Protein Design Labs ( PDLI - Get Report) announced major changes in senior management after the close on Thursday. Glen Sato, senior vice president and chief financial officer, will resign from the company to join a law firm. Effective Nov. 2, he will no longer be an officer of the firm but will remain on until the end of the year to ensure a smooth transition. George Jue, finance and chief accounting officer, will oversee the financial aspects of the company and report to Mark McDade, chief executive officer, until a replacement is hired. The stock was up 17 cents, or 0.59%, to $29 in after-hours trading. Adobe Systems ( ADBE - Get Report) said it earned $144.9 million, or 29 cents a share, for the third quarter ended Sept. 2, versus $104.5 million, or 21 cents a share, a year ago. Revenue for the quarter increased to $487 million from $403.7 million last year. Excluding certain items, the company earned $146.4 million, or 29 cents a share. Analysts expected earnings of 27 cents a share on revenue of $487 million, according to Thomson First Call. For the fourth quarter, Adobe expects revenue in the range of $490 million to $510 million, compared with Wall Street's forecast of $508.5 million. The stock was up 28 cents, or 1%, to $27.18 in after-hours trading. Tektronix said it earned $14.1 million, or 17 cents a share, for the first quarter ended Aug. 27, compared with $36.4 million, or 43 cents a share, a year ago. Revenue for the quarter fell to $235.1 million from $250.5 million last year. Excluding certain items, earnings from continuing operations were $21.3 million, or 25 cents a share. Analysts polled by Thomson First Call expected earnings of 23 cents a share on revenue of $235.2 million. For the second quarter, Tektronix expects earnings from continuing operations of 25 cents to 29 cents a share on revenue of $240 million to $250 million. The stock was down 55 cents, or 2.17%, to $24.75 in after-hours.
Movie Gallery says it is seeing the benefits of its acquisition of Hollywood Entertainment transaction sooner than expected. Movie Gallery said it expects to realize an increased savings of $20 million in 2005 and up to $50 million by the end of 2007 as a result of the deal. The company now expects third quarter same store revenue to decrease 8% to 10% compared to last year, and anticipates same store revenue for the fourth quarter flat to down 6%. The stock was up 65 cents, or 4.63%, to $14.68. Freight transportation company CNF Inc reaffirmed its earnings from continuing operations of $1 to $1.08 a share for the third quarter 2005. "Despite the challenges presented by Hurricane Katrina, including some difficulty in obtaining fuel and some operational disruption, Con-Way and Menlo Logistics continue to provide industry-leading service with volumes exceeding levels seen during the same period last year, as expected," said Douglas W. Stotlar, president and CEO of CNF. The stock was unchanged at $50.79. Charles & Colvard ( CTHR - Get Report) said it expects third quarter revenue of $11 million to $11.8 million versus $5.2 million last year. The company cited the expansion of its distribution networks for the strong sales. The stock was up $3.20, or 14.36%, to $25.48 in after-hours trading. Trinity Industries ( TRN - Get Report), a diversified industrial company, raised its earnings forecast for its third quarter and full year. The company said it now expects to earn 50 cents to 57 cents a share for the third quarter versus its previous estimate of 44 cents to 51 cents a share. For the full year, Trinity now sees earnings of $1.26 to $1.41 a share, compared with the previous guidance of $1.20 to $1.35 a share. "Our quarter-to-date earnings have been better than expected due to improved efficiencies in our North American Rail businesses and better than anticipated results in our construction-related businesses," said William A. McWhirter, vice president and CFO at Trinity. The stock was up $2.05, or 5.37%, to $40.25 in after-hours trading.
Owens-Illinois ( OI - Get Report) lowered its full-year 2005 earnings estimate, citing inflationary pressure and isolated operating issues. The company said it now expects earnings to be below the low end of its previously confirmed $1.76 to $2 range. The glass-container maker said that the lower earnings would also cause its debt reduction to fall below the lower end of its previously announced range of $150 million to $200 million. The stock was down $1.69, or 7.14%, to $21.98 in after-hours trading.