Horizon Bancorp (HBNC) Increases Provision for Loan Losses; Guides Q3/FY08 Oct 6, 2008 11:15AM

Horizon Bancorp (NASDAQ: HBNC) announced today that it has taken a provision for loan losses of $3.137 million for Q308. This compares to a provision of $1.490 million for Q208. This increase is primarily due to the deterioration of three commercial loans in Horizon's loan portfolio. Horizon's commercial loan portfolio totaled approximately $305 million as of September 30, 2008.

Sees Q3 non-performing loans to increase to about $6.634 million, compared to $6.594 million in Q2. Sees Q3 EPS of $0.41, versus the consensus of $0.71. Sees FY08 earnings exceeding FY07 levels.

Horizon Bancorp operates as a holding company for Horizon Bank, N.A. that provides commercial and retail banking products and services in northwestern Indiana and southwestern Michigan.


Himax Technologies (HIMX) Reports Preliminary Q3 Sales, Expects to Meet or Beat GM and EPS Guidance Oct 6, 2008 10:24AM

Himax Technologies, Inc. (Nasdaq: HIMX) reports preliminary Q3 sales of $230.1 million, versus the consensus of $229.92 million. Himax expects to either meet or beat its Q3 gross margin and EPS guidance of a decline of 1-1.5% and $0.14-$0.17, respectively.

Himax Technologies, Inc., together with its subsidiaries, engages in the design, development, and marketing of semiconductors that are used as components of flat panel displays.


Devon Energy (DVN) Lowers Q3, Q4 Production Guidance Oct 6, 2008 09:17AM

Devon Energy Corporation (NYSE: DVN) announced today that it has restored approximately 30,000 oil-equivalent barrels per day of offshore oil and natural gas production in the Gulf of Mexico. Devon was producing approximately 50,000 Boe per day from its Gulf of Mexico properties prior to suspending production in preparation for Hurricanes Gustav and Ike.

Devon expects to restore approximately 5,000 Boe per day of additional offshore production during Q408 as repairs are made to production facilities and transportation systems.

Lowers its Q3 company-wide production from 61 million Boe to 59 million Boe. About two-thirds of the two million Boe reduction to Q3 volumes is attributable to the U.S. hurricanes and to typhoons in the South China Sea. The weather-related reduced volumes are roughly 40% oil and 60% natural gas. The remaining one-third of the Q3 forecast reduction is attributable to the ACG field, which produces only oil.

Q4 production moves from 64 million Boe to 61-62 million Boe, depending upon the timing of repairs. About two-thirds of the reduction to the Q4 forecast is attributable to curtailments caused by the U.S. hurricanes. The hurricane-related reduced volumes in Q4 are roughly 50% oil and 50% natural gas. The remaining one-third of the Q4 forecast reduction is attributable to expected down time at ACG.

Devon Energy Corporation and its subsidiaries primarily engage in oil and gas exploration, development, and production; the transportation of oil, gas, and natural gas liquids; and the processing of natural gas.


STEC (STEC) Sees Q3 Sales and Adj-EPS at High End of Prior Guidance Range Oct 6, 2008 09:04AM

STEC, Inc. (Nasdaq: STEC) sees Q3 sales and non-GAAP EPS at the high end of its previously issued guidance range of $61-$63 million and $0.10-$0.11, respectively.

The Company plans to formally announce its actual results of operations for Q308 on November 10, 2008.

STEC, Inc. designs, develops, manufactures, and markets custom memory solutions based on flash memory and dynamic random access memory (DRAM) technologies in the United States and internationally.


PetroQuest Energy (PQ) Closes $300M Secured Credit Facility; Issues Operations Guidance Following Down-Time Caused by Gustav and Ike Oct 6, 2008 08:57AM

PetroQuest Energy, Inc. (NYSE: PQ) announced today that on October 2, 2008 it closed a $300 million bank credit facility with JPMorgan Chase Bank, N.A. as administrative agent, Calyon New York Branch as syndication agent, Bank of America, N.A. as documentation agent, Wells Fargo Bank, N.A. and Whitney National Bank as participants. The credit facility provides an initial borrowing base of $150 million, which represents a $55 million increase in borrowing base capacity from the previous facility. The credit facility matures on February 10, 2012; however, the maturity date will be extended to October 2, 2013 if the Company repays or refinances its $150 million senior notes prior to February 10, 2012.

The Company estimates that 1.2 Bcfe of net production was deferred from Q308 as a result of down-time caused by Hurricanes Gustav and Ike. Production from the majority of the Company's Gulf Coast Basin properties has been restored. The Company is currently producing approximately 100 MMcfe per day, with an additional 6.5 MMcfe of Gulf Coast Basin production shut-in from storm damage. As a result of the impact of the hurricanes, the Company expects Q308 production to be in the range of 86-90 MMcfe per day. The Company expects the remaining shut-in production to be restored throughout Q408 and Q109.

Sees capex for '08 in the range of $265-$285 million.

PetroQuest Energy, Inc. operates as an independent oil and gas company.


More Guidance

View Older Stories

Oct 6, 2008 08:54AM IDEX (IEX) Lowers Q3 Guidance
Oct 6, 2008 08:43AM Wyndham Worldwide (WYN) Reaffirms Q3 EPS Guidance
Oct 6, 2008 08:43AM RightNow Technologies (RNOW) Backs Q3 Outlook; Sees Negative Cash Flow, Expects to Reduce FY08 Guidance
Oct 6, 2008 08:37AM Exide Technologies (XIDE) Guides Q2 Sales Below The Street
Oct 6, 2008 08:35AM Double-Take Software (DBTK) Lowers Q3 Guidance
Oct 6, 2008 08:35AM TranSwitch (TXCC) Issues Guidance Following Anticipation of its Pending Merger with Centillium Communications (CTLM)
Oct 6, 2008 08:11AM Netflix (NFLX) Reaffirms Q3 Outlook; Lowers Q4 Sales and Ending Subscriber Guidance, Raises Q4 EPS Guidance
Oct 6, 2008 07:48AM eBay (EBAY) Buys Bill Me Later and dba.dk, Cuts Workforce, Issues Mixed Guidance
Oct 6, 2008 07:45AM DryShips (DRYS) Buys 9 Capesize Drybulk Carriers for $689.6M; Co. Issues 19.4M New Shares to Finance Purchase
Oct 6, 2008 07:37AM AgFeed Industries (FEED) Approves $10M Buyback; Reaffirms FY08 Adj-EPS Guidance
Oct 6, 2008 07:24AM MasTec (MTZ) Raises Guidance
Oct 6, 2008 07:22AM Micrus Endovascular (MEND) Guides Q2 Revenues Above The Street
Oct 3, 2008 08:45AM First Industrial Realty (FR) Lowers FY08 FFO Guidance; Initiates FY09 Outlook
Oct 3, 2008 08:41AM ORBCOMM (ORBC) Adds 21K+ Net Billable Subscribers in Q3; ORBCOMM and Coast Guard Amend Agreement and Add Software Upgrades;
Oct 3, 2008 08:33AM Anheuser-Busch (BUD) Updates Q3 Operations Outlook
Oct 3, 2008 08:08AM Corel Corp. (CREL) Tops Q3 Views; Guides Q4/FY08
Oct 3, 2008 07:50AM Family Dollar (FDO) Reports Q4 EPS of $0.38, Beats by 4c; Guides Q1/FY09
Oct 2, 2008 04:35PM KVH Industries (KVHI) Sees Q3 EPS Well Below Prior Guidance
Oct 2, 2008 04:23PM Penn National Gaming (PENN) Cuts Q3 Guidance
Oct 2, 2008 04:19PM MRV COMMUNICATIONS (MRVC) Warns for Q3
Oct 2, 2008 04:18PM MRV Communications (MRVC) Guides Lower for Q3 Revenues
Oct 2, 2008 04:16PM Lawson Software (LWSN) Reports In-Line Q1 EPS of $0.05; Guides Q2
Oct 2, 2008 04:13PM AngioDynamics (ANGO) Reports In-Line Q1 EPS of $0.09; Reaffirms FY09 Outlook
Oct 2, 2008 04:11PM Glu Mobile (GLUU) Guides Q3 Lower
Oct 2, 2008 04:10PM Interwoven (IWOV) Guides Q3 Revs Slightly Higher
Oct 2, 2008 04:07PM Hong Kong Highpower (HPJ) Warns for '08
Oct 2, 2008 04:04PM Global Payments (GPN) Tops Q1 Views; Raises FY08 Guidance
Oct 2, 2008 04:03PM Hong Kong Highpower Technology (HPJ) Lowers FY Revenue Outlook
Oct 2, 2008 03:21PM UBS AG (UBS) Higher After Forecasting A Small Profit In Q3
Oct 2, 2008 01:58PM Agilysys (AGYS) Cuts FY09 Sales Outlook Below the Street
Oct 2, 2008 01:16PM Zhone Technologies (ZHNE) Lowers Q3 Sales Guidance Below the Street
Oct 2, 2008 11:22AM Monsanto (MON) Raises 2008 Guidance
Oct 2, 2008 11:16AM Monsanto (NYSE: MON) Increases Outlook
Oct 2, 2008 09:05AM RPM International (RPM) Lowers '09 EPS Guidance
Oct 2, 2008 09:04AM Brush Engineered (BW) Lowers Guidance
Oct 2, 2008 09:03AM Tween Brands (TWB) to Reaffirm 2H08 Guidance
Oct 2, 2008 08:43AM Allegiant Travel (ALGT) Reports Preliminary Sept., Q3 Traffic Results
Oct 2, 2008 08:39AM IntercontinentalExchange (ICE) Reports Q3 Volume Growth; Guides
Oct 2, 2008 08:06AM NMT Medical (NMTI) Lowers FY08 Sales Guidance
Oct 2, 2008 07:54AM Hartmarx (HMX) Reports Q3 Loss of $0.07; Guides Q4/FY08 Below the Street
Oct 2, 2008 07:47AM NATCO (NTG) Reduces Guidance For Second Half of Year; Also, Receives Letter of Intent for Major Contract
Oct 2, 2008 07:46AM Matrix Service (MTRX) Reports In-Line Q1 EPS of $0.36; Reaffirms FY09 Outlook
Oct 2, 2008 07:42AM Constellation Brands (STZ) Reports Mixed Q2 Earnings; Guides FY09
Oct 2, 2008 07:37AM Molex (MOLX) Lowers Q1 Outlook Below the Street
Oct 2, 2008 07:15AM LaBranche (LAB) Sees Stronger Q3 EPS, Ex-NYSE Stock Loss
Oct 2, 2008 07:07AM Marriott International (MAR) Misses Q3 Views; Guides
Oct 1, 2008 04:58PM Pervasive Software (PVSW) Bumps Q1 Guidance
Oct 1, 2008 04:55PM Mosaic (MOS) Reports Mixed Q1 Earnings; Lowers FY09 Phosphate Sales Volume
Oct 1, 2008 04:53PM Allied World (AWH) Sees $55-$80M Loss from Gustav and Ike
Oct 1, 2008 04:38PM Nabors (NBR) Sees Q3 EPS Impacted By $0.18
View Older Stories