On Friday, Following U.S. Stocks were among the “Top Losers”: Scientific Games Corporation (NASDAQ:SGMS), PetroQuest Energy Inc. (NYSE:PQ), Magnum Hunter Resources Corp. (NYSE:MHR), Zumiez, Inc. (NASDAQ:ZUMZ)
Scientific Games Corp (NASDAQ:SGMS), with shares declined -7.37%, closed at $11.69.
Petroquest Energy Inc (NYSE:PQ), with shares dropped -7.34%, settled at $2.02.
Magnum Hunter Resources Corp (NYSE:MHR), with shares dipped -7.29%, and closed at $2.29.
Zumiez Inc (NASDAQ:ZUMZ), plummeted -6.81%, and closed at $37.24.
Latest NEWS regarding these Stocks are depicted underneath:
Scientific Games Corporation (NASDAQ:SGMS)
Scientific Games Corporation (SGMS), stated financial results for the fourth quarter and year ended December 31, 2014. During the fourth quarter, Scientific Games accomplished the attainment of Bally Technologies, Inc. (“Bally”), creating a customer-focused, innovative gaming entertainment and technology supplier of player-appealing content and world-class systems and technologies for gaming, lottery and interactive operators worldwide. Unless otherwise noted, all results for the 2014 fourth quarter and full year referenced herein comprise the results of operations of Bally for the 40 days following the closing of the attainment on November 21, 2014.
Merger Integration Update:
Scott Schweinfurth, Executive Vice President and Chief Financial Officer, said, “Right away following the completion of the Bally merger, we began to implement our integration plans. Our operating teams are making meaningful progress toward achieving the aims of improving our overall cost structure, while simultaneously enhancing our ability to further support our customers and their operations.”
The following noteworthy integration initiatives have already begun:
- A reduction in the Corporation’s worldwide headcount and open positions of 5% by December 31, 2014, that has driven about $42 million in annualized savings, primarily in selling, general and administrative and research and development expenses through elimination of duplicative positions and redundancies in the Gaming and Interactive business segments.
- Relocation of our corporate headquarters to Nevada and the closure of our New York office.
- The ongoing transition and consolidation of our primary U.S. gaming machine production in Nevada (predictable to be accomplished this summer) and the planned closure of the WMS production facility.
- Selection of the operating system software platform predictable to power the next-generation gaming content for all of the Bally, WMS and Shuffle Master branded gaming machines.
In addition to $14.6 million of restructuring costs related to the Bally attainment incurred in the 2014 fourth quarter, the Corporation anticipates to incur $30 million to $35 million of additional operating costs to achieve anticipated cost savings and $15 million to $25 million of capital expenditures related to integration efforts in 2015. In 2016, the Corporation anticipates to incur $15 million to $25 million in additional operating costs to achieve anticipated cost savings and $15 million to $25 million in additional integration-related capital expenditures.
Scientific Games Corporation provides technology-based products and services, and associated content for gaming and lottery markets worldwide. The corporation operates in three segments: Instant Products, Lottery Systems, and Gaming.
PetroQuest Energy Inc. (NYSE:PQ)
PetroQuest Energy Inc. (PQ), declared that it has commenced, subject to market conditions, an underwritten public offering of 10,000,000 shares of its ordinary stock. The Corporation has granted the underwriters a 30-day option to purchase up to 1,500,000 additional shares of ordinary stock to cover any over-allotments. The Corporation intends to use the net proceeds from the offering for working capital and for general corporate purposes, counting the repayment of outstanding borrowings under the Corporation’s senior secured bank credit facility.
Johnson Rice & Corporation L.L.C. and Scotia Howard Weil will act as joint book-running managers for the offering. The shares are being offered following an effective shelf registration statement that has been filed with the Securities and Exchange Commission (the “SEC”).
PetroQuest Energy, Inc. is an independent energy corporation engaged in the exploration, development, attainment and production of oil and natural gas reserves in the Arkoma Basin, Texas, Louisiana and the shallow waters of the Gulf of Mexico. PetroQuest trades on the New York Stock Exchange under the ticker PQ.
Magnum Hunter Resources Corp. (NYSE:MHR)
Formerly on March 4, Magnum Hunter Resources Corp. (MHR), declared that the Corporation has designated Charlie Gibson as Vice President of Reservoir Engineering effective March 2, 2015. Mr. Gibson brings more than 30 years of engineering experience, counting operations, reservoir and reserve reporting, primarily within growth oriented oil and natural gas companies. Preceding to joining Magnum Hunter, Mr. Gibson served as Senior Vice President of Production Operations at Denbury Resources, Inc. (“Denbury”) since June 2014. During his twelve year tenure at Denbury, he held many managerial positions counting Senior Vice President of Planning, Technology and Business Development, Vice President of its West Region and Vice President of Reservoir Engineering and Geology. Mr. Gibson was a key participant in Denbury’s noteworthy business decisions. He was also involved in its analysis of potential attainments and integral to its reserve engineering process. Preceding to joining Denbury, Mr. Gibson served in various reservoir and engineering roles at Coho Resources and ORYX Energy. Mr. Gibson earned a Bachelor of Science in Petroleum Engineering degree from Louisiana State University.
Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter Resources, commented, “We welcome Charlie to our organization. His vast knowledge and experience in reservoir engineering is exactly what we have been looking for since last year. He will be an integral part of our senior administration team.”
Magnum Hunter Resources Corporation, an independent oil and gas corporation, explores for, exploits, attains, develops, and produces crude oil, natural gas, and natural gas liquid resources in the United States.
Zumiez, Inc. (NASDAQ:ZUMZ)
Zumiez, Inc. (ZUMZ), a leading multi-channel specialty retailer of action sports related apparel, footwear, hardgoods and accessories, stated results for the fourth quarter and fiscal year ended January 31, 2015.
Fourth Quarter Results:
Total net sales for the fourth quarter ended January 31, 2015 (13 weeks) raised 14.0% to $258.6 million from $226.8 million in the quarter ended February 1, 2014 (13 weeks). Comparable sales for the 13-week period ended January 31, 2015 raised 8.3% contrast to a 2.2% decrease for the 13-week period ended February 1, 2014. Net revenue in the fourth quarter of fiscal 2014 reduced 34.8% to $17.5 million, or $0.60 per diluted share, from net revenue of $26.9 million, or $0.89 per diluted share, in the fourth quarter of the preceding fiscal year. The results for fiscal 2014 comprise Blue Tomato attainment charges of $6.9 million, or about $0.20 per diluted share, counting $6.4 million for the accrual of contingent earn-out payments and $0.5 million for the amortization of intangible assets. The results for fiscal 2013 comprise a $5.8 million benefit, or about $0.16 per diluted share, for the reversal of contingent earn-out accruals associated with the attainment of Blue Tomato, a $3.3 million benefit, or about $0.07 per diluted share, for the correction of an error related to the accounting for rent expenses, and a $0.6 million expense, or about $0.02 per diluted share, for the amortization of intangible assets associated with the Blue Tomato attainment. Also comprised of in the fiscal 2013 fourth quarter results is a benefit to the provision for revenue taxes of $0.8 million, or about $0.03 per diluted share, for the release of a valuation allowance of net operating losses in foreign auxiliaries.
Full Year Results:
Total net sales for fiscal 2014 (52 weeks) raised 12.0% to $811.6 million from $724.3 million in fiscal 2013 (52 weeks). Comparable sales for the 52-week period ended January 31, 2015 raised 4.6% contrast to a 0.3% decrease for the 52-week period ended February 1, 2014. Net revenue in fiscal 2014 reduced 6.0% to $43.2 million, or $1.47 per diluted share contrast to net revenue in the preceding fiscal year of $45.9 million, or $1.52 per diluted share. Results for the fiscal year 2014 comprise $6.4 million, or about $0.19 per diluted share, for the accrual of contingent earn-out payments associated with the attainment of Blue Tomato, and $2.3 million, or about $0.06 per diluted share, for the amortization of intangible assets. Results for the fiscal year 2013 comprise a benefit of $2.6 million, or about $0.08 per diluted share, for the reversal of contingent earn-out accruals associated with the attainment of Blue Tomato, a $2.7 million benefit, or about $0.06 per diluted share, for the correction of an error related to the accounting for rent expenses, a $2.3 million expense, or about $0.06 per diluted share, for the amortization of intangible assets associated with the Blue Tomato attainment, and $1.3 million, or about $0.03 per diluted share, for costs associated with the conditional settlement of a California class action wage and hour lawsuit. Also comprised of in the fiscal 2013 results is a benefit to the provision for revenue taxes of $0.4 million, or about $0.01 per diluted share, for the release of a valuation allowance to net operating losses in foreign auxiliaries.
Cash and Current Marketable Securities:
At January 31, 2015, the Corporation had cash and current marketable securities of $154.6 million, contrast to cash and current marketable securities of $117.2 million at February 1, 2014. The raise in cash and current marketable securities is a result of cash generated through operations, partially offset by capital expenditures and stock repurchases.
Zumiez is a leading multi-channel specialty retailer of action sports related apparel, footwear, equipment and accessories, focusing on skateboarding, snowboarding, surfing, motocross and BMX for young men and women. As of February 28, 2015 we operated 604 stores, counting 550 in the United States, 35 in Canada, and 19 in Europe.
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