Pre-Market Movers (CTFO, SDRL, CXO, FRAN)

Pre-Market Movers (CTFO, SDRL, CXO, FRAN)

China TransInfo Technology Corp. (NASDAQ:CTFO) reported financial results for the first quarter ended March 31, 2012.

The company’s first quarter revenue decreased 20.7% to $28.9 million from $36.5 million in the year-ago quarter. The decrease in revenue was driven primarily by a 20.5% decrease in transportation revenue, mainly due to fluctuations in the progress of existing contracts and execution in the ITS business. Net income decreased 18.5% to $2.4 million, or $0.10 per diluted share, compared to $3.0 million, or $0.12 per diluted share, in the year-ago quarter.

Looking forward, the company reconfirmed fiscal 2012 revenues of $170 million and adjusted net income of approximately $14 million, excluding non-cash, stock-based compensation expense and amortization expense of intangibles from acquisitions.

Seadrill Ltd (NYSE:SDRL) shares fell 2.05% to $35.87 in the pre-market hour.  The company reported a first-quarter 2012 net income of $439 million from $886 million last year. Earnings per share were $0.87, compared with $1.83 in the year-ago period. Total operating revenues were $1.05 billion, as against $1.11 billion a year earlier. Analysts expected earnings per share of $0.71 for the quarter.

Looking forward, the company expects second-quarter 2012 earnings to be favorably impacted by the ultradeepwater semi-submersible rigs West Leo and West Capricorn commencing operations in April and June, respectively.

Concho Resources Inc. (NYSE:CXO) yesterday announced that it has entered into a definitive agreement to acquire all the oil and natural gas assets of Three Rivers Operating Company and certain affiliated entities (collectively, “Three Rivers”) for $1.0 billion in cash.

Three Rivers is a privately-held exploration and production company with approximately 310,000 gross (200,000 net) acres in the Permian Basin, including large positions in the Company’s core northern Delaware Basin play, the Midland Basin Wolfberry play, and the emerging southern Midland Basin horizontal Wolfcamp and Cline shale plays.

Francesca’s Holdings Corp (NASDAQ:FRAN) shares gained 4.08% to $25 in the pre-market hour after the company announced that it has terminated for cause the employment of Chief Financial Officer Gene Morphis, based on an investigation by the Board of Directors with the assistance of outside counsel, which has found that he improperly communicated Company information through social media.

The investigation was launched after the Company discovered this activity on May 11, 2012. A search for a new Chief Financial Officer is underway. Cynthia Thomassee, Francesca’s Controller since 2007 and Vice President of Accounting since 2010, will serve as Interim Chief Financial Officer.