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Earnings Review – Nov 5
By: iStockAnalyst   Wednesday, November 05, 2008 9:56 AM

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(By Arun - iStockAnalyst Writer) Here is a summary of the notable earnings for today’s markets as we welcome the ideologies of a new President elect, hoping the dawn of a new era for the nation as well as the financial markets.

stock chartCheckpoint Systems, Inc. (NYSE: CKP) reported Net revenues for the third quarter of 2008 at $234.0Mn compared to net revenues of $204.6Mn in the third quarter of 2007, an increase of 14.4%. Net earnings from continuing operations for the third quarter were $12.8Mn, or $0.32 per diluted share, compared to net earnings from continuing operations of $14.3Mn, or $0.35 per diluted share. Gross profit was $97.6Mn, or 41.7% of revenue, compared to $85.6Mn, or 41.9% of revenue, for the third quarter of 2007. Checkpoint updated its guidance for its 2008 full year financial results. Net revenues, at current exchange rates, are expected to be in the range of $920Mn to $935Mn. "Moving forward, Checkpoint is taking the necessary steps to effectively operate through the current difficult economic environment while also continuing to manage its business for long-term growth," added Mr. van der Merwe, President and Chief Executive Officer of Checkpoint Systems.


stock chartCognizant Technology Solutions (NASDAQ: CTSH) reported a 31% increase in quarterly revenues to $734.7Mn from the year-ago quarter. Quarterly diluted EPS on a GAAP basis was $0.38, compared to $0.32 in the year-ago quarter. The Company has maintained the full year revenue guidance it provided last quarter. Fiscal 2008 revenue is anticipated to be at least $2.81Bn, while Fiscal 2008 diluted EPS expected to be at least $1.45 on a GAAP basis. "During this economic downturn we are continuing to focus on operational excellence and increased utilization while re-investing in the business in order to deepen our sector and domain skills, broaden our offerings and strengthen our consultancy expertise, thus ensuring we are the preferred partner for our clients," said Gordon Coburn, Chief Financial and Operating Officer.


stock chartCorinthian Colleges, Inc. (NASDAQ: COCO) reported Net revenue at $289.6Mn versus $244.5Mn, up 18.4%, Diluted earnings per share were $0.07 versus $0.05. The diluted loss per share from discontinued operations was $0.01. Total student starts were 30,075 versus 28,030, an increase of 7.3%. Educational services expenses were 61.1% of revenue in Q1 09 versus 59.2% in Q1 08. The increase was mainly the result of higher bad debt expense. In the second quarter of fiscal 2009, the company expects student start growth of 10% - 12% compared with the second quarter of the prior year; while revenue would be between $304 - $309Mn. Corinthian Colleges, Inc. is one of the largest post-secondary education companies in North America. The Company's mission is to prepare students for careers in demand or for advancement in their chosen field.


stock chartDevon Energy Corporation (NYSE: DVN) today reported net earnings for the quarter ended September 30, 2008, of $2.6Bn, or 5.87 per diluted common share. Third-quarter 2008 net earnings were 256 percent greater than Devon's third-quarter 2007 net earnings of $735Mn, or 1.63 per diluted common share. This was the highest quarterly net earnings in the company's history. Third-Quarter Oil and Gas sales increased by 62 Percent, attributable to higher natural gas production combined with increased oil, natural gas and natural gas liquids pricing. The company estimates that the hurricanes reduced third-quarter 2008 oil and gas production by approximately 1.5Mn Boe. Devon drilled 636 wells in the third quarter of 2008, with an overall success rate of 97 percent. In the third quarter of 2008, Devon repurchased approximately 3.6Mn shares of its common stock for approximately $363Mn.


stock chartDuke Energy (NYSE: DUK) today reported adjusted diluted earnings per share of 33 cents for the third-quarter 2008, compared with 45 cents for the same period last year.


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The above story is the opinion of the author only and it does not reflect iStockAnalyst opinion. Further, the author is not personally advising you regarding the suitability of the story for your investment needs. In no event iStockAnalyst will be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from or arising out of, or in connection with the use of this information. Please consult your investment advisor before making any investment decision.
  
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