Meanwhile, we remain committed to our strategies for mid-to-long term growth," Kinoshita said on Thursday. Shares of the company were trading lower in pre-market by $8.43 or 10.49 percent to $71.94.
Wendys/Arbys Group, Inc. (NYSE: WEN):
The company that was formed after the merger between Wendy’s International Inc and Triarc Cos Inc a few weeks ago reported a earnings loss in the third quarter. The deal, which is worth as much as $2.2 billion, between the two companies was made on September 29. Triar reported net loss of $12.1 million, or 13 cents per share in the third quarter of 2008, compared to a profit of $3.7 million, or 4 cents per share, a year earlier in the same period. Triarc's net revenue declined to $310.4 million in the quarter, from $324.2 million a year ago period. Wendy's reported a net loss of $29.9 million, or 34 cents per share, compared to net profit of $29.9 million, or 34 cents per share a year earlier in the same period. Wendy's net revenue dropped to $624.9 million in this quarter from $629.8 million a year ago. The Board of Directors approved a quarterly cash dividend of $0.015 per share, payable on December 15, 2008, to Wendy's/Arby's Group, Inc. stockholders of record as of December 1, 2008. Shares of the company gained by 36 cents or 10.94 percent in pre-market to $3.65 on Thursday, after closing down by 9.86 percent to $3.29 on Wednesday.
Cablevision Systems Corporation (NYSE: CVC):
Cablevision swings to a net profit in the third quarter as it posted earnings of $27.1 million, or 9 cents per share, compared with a loss of $79.3 million, or 27 cents, reported in the same period a year earlier. The company posted revenue increase by 15.4 percent to $1.74 billion, compared to $1.51 billion posted in the third quarter in 2007. The higher revenue reflects strong sales growth in Telecommunications Services, Rainbow and Madison Square Garden as well as the addition of Newsday and Sundance in the 2008 results. The market analysts had expected the Bethpage, N.Y.-based cable operator to post earnings of 14 cents per share on revenue of $1.68 billion in the third quarter. "For the third quarter, Cablevision reported double-digit increases in revenue and adjusted operating cash flow, despite the current economic conditions," Cablevision President and CEO James L. Dolan said in a statement on Thursday. "This growth was fueled in part by the ongoing strength of our core businesses as the company's cable operations, Madison Square Garden and Rainbow all generated solid revenue growth for the quarter." Cablevision sales increased on growing industry-leading penetration rates for high-speed data and voice, while its digital video service reached a penetration rate of 90 percent, according to Dolan. Shares of the company were trading down in pre-market session by $0.02 or 0.12 percent to $16.91 on Thursday due to overall negative market sentiment.
