Universal Forest Products
climbed in after-hours trading Monday after the building materials company beat Wall Street's first-quarter earnings expectations.
The company earned $15.9 million, or 82 cents a share, compared with $9.2 million, or 49 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting the company to post earnings of 63 cents a share. Revenue rose 24% to $665.6 million, surpassing Wall Street's expectation of $573 million. In light of the first-quarter results, Universal Forest Products raised its full-year earnings growth target to 15% to 20% from 10% to 15%. The company reaffirmed its unit sales projection for 10% to 15% growth in 2006. Shares rose $4.30, or 6.7%, to $68.25 in after-hours trading.
( RML) surged on news that Warren Buffett's
( BRKA) agreed to buy the athletic apparel maker for $18 a share. The price represents a 35% premium to Monday's closing price of $13.30. Russell said the all-cash deal will strengthen its finances and should close in the third quarter. Shares advanced $4.70, or 35%, to $18 in late trading.
( SORC) shares were hit after the media distributor posted weaker-than-expected fourth-quarter results. Excluding various items, the company earned $10 million, or 19 cents a share, down from $6 million, or 24 cents a share, a year earlier. Revenue for the quarter ended Jan. 31 jumped to $473.4 million from $96.8 million, aided by contributions from acquisitions. Analysts were looking for a 29-cent profit on sales of $537 million. Net income, meanwhile, fell to $2.5 million, or 5 cents a share, from $3.1 million, or 12 cents a share, a year earlier. Source Interlink attributed the lower-than-anticipated results to the hurricanes, high fuel prices and the bankruptcy of a large retail customer. Shares dropped 66 cents, or 6.2%, to $10 after hours.
shares declined after the security software company disclosed that the Internal Revenue Service is seeking almost $1 billion in additional taxes. The tab is based on Symantec's purchase of
last year. According to a Symantec regulatory filing, the IRS is claiming that the company owes additional taxes of approximately $900 million, plus interest and penalties, for the 2000 and 2001 tax years based on an audit of Veritas. Symantec said it doesn't agree with the IRS and plans to file a petition in protest. Shares sank 66 cents, or 4%, to $15.73 in late trading.
( RSAS) shares moved higher after the security technology company beat Wall Street's first-quarter earnings expectations. The company's net profit fell to $5.3 million, or 7 cents a share, from $7.2 million, or 10 cents a share a year ago, but the year-earlier results didn't include stock-option costs. Excluding some items, the company earned $10.5 million, or 14 cents a share. Revenue grew to $87.5 million from $75.6 million. Analysts had forecast earnings of 13 cents a share, before items, on revenue of $85.5 million.
For the second quarter, RSA projects revenue of $88 million to $92 million and earnings before items of 14 cents to 16 cents a share. Analysts, on average, predicted earnings of 14 cents a share and revenue of $87.6 million. Shares rose 68 cents, or 4%, to $17.50 in after-hours trading.
rose after the maker of broadband access equipment reported first-quarter sales that topped Wall Street estimates. The company's loss widened to $8 million, or 50 cents a share, from $6.7 million, or 44 cents a share, a year ago. The loss for the latest quarter included a $2 million charge for stock-based compensation. Sales rose to $2.4 million from $700,000. Two analysts polled by First Call had an average estimate for a loss of 37 cents a share and revenue of $1.7 million. Vyyo shares gained 81 cents, or 11%, to $8.15 in after-hours trading.
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