Nokia - Dials Up a Deal (Telsim)

Nokia Dials Up a Deal
Tuesday August 30, 12:08 pm ET By Rich Smith
Slow and steady wins the race: Nokia (NYSE: NOK - News) has long heeded those wise words. The Finnish telecom has been biding its time in hopes of collecting at least part of the $900 million that Telsim, Turkey's second-largest wireless provider, owes it. And its patience may have finally paid off. Nokia announced yesterday that it may yet collect on at least a portion of its bad Telsim debt.
Like its archrival Motorola (NYSE: MOT - News), Nokia lent money to Telsim in 2000, in an overseas example of the kind of "vendor financing" deals that nearly sank U.S. telecoms such as Lucent (NYSE: LU - News) back in the waning days of the telecom boom. (Motorola's exposure to Telsim amounts to about $2.5 billion.)
Unfortunately for both of the lenders, Telsim defaulted on its debts. Its owners, Turkey's Uzan family, have forfeited the company in its entirety to the Turkish Savings and Deposit Insurance Fund (TMSF). The TMSF has its own bone to pick with the Uzans, claiming that the family owes it $6 billion. And that's not all. Apparently, the Uzans owe yet another $600 million to $700 million to various other Turkish government agencies. The family's total liabilities amount to more than $10 billion.
Both Nokia and Motorola have done what they could to secure their claims against Telsim. Motorola sued the Uzans in both American and British courts, and it won verdicts in its favor in both jurisdictions last year. And in February 2004, Nokia won an arbitration ruling in its favor in Zurich. But faced with the prospect that it will probably never collect on its loans, Nokia has already taken an $818 million charge to its own profits.
But now comes Nokia's announcement from yesterday. The good news for the telecom is that it has reached an agreement with the TMSF to share in the proceeds when that agency auctions off Telsim's assets. (There's been no news yet on whether Motorola has worked out a similar arrangement.)
Although Nokia shareholders may see their company get an unexpected but most welcome mini-windfall when Telsim is sold in December, they shouldn't get their hopes up too high. Remember that Telsim has $10 billion in debts, and the bulk of that amount is owed to the Turkish agency that's running the auction. Moreover, the auction's bidding is expected to start at just $2.8 billion. Even if the winning bid is twice that amount (which is unlikely), and even if TMSF splits the proceeds proportionally among all the debtors, Nokia will almost certainly not see its entire principal repaid.

Nokia - Nokia, Motorola Gain More Market Share

Nokia, Motorola Gain More Market Share
Thursday August 25, 11:31 am ET By Matt Moore, AP Business Writer
Nokia, Motorola Gain More Market Share As Global Sales of Mobile Phones Increases
LONDON (AP) -- Global sales of new mobile phones increased 22 percent to 190.5 million handsets during the second quarter, with Nokia Corp. increasing its market-leading share, research firm Gartner Inc. said Thursday.
"All the regions recorded growth this quarter, apart from Japan," compared to the second quarter in 2004, said Carolina Milanesi, a Gartner analyst in Egham, England.
Western European sales rose 9.9 percent to 37.4 million handsets, while North American sales rose 9.4 percent to 35.5 million. In Latin America, sales increased 50 percent to 25.6 million, led by improved sales in Brazil and Mexico.
Nokia saw its market share rise to 31.9 percent during the quarter, compared with 29.6 percent a year earlier, as consumers snapped the Finnish company's mid- to high-end models equipped with cameras and audio players.
Motorola Inc. improved on its second-place market share, rising to 17.9 percent from 15.7 percent, amid strong demand for its stylish, super-thin Razr model.
The company, based in Schaumburg, Ill., strengthened its presence in Europe to become the No. 2 vendor there, up from No. 5 last year. It remained atop the North American market, followed by Samsung Corp. and Nokia.
Rounding out the top five globally were South Korea's Samsung and LG Electronics Inc., with 12.8 percent and 6.5 percent of the market, up from 12.1 percent and 6.1 percent, respectively.
London-based Sony Ericsson, a joint venture between LM Ericsson of Sweden and Japan's Sony Corp., posted a 6.2 percent share, down slightly from 6.6 percent a year ago.
Germany's Siemens AG saw its market share drop to 4.7 percent from 6.9 percent. Siemens is selling its handset unit to Taiwan's BenQ Corp., which will use the brand name for five years.
In Japan, sales fell to 10 million handsets compared with 10.6 million in the second quarter of 2004.
But elsewhere in Asia, sales of phones rose 27.5 percent to reach 48.3 million units.
"The healthy performance was mainly due to strong demand for handsets in emerging markets such as China, India, Bangladesh and Vietnam," said Ann Liang, a Gartner analyst based in Taiwan.

Fortis - boekt fors hogere kwartaalwinst Q2 2005

Fortis boekt fors hogere kwartaalwinst
(tijd-nieuwslijn) - De bankverzekeraar Fortis heeft in het tweede kwartaal een nettowinst gerealiseerd van 1,056 miljard euro. Dat is 43 procent meer dan de 738 miljoen euro die het bedrijf in dezelfde periode vorig jaar boekte. De resultaten zijn fors hoger dan de verwachtingen van analisten. Die hadden gerekend op een nettowinst van 723 mijoen euro.
Fortis geeft zoals verwacht geen verwachting voor heel 2005. Wel laat de groep weten dat het kostenbesparingsprogramma, waarmee het bedrijf in 2006 100 miljoen euro wil besparen, op schema loopt. Fortis keert een interim-dividend uit van 52 eurocent contanten, ofwel 50 procent van het dividend over 2004.

4Kids Entertainment (KDE) - Was in 2000 nr 1 op lijst van sterkst groeiende bedrijven (Fortune)

2005 FASTEST-GROWING COMPANIESBuilt for SpeedFast growers come in all shapes and sizes. This year energy and housing firms star.

Want to see how much the world can change in five years? Take a look at our 100 Fastest-Growing Companies from 2000. That list was loaded with tech and telecom firms, and not a single oil company made the cut. In the No. 1 spot in 2000: since-faded new-media phenomenon 4Kids Entertainment. It turns out—surprise, surprise—that Pokémon does not a business model make.
.........

Topkoers 100€ eind 99 !

Ackermans & van Haaren is a diversified group active in 4 key sectors:


Dredging and environmental services (DEME 2nd largest dredging company in the world),

Human resources services (Solvus Resource Group, n°5 in the European temporary labor market),

Financial services (Bank Delen, one of the largest independent private asset managers in Belgium - Bank J. Van Breda & C°, niche bank for entrepreneurs and liberal professions),

and Private equity (Sofinim, one of the largest risk capital providers in Belgium.



Key Figures and Dividend per Share (in €)
2004
2003
2002
2001
2000
Shareholders' Equity (part group)
21.17
17.91
16.81
16.80
14.83
Net Profit
4.01
1.64
2.20
2.74
2.39
Dividend per Share

Gross
0.65
0.54
0.51
0.51
0.44
Net
0.49
0.41
0.38
0.38
0.33
With VVPR Strip Net
0.55
0.46
0.43
0.43
0.37

Punch

Punch International is a Belgian diversified industrial group focusing on providing total solutions.
Over the years, Punch has evolved from a traditional subcontractor to the electronics industry to a company where technology, research and development play a prominent role.
Today Punch provides total solutions to end-users in segments of the graphics, agriculture, telematics and telemetry industries. In addition, the group also operates as a subcontractor providing tailor-made services to the automotive, consumer electronics, agro-food and display industries.
Employing more than 3,400 people worldwide, Punch operates in production facilities across Europe, Asia, and North and South America.
In 2004, Punch reached a turnover in excess of EUR 215 million and an EBIT of EUR 12.1 million. Punch International (PUN) is listed on the Brussels Stock Exchange (Euronext) since 1999, and is part of the NextPrime Index.



Corporate History
2005
February - Punch takes over Adifil, French company specialised in plastics assemblies for the automotive industry.
March - Punch acquires remaining shares held by OVP management in Punch PlastX Holding. Punch now holds 100% of the shares. OVP activities are integrated with other plastics activities of the group.
May - Punch becomes reference shareholder of Prolion, Dutch producer of automatic milking systems listed on Euronext Amsterdam.
May - Punch Graphix is admitted to trading on the London Alternative Investment Market (AIM) following a successful fundraising of 30 million euros (before expenses) new money. Tickersymbol: PGX .
2004
January – Acquisition of assets, technology and personnel of Acunia.
January – Divestment of minority interest in Wanson Industries.
February – Formation of a joint venture with OVP, which would group all plastics activities.
February – Xeikon Nordic is added to list of Xeikon subsidiaries.
March – Xeikon Italia is created to cover sales and service of Xeikon products in Italy.
May – Xeikon Eastern Europe joins the list of Xeikon subsidiaries.
June - Xeikon Scandinavia completes the list of Xeikon subsidiaries.
July - Acquisition of basysPrint, German CTcP™ specialist.
September - Acquisition of the shares of Taiwanese partner in joint venture Jiin Hui
December - 'Stora Enso Digital Solutions', a joint venture between Stora Enso and Xeikon, kicks-off.


Industries
Over the years, Punch has evolved from a manufacturer of electronic components to a company where technology, research and development play a prominent role.
The various operational activities of the group are organised through three specialised divisions:
Manufacturing Services groups the traditional subcontracting and production activities for the automotive, consumer electronics and television industries worldwide. In 2004 this division represented almost 53% of group turnover.
Graphic Solutions encompasses the activities of Punch Graphix, founded in March 2005. Punch Graphix was formed through the acquisition by Punch of Xeikon (digital colour printing equipment and consumables), Strobbe Graphics (computer-to-plate technology) and basysPrint (computer-to-conventional-plate technology) between 2000 and 2004. In May 2005, Punch Graphix achieved a separate listing on London's Alternative Investment Market ('PGX'). The activities of Punch Graphix accounted for 47% of group turnover in 2004.
Wireless Applications coordinates the research and development activities of Advantra International (telemetry) and Acunia International (telematics).

Punch - H1 2005 results

Punch reports strong first half of 2005
Turnover increased by 80%
Sint-Martens-Latem, Belgium - 1 July 2005 – Punch International ('Punch') has reached a turnover of more than 150 million euros for the first six months of 2005. This represents an increase of 80 per cent compared to 84.2 million euros for the same period last year.
The turnover figure of 150 mio euros takes into account the turnover generated by Punch Graphix for the first six months ended 30 June 2005. Under IFRS, however, Punch Graphix turnover generated since its listing in June should not be taken into account for the full amount. The impact on group turnover would be approximately 12 mio euros.
Punch maintains its expectations for the 2005 results.
The group's full interim results for the first half of 2005 are expected to be published on 20 September 2005.

Melexis - Q2 2005 resultaten

Melexis kondigt de tweede kwartaalresultaten van 2005 aan.
Ieper, België - 2 augustus 2005
De omzet voor het tweede kwartaal bedroeg 42,6 miljoen EUR, een stijging van 9,3% in vergelijking met
hetzelfde kwartaal in 2004.
De brutowinst bedroeg 17.9 miljoen EUR, een stijging van 14.1%.
Het bedrijfsresultaat bedroeg 8,5 miljoen EUR, een stijging van 19,4% in vergelijking met vorig jaar.
De netto winst bedroeg 6,6 miljoen EUR, 15 cent per aandeel een stijging van 9,3% in vergelijking
met hetzelfde kwartaal in 2004.
R&D uitgaven bedroegen 14,7 % van de verkopen, verkoopskosten en algemene en administratieve
kosten bedroegen 7,2% van de verkopen.
Op jaarbasis herbevestigen we een verwachte omzetgroei van 10 tot 15%. De netto winstmarge zal
tussen 16 en 18% liggen.
Rudi De Winter merkt op: "Sinds Q2 van 2004 zien we een gestage groei van de bruto winstmarge van
40,2% naar 42% dit kwartaal. Dit goede resultaat werd geboekt ondanks buitengewoon lage
ontwikkelingsinkomsten van slechts 300K EUR dit kwartaal. R&D inkomsten variëren van kwartaal tot
kwartaal, dus voelen wij ons niet bedreigd door deze laagte. De constante investeringen in innovatieve
produkten renderen geleidelijk aan en dit resulteert in een grotere waaier van produkten en betere marges.
De R&D uitgaven waren dit kwartaal hoger dan normaal door een toenemend aantal prototypes voor
baanbrekende produkten die later dit jaar op de markt komen."
Op 14 juli keurde de buitengewone algemene vergadering de annulatie van 1.323.335 aandelen goed.
De Raad van Bestuur besliste ook een interim dividend van 0,5 EUR bruto per aandeel uit te keren. De
datum van betaling werd vastgelegd op woensdag 5 oktober 2005. Aldus zullen de houders van
de aandelen bij de sluiting van de beursdag van Euronext Brussel op dinsdag 4 oktober 2005 recht
hebben op een terugbetaling van 0,5 EUR bruto dividend per aandeel (0.375 EUR netto/aandeel). De aandelen
van de Vennootschap zullen vanaf woensdag 5 oktober 2005 bij het openen van de beurs genoteerd worden
ex recht.

Telindus - behoudt buitenlandse filialen

Gimv - transactie

Gimv verlaagt belang in cateringketen Carestel
19 augustus 2005 - 09:54

De Vlaamse investeringsmaatschappij GIMV verlaagt haar belang in de restaurantketen Carestel van 11,62% tot 8,92 %. Dat blijkt uit een participatiemelding van Euronext Brussel. De GIMV handelt in onderling overleg met Assart (28,34 %) en Megafood Participations (28,34 %), twee vehikels van de familie Van Milders. De investeringsmaatschappij zit al sinds 1995 in het kapitaal van Carestel. Volgens Frank De Leenheer, woordvoerder bij GIMV, is de meerwaarde beperkt vanwege de geringe omvang van de transactie.

LHSP - Jo Lernout : terugblik

'Gates wilde Lernout & Hauspie niet redden'
18 augustus 2005 - 09:19

'Gates heeft 'neen' gezegd op onze vraag om L&H te redden: hij wou absoluut niet nog eens meer olie gooien op de toen laaiende vlammen van rechtzaken tegen Microsoft in verband met monopolievorming.'Dat zegt Jo Lernout, één van de oprichters van het failliete spraaktechnologiebedrijf Lernout & Hauspie Speech Products, in een vraaggesprek met het magazine Menzo. Lernout, die zich voorbereidt op het megaproces rond L&H dat later dit jaar van start gaat, blikt daarin terug op de fraudeperikelen rond L&H, het Echelon-scenario, de rol van Bill Gates en Philippe Bodson, en zijn overeind gebleven vriendschap met medestichter Paul Hauspie. Lernout is voorlopig als adviseur betrokken bij de promotie van hightech speelgoed en gadgetprojecten in het Verre Oosten.Over politici: 'Het meest was ik ontgoocheld in de 'politici': slechts enkelen durfden nog angstvallig hun nek uit te steken en overduidelijk te zeggen dat L&H heel wat kennis en producten in huis had. Maar de meesten zwegen als vermoord en stoven als bange hazen weg vanaf het ogenblik dat het woord 'fraude' viel.' (...) Maar echt spijtig is het feit dat er geen enkele deftige poging werd ondernomen om L&H te helpen redden. Hadden ze de wil en moed gehad, dan waren de politici daarin geslaagd. (...) Twee maanden eerder had Marc Verwilghen nog zitten pochen op televisie dat hij L&H-technologie had zien werken in de snelrechtbanken in New York. Fier dat hij was! Was dat dan lucht?'Over het Echelon-scenario (Echelon is een spionagenetwerk dat wereldwijd e-mails, telefoongesprekken en faxberichten onderschept): 'De stelling dat er heel gericht aan spionage binnen ons bedrijf werd gedaan door Echelon vanuit de VS en dat men zelfs opteerde voor een shot-down van L&H valt moeilijk te weerleggen. (...) Dat werd zelfs door Belgische toppolitici bevestigd. (...) Onlangs heeft zelfs een journalist van de Wall Street Journal, een zekere Richard Milner, in Brussel tijdens een bijeenkomst annex drink in een dronken bui toegegeven dat hij destijds door de CIA werd benaderd met de opdracht L&H neer te halen.'Over de werking van onze staatsveiligheid: '...wist de Belgische staatsveiligheid dat L&H werd bespioneerd, en zo ja, waarom werden we dan niet gewaarschuwd? Zo neen, had ze dit dan niet moeten weten als ze haar werk goed deed? De staatsveiligheid heeft immers als één van haar opdrachten de Belgische patrimonia te beschermen.'Over Bill Gates: 'Gates zag ons eerder als een bedrijf dat voor en met Microsoft de vele taalversies zou produceren die Microsoft zelf niet wenste aan te maken. (...) Toch had hij het niet zo begrepen op ons Sofia-project (een toestel door L&H ontwikkeld waarbij mondeling een vraag werd gesteld aan een computer, die dan draadloos het internet afschuimde naar een antwoord). Gates heeft 'neen' gezegd op onze vraag om L&H te redden: hij wou absoluut niet nog eens meer olie gooien op de toen laaiende vlammen van rechtzaken tegen Microsoft in verband met monopolievorming.'

Agfa - Q2 2005 resultaten - lager dan verwachte kwartaalwinst

Agfa-Gevaert boekt lager dan verwachte kwartaalwinst
(tijd-nieuwslijn) - De beeldbewerkingsgroep Agfa-Gevaert heeft in het tweede kwartaal van 2005 een nettowinst geboekt van 22 miljoen euro, tegenover een vergelijkbare winst van 36 miljoen euro een jaar eerder. De cijfers vallen lager uit dan analisten hadden voorspeld. Inclusief de kosten verbonden aan de verkoop van Consumer Imaging leed de groep in het tweede kwartaal 2004 een nettoverlies van 255 miljoen euro. Agfa plant voor 40 miljoen euro bijkomende besparingen in de tweede jaarhelft.
De nettowinst ligt lager dan verwacht. De consensus van Tijd-Nieuwslijn bedroeg 24,2 miljoen euro. De omzet daalde in het tweede kwartaal van 1,006 miljard euro tot 849 miljoen euro, een afname met 15,6 procent. Analisten gingen gemiddeld uit van een omzet van 829,4 miljoen euro. Zonder wisselkoerseffecten en bij gelijke consolidatiekring steeg de omzet met 0,6 procent.
De bedrijfswinst (ebit) bedroeg in het tweede kwartaal 48 miljoen euro, tegenover de consensus van 52,3 miljoen euro en tegenover een bedrijfsverlies van 366 miljoen euro vorig jaar. Zonder het uitzonderlijke verlies op de verkoop van Consumer Imaging zou de bedrijfswinst toen 64 miljoen euro bedragen hebben.
De brutowinstmarge daalde van 41,2 procent tot 37,2 procent. De gestegen grondstofkosten en de hoger dan verwachte prijserosie, vooral in HealthCare, hadden een negatieve impact op de marges.
--------------------------

Weaker than expected trading environment in Q2 - Business Groups to become operationally independent as of January 1, 2006 - Share-buy back program initiated
Press release Mortsel (Belgium) July 6, 2005, 8:00
Agfa-Gevaert today announces that the trading environment of the second quarter, although better than during the first three months of 2005, remained weaker than expected. Sales are expected to be around 440 million Euros in Graphic Systems and around 355 million Euros in HealthCare.
The slower than anticipated sales, continuous high raw material costs and higher than expected price erosion, in particular in HealthCare, will also affect profitability of the second quarter. The operating profit of the two business groups is expected to be higher than in the first quarter, but significantly below last year's.
Consistent with the trend of the last years, Agfa expects very strong sales in the second half of 2005, and especially a very strong last quarter in HealthCare. In addition, the effect of the recently launched initiatives to curb price erosion will gradually increase and production and operating costs will be reduced by an estimated 40 million Euro compared to the first six months of the year. As a result, Agfa expects that 2005 sales will grow year over year in both business groups while second half profits will not completely offset the shortfall of the first half of 2005.
"2005 is a transition year for both businesses. We are focusing on diminishing price erosion, reducing costs and leveraging the acquisitions made. Starting in 2006 we expect the first beneficial effects of industrial inkjet, the new growth platform for Graphic Systems, to become apparent. In HealthCare, the recently made IT acquisitions are already yielding the first synergies and will contribute significantly to the operating profit as of 2006.We are driving an important portfolio and technology shift in both our business groups. On a quarter to quarter basis, the growth of our digital businesses will not perfectly compensate the decline of the traditional imaging products. However, the fundamentals of the business remain strong and we are convinced that we have the right portfolio, technologies and distribution channels to successfully manage the transition to digital," said Marc Olivié, Agfa's President and Chief Executive Officer.
Agfa also announces that the project to make both business groups operationally independent is advancing well so that its implementation will be pulled forward from the originally planned date of early 2007 to January 1, 2006. By that date, the two business groups will each have full control over their income statement and balance sheet.
In addition, after having received the authorization from the shareholders to buy back up to 10 percent of the shares, the Board of Directors has approved the execution of a first tranche of this program and to buy back up to 3 percent of the outstanding shares.

Nokia - Samsung - Market share rises

Motorola Set To Gain Handset Market Share Ed Lin, 08.16.05, 2:54 PM ET
UBS Investment Research raised estimates on Motorola (nyse: MOT - news - people ), noting that handset volume upside "continues to be driven by higher-then-expected net subscriber additions, particularly in emerging markets." UBS continues to believe that scale will play an increasingly important factor in the industry, "as those without sufficient scale will struggle to keep up with the increasing numbers of required product launches and investment levels to succeed in this environment."
The research firm estimates that the top five vendors--Nokia (nyse: NOK - news - people ), Motorola, Samsung, LG Electronics and the joint venture of Sony (nyse: SNE - news - people ) and Ericsson (nasdaq: ERICY - news - people )--in total will grow share to 80% in 2006 from 70% in 2003.
"We believe Nokia, Motorola and Samsung will be the main winners as all of them have material scale advantages over their competitors," UBS said. The firm increased Motorola's 2006 handset estimate to 156 million from 146 million, citing upward revisions to global handset forecasts, expectations for more consolidation in the handset industry, and "our belief in Motorola's ability to gain additional market share." UBS left Motorola's 2005 earnings-per-share estimate at $1.07 per share, but raised the 2006 estimate to $1.24 per share from $1.20 to reflect increased handset unit forecasts. The firm raised Motorola's price target to $27 from $24. "We believe Motorola's strong balance sheet, product portfolio, and opportunity for market share gains and margin expansion (through initiatives such as supply chain rationalization) should allow for a modest premium to the market multiple," UBS said.

Philips - Inkoop eigen aandelen

Philips hoger na bekendmaking inkoopprogramma
15 augustus 2005
Aandelen Philips winnen terrein in de ochtendhandel, nadat het electronicaconcern bekendmaakte een nieuw inkoopprogramma op te starten van eigen aandelen. Dat is goed nieuws voor aandeelhouders. Philips stijgt 1,9 procent tot 21,92 euro, terwijl de AEX-index 0,2 procent daalt. In een persbericht maakte Philips vanmorgen bekend dat in de komende twaalf maanden ter waarde van maximaal 1,5 miljard euro eigen aandelen gaat inkopen. Dat volgt op een net afgerond programma ter waarde van 500 miljoen euro, dat in de afgelopen zes maanden werd uitgevoerd. Lumileds Het optimisme op de beurs wordt mogelijk ook veroorzaakt door een overname die Philips aankondigde. Philips koopt voor 765 miljoen euro een 47 procentbelang in lampenfabriek Lumileds van Agilent. Lumideds produceert LED-lampen, die duurzamer zijn dan gewone lampen en minder energie vragen.Na de transactie, die in contanten wordt betaald, is Philips in bezit van 96,5 procent van Lumileds. Het resterende belang wordt gehouden door personeel van de onderneming. Bij Lumileds werken 1760 mensen die in de afgelopen twaalf maanden ongeveer 324 miljoen dollar omzet genereerden.

Telindus - Het beleggersnet

Gemengde gevoelens bij Telindus
11 augustus 2005
Telindus bevestigde een goed eerste halfjaar in 2005 met een omzetstijging tot 288 miljoen euro (+11 % in vergelijking met H1 2004). Deze groei bestond uit 7 % interne groei en 4 % groei door de overname van ARCHE. Deze omzetstijging is grotendeels te danken aan de toegenomen inkomsten m.b.t. de diensten, de motor voor de rendabiliteit van het bedrijf. In het eerste halfjaar van 2005 werd een omzet in diensten van 121 miljoen euro geboekt, goed voor een stijging met 25 % in vergelijking met de gerealiseerde omzet in diensten van 96 miljoen euro in dezelfde periode vorig jaar. Deze stijging omvatte 21 % interne groei en 4 % groei door acquisities. De omzet uit producten bleef betrekkelijk stabiel en bedroeg 168 miljoen euro, goed voor een stijging met 2 % in vergelijking met H1 2004. Op interne basis kende omzet in producten een lichte daling van 1 %.
ING wees op de impressionante groei bij de dienstverlening, maar stelde anderzijds erosie van de marges vast. Het koopadvies evenals het koersdoel van 12 euro blijven bevestigd. KBC Securities ging even dieper in op de cijfers van Telindus. De goede dingen verbeteren verder, maar anderzijds verslechtert de situatie op de zwakkere markten. Bovendien dringen zich nieuwe problemen op in de vorm van lage bruto marges en te lage volumes van eigen producten. Het management pompt nog steeds geld in Duitsland, Italië en China, in de hoop dat deze markten opnieuw rendabel gaan worden. Het geld dat elders wordt verdiend, verdwijnt in deze markten.

LJ International - JADE - Q2 2005 resultaten

LJ Int'l 2Q Profit Falls 36 PercentThursday August 11, 10:35 am ET
LJ International Second-Quarter Profit Falls 36 Percent, Revenue Exceeds Internal Forecasts
LOS ANGELES (AP) -- Jewelry company LJ International Inc. said Thursday that its second-quarter profit fell 36 percent due to the opening of new retail stores, but revenue exceeded internal forecasts.
Quarterly income declined to $303,000, or 2 cents per share, from $474,000, or 4 cents per share, a year ago. Excluding expected startup expenses of about $300,000 for the company's Enzo retail store division, LJ International reported net income of $603,000, or 4 cents per share, for the latest quarter.
Revenue rose 17 percent to $19.1 million from $16.3 million last year on higher-than-expected demand from existing customers.
The company had forecast earnings per share of 2 cents to 3 cents for the second quarter on revenue of $17.5 million to $18 million.

LJ International expects gross margins, which were unchanged year-over-year at 24 percent, to improve significantly from higher margin sales from its Enzo stores.
The company forecast third-quarter earnings per share of 9 cents to 10 cents, including startup costs for more Enzo stores, on revenue of $23 million to $24 million.

LJ International shares rose 18 cents, or 7.1 percent, to $2.75 in morning trading on the Nasdaq. In the past few months, shares have fluctuated between a high of $3.72 in March and a low of $1.95 in May, and are down 6 percent so far this year.

Nokia - Answering The Call Won't Be Easy

Nokia: Answering The Call Won't Be Easy
Can Nokia's new chief keep the mobile giant ahead of ever-stronger rivals? When Jorma Ollila became chief executive of Nokia Corp. (NOK ) in 1992, the money-losing Finnish conglomerate was desperately seeking fresh ideas. Ollila assembled a close team of lieutenants and bet the future on an emerging technology whose success exceeded their wildest dreams: mobile phones. It was a blue-sky opportunity that Nokia rode to the stratosphere. Today the Helsinki company sells one-third of the world's handsets, more than the combined share of its two closest rivals, Motorola Inc. and Samsung Electronics. Profits neared $4.4 billion in 2004 on revenues of $40 billion, up tenfold since Ollila took over.But the Ollila era is ending, and life for his successor could be much harder. On Aug. 1 the 54-year-old CEO said he'll step down when his contract expires next June. In Ollila's place will be another company veteran, 52-year-old Olli-Pekka Kallasvuo, who served 10 years as chief financial officer before taking charge of Nokia's mobile-phone unit 18 months ago. Strong operational and money-management skills -- and two years heading Nokia's American business in the '90s -- apparently gave Kallasvuo a leg up over his rivals.Kallasvuo will face far different challenges than Ollila did early in his tenure as CEO. Despite a steady increase in Nokia's unit sales, annual revenues have sagged about 1% each year since 2001. Kallasvuo has to find new growth avenues, fight sliding profit margins, and revive a stock that has been flat since 2001. He also must battle ever-tougher competitors, especially a resurgent Motorola and Korean powerhouses Samsung and LG Electronics. "Nokia is facing the renaissance of rivals," says analyst Richard Windsor of Nomura International in London.No question, the mobile industry Nokia helped create is still growing at an astonishing rate. Researcher Gartner Inc. figures worldwide sales will hit 780 million units this year, up 16%, and could exceed 1 billion in 2009. The problem is that booming business in developing areas such as China, India, and Latin America is shifting Nokia's sales mix to less lucrative models, squeezing results. Nomura's Windsor predicts the company's handset revenues this year will climb 12.7%, to $31.6 billion, less than the industry's growth rate. Operating margins that used to hover above 20% in Nokia's glory days could drop as low as 15% this year.SNAZZIER PRODUCTS Kallasvuo is likely to stick close to his predecessor's vision. In recent years, Nokia has diversified under Ollila into corporate phone/PDA hybrids and multimedia devices such as handsets with camera and built-in music players. Higher prices and profits there should help counteract downward pressure from mass-market phones. The new initiatives still kick in just 20% of revenues and 5% of operating profits, but analysts predict the contribution will climb sharply in coming years. As head of the core mobile-phone group, which accounts for 60% of Nokia's sales, Kallasvuo also backed efforts to push snazzier products to market faster and improve research and development productivity. That should alleviate Nokia's tendency to deliver cutting-edge features to customers later than rivals do.A new generation of Nokia managers will help Kallasvuo put his stamp on the company. Most of Ollila's inner circle have moved on; they'll be replaced by a younger, more diverse crowd, including 46-year-old American CFO Richard A. Simonson and Simon Beresford-Wylie, 47, an Australian who runs the networks group. Another fresh face: Mary T. McDowell, 41, who was recruited from Hewlett-Packard Co. (HPQ ) to head a new Nokia unit that sells Internet gear and mobile-data devices to corporations. Says Ollila: "We need new blood."That's not all Nokia needs. To bring back robust growth, Kallasvuo may eventually have to find new opportunities far beyond Ollila's road map. The youthful brain trust should help, but the job will fall to Kallasvuo to dream up a vision that rivals Ollila's brainstorm.By Andy Reinhardt in Paris

4Kids Entertainment (KDE) - Resultaten Q2 2005

4Kids Entertainment Reports Second Quarter ResultsTuesday August 9, 4:02 pm ET
NEW YORK--(BUSINESS WIRE)--Aug. 9, 2005--4Kids Entertainment, Inc. (NYSE: KDE - News) today announced net revenues for the second quarter ended June 30, 2005 of $19.0 million compared to $22.1 million in the same period last year. Net income for the quarter was $631,000, or $0.05 per diluted share, compared to net income of $2.0 million, or $0.14 per diluted share, in the year-earlier period. The diluted weighted average common shares outstanding for the three months ended June 30, 2005 was 13,700,291 shares compared with 14,493,824 shares for the prior year.
For the six months ended June 30, 2005, net revenues totaled $39.3 million compared to $44.6 million in the same period last year. Net income for the six-month period was $2.6 million, or $0.19 per diluted share, compared to net income of $5.2 million, or $0.36 per diluted share, in the same period a year ago.
Al Kahn, Chairman and Chief Executive Officer, said "The decline in second quarter 2005 net revenues and net income resulted mainly from reduced home video revenue and international television sales. In addition, softer sales of Yu-Gi-Oh!(TM) licensed merchandise and reduced licensing revenues from Kirby(TM) were only partially offset by increased licensing revenue for Winx Club(TM) and American Kennel Club(TM) in the domestic market and Shaman King(TM) internationally."
Second quarter 2005 results were also impacted by somewhat higher overall expenses including increased advertising and promotional costs associated with building the "4Kids TV" brand and achieving and maintaining compliance with Sarbanes-Oxley.
"We continue to execute our strategic plan," said Kahn. "Our investment in the re-branding of the four hours of children's programming produced by 4Kids and broadcast on Saturday mornings on FOX as "4Kids TV" has helped to improve ratings, and has enhanced our ability to attract new programming that can translate into future licensing revenues and stronger ad sales.
"We are particularly excited about our strong fall 2005 line-up on 4Kids TV." We will be building on the initial broadcast success of Winx Club (TM), our first girls' television property. In September, 4Kids TV will be premiering the new BRATZ ® television series, based upon the top-selling line of fashion dolls from MGA Entertainment, as well as MAGICAL DOREMI (TM), one of Japan's most successful girls' programs. For our boys' audience, this fall, we will also debut the all new G.I. Joe Sigma 6 (TM) series on 4Kids TV," stated Kahn.
"In addition to Yu-Gi-Oh! Season 5 which is scheduled to be broadcast on Kids' WB! in the fall of 2005, a new Yu-Gi-Oh! spin-off series called Yu-Gi-Oh! GX, is scheduled for broadcast this fall on the Cartoon Network. The GX series, set a generation in the future, is expected to benefit from an expanded licensing program slated to begin in the second half of the year," said Kahn.
In the second quarter of 2005, 4Kids repurchased an additional 250,000 shares of the Company's common stock, bringing the total number of shares repurchased under the current 1 million share authorization to 600,000.
"Our goal is to build the world's leading vertically integrated children's entertainment company specializing in licensing," Kahn said. "With no debt and cash and investments of $108.1 million at June 30, 2005, we have significant resources with which to execute our growth strategy and build our portfolio of kids content. Going forward, we will remain sharply focused on building the 4Kids TV brand and expanding our content to promising new distribution platforms that can drive long-term growth and enhanced profitability," concluded Kahn.

Scansoft

ScanSoft Climbs to Quarterly ProfitTuesday August 9, 5:16 pm ET
ScanSoft Swings to Small Third-Quarter Profit From Loss on 23 Percent Jump in Revenue
BURLINGTON, Mass. (AP) -- ScanSoft Inc., a provider of digital imaging software and speech technology for call centers, said Tuesday that it swung to a profit in the fiscal third quarter on higher revenue and improved operating margins.
Net income totaled $160,000, or breakeven per share, up from a loss of $410,000, or nil per share, in the same period last year. The company's results were largely driven by a 23 percent jump in revenue, which rose to $56.8 million from $46.1 million a year earlier.
Excluding non-cash items, such as restructuring charges and stock-based compensation, ScanSoft said it would have reported third-quarter income of $5.9 million, or 5 cents per share, up from $4.3 million, or 4 cents per share, in the third quarter of 2004.
The adjusted results beat analysts' expectations for profit of 4 cents per share on revenue of $54.8 million, according to a Thomson Financial survey. ScanSoft shares rose 10 cents, or 2.2 percent, to close earlier at $4.54 on the Nasdaq.
Earlier this year, ScanSoft announced plans to buy rival Nuance Communications Inc. for $221 million. The company said Tuesday that it still expects to close the deal in September.

------------


ScanSoft posts Q3 net incomeTue Aug 9, 2005 06:23 PM ET BANGALORE, Aug 9 (Reuters) -
SCANSOFT INC. (SSFT.O: Quote, Profile, Research)
Latest Forecast* Yr ago qtr EPS (diluted, $/shr) 0.00 -- 0.00 EPS, pre ex#(dil, $/shr) 0.05 0.04** 0.04 Net income ($ thousands) 160 -- -410 Total revenue ($ million) 56.8 54.6** 46.1
*Source: Reuters Estimates
**5 analysts
#Excludes extraordinary, special or one-time items
--The maker of speech recognition software said it had about 116.4 million weighted average diluted shares outstanding in the latest quarter, compared with 103.9 million shares used in computing GAAP EPS and 113.5 million shares used in computing non-GAAP EPS in the year-ago quarter.
--On May 9, ScanSoft said it would acquire Nuance Communications Inc. (NUAN.O: Quote, Profile, Research) for about $221 million in cash and stock. The acquisition is expected to close in September 2005, pending stockholder and regulatory approvals.

Barco - Barco overtuigt niet echt met cijfers Q1 2005

Barco overtuigt niet echt met cijfers
04 augustus 2005
Barco rapporteerde over het tweede kwartaal één euro winst per aandeel, waar dat tijdens dezelfde periode van vorig jaar 1,03 euro was. Over het eerste kwartaal van dit jaar realiseerde Barco een winst per aandeel van 0,40 euro. De winst per aandeel na verwatering bedroeg 0,90 euro, tegenover 0,96 euro in dezelfde periode van vorig jaar en 0,37 euro in het vorige kwartaal.De omzet bedroeg 176,90 miljoen euro. Dit cijfer vertegenwoordigt jaar op jaar een stijging van 3,10 % en valt binnen de verwachtingen van het management, die tussen 170 en 180 miljoen euro lagen. De bruto winstmarge verhoogde van 39,60 % in het 1e kwartaal van 2005 naar 42,30 % in het 2e kwartaal van 2005. In het 2e kwartaal van 2004 bedroeg de bruto winstmarge 44,10 %.De EBITA bedroeg 15,50 miljoen euro, met een EBITA-marge van 8,70 %, een verhoging ten opzichte van 6,40 miljoen euro of een EBITA-marge van 4,20 % in het 1e kwartaal van 2005. In het 2e kwartaal van 2004 was de EBITA-marge 10,90 %. Het nettoresultaat bedroeg 11,70 miljoen euro, dit is een aanzienlijke stijging ten opzichte van de 4,90 miljoen euro uit het eerste kwartaal van 2005. In het tweede kwartaal van 2004 bedroeg het nettoresultaat 12,60 miljoen euro.Delta Lloyd Securities sprak van licht tegenvallende cijfers. Omzet en winst overtuigden niet, maar de bruto marge was beter dan verwacht. De rating ‘accumulate’ blijft gehandhaafd, evenals het koersdoel van 65,50 euro. Bank Degroof sprak van solide resultaten, waarbij het effect van de doorgevoerde kostenherstructurering wordt aangetoond door het herstel van de brutomarges. Vanwege de lage waardering en de kansen op herstel blijft de rating staan op ‘accumulate’.De resultaten van Barco lagen in de lijn van de verwachtingen van ING, maar kwamen meestal wel onder de consensus uit. De rating ‘houden’ voor het aandeel blijft gehandhaafd. De opleving tijdens Q2 was volgens KBC Securities niet sterk genoeg om het eerste kwartaal goed te maken. Het neutraal advies blijft gehandhaafd omdat Barco zijn kostenstructuur heeft kunnen terugdringen en omdat het bedrijf de belangrijkste obstakels uit het eerste kwartaal kon nemen.

Nokia - Possible Takeover Plans by Cisco Systems ?

Nokia Shares Up on Takeover Plan Report
Monday August 8, 1:34 pm ET By Matti Huuhtanen, Associated Press Writer
Nokia Shares Rise After Report of Possible Takeover Plans by Cisco Systems
HELSINKI, Finland (AP) -- Nokia Corp. shares rose Monday after a report that Cisco Systems Inc. was interested in an acquisition in the wireless market and that the Finnish mobile phone maker might be a target.
Shares shot up 3.3 percent to 13.35 euros (US16.51 euros) and closed at 13.06 euros ($16.15), 1 percent higher than Friday, following the report on Sunday in The Business paper in Britain.
The paper, without citing its sources, said that San Jose, California-based Cisco was considering buying a wireless company, and that Nokia had been identified as the most likely target. Both companies declined to comment to The Associated Press on the report.
"We don't comment on any sort of rumor, ever," said Cisco spokeswoman Elizabeth McNichols.
Speculation about takeovers and possible mergers have been rife since Nokia became the world's largest mobile phone maker in the mid-1990s. Nokia watchers in Helsinki dismissed the latest report.
"Most likely, it's just a rumor ... based on unfounded market rumors circulating on the Internet," said Erik Suckdorff, an analyst at FIM Securities.
Hannu Rauhala from Opstock said such an acquisition was unlikely.
"It's difficult to see that any other company would be able to get more efficiency out of Nokia than the company itself," Rauhala said. "The markets and products are so different (for the two companies) that it's difficult to see any possible synergy benefits."
Nokia announced last week that its longtime CEO Jorma Ollila, who steered the company from making consumer electronics and cables to become the world's No. 1 mobile-phone maker, would retire on June 1. In a move that signaled continuity, Nokia said he will be replaced by Olli-Pekka Kallasvuo, the head of its mobile phones unit, who belonged to Ollila's core team that transformed the small Finnish company into an international player.

Agfa - 'Het beleggersnet'-visie

Agfa-Gevaert
03 augustus 2005
DE GROTE METAMORFOSE
De zwakke eerste jaarhelft en de bijhorende winstwaarschuwing leverden weinig fraaie commentaren op. ‘De specialist in overgangsjaren’, ‘de eeuwige ontgoocheling’: nogal wat beleggers zien in Agfa-Gevaert een valse belofte. Toch zijn de koersprestatie van het aandeel minder slecht dan velen denken. Het aandeel noteert nu rond 22,9 EUR: een viertal procent boven de introductiekoers van 22 EUR begin juni 1999. Niet om over naar huis te schrijven. Maar toch: zes jaar geleden schommelde de BEL20 rond 3200 punten, exact rond het huidige niveau. In relatieve termen heeft het aandeel Agfa het dus niet slecht gedaan. En zeker niet vergeleken met buitenlandse indices. Maar de hamvraag blijft of het aandeel ooit echt naar een hoger niveau zal kunnen doorstoten. Want de brave huisvader die in 1999 intekende en bleef zitten, verdient voor zoveel volharding toch een hogere beloning dan een return zoals die op een spaarboekje?

We kunnen absoluut niet zeggen dat de Agfa-Gevaert groep de jongste zes jaren bij de pakken is blijven neerzitten. Integendeel, de goede start bleek slechts een gevolg van de hoogconjunctuur van het jaar 2000. Daarna bleek dat Agfa totaal niet opgewassen was tegen de conjunctuurafzink. Ludo Verhoeven, een Agfa-man in hart en nieren, greep de macht en bleef tot zijn aftreden begin dit jaar herstructureren om de kosten structureel te verlagen. Het hakmes werd met overleg gehanteerd, want het ultieme doel was om Agfa flexibeler te maken. De verschillende activiteiten mochten niet meer voor mekaars voeten lopen, maar moesten onafhankelijk van elkaar een leiderspositie in hun markt kunnen innemen. Want de digitale evolutie had zowel de technologie als de markten voor de fotografie (Consumer Imaging), de pre-press (grafische divisie) en de technische beeldverwerking (HealthCare, NDT …) uit elkaar gedreven. Pas als dat werk af was, zou Agfa in de beste omstandigheden vol kunnen gaan voor enerzijds het uitbouwen van de activiteiten met het grootste potentieel en anderzijds het afstoten van de andere ‘métiers’.

Vanaf 2004 werd daar echt mee van start gegaan. Non Destructive Testing verhuisde naar General Electric, Monotype werd verkocht en Consumer Imaging verliet in november 2004 de portefeuille. Tegelijk ging Agfa op oorlogspad voor het versterken van de twee divisies die de groep wil uitbouwen. Voor de grafische divisie werden achtereenvolgens Dotrix en Lastra overgenomen en voor de medische divisie werden Symphonie Online, GWI en Heartlab binnengehaald. Dankzij het herstructureringswerk en het geld van de afgestoten activiteiten kon Agfa diep in de buidel tasten voor de versterkingen van HealthCare. Nu we het hier opsommen, valt op hoe drastisch de Agfa-portefeuille gewijzigd is, en dat vrijwel allemaal in 2004! Alleen al daarom zou het niet verwonderen dat Agfa dit boekjaar (laat staan in de eerst jaarhelft ) nog niet op zijn volle potentieel kan werken.

Toegegeven, de excuses van Agfa voor het erg zwakke eerste kwartaal en later de waarschuwing voor een ondermaats tweede klinken afgezaagd. ‘Hoge grondstoffenprijzen’, ‘de dure euro’ en ‘prijserosie’. Analisten schrokken ervan dat de omzet van de sterdivisie bij uitstek in het eerste kwartaal zonder de overnames met 5% gedaald zou zijn. Bovendien kromp de operationele winstmarge tot 8,6%, terwijl beleggers in de beste kwartalen al hadden geproefd van een marge van meer dan 20%! Agfa benadrukt dat de activiteiten na de overname van het Duitse GWI nog meer gerelateerd zijn aan projecten aan informatietechnologie en die worden traditioneel vooral in het vierde kwartaal gerealiseerd. Door de hoge seizoensgevoeligheid zullen beleggers pas begin 2006 (bij de jaarresultaten) kunnen oordelen of HealthCare zijn beloften echt kan waarmaken.
Van de grafische divisie wordt minder verwacht, maar die stelde relatief gezien ook minder teleur. Maar de (ook exclusief overnames) omzetdaling van 1,9% werd uiteraard ook niet op gejuich onthaald, net zomin als de operationele winstmarge van 5,6%. Bij de beursintroductie werd voor deze afdeling op termijn een winstmarge van 12% als doel gesteld, maar dat bleek vooralsnog een ijdel doel. Net als bij HealthCare heten de kwelduivels hier hoge grondstoffenprijzen, een dure euro en prijserosie. In hoeverre de overname van Lastra eerst op de marges woog en nu of later de divisie dichter bij het beoogde doel kan brengen, valt af te wachten. Ondertussen komt de productie van digitale platen in China wel stilaan op volle toeren.

Naar twee genoteerden?
Tegelijk met de winstwaarschuwing begin juli, kondigde Agfa aan dat de twee hoofddivisies al vanaf begin 2006 volledig afhankelijk van elkaar zullen kunnen werken. Dat voedde de speculatie dat een van de divisies nu snel(ler) zal worden verkocht. Het onafhankelijk werken van alle hoofdactiviteiten is slechts het orgelpunt van de hele metamorfose die de groep de voorbije zes jaar onderging. HealthCare en de grafische activiteiten zullen als twee volledig aparte ondernemingen werken. Het huidige holdinggeraamte zal dan verdwijnen. En waarom zou hoofdaandeelhouder KBC (27%) niet kunnen uitstappen in een operatie waarin het Graphic Systems en Healthcare als twee aparte bedrijven op de beurs brengt? De meeste analisten denken echter in de richting van een verkoop van HealthCare. Nu Philips zich middels een kleinere overname in die branche heeft versterkt, is de hoop op een snelle verkoop wat geluwd. Maar sowieso zouden de aandeelhouders na een verkoop van kroonjuweel HealthCare ‘blijven zitten’ met de grafische activiteiten, die niet bepaald als een groeiende sterperformer beschouwd worden.

Nieuwe groeidivisie
Maar mogelijk wordt precies die divisie het meeste onderschat. Agfa kijkt al lang met begerige blik naar het geld dat spelers als HP verdienen met de peperdure inkjetcartridges. Sinds enkele jaren is Agfa zeer actief in de ontwikkeling van inkjettechnologie voor industriële druktoepassingen. Het is een markt die explosief groeit en tegen 2010 al groter zou zijn dan de hele pre-press markt (huidige activiteit). Dit jaar lanceerde Agfa zich op de markt met enkele veelbelovende ontwikkelingen, maar pas vanaf 2006 zou dat ook echt in de resultaten verschijnen. Ook wat dat betreft, lijkt het koerspotentieel op korte termijn dus helaas beperkt. Maar de ervaring leert dat als ‘men’ het heeft over het ontbreken van een ‘trigger’ voor de koers, een belegger best niet te lang meer wacht om in te stappen. En voor wie al wacht sinds 1999, kan best nog even geduld oefenen. Veel hoef je daarvoor waarschijnlijk niet te riskeren. Als aandeelhouder van Agfa heb je op zijn minst al grote kans dat je het rendement van een spaarboekje zal kloppen.

Zwart beest consumer imaging
Coûp de théâthre: de pas in november 2004 afgestoten divisie die verder ging onder de naam Agfa Photo GmbH, vroeg eind mei dit jaar een Duits concordaat aan. Dat kan stakeholders van Agfa Photo ertoe aanzetten schadevergoeding te vragen aan het oude moederbedrijf, vrezen sommigen. Anderzijds verleende Agfa een lening van 112 miljoen EUR, weliswaar gedekt door een leasingportefeuille. Bovendien bleek later dat Agfa ook werkkapitaal leende. Naar verluidt “ook volledig gedekt en veilig”. Toch is het duidelijk dat Agfa zich in een moeilijk parket bevindt: enerzijds kan het moeilijk helemaal de stekker uit de oude divisie trekken, maar anderzijds huiveren de beleggers van dergelijke constructies. Iets wat minstens nog een tijdje op de koers zal wegen.

Van 2 naar 10 miljard EUR in vijf jaar!?
De markt voor industriële inkjettoepassingen wordt tegen 2010 geschat op 10 miljard EUR. Een explosieve groeimarkt dus, want vandaag wordt die markt geschat op 2 tot 3 miljard EUR. Een nieuwe markt voor Agfa en toch ook niet. Binnen de pre-press activiteiten levert Agfa immers ook het materiaal om proefdrukken te maken en dat gebeurt via inkjettechnologie. Inmiddels heeft Agfa via diverse partnerships nieuwe hardware ontwikkeld. Ondermeer de pas gelanceerde vlakbedscanner ‘M press’ voor grote formaten blijkt een inslaand succes (lancering in mei en al voor zowat 20 miljoen EUR bestellingen). Maar Agfa wil en zal pas echt oogsten als het ook volop de inkt zal leveren. Die is goed voor 60% van de omzet van de markt en daar wordt het geld mee verdiend. Uiteraard is Agfa niet de enige die zijn oog op deze veelbelovende markt heeft laten vallen. Maar de kans dat de grafische poot van Agfa vanaf 2006 niet meer als matuur kan worden afgedaan, is reëel.

Nokia - Estimates

Nokia MP3 Handsets Could Take Share From Apple IPods
08.05.05, 12:29 PM ET
Standard & Poor's Equity Research reiterated a "hold" rating on American depositary receipts of Nokia (nyse: NOK - news - people ) and raised estimates. S&P Equity Research raised the 2005 earnings estimate to $1.00 per ADR from 98 cents, and raised the 2006 estimate to $1.11 from $1.00. "We expect handset competition to intensify at the mid-range and at the top end, particularly from Motorola (nyse: MOT - news - people ) this year and Samsung next, keeping handset prices and operating margins under continuous pressure," the research firm said. S&P Equity Research said Nokia could gain more market share if its planned launches of MP3 player-enabled handsets take share from Apple Computer (nasdaq: AAPL - news - people ) iPods. The firm maintained a 12-month target price of $17 on Nokia ADRs.

Scansoft - Verbeterde vooruitzichten : ScanSoft Boosts 3Q Outlook and Guides 4Q Expectations in Line With Wall Street Estimates

ScanSoft Raises Third-Quarter OutlookWednesday
August 3, 6:48 pm ET
ScanSoft Boosts 3Q Outlook and Guides 4Q Expectations in Line With Wall Street Estimates
BURLINGTON, Mass. (AP) -- ScanSoft Inc., a provider of speech and imaging products, raised its third-quarter guidance on Wednesday, citing revenue growth and cost controls, and projected fourth-quarter results in line with Wall Street estimates.
The company's shares rose 28 cents, or about 7 percent, to $4.30 in after-hours trading, following their close down 10 cents, or 2.4 percent, at $4.02 on the Nasdaq.
ScanSoft said it expects quarterly results between a loss of 1 cent to break-even per share, or earnings of 4 cents to 5 cents per share excluding items, on revenue of $55 million to $56 million.
The company previously expected a third-quarter loss of 3 cents to 4 cents per share, or earnings between 3 cents and 4 cents per share excluding items, on revenue of $53 million to $55 million.
Analysts expect a profit of 3 cents per share excluding items, on revenue of $54.4 million, according to a Thomson Financial poll.
"These preliminary results indicate that ScanSoft completed another strong quarter through sustained revenue growth and continued operating improvements," said Paul Ricci, chairman and chief executive, in a statement. "Our continued operational progress gives us additional confidence as we head into our fourth fiscal quarter."
The company said its revenue was driven by continued performance in its global speech business, while earnings were helped by cost controls and improved productivity.
ScanSoft said it expects the fourth quarter to benefit from continued strength in its speech business and a new imaging product release, but cautioned that there could be possible disruptions from the integration of acquired assets, and noted the quarter is historically weak.
But the company said it is comfortable with analysts' expectations for fourth-quarter results ranging from a loss of 1 cent per share to a profit of 1 cent per share, or earnings between 3 cents and 5 cents per share excluding items, on revenue of $53 million to $56.5 million.
Analysts, on average, expect a fourth-quarter profit, excluding items, of 4 cents per share on $54.4 million in revenue.
ScanSoft said the expectations exclude the impact of its pending acquisition of Nuance Communications Inc., which is expected to close in September, as well as merger-related expenses or restructuring charges.

McAfee - deals soon with mobile companies

McAfee sees more deals soon with mobile companiesTue Aug 2, 2005 03:53 PM ET By Spencer Swartz
SAN FRANCISCO, Aug 2 (Reuters) - McAfee Inc.(MFE.N: Quote, Profile, Research) , the world's second-biggest security software maker, on Tuesday said it was poised to sign several deals in coming months with mobile-device makers, which have increasingly focused on equipping their handsets with anti-virus protection.
"We see several deals in the offing," McAfee President Gene Hodges told investors at an RBC Capital Markets conference in San Francisco.
He later told Reuters the time-frame on those deals was "coming months" and said it includes "big" mobile-device makers, but declined to comment on which companies were involved and where they were based.
McAfee already provides NTT DoCoMo Inc. (9437.T: Quote, Profile, Research) , Japan's top mobile-phone operator, with security products on about 9 million handsets. That number is expected to rise to about 40 million by the end of 2006, Hodges said.
McAfee's mobile-device security products are expected to add fractionally to earnings per share in fiscal 2006, and contribute even more to EPS in 2007, Hodges said.
McAfee -- whose competitors include California rival and biggest security vendor Symantec Corp. (SYMC.O: Quote, Profile, Research) and Finland's F-Secure (FSC1V.HE: Quote, Profile, Research) -- reported healthy fiscal 2005 second-quarter results last week.
McAfee, based in Santa Clara, California, has established itself as one of the top makers of software that protects desktop and laptop computers from Internet nuisances like viruses and spyware that can shut down systems and track users' online habits.
But so-called malicious code writers are beginning to target the growing market for "smart" phones, which allow users to access e-mail and the Internet.
The virus threat to mobile devices is small at the moment because there is no dominant standard software that provides a giant target for virus writers, as there is with Microsoft's Windows operating system in the PC world.
McAfee sees a market for 2 billion mobile devices by the end of 2008, Hodges said.
He said McAfee would also make use of its nearly $1 billion in cash with some small acquisitions and share buybacks.
Hodges also said McAfee had not decided yet whether to target higher operating margins in fiscal 2006. The company is on track to hit 25 percent margins in its current fiscal 2005, he said.

Nokia - Opvolging CEO Jorma Ollila : Olli-Pekka Kallasvuo

Can Nokia Read the Signals?Tuesday August 2, 8:10 am ET By Andy Reinhardt
Only the timing of the announcement was a surprise. On Aug. 1, Jorma Ollila, the legendary leader of Nokia (NYSE:NOK - News), said he will step down as chief executive on June 1, 2006, and become the company's non-executive chairman for a "limited number of years." His widely anticipated successor will be 25-year Nokia veteran Olli-Pekka Kallasvuo, who served 10 years as chief financial officer and most recently ran the company's giant mobile-phone division.
Ollila admits the decision to leave at the end of his current five-year contract wasn't easy. But the crisp, 54-year-old executive who built a little-known Finnish manufacturer of cables, rubber boots, and paper products into the world's leading mobile-phone maker insists he is ready for a change.
When he became CEO in 1992, Ollila says, he told his wife he would likely serve 10 years to 12 years. By the time he steps down, it will have been 14 years. "It's time to move on to other things," Ollila says, though he won't reveal what might come next. "Nokia could benefit from a bit of change at this level."
STOCK IN NEUTRAL. Nobody questions what Ollila has accomplished. When he assumed the top job, Nokia had revenues of $3.7 billion and was losing money. By last year, profits hit nearly $4.4 billion, on sales of $40 billion. Despite a rough 2004, in which first-half sales slumped and market share dropped below 30% for the first time in a half-decade, the company's dominance of mobile phones remains unchallenged.
Nokia's share has since bounced back to nearly 33%, and sales for the first half of the year are growing again. Still, annual revenues have been in retreat since 2001, and profit margins are under attack from fierce global competition. As a result, Nokia's stock has hovered around $15 a share since September 2001.
In other words, Kallasvuo is stepping into a tough job. The 52-year-old Finnish exec is better known for helping build Nokia's super-efficient operations and tight financial controls than for strategic vision. But Nokia will need plenty of both as it confronts what even Kallasvuo concedes is a very difficult juncture. "The industry is experiencing interesting new dynamics," he says in typically Nordic understatement. "Customer demands are changing, and there is more demand for customization."
GLITZY HANDSETS. Translation: It's going to be a long slog to turn Nokia back into a sizzling growth company (see BW Online, 07/22/05, "Nokia's Disconnect"). The average selling price of its phones has sagged in recent quarters, due in part to aggressive discounting to boost market share.
But there's also a big market transition underway: Sales growth is shifting from wealthy Western and Asian countries to emerging markets in China, India, Eastern Europe, Latin America, and even Africa." Buyers in those less-developed regions are driving most of the global gains in unit sales, but they also tend to buy cheaper phones that generate less revenue and profit.
At the same time, Nokia faces a dramatic change in the more saturated markets of Europe and North America. Increasingly powerful mobile operators, desperate to differentiate themselves from rivals, are insisting on handsets tailored to their specific demands. For Nokia, whose global production system was designed to churn out tens of millions of cookie-cutter handsets, moving instead to mass-customization of models for carriers taxes its logistics systems and threatens profits.
On top of that, Nokia continues to struggle in the important North American market, where its market share is relatively weak. Plus, it faces increased competition from a resurgent Motorola, under the guidance of CEO Edward Zander, whose hot-selling Razr phone has kicked up sales and restored buzz lost during Motorola's long slide (see BW Online, 07/28/05, "Motorola: Getting Its Groove Back"). Korean players such as Samsung and LG Electronics also have surged to the fore in recent years, though their results in recent quarters haven't been as strong.
GOOD ON LOGISTICS. For all of these reasons, analysts are generally receptive to Kallasvuo's appointment. After joining the company in 1980, the trained lawyer served in the corporate-counsel's office and then migrated to finance. He was named CFO in 1992, but five years later went to Dallas to run Nokia's North American operations. His two years in the U.S. gave Kallasvuo firsthand knowledge of one of the world's largest mobile markets -- an experience Ollila never shared.
After returning to Helsinki for five more years as CFO, Kallasvuo in 2004 became the head of Nokia's core mobile-phone group, which generates 60% of revenues. Other groups in the company focus on lower-volume multimedia devices, business systems, and mobile networks. But the mobile group is the one that faces the biggest operational challenges -- ideal training for managing Nokia's mind-numbingly complex logistics and tackling continued cost pressure.
"He provided very good and steady management of finance, and has done a reasonable job with mobile phones," says Richard Windsor, an equity analyst with Nomura International in London. Kallasvuo took over the mobile-phone group "just when everything went wrong," Windsor adds, "and he has managed to gain back share due to his operational focus."
CHIC-CHALLENGED. Question is, does he have the vision thing? Kallasvuo has sat on the company's executive board since 1990 and has helped steer Nokia's moves into fashion phones, multimedia, and other new markets. But as the consummate insider, worries Neil Mawston, mobile analyst for researcher Strategy Analytics, Kallasvuo may not bring as much new thinking as would an outsider. "Motorola had an external candidate come in who really refreshed the company," Mawston says. "Nokia has recovered from the downturn in 2004, but an outsider might bring in more fresh ideas."
For all its operational success, Nokia could use a bit more buzz. It still owns the sixth most valuable brand in the world, according to the annual BusinessWeek/Interbrand survey (see BW Online, 08/01/05, "Global Brands"). But sales to the important youth market lag behind those of rivals.
To remedy the situation, Nokia has rolled out an impressive new line of high-end camera and music phones, called the N-Series, but they're pricey and won't likely hit big volumes until sleeker successors roll off the line next year.
SEASONED VET. Yet, the team of new managers around Kallasvuo may help him put his stamp on Nokia. Over the past few years, most of the executive group that transformed Nokia after 1992 has drifted off into retirement or other jobs.
In their places are a crop of younger -- and more global -- executives, including American CFO Rick Simonson, 46, and American Mary McDowell, 41, a former Hewlett-Packard (NYSE:HPQ - News) exec who runs Nokia's new Enterprise Solutions division. Also new at the top: Anglo-Australian Simon Beresford-Wylie, 47, who took over the Nokia Networks division when long-time exec Sari Baldauf retired this year.
Ollila is surprisingly candid in assessing his own history as CEO. "I was totally inexperienced and too young for the job (in 1992)," he said Aug. 1. Kallasvuo may not be an outsider, but he has a stronger track record and much more knowledge of mobile phones than Ollila did when he stepped into the top job.
Nokia is also a far more sophisticated company with a worldwide reach. Kallasvuo may not be able to grow revenues tenfold in the next decade, but if his era produces anything like the bold strategies and relentless execution that Nokia perfected under Ollila, investors may finally see their shareholdings spring back to life.

McAfee - Short selling

Five Short-Squeeze Plays 08.02.05, 8:30 AM ET
Could these five stocks be bear traps? When traders think a stock will fall, they can make money selling it short. This involves borrowing shares and selling them in the hope of buying them back at a lower price. But evidence of short-selling doesn't always mean a stock is doomed. If the stock rises, short-sellers are often forced to cover their positions by buying back the borrowed shares they've sold. Such a "short squeeze" sometimes pushes the stock even higher. To find a few short-squeeze candidates, we looked for a 30% or greater rise in short interest (the amount of shares sold short but not yet repurchased) in the past month, as well as short interest greater than 2% of float. We also limited ourselves to stocks trading within 15% of their 52-week highs and that have gained more than the S&P 500 over the past year. We took only companies with estimated three- to five-year (annualized) earnings growth of 10% or better.
Squeeze The Shorts
Company
Price
Industry
One-Month Change In Short-Interest*
EPS** Projected Growth***
MarketValue ($mil)
Avnet (nyse: AVT - news - people )
$26.05
Electronic Instr & Controls
42%
15%
$3,159
Corporate Executive Board (nasdaq: EXBD - news - people )
80.94
Business Services
31
28
3,231
Domino's Pizza (nyse: DPZ - news - people )
25.10
Restaurants
53
11
1,620
Franklin Resources (nyse: BEN - news - people )
80.72
Investment Services
51
14
20,317
McAfee (nyse: MFE - news - people )
30.14
Software & Programming
75
15
5,108Prices as of Aug. 1. *Month-over-month change in the total number of shares that have been sold short and not yet repurchased. **EPS: Earnings per share. ***Annualized, projected next three to five years. Sources: FT Interactive Data, Reuters Fundamentals and Thomson First Call via FactSet Research Systems