Michigan based Spartan Motors (NASDAQ:SPAR) reported second quarter earnings of 16 cents per share; that's down from 32 cents per share in the same quarter last year. Revenue fell by about 72 million dollars year over year, or about 37%. CEO John Sztykiel called the quarter a good one in light of market challenges, but warned that the next few quarters will be challenging from an earnings perspective. Shares fell 17 and a half percent in early trading Thursday.
GATX Corporation (GMT), provider of leasing services to rail and marine customers, earned 27 cents per share in the second quarter; that's down from 82 cents per share in the same quarter last year. CEO Brian Kenney said the operating environment was challenging in the quarter, as customers trimmed their rail fleets. Kenney said the factors pressuring second quarter results will continue throughout 2009, and lowered earnings guidance for the year to be around 2 dollars per share. GATX shares off over 7% Thursday morning.
Safeway (SWY) announced second quarter earnings of 57 cents per share; that's up from 53 cents per share in the same quarter last year, but results included a 14 cent benefit from a one-time tax benefit. Safeway lowered its earnings guidance for the year; the midpoint of the new range is a dollar 80 per share. The company maintained its free cash flow guidance for the year. Safeway shares down almost 10% in early trading Thursday.
Cell Therapeutics (NASDAQ:CTIC) priced an overnight offering of common stock with warrants, selling about 29.3 million common shares, with warrants to purchase about 7.3 million additional shares. The deal was priced at a dollar 30 per share, with each share coming with a warrant to purchase an additional .25 shares at an exercise price of a dollar 70 per share. The company said it would use part of the offering proceeds to service and repay debt, as well as to fund research and development, and clinical trials. Shares off over 12% in early trading Thursday.
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