Motorola Meets Expectations

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In a preview to next week's start of earnings season,

Motorola

(MOT)

reported first-quarter earnings of 23 cents per share -- in line with the 28-analyst estimate and below last year's 47 cents.

As the company said in a March

preannouncement, its semiconductor sales have been hurt by weak Asian demand and pricing. Poor conditions may continue into future quarters, Motorola said, pushing sales and earnings below year-ago figures. The company said it will consolidate manufacturing and reduce staff.

In other post-close news (earnings estimates from

First Call

):

Earnings reports and previews

Acclaim Entertainment

(AKLM)

reported a second-quarter loss of 2 cents per share, beating the five-analyst prediction of a 6-cent loss. Last year, the company lost 34 cents.

Schlotzsky's

(BUNZ)

said it will restate its 1997 results, lowering its profit to 71 cents per share from 82 cents, because of revised accounting for its Turnkey program. Revisions will not affect working capital or cash flow.

Integrated Process

(IPEC)

said it expects to report a third-quarter loss of 13 cents to 15 cents per share. The eight-analyst prediction is for a 6-cent profit. Last year, the company made 13 cents.

Morrison Knudsen

(MK)

reported first-quarter earnings of 15 cents per share, missing the two-analyst estimate by a penny but beating the year-ago 13 cents.

Westernbank Puerto Rico

(WBPR)

reported first-quarter earnings of 15 cents per share, 2 cents up from last year's figures. There were no analyst estimates for the company.

Guitar Center

(GTRC)

said its first-quarter sales rose 42.5% to $85.2 million from the year-ago levels.

Mergers, acquisitions and joint ventures

Privately held

Golden Cycle

said it expects to file an $18-per-share cash offer for

Global Motorsport Group

(CSTM) - Get Report

with the

Securities and Exchange Commission

Tuesday.

Offerings and stock actions

Cherokee

(CHKE)

raised its quarterly dividend to 50 cents per share from 25 cents.

Mesaba Holdings

(MAIR)

set a 3-for-2 stock split payable April 30 to shareholders of record April 17.

Comings and goings

Safety-Kleen

(SK)

said its board of directors has resigned and that outgoing CEO Donald Brinckman is expected to quit mid-May when the company is fully acquired by

Laidlaw Environmental Services

(LLE)

. Kenneth Winger will take over as CEO.

Miscellany

Computer Learning Centers

(CLCX)

said the

Illinois Board of Education

has ordered the company to suspend all marketing and student enrollment activities for its Schaumburg, Ill., location. The company said some of the board's compliance concerns are similar to those raised by the state attorney general last month.

Bell Atlantic

(BEL)

said it hopes to enter the long-distance market in New York by the end of the year. The company said it will file an application with the

Federal Communications Commission

by the fourth quarter.

IBP

(IBP) - Get Report

announced that it is cutting back operating hours this week at all of its fed beef operations because of poor market conditions.

Frontier Airlines

(FRNT)

has accepted an offer from an unidentified investment fund to invest $15 million in the company through the purchase of more than 4 million newly issued shares.