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CNNfn after the bell
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March 11, 1999: 7:26 p.m. ET
Quarterly reports, earnings warnings, stock split top list of after-hours news
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NEW YORK (CNNfn) - Technology stocks dominated the headlines after the sound of the closing bell Thursday with National Semiconductor, CMGI, and Prodigy posting quarterly results, and Day Runner and Safeskin issuing profit warnings.
Santa Clara-based chipmaker National Semiconductor (NSM) posted a third-quarter loss of $27.2 million, or 16 cents a share, on revenue totaling $500 million.
This compares with earnings of $26.2 million, or 16 cents a share, excluding a one-time charge for an acquisition, in the same quarter one year ago. Revenue in the year-ago quarter came in at $650 million.
The company's third-quarter loss was four cents better than Wall Street Estimates, according to First Call.
National Semiconductor warned it is more cautious about the fourth quarter in light of the uncertain PC market.
On the other side of the country, Andover, Mass.-based CMGI (CMGI) posted second-quarter earnings, including one-time gains, of $14.1 million, or 28 cents per diluted share, on revenue of $39 million. Excluding the gains, the company posted a loss of about 41 cents a share, well beyond the 22 cent loss analysts were expecting.
The company listed the following as one-time items: pre-tax gains of $44.5 million on the sale of Lycos stock, $7 million on the sale of Amazon.com stock, and $4.4 million on issuance of stock by GeoCities.
This compares with a loss of $5.8 million, or 15 cents per diluted share, on revenue of $15.2 million in the same quarter one year ago.
Another company posting quarterly results was Internet Service Provider Prodigy (PRGY), which reported a first-quarter loss of $17.2 million, or 38 cents a share. Wall Street analysts had expected the company to post a loss of 40 cents a share, according to First Call. Revenue for the quarter ended Dec. 31 totaled $34.6 million.
This compares with a loss of $49.3 million, or $2.14 per share, in the year ago quarter on revenue of $32.3 million.
In other earnings news, Day Runner (DAYR)issued a profit warning, saying it expects to report a third-quarter loss of roughly 35 to 40 cents per diluted share, more than double the loss anticipated by Wall Street. Analysts had expected the company to report a loss of 16 cents a share.
The company cited the intensifying emphasis of retailers on shifting the inventory burden to manufacturers as partly responsible for the sales shortfall.
Also issuing an earnings warning was latex glove manufacturer Safeskin (SFSK). The company said it sees first quarter and full year 1999 earnings coming in below analysts' expectations, citing high inventory levels and lower-than-expected orders from new customers.
The company expects earnings in the first quarter ending March 31 to come in roughly 25 to 26 per share below analysts' expectations of 27 cents a share.
And finally, Internet advertising specialist Doubleclick (DCLK) set a 2-for-1 stock split in the form of a stock dividend for common stockholders of record as of March 22, 1999, payable on April 2, 1999.
- from staff and wire reports
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