Key Developments For LJ International Inc
LJ International Inc (JADE.O) (Consolidated Issue listed on NASDAQ Global Market)
LJ International, Inc. Raises Q4 2009 Guidance; Issues FY 2009 Guidance Above Analysts' Estimates
LJ International, Inc. raised guidance for the fourth quarter of 2009 with revenue expectations of over $30 million and earnings of over $1.9 million, or $0.08 per diluted share. For fiscal 2009, the Company expects revenues to exceed $100 million on earnings of $3.35 million, or $0.14 per diluted share. According to Reuters Estimates, analysts on an average were expecting the Company to report earnings per share (EPS) of $0.07 and net profit of $1.7 million on revenue of $29 million for the fourth quarter 2009; EPS of $0.12 and net profit of $2.89 million on revenue of $100 million for fiscal 2009.
LJ International, Inc. Announces Final Approval Of Class Action Lawsuit Settlement
LJ International, Inc. announced that it has received, as expected, the final approval of its settlement reached earlier this year with the lead plaintiff in a class-action lawsuit filed against the Company in 2007. The order of final approval of the class action settlement was issued on October 19, 2009 by the U.S. District Court for the Central District of California. The order approves a preliminary settlement between LJI and the lead plaintiff, under which LJI will create a settlement fund of $2 million in cash, to be funded entirely by its insurer. As part of the settlement agreement, all claims alleged in the lawsuit are dismissed with prejudice and LJI is released from liability for all such claims.
LJ International, Inc. Issues Q3 2009 Outlook Above Analysts' Estimates
LJ International, Inc. announced that for third quarter of 2009, it expects revenues to exceed $25 million and earnings per share (EPS) of between $0.03-$0.05. According to Reuters Estimates, analysts were expecting the Company to report revenues of $23 million and EPS of $0.01 for the same period.
LJ International, Inc. Announces Settlement of Shareholder Lawsuit
LJ International, Inc. announced that it has entered into a settlement agreement with the lead plaintiff in the class-action lawsuit against the Company filed in 2007. Under the settlement agreement dated January 14, 2009 between LJI and the lead plaintiff, LJI will create a settlement fund of $2 million in cash, to be funded entirely by its insurer. As part of the settlement agreement, all claims alleged in the lawsuit will be dismissed with prejudice and LJI will be released from liability for all such claims. The settlement agreement is subject to preliminary approval and final approval by the Court. The Court has scheduled a hearing on the motion for preliminary approval of the settlement agreement for February 23, 2009.
LJ International, Inc. Issues Q4 2008 Earnings Outlook; Issues Q4, FY 2008 Revenue Outlook Below Analysts' Estimates; Issues FY 2008 Earnings Outlook Above Analysts' Estimates
LJ International, Inc. announced that for fourth quarter of 2008, it expects revenues to range from $32-$33 million, net income to range between $0.4-$0.5 million and net income per diluted share (EPS) of approximately $0.02. For fiscal 2008, it expects revenues between $126-$127 million, net income to range between $1.5-$1.6 million and EPS of $0.07. According to Reuters Estimates, analysts were expecting the Company to report revenues of $36 million, net profit of $0.5 million and EPS of $0.02 for fourth quarter of 2008 and revenues of $130 million, net profit of $0.96 million and EPS of $0.04 for fiscal 2008.
