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IN BRIEF / Earnings

Quiksilver Expects Profit to Rise 35%

May 14, 2003|Leslie Earnest

Quiksilver Inc. said it expects fiscal second-quarter earnings to be at least 35% higher than last year's and to surpass Wall Street's expectations.

The Huntington Beach-based surf-apparel maker said profit for the quarter ended April 30 should be 38 cents to 39 cents a share, compared with 28 cents a year earlier. The earnings forecast was adjusted for the 2-for-1 stock split that took effect last week.

Analysts polled by Thomson First Call had been expecting earnings of 36 cents a share.

Quiksilver, parent of 17 brands, said it expects sales of $257 million to $259 million, compared with $187 million a year ago.

Quiksilver's stock hit a 52-week high of $18.25 before closing at $17.40, down 12 cents, on the NYSE.

Leslie Earnest

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* Computer Sciences Corp., which manages computers for clients including General Dynamics Corp. and the National Security Agency, said fourth-quarter profit rose 15% to $162.7 million, or 93 cents a share, from $141.1 million, or 82 cents, a year earlier. Sales rose 1.4% to $3.08 billion, the El Segundo company said.

* Applied Materials Inc. of Santa Clara, Calif., reported a loss of $62.1 million in the second quarter as sales fell and it incurred costs to close factories and cut jobs. The net loss was 4 cents a share, compared with net income of $52 million, or 3 cents, in the same quarter last year. Sales dropped 4.3% to $1.11 billion.

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