SEC Digest
Stay up to date on what's going on in the world of SEC Filings with our daily SEC Digest.

John Wiley & Sons, Sears Home & Outlet, Leidos: Filings Digest September 9, 2014

In today’s SEC filings digest, John Wiley & Sons revenue and earnings grow, Sears Home & Outlet reports declining profit, and Leidos falls to a loss.

John Wiley & Sons revenue and earnings grow

John Wiley & Sons Inc. (JW-A) announced its financial results for the first fiscal quarter of 2015, posting improvements to both revenue and earnings from a year ago. The company, a provider of knowledge and knowledge-enabled services to improve research, practice, and education, posted a steady 7% rise in revenue from $411.0M to $437.9M while costs and expenses rose 3% from $375.5M to $388.3M. Earnings declined from $35.9M and $0.61 per share to $33.6M and $0.56 per share while adjusted earnings improved from the year-ago $30.3M and $0.51 per share to $33.5M and $0.56 per share. By segment, Education rose 12% to $90.7M while Professional Development rose 9% to $92.3M; the Research segment remained virtually flat at $254.9M. President and CEO Steve Smith commented that the company’s performance was strong, anchored by Education and contributions from the recently acquired Talent Solutions businesses.

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Campbell Soup, Elecsys, Xcerra: Filings Digest September 8, 2014

In today’s SEC filings digest, Campbell’s Soup swings to profitability, Elecsys revenues dip, and Xcerra results improve.

Campbell’s Soup swings to profitability

Campbell Soup Company (CPB) announced its financial results for the fourth fiscal quarter of 2014, posting results that swung to profitability. Sale rose 7.5% to $1.85B, just short of analyst-predicted $1.87B. The company’s Bolthouse and food-service business segment saw sales rise 11% while the snack and global baking segment, which includes brands like Pepperidge Farm, reported a 10% rise in sales. Internationally, the company’s beverage and simple meals sales improved 1% while U.S. simple meals and beverage sales rose approximately 5.5%. Earnings for the quarter swung from the year-ago loss of $158M and $0.50 per share to a profitable $137M and $0.43 per share. Adjusted earnings rose from $0.43 per share to $0.49 per share, meeting analyst expectations. President and CEO Denise Morrison commented that the company is continuing to reshape itself and the process is taking longer than anticipated.

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Zumiez, Shiloh Industries, Esterline Technologies: Filings Digest September 5, 2014

In today’s SEC filings digest, Zumiez earnings beat expectations, Shiloh Industries sales rise, and Esterline Technologies misses predictions.

Zumiez earnings beat expectations

Zumiez, Inc. (ZUMZ) announced its financial results for the second fiscal quarter of 2014, posting earnings that beat analyst expectations. The specialty retailer, which sells footwear, apparel, and accessories, reported revenues of $176.7M, up 12% from the year-ago $157.9M. Comparable-store sales rose 3.4% and the company is projecting revenue between $207M and $211M for third quarter. Earnings increased from $4.7M and $0.16 per share in the year-ago quarter to $7.5M and $0.26 per share, beating analyst expectations. The company’s acquisition of Blue Tomat negatively impacted earnings by $0.01 per share. Zumiez is forecasting earnings between $0.47 and $0.50 per share in third quarter while analysts expect $0.54 per share.

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Ciena, Mattress Firm, VeriFone: Filings Digest September 4, 2014

In today’s SEC filings digest, Ciena beats earnings predictions, Mattress Firm beats estimates, and VeriFone net loss widens.

Ciena beats earnings predictions

Ciena Corporation (CIEN) announced its financial results for the third fiscal quarter of 2014, posting earnings results that beat expectations. The company, which provides communications networking equipment, saw revenue rise from the year-ago $538.4M to $603.6M, beating analyst predictions of $600.1M, and saw its gross margin improve from 42.4% to 43.7%. Ciena swung to a $16.2M net profit and $0.15 per share, from the year-ago net loss of $1.23M and $0.01 per share, while adjusted earnings rose from $26.2M and $0.23 per share to $40.9M and $0.32 per share, beating expectations. Despite the great progress, Ciena is projecting fourth quarter revenues below analyst estimates, which resulted in the immediate fall of its stock price.

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Conn’s, Western Capital, 3M: Filings Digest September 2, 2014

In today’s SEC filings digest, Conn’s net income declines, Western Capital to acquire AlphaGraphics, and 3M completes the purchase of its joint venture.

Conn’s net income declines

Conn’s Inc. (CONN) announced its financial results for the second quarter of fiscal year 2014, posting net income that declined from the year-ago quarter. The home appliance retailer saw revenue jump from $270.7M to $353.0, just missing analyst predictions of $353.7M, while same-store sales rose 11.7%. Earnings fell from $19.2M and $0.52 per share to $17.7M and $0.48 per share, with adjusted earnings of $0.50 per share missing analyst predictions of $0.75 per share. The company cited higher interest expenses that doubled from the year-ago $3.1M to $6.2M, weighing down its performance. Conn’s cut its annual guidance sharply from the previously issued range between $3.40 and $3.70 per share to now between $2.80 and $3.00 per share.

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Big Lots, Liberty Tax, Taylor Devices: Filings Digest August 29, 2014

In today’s SEC filings digest, Big Lots beats estimates, Liberty Tax posts steeper net loss, and Taylor Devices sales rise and profits fall.

Big Lots beats estimates

Big Lots Inc. (BIG) announced its financial results for the second quarter of fiscal year 2014, posting results that beat analyst expectations. The discount and overstock retailer met its expectations between 1% and 3% for same-store sales with 1.7%, while net sales were barely under analyst expectations at $1.2B. Big Lots earnings increased from $18.1M and $0.31 per share a year ago to $19.9M and $0.36 per share. Profit from continuing operations was $0.31 per share, beating its forecasted range between $0.24 and $0.30 per share. CEO David Campisi remarked that the company is pleased with its results, particularly that it beat its own expectations. Big Lots also announced with its earnings release a $125M share repurchase program, a move to return value to shareholders.

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Abercrombie & Fitch, Dollar General, Coty: Filings Digest August 28, 2014

In today’s SEC filings digest, Abercrombie & Fitch earnings rise, Dollar General sales and earnings increase, and Coty revenue dips.

Abercrombie & Fitch earnings rise

Abercrombie & Fitch Co. (ANF) announced its financial results for the second fiscal quarter 2014, posting earnings that increased from the year-ago quarter. The apparel retailer saw sales decline from the year-ago $945.7M to $890.6M, missing analyst predictions of $909.2M. Earnings increased from last year’s $11.4M and $0.14 per share to $12.9M and $0.17 per share, beating analyst expectations of $0.11 per share. Like many retailers, Abercrombie & Fitch battled with lower consumer traffic in malls and a high promotional environment. Due to smart cost control, the company was able to increase its earnings, even with a drop in comparable store sales. CEO Mike Jeffries commented that the environment was challenging during the quarter but the company is pleased with its progress during the back-to-school season.

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Kate Spade, Valspar, Caesars: Filings Digest August 12, 2014

In today’s SEC filings digest, Kate Spade sales rise, Valspar earnings rise 4%, and Caesars Entertainment net revenues increase.

Kate Spade sales rise

Kate Spade & Company (KATE) announced its financial results for the second fiscal quarter of 2014, posting an increase in sales from a year ago. The global accessories and apparel designer reported total net sales of $266M, up 49% from the year-ago quarter. The company operates through its three main business segments that include International, North America, and the Adelington Design Group, with positive progress in all segments except Adelington. International sales rose 53.6%, North America sales jumped 54.6%, and Adelington Design Group sales fell 30.6%. CEO Craig Leavitt commented that the North America and International segments performed very well, with marked sales and store growth. Kate Spade has increased its annual guidance from between $115M and $125M up to between $120M and $130M.

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Nvidia, MBIA, Paramount Group: Filings Digest August 11, 2014

In today’s SEC filings digest, Nvidia earnings rise, MBIA swings to profit, and Paramount Group to raise $2.7B in IPO.

Nvidia earnings rise

Nvidia Corporation (NVDA) announced its financial results for the second quarter of fiscal year 2014, reporting earnings that rose from the year-ago quarter. The computer chip maker saw revenue rise 13% to $1.1B, meeting its own expectations, while its gross margin improved from 55.8% to 56.1%. Earnings jumped 33% from $96.4M and $0.16 per share to $128M and $0.22 per share, with adjusted earnings increasing from $0.23 to $0.30, beating its own $0.29 per share expectations. The company’s three main segments, classified as GPU, Tegra Processor, and Other, all were up or flat, with the Tegra Processor segment increasing 200% year-over-year. This large increase is attributed to gains made in the automotive and mobile industries. Licensing revenue from a patent agreement with Intel Corp. (INTC) continued to reward the company with a steady $66M.

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Wendy’s, Duke Energy, Chimerix: Filings Digest August 8, 2014

In today’s SEC filings digest, Wendy’s beats revenue expectations, Duke Energy revenue and earnings rise, and Chimerix net loss shrinks.

Wendy’s beats revenue expectations

Wendy’s Co. (WEN) announced its financial results for the second quarter of fiscal year 2014, posting results that beat analyst expectations. The fast food chain announced that it intends to sell all 135 of its company-operated stores in Canada to franchisees in an effort to increase margins and have a more predictable cash flow. Revenue fell 20% to $523.4M due to the sale of company-owned restaurants, but beat analyst expectations of $518.1M. Earnings increased considerably from the year-ago $12.2M and $0.03 per share to $29.0M and $0.08 per share, while adjusted earnings rose from $0.08 to $0.09, missing analyst predictions of $0.10 per share. Wendy’s CEO Emil Brolick remarked that the company intends to expand its operations in Canada and remodel 60% of its restaurants before 2020.

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