TheChek News Flow

Reports Q4 (Dec) loss of $0.20 per share, excluding non-recurring items, $0.01 worse than the Capital IQ Consensus Estimate of ($0.19); revenues fell 0.3% year/year to $201.8 mln vs the $198.95 mln consensus.

• Co issues guidance for Q1, sees EPS of $0.28-0.38, excluding non-recurring items, vs. $0.31 Capital IQ Consensus Estimate; sees Q1 revs of $269-286 mln vs. $302.91 mln Capital IQ Consensus Estimate.
• "We had a solid finish to 2013 and we expect another year of meaningful profit growth in 2014. Our Marketing & Events Group has great sales momentum and will also benefit from significant positive show rotation and ongoing margin improvement initiatives. Our Travel & Recreation Group is driving strong organic growth and will also benefit from the new Glacier Skywalk attraction, which will help to offset the loss of revenues from our Glacier National Park concession contract that expired at the end of 2013. The fundamental drivers of our industries continue to trend in a positive direction and we continue to see opportunities ahead to gain additional market share."
• FY14 Guidance: Marketing & Events Group Total revenue is expected to increase at a high single-digit rate compared to 2013. Travel & Recreation Group Revenue is expected to decrease by approximately 10 percent to 12 percent from 2013, reflecting the termination of the company's contract to provide concessions within Glacier National Park, partially offset by additional revenues from the grand opening of the company's new Glacier Skywalk attraction in May 2014 and organic revenue growth.

Reports Q4 (Dec) funds from operations of $0.48 per share, in-line with the Capital IQ Consensus Estimate consensus of $0.48; revenues fell 6.3% year/year to $128.8 mln vs the $127.13 mln consensus.

Guidance:Co reaffirms guidance for FY14, sees FFO of $1.84-1.92 vs. $1.89 Capital IQ Consensus Estimate.

Q4 Operating Performance:
Portfolio Summary -- At December 31, 2013, the Company's consolidated portfolio of 183 operating office properties totaled 17.4 million square feet. The Company's consolidated portfolio was 90.3% leased and 89.1% occupied as of December 31, 2013.

Same Office Performance -- For the year ended December 31, 2013, COPT's same office portfolio represents 84% of the rentable square feet of the portfolio and consists of 165 properties. For the quarter ended December 31, 2013, the Company's same office property cash NOI, excluding gross lease termination fees, was flat as compared to the quarter ended December 31, 2012.

Leasing -- COPT completed a total of 1.1 million and 3.8 million square feet of leasing, respectively, for the quarter and year ended December 31, 2013. During these same periods, the Company's respective renewal rates were 74% and 70%. In the fourth quarter, lease terms on renewals averaged 5.9 years and for development and other new leases averaged 9.8 years. Average lease terms on renewals during the full year were 4.3 years and on development and other new leases were 8.3 years.

* Lance misses by $0.03, misses on revs; guides FY14 EPS below consensus

Reports Q4 (Dec) earnings of $0.33 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus Estimate of $0.36; revenues rose 7.4% year/year to $451 mln vs the $458.18 mln consensus.

Guidance:
Co issues guidance for FY14, sees EPS of +10-16% YoY to ~$1.27-1.35, excluding non-recurring items, vs. $1.38 Capital IQ Consensus Estimate; sees FY14 revs of +3-5% organic growth, may not be comparable to $1.85 bln Capital IQ Consensus

• Capital expenditures for 2014 are projected to be between $70-75 mln as investments are made in plant improvements, quality, capacity and innovation.

Reports Q4 (Dec) earnings of $1.39 per share, excluding non-recurring items, $0.10 worse than the Capital IQ Consensus Estimate of $1.49; revenues rose 7.0% year/year to $8.15 bln vs the $8.05 bln consensus.

• Co issues downside guidance for FY14, sees EPS of $6.80-7.20, excluding non-recurring items, vs. $7.32 Capital IQ Consensus Estimate.
• Overall, Global Health Care results for 2013 reflect continued growth in the Company's targeted customer segments.
• Fourth quarter premiums and fees increased ~6% relative to fourth quarter 2012, driven by customer growth, specialty contributions, and renewal rate increases. Fourth quarter 2013 adjusted income from operations and adjusted margin reflect elevated medical costs in our Medicare Advantage business and claim variability in our Guaranteed Cost business.
• "Cigna's operating performance in 2013 was strong, driven by the continued effective execution of our strategy which resulted in improved health outcomes and productivity for our customers and clients...In the midst of an environment undergoing rapid change and disruption, our focused strategy and differentiated capabilities will enable us to deliver continued future growth."