Mixed results for Houston companies

Cheniere Energy Inc., Cheniere Energy Partners LP, Cornell Cos. Inc., Dril-Quip Inc., Landry's Restaurants Inc., The Meridian Resource Corp., Sanders Morris Harris Group Inc., Sterling Construction Co. Inc. and VAALCO Energy Inc. reported first-quarter results Friday, while OYO Geospace reported second-quarter results.

Cheniere Energy Inc. (AMEX: LNG) posted a net loss of $49.9 million, or $1.06 per share, on revenue of $1.5 million, for the first quarter of 2008. That compared with a net loss of $34.6 million, or 63 cents per share, on negative revenue of $1.3 million, during the corresponding period in 2007. Analysts polled by Thomson Financial expected the Houston developer of liquefied natural gas terminals, to have a net loss of $1.08 per share.

Houston LNG developer Cheniere Energy Partners LP (AMEX: CQP) reported a net loss of $14.5 million, or 9 cents per unit, for the three months ended March 31, 2008. That compared with a net loss of $700,000, or zero per unit, for the period ended March 26, 2007. No revenue figures were reported.

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Cornell Cos. Inc. posted net income of $4.6 million, or 32 cents per share, on revenue of $95.4 million, for the first quarter of 2008. That compared with 2007 first-quarter net income of $664,000, or 5 cents per share, on revenue of $89.6 million. Analysts were expecting Houston-based Cornell (NYSE: CRN) to have net income of 31 cents a share. Cornell provides corrections, treatment and educational services outsourced by federal, state and local governmental agencies.

Dril-Quip Inc. reported net income of $25.4 million, or 62 cents per share, on revenue of $132.4 million, for the three months ended March 31, 2008. That compared with net income of $24.1 million, or 59 cents per share, on revenue of $117.7 million, for the first quarter of 2007. Analysts expected Houston-based Dril-Quip (NYSE: DRQ), which makes offshore drilling equipment, to have net earnings per share of 69 cents.

Hospitality company Landry's Restaurants Inc. posted a net loss of $1.5 million, or 10 cents per share, on revenue of $294.8 million, for the first quarter ended March 31, 2008. That compared with a net loss of $22.1 million, or $1.01 per share, on revenue of $283.6 million, a year earlier. Analysts expected Landry's (NYSE: LNY) to have net earnings per share of 36 cents.

In the first quarter of 2008, The Meridian Resource Corp. reported net income of $3.6 million, or 4 cents per share, on revenue of $38.5 million. That compared with net income of $1.7 million, or 2 cents per share, on revenue of $40.6 million, for the same quarter last year. Analysts were expecting Houston-based Meridian (NYSE: TMR), an oil and natural gas company, to have net earnings per share of 4 cents.

Sanders Morris Harris Group Inc. (NASDAQ: SMHG) posted a first-quarter loss of $2.1 million, or 8 cents per share, on revenue of $44.8 million. That compared with earnings of $2.7 million, or 11 cents per share, on revenue of $45.5 million, during the prior-year quarter. Sanders Morris Harris, a Houston financial services company, was expected by analysts to have net earnings per share of 6 cents.

Heavy civil construction company Sterling Construction Co. Inc. reported net income of $3.1 million, or 23 cents per share, on revenue of $85 million, for the first quarter ended March 31, 2008. That compared with net income of $2.5 million, or 21 cents per share, on revenue of $69 million, in the first quarter of 2007. Analysts expected Houston-based Sterling (NASDAQ: STRL) to have net income of 31 cents per share.

For the first quarter of 2008, Vaalco Energy Inc. (NYSE: EGY) had net income of $1.8 million, or 3 cents per share, on revenue of $42.2 million. That compared with net income of $4.6 million, or 8 cents per share, on revenue of $29.1 million, for the comparable period in 2007. Analysts were looking for the Houston energy company to have net earnings per share of 19 cents.

Oil and gas instrument-maker OYO Geospace had net income of $3.2 million, or 53 cents per share, on revenue of $36.4 million, for its second quarter ended March 31, 2008. That compared with net income of $3.1 million, or 52 cents per share, on revenue of $32.1 million, in the comparable quarter last year. Analysts expected Houston-based OYO (NASDAQ: OYOG) to have net earnings per share of 55 cents.