Today - Monday, March 2, 2015
- Gran Tierra Energy (GTE -3.7%) is lower after posting disappointing Q4 results, which included a decision to halt further development of its Bretana heavy oil field in Peru due to the current low commodity price environment.
- Associated with the decision to no longer commit capital to Peru, GTE was required to recognize $265M of Peruvian-related asset impairments for FY 2014.
- In maintaining its Buy rating and C$4.50 price target, Canaccord says the upside to the move is that it makes available nearly all GTE's $332M in cash resources to refocus into new growth areas in the coming years.
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- Q4 net income of $2.1M or $0.05 per share. 7.8M shares repurchased during quarter for average price of $3.74 each, includes 4.9M shares purchased on Dec. 10 in the "Dutch Auction" for $3.75 each.
- Company continues to look for a buyer, or some other strategic alternative.
- No conference call has been scheduled.
- Outlook: "We continue to believe that current market conditions in our primary lending markets are consistent with a peak of a credit cycle... Our primary asset is unencumbered cash and we do not have sufficient net earning assets to generate positive net operating income at this time."
- Previously: MCG Capital beats by $0.05, beats on revenue (March 2)
- MCGC flat on the session at $3.90.
- Stratasys' (NASDAQ:SSYS) Q4 revenue was slightly above the guidance implied by its Feb. 2 warning, and EPS in-line. The company is reiterating the 2015 revenue and EPS guidance provided in the warning - $940M-$960M and $2.07-$2.24, respectively - as well as expectations 2015 EPS will be "derived disproportionately" from 2H15. Long-term growth/margin targets are also reiterated.
- Q4 product revenue (hurt by MakerBot pressures) +25% Y/Y to $168.6M, a notable slowdown from Q3's 48%. Services revenue +141% to $48.5M, after growing 145% in Q3. 11,214 3D printing/additive manufacturing systems were sold, and MakerBot revenue totaled $26.6M.
- Gross margin was 56%, down from 58.3% in Q3 and 60.2% a year ago. SG&A spend +61% Y/Y to $75.3M; R&D +38% to $23.2M.
- 3D Systems (NYSE:DDD) is following Stratasys higher. This morning, 3D announced it has added Henry Schein (NASDAQ:HSIC), the top provider of healthcare products/services to office-based dental, animal health, and medical practitioners, as a distributor. Henry Schein will resell 3D's ProJet 1200 and 3510 3D printer lines to dental lab customers.
- Stratasys' Q4 results, PR
- Acceleron Pharma (XLRN -7.1%) Q4 results: Revenues: $3.7M (-67.8%); R&D Expense: $14.6M (+43.1%); SG&A: $3.7M (-22.9%); Operating Loss: ($14.6M) (-305.6%); Net Loss: ($17.6M) (+2.8%); Loss Per Share: ($0.55) (+14.1%).
- FY2014 results: Revenues: $14.6M (-74.5%); R&D Expense: $50.9M (41.0%); SG&A: $14.2M (-0.2%); Operating Loss: ($55.5M) (-892.9%); Net Loss: ($51.3M) (-134.2%); Loss Per Share: ($1.63) (+60.7%); Quick Assets: $176.5M (55.9%).
- No guidance given.
- Adjusted net income of $8M, or $0.06 per diluted share vs. a net loss of $4M, or -$0.03 per diluted share in the fourth quarter of 2013.
- Revenue by segment: Industrial Materials -13%; Engineered Solutions -26%.
- EBITDA of $37M vs. $33M in the same period a year ago.
- The company expects first half 2015 EBITDA of $45M-$55M and operating cash flow of $40M-$50M; full year 2015 inventory reduction of $50M and capex of $60M-$70M.
- Q4 results
- GTI +12.3% premarket
- Q4 net investment income of $18.1M or $0.55 per share vs. $15.4M and $0.51 in Q3. Dividend is $0.54.
- Net increase in net assets from operations of $500M or $0.01 per share. The company experience a decline of $8.8M or $0.29 per share in Q3.
- Net asset value per share of $16.11 slips from $16.64. Friday's close was $23.67.
- Non-accrual assets as a percentage of total portfolio of 5.8%; as a percentage of fair value of 3%.
- Earnings call is underway.
- Previously: Triangle Capital beats by $0.04, beats on revenue (March 2)
- TCAP flat premarket
- Portola Pharmaceuticals (PTLA -1.4%) Q4 results: Revenues: $2.4M (+14.3%); R&D Expense: $34.7M (+53.5%); SG&A: $7M (+45.8%); Net Loss: ($39.3M) (-56.6%); Loss Per Share: ($0.82) (-30.2%).
- FY2014 results: Revenues: $9.6M (-8.6%); R&D Expense: $123.6M (+55.9%); SG&A: $23.6M (+53.2%); Net Loss: ($137.1M) (-64.4%); Loss Per Share: ($3.19) (+12.6%); Quick Assets: $392.3M (+23.0%).
- 2015 Guidance: Total pro-forma operating expenses: $220M - 235M; Cash, cash equivalents and investments: $165M - 180M.
- Amira Nature Foods (NYSE:ANFI) reports revenue increased 35% in Q4 primarily due to increased sales volume and product mix in India and internationally.
- Sales in India grew 30.7% to $86.6M.
- International sales rose 38.9% to $105.8M.
- Amira branded and third party branded sales +29.2% to $176.4M.
- Adjusted EBITDA increased 36.6% to $27.7M.
- FY2015 Guidance: Revenue and adjusted EBITDA expected to grow more than 25%.
- ANFI +10.52% premarket.
- Endocyte (ECYT -1.9%) Q4 results: Revenues: $0.01M (-99.9%); R&D Expense: $4M (-70.4%); SG&A: $4.2M (-37.3%); Operating Loss: ($8.2M) (-173.3%); Net Loss: ($8.1M) (-179.3%); Loss Per Share: ($0.19) (-137.5%).
- FY2014 results: Revenues: $70.4M (+8.5%); R&D Expense: $41.7M (-28.0%); SG&A: $23.7M (-6.3%); Operating Income: $5M (+127.3%); Net Income: $5.5M (+130.6%); EPS: $0.13 (+126.0%); Quick Assets: $206.8M (38.9%).
- No guidance given.
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8:33 AM| Comment!
- Endo International (ENDP +0.4%) Q4 results: Revenues: $800M (+36.8%); COGS: $423.7M (+66.9%); R&D Expense: $40.4M (+20.2%); SG&A: $192.3M (+3.2%); Operating Loss: ($72.7M) (+90.1%); Net Loss: ($53.5M) (+93.1%); Loss Per Share: ($0.35) (+94.8%).
- FY2014 results: Revenues: $2,877.2M (+9.9%); COGS: $1,400.6M (+34.7%); R&D Expense: $154.2M (+8.2%); SG&A: $795.9M (-6.3%); Operating Loss: ($896.9M) (-110.7%); Net Loss: ($721.3M) (-5.3%); Loss Per Share: ($4.91) (+18.8%); Quick Assets: $409.6M (-22.2%); CF Ops: $337.8M (+13.2%).
- 2015 Guidance: Total revenue: $2.90B - 3.00B; GAAP EPS: $2.73 - 2.93; non-GAAP EPS: $4.35 - 4.55.
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