K-Swiss Trims Forecast for Year as Orders Drop
K-Swiss Inc., an athletic-shoe maker that split its shares and doubled its dividend in December, cut its 2004 profit and sales forecasts after orders from Foot Locker Inc. dropped. Its shares fell 21%.
K-Swiss expects to earn $1.40 to $1.50 a share this year, down from its earlier forecast of $1.50 to $1.65, on sales of $460 million to $480 million. The company reported net income of $1.32 a share on sales of $429.2 million in 2003.
Shares of Westlake Village-based K-Swiss fell $5.06 to $19.47 on Nasdaq.
From Bloomberg News
* Corinthian Colleges Inc., which runs trade schools in the U.S. and Canada, said its fiscal third-quarter earnings rose 18% as student enrollment climbed. Net income in the period ended March 31 rose to $21.2 million, or 23 cents a share, from $18 million, or 20 cents, a year earlier.
* Symantec Corp., the world’s largest maker of software to protect computers from viruses, said its fiscal fourth-quarter profit rose 72% as outbreaks spurred sales. Net income in the period ended March 31 rose to $116.9 million, or 33 cents a share, from $68.1 million, or 21 cents, a year ago. Sales rose 43% to $556.4 million.
* Fluor Corp., the Aliso Viejo construction and engineering services giant, said first-quarter profit nearly tripled to $46.7 million, or 57 cents a share. The year-earlier results included $24 million in one-time adjustments that lowered profit. Revenue was unchanged at $2.1 billion. New contracts rose 19% to $3.1 billion, Fluor’s highest quarterly total in seven years.
* Standard Pacific Corp., an Irvine-based home builder, said first-quarter profit surged 71% to $42.4 million, or $1.21 a share. Revenue rose 34% to $535.2 million.
* RealNetworks Inc. said its first-quarter loss widened to $10.4 million because of legal costs for a case against Microsoft Corp. and subscription costs. Also, President Larry Jacobson resigned.
