The company posted a non-GAAP loss of $22 million, or 33 cents a share, for the three months ended Jan. 30 on sales of $263 million, down 10% year-over-year, as same-store sales fell 7%. The average estimate of analysts polled by Thomson Reuters was for a loss of 32 cents a share in the January quarter on sales of $269.5 million. For the fiscal first quarter ending in April, Pacific Sunwear said it sees a non-GAAP loss of 29 to 35 cents a share with same-store sales projected between positive 2% and a negative 3%. Wall Street's current consensus estimate is for a loss of 22 cents a share in the April period. The stock was last quoted at $3.99, down 7.4%, on volume of nearly 56,000, according to Nasdaq.com Based on a regular session close at $4.31, the shares are down 16.4% in the past year, and they have declined 37% since hitting a 52-week high of $6.84 on Dec. 2. Wall Street was overwhelmingly bearish on the stock ahead of the news with 16 of the 18 analysts covering the shares at either hold (13), underperform (2) and sell (1), although the median 12-month price target sits at $5.
RambusRambus ( RMBS) jumped in late trades after the company secured a five-year renewal of its patent license agreement with Toshiba Corp.. The company said the deal covers Toshiba's products with DRAM memory controllers for SDR, DDR, DDR2, DDR3, and other DRAM devices, and calls for Rambus to receive royalty payments based on memory controller shipments. Rambus shares rose 7% to $20.11 on late volume of more than 130,000. The stock is down 14.6% over the past year.
Online ResourcesShares of Online Resources Corp. ( ORCC) sank in extended trading on Tuesday after Chantilly, Va.-based company missed Wall Street's earnings view by a penny with its latest results and forecast a surprise loss for the current quarter. The company also said its board has decided to stop evaluating potential business combinations and that it will no longer pursue strategic alternatives.
The stock was last quoted at $4.84, down 20%, on volume of around 250,000. Based on a regular session close at $6.05, the shares were up roughly 54% in the past year, hitting a 52-week high of $7.05 on Feb. 10. The provider of electronic payments and other online financial services posted core earnings of $1 million, or 3 cents a share, for the three months ended Dec. 31 on revenue of $37.8 million. The average estimate of analysts polled by Thomson Reuters was for a profit of 4 cents a share on revenue of $36.9 million in the December period. For its fiscal first quarter ending in March, Online Resources sees a core loss of 1 to 2 cents a share on revenue of between $38.2 million and $38.7 million. Wall Street's current consensus estimate is for a profit of 6 cents a share on revenue of $37.7 million in the March period. "The Board of Directors determined that the completion of a transaction on acceptable terms was unlikely at this time and that the best course of action to achieve the highest shareholder value is to continue to aggressively pursue our long-term strategic growth plan," said Joseph Cowan, the company's president and CEO, in a statement. "We are bullish about the opportunities that lie ahead for Online Resources," Cowan added later.