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Perry Ellis earnings hurt by shipping delays


Perry Ellis International Inc. said delays in shipping at West Coast ports hurt its third-quarter results, as the struggling clothing company continues to be beset by pressures to explore a buyout.

Though the company’s loss narrowed, sales dropped and results missed expectations.

The company’s shipping snaufus echo issues faced by Ann Inc., which owns the Ann Taylor and Loft stores, and other apparel companies this fall.

The twin ports at Los Angeles and Long Beach handle the lion’s share of imports from Asia arriving at the West Coast. But they have been hit by labor and equipment issues, and the troubles are adding weeks to deliveries during the peak season for imports as retailers stock up ahead of the holidays.

Beyond those pressures, The Wall Street Journal reported last week that Sequential Brands Group approached Perry Ellis about a possible takeover in light of the Florida-based company’s difficulty remaining competitive. The company has said it is running a review of its brands and plants to exit low-growth businesses.

Perry Ellis, which became popular in the 1990s, is more recently seen as a dusty brand in the fashion community, especially compared with other brands that emerged around that time.

Meanwhile, Legion Partners LLC and the pension-fund giant California State Teachers’ Retirement System, or Calstrs, made public this week a letter they had sent a letter to the company’s board a month ago, urging it to run a formal sales process. Together, they own about 6.3% of the company.

In all, Perry Ellis posted a loss for the quarter ended Nov. 1 of $437,000, or three cents a share, narrowing from a year-earlier loss of $3 million, or 20 cents a share. Excluding special items, earnings rose to 3 cents a share from a loss of 15 cents the year before.

Sales dropped 5% to $211 million from $222 million the year earlier.

Analysts had expected a profit of 6 cents on revenue of $215 million, according to Thomson Reuters.

In the most recent quarter, increases in the accessories and international segments offset planned reductions in the Perry Ellis and Rafaella collection sportswear. In addition, there was strength in the Original Penguin brand and the Callaway golf brand.

The company backed its guidance for the year.

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SOURCE: http://www.marketwatch.com/story/perry-ellis-earnings-hurt-by-shipping-delays-2014-11-20

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Mallinckrodt sales boosted by product acquisitions


Mallinckrodt Pharmaceuticals PLC said growth in its specialty pharmaceuticals segment, driven mostly by acquisitions, led to a 45% jump in revenue in its September quarter.

The results beat expectations.

Mallinckrodt, like many other companies, has sought to grow through acquisitions. The pharmaceuticals company, which spun off from Covidien PLC, closed its $5.8 billion deal to buy Questcor Pharmaceuticals Inc. in August. It had earlier purchased pain-treatment company Cadance Pharmaceuticals Inc. for $1.3 billion in cash.

The results in the latest quarter were driven by two new injections added to the portfolio through these acquisitions, as well as continuing strength in the base specialty controlled substance generics portfolio.

For the fourth quarter ended Sept. 26, the company reported a loss of $352 million, or $4.14 a share, compared with a year-earlier profit of $33.5 million, or 58 cents a share.

But excluding restructuring charges and a write-down in the global medical imaging segment, the company posted earnings of $1.68 a share, compared with 98 cents a share a year earlier.

Revenue rose to $789 million from $545 million.

Analysts had recently projected $1.41 a share in earnings and $758 million in revenue, according to Thomson Reuters.

Revenue in Mallinckrodt’s specialty pharmaceuticals business rose 86% to $565 million. Sales in the medical imaging segment, however, declined 6.8% to $213 million.

For 2015, it predicts per-share earnings, excluding special items, will grow nearly 40% to $6.70 to $7.20 with revenue up nearly 50% to $3.65 billion to $3.75 billion. Analysts are calling for $6.78 a share on revenue of $3.7 billion.

Shares have soared 70% this year.

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SOURCE: http://www.marketwatch.com/story/mallinckrodt-sales-boosted-by-product-acquisitions-2014-11-19

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Brown Shoe profit boosted by wholesale business


Brown Shoe Co. said its fiscal second-quarter profit rose 18% after its wholesale business and Famous Footwear chain reported higher sales.

The company’s per-share earnings outpaced market expectations, leading Brown Shoe to raise its outlook for the year. It now expects earnings between $1.50 and $1.60 a share, up from its prior forecast of $1.47 to $1.57 a share. It backed its revenue outlook.

Brown Shoe, which operates more than 1,200 stores, is in the midst of a three-year revamp spurred by lackluster sales at its discount-footwear chain, Famous Footwear. The plan includes closing struggling stores and ridding itself of some assets.

At Famous Footwear, quarterly sales edged up 1.4% to $393.6 million. The wholesale unit’s sales climbed 7.7% to $194.3 million, while specialty retail sales fell 9.5% to $48 million.

Famous Footwear sales, excluding newly opened or closed stores, ticked up 1.6%, with performance during the quarter driven by canvas products. During the period, the company closed or relocated 16 stores and added 17 new stores.

For the quarter ended Aug. 2, Brown Shoe reported earnings of $18.1 million, or 41 cents a share, up from $15.4 million, or 35 cents a share, a year earlier. Excluding charges related to business exits, cost reductions and other items, earnings were 33 cents a share last year.

Sales rose 2.3% to $635.9 million. Analysts polled by Thomson Reuters expected earnings of 35 cents a share on revenue of $638 million.

Write to Erin McCarthy at erin.mccarthy@wsj.com

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SOURCE: http://www.marketwatch.com/story/brown-shoe-profit-boosted-by-wholesale-business-2014-08-27

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Caterpillar raises quarterly dividend by 17%


Caterpillar Inc. on Wednesday said it raised its dividend to 70 cents a share, an increase of 17%.

The move means the company’s dividend yield will be about 2.6%. It will be payable to shareholders of record at the close of business July 21, the heavy-machinery maker said in a news release.

“Despite business and economic uncertainties around the world, our balance sheet has remained strong–the strongest it’s been in more than two decades–positioning us to perform through the cycles,” Chairman and Chief Executive Doug Oberhelman said in a press release.

The dividend increase comes after Caterpillar said in May that its global retail machinery sales for the three months through April fell 13% compared with the year-ago period, as the company contends with particularly weak demand beyond North America.

The company in April posted an increase in its first-quarter profit as it benefited from cost cutting, but its outlook for mining-equipment sales declined.

Caterpillar last raised its dividend a year ago, boosting the payout by eight cents to 60 cents a share. The company said the payout has more than tripled since 1998.

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SOURCE: http://www.marketwatch.com/story/caterpillar-raises-quarterly-dividend-by-17-2014-06-11-13485342

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NetApp profit bolstered by lower expenses


NetApp Inc. NTAP +0.87% said its fiscal fourth-quarter profit rose 13%, as lower costs and expenses masked a dip in revenue.

For the fiscal first quarter, NetApp forecast adjusted per-share earnings of 53 cents to 58 cents, and revenue of $1.42 billion to $1.52 billion. Analysts polled by Thomson Reuters had expected earnings of 62 cents a share and revenue of $1.52 billion.

The company also increased its quarterly dividend to 16.5 cents a share from 15 cents.

NetApp, which builds storage and data management solutions for its clients, has been facing an increasingly challenging business environment because of continuing competition from flash memory and the cloud.

NetApp’s strategy over the last quarters was to try to deliver cloud-integrated, flash-accelerated storage and data-management solutions to meet customers’ infrastructure requirements.

For the quarter ended April 25, NetApp reported a profit of $197 million, or 59 cents a share, versus a year-earlier profit of $173.8 million, or 47 cents a share. Excluding stock-based compensation and other items, adjusted per-share earnings were 84 cents, up from 69 cents a year earlier. Revenue fell 3.9% to $1.65 billion.

The company in February had forecast adjusted per-share earnings of 77 cents to 82 cents, and revenue of $1.62 billion to $1.72 billion.

Total operating expenses fell 1.2% to $818.2 million.

Product sales, the major contributor to the company’s top line, decreased 8.3% to $1.04 billion.

Software revenue was essentially flat at $227.5 million and service revenue climbed 7.7% to $378.7 million.

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SOURCE: http://www.marketwatch.com/story/netapp-profit-bolstered-by-lower-expenses-2014-05-21

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Sysco earnings hurt by weather woes


Sysco Corp. is trying to persuade customers that intense competition necessitates its planned merger with rival US Foods Inc. But its ever dwindling profit margins may speak louder than words.

Sysco, the biggest U.S. food distributor, on Monday reported its net profit fell 10% in the latest quarter despite a 3.2% increase in revenue to $11.28 billion. The company blamed “unusually severe” winter weather in January and February for exacerbating the higher delivery expenses and slow sales growth in the restaurant industry that have long been weighing on Sysco’s profits.

Regulators are currently reviewing Sysco’s proposed $3.5-billion acquisition of US Foods, number two in the industry. The combined company would have more leverage to negotiate prices on the food and supplies it distributes to restaurants, hospitals and other institutions. Some smaller customers and rival distributors have expressed worry about the increased buying and pricing power the combined company would have, given its roughly 25% share of industry sales.

Houston-based Sysco has said it would pass on the cost savings to its customers, which it says is necessary to compete with specialty distributors and carryout retailers like Restaurant Depot. Sysco says such rivals are eating away at its sales to smaller restaurants, which carry higher profit margins for it than large chains.

Despite the weakness of the first two months, Sysco said March and April sales trends have been significantly stronger. Its shares rose nearly 3% in midday trading Monday.

Sysco executives said the acquisition of US Foods remains on track to close in the fall.

Executives have acknowledged that the merged company likely would lose some customers who are skeptical of the combined entity’s clout or who are wooed by rivals that swoop in while Sysco and US Foods are distracted.

But Chief Executive Bill DeLaney said meetings with customers have gone well. “They have a lot of questions. And as you can imagine, one of their key questions is to what extent this will disrupt service,” he said. “As time has gone on, we have been able to explain the reasons for the merger and the opportunities and some of the challenges that come with that in the early days of the transition.”

Higher inflation in meat and dairy will help Sysco’s revenue in the current quarter, but that pressures gross margin and poses a threat to customers.

“It’s challenging at times to pass that along as fast as you might like to the customers; sometimes that’s not even the right thing to do,” Mr. DeLaney said, explaining that salespeople instead can work with customers to add more poultry to their menus when beef costs are high, for instance.

“We don’t want to see a lot of inflation…it’s not good for our customers,” he said. “But I think we’ll manage it well…and I think some of this will be with us for a while.”

For the quarter ended March 29, Sysco reported a profit of $180.9 million, or 31 cents a share, down from $201.4 million, or 34 cents a share, a year earlier. After adjusting for certain merger- and legal-related expenses, earnings fell to 38 cents from 40 cents a share.

Analysts’ had expected a 39 cent per-share profit and $11.38 billion in revenue, according to a poll by Thomson Reuters.

Ben Fox Rubin contributed to this article.

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SOURCE: http://www.marketwatch.com/story/sysco-earnings-hurt-by-weather-woes-2014-05-05

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Chevron earnings hit by lower production


Chevron Corp. said its first-quarter profit fell 27% as revenue slipped amid lower oil prices and production.

The results fell short of expectations.

“Our first quarter earnings were down from a year ago, primarily due to lower prices and volumes for crude oil,” Chairman and Chief Executive John Watson said.

The company CVX -0.18% said its global oil-equivalent production for the period fell to 2.59 million barrels a day from the year-earlier tally of 2.65 million, as normal field declines and unplanned downtime related to poor weather–mainly in Kazakhstan–more than offset production increases in Nigeria, Angolia and the U.S.

Chevron–the second-biggest U.S. oil company in market value behind Exxon Mobil Corp.–had warned last month that production would drop year-over-year as severe weather led to downtime in the U.S., Canada and Kazakhstan, among other regions.

The company also said in April that U.S. oil prices fell 3.2% during the quarter, compared to a year earlier, to $91 a barrel. International prices fell 2.9% to $99 a barrel.

Chevron reported earnings of $4.51 billion, or $2.36 a share, down from $6.18 billion, or $3.18 a share, in the year-earlier period.

Revenue fell 6.3% to $53.27 billion.

Analysts polled by Thomson Reuters had expected per-share earnings of $2.51 and revenue of $57 billion.

Chevron earlier this week said it boosted its quarterly dividend by 7% to $1.07 a share.

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SOURCE: http://www.marketwatch.com/story/chevron-earnings-hit-by-lower-production-2014-05-02

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Glaxo profit slides by almost a third


LONDON– GlaxoSmithKline PLC’s first-quarter profits slid by almost a third, the company said Wednesday, a week after it announced a series of multibillion-dollar asset swaps with Novartis AG to bolster its consumer-health and vaccines businesses.

The U.K. drug maker’s profits were dented by asset disposals, currency pressures and falling sales of its established respiratory drugs in the U.S. They highlight the pressures facing Glaxo and the reasons behind its acquisition of Novartis assets to boost growth.

Chief Executive Andrew Witty refused to comment on any speculation that Glaxo could step in with a “white knight” offer for fellow U.K. drug maker AstraZeneca PLC, after the latter declined a takeover bid from Pfizer Inc. in January.

However, he said Glaxo’s strategy was firmly focused on closing the Novartis deal and on its own drug-development pipeline. Mr. Witty has in the past ruled out signing large traditional merger-and-acquisition deals.

“What we’re focused on is ensuring that our organization is not distracted in the core [research and development] business,” Mr. Witty said on a conference call Wednesday.

“We committed ourselves last week to a very, very major transaction with Novartis,” he added.

Sales at Glaxo fell 14% to GBP5.61 billion ($9.45 billion) from GBP6.47 billion in the same quarter of the previous year, missing market expectations. Sales were hurt by wholesalers and retailers destocking Glaxo’s asthma drugs after stocking up the previous quarter, and the exclusion of Glaxo’s best-selling drug–the asthma treatment Advair–from U.S. prescribing lists in January.

Respiratory drugs are Glaxo’s biggest profit driver, and the disposal of its cancer-drug business to Novartis will increase this reliance.

Sales of Advair–responsible for just under a fifth of Glaxo’s total sales–fell 15% at constant exchange rates in the first quarter, against increased competition in the U.S. and Europe.

“Inevitably, in the short run, we will have volatility,” said Mr. Witty, as Glaxo tries to boost sales of its new asthma treatments Breo and Anoro, the latter launched in the U.S. last week, to make up for falling Advair sales. Uptake of Breo in the U.S. has so far been disappointing.

Glaxo’s profit attributable to shareholders fell 30% to GBP668 million in the first quarter, from GBP961 million in the same quarter of the previous year. Its core earnings per share–a measure that excludes legal costs, asset impairments, profits on asset disposals and restructuring costs–fell to 21.0 pence from 26.9 pence in the same quarter of the previous year, in line with analysts’ expectations.

Mr. Witty said Glaxo was continuing to evaluate the options for its “established-products portfolio”–a collection of its older drugs facing generic competition, responsible for 14.5% of its total sales.

Glaxo last year announced the sale of a portfolio of thrombosis drugs for GBP700 million. Mr. Witty said it was “highly likely we’ll do more transactions,” although he said these would be more likely for its portfolio of drugs in the U.S. and Europe rather than its established drugs in emerging markets.

The deals signed with Novartis last week, worth more than $20 billion in total, will see Glaxo sell its high-margin cancer-drug business to its Swiss rival and bulk up its own businesses in consumer health and vaccines, both lower-margin businesses but with more reliable cash flows.

Glaxo reiterated its guidance for a 4%-to-8% increase in core earnings per share at constant exchange rates this year. Its shares fell 1.5% in afternoon trading in London.

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SOURCE: http://www.marketwatch.com/story/glaxo-profit-slides-by-almost-a-third-2014-04-30

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“The Eye of the Storm” To Be Screened by Residence of MPTF Country House


November 12th, 2012, Hollywood, CA – Sycamore Entertainment Group, Inc. (OTC Pink:SEGI), a leading innovator in hybrid film distribution, is pleased to announce that the residents of the Motion Picture & Television Funds’ Country House have requested a private screening of its film “The Eye of the Storm” on December 13th, 2012.

Residents of the Country House, Woodland Hills retirement community is home to some of Hollywood’s most prominent film and television professionals, including many active voting members of the Academy of Motion Picture Arts and Sciences. In a L.A. Times article 99-year-old academy voter Connie Sawyer discusses choosing films for consideration for an Academy award.

“Each year the residents of Woodland Hills request the films they most want to screen at the on-site Samuel Goldwyn Theatre. ‘The Eye of the Storm’ has become one of the most requested films as chosen by the selection committee,” says Ed Sylvan CEO of Sycamore. He goes on to say, “Based on the history behind this selection process and the influence the residence exhibit during award selection, we are very excited that our film is screening during awards season. It gives the film yet another opportunity to be screened by Academy voters”.

The Motion Picture & Television Fund recently made headlines when Jeffrey Katzenberg, Steven Spielberg and David Geffen Donated $30 Million Each to the Fund campaign.

The film’s is now playing in theaters and is available nationwide on Video-On-Demand. To View “The Eye of the Storm” at Apple movies, on iTunes click here.

Follow the movie on Facebook: The Eye of the Storm USA and Twitter: Sycamorefilms

About Sycamore Entertainment Group, (SEGI):

Sycamore Entertainment is a diversified entertainment company that specializes in the acquisition, marketing and worldwide distribution of quality finished feature-length motion pictures. Sycamore’s management team utilizes its long standing relationships to provide market specific publicity, promotion, media buying, theatrical placement and Print & Advertising financing for theatrical domestic release.

Visit: www.sycamoreentertainment.com / Forward-Looking Safe Harbor Statement

SOURCE: http://www.sycamoreentertainment.com/news-20121112.php

The Eye of the Storm

Download PosterIn the Sydney suburb of Centennial Park, two nurses, a housekeeper and a solicitor attend to Elizabeth Hunter as her expatriate son and daughter convene at her deathbed. But in dying, as in living, Mrs Hunter remains a powerful force on those who surround her.Based on the novel by Nobel Prize winner Patrick White, THE EYE OF THE STORM is a savage exploration of family relationships – and the sharp undercurrents of love and hate, comedy and tragedy, which define them.

 

 

SOURCE: http://www.theeyeofthestormthemovie.com/about/

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Starbucks ups buyback program by 25 million shares


Starbucks Corp.’s SBUX -0.84% board has approved the repurchase of an additional 25 million shares of common stock, in the coffee giant’s latest effort to return value to shareholders.

This bring Starbucks’s total buyback authorization to 37.1 million shares, including 12.1 million shares outstanding from an existing program. The company had 760 million shares outstanding as of July 25.

Starbucks has repurchased a total of 184 million shares at a cost of $5.1 billion since its first buyback program was authorized 11 years ago.

The company on Wednesday agreed to acquire loose-leaf tea retailer Teavana Holdings Inc. TEA -0.13% in a roughly $620 million all-cash deal. Starbucks has been branching out from its core coffee business and has also been investing in bakery and fresh juice stores.

Shares rose 28 cents to $48.71 in after-hours trading. The stock was up 10% over the past 12 months.

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SOURCE: http://www.marketwatch.com/story/starbucks-ups-buyback-program-by-25-million-shares-2012-11-15

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