Earnings Reported After The Bell On Jan. 6

(RTTNews) - Here is a quick summary of the earnings reported after the bell on Jan. 6.

1. Sonic Corp. (SONC), the largest drive-in restaurant chain in the U.S., reported net income for the first quarter of $10.1 million or $0.18 per share, compared to $8.2 million or $0.14 per share for the year-ago quarter.

Total revenue for the first quarter rose to $139.86 million from $126.65 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.16 per share on revenue of $133.68 million for the first quarter.

System same-store sales increased 8.5%, consisting of an 8.5% same-store sales increase at franchise drive-ins and an increase of 7.9% at company drive-ins.

While the macroeconomic environment may impact results, the company said it expects its initiatives to drive earnings per share growth in fiscal 2015 at the high end or slightly above its long-term 14% to 20% earnings per share growth target, versus adjusted EPS in fiscal 2014.

***

2. Globus Medical Inc. (GMED), a musculoskeletal implant maker, on Tuesday said it expects to report fourth-quarter sales of about $128.5 million, an 11.5% from a year ago.

Analysts polled by Thomson Reuters currently expect the company to report sales of about $121.9 million for the quarter.

For the full year 2014, the company estimates sales of $474 million, up 9.1 percent from a year ago, and above its prior guidance range of $462 million to 467 million.

Analysts currently expect the company to report sales of $467.6 million for 2014.

For fiscal year 2015, the company expects earnings of about $1.01 per share on sales of about $510 million.

Analysts expect earnings of $1.02 per share on revenues of $514.4 million for 2015.

"In 2014, we continued to focus on growing our business through the expansion of our sales force and the release of 16 innovative products. We also continued to invest significantly in our robotics division," said David Paul, the company's CEO.

"Looking to 2015, we are confident in our ability to continue to grow our business faster than the overall spine market while maintaining industry-leading profitability."

***

3. Meru Networks, Inc. (MERU) on Tuesday lowered its fourth quarter revenues outlook to a range of $21.0 million to $22.0 million from its prior outlook of $23.0 million to $27.0 million.

Analysts polled by Thomson Reuters currently expect the company to post revenue of $24.96 million for the fourth quarter.

Meru also announced a restructuring of the company designed to reduce breakeven from about $27.0 million in quarterly revenues to about $21.5 million to $22.5 million by the end of the first quarter of 2015, with target gross margins at 62.5%. Meru expects to incur restructuring and one-time charges of $1.5 million to $2.0 million in the first quarter of 2015.

The restructuring is expected to impact every department across all geographies, and is expected to reduce headcount by more than 10% of the full-time employees along with about 20 contractors in the first quarter of 2015. The restructuring consolidates certain functions and flattens the organization while reducing operating expenses and cash burn, and accelerates a return to operating profitability.

Addtionally, the company announced the resignation of Kevin Coppins, the company's Vice President of Sales for North America, effective January 12. Tom Palomaki, the company's Vice President of Worldwide Support and Services, has been appointed to serve as the company's new Vice President of Sales for North America.

Meru further said that it had retained Deutsche Bank as its exclusive financial advisor to explore strategic options, including, but not limited to, strategic partnering of its technology and possible sale or merger of the company.

Meru will report fourth quarter and full year 2014 results on February 9 after the market closes.

***

4. Landec Corp (LNDC) on Tuesday reported net earnings of $3.2 million or $0.12 per share for the second quarter of fiscal year 2015. This compares with a profit of $3.5 million or $0.13 per share last year.

Analysts polled by Thomson Reuters estimated earnings of $0.12 per share for the quarter. Analysts' estimates typically exclude special items.

Landec noted that its results were hurt by the smaller increase in the fair market value of its investment in Windset Farms, compared with last year.

Revenues for the quarter were $132.7 million compared with $120 million in the prior year. Analysts estimated revenues of $127 million.

For the fiscal year 2016, the company expects revenues to grow by as much as 10% from the prior year, net income estimated to rise more than 50% to an upper range of $1.00 per share.

Analysts expect revenue growth of 8.7% and earnings of $0.98 per share for 2016.

Landec makes differentiated products in food and biomedical materials markets.

***

5. Memory chip maker Micron Technology Inc (MU) Tuesday reported first-quarter net earnings of $1 billion or $0.84 per share compared with $358 million or $0.30 per share last year.

Excluding items, adjusted earnings for the quarter were $0.97 per share.

Revenues for the quarter were up 13% at $4.57 billion compared with $4.04 billion in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.92 per share on revenues of $4.62 billion for the quarter. Analysts' estimates typically exclude special items.

"Micron's execution and continued favorable market conditions led to a strong first quarter with record revenues and operating cash flows," said CEO Mark Durcan.

Micron makes dynamic random access memory (DRAM) and NAND flash memory chips. The chips provide memory storage and retrieval for electronic devices such as personal computers and MP3 players.

***

6. LiqTech International, Inc. (LIQT) said it expects fourth quarter revenues in the range of $2.2 million to $2.7 million.

***

7. A. Schulman, Inc. (SHLM) reported net income for the first quarter of $13.2 million or $0.45 per share, compared to $15.1 million or $0.52 per share for the year-ago quarter.

Income from continuing operations for the first quarter was $13.2 million or $0.45 per share, compared to $12.4 million or $0.43 per share in the first quarter of last year.

Excluding items, adjusted income from continuing operations for the latest quarter was $18.5 million or $0.63 per share.

Net sales for the first quarter rose 5% to $615.05 million from $585.40 million in the prior-year quarter.

Analysts polled by Thomosn Reuters expected the company to earn $0.60 per share on revenue of $644.40 million for the first quarter. Analysts' estimates typically exclude special items.

The company reaffirmed its fiscal 2015 adjusted earnings guidance of $2.60 to $2.65 per share. Analysts currently expect the company to earn $2.61 per share for the fiscal year 2015.

***

8. Chase Corporation (CCF)

The company reported revenues of $55.9 million for the first quarter compared with $54.2 million in the same quarter of last fiscal year.

Net income attributable to Chase Corporation was $7.0 million in the current quarter compared with $8.8 million in the prior year period.

Q1 Earnings per share was $0.74 vs $0.94 per share in fiscal 2014.

***

9. Team, Inc. (TISI) reported net income for the second quarter of $17.4 million or $0.80 per share, compared to $14.4 million or $0.68 per share for the year-ago quarter.

Revenues for the second quarter rose 20% to $240.62 million from $200.49 million for the prior year quarter.

Analysts polled by Thomson Reuters expected the company to earn $0.74 per share on revenue of $235.53 million for the second quarter.

The company said it remains on-track to achieving its full year earnings target of $2.00 per share. Analysts currently expect the company to earn $1.97 per share for the fiscal year 2015.

***