Big Lots ( BLI) reported sales of $1.14 billion for the fourth quarter, up 2.4% increase from $1.11 billion in the year-ago period. Including a charge, Big Lots reported a loss from continuing operations of $1.9 million, or 2 cents a share, compared with earnings from continuing operations of $68.2 million, or 61 cents a share, in the prior year. Excluding the charge, the company earned 50 cents, a penny ahead of estimates. Big Lots forecast 2002 earnings of 35 cents to 40 cents a share. For the first quarter, the company offered a bottom line projection ranging from a loss of 2 cents to a profit of a penny.
Earnings Reports & Outlooks
ICN Pharmaceuticals ( ICN) posted fourth-quarter earnings of 40 cents a share, trouncing estimates by 8 cents. Revenue rose 25% to $262.3 million from $209.2 million. SpectraSite ( SITE), a wireless tower owner and operator, reported revenue of $131.3 million, up from $103.4 million reported a year ago. The company lost $1.06 a share, compared with a loss of 33 cents a year earlier. Steven Madden ( SHOO) reported sales of $60.2 million for the fourth quarter, up from $52.8 million a year ago. Excluding a charge, the company earned 21 cents a share, down from 38 cents a share last year. The profit in the latest quarter was in line with estimates. The company forecast earnings of 27 cents for the first quarter. For the full year, Steven Madden projected a profit of $1.25 to $1.30. The projections would match or slightly exceed analysts' current expectations. Sunrise Assisted Living ( SRZ) said revenue for the fourth quarter rose to $112.3 million from $95.2 million in the same quarter of 2000. Net income rose to 47 cents a share from 39 cents in the prior year. Analysts were expecting earnings of 45 cents. Sunrise set plans to hire about 3,000 additional employees in 2002, and the company forecast earnings of $2.27 to $2.30 a share for the year. For the first quarter, the company expects earnings of 40 cents to 42 cents a share. TJX ( TJX) said fourth-quarter sales rose 17% to $3.2 billion. Consolidated same-store sales increased by 6%. The company earned 56 cents a share in the quarter, matching estimates.
Mergers, Acquisitions & Joint Ventures
Jabil Circuit ( JBL) signed an agreement in principle to acquire Compaq's ( CPQ) Ayr, Scotland, facility. If the deal goes through, Jabil and Compaq will sign three-year manufacturing agreement. About 240 Compaq employees in Ayr will become employees of Jabil, according to the terms of the pact.