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BUSINESS NEWS.(A)

Investor's Business Daily

| May 01, 2001 | COPYRIGHT 2001 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Pier 1 Imports cuts 1st-qtr views

The home furnishings retailer sees earnings of 12 to 16 cents a share in itsfirst quarter vs. views of 18 cents. The firm says April same-store sales wereflat to slightly negative. Same-store sales growth for the first quarter ending June 2 will be flat to up 2%. Customers are buying lower-priced and saleitems, pushing the average sale lower than expected. Pier 1 sees full-year earnings of $1 to $1.05 a share vs. views of $1.07. Its shares tumbled 3.41, or23.5%, to 11.10.

King Pharma 1st-qtr net up 86%

The drugmaker netted 26 cents a share vs. 14 cents a year ago. That topped views by a cent. It was the third straight quarter of accelerating growth. KingPharmaceuticals credited sales of the heart drug Altace. Altace, co-marketed with American Home Products, more than doubled its sales to $56.4 million. Total sales rose 34% to $181.3 million. King also raised full-year profit estimates to $1.18 to $1.21 a ...

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