Krispy Kreme ( KKD) said fourth-quarter total company revenue rose 40.3% to $114.9 million. Additionally, the company said it was comfortable with its earnings guidance of 44 cents a share in 2002 and 61 cents a share in 2003. Also, the company will no longer finance its new manufacturing and distribution facility in Illinois with a synthetic lease. The company will instead use conventional, on balance sheet financing on the $35 million facility. The doughnut maker said its banks have approved conventional financing for the facility.
Earnings Reports & Outlooks
Blockbuster ( BBI) posted fourth-quarter earnings, excluding items, of 35 cents a share, beating the consensus expectation by 7 cents. According to generally accepted accounting principles, the company lost 3 cents. Revenue rose to $1.36 billion from $1.34 billion. In 2002, the company expects to open about 300 company-operated stores and achieve double-digit growth in earnings before interest, taxes, depreciation and amortization. Borland ( BORL) reaffirmed its guidance for the first quarter and fiscal 2002. The company expects earnings of 7 cents to 9 cents in the first quarter. The consensus forecast is 8 cents. The company also said it knows of no reason for the decline in its stock price Monday, when the shares dropped 17%. Concord EFS ( CEFT) reported fourth-quarter earnings of 17 cents a share, in line with the consensus estimate. Revenue rose 18% to $473.6 million. Deere ( DE) lost 16 cents a share in the first quarter, topping the consensus forecast by 8 cents. Revenue fell 7% from a year ago to $2.52 billion.
Thomas Weisel upgraded the electronics manufacturing services sector to overweight from market weight. The firm raised its rating on Jabil Circuit ( JBL) to strong buy from buy and upgraded Sanmina-SCI ( SANM) to buy from attractive.
Amylin Pharmaceuticals ( AMLN) priced an offering of 10.5 million shares at $8 each.
Overture Services ( OVER) signed an agreement through at least 2003 to provide its search results to Microsoft's ( MSFT) MSN. Separately, Goldman Sachs added Overture to its recommended list, upgrading the company from market outperform.