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CNNfn after the bell
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March 9, 1999: 6:18 p.m. ET
Kohl's surprises Wall St., two companies announce repurchase programs
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NEW YORK (CNNfn) - Several companies reported news after Tuesday's close, with a department-store operator posting better-than-expected earnings and two companies announcing stock-repurchase programs.
Kohl's Corp. (KSS) surprised Wall Street with earnings 3 cents better than First Call estimates. The company, which operates 197 family-oriented, specialty department stores, said its fiscal fourth-quarter earnings rose 29 percent to $94.1 million as it opened more stores and generated stronger sales from existing ones.
The company said earnings rose to 58 cents a diluted share in the fourth quarter ended Jan. 30, from last year's $72.6 million, or 45 cents. Sales climbed to $1.3 billion from $1.1 billion a year ago.
In other earnings news, Los Angeles-based Foundation Healthcare reported a loss of $103.7 million, or 85 cents a share, compared with a loss of $113.3 million, or 94 cents a share, in the year-ago period.
Revenue rose to $2.3 billion from $1.9 billion in the same quarter one year ago.
Excluding a write-down of $185.9 million for impairments and other charges, and $29.2 million in losses on those assets, the Foundation Healthcare would have earned 21 cents a share, matching Wall Street estimates.
The company reported positive cash flow from operations of $345.3 million in the quarter and $100.9 million for all of 1998.
In other after-hours news, Chiron Corp. (CHIR) said its board of directors has authorized the repurchase of up to 2.5 million shares of its common stock over the next 12 months.
The biotechnology company said the repurchase is intended to offset the dilutive effect of the company's stock-based employee compensation plans.
"We believe that this program is in the best interest of our shareholders and we expect that it will offset a substantial part of the dilution associated with the company's employee stock option and stock purchase plans," chief executive Sean Lance said in a statement.
Also announcing a stock buyback was Household International Inc. The company's board of directors has authorized the repurchase of up to $2 billion worth of its stock over the next 24 months.
The consumer financial-services company said in a statement that at current prices this would represent more than 10 percent of its outstanding shares.
Shares of Household International (HI) closed Tuesday up 6/16 at 41-13/16.
- from staff and wire reports
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