NEW YORK (CNNfn) - After the closing bell Wednesday, house appliances superstore Bed Bath & Beyond announced earnings and expansion, water treatment technology provider Ionics said third-quarter earnings will come in far below Wall Street forecasts, and online marketing firm Engage planned layoffs and consolidation.
In other after-the-bell news, Lockheed Martin Corp. (LMT: Research, Estimates), the world's largest military defense contractor, said it expects its 2000 cash flow to be at least $1.5 billion, up from a previous estimate of $900 million, and Bristol-Myers Squibb (BMY: Research, Estimates) announced a $2 billion increase for the company's stock repurchase program.
On the economic front Thursday, the Labor Department is scheduled to report the number of initial claims for unemployment insurance for the week ended September 16. Analysts expect a drop to 315,000 from 324,000 the previous week, according to a Briefing.com survey.
Bed Bath & Beyond ready to go further
House appliances superstore Bed Bath & Beyond Inc. (BBBY: Research, Estimates) topped Wall Street consensus estimates by one penny in its second-quarter earnings as sales rose about 30 percent.
The Union, N.J.-based housewares retailer reported a net income in its latest quarter soared to $43.6 million, or 15 cents per share, compared with $33.2 million, or 12 cents a share in the same period a year ago.
Analysts on average were expecting the superstore chain to report a profit of 14 cents a share.
The company, which expects to operate 305 stores in 42 states by year-end, also announced a plan to open 27 new superstores in new and existing markets.
Bed Bath & Beyond stock finished Wednesday trading unchanged at $20.94.
Ionics warns on third-quarter earnings
Ionics Inc. (ION: Research, Estimates), a water treatment technology provider, said it expects third-quarter earnings to come in 40 percent lower than expected 30 cents per share, due to losses in Malaysian and Australian operations, which represented about one third of the company's shortfall in the latest quarter.
The remainder of the loss was due to: tighter margins on capital equipment; higher fuel, labor and distribution costs in the United States; lower bottled-water revenue resulting from a cooler-than-expected summer; and a lack of financing arrangements for a large desalination project.
The company also stated those same problems could continue into the fourth quarter of 2000.
Shares of the Watertown, Mass.-based company ended down $4.50, or 13.5 percent, at $28 on the New York Stock Exchange.
Engage consolidates and cuts work force
Engage Inc. (ENGA: Research, Estimates), an online marketing firm, said the company plans to cut about 13 percent of its workforce and record a charge to consolidate its business in a move to accelerate profitability.
The company, which is majority-owned by Internet incubator CMGI Inc. (CMGI: Research, Estimates), said it is cutting 175 jobs to sharpen its focus on providing interactive marketing services.
The move is expected to generate operating cost savings of about $21 million annually. Engage also said in a statement it will take a one-time restructuring charge of $3.5 million-to-$4.0 million in the first quarter of 2001.
The Andover, Mass.-based company also stated that its fiscal fourth-quarter cash operating loss totaled to $23.9 million or 14 cents a share compared to a loss of $14.5 million, or 16 cents a share.
Wall Street analysts were expecting the company to report a cash loss of 28 cents a share, according to First Call/Thomson Financial.
Engage stock closed 44 cents, or 5.2 percent, lower at $8.06 on Wednesday.
 
-- compiled by staff writer Joseph Lee
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