dividends paid

ACI WORLDWIDE $19.59 (Nasdaq symbol ACIW; SI Rating: Speculative) (402-334-5101; www.tsainc.com; Shares outstanding: 34 million; Market cap: $666.3 million; No dividends paid) makes software that is used to process transactions that involve credit cards, debit cards, smart cards, automated-teller machines, point-of-sale terminals and interbank payments. ACI has more than 750 clients in 88 countries. Its customers include more than 100 of the world’s 500 largest banks and seven of the top 12 retailers in the U.S. In the three months ended March 31, 2010, ACI’s revenue fell slightly, to $87.7 million from $88.2 million a year earlier. It lost $2.1 million, or $0.06 a share, in the quarter. That’s better than the $4.1 million, or $0.12 a share, it lost a year earlier. Despite the loss, ACI’s cash flow jumped to $11.8 million, or $0.35 a share, from $1.3 million, or $0.04 a share....

BELLATRIX EXPLORATION $2.86 (Toronto symbol BXE; SI Rating: Speculative) (403-266-8670; www.bellatrixexploration.com; Shares outstanding: 92.5 million; Market cap: $264.1 million; No dividends paid) has established oil and gas production in Canada, one of the world’s safest jurisdictions. Bellatrix produces oil and natural gas in Saskatchewan and west-central Alberta. Gas makes up about 74% of its output. In the three months ended March 31, 2010, Bellatrix’s production fell 27.4%, to 7,248 barrels of oil equivalent per day (including natural gas) from 9,981 barrels a year earlier. That’s mainly because Bellatrix cut its capital spending a year earlier to conserve cash and pay down debt. It also suspended its monthly distribution with the March 2009 payment....

DELPHI ENERGY $2.65 (Toronto symbol DEE; SI Rating: Speculative) (403-265-6171; www.delphienergy.ca; Shares outstanding: 101.5 million; Market cap: $268.9 million; No dividends paid) has raised its 2010 production forecast after a successful winter drilling program. The company expects to report record production of 7,600 barrels of oil equivalent per day (including natural gas) in the first quarter of 2010. That’s up from its earlier forecast of 7,350 barrels. For all of 2010, Delphi expects to produce an average of 7,700 to 8,200 barrels per day, up from its previous estimate of 7,500 to 8,000. The stock now trades at 4.4 times forecast 2010 cash flow of $0.60 a share....

ATLANTIC TELE-NETWORK $44.75 (Nasdaq symbol ATNI; SI Rating: Speculative) (340-777-8000; www.atni.com; Shares outstanding: 15.3 million; Market cap: $683.9 million; Dividend yield: 1.8%) has completed its purchase of more than 895,000 wireless accounts from Verizon Wireless for $200 million in cash. The subscribers are mostly in rural areas of Georgia, North Carolina, South Carolina, Illinois, Ohio and Idaho. The deal should close by the end of this year. Verizon Wireless had to sell these accounts for regulators to approve its purchase of Alltel in January 2009. Regulators also had to approve Atlantic’s purchase of the accounts; the company recently received approval from the U.S. Department of Justice and the Federal Communications Commission. These new accounts will bring Atlantic’s total number of wireless subscribers above one million, up from 200,000 today, and make it one of the largest wireless carriers in the U.S....

CHIPOTLE MEXICAN GRILL $138.9 (New York symbol CMG; SI Rating: Speculative) (303-595-4000; www.chipotle.com; Shares outstanding: 31.5 million; Market cap: $4.4 billion; No dividends paid) reports that its earnings per share climbed 51.9%, to $1.20 from $0.79, in the three months ended March 31, 2010. Sales rose 15.6%, to $409.7 million from $354.5 million. The company opened 20 new restaurants during the quarter. It also saw a 4.3% rise in same-restaurant sales and more customer visits. Chipotle is a Denver-based Mexican-restaurant chain that uses premium ingredients, such as naturally raised meat, in the meals it sells....

PRECISION DRILLING TRUST $7.13 (Toronto symbol PD.UN; Aggressive Growth Portfolio, Resource sector; Units outstanding: 275.6 million; Market cap: $2.0 billion; Price-to-sales ratio: 1.5; No dividends paid since February 2009; SI Rating: Extra Risk) provides contract-drilling services to oil and gas producers. Precision owns 351 drilling rigs, including 202 in Canada, 146 in the U.S. and three in Mexico and other countries. Precision operated an average of 193 rigs in the three months ended March 31, 2010, up 15.6% from 167 a year earlier. That’s mainly because improving oil prices have driven up drilling activity. However, the trust negotiated new rates with some of its customers before the winter drilling season started, so it was unable to take full advantage of the higher demand. As a result, its revenue fell 16.8% in the quarter, to $373.1 million from $448.4 million....

BANK OF MONTREAL $62 (Toronto symbol BMO; Conservative Growth Portfolio, Finance sector; Shares outstanding: 557.3 million; Market cap: $34.6 billion; Price-to-sales ratio: 2.2; Dividend yield: 4.5%; SI Rating: Above Average) has purchased AMCORE Bank N.A., which is insolvent. AMCORE has 52 branches in northern Illinois and southern Wisconsin. Bank of Montreal will convert these outlets to its Harris Bank banner; Chicago-based Harris is Bank of Montreal’s main U.S. subsidiary. AMCORE has $2.5 billion U.S. of assets, including $2.0 billion U.S. of loans. As of January 31, 2010, Bank of Montreal had $394 billion of assets. The bank did not say how much it paid for these branches. However, in light of AMCORE’s problems, Bank of Montreal likely got a bargain. As well, U.S. banking regulators will cover 80% of AMCORE’s loan losses. That cuts the risk of this purchase....

Computer-chip technology changes rapidly. New advances keep driving down chip prices and profit margins. To lower your risk, we look for companies that have the financial strength to keep developing new products. Here are four high-quality chip-related stocks that we see as buys. All four are in a strong position to gain from rising consumer and business spending on new computers and other devices. INTEL CORP. $23 (Nasdaq symbol INTC; Conservative Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 5.5 billion; Market cap: $126.5 billion; Price-to-sales ratio: 3.1; Dividend yield: 2.7%; WSSF Rating: Above Average) is the world’s largest computer chip maker. It controls about 80% of the market....

FORTRESS PAPER $23.45 (Toronto symbol FTP; SI Rating: Extra Risk) (1-888-820-3888; www.fortresspaper.com; Shares outstanding: 10.2 million; Market cap: $240.0 million; No dividends paid) is a Canadian specialty paper producer. Fortress has plants in Germany and Switzerland. The company gets 62% of its sales by making high-quality wallpaper-base products, as well as high-grade graphic papers and other specialty papers. The remaining 38% of its sales comes from security paper used in banknotes, passports and visas. In the three months ended December 31, 2009, sales rose 10.2%, to $51 million from $46.3 million a year earlier. Earnings per share, excluding one-time items, rose 67.9%, to $0.47 from $0.28. The higher sales were part of the reason for the gain. Fortress also cut its costs. It holds cash of $33.2 million, or $3.25 a share, and has low debt....

INTUITIVE SURGICAL $365.98 (Nasdaq symbol ISRG; SI Rating: Average) (515-507-5000; www.intuitivesurgical.com; Shares outstanding: 39.2 million; Market cap: $14.3 billion; No dividends paid) has more than doubled for us since we first recommended the stock at $150 last June. The company makes the “da Vinci,” a computerized surgical system for use in heart surgery and other procedures. The da Vinci is safer and far less invasive than regular surgery. It also cuts patient recovery time and post-operative discomfort. In the latest quarter, Intuitive’s revenue climbed 74.4%, to $328.6 million from $188.4 million a year earlier. Earnings per share jumped 205.6%, to $2.20 from $0.72. Intuitive should earn $7.75 a share this year, up 27.7% from $6.07 last year....