Shares of On Assignment Inc. rose more than 7 percent on Thursday, following the release of the company’s fourth quarter results after the close of markets yesterday. The Calabasas staffing agency for IT and life science professionals reported net income of 32.4 million (59 cents a share) for the quarter ended Dec. 31, compared to net income of $14.2 million (26 cents) a year earlier. Revenue grew nearly 15 percent to $424 million. For the full year, the company reported net income of $84.5 billion ($1.55) compared to $42.7 million (89 cents) for the previous year. Annual revenue grew 43 percent to $1.6 billion. Shares closed up $2.21 to $32.76 on the New York Stock Exchange. Shares of DineEquity Inc. rose nearly 4 percent on Thursday after the Glendale restaurant company received an analyst’s upgrade. Mark Kalinowski of Janney Montgomery Scott LLC, a Philadelphia investment bank, upgraded the operator of the IHOP and Applebee’s chains from “neutral” to “buy” and raised its target stock price to $94. Janney assigns “buy” ratings to businesses that it expects will appreciate in value. Additionally, the firm predicts DineEquity will outperform comparable companies within its sector. The company has received other upgrades this month. Raymond James in St. Petersburg, Fla. announced on Feb. 10 that it had boosted DineEquity from “outperform” to “strong buy,” and KeyBanc Capital Markets Inc. of Cleveland upgraded it to “buy” on Feb. 7. The company will announce its fourth quarter earnings next week. Shares rose $2.72 to $81.05 on the New York Stock Exchange. LTC Properties Inc. reported fourth quarter earnings on Thursday that missed analysts’ FFO estimates, despite a growth in profit and revenue. The Westlake Village real estate investment trust reported funds from operations of $20 million (57 cents a share) for the quarter ended Dec. 31, compared to $17.5 million (57 cents) for the same period last year. Revenue rose 9.5 percent to $25 million. Analysts on average expected FFO of 61 cents a share on revenue of $26.6 million, according to Thomson Financial Network. Funds from operations is a key REIT metric that adds amortization and appreciation back into net income to get a better picture of cash flow. The company reported net income of $13.7 million (40 cents), compared to $11.9 million (39 cents) for the same period in 2012. The company attributed the increase in FFO and net income to higher revenue from mortgage loan originations, acquisitions and completed property developments. LTC owns 100 skilled-nursing homes, 106 assisted-living facilities and other properties. Shares closed down 7 cents, or a fraction of a percent, to $36.48 on the New York Stock Exchange Fast food Italian food chain Sbarro LLC will close one Valley-area location as it continues to try to recover from bankruptcy. An outlet at The Oaks mall in Thousand Oaks is shuttering as part of 155 planned closures by the Melville, N.Y. chain. Another local outlet in Burbank will remain open. The company, founded in the 1950s, grew to more than 1,000 locations nationwide by 2007 when it was acquired by New York private equity firm MidOcean Partners for $417 million. But the chain was hit hard by the recession as traffic decreased at malls, where most outlets are located decreased. The company filed for bankruptcy in April 2011 and exited seven months later under ownership by management.
