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Earnings Analysis: 
Domino's Pizza Profit Drops 68%
Author: 123jump.com Staff
123jump.com
Last Update: 1:27 PM EDT May 07 2007


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TD Banknorth first-quarter profit shrank 28% as competition made attracting deposits more expensive and lending less profitable. Orbotech first-quarter profit and sales tumbled, due to lower spending among LCD makers. TETRA Technologies profit was lower due to a reduction in hedged natural gas prices and higher insurance costs. Domino''s Pizza first quarter profit dropped 68% because of expenses incurred for a recapitalization and weak sales at U.S. stores.

 
TD Banknorth Inc. (TD: chart), retail banking unit of Toronto Dominion Bank, said that its first-quarter net income declined 28% to $55.2 million compared with $76.2 million in the same period a year earlier. Adjusted earnings fell to $99 million versus $115.6 million a year ago.

Orbotech (ORBK: chart), which makes testing equipment used to manufacture printed circuit boards and flat-panel displays, said that its first-quarter net income declined to $5.57 million, or 17 cents per share, compared with $14.1 million, or 43 cents per share in the same period a year earlier. Revenue fell to $86.1 million versus $101 million, after a reduction in the level of capital investment.

TETRA Technologies (TTI: chart), oil and gas services provider, said it earned $20.7 million, or 28 cents per share, for the first quarter on revenue of $247.7 million. Profits from its Matritech operations were lower than last year due to a reduction in hedged natural gas prices and higher insurance costs. The company''s Fluids unit saw a year-over-year reduction in pretax profits of $30 million due to the impact of certain supply agreements and the absence of inventory gains recorded in 2006.

Domino''s Pizza Inc. (DPZ: chart), pizza delivery chain, said that its net income fell to $8.4 million, or 13 cents per share, compared with $26.2 million, or 39 cents per share in the prior year quarter. Revenue fell 2% to $339.3 million versus $347.7 million in the first quarter of 2006.
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