Earnings season may be a quickly-fading memory, but companies are still reporting important - and telling - quarterly results. Here's a look at some of this week's stunners (both good and bad), and what you need to know about them.

IN PICTURES: A Bigger Salary Or Better Benefits?

Collective Collects More Than Expected
The first quarter was kind to Collective Brands Inc. (NYSE:PSS). The footwear wholesaler and retailer - via Payless - topped per-share earnings estimates of $0.75 by bringing home $0.83. So why were PSS shares down 7% the following day? Not only were same-store sales down, total revenue was a hair shy of analyst expectations.

Yes, same-store sales were down about 1.2%. Given the choice though, earning higher profits on lower sales is preferable to lower profits on higher sales. A slap on the wrist would have been understandable, but a 7% drubbing? The forecasted EPS of $1.70 for the year wasn't changed, and that translates into a projected P/E of 11.5 at its current price.

Why Icahn Wants Lions Gate
Technically speaking, Lions Gate Entertainment (NYSE:LGF) missed on its full-year estimates of $0.22 per share, by only raking in $0.17. Take a closer look at the quarter-by-quarter numbers though. In three of the last four quarters, the company has actually beat estimates, including the most recent one, by only losing $0.19 per share versus the expected loss of $0.25.

The bulk of the shortfall is attributable to a rough calendar fourth quarter of 2009. In the bigger picture, the bottom line is undeniably getting better.

How much better will it continue to get? Carl Icahn is now offering $7 per share. At that rate, the trailing twelve-month P/E is a hefty 41.17. That's not cheap, but higher premiums have been paid by wiser people. If Icahn's willing to pay $7.00, surely he'd be willing to pay $8.00. (Don't worry - he can afford it.)

Make Sure You Get the Right "Shanda"
Just to clear up the confusion that's starting to spread, yes there are two Shandas in the online entertainment world. In fact, one spawned the other. The two are distinct entities though. Shanda Games (Nasdaq:GAME) is the online gaming business stock, and an offshoot of Shanda Interactive Entertainment (Nasdaq:SNDA), which is the non-gaming entity. Of course, Shanda Interactive is a major stakeholder in Shanda Games.

It's an important distinction to make for one reason - online gaming is still stunningly lucrative business, while the other online ventures seem to be a struggle.

As such, Shanda Games is the one you likely want to own. It earned $0.16 per share last quarter, versus an expected $0.17. It's never good to fall short, but with a trailing and forecasted P/E under 8, it's hard to be too upset - it's still a virtual ATM machine, and the recurring revenue model is a good one.

Shanda Interactive's business model isn't exactly bad. It covers areas such as online music, e-commerce and business services. It's a profitable venture, but last quarter, high costs and sluggish demand for the non-gaming businesses raised a red flag. If that segment of the company couldn't do it last quarter when the gaming segment - Shanda Interactive biggest contributor - managed to increase earnings by 7%, then maybe the problem is the non-gaming model itself. (For more, see Power Up Your Portfolio With Video Game Stocks.)

The Bottom Line
While the bulk of earnings season may be over, that doesn't mean you should stop looking for bargains. Companies still reporting are certainly worth a look.

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Tickers in this Article: GAME, SNDA, LGF, PSS

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