May 2007
May 31, 2007 –
This Chinese Biotech should rally to gain 1/2 of its losses after downtrend was broken today on heavy volume.
3SBio Inc. Announces First Quarter 2007 Results
Tuesday May 1, 10:48 pm ET
- Q1 2007 net revenues grew 26.0%, as compared to Q1 2006, to US$4.6 million
- Q1 2007 operating income up 26.9% over Q1 2006, to US $1.5 million
- Q1 2007 net income grew 116.3%, as compared to Q1 2006, to US$2.1 million
SHENYANG, China, May 1 /Xinhua-PRNewswire-FirstCall/ -- 3SBio Inc. (Nasdaq: SSRX - News), a leading China-based biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products, today announced its unaudited financial results for the first quarter ended March 31, 2007.
First Quarter 2007 Financial Highlights:
-- Total net revenues increased 26.0% over the first quarter 2006 to
RMB35.4 million (US$4.6 million).
-- Net revenue from our flagship injectable recombinant human
erythropoietin ("EPO") products, marketed under our EPIAO brand,
increased 12.7% over the first quarter 2006 to RMB25.1 million (US$3.3
million).
-- Net revenue from our protein-based therapeutic recombinant human
thrombopoietin ("TPO") products, marketed under our TPIAO brand,
increased 227.4% over the first quarter 2006 to RMB7.6 million (US$1.0
million).
-- Operating income increased 26.9% over the first quarter 2006 to RMB11.6
million (US$1.5 million).
-- Net income increased 116.3% over the first quarter 2006 to RMB16.2
million (US$2.1 million).
-- Earnings per American Depositary Share ("ADS") for the first quarter
2007 were RMB0.87 (US$0.11), compared to RMB0.52 for the first quarter
2006.
Dr. Jing Lou, chief executive officer of 3SBio, commented, "The results for the quarter demonstrate continued execution on our growth strategy. We achieved further growth in our core product portfolio, with sales in our flagship EPO product, EPIAO, up 12.7%, and sales for our newest proprietary TPO product, TPIAO, up 227.4%. In the first quarter 2007, TPIAO accounted for 21.4% of our total sales. Our EPIAO products continued to maintain market leadership both in terms of revenues and sales volume, with market shares of 36% and 30%, respectively, for the fourth quarter 2006 based on the latest available IMS Health and our internal data. I am also pleased to report that the project to build our new manufacturing facility and to enhance our existing facilities to meet EMEA requirements is on track. The headcount of our sales team increased from 143 as at the end of January 2007 to 179 as at the end of April 2007 as planned, and we continue to provide full training for our specialized team focusing on increasing penetration in the oncology end market. Our pipeline remains robust, and we are on track to complete phase III clinical trials for our three late stage projects in the latter half of 2007. As always, we remain focused on driving growth, margins and profitability through our proven R&D capabilities, innovative and cost-effective manufacturing operations, established nationwide sales and marketing network and market oriented management team."
First Quarter 2007 Unaudited Financial Results:
Net Revenues. Our net revenues amounted to RMB35.4 million (US$4.6 million) in the first quarter 2007 compared to RMB28.1 million net revenues for the first quarter 2006, representing an increase of 26.0%, primarily attributable to the continued growth of our flagship EPO product, EPIAO, and the rapid quarter-over-quarter upward sales trend of our TPIAO products. Net revenues from our leading EPIAO products increased by 12.7% from RMB22.3 million in the first quarter 2006 to RMB25.1 million (US$3.3 million) in the first quarter 2007. Net revenues from our proprietary protein-based therapeutic recombinant human thrombopoietin ("TPO") products, marketed under our TPIAO brand, increased 227.4% over the first quarter 2006 to RMB7.6 million (US$1.0 million). Our TPIAO products are now our second largest revenue contributor, accounting for 21.4% of total net revenues for the first quarter 2007 as compared to 8.2% in the first quarter 2006. In addition, we started seeing results from our sales efforts in promoting our in-licensed Iron Sucrose supplement, Tietai, which generated 1.5% of our overall sales for the first quarter 2007.
Gross Profit. Gross profit increased 27.6% to RMB32.4 million (US$4.2 million) for the first quarter 2007 from RMB25.4 million in the first quarter 2006. Gross margin was 91.7% in the first quarter 2007, up from 90.5% in the first quarter 2006, as we continued to enjoy economies of scale from larger volume production, corresponding to higher unit sales of our EPIAO and TPIAO products.
Income from Operations. Operating income for the first quarter 2007 was RMB11.6 million (US$1.5 million), representing a 26.9% increase, compared to RMB9.1 million in the first quarter 2006, and up 32.9% from an operating income of RMB8.7 million in the fourth quarter of 2006, primarily due to increased operating leveraging from continued sales growth. Operating margin for the first quarter 2007 was 32.8%, comparable to 32.5% for the first quarter 2006. As we initiated additional investments in expanded sales and marketing efforts for our newly marketed products as well as increased research and development efforts in the first quarter of 2007, the net positive effect on our operating leverage derived from our sales growth was temporarily offset. Operating margin for the first quarter 2007 increased by 8% from 24.8% in the fourth quarter of 2006, as the stock-based compensation associated with 312,504 restricted shares awarded in June 2006 was fully recognized, and increased marketing efforts in the fourth quarter of 2006.
Operating Expenses. Our total operating expenses decreased by 11.9% from RMB23.7 million in the fourth quarter 2006 to RMB20.9 (US$2.7 million) in the first quarter 2007, but was up 28.1% from RMB16.3 million in the first quarter 2006. The year-on-year increase in operating expenses was primarily due to the research and development expenses incurred for EPIAO, NuPIAO (our second generation EPIAO) and clinical trials for TPIAO's new indication, and increased sales, marketing and distribution costs. Other Income (Expense), net. Net other income increased by RMB6.9 million (US$0.9 million) in the first quarter of 2007, as compared to net other expense of RMB0.5 million in the first quarter of 2006, as a result of reduced debt level because of internally generated cashflows.
Income before Income Tax Expense and Minority Interests. As a result of the foregoing, our income before income tax expense and minority interests increased by 108.6% from RMB8.6 million in the first quarter 2006 to RMB18.0 million (US$2.3 million) for the first quarter 2007.
Income Tax Expense. Our income tax expense increased by 49.5% from RMB1.2 million for the first quarter 2006 to RMB1.8 million (US$0.2 million) for the first quarter 2007. The effective tax rate was 9.8% for the first quarter 2007, which improved from 13.7% for the prior year period, mainly contributed to by non-taxable interest income earned from IPO proceeds in first quarter of 2007.
Net Income. As a result of the foregoing, our net income increased by 116.3% from RMB7.5 million for first quarter 2006 to RMB16.2 million (US$2.1 million) for the first quarter 2007.
Accounting of Foreign Exchange Impact on Our Assets and Liabilities
On July 21, 2005, the Chinese government changed its policy of pegging the value of the Renminbi to the U.S. dollar and now permits the Renminbi to fluctuate within a band against a basket of certain foreign currencies. This change in policy resulted in an appreciation in the value of the Renminbi against the U.S. dollar. This has resulted in a foreign exchange accounting impact on the Company's assets and liabilities primarily the US$108.0 million of net proceeds the Company received from its initial public offering completed in the first quarter 2007. For the first quarter of 2007, the Company recognized a corresponding foreign currency translation deficit of RMB3.6 million (US$0.47 million) in accumulated other comprehensive loss as a component of shareholders' equity, when the Company's assets and liabilities denominated in U.S. dollars were translated into Renminbi based on the RMB/US dollar exchange rate as of March 30, 2007. If the circumstances with respect to our intended use of our IPO net proceeds change in the future, the accounting treatment with respect to the foreign exchange accounting impact on our IPO net proceeds may also change.
Currency Convenience Translation
For the convenience of readers, certain RMB amounts have been translated into US dollars at the rate of RMB7.7232 to US$1.00, the noon buying rate for US dollars in effect on March 30, 2007 for cable transfers of RMB per US dollar as certified for customs purposes by the Federal Reserve Bank of New York.
Conference Call
3SBio senior management will host a conference call at 5:00 am (Pacific) / 8:00 am (Eastern) / 8:00 pm (Beijing/Hong Kong) on Wednesday, May 2, 2007 to discuss its first quarter 2007 financial results and recent business activity. The conference call may be accessed by calling (US) +1 480 629 9562 / (UK) +44 (0)20 8515 2301 / (HK) +852 3009 5027. A telephone replay will be available shortly after the call until May 16, 2007 at (US) +1 303 590 3030/ (UK) +44 (0)20 7154 2833, Passcode: 3729376; and (HK) +852 2287 4304, Passcode: 088110#.
A live webcast of the conference call and replay will be available on the investor relations page of 3SBio's website at www.3sbio.com
About 3SBio Inc.
3SBio Inc. is a leading, fully integrated biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products, primarily in China. For more information, please visit 3SBio on the web at www.3sbio.com
Safe Harbor Statement
Statements in this release regarding certain anticipated business prospects resulting from the approval constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon 3SBio management's current expectations, and actual results could differ materially. Among the factors that could cause 3SBio's actual results to differ from what the company currently anticipates may include competition from other domestic and foreign pharmaceutical companies; the expected market growth for pharmaceutical products in China; market acceptance of 3SBio products; expected hospital or patient demand for our products; 3SBio's ability to expand its production, sales and distribution network and other aspects of its operations; its ability to effectively protect its intellectual property; changes in the healthcare industry in China, including changes in the healthcare policies and regulations of the PRC government and changes in the healthcare insurance sector in the PRC; and fluctuations in general economic and business conditions in China. For additional information on these and other factors that may affect the 3SBio's financial results, please refer to the company's filings with the Securities and Exchange Commission at www.sec.gov. 3SBio undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.
Investor Contact:
Clara Mak, CFO
3SBio Inc.
No.3 A1, Road 10,
Shenyang Development Zone
Shenyang, China 110027
+86 (24) 2581 1820
IR@3sbio.com
www.3SBio.com
Investor Relations (HK):
Ruby Yim, Managing Director
Taylor Rafferty
Suite 2003-5 Vicwood Plaza
199 Des Voeux Road Central
Hong Kong, China
+852 3196 3712
3sbio@taylor-rafferty.com
www.taylor-rafferty.com
Investor Relations (US):
Mahmoud Siddig, Director
Taylor Rafferty
205 Lexington Avenue
8th Floor
New York, NY 10016
+1 (212) 889-4350
3sbio@taylor-rafferty.com
www.taylor-rafferty.com
Media Contact:
John Dooley
Taylor Rafferty
205 Lexington Avenue
8th Floor
New York, NY 10016
+1 (212) 889-4350
3sbio@taylor-rafferty.com
www.taylor-rafferty.com
Source: 3SBio Inc. [more]
May 31, 2007 –
I don't like the analyst comments on ESEA.
EXM has based below $25 long enough it should start to really move upward now as investors look forward to new charter rate contracts on two of its carriers that expire in May 2007. In addition investors should start to buy now in advance to a rally before EXM's next earnings report. EXM today has only one month left in this qtr with 2 months now completed.
May 31, 2007 –
now after 2 down days after earnings, Its been 3 trading days now since its strong upward guidance. The two down days got rid of many weak longs and short term traders and sucked in many shorts as well.
I am looking for a price target of $35 for VRGY in the short-term period.
May 30, 2007 –
ESEA beats by .12 eps - Euroseas 1Q Profit Rises
Tuesday May 29, 5:09 pm ET
Euroseas 1Q Profit More Than Doubles on Big Revenue Boost
NEW YORK (AP) -- Euroseas Ltd., which runs a fleet of drybulk and container ships, said Tuesday first-quarter profit more than doubled on a big boost in the average amount a vessel earned per day.
For the quarter ended March 31, net income jumped to $9.5 million, or 58 cents per share, from $3.4 million, or 28 cents per share in the prior year period.
Analysts polled by Thomson Financial expected earnings of 46 cents per share.
Revenue rose 45 percent to $13.6 million from $9.3 million in the first quarter of 2006. Analysts predicted revenue of $13.1 million.
The company, which is based in Athens, Greece, attributed the revenue rise to having more vessels in its fleet and a higher average time charter equivalent rate. The fleet earned on average $18,333 per vessel per day, up from $13,072 per vessel per day during the year-ago period.
Euroseas shares rose 13 cents to $11.17 in after-hours trading. During regular trading hours, the shares fell 26 cents, or 2.3 percent, to close at $11.04.
[more]
May 30, 2007 –
DRYS beats by .06 eps, DryShips 1Q Profit Surges
Tuesday May 29, 4:44 pm ET
DryShips 1Q Profit Surges on Higher Freight Rates, Gain From Sale of Three Vessels
NEW YORK (AP) -- Greek dry-bulk carrier DryShips Inc. said Tuesday its first-quarter profit more than tripled, benefiting from the sale of three vessels and stronger freight rates.
Quarterly earnings surged to $66.4 million, or $1.87 per share, from $18.1 million, or 60 cents per share, in the prior-year period. Excluding the $30.5 million gain from the sale of three vessels, DryShips said it would have earned $1.01 per share in the recent quarter.
Wall Street, on average, expected quarterly earnings of 95 cents per share, according to a Thomson Financial analyst survey.
Voyage revenue rose to $86.7 million from $54.8 million, topping analysts' expectations of $82.9 million.
The company benefited from higher freight rates and from entering a portion of its fleet into time charters of less than one year, Chairman and Chief Executive George Economou said in a statement
DryShips said its fleet earned an average time charter equivalent of $28,930 daily during this year's first quarter, up from $21,324 in the prior-year quarter.
Shares of DryShips jumped $2.28, or 6.2 percent, to $38.96 after ranging between $8.81 and $42.20 over the past year.
[more]
May 30, 2007 –
The shorts will use this dip to start covering and we should use it to buy heavily any stocks that get discounted. The China tax increase is only 1/10th of 1 percent higher than levels in 2005. In my opinion the increase is so small that it shouldn't even be making headlines. But the shorts and their hedge buddies know how to make headlines out of nothing to create panic so they can cover.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
China's stock markets fall after new tax measure
Wed May 30, 12:14 AM ET
SHANGHAI (AFP) - China's share prices fell sharply early Wednesday after authorities made another attempt to rein in the nation's booming stock markets by imposing higher taxes on trading.
The benchmark Shanghai Composite Index, which covers both A- and B-shares, opened 247.52 points or 5.71 percent lower at 4,087.41, then recovered slightly in a volatile session to be 3.31 percent down by late-morning.
The fall came after China's finance ministry announced overnight that stamp duties on securities trading would triple from 0.1 percent to 0.3 percent.
Ironically, the government lowered the tax rate from 0.2 percent to 0.1 percent in January 2005 in an effort to boost the then moribund markets.
The new tax measure, effective from Wednesday, is the latest in a raft of measures aimed at dampening down China's stock markets that have tripled in value since 2005 and raised concerns of a major correction.
The official Xinhua news agency, citing the Chinese cabinet, said the higher stamp tax would "help promote the healthy development of the securities markets".
Among the other government measures introduced this month were hikes in interest rates and bank reserve requirements, as well as a widening of the currency's trading band.
But investors had largely ignored the moves, drawing stronger warnings from home and abroad that a sharp correction was inevitable and that the fall could have serious impacts on China's economy and internationally.
Former US central bank chief
Alan Greenspan and the Organisation of Economic Cooperation and Development (OECD) last week added their voices to the chorus of concerns that current share prices were unsustainable and risked a painful reverse.
Their comments may have reflected concerns at a possible repeat of the events at the end of February when the Shanghai bourse tumbled nearly 9.0 percent in one day on rumours the government would introduce a capital gains tax on stocks.
That was enough to spark a rout on global equity markets before investor nerves steadied, allowing the markets to resume their headlone advance.
Analysts said Wednesday that stamp duty hike would have an immediate impact on the markets, and that increased volatility could be expected, but that it would do little on its own to cool share prices in the longer term.
One reason for the tax move having a short-term impact was because it was aimed specifically at the share market, rather than at broader economic policies such is the case with interest rate hikes, according to Shen Jun, an analyst with Shanghai-based Shangzhenglian Securities.
"So this will have a psychologicial impact on investors ... in the near-term the market will slow down on its upward speed," Shen said.
"(But) in the long-term, given the continued capital inflows and the strong yuan performance, the bullish run wonÂt change unless stronger policies are issued."
Zeng Bo, an analyst with Changjiang Securities, also said the tax hike would have a limited short-term impact but felt the government may have delivered a more powerful message with a move directly targetting the market.
"It sent a signal that from now on the government is willing to act to prevent the market from rising too quickly," Zeng said.
Goldman Sachs economist Liang Hong said the higher tax would have a "modestly negative impact on the market" but cautioned that it could have unwanted broader economic effects.
"We maintain our view that tax measures are associated with non-negligible efficiency costs and tend to distribute national income further towards the state at the expense of consumers and thereby run against the medium-term goal of the government to boost domestic consumption," she said. [more]
May 29, 2007 –
and a few minutes ago proved why:
Western, Giant say court denies FTC injunction
Tue May 29, 2007 2:25pm ET140
NEW YORK, May 29 (Reuters) - Western Refining Inc. (WNR.N: Quote, Profile , Research) and Giant Industries Inc. (GI.N: Quote, Profile , Research), which have been fighting the Federal Trade Commission's attempt to block Western from buying Giant, on Tuesday said a court has denied the FTC's request for an injunction to block the deal.
The energy companies, which agreed to the $1.13 billion deal in August, in a joint statement said the U.S. District Court for the District of New Mexico denied the FTC's request for a preliminary injunction related to the acquisition and dissolved a temporary restraining order issued on April 13.
The FTC had charged that the proposed acquisition would be anti-competitive and reduce competition for the supply of gasoline, diesel fuel and jet fuel in northern New Mexico.
Based upon discussions with the FTC prior to the ruling, Western said it believes the FTC will appeal and seek an injunction from either the District Court or the U.S. Court of Appeals for the 10th Circuit to try to stop the deal from closing.
© Reuters 2007. All Rights Reserved. [more]
May 29, 2007 –
Merrill Lynch says China bubble will get alot more bigger
before it bursts. [more]
May 29, 2007 –
Short Sales Break Record on NYSE; Market Bulls Get More Bullish
http://quote.bloomberg.com/apps/news?pid=20601109&sid=ahMn3AUnD_CY
By Daniel Hauck and Michael Tsang
May 29 (Bloomberg) -- Short sellers are betting against U.S. stocks like never before as the Standard & Poor's 500 Index approaches an all-time high. That's making some of the biggest bulls even more optimistic.
``What the short seller appears to be doing is doubling down,'' said Kenneth Fisher, who oversees about $40 billion as chairman of Fisher Investments in Woodside, California. ``You love to see it, because if you believe there is a basic driver to the bull market, they're going to get run over.''
The amount of shorting -- where traders sell borrowed stocks expecting to buy them back after prices fall -- jumped to 3.1 percent of the total shares listed on the New York Stock Exchange this month. That's the highest since at least 1931, according to Bespoke Investment Group LLC, a research firm in Mamaroneck, New York.
The wagers represent billions of dollars that could be invested in equities if short sellers close their positions. The bears also reassure fund managers who get skittish when few traders anticipate the possibility of a stock market decline.
Leuthold Group, which advises two-thirds of the biggest U.S. money managers, uses data on speculators betting against stocks as an indicator for prices. The higher the short sales compared with the average monthly trading on the NYSE, the better the opportunity for profiting from owning shares, according to the Minneapolis-based firm. Leuthold's ratio is the highest since at least 1998.
`Buying Frenzy'
``Ultimately you have to cover the short positions and that tends to create more of a buying frenzy,'' said Andy Engel, co- manager of the Leuthold Core Investment Fund, which has outperformed 99 percent of similar funds over the past five years.
The S&P 500 has climbed 6.9 percent this year, extending four years of gains that pushed it up 95 percent. The index fell 0.5 percent last week to 1515.73, leaving it less than 12 points from the record reached on March 24, 2000. The Dow Jones Industrial Average retreated from an all-time high, losing 0.4 percent for the week to 13,507.28.
James Paulsen, who oversees $175 billion at Wells Capital Management in Minneapolis, expects the S&P 500 to reach 1650 this year, partly because investors betting on declines aren't acknowledging that stocks are cheaper relative to earnings than in 2000 when the Internet bubble popped.
Shares of companies in the S&P 500 trade at an average 17.8 times earnings, compared with 32.8 times at the end of the last bull market, according to data compiled by Bloomberg.
`Bloody Optimism'
``The last time we were here there was bloody optimism everywhere and enthusiasm about the future, and everything was going to go up,'' said Paulsen, chief investment strategist at Minneapolis-based Wells. ``Today it couldn't be any more opposite. It's a pretty good environment.''
Losses are mounting for traders speculating on a drop in stocks. So-called short interest on the NYSE rose to a record 11.8 billion shares as of May 15, 7 percent more than a month earlier, according to the world's biggest exchange.
Hedge funds that focus on shorting lost 35 percent from September 2002 through the end of April, according to the Credit Suisse Tremont Hedge Fund Dedicated Short Bias Index. That compared with an 82 percent gain for the S&P 500 in the same period. The funds are the worst performers this year among 10 hedge fund strategies tracked by the Credit Suisse/Tremont Hedge Fund Index, dropping 1.1 percent.
`Highly Confident'
``Short selling has never been more difficult,'' said David Tice, whose $680 million Prudent Bear Fund has lost 23 percent including dividends since the start of the bull market. ``We come in every day and sometimes we say `another day, another record.' But we've seen this movie before, so we're highly confident.''
Tice, whose Dallas-based fund generated a 168 percent return during the last bear market, is shorting Detroit-based General Motors Corp., the biggest U.S. automaker, and Sunnyvale, California-based Advanced Micro Devices Inc., the second-largest maker of computer microprocessors.
U.S. interest rates that reached a four-decade low of 1 percent in 2003 allowed consumers to spend beyond their means, padded corporate profits and set off a record wave of buyouts that inflated share prices, Tice said.
The Federal Reserve raised its benchmark overnight lending rate 17 times starting in June 2004, and has maintained a rate of 5.25 percent since June. Consumer borrowing increased in March by the most in four months as Americans charged to credit cards.
Companies announced $1.06 trillion of U.S. takeovers in 2007 through last week, 63 percent more than at the same point last year, when buyouts reached an annual record, data compiled by Bloomberg show.
`Precursors Are There'
Tice says the S&P 500 would have to fall at least 50 percent for him to consider dropping his bearish stance.
Anthony Bolton, who helped turn Fidelity International Ltd. into the largest U.K. mutual fund company, said this month he's shorting some of the shares in the 3.2 billion-pound ($6.4 billion) U.K. Special Situations Fund because too much money is being spent on mergers and acquisitions.
``I can't tell you when it's coming but I can tell you the precursors are there'' for a slump, Bolton said at a dinner in London.
Leuthold's research suggests those concerns are overblown. The firm's NYSE short-interest ratio stood at 1.46 when the S&P 500 reached its peak in March 2000, and fell to 1.39 in January 2001, a full 21 months before the S&P 500 bottomed. Now, the ratio has stayed at 2.94 for two months, the highest since at least 1998.
Assets Balloon
The company, which accounts for the increase in the number of hedge funds using short-selling strategies during the past decade, considers a ratio above 2.45 bullish and below 1.8 bearish.
Assets managed by hedge funds ballooned to $1.57 trillion, more than double the amount in 2001, estimates by Chicago-based Hedge Fund Research Inc. show. Some investors say the growth of the loosely regulated investment partnerships that can buy, sell and short any asset and that allow managers to share in the profits helps explain the increase. It also makes the information less useful for predicting market performance.
``You have to take that with a grain of salt,'' said Russ Koesterich, who helps manage $1.8 trillion at Barclays Global Investors in San Francisco. ``More participants are shorting. That may be having some impact on distorting the data.''
Mergers and acquisitions increase the likelihood that short sellers will get burned, according to Robert Froehlich of DWS Scudder, which oversees $321 billion.
``Anyone that did the theory, `sell in May and go away,' they're going to wish they never read that,'' Chicago-based Froehlich said. He expects the Dow average to climb 11 percent and reach 15,000 by Christmas.
To contact the reporters on this story: Daniel Hauck in New York at dhauck1@bloomberg.net ; Michael Tsang in New York at mtsang1@bloomberg.net . [more]
May 29, 2007 –
Which is good news for other Shipping companies around the world as well. EXM, DRYS, TBSI, DSX
http://tinyurl.com/2tgq9g
May 25, 2007 –
Soaring Dry Freight Index Benefits Excel Maritime
Posted on Sep 5th, 2006 with stocks: EXM, GMR, TNP [more]
May 25, 2007 –
between the period ( End of May and End of Sept. 2007 ). It also has 3 Handymax charter renewals coming up from July 2007 till Nov. 2007. [more]
May 25, 2007 –
Strong buy opinion ahead of next qtr results.
Verigy Swings to 2Q Profit
Thursday May 24, 5:55 pm ET
Verigy Swings to 2nd-Quarter Profit; Shares Rocket in After-Hours Session
NEW YORK (AP) -- Verigy Ltd., a maker of semiconductor testing systems, said Thursday it swung to a second-quarter profit, up from a loss in the year ago period, as the company slashed operating expenses by 38 percent.
Net income for the quarter was $22 million, or 36 cents per share, up from a loss of $11 million, or 22 cents per share, for the second quarter 2006. Revenue for the quarter was $183 million, down 5 percent from $192 million in the year ago period.
Excluding certain expenses related to Verigy's spin-off from Agilent Technologies, income was $24 million, or 40 cents per share.
Analysts expected, on average, second-quarter earnings of 36 cents per share on $176.2 million in revenue, according to a Thomson Financial survey.
Operating expenses for the quarter were $58 million, down from $93 million in the year-ago period, when the company recorded restructuring charges.
The company expects third-quarter earnings of 43 cents to 48 cents per share, or 45 cents to 50 cents per share, excluding certain expenses, while Wall Street is looking for earnings of 39 cents per share, according to Thomson.
Shares of Verigy were trading at $27.30 in the after-hours session, up $2.67, or 10.8 percent, from Thursday's closing price of $24.63. [more]
May 25, 2007 –
VimpelCom quarterly net income rises 85%
By Aude Lagorce
Last Update: 6:48 AM ET May 25, 2007
LONDON (MarketWatch) -- Russian telecoms operator VimpelCom Communications (VIP)
Friday said first-quarter net income jumped 85% to $277 million, or $5.45 a share, from $150 million, or $2.94 a share, a year earlier. Net operating revenue rose 59% to $1.49 billion
May 24, 2007 –
below is the recent analysis of EXM on video :
http://www.youtube.com/watch?v=7L2WstWhbjI
May 23, 2007 –
Well see how this strategy works out, so far its the top performing sector in the market in the last year.
May 23, 2007 –
EXM is down to $25+/shr from $29+ recent high so its not at 52 week highs and the earnings were pretty impressive when you look ahead and see continued increasing charter prices. EXM is a prime example of a stock that can rally even though it missed by .03 eps because its earnings were .61 eps and its only at $25/shr.
The 4 positives are:
1. EXM beats on Revenue
2. EXM declares a regular qtrly dividend of .20/shr
3. EXM on May 11th sold a carrier & will realise a $6.2M Gain & still retain a $200k revenue stream from the sold Carrier as a technical manager.
4. EXM raised charter prices on 2 carriers so far in 2007 and 7 more carriers are near expiration on previous contracts and should command higher charter prices.
http://biz.yahoo.com/iw/070116/0203742.html
Excel Maritime 1Q Profit Up
Tuesday May 22, 4:50 pm ET
Excel Maritime Posts 67 Percent Jump in 1st-Quarter Profit
NEW YORK (AP) -- Greece's Excel Maritime Carriers Ltd. said Tuesday its first-quarter profit jumped 67 percent on higher charter rates for its ships.
Excel earned $12.3 million, or 61 cents per share, compared with $7.3 million, or 37 cents per share, for the same quarter in 2006. Revenue rose 22 percent to $36 million from $29.5 million in the year-ago period.
Analysts polled by Thomson Financial had expected a profit of 64 cents per share on $35 million in revenue.
Excel said an average of 17 vessels were operated during the first quarter 2007, earning a blended average time charter equivalent rate of $22,485 per day. The company said it operated the same average number of vessels during the first quarter 2006, but earned a blended average time charter equivalent rate of $18,289 per day.
Excel Maritime Initiates Dividend Policy
Tuesday May 22, 5:03 pm ET
Excel Maritime Initiates Dividend Policy, Declares 1st-Quarter Dividend of 20 Cents
NEW YORK (AP) -- Greece-based Excel Maritime Carriers Ltd. on Tuesday said it commenced a common stock dividend policy beginning with the first quarter of 2007 and plans to distribute quarterly a fixed dividend of 20 cents.
Excel said it will pay the dividend on June 15 to shareholders of record as of June 1.
The declaration of Excel's second quarter dividend is expected to take place when it announces its financial results for that period, the company said.
Excel Maritime Carriers Agrees to Sell 23-Year-Old Handymax Bulk Carrier
Friday May 11, 9:00 am ET
ATHENS, GREECE--(MARKET WIRE)--May 11, 2007 -- Excel Maritime Carriers Ltd (NYSE:EXM - News), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it has agreed to sell the M/V Goldmar, a Handymax dry bulk carrier of 39,697 dwt, built in 1984 in Japan, to an affiliated company for $ 15.85 million net of commissions. The sale has been approved by the company's Board of Directors and the vessel was delivered to the buyer the week commencing May 7, 2007. Excel Maritime expects to realize a book gain of approximately $ 6.2 million from this sale.
Maryville Maritime, Inc., a wholly owned subsidiary of Excel Maritime, will continue as the technical manager of M/V Goldmar, thus generating a revenue stream for Excel of about $ 17,000 per month or about $ 200,000 annually. [more]
May 22, 2007 –
LZEMX - Lazard Emerging Markets has been a market outperformer for 5yrs now and shows no signs of slowing down.
The Fund seeks capital appreciation by investing in equity securities of emerging market countries. The Fund seeks companies whose potential is significantly enhanced by their relationship to the emerging market country and are believed to be inexpensively priced relative to the productivity of their equity or assets.
Management Company LAZARD FRERES & COMPANY LLC
Toll-Free Number 800-823-6300
Address 30 Rockefeller Plaza
New York, NY 10112
http://finance.yahoo.com/q/bc?s=LZEMX&t=5y&l=on&z=m&q=l&c= [more]
May 22, 2007 –
Douglas J. Mavrinac, an analyst at Jefferies & Co. said charter rates have gained ground in the second quarter, although they witnessed some weakness near the end of last week as port congestion in Australia moderated.
Tropical storms had forced the closure of several iron ore ports, which left roughly 12 percent of the world's Capesize tanker fleet sitting off the coast of Australia waiting to load, the analyst said. That problem mitigated, the average charter rates for a Capesize vessel still stood at $112,358 per day on Monday, or more than twice what they commanded last year at this time and 1 percent ahead of the previous week. Mavrinac cited greater demand for Capesize vessels from coal mining companies in Australia. The country ranks as the world's largest exporter of black coal.
Capesize vessels can carry at least 80,000 tons, but are usually too big for the world's canals and must navigate the Cape of Good Hope and Cape Horn to travel between oceans. Other tanker sizes include Panamax, or the biggest vessel that can fit through the Panama canal; Suezmax, which can fit through the Suez Canal; and Aframax, which are the largest vessels that African ports can accommodate. Very large crude carriers are supertankers that must also navigate the capes.
Dry bulk charter rates have found additional support recently in grain exports from the United States. In fact, Mavrinac said, farmers continued to ship leftover grain from last year's unusually robust harvest during the first quarter of this year. Coupled with the onset of the South American harvest in the coming weeks, charter rates for Panamax vessels have remained firm, Mavrinac said.
Longer-term, the investment story for dry bulk carriers remains positive, given the iron production scheduled to come on line in coming years to meet the steel making demands of emerging countries such as China and India, and fewer vessels under construction.
"We continue to believe the outlook for the dry bulk shipping market is very attractive over the next 12 months, and would take advantage of any softness in the shares of dry bulk shipping companies over the next several weeks," Mavrinac said in a note to clients on Monday. [more]
May 22, 2007 –
EXM trading at only $26/shr so in my opinion I believe if EXM reports anything near .64 eps it should rally because its currently underpriced when compared to its forward looking earnings outlook.
http://finance.yahoo.com/q/ae?s=EXM
May 22, 2007 –
needed to transport ethanol. In 2nd half of 2007 and early 2008 many ethanol plants under construction for the last year will have been completed.
Ethanol cannot be shipped by pipeline, and the second-cheapest method of transportation is by rail. BNSF Railway (NYSE: BNI), Union Pacific (NYSE: UNP), and many of their peers have seen huge volume growth from ethanol. For more direct exposure, American Railcar Industries (Nasdaq: ARII) and Trinity Industries (NYSE: TRN) manufacture the tank cars needed to transport ethanol.
(This is the reason I believe Icahn bought over 6M shares of ARII)
http://www.fool.com/investing/general/2007/05/15/the-politics-of-ethanol.aspx
[more]
May 22, 2007 –
Here is the reason behind it: The very rich always seem to get richer "Buffet & Icahn" and what are they buying now? they are buying railroad stocks. So if they think railroads demand will increase then so will American Railcar demand.
http://finance.yahoo.com/q?s=arii [more]
May 22, 2007 –
John Gilliam submits: There seems to be a great deal of interest in ValueClick (NasdaqGS: VCLK) today and many are suggesting that it could be a target for Microsoft (NasdaqGS: MSFT), or perhaps one of the big players that wants to keep MSFT from buying VCLK. [more]
May 21, 2007 –
ValueClick Is Next in the Ad Grab Game [more]
May 21, 2007 –
Congrats to those that listened Friday and Bought NCTY
NCTY $45+ and is up $5.76/shr right now from the closing price on Friday, I alerted on NCTY at $39/shr.
In my Opinion right now VCLK is an extreme Strong Buy Opinion ahead of any buyout news for VCLK. According to various media and analysts reports VCLK is the next target now after AQNT was bought out by MSFT.
May 21, 2007 –
Xinhua Shares Plunge on Media Reports
Monday May 21, 11:05 am ET
Xinhua Shares Plummet on Media Reports the Company Did Not Disclose Damaging Information
NEW YORK (AP) -- Shares of Chinese advertising and market research firm Xinhua Finance Media Ltd. plunged in Monday morning trading on reports that damaging information about the company's former chief financial officer was not disclosed in its initial public offering prospectus.
Shares of the company, a unit of Xinhua Finance Ltd., dropped 16 percent to a new low of $8.31 in morning trading. Xinhua Finance Media has traded between $9.53 and $12.75 since its initial public offering priced at $13 on March 8.
According to an article in Barron's on Monday, former CFO Shelly Singhal ran a brokerage firm during his tenure that has been under a cease-and-desist order from the National Association of Securities Dealers since 2006, as regulators seek a suspension. Barron's also reported that Singhal is fighting a private civil racketeering suit in California courts for his investment activities.
The order and civil suit were not mentioned in the company's IPO prospectus in March.
Late Friday, the company issued a release stating that Shelly Singhal resigned from the boards of both Xinhua Finance and Xinhua Finance Media, as well as from all executive and managerial positions, effective immediately. The company noted that Singhal is currently the subject of a civil suit unrelated to Xinhua Finance, but said the former CFO believes the claim to be "without merit" and that he intends to "dispute it vigorously."
In a statement issued early Monday, Xinhua Finance Chief Executive Fredy Bush said Xinhua Finance Media complied fully with disclosure and due diligence requirements during the company's IPO. In addition, Bush said the company used "the most qualified independent advisers available to oversee this process."
"I look forward to keeping investors and followers informed of our progress and these ongoing initiatives," Bush said.
Barron's said two key employees of Xinhua Finance subsidiary Glass Lewis resigned last week due to the company's failure to disclose the information. Barron's reported that Glass Lewis' head of research, Lynn E. Turner, resigned on Friday and its managing director and research editor, Jonathan Weil, a former Wall Street Journal reporter, resigned on Wednesday.
According to Barron's, Weil wrote in his resignation letter that he was "uncomfortable with and deeply disturbed" by Xinhua's conduct. "To protect my reputation, I no longer can be associated with Glass Lewis or Xinhua Finance," he wrote.
Singhal was replaced as Xinhua Finance Media CFO by David Wang on May 7. Barron's said Wang has also worked for Singhal's brokerage firm.
CIBC World Markets analyst Jason S. Helfstein said last week, Xinhua Finance Media's shares declined 18 percent during a strong week for China media stocks, suggesting concerns over the personnel departures and lawsuit were already in the marketplace.
However, Helfstein said the stock weakness is in no way related to the company's fundamentals and underlined the strength of the ad environment in China.
"While these type of events call into question the character of the current and prior mgmt at Xinhua Finance Media, we believe these issues have no impact on current fundamentals, and that weakness provides a good buying opportunity ahead of seasonally strong second-quarter results," he wrote in a note to clients. [more]
May 21, 2007 –
Premarket Movers: ValueClick Eyed
Monday May 21, 9:16 am ET [more]
May 21, 2007 –
EA and The9 Announce Equity Investment and Exclusive Publishing Agreement for EA SPORTS FIFA Online in Mainland China
Monday May 21, 7:00 am ET
Strategic Partnership With The9 to Expand EA's Offering in China's Online Gaming Market
SHANGHAI, China & REDWOOD CITY, Calif.--(BUSINESS WIRE)--Electronic Arts Inc. (NASDAQ:ERTS - News), the world's leading developer and publisher of interactive entertainment, today announced an equity investment in one of China's largest online game operators, The9 Limited (NASDAQ:NCTY - News; "The9"). The two companies also announced a licensing agreement that gives The9 exclusive publishing rights for EA SPORTS FIFA Online in mainland China. Upon completion of the equity investment, EA will own approximately 15 percent of the common shares of The9. The investment is roughly US$167 million.
The agreement builds on EA's strategy of partnering with proven regional operators to bring online games to Asia, and The9's strategy of expanding its game product offerings in the Chinese market.
EA SPORTS FIFA is EA's leading international sports franchise and is seeing early online success in Asia. Last year, EA and Seoul-based Neowiz partnered to launch EA SPORTS FIFA Online in Korea, now one of Korea's most popular games, consistently ranked among top performers with more than 4.4 million registered subscribers. The9 has exclusive publishing rights for the game in mainland China.
"EA will be a strong partner for us in the rapidly expanding online game market in China," said Jun Zhu, Chairman and Chief Executive Officer of The9. "We are seeing strong interest in online sports games in China with the upcoming 2008 Beijing Olympics and the FIFA World Cup in 2010, and FIFA Online is set to be a top favorite in the Chinese market."
Hubert Larenaudie, President, EA Asia Online, said, "This is another significant step in EA's strategy to build an online presence in Asia. The9's proven expertise will be a tremendous advantage in bringing FIFA Online to a growing market and we look forward to partnering with them to bring the best online football gaming experience to millions of Chinese gamers and football fans."
About Electronic Arts
Electronic Arts Inc. (EA), headquartered in Redwood City, California, is the world's leading interactive entertainment software company. Founded in 1982, the company develops, publishes, and distributes interactive software worldwide for video game systems, personal computers, cellular handsets and the Internet. Electronic Arts markets its products under four brand names: EA SPORTS(TM), EA(TM), EA SPORTS BIG(TM) and POGO(TM). In fiscal 2007, EA posted revenue of $3.09 billion and had 24 titles that sold more than one million copies. EA's homepage and online game site is www.ea.com. More information about EA's products and full text of press releases can be found on the Internet at http://info.ea.com.
EA SPORTS FIFA Online is manufactured under license by Electronic Arts.
About The9 Limited
The9 Limited is a leading online game operator in China. The9's business is primarily focused on operating and developing high-quality games for the Chinese online game players market. The9 directly or through affiliates operates licensed MMORPGs, consisting of MU®, Blizzard Entertainment®'s World of Warcraft®, Soul of The Ultimate Nation(TM), and its first proprietary MMORPG, Joyful Journey West(TM), in mainland China. It has also obtained exclusive licenses to operate additional MMORPGs and advanced casual games in China, including Granado Espada, Guild Wars, Hellgate: London, Ragnarok Online 2, Emil Chronicle Online, Huxley, and FIFA Online. In addition, The9 is also working on the development of a 3D fantasy MMORPG game, Fantastic Melody Online(TM).
Safe Harbor For Forward-Looking Statements
Some statements set forth in this release, including those regarding EA's investment in, and its publishing agreement with, The9, growth in the online games market in Asia, and the expected impact of the investment and agreements on EA's strategic and operational plans and financial results, contain forward-looking statements that are subject to change. Statements including words such as "anticipate," "believe," "estimate" or "expect" and statements in the future tense are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual events or actual future results to differ materially from the expectations set forth in the forward-looking statements. Some of the factors which could cause results to differ materially from the expectations expressed in these forward-looking statements include the following: the satisfaction of customary closing conditions; the possibility that the investment and/or publishing agreement will not be consummated or that the consummation may be delayed; the effect of the announcement of the investment and agreements on EA's and The9's strategic relationships, operating results and business generally, including the ability to retain key employees; The9's limited operating history as an online game operator; political and economic policies of the Chinese government; the laws and regulations governing the online game industry, information disseminated over the Internet and Internet content providers in China; intensified government regulation of Internet cafes in China; The9's ability to retain existing players and attract new players, anticipate and adapt to changing consumer preferences and respond to competitive market conditions; general economic conditions; and other factors described in EA's SEC filings (including EA's Annual Report on Form 10-K for the year ended March 31, 2006 and Quarterly report on Form 10-Q for the quarter ended December 31, 2006). If any of these risks or uncertainties materialize, the investment and/or publishing agreement may not be consummated or may not be consummated on the anticipated terms, the potential benefits of the investment and agreement may not be realized, EA's operating results and financial performance could suffer, and actual results could differ materially from the expectations described in these forward-looking statements. EA assumes no obligation to update these forward-looking statements which speak only as of the date of this press release.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. The9 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 20-F and 6-K, etc., in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about The9's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, The9's limited operating history as an online game operator, political and economic policies of the Chinese government, the laws and regulations governing the online game industry, information disseminated over the Internet and Internet content providers in China, intensified government regulation of Internet cafes, The9's ability to retain existing players and attract new players, license, develop or acquire additional online games that are appealing to users, anticipate and adapt to changing consumer preferences and respond to competitive market conditions, and other risks and uncertainties outlined in The9's filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 20-F. The9 does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Contact:
EA Corporate
Jeff Brown, +1-650-628-7922
jbrown@ea.com
or
EA International
Tiffany Steckler, +4122 316 1322
tsteckler@europe.ea.com
or
EA Investor Relations
Tricia Gugler, +1-650-628-7327
tgugler@ea.com
or
The9 Investor Relations
Dahlia Wei, +86 21 5172 9990
IR@corp.the9.com
Source: Electronic Arts Inc. [more]
May 18, 2007 –
NCTY a Strong Buy Opinion ahead of Earnings Monday before the open, trends say NCTY should beat easily. NCTY has beaten the last 4 qtrs straight with ease. http://finance.yahoo.com/q/ae?s=NCTY [more]
May 18, 2007 –
or about $4 Billion in a potential buyout, and that would still be well below what MSFT is paying for AQNT. MSFT paying over 60x next years earnings for AQNT. While VCLK currently selling for 30x next years earnings.
May 18, 2007 –
Home Solutions of America Subsidiary Awarded Contracts Valued at Over $100 Million
http://biz.yahoo.com/bw/070518/20070518005359.html?.v=1
Friday May 18, 9:37 am ET
Fireline Restoration Joint Venture To Provide Construction Services For Three Buildings in New York City Boroughs
DALLAS--(BUSINESS WIRE)--Home Solutions of America, Inc. (Nasdaq: HSOA, the "Company" or "Home Solutions"), a provider of restoration, construction and interior services to commercial and residential customers, announced today that its Fireline Restoration, Inc. subsidiary ("Fireline") has entered into a joint venture agreement with Blue Diamond Construction, Inc. ("Blue Diamond"), a New York-based construction management firm, to develop and construct 339 residential condominiums and 160,000 square feet of mixed use retail space located in the boroughs of Brooklyn, Manhattan and Queens, New York. The value of the contracts to Fireline exceeds $100 million. Construction is anticipated to begin during the third quarter and is expected to be completed by 2009. Fireline is expected to complete approximately $12 million in work under the contract this year, which was not included in the Company's previously announced backlog. The contracts are collectively the largest in the Company's history.
ADVERTISEMENT
Blue Diamond was founded in 2000. The company is a contractor licensed in New York and has provided construction management/consulting services to Samuel & Co., a real estate development and design company. Rick Holowchak, the company's President and Blue Diamond have provided construction management/consulting services on numerous New York-city based projects including 60 Spring Street, a 100,000 square foot gut rehabilitation and conversion of a commercial facility into a mixed used condominium, 700 Pacific Street, in Brooklyn, a 200,000 square foot 10-story gut rehabilitation of residential condominiums and 256 West Street, a 212,000 square foot, 12-story new construction building. Recently,, it worked on projects located at 425 E. 13th Street, 145 W. 22nd Street and 142 N. 6th Street. Its development partners include Newport Development Group, among others.
"We are excited to provide construction services on these high profile mixed-use residential and commercial projects," said Brian Marshall, President of the Company's Restoration and Construction Services Division. "This joint venture reflects the ability of Home Solutions to provide a large, highly skilled dedicated labor force and verifies our reputation for completing projects in a timely and efficient manner. This joint venture also reflects the Company's diversification efforts, began last year, to generate a more predictable revenue base."
"We selected Fireline for this project due to its ability to offer us the stable labor force required to complete large, multi-location projects such as these," said Mr. Holowchak, President of Blue Diamond Construction. "These properties, once completed, will provide desirable retail and commercial space in a real estate market that remains solid."
About Blue Diamond Construction Management, Inc.
Founded in 2000, Blue Diamond Construction Management Inc. is a provider of Construction Management and General Contracting Services, specializing in carrying a development from conception through completion for commercial, residential as well as industrial clients. The company has provided construction management and consulting services to Samuel & Co., a real estate development and design company. Blue Diamond and Mr. Holowchak, have also provided construction management on numerous New York City-based projects in conjunction with leading real estate developers. The company provides a list of services which include: design consultation, construction feasibility assessment, pre-construction estimating and budgets, project management, as well as development services. They provide cost controls for projects via value engineering, purchasing power, as well as the vast experience in the New York marketplace. Based in New York City, Blue Diamond is a subsidiary of SD Contracting Group Inc., a privately held NYC Development and Contracting Company.
About Home Solutions of America, Inc.
Home Solutions of America, Inc. is a provider of restoration, construction and interior services to commercial and residential customers. Its Fireline subsidiary is involved in providing construction services, rebuilding, catastrophic storm response and contents restoration for commercial, industrial and residential properties. Based in Tampa, Fireline is certified in multiple aspects of the restoration industry, including smoke, fire, water and mold. The Company has operations in California, Texas, Florida, Alabama, Georgia, Louisiana, Mississippi and North Carolina. Home Solutions Restoration of Louisiana, Inc., which does business as Associated Contractors ("Associated"), is a Louisiana based commercial, industrial and residential contractor working in the governmental and private arenas. Associated has been one of the larger players in redeveloping public schools in the aftermath of Hurricane Katrina. Its clients include the State of Louisiana, the City of New Orleans, the Louisiana National Guard, the historic French Market, Louis Armstrong International Airport and the N.A.S.A. Stennis Space Center in Mississippi. For additional information, please visit the Company's Web site at http://www.hsoacorp.com.
Cautionary Notice
This press release contains forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws. Such forward-looking statements are based on the beliefs of our management as well as assumptions made by and information currently available to them. The Company has no obligation to update such forward-looking statements. Actual results may vary significantly from these forward-looking statements based on a variety of factors. These risks and uncertainties include our future financial performance, business prospects, ability to win new contracts, our performance under existing contracts, the timing of completion of projects, as well as our future revenues and our ability to collect accounts receivable. In addition, there can be no assurance that the actions taken or to be taken by the Company as described herein will result in increased revenues. Other important factors are described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2006 in the section entitled "Risk Factors".
Contact:
Home Solutions of America, Inc.
Jeff Mattich, 214-623-8446
Chief Financial Officer
Source: Home Solutions of America, Inc. [more]
May 18, 2007 –
•Microsoft's $6 billion deal for aQuantive leads tech action at MarketWatch (Fri 9:38am)
May 17, 2007 –
DUSA Pharmaceuticals Receives Orphan Drug Designation for Levulan(R) PDT to Treat Esophageal Dysplasia
Thursday May 17, 8:00 am ET
Researchers' Study Shows Promising Treatment for People Suffering from Barrett's Esophagus, a Leading Cause of Esophageal Cancer
WILMINGTON, MASSACHUSETTS--(MARKET WIRE)--May 17, 2007 -- DUSA Pharmaceuticals, Inc. (NASDAQ GM: DUSA) announced that the U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation for Levulan® (aminolevulinic acid HCl) Photodynamic Therapy (PDT) for the treatment of esophageal dysplasia. This disease occurs in some patients with Barrett's esophagus, a leading cause of esophageal cancer. The incidence of esophageal cancer is one of the most rapidly growing in the U.S., with more than 11,000 new diagnoses each year. Patients diagnosed with high grade dysplasia are at high risk for developing esophageal cancer and currently have limited treatment options.
"We are pleased to receive orphan drug designation for Levulan" said Robert Doman, DUSA's President and Chief Operating Officer. "We believe that Levulan, in combination with our proprietary endoscopic light delivery system, is ideal for this significant unmet medical need and we are excited that it may someday provide patients at high risk of developing esophageal cancer with an effective and well tolerated therapeutic alternative."
Independent investigator clinical studies have reported that treatment of dysplasia with ALA PDT may help avoid the need for the removal of the esophagus and its associated morbidity. Findings from the study, "Low Incidence of Esophageal Adenocarcinoma Following Optimal Regimen of ALA PDT for High Grade Dysplasia in Barrett's Esophagus," will be presented at the Digestive Disease Week (DDW) meeting in Washington, D.C. on Sunday, May 20, 2007.
"This is a potential breakthrough for Barrett's patients and we've demonstrated this treatment can work effectively," says Laurance Lovat, M.D., senior lecturer and consultant gastroenterologist, University College Hospital in London, and lead investigator for the independent research being presented at DDW. "This non-surgical treatment would allow us to eradicate precancerous cells without having the patient suffer the unpleasant side effects of current treatments including severe scarring or the radical invasive removal of the esophagus. This option appears much safer and requires less recovery time." DUSA provided the Levulan® to support this study.
Barrett's esophagus
Barrett's esophagus is a precancerous condition in which the lining of the esophagus is replaced with abnormal cells that could lead to dysplasia, and ultimately, esophageal cancer. Barrett's esophagus affects an estimated 700,000 adults in the United States and is often associated with gastroesophageal reflux disease or GERD. Treatments currently available for severe precancerous tissue changes or high grade dysplasia, include highly invasive esphagectomy (surgical removal of the esophagus) and endoscopic therapies, which carry the risk of severe scarring of the esophagus. Although the exact cause of Barrett's esophagus is unknown, people with chronic GERD (gastroesophageal reflux disease), obese people, men, and Caucasians are at increased risk of developing the disease.
About Levulan PDT
Photodynamic therapy is a photochemical process that involves the interaction of a photosensitizer, light, and oxygen to selectively destroy malignant or certain benign, but rapidly growing cells. The procedure involves administration of a drug and subsequent illumination of the target cells with an appropriate light to activate the PDT process. Levulan® is DUSA's proprietary formulation of aminolevulinic acid (ALA), a compound that is found naturally in the human body. When taken systemically, Levulan® is converted into a photosensitizer by rapidly growing cells, such as those found in esophageal dysplasia, where it can then be activated by light. This light is delivered to the target tissue using DUSA's proprietary light delivery system which allows the endoscopic light treatment to be performed more rapidly, under direct visualization and with greater precision.
About the Orphan Drug Act
The Orphan Drug Act (ODA) encourages drug companies to seek regulatory approval for products that treat a rare disease or condition that affects a relatively small number of people. Once the company receives approval from the Food and Drug Administration to market its orphan-designated product, the company is entitled to seven (7) years of marketing exclusivity for the orphan indication. Orphan Drug Designation also makes it possible to apply for various government funding grants and tax incentives to support the development program for that indication.
About DUSA Pharmaceuticals, Inc.
DUSA Pharmaceuticals, Inc. is an integrated dermatology pharmaceutical company focused primarily on the development and marketing of its Levulan® Photodynamic Therapy (PDT) technology platform, and complementary dermatology products. Levulan PDT is currently indicated for the treatment of minimally to moderately thick actinic keratoses (Grade 1 or 2) of the face or scalp, and is being studied for the treatment of acne. DUSA's other dermatology products include ClindaReach(TM), Nicomide® and the AVAR® line. DUSA is also sponsoring research for additional indications for internal uses of Levulan PDT. DUSA is based in Wilmington, MA. Please visit the company's website at www.dusapharma.com for more information.
Forward Looking Statements
Except for historical information, this news release contains certain forward-looking statements that involve known and unknown risk and uncertainties, which may cause actual results to differ materially from any future results, performance or achievements expressed or implied by the statements made. These forward-looking statements relate to belief that Levulan PDT is ideal for this disease and may provide future therapy, and possible effect of the treatment and its benefits. Furthermore, the factors that may cause differing results include the ability to penetrate the market, the regulatory process, sufficient funding, maintenance of DUSA's patent portfolio, reliance on third parties, and other risks identified in DUSA's SEC filings from time to time, including its annual report on Form 10-K for the year ended December 31, 2006.
Contact:
Contacts:
Media Contact:
Spectrum Science Communications
Annie Moore
(202) 955-6222 x 2547
Email: amoore@spectrumscience.com
Source: DUSA Pharmaceuticals, Inc. [more]
May 17, 2007 –
Wednesday May 16, 5:51 pm ET
CAI International End Unchanged in Trading Debut NEW YORK (AP) -- Shares of CAI International Inc. were little changed Wednesday, as the container leasing and management company received a lackluster reception from investors in its trading debut on the New York Stock Exchange.
The stock had an initial public offering price of $15 a share and closed at the same price. [more]
May 17, 2007 –
Home Solutions of America Subsidiaries Awarded $19 Million in New Contracts
Wednesday May 16, 1:02 pm ET
DALLAS--(BUSINESS WIRE)--Home Solutions of America, Inc. (Nasdaq: HSOA, the "Company" or "Home Solutions"), a provider of restoration, construction and interior services to commercial and residential customers, announced today that its subsidiaries Home Solutions Restoration of Louisiana, Inc. ("HSRLA") and Fireline Restoration, Inc. ("Fireline") have been awarded approximately $19 million in new contracts. $11 million of the work under the contracts is scheduled to be completed in 2007, and was not included in the Company's previously announced backlog.
Fireline was awarded a $3 million contract to provide construction services for a 30-unit town home complex in Tampa, Florida, a $2 million contract for a 20,000 square foot retail project in Tampa and a $3.1 million contact for a condominium development in Clearwater, Florida and a $1.5 million demolition project in Texas.
The Associated division of HSRLA was awarded renovation projects for Alexander Elementary School and Grace King High School in Jefferson Parish, Louisiana and Westpark Elementary in Terrebone Parish, Louisiana totaling $1 million, which is unrelated to Hurricane Katrina. Associated was also awarded a $1 million contract for concourse repairs at New Orleans' Armstrong International Airport and an additional $7 million in sidewalk renovations work for the French Quarter.
"These contracts reflect our continued efforts to diversify our revenue base and participate in infrastructure projects as a result of our ability to consistently provide skilled labor," said Brian Marshall, President of the Company's Restoration and Construction Services Division. "We are confident that we will participate in many of the large restoration and construction services opportunities that we are pursuing in regions across the country."
About Home Solutions of America, Inc.
Home Solutions of America, Inc. is a provider of restoration, construction and interior services to commercial and residential customers. Its Fireline subsidiary is involved in providing construction services, rebuilding, catastrophic storm response and contents restoration for commercial, industrial and residential properties. Based in Tampa, Fireline is certified in multiple aspects of the restoration industry, including smoke, fire, water and mold. The Company has operations in California, Texas, Florida, Alabama, Georgia, Louisiana, Mississippi and North Carolina. Home Solutions Restoration of Louisiana, Inc., which does business as Associated Contractors ("Associated"), is a Louisiana based commercial, industrial and residential contractor working in the governmental and private arenas. Associated has been one of the larger players in redeveloping public schools in the aftermath of Hurricane Katrina. Its clients include the State of Louisiana, the City of New Orleans, the Louisiana National Guard, the historic French Market, Louis Armstrong International Airport and the N.A.S.A. Stennis Space Center in Mississippi. For additional information, please visit the Company's Web site at http://www.hsoacorp.com.
Cautionary Notice
Statements included in this update that are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by Public Law 104-67. Forward-looking statements may be identified by words including "anticipate," "believe," "intends," "estimates," "expect," and similar expressions. The Company cautions readers that forward-looking statements including, without limitation, those relating to the Company's future business prospects, contracts to be performed, and new opportunities associated with the anticipated rebuilding of the New Orleans area, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to factors such as those relating to economic, governmental, technological, and other risks and factors identified from time to time in the Company's reports filed with the SEC.
Contact:
Home Solutions of America, Inc.
Jeff Mattich, 214-623-8446
Chief Financial Officer
Source: Home Solutions of America, Inc. [more]
May 16, 2007 –
http://www.capps.com/about.html
CAI INTERNATIONAL, INC. is one of the world's leading intermodal freight container leasing and management companies. Intermodal freight containers are large, standardized steel boxes, which we lease primarily to international steamship companies, and are used to transport cargo by a number of means, including ship, truck and rail. A portion of our container fleet is owned by CAI with the balance being owned by third parties on whose behalf we manage the containers. Accordingly, we operate our business through two segments: container leasing and container fleet management. Through our international network of offices and agents we also have developed an active after-market program for containers retired from the international shipping fleet.
COMPANY HISTORY
1989 Container Applications International, Inc. (incorporated in Nevada, USA) is founded by Hiromitsu Ogawa and Roger Passal, with initial concentration on providing containers on long-term lease to international shipping line customers.
1992 Mitsui & Co., one of Japan's largest trading companies, invests in CAI replacing Roger Passal.
CAI begins offering containers under high service master lease agreements, and starts pursuing a steady, sustained, "organic" fleet growth through new container purchasing.
1993 CAI enters into its first container management agreement in which CAI manages containers owned by third party investors. Fleet at year end: 37,000 TEU's
1996 CAI's worldwide marketing office and agency network is in place. Fleet at year end: 181,000 TEU's
1998 Interpool, Inc., a major container leasing company concentrating on the long term lease market, replaces Mitsui & Co. as a 50% investor in CAI. As part of this agreement, CAI manages Interpool's container fleet as it is off-hired from expiring long-term leases. CAI shifts its strategic financial focus from owning the majority of its containers to significantly increasing the fleet of containers managed on behalf of third-party owners. Fleet at year end: 285,000 TEU's
2001 CAI begins developing its after-market network, leasing containers to the domestic storage industry and selling used containers on a wholesale and retail basis. Fleet at year end: 430,000 TEU's
2004 SKY Container Trading, a wholly-owned CAI subsidiary, is established to further develop European opportunities in the fast-growing after-market business segment. Fleet at year end: 588,000 TEU's
2006 CAI repurchases the 50% common equity interest in CAI formerly held by Interpool.
Effective November 1, 2006, Masaaki (John) Nishibori, formerly CAI's CFO, is appointed President and CEO, as Hiromitsu Ogawa assumes the role of Chairman of the Board. Fleet at year end: 668,00 TEU's
2007 Container Applications International, Inc. is re-incorporated in Delaware, USA, under a new name CAI International.
CAI'S MANAGEMENT TEAM
Hiro Ogawa, Chairman & Founder
Masaaki (John) Nishibori, President & CEO
Frederic Bauthier, Executive Vice President, Marketing
Victor Garcia, CFO and Executive Vice President
Camille Cutino, Vice President Operations
www.capps.com [more]
May 16, 2007 –
Profile of CAP: http://tinyurl.com/ypc3f4
May 16, 2007 –
Force Protection Reports Record First Quarter 2007 Financial Results
Tuesday May 15, 5:13 pm ET
LADSON, S.C., May 15 /PRNewswire-FirstCall/ -- Force Protection, Inc. (Nasdaq: FRPT - News), the leading armored vehicle manufacturer, today announced results for the first quarter ended March 31, 2007.
Net sales for the first quarter ended March 31, 2007 totaled $100.2 million, an increase of 187.6% compared with $34.8 million reported during the same period in the prior year. This growth is primarily due to a significant increase in vehicle production and deliveries in several blast protected vehicle programs, reflecting contract awards received in the latter half of 2006. These include contracts with the U.S. Marine Corps to supply Cougar Joint Explosive Ordnance Disposal Rapid Response Vehicles (JERRV), Buffalo Mine Protected Clearance Vehicles, and a contract with the British Ministry of Defense for Mastiff Protected Patrol Vehicles or Mastiff PPV.
Force Protection recorded a gross profit for the first quarter 2007 of $21.8 million, an operating profit of $2.5 million and negative cash flows from operations of $27.2 million. Net income for the first quarter of 2007 was $2.5 million or $0.04 per diluted share, compared with a net loss of $665,633 or $(0.03) per diluted share for the same period last year.
Gordon McGilton, Chief Executive Officer of Force Protection, said, "We are very pleased with our results for the first quarter. The Company is now starting to see the tangible benefits of the contract awards we received in 2006 and already, in the first quarter alone we have achieved net sales that equal nearly half of our total 2006-year net sales performance. We believe our outlook for the rest of 2007 is even brighter, given recent contract awards and the delivery orders we have already received from the U.S. Marine Corps. We intend to continue to expand our operations and remain focused on expediting deliveries through increased efficiencies at our production facilities."
For further information, interested parties are encouraged to review Force Protection's latest 10-Q filing with the SEC, which can be accessed via the Internet at http://www.forceprotection.net/investors/sec.html.
About Force Protection Inc.
Force Protection, Inc. manufactures ballistic- and mine-protected vehicles through its wholly-owned subsidiary. These specialty vehicles protect against landmines, hostile fire, and Improvised Explosive Devices (IEDs, commonly referred to as roadside bombs). Force Protection's mine and ballistic protection technologies are among the most advanced in the world. The vehicles are manufactured outside Charleston, S.C. For more information on Force Protection and its vehicles, visit www.forceprotection.net.
This press release contains forward-looking statements that involve risks and uncertainties. The Company generally uses words such as "believe," "may," "could," "will," "intend," "expect," "anticipate," "plan," and similar expressions to identify forward-looking statements. You should not place undue reliance on these forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including the risks described in the Company's Form 10-K and other reports filed with the Securities and Exchange Commission. Although management believes the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and the Company's future results, levels of activity, performance or achievements may not meet these expectations. The Company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in expectations, except as required by law.
Source: Force Protection, Inc. [more]
May 15, 2007 –
Home Solutions of America's quarterly profit surges
4:40p ET May 9, 2007 (MarketWatch)
SAN FRANCISCO (MarketWatch) -- Home Solutions of America Inc. late Wednesday reported first-quarter net earnings of $5.71 million, or 12 cents a share, up from $3.12 million, or 8 cents a share, in the year-ago period. Income from continuing operations came in at 12 cents a share in the first quarter of 2007. The Dallas-based provider of restoration and construction services said revenue in the three months ended March 31 more than doubled, rising to $39.9 million from $19.3 million. Home Solutions expects second-quarter earnings of 14 cents to 17 cents a share on revenue of $44 million to $48 million. [more]
May 15, 2007 –
ASY Strong Buy Opinion today based on PE 13 and rising sales.
May 14, 2007 –
on earlier buy call today. ASY a strong buy opinion below $10/shr
May 14, 2007 –
Critical Therapeutics' Sales Force Gains Access to a Second Product as FDA Approves Co-Promotion Partner's New Treatment for COPD
Monday May 14, 6:30 am ET
FDA Approves DEY's New Drug Application for Perforomist(TM) Inhalation Solution
LEXINGTON, Mass.--(BUSINESS WIRE)--Critical Therapeutics, Inc. (Nasdaq: CRTX - News) today announced that the U.S. Food and Drug Administration (FDA) has approved Dey, L.P.'s (DEY) New Drug Application for Perforomist(TM) (formoterol fumarate) Inhalation Solution for long-term, twice-daily maintenance treatment of bronchoconstriction for emphysema and chronic bronchitis, also known as Chronic Obstructive Pulmonary Disease (COPD). Perforomist(TM) Inhalation Solution was approved as a 505(b)2 New Drug Application (NDA) that cross references Foradil® in support of safety and efficacy. Under the terms of their binding letter agreement, Critical Therapeutics and DEY, an affiliate of Merck KGaA in Germany, will jointly promote Perforomist(TM) Inhalation Solution in the United States. In order to participate in the promotion of Perforomist(TM) Inhalation Solution, Critical Therapeutics must increase its sales force to at least 40 representatives, which it intends to do upon regulatory approval of its twice-daily, controlled-release formulation of zileuton (zileuton CR).
Formoterol is a rapid and long-lasting beta(2)-agonist that has been previously approved in the U.S. as a dry powder formulation, and the molecule has 20 years of world-wide use. Perforomist(TM) Inhalation Solution is the first and only FDA-approved nebulized formoterol fumarate. Nebulizers convert liquid medication into a mist that patients inhale through a mouthpiece or face mask.
"The approval of Perforomist(TM) Inhalation Solution enhances the prospective efficiency of our sales force by providing representatives with a second product that directly complements our respiratory franchise," said Frank Thomas, President and Chief Executive Officer of Critical Therapeutics. "We are very pleased about the opportunity to co-promote Perforomist(TM) Inhalation Solution and the opportunity to provide a new long-term treatment option for COPD patients."
On March 13, 2007, Critical Therapeutics and DEY entered into an agreement for the joint promotion of ZYFLO® (zileuton Tablets) and zileuton CR, which is currently under review at the FDA. Zileuton CR has a Prescription Drug User Fee Act (PDUFA) date of May 31, 2007. ZYFLO is the FDA-approved immediate-release formulation of zileuton, a four-times daily medication for asthma in patients 12 years of age and older. Zileuton CR is a twice-daily, controlled-release formulation that, upon FDA approval, will be marketed for asthma patients 12 years of age and older. Zileuton CR utilizes SkyePharma PLC's Geomatrix® technology.
About Perforomist (TM) (Formoterol Fumarate) Inhalation Solution
The clinical evaluations of Perforomist(TM) Inhalation Solution included two clinical trials involving a total of 1,045 patients. In the product's pivotal Phase III trial, 351 patients participated in a 12-week, multi-center, safety and efficacy COPD study. In the study, 123 COPD patients were treated with Perforomist(TM) Inhalation Solution 20 mcg/2 mL twice daily, 114 COPD patients were treated with the active comparator (Foradil®), and 114 COPD patients were treated with placebo. The study's results showed that Perforomist(TM) Inhalation Solution 20 mcg/2 mL taken twice daily was statistically superior to placebo for the primary endpoint, FEV(1) AUC(0-12). The safety and efficacy of Perforomist(TM) Inhalation Solution observed in this study were comparable to those of Foradil®. Additionally, patients treated with Perforomist(TM) Inhalation Solution used less rescue albuterol during the trial compared to patients treated with placebo.
About COPD
COPD refers to a number of chronic lung disorders in which the airways to the lungs become narrowed and breathing becomes increasingly difficult. The most common forms of COPD are chronic bronchitis and emphysema, and many patients suffer from a combination of the two diseases.
COPD is the fourth leading cause of death in America, behind heart disease, cancer and stroke. Twelve million Americans have been diagnosed with COPD and at least another 12 million have symptoms but are not diagnosed. COPD is not well understood or recognized - most Americans have not heard of it, not even those who may be living with the condition. The most common cause of COPD is cigarette smoking, which is responsible for an estimated 80 to 90 percent of COPD cases. Estimates of the total incidence of COPD in America range from 24 to 30 million.
About Nebulization
Perforomist(TM) Inhalation Solution is a long-acting bronchodilator that is taken by nebulizer. Of the three types of devices used to deliver bronchodilators -- nebulizers, metered-dose inhalers, and dry powder inhalers -- nebulizers may offer the easiest method because they require no special technique or coordination, as the medication is converted into a fine mist that the patient inhales through a mouthpiece or face-mask while breathing naturally. Because nebulization is an easy, effective, and thorough method of delivering medicine directly into the lungs, many COPD patients prefer it, particularly as they become increasingly frail due to their disease progression.
Perforomist(TM) Inhalation Solution changes the paradigm regarding nebulization. Now, nebulization may become a more valuable and widely used treatment option for the millions of COPD patients at earlier treatment stages who would benefit from twice-daily maintenance dosing of a nebulized LABA such as Perforomist(TM) Inhalation Solution. For example, the clinical benefit of this new COPD treatment may be a valuable clinical option for patients who are not adequately controlled with short-acting bronchodilators.
Indication
Perforomist(TM) Inhalation Solution is indicated for the long-term, twice- daily (morning and evening) administration in the maintenance treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease (COPD) including chronic bronchitis and emphysema.
Important Safety Information
Perforomist(TM) Inhalation Solution belongs to a class of medications known as long-acting beta(2)-adrenergic agonists (LABAs). LABAs may increase the risk of asthma-related death. Data from a large placebo-controlled US study comparing the safety of another LABA (salmeterol) or placebo added to usual asthma therapy showed an increase in asthma-related deaths in patients receiving salmeterol. This finding with salmeterol may apply to formoterol (a LABA), the active ingredient in Perforomist(TM) Inhalation Solution.
Perforomist(TM) Inhalation Solution should not be used in patients with acutely deteriorating COPD or to treat acute symptoms. Acute symptoms should be treated with fast-acting rescue inhalers. Perforomist(TM) Inhalation Solution should not be used with other medications containing LABAs. Do not use more than one nebule twice daily. Perforomist(TM) Inhalation Solution should be used with caution in patients with cardiovascular disorders. Perforomist(TM) Inhalation Solution is not a substitute for inhaled or oral corticosteroids. The safety and efficacy of Perforomist(TM) Inhalation Solution in asthma has not been established. In COPD clinical trials, the most common adverse events reported with Perforomist(TM) Inhalation Solution were diarrhea, nausea, nasopharyngitis, dry mouth, vomiting, dizziness, and insomnia.
About ZYFLO and Zileuton
ZYFLO® (zileuton Tablets) is indicated for the prevention and chronic treatment of asthma in adults and children 12 years of age and older. Zileuton inhibits 5-lipoxygenase (5-LO), an enzyme that catalyzes the formation of leukotrienes from arachidonic acid. 5-LO is the main enzyme responsible for the production of leukotrienes, a family of inflammatory mediators that can trigger asthma symptoms, including inflammation, swelling, bronchoconstriction and mucus secretion. ZYFLO is the only 5-LO inhibitor approved for marketing by the U.S. Food and Drug Administration. ZYFLO is not indicated for use in the reversal of bronchospasm in acute asthma attacks, including status asthmaticus. Mild to moderate side effects associated with the use of ZYFLO are abdominal pain, upset stomach and nausea. A small percentage of patients treated with ZYFLO show an increased release of a liver enzyme known as ALT. As a result, the level of liver enzymes in patients treated with ZYFLO should be measured by a simple blood test. It is recommended that physicians perform this test before administering ZYFLO and repeat the test on a regular basis while patients are on the medication. ZYFLO is contraindicated in patients with active liver disease or transaminase elevations greater than or equal to three times the upper limit of normal.
For full prescribing information, please visit www.crtx.com/pat_pi.html or call the Company's toll free telephone number 1-866-835-8216 to request medical information.
About Critical Therapeutics
Critical Therapeutics, headquartered Lexington, MA, is developing and commercializing innovative products for respiratory, inflammatory and critical care diseases. The Company owns worldwide rights to ZYFLO® (zileuton tablets), which is marketed in the United States for the prevention and chronic treatment of asthma in patients 12 years of age and older. Critical Therapeutics is working to expand its zileuton franchise by developing a twice daily, controlled-release formulation for the prevention and chronic treatment of asthma and an injectable formulation for acute asthma attacks that lead patients to the emergency room and other urgent care settings. The Company also is collaborating with MedImmune, Inc. to design antibody therapies that treat acute and chronic diseases triggered by the inflammatory cytokine HMGB1. Research pipeline programs include lifecycle management to extend the zileuton franchise and an alpha-7 project for the treatment of inflammation. For more information, please visit www.crtx.com.
Critical Therapeutics' Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for Critical Therapeutics, Inc., including, without limitation, statements regarding possible therapeutic benefits, market acceptance and future sales of ZYFLO and, if approved, zileuton CR; the anticipated success of our co-promotion arrangements with DEY, including with respect to Perforomist(TM) Inhalation Solution; the progress, timing and success of our regulatory filings, regulatory approvals and product launches, including for zileuton CR; the anticipated increase in our number of sales representatives and whether the co-promotion for Perforomist(TM) Inhalation Solution will become effective, and all other statements that are not purely historical in nature, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, the words "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will," "would" and similar expressions are intended to identify forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks and uncertainties relating to: the expected timing and outcome of the new drug application (NDA) for zileuton CR and related discussions with the FDA, including our ability to rely on historical data in the NDA and the sufficiency and acceptability of the results of pharmacokinetic studies of zileuton CR for FDA purposes; our ability to successfully market and sell ZYFLO and, if approved, zileuton CR, including the success of our co-promotion arrangement with DEY; our ability to successfully promote Perforomist(TM) Inhalation Solution pursuant to our co-promotion arrangement with DEY; our ability to develop and maintain the necessary sales, marketing, distribution and manufacturing capabilities to commercialize ZYFLO, and, if approved, zileuton CR; patient, physician and third-party payor acceptance of ZYFLO and, if approved, zileuton CR, as a safe and effective therapeutic product; adverse side effects experienced by patients taking ZYFLO and, if approved, zileuton CR; our heavy dependence on the commercial success of ZYFLO and, if approved, zileuton CR; our ability to maintain regulatory approvals to market and sell ZYFLO and, if approved, zileuton CR; our ability to successfully enter into additional strategic co-promotion, collaboration or licensing transactions on favorable terms, if at all; conducting clinical trials, including difficulties or delays in the completion of patient enrollment, data collection or data analysis; our ability to obtain the substantial additional funding required to conduct our research, development and commercialization activities; our dependence on our strategic collaboration with MedImmune, Inc.; and our ability to obtain, maintain and enforce patent and other intellectual property protection for ZYFLO, zileuton CR, our discoveries and our drug candidates. These and other risks are described in greater detail in the "Risk Factors" section of our most recent Quarterly Report on Form 10-Q and other filings that we make with the Securities and Exchange Commission. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
The statements in this release reflect our expectations and beliefs as of the date of this release. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. However, while we may elect to update these forward-looking statements publicly at some point in the future, we specifically disclaim any obligation to do so, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this release.
ZYFLO® is a registered trademark of Critical Therapeutics, Inc. Perforomist(TM) is a trademark of Dey, L.P. Foradil® (formoterol fumarate) is a registered trademark of Novartis Pharmaceuticals.
Contact:
Critical Therapeutics Contact:
Linda S. Lennox, 781-402-5708
Vice President, Investor & Media Relations
llennox@crtx.com
Source: Critical Therapeutics, Inc. [more]
May 14, 2007 –
AEY an extreme buy price below $5
ADDvantage Technologies Reports Fiscal 2007 Second Quarter Earnings
Monday May 14, 8:00 am ET
Quarterly Revenue of $16.0 Million -- Net Income of $0.15 per Share
BROKEN ARROW, OK--(MARKET WIRE)--May 14, 2007 -- ADDvantage Technologies Group, Inc. (AMEX:AEY - News) today announced its results for fiscal second quarter 2007
For the three month period ended March 31, 2007, revenue was $16.0 million compared to $12.4 million in the second quarter of fiscal 2006, an increase of 29%, and matches the Company's largest quarter of revenues.
Net income attributable to common stockholders in the second quarter of 2007 was $1.6 million, or $0.15 per diluted share, compared to $0.9 million, or $0.09 per diluted share, in the year-earlier period, an increase of 78%.
For the six months ended March 31, 2007, revenue totaled $30.8 million versus $27.2 million for the first six months of 2006, representing an increase of 13.2%. Net income attributable to common stockholders for the period was $3.0 million, or $0.29 per diluted share, an increase of 25% over net income of $2.4 million, or $0.24 per diluted share, for the first six months of fiscal 2006.
Ken Chymiak, ADDvantage Technologies Group President and CEO, commented, "We are extremely pleased with our performance in the second quarter. A significant portion of our revenue growth came from new product sales to several large MSOs in the Midwest that are making capital improvements to increase the bandwidth of their communication signals. These capital projects are also making available used products that we have been able to purchase, refurbish and resell to other customers, resulting in increased refurbished product sales for the quarter. We experienced further growth in sales of refurbished products as a result of sales of our legacy digital converter boxes. During the quarter we sold 9,000 converter boxes, bringing the total number of converter boxes sold year-to-date to approximately 16,000."
Mr. Chymiak added, "At the end of the quarter, we had approximately 80,000 digital converter boxes in our inventory. While we expect to see an increase in sales of these boxes to our U.S. customers as we approach the upcoming July 1, 2007 FCC ban on the sale of legacy boxes, our recent sales activity has shown us that there is a large international market for refurbished digital boxes where no ban exists. There is risk that after the July 1, 2007 FCC ban date, the normal attrition of legacy boxes in the U.S. market will produce a surplus that will drive down pricing in the international market. If this happens, our margins on digital converter box sales will be impacted. However, we expect the sales prices for the refurbished legacy digital converter boxes will remain above our investment costs."
Earnings Conference Call
As previously announced, the Company's earnings conference call is scheduled for 12:00 pm EDT, May 14, 2007. A live audio of the call will be accessible to the public. The dial-in number for the conference call is (877) 407-0782 or (201) 689-8567 for international participants. Please call at least five minutes before the scheduled start time.
For interested individuals unable to join the conference call, a replay of the call will be available through May 28, 2007, at (877) 660-6853 (domestic) or (201) 612-7415 (international), (Account number: 286) (Passcode: 240216). The online archive of the webcast will be available on the Company's website for 30 days following the call.
About ADDvantage Technologies Group, Inc.
ADDvantage Technologies Group, Inc. supplies the cable television (CATV) industry with a comprehensive line of new and used system-critical network equipment and hardware from leading manufacturers, including Scientific-Atlanta and Motorola, as well as operating a national network of technical repair centers. The equipment and hardware ADDvantage distributes is used to acquire, distribute, and protect the broad range of communications signals carried on fiber optic, coaxial cable and wireless distribution systems, including television programming, high-speed data (Internet) and telephony.
ADDvantage operates through its subsidiaries, Tulsat Corporation, ADDvantage Technologies Group of Nebraska, Inc., NCS Industries, Inc., ADDvantage Technologies Group of Missouri, Inc., ADDvantage Technologies Group of Texas, Tulsat-Atlanta, LLC, Jones Broadband International, Inc. and Tulsat-Pennsylvania LLC. For more information, please visit the corporate web site at www.addvantagetech.com.
The information in this announcement may include forward-looking statements. All statements, other than statements of historical facts, which address activities, events or developments that the Company expects or anticipates will or may occur in the future, are forward-looking statements. These statements are subject to risks and uncertainties, which could cause actual results and developments to differ materially from these statements. A complete discussion of these risks and uncertainties is contained in the Company's reports and documents filed from time to time with the Securities and Exchange Commission.
ADDvantage Technologies Group, Inc.
Statement of Operations
Three Months Ended Six Months Ended
March 31, March 31,
2007 2006 2007 2006
----------- ----------- ----------- -----------
Revenues 16,040,551 12,419,157 30,789,068 27,172,768
Operating Income 3,027,479 1,772,923 5,801,668 4,666,461
Net income 1,771,254 1,076,798 3,409,533 2,818,392
Net income attributable
to common stockholders $ 1,561,254 $ 866,798 $ 2,989,533 $ 2,398,392
Earnings per share:
Basic $ 0.15 $ 0.09 $ 0.29 $ 0.24
Diluted $ 0.15 $ 0.09 $ 0.29 $ 0.24
Shares used in per share
calculation
Basic 10,233,756 10,133,147 10,233,256 10,122,685
Diluted 10,248,254 10,172,143 10,250,896 10,182,106
Contact:
For further information:
Company Contact:
Ken Chymiak
(9l8) 25l-2887
David Chymiak
(9l8) 25l-2887
KCSA Worldwide:
Lee Roth
(212) 896-1209
lroth@kcsa.com
David Burke
(212) 896-1258
dburke@kcsa.com
Source: ADDvantage Technologies Group, Inc.
[more]
May 14, 2007 –
State conference on hurricanes to draw thousands
Crist among speakers at 5-day event
By Hemmy So
South Florida Sun-Sentinel
Posted May 14,2007
Florida may have only been teased by two hurricanes last year, but memories of eight fierce storms in 2004 and 2005 are expected to send meteorologists, emergency workers and government officials pouring into the Florida Governor's Hurricane Conference, beginning today.
The five-day conference at the Broward County Convention Center in Fort Lauderdale may draw up to 4,000 participants from throughout the state. This year's theme is "Building on Past Successes ... Preparing for Future Challenges," reflecting the need to more effectively prepare for future hurricane seasons, in part by using experience drawn from dealing with a rough couple of years.
"The participants bring with themselves a wealth of information and experience simply because Florida leads the nation in disaster response," said conference spokeswoman Ann Rowe.
Gov. Charlie Crist is scheduled to speak Wednesday afternoon at the opening general session. Other featured conference speakers include R. David Paulison, director/undersecretary of the Federal Emergency Management Agency, and Bill Proenza, National Hurricane Center director.
Former National Hurricane Center Director Max Mayfield will join Florida Power & Light Co.'s emergency management executives today to discuss collaboration between the power company and government officials during emergencies, FPL's hurricane season preparation efforts and enhanced communications initiatives.
The conference is one of the largest of its kind in the world. Training sessions and workshops, which make up most of it, cover topics such as emergency planning for schools and special-needs populations, tropical meteorology, feeding the masses and animal rescue. The exhibition hall will hold more than 300 booths from 286 companies showcasing new emergency and disaster response technologies.
"This really is a one-stop shop for those in the preparedness and response community," Rowe said.
Forecasters already predict the upcoming hurricane season, which starts June 1, will be busier than normal. [more]
May 11, 2007 –
the author seems to think that he can make a strong short position by betting that no hurricanes will hit the USA this summer? He can control the number of hurricanes?
We already escaped Hurricane damage last year, do we feel lucky this year too? I doubt it, thats why I have bought Call options of HSOA that expire in late summer, that should give HSOA plenty of time to rally everytime the warning of a hurricane pops up in the weather reports this summer.
• Still No Fix at Home Solutions
at TheStreet.com (Thu 4:24pm) [more]
May 11, 2007 –
Neurochem Slides on Downgrade
Wednesday May 9, 3:13 pm ET [more]
May 10, 2007 –
Versar opens international subsidiary
Tuesday May 8, 12:40 pm ET
Versar, a reconstruction contractor with lucrative contracts in Iraq, is opening a subsidiary in the Philippines and says it will expand its international operations in the Asia Pacific and Middle East regions.
The Springfield-based company says the new subsidiary in Manilla is named Versar International Assistance Programs, or VIAP. Bill Johnson, a retired Navy officer with 30 years of conflict-area construction management experience has been appointed president of the subsidiary, Versar says in a statement.
"VIAP will be one of Versar's main engines for continued growth," says chief executive Ted Prociv. "This move supports our overall transformation of Versar into a global service provider and significantly expands our international presence."
Last month, Versar opened a sales office in Richmond to keep up with growth of state and industrial customers.
Versar (AMEX: VSR - News), which reports fiscal third-quarter results this week, had fiscal second-quarter revenue of $21.9 million, up 32 percent from a year ago, led by its personnel services and reconstruction contracts in Iraq.
Published May 8, 2007 by the Washington Business Journal [more]
May 10, 2007 –
for the last one hour now thinking that VSR gains were all from Tax gains of $2M.
When you do the actual numbers you find that excluding the $2M tax gains, VSR reported .13+ EPS on $1.097M net income & revenue that more than doubled from YOY same qtr. Also note that YOY 3rd qtr also had tax gain of $1M.
Versar Reports Record Revenues and Profits for the Third Quarter of Fiscal Year 2007
Thursday May 10, 9:00 am ET
SPRINGFIELD, Va.--(BUSINESS WIRE)--VERSAR, Inc. (Amex:VSR - News) today announced that the Company had achieved record revenue and profits for the third quarter of fiscal year 2007 ending March 30, 2007.
Gross revenue for the third quarter of fiscal year 2007 was $28,313,000, 118% higher than the third quarter of fiscal year 2006. Approximately 58% of the increase was due to the additional revenue associated with the Company's personnel services and Title II work in Iraq. The remaining balance of the increase is attributable to increased construction projects in the continental United States and municipal aquatic facilities of approximately 23% and 19%, respectively. For the first nine months of fiscal year 2007, gross revenue was $72,536,000, compared to $43,047,000, for to the same period of fiscal year 2006, a 59% increase.
Net income for the third quarter of fiscal year 2007 was $3,097,000, or $0.36 per share compared to $912,000, or $0.11 per share in the third quarter of fiscal year 2006. The increase in earnings was primarily due to increased gross revenue, the release of the remaining tax valuation allowance as mentioned below and a reduced overhead cost as a result of the Company's cost reduction efforts implemented in fiscal year 2006. For the first nine months of fiscal year 2007, net income was $4,452,000, or $0.55 per share, compared to $1,546,000, or $0.22 per share for the same period of fiscal year 2006.
Funded contract backlog at the end of the third quarter of fiscal year 2007 was $59 million, an increase of 23% over that reported at June 30, 2006.
In the third quarter of fiscal year 2007, management re-evaluated the need for the tax valuation asset carried on the Company's balance sheet. Based upon the Company's continued improved financial performance and increased funded contract backlog over the last three years, management believes the Company will be able to utilize the full benefit of the tax asset. As such, the Company recognized a tax benefit of approximately $2.0 million for the third quarter of fiscal year 2007. For comparison purposes, the Company recognized a tax asset of approximately $1.0 million in the third quarter of fiscal year 2006.
Dr. Ted Prociv, President and CEO of Versar said "In past releases and presentations we've been communicating the progress of our strategic transformation to our stockholders, employees and clients. The positive results of this third quarter indicate to us that we are moving in the right direction. I am enormously gratified that our plan is coming together and grateful for those who have contributed to making this transformation a reality. As I have said many times before, the transformation is a journey, not a destination. We expect continued improvement as our strategy continues to develop."
Dr. Prociv continued, "This year, as part of the transformation process, we are investing in our business development and project management programs. These programs will provide the backbone for our continued growth and financial performance in the coming years. Our present success will allow us to continue to invest in people, resources and programs that lay the foundation for future growth and profitability. At this point, I believe that Versar will have a very successful year and there is a substantial base for similar results in the coming year."
VERSAR, INC., headquartered in Springfield, VA, is a publicly held infrastructure program management company for the Federal Government and the commercial market specializing in homeland defense, engineering and construction management, environmental health and safety and the management of toxic and hazardous materials. VERSAR operates a number of web sites, including the corporate Web sites, http://www.versar.com, http://www.homelanddefense.com, and http://www.geomet.com; and a B2B portal for homeland defense products and services, http://www.nbcprotect.com and http://www.dtaps.com.
This press release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar's Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended June 30, 2006. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.
VERSAR, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited - in thousands, except per share amounts)
For the Three-Month For the Nine-Month
Periods Ended Periods Ended
----------------------- -----------------------
March 30, March 31, March 30, March 31,
2007 2006 2007 2006
----------- ----------- ----------- -----------
GROSS REVENUE $28,313 $12,974 $72,536 $43,047
Purchased services and
materials, at cost 17,465 4,639 43,620 17,142
Direct costs of
services and overhead 7,988 6,912 21,440 20,817
----------- ----------- ----------- -----------
GROSS PROFIT 2,860 1,423 7,476 5,088
Selling, general and
administrative
expenses 1,734 1,437 4,922 4,269
----------- ----------- ----------- -----------
OPERATING INCOME
(LOSS) 1,126 (14) 2,554 819
OTHER EXPENSE
Interest expense 29 19 53 13
Income tax benefit (2,000) (945) (1,951) (945)
----------- ----------- ----------- -----------
INCOME FROM CONTINUING
OPERATIONS 3,097 912 4,452 1,751
LOSS FROM DISCONTINUED
OPERATIONS --- --- --- (205)
----------- ----------- ----------- -----------
NET INCOME $3,097 $912 $4,452 $1,546
=========== =========== =========== ===========
INCOME PER SHARE FROM
CONTINUING OPERATIONS
- BASIC $0.38 $0.11 $0.55 $0.22
=========== =========== =========== ===========
INCOME PER SHARE FROM
CONTINUING OPERATIONS
- DILUTED $ 0.36 $ 0.11 $ 0.53 $ 0.21
=========== =========== =========== ===========
LOSS (PER SHARE) FROM
DISCONTINUED
OPERATIONS - BASIC $ --- $ --- $ --- $ (0.03)
=========== =========== =========== ===========
LOSS (PER SHARE) FROM
DISCONTINUED
OPERATIONS - DILUTED $ --- $ --- $ --- $ (0.02)
=========== =========== =========== ===========
NET INCOME PER SHARE -
BASIC $0.38 $0.11 $0.55 $0.19
=========== =========== =========== ===========
NET INCOME PER SHARE -
DILUTED $ 0.36 $ 0.11 $ 0.53 $ 0.19
=========== =========== =========== ===========
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING - BASIC 8,176 8,071 8,159 8,038
=========== =========== =========== ===========
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING - DILUTED 8,564 8,336 8,473 8,343
=========== =========== =========== ===========
Contact:
VERSAR, Inc., Springfield
James Dobbs, 703-642-6712
Senior Vice President
Email: jdobbs@versar.com
Source: VERSAR, Inc.
[more]
May 10, 2007 –
Home Solutions of America Reports Record First Quarter Results
Wednesday May 9, 4:00 pm ET
Revenue Increases 107.1% Leading To 143.7% Increase in Income From Continuing Operations; Company Reports EPS of $0.12 Per Diluted Share
DALLAS--(BUSINESS WIRE)--Home Solutions of America, Inc. (Nasdaq: HSOA, the "Company" or "Home Solutions"), a provider of restoration, construction and interior services to commercial and residential customers, announced today results for the first quarter ended March 31, 2007. The Company reported record 2007 first quarter revenue of $39.9 million, an increase of 107.1% compared to revenue of $19.3 million in the first quarter of 2006. Home Solutions had EBITDA of $11.2 million for the 2007 first quarter (operating income of $10.5 million, plus $0.7 million of depreciation and amortization), an increase of 153.5% compared to $4.4 million in the same period a year earlier (operating income of $4.0 million, plus $0.4 million of depreciation and amortization).
The Company had 2007 first quarter net income from continuing operations of $5.7 million, or $0.12 per diluted share, a 143.7% increase compared to $2.3 million, or $0.06 per diluted share in the same period a year earlier. The Company reported record net income of $5.7 million or $0.12 per diluted share, an increase of 83.9% compared to $3.1 million or $0.08 per diluted share in the fiscal 2006 first quarter. Home Solutions recognized a net gain of $781,000, or $0.02 per share in fiscal 2006 from the sale of discontinued operations. The Company previously provided 2007 first quarter guidance for revenue of $35 to $40 million and net income of $0.09 to $0.11 per diluted share. The first quarter historically represents a seasonally slower period for the Company.
The first quarter sales increase from the same period in 2006 was due primarily to the acquisition of Fireline Restoration, Inc. ("Fireline") and the expansion into new geographic markets, partially offset by a decrease in the Interior Services Division due primarily to a decrease in cabinet and countertop sales as the new construction market in the Florida market experienced a decrease from 2006. Overall gross margin decreased to 49.4% compared to 51.6% in the first quarter of fiscal 2006. For the first quarter of 2007, the Company recognized expense of $371,000 under SFAS No. 123® compared to $154,000 in the year-earlier period. The Company's effective tax rate for the first quarter of fiscal 2007 was 39.0% compared to 37.0% in the year-earlier period.
Revenue from the Restoration and Construction Services Division was $30.7 million for the first quarter of 2007, compared to $8.6 million in the year-earlier period. Revenue from the Interior Services Division was $9.3 million, versus $10.7 million in the year-earlier period. The Company's Interior Services Division had revenue of $9.4 million in the 2006 fourth quarter.
"We are pleased that during a seasonally slower period for the Company we were able to report improved operating results," said Frank J. Fradella, Chairman and CEO of Home Solutions. "These results reflect our ability to successfully address several of the operational issues that adversely impacted our 2006 fourth quarter results and to integrate the Fireline and Associated Contractors acquisitions. Our results were also helped by the continued rebuilding opportunities in Florida, Louisiana and the Gulf Coast. Recent contracts that we have been awarded in areas beyond the Gulf Coast reflect our efforts to diversify the Company so that it does not rely upon disaster-related work. Although we believe we are uniquely positioned to respond to disasters such as the tornadoes in Kansas, today the Recovery business represents just one part of the Company."
Business Outlook:
The Company provided the following outlook for its second quarter for the period ended June 30, 2007. Home Solutions expects revenue of $44 million to $48 million and net income of $0.14 to $0.17 per diluted share. In 2006, Home Solutions had revenue of $24.2 million and net income of $0.11 per diluted share. The Company also announced today that it currently has a backlog of Restoration and Construction Services projects that it expects to complete in 2007 which are anticipated to generate revenue of $112 million. This backlog excludes any revenue to be generated from its Interior Services Division, which generated revenue of nearly $39 million in 2006. The Company expects to provide guidance on a quarterly basis during 2007 as well as an update on its backlog.
"The shift in our mix of business, while expected to reduce our margins going forward, should make our business more predictable and easier to manage," added Mr. Fradella. "Most of the projects that we are working on are not dependent on funding of the New Orleans rebuilding efforts. While we remain cautiously optimistic that we will participate in the rebuilding efforts there in a more substantial way, many of the large projects that we have recently been awarded are in other parts of the country. In addition, although we expect continued weakness in the housing sector, our Interior Services Division's revenue base has stabilized. We also anticipate expanding our installation services to big box retailers during the second half of the year which should allow our Interior Services Division to return to growth. The acquisitions we made in 2006, along with our efforts to diversify our business, have created a stable and more predictable business. Although the Company has never been better positioned to respond to disaster-related work across the country, we have built a business that should grow irrespective of natural disasters."
The Company will hold a conference call today to discuss the first quarter results and Business Outlook. The conference call will take place at 4:30 p.m. EDT. Interested participants should call (888) 802-2266 within the United States or (913) 312-1270 internationally. Please use passcode 1400838. A playback of the conference will be available two hours after the completion of the call. To listen to the playback, please call (888) 203-1112 within the United States or (719) 457-0820 internationally. Please use passcode 1400838. The call will also be webcast and will be available on the Company's web site at www.hsoacorp.com in the Investor Relations section under Presentations.
About Home Solutions of America, Inc.
Home Solutions of America, Inc. is a provider of restoration, construction and interior services to commercial and residential customers. Its Fireline subsidiary is involved in providing construction services, rebuilding, catastrophic storm response and contents restoration for commercial, industrial and residential properties. Based in Tampa, Fireline is certified in multiple aspects of the restoration industry, including smoke, fire, water and mold. The Company has operations in California, Texas, Florida, Alabama, Georgia, Louisiana, Mississippi and North Carolina. Home Solutions Restoration of Louisiana, Inc., which does business as Associated Contractors ("Associated"), is a Louisiana based commercial, industrial and residential contractor working in the governmental and private arenas. Associated has been one of the larger players in redeveloping public schools in the aftermath of Hurricane Katrina. Its clients include the State of Louisiana, the City of New Orleans, the Louisiana National Guard, the historic French Market, Louis Armstrong International Airport and the N.A.S.A. Stennis Space Center in Mississippi. For additional information, please visit the Company's Web site at http://www.hsoacorp.com.
Cautionary Notice
Statements included in this update that are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by Public Law 104-67. Forward-looking statements may be identified by words including "anticipate," "believe," "intends," "estimates," "expect," and similar expressions. The Company cautions readers that forward-looking statements including, without limitation, those relating to the Company's future business prospects, contracts to be performed, and new opportunities associated with the anticipated rebuilding of the New Orleans area, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, due to factors such as those relating to economic, governmental, technological, and other risks and factors identified from time to time in the Company's reports filed with the SEC.
Contact:
Home Solutions of America, Inc.
Jeff Mattich, 214-623-8446
Chief Financial Officer
Source: Home Solutions of America, Inc. [more]
May 09, 2007 –
Below are results last year and last qtr:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Metretek Technologies Reports Record 2006 Results
Tuesday March 13, 6:30 am ET
DENVER--(BUSINESS WIRE)--For the year ended December 31, 2006,
Metretek Technologies, Inc. (AMEX:MEK - News) reported record revenues
of $120.4 million and record net income of $11.7 million, or $0.71 per
diluted share, compared to revenues of $47.3 million and net income
(including a $300,000 loss from discontinued operations) of $2.3
million, or $0.18 per diluted share, in 2005. Net income in 2006
included non-cash stock option and stock compensation expenses of
$778,000, or $0.05 per diluted share in accordance with FASB No. 123R,
compared to $66,000 in 2005.
For the three months ended December 31, 2006, the Company reported
revenues of $35.9 million and net income of $3.9 million, or $0.23 per
diluted share. In the comparable period a year ago, the Company
reported revenues of $15.2 million and net income of $1.5 million, or
$0.11 per diluted share. Fourth-quarter 2006 net income included
non-cash stock option and stock compensation expenses of $200,000, or
$0.01 per diluted share, compared to $17,000 in the comparable period
of 2005.
"We are pleased to report another record year," said W. Phillip
Marcum, president and chief executive officer of Metretek
Technologies. "Due principally to the continuing strong performance of
our PowerSecure subsidiary -- which generated $99.5 million in
revenues compared to $30.2 million in 2005, and a segment profit of
$10.5 million compared to $2.6 million in the prior year --
consolidated revenues for the Company were $73.2 million higher than
in 2005, an increase of 155%, while net income of $11.7 million
represented a five-fold increase over 2005.
"Southern Flow had an excellent year as well, with revenues of $16.2
million compared to $13.3 million in 2005. Also gratifying was the
improving performance of our Metretek Florida subsidiary, which was
essentially breakeven for the year, and which we expect will be
profitable in 2007.
"Matching our record operating performance in 2006 was the strongest
balance sheet in the Company's history. We ended the year with $15.9
million in cash and cash equivalents and $38.8 million in working
capital -- more than adequate, we believe, to fund the continuing
growth of PowerSecure. That said," added Marcum, "just as
PowerSecure's revenues can be expected to fluctuate from
quarter-to-quarter depending on the size and timing of projects, so,
too, its results of operations may be affected by large individual
projects."
Guidance for 2007:
As reaffirmed in a press release of February 21, 2007, the Company
currently expects that for the year ending December 31, 2007, net
income will be approximately $15.5 million, or $0.89 per diluted
share, on revenues of approximately $137 million.
Conference Call and Webcast:
At 10 a.m. MDT (noon EDT) today, March 13, the Company will hold a
teleconference to discuss the financial results and future plans and
prospects. To participate in the teleconference, please call
800-291-8929 (or 706-634-0478 for international callers) approximately
10 minutes prior to the start time and indicate that you are dialing
in to the Metretek Technologies conference call.
This call can be accessed live via the Internet at the Company's
website, www.metretek.com; to access the call, click on the "Investor
Info" button and then click on the icon for the "2006 fourth-quarter
results teleconference." The Webcast player will open following
completion of a brief registration process. The Webcast will also be
available at www.earnings.com; to access the call, type in Metretek's
stock symbol, MEK, in the top right corner of the home page to be
taken to the Company's webcast page. These websites will host an
archive of the teleconference. Additionally, a playback of the call
will be available beginning at 1 p.m. MDT on March 13 through 10 p.m.
MDT on March 15; you may access the playback by calling 800-642-1687
(for international callers, 706-645-9291) and providing Conference ID
number 1581498.
About Metretek Technologies:
Metretek Technologies, Inc. through its subsidiaries -- Southern Flow
Companies, Inc.; PowerSecure, Inc.; and Metretek, Incorporated
(Metretek Florida) -- is a diversified provider of energy measurement
products, services and data management systems to industrial and
commercial users and suppliers of natural gas and electricity.
Safe-Harbor Statement:
All forward-looking statements contained in this release are made
within the meaning of and pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements are all statements other than statements of historical
facts, including but not limited to statements concerning the business
operations and prospects for the Company and its subsidiaries; the
outlook for the Company's consolidated revenues and earnings in 2007;
the anticipated profitability of Metretek Florida and the continued
growth of PowerSecure in 2007; and all other statements concerning the
plans, intentions, expectations, projections, hopes, beliefs,
objectives, goals and strategies of management, including statements
about other future financial and non-financial items, performance or
events and about present and future products, services, technologies
and businesses; and statements of assumptions underlying the
foregoing. Forward-looking statements are not guarantees of future
performance or events and are subject to a number of known and unknown
risks, uncertainties and other factors that could cause actual results
to differ materially from those expressed, projected or implied by
such forward-looking statements. Important risks, uncertainties and
other factors include, but are not limited to, the timely and
successful development, production and market acceptance of new and
enhanced products, services and technologies of the Company's
subsidiaries; the size, timing and terms of sales and orders,
including large customer orders, and the risk of customers delaying,
deferring or canceling purchase orders or making smaller purchases
than expected; the ability of the Company's subsidiaries to obtain
adequate supplies of key components and materials for their products
and technologies on a timely and cost-effective basis; the ability of
PowerSecure to successfully expand its core distributed generation
products and services, to successfully develop and achieve market
acceptance of its new energy-related businesses, to manage its growth
and to address the effects of any future changes in tariff structures
and environmental requirements on its business solutions; the effects
from time to time of hurricanes and other severe weather conditions on
the demand for Southern Flow's products and services; the ability of
Metretek Florida to successfully develop and expand its products,
services, technologies and markets; the effects of competition;
changes in customer and industry demand and preferences; the ability
of the Company to attract, retain and motivate key personnel; changes
in the energy industry in general and the natural gas and electricity
markets in particular, including price levels; the effects of
competition; the ability of the Company to secure and maintain key
contracts and relationships; general economic, market and business
conditions; the effects of pending and future litigation, claims and
disputes; changes in the energy industry generally and in the natural
gas and electricity industries in particular, including price levels;
general economic, market and business conditions; and other risks,
uncertainties and other factors identified from time to time in the
Company's most recently filed Annual Report on Form 10-K, as well as
in subsequent filings with the Securities and Exchange Commission,
including reports on Forms 10-Q and 8-K. Accordingly, there can be no
assurance that the results expressed, projected or implied by any
forward-looking statements will be achieved, and readers are cautioned
not to place undue reliance on any forward-looking statements. The
forward-looking statements in this press release speak only as of the
date hereof and are based on the current plans, goals, objectives,
strategies, intentions, expectations and assumptions of, and the
information currently available to, management. The Company assumes no
duty or obligation to update or revise any forward-looking statements
for any reason, whether as the result of changes in expectations, new
information, future events, conditions or circumstances or otherwise.
METRETEK TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Fourth Quarter Ended Year Ended
December 31, December 31,
2006 2005 2006 2005
------------ ------------ ------------- ------------
Total revenues $35,926,254 $15,229,366 $120,447,127 $47,252,552
Total costs and
expenses 32,479,055 13,996,585 110,768,486 46,051,135
----------- ----------- ------------ -----------
Operating income 3,447,199 1,232,781 9,678,641 1,201,417
Income from
litigation
settlements 343,112 - 343,112 -
Equity income 342,723 348,806 2,221,185 1,689,537
Minority interest - (42,521) (72,464) (210,875)
Income taxes (203,128) (30,000) (465,138) (45,690)
----------- ----------- ------------ -----------
Income from
continuing
operations 3,929,906 1,509,066 11,705,336 2,634,389
Loss from
disposal of
discontinued
operations - - - (300,000)
------------ ------------ ------------- -----------
Net income $ 3,929,906 $ 1,509,066 $ 11,705,336 $ 2,334,389
=========== =========== ============ ===========
BASIC EARNINGS
(LOSS) PER
COMMON SHARE:
Income from
continuing
operations $ 0.25 $ 0.12 $ 0.78 $ 0.21
Loss from
discontinued
operations 0.00 0.00 0.00 (0.02)
----------- ----------- ------------ -----------
Income per
common share $ 0.25 $ 0.12 $ 0.78 $ 0.19
=========== =========== ============ ===========
DILUTED EARNINGS
(LOSS) PER
COMMON SHARE:
Income from
continuing
operations $ 0.23 $ 0.11 $ 0.71 $ 0.20
Loss from
discontinued
operations 0.00 0.00 0.00 (0.02)
----------- ----------- ------------ -----------
Income per
common share $ 0.23 $ 0.11 $ 0.71 $ 0.18
=========== =========== ============ ===========
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING,
BASIC 15,787,585 12,402,865 15,062,888 12,287,107
=========== =========== ============ ===========
DILUTED 17,049,786 14,194,512 16,477,336 13,360,515
=========== =========== ============ ===========
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
December 31, December 31,
2006 2005
---------------- ---------------
Total current assets $ 70,536,009 $ 18,234,054
Property, plant and equipment, net 4,443,879 3,213,294
Total other assets 14,719,547 11,871,578
--------------- --------------
Total assets $ 89,699,435 $ 33,318,926
=============== ==============
Total current liabilities $ 31,692,373 $ 13,322,898
Long-term notes payable and capital
lease obligations 7,431 3,596,733
Minority interest in subsidiaries - 169,755
Total stockholders' equity 57,999,631 16,229,540
--------------- --------------
Total liabilities and stockholders'
equity $ 89,699,435 $ 33,318,926
=============== ==============
Contact:
Metretek Technologies, Inc.
W. Phillip Marcum, Chairman and CEO, 303-785-8080
or
Silverman Heller Associates
Philip Bourdillon/Gene Heller, 310-208-2550
Source: Metretek Technologies, Inc.
[more]
May 09, 2007 –
Bank of America analyst William Ho Got it right
with DNDN, he said on April 26, 2007 that the FDA will approve DNDN drug after more data is submitted and placed a $29 target on DNDN.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Now that the FDA has asked for more DATA DNDN is almost home free to approval after submitting the asked data, remember that the same advisory committee that voted 17-0 in favor of DNDN drug will review the further data.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Dendreon Is Worth a Shot
By Mike Havrilla
April 26, 2007
To the surprise of many short-sellers and negative analysts, an FDA advisory committee last month gave Dendreon (Nasdaq: DNDN) a positive response on the company's experimental prostate-cancer therapy, called Provenge. This event didn't mark the primary endpoint of the trials, and there was some controversy over the data analyses, but the endorsement should be a sign of more good news to come.
While we're waiting on the FDA's May 15 deadline for its decision on Provenge, we can say in the meantime that Dendreon at least a good speculative bet. The data shows a survival benefit in two previous trials in prostate-cancer patients.
The advisory committee had been asked whether submitted data established that Provenge was reasonably safe and whether there was substantial evidence that it was effective. The Advisory Committee voted 17 to 0 in favor of its safety of Provenge and 13 to 4 for its efficacy.
Most recently, Bank of America analyst William Ho put the odds of approval of Provenge at 66%, with a $29 price target for Dendreon, based on interviews with FDA panel members and others in the industry. I am inclined to agree that the FDA is likely to approve Provenge, with the only condition being that post-marketing clinical data will need to be submitted and analyzed from an ongoing phase 3 trial of the drug.
The FDA will be under pressure to approve Provenge based on the positive recommendations. Some questions arose about a possible risk of strokes, but Provenge's unanimous safety endorsement from the advisory committee amounts to a pretty clean bill of health. Given the survival benefit and a desperate need for additional cancer therapies, the FDA may just give Provenge the benefit of the doubt and approve it for marketing -- even despite some controversial supporting data.
Dendreon is worth a look for those willing to risk some of their speculative money on what could be at least a double upon approval, given that short interest in the company is currently up to more than 40% of the total shares outstanding. However, the massive short interest also highlights the tremendous risk in Dendreon -- and that's why it is only appropriate as a speculative investment.
Bank of America is a Motley Fool Income Investor pick. See what dividend-paying stocks James Early and company have recommended by trying out Income Investorfree for 30 days.
Fool contributor Mike Havrilla, R.Ph., B.S., Pharm.D., is a Rite Aid pharmacist who lives and works in the small town of Portage, Pa. He welcomes your feedback and comments.
[more]
May 09, 2007 –
FREE says the newly acquired vessels will increase Free Operating Cash Flow. FREE is at a cheap $6.20/shr right now.
FreeSeas Acquires Fleet of Four Modern Drybulk Carriers; Increases Fleet to Six Vessels
Monday May 7, 8:30 am ET
-Transaction to Triple DWT of Fleet, Lower Average Age From 24 to 15 Years-
-First Acquisition Under New Management and Shareholder Structure-
PIRAEUS, Greece, May 7, 2007 (PRIME NEWSWIRE) -- FreeSeas Inc. (NasdaqCM:FREE - News)(NasdaqCM:FREEW - News)(NasdaqCM:FREEZ - News), a provider of seaborne transportation for dry bulk cargoes, announced today that it had agreed to purchase four second-hand drybulk carriers from non-affiliated parties for approximately US$114 million.
Of the four vessels, three will operate under fixed-rate period time charter contracts, and one will operate in the spot market. The M/V Free Hero will join the FreeSeas' fleet while serving an existing time charter at a gross rate of $14,500 until December of 2008 with an option until February 2009. For the M/V Free Jupiter and the M/V Free Iris, FreeSeas intends to enter into two to three year time charters that will commence upon delivery of these vessels to FreeSeas. The remaining vessel, the M/V Free Gentleman, will operate in the spot market.
The following table details the vessels acquired as part of the transaction announced today.
-------------------------------------------------------------------------
Name Class DWT Built Flag Purchase Delivery Employment
Price Date
-------------------------------------------------------------------------
FREE Handymax 47,777 2002 Marshall US$47.00M July/ 3-year
JUPITER Islands Aug Time
2007 Charter
Pending
-------------------------------------------------------------------------
FREE Handysize 24,318 1995 Marshall US$25.25M June/ Currently
HERO Islands July Fixed to
2007 2-year
Time
Charter
through
Dec 08/
Feb 09
-------------------------------------------------------------------------
FREE Handysize 23,524 1996 Marshall US$26.75M July/ 2-year
IRIS Islands Aug Time
2007 Charter
Pending
-------------------------------------------------------------------------
FREE Handysize 14,379 1994 Marshall US$15.00M June/ Spot
GENTLEMAN Islands July
2007
-------------------------------------------------------------------------
ADVERTISEMENT
click here
The Company believes that the current drybulk rate environment presents numerous opportunities for advantageous chartering and the establishment of long-term relationships with high-quality charterers. New charters should provide increased cash flow to finance future growth, including the acquisition of additional vessels, and working capital to move forward on the new corporate strategy initiated in January.
In aggregate, FreeSeas will add approximately 110,000 DWT to its fleet, more than tripling its current 50,000 DWT capacity to 160,000 DWT. Additionally, the average age of the fleet shall decrease considerably from 24 years to 15 years.
FreeSeas' fleet will be enhanced in several categories, as indicated in the following chart.
---------------------------------------------------------------------
Pre-Acquisition Post-Acquisition
---------------------------------------------------------------------
Number of Vessels 2 6
---------------------------------------------------------------------
DWT 50,000 160,000
---------------------------------------------------------------------
Avg. Age of Fleet 24 years 15 years
---------------------------------------------------------------------
Est. Market Value of Fleet $18 million $132 million
---------------------------------------------------------------------
Available days for hire 710 2,130
---------------------------------------------------------------------
To finance the acquisition of these vessels, FreeSeas has entered into agreements with several funding sources, as follows:
* Up to US$11 million in balance sheet cash, including US$6.0
million from the recently closed sale of the M/V Free Fighter;
* US$89 million in acquisition debt: US$67 to US$68 million under a
senior loan from HSH Nordbank and US$21.5 million in a junior
loan from Bank of Tokyo Mitsubishi; and
* Up to US$14 million in the form of a new non-amortizing
shareholder loan.
The shareholder loan will accrue 12.0% interest on a yearly and ``pay-in-kind'' basis and no cash payments will be due before the final settlement of the loan. Additionally, the Company will issue to the shareholder, FS Holdings Ltd., a company owned by members of the Restis family, 50,000 warrants exercisable at US$5.00 for every US$1.0 million drawn under the shareholder loan.
``With this important event, FreeSeas enters the next phase of its growth plan,'' said Mr. Ion Varouxakis, Chairman of the Board, President and Chief Executive Officer. ``As we stated in January of this year, our recent management and shareholder realignment was geared primarily toward further expanding and modernizing our fleet. We believe this transaction clearly shows that we are executing on that strategy. Going forward, we will look to expand our presence in the drybulk sector and provide opportunities to increase shareholder value by securing employment for our vessels in the current high drybulk charter rate environment.''
About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation with principal offices in Piraeus, Greece. FreeSeas is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers. Currently, it has a fleet of two Handysize vessels. FreeSeas' common stock and warrants trade on the NASDAQ Capital Market under the symbols FREE, FREEW and FREEZ, respectively. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the US Securities and Exchange Commission, which can be obtained free of charge on the SEC's website at http://www.sec.gov. For more information about FreeSeas Inc. please go to our corporate website http://www.freeseas.gr.
Forward-Looking Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy, including expected vessel acquisitions. Words such as ``expects,'' ``intends,'' ``plans,'' ``believes,'' ``anticipates,'' ``hopes,'' ``estimates,'' and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry bulk vessels; competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Contact:
FreeSeas Inc.
Ion Varouxakis, Chief Executive Officer
011-30-210-45-28-770
Fax: 011-30-210-429-10-10
info@freeseas.gr
www.freeseas.gr
89 Akti Miaouli Street
185 38 Piraeus, Greece
Cubitt Jacobs & Prosek Communications
Investor Relations / Financial Media:
Thomas J. Rozycki, Jr., Sr. Vice President
212.279.3115 x208
Fax: 212.279-3117
trozycki@cjpcom.com
www.cjpcom.com
350 Fifth Avenue - Suite 3901
New York, NY 10118, USA
Source: FreeSeas, Inc. [more]
May 09, 2007 –
here below $10, The chances that the FDA does not approve DNDN are slim in my opinion because of the millions that suffer from prostate cancer disease. I believe the only reason they are asking for more data is to cover themselves in case there are some sort of side effects or deaths from the drug. Then the FDA can point out that it took all precausions and thensome. DNDN will go back over $10+ soon enough because the potential for Billion Plus drug is just too great.
FDA seeks more data from Dendreon as shares plunge
Wednesday May 9, 9:52 am ET
By Ben Hirschler
LONDON (Reuters) - Plans by U.S. biotech company Dendreon Corp. (NasdaqGM:DNDN - News) to market a pioneering therapeutic cancer vaccine, Provenge, were dealt a blow on Wednesday when U.S. regulators demanded more data before approving it, sending shares plummeting 60 percent.
The drop comes just over a month after the stock more than doubled in a single session when a U.S. Food and Drug Administration advisory panel recommended approval.
Dendreon said the FDA had issued a so-called "approvable letter" for Provenge but wanted additional clinical data in support of its efficacy claim. It also requested more information about chemistry, manufacturing and controls.
Provenge is a therapeutic cancer vaccine designed to stimulate the body's immune system to fight an existing cancer. It differs from traditional vaccines that prevent infections in people not yet sick.
"We are disappointed that this decision will cause a delay in the availability of Provenge for patients who suffer from advanced prostate cancer," Mitchell Gold, the company's president and chief executive, said in a statement.
An FDA advisory panel said in March that Provenge appeared reasonably safe, and there was "substantial evidence" of its benefits.
But investors have been wary about the product because two Dendreon studies failed to meet their main goal of slowing the progress of advanced prostate cancer, though one analysis found patients treated lived about 4.5 months longer.
Skepticism about Provenge has been reflected in heavy short selling of Dendreon stock, with 33.9 million shares sold short in April, up from 26.4 million in March and 13 million in December, according to Nasdaq figures.
Short sellers borrow a company's stock for sale and profit by buying it back later at a lower price.
Prostate cancer will be diagnosed in about 218,000 U.S. men in 2007 and kill 27,000, the American Cancer Society estimates.
Provenge was studied in men with advanced prostate cancer that had stopped responding to hormone therapy but was not causing pain.
If Provenge does eventually win FDA approval, it could give a boost to the emerging field of therapeutic cancer vaccines. Several companies including GlaxoSmithKline Plc (LSE:GSK.L - News) are working on similar products for a variety of tumour types.
Shares fell $10.70 or 60 percent to $7.08 on Nasdaq.
(Additional reporting by Anup Roy in Bangalore)
[more]
May 09, 2007 –
Best: Buying shares and adding shares onto an EPS Upward Momentum stock as it goes higher.
Worst: Buying shares and adding shares onto an EPS Downward Momentum stock as it goes lower.
I have used both strategies in the past for long periods of time. I consistantly lost money with the later strategy of Buying shares and adding shares onto an EPS Downward Momentum stock as it goes lower.
Thats why I suggest to keep adding shares to GTI as its in the EPS Upward Momentum phase. [more]
May 08, 2007 –
if GTI gets $15.00, currently trading at $1.35/call
http://finance.yahoo.com/q?s=gtifv.x
May 08, 2007 –
Eye on GrafTech International
Monday May 7, 9:15 am ET Vahan Janjigian (Forbes Growth Investor) submits: GrafTech International (NYSE: GTI - News), a maker of graphite electrodes and other graphite products, operates three segments. [more]
May 08, 2007 –
Heska Announces Q1 2007 Results
Tuesday May 8, 9:00 am ET
Record Revenue and Gross Margin
LOVELAND, Colo., May 8 /PRNewswire-FirstCall/ -- Heska Corporation (Nasdaq: HSKA - News) today reported financial results for its first quarter ended March 31, 2007.
Heska Corporation ("Heska" or the "Company") highlights for the quarter ended March 31, 2007 were:
- First profitable Q1 in Company's history
- Core Companion Animal Health Segment revenue growth -- 19% in Q107
compared to prior year period
- Record income from operations
- The launch of the improved i-STAT® 1 Handheld Clinical Analyzer in
January 2007
"We are pleased with the continued growth and success we experienced in our Core Companion Animal Health segment," said Robert Grieve, Heska's Chairman and CEO. "Our results this quarter mark an exciting milestone -- Heska's fourth consecutive quarter of profitability. I would like to thank our employees for their contributions to our success."
Segment Product Revenue
Total product revenue for the first quarter of 2007 was $22.3 million, up 32% from $17.0 million in the first quarter of 2006. Heska Corporation's business is comprised of two reportable segments -- Core Companion Animal Health and Other Vaccines, Pharmaceuticals and Products. Product revenue from these segments is as follows:
Core Companion Animal Health This segment includes revenue from the company's diagnostic and monitoring instruments and supplies as well as single use, point-of-care tests, vaccines and pharmaceuticals, primarily for canine and feline use. In the first quarter of 2007, this segment generated product revenue of $17.0 million, up 19% as compared to $14.3 million in the first quarter of 2006.
Other Vaccines, Pharmaceuticals and Products This segment includes revenue from private label vaccine and pharmaceutical production, primarily for cattle but also for other animals including small mammals and fish. In the first quarter of 2007, this segment generated product revenue of $5.3 million, up $2.6 million as compared to $2.7 million in the first quarter of 2006. The first quarter 2007 results include approximately $1.6 million in revenue recognized upon receipt of a payment for product previously shipped and "take or pay" minimums for 2005 and 2006 which previously had not been paid as part of a now settled dispute with United Vaccines, Inc. ("United"), a former customer.
Investor Conference Call
Management will conduct a conference call on Tuesday, May 8, 2007 at 9:00 a.m. MDT (11:00 a.m. EDT) to discuss the first quarter 2007 financial results. To participate, dial (800) 366-7449 (domestic) or (303) 262-2130 (international); the conference call access number is 11088430. The conference call will also be broadcast live over the Internet at http://www.heska.com. To listen, simply log on to the web at this address at least ten minutes prior to the start of the call to register, download and install any necessary audio software. Telephone replays of the conference call will be available for playback until May 22, 2007. The telephone replay may be accessed by dialing (800) 405-2236 (domestic) or (303) 590-3000 (international). The webcast replay may be accessed from Heska's home page at www.heska.com until May 22, 2007.
About Heska
Heska Corporation (Nasdaq: HSKA - News) sells advanced veterinary diagnostic and other specialty veterinary products. Heska's state-of-the-art offerings to its customers include diagnostic and monitoring instruments and supplies as well as single use, point-of-care tests, vaccines and pharmaceuticals. The company's core focus is on the canine and feline markets where it strives to provide high value products for latent needs in veterinary medicine. For further information on Heska and its products, visit the company's website at www.heska.com.
Forward-Looking Statements
This announcement contains forward-looking statements regarding Heska's future financial and operating results. These statements are based on current expectations and are subject to a number of risks and uncertainties. Investors should note that there is an inherent risk in using past results to predict future outcomes. Revenue recognized in the three months ended March 31, 2007 from certain customers may not recur in future periods. For example, in the three months ended March 31, 2007, Heska recognized approximately $1.6 million in revenue upon receipt of a payment from United for product previously shipped and "take or pay" minimums for 2005 and 2006. As United has ceased operations, Heska does not expect to generate any future revenue from United. In addition, factors that could affect the business and financial results of Heska generally include the following: risks regarding Heska's ability to successfully market, sell and distribute its products; risks regarding Heska's reliance on third-party suppliers, which is substantial and could have significant negative consequences if Heska were to lose exclusive rights or access to a product; uncertainties regarding Heska's reliance on third parties to whom Heska has granted substantial marketing rights to certain of Heska's existing products; competition; risks regarding the commercialization and market acceptance of products Heska has introduced recently or may introduce in the future; uncertainties regarding the outcome of relationships and collaborations with third parties from which Heska is hoping to generate new products; and the risks set forth in Heska's filings and future filings with the Securities and Exchange Commission, including those set forth in Heska's Annual Report on Form 10-K for the year ended December 31, 2006.
Financial Table Follows:
Consolidated Statements of Operations
In Thousands, Except per Share Amounts
(unaudited)
Three Months Ended
March 31,
2006 2007
Revenue, net:
Product revenue, net:
Core companion animal health $14,259 $16,991
Other vaccines, pharmaceuticals and products 2,709 5,323
Total product revenue, net 16,968 22,314
Research, development and other 532 401
Total revenue 17,500 22,715
Cost of revenue:
Cost of products sold 10,212 12,252
Cost of research, development and other 435 103
Total cost of revenue 10,647 12,355
Gross profit 6,853 10,360
Operating expenses:
Selling and marketing 3,674 4,418
Research and development 745 704
General and administrative 2,392 2,635
(Gain) on sale of assets -- (47)
Total operating expenses 6,811 7,710
Income from operations 42 2,650
Interest and other expense, net 260 180
Income (loss) before income taxes (218) 2,470
Income tax expense (benefit) 21 76
Net income (loss) $(239) $2,394
Basic net income (loss) per share $(0.00) $0.05
Diluted net income (loss) per share $(0.00) $0.04
Shares used for basic net income (loss) per share 50,126 50,803
Shares used for diluted net income (loss) per share 50,126 54,206
Balance Sheet Data
In Thousands (unaudited)
December 31, March 31,
2006 2007
Cash and cash equivalents $5,275 $6,552
Total current assets 30,652 29,394
Total assets 38,495 38,257
Line of credit 8,022 8,210
Current portion of long-term debt and
capital leases 1,275 1,276
Total current liabilities 21,980 19,468
Long-term debt and capital leases 1,927 1,733
Stockholders' equity 6,748 9,255
Source: Heska Corporation [more]
May 08, 2007 –
UPG earnings come in at .07 EPS, the one analyst expected .12
but how much leverage can you give to only one estimate, UPG already has fallen from $7 at IPO to $5.20 at close yesterday, making the earnings miss priced into the stock. Whats not priced into the stock is UPG bright future, the company said its well-positioned to significantly expand its business going forward.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
UPG Reiterates Guidance for 2007
UPG continues to expect 10% growth for the full-year 2007 in net sales and operating income (excluding charges relating to stock-based compensation). These expectations are based on organic growth from existing customers. UPG believes that other factors, including major new product rollouts or new customer contracts or acquisitions, could have a positive impact on revenues and earnings.
"From a strategic level, we continued to expand our product lines and target new customer accounts. We are excited about our recently announced contract with Monitronics International, one of the fastest growing alarm monitoring companies in the U.S. and remain sharply focused on new third-party logistics opportunities. With our expanded warehouse space and the implementation of the warehouse management system currently in progress, we believe we are well-positioned to significantly expand our business going forward," he concluded.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Universal Power Group Reports First Quarter 2007 Financial Results
Monday May 7, 7:51 pm ET
Revenues Increased 13.5%
CARROLLTON, Texas--(BUSINESS WIRE)--Universal Power Group, Inc. (AMEX: UPG - News), a leading provider of third-party logistics and supply chain management services and a global distributor of batteries, security products and related portable power products, today announced its financial results for the first quarter ended March 31, 2007. For the quarter, sales increased 13.5% to $23.5 million, compared to $20.7 million in the prior year period.
Revenues from sources other than Brinks rose 43%, driven by increases in high volume products, as well as price increases implemented by UPG to offset higher cost of goods sold. The strength in these sales was partly offset by a modest decline in Brinks revenues to $12.5 million, compared to $13.0 million.
Gross profit increased to $3.4 million, or 14.6% of sales, compared to $2.9 million, or 14.1% of sales. The slight increase in gross margin reflects growth and a mix of higher margin products. Operating income for the first quarter of 2007 rose by 6.4% to $804,000, up from $756,000 in the first quarter of 2006.
Net income was approximately $368,000, or $0.07 per share, compared to $338,000, or $0.11 per share, in the prior year period. The year over year comparisons reflect a 67% increase in diluted shares outstanding as a result of the company's December 2006 initial public offering.
Randy Hardin, President and CEO, commented, "We are pleased with our results in the first quarter, which has historically been the slowest quarter for UPG. As expected, we faced continued cost pressures from our suppliers due to rising raw material costs, and we are implementing price increases to partly offset these higher costs. We are also focused on driving growth of higher margin products and services. To that point, investments we are making in the future growth of UPG, along with higher costs associated with being a public company, resulted in higher G&A expenses in the quarter. However, we believe these investments will translate into increased and higher margin sales for UPG over the long term. As an example, we recently announced a new cellular sales team and the launch of our cellular battery and accessory lines, which should help us to penetrate the cellular market, a rapidly growing category that carries higher gross margins.
"From a strategic level, we continued to expand our product lines and target new customer accounts. We are excited about our recently announced contract with Monitronics International, one of the fastest growing alarm monitoring companies in the U.S. and remain sharply focused on new third-party logistics opportunities. With our expanded warehouse space and the implementation of the warehouse management system currently in progress, we believe we are well-positioned to significantly expand our business going forward," he concluded.
UPG Reiterates Guidance for 2007
UPG continues to expect 10% growth for the full-year 2007 in net sales and operating income (excluding charges relating to stock-based compensation). These expectations are based on organic growth from existing customers. UPG believes that other factors, including major new product rollouts or new customer contracts or acquisitions, could have a positive impact on revenues and earnings.
About Universal Power Group, Inc. Universal Power Group, Inc. is a leading provider of third-party logistics and supply chain management services, and a distributor of batteries, security products and related portable power products to various industries. UPG's supply chain services include procurement, warehousing, inventory management, distribution, fulfillment, and value-added services such as sourcing, custom battery pack assembly, coordination of battery recycling efforts, custom kitting, and product design and development. UPG's range of product offerings include proprietary brands of industrial and consumer batteries of all chemistries, chargers, cellular and Bluetooth accessories, related portable power products, jump-starters, 12-volt DC accessories, and security products. For more information, please visit UPG website at www.upgi.com.
Contact:
Investor Contacts:
Universal Power Group, Inc.
Mimi Tan, 469-892-1122
tanm@upgi.com
or
Cameron Associates
Amy Glynn, CFA, 212-554-5464
amy@cameronassoc.com
Source: Universal Power Group, Inc. [more]
May 07, 2007 –
companies SGG & ZOLT. I believe the upward guidance late last week should now quickly fill the gap between GTI and others in the same space.
GrafTech Raises 2007 Guidance
Thursday May 3, 2:20 pm ET
GrafTech Raises 2007 Guidance After Swinging to 1Q Profit, Stock Hits 52-Week High
PARMA, Ohio (AP) -- GrafTech International Ltd., which makes graphite- and carbon-based products, on Thursday raised its 2007 earnings and sales guidance after swinging to a first-quarter profit.
GrafTech expects income before special items of between $185 million and $195 million, an increase of $20 million over the previous targets.
GrafTech now expects revenue to increase between 12 percent and 14 percent over 2006 sales of $855.4 million, after earlier forecasting a gain of 10 percent to 12 percent. The new outlook implies annual revenue of $958 million to $975.2 million.
The company also expects net interest expense to be between $40 million and $43 million, down from previous guidance on the high end of $45 million.
GrafTech reported first-quarter net income of $18 million, or 17 cents per share, compared with a loss of $4.6 million, or 5 cents per share, last year. Excluding special items, GrafTech reported earnings of 27 cents per share.
Revenue jumped to $228.2 million from $174.2 million. [more]
May 07, 2007 –
share offering and after share offering. Should finally rally above
$2/shr in this new rally that is just starting today.
Claude Resources Inc. completes $20,000,000 bought deal
Tuesday April 24, 2:10 pm ET
Toronto Stock Exchange Trading symbol - CRJ AMEX - CGR
SASKATOON, April 24 /CNW Telbec/ - Claude Resources Inc. ("Claude" or
the "Company") (TSX: CRJ, AMEX: CGR) is pleased to announce today that
it has completed the offering, on a bought deal basis, to a syndicate
of underwriters co-led by National Bank Financial Inc. and RBC
Dominion Securities Inc. (the "Underwriters") previously announced on
March 29, 2007. The offering consisted of a total of 12,500,000 common
shares at a price of Cdn $1.60 per share, for gross proceeds of Cdn
$20,000,000. In addition, the Underwriters have exercised the
over-allotment option to purchase an additional 1,875,000 common
shares at a price of Cdn $1.60 per share for additional gross proceeds
of Cdn $3,000,000, resulting in the aggregate issuance under the
offering of 14,375,000 common shares of the Company for aggregate
gross proceeds of Cdn $23,000,000.
The Company proposes to use the net proceeds from this offering
primarily to advance exploration programs at its Madsen and Seabee
area properties and for general corporate purposes.
Claude's focus is gold exploration and mining. In addition to the
Seabee goldmine and surrounding exploration properties, the Company
owns the Madsen exploration project in Red Lake, Ontario, Canada. This
project includes a 10,000 acre property with a mill, shaft and
permitted tailings facilities. The Company also owns oil and natural
gas assets located in Alberta and Saskatchewan.
The Company has 92.1 million common shares outstanding (96.6 million
fully diluted) and is listed on the Toronto and American Stock
Exchanges (TSX - CRJ; AMEX - CGR).
The securities offered were not registered under the United States
Securities Act of 1933, as amended, and were not offered or sold in
the United States absent an applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of
the securities in any state in which such offer, solicitation or sale
would be unlawful.
For further information
Neil McMillan, President and Chief Executive Officer, (306) 668-7505
Rick Johnson, Chief Financial Officer, (306) 668-7505
Renmark Financial Communications Inc.: Neil Murray-Lyon:
nmurraylyon@...
Edith English: eenglish@..., (514) 939-3989, Fax:
(514) 939-3717
www.renmarkfinancial.com
Source: CLAUDE RESOURCES INC. [more]
May 07, 2007 –
KOMG looks like a very attractive buyout target, and with buyouts going around like wildfire these past 3 weeks I would not be surprised if KOMG is taken over at 52wk lows.
http://finance.yahoo.com/q?s=KOMG
May 05, 2007 –
and MOBE is coming nearer to profits with growth rates of
Next Qtr. 50.0%
This Year 25.0%
Next Year 211.1%
You gotta love the shorts that are either brave or so naive that they don't see the new trend playing out. Previously MOBE used to miss on earnings now its beaten 2 straight qtrs and has an upside growth going forward instead of declines of growth like it had in the past year.
Keep hanging in there Bears but have you ever seen what happens to the people that stand in front of the Bull Runs in Spain? Its not pretty.. [more]
May 04, 2007 –
MOBE - Rebound coming , congrats on OMX to those that listened to me at $41.95 yesterday
May 04, 2007 –
Mobility Electronics Reports First Quarter 2007 Financial Results
Thursday May 3, 4:05 pm ET
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Mobility Electronics, Inc. (Nasdaq: MOBE - News), a leading provider of innovative portable power and computing solutions, today reported financial results for the first quarter ended March 31, 2007. Total revenue was $18.9 million in the first quarter of 2007, compared with revenue of $22.8 million in the first quarter of 2006. Excluding revenues related to business lines divested during and subsequent to the end of the first quarter of 2007 (Handheld and Expansion/Docking), total revenues were $17.5 million in the first quarter of 2007, compared with $16.7 million in the first quarter of 2006. This also compares with revenue of $16.2 million in the fourth quarter of 2006, excluding revenues related to the divested businesses.
Net loss was $2.0 million, or ($0.06) per diluted share, in the first quarter of 2007, compared with a net loss of $1.3 million, or ($0.04) per diluted share, in the same quarter of the prior year. Excluding non-cash equity compensation expense and the operating results of the divested businesses, net loss was $600,000, or ($0.02) per diluted share, in the first quarter of 2007, compared with a net loss of $1.5 million, or ($0.05) per diluted share, in the same quarter of the prior year.
Charlie Mollo, President and Chief Executive Officer of Mobility Electronics, commented, "Our first quarter revenues reflect increasing sales to Targus and RadioShack, as these two customers return to more normalized ordering patterns, and the initial sales to our new distributors in the wireless carrier market. Most significantly, we secured a national roll-out for our low-power adapters with a major wireless carrier following the completion of a trial program that was initiated last year. With this planned roll-out and a trial program already in place with another major wireless carrier, we are making excellent progress in expanding the distribution for our products and diversifying our customer base."
Product Area Highlights
* Unit sales of universal power products for high-power mobile electronic (ME) devices, such as portable computers, were approximately 346,000 units in the first quarter of 2007.
* Unit sales of universal power adapters for low-power ME devices, such as mobile phones, PDAs, MP3 players and digital cameras, were approximately 416,000 units in the first quarter of 2007.
* Revenue from the sale of power products for high-power ME devices was $13.1 million in the first quarter of 2007, compared with $13.0 million in the same period of the prior year.
* Revenue from the sale of power products for low-power ME devices was $3.4 million in the first quarter of 2007, compared with $3.0 million in the same period of the prior year.
* Revenue from the sale of all power products was $16.5 million in the first quarter of 2007, compared with $16.0 million in the same period of the prior year.
Financial Highlights
Gross margin was 28.7% in the first quarter of 2007, compared to 30.5% in the first quarter of 2006. Excluding the divested businesses, gross margin was 30.0% in the first quarter of 2007, compared to 29.6% in the first quarter of 2006. The improvement in gross margin excluding the divested businesses was primarily attributable to a decrease in manufacturing overhead as a percent of revenue from 11.1% in the first quarter of 2006 to 10.5% in 2007.
Total operating expenses in the first quarter of 2007 were $8.0 million, or 42.5% of revenue. This compares with $8.3 million, or 36.3% of revenue, in the first quarter of 2006. Excluding non-cash equity compensation expense and revenue and expenses related to the divested businesses, operating expenses were $6.4 million in the first quarter of 2007, or 36.7% of revenue, compared to $6.5 million in the first quarter of 2006, or 39.2% of revenue.
The Company's balance sheet remained strong with $19.9 million in cash, cash equivalents, and short-term investments and an additional $2.4 million in long-term investments at March 31, 2007. The Company continued to have no long-term debt and had a current ratio of 3.7 at March 31, 2007.
Outlook
In the second quarter of 2007, excluding any revenue or expenses from divested businesses, the Company believes that total revenue will range from $16.0 million to $17.0 million, and fully diluted loss per share (excluding charges related to non-cash equity compensation and CEO retirement severance) will range from ($0.04) to ($0.05). Guidance for the second quarter of 2007 reflects no expected revenue from Dell, as the Company's program to supply high-power adapters has ended. In addition, Mobility expects that its program to supply high-power adapters to Lenovo will end during the third quarter of 2007.
Commenting on Mobility's outlook, Mr. Mollo said, "We are making good progress on executing on our two strategic priorities: penetrating the wireless carrier market with our lower-power products and expanding sales of our high-power products in the retail channel. We believe these two areas represent our largest growth opportunities and will help to offset the decline in lower-margin OEM revenues that we expect to see throughout the remainder of 2007. Excluding OEM revenues, we believe the return to normalized sales to Targus and RadioShack combined with our new accounts in the wireless carrier channel will help to generate consistent sales growth in future quarters.
"In addition, we are very excited about the addition of Mike Heil as our new CEO. Mike has an outstanding track record for building successful consumer electronics companies, and he will be instrumental in helping Mobility to fully capitalize on the sizable growth opportunities available to us," said Mr. Mollo.
Non-GAAP Financial Measures
This release makes reference to certain financial measures that are non-GAAP, including (i) net loss of $600,000 and net loss per share of ($0.02) before non-cash equity compensation and the operating results of divested businesses for the quarter ended March 31, 2007, (ii) net loss of $1.5 million and net loss per share of ($0.05) before non-cash equity compensation and the operating results of divested businesses for the quarter ended March 31, 2006, (iii) operating expense of $6.4 million excluding non-cash equity compensation and expenses related to the divested businesses during the quarter ended March 31, 2007, (iv) operating expense of $6.5 million excluding non-cash equity compensation and expenses related to the divested businesses during the quarter ended March 31, 2006, (v) gross margin of 30.0% excluding revenue and cost of goods sold related to the divested businesses during the quarter ended March 31, 2007, and (vi) gross margin of 29.6% excluding revenue and cost of goods sold related to the divested businesses during the quarter ended March 31, 2006. The Company currently anticipates that the Expansion/Docking business will continue to be consolidated for accounting purposes under U.S. GAAP. However, the Company believes that the discussion of operating results excluding the Handheld and Expansion/Docking lines of business, and excluding non-cash equity compensation, allows management and investors to evaluate and compare the Company's operating performance on a more meaningful and consistent manner, as the Company will have no continuing involvement in the day-to-day operations of either the Handheld or Expansion/Docking lines of business. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or superior to, measures of financial performance in accordance with GAAP.
About Mobility Electronics, Inc.
Mobility Electronics, Inc., based in Scottsdale, Arizona, is a developer of universal power adapters for portable computers and mobile electronic devices (e.g., mobile phones, PDAs, digital cameras, etc.) and creator of the patented iGo® intelligent tip technology. Mobility Electronics' iGo brand offers a full line of AC, DC and combination AC/DC power adapters for portable computers and low-power mobile electronic devices. All of these adapters leverage the Company's iGo intelligent tip technology, which enables one power adapter to power/charge hundreds of brands and thousands of models of mobile electronic devices through the use of interchangeable tips.
The Company also offers other accessories for the mobile electronic device market, such as foldable keyboards.
Mobility Electronics' products are available at www.iGo.com as well as through leading resellers, retailers and OEM partners. For additional information call 480-596-0061, or visit www.mobilityelectronics.com.
Mobility Electronics and iGo are registered trademarks of Mobility Electronics, Inc. All other trademarks or registered trademarks are the property of their respective owners.
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. The words "believe," "expect," "anticipate," and other similar statements of expectations identify forward-looking statements. Forward-looking statements in this press release include expectations regarding the Company's financial performance in the second quarter of 2007; the anticipated beneficial impact of a planned roll-out and trial program with two major wireless carriers; the anticipation that the Company will not receive any revenue from Dell in the second quarter of 2007; the expected termination of the Company's high-power adapter program with Lenovo in the third quarter of 2007; the belief that the wireless carrier market for low-power products and retail channel for high-power products represent the two largest growth opportunities for the company and will help offset the decline in lower-margin OEM revenues that are expected throughout the remainder of 2007; the belief that the Company's return to normalized sales to Targus and RadioShack, combined with its new accounts in the wireless carrier channel, will help to generate consistent sales growth in future quarters. These forward-looking statements are based largely on management's expectations and involve known and unknown risks, uncertainties and other factors, which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause results to differ materially from those expressed in these forward-looking statements include, among others, the loss of, and failure to replace, any significant customers; the inability of the Company's new sales and marketing strategy to generate broader consumer awareness, increased adoption rates, or impact sell-through rates at the retail and wireless carrier level; the timing and success of product development efforts and new product introductions, including internal development projects as well as those being pursued with strategic partners; the inability to create broad consumer awareness and acceptance for the Company's products; the timing and success of product developments, introductions and pricing of competitors; the timing of substantial customer orders; the availability of qualified personnel; the availability and performance of suppliers and subcontractors; the ability to expand and protect the Company's proprietary rights and intellectual property; the successful resolution of unanticipated and pending litigation matters; market demand and industry and general economic or business conditions; and other factors to which this press release refers. Additionally, other factors that could cause actual results to differ materially from those set forth in, contemplated by, or underlying these forward-looking statements are included in the Company's Annual Report on Form 10-K for the year ended December 31, 2006 under the heading "Risk Factors." In light of these risks and uncertainties, the forward-looking statements contained in this press release may not prove to be accurate. The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to update you on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.
Contact:
Financial Relations Board
Tony Rossi, 310-854-8317
trossi@financialrelationsboard.com
Source: Mobility Electronics, Inc. [more]
May 04, 2007 –
TCHC & OMX, the shorts have had their way with these two stocks for a couple of weeks now, time for them to cover and us to buy.
May 03, 2007 –
OMX already fell from $54 level earlier in April so it dropping another $7+ makes it now oversold on Panic which makes it a buying opportunity. Should rebound to at least $43-$45 range in the short-term. If you look at OMX chart in the past you will see that it has always rebounding pretty quickly in the past.
May 03, 2007 –
(Deleted NTGR & OI and added HS, & UNM)
My Top stock picks for MAY : IDSA, MEE, HS, UNM
May 03, 2007 –
I see HS going well above $22.50 strike price by the June Expiration which is almost 7 weeks away. Thats plenty of time for HS to head towards $30 before it reports its Spring qtr which should be .41 EPS, then after that its strongest qtr of year comes up the SUMMER QTR.
http://finance.yahoo.com/q?s=hsfx.x
May 03, 2007 –
NEW CHINA IPO QXM is very profitable with high growth rate:
WASHINGTON, April 17 (Reuters) - Chinese mobile handset manufacturer Qiao Xing Mobile Communication Co. Ltd. filed with U.S. regulators on Tuesday for an initial public offering of 16.7 million ordinary shares at an estimated $11 to $13 each.
The company said in a registration statement with the U.S. Securities and Exchange Commission that UBS Investment Bank, CIBC World Markets, and Cowen and Co. were underwriting the IPO.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
While HS has an extremely low Forward PE compared to its industry average while headed into its strongest qtr's the Spring and Summer. [more]
May 03, 2007 –
HS misses by .01 the positives and negatives
Lets go over the negatives:
The negatives are that HS missed by .01 on increased medical payments in the 1st qtr of 283.7M vs. 247.3M in last years 1st qtr. The increased medical payments are a result of increased covered members and also the colder than expected 2nd half of Jan. and all of Feb. These two months saw some of the coldest temps in the last 5 years. Which basically made many people catch the flu and increased HS medical costs thru doctor visits during the qtr.
The Positives:
Even with a worse than expected winter HS still managed to post .25 EPS qtr with net income at $14.1M and we are now 1 month into HS's 2 most profitable qtrs The Spring & Summer QTR's.
This spring HS is expected to earn .41 EPS while last spring they earned .37 EPS and last summer HS earned .54 EPS.
http://finance.yahoo.com/q/ae?s=HS
So considering that HS is already 2 points below industry average on PE with a 16.37 PE while the industry average was 18.29 PE.
http://finance.yahoo.com/q/co?s=HS
I would believe that today's .01 eps miss is already priced in the stock and that any weakness should be bought and not sold. HS is going to have 2 great looking qtrs coming up for a stock at only $23+, if any time is to buy HS it would be now ahead of HS's 2 strongest qtrs.
HealthSpring, Inc. Reports 2007 First Quarter Results
Wednesday May 2, 4:20 pm ET
First Quarter Net Income of $14.1 Million, or $0.25 per Diluted Share
NASHVILLE, Tenn.--(BUSINESS WIRE)--HealthSpring, Inc. (NYSE:HS - News) today announced its results for the first quarter ended March 31, 2007. Highlights included:
* Medicare Advantage membership of 121,527, an increase of 16.7% over membership at March 31, 2006. PDP membership of 110,692, an increase of 47.6% over membership at March 31, 2006.
* Total revenue in the first quarter of 2007 of $356.3 million, an increase of 16.2% over the 2006 first quarter.
* Cash and cash equivalents of $339.7 million at March 31, 2007, not reflecting the early receipt of the April premium payment from CMS, $81.2 million of which was held at unregulated subsidiaries.
Commenting on 2007 first quarter results, Herb Fritch, Chairman, President, and Chief Executive Officer, said, "Our membership and financial and operating results in the first quarter of 2007 met our expectations. We remain focused on delivering favorable financial results through effective and efficient medical management, and we believe the higher medical cost experienced in certain markets during our first quarter will moderate over the course of the year. As anticipated, SG&A expense was relatively high in the quarter (and will be similarly high in the fourth quarter), reflecting increased selling efforts during the quarter corresponding to Medicare open enrollment. For the year, we remain comfortable with our annual target for SG&A at or below 12.0% of revenue. Overall, our prospects for the future are favorable, and we look forward to continuing success for our Company in 2007."
First Quarter Results
($ in thousands) Three Months Ended
March 31, Percent
---------------------
2007 2006 Change
---------- ---------- -------
Premium revenue $ 345,020 $298,921 15.4%
Total revenue 356,317 306,622 16.2
Medical expense 283,695 247,372 14.7
SG&A 47,506 34,609 37.3
EBITDA (1) 25,137 24,445 2.8
Net income 14,090 8,573 64.4
Net income available to common
stockholders (2) 14,090 6,552 115.0
Net income per common share - diluted (3) 0.25 0.14 78.6
-----------------------------------------
(1) See "Supplemental Information" below and the accompanying
reconciliation of non-GAAP EBITDA to GAAP Net Income.
(2) Net income available to common stockholders is used in the
calculation of earnings per share.
(3) See "Supplemental Information" below and the accompanying
reconciliation of non-GAAP pro forma earnings per share (adjusted to
give effect to the Company's initial public offering in the first
quarter of 2006) to GAAP net income per common share.
First Quarter Operating Highlights
Revenue
* Medicare Advantage plan membership increased to 121,527. Medicare Advantage premiums were $298.8 million for the 2007 first quarter, reflecting an increase of 24.7% over the 2006 first quarter. First quarter 2007 results include an $8.0 million accrual of premium revenue for an estimated risk adjustment payment from CMS. In 2006, the Company recorded risk adjustment payments on an as-received basis in the third quarter. See the supplemental non-GAAP schedule entitled "Medicare Advantage Results" at www.myhealthspring.com under the Investor Relations link for a schedule that includes pro-forma adjustments that allocate the applicable portion of the actual 2006 CMS risk adjustment payment over the first two quarters of 2006.
* PDP membership at the end of the first quarter was 110,692. The Company expanded its stand-alone PDP program on a national basis in 2007. PDP premium revenue was $33.0 million for the 2007 first quarter, an increase of 21.6% over the 2006 first quarter. The revenue increase is attributable to an increase of 47.6% in membership, partially offset by a decrease in per member per month, or PMPM, revenue.
* Commercial membership was 15,118 at March 31, 2007, compared with 39,550 at March 31, 2006. Commercial premiums were $13.2 million for the 2007 first quarter. The Company anticipates commercial premium revenue will be less than 4% of total revenue in 2007.
Medical Expense
* Total Medicare medical loss ratio (MLR) was 82.5% for the 2007 first quarter, compared with 82.7% for the prior year's first quarter.
* Medicare Advantage MLR was 81.2% for the 2007 first quarter, compared with 79.2% for the prior year's first quarter. Adjusting the reported results for the 2006 first quarter to give pro forma effect for the recognition of the actual 2006 CMS risk adjustment payment attributable to such quarter, Medicare Advantage MLR would have been 77.7%. See the Supplemental Schedule, "Medicare Advantage Results," referenced above. The increase in MLR was primarily the result of increases in medical utilization and inflation trends (including increased prescription drug costs) offset in part by the accrual in 2007 of premium revenue for the estimated risk adjustment payment to be received from CMS. Medical expense for the current quarter includes the accrual of $1.9 million for risk sharing payments payable to providers related to the $8.0 million accrual for the estimated risk adjustment payment.
* The MLR for the Company's PDP was 94.1% for the 2007 first quarter and 112.8% for the 2006 first quarter. PDP expenses, as anticipated under the benefit design, are expected to be disproportionately higher in the first half of the year. PDP expenses in the first quarter of 2006 included an estimated $8.1 million in prescription drug costs for members of other plans. The Company recovered substantially all of these amounts from other health plans during subsequent quarters in 2006 under CMS's plan-to-plan reconciliation process.
SG&A
* Selling, general and administrative, or SG&A, expense represented 13.3% of total revenue in the 2007 first quarter and 11.3% in the prior-year period. With the advent of annual enrollment and lock-in, the Company expects its SG&A expenses to be seasonally higher in the first and fourth quarters because of the concentration of annual selling costs in the November through March timeframe.
* SG&A expense in the 2007 first quarter increased $12.9 million, or 37.3%, over the 2006 first quarter, primarily as a result of a 32% increase in personnel headcount, increases in sales and marketing expenses associated with open enrollment, stock compensation expense, and public company and other corporate infrastructure related expenses.
Balance Sheet Highlights
* At March 31, 2007, the Company's cash and cash equivalents were $473.9 million, $81.2 million of which was held at unregulated subsidiaries. This amount included $134.2 million for the early receipt of the April premium payment from CMS.
* Net cash used by operating activities (excluding the impact of premium prepayments from CMS) was $7.3 million for the 2007 first quarter compared with net cash provided by operating activities of $22.4 million for the 2006 first quarter. The change was primarily the result of the timing of claims payments, most of which relate to the Company's pharmacy business.
* Days in claims payable were 36 at the end of the 2007 first quarter compared with 44 at the end of 2006 and 36 at the end of the March 2006 quarter.
Updated 2007 Guidance
* EPS: The Company maintains its estimate that earnings per share for 2007, on a fully diluted basis, will be in the range of $1.55 to $1.65, on weighted average shares outstanding of approximately 57.5 million.
* Membership: The Company currently estimates that its Medicare Advantage membership will be in the range of 130,000 to 133,000 by the end of 2007. The Company currently estimates that its PDP membership will be in the range of 120,000 to 130,000 by the end of 2007.
* Revenue: The Company now estimates that 2007 total revenue will be between $1.50 billion and $1.55 billion, with approximately 96% of total revenue for the year attributable to the Medicare business.
* MLRs: The Company projects Medicare Advantage MLRs will be at or below 80.0% for the full year. PDP MLRs are expected to range between 82.0% and 87.0% for the year. As previously indicated, PDP medical expenses are higher as a percent of premiums in the first half of the year.
Conference Call
A live audio webcast of the conference call regarding first quarter results, 2007 guidance, and other recent developments, will begin at 9:00 a.m. ET on Thursday, May 3, 2007. The public may access the conference call through HealthSpring's website, www.myhealthspring.com, under the Investor Relations tab. The conference call can also be accessed by dialing (913) 981-5547, confirmation number 1958042. An online replay will be available approximately two hours following the conclusion of the live broadcast and will continue for 30 days.
About HealthSpring, Inc.
HealthSpring is one of the largest managed care organizations in the United States whose primary focus is the Medicare Advantage market. The Company currently owns and operates Medicare Advantage and stand-alone Medicare prescription drug plans in Tennessee, Texas, Alabama, Illinois, and Mississippi. Effective January 1, 2007, HealthSpring began offering Medicare Part D prescription drug plans on a nationwide basis to persons in all 50 states who are eligible for Medicare. The Company also uses its infrastructure and provider networks in Tennessee and Alabama to offer commercial health plans to employer groups.
Cautionary Statement Regarding Forward Looking Statements
Statements contained in this release that are not historical fact are forward-looking statements, which the Company intends to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend on or refer to future events or conditions, or that include words such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would," and similar expressions are forward-looking statements. Such statements include statements regarding medical cost trends and SG&A seasonality, estimated CMS risk adjustment payments, Medicare-commercial premium revenue mix, and earnings, membership, and MLR guidance. The Company cautions that forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause its actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.
The following important factors could cause actual results to differ materially from those in the forward-looking statements: changes in membership enrollment and dis-enrollment patterns; changes in utilization; changes in medical and prescription drug cost trends; the Company's ability to accurately estimate and calculate Part D risk corridor adjustments; the Company's ability to accurately estimate CMS retroactive risk adjustments to Medicare rates; the seasonality of marketing expenses related to limited open enrollment; increasing competition and potential confusion in the marketplace regarding other MA, MA-PD, PDP, and PFFS plan offerings; the Company's ability to accurately estimate incurred but not reported medical claims; negotiation of acceptable contracts with physicians, hospitals, and other providers; contractual disputes with providers; increases in costs or liabilities associated with litigation; legislative and regulatory actions or changes, including changes in Medicare funding; the reconciliation of Part D claims files errors; costs associated with information and data systems conversions and compliance with regulatory mandates; recent management changes; possible impairment of the book value of intangible assets or changes in the amortization rate of such assets; and changes in tax estimates, assets, or liabilities and valuation allowances related thereto. The foregoing list of important factors is not intended to be exhaustive. Additional information concerning these and other important risks and uncertainties can be found under the headings "Special Note Regarding Forward-Looking Statements" and "Item 1A. - Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2006. Any projections or other forward-looking information in this release are based on limited information currently available to HealthSpring, which is subject to change. Although any such projections and forward-looking information and the factors influencing them will likely change, HealthSpring will not necessarily update the information except as required by law, as HealthSpring will only provide guidance at certain points during the year. Such information speaks only as of the date of this release. [more]
May 02, 2007 –
I see no reason for this growth not to continue at the same pace going forward. Link is to an investor information file for HS in PDF format.
http://tinyurl.com/2kqa2w
May 02, 2007 –
currently in the money and are trading at a small premium to strike price.
If HS posts good numbers these Calls will really move upwards especially the June $22.50 Calls which still have 7 weeks till expiration.
May 02, 2007 –
other current strong buys ahead of earnings are ITG, & HS, while previous strong buys ahead of earnings were BEAV, BIDU, ICE, & SPAR recently. [more]
May 02, 2007 –
and if it doesn't it still could rally because its undervalued when compared to peers.
http://finance.yahoo.com/q/ae?s=HS
HealthSpring Expects 2007 Profit Growth
Wednesday February 21, 6:29 pm ET
HealthSpring Forecasts Jump in Revenue and Profit in 2007 on Medicare Membership Increase
http://biz.yahoo.com/ap/070221/healthspring_outlook.html?.v=1
NASHVILLE, Tenn. (AP) -- Managed care organization HealthSpring Inc. on Wednesday reaffirmed its outlook for revenue and profit in 2007.
The company still expects to post a profit between $1.55 and $1.65 per share on revenue of $1.5 billion and $1.6 billion. HealthSpring expects 96 percent of its revenue to come from Medicare premiums.
Medicare Advantage membership is expected to range from 130,000 to 135,000 members by the end of 2007, compared with 115,132 at the end of 2006.
Analysts polled by Thomson Financial expect profit of $1.62 per share in 2007 on revenue of $1.51 billion.
For 2006, the company earned $78.8 million, or $1.44 per share, compared with profit of $13.6 million in 2005. The company did not provide a per share amount for the full-year 2005.
Shares of HealthSpring fell 43 cents, or 2 percent, to close at $21.67 on the New York Stock Exchange. The stock has traded between $15.41 and $24.19 over the last 52 weeks.
[more]
May 02, 2007 –
time included newly acquired soft commodities exchange New York Board Of Trade.
(Just Like I said all week ICE could beat estimates, now another to watch is ITG for Thursday morning. Read the earlier posts to see why ITG should rally even if it doesn't meet estimates)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
ICE, an electronic energy marketplace and soft commodity exchange, reported net income of $55.6 million, or 80 cents a share, compared to $19.7 million a year earlier, or 33 cents a share.
Analysts had predicted earnings of 71 cents a share before items, according to Reuters Estimates.
Revenue for the quarter more than doubled to $126.6 million from $50.3 million in the first quarter of 2006.
The exchange said total average daily volume (ADV) for its electronically-traded energy contracts in ICE's global futures and OTC markets exceeded the one-million contract mark for the first time, with ADV of 1.2 million contracts during the quarter nearly twice the ADV of 603,000 contracts in first quarter of 2006.
ICE also appointed on Wednesday Scott Hill to Chief Financial Officer effective May 14. Richard Spencer, CFO since December 2001, was recently appointed Vice Chairman of NYBOT and named to the newly created post of Vice Chairman of ICE.
ICE completed its acquisition NYBOT on Jan. 12.
Atlanta-based ICE is currently bidding to buy CBOT Holdings (BOT.N: Quote, Profile , Research), parent of the Chicago Board of Trade. [more]
May 01, 2007 –
ICE, ITG expected to report double-digit growth, capitalize on tech expansion
http://tinyurl.com/2otlp7
By Murray Coleman, MarketWatch
Last Update: 1:36 PM ET Apr 26, 2007
SAN FRANCISCO (MarketWatch) -- Riding this year's positive stock market returns, two financial-services firms specializing in electronic trading are expected to report double-digit profit growth in the first quarter of 2007.
One is InterContinental Exchange Inc. (ICE :123.45, -3.55, -2.8% ) , who last year was the New York Stock Exchange's big winner with total returns of 196.8%. This year, its stock continues to rise, though at a more sober 20% clip.
InterContinental is expected to produce growth of 61.3% when it reports first-quarter earnings on May 2. Analysts polled by Thomson Financial forecast net income at $51.64 million, or 72 cents a share, up from $20 million, or 33 cents a share, a year earlier.
Another electronic trading firm, Investment Technology Group (ITG :
37.71, -0.13, -0.3% ) , is set to report quarterly earnings the following day.
Analysts surveyed by Thomson Financial are expecting net income of $23.8 million, or 54 cents a share, a nearly 10% gain from a year ago when the firm generated profits of $21.5 million, or 49 cents a share.
A key driver for both firms in the past quarter should be greater use of their trading systems.
Wall Street's expectations of InterContinental can be traced to last year's acquisition of the New York Board of Trade. The deal introduced electronic trading to commodities such as sugar, coffee and orange juice.
"This will be the first quarter reflecting that acquisition," said Edward Ditmire, a Fox-Pitt Kelton analyst. "So it will take several quarters for them to realize full efficiencies in their combined businesses to turn a profit."
As a result, Ditmire says a key issue to be raised at the firm's latest earnings call will be the state of integration work between the two units. "In particular, they bought it to merge clearing house activities," he said. "Right now it's unclear what their internal schedule is for combining those platforms."
InterContinental had been using a London-based independent clearing house to complete its transactions. The NYBOT is a relatively small exchange with its own clearing house capabilities, says Ditmire. "One of the major benefits ICE can gain from merging operations is more ability to retain greater profits," he said. "We want to see how quickly they're able to gain the scale and expertise to do that in the future."
InterContinental made an unsolicited offer to buy the Chicago Board of Trade. That came after the board and the Chicago Mercantile Exchange agreed to merge.
"It's ICE trying to say they're as good if not better than the Chicago Mercantile Exchange," said Patrick O'Shaughnessy, a Morningstar Inc. analyst.
He added that though InterContinental has made a clearly superior price, its offer is an all-stock deal. "The nature of such a deal is that prices can change quite a bit before everything's completed," O'Shaughnessy said. "But it's not just a short-term concern. Price appreciation over the longer term has to be considered."
The Chicago Mercantile Exchange is also advancing a mostly stock offer. But its bid includes some cash as well.
"I'm sure ICE will continue to talk about the merits of their offer during their first-quarter conference call," O'Shaughnessy said. "They'll probably have marginally higher professional expenses. But it shouldn't have too much of an impact since no transaction has taken place."
Investment Technology Group expects to produce double-digit revenue gains from new software that manages order flow at trading desks, says Niamh Alexander, a CIBC World Markets analyst. She is expecting about $19 million in revenue, up about 10% from first quarter of 2006.
Alexander is also expecting U.S. trading commissions at Investment Technology Group to make up $109 million of its $164 million in total revenue for the quarter.
"The company continues to invest in the business, so we're cautious about expenses," Alexander said.
She is expecting expenses to wind up around $122 million, up some 23% from the same period a year earlier. "The company continues to be in the investment mode," Alexander said.
That's a good long-term bet, added O'Shaughnessy.
"They're essentially an institutional brokerage, and they've got their own exchanges," he said. "ITG creates software that institutional investors can use to optimize their trading. So it does things like figuring out best times of day to send trades through, tax implications of specific trades and other pre-trade analytical tools."
The firm also develops mathematical models to direct trades across a variety of exchanges in order to minimize the impact of trades on pricing.
"A lot of the concern large institutional investors have is that if they make too big of block trades, other institutions will move against them," O'Shaughnessy said. "So ITG has ways to break up block trades. They also operate their own exchange, POSIT."
The trading system acts as a non-publicly disclosed exchange that's called a dark pool. "Many companies are trying to get into that market, especially investment banks," O'Shaughnessy said. "The downside is that there isn't always enough liquidity to economically achieve well-executed trades."
POSIT has been a leader in these so-called "crossing" exchanges. "The competition in that space is picking up," O'Shaughnessy said. "Several investment banks are starting up their own exchanges. And others are joining together to offer similar services."
The danger is that liquidity will become too fragmented.
"ITG is trying to upgrade their software to create some unique features," O'Shaughnessy said. "But their big advantage is their comprehensive suite of products."
Although the firm's software allows traders to choose their exchanges, "there's a high likelihood that many of their customers will simply choose to use POSIT," O'Shaughnessy added.
In Investment Technology Group's first quarter of 2007, O'Shaughnessy expects the firm to go into more detail about such trading activity. The firm already has released monthly volume of average shares traded on all of its systems. That's up 41% compared with the first quarter of last year.
"They don't break it down to how much trading was done on POSIT compared to other exchanges," O'Shaughnessy said. "Their average daily volume counts every transaction using their software."
The company is also expected to discuss integration efforts of Macgregor's trade order management system, which Investment Technology Group bought in 2005 for $230 million. [more]
May 01, 2007 –
Today is shaping to be the 4th straight down day for mkts
as a whole. Should be a relief rally Wednesday, searching for bargains in the market today: ITWO, SPAR, SLP, ICE, ITG, RTI, ATI
May 01, 2007 –
I am expecting strong earnings. Then thursday ITG reports which I expect to rally no matter what it reports because its already priced in a big earnings miss (ITG near 52wk lows).
ICE at $124.60 , ITG at $38.02
http://biz.yahoo.com/cc/5/79225.html
May 01, 2007 –
ITWO missed earnings last March qtr as well but then went on to post 3 straight earnings upside surprises. ITWO is down -$6.53
http://finance.yahoo.com/q/ae?s=ITWO
May 01, 2007 –
within a week. Its estimates are higher each qtr and higher next year as well. They are at record backlog and expect to fill this record backlog during 2007. That equals to alot of record Earnings because of the record backlog!
http://finance.yahoo.com/q/ae?s=SPAR
May 01, 2007 –
HUGE BEAT & RECORD BACKLOG
May 01, 2007 –
opening 3 more mfr plants. SPAR is a Strong buy in my opinion below $33/shr
Spartan Motors Posts Record First Quarter Sales and Profits
Tuesday May 1, 7:50 am ET
Earnings Increase 60.8 Percent; Order Backlog Up 37.6 Percent
CHARLOTTE, Mich., May 1 /PRNewswire-FirstCall/ -- Spartan Motors, Inc.
(Nasdaq: SPAR - News) reported record quarterly results, including a
37.8 percent year-over-year increase in net sales and a 60.8 percent
year-over-year increase in net earnings for the first quarter ended
March 31, 2007.
Spartan, a leading manufacturer of custom vehicle chassis and
emergency- rescue vehicles, said net earnings grew to a record $7.2
million, or $0.33 per diluted share, on net sales of $142.9 million in
the 2007 first quarter, compared with net earnings of $4.5 million, or
$0.23 per diluted share, on net sales of $103.7 million in the first
quarter of 2006.
Spartan attributed its strong profitability to improved execution of
its strategic plan within its various markets. All financial
information includes the adjustment for the Company's 3-for-2 stock
split in Dec. 2006.
"We have begun 2007 in an excellent position, encouraged by our
best-ever quarterly results on both the top and bottom line and
thankful for our success," said John Sztykiel, president and CEO of
Spartan Motors. "In addition, we are in the process of adding three
manufacturing facilities to our Spartan Chassis operations, expanding
our production capacity to allow us to capitalize on our growing
backlog and become more effective and efficient in our execution.
"Though the RV industry is currently doing well and our sales and
backlog for motorhome chassis increased in the first quarter of 2007
compared to the fourth quarter of 2006, we do have some concerns about
the future impact of rising fuel prices on the overall RV market."
Spartan's gross margin improved to 17.3 percent in the first quarter
of 2007, compared with 16.2 percent for the same period in 2006 and
16.8 percent in the fourth quarter of 2006, reflecting higher sales
and improved product mix, overhead utilization and labor efficiencies.
Operating margin also improved to 8.0 percent in the first quarter of
2007, compared with 6.6 percent in the same quarter of 2006.
Spartan Motors' consolidated backlog increased 37.6 percent over the
same period of last year to approximately $250.1 million as of March
31, 2007, the largest backlog in company history. Spartan Motors
anticipates filling its current backlog orders by the end of 2007.
"We are confident that our innovation, speed to market and current
momentum in each business unit will help us grow market share in our
existing products and support our new product initiatives during the
remainder of 2007," Sztykiel said.
"We are expanding on a company-wide basis, but also have the market
trend- winds at our backs. The aging U.S. population, with 11,000
Americans turning 50 each day, remains an opportunity for the RV and
ambulance markets. More than 70 percent of U.S. casualties in Iraq are
from improvised explosive devices (IEDs) and mine-resistant
ambush-protected vehicles are protecting our troops from IEDs on the
battlefield. Every 32 seconds there is an 'all- hazards,
first-response call' to a U.S. fire department and this level is
increasing, expanding the market for our emergency-rescue products."
On a consolidated basis, Spartan posted its best-ever quarterly return
on invested capital (ROIC) of 25.7 percent in the first quarter of
2007, a 17.9 percent increase compared to ROIC of 21.8 percent for the
same quarter in 2006. (Spartan defines return on invested capital as
operating income less taxes, on an annualized basis, divided by total
shareholders' equity.) ROIC for 2006 was 15.7 percent compared to ROIC
of 10.4 percent in 2005.
The Company ended the quarter with $21.1 million in long-term debt,
which includes financing for Spartan Chassis' new and renovated
facilities and growth in working capital to support its increased
sales. Spartan reported $1.3 million in cash and cash equivalents at
the end of the first quarter of 2007.
"I want to thank of all of our team members at Spartan Chassis,
Crimson Fire, Crimson Fire Aerials and Road Rescue for their focus on
becoming efficient and effective," Sztykiel said.
Spartan Chassis
Sales at Spartan Chassis, the company's largest operating unit,
increased 44.5 percent to $128.0 million, or 86.0 percent of Spartan
Motors' total sales. Earnings at Spartan Chassis improved 50.0 percent
in the current first quarter compared to the same quarter of last
year, and the unit's backlog as of March 31, 2007 increased 52.4
percent compared to last year.
Sales of fire truck chassis increased 37.5 percent in the first
quarter of 2007 compared to last year. Backlog for fire truck chassis
at the end of the first quarter was $84.4 million, a 22.3 percent
increase compared with last year. Other product sales, including
specialty vehicle chassis and Spartan's subcontracts for military
vehicle customers, increased 251.6 percent in the first quarter of
2007, and backlog for specialty vehicles increased 625.6 percent to
$53.2 million as of March 31, 2007.
Spartan's RV chassis sales increased 2.9 percent in the first quarter,
driven in part by an 8.0 percent increase in industry wholesale
shipments for Class A motorhomes in the first two months of 2007, the
latest industry data available from the Recreational Vehicle Industry
Association (RVIA). Backlog for RV chassis decreased 2.5 percent
year-over-year to $37.7 million as of March 31, 2007, though it
increased 33.6 percent compared to RV chassis backlog at the end of
the fourth quarter of 2006.
"Spartan Chassis as a whole continues to execute, as evidenced by its
increasing profitability, while also growing market share, as seen in
our record backlog," said Sztykiel. "Industry shipments for motorhomes
increased in early 2007. This momentum may offset the possibility of
higher fuel prices as we move into early summer. As we continue to
pursue market share in RV, we expect to continue to see increased
sales as more OEMs adopt a Spartan chassis as their platform."
Sztykiel continued: "Spartan Chassis unveiled a new product system at
FDIC 2007 allowing fire truck customers to customize every chassis
from two base models of chassis. This platform concept is a first for
the industry, and we believe it will eventually become an industry
standard, as it provides the customer with exactly what they want at
greater operational efficiency.
"We also received several large orders from our military vehicle
strategic partners in the last several months, including those for the
important Mine Resistant Ambush Protected (MRAP) program, and we
remain optimistic about our prospects as a supplier to this new market."
Emergency Vehicle Team (EVTeam)
Spartan's EVTeam operating unit, consisting of its Crimson Fire,
Crimson Fire Aerials and Road Rescue subsidiaries, reported a sales
increase of 8.6 percent in the 2007 first quarter, as compared to the
same quarter of 2006. The EVTeam reported backlog of $74.8 million at
the end of the quarter, a 12.1 percent increase compared to the unit's
backlog in the first quarter of 2006.
"The first quarter was another step in the right direction for the
EVTeam," Sztykiel said. "Our chassis production constraint affecting
Crimson Fire and Crimson Fire Aerials will be solved by our new
Spartan cab and chassis plant opening in the next month. All three
EVTeam companies had several new products on display at FDIC 2007,
including Crimson Fire Aerial's new, cost-effective Boomer, which is
targeted to the 25,000 fire departments in the U.S. that do not have
an aerial or waterway device due to cost."
Conference Call, Webcast and Presentation
Spartan Motors will host a conference call for analysts and portfolio
managers at 10 a.m. ET today to discuss these results and current
business trends. To listen to a live webcast of the call, please visit
http://www.spartanmotors.com/webcasts.asp.
About Spartan Motors
Spartan Motors, Inc. (http://www.spartanmotors.com) designs, engineers
and manufactures custom chassis and vehicles for the recreational
vehicle, fire truck, ambulance, emergency-rescue and specialty vehicle
markets. The Company's brand names -- Spartan(TM), Crimson Fire(TM),
Crimson Fire Aerials(TM), and Road Rescue(TM) -- are known for
quality, value, service and being the first to market with innovative
products. The Company employs approximately 1,100 at facilities in
Michigan, Pennsylvania, South Carolina, and South Dakota. Spartan
reported sales of $445 million in 2006 and is focused on becoming the
premier manufacturer of specialty vehicles and chassis in North America.
This release contains forward-looking statements, including, without
limitation, statements concerning our business, future plans and
objectives and the performance of our products. These forward-looking
statements involve certain risks and uncertainties that ultimately may
not prove to be accurate. Actual results and future events could
differ materially from those anticipated in such statements. Technical
complications may arise that could prevent the prompt implementation
of the plans outlined above. The company cautions that these
forward-looking statements are further qualified by other factors
including, but not limited to, those set forth in the company's Annual
Report on Form 10-K filing and other filings with the United States
Securities and Exchange Commission (available at http://www.sec.gov).
Government contracts and subcontracts typically involve long payment
and purchase cycles, competitive bidding, qualification requirements,
delays or changes in funding, extensive specification development and
changes, price negotiations and milestone requirements. An announced
award of a governmental contract is not equivalent to a finalized
executed contract and does not assure that orders will be issued and
filled. Government agencies also often retain some portion of fees
payable upon completion of a project and collection of contract fees
may be delayed for long periods, which can negatively impact both
prime contractors and subcontractors. The company undertakes no
obligation to publicly update or revise any statements in this
release, whether as a result of new information, future events or
otherwise, except as required by law.
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