Earnings Roundup

Crown Media Improvement Improved advertising revenues contributed to Crown Media Holdings Inc. to report positive earnings in the first quarter compared to a net loss from a year ago. The Studio City-based owner of the Hallmark Channel and Hallmark Movie Channel reported net income of $64 million, or $0.13 per diluted share, for the quarter ending March 31. For the same period in 2010, the company had a net loss of $2.3 million, or $0.02 per diluted share. Total revenues increased to $73.6 million in the first quarter from the $68.4 million a year ago. Q1 Loss for Health Net Health Net Inc. had a financial loss for its fiscal first quarter, showing a decline compared to the same period a year ago even with improvement in certain segments. For its fiscal first quarter, the Woodland Hills company had a net loss of $108.2 million, or $1.16 per diluted share, on revenues of $3.5 billion. For the same period last year, the company had net income of $16.1 million, or $0.16 per diluted share, on revenues of $3.4 billion. The company’s most recent first quarter results include a $177.2 million pretax charge related to litigation, and $11 million in pretax expenses related to the company’s administrative cost reduction efforts. Loss Widens for THQ Video game publisher THQ Inc. widened its net loss in the fourth quarter even as it released one of the best selling games of the spring. The Agoura Hills-based company sold more than 2 million copies of “Homefront,” a first-person shooter game considered to be THQ’s next big franchise. For the quarter ending March 31, THQ reported a net loss of $44.1 million, or $0.65 per diluted share, on revenues of $124.2 million. For the same period in 2010, the company had a net loss of $10.4 million, or $0.15 per diluted share, on revenues of $197.7 million. For the full fiscal year, the company had a net loss of $136.1 million, or $2 per diluted share, on revenues of $665.3 million. For the previous fiscal year, THQ reported a net loss of $9 million, or $0.13 per diluted share, on revenues of $899.1 million. Earnings Increase for Bank A significant increase in net earnings for the first quarter was reported by First California Financial Group, Inc. For the most first quarter ended March 31, the holding company of First California Bank reported net earnings of $15.6 million or $0.54 per diluted share compared to net earnings of $117,000 or $0.02 per share for the same period last year. In February, First California Bank assumed all the deposits and acquired substantially all of the assets of San Luis Trust Bank. DineEquity Earnings Grow DineEquity Inc.’s earnings for the first quarter of 2011 more than doubled compared to the same period last year, with its Applebee’s Neighborhood Grill & Bar chain showing strong sales performance and its IHOP chain performing less favorably. For the quarter that ended March 31, the Glendale-based company’s net income was $28.1 million, or $1.53 per diluted share, on sales of $300.2 million. For the same period last year, the company had net income of $12.8 million, or $0.75 per diluted share, on revenues of $258.1 million. The increase in net income was partially due to a gain on the sale of 65 Applebee’s company-operated restaurants during the quarter, the elimination of the dividend on Series A perpetual preferred stock and lower non-cash interest. These items were partially offset by expenses related to re-pricing of the company’s credit facility in February, lower segment profit as a result of refranchising a total of 148 restaurants and impairment charges related to the termination of the sublease of the space currently used as Applebee’s headquarters. Positive Results for On Assignment The Calabasas-based staffing firm On Assignment Inc. reported a 34.4 percent increase in revenues for 2011 first quarter results compared to the same period last year. For the first quarter ended March 31, On Assignment reported net earning of $3.2 million or $0.08 per diluted share on revenues of $129.4 million compared to a net loss of $0.3 million or $0.01 per diluted share on revenues of $96.3 million for 2010 first quarter results. The firm provides staffing in specialty skills including laboratory/scientific, healthcare/nursing, physicians, medical financial, information technology and engineering. Hospitalist Group Boosts Earnings IPC The Hospitalist Company Inc.’s higher first-quarter earnings and revenues were spurred by recent acquisitions and growth in both new and existing markets. For the first quarter of 2011 that ended March 31, the North Hollywood-based hospitalist group practice had net income of $7.7 million, or $0.46 per diluted share, on revenues of $113.4 million. That was an increase from the same period in 2010 when the company had net income of $5.7 million, or $0.35 per diluted share, on revenues of $87.7 million. IPC’s patient encounters were also at an all-time high of 1.2 million for the first quarter, representing a 28 percent increase from the same period a year ago.