Reebok "reported a sharp drop in third quarter
earnings, citing one-time charges to cover job cuts and
other restructuring moves," according to the BOSTON HERALD.
Reebok earned $3.3M, or $.06 per share, including an after-
tax charge of $24.3M, or $.43 per share. Reebok earned
$28.2M, or $.50 per share, in the year ago period. Sales
fell 9.6% to $793.9M from $878.3M and the company reported a
profit of $27.6M, or $.49 a share (BOSTON HERALD, 10/22).
U.S. footwear revenues dropped 18% to $223.5M from $270.8M a
year earlier (WALL STREET JOURNAL, 10/22). CNBC Stocks
Editor Patrick Bolland: "[Reebok] did beat the [earnings]
estimate by a penny, at 49 cents a share, but there is ... a
[$24M] restructuring charge in there, so analysts are still
going over what's included in that restructuring and what it
means to the bottom line" ("Market Wrap," CNBC, 10/21).
SPORTSLINE: SportsLine USA reported third-quarter
revenues ended September 30 increased 104% to $15.2M,
compared to $7.4M for a year ago. SportsLine posted net
income of $5.1M, or $.22 per share. This includes a gain of
$21.8M from the retirement of a portion of the company's
convertible debt. Excluding the gain, SportsLine reported a
net loss of $16.7M, or $.72 per share. EBITDA loss for the
quarter was $10.1M, excluding the gain (SportsLine).
FEELING THEIR OATS: Quaker Oats posted a 27% increase
in third quarter net income and the results "were led" by a
9% increase in Gatorade sales (WALL STREET JOURNAL, 10/22).
