General Motors Corp.: The troubled mortgage market spilled onto GM’s balance sheet Thursday as first-quarter profits dropped 90 percent from a year ago mainly because of losses at its former financial arm. The net profit of $62 million, or 11 cents a share for the January-March period, was GM’s second consecutive quarterly profit, although it was down from $602 million, or $1.06 per share, a year ago. GM said in Thursday’s report it had record vehicle sales of 2.26 million worldwide and showed improvements in its automotive operations in the latest quarter. Revenue fell to $43.9 billion for the quarter, down 16 percent from $52.4 billion in the same period a year ago.
Crocs Inc.: The funky footwear manufacturer said Thursday its net income nearly quadrupled on the strength of stronger sales of its colorful resin shoes in the United States and abroad. For the quarter ending March 31, net income totaled $24.9 million, or 61 cents per share, compared with $6.4 million, or 17 cents per share, in the first quarter of 2006. Revenue jumped to $142 million from $44.8 million in the year-ago quarter. Analysts surveyed by Thomson Financial on average had forecast net income of 49 cents a share on revenue of $113.9 million. Crocs also raised its 2007 guidance, forecasting revenue to range from $670 million to $680 million and net income to range from $2.90 a share to $2.95 a share. In after-hours trading, Crocs shares were up 16.5 percent, or $9.48, to $66.80.
Wild Oats Markets Inc.: The natural foods retailer said Thursday its first-quarter net income fell 44 percent because of expenses related to the chain’s planned sale to competitor Whole Foods Markets Inc. Excluding the $3.5 million charge, Wild Oats’ results beat Wall Street’s expectations. For the quarter ended March 31, net income totaled $1.6 million, or 5 cents per share, compared with $2.9 million, or 10 cents per share, in the first quarter of 2006. Wild Oats said its net income was $5.1 million, or 17 cents a share, without the charge of 12 cents a share. Analysts expected a profit of 14 cents on revenue of $304.9 million.
National CineMedia Inc.: The Centennial-based seller of movie-theater advertising reported a $1 million profit from Feb. 13 to March 29 following the company’s sale of shares to the public. Profit of 2 cents a share reflects first-quarter results after the company went public in February, the company said Thursday in a statement. Sales in the post-IPO period totaled $32.4 million.
Time Warner Telecom Inc.: The Douglas County-based provider of managed voice and data networking solutions reported a smaller loss in the first quarter and a 40 percent gain in revenues. The loss for the period ended March 31 was $13.8 million, or 10 cents per share, on revenue of $261.4 million. That compared with a loss of $22.3 million, or 19 cents per share, and revenues of $186.2 million in the first quarter of 2006.
Time Warner Inc.: The world’s largest media company raised its 2007 forecast after surging cable-television earnings helped first-quarter profit beat analysts’ estimates. Net income declined 18 percent to $1.2 billion, or 31 cents a share, from $1.46 billion, or 32 cents a share, a year earlier, New York- based Time Warner said Wednesday in a statement. Sales rose 9.2 percent to $11.2 billion. Profit was dragged down by a 27 percent decline at the film division.
