U.S. Movers: Bassett Furniture, CalAmp, Electro Rent, International Speedway

Mukesh Buch
03 Oct, 2013
New York City

Bassett Furniture net fell but sales jumped. Constellation Brands profit surged to $1.52 billion. CalAmp net plunged 24% and revenue surged 34%. Electro Rent climbed 12% and International Speedway said quarterly loss widened. Texas Industries net swung to profit.

[R]11:35 AM New York – Bassett Furniture net fell but sales jumped. Constellation Brands profit surged to $1.52 billion. CalAmp net plunged 24% and revenue surged 34%. Electro Rent climbed 12% and International Speedway said quarterly loss widened. Texas Industries net swung to profit.[/R]

Bassett Furniture Industries, Inc ((BSET)) declined 10.5% or $1.69 to $14.35 after the home furnishing company said revenue in the third-quarter ending in August jumped 20% to $77.2 million. Net income in the quarter tumbled 76.8% to $556,000 or 5 cents a diluted share compared to $2.4 million or 21 cents.

Wholesale sales increased 18% to $52.9 million and net sales in retail segment jumped 12% to $46.2 million compared to the prior year.

Constellation Brands, Inc ((STZ)) gained 37 cents to $58.63 after the wine maker reported net sales in the second-quarter ending in August climbed 109% to $1.46 billion. Net income in the quarter surged to $1.52 billion or $7.11 a diluted share compared to $124.6 million or 62 cents.

CalAmp Corp. ((CAMP)) surged 13.9% or $2.60 to $21.19 after the wireless technology said revenue in the second-quarter ending in August surged 34% to $58.8 million. Net income in the quarter plunged 24.3% to $2.8 billion or 8 cents a diluted share compared to $3.7 million or 12 cents.

The company expects third quarter GAAP net income in the range of 7 cents to 10 cents per diluted share, and non-GAAP net income between 19 cents and 23 cents per diluted share.

Electro Rent Corporation ((ELRC)) gained 5 cents to $17.48 after the testing equipment provider reported total revenue in the first-quarter ending in August grew 3% to $60.2 million. Net income in the quarter climbed 11.8% to $5.7 million or 23 cents a diluted share compared to $5.1 million or 21 cents.

Rental and lease revenues jumped 6% to $35.7 million and equipment and other revenues inched up to $24.5 million.

International Speedway Corporation ((ISCA)) fell 33 cents to $33.06 after the motor-sports group stated total revenue in the third-quarter ending in August fell 0.9% to $117 million. Net loss in the quarter widened to $7.9 million or 17 cents a diluted share compared to $1 million or 2 cents.

Texas Industries, Inc ((TXI)) plummeted 9.6% or $6.44 to $60.58 after the construction materials supplier net sales in the first-quarter ending in August soared 33.6% to $233.1 million. Net in the quarter swung to a profit $429,000 or 1 cent a diluted share compared to a loss of $2.7 million or 8 cents.

Zalicus Inc ((ZLCS)) plunged 13.9% or $1 to $6.20 after the biopharmaceutical announced a reverse stock split of 1-for-6 effective from today. The reverse stock split will reduce the number of shares issued and outstanding from about 147.5 million to approx 24.6 million.