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Gateway Earnings Disappoint

Gateway

(GTW)

posted second-quarter earnings of 38 cents per share, six cents short of the 20-analyst

First Call

forecast but above the year-ago 36 cents. In a

story tonight,

TheStreet.com

wondered if the cow-loving box maker -- which waited until around 5:50 p.m. to release its figures -- would've been better off not releasing the numbers at all.

In other postclose news (earnings estimates from First Call):

Earnings reports and previews

Pixar

(PIXR)

reported second-quarter earnings of 4 cents per share, beating the six-analyst expectation of a break-even result but down from the year-ago 19 cents.

TheStreet.com

took a close look at Pixar's valuation in a

July 13 story.

Texas Industries

(TXI)

said it expects to report "excellent" earnings in fiscal 1999, despite an analyst's report saying earnings would be hurt by lower structural steel selling prices. The seven-analyst prediction calls for $5.05 per share versus fiscal 1998's $4.85.

Avid Technology

(AVID) - Get Report

reported second-quarter earnings of 37 cents per share, 4 cents better than the seven-analyst estimate and up from the year-ago 27 cents. The company said it expects to pay about $249 million for

Softimage

, a unit of

Microsoft

(MSFT) - Get Report

, and that the purchase will be dilutive in 1998 and accretive in 1999.

Pinkerton's

(PKT)

reported a second-quarter operating loss, but did not provide a per-share figure. The two-analyst forecast called for earnings of 23 cents per share versus the year-ago 21 cents. The company also set a 500,000-share buyback.

Culp

(CFI)

warned that it expects to report a first-quarter loss of 15 cents per share, citing weak demand in Asia. The four-analyst projection called for a profit of 11 cents versus the year-earlier 22 cents.

Drypers

(DYPR)

warned that it expects to report fiscal 1998 and 1999 earnings short of estimates, citing excess capacity and increased promotions in the second half. The three-analyst estimate for 1998 called for 27 cents per share versus 51 cents in 1997, and the 1999 outlook called for $1.04. The company also reported second-quarter earnings of 6 cents per share, 1 cent below the two-analyst view and down from the year-ago 12 cents.

PharMerica

(DOSE)

warned that it expects to report second-quarter earnings of 12 cents per share, missing the 10-analyst forecast of 14 cents but beating the year-ago 9 cents. The company said some nonstrategic businesses have yet to be divested and some large acquisitions failed to close in the second quarter.

Reinsurance Group of America

(RGA) - Get Report

posted second-quarter earnings of 67 cents per share, a penny ahead of the four-analyst estimate and above the year-ago 57 cents. The company also raised its quarterly dividend to 7 cents per share from 6 cents.

Frontier Air's

president said he sees a "good chance" of making a first-quarter profit. The single-analyst estimate calls for earnings of 2 cents per share versus the year-earlier loss of 24 cents.

For more information on postclose earnings, please see our two related tables, one for upside surprises and one for downside surprises and in-line results.

TST Recommends

Mergers, acquisitions and joint ventures

WLR Foods

(WLRF)

said it plans to sell its

Cassco Ice and Cold Storage

subsidiary to privately held

Packaged Ice

and its Goldsboro, N.C., chicken complex to private

Case Foods

in separate deals for a total of around $90 million.

Precept Business Services

(PBSIA)

acquired privately held

GraphicSource

and closely held

Fineline Business Forms

. Terms of the deals were not disclosed.

Offerings and stock actions

Cablevision Systems

(CVC)

set a 2-for-1 stock split, effective Aug. 21 for shareholders of record Aug. 10.

Broadway & Seymour

(BSIS)

set a buyback of up to 1 million shares.

Metromedia Fiber Network

(MFNX)

approved a 2-for-1 stock split, payable on Aug. 28 to shareholders of record on Aug. 7.

Avery Dennison

(AVY) - Get Report

approved the repurchase of 5 million of its shares in addition to previous plans to buy back 30.4 million shares.

Comings and goings

TIG Holdings

(TIG) - Get Report

named Treasurer Louis Paglia CFO, replacing the retiring Edwin Pickett.

Artecon

(ARTE)

said its CFO, Tesfaye Hailemichael, will resign.

Miscellany

Russell

(RML)

said it would shut its decorating operations and distribution center in Columbus, Ga., which employs 500 people. The move comes as part of a $100 million to $125 million restructuring announced yesterday, in which the company plans to eliminate about 4,000 jobs.

An advisory panel to the

Food and Drug Administration

granted

VISX

(VISX)

conditional approval for its laser system to correct farsightedness, or hyperopia.

Duke Realty Investments

(DRE) - Get Report

said it adopted a shareholder rights plans but not in response to any known takeover threat.