Retailers Lift U.K.

Elena
14 Mar, 2006
New York City

European averages turned mixed at mid-day, reflecting lackluster close of U.S. markets, rising oil prices and some corporate news. The German DAX 30 declined 0.4% on economic data, the French CAC 40 lost 0.2%, while London FTSE 100 gained 0.2% on earnings and merger activity in the retail sector. The euro slightly fell against the dollar to $1.1950.

8:30 AM Evolving Systems reports profit, Liberty Global full-year loss grows.
Evolving Systems, Inc, ((EVOL)), a leading provider of innovative software solutions, reported Q4 Net income results 5 cents per share, reversing from a net loss of 20 cents share in the same period a year ago. Q4 revenue rose 6% to $10.1 million from $9.6 million in Q4 a year ago. Total costs of revenue and operating expenses in Q4 declined 7%. The decline reflects the synergies of the Tertio acquisition, which resulted in lower employee and subcontractor costs.

Liberty Global Inc, ((LBTYA)), broadband cable operator, reported that its 2005 net loss grew to $80.1 million, from $21.5 million in 2004, while pro forma revenue advanced 28% to $5.15 billion. The company added that revenue growth was powered mainly by acquisitions, while profit was reduced by higher interest expense and increased foreign currency transaction losses. The company announced that it expects 2006 revenue to be $6.8 billion.

Air Methods Corp, ((AIRM)), provider of medical air transportation services, reported Q4 earnings of 29 cents a share, up from a loss of 2 cents a share a year-ago on higher profit to a significant increase in same-base transport as well as an increase in revenue per transport after bad debt expense for its community-based operations. Revenue soared 32%.

Southern Union Co, ((SUG)), natural gas distributor, reported Q4 loss of $1 a share, incorporating a non-cash charge of about $175 million related to the planned sale of certain natural gas distribution businesses. If not for the charge, the company earned 57 cents a share in Q4, up versus a profit of 19 cents a share a year-earlier. Operating revenue advanced to $691.7 million from $559.8 million in the same period a year earlier. The analysts’ estimate was for a profit of 42 cents a share.

Capital Title Group Inc, ((CTGI)), real estate and mortgage services group, reported Q4 net income of 14 cents a share, down a penny from the year-ago equivalent results. The company added that revenue gained 7.9%. The analyst estimate was for earnings of 13 cents a share. Capital Title said it will be delaying the filing of its annual report on Form 10-K, due mainly to the completion of new audit procedures required under Sarbanes-Oxley legislation. It expects to file the report on or before March 31 2006.


8:00AM Asian markets lost ground. New Zealand hit a new record high.
Asian-Pacific benchmarks lost ground Tuesday as rising oil prices and concerns about higher interest rates discouraged investors from buying. The Nikkei slipped 0.8% to 16,238.36, ending a three-day rally during which the market surged 4.7%. The index was dragged by weakness in major shipping companies like Kawasaki Kisen Kaisha and tech stocks, such as Tokyo Electron. Taiwan weighted index led decliners, falling 1.3% on heavy sell-off. South Korea’s Kospi dropped 0.9%, Hong Kong’s Hang Seng lost 0.1% on property stocks, while New Zealand hit a fresh all-time high of 1.7% thanks to a lower NZ dollar. In currency trading, the dollar fell to 118.60 yen.

European markets traded mixed at mid-day as lackluster close on Wall Street, recovery in oil prices, and some corporate news, weighed on sentiment. However, bid activity among retailers provided some support. The German DAX 30 dropped 0.4% on economic data with BMW rising 3.1% on upgrade from UBS. The French CAC 40 lost 0.2%, while London FTSE 100 gained 0.2%, lifted by earnings and mergers in the retail sector, including Kingfisher, up 6.9% and BSG International, up 5.9%.