The Cooper Companies ( COO - Get Report) slipped in after-hours trading Tuesday as the health care products company saw a significant fall in second-quarter earnings. The company posted earnings of $13.7 million, or 30 cents a share, compared with $27.8 million, or 59 cents a share, during the same period a year ago. The most recent quarter includes expenses of 37 cents a share. Sales fell 2% to $211.4 million. Analysts polled by Thomson First Call were expecting earnings of 70 cents a share on sales of $221 million. Cooper reduced its guidance for fiscal 2006, calling for sales of $878 million to $911 million, down from a prior forecast of $908 million to $936 million. The company also reduced its earnings estimate to a range of $2.85 to $3.20 a share, which is down from a previous range of $3.40 to $3.60 a share. For fiscal 2007, Cooper said it expects revenue of $948 million to $1 billion, down from the previous 2007 revenue guidance of $998 million to $1.05 billion. The Cooper Companies was down $2.69, or 5.6%, to $45 in after-hours trading Tuesday. Martek Biosciences ( MATK) gained after the Columbia, Md.-based company, which makes microalgae-derived oils used in baby formula and dietary supplements, beat Wall Street's second-quarter expectations. The company posted earnings of $6.3 million, or 19 cents a share, compared with $3.4 million, or 11 cents a share, a year ago. Revenue increased to $70.2 million, up from $55.8 million a year ago. Wall Street was looking for earnings of 16 cents a share on revenue of $67.9 million. Shares gained $2.19, or 8.7%, to $27.40 in after-hours trade. La-Z-Boy ( LZB) stumbled after the Monroe, Mich., furniture company posted a fourth-quarter loss. Sales dropped 10.1% to $508.4 million. The company posted a loss of $10.3 million, or 20 cents a share, compared with earnings of $20.8 million, or 40 cents a share, a year ago. The results include a write-down of goodwill of 44 cents a share and a 2-cents-a-share restructuring gain. Wall Street was looking for earnings of 30 cents a share on sales of $545.8 million.
For the full year, La-Z-Boy posted a loss of $3 million, or 6 cents a share, compared with earnings of $37.2 million, or 71 cents a share. Sales dropped 6% to $1.92 billion. Looking ahead, the company said it expects earnings to range from 1 cent to 5 cents, including a charge of 2 cents a share for stock-option expense, with flat sales of $451 million. Wall Street is expecting earnings of 13 cents a share on sales of $464.8 million. Shares dropped 33 cents, or 2.3%, to $13.76 after hours. Veritas DGC ( VTS) advanced after the Houston-based oil and gas services company saw third-quarter earnings climb. The company posted earnings of $32.9 million, or 84 cents a share, compared with $18.4 million, or 52 cents a share, from a year ago. Revenue climbed 35% to $236.2 million. Analysts were expecting earnings of 71 cents a share on sales of $221.7 million. "Looking forward," said Chairman and CEO Thierry Pilenko in a statement, "within the current global economic environment, we expect these robust seismic market conditions to extend well into 2007." Shares gained 93 cents, or 1.8%, to $52.55 in after-hours trade. Discovery Laboratories ( DSCO) lost ground after the Warrington, Pa.-based biotechnology company said it notified the European Medicines Evaluation Agency that it would withdraw its marketing authorization application (MAA) for Surfaxin for the prevention and treatment of respiratory distress syndrome in premature infants. The company said the decision was based on recently announced manufacturing issues that Discovery has now determined cannot be resolved within the MAA review timetable. Shares fell after hours by 17 cents, or 8.6%, to $1.80.