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CNNfn after the bell
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May 5, 1999: 6:45 p.m. ET
CompUSA meets Street, while CDnow able to beat; Pegasus flops
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NEW YORK (CNNfn) - Cigar, computer and CD companies reported earnings Wednesday after Wall Street's close.
Computer retailer CompUSA Inc. (CPU) matched Wall Street's third quarter expectations. The Dallas-based company reported a net loss of $4.9 million or 5 cents per share, meeting First Call's estimate.
CompUSA earned $24.5 million or 27 cents per share in the year ago period. The company said excluding the impact of costs related to information technology and Internet initiatives, CompUSA's operating results were break even for the third quarter.
Net sales increased $1.69 billion, up 16 percent from $1.45 billion from third quarter of 1998.
CDnow Inc. (CDNW) was singing a comparatively happy tune as the online retailer of CDs and other music-related products reported better-than-expected first quarter results. The company saw a net loss of $19.1 million or 96 cents per share, beating First Call's estimate of a $1.03 loss. CDnow reported a net loss of $9.3 million or 78 cents per share in the year ago period.
Included in the 1999 first quarter loss is $1.3 million or 6 cents per share, for amoritization of goodwill and other intangibles, primarily due to the company's merger with N2K Inc. in March.
The company's first-quarter revenues totaled $22.8 million, a 128 percent increase over $10 million in the first quarter of 1998.
Pegasus Communications Corp. (PGTV) was off its stride as the company reported worse-than-expected first-quarter results. Pegasus saw a net loss of $45.9 million or $2.81 per share, which exceeded First Call's estimate of $2.42 per share. The company reported a net loss of $15.9 million or $1.54 per share in the same period last year. Net revenues reached $69.4 million, a 141 percent increase over $28.8 million in the year ago period.
Software system developer Actel Corp. (ACTL) said it had completed a 6 percent cut of its 450-person workforce. The company said the move will reduce expenses and was taken in conjunction with a cutback in or the elimination of non-critical projects, activities and expenditures. Actel said it expects to take a one-time charge against earnings of up to $4 million in the current quarter to cover costs related to the reductions.
800-JR Cigar Inc. (JRJR), the world's largest distributor and retailer of brand name premium cigars, reported first quarter net income of $2.4 million or 19 cents per share. This compares to $3.5 million or 27 cents per share in the year ago period. Sales were $72.8 million, a $10.6 million, or 17 percent boost over last year. First Call did not have quarterly estimates of the company's earnings.
And database software maker Informix Corp. (IFMX) announced that Chairman Bob Finocchio will step down as president and chief executive officer and has named chief financial officer Jean-Yves Dexmier to succeed him. The change will be effective July 16.
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