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BUSINESS
January 27, 2014 | By Chris O'Brien
Apple Inc.'s experiment with rolling out two new iPhones at the same time backfired as weak demand for the cheaper version with a plastic case led the company to sell fewer smartphones than expected during the holiday quarter. Although Apple on Monday reported record revenue for its first quarter, which ended in December, the 51 million iPhones it sold fell short of the 55 million units that Wall Street analysts had expected. Those soft sales coupled with a surprisingly weaker outlook for the current quarter sent the company's stock tumbling more than 8% in after-hours trading.
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BUSINESS
January 27, 2014 | By Chris O'Brien
Apple Inc.'s experiment with rolling out two new iPhones at the same time backfired as weak demand for the cheaper version with a plastic case led the company to sell fewer smartphones than expected during the holiday quarter. Although Apple on Monday reported record revenue for its first quarter, which ended in December, the 51 million iPhones it sold fell short of the 55 million units that Wall Street analysts had expected. Those soft sales coupled with a surprisingly weaker outlook for the current quarter sent the company's stock tumbling more than 8% in after-hours trading.
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CALIFORNIA | LOCAL
March 9, 1999
Whittaker Corp. in Simi Valley said sales from continuing operations for the first quarter ended Jan. 31 were $30.6 million, compared with $28.9 million for the first quarter of fiscal year 1998. Income from continuing operations was just over $7 million, or 62 cents per share, which included a tax benefit from a prior-year capital loss of $2.2 million or 19 cents per share. This compares with $855,000, or 8 cents per share, for the first quarter of the previous year. On Jan. 11, the company sold its Whittaker Porta Bella Project, located in Santa Clarita, to Santa Clarita L.L.C.
BUSINESS
May 16, 2013 | By Tiffany Hsu
Wal-Mart Stores Inc. reported slight upticks in revenue and profit in its first quarter, but the retail behemoth still missed Wall Street's expectations and watched its stock suffer in morning trading. The Bentonville, Ark., mega-chain blamed higher payroll taxes, delayed income tax refunds and bitter weather for less-than-stellar performance in the quarter ended April 30. Wal-Mart customer tend to be especially sensitive to such changes -- which Wal-Mart Chief Executive Mike Duke in a statement called “considerable headwinds to top-line sales.” While on a conference call with analysts, he even mentioned that the company had experienced the “latest snowfall in the history of Arkansas reporting” at its headquarters during the period.
BUSINESS
June 21, 1989 | JOHN CHARLES TIGHE, Times Staff Writer
Care Enterprises, a Tustin-based nursing home operator that filed for bankruptcy last year, reported Tuesday that it earned $273,000 in the first quarter. The profit contrasts with a $4.1-million loss in the same quarter a year ago. Care said revenue in the quarter increased 4% to $66.4 million, compared to $63.8 million in the year-earlier period. The company, which lost $29 million in 1988 and has lost more than $100 million over the last three years, said its first-quarter performance benefited from cost cuts and from new Medicare provisions for bigger reimbursements and coverage for more patients.
BUSINESS
May 2, 1989
Tekelec, a Calabasas maker of equipment that tests telecommunications products, said its first-quarter profit rose 13% from a year earlier on a 36% jump in revenue. In the quarter that ended March 31, Tekelec's net income climbed to $1.24 million from $1.1 million, and its revenue rose to $9.12 million from $6.73 million. Tekelec said that U.S. orders for its equipment were lower than expected in the first quarter, but that international demand remained strong. Tekelec said its profit gain was limited because of new-product costs and higher engineering, marketing and customer-service spending needed to support its increased client base.
BUSINESS
April 26, 1989 | LINDA WILLIAMS, Times Staff Writer
Times Mirror Co. said Tuesday that its first-quarter profit declined 8% to $68.8 million but noted that the year-ago profit included a gain from the sale of assets. Excluding that one-time gain and interest expenses, the company said its pretax operating profit rose 9%. Times Mirror, which publishes the Los Angeles Times, Newsday, the Baltimore Sun and other newspapers, said operating profit rose to $129.6 million in part because of substantially increased earnings from its newspaper publishing and cable television operations.
BUSINESS
June 23, 1989 | From Reuters
The economy was slightly stronger than previously estimated in the first three months of the year, expanding at an inflation-adjusted 4.4% annual rate, the Commerce Department reported Thursday. The department previously estimated that the gross national product grew at a 4.3% annual pace in the first quarter. It said trade gains accounted for the modest revision in its third and final estimate of the quarter's gross national product. The report provides further evidence that the economy is being driven by a welcome mix of export growth and business investment, said Tony Villamil, the department's chief economist.
BUSINESS
April 25, 1989
Strategic Mortgage Investments, a real estate investment trust that buys home mortgage loans, said its earnings dropped 39% to $1.8 million in the first quarter that ended March 31 from the year-earlier period. The Glendale company said results were affected by rising interest rates. Strategic Mortgage said the rates at which it borrows increased 2% in the quarter to 9.8%.
BUSINESS
May 23, 1989
Alpharel said it narrowed its loss to $2.2 million in the first quarter that ended March 31 from $3.7 million a year earlier. The Camarillo company, which makes computer data storage devices, said its sales rose to $1.2 million from $628,000 a year earlier. Alpharel added that its operating expenses fell $1.5 million in the quarter from a year earlier.
BUSINESS
May 10, 2013 | By Tiffany Hsu, Los Angeles Times
For a while, J.C. Penney and Best Buy seemed to be doppelgangers. The two retailers struggled with intensifying competition after years of comfortable stagnation. Beset by Wall Street skepticism and shaky consumer loyalty, each made sweeping attempts at a turnaround. Both removed their controversial chief executives. But as the companies prepare to reveal first-quarter earnings this month, their roads may be diverging: Best Buy's results are expected to show a continuing recovery while J.C. Penney's are forecast to be dismal.
BUSINESS
April 16, 2013 | By Jessica Guynn
SAN FRANCISCO - Yahoo Inc.'s first-quarter earnings report was seen by some as an early test of Marissa Mayer's ability to turn around the troubled Internet company. Investors now seem to be worried Mayer might not pass that test. Shares that have surged more than 50% since Mayer took over Yahoo in July plunged more than 4% to $22.78 in extended trading Tuesday after the company reported that its display advertising business had suffered declining revenue for the second straight quarter.
BUSINESS
April 27, 2012 | By Don Lee, Los Angeles Times
WASHINGTON - The American economy grew at a sluggish rate in the first quarter, stirring more doubts about the strength of the recovery and the outlook for jobs in coming months. The economy expanded at a lackluster 2.2% annual rate in the first three months of the year, down from a 3% pace in the fourth quarter of last year, the Commerce Department said Friday. Most analysts were expecting the gross domestic product - the total value of goods and services produced in the U.S. - to increase at a 2.6% rate or more in the January-March period.
BUSINESS
May 18, 2011 | By Andrea Chang, Los Angeles Times
Rising gas prices are forcing many shoppers to cut back on shopping trips to Wal-Mart, adding another challenge for the world's largest retailer as it tries to reverse a prolonged slump in U.S. sales. Wal-Mart Stores Inc. reported Tuesday that its fiscal first-quarter profit rose 3%, ahead of Wall Street expectations, but said an important measure of sales fell for the eighth quarter in a row. Sales at U.S. stores open at least a year — called comparable-store sales and considered an important barometer of a retailer's health because it excludes store openings and closings — fell 1.1% compared with the same quarter a year earlier.
BUSINESS
May 15, 2009 | Associated Press
Wal-Mart Stores Inc. reported a flat first-quarter profit Thursday as revenue from its huge international operations was hurt by the stronger dollar. The world's largest retailer earned $3.02 billion, or 77 cents a share, for the period ended April 30. That was flat from a year earlier. Revenue fell 0.6% to $93.47 billion. The results met the expectations of analysts surveyed by Thomson Reuters, who projected profit of 77 cents a share on revenue of $96.37 billion.
BUSINESS
May 8, 2009 | Brady Dennis
American International Group Inc. posted a first-quarter loss Thursday of $4.35 billion, down from a $7.81-billion loss a year earlier -- a rare moment of good news for a company that has been beleaguered by poor performance and public outrage in recent months.
BUSINESS
April 11, 1989
APSB Bancorp, the North Hollywood holding company for American Pacific State Bank, said its first-quarter profit rose 22% from a year earlier, to $371,000 from $304,000. APSB, which is a major producer of federal Small Business Administration loans, attributed the gain to "solid" demand for loans, cost controls and higher interest margins, which is the difference between the interest that APSB earns on loans and the interest it pays for deposits. The bank said its assets as of March 31 totaled $176 million, up 22% from $144 million a year ago.
BUSINESS
April 11, 1989
Bank of Encino, a single-office bank that caters to medium-sized businesses and wealthy individuals, said its first-quarter profit soared to $176,296 from $33,057 a year earlier. The bank, which was organized in September, 1986, said its assets as of March 31 totaled $47.9 million, up 24% from $38.6 million a year earlier. Bank of Encino's deposits rose 25% to $42.2 million from $33.7 million.
BUSINESS
April 18, 2009 | Nathan Olivarez-Giles
At 50 years old, Barbie is still delivering for Mattel Inc. But the doll can't do it all herself. Although Barbie sales were up 18% in the U.S. during the first quarter of the year, the El Segundo toy maker on Friday reported a net loss of $51 million, or 14 cents a share, compared with a loss of $46.6 million, or 13 cents a share, in the year-earlier quarter.
BUSINESS
January 21, 2009 | TIMES WIRE SERVICES
Intel Corp. may report a loss in the first quarter, breaking a more than 21-year run of profitability, Chief Executive Paul Otellini told employees. "We are not going to wake up in six months with everything rosy again," Otellini wrote last week in an internal memo obtained by Bloomberg News. After 87 quarters of profit, the first quarter is "too close to call," the memo said. Slumping demand for personal computers has forced Intel to run its factories below capacity, making them less profitable.
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