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CNNfn after the bell
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July 27, 1999: 8:36 p.m. ET
Union Pacific, pcOrder.com and Ticketmaster all beat Street
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NEW YORK (CNNfn) - An oil outfit, an online ticket seller, and an e-commerce company were among those putting out financial results after the bell rang Tuesday.
Union Pacific Resources Group Inc.
Union Pacific Resources Group Inc. (UPR), one of the nation's largest independent oil and gas companies, reported better-than-expected results for the second quarter. The company earned $15.3 million, or 6 cents per diluted share, topping Wall Street's estimate of a loss of 7 cents a share. In the year-ago quarter, Union Pacific posted a loss of $17.3 million or 7 cents per share in the year ago period, including a one-time gain of $16.5 million or 6 cents per share. Operating revenues were $386.7 million, compared to $501.7 million in the year ago period.
For the six months ended June 30, the company earned $190.8 million, or 77 cents a share, versus a profit of $13.9 million, or 6 cents per share, a year ago.
The company said it had reduced expenses by 30 percent in the second quarter. UPR President and Chief Executive Officer George Lindahl said the company planned to have about two dozen rigs working for the rest of the year, up from the average of 14 in the second quarter.
pcOrder.com
pcOrder.com (PCOR) said strong growth and major customer wins helped the Internet-based e-commerce solutions company deliver better than expected results for the second quarter.
The Austin, Texas-based reported second quarter revenues of $8.9 million, a 75 percent increase over the year ago period.
The company reported a net loss of $2.9 million or 19 cents per share, compared to a net loss of $1 million, or 8 cents per share, for the same period in 1998. First Call had an estimate of a 24 cent-per-share loss.
The company said the net loss reflects increased investments in sales and marketing, product development, and general corporate activities necessary to sustain growth.
For the six months ended June 30, 1999, total revenues increased 73 percent to $16.6 million from $9.6 million for the same period in 1998.
Reported net loss for the six months ended June 30, 1999 totaled $5.7 million or 39 cents per share compared with a $1 million loss or 8 cents per share for the same period in 1998.
Ticketmaster Online-CitySearch Inc.
Ticketmaster Online-CitySearch Inc. (TMCS) had the right ticket for Wall Street, coming in with better-than-expected results.
The Pasadena-based company reported second quarter revenues of $25.5 million, up 185 percent from the year ago period. The company reported a loss of $22.9 million versus $18.4 million in the year ago period, or 31 cents per share compared to 30 cents in the second quarter of 1998.
First Call had projected a loss of 33 cents per share.
For the six months ended June 30, Ticketmaster posted revenues of $27.1 million, compared to $5.9 million in the year ago period. The company reported a loss of $40.6 million, or 56 cents a share, compared to a loss of $37.4 million, or 61 cents per share in the same period a year ago.
Immunex Corp.
The board of directors at biopharmaceutical company Immunex Corp. (IMNX) prescribed a two-for-one stock spilt.
This is the second time the common stock of Immunex has split since the company went public in 1983. The first common stock split of Immunex took place in the first quarter of 1999.
American Home Products Corp. (AHP), one of the world's largest research-based pharmaceutical and health care products companies, owns a majority interest in Immunex.
Egghead.com Inc.
Internet retailer Egghead.com (EGGS) came out of its shell to scramble Wall Street's expectations.
The Vancouver, Wash.-based company reported first-quarter total revenues of $40.6 million, a 37 percent increase over the year ago period.
Operating losses dropped 18 percent to $10.5 million or 34 cents per share, beating First Call's estimate of 42-cent-per-share loss.
During the quarter, Egghead said it improved customer service, developed a new revenue base from advertising, increased its sales of virtual inventory as a percent of total sales, and began the consolidation of distribution facilities.
MindSpring Enterprises Inc.
Internet service provider MindSpring Enterprises Inc. (MSPG) sprung ahead of Wall Street with better-than-expected results.
Excluding tax-effected amortization charges, the Atlanta-based company reported a second quarter income of $7.5 million or 11 cents per share, beating First Call's estimate of 9 cents per share.
MindSpring reported a profit of $2.7 million or cents per share in the year-ago quarter.
Total second-quarter revenues were $85.6 million, compared with $25 million for the second quarter of 1998.
Including amortization, net loss for the second quarter was $7.08 million, or 11 cents per share, compared with $3.30 million, or 6 cents per share for the prior quarter, and net income of $2.02 million, or 4 cents per diluted share for the second quarter 1998.
For the six months ended June 30, the company reported a profit of $12.2 million, or 19 cents per share, compared to $4.2 million, or 11 cents per share, in the year ago period.
MindSpring had about 1.2 million customers at the end of the second quarter, up from 1.1 million at the end of the prior quarter and 393,000 at the end of the second quarter 1998.
Included in the total are about 55,000 Web Hosting customers, up from 47,000 in the prior quarter and 15,000 at the end of the second quarter 1998, and about 3,000 dedicated Internet access accounts.
During the second quarter, MindSpring launched MindSpring Biz, a new division of MindSpring that focuses on providing a complete package of Internet access and Web-based tools to small and medium size businesses.
Charles Brewer, chairman and CEO, said the company planned to increase sales and marketing expenditures through the first quarter of 2000 by about $45 million to $55 million above the company's original plan, which was targeted at 20 percent of revenue.
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