reported a loss of $5.1 million, or 23 cents a share, for the second quarter ended July 30, compared with net income of $300,000, or a penny a share, a year ago. Revenue for the quarter rose 3.5% to $383.8 million from $371 million last year. Analysts expected a loss of 21 cents a share on revenue of $386.4 million, according to Thomson First Call. The retailer also said same-store sales decreased 0.5% vs. an increase of 3.1% for the same period last year. For the full year, Jo-Ann Stores expects to earn $1.65 to $1.75 a share on revenue growth of 3% to 4% compared with Wall Street's forecast of $1.75 a share. The stock was down 1.7% early Tuesday.
beat Wall Street's earnings estimates for the first quarter ended June 30. The company posted a profit of $4 million, or 15 cents a share, on revenue of $35.5 million. This compares with $3.99 million, or 16 cents a share, on revenue of $17.9 million, a year ago. Excluding certain items, the company earned $5.1 million, or 18 cents a share. Analysts expected a profit of 14 cents a share on revenue of $33.15 million, according to Thomson First Call. The shares added 7% Tuesday.
announced that it has settled its patent infringement case with Memorex. The case involved certain CompactFlash cards sold by Memorex prior to November 2004. In the settlement agreement, Memorex will make a one-time payment for past sales of these products to Lexar. Memorex also agreed to an injunction that would prohibit it from selling CompactFlash products that infringe Lexar's patents. Lexar was up about 2% early Tuesday.
Bob Evans Farms
posted a profit of $7.2 million, or 20 cents a share, for the first quarter ended July 29, vs. $14.2 million, or 40 cents a share, a year ago. The restaurant operator cited lower same-store sales and operating margins at Bob Evans Restaurants for the weaker earnings. Revenue for the quarter was $395.6 million, up from $320.6 million. The sharp increase was primarily due to the acquisition of Mimi's Cafe in July 2004. According to Thomson First Call, analysts expected a profit of 20 cents a share on revenue of $381.2 million. The stock fell 1% Tuesday morning.
Steak n Shake
reported earnings of $7.8 million, or 28 cents a share, on revenue of $147.9 million for the third quarter ended July 6. This compares with a profit of $7.4 million, or 27 cents a share, on sales of $129.5 million a year ago. Analysts expected earnings of 29 cents a share on revenue of $147.2 million, according to Thomson First Call. The casual dining restaurant reaffirmed its full-year guidance of $1.08 to $1.11 a share, compared with Wall Street's estimate of $1.10 a share. It expects same-store sales growth of 2% to 3%. The stock fell 4.3% Tuesday.
announced to its flat-rolled carbon steel customers that a $157-per-ton surcharge will be added to all invoices for products shipped in September. AK Steel also said that a $50-per-ton surcharge will be added to invoices for electrical steel products shipped in September. The company stated the surcharges are based on reported prices of raw materials and energy used to manufacture the products, with the July purchase cost used to determine the September surcharge. The stock fell 1% Tuesday.