Pre-Market Action (MIND, HOV, TISI, VSH)
Mitcham Industries, Inc.(NASDAQ:MIND) shares are trading higher by over 11% to $27 in the pre-market session. The company reported fourth quarter net income of $10.2 million or $0.77 per share, as compared to $1.8 million or $0.17 per share in the year-ago period. Net revenues were $37.0 million, as compared to $19.7 million last year. Analysts expected the company to earn $0.57 per share on revenues of $31.07 million in the fourth quarter.
Hovnanian Enterprises, Inc.(NYSE:HOV) shares fell 6.38% and closed at $2.20 in pre=open session after the company announced the commencement of a registered underwritten public offering of 25 million shares of Class A Common Stock. The Company plans to use the net proceeds of the offering to purchase certain of the company’s senior unsecured notes in a private transaction and for general corporate purposes.
Team, Inc. (NYSE:TISI) shares slid after the company’s third quarter profit declined, owing to costs associated with newly acquired business.
The company posted third-quarter net income of $2.0 million or $0.10 per share, as compared to $3.9 million or $0.19 per share in the same quarter last year. Revenues grew 25% to $136.5 million from $108.8 million in the year-ago period. Analysts expected earnings of $0.18 per share on revenues of $127.53 million for the quarter.
Looking forward, the company expects adjusted earnings for fiscal 2012, to be in the range of $1.55 to $1.70 on revenues of $605-$615 million. Analysts are expecting the company to report EPS of $1.69 on revenues of $603 million for fiscal 2012.
Vishay Intertechnology (NYSE:VSH) yesterday announced that it has amended its credit agreement and entered into an incremental facility agreement that increases the total credit facility commitment to $528 million.