(By Salman - iStockAnalyst Writer)
Late on Wednesday, CKE Restaurants Inc. (NYSE: CKR) announced that its fourth quarter net income rose to $2.6 million or 5 cents a share, compared to $0.09 million, or breakeven per share, in the prior year quarter. Revenue declined to $327.4 million from $338.1 million. Analysts on average were looking for earnings of 3 cents a share on revenue of $336.67 million. CEO Andrew F. Puzder commented "Fiscal 2009 was an extremely challenging year for our economy, including record commodity costs, the collapse of the credit markets and a significant decline in consumer spending in the latter half of the year." He added "We will continue to execute our Capital Plan through remodels and dual-branding conversions, and we and our franchisees will continue to grow and develop our brands both domestically and internationally. Finally, we will continue to control costs within our restaurants and at the corporate level." Shares of the company jumped 6.65% in extended trading.
Fashion-apparel retailer Citi Trends Inc (NASDAQ: CTRN) reported that its fourth quarter net income jumped 20% to $10.06 million or 70 cents a share, from $8.38 million or 59 cents a share, in the year ago quarter. Revenue increased 8.9% to $146.60 million from $134.57 million. Analysts on average expected earnings of 55 cents a share on revenue of $146.60 million. For fiscal year ended January 31, 2009, net income rose 22.3% to $17.38 million or $1.22 from $14.21 million or $1 in previous year. Revenue climbed 11.6% to $488.20 million from $437.52 million. Analysts on average had anticipated earnings of $1.07 a share on revenue of $487.33 million for the year. Shares of Citi Trends surged over 18% in late trading.
Gammon Gold Inc. (NYSE: GRS) swung to a fourth quarter net income of US$21.8 million, or US$0.18 per share, compared to a net loss of US$20.7 million, or US$0.19 per share, in the corresponding quarter last year. Revenue surged 22% to US$48.3 million from US$39.7 million in the prior-year quarter CEO René Marion stated "I consider these results an excellent report card on the new executive and management teams, only one year into our turnaround and expansionary program. During 2008, we were able to fully fund our operations, exploration programs, capital expansion projects and corporate G&A through our significantly improved cash flow profile and therefore not dilute our shareholders by issuing equity to support our operations. In fact, as of March 20, 2009, Gammon's cash position of approximately $19.6 million speaks well of our cash management strategy." Shares of the company were up 3.44% in after hours trading.
Payroll solutions provider Paychex Inc.
