Jo-Ann Stores ( JAS) after the bell Monday reported a loss of $4.1 million, or 18 cents a share, for the third quarter ended Oct. 29, reversing a year-earlier profit of $6.9 million, or 30 cents a share. The arts and crafts retailer said revenue for the quarter rose 5.8% to $474.2 million from $448.3 million last year, while same-store sales increased 0.7%. The loss was worse than analysts' forecast of a penny a share, although sales topped Wall Street's projection of $470.2 million. Jo-Ann Stores said results were hurt by overall industry weakness and declining customer traffic, which led to markdowns that pulled down margins. "While our results stem in part from general industry softness, particularly in softlines and home-related categories, it is clear that decisions we made have compounded the problem," said Alan Rosskamm, chairman and chief executive, in a statement. For the fourth quarter, the company anticipates same-store sales ranging from a decline of 3% to an increase of 1%, amid a "challenging retail environment." The company said it is unlikely that it will show earnings improvement until at least the second half of next year. Shares fell 15 cents, or 1%, to $14.80 in after-hours trading. Agilent Technologies ( A) posted net earnings of $26 million, or 5 cents a share, for the fourth quarter, down from earnings of $74 million, or 15 cents a share, a year ago. Excluding charges mainly related to repatriation and restructuring, the company would have earned $193 million, or 38 cents a share, for the quarter ended Oct. 31. Revenue grew 5% to $1.41 billion from $1.34 billion last year. Analysts polled by Thomson First Call expected earnings of 37 cents a share, before items, on revenue of $1.85 billion. Separately, the maker of test and measurement equipment said its board has authorized a share buyback of up to $2.7 billion in the form of a modified Dutch auction tender offer. The company plans to repurchase up to 73 million shares at a price of no less than $32 and no greater than $37. The tender will begin on Nov. 15 and end on Dec. 13. Shares of Agilent rose $1.78, or 5.4%, to $34.68 in after-hours trading.
Bob Evans Farms ( BOBE) reported net income of $13.2 million, or 37 cents a share, for the second quarter ended Oct. 28, up from $10.6 million, or 30 cents a share, last year. Excluding a gain from the sale of assets, the company's earnings per share would have been flat at 30 cents. The results still were above analysts' mean estimate of 23 cents a share, according to First Call. The restaurant operator's revenue for the quarter rose 4% to $392.4 million from $376 million last year. Analysts anticipated revenue of $387.8 million. Same-store sales at Bob Evans restaurants decreased 3.1%, while rising 1.8% at the company's Mimi's Cafe chain. Bob Evans shares gained $1.88, or 8.6%, to $23.64 in after-hours trading. Ruth's Chris Steakhouse ( RUTH) swung to a third-quarter profit of $400,000, or 2 cents a share, compared with a loss of $4.6 million, or 39 cents a share, a year earlier. Excluding items, the company earned $2.6 million, or 11 cents a share, better than analysts' forecast of 8 cents a share. The restaurant operator's revenue rose to $46.5 million from $42.2 million last year, topping the average analyst estimate of $45.4 million. For the fourth quarter, Ruth's Chris expects to earn 17 cents to 19 cents a share, below Wall Street's forecast of 21 cents a share. The stock fell 45 cents, or 2.5%, to $17.40 in after-hours trading. Mossimo ( MOSS) swung to a third-quarter profit of $637,000, or 4 cents a share, compared with a loss of $125,000, or a penny a share, a year ago. The apparel distributor's revenue increased to $6.8 million from $4.9 million last year. "Our third quarter performance was primarily driven by continued improvements in our Target business, coupled with better regular price sales at Modern Amusement," said Edwin Lewis, president and co-chief executive officer. Earlier Monday, company founder Mossimo Giannulli said he pulled out of his planned acquisition of Mossimo after a special board committee withdrew its support for the deal. The stock was unchanged after hours, having fallen 20 cents, or 3.9%, to $4.95 during the regular session.
Pro-Dex ( PDEX) said it earned $262,000, or 3 cents a share, for the first quarter ended Sept. 30, down from $462,000, or 5 cents a share, a year ago. The maker of motion control and miniature rotary drive systems reported revenue of $3.8 million, up from $3.3 million last year. "Despite having made several new development proposals during the first quarter, we did not enter into any new development agreements of significant size," said Patrick Johnson, president and CEO. The company lowered its full-year earnings guidance to a range of 21 cents to 26 cents a share from its previous forecast of 26 cents to 30 cents. Pro-Dex, however, left its full-year revenue forecast unchanged at $16 million to $18 million. The stock tumbled 51 cents, or 15.7%, to $2.74 in after-hours trading. American Financial Group ( AFG) announced that its board has increased the company's annual dividend 10% to 55 cents from 50 cents. The 13.75-cent quarterly dividend will be paid out beginning in January. The stock was unchanged at $34.85. Talx ( TALX) announced a planned 3-for-2 stock split. The payroll and human resources outsourcing company said the split will be in the form of a 50% stock dividend, payable Jan. 17 to shareholders of record as of Dec. 19. The stock rose 23 cents, or 0.5%, to $42.88 in after-hours trading.