However, the company anticipate only a "modest" performance in 2009 for revenues and net income. Handel added, "The 2009 decline reflects an expected substantial reduction in Spider-Man L.P. revenue, the absence of any new Marvel Studios feature film releases during the year and a related decrease in licensing activity, as well as the expectation that the economic environment may affect the performance of retailers and licensees." For the full year 2009, the company reported that it anticipates earnings of between $1.00 to $1.35 per share on revenue of between $415 million to $460 million. Shares of the company had declined by $1.31 or 4.07 percent to $30.88 on Monday.
The St. Joe Company (NYSE: JOE):
Bad news from the publicly held and one of Florida's largest real estate development companies as it reported net loss of $19.2 million or $0.21 per share in the third quarter, compared to a loss of $6.8 million or $0.09 per share in the same quarter a year earlier. The company posted a drop in its net revenue for the third quarter to $47.33 million for the quarter. The analysts on Wall Street were expecting the company to report a breakeven per share on revenue of $47.33 million for the quarter. The company incurred significant charges which totaled $13.0 million, or $0.09 per share after-tax. "The third quarter operating results reflect a challenging environment," Britt Greene, JOE's President and CEO, said in a statement on Tuesday. "The summer selling season in our resort markets was disappointing and the primary home market remains difficult. We continue to see long-term interest in Northwest Florida commercial markets, but they continue to be affected by the current economic conditions." In the third quarter, resort and primary residential sales generated $8.7 million in revenue. As of September 30, 2008, the company had cash and pledged treasury securities of $135.7 million, compared to debt of $50.8 million, including $29.4 million of defeased debt. During the quarter, the Jacksonville, Florida-based company said it has entered into a new $100 million revolving credit facility, which matures in September 2011, with Branch Banking and Trust Company. Shares of the company had closed up by $1.38 or 4.46 percent at $32.30 on Monday.
Tenet Healthcare Corporation (NYSE: THC):
The Dallas, Texas-based company reported net income of $104 million, or $0.22 per share, for its third quarter of 2008, compared to a net loss of $59 million, or $0.12 per share, for its third quarter of 2007. Excluding pre-tax gains on sales of investments of $140 million in the quarter, earnings were down 6 cents per share. Revenue of the firm gained by 5.2 percent in the third quarter to $2.14 billion. The market analysts on Wall Street had expected the firm to post a loss of 3 cents per share, excluding special items, on revenue of $2.21 billion. “This is our fourth consecutive quarter of positive admissions growth and the first quarter in five years in which we have achieved growth in total outpatient visits," Trevor Fetter, president and chief executive officer, said in a statement on Tuesday. He added, "However, growth in commercial admissions lagged, and we absorbed an increase in bad debt expense. While a softening economy may have constrained the robust momentum evident earlier in the year, we are confident we are on the right track, and we remain committed to our growth strategies." The company now expects earnings of $700 million to $750 million for the full-year 2008, down from prior guidance of $750 million to $825 million on weakening economic and credit market conditions. Shares of the company were down on Monday by 26 cents or 5.94 percent at $4.12.
Archer Daniels Midland Company (NYSE: ADM):
The food processor and ethanol producer reported that its fiscal first-quarter earnings more than doubled and posted higher than expected earnings by Wall Street analysts on Tuesday. The Decatur, Ill.-based company said its net income was up to $1.05 billion, or $1.63 per share, for the three months ended September 30, up from $441 million, or 68 cents per share, last year in the same period.
