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CNNfn after the bell
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December 2, 1998: 5:08 p.m. ET
Catalina posts disappointing results; FTC to review Exxon-Mobil merger
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NEW YORK (CNNfn) - Disappointing quarterly profits from Catalina Lighting topped Wednesday's batch of after-hours news, with Cabletron Systems also warning of weaker results ahead.
Catalina Lighting, Inc. (LTG) missed Wall Street estimates by 9 cents a share in the fourth quarter. Net income totaled $114,000, or 2 cents per diluted share, below last year's $1.05 million, or 13 cents per diluted share. Sales were $39.6 million, compared to $50.6 million for the same period last year. The company also authorized a $2 million stock buyback plan.
Burlington Coat Factory Warehouse Corp. (BCF) announced its fourth-quarter sales dropped 1 percent to $598.9 million from last year's $606.4 million, reflecting a 3 percent decline in comparative store sales. The retailer said unseasonably mild weather had an adverse impact on the sales of coats.
Cabletron Systems, Inc. (CS) issued an earnings warning, anticipating third-quarter revenue in the range of $330 million to $340 million. Last year, revenue for the same period totaled $331.8 million. The company also said it expects a third-quarter per-share operating loss of 10 cents, citing pricing pressures, shifts in technology and longer market acceptance time.
In after-hours trading Cabletron was down 3 to 10-3/4.
In non-earnings news, the Federal Trade Commission confirmed that it will review the $76.6 billion merger of oil giants Exxon Corp. (XON) and Mobil Corp. (MOB).
And Brylane Inc. (BYL) is evaluating a $20 a share takeover offer from Pinault-Printemps-Redoute S.A., which currently owns 49.9 percent of the specialty retailing company. The deal is valued at about $172.5 million. 
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