en analysts polled by First Call/Thomson financial expected the company to report a loss of us$ 0.21 per share. Analysts’ estimates typically exclude special items. Quarterly net revenues declined to us$ 254.14 million from us$ 278.84 million a year ago and failed to meet the market expectation of us$ 270.23 million.
Operating income for the quarter increased to us$ 3.42 million from us$ 2.30 million in the comparable period last year, as operating expenses declined to us$ 250.73 million from us$ 276.53 million last year.
For the first half of fiscal year, the company reported narrower net loss of us$ 17.13 million, than us$ 31.75 million in the corresponding period last year. Net revenue for the year-to-date period dipped to us$ 536.45 million from us$ 557.37 million in the previous year.
Additionally, the company announced that it recently reached an agreement with its insurance carriers to settle Hurricane Katrina claim and the company expects to receive approximately us$ 95 million by the end of December.