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CNNfn after the bell
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April 21, 1999: 7:11 p.m. ET
Altera and Go2Net declare stock splits; Reebok and Beyond.com beat Street
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NEW YORK (CNNfn) - Stock splits and earnings made life interesting Wednesday after Wall Street closed down.
Software provider Altera Corp. (ALTR) and Web network company Go2Net Inc. (GNET) both declared two-for-one stock splits.
San Jose, Calif.-based Altera said the stock split will be effected in the form of a stock dividend. The record date for the stock split will be May 4 and shareholders of record will receive one additional share of Altera common stock for every share held.
The company's board of directors authorized doubling the number of shares authorized for repurchase under the company's share repurchase program from 6 million to 12 million.
Shareholders of record on May 17 for the Seattle-based Go2Net will receive one additional share of company stock for every share they own on that day. The split is subject to shareholder approval an amendment to the company's Certificate of Incorporation to increase the company's authorized common stock, which is currently insufficient to permit consumption of the split.
In the earnings arena, Reebok International Ltd. (RBK) was one step ahead of the Street. The athletic shoe and apparel company reported first-quarter net income of $17.9 million or 32 cents per share, beating First Call's projection of 31 cents by a penny.
The latest figures compare to a net loss of $3.4 million, or 6 cents per share in the year ago period. The 1998 first quarter included an after-tax charge of $23.7 million or 42 cents for personnel related expenses.
Net sales were $785.8 million compared to $880.1 million in the year ago period.
Online software seller Beyond.com (BYND) turned in better-than-expected results for the first quarter. The Sunnyvale, Calif.-based company reported a net loss of $18.8 million or 66 cents per diluted share, which beats First Call's estimate of a 74 cent loss.
Beyond.com reported a loss of $2.2 million or 11 cents per share in the year ago period. Revenues were $19.1 million, a 208 percent increase over the $6.2 million recorded in the year ago period.
Vivus Inc. (VVUS), the developer of treatments for erectile dysfunction, beat Wall Street's expectations decisively. The Mountain View, Calif.-based company reported net income of $3.8 million or 12 cents per share, beating First Call's estimates of 4 cents per share.
The results compare with a net loss of $2.4 million, or 7 cents per share, in the year ago period. Total revenue for this quarter was $10.3 million, compared to $27.5 million in the year ago period.
Earnings, splits and new faces
CNet Inc. (CNET) beat Wall Street and declared a two-for-one stock split. The San Francisco-based media company reported net income of $3.3 million, or 9 cents per diluted share, excluding amortization and gains, and beating First Call's estimates of 3 cents per share.
Net income totaled $23 million or 61 cents per diluted share, including the goodwill amortization related to the acquisition of WinFiles.com and gains on the sale of equity investments. CNet reported a net loss of $5.7 million, or 19 cents per diluted share, in the year ago period.
Revenues were $19.6 million, a 101 percent increase over $9.8 million for the first quarter ended March 31, 1998. CNet also declared a two-for-one stock split in the form of a stock dividend payable on May 28 to record holders of common stock on May 10.
Oakley Inc. (OO), which makes eyewear, footwear, watches and athletic equipment, beat the Street by a cent, reporting first quarter net income of $1.4 million, or 2 cents per share, exceeding First Call's one cent estimate. The company earned $1.3 million, or 2 cents per diluted share, in the year-ago period. Net sales totaled $48.7 million, a first-quarter record and an increase of 18.8 percent over net sales of $41 million for the year-ago period.
The company also named formed Gatorade executive and Oakley board member Bill Schmidt as chief executive officer. He replaces Link Newcomb, who assumes the position of chief operating officer.
Front-office software maker Vantive Corp. (VNTV) missed Wall Street's expectations. The Santa Clara, Calif.-based company reported net income of $252,000, or 1 cent per diluted share, missing First Call's estimate of 3 cents per share.
The company reported net income of $3.7 million, or 14 cents per diluted share, in the prior year quarter. Revenues reached $44.8 million, a 23 percent increase over $36.3 million in the year ago period.
In addition, the company announced that Thomas L. Thomas, a former executive at Electronic Business and Information Services and 3Com Corp. (COMS), has joined the company as chairman and chief executive officer, replacing John Luongo, who resigned.
And, finally, S3 Inc. (SIII) saw better-than-expected results, reporting a net loss of $13.9 million, or 27 cents per diluted share, and beating First Call's estimate of a 33 cent loss.
S3 reported net income of $4.1 million, or 8 cents per share, in the year ago period.
The company's net revenues were $44.3 million compared to $82.5 million for the year ago period.
Finally, two IPOs priced Wednesday.
First Tuesday, a closeout retailer, priced 6.6 million shares at $15, at the bottom of its expected $15-$17 range, and will begin trading Thursday under the symbol "TUES."
And Log On America priced 2.2 million shares at $10, after pushing its offering back repeatedly in recent weeks. It will trade under the symbol "LOAX."
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