Shuffle Master Slumps On Earnings (LAYN, CEDC, AMWD, SHFL)
Layne Christensen Company (NASDAQ:LAYN) posted first quarter net income of $3.75 million or $0.19 per share, as compared to $13.07 million or $0.66 per share in the same quarter last year. Revenues grew 3.4% to $276.47 million, as against $267.37 million a year ago, driven by higher revenues in all divisions except for Heavy Civil and Energy. Analysts expected the company to report earnings of $0.23 per share on revenues of $263.18 million.
Additionally, the company expect to report much better financial performance throughout the organization for the balance of FY 2013.
Central European Distribution Corp (NASDAQ:CEDC) shares fell 1.97% to $3.48 in the after hour after the company expects to restate all its financial results from Jan. 1, 2010 as it incorrectly estimated some rebates during the period.
The company estimates the adjustments will result in a reduction of its consolidated net sales, operating profit and related accounts receivable from Jan. 1, 2010 through Dec. 31, 2011 of about $30 to $40 million.
American Woodmark Corporation (NASDAQ:AMWD) fourth-quarter loss widened, owing to restructuring charges, as rising costs continued to mask the company’s sales growth.
The company reported a fourth quarter loss of $5.98 million, or $0.42 a share, as compared with a loss of $3.39 million, or $0.24 a share, a year earlier. Adjusted loss narrowed to $0.16 a share. Sales jumped 9.7% to $136.2 million for the quarter. Analysts had most recently forecasted a loss of $0.07 a share on revenue of $133 million.
Shuffle Master, Inc. (NASDAQ:SHFL) stock slumped 15.75% to $12.01 after the company’s second quarter profit grew 23% from last year on growth across most product categories, as well as improved gross margin.
The company reported second quarter net income of $9.7 million or $0.17 per share, as compared to $8 million or $0.14 per share in the same quarter last year. Adjusted earnings for the quarter were $0.20 per share. Revenues for the quarter were $66 million, as compared to $59.9 million in the same quarter last year. Analysts expected earnings of $0.20 per share on revenues of $65.12 million.