Updated from 6:53 p.m. ET Thursday
The corporate news front was a little sluggish Friday morning as the April jobs report captured the spotlight, but a few names worth watching emerged.
led the news with a report indicating that the company could get as much as $4 billion to $5 billion for its
hair-care unit, as both
Procter & Gamble
of Japan are expected to place final bids to acquire the business, according to published reports.
The bids are due by Friday, but the bidding process could stretch out longer with additional bidders remaining a possibility, according to
The Wall Street Journal's
Earnings/revenue reports and previews
said its same-store sales fell 2% in April from the year-ago period. The consumer electronics retailer attributed the shortfall to a slowdown in the U.S. economy. Total sales dropped 4% to $313.4 million from $327.5 million last April.
The company expects to regain its sales momentum following the future launch of the
store-within-a-store. RadioShack said its planned June launch of a new financial model for direct-to-home satellite offerings should also help it get back on track.
After Thursday's Close
said on Thursday that its preliminary results indicate revenue received for tax preparation and related services increased 10% to $1.8 billion for company-owned and franchised offices from Jan. 1 through April 16, compared with the same period last year.
H&R Block said the average fee for tax preparation and related services rose 10.1%, while total clients served increased 3% to 17.8 million. "Our preliminary analysis of fourth quarter performance supports full year EPS results in the middle to the top of the company's stated long-term EPS growth target of 13% to 18%, which would exceed current analyst consensus estimates," the company said in a statement. Five analysts polled by
Thomson Financial/First Call
are calling for earnings of $3.95 a share in the company's fiscal fourth quarter.
expects second-quarter earnings from normalized operations to beat the current consensus estimate and also said it cut its workforce by 8%, or 400 employees, as part of a previously announced cost-reduction initiative.
Eight analysts polled by
Thomson Financial/First Call
are expecting the enterprise software company to lose 5 cents a share. The company lost 9 cents in the year-ago period. In February, the company said it expected to lose 1 cent to 2 cents a share in the quarter. The company projected revenue of $210 million to $215 million for the quarter.
John Hancock Financial
said first-quarter operating earnings totaled $190.5 million, or 61 cents a share, slightly ahead of the consensus estimate of 60 cents. The firm, which provides insurance and investment products and services, earned $205.4 million, or 65 cents a share, in the year-ago period. The company forecast 10% to 12% share earnings growth for 2001.
warned Thursday that its loss in the second quarter would be wider than Wall Street's estimates, with revenue down as much as 28% from the year-ago period. The Internet consulting firm expects to lose 4 cents to 6 cents a share, excluding charges, for the quarter. The firm attributed the shortfall to the U.S. economic slowdown. Sapient expects revenue of $90 million to $95 million, well short of the $125.8 million in the year-ago period. Analysts were expecting the company to break even in the second quarter.
Additionally, the Cambridge, Mass., company reported a first-quarter loss of $6.2 million, or 5 cents a share, before special items, compared with a profit of $12.7 million, or 10 cents a share, in the year-ago period. Wall Street was looking for a loss of 4 cents a share. Revenue rose 9% to $109.1 million from $100.3 million in the year-ago quarter.
said its revenue totaled $200 million for the four-week period ended April 29, up 19% from the same period last year. Same-store sales increased 2% percent for April.
"We are encouraged by the current trends in our business and fully expect that total revenue growth will be in the 20-25% range for the remainder of the fiscal year and remain confident that we will achieve our goal of 23-25% total revenue growth for the full year," the company said in a statement. The company also reiterated its earnings projection of 46 cents a share for 2001.
In April, the company said its revenue growth would be between 23% and 25%, instead of its previous forecast of 25% growth. Investors didn't react well to that announcement, sending the coffee chain's shares sharply lower immediately following the news.
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said it will close its Hamilton, Scotland, manufacturing facility by May 31. The move is part of a restructuring effort aimed at speeding up technology development and increasing productivity.
named Dennis J. Carey to the position of executive vice president, business development, strategy and corporate operations, effective immediately. The Atlanta-based retailer also said Carol B. Tome has been promoted to executive vice president and chief financial officer, replacing Carey.
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