While much of the attention was on the upside surprise offered up by Lowe's Companies Inc. (NYSE: LOW), Hastings Entertainment Inc. (NASDAQ: HAST) and Perfect World Co. Ltd. (NASDAQ: PWRD) also reported beating earnings expectations Monday.
Leading multimedia entertainment retailer Hastings reported that, for the three months ended
Hastings also reported that, during the quarter, cash flows from operations totaled about $13.4 million, that it reduced its long-term debt by about $9.2 million, and that it continued its share buyback program.
"Due to continued uncertainty in the retail environment, particularly with respect to the holiday selling season, we are not changing our guidance for the full fiscal year," said CFO Dan Crow. Hastings reaffirmed its guidance of net earnings ranging from
Shares of Hastings rose 3.3% Monday to $3.47. The share price is still 57.1% lower than a year ago.
First-quarter earnings for Perfect World, a Chinese developer and operator of online games, increased 36% from a year ago despite a decrease in the number of players. The Beijing-based company said it earned $0.58 per U.S. share, or $0.62 excluding items. Analysts on average had expected earnings of $0.46 per share.
Revenue rose 40% to 425.1 million yuan ($62.2 million). Analysts had expected sales of $57 million. The company said that it expects revenues of between 417 million and 434 million yuan in the current quarter, nearly flat with the first quarter.
Perfect World shares fell 0.3% Monday to close at $17.97. The share price is still 42.6% lower than a year ago.
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