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TASER International (Nasdaq: TASR) $5.11. Today announced financial results for the first quarter of 2009. For the first quarter of 2009 revenues were $24.6 million, an increase of $2.1 million or 9% over the same quarter of the prior year. Operations continued to demonstrate improvement, as gross margin increased to 59.5% in the first quarter of 2009, compared to 56.8% in the first quarter of 2008, reflecting the Company's continued focus on production efficiency and cost controls.
Sequentially, gross margins declined primarily due to a change in sales mix from higher margin ECDs to lower margin cartridges, mostly driven by a large United Kingdom cartridge order in the first quarter of 2009. Consistent with the Company's strategy announced last year, research and development expenses increased by $2.1 million, or 99%, in the first quarter of 2009 compared to the same period in 2008, reflecting the Company's ongoing commitment to invest in new technology and product diversification.
Non-GAAP income from operations for the first quarter of 2009, which excludes stock-based compensation charges and depreciation and amortization, was $1.1 million compared to $2.5 million for the first quarter of 2008. GAAP loss from operations was $(1.0) million for the first quarter of 2009 compared to income from operations of $1.5 million for the same period in the prior year. Net loss and diluted loss per share for the first quarter of 2009 were $(0.5) million and $(0.01), respectively. The Company generated $10.5 million from operating activities in the first quarter of 2009 with ending cash and cash equivalents of $58.3 million and zero debt.
What They Do: TASER International's products protect life, providing advanced Electronic Control Devices for use in the law enforcement, medical, military, corrections, professional security, and personal protection markets.
TradeStation Group (Nasdaq: TRAD) $7.31. Today announcedf for the 2009 first quarter net revenues of $36.0 million, net income of $4.7 million, and earnings per share (diluted) of 11 cents, compared to 2008 first quarter net revenues of $40.7 million, net income of $8.3 million, and earnings per share (diluted) of 19 cents. The main reason for the differences was a year-over-year reduction in net interest income of $7.1 million.
Brokerage commissions and fees for the 2009 first quarter were $32.9 million, an 8% increase over 2008 first quarter brokerage commissions and fees of $30.5 million. Brokerage commissions and fees are the largest component of the company's net revenues.
What They Do: TradeStation Group through its principal operating subsidiary, TradeStation Securities, Inc., offers the TradeStation platform to the active trader and certain institutional trader markets. TradeStation is an electronic trading platform that offers state-of-the-art electronic order execution and enables clients to design, test, optimize, monitor and automate their own custom Equities, Options, Futures and Forex trading strategies.
JetBlue Airways Corporation (Nasdaq: JBLU) $5.58. Today announced its results for the first quarter 2009: Operating income for the quarter was $73 million, resulting in a 9.3% operating margin, compared to operating income of $17 million and a 2.2% operating margin in the first quarter of 2008.
Pre-tax income for the quarter was $20 million, which includes a special charge of $8 million related to the valuation of JetBlue's auction rate securities. Excluding this special charge, JetBlue's pre-tax income for the quarter would have been $28 million. This compares to a pre-tax loss of $16 million in the first quarter of 2008. Net income for the first quarter was $12 million, or $0.05 per diluted share. Excluding the special charge, JetBlue's net income for the quarter would have been $20 million, or $0.08 per diluted share. This compares to JetBlue's first quarter 2008 net loss of $10 million, or $0.05 per diluted share.
What They Do: New York-based JetBlue Airways has created a new airline category based on value, service and style. Known for its award-winning service and free TV as much as its low fares, JetBlue is pleased to offer customers Lots of Legroom and super-spacious Even More Legroom seats. JetBlue introduced complimentary in-flight e-mail and instant messaging services on aircraft "BetaBlue," a first among U.S. domestic airlines. JetBlue is also America's first and only airline to offer its own Customer Bill of Rights, with meaningful and specific compensation for customers inconvenienced by service disruptions within JetBlue's control.
Cash America International (NYSE: CSH) $22.18. Today announced that net income for the first quarter ended March 31, 2009 was $23,911,000 (79 cents per share) compared to net income of $25,811,000 (86 cents per share) for the same period in 2008. Earnings per share for the first three months of 2009 exceeded management’s updated guidance of 76 to 78 cents per share as discussed in the Company’s press release dated April 9, 2009 and even though earnings ended down 7% year over year, they are significantly better than management’s initial expectation published in January 2009 of down 25%. Increased total revenue, led by better than expected results from pawn lending operations and prolonged availability of certain online cash advance markets contributed to the higher than expected first quarter results. In addition, earnings in the first quarter of 2009 benefited from an improvement in loss rates related to the Company’s short-term cash advance product that led to a decrease in the provision for loan losses in the period compared to the same period in 2008.
What They Do: Cash America International, Inc. is a provider of specialty financial services to individuals in the United States with 1,004 total locations as of March 31, 2009. Cash America is the largest provider of secured non-recourse loans to individuals, commonly referred to as pawn loans, through 628 total pawn locations, comprised, in part, of 501 in 22 states under the brand names Cash America Pawn and SuperPawn.
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