Singular Research EPS Surprises For Q2 2018

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Includes: ANIK, DAKT, FLL, JMP
by: Singular Research
Summary

Top 3 beaters.

Aggregate listing of coverage beats & misses.

Guidance for Q3 and year end 2018.

Earnings Surprises and Disappointments for Q2 2018

Top Surprises

JMP Group LLC (JMP) +256%

Chart JMP data by YCharts

Had record investment banking revenues Increased accumulation of loans leading up to the CLO V pricing Had a favorable exit from a principal investment Investment banking revenues were up 49.3% yoy and asset management revenues were up 29.5% yoy

Anika Therapeutics (ANIK) +106%

Chart ANIK data by YCharts

  • Maintained the #1 overall position in the U.S. viscosupplementation market
  • U.S. viscosupplement franchise grew 12% in Q2
  • Completed an accelerated share repurchase program from May to July, with ~800,000 shares repurchased
  • Product gross margin improved by 10% on sequential basis

Olympia Financial Group (OLY) +99%

Chart OLY data by YCharts

Earnings before income tax increased 61% to $3.72 million from $2.31 million. Total revenue, including interest earned as trustee and interest, increased 28% to $13.18 million from $10.26 million. The increase is due to an increase in service revenue in the Foreign Exchange division and Registered Plans division and interest earned as trustee in the Registered Plans division. Service revenue increased 25% to $10.31 million from $8.28 million due to an increase in trade volume and transaction sizes in the Foreign Exchange division and fees charged in connection with the restructuring of an exempt market issuer in the Registered Plans division. Interest revenue on monies held in trust and interest on Olympia’s own cash increased 45% to $2.87 million from $1.98 million due to increases in the Canadian prime rate.

Top Disappointments

Chart FLL data by YCharts

Full House Resorts (FLL) -433% Net Revenue Grew 2.8%, Net Loss Improved 56.6%, and Adjusted EBITDA Increased 19.7% Ferry Boat Christened at Rising Star Casino Resort; Anticipate Commencing Ferry Service This Quarter Silver Slipper Casino & Hotel Preparing for Launch of Sports Betting Within the Next Few Weeks Development Agreement for Expansion of Bronco Billy's Casino & Hotel Approved; Currently Finalizing Construction Contracts for Phase One of the Expansion Submitted Letter of Intent to Participate in New Mexico Racing Commission's Competitive Process for State's Sixth Racing License

Daktronics (DAKT) -280%

Chart DAKT data by YCharts

Reported net sales of $154.2 million, operating income of $4.0 million, and net income of $4.6 million, or $0.10 per diluted share, compared to net sales of $172.7 million, operating income of $11.7 million, and net income of $8.4 million, or $0.19 per diluted share, for the first quarter of fiscal 2018. Fiscal 2019 first quarter orders were $159.6 million, compared to $153.1 million for the first quarter of fiscal 2018. Product order backlog at the end of the fiscal 2019 first quarter was $177 million, compared to a backlog of $184 million a year earlier and $171 million at the end of the fourth quarter of fiscal 2018. Reece Kurtenbach, chairman, president and chief executive officer stated, "As expected, first quarter sales were less than the first quarter of 2018 and reflect the financial fluctuations caused by the timing of large projects. Year to date orders have increased over last year, and we achieved a respectable gross profit margin on this level of business. During the quarter, we installed several of the new generation of narrow pixel pitch products for high resolution indoor applications. We continue to invest in broadening our narrow pixel pitch product line and control solutions. Our pipeline of innovative new products and technologies is poised to meet the growing market demand for digital canvases."

Company Reported Revenue Estimated Revenue % Difference Adjusted Non-GAAP EPS Estimated EPS $ Difference (rounded) % Difference Guidance Commentary # of Analysts
JMP Group LLC 57,220,000 33,100,000 72.9% 0.16 0.05 0.12 256% 3
Anika Therapeutics Inc 30,548,000 27,903,250 9.5% 0.68 0.33 0.35 106% 4
Olympia Financial Group Inc 10,307,910 9,104,350 13.2% 0.88 0.44 0.44 99% 1
Seabridge Gold Inc NULL NULL (0.03) (0.06) 0.03 48% 1
Kulicke and Soffa Industries Inc 268,834,000 261,666,670 2.7% 0.89 0.61 0.28 45% 5
Harvard Bioscience Inc 31,522,000 30,662,670 2.8% 0.07 0.05 0.02 31% 3
Control4 Corp 69,228,000 67,827,630 2.1% 0.42 0.33 0.10 29% 9
Emergent BioSolutions Inc 220,200,000 208,568,500 5.6% 1.07 0.88 0.19 22% 8
Wisdom Tree Investments Inc 74,775,000 74,376,800 0.5% 0.10 0.09 0.01 17% 13
NV5 Global Inc 104,018,000 99,318,000 4.7% 0.91 0.79 0.13 16% 5
Transcat Inc 36,658,000 39,055,670 -6.1% 0.19 0.17 0.02 14% 3
NMI Holdings Inc NULL 62,107,800 0.40 0.35 0.05 14% 9
Clearone Inc 6,971,000 NULL (0.22) (0.25) 0.03 12% 1
Newtek Business Services Corp 13,212,000 11,276,170 17.2% 0.44 0.42 0.02 6% 6
General Finance Corp 84,421,000 76,520,000 10.3% (0.06) (0.06) 0.00 5% 3
Multi-Color Corp 456,131,000 438,960,000 3.9% 1.06 1.06 0.00 0% 5
BIOLASE Inc 12,154,000 12,745,000 -4.6% (0.20) (0.20) - 0% 2
Quinstreet Inc 111,521,000 100,060,600 11.5% 0.13 0.13 (0.00) 0% 6
Hennessy Advisors Inc 13,567,000 13,810,000 -1.8% 0.53 0.64 (0.11) -17% 1
Acme United Corp 39,751,000 41,150,000 -3.4% 0.67 0.83 (0.16) -19% 2
LSI Industries Inc 83,409,000 85,230,000 -2.1% 0.02 0.03 (0.01) -20% 3
Banco Latinoamericano de Comercio Exterior SA NULL 34,550,000 0.42 0.55 (0.13) -23% 2
Gladstone Land Corp 11,394,000 7,199,500 58.3% 0.11 0.15 (0.05) -31% 2
Trecora Resources 68,106,000 70,697,500 -3.7% 0.09 0.14 (0.05) -35% 4
Century Casinos Inc 39,648,000 39,875,000 -0.6% 0.01 0.05 (0.04) -80% 4
Huttig Building Products Inc 223,400,000 215,790,000 3.5% 0.01 0.16 (0.15) -94% 1
EVIO Inc 634,340 1,700,000 -62.7% (0.19) (0.09) (0.10) -111% 1
StealthGas Inc 39,695,480 37,786,000 5.1% (0.05) 0.06 (0.11) -183% 1
Salem Media Group Inc 66,272,000 66,210,000 0.1% (0.08) 0.09 (0.17) -194% 2
A-Mark Precious Metals Inc 1,994,963,000 1,689,996,500 18.0% (0.09) 0.06 (0.15) -250% 2
Daktronics Inc 138,177,000 145,162,500 -4.8% (0.09) 0.05 (0.14) -280% 3
Full House Resorts Inc 41,227,000 42,587,330 -3.2% (0.02) 0.01 (0.03) -433% 3
REX American Resources Corp 120,820,000 NULL NULL NULL 0
Geospace Technologies Corp 21,270,000 NULL NULL NULL 0
Cordoba Minerals Corp NULL NULL NULL NULL 0

Disclosure: I am/we are long JMP. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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