Hurt by excess inventory, InFocus’ first-quarter results fell far short of expectations, the company said. Based on a preliminary review, InFocus said, its operating loss will be $21.4-$23.4 million, or 30-35 cents per share, for the first quarter ended March 31. Excluding restructuring charges, InFocus’ adjusted operating loss for the period will be $17-$19 million, or 19-24 cents per share, the company said. Analysts had projected a 4 cents quarterly loss, Thomson Financial said. InFocus forecast its quarterly revenue at $136-$138 million, below a previous forecast of $150-$160 million. The average analyst estimate was $152.5 million. A year ago, InFocus posted a loss of 10 cents per share and took in $145 million in revenue. The company projects a 7-8% gross margin, compared with expectations of 16-18%. Gross margins suffered amid write-downs for remanufactured product inventories, service spare parts and slow-moving finished goods, InFocus said. “The level of excess inventory available across the industry further exacerbated the competitive pricing environment, resulting in lower revenues and gross margins for us across all 3 of our geographic regions,” InFocus CEO Kyle Ranson said.
The International Trade Administration (ITA) frequently issues notices on antidumping (AD) and countervailing (CV) duty orders which Broker Power considers to be "minor" in importance as they concern actions that occur after an order is issued and neither announce nor cause any changes to an order's duty rates, scope, affected firms, or effective period.
The Fla. PSC gave preliminary approval to AT&T’s acquisition by SBC. The PSC (Case 050164-TC) said its analysis showed the public’s interest in efficient, reliable telecom service would be served by the SBC-AT&T merger. Tentative PSC approval becomes final April 28 unless someone petitions for formal hearings by then.
The International Trade Administration (ITA) has issued a notice stating that it is preliminarily rescinding the antidumping (AD) duty administrative review of stainless steel bar from Italy covering the period of March 1, 2003 through February 29, 2004 because the only producer/exporter subject to the review, UGITECH S.A. (UGITECH), was preliminarily found to have made no shipments of subject merchandise to the U.S. during the period of review.
The International Trade Administration (ITA) has issued its preliminary results of the following antidumping (AD) and countervailing (CV) duty administrative reviews:
The International Trade Commission (ITC) has issued a press release on its final negative antidumping (AD) injury determination stating that the U.S. industry is neither materially injured nor threatened with material injury by reason of imports of live swine from Canada, which the International Trade Administration (ITA) has determined are sold in the U.S. at less than fair value.
(a) The ITA preliminarily finds an AD duty rate of zero for CSN.
The Committee for the Implementation of Textile Agreements (CITA) has issued three notices announcing that it has decided, on its own initiative, to consider whether imports of Chinese origin cotton knit shirts/blouses (cat 338/339), Chinese origin cotton trousers/breeches/slacks/shorts (cat 347/348) and Chinese origin cotton and/or man-made fiber (MMF) underwear (cat 352/652) are, due to market disruption, threatening to impede the orderly development of trade in these products, and whether a China safeguard quota is appropriate.
The International Trade Administration (ITA) has initiated an antidumping (AD) duty changed circumstances review of the AD duty order on certain circular welded carbon steel pipes and tubes from Taiwan at the request of Yieh Phui Enterprise Co., Ltd. (Yieh Phui).
The Committee for the Implementation of Textile Agreements (CITA) has posted to its web site preliminary textile and apparel import data for January - March 2005.