April 2007
April 30, 2007 –
if this news is any signal to how big its current demand is that it needs to expand with 2 more plants. Spar reports before the market opens Tuesday morning.
Spartan Chassis Expands Mfg Capacity With Two More Plants
Apr 9, 2007 16:37:36 (ET)
DOW JONES NEWSWIRES
Spartan Motors Inc.'s (SPAR) Spartan Chassis Inc. unit purchased two manufacturing facilities near its headquarters.
The Charlotte, Mich., maker of custom chassis for recreational vehicles, fire trucks and specialty vehicles said the facilities will help it meet anticipated increased demand from its military customers to supply and integrate chassis components for Mine Resistant Ambush Protected vehicles, while also creating capacity at its other facilities for fire truck and motorhome chassis production.
The company plans to spend $8 million to purchase and renovate the facilities and expects them to be operational in the third quarter.
-Veronica Dagher; 201-938-5400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 09, 2007 16:37 ET (20:37 GMT) [more]
April 30, 2007 –
forward 2008 PE of 25, While ITG forward 2008 PE is at 13+
http://finance.yahoo.com/q/co?s=ITG
http://biz.yahoo.com/ap/070430/exchanges_sector_snap.html?.v=1
Sector Snap: Exchanges
Monday April 30, 12:30 pm ET
U.S. Exchanges Rise As Deutsche Boerse Expected to Bid for ISE
NEW YORK (AP) -- Shares of securities exchanges advanced Monday after a major German exchange said it may offer to buy International Securities Exchange Holdings Inc. at a steep premium.
The potentially forthcoming offer from Deutsche Boerse AG underscores the consolidation overtaking the global exchange industry. As investment funds and investors around the world pour money into investments like options, futures contracts and commodities, exchanges are racing to offer more types of contracts at lower costs to capture more business.
The Wall Street Journal first reported Monday that Deutsche Boerse AG was mulling an offer for International Securities Exchange Holdings, a New York-based electronic exchange hosting options trading. Options are contracts entitling the holder to buy or sell a stock at a predetermined price.
The Journal reported Deutsche Boerse is considering offering $2.6 billion, or $67.50 per share, for ISE, whose stock closed at $45.72 Friday.
If that bid is correct, Fox-Pitt Kelton analyst Edward Ditmire wrote in a research report, the deal would value ISE at 32 times projected 2008 profit. Most other exchanges trade at around 25 times projected 2008 profit, he said.
Shares of ISE vaulted $19.33, or 42.28 percent, to $65.05 in midday trading on the New York Stock Exchange.
Other exchanges rose as well as the deal fueled takeover speculation in the rapidly consolidating sector. A Deutsche Boerse move on a major U.S. exchange would signal the company's intention to build a global exchange giant, he said, which is "something that should help all U.S. bourses but especially Nasdaq Stock Market Inc."
Nasdaq's shares rose 45 cents to $33.31 on the Nasdaq.
Shares of IntercontinentalExchange Inc. rose $4.24, or 3.3 percent, to $131 on the Big Board. Chicago Mercantile Exchange Holdings Inc. rose $3.60 to $525.59 on the NYSE. CBOT Holdings Inc. rose $5, or 2.7 percent, to $191.86 on the NYSE. Shares of Optionsxpress Holdings Inc. rose 37 cents to $24.32 on the Nasdaq. Shares of NYSE Euronext Inc. rose $1.13 to $86.23. [more]
April 30, 2007 –
because the stock is near 52wk low and should rally on earnings because an earnings miss is already priced into the stock.
ITG reports on MAY 3, 2007
Its trading at $37.95
http://finance.yahoo.com/q/ae?s=ITG
April 30, 2007 –
more than doubled, time to double down here below $37 in my opinion.
B/E Aerospace net more than doubles
Retrofit products, new aircraft demand boost sales, outlook
By Padraic Cassidy, MarketWatch
Last Update: 9:09 AM ET Apr 30, 2007
NEW YORK (MarketWatch) - B/E Aerospace Inc. said Monday its first-quarter net income more than doubled on a jump in growth of its aircraft retrofit products as demand for seating and other items rose with new airplane deliveries.
BEAV 37.30, +2.60, +7.5% ) said net income rose to $32.1 million, or 40 cents a share, from $13.8 million, or 18 cents a share, in the year-earlier period, when there were 12.5 million fewer shares outstanding.
Analysts polled by Thomson Financial forecast earnings, on average, of 32 cents a share and sales of $325.6 million.
Wellington, Fla.-based B/E Aerospace said sales in the three months ended March 31 rose 57% to $387.8 million from $247.2 million.
Chart of BEAV
Sales of its seating products rose 78% to $144.4 million "driven by a substantially higher level of aftermarket, retrofit and refurbishment activity, as well as demand created by new aircraft deliveries," the company said. The gains also translated to additional market share, B/E Aerospace said.
The company lifted its earnings outlook for 2007 to $1.55 a share, from a previous outlook of $1.45 to $1.47 a share.
Analysts polled by Thomson Financial, on average, are forecasting $1.46 a share.
The shares rose 6.3% to $36.92 in pre-market trading Monday. End of Story
Padraic Cassidy is a reporter for MarketWatch in New York. [more]
April 30, 2007 –
BEAV beats by .08 eps and guidance increased
B/E Aerospace Record First Quarter; EPS 25% Above Consensus and over 100% above Prior Year; Q1 Sales up 57%, Operating Earnings up 81%; Record Backlog of $1.85 Billion; 2007 Financial Guidance Increased; Long-Term Outlook Improved
Monday April 30, 2:00 am ET
WELLINGTON, Fla.--(BUSINESS WIRE)--B/E Aerospace, Inc. (Nasdaq:BEAV - News), the world's leading manufacturer of aircraft cabin interior products and a leading aftermarket distributor of aerospace fasteners, today announced financial results for the first quarter of 2007.
HIGHLIGHTS
* Record first quarter revenues of $387.8 million reflect 56.9 percent year-over-year growth; organic revenue growth was 44.5 percent.
* First quarter operating earnings of $56.4 million were 81.4 percent higher than the same period in the prior year.
* First quarter operating margin of 14.5 percent expanded by 190 basis points versus the same period in the prior year, and by 110 basis points on a sequential quarterly basis.
* Earnings before income taxes were $45.8 million, which was more than double pre-tax earnings in the same period in the prior year.
* Net earnings for the current quarter were $32.1 million as compared to $13.8 million in the first quarter of the prior year. Net earnings increased by $18.3 million or 133 percent over the prior year. First quarter 2007 diluted earnings per share were $0.40 per share as compared to $0.18 per share in the first quarter of the prior year. Diluted earnings per share increased by $0.22 per share, or 122 percent, and was $0.08 per share, or 25 percent, greater than the consensus estimate of $0.32 per share.
* Bookings for the quarter ended March 31, 2007 were strong, totaling approximately $450 million, and represent a book-to-bill ratio of approximately 1.2:1. Backlog at March 31, 2007 was approximately $1.85 billion, an increase of 34 percent as compared to backlog at March 31, 2006.
* Full year 2007 financial guidance has again been revised upward to approximately $1.55 per share.
FIRST QUARTER PERFORMANCE
The 81.4 percent growth in operating earnings as compared to the first quarter of last year was driven by the 56.9 percent increase in revenues and a 190 basis point expansion in operating margin. Revenue growth was driven primarily by strong retrofit program deliveries reflecting significant market share gains. The 190 basis point expansion in first quarter operating margin to 14.5 percent as compared to the same period last year was driven primarily by a significant increase in the seating segment operating margin as a result of the high quality of B/E's record backlog and the operating leverage at the higher sales volume. Organic sales and operating earnings growth for the first quarter of 2007, presented as if the acquisitions of Draeger Aerospace GmbH and New York Fasteners Corp. had occurred on January 1, 2006, were 44.5 percent and 87.4 percent, respectively.
Interest expense for the first quarter of 2007 was $10.6 million and was slightly higher than the interest expense recorded in the same period in the prior year reflecting the 2006 acquisitions and further working capital investments, particularly in B/E's distribution segment.
The provision for income taxes was $13.7 million or 30 percent of earnings before taxes, which was the same rate applied in the prior year and reflects approximately $3.4 million of one-time catch-up research and development tax credits.
Net earnings for the first quarter of 2007 were $32.1 million, or $0.40 per diluted share versus net earnings of $13.8 million, or $0.18 per diluted share in the first quarter of 2006, representing increases in net earnings and diluted earnings per share of 133 percent and 122 percent, respectively.
Contact:
B/E Aerospace, Inc., Wellington
Greg Powell, Director of Investor Relations
561-791-5000 ext. 1450
Source: B/E Aerospace, Inc. [more]
April 27, 2007 –
based on BA - BOEING reporting earlier record backlog for airlines. BEAV provides various items for airlines :
BE Aerospace, Inc. manufactures and markets cabin interior products for commercial aircraft and business jets. The Seating segment offers first class, business class, tourist class, and regional aircraft seat products, including seat frames, cushions, armrests, and tray tables; and optional features comprising adjustable lumbar supports, footrests, reading lights, head/neck supports, and oxygen masks. The Interior Systems segment provides coffee and beverage makers, water boilers, ovens, liquid containers, refrigeration equipment, oxygen delivery systems, and other interior components. The Distribution segment distributes various fasteners, as well as provides inventory management and replenishment, electronic data interchange, special packaging and bar-coding, quality assurance testing, and purchasing assistance. The Business Jet segment provides business jet seating and sofa products, direct and indirect lighting, air valves and oxygen delivery systems, sidewalls, bulkheads, credenzas, closets, galley structures, lavatories, and tables. The Engineering Services Segment offers engineering, design, integration, installation, and certification services for commercial aircraft passenger cabin interiors. It also provides a range of interior reconfiguration services, which allow airlines to change the size of certain classes of service; modify and upgrade the seating; install telecommunications and entertainment equipment; relocate galleys, lavatories, and overhead bins; and install crew rest compartments. In addition, this segment supplies structural design and integration services comprising airframe modifications for passenger-to-freighter conversions; and designs, certificates, and manufactures crew rest compartments. The company serves commercial and business jet aircraft operators, and aircraft manufacturers in North America, Europe, Asia, the Pacific Rim, and the Middle East. BE Aerospace, Inc. was founded in 1987 and is headquartered in Wellington, Florida. [more]
April 27, 2007 –
*** TOP Stocks for the MONTH of MAY: NTGR, IDSA, OI, MEE ***
This is my list of stocks I believe will do well in MAY. Last Month's APRIL list had all the stocks up substantially from the beginning of the month till the end,
April list was: RNO, LMC, CPO, UXG
April 27, 2007 –
Recently : A.M. Best Affirmed Ratings of James River Group, Inc. and Its Subsidiaries
Apr 2, 2007 14:23:27 (ET)
OLDWICK, N.J., Apr 02, 2007 (BUSINESS WIRE) -- A.M. Best Co. has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit ratings (ICR) of "a-" of James River Group, Inc.'s (James River) (Chapel Hill, NC) (JRVR, Trade ) separately rated operating subsidiaries, James River Insurance Company (JRIC) (Ohio) and Stonewood Insurance Company (Stonewood). A.M. Best has also affirmed the ICR of "bbb-" of James River. The outlook for all ratings is stable. [more]
April 27, 2007 –
even after you discount the tax gains. Should start to rally now as many investors scour the market for an IDSA low float type play.
Thursday March 22, 4:14 pm ET
CTI Industries 4Q Profit Soars on Revenue, Tax Benefit
BARRINGTON, Ill. (AP) -- CTI Industries Corp., which makes novelty balloons and storage materials, said Thursday its fourth-quarter profit skyrocketed because of strong revenue numbers and a hefty tax benefit.
Net income for the quarter ended Dec. 31, rose to $1.15 million, or 49 cents per share -- more than 22 times its year-ago profit of $52,186, or 2 cents per share.
The company's earnings included a tax benefit of $834,000. Excluding the benefit, the company earned $319,000 on a pretax basis. CTI Industries did not provide an adjusted earnings per share number; the company has about 2.4 million diluted shares outstanding.
Revenue rose 49 percent to $9.7 million from $6.5 million in the fourth quarter of 2005.
For the year, the company swung to a profit of $1.9 million, or 85 cents per share, from a loss of $333,209, or 17 cents per share in the prior year. The 2006 profit includes an income tax benefit of $774,000. Without the benefit, the company would have earned 50 cents per share.
Revenue for the year climbed 21 percent to $35.4 million from $29.2 million in 2005.
CTI Industries said most of the year's revenue rise was from sales of metalized and latex balloons.
Shares rose 88 cents, or 11 percent, to close at $8.99 on the Nasdaq Stock Market after setting a high of $10.39 during the session. The stock had traded between $2.20 and $8.88 in the past 52 weeks. [more]
April 27, 2007 –
http://finance.yahoo.com/q/ae?s=NTGR
NETGEAR(R) Reports First Quarter 2007 Results
Thursday April 26, 4:00 pm ET
* First quarter 2007 net revenue increased to $173.6 million, 36% year-over-year growth
* First quarter 2007 non-GAAP net income increased to $15.6 million, as compared to $10.5 million in the comparable prior year quarter, 49% year-over-year-growth
* First quarter 2007 non-GAAP diluted earnings per share of $0.44, as compared to $0.31 in the prior year quarter, 42% year-over-year growth
* Company expects second quarter 2007 net revenue to be in the range of $165 million to $170 million, with non-GAAP operating margin in the range of 11% to 12%
SANTA CLARA, Calif., April 26 /PRNewswire-FirstCall/ -- NETGEAR, Inc. (Nasdaq: NTGR - News), a worldwide provider of technologically advanced, branded networking products, today reported financial results for the first quarter ended April 1, 2007.
Net revenue for the first quarter ended April 1, 2007 was $173.6 million, a 36% increase as compared to $127.3 million for the first quarter ended April 2, 2006, and an increase of 6% as compared to $164.0 million in the fourth quarter of 2006. Net income, computed in accordance with GAAP, for the first quarter of 2007 was $14.0 million, or $0.40 per diluted share. This net income was an increase of 41% compared to net income of $9.9 million for the first quarter of 2006 and an increase of 4% compared to net income of $13.4 million in the fourth quarter of 2006. Diluted earnings per share, computed in accordance with GAAP, was $0.29 for the first quarter of 2006 and $0.38 for the fourth quarter of 2006.
Gross margin on a non-GAAP basis in the first quarter of 2007 was 34.7%, as compared to 35.1% in the year ago comparable quarter, and 32.5% in the fourth quarter of 2006. Non-GAAP operating margin was 12.3% in the first quarter of 2007, as compared to 12.4% in the first quarter of 2006, and 11.6% in the fourth quarter of 2006. In the first quarter of 2007, non-GAAP operating expenses were 22.4% of net revenue, as compared to 22.7% in the year ago comparable quarter, and 20.9% in the prior quarter.
Net income on a non-GAAP basis for the first quarter of 2007 was $15.6 million, a 49% increase compared to non-GAAP net income of $10.5 million for the first quarter of 2006, and a 5% increase compared to non-GAAP net income of $14.9 million for the fourth quarter of 2006. Non-GAAP net income for the first quarter of 2007 excludes $254,000 of adjustments related to amortization of purchased intangibles and retention bonuses, net of taxes, related to the SkipJam acquisition, which closed on August 1, 2006. Retention bonuses of $1.4 million are not included in the purchase price allocation, but are period costs that will be charged to the statement of operations as incurred over a two-year period from the date of the acquisition. As these costs are not part of normal operations of NETGEAR, they are excluded from the non-GAAP statement of operations. Non-GAAP net income for the first quarter of 2007 also excludes non-cash, stock-based compensation, net of tax, of $1.3 million. Non-GAAP net income for the first quarter of 2006 excludes non-cash, stock-based compensation, net of tax, of $672,000. Non-GAAP net income for the fourth quarter of 2006 excludes $278,000 of adjustments related to amortization of purchased intangibles and retention bonuses, net of taxes, related to the SkipJam acquisition. Non-GAAP net income for the fourth quarter of 2006 also excludes non-cash, stock-based compensation, net of tax, of $1.2 million. Non- GAAP net income was $0.44 per diluted share in the first quarter of 2007, compared to $0.31 per diluted share in the first quarter of 2006 and $0.43 per diluted share in the fourth quarter of 2006. The accompanying schedules provide a reconciliation of net income computed on a GAAP basis to net income computed on a non-GAAP basis.
Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, "Revenue in the first quarter came in above guidance due to continued momentum across all channels. Product wise, there was good uptake on our RangeMax NEXT draft 11n products and ProSafe® Smart Switches. The market acceptance of our industry leading stackable Gigabit Smart Switches introduced in the prior fourth quarter is very encouraging. Among the 12 new products introduced in the first quarter of 2007, notable launches included the Digital Entertainer HD, the ProSafe Gigabit Power over Ethernet Smart Switches, and the channel bonding 100Mbps cable modems, which enabled us to penetrate the Japanese and Korean cable operator markets. We made initial shipments of these modems to Akita Cable in Japan and Qrix Cable in Korea. Revenue from service providers accounted for approximately 21% of total revenue in the first quarter of 2007 as compared to 28% of total revenue in the fourth quarter of 2006, and 9% in the first quarter of 2006."
Christine Gorjanc, Chief Accounting Officer of NETGEAR, said, "We ended the first quarter 2007 with inventory at $68.4 million, compared to $77.9 million at the end of the fourth quarter 2006, and $44.9 million at the end of first quarter 2006. Ending inventory turns were 6.6, compared to 5.7 at the end of the fourth quarter 2006, and 7.4 at the end of the first quarter 2006. Days sales outstanding (DSO) were 65 in the first quarter of 2007 compared to 66 days in the fourth quarter of 2006 and 77 days in the first quarter of 2006. Cash and short-term investments increased to $216.2 million at the end of the first quarter of 2007 compared to $197.5 million at the end of the fourth quarter of 2006, and $178.0 million at the end of the first quarter of 2006. Deferred revenue decreased to $5.8 million at the end of the first quarter of 2007 as compared to $8.2 million at the end of the prior quarter and decreased from $7.7 million at the end of the first quarter of 2006."
The U.S. retail channel inventory ended the first quarter of 2007 at 10.4 weeks compared to 9.3 weeks in the first quarter of 2006 and 8.4 weeks in the fourth quarter of 2006. U.S. distribution channel inventory ended the first quarter of 2007 at 4.4 weeks, as compared to 5.0 weeks in the first quarter of 2006, and 3.5 weeks in the fourth quarter of 2006. European distribution channel inventory ended the first quarter of 2007 at approximately 5.0 weeks, as compared to approximately 5.2 weeks in the first quarter of 2006 and 5.1 weeks in the fourth quarter of 2006. Asia Pacific distribution channel inventory ended the first quarter of 2007 at approximately 5.1 weeks, as compared to approximately 4.1 weeks in the first quarter of 2006, and 4.2 weeks in the fourth quarter of 2006.
Net revenue by geography comprises gross revenue less such items as marketing incentives paid to customers, sales returns and price protection. The following table shows net revenue by geography for the periods indicated:
Net revenue by geography:
Three months ended
April 1, 2007 April 2, 2006 December 31, 2006
North America $66,059 38% $56,382 44% $51,414 31%
Europe, Middle-East
and Africa 92,552 53% 56,788 45% 99,963 61%
Asia Pacific 14,961 9% 14,089 11% 12,625 8%
$173,572 100% $127,259 100% $164,002 100%
Looking forward, Mr. Lo added, "We entered 2007 with a strong new product lineup: RangeMax NEXT draft 11n wireless, Powerline 85 and HD, Gigabit Stackable and PoE Smart Switches, SSL appliances, Skype phones, Digital Entertainers, Storage Central Turbo and 100Mbps cable modems. We continue to benefit from robust demand and our strong brand pull in our core home and SMB markets led by the combination of continued broadband penetration along with our established alliances with content and service providers. As people continue to invest in creating, sharing and securely saving digital content, we believe we will remain a primary beneficiary. We are confident about our prospects for the coming quarters and year. We expect the seasonally weaker second quarter net revenue to be approximately $165 million to $170 million, with non-GAAP operating margin in the range of 11% to 12%. Finally, we expect the non-GAAP effective tax rate to be approximately 35.0%."
Investor Conference Call / Webcast Details
NETGEAR will review the first quarter and 2007 results and discuss management's expectations for the second quarter of 2007 today, Thursday, April 26, 2007 at 5 p.m. EST (2 p.m. PST). The dial-in number for the live audio call is (201) 689-8560. A live webcast of the conference call will be available on NETGEAR's website at www.netgear.com. A replay of the call will be available 2 hours following the call through midnight EST (9 p.m. PST) on Thursday, May 3, 2007 by telephone at (201) 612-7415 and via the web at www.netgear.com. The account number to access the phone replay is 3055 and the conference ID number is 237335.
About NETGEAR, Inc.
NETGEAR (NASDAQGM: NTGR) designs technologically advanced, branded networking products that address the specific needs of small and medium business and home users. The Company's product offerings enable users to share Internet access, peripherals, files, digital multimedia content and applications among multiple personal computers and other Internet-enabled devices. NETGEAR is headquartered in Santa Clara, Calif. For more information, visit the company's Web site at http://www.netgear.com or call (408) 907-8000.
NETGEAR, the NETGEAR logo and ProSafe are trademarks or registered trademarks of NETGEAR, Inc. in the United States and/or other countries. Other brand and product names are trademarks or registered trademarks of their respective holders. Information is subject to change without notice. All rights reserved. Maximum wireless signal rate derived from IEEE Standard 802.11 specifications. Actual data throughput will vary. Network conditions and environmental factors, including volume of network traffic, building materials and construction, and network overhead, lower actual data throughput.
Contacts:
Doug Hagan David Pasquale
Director, Corporate Marketing Executive Vice President, Investor
NETGEAR, Inc. Relations
(408) 907-8053 The Ruth Group
doug.hagan@netgear.com (646) 536-7006
dpasquale@theruthgroup.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for NETGEAR, Inc.:
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The forward- looking statements represent NETGEAR, Inc.'s expectations or beliefs concerning future events and include statements, among others, regarding NETGEAR's expected revenue, earnings, operating income and tax rate on both a GAAP and non-GAAP basis, anticipated new product offerings, current and future demand for the Company's existing and anticipated new products, willingness of consumers to purchase and use the Company's products, and ability to increase distribution and market share for the Company's products domestically and worldwide. These statements are based on management's current expectations and are subject to certain risks and uncertainties, including, without limitation, the following: future demand for the Company's products may be lower than anticipated; consumers may choose not to adopt the Company's new product offerings or adopt competing products; product performance may be adversely affected by real world operating conditions; the Company may be unsuccessful or experience delays in manufacturing and distributing its new and existing products; telecommunications service providers may choose to slow their deployment of the Company's products or utilize competing products; the Company may be unable to collect receivables as they become due; the Company may fail to manage costs, including the cost of developing new products and manufacturing and distribution of its existing offerings; channel inventory information reported is estimated based on the average number of weeks of inventory on hand on the last Saturday of the quarter, as reported by certain of NETGEAR's customers. Further information on potential risk factors that could affect NETGEAR and its business are detailed in the Company's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Part I - Item 1A. Risk Factors," pages 10 through 20, in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2006, filed with the Securities and Exchange Commission on March 1, 2007. NETGEAR undertakes no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Use of Non-GAAP Financial Information:
To supplement our consolidated financial statements presented on a GAAP basis, NETGEAR uses non-GAAP measures of operating results, net income and income per share, which are adjusted to exclude certain expenses and tax benefits we believe appropriate to enhance an overall understanding of our past financial performance and also our prospects for the future. These adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of NETGEAR's underlying operational results and trends and our marketplace performance. For example, the non-GAAP results are an indication of our baseline performance before charges that are considered by management to be outside of our core operating results. In addition, these adjusted non-GAAP results are among the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or diluted net income per share prepared in accordance with generally accepted accounting principles in the United States.
Source: NETGEAR, Inc. [more]
April 27, 2007 –
Congrats to those that believed in me on BIDU, I said on April 20 when BIDU was $99+ that it could go to $130 on earnings day, and on April 23 I said I was almost certain they will beat earnings. Well its $137 in pre-market and taking profits for now would be a good idea. I bought 65 Call options of BIDU Jun 135 Call +BDQFG, What do you guys think that gain will be? I bought them at .30/call
BIDU common stock is up 37% since I said it was a buy just 7 days ago. [more]
April 26, 2007 –
Massey Energy Reports First Quarter 2007 Financial Results
Thursday April 26, 4:38 pm ET
RICHMOND, Va., April 26 /PRNewswire-FirstCall/ -- Massey Energy Company (NYSE: MEE - News) today reported that its produced coal revenues for the first quarter ended March 31, 2007 increased by 9% to $519.7 million from $475.7 million in the quarter ended March 31, 2006. First quarter net income was $32.6 million, or $0.40 per share, versus net income of $5.6 million, or $0.07 per share in the first quarter of 2006. EBITDA in the first quarter of 2007 was $117.7 million compared to $81.0 million in the first quarter of 2006. For a reconciliation of the non-GAAP measure EBITDA, see Note 2 in the accompanying financial tables.
Massey's operating cash margin per ton of $9.90 during the quarter was driven by recovering productivity and strong revenue growth. The Company reported that the labor shortages and high turnover rates experienced in 2005 and 2006 have moderated in 2007. "With a more stable workforce, we are building on the skill and experience levels of our members," said Don L. Blankenship, Massey's Chairman and CEO. "Our focus in 2007 remains on increasing productivity that will allow us to further lower our production costs and widen our cost advantage in Central Appalachia."
Produced coal revenue per ton during the quarter benefited from the expiration of some below-market priced contracts and from increased levels of metallurgical and industrial sales. Utility and metallurgical coal price realizations averaged $45.01 and $73.68 per ton, respectively, in the first quarter of 2007, versus $41.18 and $62.44 per ton, respectively, in the first quarter of 2006. The Company sold 2.3 million tons of metallurgical coal in the first quarter of 2007, with 57% of these tons going to the export market. "Strong global demand for metallurgical coal has allowed Massey to shift volumes from the domestic steam market into the export metallurgical market, helping to increase margins," elaborated Blankenship.
Massey also noted that a recent federal court decision challenging the Army Corps of Engineers permitting process resulted in the rescission of four of Massey's surface mining fill permits. Subsequent to the initial ruling, the federal court stayed parts of its ruling by allowing work to continue in fills that were already under construction. Massey has filed an appeal of the court decision and, with the stay in place, does not expect any material impacts to the Company's guidance for 2007. Massey believes it is in the best position of any of its Central Appalachian competitors to deal with any potential negative impacts from this ruling. Massey's superior coal reserves position, premier equipment fleet and skilled workforce give it the flexibility to adjust mining plans, if required.
The Company is also working to meet the many requirements of the new federal and state mining regulations. "The industry must not allow this regulatory compliance effort to distract it from focusing on accident prevention. Rigorous training, employing best practices and implementing accident prevention technologies are the most effective means of keeping our members safe," stated Blankenship.
1st Quarter Highlights
1st Qtr. 4th Qtr. 1st Qtr.
2007 2006 2006
Produced tons sold (millions) 9.9 9.3 10.1
Produced coal revenue ($ millions) $519.7 $471.7 $475.7
Produced coal revenue per ton $52.26 $50.51 $46.90
Average operating cash cost per ton $42.36 $44.39 $40.69
EBITDA ($ millions) $117.7 $78.8 $81.0
Guidance and Commitments
The Company projects 2007 produced coal shipments will be between 40 and 42 million tons, with average produced coal realization between $51.00 and $52.00 per ton. The Company anticipates continued productivity improvements and will continue to evaluate its optimal produced coal volume level taking into consideration prevailing market conditions. Average cash costs per ton for 2007 is projected to be between $40.00 and $42.50.
Sales commitments for 2008 currently total 35.1 million tons, with an average realization on priced tons of approximately $50.50 per ton. Commitments include 26.9 million tons of priced utility and industrial steam coal and 5.0 million tons of priced metallurgical coal. A total of 3.2 million of the committed tons remain unpriced.
Sales commitments for 2009 currently total 27.3 million tons, with an average realization on priced tons of approximately $46.50 per ton. Commitments include 24.2 million tons of priced utility and industrial steam coal and 1.7 million tons of priced metallurgical coal. A total of 1.4 million of the committed tons remain unpriced.
Coal Market Overview
-- Stockpile levels at utilities served by Central Appalachian producers
have fully recovered due to a mild winter and improved rail
performance. According to the Energy Information Administration,
regional coal production volumes have decreased 10% during the first
quarter of 2007 versus the same period of 2006. Volumes decreased
mainly due to the idling of high cost production.
-- Recent coal contract forward pricing for 2008 and 2009 has declined
from levels contracted during 2005 and 2006. If forward pricing
remains at these lower levels, the Company would expect other regional
producers to struggle to maintain profitable production at current
volumes as higher priced sales contracts expire and coal reserves are
depleted.
-- The Company continues to believe that fundamentals for strong domestic
coal demand remain intact. U.S. economic expansion, the high price of
competing fuels and increased momentum to develop coal-based
alternative fuels all position coal well for the future.
-- Demand for metallurgical coal remains strong. Robust world steel
production and bottlenecks in Australian coal supply have lent support
to the export market for U.S. metallurgical coal.
Liquidity and Capital Resources
Massey ended the month of March 2007 with available liquidity of $383.9 million, an increase of $33.9 million over December 31, 2006 available liquidity. Available liquidity at March 31, 2007 includes $112.6 million available on its asset-based revolving credit facility and $271.3 million in cash. Total debt at March 31, 2007 was $1,104.2 million compared to $1,104.9 million at December 31, 2006.
Massey's total debt-to-book capitalization ratio was 60.1% at March 31, 2007 compared to 61.3% at December 31, 2006. After deducting available cash of $271.3 million and restricted cash of $105.0 million, which supports letters of credit, net debt totaled $727.9 million. Total net debt-to-book capitalization was 49.9% at March 31, 2007 compared to 52.2% at December 31, 2006.
Capital expenditures totaled $60 million in the first quarter of 2007 compared to $76 million in the first quarter of 2006. Capital expenditures are expected to total $220 million in 2007.
Depreciation, depletion and amortization (DD&A) was $62.1 million in the first quarter of 2007 compared to $56.7 million in the first quarter of 2006. DD&A is expected to total between $235 and $245 million for 2007.
Massey Energy Company, headquartered in Richmond, Virginia, with operations in West Virginia, Kentucky and Virginia, is the fourth largest coal company in the United States based on produced coal revenue.
CONFERENCE CALL WEBCAST AND REPLAY: The Company will hold a conference call with management to discuss first quarter earnings on Friday morning, April 27, 2007, at 11:00 a.m. ET. The call can be accessed via the Massey Energy Company website at http://www.masseyenergyco.com . A replay of the conference call will be available on the Company's website. The conference call replay can be accessed through May 26, 2007 by dialing (800) 642-1687 or (706) 645-9291.
FORWARD-LOOKING STATEMENTS: Certain statements in this press release are forward-looking as defined by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on facts and conditions as they exist at the time such statements are made as well as predictions as to future facts and conditions the accurate prediction of which may be difficult and involve the assessment of events beyond the Company's control. Caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, the Company's actual results may differ materially from its expectations or projections. Factors potentially contributing to such differences include, among others: market demand for coal, electricity and steel which could adversely affect the Company's operating results and cash flows; future economic or capital market conditions; deregulation of the electric utility industry; competition in coal markets; inherent risks of coal mining beyond the Company's control, including weather and geologic conditions; the Company's ability to expand mining capacity; the Company's production capabilities; the Company's plan and objectives for future operations and expansion or consolidation; failure to receive anticipated new contracts; customer cancellations of, or breaches to, existing contracts; customer delays or defaults in making payments; the Company's ability to manage production costs; the Company's ability to timely obtain necessary supplies and equipment; the Company's ability to attract, train and retain a skilled workforce; fluctuations in the demand for, price and availability of, coal due to labor and transportation costs and disruptions, governmental policies and regulatory actions, legal and administrative proceedings, settlements, investigations and claims, foreign currency changes and other factors; and greater than expected environmental and safety regulation, costs and liabilities. The forward-looking statements are also based on various operating assumptions regarding, among other things, overhead costs and employment levels that may not be realized. While most risks affect only future costs or revenues anticipated by the Company, some risks might relate to accruals that have already been reflected in earnings. The Company's failure to receive payments of accrued amounts could result in a charge against future earnings.
Additional information concerning these and other factors can be found in press releases as well as Massey's public filings with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2006, which was filed on March 1, 2007. Massey's filings are available either publicly, on the Investor Relations page of Massey's website, http://www.masseyenergyco.com , or upon request from Massey's Investor Relations Department: (866) 814-6512 (toll free). Massey disclaims any intent or obligation to update its forward-looking statements. For further information, please contact the Company via its website at http://www.masseyenergyco.com , Investor Relations.
Source: Massey Energy Company [more]
April 26, 2007 –
It was up $12+ yesterday and up another $3+ today, $15+ in two days could mean overbought.
My last short call MDTL has dropped from $23+ to $16+
April 26, 2007 –
All I can say is WOW and looking very forward to next qtr with expected even better qtr, analysts have .40 EPS as the average estimate.
http://biz.yahoo.com/prnews/070425/clw131.html?.v=18
April 26, 2007 –
Blowout earnings reported and higher earnings expected next qtr at .40 EPS analysts estimate average.
Important Highlights:
Euro Bond Offering:
On March 14th, OI European Group B.V., a wholly owned subsidiary, issued euro 300 million ($396 million USD) of 6.875%, senior unsecured notes with a maturity of March 31, 2017. The proceeds will be used to retire $300 million of the Company's 8.10% senior notes which mature in May 2007 and to reduce borrowings under the U.S. secured revolving credit facility.
Effective Tax Rate:
The effective income tax rate was 37.2% in the first quarter of 2007 as compared to 39.0% in the first quarter of 2006 (exclusive of the mark to market loss on natural gas hedges). The lower rate was primarily due to changes in the geographic mix of pretax earnings and the continued implementation of the new business model in Europe. Based upon the current expectations for the mix of earnings for 2007, the Company anticipates that its effective tax rate for the year will be approximately 35%. [more]
April 26, 2007 –
O-I Reports First Quarter Results
Wednesday April 25, 5:20 pm ET
Global Glass Operations Showing Signs of Improved Performance
PERRYSBURG, Ohio, April 25 /PRNewswire-FirstCall/ -- Owens-Illinois, Inc. (NYSE: OI - News) today reported financial results for the first quarter that ended March 31, 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050412/CLTU028LOGO )
First Quarter Net Sales:
Consolidated net sales for the first quarter of 2007 increased 10.9% to $1.872 billion compared with $1.688 billion for the first quarter of 2006.
-- Global Glass Container net sales for the first quarter of 2007 were
$1.684 billion compared with $1.489 billion for the same quarter last
year, a 13% increase. Favorable foreign currency exchange rates
contributed 5% while improved volume, improved product sales mix, and
modestly improved prices contributed 8%. Globally, the Company sold
5.5% more tons of glass quarter over quarter, led by South America and
Europe.
-- Plastics Packaging net sales for the first quarter of 2007 were $188.3
million compared with $199.6 million reported in the same quarter last
year. Modestly higher unit sales of closures and prescription products
during the first quarter of 2007 were more than offset by the
nonrecurrence of $7.9 million of sales from the Company's former
plastics business in Australia and $3.3 million of sales from
transition contract manufacturing with the Company's former blow-molded
plastics business in the U.S. during the first quarter of 2006. In
addition, sales were reduced by $6.3 million from lower resin costs
passed through to customers. Excluding these items, Plastics Packaging
net sales for the first quarter 2007 were up 3.4% compared with the
prior year period.
First Quarter Operating Results:
Net earnings for the first quarter of 2007 increased to $53.2 million. Last year, the Company reported first quarter net earnings of $24.3 million. The improved profitability was mainly the result of considerably better glass factory operating performance and the effect of contractual price adjustment formulas for prior year cost inflation. Profitability was also helped by increased volume and stronger currency exchange rates primarily in Europe and Australia.
First Quarter Earnings per Share:
The Company reported earnings per share of $0.30 (diluted) for the first quarter of 2007 compared with $0.12 per share (diluted) for the first quarter of 2006. Exclusive of a $0.02 per share after tax loss from the mark to market effect of natural gas hedges, which the Company considers not representative of ongoing operations, the Company earned $0.14 per share (diluted) for the first quarter of 2006.
"I am pleased with the solid progress our global glass team has made with its productivity and cost improvement initiatives," said Al Stroucken, Chairman and Chief Executive Officer. "We are still early in our margin recovery efforts and we are certain to face challenges along the way, especially in the face of a rapidly changing competitive landscape. However, I believe that we are on the right path to transform our business model and demonstrate improved performance."
Working Capital, Capital Spending, Cash Flow, and Debt:
During the first quarter of 2007, the Company's use of cash for working capital was $186.1 million. This compares favorably to a use of $240.5 million in the first quarter of 2006 ($363.3 million for working capital offset by $122.8 million from the accounts receivable securitization program).
During the first quarter of 2007 the Company reported $41.4 million in capital expenditures and $119.8 million of depreciation and amortization expense. The Company expects full year capital expenditures for 2007 will not exceed $350 million while depreciation and amortization expense will finish the year between $475 million and $500 million.
Cash utilized in operating activities was $44.1 million in the first quarter of 2007 and $274.4 million in the same quarter of 2006. Consistent with the seasonal nature of the business, Free Cash Flow (defined as cash provided by operating activities plus collections on receivables arising from securitization less capital spending) was negative $85.5 million in the first quarter of 2007 compared with negative $205.0 million during the same quarter last year. The Company expects Free Cash Flow for the full year to exceed $150 million versus a negative Free Cash Flow of $42.7 million in 2006.
During the first quarter of 2007, total debt increased by $197.2 million to $5.654 billion largely because of the negative Free Cash Flow combined with a $71 million increase in cash. The quarterly increase in debt also included $18.0 million resulting from changes in foreign currency exchange rates. As of March 31, 2007 the Company had more than $800 million available under its U.S. secured revolving credit facility.
Asbestos:
New claims filed during the quarter were 5% lower than the first quarter of 2006. Asbestos-related cash payments to resolve cases and claims in the ordinary course during the first quarter were $41.0 million, equal to the first quarter of 2006. As of March 31, 2007 the total pending asbestos-related lawsuits and claims remained at approximately 18,000 and the deferred amount payable for previously settled claims was $81.4 million.
Euro Bond Offering:
On March 14th, OI European Group B.V., a wholly owned subsidiary, issued euro 300 million ($396 million USD) of 6.875%, senior unsecured notes with a maturity of March 31, 2017. The proceeds will be used to retire $300 million of the Company's 8.10% senior notes which mature in May 2007 and to reduce borrowings under the U.S. secured revolving credit facility.
Effective Tax Rate:
The effective income tax rate was 37.2% in the first quarter of 2007 as compared to 39.0% in the first quarter of 2006 (exclusive of the mark to market loss on natural gas hedges). The lower rate was primarily due to changes in the geographic mix of pretax earnings and the continued implementation of the new business model in Europe. Based upon the current expectations for the mix of earnings for 2007, the Company anticipates that its effective tax rate for the year will be approximately 35%.
Forward Looking Statements
This news release contains "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Forward-looking statements reflect the Company's current expectations and projections about future events at the time, and thus involve uncertainty and risk. It is possible the Company's future financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) foreign currency fluctuations relative to the U.S. dollar, (2) changes in capital availability or cost, including interest rate fluctuations, (3) the general political, economic and competitive conditions in markets and countries where the Company has operations, including disruptions in the supply chain, competitive pricing pressures, inflation or deflation, and changes in the tax rates and laws, (4) consumer preferences for alternative forms of packaging, (5) fluctuation in raw material and labor costs, (6) availability of raw materials, (7) costs and availability of energy, (8) transportation costs, (9) the ability of the Company to raise selling prices, commensurate with energy and other cost increases, without the loss of customers or sales volume, (10) consolidation among competitors and customers, (11) the ability of the Company to integrate operations of acquired businesses and achieve expected synergies, (12) unanticipated expenditures with respect to environmental, safety and health laws, (13) the performance by customers of their obligations under purchase agreements, and (14) the timing and occurrence of events which are beyond the control of the Company, including events related to asbestos-related claims. It is not possible to foresee or identify all such factors. Any forward- looking statements in this news release are based on certain assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes are appropriate in the circumstances. Forward-looking statements are not a guarantee of future performance and actual results or developments may differ materially from expectations. While the Company continually reviews trends and uncertainties affecting the Company's results of operations and financial condition, the Company does not intend to update any particular forward-looking statements contained in this news release.
Company Profile
Millions of times a day, O-I glass containers, healthcare packaging and specialty closure systems deliver many of the world's best-known consumer products to people all around the world. With leading positions in Europe, North America, Asia Pacific and Latin America, O-I provides consumer-preferred products that enable superior taste, purity, visual appeal and value benefits for our customers' products. Established in 1903, the Company employs more than 28,000 people and has 100 manufacturing facilities in 23 countries. In 2006, net sales were $7.4 billion. For more information, visit http://www.o-i.com.
Conference Call
As previously announced, a conference call to discuss the Company's latest results will be held Thursday, April 26, 2007 at 8:30 a.m., Eastern Time. A live Webcast of the conference call will be available on the Internet at the O-I website (www.o-i.com). The conference call also may be accessed by dialing 888-733-1701 (U.S. and Canada) or 706-634-4943 (international) by 8:20 a.m. ET time on April 26th. Ask for the O-I conference call. A replay of the call will be available on the Internet at the O-I website (www.o-i.com) for 30 days following the call.
Additional Information
Certain additional information regarding first quarter sales, Segment Operating Profit and EPS comparisons to prior year is available at the O-I website, www.oi.com, in the Investor Relations section under "Annual Reports and Presentations."
Net earnings $ 53.2 $ 24.3
(a) Operating Profit consists of consolidated earnings before interest
income, interest expense, provision for income taxes and minority
share owners' interests in earnings of subsidiaries. Segment
Operating Profit excludes amounts related to certain items that
management considers not representative of ongoing operations.
The Company presents Operating Profit because management believes
that it provides investors with a measure of operating performance
without regard to level of indebtedness or other related costs of
capital. The most directly comparable GAAP financial measure to
Operating Profit is net earnings. The Company present Segment
Operating Profit because management uses the measure, in combination
with selected cash flow information, to evaluate performance and to
allocate resources.
A reconciliation from Segment Operating Profit to Consolidated
Operating Profit to net earnings is included in the tables above.
(b) Excludes a loss of $3.5 million for the three months ended March 31,
2006 from the mark to market effect of natural gas hedge contracts.
Source: Owens-Illinois, Inc. [more]
April 26, 2007 –
.20 eps last qtr, .22 eps this qtr, next qtr? assuming continued 10% per qtr growth we get .24 eps next qtr, then .264 eps and .29 eps
If this trend in growth continues as you see above then IDSA could earn $1+ EPS for 2007 fiscal year. At $13/shr that makes it extremely cheap.
April 25, 2007 –
Industrial Services of America, Inc. Reports Preliminary First Quarter Results
Wednesday April 25, 11:01 am ET
LOUISVILLE, Ky.--(BUSINESS WIRE)--Industrial Services of America, Inc. (NASDAQ:IDSA - News):
* First quarter net income of $793,080
* First quarter EPS of $0.22 per diluted share
Industrial Services of America, Inc. IDSA, a leading provider of logistics management services, equipment and processes for waste, recyclable commodities and other materials, announced preliminary un-audited financial results for the first quarter ending March 31, 2007.
Financial Highlights:
* Total revenues for the first quarter of 2007 were $17.9 million compared with total revenues for the first quarter of 2006 of $14.5 million.
* Income before income taxes for the first quarter of 2007 was $1,301,768 compared to $694,211 for the first quarter of 2006.
* Net income for the first quarter of 2007 was $793,080 (basic and diluted earnings of 22 cents per share) compared with net income of $416,526 (basic and diluted earnings of 12 cents per share) for the first quarter of 2006.
* EBITDA for the first quarter of 2007 was $1,800,722 compared with EBITDA of $1,152,894 for the first quarter of 2006.
Industrial Services of America, Inc., is a Louisville, Ky.-based logistics management services company servicing commercial, industrial and logistics customers nationwide. Industrial Services of America, Inc. provides scrap processing, waste and recycling management services, and equipment sales and service. Industrial Services of America, Inc. also actively participates in international markets, exporting non-ferrous metals and other recyclable materials. Additional information is available at www.isa-inc.com.
This news release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ from predicted results. Specific risks include varying demand for waste managing systems, equipment and services, competitive pressures in the waste managing systems and equipment, competitive pressures in the waste managing business, loss of customers and fluctuations in the price of recycled materials. Further information on factors that could affect the Company's results is detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to the forward-looking statements.
FINANCIAL RESULTS AND SUPPLEMENTAL FINANCIAL INFORMATION FOLLOW
INDUSTRIAL SERVICES OF AMERICA, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(UNAUDITED)
2007 2006
----------- -----------
Revenue from services $3,844,227 $3,944,919
Revenue from product sales 14,060,522 10,539,101
----------- -----------
Total Revenue 17,904,749 14,484,020
Cost of goods sold for services 3,452,143 3,349,481
Cost of goods sold for product sales 11,754,347 8,945,993
Reduction of cost of goods sold 35,278 150,000
----------- -----------
Total Cost of goods sold 15,241,768 12,445,474
Selling, general and administrative expenses 1,364,007 1,349,853
----------- -----------
Income before other income (expense) 1,298,974 688,693
Other income (expense)
Interest expense (42,457) (27,385)
Interest income 28,973 28,222
Loss on sale of assets (5,775) (2,281)
Other income (expense), net 22,053 6,962
----------- -----------
2,794 5,518
----------- -----------
Income before income taxes 1,301,768 694,211
Income tax provision 508,688 277,685
----------- -----------
Net income $793,080 $416,526
=========== ===========
Basic earnings per share $0.22 $0.12
=========== ===========
Diluted earnings per share $0.22 $0.12
=========== ===========
Weighted shares outstanding:
Basic 3,640,899 3,560,899
=========== ===========
Diluted 3,640,899 3,574,328
=========== ===========
Industrial Services of America, Inc.
Supplemental Financial Information
Reconciliation of EBITDA (1):
Three months ending March 31,
---------------------------------------- -----------------------------
2007 2006
---------------------------------------- ================== ==========
Net Income 793,080 416,526
---------------------------------------- ------------------ ----------
Interest expense 42,457 27,385
---------------------------------------- ------------------ ----------
Income taxes 508,688 277,685
---------------------------------------- ------------------ ----------
Depreciation 456,497 431,298
---------------------------------------- ------------------ ----------
Amortization - -
---------------------------------------- ------------------ ----------
EBITDA (1) 1,800,722 1,152,894
---------------------------------------- ------------------ ----------
(1) EBITDA is calculated by the Company as net income before interest
expense, income tax expense, depreciation and amortization. The
Company uses EBITDA as a key performance measure of results of
operations for purposes of evaluating performance internally. This
non-GAAP measurement is not intended to replace the presentation of
our financial results in accordance with GAAP. Rather, we believe
the EBITDA calculation provides additional information to investors
and debt holders due to the fact that tax credits, tax rates and
other tax related items vary by company. Additionally, years of
service for fixed assets and amortizable assets are based on company
judgment. Finally, companies have several ways of raising capital
which can affect interest expense. We believe the presentation of
EBITDA provides a meaningful measure of performance exclusive of
these unique items.
Contact:
Industrial Services of America, Inc., Louisville
Harry Kletter, 502-366-3452
hklet@isa-inc.com
or
Alan Schroering, 502-366-3452
aschroering@isa-inc.com
http://www.isa-inc.com/
Source: Industrial Services of America, Inc. [more]
April 24, 2007 –
What will they report? In my opinion it won't matter much if they dissappoint, the stock already has priced it in. It should rally whatever the numbers are.
http://finance.yahoo.com/q/bc?s=ASH&t=5y
April 24, 2007 –
UCTT Well Oversold it has been crushed today
and is back to $16.30/shr. Hard to believe this stock is at this price again but that gives us a bargain to buy. UCTT missed its estimates and guided lower for next qtr.
But its still growing at a fast pace and after some cost savings in manufacturing UCTT profit margins should increase and it will be headed to $20+ once again and towards $30 for the rest of 2007. Go look up its forward looking EPS. This stock should have already been $30 yesterday and its miss should have left it at $23-$25 range not $16+, what does this mean? It means its price yesterday already had factored in the miss and that todays fall is just extremely well overdone and makes UCTT an extreme bargain for today's buyers!
Estimates looking forward:
http://finance.yahoo.com/q/ae?s=UCTT [more]
April 23, 2007 –
AAME - Atlantic American corp. An Insurance company that is pretty low priced to what its EPS is going to be looking ahead. Just broke $5+ today after lagging in the $3-$5 range.
http://biz.yahoo.com/bizj/070329/1438992.html?.v=1
April 23, 2007 –
its stock has being going up steadily the last few days on increasing volume which may suggest positive data is coming out soon. NFLD was $17+ before more data was required for FDA approval. Currently at $5.30's
http://finance.yahoo.com/q/hp?s=NFLD
April 23, 2007 –
for LNG has finally arrived.
Golar LNG Secures Employment for the World's First FSRU's
Monday April 23, 3:13 am ET
HAMILTON, Bermuda, April 23, 2007 (PRIME NEWSWIRE) -- Golar LNG is pleased to announce it has been awarded two time charters by Petrobras to employ Golar Winter and Golar Spirit as a floating LNG storage and regasification vessels (``FSRU''). Employment of Golar Spirit under this contract will commence during Q2 2008, Golar Winter will commence during Q2 2009. Both vessels will be modified to permit regasification of LNG prior to delivery to Petrobras. The contract duration for both vessels is 10 years with an option for Petrobras to extend for a further 5 years. The estimated contract value (excluding the option period) is approximately US$860 million.
During the last five years Golar has spent significant resources on developing Floating Storage and Regas Terminal technology. The knowledge built in this period and particularly the decision to start the conversion work for Golar Spirit without having secured firm employment put Golar in a strong position to be selected for this exciting new business.
Golar is working in close partnership with Moss Maritime to develop the technical scope for these vessel modifications. Work to modify Golar Spirit will be carried out at Keppel shipyard commencing Q4 2007, the cost of which is estimated to be in line with what has been previously reported.
Golar's CEO, Gary Smith, said we are delighted to be selected by Petrobras for these important contracts. ``The winning of both tenders against strong competition is a great achievement and a clear vote of confidence in Golar's approach to this new line of business. The award of these 2 contracts will be an important foundation in Golar's growing portfolio of LNG regasification projects. We see this new business as an important element in the ongoing evaluation of optimizing shareholder value through restructuring of the Company's LNG logistic investments and projects. These contracts are likely to positively influence long term earnings and improve the opportunity to further optimize Golar's financing.
``We look forward to providing Petrobras an important part of the Brazilian energy infrastructure for at least the next decade.''
Golar LNG Limited
April 23, 2007
Hamilton, Bermuda
Contact:
Golar Management (UK) Ltd
+44 207 517 8600
Gary Smith, Chief Executive Officer
Graeme McDonald, Group Technical Director
Graham Robjohns, Chief Financial Officer
Source: Golar LNG [more]
April 23, 2007 –
China's Economy grew almost 4x the pace of the US economy in the 1st qtr.
http://bob.wjla.com/headlines/0407/415739.html
April 20, 2007 –
BIDU the Google in CHINA reports on the 27th
Based on the last 3 qtrs they should have another Fantastic QTR.
Strong Buy Opinion Ahead of Earnings!
http://finance.yahoo.com/q/ae?s=BIDU
April 20, 2007 –
ASTE comments last QTR about this QTR:
The Company's backlog at December 31, 2006 was $242.5 million compared to $127.7 million at December 31, 2005, for a $114.8 million increase. The Company's backlog at January 31, 2007 was $261.6 million compared to $161.0 million at January 31, 2006, for a $100.6 million increase.
Commenting on the announcement, Dr. J. Don Brock, Chairman and Chief Executive Officer, stated, "We are very pleased with our 2006 results. We are starting 2007 with historically high backlogs exceeding the prior year by $114.8 million. We will continue to focus on improving our gross margins through more efficient design and manufacturing concepts. We also expect to see moderate inflationary pressure on material costs. We will focus on controlling these costs through the combined purchasing power of our subsidiaries while eliminating waste. We are pleased to have increased our gross margins by 210 basis points in 2006."
Dr. Brock added, "With a record backlog, good economy, highway funding legislation in place, our efficiency initiatives and a strong balance sheet, we are excited about what can be accomplished in growing the business in both revenues and profits in 2007."
http://finance.yahoo.com/q/ae?s=ASTE [more]
April 20, 2007 –
Strong Buy Opinion on SGP my target $40 by next qtr.
April 19, 2007 –
since I posted to buy the Calls when they were trading at .80/call and now are at $1.40/call, I believe the stock and its Calls are still undervalued compared to its growth and future growth prospects.
http://finance.yahoo.com/q?s=sgpef.x
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Posted earlier:
May $30 Calls which should rally big on this
earnings report!
Schering-Plough 1Q Profit Up 55 Percent
Thursday April 19, 8:20 am ET
By Jeffrey Gold, AP Business Writer
Schering-Plough Posts 55 Percent Rise in 1st-Quarter Earnings
NEWARK, N.J. (AP) -- Schering-Plough Corp. said Thursday its
first-quarter profit rose 55 percent to easily beat Wall Street
expectations, helped by strong demand for its Remicade drug and other
products.
Net income after paying preferred dividends increased to $543 million,
or 36 cents per share, from $350 million, or 24 cents per share, a
year earlier. Excluding charges of $96 million related to three
upfront licensing payments included in research and development
expenses, earnings per share would have totaled 42 cents in the latest
period.
[more]
April 19, 2007 –
and look at their May $30 Calls which should rally big on this earnings report!
Schering-Plough 1Q Profit Up 55 Percent
Thursday April 19, 8:20 am ET
By Jeffrey Gold, AP Business Writer
Schering-Plough Posts 55 Percent Rise in 1st-Quarter Earnings
NEWARK, N.J. (AP) -- Schering-Plough Corp. said Thursday its first-quarter profit rose 55 percent to easily beat Wall Street expectations, helped by strong demand for its Remicade drug and other products.
Net income after paying preferred dividends increased to $543 million, or 36 cents per share, from $350 million, or 24 cents per share, a year earlier. Excluding charges of $96 million related to three upfront licensing payments included in research and development expenses, earnings per share would have totaled 42 cents in the latest period.
Total sales grew 17 percent to $2.98 billion from $2.55 billion in the 2006 first quarter.
On average, analysts surveyed by Thomson Financial were looking for profit of 29 cents per share per share on sales of $2.74 billion. Consensus estimates generally exclude one-time charges and gains.
Including 50 percent of sales from its global cholesterol joint venture with Merck & Co., which include the drugs Vytorin and Zetia, Schering-Plough would have posted sales of $3.6 billion, up 21 percent from the $2.9 billion adjusted sales it recorded last year.
The results gave the Kenilworth-based company its 10th consecutive quarter of double-digit adjusted sales growth, aided by double-digit growth in its top nine products.
"It is clear that our long-term strategy is working nicely," Schering-Plough chairman and CEO Fred Hassan told analysts in a conference call.
He noted that the Vytorin and Zetia franchise continued to grow "despite a new wave of generics," adding that Zetia has just been approved for use in Japan.
Hassan said the company's pipeline of products in development is growing, and mentioned the company's compound for heart trouble, thrombin receptor antagonist, which is to enter the final stage of testing this year.
Hassan also said the planned $14.4 billion acquisition of Organon Biosciences, announced last month, would be a good fit. Besides adding five compounds in the final phase of testing, Organon would diversify Schering-Plough's women's health and anesthesia products.
He again projected $500 million in synergies by the third year of the combined operation. The deal is to close by the end of the year.
Sales of Remicade increased 34 percent to $373 million, driven by continued market growth and expanded indications for its use. The anti-inflammatory drug is sold outside the United States for disorders such as rheumatoid arthritis and ulcerative colitis.
Among other prescription products posting higher sales in the 2007 first quarter was antibiotic Avelox, up 43 percent to $115 million, primarily as a result of increased market share.
Revenues from allergy drugs also gained, with Nasonex up 24 percent to $284 million, and Clarinex up 28 percent to $204 million.
On the Net: http://www.sgp.com [more]
April 19, 2007 –
and look at their May $30 Calls which should rally big on this earnings report!
Schering-Plough 1Q Profit Up 55 Percent
Thursday April 19, 8:20 am ET
By Jeffrey Gold, AP Business Writer
Schering-Plough Posts 55 Percent Rise in 1st-Quarter Earnings
NEWARK, N.J. (AP) -- Schering-Plough Corp. said Thursday its first-quarter profit rose 55 percent to easily beat Wall Street expectations, helped by strong demand for its Remicade drug and other products.
Net income after paying preferred dividends increased to $543 million, or 36 cents per share, from $350 million, or 24 cents per share, a year earlier. Excluding charges of $96 million related to three upfront licensing payments included in research and development expenses, earnings per share would have totaled 42 cents in the latest period.
Total sales grew 17 percent to $2.98 billion from $2.55 billion in the 2006 first quarter.
On average, analysts surveyed by Thomson Financial were looking for profit of 29 cents per share per share on sales of $2.74 billion. Consensus estimates generally exclude one-time charges and gains.
Including 50 percent of sales from its global cholesterol joint venture with Merck & Co., which include the drugs Vytorin and Zetia, Schering-Plough would have posted sales of $3.6 billion, up 21 percent from the $2.9 billion adjusted sales it recorded last year.
The results gave the Kenilworth-based company its 10th consecutive quarter of double-digit adjusted sales growth, aided by double-digit growth in its top nine products.
"It is clear that our long-term strategy is working nicely," Schering-Plough chairman and CEO Fred Hassan told analysts in a conference call.
He noted that the Vytorin and Zetia franchise continued to grow "despite a new wave of generics," adding that Zetia has just been approved for use in Japan.
Hassan said the company's pipeline of products in development is growing, and mentioned the company's compound for heart trouble, thrombin receptor antagonist, which is to enter the final stage of testing this year.
Hassan also said the planned $14.4 billion acquisition of Organon Biosciences, announced last month, would be a good fit. Besides adding five compounds in the final phase of testing, Organon would diversify Schering-Plough's women's health and anesthesia products.
He again projected $500 million in synergies by the third year of the combined operation. The deal is to close by the end of the year.
Sales of Remicade increased 34 percent to $373 million, driven by continued market growth and expanded indications for its use. The anti-inflammatory drug is sold outside the United States for disorders such as rheumatoid arthritis and ulcerative colitis.
Among other prescription products posting higher sales in the 2007 first quarter was antibiotic Avelox, up 43 percent to $115 million, primarily as a result of increased market share.
Revenues from allergy drugs also gained, with Nasonex up 24 percent to $284 million, and Clarinex up 28 percent to $204 million.
On the Net: http://www.sgp.com [more]
April 19, 2007 –
starting at below 5% has led to more stock gains in the past. When interest rates go higher it means we have a Strong Economy. Stocks go higher in a strong economy because rising EPS makes stocks cheaper every time they report stronger earnings than the previous quarter.
News Headlines pointing to stocks falling in Asia due to interest rate concern have no clue, stocks are falling due to temporary profit taking after some electronic systems sell at record highs for the indexes in my opinion the bull run in Asia is just beginning. When you see interest rates to start coming down thats the time to start worrying, because it means the economy is in trouble.
Here is the story from Bloomberg:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
U.S. Stock-Index Futures Slide on China Interest-Rate Concern
By Andreas Hippin
April 19 (Bloomberg) -- U.S. stock-index futures dropped, following Asian and European markets lower, on speculation China may need to raise interest rates to curb expansion in the world's fastest-growing major economy.
Boeing Co., the world's second-largest commercial airplane maker, and Intel Corp., the biggest semiconductor maker, paced declines by U.S. shares trading in Europe.
China's growth figures are ``blowout and while we stand and applaud, the clear facts are that the authorities will need to act quickly to cool the economic temperature,'' said Stephen Pope, head of equity research at Cantor Fitzgerald in London.
The economy in China expanded at a faster-than-expected 11.1 percent pace in the first quarter, a report showed today. The government, concerned the boom may turn to bust, may raise interest rates or allow the yuan to appreciate faster to curb runaway investment in property, factories and the stock market.
Standard & Poor's 500 Index futures expiring in June lost 7.1 to 1473.2 as of 11:46 a.m. in London. Dow Jones Industrial Average futures fell 58 to 12,800. Nasdaq-100 Index futures slid 10.75 to 1837.5.
Asian stocks dropped the most in a month today, with the Morgan Stanley Capital International Asia-Pacific Index losing as much as 1.8 percent. The pan-European Dow Jones Stoxx 600 Index retreated as much as 1.3 percent.
``Emerging markets were supposed to make up for slowing growth in the U.S. to keep the world economy expanding,'' said Juergen Lukasser, who helps manage $20 billion as head of equities at Constantia Privatbank AG in Vienna. ``Now there's anxiety whether this will happen.''
U.S. Economy
The Dow Jones Industrial Average rose to a record and the Standard & Poor's 500 Index to its highest since September 2000 yesterday after JPMorgan Chase & Co. and Washington Mutual Inc. reported earnings that beat analysts' estimates.
The Conference Board's index of leading economic indicators probably rose 0.1 percent in March, the median estimate in a Bloomberg News survey of economists, after dropping 0.5 percent a month earlier. The report is due at 10 a.m. New York time.
Manufacturing in the Philadelphia region barely grew for a third month, expanding 0.2 in April, according to the median economist estimate in a Bloomberg survey, the same reading as March. A positive number signals expansion.
The Federal Reserve Bank of Philadelphia's general economic index is due for release at noon New York time.
Reliant on China
Intel slipped 19 cents to $21.16 in Switzerland. The company held its twice-a-year developer conferences the first time in China this week, highlighting the country's importance to Intel after the company said last month it would invest $2.5 billion to build its first chip-making plant in the country.
Boeing dropped 66 cents to $93.22 in Germany. China is the world's fastest-growing aviation market, and is hotly contested by Boeing and Airbus. Boeing sales to China last year were valued at $2.7 billion.
``China is an important driver of global growth and any sign that economy will overheat is a source of consternation,'' said Ben Rogoff, who helps oversee $1 billion at Polar Capital Partners in London.
Merrill Lynch & Co. declined 51 cents to $90.15 in Germany. The world's biggest brokerage may report first-quarter net income, before some items, of $1.97 a share before the open of U.S. exchanges, the mean of 14 estimates compiled by Bloomberg.
Stock-underwriting fees probably rose more than 50 percent as Merrill became the world's top manager of initial public offerings for the first time since 2004, data compiled by Bloomberg show.
Earnings
Bank of America Corp. dropped 6 cents to $51.76. The biggest U.S. bank by deposits may report first-quarter profit, before some items, of $1.16 a share, the mean of 23 estimates compiled by Bloomberg.
Merck & Co. fell 59 cents to $49.10 in Paris. The third- biggest U.S. prescription drugmaker may report first-quarter profit, before some items, of 72 cents a share, according to the mean of 16 estimates compiled by Bloomberg.
American Express Co. shed 53 cents to $57.91 in Germany. The fourth-largest issuer of credit cards may report first-quarter earnings of 79 cents a share after the close of U.S. exchanges, the average of 15 estimates compiled by Bloomberg.
Altria Group Inc. lost 30 cents to $69.78 in Frankfurt. The parent of the world's biggest tobacco company may report first- quarter profit, before some items, of $1.04 a share, the mean of six estimates compiled by Bloomberg.
Google, EBay
Google Inc. fell $2.24 to $473.77 in Germany. The owner of the most-used Internet search engine today may report its smallest growth in sales and profit since it went public in 2004.
First-quarter net income probably gained 58 percent to $932.9 million, or $2.95 a share, the average estimate of 26 analysts in a Bloomberg survey. Sales, excluding revenue allotted to other sites, may have increased 63 percent to $2.5 billion.
EBay Inc. added $1.14 to $35.59 in Frankfurt. The largest online auction company said first-quarter profit excluding some expenses was 33 cents a share, 3 cents more than analysts estimated in a Bloomberg survey.
Kraft Foods Inc. gained 13 cents to $32.42. The world's second-largest foodmaker, spun off last month by Altria Group Inc., reported profit that topped analysts' estimates. Net income of 43 cents a share beat the average analyst estimate by 1 cent.
Gilead Sciences Inc. added 24 cents to $78.77 in Frankfurt. The biotechnology company said first-quarter profit jumped 55 percent as it raised prices and sales increased for its simpler- to-take HIV drugs. Profit excluding certain items was 93 cents a share, beating the 79 cent average estimate of analysts surveyed by Bloomberg.
Spansion, E*Trade
Spansion Inc. may be active. The largest maker of memory chips used to store programs in cell phones said its first- quarter loss widened to 56 cents a share as prices fell more than the company expected. Sales rose 12 percent to $627.8 million, missing the average $679 million estimate of nine analysts in a Bloomberg survey. The stocks didn't trade in Europe.
E*Trade Financial Corp. lost 94 cents to $21.19 in Frankfurt. The fourth-biggest discount brokerage cut its earnings forecast for this year as customers traded less. Full-year earnings will be $1.55 to $1.75 a share, compared with a forecast of $1.65 to $1.80 in December.
Citigroup Inc. cut its share-price estimate for E*Trade to $23 from $25. The company is ``an unattractive acquisition target,'' Prashant Bhatia, a Citigroup analyst in New York wrote in a report published today.
Continental, UnitedHealth
Continental Airlines Inc., the fourth-largest U.S. carrier, said today it had a first-quarter profit of 22 cents a share. The profit compared with a year-earlier net loss of 76 cents a share, Houston-based Continental said. The stock didn't trade in Europe.
UnitedHealth Group Inc. may be active. The biggest U.S. health insurance company reported first-quarter net income, before some items, of 74 cents, beating the 71-cent mean estimate of 14 analysts surveyed by Bloomberg. The shares didn't trade in Europe.
Schering-Plough Corp. added 34 cents to $28.89 in Germany. The maker of Vytorin and Zetia cholesterol drugs said first- quarter net income, before some items, was 42 cents, exceeding the average of 15 estimates compiled by Bloomberg.
Wyeth climbed 64 cents to $56.97 in Frankfurt. The marketer of the Prevnar pneumonia vaccine and Enbrel arthritis drug said first-quarter net income rose 12 percent to 94 cents a share, topping the 87-cent average estimate of 17 analysts in a Bloomberg survey.
Marriott International Inc., the biggest U.S. hotel operator, said first-quarter profit tripled on higher room rates and a year-earlier accounting change. Excluding expenses and results from the company's synthetic fuel operations, Marriott earned 40 cents a share, more than the 38-cent mean of 18 analyst estimates compiled by Bloomberg. The shares didn't trade in Europe.
The Dow average added 0.3 percent to 12,803.84 yesterday. The S&P 500 rose 0.1 percent to 1472.50. The Nasdaq Composite Index lost 0.3 percent to 2510.50, paced by Yahoo! Inc. after the company's earnings disappointed investors.
To contact the reporter on this story: Andreas Hippin in Frankfurt at ahippin@bloomberg.net . [more]
April 18, 2007 –
they were undervalued compared to stock price and are still
undervalued compared to stock price, furthermore based on the Gap up
in AVNR shares in the AM on Thursday the options could go alot higher!
When I alerted about the calls they were up only a fraction of the stock
price at 40% while the stock was up 190%
http://finance.yahoo.com/q?s=avqfa.x [more]
April 18, 2007 –
with a forward PE now at 5 and stock creeping up to $3.80/shr.
Look for $5-$7 range short-term.
Link to full detailed DD on CBAK, showing why it will Rebound strongly:
http://biz.yahoo.com/seekingalpha/070410/31830_id.html?.v=1
http://finance.yahoo.com/q?s=cbak [more]
April 18, 2007 –
for AVNR could prove to be very undervalued if AVNR gaps up in the morning on Thursday. The calls are up only a fraction of the stock price at 40% while the stock is up 190%
http://finance.yahoo.com/q?s=avqfa.x
April 18, 2007 –
Avanir Pharmaceuticals Announces Positive Results of Phase III Study for Zenvia in Diabetic Neuropathic Pain
Wednesday April 18, 8:30 am ET
Statistically Significant Improvement in Pain Rating Scale for Both Zenvia Treatment Arms
Average Pain Relief Was Statistically Superior to Placebo for Both Treatment Arms
Potential Unique and Novel Mechanism of Action
ALISO VIEJO, Calif.--(BUSINESS WIRE)--Avanir Pharmaceuticals (NASDAQ:AVNR - News) today announced positive top-line results from the company's Phase III clinical trial evaluating the investigational drug Zenvia(TM) (dextromethorphan hydrobromide/quinidine sulfate ("DMQ")), an NMDA antagonist and sigma-1 agonist, in diabetic neuropathic pain.
The primary endpoint of the trial was based on the daily diary entries for the Pain Rating Scale as defined in the Special Protocol Assessment (SPA) with the U.S. Food and Drug Administration (FDA). In the trial, two doses of Zenvia, 45/30 mg DMQ dosed twice daily ("DMQ 45") and 30/30 mg DMQ dosed twice daily ("DMQ 30"), were compared to placebo based on daily patient diary entries for the Pain Rating Scale. Both Zenvia treatment groups had lower pain ratings than placebo patients (p less than 0.0001 in both cases). In the DMQ 45 patient group, average reductions were significantly greater than placebo patients at Days 30, 60, and 90 (p less than 0.0001 at each time point). In the DMQ 30 patient group, average reductions were also significantly greater than placebo patients at Days 30 and 60 (p less than 0.0001) and Day 90 (p=0.007).
Zenvia also demonstrated statistically significant improvements in a number of key secondary endpoints including the Pain Relief Ratings Scale and the Pain Intensity Ratings Scale. The secondary endpoints compared the baseline value to the average rating values at each study visit after randomization. The average pain relief reductions as measured on the Pain Relief Rating Scale were greater for the DMQ 45 patient group (p=0.0002) and for the DMQ 30 patient group (p=0.0083), compared with placebo. In addition, the DMQ 45, but not the DMQ 30, patient group demonstrated statistically significant improvements in the Pain Intensity Rating Scale compared with placebo (p=0.029). Although not powered to detect differences in the secondary endpoint of Peripheral Neuropathy Quality of Life Scale Composite score, the DMQ 45 patients showed a greater improvement than placebo patients (p=0.05) and the DMQ 30 patients showed a greater improvement than placebo patients (p=0.08).
Overall, the safety data from this study are consistent with data from previous studies. The most commonly reported adverse events were dizziness, nausea, diarrhea, fatigue and somnolence and were generally mild to moderate in nature. A higher number of patients in the DMQ 45 and DMQ 30 treatment groups (25.2% and 21.0%, respectively) discontinued due to an adverse event than compared to placebo (11.4%). There were no significant differences in serious adverse events with 7.6%, 4.8% and 4.1% reported in the DMQ 45, DMQ 30 and placebo groups, respectively. In addition, no deaths occurred throughout the study. Further safety and efficacy analyses are on-going and are expected to be presented at an upcoming public medical forum.
"We are extremely encouraged by the results of this trial which are consistent with Avanir's prior Phase II study in patients with diabetic neuropathic pain," said Randall Kaye, MD, Senior Vice President and Chief Medical Officer of Avanir Pharmaceuticals. "We look forward to meeting with the FDA to discuss the next study for Zenvia for the treatment of diabetic neuropathic pain given the robustness of the clinical results."
"Current treatment options are either partially effective or don't work at all for more than one-half of people suffering from diabetic neuropathic pain. The results of this study provide additional evidence that Zenvia, if approved, may be a safe and effective treatment option for the millions of Americans suffering from diabetic neuropathic pain," said Keith A. Katkin, President and CEO of Avanir Pharmaceuticals. "Avanir now has two Phase III Zenvia programs in areas with significant unmet medical need, one in Involuntary Emotional Expression Disorder (IEED) and one in diabetic neuropathic pain. We look forward to the continued development of Zenvia for these two important indications. As previously stated, the company plans on initiating a confirmatory clinical trial in IEED with a new, lower quinidine dose formulation later this year," he added.
Conference Call
The company has scheduled a conference call for today, Wednesday, April 18, 2007 at 10:30 AM ET. Keith Katkin, President and CEO of Avanir, and Randall Kaye, MD, Senior Vice President and Chief Medical Officer, will discuss the results of this Phase III study. The call-in number is (877) 558-3407 for domestic and (706) 679-1941 for international callers, and the conference ID number is 6342812.
If you cannot attend the live broadcast, a webcast will be available online until May 18, 2007 at www.avanir.com. A telephone replay is available until April 23, 2007 and can be accessed by dialing (800) 642-1687 domestic and (706) 645-9291 international, and entering the conference ID number 6342812.
About Diabetic Neuropathic Pain
Diabetic neuropathic pain, one of the most debilitating forms of pain, is caused by nerve damage that can result from diabetes. It is often described as burning, tingling, stabbing, or pins and needles in the feet, legs, hands or arms. An estimated 3.5 million people in the United States experience diabetic neuropathic pain according to the American Diabetes Association.
About the Study
In 2005 AVANIR initiated a randomized double-blind, placebo-controlled, phase III clinical trial testing two doses of Zenvia in patients with painful diabetic neuropathy to assess efficacy, and overall safety and tolerability. The study was conducted at 40 sites in the US and Israel and was fully enrolled with 379 patients randomized across the three treatment arms (45 mg dextromethorphan / 30 mg quinidine BID dose, 30 mg dextromethorphan / 30 mg quinidine BID dose and placebo). The protocol for the study was reviewed and approved by the U.S. Food and Drug Administration (FDA) through a special protocol assessment (SPA). The Company expects this to be the first of two pivotal studies required for the approval of Zenvia in the treatment of diabetic neuropathic pain.
About Zenvia
Zenvia is a combination of two well-characterized compounds, the active ingredient dextromethorphan, and the enzyme inhibitor quinidine, which serves to increase the bioavailability of dextromethorphan. The first-in-class drug candidate is believed to help regulate excitatory neurotransmission in two ways, through pre-synaptic inhibition of glutamate release via sigma-1 receptor agonist activity, and through postsynaptic glutamate response modulation via uncompetitive, low-affinity NMDA antagonist activity. Zenvia is currently in development for the treatment of Involuntary Emotional Expression Disorder (IEED) and diabetic neuropathic pain.
In October 2006, the Company received an approvable letter for the treatment of Zenvia in IEED. To address safety concerns raised in the FDA's approvable letter for Zenvia for the treatment of IEED, the company intends to initiate a confirmatory phase III study with a new lower quinidine dose formulation of Zenvia. The Company is considering whether it would be necessary or advisable to study a similar lower dose of quinidine in the second phase III trial being planned for diabetic neuropathic pain.
About Avanir
Avanir Pharmaceuticals is focused on developing, acquiring and commercializing novel therapeutic products for the treatment of chronic diseases. Avanir's products and product candidates address therapeutic markets that include the central nervous system, inflammation and infectious diseases. Avanir currently markets FazaClo®, the only orally-disintegrating formulation of clozapine for the management of severely ill schizophrenic patients who fail to respond adequately to standard schizophrenic drug treatments. FazaClo is also indicated for reducing the risk of suicidal behavior in patients with schizophrenic or schizoaffective disorder. For full prescribing information and important safety information regarding FazaClo, please visit www.fazaclo.com. Avanir's lead product candidate for the treatment of involuntary emotional expression disorder (IEED), Zenvia(TM), is the subject of an approvable letter from the FDA. Avanir has licensed certain compounds to Novartis International Pharmaceutical Ltd. for the treatment of inflammatory disease. The Company's first commercialized product, Abreva®, is marketed in North America by GlaxoSmithKline Consumer Healthcare and is the leading over-the-counter product for the treatment of cold sores. Further information about Avanir can be found at www.avanir.com.
Forward Looking Statement
Statements in this press release that are not historical facts, including statements that are preceded by, followed by, or that include such words as "estimate," "intend," "anticipate," "believe," "plan," "goal," "expect," or similar statements, are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by such statements. There can be no assurance that the Company will receive FDA regulatory approval for Zenvia for any indication. Final review decisions made by the FDA and other regulatory agencies concerning are often unpredictable and outside the influence and control of the Company and it is possible that the FDA could disagree with the Company's interpretation of clinical trial results. Risks and uncertainties also include the risks set forth in Avanir's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, and from time-to-time in other publicly available information regarding the Company. Copies of this information are available from Avanir upon request. Avanir disclaims any intent to update these forward-looking statements.
To be included on Avanir's e-mail alert list, click on the link below or visit AVANIR's website: http://www.b2i.us/irpass.asp?BzID=958&to=ea&s=0
Contact:
Lippert/Heilshorn & Associates, Inc.
Jody Cain, jcain@lhai.com
Bruce Voss, bvoss@lhai.com
310-691-7100
Source: Avanir Pharmaceuticals [more]
April 18, 2007 –
All three listed as Strong buy Opinions Ahead of Earnings on April 16th : on my eps-momentum investment group.
April 17, 2007 –
Told you to short MDTL last Friday at $22+ some decided to buy after I said short and sent the stock up to $23 to $24 area before it finally came down steadily the rest of the day and is down even more today at $19.67
MDTL made the lemon list:
http://www.citronresearch.com/index.php/2007/04/13/citron-research-questions-med\
is-technology-mdtl-press-release/#more-215 [more]
April 17, 2007 –
If you look at the market caps of the current top SOLAR Stocks you will realise how much CSIQ is expecting to grow. Current CSIQ mkt cap is very small compared to the top in the industry.
Canadian Solar Officially Opens Cell Manufacturing Subsidiary
Tuesday April 17, 9:10 am ET
JIANGSU, China, April 17 /Xinhua-PRNewswire/ -- Canadian Solar Inc. ("the Company'', or ''CSI'') (Nasdaq: CSIQ - News) celebrated the grand opening of its subsidiary, CSI Cells Co., Ltd. in Suzhou, China on April 15, 2007. The first phase of CSI Cell's new facility, with an area of about 10,000 sq meters, has an annual capacity of 25 MW, and is expected to be ramped up to 100 MW by the middle of Q4 of 2007.
''The manufacturing of cells is another step in CSI's move towards vertical integration, and the timing of the new cell line is perfect as we face increased demand for CSI's modules,'' said Dr. Shawn Qu, the CEO of CSI. ''The new cell facility will further strengthen CSI's competitive edge in the current consolidation of solar industry.''
''It took just 6 months from the ground breaking to the production of first batch of cells. This in itself exemplifies CSI's ability to execute its strategy to become a top 10 solar player in the world,'' said Dr. Shawn Qu.
The celebration was attended by Mr. Qinghua Han, Provincial Minister of Economy and Trade, Li Yan, Mayor of Suzhou and other dignitaries, including CSI's suppliers, customers and financing partners.
About Canadian Solar Inc.
Founded in 2001, Canadian Solar Inc. (CSI) is a standard solar module and specialty solar module and product company, serving customers located in various markets worldwide. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information, please visit http://www.csisolar.com . [more]
April 17, 2007 –
said Growth will Accelerate looking forward into 2007. This statement after it just posted earnings that doubled was pretty impressive and points to another big qtr this qtr.
"This exceptional performance is attributable to two exceptionally strong growth engines. As we have indicated in the past, the platform of 40+ Design Wins that we have accumulated over the past several years represents a continuously expanding source of orders, and we have been adding new Design Wins to the base each quarter. In addition, during the fourth quarter we began to see an exponential ramp up in the order volumes of some of our customers - particularly those in the exploding WAN Optimization arena - in response to the incredible growth of their markets."
Mr. Orbach concluded, "Looking forward into 2007, we believe that the momentum of both these growth engines will continue to accelerate, driving continued strong growth for our company. With strong traction and a favorable environment, we are working to achieve our full potential and to create additional value for our shareholders." [more]
April 17, 2007 –
other metals last summer. In my opinion you don't short the fastest growing sector, you short the declining growth sector. [more]
April 17, 2007 –
Globally, the clean energy market notched revenues of $55 billion last year, and is projected to grow to $226 billion by 2016, according to Clean Edge, an energy research firm based in San Francisco and Portland, Ore. Clean Edge projected solar photovoltaic revenue from modules, system components, and installations will grow to $69.3 billion by 2016 from $15.6 billion last year.
April 17, 2007 –
ASTI, CSIQ, SOLF, JASO,
April 17, 2007 –
Opinion before there is any substantial correction. Last year it was the 2nd week of May before the correction started. I suspect the same thing again this year and then by July the metals should start to rally again.
April 17, 2007 –
since inception. RERFX is my favorite fund and has averaged about 20% gain per year since inception. Its focus is the European and Pacific Rim.
http://finance.yahoo.com/q/bc?s=RERFX&t=5y
April 16, 2007 –
Told you to short MDTL last Friday at $22+
some decided to buy after I said short and sent the stock up to $23 to $24 area before it finally came down steadily the rest of the day and is down even more today at $19.94
MDTL made the lemon list:
http://www.citronresearch.com/index.php/2007/04/13/citron-research-questions-medis-technology-mdtl-press-release/#more-215 [more]
April 16, 2007 –
Today I purchased alot more shares of UXG and for the first time
shares of RBY which McEwen is also involved with.
Rubicon and Golden Tag Intersect New Gold-Bearing Zone at McCuaig
Project, Red Lake
Monday April 16, 9:11 am ET
Intercepts include 15.65 g/t Gold over 1.55 metres (0.456 oz/t over
5.1 feet)
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 16, 2007 -- Rubicon
Minerals Corp. (Toronto:RMX.TO - News)(AMEX:RBY - News) and partner
Golden Tag Resources Ltd. (CDNX:GOG.V - News) are pleased to announce
the discovery of a new gold zone at the McCuaig joint venture (Rubicon
60% -Golden Tag 40%) in a first-pass drill test on a new target
developed by Rubicon. One drill hole plus a wedge hole were completed.
Highlights include:
- The wedge off of the one hole drilled at the McCuaig project
intersected 15.65 g/t gold over 1.55 metres (0.456 oz/t over 5.08
feet) in a new target which is hosted by mafic volcanics from within a
thick (20 metre+) heavily quartz-ankerite veined and altered section
which is anomalous in gold and contains varying amounts of sulphides,
including fine grained arsenopyrite. There are no previous drill holes
testing what appears to be a very robust structure and is therefore
wide open for follow up drilling. The McCuaig JV is formulating plans
to follow up this new discovery with additional drilling as soon as
practicable.
- The intercept is interpreted to be down dip of the No. 1 vein at the
adjacent McKenzie Mine. This mine produced 651,000 ounces of gold
between 1935 and 1966. However unlike the No. 1 vein, which was
developed within granite, the McCuaig structure is within Balmer mafic
volcanics which, elsewhere in the camp, are host to significant gold
deposits.
- The McCuaig project, operated by Rubicon, is located on the prolific
Mine Trend in Red Lake and these results confirm that it represents a
prime area for follow up drilling in a setting analogous to the major
mines of the district.
"These results confirm our exploration model and have identified a new
setting for potential high-grade Red Lake type mineralization in this
part of the Mine Trend controlled by Rubicon. Subject to completion of
our recently announced deal with Rob McEwen, we will spend $5.0
million in the Red Lake camp over the next year. The new Rubicon will
have the financial strength to aggressively follow up priority targets
like this on our extensive 180,000 acre Red Lake holdings." said David
Adamson
Rubicon recently completed a one-hole plus wedge, 1172-metre drill
program on the McCuaig project. Rubicon's exploration model suggested
that the No.1 vein structure on the adjacent, formerly producing
McKenzie Mine could be present within more permissive Balmer-age mafic
volcanics. A 935 metre initial mother hole intersected a 26-metre
section (interpreted as greater than 90% true thickness) of intensely
veined and altered basalts at 844 metres downhole. The zone contains
variable amounts of sulphides including trace to 2% fine-grained
arsenopyrite and anomalous gold. Visible gold occurs in a 4.5-metre
thick (interpreted as greater than 90% true thickness) shear
containing arsenopyrite at the base of the altered zone. The
geological setting is considered to be analogous to the Bruce Channel
mineralization currently being explored at the adjacent Gold Eagle
Mines discovery and also to the setting of the major gold deposits of
the camp.
A secondary hole, (MC-07-01AW), was wedged off the mother hole from
822 metres to produce a second cut through the altered zone.
Assay results returned 4.24 g/t gold over 1.7 metres in the mother
hole and 15.65 g/t gold over 1.55 metres, in the wedge hole. Both gold
intercepts occur within an identifiable structure at the base of the
vein zone. The two intercepts demonstrate good continuity within the
shear structure which is open along strike and down dip. Assay results
from the zone are reported in Table 1.
Photographs of the zone along with sections will be posted on the
Company's website at www.rubiconminerals.com
Phoenix Gold Project drilling update (Controlled 100% by Rubicon)
Drilling at moderate depths on the Phoenix Gold Project is ongoing
with two rigs testing newly developed target areas. Results will be
released when assays are received and compiled. Companies are
currently experiencing long turnaround times from assay laboratories.
DMC Project (Optioned to Agnico-Eagle Mines Ltd.)
Agnico-Eagle funded a Phase I, three-hole, 1399-metre, drill program
on the DMC project. All three holes intersected zones containing
visible gold, the most significant returned 57.37 g/t gold over 0.5
metres associated with a 10 cm quartz vein containing visible gold.
This intercept remains open down plunge and has currently been tested
at only moderate depths below surface (295 metres vertical depth).
Rubicon Minerals Corporation is a well-funded, gold-focused
exploration company with over 180 thousand acres of prime exploration
ground in the prolific Red Lake gold camp of Ontario. The Red Lake
gold camp hosts Goldcorp's high-grade, world class Red Lake Mine.
Included in Rubicon's Red Lake land package is the 100% controlled
Phoenix Gold Project. This strategically located property lies along a
proven gold producing trend and covers approximately four kilometres
of strike length potential.
Under the terms of a recently announced agreement with Rob McEwen, Mr.
McEwen will acquire $10 million of Rubicon shares and will arrange for
an additional private placement from other parties of up to $5
million. As well, Rubicon will acquire from a McEwen private company,
512,960 acres of prospective exploration ground in Alaska in the area
of the 4.0 million ounce Pogo deposit. Rubicon will also acquire from
Lexam Explorations Inc., a 225,000 acre land package in northeast
Nevada. The transaction is subject to various conditions including
Rubicon shareholder approval.
RUBICON MINERALS CORPORATION
"David W. Adamson", President & CEO
Table 1: McCuaig Project Assay Results
Hole Number From To Core Length Au
(m) (m) (m) (g/t)
MC-07-01 795.4 796.1 0.70 2.07
850.76 854.3 3.54 1.08
868.7 870.4 1.70 4.24
MC-07-01AW 852.2 853.8 1.60 1.04
866.3 868.3 2.00 1.20
868.3 869.85 1.55 15.65
878.45 879.45 1.00 2.04
True widths are estimated to be approximately 75-90% of reported
lengths. All assays were conducted on sawn NQ2-sized half core
sections. Current program assays by Accurassay Laboratories using the
metallic screen fire assay procedure or fire assay gravimetric finish.
Standards and blanks were included at regular intervals in each sample
batch. Gold standards were prepared by CDN Resource Laboratories Ltd.
Work programs are supervised by Terry Bursey, P.Geo. the project
Qualified Person under the definition of NI 43-101
Forward Looking Statements
This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical fact, that address events or
developments that the Company expects to occur, are forward looking
statements. Forward looking statements are statements that are not
historical facts and are generally, but not always, identified by the
words "expects", "plans", "anticipates", "believes", "intends",
"estimates", "projects", "potential" and similar expressions, or that
events or conditions "will", "would", "may", "could" or "should"
occur. Forward-looking statements in this document include statements
regarding the completion of the recently announced McEwen agreement
and the Company's intention to potentially acquire mineral properties,
statements with respect to a potential financing of units, and
statements with respect to the Companies exploration programs, the
Company's expenditures on such exploration and the anticipated results
of such exploration
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results
may differ materially from those in the forward-looking statements.
Factors that could cause the actual results to differ materially from
those in forward-looking statements include market prices,
exploitation and exploration successes, continued availability of
capital and financing, inability to obtain required shareholder or
regulatory approvals, and general economic, market or business
conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments
may differ materially from those projected in the forward-looking
statements. Forward looking statements are based on the beliefs,
estimates and opinions of the Company's management on the date the
statements are made. The Company undertakes no obligation to update
these forward-looking statements in the event that management's
beliefs, estimates or opinions, or other factors, should change.
These statements are based on a number of assumptions, including,
among others, the completion of the McEwen financing and assumptions
regarding general business and economic conditions, the timing of the
receipt of shareholder, regulatory and governmental approvals for
Rubicon's proposed transactions, the availability of financing for
Rubicon's proposed transactions and exploration and development
programs on reasonable terms and the ability of third-party service
providers to deliver services in a timely manner. The foregoing list
of assumptions is not exhaustive. Events or circumstances could cause
results to differ materially
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Rubicon Minerals Corporation
Bill Cavalluzzo
VP Investor Relations
Toll free: 1-866-365-4706
Email: bcavalluzzo@rubiconminerals.com
Website: http://www.rubiconminerals.com
Source: Rubicon Minerals Corporation [more]
April 16, 2007 –
ASTI & UXG Strong buys on any dips (ASTI target $20, UXG target $15) [more]
April 16, 2007 –
All doing pretty well in April except for CPO which is lagging. Add NNI to list on settlement news with New York for a tiny $2M+ fine. Peanuts for such a highly profitable company.
April 16, 2007 –
JDO in my opinion has bottomed and its recent price move suggests a reversal is in the works. While UXG should continue t0 $10+ as Gold surges to near $700 and is approaching breakout if it breaks $700 resistance.
April 13, 2007 –
Oil & GAS sector may get a boost on Monday because a storm in Colorado is expected to strengthen similiar to Cat #1 Hurricane type wind speeds and move up the east Coast Sunday/Monday. This could make some investors to focus on the upcoming Hurricane season in June. Which could cause the Oil & Gas prices to surge ahead of the Hurricane season.
April 13, 2007 –
April 5 (Reuters) - Oil and gas company JED Oil Inc. (JDO.A: Quote, Profile , Research) reported about 20 percent sequential rise in first-quarter exit production rate and said it shelved plans to sell its North Ferrier assets after reviewing offers.
JED Oil said its production rate was 1,150 barrels of oil equivalent (boe) per day, an increase of 190 boe per day from the exit rate for the fourth quarter of 2006.
The offers for the North Ferrier reserves were reasonable for the proved reserves, but not adequate for the potential reserves, the company said in a statement.
JED said it will now develop the reserves on its own.
In February, the company had announced the sale of its remaining assets in the North Ferrier area of Alberta, Canada, to meet working capital requirments for its 2007 drilling program.
The company said it intends to drill five sites in Ferrier in the second quarter as the next stage in its drilling program. (Reporting by Shailesh Kuber in Bangalore) [more]
April 13, 2007 –
MDTL is up +$3.56 time to short, this stock will still lose lots of money
http://finance.yahoo.com/q/ae?s=MDTL
April 13, 2007 –
RZ yesterday got a deal with United technologies a $64B mkt cap company, I believe RZ is back on track now and could be headed back to $20-$30 range of the past.
Raser Technologies Gets Geothermal Deal
Thursday April 12, 4:03 pm ET
Raser Technologies Gets Geothermal Deal With United Technologies
PROVO, Utah (AP) -- Shares of electric motor maker Raser Technologies Inc. soared Thursday after the company said it reached a deal to work with industrial giant United Technologies Corp. on power plants that that use the earth's heat to generate electricity.
Financial terms of the deal were not disclosed, but the companies said the agreement could lead to a "long-term relationship."
A United Technologies subsidiary, UTC Power, is to provide Raser with up to 135 power systems for geothermal plants that draw heat from deep within the Earth's crust to drive turbines that produce electricity.
Raser has announced lease deals to develop geothermal plants on properties in Utah and Nevada.
The systems built by United Technologies subsidiary UTC Power are able to generate about 30 megawatts of electricity and will be used on three of Raser's plants. Delivery is scheduled to start in the fourth quarter.
Jan van Dokkum, president of UTC Power, said in a prepared statement that the system will enable geothermal plants to be developed at locations with lower underground temperatures than has been possible in the past.
Raser said earlier this month that it raised $12.5 million from a private placement of 2.7 million shares of restricted common stock priced at $4.65 per share. The company plans to use the proceeds to accelerate its geothermal drilling program.
Shares of Raser closed up $1.85, or 25.7 percent, to $9.05 on the New York Stock Exchange's Arca trading platform. Over the past year, the stock has traded between $3.11 and $19.50, and is up nearly 18 percent year-to-date.
Shares of United Technologies rose 66 cents to finish at $64.74 on the New York Stock Exchange.
[more]
April 13, 2007 –
DNDN has 32% of its float short, one little positive news release will send it up dramatically.
http://www.shortsqueeze.com/index.php?symbol=dndn
April 12, 2007 –
THE FDA almost allows follows the recommendations of its panel, the panel suggested approval for DNDN Provenge drug.
Dendreon's Provenge: A New Hope For Both Patients and Shareholders
Wednesday April 11, 4:12 am ET
Simple Truths submits: I'll make this take short, because there has been plenty written to date on Dendreon (NasdaqGM: DNDN) by folks much more technically oriented than I am. I'd suggest those interested read all the Seeking Alpha links, as well as excellent summaries by David Miller at BiotechStockResearch.com, etc.
After watching the entire FDA advisory committee meeting that took place on March 29th (and after doing some additional diligence to make sure that questions not asked during the meeting actually had answers in the data) here is my summary of salient points for those looking to invest in Dendreon.
1) Don't be anchored by a price rise to date or a price per share. Yes, the price has risen from less than $4 pre-meeting to the mid-$20s as I write, and yet, this has returned the stock to essentially it's post-IPO pricing. Look instead at the expected market for the company's first (there are others, but the first is key) drug, Provenge, being evaluated by the FDA for approval. The conservative estimates put the market over a billion per year for this drug in its INITIAL market (Androgen Independent Prostate Cancer [AIPC], a cancer that has metasticized but in which the patient is currently not showing symptoms). The company obviously is researching giving patients the drug earlier (i.e. to less sick patients in hopes of helping them at an earlier stage) so this would potentially take them to the Androgen Dependent [ADPC] market, which is approximately four to five times the size of the AIPC market. Once you establish the market size, think about what you feel is a reasonable price to sales multiple and then back into the price per share you would be left with (85 million or so shares outstanding at this point). My own estimates suggest $40 per share is a VERY conservative estimate after approval.
2) People who say the FDA would be breaking with precedent to approve this drug are correct. This is important to note. The reason this statement is not negative is it's exactly what the new (a year or so in the position) FDA head, Dr. Andrew Von Eschenbach, has been saying he wants; in his words, he wants the FDA to be "a bridge, not a barrier", as it historically has been a barrier. His words - "patients" before "process". Dr. Von Eschenbach is the reason that Dendreon's drug was evaluated by the committee known as CTGT (Cellular, Tissue, and Gene Therapy), another break in traditional FDA ways of doing (or not doing) things, as old-style chemotherapies were reviewed by a committee known as ODAC, which has a history of putting "process" before "patients" (see Genta, for example). Dr. Von E has also publicly stated a goal to end the suffering of cancer by 2015, and has suggested that we are on the 'eve' of a new paradigm in cancer treatment, in bringing immunotherapies to the patients who need them. This will break FDA history, but in the right way, for the right reasons, to benefit patients.
3) As of last count, there were still some 23+ Million shares being sold short, so when you read some analysts' reports, ask them whom they represent (long holders or short holders) and take what they've said with that in mind. There is a LOT of money at stake on both sides and, lately, the short side has taken a significant hit. This week will be a very volatile one for the stock, so don't buy the stock if you can't stomach a bumpy ride.
4) Dendreon owns patents on its "antigen cassette" technology, used to create Provenge. It has earlier state therapies using this same technology that may be brought back to trials in multiple cancers once the company has received approval for Provenge and has been able to raise funds (at this stock price, additional financing is minimally dilutive) to advance both Provenge manufacturing AND its earlier stage immunotherapies. This will again expand the markets into which Dendreon can lead the way for patients and the FDA.
5) Most importantly for me, and I think for prostate cancer sufferers, is this single, crucial point of data. At the end of three-years, 34% of patients who received Provenge were alive. 11% of those who received the placebo were alive. According to the statistics of the trial, there is approximately less than a 1-in-40 chance of this being due to chance. Those are very, very important numbers. You can go from having a 1-in-10 chance of being alive in three years to a 1-in-3 chance, with improved quality of life because you're not taking a brutal chemo treatment. And, if you combine Provenge with Taxotere, which is the only other approved treatment for PC and is one of those brutal chemo treatments, not only is the chemo tolerated better by the patient, but the small survival benefit of Taxotere is magnified dramatically by Provenge.
When the FDA breaks its historical patterns of blocking and process focus over patients and approves Provenge, it will mark a wonderful day for patients across this country. It will be a day of new hope, new dreams, and for those who have long been invested in Dendreon stock, it may be the start of an early retirement.
Disclosure: Author has a long position in DNDN. [more]
April 12, 2007 –
and didn't fall for USNA buyback which caused a minor rally yesterday. Its getting crushed right now down over $4/shr
http://biz.yahoo.com/prnews/070412/clth087.html?.v=42
April 12, 2007 –
After hitting $25+ on April 10th it dropped to $16.65 today and I have been loading up.
http://finance.yahoo.com/q/hp?s=DNDN
April 12, 2007 –
AMAG a Strong Buy Opinion : [more]
April 12, 2007 –
FAST reports strong earnings, stock is near 52wk low
and well off 52wk high of $49+ at $37.37/shr
Fastenal Company Reports 2007 First Quarter Earnings
Thursday April 12, 7:50 am ET
WINONA, Minn., April 12 /PRNewswire-FirstCall/ -- The Fastenal Company of Winona, MN (Nasdaq: FAST - News) reported the results of the quarter ended March 31, 2007. Dollar amounts are in thousands.
Net sales for the three-month period ended March 31, 2007 totaled $489,157, an increase of 13.3% over net sales of $431,703 in the first quarter of 2006. Net earnings increased from $47,854 in the first quarter of 2006 to $54,033 in the first quarter of 2007, an increase of 12.9%. Basic and diluted earnings per share increased from $.32 to $.36 for the comparable periods.
During the first three months of 2007, Fastenal opened 73 new sites (Fastenal opened 73 new sites in the first quarter of 2006). These 73 new sites represent an increase in stores since December 31, 2006 of 3.7%. There were 2,000 sites on December 31, 2006. There were 7,637 site employees as of March 31, 2007, an increase of 6.5% from December 31, 2006 and 12.6% from March 31, 2006.
SALES GROWTH:
Note -- Daily sales are defined as the sales for the month divided by the number of business days in the month.
Stores more than five years old -- The strength of the economy, over time, is best reflected in our subset of stores more than five years old (store sites opened as follows: 2007 group -- opened 2002 and earlier, 2006 group -- opened 2001 and earlier, and 2005 group -- opened 2000 and earlier). These stores are more cyclical due to the increased market share they enjoy in their local markets. During the twelve months of 2005 and 2006 and the first three months of 2007, the stores more than five years old had daily sales growth rates of (compared to the comparable month in the preceding year):
Jan. Feb. Mar. Apr. May June
2005 15.8% 13.7% 12.1% 15.7% 12.3% 9.5%
2006 13.9% 11.9% 10.8% 9.1% 9.6% 10.7%
2007 4.8% 3.8% 7.8%
July Aug. Sept. Oct. Nov. Dec.
2005 11.7% 11.9% 14.7% 12.0% 11.1% 7.7%
2006 9.9% 11.2% 8.1% 8.5% 8.0% 9.6%
Stores more than two years old -- Our stores more than five years old above, when combined with stores two to five years of age, represent a consistent same-store view of our business (store sites opened as follows: 2007 group -- opened 2005 and earlier, 2006 group -- opened 2004 and earlier, and 2005 group -- opened 2003 and earlier). During the twelve months of 2005 and 2006 and the first three months of 2007, the stores more than two years old had daily sales growth rates of (compared to the comparable month in the preceding year):
Jan. Feb. Mar. Apr. May June
2005 19.2% 17.1% 14.1% 18.0% 14.0% 12.1%
2006 17.8% 15.0% 14.6% 12.3% 12.5% 14.0%
2007 7.3% 6.0% 9.4%
July Aug. Sept. Oct. Nov. Dec.
2005 13.3% 13.3% 16.7% 13.3% 13.0% 9.0%
2006 12.8% 13.9% 9.2% 9.0% 9.4% 10.9%
All company sales -- During the twelve months of 2005 and 2006 and the first three months of 2007, all the selling locations combined had daily sales growth rates of (compared to the comparable month in the preceding year):
Jan. Feb. Mar. Apr. May June
2005 26.2% 25.1% 22.5% 26.6% 22.9% 21.2%
2006 23.9% 21.3% 21.1% 19.1% 19.2% 20.6%
2007 12.6% 11.8% 15.5%
July Aug. Sept. Oct. Nov. Dec.
2005 21.8% 21.7% 26.8% 22.7% 21.7% 17.0%
2006 19.7% 20.7% 16.1% 15.9% 16.3% 17.7%
The January 2005 to November 2005 time frame generally represents improvement followed by stabilization in our daily sales trends. The January 2005 to November 2005 general improvement and stabilization reflects a continuation of the improvements we saw beginning in 2003 in the economy as it relates to the customers we sell to in North America and the impact of the Fastenal standard inventory stocking model (see reference below regarding the Customer Service Project, or CSP). The December 2005 daily sales growth rate was weaker than we expected; however, we believe this was an abnormality due to the following reasons (1) historically we have seen fluctuations in December's daily sales growth rates due to the presence of the various holidays and their impact on our customers' buying patterns and (2) December 2004 experienced strong growth, which creates a more difficult comparison in the next year. In 2005, item (2) is also noticeable in months such as May, June, July, and, to a lesser degree, October. The noticeable exception to item (2) is the month of September, which experienced stronger growth due to the demand generated by Hurricane Katrina. The continued strong growth in the January 2006 to March 2006 time frame generally represents a continuation of the strong environments experienced in 2004 and 2005. The first two months of the second quarter of 2006 experienced weaker sales growth than we expected. The April 2006 growth was negatively impacted by Easter (which occurred in March during 2005), but was still weaker than we expected. The June to August 2006 time frame represents stronger sales activity than the preceding two to three month period. The daily sales growth amount in September 2006 appears weaker due to the difficult comparison with Hurricane Katrina's added sales in September 2005 (approximately $4,000 impact); however, the increase in our daily sales number from August 2006 to September 2006, of 4.1%, is consistent with historical norms. The final three months of 2006 continued in the same variable fashion as the previous six months. The October growth number was negatively impacted by the difficult comparison with Hurricane Katrina's added sales in October 2005 (approximately $1,500 impact). The months of November and December, like the months of April and May, were weaker than expected. The first two months of 2007 were weaker than expected; however, they also had fairly challenging comparisons from 2006. The month of March 2007 improved relative to January 2007 and February 2007.
Source: Fastenal Company [more]
April 12, 2007 –
Apogee Q4, Full-Year Earnings Increase Significantly; FY08 Guidance Raised
Wednesday April 11, 6:30 pm ET
MINNEAPOLIS--(BUSINESS WIRE)--Apogee Enterprises, Inc. (Nasdaq:APOG - News) today announced fiscal 2007 fourth quarter and full-year earnings. Apogee provides distinctive value-added glass solutions for the architectural and picture framing industries.
FY07 FULL YEAR HIGHLIGHTS
* Revenues increased 17 percent to $778.8 million.
* Earnings from continuing operations were $1.12 per share, up 29 percent from earnings of $0.87 per share a year ago. Net earnings were $1.12 per share compared to $0.85 per share last year.
* Operating margin was 6.1 percent, compared to 4.6 percent the prior year.
* Architectural segment revenues were up 21 percent, and operating income more than doubled compared to the prior year.
* Operating margin was 5.8 percent, up significantly from 3.2 percent the prior year.
* Large-scale optical segment revenues decreased 6 percent as expected, and operating income decreased 32 percent versus the prior year.
* Decision was made to discontinue the auto glass segment, with annual revenues of approximately $27 million, in the fourth quarter.
* Auto replacement windshield manufacturing ended in the fourth quarter, and manufacturing of recreational vehicle (RV) and bus windshields will continue until sale of the business is completed, which is expected by the end of the third quarter of fiscal 2008.
* Outlook for fiscal year 2008 earnings from continuing operations has been increased to a range of $1.27 to $1.37 per share, up from prior guidance of $1.20 to $1.30 per share.
FY07 FOURTH QUARTER HIGHLIGHTS
* Revenues of $206.2 million were up 17 percent versus the prior-year period.
* Earnings from continuing operations were $0.32 per share versus $0.21 per share a year earlier. Net earnings were $0.34 per share versus $0.19 per share in the prior-year period.
* Operating margin was 6.6 percent, compared to 4.4 percent in the prior-year period.
* Architectural segment revenues were up 20 percent, and operating income increased 140 percent versus the prior-year period.
* Large-scale optical segment revenues declined 3 percent as expected, and operating income decreased 27 percent versus the strong prior-year period.
* Expect to complete the sale of the non-core, pre-framed art/wall decor product line by the third quarter of fiscal 2008.
Commentary
"We are very pleased with fiscal 2007 results, which were driven by our architectural segment," said Russell Huffer, Apogee chairman and chief executive officer. "We achieved significant improvement in our architectural operating margin in fiscal 2007, increasing to 5.8 percent from 3.2 percent in the prior year. Architectural pricing increased, and operations improved. In addition, we had a better mix of projects with higher margins than during the prior year. And, strong markets supported our performance.
"We finalized our strategic plans to exit the auto glass segment, with the fourth quarter decision to sell the RV and bus windshield business," Huffer said. "We stopped producing aftermarket auto windshields late in fiscal 2007 and have started converting the facility to provide additional architectural glass capacity.
"Our large-scale optical segment fiscal 2007 results declined versus the prior year as some customers offered a less favorable mix of value-added framing products," he said. "However, later in the year, key framing customers converted to our best products, which offer visual benefits to consumers, and we started to see the positive results of this strategy at the end of the fourth quarter.
"As a result of our strong fourth quarter, we generated free cash flow of more than $8 million for the full year after investing approximately $40 million in capital expenditures," said Huffer. (Free cash flow is defined as operating cash flow less capital expenditures.) "Our debt level of $35 million was also significantly lower than anticipated due to improved earnings, reduced working capital requirements and the timing of some capital expenditures.
"Our fourth quarter performance underscored the strength of our architectural segment, which delivered significant growth in both revenues and operating income," said Huffer. "Our architectural backlog again grew and now stands at $424 million, positioning Apogee for further growth in fiscal 2008."
FOURTH QUARTER SEGMENT AND OPERATING HIGHLIGHTS
Architectural Products and Services
* Revenues of $184.3 million were up 20 percent over the prior-year period. All segment businesses contributed to this growth.
* Operating income was $12.1 million, up 140 percent from a year ago.
* Operating margin was 6.6 percent, compared to 3.3 percent in the prior-year period and 5.5 percent through the first three quarters of the fiscal year.
* Continued to see improvement in operating margins due to pricing, productivity and project mix, as older, less profitable projects have been replaced with better margin jobs.
* Segment backlog was $423.8 million, compared to backlog of $321.0 million in the prior-year period and $389.5 million at the end of the third quarter.
Large-Scale Optical Technologies
* Revenues of $22.0 million were down 3 percent from the prior-year period due to lower pre-framed art/wall decor sales.
* Operating income was $2.5 million, down 27 percent from the prior-year period.
* Operating margin in the fourth quarter was 11.4 percent, compared to 15.2 percent in the prior-year period.
* Included a $900,000 pre-tax, non-cash charge related to the planned exit of the approximately $8 million revenue pre-framed art/wall decor product line, expected to be completed by the fiscal 2008 third quarter.
* Without the charge related to the product line exit, operating income in the quarter would have been flat as national customers purchased product mixes incorporating our best value-added framing products.
Equity in Affiliates
# Pre-tax earnings were $0.4 million from investment in PPG Auto Glass, LLC, compared to earnings of $0.1 million in the prior-year period.
Discontinued Operations
* The auto glass segment was classified as discontinued operations, effective with the fourth quarter. Historical financial statements (attached) have been adjusted to reflect the auto glass segment as discontinued operations.
* Net income from discontinued operations was $0.4 million, compared to a net loss of $0.4 million in the prior-year period.
* Ended auto replacement windshield production in the quarter and sold some of the production equipment, resulting in income for the quarter.
* Sale and transition of the remaining auto glass segment manufacturing assets - the RV and bus windshield business - are expected to be completed by the end of the fiscal 2008 third quarter.
Financial Condition
* Long-term debt was $35.4 million at the end of the fiscal year, compared to $45.2 million at the end of the prior year and $56.2 million in the third quarter.
* Long-term debt-to-total-capital ratio was 13.1 percent, down from fiscal 2006 year-end.
* Non-cash working capital (current assets, excluding cash, less current liabilities) was $70.4 million, compared to $94.0 million at the end of the third quarter and $70.6 million at the end of fiscal 2006. The decrease from the third quarter was driven by reduced days sales outstanding and timing of payables.
* Depreciation and amortization were $18.5 million for the year, up 6 percent from the prior year.
* Capital expenditures were $39.9 million for fiscal 2007, including investments in architectural glass fabrication capacity expansions. This compares to capital expenditures of $29.4 million in fiscal 2006.
OUTLOOK
"We have increased our fiscal 2008 earnings guidance to $1.27 to $1.37 per share, as a result of our strong finish to fiscal 2007 and our large architectural backlog of $423.8 million with improving job margins," said Huffer. "We also lowered our expected tax rate for fiscal 2008, which accounts for $0.03 of the increase in our earnings per share outlook. Our earlier guidance for earnings from continuing operations was $1.20 to $1.30 per share.
"We are expecting continued strong performance from our architectural segment and anticipate operating margins of 6.4 to 6.7 percent, up significantly from our fiscal 2007 operating margin of 5.8 percent," said Huffer. "Fiscal 2008 architectural operating margins include the negative full-year impact of approximately 0.3 percent from the startup of our new Southwest facility during the first quarter. We expect to maintain the operating improvements we've achieved in our architectural glass business, and see continued improvement in our installation and window businesses.
"We are slightly increasing our architectural revenue outlook in terms of dollars, but with our stronger than expected revenue growth in the fourth quarter, the architectural growth rate for fiscal 2008 will be slightly lower than we had previously anticipated," he said. "Our current outlook is for architectural revenue growth of 10 to 13 percent.
"Our commercial construction markets continue to be strong, based on our backlog and market forecasts, and the sectors we serve value our energy-efficient, hurricane and blast value-added glass products and services," said Huffer.
"As we focus on growing sales of our best value-added picture framing glass products, we are now expecting operating margins of 11 to 12 percent for the large-scale optical segment," he said. "Segment revenues will be flat in fiscal 2008 as picture framing growth is offset by the planned sale of our pre-framed art/wall decor product line and continued transition away from consumer electronics products.
"We anticipate another year of significant growth in fiscal 2008, led by the performance of our architectural segment," said Huffer. "We are more sharply focused on executing our strategies related to our architectural and picture framing businesses, with the planned exit of two smaller, non-core business lines this year."
The following statements are based on current expectations for fiscal 2008. These statements are forward-looking, and actual results may differ materially.
* Overall fiscal 2008 revenues for the year are expected to increase 9 to 12 percent. (Fiscal 2008 is a 52-week year, while the prior year had 53 weeks; on a comparable-year basis, fiscal 2008 growth would be approximately 11 to 14 percent.)
* Architectural segment revenues are expected to increase 10 to 13 percent (prior guidance was 12 to 15 percent).
* Large-scale optical segment revenues are expected to be flat (prior guidance was down slightly).
* Annual gross margins are expected to be approximately 20 to 20.5 percent, or 1 to 1.5 percentage points higher than in fiscal 2007; increased pricing, operational improvements and cost reductions are expected to more than offset increases in wages, health care, energy, materials and freight.
* Selling, general and administrative expenses as a percent of sales are projected to be approximately 13 to 13.5 percent.
* Expected annual operating margins by segment are: architectural, 6.4 to 6.7 percent; and large-scale optical, 11 to 12 percent (prior guidance was 10 to 11 percent).
* Equity in affiliates, which reflects Apogee's portion of the results of the PPG Auto Glass joint venture, is expected to report pre-tax earnings of approximately $2 million.
* Capital expenditures are projected to be approximately $40 to $45 million, including capital for capacity expansions in the architectural and large-scale optical segments.
* Depreciation and amortization are estimated at $22 to $23 million for the year.
* Debt is expected to be approximately $35 to $45 million at year end.
* The effective tax rate for the full year is anticipated to be approximately 34.5 percent, down from prior guidance of 36 percent as a result of updating our full-year tax rate computation.
* Fiscal 2008 earnings per share from continuing operations are expected to range from $1.27 to $1.37, up from prior guidance of $1.20 to $1.30 per share.
The discussion above, including all statements in the Outlook section, contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect Apogee management's expectations or beliefs as of the date of this release. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified by factors that may affect the operating results of the company, including the following: operational risks within (A) the architectural segment: i) competitive, price-sensitive and changing market conditions, including unforeseen delays in project timing and work flow; ii) economic conditions and the cyclical nature of the North American commercial construction industry; iii) product performance, reliability or quality problems that could delay payments, increase costs, impact orders or lead to litigation; iv) the segment's ability to fully utilize production capacity; and v) construction and ramp-up to full production of the third Viracon plant in a timely and cost-efficient manner; and (B) the large-scale optical segment: i) markets that are impacted by consumer confidence and trends; ii) dependence on a relatively small number of customers; iii) changing market conditions, including unfavorable shift in product mix; iv) ability to utilize manufacturing facilities; and v) the company's ability to complete the planned sale of the pre-framed art/wall decor product line in a timely and effective manner. Additional factors include: i) revenue and operating results that are volatile; ii) self-insurance risk related to a material product liability event and to health insurance programs; iii) performance of the PPG Auto Glass, LLC joint venture; iv) management of discontinued operations exiting activities, including the company's ability to complete the planned sale of the RV and bus windshield manufacturing assets in a timely and effective manner; v) cost of compliance with governmental regulations relating to hazardous substances; and vi) foreign currency risk related to certain discontinued operations. The company cautions investors that actual future results could differ materially from those described in the forward-looking statements, and that other factors may in the future prove to be important in affecting the company's results of operations. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. For a more detailed explanation of the foregoing and other risks and uncertainties, see Item 1A of the company's Annual Report on Form 10-K for the fiscal year ended February 25, 2006.
TELECONFERENCE AND SIMULTANEOUS WEBCAST
Analysts, investors and media are invited to listen to Apogee's live teleconference or webcast at 10 a.m. Central Time tomorrow, April 12. To participate in the teleconference, call 1-866-203-2528 toll free or 617-213-8847 international, access code 47430308. The replay will be available from noon Central Time on Thursday, April 12, through midnight Central Time on Thursday, April 19, by calling 1-888-286-8010 toll free, access code 82133517. To listen to the live conference call over the internet, go to the Apogee web site at http://www.apog.com and click on "investor relations" and then the webcast link at the top of that page. The webcast also will be archived on the company's web site.
Apogee Enterprises, Inc., headquartered in Minneapolis, is a world leader in technologies involving the design and development of value-added glass products and services. The company is organized in two segments:
* Architectural products and services companies design, engineer, fabricate, install, maintain and renovate the walls of glass and windows comprising the outside skin of commercial and institutional buildings. Businesses in this segment are: Viracon, the leading fabricator of coated, high-performance architectural glass for global markets; Harmon, Inc., one of the largest U.S. full-service building glass installation, maintenance and renovation companies; Wausau Window and Wall Systems, a manufacturer of custom aluminum window systems and curtainwall; and Linetec, a paint and anodizing finisher of window frames and PVC shutters.
* Large-scale optical segment consists of Tru Vue, a value-added glass and acrylic manufacturer for the custom framing and pre-framed art markets, and a producer of optical thin film coatings for consumer electronics displays.
Contact:
Apogee Enterprises, Inc.
Investor Relations:
Mary Ann Jackson, 952-487-7538
mjackson@apog.com
Source: Apogee Enterprises, Inc. [more]
April 11, 2007 –
Robert McEwen turned GG Goldcorp from a $50M mkt cap to today's Giant Multi-Billion dollar Gold Company. He is attempting the same thing with UXG today.
http://www.usgold.com/management/rob-mcewen/
April 11, 2007 –
From: shutterbug1_99 [more]
April 11, 2007 –
BIG HIGH-GRADE GOLD FIND, plus it has a large $50+M Cash, almost no debt.
US Gold Exploration Update-Encouraging Results; Best Grade: 0.73 Opt Over 5 Ft.
Tuesday April 10, 8:00 am ET
DENVER, COLORADO--(MARKET WIRE)--Apr 10, 2007 -- US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News) is pleased to announce encouraging exploration results, including 0.73 ounces per ton (opt) over 5 feet within a larger intercept of 0.097 opt over 59.5 feet, from its Tonkin gold project. This high-grade occurrence is located in a flat lying northeast oriented structure, which is a prominent feature of major gold discoveries on the Cortez and Carlin Trends. Drilling also encountered mineralization of 0.096 opt over 14 feet in a vertical structure, which was the first such occurrence encountered on the property.
US Gold is now merging the land positions and geologic data acquired in the recent takeovers of White Knight Resources, Nevada Pacific Gold, and Tone Resources, in order to advance exploration on what US Gold believes are highly prospective properties.
"US Gold has reached a significant milestone. Our consolidation of four companies into one creates a strategic land position that rivals Barrick's Cortez Joint Venture, where past production, current reserves and mineralized material of 33 million ounces of gold have been discovered," stated Rob McEwen, Chairman and CEO. "I am excited about US Gold's prospects and the potential for discovering another large gold deposit in the Cortez Trend."
EXPLORATION RESULTS
Exploration drilling has been focused around known mineralization and past producing areas to better understand the geology, and to test for new mineralization. We refer to these areas as Middle, Southern, and Rooster as shown on Figure 1. Complete assay results since the last exploration update are available in the attached Table 1.
Middle Area
High-Grade Gold -- 0.73 opt over 5 feet
The best result of 0.73 opt over 5 feet was encountered 75 feet northeast of a historic high-grade intercept. It is contained in a northeast and flat-lying structure which is a prominent and common feature of major gold discoveries on both the Cortez and Carlin Trends. In addition, it expands the known area of high-grade mineralization. The significant results are summarized below:
Hole 44 0.097 gold opt over 59.5 feet (3.301 gold gpt over 18.1 m)
Including 0.730 gold opt over 5 feet (25.00 gold gpt over 3.05 m)
Hole 34 0.044 gold opt over 84 feet (1.500 gold gpt over 25.6 m)
Including 0.125 gold opt over 16.5 feet (4.285 gold gpt over 5.03 m)
In addition, drilling in the Middle Area encountered the first vertical feature, and further drilling is underway to determine its potential. A vertical feature is significant because it could represent a deep feeder structure. The most significant results obtained are:
Hole 54 0.037 gold opt over 10 feet (1.265 gold gpt over 3.05 m)
0.040 gold opt over 15 feet (1.379 gold gpt over 4.57 m)
Hole 57 0.093 gold opt over 14 feet (3.186 gold gpt over 4.27 m)
Southern Area
Deep Drilling, Extending Mineralization to Depth
Drilling targeted a new area east and southeast of favorable results obtained last fall. The highlights are summarized below:
Hole 51 0.138 gold opt over 24 feet (4.713 gold gpt over 7.32 m)
Including 0.250 gold opt over 3 feet (8.570 gold gpt over 0.91 m)
0.193 gold opt over 15 feet (6.603 gold gpt over 4.57 m)
Including 0.235 gold opt over 10.5 feet (8.026 gold gpt over 3.20 m)
Significant mineralization was encountered between two known gold resources. Future drilling will look to connect these areas of known mineralization. The highlights from these holes are shown below:
Hole 59 0.056 gold opt over 38 feet (1.243 gold gpt over 11.6 m)
Including 0.126 gold opt over 10 feet (4.308 gold gpt over 3.05 m)
Hole 66 0.098 gold opt over 20 feet (3.369 gold gpt over 6.1 m)
Including 0.150 gold opt over 10 feet (5.147 gold gpt over 3.05 m)
Hole 68 0.056 gold opt over 10 feet (1.898 gold gpt over 3.05 m)
Including 0.100 gold opt over 5 feet (3.420 gold gpt over 1.52 m)
Rooster Area
Results from drilling in and around the large resource at Rooster confirmed the known mineralization, however drilling met with limited success expanding the resource laterally and to depth. Results below are important because they confirm the existing resource:
Hole 27 0.039 gold opt over 40 feet (1.334 gold gpt over 12.2 m)
Including 0.059 gold opt over 20 feet (2.018 gold gpt over 6.1 m)
0.053 gold opt over 50 feet (1.813 gold gpt over 15.2 m)
0.040 gold opt over 40 feet (1.368 gold gpt over 12.2 m)
Hole 29 0.044 gold opt over 54.3 feet (1.505 gold gpt over 16.6 m)
Including 0.062 gold opt over 30 feet (2.120 gold gpt over 9.1 m)
Hole 61 0.042 gold opt over 32 feet (1.444 gold gpt over 9.76 m)
Including 0.151 gold opt over 5.5 feet (5.164 gold gpt over 1.68 m)
0.039 gold opt over 42.5 feet (1.325 gold gpt over 12.96 m)
Exploration will continue in the mine corridor and expand into new areas throughout the coming year.
ABOUT US GOLD
US Gold is a United States based gold exploration company aggressively exploring Nevada's Cortez Trend. US Gold's Tonkin project is 44 square miles and centered in the middle of the Cortez Trend. Shares of the Company are traded on the AMEX and TSX under the symbol UXG. Visit www.usgold.com for more information.
QUALIFIED PERSON
This news release has been prepared under the guidance of Steve Brown, Senior Geologist and Project Manager, who is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Company at its Tonkin Springs property. All samples were analyzed by ALS Chemex of Winnemucca, Nevada.
All assays are uncut, with analysis conducted by ALS Chemex utilizing a 30 gram fire assay change with an AA finish. Sample length is by geologic boundary with a maximum 5 foot length and core recovery averages 95-98%. Quality assurance/quality control is assured by inserting standards and blanks every 40th sample and check assays sent to second lab every 20th sample.
A diagram illustrating the Southern, Middle and Rooster areas has been uploaded to the CCNMatthews website. To view, please visit the following link: http://www.ccnmatthews.com/docs/UXGMAP0410.pdf
Contact:
Contacts:
US GOLD CORPORATION
William F. Pass
Vice President and Chief Financial Officer
(303) 238-1438
(303) 238-1724 (FAX)
Email: bill@usgold.com
US GOLD CORPORATION
Ana Aguirre
Investor Relations
(647) 258-0395 Toll Free: 1-866-441-0690
(647) 258-0408 (FAX)
Email: info@usgold.com
Website: http://www.usgold.com
Source: US Gold Corporation [more]
April 10, 2007 –
on temporary halt in clincal trial. Its not a total banishment of the drug according to Marketwatch. Reading the headlines on this issue gives one the impression that they completely abandoned the drug. [more]
April 10, 2007 –
Simulations Plus Reports Second Quarter FY2007 Financial Results
Tuesday April 10, 9:15 am ET
First Six Months' Revenues up 73% and Earnings Jump 1384%
LANCASTER, Calif.--(BUSINESS WIRE)--Simulations Plus, Inc. (AMEX:SLP - News), a leading provider of simulation and modeling software for pharmaceutical discovery and development, today reported preliminary financial results for the second quarter of its 2007 fiscal year (2Q07) ended February 28, 2007.
Ms. Momoko Beran, chief financial officer of Simulations Plus, stated: "Consolidated revenues for 2Q07 set a new record for any quarter at $2,534,000, an increase of 71% from $1,482,000 in the second quarter of fiscal year 2006 (2Q06). The previous quarterly record (4Q03) of about $2,100,000 included a 3-year contract for $1,200,000 that was booked up front. We now book revenues ratably over the life of the license/contract by billing our customers annually, so 2Q07 revenues are based only on revenues earned within 12 months. Revenues from pharmaceutical software and services were up 105% to $1,808,000 from $884,000 in 2Q06. Revenues for our Words+ subsidiary for 2Q07 increased 21.4%, to $726,000 from $598,000 in 2Q06. Consolidated gross profit increased 80.6% to $1,977,000 in 2Q07 from $1,095,000 in 2Q06. R&D expense increased 80.8% to $216,000 in 2Q07 from $120,000 in 2Q06, primarily due to expansions within our Life Sciences staff. Consolidated SG&A increased 36.1% to $936,000 in 2Q07, compared to $688,000 in 2Q06; however, as a percentage of sales, SG&A decreased from 46.4% to 36.9%. Major expense increases were selling expenses, such as commissions to dealers and trade shows, as well as printer/copier rental, salaries, and payroll-related expenses such as health insurance and payroll taxes, which outweighed decreases in professional fees.
"Net income before taxes for 2Q07 increased 185% to $856,000 from $300,000 in 2Q06. Second quarter earnings were impacted by a provision for income taxes of $188,000 that will not actually be paid, but rather will be a write-off from our deferred tax asset. EBITDA increased 148% for the second quarter to $1,120,000 or $0.12 per fully diluted share, as compared with $451,000 or $0.06 per fully diluted share for the second quarter of FY2006. Consolidated net earnings for the quarter increased 169% over last year's second quarter to $668,000, or $0.07 per diluted share based on 9,014,825 shares, as compared to $248,000, or $0.03 per diluted share for 2Q06, based on 8,180,450 split-adjusted shares. Thus, earnings per share increased by 144%, as compared to the analyst's estimate of 67%, even with the increase in number of fully diluted shares of over 10%. Cash increased by $1,534,000 to approximately $3,219,000 during the first six months of FY07."
Ms. Beran continued: "For the first six months of FY2007, consolidated revenues set a new six-month record at $3,990,000, an increase of $1,690,000 or 73.4% from $2,301,000 in the first six months of FY2006. Revenues from pharmaceutical software and services were up 143% to $2,632,000 from $1,083,000 in 2Q06. Revenues for our Words+ subsidiary increased 11.5% in the first six months, to $1,358,000 from $1218,000. In the first six months, consolidated gross profit increased 89.1% to $2,992,000 from $1,582,000; R&D expense increased 84.4% to $400,000 from $217,000, primarily due to expansions within our Life Sciences staff, and SG&A increased 28.6% to $1,693,000, compared to $1,316,000; however, as a percentage of sales, SG&A decreased from 57.2% to 42.4%. Major expense increases were for the same reasons described above for the second quarter.
"Net income before taxes for the first six months of FY2007 increased 1498% to $950,000 from $59,000. The first six months' earnings were impacted by a provision for income taxes of $209,000 that will not actually be paid, but rather will be a write-off from our deferred tax asset. Consolidated net earnings increased by 1384% to $741,000, or $0.08 per diluted share based on 8,812,656 shares, as compared to $50,000, or $0.01, based on 8,107,420 split-adjusted shares in the first six months of FY2006. Shareholders' equity at the end of the first six months was $6,607,000, an increase of 16.5% from $5,669,000 at the beginning of the fiscal year."
Walt Woltosz, chairman and chief executive officer of Simulations Plus, said: "To say that we're pleased to report these results is an understatement. Halfway through the year, revenues are already about $1.7 million ahead of last year. This is most of the estimated increase of $2 million revenues for the entire year that we provided in our latest guidance. We plan to update our guidance after the end of the third quarter. Our cash position is excellent and we continue to be debt-free. We're seeking acquisition opportunities, and we're usually in discussions with one or more potential candidates; however, there can be no assurances that we'll proceed with any of them. We have just submitted a second $100,000/6-month Phase I Small Business Innovation Research proposal to the National Institutes of Health, and we're told that the outstanding review we received on the $100,000/6-month proposal we submitted in December means it is very likely to be funded in June, but of course, there are no guarantees."
Woltosz continued: "Clearly, the excitement level is high at Simulations Plus, and the recognition we've received both in the industry and in the stock market over the last four months is satisfying. Recent scientific publications by both universities and our customers attest to the industry-leading position we enjoy with our major software products. We continue to believe that we are in a period of growing recognition on the part of the pharmaceutical industry that software tools like those provided by Simulations Plus are not a luxury; rather, they are an absolute necessity that repay their investment quickly and many times over."
About Simulations Plus, Inc.
Simulations Plus, Inc. is a premier developer of groundbreaking drug discovery and development simulation software, which is licensed to and used in the conduct of drug research by major pharmaceutical and biotechnology companies worldwide. We have two other businesses that are based on our proprietary technologies: a wholly owned subsidiary, Words+, Inc., which provides assistive technologies to persons with disabilities as well as a personal productivity tool for the mass market called Abbreviate!(TM), and an educational software series for science students in middle and high schools known as FutureLab(TM). For more information, visit our Web sites at www.simulations-plus.com and www.words-plus.com.
Contact:
Simulations Plus, Inc.
Ms. Renee Bouche, Investor Relations, 661-723-7723
info@simulations-plus.com
Source: Simulations Plus, Inc. [more]
April 09, 2007 –
its May $22.50 Calls are trading at a discount today down over 50%
http://finance.yahoo.com/q?s=qjaex.x
April 09, 2007 –
its May $22.50 Calls are trading at a discount today down over 50%
http://finance.yahoo.com/q?s=qjaex.x
April 09, 2007 –
Hope you listened.
April 09, 2007 –
Cytori System Gets FDA Approval
Thursday January 25, 10:27 am ET
Cytori Therapeutics Tissue Processing System Receives FDA Approval
SAN DIEGO (AP) -- Stem cell-based therapy developer Cytori
Therapeutics Inc. said Thursday the Food and Drug Administration
approved its fat tissue processing system.
The system, using Cytori's Celase reagent, is used in surgery to
process fat tissue or soft tissue. The system can be used in plastic,
reconstructive, thoracic, gastrointestinal, urological orthopedic and
other surgeries.
Shares of Cytori Therapeutics rose 38 cents, or 7 percent, to $5.83 on
the Nasdaq in morning trading. The stock has traded between $3.87 and
$9.20 over the last 52 weeks. [more]
April 09, 2007 –
APOG is another stock in the Strong Commercial Construction Sector
Apogee Enterprises: Wall Street Analyst Forum Presentation Transcript
Tuesday February 13, 4:01 pm [more]
April 05, 2007 –
on the basis of the continued Strong Commercial Heavy Construction Industry.
April 05, 2007 –
TISI is in the Commercial Construction services, so it bolds well for it to meet its Yearly estimates and its 2008 ($2 EPS estimate)
http://biz.yahoo.com/ap/070403/engineering_and_construction_sector_snap.html?.v=1
Sector Snap: Engineering & Construction
Tuesday April 3, 1:34 pm ET
Engineering and Construction Comapnies Gain, Helped by Cheery Goldman Note
NEW YORK (AP) -- A positive Goldman Sachs note, coupled with upgrades of two companies, lifted shares of some engineering and construction services companies Tuesday.
Granite Construction Inc., a transportation and heavy civil construction contractor based in Watsonville, Calif., rose $2.37, or 4.3 percent, to $56.96. Irving, Texas-based design and contracting company Fluor Corp. added $1.47 to $91.52. Both stocks trade on the New York Stock Exchange.
Houston, Texas-based Comfort Systems USA Inc., which designs building automation control systems, rose 12 cents to $12.23 on the Big Board. Halliburton Co., which offers engineering and construction services, along with oilfield services, added 63 cents to $32.90, also on the NYSE.
Goldman Sachs analyst Chris Hussey in a client note said Chicago Bridge & Iron Co. NV and Foster Wheeler Ltd. are going to benefit from an expected tight supply of process engineers. That should lead to steady margin improvements and growing revenue for the companies, Hussey wrote. He raises his rating on both companies to "Buy," from "Neutral."
Chicago Bridge & Iron advanced $2.30, or 7.6 percent, to $32.51 on the NYSE, after hitting a 52-week high of $32.60 earlier in the session. Foster Wheeler rose $3.67, or 6.3 percent, to $62.27 on the Nasdaq Stock Market, just off the 52-week high of $62.92 it hit earlier.
The analyst cut Shaw Group Inc. to "Sell" from "Neutral," saying the company's mix of business is not expected to benefit much from an energy infrastructure build-out. Shares was off 45 cents, to $30.85 on the NYSE, after earlier trading down as much as 4.1 percent.
Emcor Group Inc. gave up 89 cents to $58.63 on the Big Board, recovering from an intraday low of $57.20. Hussey also cut the stock to "Neutral" from "Buy."
"We remain bullish on the commercial construction cycle but recognize that comparisons only get tougher for Emcor in 2007 and believe that the shares are reasonably valued at this time given the growth potential of the company," wrote Hussey. [more]
April 05, 2007 –
--Intra-day Short: USNA (AGAIN rises to $46+)
April 05, 2007 –
Oversold and conference call just beginning now.
April 05, 2007 –
TISI is oversold on one time costs that affected its EPS this qtr but looking forward TISI guidance remains Very Strong!
Team, Inc. Reports Third Quarter Results; Affirms Full Year Earnings Guidance
Apr 4, 2007 17:16:14 (ET)
ALVIN, Texas, Apr 04, 2007 (BUSINESS WIRE) -- Team Inc., (TISI, Trade ) today reported net income of $2.4 million, or earnings of $0.26 per diluted share, for its third quarter ended February 28, 2007. This compared to net income of $2.3 million, or $0.25 per diluted share, for the same quarter last year. Team's revenues increased 17% to $73.3 million, and operating profits improved 5% to $5.1 million, compared to last year's quarter. For the fiscal year through the end of the third quarter, Team's net income was $9.4 million, or $1.01 per diluted share, which represents a 42% improvement from the corresponding prior year period when net income was $6.6 million or $0.72 per diluted share. Revenues increased 21% to $222.2 million, and operating profits improved 40% to $19.0 million.
"We continue to be very pleased with the direction and growth of our business, and we expect our full-year results to be in line with our previously issued earnings guidance of $1.50 to $1.65 per share," said Phil Hawk, Team's Chairman and CEO.
Discussion of Third Quarter Performance
Third quarter revenues for the TMS division (which includes our mechanical service lines) increased $6.0 million or 21% to $34.7 million compared to $28.7 million in the prior year period. Third quarter revenues for the TCM division (which includes our inspection and field heat treating services) were $38.6 million compared to $33.9 million in the prior year quarter, an increase of $4.7 million or 14%. For the fiscal year to date, TMS revenues improved 30% to $106.0 million, and TCM revenues increased 14% to $116.2 million. Revenue growth continues to be broad based across the service lines and geographic regions of both divisions.
Gross margin from continuing operations in the quarter ended February 28, 2007 was $24.1 million compared to $21.0 million for the prior year quarter ended February 28, 2006, an increase of $3.1 million or 15%. Gross margin as a percentage of sales was 33% in the current quarter compared to 34% in the prior year quarter. The decline reflects a three percentage point decline in TMS margins offset by an increase of one percentage point in TCM margins. The decrease in TMS gross margin as a percentage of sales reflects higher indirect field expenses associated with lower than expected utilization levels around the year-end holiday season and start-up costs incurred in connection with new service initiatives. For the fiscal year to date, total gross margin from continuing operations was $76.3 million, an increase of $14.6 million or 24%. Year-to-date gross margin as a percentage of sales was consistent with the prior year at 34%.
SG&A in the quarter ended February 28, 2007 was $19.0 million compared to $16.2 million in the prior year quarter ended February 28, 2006, an increase of $2.8 million or 17%. SG&A directly attributable to field operations was $15.7 million, an increase of $1.9 million or 14%. This reflects investments in human and other resources to support the continued growth of our branch operations. SG&A attributable to corporate administration was $3.3 million, an increase of $0.9 million or 37% from the prior year quarter. The increase in SG&A attributable to corporate administration is primarily due to stock option related expense of $0.4 million and professional fees of $0.6 million stemming from the completion of an independent investigation. For the fiscal year to date, total SG&A expenses were $57.3 million, up $9.1 million or 19%.
"We are very pleased with activity levels coming out of the third quarter," reported Hawk. "Overall demand levels and job profit margins remain strong, which should lead to strong performance and profit growth for the full year and beyond."
Completion of Investigation
In March 2007, an independent investigation was completed with respect to irregularities involving one of Team's branch locations. The investigation, which was fully discussed in our second quarter press release and 10-Q filing, confirmed that the irregularities were limited to a single branch location and had no material effect on any of our previously issued financial statements. Third quarter results reflect $0.6 million of costs associated with the investigation. The matter is expected to have no significant financial impact beyond the current quarter.
Earnings Conference Call
In connection with this earnings release, Team will hold its quarterly conference call on Thursday, April 5, 2007 at 10:00 a.m. Central Time (11:00 a.m. Eastern). The call will be broadcast over the Web and can be accessed on Team's Website, www.teamindustrialservices.com . Individuals wishing to participate in the conference call by phone may call 1-877-318-5455 and use conference code 8650116.
About Team, Inc.
Headquartered in Alvin, Texas, Team Inc. is a leading provider of specialty and construction services required in maintaining high-temperature and high-pressure piping systems and vessels that are utilized extensively in the refining, petrochemical, power, pipeline and other heavy industries. The Company's inspection services also serve a broader customer base that includes the aerospace and automotive industries. Team offers these services in over 70 locations throughout the United States, Aruba, Canada, Singapore, Trinidad and Venezuela. The Company licenses its proprietary techniques and materials to various companies outside the United States and receives royalties based upon revenues earned by its licensees. Team Inc. common stock is traded on the NASDAQ Global Select Market under the ticker symbol "TISI".
[more]
April 04, 2007 –
I buy the options both ways CALL & PUT, with equal amounts.
Example: $10,000 CALL & $10,000 PUT
FDA Decisions will usually make the stocks move one way or the other dramatically. So u figure u will lose all of the $10,000 on one side but stand to make well over 100% on the other.
$10,000 worth $5 Calls in DNDN few days before approval today are worth over 1000% higher depending at what price u got in. CALLS were at the low end of the range before approval.
CALL Contract Range was : 0.50 - 12.80
http://finance.yahoo.com/q?s=UKODA.X
While the $5 PUTS are now worthless at .05
PUTS were at the high end of the range before approval.
PUT Contract Range was : 0.05 - 2.45
http://finance.yahoo.com/q?s=UKOPA.X
Too bad we cant trade options on Caps, makes it harder to make easy money. [more]
April 04, 2007 –
makes its decision known. Based on comments by ENCY that it has addressed the additional data asked for by the FDA in the approval letter, I expect the FDA to finally join the rest of the world and Approve ENCY Drug Thelin, on June 15th 2007.
http://biotech.seekingalpha.com/article/29906
April 04, 2007 –
Drug stocks going up like nuts lately...
ENCY is one that has still alot more to gain at $3.59/shr [more]
April 04, 2007 –
Gasoline Inventories are 2.6% below last year and are down 5 million barrels week over week.
Government Data Report:
Crude Oil Inventories Rise; Gasoline Stockpiles Continue To Fall
(RTTNews) - Government data released Wednesday showed that crude oil inventories rose in the most recent week, resuming their advance after a mild decline in the previous period. Meanwhile, gasoline stockpiles fell again.
The Department of Energy'sEnergy Information Administration said that crude oil inventories rose 4.3 million barrels in the week ended March 30. Specifically, the measure rose to 332.7 million barrels from the previous week's level of 328.4 million barrels. This resumed gains after a decline of 900,000 barrels in the previous week. Oil inventories for the week were 2.8% below last year's level.
Meanwhile, gasoline inventories showed a week-over-week slide of 5 million barrels. This extended a recent streak of declines, including a drop of 300,000 barrels in the previous week. The level of gasoline inventories was 2.6% below last year.
Distillate fuel oil had an inventory decline during the week ended March 30 as well. Stockpiles of these products, which include heating oil, were unchanged for the week. This followed a recent streak of declines, with a draw down of 700,000 barrels taking place in the previous week. [more]
April 04, 2007 –
RNO depending on nickel spot price could have made $.80 EPS this year and that did not include its Gold Mine, which LMC sold for over $200M.
Lundin Mining Corporation and Rio Narcea Gold Mines, Ltd. Enter Into Definitive Support Agreement in Connection With Cash Take-Over Bid by Lundin Mining for Rio Narcea
Wednesday April 4, 10:20 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 4, 2007 -- Lundin Mining Corporation (Toronto:LUN.TO - News)(AMEX:LMC - News)(Shenzhen:LUMI.SZ - News) (Lundin Mining) and Rio Narcea Gold Mines, Ltd. (Toronto:RNG.TO - News)(AMEX:RNO - News) (Rio Narcea) announced today that they have entered into a definitive support agreement pursuant to which Lundin Mining will offer to acquire (the "Offer") all of the outstanding common shares of Rio Narcea (the "Shares") on a fully diluted basis and all of the outstanding warrants of Rio Narcea (Toronto:RNG-WT.TO - News) (the "Warrants") by way of a take-over bid for Cdn $5.00 cash per Share and Cdn $1.04 cash per Warrant. The consideration under the Offer represents a 22.90% premium over the 30-day weighted average trading price of Rio Narcea's Shares as at April 3, 2007 and a 3.7% premium to the closing price of the Shares of Rio Narcea on April 3, 2007.
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The Board of Directors of Rio Narcea has unanimously determined that the offer is fair and will recommend that shareholders ("Shareholders") tender to the Offer. Rio Narcea's financial advisor has provided an opinion to the Board of Directors of Rio Narcea that the consideration to be received by the Shareholders under the Offer is fair from a financial point of view to such Shareholders. Each senior officer and each member of the Board of Directors of Rio Narcea has agreed to support the Offer and to tender their Shares to the Offer, which together with shares owned by certain trusts associated with directors and management, represents approximately 5% of the Shares.
Karl-Axel Waplan, President and CEO of Lundin Mining, commented, "This transaction is in line with our corporate goals to grow the Company, increase value for our shareholders and establish ourselves as the next major global mining house in the base metals sector. The acquisition will add production, cash flow, resources, and synergistic assets to the Lundin Mining portfolio while introducing nickel to the Lundin Mining commodity mix."
Chris von Christierson, Chairman and CEO of Rio Narcea, commented, "The Directors and management of Rio Narcea believe this is in the best interest of Rio Narcea and is a fair offer to all of our Shareholders. We are supportive of it."
Haywood Securities Inc. acted as financial advisor to Lundin Mining and McCullough O'Connor Irwin LLP are its legal advisors. The financial advisor to Rio Narcea is BMO Capital Markets and legal advisors are Fraser Milner Casgrain LLP.
Rio Narcea has entered into a support agreement with Lundin Mining that provides for, among other things, a non-solicitation covenant on the part of Rio Narcea, a right in favour of Lundin Mining to match any competing offers, and a non-completion fee payment of Cdn $25 million to be paid by Rio Narcea under circumstances.
A take-over bid circular containing the terms of the Offer will be mailed to Shareholders and Warrantholders (together with a Rio Narcea Board of Directors circular) and other related documents on or before April 18, 2007. The Offer, unless extended, will expire 36 days from its commencement.
In conjunction with the Offer, Lundin Mining has arranged a US $800 million senior credit facility, under usual conditions, with the Bank of Nova Scotia that is for general corporate purposes.
Concurrent with the Offer and contingent upon the success of the takeover bid, Red Back Mining Inc. (Toronto:RBI.TO - News) has signed an Option agreement with Lundin Mining to acquire the Tasiast gold mine from Lundin Mining in consideration for US $225 million in cash and assumption of US $42.5 million in debt related to the Tasiast gold mine.
About Rio Narcea
Rio Narcea Gold Mines, Ltd. is a Canadian mineral resource company with operations, development projects and exploration activities in Spain, Portugal and Mauritania. The Company currently produces nickel at its Aguablanca nickel-copper-platinum group metals mine in southern Spain. Construction of its Tasiast gold mine in Mauritania, West Africa, is well underway, with production expected to commence by mid 2007.
Aguablanca Nickel-Copper Mine
Rio Narcea holds a 100% interest in the Aguablanca nickel-copper-PGM deposit located approximately 100 kilometres north of Seville in the southern portion of Spain. Developed as an open pit mine, production began in 2005 becoming the first nickel sulfide mine in western Europe's highly prospective nickel sulfide belt. In 2006 the mine produced 14 million pounds of nickel at a cash cost of $4.23 per pound sold.
Tasiast Gold Mine
Rio Narcea holds a 100% interest in the Tasiast gold project which includes the Tasiast gold deposit under development as an open pit mine and exploration licenses encompassing 13,178 square kilometres.
Construction of the Tasiast gold mine is well underway with production start-up scheduled for the second half of 2007 at an initial rate of 108,000 ounces per year at an average grade of 3.25 g/t Au and estimated cash cost of US $260 per ounce.
Strategic Investments
Rio Narcea holds an approximate 20% equity interest in Chariot Resources Limited (Toronto:CHD.TO - News) which has a 70% interest in the Marcona copper project in Peru. Chariot has identified significant copper mineralization at the Mina Justa prospect and has initiated a scoping study on the potential of developing the deposit into an open pit mine with potential for underground expansion.
About Lundin Mining
Lundin Mining is a rapidly growing mining and exploration company engaged in the extraction, development, acquisition and discovery of base metal deposits internationally. The company currently owns four operating mines: Neves-Corvo in Portugal, the Zinkgruvan and Storliden mines in Sweden, and the Galmoy mine in Ireland. A fifth mine under development, the Aljustrel mine in Portugal, will be brought into production in the third quarter of 2007. Lundin Mining also holds a 49% stake in one of the world's largest zinc projects - Ozernoe, located in the Republic of Buryatia in the Russian Federation.
The foregoing transactions are subject to all requisite regulatory approvals.
Conference Call
A conference call and webcast presentation will be held at 12:00 p.m. Toronto time (6:00 p.m. Stockholm time) on Wednesday, April 4, 2007 to discuss the transaction. Karl-Axel Waplan, President and CEO and Colin Benner, Vice-Chairman will host the call.
Access Details
Conference Name: Lundin Mining
Date: Wednesday, April 4, 2007 at 12:00 p.m. Toronto time
(6:00 p.m. Stockholm time)
Audio Dial-in: 46 (0) 8 5352 6458 Sweden
1 718 354 1388 North America
1 888 935 4577 toll free North America
Presentation Webcast: copy and paste the link below in your browser
www.livemeeting.com/cc/premconfeurope/join?id=7235342&role=attend&pw=lundin342
or alternatively enter the VisionCast site and log into the webcast using the Meeting ID and Password.
VisionCast: http://www.euvisioncast.com
Your Name: (Enter your name)
Meeting ID: 7235342
Meeting Password: lundin342
A replay of the conference call will be available until 12:00 a.m. April 17, 2007.
Replay Telephone Number: 46 (0) 8 5876 9441 Sweden
+1 718 354 1112 North America
Replay Passcode: 7235342#
Important Information Regarding the Offer
Investors and security holders are advised to read the offering circular (tender offer statement) by Lundin related to the proposed offer for the outstanding common shares of Rio Narcea when it becomes available, because it will contain important information. Investors and security holders may obtain a free copy of the offering circular when it becomes available and other documents filed by Lundin Mining with Canadian provincial securities regulators at www.sedar.com and with the SEC at the SEC's website at www.sec.gov. The offering circular may also be obtained for free when it becomes available from Lundin Mining by directing a request to Lundin Mining's investor relations department at 604-689-7842 or sophias@namdo.com.
The release, publication or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published or distributed should inform themselves about and observe such restrictions.
Forward-Looking Statements
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario Securities Act or "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 of the United States. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in mining including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and reserves and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the companies' expectations; the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, foreign taxation, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties, including those described under Risk Factors Relating to the Company's Business in Lundin Mining's and Rio Narcea's Annual Information Form and in each management discussion and analysis. Forward-looking information is in addition based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of copper, zinc, gold and nickel; that the companies can access financing, appropriate equipment and sufficient labour and that the political environment where the companies operate will continue to support the development and operation of mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.
Contact:
Contacts:
Lundin Mining Corporation
Karl-Axel Waplan
President and CEO
+46-705-10-42-39
Email: ka.waplan@lundinmining.com
Lundin Mining Corporation
Colin Benner
Vice Chairman
(604) 681-1337
Email: CBenner@lundinmining.ca
Lundin Mining Corporation
Catarina Ihre
Investor Relations, Europe
+46-706-07-92-63
Email: Catarina.Ihre@lundinmining.com
Lundin Mining Corporation
Sophia Shane
Investor Relations, North America
(604) 689-7842
Email: sophias@namdo.com
Website: http://www.lundinmining.com
Rio Narcea Gold Mines, Ltd.
Chris von Christierson
Chairman and CEO
+44-207-629-2252
Email: cvc@sprospecting.com
Rio Narcea Gold Mines, Ltd.
Omar Gomez
CFO
+ 34-98-573-3300
Email: omar.gomez@rngm.es
Rio Narcea Gold Mines, Ltd.
Michelle Roth
Investor Relations
(732) 792-2200
Email: michelleroth@rothir.com
Website: http://www.rionarcea.com
Source: Lundin Mining Corporation and Rio Narcea Gold Mines, Ltd. [more]
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Lundin Mining to buy Canada's Rio Narcea for 800 mln usd - report
04.04.07, 8:58 AM ET
STOCKHOLM (AFX) - Sweden's Lundin Mining Corp is set to acquire Toronto-based Rio Narcea Gold Mines Ltd in a deal valued at 800 mln usd, reported the online edition of Globe and Mail.
Shares in Lundin Mining (amex: LMC - news - people ) were suspended in Stockholm at 11.30 am today.
Rio Narcea's main asset is the Aguablanca nickel mine in Spain, which produced over 1.3 mln tonnes of nickel last year.
To date, Lundin mainly mines zinc, lead and silver and owns the Neves-Corvo mine in Portugal.
'That is the real rationale. They've both got mines nearby and could find some operational synergies,' said Larry Smith, an analyst with Blackmont Capital, reported Globe and Mail.
Lundin is expected to sell Rio Narcea's gold assets, which include operations in Spain and West Africa, for a 'few hundred million dollars' according to sources, the paper said.
The two sides had hoped to announce the deal yesterday, but were still putting finishing touches on the agreement last night.
Nickel prices jumped 2,950 usd or 6.5 pct to 48,550 usd a tonne on the London Metal Exchange yesterday.
simon.richardson@thomson.com
sjr/jag
COPYRIGHT
Copyright AFX News Limited 2007. All rights reserved. [more]
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