's forecast of 48 cents a share on revenue of $635.3 million. The stock was up $2.27, or 7.9%, to $31 on Instinet.
fourth-quarter profit rose 72% to $63.4 million, or 16 cents a share, on a 35% rise in revenue to $451.8 million. Excluding certain items, the company earned $66.6 million, or 17 cents a share. Analysts expected profits of 17 cents a share on revenue of $447.2 million, according to Thomson First Call. For the first quarter, the company expects pro forma earnings of 17 cents or 18 cents a share. The company also announced that its board has approved a new, incremental common stock repurchase program of up to $300 million. Network Appliance was down $1.94, or 6.38%, to $28.46 on Instinet.
said it earned $194 million, or 16 cents a share, for the fourth quarter ended April 29, vs. a profit of $568.9 million, or 47 cents a share, a year ago. Revenue for the quarter was $2.78 billion. Excluding special charges, the company earned $645 million, or 53 cents a share, matching estimates. For the current fiscal year, Gary Ellis, the chief financial officer, predicts earnings per share in the range of $2.10 to $2.15 and revenue of $11.1 billion to $11.6 billion. On average, analysts expect earnings per share of $2.17 and revenue of $11.5 billion. The stock fell 98 cents, or 1.9%, to $51.80 on Instinet.
announced it plans to lay off about 3% of its work force and reduce leased office space in New York and San Francisco to cut costs. The expense reductions are expected to be complete by June 30 and are expected to result in a one-time pretax restructuring charge in the second quarter of $8.5 million. The stock was unchanged at $27.93.