Beckman Coulter Revises Profit Upward
Two weeks after announcing disappointing financial results, Beckman Coulter Inc. reversed course by revising its second-quarter profit upward to reflect a lower tax rate.
The Fullerton maker of medical testing equipment said net income for the quarter was $55.2 million, up from the $47.7 million it initially reported. The higher figure stems from a second-quarter tax rate of 14.6%, not the 26.2% rate the company reported in July.
The company also raised its guidance for the third quarter and the rest of 2005. Beckman now said it expected to earn $31.2 million to $39.6 million in the third quarter, up from $27.8 million to $37.1 million.
For the full year, the company expects to report a profit of $178.6 million to $198.1 million, up from $157.7 million to $179.3 million.
Analysts expect Beckman to post a profit of $34 million in the third quarter and $168 million for all of 2005, according to Thompson Financial. .
* Lions Gate Entertainment Corp. posted a wider fiscal first-quarter loss because of weaker box-office performance of its independent films and tough comparisons with a year earlier. The company lost $21.8 million, or 21 cents a share, in the period ended June 30, compared with a loss of $11.5 million, or 12 cents, a year earlier. Revenue rose 2.9% to $194.2 million on the strength of the film “Crash” and DVD sales of “Diary of a Mad Black Woman,” “Alone in the Dark” and “Beyond the Sea.”
* Hansen Natural Corp. said second-quarter profit rose to $15.2 million, or 63 cents a share, from $5.1 million, or 22 cents, a year earlier. Revenue at the Corona beverage maker jumped 85% to $85.4 million on improved sales of its Monster line of energy drinks.
* Southwest Water Co. reported a second-quarter loss of $1.7 million, or 9 cents a share, contrasted with a profit of $2.6 million, or 14 cents, a year earlier. The Los Angeles-based water utility said revenue rose 18% to $51.3 million. The results included a loss on the sale of Southwest’s billing and collections business. Excluding that transaction, earnings from continuing operations were 15 cents a share, up from 14 cents a year earlier.
* Smith Micro Software Inc. said second-quarter profit surged 20.5% to $764,000, or 3 cents a share, from $634,000, or 4 cents, a year earlier. The Aliso Viejo software maker said revenue rose 6.4% to $3.3 million.
