Shares of Lionsgate Entertainment (LGF) rose in late trading Wednesday after the independent film studio posted fiscal-year results that topped analysts' expectations, though earnings were down sharply from a year earlier. The company, which didn't break out fourth-quarter results in its news release, said earnings for the year ended March 31 fell to $6.1 million, or 6 cents a share, from $29.2 million, or 21 cents a share, a year earlier. Revenue jumped 13% to $951.2 million. Analysts polled by Thomson First Call predicted earnings of 4 cents a share for the year, with revenue of $897.3 million. Shares gained 24 cents, or 2.8%, to $8.90 after hours.Shares of General Mills ( GIS - Get Report) rose after the food company lifted its earnings projection for its recently ended fiscal year. The company expects to report earnings of $2.90 a share for the year ended May 28, up from its earlier guidance for earnings of $2.80 to $2.85 a share. Both the current and prior forecasts included an 8-cent charge tied to convertible debt accounting. Analysts polled by Thomson First Call expect earnings of $2.95 a share, before items. General Mills attributed the improved estimate to a "modestly above-target" operating performance and a tax benefit of 3 cents a share recorded in the fourth quarter. For fiscal 2007, General Mills is targeting low-single-digit sales growth and mid-single-digit growth in segment operating profits. The company noted that its EPS growth will be hurt by the adoption of stock-options expensing, higher interest expense and an increase in its tax rate. Shares rose 60 cents, or 1.2%, to $52.06 in after-hours trading. UTStarcom ( UTSI - Get Report) stumbled after the telecom-equipment maker said it asked the Nasdaq-listing qualifications panel for an additional seven-day extension to file its first quarter report. The company said it needs additional time to "complete its quarterly close process." UTStarcom now expects to file the quarterly report on, or about, June 22. In May, the company said it would restate its financial reports for most of the last three years after an internal audit discovered bookkeeping errors. UTStarcom said independent auditors had found a total of $49.6 million in misbooked revenue and about $11.8 million in net income that needed to be erased from past financial records. Shares fell 20 cents, or 3.3%, to $5.82 in late trading.
Shares of Lattice Semiconductor ( LSCC - Get Report) moved higher after the company raised its second-quarter revenue guidance, noting positive trends in its field-programmable gate-arrays business. The chip outfit now expects revenue will rise 5% to 7% over the first quarter. Based on the first-quarter top line of $57.5 million, the new guidance implies second-quarter revenue of $60.4 million to $61.5 million. Analysts, on average, predict revenue of $58.4 million. Lattice also raised its "other income" projection to $4 million from $2.5 million, reflecting a gain related to the liquidation of a portion of its foundry investments. The company's shares advanced 22 cents, or 3.8%, to $6.07 after hours. Atari ( ATAR) reported a drop in fourth-quarter revenue and repeated warnings about its ability to continue as a going concern. For the quarter ended March 31, the video-game publisher posted a loss of $4.3 million, or 3 cents a share, compared with a loss of $9.1 million, or 7 cents a share, a year ago. Excluding restructuring charges, the loss for the most recent quarter would have been $1.8 million, or 1 cent a share. Analysts polled by Thomson First Call anticipated a loss of 5 cents a share. Revenue fell to $54.7 million from $64.4 million, and was well short of Wall Street's expectation of $72.8 million. Atari said that "the uncertainties resulting from the company's financial condition raise substantial doubt about the company's ability to continue as a going concern," echoing statements it made in February. The company also said it will file for an extension to file its annual report in order to complete the required assessment of its internal controls over financial reporting. Shares dipped 1 cent to 60 cents after hours.