City National Bank second quarter
MIAMI — City National Bank of Florida Tuesday reported second quarter earnings from continuing operations of $15.9 million, an increase of 23 percent over the same period in 2007.
For the same period a year ago, City National reported total net income of $19.6 million, including a one-time gain of $6.7 million from the sale of real estate.
For the six months of 2008, earnings from continuing operations totaled $31.7 million, 12 percent higher than a year ago.
City National has branches throughout South Florida, including Delray Beach.
Lennar Corp. 2nd quarter
MIAMI — Lennar Corp. Thursday reported a second quarter loss of $121 million, or 76 cents a share, on revenue of $1.1 billion, compared with a loss of $244 million, or $1.55 a share, on revenue of $2.9 billion for the same period a year ago.
"We recognize that the remainder of 2008 will likely see further deterioration in overall market conditions; however, we are confident that we remain well positioned with a strong balance sheet and properly scaled operations to navigate the current market downturn as a leaner and more efficient homebuilder," CEO Stuart Miller said.
For the six months, Lennar lost $209 million, or $1.32 a share, on revenue of $2.2 billion, compared with a loss of $176 million, or $1.32 a share, on revenue of $5.7 billion.
Carnival Corp. second quarter
MIAMI — Carnival Corp. reported flat profits for the second quarter despite a surge in revenue.
The culprit, according to the company: soaring fuel costs.
Carnival reported profit of $390 million, or 50 cents a share, on revenue of $3.4 billion, compared with profit of $390 million, or 49 cents a share, on revenue of $2.9 billion for the same period a year ago.
"Our North American and European brands continue to perform well in the current difficult economic environment and we were pleased with our second quarter results. We enjoyed strong revenue growth supported by solid cost controls, however higher fuel prices cost the company $158 million, or 19 cents per share, during the quarter," CEO Micky Arison said.
The company said earnings for the third quarter will be between $1.56 and $1.58 a share compared with the $1.67 a share earned a year ago.
For the six months, the company earned 626 million, or 80 cents a share, on revenue of $6.5 billion, compared with earnings of $673, or 85 cents a share, on revenue of $5.6 billion for the same period a year ago.
QEP fourth quarter
BOCA RATON — QEP Corp. reported fourth quarter profit of $486,000, or 14 cents, to $48.8 million, compared with profit of $225,000, or 7 cents a share, on revenue of $53.2 million for the same period a year ago.
For the year, profit totaled $2.2 million, or 63 cents a share, on revenue of $217 million, compared with a loss of $5.6 million, or $1.71, on revenue of $216 million for 2007.
Shares of QEP, which makes tiling tools and equipment, fell 55 cents Friday to $7.35.
Heico second quarter
HOLLYWOOD — Aerospace company Heico Friday reported second quarter profit of $12 million, or 45 cents a share, on revenue of $144 million, compared with profit of $9.4 million, or 37 cents a share, on revenue of $121 million for the same period a year ago.
Heico cited both “organic” growth and businesses that it bought for the increase in profit.
“We continue to believe that the commercial aviation industry, because of the global scope of most of our customers, offers some of the greatest growth potential of any industry, despite the current U.S. economic conditions,” Chairman and CEO Laurans A. Mendelson said.
For the six months, profit totaled 22 million, or 84 cents a share, on revenue of $278 million, compared with profit of $17.3 million, or 68 cents a share, on revenue of $235 million.
Quipp first quarter
MIAMI — Printing equipment maker Quipp reported a first quarter loss of $873,000, or 59 cents a share, on revenue of $3.7 million, compared with a loss of $650,000, or 44 cents a share, on revenue of $4.3 million for the same period a year ago.
The company cited lower revenue from the slumping newspaper industry and “substantial professional fees” stemming from its pending sale to Illinois Tool Works. Quipp is to be sold for $4.30 to $5.65 a share. Shareholders will meet to vote on the deal June. 2.
IVAX Diagnostics first quarter
MIAMI — IVAX Diagnostics Wednesday reported first quarter profit of $345,000, or a penny a share, on revenue of $5.2 million. A year ago, IVAX reported a loss of $238,000, or a penny a share, on revenue of $4.9 million.
Levitt Corp. first quarter
FORT LAUDERDALE — Levitt Corp. Tuesday reported first quarter losses of $10.4 million, or 11 cents a share, on revenue of $900,000, compared with a profit of $976,000, or 5 cents a share, on revenue of $143 million for the same period a year ago.
"Our balance sheet remains strong and as we previously disclosed, we are in the process of developing a new strategic business plan to pursue opportunistic acquisitions and investments both within and outside the real estate industry," chairman and CEO Alan B. Levan. "While the Levitt and Sons bankruptcy proceedings are moving toward conclusion, we continue to carry certain Levitt and Sons expenses and overhead associated with assisting affected creditors and employees.”
World Fuel Services first quarter
MIAMI — World Fuel Services reported first quarter profit of $15.8 million, or 55 cents a share, on revenue of $4.5 billion, compared with profit of $14.8 million, or 51 cents a share, on revenue of $2.7 billion for the same period a year ago.
World Fuel said its marine segment once gain set a record with a gross profit of $36.9 million.
The company sells fuel for aviation, marine and land uses.
Bluegreen first quarter
BOCA RATON — Bluegreen Thursday reported first quarter profit of $1.4 million, or 4 cents a share, on revenue of $139 million.
That compares with profits of $5.3 million, or 17 cents a share, on revenue of $147 million for the same period a year ago.
Bluegreen also announced plans to file a “shelf” registration statement with the Securities and Exchange Commission, which would, permit the company to raise long-term capital by issuing stock or debt to strengthen Bluegreen’s balance sheet and to support growth.
Pediatrix gains, issues warning
FORT LAUDERDALE — Pediatrix Thursday said first quarter profit increased to $33 million, or 67 cents a share, on revenue of $246 million. But the company warned that it might not be able to hit profit projections for the year because of declining patient volume. READ MORE.
Continucare third quarter
MIAMI — Continucare Wednesday reported third quarter profit of $3.7 million, or 5 cents a share, on revenue of $65.9 million, compared with profit of $1.1 million, or 2 cents a share, on revenue of $60.4 million for the same period a year ago.
For the nine months, profit totaled $8.1 million, or 12 cents a share, on revenue of $188 million. That compares with $4 million, or 6 cents a share, on revenue of $152 million for the same period a year ago.
Medical Staffing Network first quarter
BOCA RATON — Medical Staffing Network Wednesday reported profit of $776,000, or 3 cents a share, on revenue of $179.3 million for the first quarter ended March 30.
That compares with a loss of $69,000, or less than a penny a share, on revenue of $90.5 million for the same period a year ago.
Cross Country Healthcare first quarter
BOCA RATON — Cross Country Healthcare Wednesday reported first quarter profit of $5.9 million, or 19 cents a share, on revenue of $179.3 million.
That compares with profit of $4.8 million, or 15 cents a share, on revenue of $176 million for the same period a year ago.
Overall, I am very pleased with our first quarter performance, which included a substantial improvement in profit margins,” CEO Joseph A. Boshart said. “Results exceeded our expectations across all three business segments when compared to the guidance we provided in March.”
The company projected revenue of $173 million to $175 million, and earnings of 19 to 21 cents a share.
Metropolitan Health Networks first quarter
WEST PALM BEACH — Managed care company Metropolitan Health Networks said Tuesday that it lost $338,000, or a penny a share, on revenue of $76 million for the first quarter ended March 31.
By comparsison, Metropolitan earned $228,300, or less than a penny a share, on revenue of $68.1 million for the same period a year ago.
Tenet Healthcare first quarter
DALLAS — Tenet Healthcare, owner of Delray Medical Center, Pinecrest Rehabilitation Hospital and four other hospitals in Palm Beach County, Tuesday reported a first quarter loss of $31 million, or 6 cents a share, on revenue of $2.4 billion.
That compares with profit of $75 million, or 16 cents a share, on revenue of $2.2 billion for the same period a year ago.
Tenet noted that same-hospital patient admissions increased one percent in the quarter, the second straight to show gains. The ’08 numbers include $47 million in legal expenses related to wage-and-hour litigation, and $21 million in losses from discontinued operations.
21st Century Holding first quarter
LAUDERDALE LAKES — Insurance company 21st Century Holding Tuesday reported first quarter profit of $4.3 million, or 54 cents a share, on revenue of $20 million.
That compares with profit of 4843,000, or 11 cents a share, on revenue of $25.6 million for the same period a year ago.
AmComp first quarter
NORTH PALM BEACH — Insurance holding company AmComp said Tuesday that first quarter profit totaled $4.5 million, or 29 cents a share, on revenue of $57.5 million.
That compares with profit of $4 million, or 26 cents a share, on revenue of $64.1 million for the same period a year ago.
The report could be AmComp’s last as a public company. Employers Holding Inc. is buying AmComp for $194 million, and the deal is expected to close in the near future.
Bankrate.com first quarter
NORTH PALM BEACH — Bankrate.com reported first quarter profit of $6.8 million, or 36 cents a share, on revenue of $42.5 million, compared with profit of $5.4 million, or 29 cents a share, on revenue of $22.2 million for the same period a year ago.
"It was a strong quarter, with traffic, revenue and EBITDA all at record levels," CEO Thomas R. Evans said. "The increase in consumer activity, combined with the diversification of our business has strengthened our financial performance."
The company reaffirmed revenue projections of $167 million to $172 million for the year, with adjusted earnings of $64 million to $68 million.
