(By Salman - iStockAnalyst Writer)
Late on Wednesday, fast food chain operator, CKE Restaurants Inc. (NYSE: CKR), announced that its third-quarter net profit fell 13% to $5.4 million, or 10 cents a share, from $6.2 million, or 11 cents a share in the corresponding quarter in 2007. Sales declined to $336.6 million from $351.6 million in the period. Analysts on average had projected earnings of 10 cents a share on revenue of $340.4 million. The company also said that November same-store sales rose 0.3% from a year ago. Andrew F. Puzder, president and chief executive officer, said in a statement "We continue to believe that our brands are well-positioned to endure the current macroeconomic situation. Going forward, the combination of our premium product strategy, cutting-edge advertising, and remodeled and dual-branded restaurants should allow us to continue growing our average unit volumes as well as maintain, if not improve, our restaurant operating costs as demonstrated through the first three quarters of this year. We will also continue to aggressively manage our costs at the corporate level as well."Shares of CKE Restaurants fell 0.23% in after hours trade on Wednesday.
Fuel cells maker FuelCell Energy Inc. (NASDAQ: FCEL), reported that its fourth quarter net loss widened to $24.3 million or 35 cents a share, compared to a loss of $16.8 million or $0.25 per share in the comparable quarter in 2007. Revenue for the quarter climbed significantly, driven by a 113% jump in product sales. Revenue jumped to $26.2 million from $16.5 million. Analysts on average were looking for company to post loss of $0.32 a share on revenue of $25.55 million. For the full fiscal year 2008, net loss widened to $96.6 million or $1.41 a share from $71.8 million or $1.16 a share in the same quarter n 2007.Total revenues grew to $100.74 million from $48.23 million in 2007. Consensus estimates were for a loss of $1.37 a share on revenue of $100.16 million. Commenting on the results, Chairman and CEO of FuelCell Energy Daniel Brdar said "This past year, we doubled revenues, tripled our production rate, and achieved our cost out goals, putting us firmly on the path to profitability. Customers are demanding low-carbon, green technology, which is driving sales of our products in South Korea and the U.S."FuelCell Energy rose 1.3% in extended trading.
Marketing and Media Services Company Source Interlink Companies, Inc. (NASDAQ: SORC) said that its third quarter net loss from continuing operations widened to $36.60 million or 70 cents from $4.46 million or 9 cents in the third quarter in 2007. Adjusted earnings from continuing operations declined to $9.7 million or 19 cents a share, from $12.6 million or 24 cents a share in the same quarter in 2007. Revenue decreased 7.4% to $591.73 million from $639.15 million in the period. For the nine-month period, net loss widened to $333.34 million or $6.37 per share, from a loss of $0.42 million or 1 cents a share in the corresponding quarter last year. Revenue increased 15.1% to $1.78 billion from $1.55 billion. Source Interlink Chairman and CEO Greg Mays said in a statement "In the face of a very challenging macro-economic environment, Source's performance in the third quarter was especially satisfying." Shares of the company surged 31.93% in evening trade.
Medical Nutrition USA (NASDAQ: MDNU), posted a net loss of $50,900 compared to a net income of $220,000 or a penny a share in the year ago quarter. Total sales rose to $3,426,700 compared to $3,419,800. Chairman and Chief Executive Officer Frank A. Newman, stated "Our results reflect the ongoing successful implementation of our plan to accelerate market penetration through expansion of our sales force and more aggressive pricing.
Powell Industries Inc. (NASDAQ: POWL)reported a fourth quarter net income of $8.3 million or 72 cents a share, compared to $2.5 million or 22 cents a share, in the same quarter last year. Revenues climbed to $167.1 million from $150.5 million. Analysts on average predicted the company to report quarterly earnings of 59 cents a share on revenue of $171.83 million. Analysts' estimates typically exclude special items. Looking forward, the company now expects full year fiscal 2009 revenues to range between $700 million and $725 million and full year fiscal 2009 earnings to range between $2.60 and $2.85 per diluted share. Analysts are currently expecting the company to post earnings of $3.04 a share on revenue of $731.50 million for fiscal 2009. Powell Industries climbed $5.03 or 22.77% to close at $27.12 in regular trade on Wednesday.
Disclosure: Author does not own any of the stocks discussed here.