Earnings briefs for July 26, 2002

Friday, July 26, 2002 | 11:10 a.m.

Assets grow 25 percent

Community Bank of Nevada reported a second-quarter profit of $924,000 or $2.10 per share and said year-over-year loans and other assets grew 25 percent to $353 million.

Nevada bank operator's profit declines

SAN FRANCISCO -- First Republic Bank, which has a Las Vegas office, reported a second-quarter profit of $5.6 million or 36 cents per share, down from $5.9 million or 41 cents.

Loans and other assets grew from $3.97 billion to $4.56 billion.

Profit jumps

SEATTLE -- Washington Federal Inc., owner of Washington Federal Savings, said its second-quarter profit jumped from $29.9 million or 47 cents per share to $35.9 million or 56 cents.

Washington Federal, a player in the Las Vegas market, said loans and other assets grew from $7 billion to $7.1 billion.

Vegas bank operator's results improve

LANSING, Mich. -- Capitol Bancorp Limited, operator of four small Las Vegas banks, reported a profit for the second quarter of $3.9 million or 35 cents per share, up from $2.6 million or 33 cents.

Assets for Capitol's 29 banks in six states grew from $2 billion at the end of 2001 to more than $2.2 billion at the end of the second quarter ended June 30.

In the Las Vegas area, Capitol owns Bank of Las Vegas, Black Mountain Community Bank, Desert Community Bank and Red Rock Community Bank.

Strong earnings lead to increased expansion plans

SEATTLE -- Starbucks Corp. reported another quarter of strong earnings Thursday and upped its long-term target to 25,000 company-owned and licensed locations worldwide, from its previous target of 20,000.

The revised estimate came as the Seattle-based company reported net income of $56.2 million, or 14 cents per share, for its fiscal third quarter. That was an increase of 20 percent over the company's net income of $46.8 million, or 12 cents a share, in the same period last year. The result beat by 1 cent the consensus of analysts surveyed byThomson First Call.

Starbucks' net revenues for the quarter rose 26 percent to $835 million, from $663 million in the third quarter last year. Sales at stores open at least a year increased 8 percent.

Outlook improves after second-quarter growth

DUBLIN, Ohio -- Wendy's International Inc. said on Thursday that strong same-store sales and new locations helped push second quarter profits up 14 percent.

The company earned $63.7 million, or 54 cents per share, for the quarter that ended June 30, compared with $56 million, or 47 cents per share, from the same period a year ago. Sales were up 12 percent to $684 million from $610 million.

Earnings per share came in a penny more than estimates of analysts surveyed by Thomson First Call.

The company also raised its income projection for the year to a range of $1.90 to $1.95 per share, in line with the average of $1.91 projected by Thomson First Call analysts.

Eye care company cutting 450 jobs

ROCHESTER, N.Y. -- Eye-care products maker Bausch & Lomb Inc. said Thursday it will shut down plants in Miami, Spain and South Korea and eliminate about 450 jobs, or 3.75 percent of its work force.

The restructuring was disclosed as the company, boosted by strong sales of newer-style contact lenses, reported its earnings more than tripled in the second quarter. Its stock jumped nearly 10 percent.

Bausch & Lomb earned $21.8 million, or 40 cents a share, up from $6.8 million, or 13 cents a share, in last year's second quarter. That was 5 cents a share higher than the consensus estimate of 35 cents forecast by analysts surveyed by Thomson First Call.

Sales jumped 14 percent to $458.4 million from $401.7 million.

Profit posted, but revenue drops

HOUSTON -- Pennzoil-Quaker State Co., the maker of the biggest motor oil brands in the country, said Thursday it swung to a profit for its second quarter, but revenue faltered.

The Houston-based company earned $28.7 million, or 34 cents a share, on revenue of $590 million, compared with a loss of $5.3 million, 7 cents a share, on revenue of $601 million in the same quarter a year ago.

In March Pennzoil-Quaker State agreed to be bought by Shell Oil for $1.8 billion, or $22 per share in cash. A shareholder vote is set for Aug. 1.

British brewing acquisition helps earnings

GOLDEN, Colo. -- Beer-maker Adolph Coors Co. reported a 35 percent increase in second-quarter net income as it sold more beverages and benefited from its acquisition of a British brewing interest.

The beverage giant's second-quarter net income of $67.6 million, or $1.84 per share, was up from $49.9 million, or $1.33 per share, reported during the same period last year.

Excluding special items, it earned $67 million, or $1.83 cents per share, in the quarter. The result beat a Thomson First Call consensus estimate of $1.58 per share.

Earnings rise 37 percent on jump in traffic

NEW YORK -- JetBlue Airways Corp. posted a 37 percent jump in second-quarter net income, as the low-cost carrier's business continued to balloon.

The Kew Gardens, N.Y., company Thursday reported net income of $14.6 million, compared with $10.7 million a year earlier. Earnings per share remained flat at 33 cents. A survey of analysts by Thomson First Call predicted 25 cents a share. Revenue soared 90 percent to $149.3 million from $78.4 million.

The carrier had 1.3 million passengers, up 77 percent.