Cabletron Systems Reports Bigger Loss Than Expected

Plus, Solectron will replace Pennzoil in the S&P 500, and other news from after the close.
Publish date:

Cabletron Systems

(CS) - Get Report

posted a third-quarter operating loss of 12 cents a share, 2 cents wider that the 16-analyst

First Call

forecast and behind the year-ago profit of 12 cents.



will replace



in the

S&P 500

after the closing bell Dec. 30. Pennzoil plans to spin off its

Pennzoil Products

group, which will then merge with

Quaker State


to form

Pennzoil-Quaker State

. The merged company will be added to the

S&P MidCap 400

. The surviving company,


, will not be added to any S&P index.

Suiza Foods


will replace Quaker State in the MidCap index.

In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews



announced a fourth-quarter loss of 29 cents a share, missing both the six-analyst prediction for a profit of 19 cents and the year-ago profit of 24 cents. The company named Christopher Sinclair president and chief executive.



said it will take a restructuring charge of $130 million to $135 million in the fourth quarter because of facility closures and a previously announced restructuring.

Cypress Semiconductor

(CY) - Get Report

said it expects to post a fourth-quarter loss of 4 cents a share because of manufacturing problems which have been corrected. The nine-analyst forecast called for a profit of 4 cents compared with the year-ago break-even quarter. The stock fell 1 11/16 to 8 in after-hours trading.

Day Runner


warned it expects to post second-quarter earnings of 30 cents to 35 cents a share because of higher operating costs and lower sales. The single-analyst forecast called for 55 cents vs. the year-ago 45 cents.

Encore Wire

(WIRE) - Get Report

said it expects to report fourth-quarter results "significantly" below the year-ago 37 cents a share and below current estimates because of fluctuations in the price of copper and the impact of price competition for its copper wire products. The three-analyst view called for 22 cents.



said it's comfortable with the lower end of analysts 1999 earnings estimates. The nine-analyst view calls for $2.49 a share in 1999 and $2.68 in 1998.

Micron Electronics


, majority-owned by

Micron Technology

(MU) - Get Report

, reported first-quarter earnings of 12 cents a share, 1 cent above the 13-analyst estimate and higher than the year-ago penny.

Monarch Dental


warned it sees fourth-quarter and full-year net earnings falling below estimates because of a charge and a slowdown of operations in its Houston and Arkansas markets. Before the charge, the company expects quarter earnings of 6 cents to 12 cents a share. The 15-analyst outlook called for 18 cents vs. the year-ago 9 cents. For the year, analysts called for 58 cents compared with the year-ago 26 cents.

Noble Affiliates

(NBL) - Get Report

announced plans to slash its exploration and development budget for 1999 by 44% and to take a $143 million charge in the fourth quarter.

Northland Cranberries


said it sees 1999 earnings falling behind expectations due to heavy price discounting in the cranberry juice market. The five-analyst view called for annual earnings of 74 cents a share vs. the year-earlier 19 cents.

Renaissance Worldwide

(REGI) - Get Report

said it expects breakeven fourth-quarter results, which would fall below the eight-analyst prediction for a profit of 7 cents a share and the year-ago 15 cents.

Smart & Final


said it expects fourth-quarter earnings to fall below forecasts because of unsatisfactory operating results from its food service distribution division, interest expense and restructuring costs. The three-analyst view called for earnings of 17 cents a share vs. the year-ago loss of 31 cents.

Technology Solutions


reported second-quarter earnings of 9 cents a share, in line with the 10-analyst estimate but below the year-ago 13 cents.

Vishay Intertechnology

(VSH) - Get Report

said it will take more than $30 million in 1998 charges to cover an acquisition and a write-off.

Offerings and stock actions



approved a $25 million stock repurchase program.


Federal regulators found that rail service improved considerably in the Houston region and rejected a plan by a group of shippers to open

Union Pacific's

(UNP) - Get Report

network to new competition.

A federal jury raised to $454 million a verdict against affiliates of

Time Warner


in a case arising from a contract dispute at a Georgia theme park.