Earnings reports

Hurt by unseasonably mild weather, higher operating expenses and significant losses from discontinued operations, Alliant Energy Corp. (NYSE: LNT) reported a 12.1 percent earnings drop for the quarter ended Dec. 31.

The Madison utility holding company reported fourth-quarter earnings of $42.7 million, or 37 cents a share, down from $48.6 million, or 44 cents a share in the fourth quarter of 2003. Revenue climbed 8.8 percent, to $783.6 million, as recent rate hikes helped boost electricity revenue.

American Family Insurance Group

Hail hit Denver and tornadoes tore through northwest Missouri in 2004, but American Family Insurance Group had banner results. Modest storm losses and improved results from its core insurance business propelled the Madison insurer to a profit of $564.4 million in 2004, up more than 260 percent from its 2003 earnings of $155.4 million.

One of the largest property and casualty insurers in the country, American Family has $13.6 billion in assets, nearly 4,100 agents and 8,200 employees, including more than 3,700 in Madison.

Policyholders' ownership, or equity stake, in the mutual insurer rose $601.5 million to $4.2 billion in 2004 ? the second yearly increase in a row after decreases in 2001 and 2002.

Anchor Bancorp. Wisconsin

Anchor Bancorp. Wisconsin (Nasdaq: ABCW) had net income of $10.9 million, or 47 cents per diluted share, for the quarter ended Dec. 31, up from profits of $9.9 million, or 43 cents per share, for the same period the previous year.

The Madison parent of AnchorBank reported profits of $32.2 million, or $1.39 per diluted share, for the nine-month period ended in December, down from profits of $35.2 million, or $1.50 per share, for the same period in 2003.

Bone Care International

Bone Care International (Nasdaq: BCII) reported strongerthan- expected earnings for the second fiscal quarter, ended Dec.

31. Sales of Hectorol, its Vitamin D therapy to prevent bone mineral loss in patients suffering from chronic kidney disease, more than doubled from prior-year levels.

The report marked Bone Care's fourth consecutive profitable quarter with earnings of $1.8 million, or 9 cents a share, on sales of $19.6 million, compared to a loss of $478,000, or 3 cents a share, on sales of $9.1 million in the second quarter of fiscal 2004.

The Middleton specialty pharmaceutical company raised its fiscal 2005 sales estimate to between $77 million and $80 million from prior estimates of between $75 million and $79 million.

Brown Shoe Co.

Brown Shoe Co. (NYSE: BWS) will restate its 2003 and 2004 earnings downward to reflect changes in the way the St. Louis company accounts for leases. The announcement makes Brown Shoe, parent of Famous Footwear in Madison, the latest company to restate following a Feb. 7 letter from the Securities and Exchange Commission to the Financial Accounting Standards Board clarifying its interpretation of the rules governing lease accounting.

Brown Shoe said a preliminary assessment suggests it will have to decrease its earnings per share by 4 to 7 cents in 2003 and about 5 cents in 2004, which had not been reported at press time. The company said it expects to earn $42.9 million to $43.3 million, or $2.28 to $2.30 a share, in the fiscal year ended Jan. 29, down from a restated $2.48 a share a year ago.

CUNA Mutual Group

CUNA Mutual Group of Madison posted record profits of $136 million in 2004, up from $134 million the year before. The money the company makes from its insurance and financial operations for credit unions and members ? its operating gain ? rose 8 percent, reaching $122 million in 2004 from $113 million the previous year.

The company's rate of return on its capital fell slightly to 9.5 percent in 2004 from 9.7 percent the year before. The company's 2004 revenues rose 2.7 percent to $2.5 billion.

One of the company's most promising sources of new revenue is selling core products to credit unions and their members in countries like China and Australia. Excluding Canada, overseas revenues were a relatively modest $60 million in 2004, but they grew 30 percent over the previous year and are expected to grow at double-digit rates again in 2005, officials said.

Rayovac Corp.

Rayovac Corp. (NYSE: ROV) reported first-quarter earnings of $27.9 million, or 79 cents a share, on sales of $490.8 million, up from earnings of $22.2 million, or 67 cents a share, on sales of $454.0 million in the first quarter of fiscal 2004, ended Jan. 2, 2005.

Strong international sales helped offset weak business in North America, which saw a 16 percent drop in shaving and grooming sales and 2 percent growth in its battery sales.

Without taking its recent acquisition of United Industries Corp. into account, Rayovac boosted its fiscal 2005 earnings projection a nickel, to between $2.15 and $2.20 a share. The consumer products company, based in Atlanta, has its North American headquarters in Madison.

Regal-Beloit Corp.

Regal-Beloit Corp.'s (NYSE: RBC) earnings rose 14 percent in the fourth quarter ended Dec. 31, reflecting the recent acquisition of General Electric's commercial AC motor business.

The Beloit company, which makes mechanical and electrical motion control and power generation equipment, reported net income of $7 million, or 28 cents a share, on sales of $221.9 million.

In the fourth quarter of 2003, the company earned $6.1 million, or 24 cents a share, on sales of $152.1 million.

Regal-Beloit said rising raw materials costs continued to squeeze operating margins, outpacing price increases.

Sonic Foundry

Sonic Foundry's (Nasdaq: SOFO) fiscal first-quarter sales rose 77 percent over the 2004 first quarter, and Lands' End, IBM Research and Vanderbilt University are now among the customers for its Mediasite technology for live presentations over the Internet.

But the Madison company still reported a $1.4 million first-quarter net loss, or 5 cents a share, on $1.6 million in revenue for the quarter ended Dec. 31.

For the previous year's first fiscal quarter, Sonic had a $1.1 million net loss, or 4 cents a share, on $900,000 in revenue.

Sonic Foundry has been investing in research, and expanding its sales and marketing staff, said chairman and chief executive officer Rimas Buinevicius.

Third Wave Technologies

Third Wave Technologies (Nasdaq: TWTI) reported revenues of $46.5 million in calendar year 2004 with a net loss of $1.9 million, or 5 cents a diluted share.

It was an improvement from the Madison biotechnology company's $36.3 million in revenue and net loss of $8.1 million, or 20 cents a diluted share, for 2003.

Sales of Third Wave's test kits, used to screen for health problems including cystic fibrosis and hepatitis C, totaled $14.9 million last year, up 59 percent from the previous year.

For the fourth quarter ended Dec. 31, Third Wave's net loss widened to $4.7 million, or 12 cents a diluted share, on $8.1 million revenue, from a $1.6 million net loss, or 4 cents a diluted share, on $9.7 million revenue for the 2003 fourth quarter.

Great Wolf Resorts (Nasdaq: WOLF)

had a $9.3 million net loss, or 31 cents a diluted share, on $91 million in revenue for the 2004 calendar year.

It was the first quarterly earnings report for Great Wolf since going public in December. The figures, calculated as if the Madison indoor waterpark developer had been publicly traded for the entire year, resulted from depreciation on the company's real estate holdings, initial public offering expenses and the cost of opening new resorts, chief executive John Emery said.

Great Wolf projected that after a first-quarter loss, the company would earn $7.7 million to $10.1 million for the full year.

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