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KB Home Rises

Circuit City (CC) posted a 7-cent first-quarter loss, vs. a 3-cent loss from continuing operations despite a 6.4% rise in net sales and operating revenue. The company says results are within guidance. It sees 3% to 6% fiscal 2006 total sales growth and low single-digit domestic same-store sales growth.

Single-family homebuilder KB Home (KBH) posted $2.06, vs. $1.20 second-quarter earnings per share on 36% revenue rise. The company raises fiscal 2005 earnings per share guidance to $9.00.

Adobe Systems (ADBE) posted 29 cents, vs. 22 cents second-quarter earnings per share (GAAP) on 21% revenue rise. The company sees 25 cents to 27 cents third-quarter earnings per share on $470 million to $490 million revenue. It says a complaint filed by purported Adobe stockholder alleging breach of fiduciary duty related to the pending Macromedia (MACR) acquisition.

Sirius Satellite (SIRI) says Sirius Canada received regulatory approval to broadcast and sell Sirius service in Canada. The company notes Sirius Canada is owned by Sirius, Canadian Broadcasting Corp., and Standard Radio.

Merck (MRK) received an approvable letter from the FDA for its New Drug Application (NDA) for Arcoxia, but the FDA informs the company in the letter that before approval of the NDA can be issued, additional safety and efficacy data is required.

In its Form 8-K filing, St. Paul Travelers (STA) says it received a subpoena from the U.S. Attorney as part of an investigation into the use of finite risk insurance and related products. The company says it will cooperate fully with all such requests.

Host Marriott (HMT) raised its quarterly dividend by 25% to 10 cents.

RF Monolithics (RFMI) posted a penny, vs. nine cents third-quarter earnings per share on a 17% revenue decline. The company cites a decline in various component markets that RFMI serves, particularly the automotive market. It sees fourth-quarter sales flat with the third quarter.

Metrologic Instruments (MTLG) sees second-quarter revenues essentially flat with the first quarter. The company sees lower-than-expected 2005 revenue of $195 million to $205 million and 80 cents to 85 cents earnings per share. It cites lower-than-anticipated market growth in Data Capture & Collection business.

Merrill reportedly upgrades Tommy Hilfiger (TOM) to buy from neutral.

California Micro Devices (CAMD) sees first-quarter earnings per share between breakeven to one cent on revenue of $14.4 million to $15 million.

Image Entertainment (DISK) posted 5 cents, vs. 5 cents fourth-quarter earnings per share as increase in shares outstanding offset 9% revenue rise. The company sees $19 million to $20 million first-quarter sales, resulting in a first-quarter loss. It cites a relatively lean new release schedule and sees fiscal 2006 revenue of $110 million to $120 million.

Chattem Inc. (CHTT) posted 60 cents, vs. 52 cents second-quarter earnings per share (excluding litigation items) on 8% revenue rise. It raises fiscal 2005 earnings per share estimate to $2.06 to $2.10, before charges.

CollaGenex Pharmaceuticals (CGPI) says its motion seeking temporary restraining order, preliminary injunction was denied. As a result, defendants IVAX Pharmaceuticals Inc. and CorePharma LLC can continue to sell their generic equivalents of Periostat.

Seacor Holdings (CKH) says one of its subsidiaries received a subpoena from the Antitrust Division of the Department of Justice relating to a grand jury investigation of potential antitrust violations among providers of helicopter transportation services in the Gulf of Mexico.

Assurant Inc. (AIZ) receives a subpoena from the U.S. Attorney for the Southern District of New York requesting documents relating to the use of finite risk insurance and related products.

Nautilus Inc. (NLS) agrees to acquire Pearl Izumi USA for $68 million in cash and about $6 million in assumed debt. It expects the deal to be neutral to 2005 earnings per share, add 6 cents to 8 cents to 2006 earnings per share.

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