Shares of Sears Holdings (NYSE:SHLD) gained over 16% Friday morning after reporting a profit of 21 cents per share for the first quarter and announcing an extension of its credit facility. Sears Domestic comparable store sales declined nearly 12% impacted by the weak housing market and Kmart comparable store sales declined just over 2% for the quarter. Despite these declines, Sears managed to keep its costs under control, which CEO W. Bruce Johnson said, quote, "had a clear impact on our overall results as both net income attributable to Holdings' shareholders and Adjusted EBITDA increased significantly during the first quarter as compared to last year."
Data and voice infrastructure systems company Black Box (BBOX) announced it earned 8.4 million dollars in the quarter, flat from the same quarter last year. CEO Terry Blakemore stated, "Our focus on balance sheet management and strong positive cash flow continues to provide the resources to implement our previously-stated strategy of expanding through selective strategic acquisitions. I am confident that Black Box is well positioned to leverage its financial and operating strengths and will emerge from the current economic environment as a stronger force in the industry." Black Box shares rose 19% Friday morning.
Russian mobile phone operator Mobile TeleSystems (MBT) lost just under 58 million dollars in the quarter, due to non-cash FOREX losses. Although revenues expressed in US dollars fell 24% year over year, when compared in local currencies, revenues were higher year over year in all markets except Ukraine. During the quarter, the company acquired mobile retailers Telefon.Ru and Eldorado, and launched a 3G network in Armenia. The company announced a recommended dividend payment for the year amounting to 2 dollars and 96 cents per ADR, an amount which would be 60% of the company's net income. In morning trading Friday, shares gained about 12%.
Drybulk shipping company Safe Bulkers (NYSE:SB) reported earnings of a dollar 14 in the first quarter, up 163% over the same quarter last year. During the quarter the company amended its loan agreements to address the current depressed market values of drybulk vessels, and at the same time managed to pay a 15 cent dividend, for an annualized yield of over 7%. Safe Bulkers shares were higher by 14%.
Wireless networking company Aruba Networks (ARUN) reported an 8% revenue increase, adding over 500 new customers in the first quarter. The company lost 7 cents per share, compared to an 8 cent loss in the same quarter last year, while on a non-GAAP basis the company earned a penny. CEO Dominic Orr said companies are switching to wireless networks for cost saving reasons, with Aruba's solution offering the lowest total cost of ownership. Aruba shares gained over 25% Friday.
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