Univision beats guidance for Q1
Univision Communications Inc. reported Wednesday that it exceeded first-quarter guidance for net revenues, operating income before depreciation and amortization and earnings per share.
The Los Angeles-based Spanish-language media company reported net income of $44.5 million, or 13 cents per diluted share, in the quarter ended March 31, compared with $31.6 million, or 9 cents per share, in 2004 - exceeding guidance of 10 cents to 11 cents per share.
Consolidated first-quarter net revenue increased 23 percent - exceeding guidance of high-teen-percentage growth - to $433 million from $352.9 million in the same period in 2004.
Chairman and Chief Executive Officer A. Jerrold Perenchio said the results reflect ``the strength of our competitive positioning and the benefit of realized synergies among our media assets.''
``Young Hispanics are showing an ever-increasing interest in Spanish- language television, radio, music and Internet destinations, which has contributed to the Univision Network beating the English-language broadcast networks in total audience delivery - Hispanic or non-Hispanic - for the first time in our company's history,'' he said.
Quarterly report better for PSBP
GLENDALE - PS Business Parks Inc. reported on Wednesday quarterly net income of $7.3 million, or 33 cents per diluted share, on revenues of $55.9 million.
The company had net income of $4.2 million, or 19 cents per diluted share, on revenues of $53.8 million for the same period in 2004.
PSBP is a self-managed equity real estate investment trust that acquires, develops, owns and operates commercial properties, primarily multitenant office and industrial space.
Service portion of economy cools
NEW YORK - The service portion of the U.S. economy expanded for the 25th straight month in April, but at a slower pace than in March, a private research organization said Wednesday.
The Institute for Supply Management said its index of activity among service companies for April fell to 61.7 from 63.1, a month earlier. Analysts had estimated that the index would ease to 61 in April.
Although the index was down, it remained above 50, signaling that the economy's crucial service sector continued to grow last month.
The institute also said 14 of the industries it tracks - including utilities, insurance, retail trade and real estate - reported growth last month while two - transportation and legal services - remained the same. Only entertainment reported decreased activity from March.
IBM announces charge, job cuts
NEW YORK - International Business Machines Corp. said Wednesday that it would cut between 10,000 and 13,000 jobs and record a pretax charge of between $1.3 billion and $1.7 billion in the second quarter.
The majority of the cuts are planned for Europe, where the company began slashing jobs even before it announced its disappointing first-quarter earnings last month. In March, IBM laid off 500 Swedish workers, 9 percent of its work force there, and shut down most operations in five cities.
The cuts were expected and are in line with analysts' estimates.
Spring spending less than hoped
NEW YORK - The spring fling that the nation's retailers hoped for appears to be fizzling.
A combination of factors - unseasonably cool weather, a spike in gasoline prices, higher interest rates and confusing fashions - have made consumers pull back on spending in March and April, after going on a spending spree earlier in the year. And there's growing concern among analysts that this might not be a temporary pause as the economy hits another rough patch.
John D. Morris, a retail analyst at Harris Nesbitt, an investment firm, estimated that discounting is up 20 percent for the March and April period for the 18 mall-based apparel stores he follows. That compares with a 10 percent decline in the spring 2004 period over the previous year.