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Friday, Mar 29, 2024

Earnings Increase for DTS With Adoption of Blu-ray

Audio technology developer DTS Inc. increased its net income by 27 percent in the fourth quarter when compared to a year ago. The Calabasas-based company reported net income of $6.1 million, or $0.34 per diluted share, on revenues of $26.9 million for the quarter ending Dec. 31. For the same period in 2009, DTS reported net income of $4.9 million, or $0.27 per diluted share, on revenues of $21.2 million. For the 2010 fiscal year, the DTS had net income of $16 million, or $0.90 per diluted share, on revenues of $87 million. For the 2009 fiscal year, the company reported net income of $10.6 million, or $0.60 per diluted share, on revenues of $77.7 million. The adoption of the Blu-ray format by consumers increased during 2010 and that led to DTS HD Master Audio becoming the dominant audio format, said company Chairman and CEO Jon Kirchner. “With the growth in Blu-ray and rapidly expanding opportunity in connected devices, we are excited about our prospects for 2011 and beyond,” Kirchner said. “We will continue to make focused investments to extend our penetration in networked-entertainment, which is expected to drive higher growth over the long-term.” AeroVironment Does Well in Q4 Net income grew by nearly 76 percent in the fourth quarter for manufacturer AeroVironment Inc. when compared to the same period a year ago. Much of the revenue for the company is generated by the Unmanned Aircraft Systems division that makes drones used by the military for reconnaissance and security purposes. The aircraft are developed and manufactured at facilities in Simi Valley. In February, AeroVironment made public an unmanned vehicle disguised to look like a hummingbird that it designed for the Nano Air Vehicle program of the Defense Advanced Research Projects Agency. AeroVironment reported net income of $11.5 million or $0.52 per diluted share, on revenues of $84.4 million for the quarter ending January 29. For the same period a year ago, the company had net income of $6.5 million, or $0.30 per diluted share, on revenues of $60.9 million. For the fourth quarter, the unmanned aircraft division brought in $71.7 million in revenue and the energy efficient systems, which makes electric vehicle charging stations, brought in $12.7 million in revenues. Revenue and overall demand for small UAS, PosiCharge and EV test systems remain strong,” said company Chairman and CEO Tim Conver. “We also continued to execute well on key development program milestones that are important to our customers. I believe we remain well-positioned for long-term growth.” CUB Posts Loss California United Bank had net losses for 2010’s fourth quarter and full year but had year-over-year growth in assets, deposits and loans. For the fourth quarter of 2010, California United Bank had a net loss of $2.3 million, or $0.44 per diluted share. For the same period in 2009, the bank had net income of $43,000, or $0.01 per diluted share. For 2010, the bank had a net loss of $2.3 million, or $0.45 per diluted share. In 2009, the bank had net income of $745,000, or $0.15 per diluted share. Elements that contributed to the loss included merger related expenses, a Federal Home Loan Banks prepayment penalty, increased salary and benefit costs and increased occupancy costs. As of Dec. 31, 2010, California United Bank had $756.3 million in assets, compared to $456.7 million at the end of 2009 and $589.8 million at the end of the most recent third quarter. The assets listed for Dec. 31, 2010 represented an increase of 65.6 percent year-over-year and an increase of 28.2 percent from the third quarter. The bank had total deposits of $658 million, up 90 percent from deposits of $346.3 million at then end of the previous year, and up 36 percent from deposits of $484.2 million at the end of the previous quarter. The bank’s loans as of Dec. 31, 2010 were $421.3 million, an increase of 60 percent from $263.4 million at the end of the previous year and an increase of 36 percent from loans of $309.1 million at the end of the previous quarter. “Our 2010 results reflect strong core growth, including a 90 percent increase in deposits year over year, which was fueled by the 2010 tactical investments in additional staff and infrastructure, as well as the year-end acquisition of California Oaks State Bank,” said David Rainer, president and CEO of California United Bank. “In one year, we have taken advantage of unique opportunities to achieve a 66 percent growth in total assets and an expanded geographic footprint, which is supported by strong capital and solid credit quality.” Accomplishments in 2010 include the increase from three to six full service branches and the addition of two new loan production offices. DineEquity’s Q4 Shows Loss DineEquity Inc. had a wider net loss for the fourth quarter and year of 2010 while sales at its Applebee’s Neighborhood Grill & Bar and IHOP restaurants increased. For the quarter that ended Dec. 31, the Glendale-based company had a net loss of $58.1 million, or $3.33 per diluted share, on revenues of $299.8 million. For the same quarter the previous year, the company had net loss of $48.2 million, or $2.84 per diluted share, on revenues of $355.2 million. For the full year of 2010, the company had net loss of $30 million, or $1.74 per diluted share, on revenues of $1.3 billion. For the year of 2009, the company had net income of $9.2 million, or $0.55 per diluted share, on revenues of $1.4 billion. Both restaurants experienced a higher average guest check combined with declines in guest traffic for the fourth quarter. Menu pricing also increased by 2.1 percent at company-operated Applebee’s restaurants in the fourth quarter. The net losses for the 2010 fourth quarter and the year were primarily due to the extinguishment of debt and the redemption of Series A perpetual preferred stock and related premiums in connection with the company’s refinancing. These charges were partially offset by gains on the disposition of assets related to the sale of company-operated Applebee’s restaurants in Minnesota and parts of Virginia. For the fourth quarter, domestic system-wide same-restaurant sales increased by 2.9 percent for Applebee’s over the same period in 2009 and by 1.1 percent for IHOP. For the year of 2010, domestic system-wide same-restaurant sales increased by 0.3 percent for Applebee’s and remained flat for IHOP. IRIS Reports Lower Earnings The effect of an acquisition and unfavorable foreign currency contributed to IRIS International Inc. having lower earnings for the fourth quarter when compared to a year ago. For the fourth quarter ending Dec. 31, the Chatsworth-based in vitro diagnostics company had net income of $452,000, or $0.30 per diluted share, on revenues of $29.3 million. For the same period in 2009, the company had net income of $1.9 million, or $0.11 per diluted share, on revenues of $26.5 million. For the full year of 2010, the company had net income of $3 million, or $0.17 per diluted share, on revenues of $107.7 million. For the full year or 2009, the company had net income of $6.3 million, or $0.35 per diluted share, on revenues of $92.6 million. The fourth quarter results were primarily impacted by the dilutive effect of the acquisition of Arista Molecular Laboratory of about $2.1 million, or $0.09 per share, related to its operations and menu expansion initiatives. The fourth quarter also included a net unfavorable foreign currency impact of about $742,000, or $0.03 per share; chief financial officer transition costs of $244,000, or $0.01 per share; and costs of $800,000, or $0.03 per share, related to higher instrument cost of goods. The higher cost of goods was due to a price premium on the last purchase of automated chemistry analyzers sourced in Japan. While the company had lower earnings, it did achieve the strongest sales performance for any quarter or year in the company’s history. “Strong instrument sales and record consumables and service in our core urinalysis business reflect continued improvement in the U.S. and global hospital and laboratory capital spending environment,” said Cesar M. Garcia, IRIS’ chairman, president and CEO. “In addition, our new marketing and sales initiatives for our iQ200 automated microscopy analyzer are resulting in significant penetration into new markets, including Mexico and China, where we have made great strides.” Garcia also said the addition of Arista, which was acquired in July 2010, should contribute financially to the company this year. “We expect Arista to become a growing source of revenues and earnings for IRIS in the rapidly growing field of personalized medicine, and we are continuing to develop a good pipeline of customer targets, which should begin to translate into meaningful revenues in 2011 and achieving break even in this new business in 2012,” Garcia said. IRIS is anticipating 2011 revenue to be between $117 million to $123 million, representing a 10 percent to 15 percent growth over 2010.

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