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QFOR.. $0.4828.. Just made my first purchases today.. Holding my Nose on the PR Firm because of it's past China PR relationships.. But it appears QFOR is turning the corner and will reporting profits from here on..
Quadrant 4 Reports Third Quarter Financial Results and Record Net Income
Company Achieves 2nd Consecutive Quarter of Positive Net Income and 18th Consecutive Quarter of Positive EBITDA
ROLLING MEADOWS, Ill., Nov. 12, 2014 (GLOBE NEWSWIRE) -- Quadrant 4 System Corp. (OTCQB:QFOR) ("Quadrant 4" or the "Company") reports its financial results for the third quarter ended September 30, 2014.
Third Quarter 2014 Financial Highlights:
Revenue increased 45% year-over-year to $13.2 million
Gross profit increased 33% year-over-year to $3.5 million
Gross margin percentage for the quarter was 26%
EBITDA increased 89% year-over-year to $1.9 million
Net income improved year-over-year to $172,100 from a net loss of $836,309
Debt service decreased 40% year-over-year to $314,447
Dhru Desai, Chairman of the Board and Chief Financial Officer, stated, "The investments we made in building a strong foundation for growth continue to bear fruit. During the third quarter, revenue growth continued to accelerate, and we achieved our second consecutive quarter of positive net income.
"Our many accomplishments in the third quarter should lead to growing sales momentum moving forward," continued Desai. "We successfully expanded our private healthcare exchange offering, adding a benefits administration platform that widens the potential market for our industry leading technology, and we secured the coveted Web Broker Entity status with the Centers for Medicare and Medicaid Services. Subsequent to the quarter end, we also entered into a partnership with LifeLock, whose brand-recognition further strengthens our exchange offering, which we believe will set the stage for even higher adoption rates of our technology."
Dr. Nandu Thondavadi, President and Chief Executive Officer, stated, "Looking beyond our impressive top- and bottom-line performance in the third quarter, which builds on our previous successes, we've also taken important steps toward strengthening our financial position. Most recently, we refinanced our debt with two new credit facilities that effectively reduce our cost of capital by approximately $500,000 per year based on our current levels of debt financing. We believe the net result of our efforts positions Quadrant 4 for ongoing sales momentum acceleration across all of our platform segments and look forward to sharing these successes with our shareholders in the months and quarters ahead."
Revenue for the third quarter increased 45% to $13.2 million, compared to $9.1 million in the third quarter of 2013. The increase in revenue was primarily due to organic growth in the Company's customer base, including the signing of a large media client. Revenue was comprised of service-related sales of managed services, subscription fees, and software development services. Gross profit increased 33% to $3.5 million in the third quarter, compared to $2.6 million in the year ago period. Gross margin percentage for the quarter was a healthy 26%.
Earnings before interest, taxes, depreciation and amortization were $1.9 million in the third quarter, compared to $1.6 million in 2013. The Company reported a net profit of $172,100 for the third quarter of 2014, compared to net loss of $836,309 for the same period in 2013.
Conference Call Information:
Quadrant 4 will hold a conference call on Monday, November 17, 2014, at 11:00 a.m. ET to discuss its results. To participate in the call, please dial (888) 218-8170 or (913) 312-0669 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found via the Company's website at http://qfor.com/Investors.php, or alternately at http://public.viavid.com/index.php?id=111953. The Conference ID is 7332957.
A replay of the call will be available for two weeks from 2:00 p.m. ET on November 17, 2014, until 11:59 p.m. ET on December 1, 2014. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the passcode for the replay is 7332957. In addition, a recording of the call will be available via the Company's website at http://www.qfor.com.
About Quadrant 4 System Corporation
Quadrant 4 System is a leading Platform-as-a-Service (PaaS) and Software-as-a-Service (SaaS) company. The Company develops, implements, and operates PaaS and SaaS systems, including qHIX for the health insurance markets; qBLITZ for the digital media business; and qSKU for the retailers. These platforms have a built in proprietary set of SMAC (social media, mobility, analytics and cloud computing) components and focus on providing solutions for Fortune 500 companies. Please visit www.qfor.com for further information.
Forward-Looking Statements
This release contains forward-looking statements, which are subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact should be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in such forward-looking statements. We do not undertake any obligation to release publicly revised or updated forward-looking information, and such information included in this release is based on information currently available and may not be reliable after this date.
CONTACT: Investor Relations
Mike Bowdoin
RedChip Companies
Phone: 800.733.2447, ext. 110
Email: mike@redchip.com
ALYE $0.85.. This is an old favorite name and Insider,, Alya Hidayatallah and was President of the first stock I ever posted on I-Hub.. The first ALY was sold but it appears the same controlling insider has put together a new company.. While I'm not a buyer at this level,, I'll now foll ALYI closely and if it should come down for any reason I'll take a closer look.. He is of the same mold as the ALJJ group..
Aly Energy Services, Inc.
Third Quarter 2014 Earnings Conference Call and Webcast
November 18, 2014
Operator: Good day, and welcome to the Aly Energy Services, Inc. Third Quarter 2014 Earnings Conference Call and Webcast. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key, followed by zero. After today’s presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touchtone phone. To withdraw your question, please press star, then two. Please note this event is being recorded.
I would now like to turn the conference over to Alya Hidayatallah. Please go ahead.
Alya Hidayatallah: Good morning, everyone. This is Alya Hidayatallah, the CFO of Aly Energy Services. We’re going to start with a caveat about forward-looking statements.
Our conversation may include forward-looking statements regarding our business, financial condition, results of operations, and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates, and similar expressions or variations of such words, are intended to identify forward-looking statements, but are not the inclusive means of identifying forward-looking statements in the following conversation.
Although these statements reflect the good faith judgment of our Management, such statements can only be based on facts and factors that our Management currently knows. Consequently, forward-looking statements are inherently subject to risks and uncertainties and actual results and outcomes may differ materially from the results and outcomes discussed in these forward-looking statements. Factors that could cause or contribute to such differences and outcomes include, but are not limited to, demand for oil and natural gas drilling services in the areas and markets in which we operate, competition, obsolescence of products and services, the ability to obtain financing to support operations, environmental and other casualty risks, and the effect of government regulation.
Further information about these risks and uncertainties that may affect our business are set forth in our most recent filings on Form 10-K, including, without limitation, in the “Risk Factors” section, and in our other SEC filings and publicly available documents. We urge you not to place undue reliance on these forward-looking statements which speak only as of the date of this conversation. Aly Energy undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after today.
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I will now turn the call over to Mark Patterson, our Chief Operating Officer.
Mark Patterson: Good morning. Aly Energy Services employs over 260 employees, with 78% of these employees performing jobs in our daily operations, supporting our full-service efforts in the field and at the well site. Our equipment is deployed and our services are provided from nine service locations located in Pennsylvania, Oklahoma and Texas. These service locations are geographically positioned to allow us to serve our clients in 13 of the 15 major shale play markets in the United States. We have increased the number of master service agreements we have executed with exploration and production companies to over 70, and continue to add new MSAs on a monthly basis, averaging approximately two to three per month.
Aly Energy Services has over 60 revenue-generating customers and currently is providing products and services to 50 E&P companies today. Our products and services are serving these 50 customers on 100 rigs drilling in the aforementioned 13 shale plays. Our services included equipment rentals surrounding the storage, delivery, containing, circulating, and mud recovery of oil-based mud used in the horizontal drilling process. Multiple product offerings surround and support these services. We also provide well planning and coordination for our MWD, or measurement while drilling, and our directional drilling services.
Much of our equipment and product offerings are differentiated from other companies providing similar products. In-house fabrication and specific design, based on our extensive experience operating this type of equipment over many years serving our clients, affords us this differentiation. Our 400-barrel vertical space-saving mud-circulating tanks, our 400-barrel mud-mixing plants on wheels, our one- and two-tank live oil skimming systems, and our drive overs used to protect the hoses delivering mud to the rig, are just some examples of our product differentiation. Also, our centrifuges have proprietary design features to allow for quick replacement of the rotate assembly. This saves on downtime and provides for longer periods of time between refurbishment of the centrifuge. Full closed-loop systems are provided through a complete product offering of equipment, like drying shakers, vertical dryers and oil recovery units.
Similar to the aforementioned product offerings, our measurement-while-drilling kits are enhanced in-house prior to being shipped to the rig for use down-hole. These enhancements have proven results of over 5,700 hours MTBF, or mean time between failure hours. The industry average is less than 2,000 hours MTBF.
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Our trained personnel and our health, safety and environmental processes allow us to be a full-service provider with equipment trucking, complete rig-up and rig-down services, personnel on location when required, and weekly maintenance service calls to the rigs to service and maintain our equipment at the well side. These processes enable us to ensure an excellent record in quality assurance and quality control.
Aly Energy, like all companies, has challenges. Some of the challenges we are experiencing while growing our business and in adding new customers stems from a lack of inventory of many of the product offerings we provide, due to high equipment utilization, and in the number of service vehicles we own. These challenges hamper our ability to add new customers and service additional rigs in the expanding geographic markets we serve. Examples of these challenges are found in our sub-rental and third-party trucking expenses, along with the rental expenses associated with service vehicles necessary to manage the growth in the number of rigs we are servicing. These increased expenses do impact our profit margins.
We are proud of our product offerings and services that are designed around protecting the environment. Creeping environmental laws and non-oil price drivers can boost utilization of some of our product offerings. The capturing of oil solids produced from drill cuttings through to the utilization of our centrifuges and associated equipment, and the skimming of oil from frac water being flowed prior to placing a well in production by utilizing our aforementioned live oil skimming systems, are examples of this type of product offering and service. Also, our containment products and services are specifically designed and utilized to protect the earth from oil leaks and spills that can occur during the drilling process.
We are very excited with our growth strategy and plan for the remainder of 2014 and early 2015. We will continue to see revenue growth in solids control and directional drilling. Understanding the evolution of shale plays and the rapid increase in the number of wells being drilled, well costs associated with drilling have been reduced, shale oil production has increased; however, these wells typically have rapid decline rates, which we believe will provide continued focused drilling programs by many, if not all, of our customers.
At this time, I’ll turn it back over to Alya.
Alya Hidayatallah: Good morning again, everyone. My upcoming remarks will include forward-looking statements as they were defined at the beginning of this call, and also references to Adjusted EBITDA. Adjusted EBITDA is a non-GAAP financial measure that is not necessarily comparable from one company to another. We define Adjusted EBITDA as earnings before interest expense, income taxes, depreciation and amortization, certain non-cash items such as stock compensation expense, bad debt expense and fair value adjustments, and also certain non-routine items including transaction costs. We believe that Adjusted EBITDA is useful for investors to assess and understand operating performance, especially when comparing our current results with previous and subsequent periods, or for forecasting performance for future periods, primarily because we consider Adjusted EBITDA to reflect a normalized operating run rate, excluding any one-time and extraordinary items. For a complete reconciliation of Adjusted EBITDA to net income, please see the tables in our press release published this morning.
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As we have previously disclosed, during the nine months ended September 30th, 2014, we completed three significant transactions. We acquired United Centrifuge, we acquired Evolution Guidance Systems, and we made a bulk equipment purchase. Unless otherwise indicated, the financial results include the financial impact of the acquisition of United Centrifuge beginning on April 15th, the financial results of Evolution beginning on July 1st, and the equipment purchase on August 15th as part of the bulk equipment purchase was in transport for most of the third quarter and we will not recognize the benefit of that equipment until the fourth quarter.
For the three months ended September 30th, 2014, our revenue was 13.5 million, an increase of 9.1 million over the 4.4 million reported in the prior year for the same period. Adjusted EBITDA grew by 2.3 million to 3.3 million for the three months ended, compared to 1 million for the three months ended in the prior year. Finally, net income available to common stockholders increased from 39,000 for the three months ended last year up to 1 million for the three months ended this year.
In terms the nine-month results, revenue increased by 14.3 million to 27.9 million for the nine months ended 2014, an increase over 13.6 million for the nine months ended September 30th, 2013. Adjusted EBITDA was 7.9 million for the nine months ended September 30th, compared to 3.4 for the same period in the prior year. Net income available to common stockholders increased as well, from 0.4 million for the nine months ended September 30th, 2013, up to 8.1 million for the nine months ended in 2014.
If you exclude the impact of our acquisitions completed during 2014, our operations produced 7.1 million in revenue for the three months ended 2014, compared to 4.4 million for the three months ended in 2013. Similarly, if you exclude the impact of the acquisitions, our operations for the nine months ended 2014 were 18.5 million, compared to revenues of 13.6 million for the nine months ended in 2013.
We expect continued growth in the fourth quarter from all of our various operations and product lines. We are continuing to invest in equipment to replace sub-rented equipment that Mark referred to in his comments. We also will have the full benefit of the Saskatchewan bulk equipment purchase in the fourth quarter. Additionally, we accelerated our growth into full-package directional drilling jobs in late August and we’ll have the full benefit of those jobs in the fourth quarter, as well.
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Our total capital expenditures for the nine months ended September 30th, 2014 were 17.2 million. Of this, 10.3 million was associated with the bulk equipment purchase, and then an additional 1.8 million was for five new MWD kits.
As of September 30th, 2014, we had total debt of 28.4 million; 24.8 million of that was within our Wells Fargo facility. We also had a $2 million subordinated note payable which was issued in connection with the Saskatchewan equipment purchase, and the remainder is capital leases. We had total availability under our revolver of 2.7 million as of September 30th, and in addition, we were compliant with all of our covenants in the Wells Fargo facility.
At this point, I will pass it off to Micki Hidayatallah, the Chief Executive Officer and Chairman.
Micki Hidayatallah: Again, good morning. I’m going to briefly summarize our last two years since we acquired ACPS, how we have successfully executed our growth strategy. We’ve done this through both acquisitions, as well as organic growth.
Currently, our annualized run rate for revenues is over $50 million and Adjusted EBITDA run rate is around 14 million. Operating income run rate, based on the third quarter, is around 8 million, with net income to common shareholders running at an annualized rate of 4.5 million.
Over this period, we have invested in excess of $50 million in both acquisitions, as well as state-of-the-art equipment that we have either built or purchased. Our most important investment still remains in our people and the quality of our Management team and skill of our service techs and operators.
With declining oil prices, we will defer all acquisitions and limit our capital expenditures to commitments that we have already made of about $7.5 million. This equipment will be delivered to us and paid for over the next six months.
Our success has been based on our ability to grow and diversify our customer base, expand our geographic footprint, and to continue to design, engineer and fabricate our unique 400-barrel vertical mud-circulating tanks, drive overs, 450-barrel mobile mud-mixing plants, and of course our centrifuges which have longer operating hours without breakdown and are designed to facilitate the replacement of the internal rotating assembly in 45 minutes, and we can do this at the well head.
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We will continue to build our directional drilling business around the firmware technology of our MWD kits, which have a failure rate that is somewhere between 200 and 300% better than our competitors. We have exported four kits in 2013, and are currently working with our international partners to sell an additional five kits in 2015. Our business model will include offering our customers full directional drilling packages, renting out our proprietary-designed MWD kits in the United States, and selling our kits in the international market.
With that summary, I will now open it up for questions.
Operator: Thank you. We will now begin the question and answer session. To ask a question, you may press star, then one on your touchtone phone. If you are using a speaker phone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will pause momentarily to assemble our roster.
Again, to ask a question, you may press star, then one.
There are no questions at this time.
Micki Hidayatallah: Well, thank you, and I thought that—well, there is one question.
Operator: One question did just come in and it’s from Steve Emerson from Emerson Investment Group. Please go ahead.
Steve Emerson: First of all, excellent results. I’m sure everybody would like to have a feeling for—should oil be at, let’s say, $80, what kind of a run rate revenue and EBITDA range is reasonable for the year ahead, how protected is our Company in this kind of environment.
Micki Hidayatallah: I’m going to answer that, Steve. As you know, basically, we believe that at $80 a barrel we do not see much downside in the drilling programs or capital expenditures that our customers will make over 2015. We have the same visibility, as far as declining oil prices go, as any research analyst, and at best it’s opaque and murky. It’s totally dependent on global geopolitical and economic factors. What we can say is that, based on what we hear from the field, our customers have signed take-or-pay contracts for drilling rigs that vary from one to three years, and makes us believe that the intensity of services around oil-based mud and horizontal and lateral drilling will continue. We also believe that some of our customers have hedged between 50 and 75% of their production through the second quarter of the year, and so their drilling programs will continue.
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But, in the event that oil prices do fall further, we believe that the displacement on the supply side will cause shortages in the long run and prices will rise, together with demand, as lower prices will begin to stimulate the global economy. Our operations, in the worst circumstances, would be affected somewhat in the last six months of 2015, as our customers begin to really change their capital expenditure programs based on a sustained lower price. My personal opinion is that it would have to be below $70 during this period, but we still believe that, for the reasons mentioned above, that oil prices will begin to rebound in 2016 because of supply dislocation and the worldwide economic stimulant.
The other thing I would like to say is that as shale technology improves, specifically in the oil-based mud and lateral and horizontal drilling, long range, the amount of production in these shale plays will grow in the well in a shorter period of time, thereby you’d have more oil, a shorter period of time, less expenditure, and your price per barrel of oil will continue to fall as technology develops in the shale plays.
Steve Emerson: Thank you very much, and if I can, a follow-on. Mark mentioned that you’re driven in part by environmental regulation. How strong a tailwind is this for you? What is our current addressable per well market, or is there any way to quantify the growth per well of services you’re rendering, or possible, with mud recycle and other environmental factors?
Mark Patterson: Steve, I’ll address that, if you would like. The mention of the environmental product offerings that we supply were examples of how we have—I think I used the word creeping environmental regulations, and we certainly know that our core operations in the Northeast, where we provide closed-loop systems for operators drilling in the Marcellus shale and the Utica, that the environmental side of the equation is very, very serious, and so that’s why our products and services in the Northeast, through those systems, are very, very important, and we have a focus on expanding our customer base and the number of rigs we serve in that area, that’s a focus for us because of that. We also have a very good opportunity in Texas, specifically, to grow our containment business. It’s mandated by the state necessarily, but we have operators that some provide—I mean, ask for containment and some do not, but we are seeing a growing demand for containment on well sites and we are focused on continuing to grow that sector of our business, as well.
So, we are very much aware of the environmental side of this business and we want to be not only in compliance, but we want to be on the cutting edge of supplying solutions to our customers in that creeping market, where we look at potentially more and more government regulations associated with the environment.
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Did that answer your question, Steve?
Steve Emerson: Yes, do you mean by containment rubber tanks or fluids? What are you referring to?
Mark Patterson: What we do is we provide these plastic barriers and plastic that go underneath—they have the capacity to go underneath a complete well site, but, typically, it’s underneath the rigs, some of the rig’s equipment, and certainly around—underneath and around our equipment, our mud-circulating tanks. So, as it houses all this mud, in the event there were a leak, or something associated with the delivery of the oil-based mud, then whatever spill occurred would be captured inside that barrier and the clean-up would be very easy and would not have any impact on the ground.
When I speak of containment, I’m talking about containing oil-based mud and/or oil spills that are on the well site, utilizing our containment systems.
Steve Emerson: Okay, and finally, I don’t know if you have a number, but do you have an approximation of your visible backlog?
Micki Hidayatallah: We actually operate on a day rate basis. So, what we would consider is our backlog, we are working on about 100 rigs today and our day rate is probably generating somewhere around 175,000. So, we continue to generate on a daily basis about 175,000, and obviously, as we gain customers, gain rigs, this changes, or if our customers decide to lay down a rig or there’s a rig moved, it changes, but that’s our current run rate on a daily basis.
Steve Emerson: Okay, thank you. Excellent quarter.
Micki Hidayatallah: Thank you. Thanks, Steve. If there are no further questions, I’ll adjourn the conference call and thank you all for taking the time to attend. Thank you.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
Electromed, Inc. Reports Higher First Quarter Revenues and Profits
OUT OF THE PARK.. HANK
NEW PRAGUE, Minn.--(BUSINESS WIRE)-- Electromed, Inc. (NYSE MKT: ELMD) today announced financial results for the three-month period ended September 30, 2014. Net revenues for the first quarter of fiscal 2015 rose approximately 40% to $4.8 million, compared to $3.4 million in the first quarter of fiscal 2014. The Company reported net income of $378,000, or $0.05 cents per basic and diluted share, for the first quarter of fiscal 2015, compared to a net loss of $335,000, or ($0.04) cents per basic and diluted share, for the same period of fiscal 2014.
Kathleen Skarvan, Electromed’s chief executive officer, commented, “The first quarter results are further evidence that we have made significant progress on our strategy to strengthen and grow the Company’s core business, as demonstrated by our strong revenue growth which resulted in improved profitability and cash flow.”
Growth in total net revenues was attributable to strong results in the home care market where sales increased by approximately 35%, or $1.0 million, compared to the same period of fiscal 2014. Home care sales increased due to continued improvements in the Company’s reimbursement operations, including new third party payer contracts and process improvements, which led to faster approval cycle times, higher average selling price and greater referral to approval percentage. International sales increased by 168%, or $250,000, due primarily to the favorable timing of orders placed by international distributors. Institutional sales increased 25%, or $105,000, compared to the first quarter of fiscal 2014.
Gross margins in the first quarter of fiscal 2015 improved to 69.1% from 68.9% in the first quarter of fiscal 2014 as stronger revenues offset the higher manufacturing costs for the SmartVest SQL™ product as compared to the predecessor product, SV2100™. Over time, the Company expects to bring manufacturing costs for the SQL product roughly in line with previous products. Operating expenses, which include selling, general and administrative (SG&A) and research and development (R&D), declined to 61% of sales compared with 86% of sales in the first quarter of fiscal 2014. The decline resulted from the higher level of net sales in the first quarter of fiscal 2015. Operating expenses rose slightly due to higher sales commission expense and additional personnel in the reimbursement area, offset by a reduction in R&D expenses.
The Company generated $945,000 of cash flow from operations in the first quarter and finished the quarter with over $2.2 million of cash on hand.
“The fundamentals of the quarter are encouraging, including the market’s acceptance of our newest generation device, the SQL, and I believe there are opportunities for us to expand our market share,” said Skarvan. “Amidst the challenging reimbursement environment, we have streamlined our reimbursement and enhanced the customer services processes and are having more referrals approved resulting in higher net revenues. We are continuing to upgrade our sales team to maximize their productivity and effectiveness and improve domestic home care lead generation, our highest opportunity for sales growth.
“I am very pleased with the way the Electromed team is delivering against our operating plan and our progress toward delivering profitable growth that is sustainable beyond fiscal 2015.”
About Electromed, Inc.
Electromed, Inc. manufactures, markets, and sells products that provide airway clearance therapy, including the SmartVest® Airway Clearance System and related products, to patients with compromised pulmonary function. Further information about the Company can be found at www.electromed.com.
Cautionary Statements
Certain statements found in this release may constitute forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the speaker’s current views with respect to future events and financial performance and include any statement that does not directly relate to a current or historical fact. Forward-looking statements can generally be identified by the words “believe,” “expect,” “anticipate” or “intend” or similar words. Forward-looking statements made in this release include the Company’s beliefs regarding the impact of industry trends and legislation on revenue and the Company’s revenue growth and cost control strategies. Forward-looking statements cannot be guaranteed and actual results may vary materially due to the uncertainties and risks, known and unknown, associated with such statements. Examples of risks and uncertainties for Electromed include, but are not limited to, the impact of emerging and existing competitors, the effect of new legislation on our industry and business, the effectiveness of our sales and marketing and cost control initiatives, changes to reimbursement programs, as well as other factors described from time to time in our reports to the Securities and Exchange Commission (including our Annual Report on Form 10-K). Investors should not consider any list of such factors to be an exhaustive statement of all of the risks, uncertainties or potentially inaccurate assumptions investors should take into account when making investment decisions. Shareholders and other readers should not place undue reliance on “forward-looking statements,” as such statements speak only as of the date of this release.
Electromed, Inc. and Subsidiary
Condensed Consolidated Balance Sheets
September 30,
June 30,
2014 2014
Assets (Unaudited)
Current Assets
Cash and cash equivalents $ 2,280,126 $ 1,502,702
Accounts receivable (net of allowances for doubtful accounts of $45,000) 6,361,689 6,487,267
Inventories 2,243,198 2,235,496
Prepaid expenses and other current assets 485,674 397,853
Total current assets 11,370,687 10,623,318
Property and equipment, net 3,944,975 3,935,802
Finite-life intangible assets, net assets,net 899,559 930,451
Other assets
299,902 302,595
Total assets $ 16,515,123 $ 15,792,166
Liabilities and Equity
Current Liabilities
Current maturities of long-term debt $ 47,003 $ 46,375
Accounts payable 781,823 380,582
Accrued compensation 447,354 391,040
Warranty reserve 720,000 700,000
Other accrued liabilities
166,497 302,482
Total current liabilities 2,162,677 1,820,479
Long-term debt, less current maturities 1,239,333 1,251,192
Total liabilities 3,402,010 3,071,671
Commitments and Contingencies
Equity
Common stock, $0.01 par value; authorized: 13,000,000 shares; 8,114,252 issued and outstanding
81,143 81,143
Additional paid-in capital 13,232,256 13,217,166
Accumulated deficit (200,286 ) (577,814 )
Total equity 13,113,113 12,720,495
Total liabilities and equity $ 16,515,123 $ 15,792,166
Electromed, Inc. and Subsidiary
Condensed Consolidated Statements of Operations (Unaudited)
For the Three Months Ended
September 30,
2014 2013
Net revenues $ 4,770,539 $ 3,418,178
Cost of revenues 1,475,797 1,062,346
Gross profit 3,294,742 2,355,832
Operating expenses
Selling, general and administrative 2,821,495 2,723,927
Research and development 75,265 209,108
Total operating expenses 2,896,760 2,933,035
Operating income (loss) 397,982 (577,203 )
Interest expense, net of interest income of $1,212 and $7,398 respectively 20,453 15,202
Net income (loss) before income taxes 377,529 (592,405 )
Income tax benefit - 257,000
Net income (loss) $ 377,529 $ (335,405 )
Earnings (loss) per share:
Basic and diluted $ 0.05 $ (0.04 )
Weighted-average common shares outstanding:
Basic 8,114,252 8,114,252
Diluted 8,114,252 8,114,252
Electromed, Inc. and Subsidiary
Condensed Consolidated Statements of Cash Flows (Unaudited)
For the Three Months Ended
September 30,
2014 2013
Cash Flows From Operating Activities
Net income (loss) $ 377,529 $ (335,405 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation 155,341 122,923
Amortization of finite-life intangible assets 30,892 31,619
Amortization of debt issuance costs 4,942 2,314
Share-based compensation expense 15,089 39,460
Loss on disposal of property and equipment 18,824 18,134
Changes in operating assets and liabilities:
Accounts receivable 125,578 1,024,688
Inventories (7,702 ) (52,628 )
Prepaid expenses and other assets (90,070 ) (270,260 )
Accounts payable and accrued liabilities 314,901 161,138
Net cash provided by operating activities 945,324 741,983
Cash Flows From Investing Activities
Expenditures for property and equipment (156,669 ) (148,915 )
Cash Flows From Financing Activities
Principal payments on long-term debt including capital lease obligations (11,231 ) (19,250 )
Net increase in cash and cash equivalents 777,424 573,818
Cash and cash equivalents
Beginning of period 1,502,702 503,564
End of period $ 2,280,126 $ 1,077,382
Electromed, Inc.
Kathleen Skarvan, 952-758-9299
Chief Executive Officer
kskarvan@electromed.com
Source: Electromed, Inc.
Copyright Business Wire 2014
RNWEY.. $0.1528...
Fornebu, November 4, 2014: REC Silicon ASA reported third quarter 2014 revenues of USD 126.5 million and EBITDA excluding special items from continuing operations of USD 44.9 million. In addition, the Company recognized special items of USD 101 million related to the sale of its silane based FBR-B technology to the joint venture in China. REC Silicon ASA reported total EBITDA of USD 145.9 million.
Debt has been reduced by USD 55 million to USD 228 million, primarily due to the repayment of an NOK 196 million bond (REC01).
REC Silicon Segment reported third quarter revenues of USD 126.5 million, compared to USD 126.8 million in the previous quarter. Lower polysilicon sales volumes were offset by record silicon gas sales volumes and resulted in revenues broadly in line with the previous quarter. The corresponding EBITDA excluding special items during the third quarter was USD 45.5 million compared to USD 33.1 million in the previous quarter. The increased EBITDA can be attributed primarily to lower costs driven by stable operations and high production levels.
The Segment also reported record silicon gas sales volumes. Sales volumes were driven by a combination of improved end use demand and by competitive capacity being offline.
The Company is announcing a 3,000 MT granular polysilicon expansion at its Moses Lake facility and an agreement to investigate the development of a 20,000 MT granular polysilicon plant in Saudi Arabia.
Additionally, the Company reported the receipt of the final technology transfer payment of USD 99 million from the Joint Venture in China. Front End Engineering Design (FEED) has been delivered and the project has relocated to China to begin detailed engineering.
"Increased EBITDA in the third quarter is primarily the result of stable operations and continued focus on production efficiency. The results demonstrate the value of REC Silicon's superior FBR technology," commented Tore Torvund, CEO of REC Silicon. "I am pleased that our FBR technology is being recognized as the leading polysilicon manufacturing technology which has resulted in the announcement to expand our Moses Lake facility, the Yulin JV in China, and a potential expansion in Saudi Arabia."
Net financial items resulted in income of USD 45.7 million, mainly reflecting net currency gains, and fair value adjustment of convertible bonds offset by interest expense.
Profit from continuing operations was USD 119.5 million in the third quarter, compared to USD 24.6 million in the previous quarter. The improved result mainly reflects higher EBITDA, special items, and positive net financial items.
Basic and diluted EPS from total operations was USD 0.05 in the third quarter 2014, compared to USD 0.01 in the previous quarter.
For more information, please see the attached third quarter 2014 report.
Morning program:
The Company will give a presentation at 08:00 a.m. CET today at Konferansesenteret Høyres Hus, Stortingsgaten 20, 0117 Oslo, Norway. The presentation will be held in English.
There will be a live webcast from the presentation which can be accessed from: www.recsilicon.com.
It will also be possible to listen to the presentation through a conference call. Please make sure to dial in 10 minutes prior to scheduled start time on one of the following numbers:
Norway Toll Free: 800 56 054
UK Toll Free: 0800 279 5004
USA Toll Free: 1 877 280 2296
International Toll: +44 (0)20 3427 1915
Please provide confirmation code 5650922 and state your name, company and country of residence.
Afternoon program:
REC Silicon will host an analyst conference call with possibilities for questions and answers later the same day at 3:00 p.m. CET. Please make sure to dial in at least five minutes ahead of time to complete your registration.
International dial in: +47 2316 2729
Please provide confirmation code 1513752 and state your name, company and country of residence.
For further information, please contact:
Mitra H. Negård, Investor Relations
REC Silicon ASA
Phone: +47 957 93 631
Email: mitra.negard@recsilicon.com
About REC Silicon
REC Silicon is a leading producer of advanced silicon materials, delivering high-purity polysilicon and silicon gas to the solar and electronics industries worldwide. We combine 25 years of experience and proprietary technology with the needs of our customers, and annual production capacity of more than 20,000 MT of polysilicon from our two US-based manufacturing plants. Listed on the Oslo Stock Exchange (ticker: REC), the company is headquartered in Moses Lake, Washington and employs 710 people.
For more information, go to: www.recsilicon.com
RNWEY..$0.15 Bid.. THIS IS GETTING TO BE A VERY INTERESTING INVESTMENT.. http://www.recsilicon.com/investors/
ONE SHOULD NOTE THAT ALMOST ALL BUSINESS IS CONDUCTED IN THE US AND IT'S MANUFACTURING OPERATIONS ARE IN WASHINGTON STATE..
MNDO.. $3.22.. MIND CTI Reports Third Consecutive Quarter of Record Revenues
YOQNEAM, ISRAEL -- (Marketwired) -- 11/03/14 -- MIND C.T.I. Ltd. (NASDAQ: MNDO), a leading provider of convergent end-to-end prepaid/postpaid billing and customer care product based solutions for service providers as well as unified communications analytics and call accounting solutions for enterprises, today announced results for its third quarter ended September 30, 2014.
The following will summarize our major achievements in the third quarter of 2014 as well as our business. Full financial results can be found in the Investors section of our website at www.mindcti.com/investor/PressReleases.asp and in our Form 6-K filed with the Securities and Exchange Commission.
Q3 2014 Financial Highlights
Revenues were $6.5 million, up 44% from $4.5 million in the third quarter of 2013.
Operating income was $2.2 million, or 34% of revenue, compared to $0.6 million, or 13% of revenue, in the third quarter of 2013.
Net income was $1.1 million, or $0.06 per share, compared to $0.6 million, or $0.03 per share in the third quarter of 2013.
One modest win and multiple follow-on orders.
Cash flow from operating activities was $1.1 million.
Cash position of $18.9 million as of September 30, 2014, compared to $18.4 million as of September 30, 2013.
Nine Months Financial Highlights
Revenues were $18.5 million, up 38% from $13.4 million in the first nine months of 2013.
Operating income was $4.9 million, or 27% of revenue, compared to $1.2 million, or 9% of revenue, in the first nine months of 2013.
Net income was $3.6 million, or $0.19 per share, compared to $1.2 million, or $0.06 per share in the first nine months of 2013.
Cash flow from operating activities was $3.5 million.
Operating Margins
The high operating margins, significantly over our target of 20%, are the result of our record revenues and a decrease in expenses. Favorable exchange rates due to the devaluation of currencies against the U.S. dollar had a meaningful contribution to the decrease in expenses. At the same time, those favorable exchange rates required provisioning for additional taxes and might have the opposite influence at some point. Such fluctuation in exchange rates contributes to volatility both in our revenues and our expenses.
Stable Workforce Size
Our workforce consists mainly of software engineers that perform different tasks related to development, testing, implementation and support of our solutions. The training of such engineers is a lengthy process. We need to plan ahead for our future needs and recruit accordingly in advance to meet our goals. In 2011 we announced that we plan to increase the company size in order to support new projects and multiple requests of engineering resources we receive from our growing customer base. In 2012 we announced that this trend is expected to continue in 2013 at approximately the same rate as we continue to encounter high demand. As mentioned a year ago, we believe we reached the size we need in order to support the growth. Thus, in the last 12 months we have maintained a stable workforce size, at around 360 employees.
Revenue Distribution for Q3 2014
Sales in the Americas represented 47.2%, sales in Europe represented 34.3% and sales in Israel represented 12.9% of our total revenue.
Revenues from customer care and billing software totaled $5.4 million, while revenues from enterprise call accounting software was $1.1 million.
Revenues from licenses were $1.2 million, or 19% of total revenues, while revenues from maintenance and additional services were $5.3 million, or 81% of total revenues.
One Modest Win and Multiple Follow-on Orders
The win is with a service provider in Africa that facilitates communications services across government agencies, including services under monthly budget limitations. Our enterprise solution, PhonEX-ONE, has been chosen since it includes a fully automated process for allocation of a monthly credit amount per telephone line, limitation of traffic when the credit is exhausted and periodic replenishment. In this project PhonEX-ONE will interface with Broadsoft centralized soft switch, performing mediation and provisioning. The usage reporting needs will be handled using the PhonEX-ONE reporting server and the traffic management dashboard modules, while financial activity will be accomplished within the customer's ERP system.
One follow-on order is with an existing customer that is looking to enhance functionality in our Point-of-Sale integrated module. Another follow-on order is with an existing customer wishing to enhance the Customer Loyalty program functionality.
Other follow-on orders from existing customers include mainly enhancing the professional services and engineering services we provide to them.
Monica Iancu, MIND President and CEO, commented: "We are thrilled to set again a new record in quarterly revenues that reflects the advancement of ongoing projects, timely completion of milestones and performance of additional services purchased by our customers. MIND's solutions enable service providers to market and generate additional revenues to all segments of the marketplace (business, retail, postpaid, prepaid, pay in advance and wholesale), improve operational efficiency and build a competitive advantage. We operate in a highly competitive space with one of the most comprehensive real-time converged billing and customer care solutions."
Dividend Update
In July 2003, our board of directors adopted our dividend policy and in October 2010 our board of directors updated this policy slightly. Under the existing policy, subject to specific board approval and applicable law, we declare a dividend distribution once per year, the amount being equal to our EBITDA plus financial income (expenses) minus taxes on income. Since 2003, we have distributed aggregate cash dividends of approximately $3.09 per share to our shareholders. We intend to continue to distribute cash dividends based on factors that include our cash position and activities.
In the last year, we needed to receive court approval formally required in order to enable a distribution since under Israeli law, a company with insufficient retained earnings is required to obtain approval from the court for such a cash distribution. Since we believe that by the end of 2014 we will have sufficient earnings to enable an additional dividend distribution, we expect to declare the 2014 dividend in February 2015, without the need for Court approval.
About MIND
MIND C.T.I. Ltd. is a leading provider of convergent end-to-end billing and customer care product based solutions for service providers as well as unified communications analytics and call accounting solutions for enterprises. MIND provides a complete range of billing applications for any business model (license, managed service or complete outsourced billing service) for Wireless, Wireline, Cable, IP Services and Quad-play carriers in more than 40 countries around the world. A global company, with twenty years of experience in providing solutions to carriers and enterprises, MIND operates from offices in the United States, Romania and Israel.
Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995: All statements other than historical facts included in the foregoing press release regarding the Company's business strategy are "forward-looking statements." These statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements are not guarantees of future performance, and actual results may materially differ. The forward-looking statements involve risks, uncertainties, and assumptions, including the risks discussed in the Company's filings with the United States Securities Exchange Commission. The Company does not undertake to update any forward-looking information.
For more information please contact:
Andrea Dray MIND C.T.I. Ltd. Tel: +972-4-993-6666
investor@mindcti.com
Source: MIND CTI Ltd.
STCC.. $0.06 Sterling Consolidated Announces Strong October Customer Orders ...
Sterling Consolidated Announces Strong October Customer Orders
NEPTUNE, N.J., Oct. 29, 2014 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (OTCBB:STCC), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, is announcing strong customer demand in the month of October to commence the 4(th) quarter.
Key Highlights:
-- Booked purchase orders through October 28, 2014 of $667,000. This is an
annualized pace of over $8,000,000/year.
-- The average purchase order for the month of October is $589/order -- a
significant increase from the average order in October 2013 which was
$488/order.
The order growth is primarily attributed to increased sales presence in North Carolina and Pennsylvania, and an increased demand from pool suppliers and automakers.
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "We are experiencing the results of our expanded footprint into North Carolina and Pennsylvania from our acquisition activity. Also, the pool suppliers and automakers are buying earlier than last year. Our healthy October bodes well for a strong 4(th) quarter and solid finish to the fiscal year."
To be added to the Sterling Consolidated investor email list, please email schichester@sterlingconsolidated.com with "STCC" in the subject line.
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply has been a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for more than 40 years. Through a combination of leveraging its logistical expertise and sophisticated, experienced management, the company intends to be an active and strategic consolidator of small- and mid-sized businesses within the highly-fragmented, multi-billion dollar seal industry. Currently serving more than 3,000 customers, Sterling offers acquisition targets a unique growth opportunity and competitive advantage through logistical expertise, strong regional branding and industry-specific distribution centers.
Forward-looking Statements
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
CONTACT: Investor Contact:
Scott R. Chichester
646-388-2495
schichester@sterlingconsolidated.com
ELMD.. $1.54
PTAXF.. $0.254..
Bought some due to chatter on the VMC Boards and an Seeking Alpha article..
===========================================================
PTA.V - Board in need of some inspiration...
...Some of you may of followed the writer Value Digger on Seeking Alpha. He's basically an EV/EVITDA comparative analysis O&G specialist who seems to have his eye on most of the "investable" junior public oil producers worldwide. Value guy first and foremost.
He basically finds dirt cheap producers. He is pounding the floor on PTA.V now as they are realistically trading at 1X EV/2015 EBITDA (Brent @ $90 though) and calling it one of the most ridiculous mispricings he has seen in his career. Here is a quick test:
Current MC: $CAD 240 = $USD 213M
WC is $CAD 74M, Cash is $CAD 68M. WC supports using cash for EV. No debt. $CAD 68M = $USD 60M
EV = $USD 153M
At $90 Brent and conservative $50 netbacks, PTA needs 8400 bopd average in 2015 to trade at 1X EV/EBITDA. If you follow PTA.V this should be no problem at all for 2015 as they'll potentially exit 2014 there.
The WC/Cash numbers are from SEDAR at June 30, not quoting blindly of course.
PTA.V is in Columbia, receives Brent pricing and is also a potential takeout by any of their operating partners.
All PTA.V's production has been mostly non-operated to date so that is reason for discount but that will change as he points out as the Suroco acquisition is integrated. The also only had a 2-3 year RLI before Suroco so 2X EV/EBITDA was fair value.
Hard to lose at 1X even if world does fall apart.
Everything else you need to know in two articles below.
Value Digger also has a new no-frills $10/month newsletter. You don't get much detail but just have to trust his reccomendation like CL001's newsletter. He has quite the SA following but releases his newsletter picks to subscribers before SA. During the raginig O&G bull that has ended his picks would all rocket.
http://nathansbulletin.com/
http://seekingalpha.com/article/2549985-petroamerica-oil-welcome-to-the-cheapest-oil-producer-worldwide-part-1
http://seekingalpha.com/article/2562065-petroamerica-oil-welcome-to-the-cheapest-oil-producer-worldwide-part-2
Enjoy - I have made PTA my second biggest O&G position behind MMT.TO last week.
Interesting Company but has a way to go to produce real earnings but now only on the radar list.. hank
Patient Home Monitoring Announces Record Quarterly Revenues, Profits; Increase in Organic Growth Rate to Over 25% Annually; Appointment of Cole Cox as Chief Financial Officer
LOS ANGELES, CALIFORNIA -- (Marketwired) -- 10/14/14 -- Patient Home Monitoring (PHM) (TSX VENTURE: PHM), a profitable, acquisition-oriented company focused on providing annuity-based healthcare products and services to patients in the home throughout the US, today announced highlights of its Fiscal Year 2014 fourth quarter revenues and profits, including organic growth figures.
PHM also announced it has appointed Cole Cox as Chief Financial Officer (CFO).
Financial highlights for the quarter ending September 30, 2014:
-- Revenues exceeded $8,800,000; an increase of 59% from the previous
quarter and 715% from the quarter a year ago.
-- Adjusted EBITDA(1) exceeded $2,100,000; an increase of 62% from the
previous quarter and 888% from the same quarter a year ago.
-- Net profit before stock-based compensation(2) exceeded $1,500,000; an
increase of 67% from the previous quarter.
-- Annualized organic revenue growth for the quarter exceeded 25%.
-- September 2014 revenues exceeded $3,000,000 as compared to June 2014
revenues of $2,700,000, an increase of $300,000 attributed exclusively
to organic revenue growth.
-- Annualized revenue run rate in excess of $35,000,000.
-- Annualized Adjusted EBITDA run rate in excess of $8,800,000.
As in the case of other quarterly financial results, the foregoing figures are unaudited. Full financial results from this quarter will be included in the full year audited financial statements (October 1, 2013 - September 30, 2014) available on SEDAR expected before February 2015.
PHM continues to build its pipeline of qualified acquisition targets:
-- 11 active targets in initial due diligence
-- 5 term sheets in negotiation
-- 1 Letter of Intent (LOI) executed
-- 2 LOIs pending
Using its strong and growing balance sheet, PHM expects it can close deals in the pipeline without any additional equity financing.
PHM is rolling-up a large and fragmented market of small, profitable businesses providing healthcare products and services to chronically ill patients. The companies are acquired for their technical and market expertise in certain product and service lines, as well as their patient databases. Once acquired, PHM works to offer these newly acquired services to its entire patient base, thereby increasing revenue per patient and achieving organic post acquisition revenue growth and profits.
Cole Cox as Chief Financial Officer
Mr. Cox has been appointed Chief Financial Officer by the Board of Directors. Mr. Cox, based in Southern California, was most recently CFO of a Toronto Stock Exchange listed company. Previous to his experience as a public company CFO, he was a senior auditor in public accounting at Grant Thornton LLP.
"This marks our sixth consecutive quarter of record sales and profits," said Michael Dalsin, Chairman and Investment Banker for PHM. "We have worked hard to achieve high triple digit revenue and profit growth over the last 18 months and we expect to continue to add significant revenues and profits through both organic and inorganic growth strategies.
We are focused on adding more patients and services through acquisition, resulting in continued improvements in revenues, profits and organic growth. And as a result, I continue to look for ways to augment our leadership team. As part of this process, I would like to welcome Cole Cox to our management team. He comes with deep experience in fast growth companies and fills an important role as PHM's operations develop."
"Since our first acquisition, our main priority has been organic revenue growth" said Andrew Folmer, President of PHM. "It is gratifying for our team to see the results of that effort this last fiscal year. As part of this organic growth, we continue to add patients to our high margin service lines and invest heavily in home-based medical devices and with each month, we build our balance sheet and make PHM stronger, with the ultimate goal of increasing shareholder value."
As a result of the AGM on April 11, 2014, PHM confirms it has closed the amalgamation of HH4Me described in detail in the circular dated March 14, 2014 and an announcement from March 28, 2014.
About PHM
PHM is an acquisition-oriented, fast-growing and profitable company servicing patients with heart disease and other chronic health conditions. PHM is focused on acquiring companies in a highly fragmented and developing market of small privately-held companies servicing chronically ill patients with multiple disease states caused mainly by age and obesity. Because of the new and highly fragmented nature of the market, PHM is actively identifying and evaluating profitable, annuity-based companies to acquire at favorable prices for their patient databases and technical expertise. PHM's post-acquisition organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient's services and making life easier for the patient. The expected result is growing EPS with each acquisition and growing revenue and profits from the cross selling efforts.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(1) Adjusted EBITDA is defined as EBITDA not including stock based compensation.
(2) Net Profit does not include stock based compensation or change in the IFRS Fair Value of options and warrants expense.
Forward-Looking Statements
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of PHM and anticipated events or results, are assumptions based on beliefs of PHM's senior management as well as information currently available to it. While these assumptions were considered reasonable by PHM at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue operations, decline of reimbursement rates, dependence on few payors, possible new drug discoveries, a novel business model, dependence on key suppliers, granting of permits and licenses in a highly regulated business, competition, difficulty integrating newly acquired businesses, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected. This press release refers non-GAAP and non-IFRS financial measures that do not have standardized meaning prescribed by GAAP or IFRS. PHM's presentation of these financial measures may not be comparable to similarly titled measures used by other companies. These financial measures are intended to provide additional information to investors concerning PHM's performance.
Contacts:
Patient Home Monitoring Corp.
Edward Brann
Investment Banker
(949) 407-6208
ebrann@myphm.com
www.phmhometesting.com
Source: Patient Home Monitoring Corp.
==================================================================
August 28, 2014 09:17 ET
PHM Completes $8.625 Million Subordinated Debt Financing; PHM Now Has Over $14.5 Million in Cash to Close Several Profitable Acquisitions
LOS ANGELES, CALIFORNIA--(Marketwired - Aug. 28, 2014) -
NOT FOR DISTRIBUTION IN THE UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
Patient Home Monitoring Corp. ("PHM" or the "Company") (TSX VENTURE:PHM) is pleased to announce that it has completed its previously announced brokered private placement of subordinated debentures for gross proceeds of $8,625,000 to be used for acquisition purposes, medical equipment and general working capital.
"With our current cash position, we plan to make several impactful acquisitions" said Michael Dalsin, Chairman of PHM. "Given our current balance sheet, and with the free cash flow that we are generating, I believe we can achieve our goal of increasing revenues without any further financings. I would like to thank Mackie Research and Beacon Securities for their efforts in this financing. As the Chairman and a large shareholder, I continue to be focused on significantly increasing Earnings per Share quarter after quarter."
PHM announced on August 12, 2014 that it engaged a syndicate of agents, led by Mackie Research Capital Corporation and including Beacon Securities Limited (the "Agents") to complete a best efforts private placement offering of debenture units ("Units") of approximately $7,500,000 (the "Offering"). The Agents were also offered the option to increase the size of the Offering by up to 1,125 additional Units for additional aggregate gross proceeds to the Company of up to $1,125,000. The Agents exercised their option in full, and placed 8,625 Units for gross proceeds to the Company of $8,625,000. This Offering positions PHM to continue to pursue attractive healthcare acquisitions. PHM seeks to continue to make acquisitions in the large and fragmented market of small, profitable businesses providing healthcare products and services to chronically ill patients and for working capital and general corporate purposes.
Each Unit consisted of one $1,000 principal amount non-convertible unsecured subordinated debenture and nine hundred transferable common share purchase warrants, with each warrant entitling the holder thereof to acquire one common share in the capital of PHM at a price of $0.45 per share until August 27, 2019, subject to acceleration at any time following 12 months from closing in the event the volume weighted average trading price of the common shares of PHM exceeds $0.55 for a period of twenty consecutive trading days.
In connection with the Offering, PHM paid a cash commission of $172,500, and issued broker warrants to purchase 5,744,250 shares of PHM at $0.45 until August 27, 2019, subject to the aforementioned acceleration provisions.
The Offering closed on August 27, 2014, subject to final approval of the Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period until December 28, 2014 in accordance with applicable securities legislation. On or about December 29, 2014 the debentures are expected to commence trading under a ticker symbol to be announced.
The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About PHM
The explosive growth in the number of elderly patients in the US healthcare market is creating pressure to provide more efficient delivery systems. Healthcare providers, such as hospitals, physicians and pharmacies, are seeking partners that can offer a range of products and services that improve outcomes, reduce hospital readmissions, and help control costs. PHM fills this need by delivering a growing number of specialized products and services to achieve these goals.
PHM is currently a positive cash flow and profitable company servicing patients with chronic heart disease and will act as a platform for acquisitions. PHM is focused on a highly fragmented and developing market of small privately-held companies servicing chronically ill patients with multiple disease states caused mainly by age and obesity. Because of the new and highly fragmented nature of the market, PHM is actively working to identify and evaluate profitable, annuity-based companies to acquire their patient databases and technical expertise at favorable prices. PHM's post acquisition organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient's services and making life easier for the patient. The expected result is growing EPS with each acquisition and growing revenue and profits from the cross selling efforts.
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of PHM and anticipated events or results, including but not limited to the anticipated use of the net sale proceeds of the Offering, are assumptions based on beliefs of PHM's senior management as well as information currently available to it. While these assumptions were considered reasonable by PHM at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue operations, decline of reimbursement rates, dependence on few payors, possible new drug discoveries, a novel business model, dependence on key suppliers, granting of permits and licenses in a highly regulated business, competition, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected.
CONTACT INFORMATION
Patient Home Monitoring Corp.
Edward Brann
Investment Banker
(949) 407-6208
ebrann@myphm.com
www.phmhometesting.com
==============================================================
Patient Home Monitoring Announces Another Record Quarter of Revenue and Profit, Reports 21% Annualized Quarter-over-Quarter Increase in Organic Growth Revenue
Marketwire - Aug 11 20:05 EDT
Alert hits:/ph
Company Symbols: TorontoVE:PHM
53.8% Increase in Quarterly EPS Growth
LOS ANGELES, CALIFORNIA -- (Marketwired) -- 08/11/14 -- Patient Home Monitoring (PHM) (TSX VENTURE: PHM) today released its financial results for the third quarter ended June 30, 2014.
PHM is rolling-up a large and fragmented market of small, profitable businesses providing healthcare products and services to chronically ill patients. The companies are acquired for their technical and market expertise in certain product and service lines, as well as their patient databases. Once acquired, PHM works to offer these newly acquired services to its entire patient base, thereby increasing revenue per patient and achieving organic post acquisition revenue growth and profits.
Highlights:
Consolidated Results
Increased Revenue
-- Revenue rose to $5.5 million, a 51% increase from the previous quarter
and a 499% increase year over year.
-- Revenues include only June 2014 of the Care Medical acquisition ($1.33
million).
-- June Revenue exceeded $2.7 million or $32 million annualized run rate
revenue.
Significant Organic Revenue Growth including Cross-Selling
-- Over 5.3% quarterly increase in quarter-over-quarter sales attributed to
organic growth, an annual run rate growth of 21.4% in quarter-over-
quarter organic sales.
-- New internal call center fully implemented and generating cross-selling
leads utilizing the Company's growing database of active patients.
Improved Profitability
-- Earnings per share (EPS) rose 53.8% from the previous quarter.(1)
-- Net profit rose to $896,345, a 61% increase from the previous
quarter.(2)
-- Adjusted earnings before interest, taxes, depreciation and amortization
(EBITDA) including transactional and nonrecurring cost rose to
$1,293,773 a 63% increase from the previous quarter.(3)
-- Annualized EBITDA run rate exceeding $6.2 million.
Mergers & Acquisitions Update
-- Closed Care Medical Partners Acquisition June 1, 2014, contributing
revenues and profits for only 33% of the quarter.
-- 1 large ($8 million+ in revenue) acquisition target moving towards a
Letter of Intent (LOI).
-- 2 small ($1-2 million in revenue) acquisition targets moving towards
LOIs.
-- Over $15 million of leverageable assets on the balance sheet to close
the next several acquisitions without the need for equity financing.
Stronger Balance Sheet
-- $5.25 million cash balance as of August 1, 2014, as compared to $3.52
million reported on June 30, 2014.
-- Generated $1.0 million in cash flow from operations for the quarter.
-- Acquired $7.3 million in home-based medical equipment as fixed assets
fiscal year-to-date (October 1, 2013 to June 30, 2014).
-- $5.19 million in Accounts Receivable as of August 1, 2014.
Full results are available on sedar.com.
"We continue to execute on our strategic plan with another record quarter," said Michael Dalsin, Chairman of PHM. "As of June 2014, PHM is generating over $32 million in annualized revenues and $6.2 million in annualized EBITDA. It was a break out quarter for PHM with regard to expansion of our active patient databases. The cross-selling and organic growth efforts resulted in an annual organic revenue growth rate of over 21.4% for the quarter. It is gratifying to see PHM move from solely a M&A focused company to one that can deliver both organic and inorganic growth at a material level.
It is important to keep in mind that this quarter's revenues and profits only included the month of June of the Care Medical Partners acquisition. Had the full quarter included Care Medical Partners, quarterly revenues would have exceeded $8 million and net profits would have exceeded $1.25 million.
On the acquisition front, PHM's M&A team is negotiating LOIs to acquire profitable companies with cumulative revenues of about $12 million. Our pipeline remains full with the M&A team reviewing over a dozen opportunities a month.
I want to once again congratulate the operational team, led by Andrew Folmer on a record quarter, both in terms of revenues and profits. Particularly I want to credit David Hayes, our Senior Vice President of Sales, with setting up our internal cross selling call center. I also want to credit Jess Cuthbert, our VP of Operations and Asa Stafford, our VP of Patient Services for their work in integrating Care Medical into PHM."
About PHM
PHM is an acquisition-oriented, fast-growing and profitable company servicing patients with heart disease and other chronic health conditions. PHM is focused on acquiring companies in a highly fragmented and developing market of small privately-held companies servicing chronically ill patients with multiple disease states caused mainly by age and obesity. Because of the new and highly fragmented nature of the market, PHM is actively identifying and evaluating profitable, annuity-based companies to acquire at favorable prices for their patient databases and technical expertise. PHM's post-acquisition organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient's services and making life easier for the patient. The expected result is growing EPS with each acquisition and growing revenue and profits from the cross selling efforts.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(1) EPS and Net Profit does not include IFRS Fair Value of options, warrants expense and stock based compensation. EPS growth was calculated using the following information:
Weighted Average Shares
Outstanding
Q1 2014 Q2 2014 Q3 2014
98,970,022 128,752,044 134,809,794
Net Profit Net Profit Net Profit
$140,297 $ 556,628 $896,345
EPS EPS EPS
$ 0.0014 $ 0.0043 $ 0.0067
(2) Net Profit does not include Stock Based Compensation or change in the IFRS Fair Value of options and warrants liability.
(3) Adjusted EBITDA is defined as EBITDA plus Stock Based Compensation and change in financial derivative liability.
Forward-Looking Statements
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of PHM and anticipated events or results, are assumptions based on beliefs of PHM's senior management as well as information currently available to it. While these assumptions were considered reasonable by PHM at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue operations, decline of reimbursement rates, dependence on few payors, possible new drug discoveries, a novel business model, dependence on key suppliers, granting of permits and licenses in a highly regulated business, competition, difficulty integrating newly acquired businesses, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected. This press release refers non-GAAP and non-IFRS financial measures that do not have standardized meaning prescribed by GAAP or IFRS. PHM's presentation of these financial measures may not be comparable to similarly titled measures used by other companies. These financial measures are intended to provide additional information to investors concerning PHM's performance.
Contacts:
Patient Home Monitoring Corp.
Edward Brann, Investment Banker
(949) 407-6208
ebrann@myphm.com
www.phmhometesting.com
EPCBF..Started a small position today.. Since it's in a very small field of application I will keep the position small.. but i like what I see.. hank
Epicore BioNetworks Inc. Reports Results for Fiscal Year 2014
Company Symbols: TorontoVE:EBN
For the Year Ended 30 June 2014, in US Dollars
EASTAMPTON, N.J., Oct. 16, 2014 (GLOBE NEWSWIRE) -- Fiscal 2014 was a remarkable year for Epicore (TSX-V:EBN). Sales records were set in every quarter and net income (without exceptional adjustments) broke the million dollar mark for the first time. Epicore's productivity enhancing products were in high demand as shrimp producers readily accepted new tools and techniques to fight the ravages of Early Mortality Syndrome (EMS) disease. This disease forced closure of some Epicore end customers in fiscal 2013 and hurt Epicore sales but in 2014 decreased shrimp supply pushed shrimp prices to record levels and attracted new usage of our products. Our marketing program increased usage of Epicore products in several new areas. Net income increased by 144% to deliver earnings per share of $0.05.
After a decade of growth, world farm production of shrimp peaked in 2011 at 4.1 million metric tons but declined in 2012 through 2014 to 3.8 million metric tons because of disease problems. The supply shortage caused by EMS has forced shrimp prices to record levels. The effect on Epicore's business has been mixed. When the disease hits farms using Epicore products, it hurts sales. However, higher shrimp prices make Epicore's products more affordable so increase demand for Epicore products from operating farms. High prices encourage farms in affected areas to risk production. In unaffected areas, like South America, India and Indonesia, the high prices encourage farmers to increase production. High prices have decreased shrimp consumption. The Epicore sales team and our distributors responded to this challenge by securing new customers, opening new market areas and exploiting new applications for Epicore products.
The benefit of the manufacturing expansion started in fiscal 2012 was realized all year in 2014. Our ISO 9001:2008 quality system certification contributed to operational reliability and provided the foundation for our Global GAP initiative. Some highlights (in US$) versus prior fiscal year were:
Increase in revenue from $5.6 million to $7.6 million (a 36% increase)
Increase in gross profit from $3.5 million to $4.9 million (a 38% increase)
Increase in operating expenses from $2.7 to $2.8 million (a 5% increase)
Increase in net income from $0.5 million to $1.2 million (a 144% increase)
Increase in EBITDA from $0.9 million to $2.1 million (a 133% increase)
Increase in shareholders' equity from $5.4 million to $6.7 million (a 24% increase)
Increase in cash from $1.9 million to $3.0 million (a 54% increase)
Increase in basic and diluted earnings per share from $0.02 to $0.05
Gross profit grew 38% mainly due to the increase in revenues with an improvement in gross margin that was mainly due to lower production costs from the manufacturing expansion of 2013. Operational expenses increased by 5% in fiscal 2014 due to increased selling effort, inflation and spending on research and development. Research and development expenses increased 48% as new research products were scaled up to produce material for field testing.
Epicore generated positive net income of $1.2 million to give Epicore its eleventh consecutive year of profitable operation. Versus prior year, net income increased by $0.7 million (144%). EBITDA, a non-GAAP measure (earnings before interest, taxes, depreciation and amortization), increased 133% over prior year from $0.9 million to $2.1 million, as the following results (rounded to thousands of US dollars) show:
2014 2013 Increase (Decrease)
Revenue $7,617 $5,613 $2,004 36%
Gross profit $4,879 $3,545 $1,334 38%
Operating expenses $2,847 $2,702 $145 5%
Net income $1,174 $482 $692 144%
Earnings per share $0.05 $0.02 $0.03 150%
Shareholders' equity $6,746 $5,432 $1,314 24%
Cash balance $2,976 $1,939 $1,037 54%
Epicore continues to generate positive cash flows from operating activities with $1.0 million generated in fiscal 2014, which was $0.7 million more than fiscal 2014. Cash at the end of the year was $3.0 million. With these funds, expected sales revenue growth and continued relatively low operating costs, management expects there will be sufficient cash to meet the fiscal year's financial requirements, to fund expansion of aquaculture and environmental remediation marketing efforts and to pursue new strategies for enhancing shareholder value.
Fiscal 2014 was a successful year not only on a financial basis, but it saw major progress on several operational and strategic issues. The Company actively worked to maintain its ISO 9001:2008 certification and began a program to get HACCP (hazard analysis and critical control point) and Global GAP certification. Many shrimp processing companies have one or more international certifications. Additionally, many government aquaculture product registration authorities are looking for some type of quality certification.
Fiscal 2014 also saw progress on several corporate issues.
Following TSX Venture Exchange ("TSXV") acceptance, Epicore established a Normal Course Issuer Bid through the facilities of the TSXV. In the year the Company acquired and cancelled 54,000 shares of Epicore common stock. The Company has not renewed the program, which expired on August 28, 2014.
The Company participated in a CEO online interview program to increase investor interest.
The financial statements of the company have been prepared in accordance with International Financial Reporting Standards. Epicore BioNetworks Inc. is a public corporation with a registered office in Calgary, Alberta, Canada and with shares listed on the TSX Venture Exchange (symbol EBN). [Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.]
This press release contains forward-looking statements that involve significant risks and uncertainties. The actual results, performance or achievements of the company might differ materially from the results, performance or achievements of the company expressed or implied by such forward-looking statements. Such forward-looking statements include, without limitation, those regarding the future growth of the Company, expected improvements in the quality and reliability of manufacturing operations, acceleration of the Company's penetration into new business areas, the development plans of the company, the expected timing and results of such development and the expectation by management that there will be sufficient cash to meet the fiscal year's financial requirements and to fund expansion of aquaculture and environmental remediation marketing efforts and to pursue new strategies for enhancing shareholder value. We can provide no assurance that such development will proceed as currently anticipated, that the expected timing or results of such development will be realized or that the company will be able to generate sufficient cash to meet its obligations. We are subject to various risks, including the uncertainties of product development, markets for our products and regulatory review, our need for additional capital to fund our operations, our reliance on collaborative partners, our history of losses, and other risks inherent in the biotechnology industry.
For more information, please contact: Mr. William P. Long (Chief Executive Officer) USA. Tel: 609-267-9118, Email: Investors@EpicoreBioNetworks.com
===========================================================
Epicore BioNetworks Inc. Announces Infrastructure Expansion
EASTAMPTON, N.J., June 19, 2014 (GLOBE NEWSWIRE) -- Epicore (TSX-V:EBN) announces investment in another major expansion to its Eastampton, NJ facility to support its growing and profitable core aquaculture business. The Company plans to build a new facility on the empty land that is adjacent to the current facility. This land was purchased in 2011 to cover just such a need.
Epicore sales have grown strongly since 2011, as demand for aquaculture productivity enhancing products has increased. The new facility will supplement the current facility and house manufacturing and warehousing. It will eliminate the current need for outside and offsite storage and will improve the efficiency of the current operation. The additional space will facilitate maintenance of current and future quality certifications.
The requisite local government approvals have been obtained for the new construction. The plan calls for a two phase approach with the first 6000 square feet constructed in 2014 and the second 6000 built in the future as facility needs evolve.
The phase one construction costs are estimated at $0.9 million, which will be financed from Company cash and cash flow.
Epicore BioNetworks Inc. is a leading producer of environmental biotechnology and animal nutrition products. It manufactures in the USA and markets worldwide to a variety of industries to reduce environmental pollution and increase operational productivity.
Epicore BioNetworks Inc. is a public corporation with a registered office in Calgary, Alberta, Canada and with shares listed on the TSX Venture Exchange (symbol EBN). [Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.]
This press release contains forward-looking statements that involve significant risks and uncertainties. The actual results, performance or achievements of the company might differ materially from the results, performance or achievements of the company expressed or implied by such forward-looking statements. Such forward-looking statements include, without limitation, those regarding the future growth of the Company, estimated construction costs of the new facility, expected improvements in the quality, efficiency and reliability of manufacturing operation. We can provide no assurance that the company will be able to generate sufficient cash to meet its obligations. We are subject to various risks, including the uncertainties of product development, markets for our products and regulatory review, our need for additional capital to fund our operations, our reliance on collaborative partners, our history of losses, and other risks inherent in the biotechnology industry.
For more information, please contact: Mr. William P. Long (Chief Executive Officer) USA. Tel: 609-267-9118, Email: Investors@EpicoreBioNetworks.com
=================================================================
Epicore BioNetworks Inc. Reports Record Results for Quarter Three Fiscal Year 2014
GlobeNewswire - May 23 16:35 EDT
Alert hits:/eb
Company Symbols: TorontoVE:EBN
For the Quarter Ended 31 March 2014, in US Dollars
EASTAMPTON, N.J., May 23, 2014 (GLOBE NEWSWIRE) -- Epicore BioNetworks Inc. (TSX-V:EBN) revenue for Q3 at $2.2 million was 44% higher than last year's Q3 and set a new company Q3 record. This record follows three previous consecutive quarterly records. It also is the first time Epicore quarterly sales broke the $2 million mark. Sales were broad based with the third quarter increases coming from both Latin America and the rest of the world. High demand for Epicore products comes from producers trying to capitalize on record high shrimp prices. Early Mortality Syndrome (EMS) in Asia and now in Mexico has reduced the worldwide supply of shrimp, which in turn has pushed shrimp prices to record levels. World consumption of shrimp has decreased but producer profit possibility is a larger driver of Epicore product demand.
Latin America remains the strongest sales region for Epicore, but barely edged out the rest of the world in Q3. Ecuador is the largest single country market. Ecuadorian sales grew 47% in the quarter as the disease-free Ecuadorian industry responded to record shrimp prices. A significant contributor to Latin American sales was the program of seeding hatchery shrimp into raceways before seeding into ponds. The program consumes high quantities of Epicore probiotics and specialty feeds. Despite a challenging environment, there was exceptionally strong demand from Asia for Epicore products in Q3, especially from areas first hit with EMS. Sales to areas more recently hit with EMS decreased. Our newest Pacific Rim customers in China and Australia increased their purchases in Q3.
Some highlights versus prior fiscal year quarter three were as follows:
Revenue increased by 44% over last year's Q3
Gross profit increased by 53% over Q3 last year
Operating expenses increased by 13% compared to last year's Q3
Net income increased by 806% versus last year's Q3
EBITDA increased by 176% compared to last year's Q3
Cash was $1.0 million higher than prior year Q3
Shareholder equity increased over prior year Q3 by 29% to $6.5 million
Gross profit was 53% higher than prior year quarter three. While most of the increase was due to sales volume, higher average selling price and lower operating costs had a positive impact in Q3. Higher average selling price was the result of price increases and sales mix. The operating cost improvement came from the Company's 2013 investment in production equipment.
Operating expense increased 13%, mostly from personnel areas. Selling expense increased as sales and marketing staff were reorganized and increased to support sales growth. Social benefit costs increased in Ecuador. The additional production equipment enabled scale-up of several research products so increased R&D expense compared to prior year. Our ISO 9001:2008 quality system certification also contributed to operational reliability.
Higher gross profit combined with the modest operating expense increase to produce record Q3 net income that was 806% higher than prior year Q3. EBITDA (earnings before interest, taxes, depreciation and amortization) increased 176% over prior year from $0.2 million to $0.7 million. The following table summarizes the Q3 results (rounded to thousands of US dollars):
For the Quarter ended March 31
2014 2013 Increase (Decrease)
Revenue $2,180 $1,516 $664 44%
Gross profit $1,400 $915 $485 53%
Operating expenses $762 $675 $87 13%
Net income $444 $49 $395 806%
Earnings per share $0.018 $0.002 $0.016 800%
Shareholders' equity $6,498 $5,041 $1,457 29%
Cash balance $2,547 $1,515 $1,032 68%
Epicore continues to generate positive cash flows from operating activities. Cash at the end of the quarter was $2.5 million. With these funds, expected sales revenue growth and continued relatively low operating costs, management expects there will be sufficient cash to meet the fiscal year's financial requirements, to fund expansion of aquaculture and environmental remediation marketing efforts and to pursue new strategies for enhancing shareholder value such as the Normal Course Issuer Bid that was put in place in Q1.
Source: Epicore BioNetworks Inc.
STCC..$0.06.. Been buying a few today.. After the earnings report read the : Chairman Letter to Sterling Consolidated Shareholders.. It seems as they have a plan and are executing it.. hank
Sterling Consolidated Announces 6-Month Earnings Growth With Its Second Quarter 2014 Results
GlobeNewswire - Oct 20 08:00 EDT
Alert hits:Sma
Company Symbols: NASDAQ-OTCBB:STCC
NEPTUNE, N.J., Oct. 20, 2014 (GLOBE NEWSWIRE) -- Sterling Consolidated Corp. (OTCBB:STCC), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, is announcing 6-month earnings growth as disclosed in its June 30, 2014 10Q.
Key Highlights:
Completed acquisition of RG Sales Inc. in western Pennsylvania on April 1, 2014. This is the Company's second acquisition since going public in February 2013.
Revenues of $3.623 million are up $482K, or 15.4%, for the 6-months ended June 30, 2014 compared to the 6-months ended June 30, 2013.
Operating income of $249K is up $192K, or 335%, for the 6-months ended June 30, 2014 compared to the 6-months ended June 30, 2013.
Net income of $128K is up $125K, or 3,576%, for the 6-months ended June 30, 2014 compared to the 6-months ended June 30, 2013.
The revenue growth is primarily attributed to increase in incremental sales from the Company's recent acquisitions of RG Sales Inc. and Superior Sales Inc. in North Carolina.
The operating income and net income growth is largely attributed to incremental sales from acquisitions coupled with reduced cost of goods sold due to more efficient purchasing.
Darren DeRosa, Chief Executive Officer of Sterling Consolidated, commented, "The first six months of 2014 has shown increased demand for 0-rings and we are beginning to see the results from our acquisitions reflected in our revenues and earnings. After becoming a public company our goal was to consolidate the highly fragmented o-ring distributor market and we continue to actively seek out attractive acquisition targets in the marketplace to meet this goal."
To be added to the Sterling Consolidated investor email list, please email schichester@sterlingconsolidated.com with "STCC" in the subject line.
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply has been a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for more than 40 years. Through a combination of leveraging its logistical expertise and sophisticated, experienced management, the company intends to be an active and strategic consolidator of small- and mid-sized businesses within the highly-fragmented, multi-billion dollar seal industry. Currently serving more than 3,000 customers, Sterling offers acquisition targets a unique growth opportunity and competitive advantage through logistical expertise, strong regional branding and industry-specific distribution centers.
Forward-looking Statements
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
STERLING CONSOLIDATED CORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2014 2013 2014 2013
Revenues
O-rings and rubber product sales $ 1,839,616 $ 1,448,750 $ 3,552,450 $ 3,076,636
Freight services 44,895 42,039 71,210 64,253
Total revenues 1,884,511 $ 1,490,789 3,623,660 $ 3,140,889
Cost of sales
Cost of goods 1,197,065 1,014,482 2,275,045 2,114,304
Cost of services 53,054 36,419 109,380 96,902
Total cost of sales 1,250,119 1,050,901 2,384,425 2,211,206
Gross profit 634,392 439,888 1,239,235 929,683
Operating expenses
Sales and marketing 48,229 46,356 99,764 94,977
General and administrative 501,067 519,213 890,087 777,477
Total operating expenses 549,296 565,569 989,851 872,454
Operating income (loss) 85,096 (125,681) 249,384 57,229
Other income and expense
Other income (expense) 118 (11,625) 13,901 (9,277)
Interest expense (32,320) (32,854) (67,287) (62,234)
Total other expense (32,202) (44,479) (53,386) (71,511)
Income (loss) before provision for income taxes 52,894 (170,160) 195,998 (14,282)
Provision for income taxes 11,157 (62,709) 68,399 (17,753)
Net income (loss) 41,737 (107,451) 127,599 3,471
Other comprehensive income
Unrealized gain/(loss) on interest rate swap contract -- 4,622 -- (12,984)
Comprehensive income $ 41,737 $ (102,829) $ 127,599 $ (9,513)
Net income per share of common stock:
Basic and diluted $ 0.00 $ (0.00) $ 0.00 $ 0.00
Weighted average number of shares outstanding
Basic and diluted 39,618,062 37,097,521 38,811,631 37,074,040
CONTACT: Investor Contact:
Scott R. Chichester
646-388-2495
schichester@sterlingconsolidated.com
Source: Sterling Consolidated Corporation
================================================================
Chairman Letter to Sterling Consolidated Shareholders
NEPTUNE, N.J., Dec 10, 2013 (GLOBE NEWSWIRE via COMTEX) -- Sterling Consolidated Corp. (OTCBB:STCC) (the "Company"), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, today issued a letter by Chairman Angelo DeRosa updating shareholders on the Company's progress in 2013.
Dear Fellow Shareholders,
Thank you for the support and confidence you have displayed to our company. Since going public on April 30th, we made many strides to improve the Company's value. We immediately set up an Acquisition Committee to identify, negotiate, and acquire companies that fit our business model and I have headed this committee since inception. We constantly evaluate and review targets that add value to our growth, geographic coverage and of course, our shareholder base.
Throughout 2013, the management team has been focused on sales and efficiencies. The organic sales of the company have risen in 2013, while our gross margins have improved over 12% this year alone. Better management of inventory and consolidation of purchasing contributed significantly.
On October 1st, 2013, we announced our first completed transaction with Superior Seals and Service in North Carolina. This acquisition gave us the ability to reach new markets with products that we did not directly carry. Certain existing products are now manufactured in-house, causing an increase in profit margin. Superior Seals and Service is fully integrated into Sterling Consolidated and we now seamlessly operate as one company.
In early October, we closed a banking transaction of $2.45 million with CB Bank in New York City, which was arranged by Madison Park Advisors. The favorable terms creates a better cash flow situation for Sterling. Along with the lower interest rates, the additional credit will allow us to close our upcoming acquisitions quickly.
Recently, we hired a new controller to handle increased traffic as new entities are brought into the fold. Since becoming a publicly traded company, I have spent much of my time visiting and talking to companies that are interested in being acquired. As of December 1st, we have issued 4 term sheets to companies we feel would fit our business model as well as deliver added value to the Company and our shareholders.
In conclusion, I am confident our experienced management team, business model and growth opportunities bode well for Sterling Consolidated as a publicly traded company in 2014. These factors, combined with our solid financial foundation, put us in an enviable position to grow as we remain focused on maximizing shareholder value by executing our plan and capitalizing on opportunities.
On behalf of the Sterling Consolidated management team, our Board of Directors and employees I wish you the very best for the holidays, and hope the New Year bring us all renewed prosperity.
RNWEY.. $0.11 Bid,, $0.19 offered.. , July 18, 2014:
RWWI
Read the PR there was 4.5 million recognition of income tax benefit in there. That makes the numbers not look near as good in my opinion.
RWWI.. I thought the earnings were pretty clean,, What did I miss..?? hank
Income from continuing operations before income taxes
7,334,000 4,203,000
Income tax (benefit) expense
(1,723,000 ) 1,691,000
Income from continuing operations
9,057,000 2,512,000
RWWI
Earnings were not that great if you take out the tax benefit. If earnings were taxed like any other quarter earnings were approximately only .02. Stock seems more then fairly valued to me. All is just my opinion, and I could always be wrong though.
RWWI.. $1.25.. Bought a starter position today.. hank
FRAMINGHAM, MA – September 29, 2014 – Rand Worldwide, Inc. (OTCBB: RWWI), a global provider of technology solutions to organizations with engineering design and information technology requirements, announces its financial results for its year ended June 30, 2014.
For its fiscal year ended June 30, 2014, Rand Worldwide, Inc. reported total revenues of $91.6 million, as compared with $82.5 million for its prior fiscal year. The Company’s overall gross margin was 49.4%, a slight decrease from the 50.5% reported for fiscal 2013, resulting in income from continuing operations of $9.1 million, or $0.16 per fully diluted share. For the year ended June 30, 2013, Rand Worldwide reported income from continuing operations of $2.5 million, or $0.04 per fully diluted share.
Included in the full year results is a $4.5 million non-recurring reduction of income tax expense resulting from the recognition of a portion of the value of the Company’s Canadian net operating loss carryforwards that are available to offset future income taxes. In accordance with generally accepted accounting principles, the Company reduced a valuation allowance on its books in its fourth quarter to reflect the future value of certain loss carryforwards due to the continued profitability of its Canadian operations.
Lawrence Rychlak, president and chief financial officer, commented, “This past fiscal year was a very successful one for us in many respects. We saw growth in all revenue categories and particularly our product sales which increased over 14% from the prior year. These strong revenues coupled with continued management of the operations resulted in a healthy bottom line which positions us well for the future.”
“I am very pleased with the operating results for this fiscal year and with the overall health of all of our business lines,” said Marc Dulude, chief executive officer. “Rand Worldwide is well equipped and prepared to take on the next set of challenges and opportunities that come before us.”
Rand Worldwide, Inc. and Subsidiaries
Consolidated Statements of Operations
Years ended
June 30, 2014 June 30, 2013
Revenues:
Product sales
$ 47,822,000 $ 41,869,000
Service revenue
23,480,000 21,764,000
Commission revenue
20,294,000 18,870,000
Total revenue
91,596,000 82,503,000
Cost of revenue:
Cost of product sales
30,547,000 26,282,000
Cost of service revenue
15,763,000 14,540,000
Total cost of revenue
46,310,000 40,822,000
Gross margin
45,286,000 41,681,000
Other operating expenses:
Selling, general and administrative
35,902,000 35,111,000
Impairment of goodwill and intangible assets
1,000,000 —
Change in the value of contingent consideration
(1,089,000 ) —
Depreciation and amortization
1,915,000 1,891,000
Total operating expenses
37,728,000 37,002,000
Operating income
7,558,000 4,679,000
Other expense:
Interest expense
158,000 304,000
Currency exchange losses
70,000 110,000
Other expense
(4,000 ) 62,000
224,000 476,000
Income from continuing operations before income taxes
7,334,000 4,203,000
Income tax (benefit) expense
(1,723,000 ) 1,691,000
Income from continuing operations
9,057,000 2,512,000
Loss from discontinued operations, net of tax
— (241,000 )
Loss on sale of discontinued operations, net of tax
(463,000 ) (370,000 )
Net income
8,594,000 1,901,000
Preferred stock dividends
(109,000 ) (109,000 )
Net income available to common stockholders
$ 8,485,000 $ 1,792,000
Earnings (loss) per common share attributable to common shareholders – basic:
Income from continuing operations per common share
$ 0.17 $ 0.04
Loss from discontinued operations per common share
(0.01 ) (0.01 )
Earnings per common share attributable to common shareholders – basic
$ 0.16 $ 0.03
Earnings (loss) per common share attributable to common shareholders – diluted:
Income from continuing operations per common share
$ 0.16 $ 0.04
Loss from discontinued operations per common share
(0.01 ) (0.01 )
Earnings per common share attributable to common shareholders – diluted
$ 0.15 $ 0.03
Shares used for computing income per common share:
Weighted average shares used in computation—basic
54,210,555 53,951,438
Weighted average shares used in computation—diluted
57,039,061 55,102,436
ETAK.. $1.09.. Powering up with a respected board..
Elephant Talk Communications Corp. Stockholders Appoint Mr. Jaime Bustillo and Dr. Francisco Ros as Two New Members of its Board of Directors
Sep 18, 2014 09:38:00 (ET)
OKLAHOMA CITY, Sept. 18, 2014 /PRNewswire/ -- Elephant Talk Communications Corp. (NYSE MKT: ETAK) ("Elephant Talk" or the "Company"), a global provider of Software Defined Network Architecture (ET Software DNA(R) 2.0) platforms and cyber security solutions, today announced that Mr. Jaime Bustillo and Dr. Francisco Ros were elected to the Company's Board of Directors at the Company's annual meeting of stockholders on September 12, 2014 (the "Annual Meeting"). Mr. Bustillo and Dr. Ros fill the vacancies created by Mr. Groenink's departure following the Annual Meeting and the increased size of the Board of Directors from five members to six members. Messrs. Steven van der Velden, Geoffrey Leland, Yves van Sante and Carl Stevens were re-elected.
The Company's stockholders also approved an increase in the number of shares of the Company's common stock authorized for issuance under the Amended and Restated Elephant Talk Communications Corp. 2008 Long-Term Incentive Compensation Plan, as amended (the "2008 Plan"), by 10,000,000 shares. Squar Milner was ratified as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2014.
Mr Steven van der Velden, Chairman and CEO of Elephant Talk, stated, "Our Board is grateful for the years Mr. Groenink served as a member of our Board and is very much looking forward to working with Mr. Bustillo and Dr. Ros to successfully achieve our Company's strategic goals."
Mr. Jaime Bustillo, 56, is the CEO of Airphone servicios de telecomunicaciones SL, also known under the brand name AIRIS mobile, a Spanish mobile virtual network operator. From 2000 to 2012, Mr. Bustillo held a number of senior positions at Vodafone Group Plc ("Vodafone"), a leading global telecommunications group. During his time at Vodafone, he was the Group Director of Networks Evolution, Chief Technical Officer of the Western Region, a member of Spain Excomm and the Vodafone Group Technology Board. Mr. Bustillo formerly served as Chairman of the Board of Vizzavi España, a Vodafone subsidiary (renamed Vodafone Enabler Espana). Mr. Bustillo holds a Telecommunications Engineering degree from Universidad Politécnica de Madrid.
Dr. Francisco Ros, 63, is Executive President of First International Partners, S.L., a business consulting firm he founded in 2002. Since 2010, Dr. Ros has been a member of the Board of Directors of Qualcomm Incorporated ("Qualcomm"), a world-leading provider of wireless technology and services, he has served as a member of Qualcomm's Finance Committee since March 2014, and previously Qualcomm's Governance Committee. He previously served as a Senior Director of Business Development at Qualcomm Europe and Managing Director of Qualcomm Spain. Dr. Ros is also non-executive Chairman of Asurion Spain and honorary Professor at Universidad Politecnica de Madrid. Dr. Ros was Vice Minister in the Spanish Government, responsible for Telecommunications and the Development of the Information Society. He held key positions within the Telefonica Group, including General Manager for Telefonica International at the time of its vast expansion into Latin America. Dr. Ros holds two PhDs; in Telecommunications from the Universidad Politécnica de Madrid and in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology (MIT).
About Elephant Talk Communications Corp.:
Elephant Talk Communications Corp. (NYSE MKT: ETAK), is a global provider of mobile proprietary Software Defined Network Architecture (ET Software DNA(R) 2.0) platforms for the telecommunications industry. The Company empowers Mobile Network Operators (MNOs), Mobile Virtual Network Operators (MVNOs), Enablers (MVNEs) and Aggregators (MVNAs) with a full suite of applications, superior industry expertise and high quality customer service without the need for substantial upfront investment. Elephant Talk counts several of the world's leading MNOs and technology companies amongst its customers and partners, including Vodafone, T-Mobile, Zain, Iusacell and HP. Visit: www.elephanttalk.com.
About ValidSoft UK Limited:
ValidSoft, a subsidiary of Elephant Talk Communications Corp., secures transactions using personal authentication and device assurance. We help our customers to reduce fraud losses and improve customers' experience. As part of our multi-factor authentication, ValidSoft integrates its leading Voice Biometric engine into multivendor solutions or as a standalone system. ValidSoft serves multiple clients in the financial, government and business automation sectors and is the only company to have been granted four European Privacy Seals, reflecting its commitment to promoting strong data privacy. Visit: www.validsoft.com.
Contacts:
Investor Relations:
Steve Gersten
Capital Markets Group
813-926-8920
steve@capmarketsgroup.com
Public Relations:
Michael Glickman
MWG CO.
917-596-1883
mike@mwgco.net
/Web site: http://www.elephanttalk.com
BDR.. $1.28.. Bought a Starter position today..
ETEK $1.22.. I have been adding on a regular basis for the past few days.. It's a real speculation but I think a double is possible from here.. Has a lot of liquidity.. hank
09/15/14 1:13 PM EDT Buy 1888 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 100 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 2500 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 700 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 200 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 100 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 100 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 2000 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 100 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 100 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 100 ETAK Executed @ $1.19 Details | Edit
09/15/14 1:12 PM EDT Buy 1000 ETAK Executed @ $1.1884 Details | Edit
09/15/14 10:59 AM EDT Buy 4888 ETAK Executed @ $1.1397 Details | Edit
09/15/14 10:55 AM EDT Buy 4888 ETAK Executed @ $1.1297 Details | Edit
09/12/14 10:06 AM EDT Buy 4888 ETAK Executed @ $1.0601 Details | Edit
09/12/14 10:05 AM EDT Buy 4888 ETAK Executed @ $1.062 Details | Edit
09/11/14 1:46 PM EDT Buy 6000 ETAK Executed @ $1.0624 Details | Edit
09/10/14 3:36 PM EDT Buy 6000 ETAK Executed @ $1.156 Details | Edit
09/10/14 2:57 PM EDT Buy 2000 ETAK Executed @ $1.128 Details | Edit
09/10/14 12:47 PM EDT Buy 2888 ETAK Executed @ $1.0699
MBX.to.. $0.60.. That sure was a nice 50% retracement.. I added 25 K during the swoop down.. Thanks for the cheap shares to who ever sold.. Now that we are back to the norm ,, it's time to see what the results will be over the next 9 Mo's..
KINS.. $8.1999.. As long as the insiders keep buying I see no reason to sell.. My guess is that $12 to $14 is within reach during the next 18 Mo's.. Form 4 Filings below are increasing.. hank
09/09 14:46 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Sep 08 Filed by: Tupper Floyd R
09/05 12:54 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Sep 04 Filed by: Tupper Floyd R
09/03 15:56 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Sep 03 Filed by: Tupper Floyd R
09/03 15:54 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Sep 03 Filed by: GOLDSTEIN BARRY
09/02 10:48 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Aug 29 Filed by: Tupper Floyd R
08/26 11:05 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Aug 25 Filed by: Tupper Floyd R
08/21 15:32 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Aug 21 Filed by: Tupper Floyd R
08/19 17:30 EDGR KINS 2 Form SC 13D/A KINGSTONE COMPANIES, Filed by: GOLDSTEIN BARRY
08/14 16:49 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Aug 12
08/14 16:41 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Aug 12 Filed by: GOLDSTEIN BARRY
08/13 16:17 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Aug 12
08/12 16:31 EDGR KINS 1 Form 10-Q KINGSTONE COMPANIES, For: Jun 30
08/12 16:14 RTSG KINS 2 Kingstone Companies Inc declares dividend
08/12 16:12 ZING KINS 2 Kingstone Companies, Inc Reports Q2 EPS of $0.17 vs $0.18 Est; Raises Qtr. Dividend from $0.04 to $0.05/Share
08/12 16:10 FLYN KINS 3 Kingstone expects change in reinsurance structure to have impact in Q3 (TheFlyOnTheWall)
08/12 16:09 FLYN KINS 1 Kingstone Companies reports Q2 EPS 18c, consensus 18c (TheFlyOnTheWall)
08/12 16:05 BWUS KINS 5 Kingstone Companies Announces 2014 Second Quarter Financial Results
08/04 09:59 MWUS CANN 3 Advanced Cannabis Solutions Names Michael Feinsod Executive Chairman Monday, August 4, 2014
07/17 11:31 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Jul 16
07/16 08:30 BWUS KINS 5 Kingstone Companies, Inc. Schedules 2014 Second Quarter Financial Results and Conference Call
07/03 06:00 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Jul 02
07/02 06:52 FLYN KINS 2 Kingstone Companies to host conference call (TheFlyOnTheWall)
07/01 16:31 FLYN KINS 1 Kingstone Insurance enters into various reinsurance agreements (TheFlyOnTheWall)
07/01 16:30 BWUS KINS 5 Kingstone Companies Announces Signing of New Reinsurance Treaties
07/01 06:01 EDGR KINS 1 Form DEF 14A KINGSTONE COMPANIES, For: Jun 30
06/27 16:16 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Jun 27 Filed by: GOLDSTEIN BARRY
06/23 08:30 BWUS KINS 2 Kingstone Companies, Inc. to Be Added to the Russell Microcap® Index
06/20 16:13 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Jun 20 Filed by: GOLDSTEIN BARRY
06/17 15:05 EDGR KINS 1 Form 3 KINGSTONE COMPANIES, For: Jun 10 Filed by: Tupper Floyd R
06/13 16:10 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Jun 13 Filed by: GOLDSTEIN BARRY
06/12 16:09 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: Jun 09
06/11 16:06 ZING KINS 0 * Kingstone Announces Floyd Tupper To Board
06/11 16:05 BWUS KINS 3 Kingstone Companies, Inc. Announces Appointment of Floyd Tupper to Board of Directors
06/03 07:17 RTSG KINS 3 Moody’s Investors Service reaffirms Baa1 rating to Kuwait Insurance Co SAK
05/27 16:20 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: May 27 Filed by: GOLDSTEIN BARRY
05/21 08:53 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: May 20
05/20 13:39 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: May 16 Filed by: Reiersen John D.
05/20 09:11 RTSG KINS 2 Kingstone declares $.04 share quarterly dividend
05/20 09:00 BWUS KINS 3 Kingstone Declares $.04 Share Quarterly Dividend
05/19 07:55 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: May 16 Filed by: GOLDSTEIN BARRY
05/16 15:34 EDGR KINS 1 Form 8-K KINGSTONE COMPANIES, For: May 15
05/15 12:25 BWUS KINS 4 A.M. Best Revises Outlook to Positive for Kingstone Insurance Company and Kingstone Companies Inc.
05/15 11:56 ZING KINS 0 * Kingstone Reports Q1 Adjusted EPS $0.01
05/15 11:55 FLYN KINS 1 Kingstone Companies reports Q1 EPS 4c, may not compare to consensus 16c (TheFlyOnTheWall)
05/15 11:55 ZING KINS 1 Kingstone Companies, Inc Reports Q1 EPS of $0.04 vs $0.16 Est
05/15 11:54 BWUS KINS 5 CORRECTING and REPLACING Kingstone Reports First Quarter 2014 Results
05/15 11:12 EDGR KINS 1 Form 10-Q KINGSTONE COMPANIES, For: May 08
05/13 17:02 EDGR KINS 1 Form SC 13G/A KINGSTONE COMPANIES, Filed by: Eidelman Virant Capital
04/08 04:04 RTSG KINS 2 Kuwait Insurance Co SAK announces cash dividend distribution date for FY 2013
04/07 10:49 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Apr 04 Filed by: GOLDSTEIN BARRY
04/02 16:35 EDGR KINS 1 Form 4 KINGSTONE COMPANIES, For: Apr 01 Filed by: GOLDSTEIN BARRY
My Shop Truck Picture.. Chopped 53 Ford , Corvette engine,, 3 Inch Chop,, Height's Front and a 4 bar rear,, 9" ford rear.. Have owned this one for 10 Years.. hank
MNVWF.. $0.33.. Sold out my position today.. Bad Qtr. and they appear to be running out of cash.. Cash/debt ratio just too high and they have little left on their line.. hank
MNDO.. $3.15.. From another site..
MIND CTI - A 'MIND'-Blowing Triple Play For Investors
Summary
•MIND CTI is an under-the-radar stock that should be attractive to all investor types: growth, income, value.
•For growth investors: through two quarters MNDO 's revenues are +35% and EPS are 4x 2013's comparable period, with management bullish for balance of 2014.
•For income investors: MNDO currently yields 8%, has paid a dividend for >10 years, and is committed to sustainable, profitable growth and shareholder returns.
•For value investors: MNDO delivers accelerating performance and a sustainable dividend, yet trades at a ~14 P/E, has a pristine balance sheet, and no debt.
•MNDO appears to be significantly mispriced - a 50% increase in share price gets MNDO to simply a "reasonable" valuation, never mind a valuation in line with the market.
In the pursuit of returns, investors generally classify and/or invest in stocks based on one of three criteria:
1.Growth: Stocks of companies with growing revenues in which the underlying equity's price will appreciate over time
2.Income: Stocks of companies that pay consistent dividends over time, providing a reliable stream of income at a competitive rate vs. alternate options
3.Value: Stocks of companies that, for some reason, are undervalued by the market
MIND CTI, Ltd. (NASDAQ:MNDO) is a small, relatively undiscovered gem that I believe offers the unique opportunity to meet each of these criteria, providing growth, income, and value opportunities within a single ~$3 issue.
Company Overview
Founded in 1995, MIND CTI Ltd. bills itself as a "a leading provider of convergent real-time end-to-end billing and customer care product based solutions as well as call accounting solutions for organizations and large multinational corporates."
The company is based in Israel, but is global in scope and has offices in the United States, the U.K., as well as Romania. The company is listed on both the NASDAQ (ticker MNDO) as well as the Tel Aviv stock exchanges.
MIND is a solutions provider in somewhat of a niche market, selling offerings to the telecom industry as well as direct to large, global corporations with sizable telecommunications business functions. According to company's recent investor presentation, MIND has 20 years of experience in the space MIND has delivered over 20,000 installations and has technology partnerships with firms like Cisco (NASDAQ:CSCO), Avaya (AVYA), and Microsoft (NASDAQ:MSFT).
MIND operates within two key verticals: Billing and Customer Care and Call Accounting. As is typical with software providers, MIND's revenue model is driven by a mix of license fees, maintenance, and professional services.
Billing and Customer Care Segment
The target market for MIND's "Billing and Customer Care" segment is regional Tier 2&3 telecom carriers across the globe, including: China Unicom (NYSE:CHU), KDDI (OTCPK:KDDIY), Megacable (OTC:MHSDF), among others (as noted in the investor presentation). As these are regional players these clients may not be household names to a casual, or U.S.-based investor; however, in many cases these are multi-billion dollar market cap clients for MIND.
"MIND delivers a complete solution that suits carrier specific needs, across any line of business: voice, data, content, video; fixed, mobile, cable, satellite; prepaid and postpaid. MIND's solutions for service providers enable telecom operators to rapidly deploy services, support automated business processes and sophisticated business models."
While MIND has a full set of offerings for these clients, within this vertical MIND's flagship product is "MINDBill", a self-described"end to end, customer care platform…enabling service providers to quickly and efficiently handle millions of subscribers and transactions."
Net/net, the MIND solution allows for customer driven configuration and easier automation of the billing process to meet changing customer needs (or offerings). The solution drives productivity and reduces errors, is scalable, and has a demonstrated ROI for clients.
Call Accounting
MIND's second vertical is focused on call accounting solutions for large, often multi-national clients. Specifically,"MIND offers advanced call management systems used by organizations for call accounting, traffic analysis and fraud detection. MIND's enterprise solutions enable organizations of any size to monitor and manage their telecom costs, increase employees' productivity and detect misuse and fraud for both traditional voice and IP telephony."
MIND's flagship offering for "Call Accounting" segment is "PhonEx ONE", and is utilized by dozens of clients to manage and control telecommunication expenses: cost center allocations of telecom expense, systems monitoring, bill verification, etc. MIND Customers in this space include a virtual "who's who" of large multinationals: HSBC (NYSE:HSBC), TEVA (NYSE:TEVA), Nissan (OTCPK:NSANY), Caterpillar (NYSE:CAT), etc. (see investor presentation)
For additional information I recommend reviewing the company's website as well as its investor presentation.
Growth Opportunity for Investors
Over the last few years MIND has been a steady earner, generating revenues of $18M-$20M per year with consistency. However, in the Q4 2013 earnings press release (2/25/14), CEO Monica Iancu made the following, foreshadowing comments:
"…in 2013 we signed the largest deal in MIND's history and in total the new deals and follow on orders committed to by our customers exceed yearly prior bookings. ... We expect the significant wins of 2013 to have a positive impact on our 2014 results."
In May of 2014, following a solid Q1 2014 report (detailed below), Mrs. Iancu added:
"We expect that the impact of our previously announced latest large wins will be significant both to our revenues and to our margins in the next few quarters….We started implementation of MIND"s largest win ever..."
Thus far, MIND experiencing significant growth in both the top and bottom line. As noted, on a year over year basis, in Q1 2014 MIND grew revenues by 28% and EPS 400%. In Q2 2014 (reported on 8/6/14), MIND grew revenues 43% and EPS 300% vs. 2013. In just the first 6 months of 2014 MIND has grown the top line 35% over 2013, it has already achieved 65% of the 2013 total in revenues, and has already exceeded all of 2013's EPS. Noting the bullish comments above regarding the balance of 2014, as well as recent press releases regarding new customer wins and/or existing customer extensions, investors should be confident that the coming quarters will compare favorably to the most recent results.
Income Opportunity for Investors
Similar to revenues, over the last few years MIND has also been a steady income provider. CEO Monica Iancu is the largest single shareholder, owning 3.8M shares, or ~20% of the total shares outstanding. MIND has paid an annual dividend for over 10 years.
As you can see, MIND has been a consistent source of income, and a reliable source of high yield (something in short supply these days). A focus on cash flows, profitable growth, and sustainability of this dividend is embedded in the company's strategy and business model. MIND has delivered a consistently strong yield over 10 years - and yet, 2014 appears to be on pace to be its best revenue and earnings growth performance in recent memory.
(Note: There are tax implications and oddities related to U.S. holders of Israeli-based dividend paying companies that, depending on circumstances, can dampen the overall income provided to a given investor.)
Value Opportunity for Investors
The never-ending quest of the value investor is to locate mispriced securities. Mispriced securities may exhibit a growth rate, level of income, or other attribute not fully valued (yet) by the market. I believe that in MIND we have the epitome of a mispriced security. :
One a P/E basis, MIND sells at a 40% discount to an approximate comparator (Russell Microcap Index average). Though P/Es vary based on numerous factors (i.e,. not all stocks will trade up to, or down to the mean), if we applied the "market average" P/E of 19 to MIND the result is a $4 valuation. Is MIND worthy of the "average" P/E multiple? I'd argue it actually deserves higher:
1.MIND pays ~8x the dividend of this approximate comparator. Additionally, one could assume that based on 2014's stellar run rate plus management's history of focusing on income that the 2015 divided will likely increase.
2.EPS growth: Though management has clearly indicated continued improvement for Q3 and Q4, lets take a conservative approach and say MIND simply meets the 2013 EPS for the Q3 and Q4 of this year. This would result in a 2014 EPS of .21 per share, a 75% increase over 2013 EPS of .12. Configured into a PEG calculation this conservative model yields a PEG of just .19.
3.Revenue growth: In seeking a valuation one can't ignore the tremendous top-line growth MIND is producing (35% in the first 6 months). The market generally applies higher multiples to firms generating revenues at these accelerated levels. Companies with comparable revenue growth are routinely given P/E multiples in the 20's.
4.Finally, we can't forget that the company has $17.8M in cash (33% of the market cap) and no debt. These figures are AFTER the company paid the annual dividend earlier this year of $4.5M. Backing out a portion of the cash on the balance sheet, a common valuation practice, only makes the issue more attractive. If, in a valuation exercise we held back $10M of "surplus" cash (i.e., the remaining $7.8M and the strong free cash flow more than cover opex, continuation of the dividend, etc.), we back into a stock currently trading with a <10 P/E.
As you can see, by nearly every conventional measure or comparator MIND appears to be dramatically undervalued. If we place cautious assumptions and use average market multiples, >50% upside in this stock seems obvious. In my estimation, this kind of price appreciation simply gets MIND's share price to a reasonable level in this market, at which point the other virtues of this issue (top and bottom line growth, dividend yield, balance sheet, etc.) could be more accurately accounted for in additional price appreciation.
Risks
Investing in all stocks carries risk, and while I've outlined a bullish thesis, an investment in MIND does carry risk. Aside from the general competitive-related and other risks typically provided by a company in an annual report, I'd like to highlight:
1.MIND operates globally and generates revenues in all regions. Akin to other multinationals, macro events could disrupt its operations.
2.As an Israeli-based firm there is potential additional risk given the geo-political disruption somewhat common to the region.
3.By focusing, at least historically, on income production there could be concern that the company has not fully invested in the innovation needed to continue to compete. While legitimate based on the companies allocation of capital, the recent parade of wins and re-signing of current clients seems to dispel much of this concern.
4.MIND is an underfollowed and low profile company. I can't identify any analysts that cover the firm. Once more, MIND does not appear to do quarterly conference calls or participate in investor conferences in a meaningful way. The company issues very few press releases -- basically, only quarterly results and the occasional PR on new business awards.
5.There are limited institutional holdings, with Renaissance Technologies LLC's 1.3M share position (~7% of the shares) as the only institutional holder of note.
6.MIND is a thinly traded security. The float is only 13M shares. Prior to the Q2 earning release on August 6th it generally traded ~30,000 shares per day. Though it has traded more heavily recently, including several trader driven huge volume days in early August after the earnings release, establishing a position and otherwise moving in or out of a stock like MIND can be challenging.
Conclusion
Following the August 6th release of the Q2 earnings MIND's stock saw an immediate run up on tremendous relative volume. It has since pulled back from its highs, trading in the $2.80-$2.90 range.
As outlined in this thesis, I believe that MIND offers a tremendous opportunity across three key investment goals: growth, income, and value. As a non-U.S. headquartered company, and one that appears to prefer a low key persona, MIND is largely under the radar of most investors. By generating a 35% increase in its first six months of revenues (year over year) as well as continuing to forecast improving results and publishing new business wins, MIND offers a compelling case for an income investor. With a strategic focus on cash flows, sustainable earnings, and return for shareholders demonstrated by over 10 years of solid dividend payments, income seekers should be drawn to an investment in MIND. Finally, given these attributes and noting the extremely low multiple assigned by the market, MIND appears (to this investor) to be mispriced, and therefore representing an extremely attractive equity for the value investor.
MNDO.. $3.00 Have been ading to a position started last month on a regular basis.. Now have a full position.. Latest Qtr. report very upbeat and positive going forward.. Hank
Yoqneam, August 06, 2014
MIND CTI Reports New Record Quarterly Revenues of $6.3 Million
*AGM Resolutions Approved..
Yoqneam, Israel, August 6, 2014 — MIND C.T.I. Ltd. (MNDO), a leading provider of convergent end-to-end prepaid/postpaid billing and customer care product based solutions for service providers as well as unified communications analytics and call accounting solutions for enterprises, today announced results for its second quarter ended June 30, 2014.
The following will summarize our major achievements in the second quarter of 2014 as well as our business. Full financial results can be found in the Investors section of our website at www.mindcti.com/pages/investor/press_releases.aspx and in our Form 6-K filed with the Securities and Exchange Commission.
Financial Highlights
•Revenues were $6.3 million, up 10% sequentially from the first quarter of 2014, and up 42% from $4.42 million in the second quarter of 2013.
• Operating income was $1.6 million or 26% of revenue, up 40% sequentially from the first quarter of 2014 and compared to $0.5 million in the second quarter of 2013.
• Net income was $1.45 million or $0.08 per share, compared to $0.4 million or $0.02 per share in the second quarter of 2013.
• One new win and follow on orders.
• Cash flow from operating activities was $1.4 million.
• Cash position was $17.8 million as of June 30, 2014, compared with $17.5 million as of June 30, 2013.
Six Month Highlights
• Revenues were $12.0 million, up 35% from $8.9 million in the first six months of 2013.
• Operating income was $2.8 million or 23% of revenue, compared to $0.6 million or 7% of revenue in the first six months of 2013.
• Net income was $2.5 million, or $0.13 per share, compared to $0.6 million or $0.03 per share in the first six months of 2013.
• Cash flow from operating activities in first six months of 2014 was $2.4 million.
As of June 30, 2014 we had 355 employees, the same as on June 30, 2013.
“We are extremely pleased to set a new record in quarterly revenues and we believe that our early planning, investment in people, technology and customer satisfaction made it possible. Our record revenue reflects the progression of complex projects towards production. We continue to support our customers in their strategic initiatives and they value the managed services that MIND can deliver as operators seek greater simplicity and improved quality in their IT operations.
We remain focused on our execution, which includes securing new business, improving our operating efficiency and continuously expanding our offering. We continue to see encouraging levels of interest in our solutions, while the sales cycle continues to be long and gets longer as we aim towards larger deals. As previously announced, since the fourth quarter of 2013, we closed large deals that will be significant both to our revenues and to our margins for the next few quarters.” said Monica Iancu, MIND CTI CEO.
Revenue Distribution for Q2 2014.
Sales in the Americas represented 61.1%, sales in Europe represented 23.9% and the rest of the world represented 15.0% of total revenue.
Revenue from customer care and billing software totaled $5.3 million, while revenue from enterprise call accounting software totaled $1.0 million.
Revenue from licenses was $1.7 million, or 26% of total revenue, while revenue from maintenance and additional services was $4.6 million, or 74%.
One Win and Follow-on Orders
During the second quarter we announced one new win with an East European mobile operator and two follow-on orders, one in Guam and one in Africa.
AGM Update
The Company held its Annual General Meeting of Shareholders on August 4, 2014 and all the proposed resolutions were approved.
MIND C.T.I. LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Six Months
Ended June 30, Ended June 30,
2014 2013 2014 2013
(Unaudited)
U.S. $ in thousands
Cash flows from operating activities:
Net income $ 1,450 $ 402 $ 2,450 $ 564
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization 53 57 117 118
Amortized cost from available for sale securities 21 1 29 1
Deferred income taxes, net - - 133 -
Accrued severance pay 14 43 - 99
Unrealized loss (gain) from marketable securities, net 13 - (10 ) -
Capital loss (gain) on sale of property and equipment - net - (8 ) - (6 )
Employees share-based compensation expenses 16 12 36 33
Realized loss on sale of available for sale securities - - (39 ) -
Changes in operating asset and liability items:
Decrease (increase) in accounts receivable:
Trade 359 423 167 11
Other (77 ) (50 ) (34 ) (78 )
Decrease (increase) in prepaid expenses and deferred charges (177 ) 44 (152 ) 365
Decrease in inventories - - - -
Increase (decrease) in accounts payable and accruals:
Trade (47 ) 345 (362 ) 421
Other 254 (155 ) 945 150
Increase (decrease) in deferred revenues (490 ) (32 ) (859 ) 1,311
Net cash provided by operating activities 1,389 1,082 2,421 2,989
Cash flows from investing activities:
Purchase of property and equipment (34 ) (81 ) (83 ) (141 )
Sale of available for sale securities - - 522 -
Severance pay funds (11 ) (34 ) 30 (76 )
Investment in short-term bank deposits - (1,127 ) - -
Investment in available for sale securities (500 ) - (1,013 ) -
Investment in marketable securities (939 ) - (1,073 ) -
Proceeds from short-term bank deposits 2,822 - 7,251 2,099
Proceeds from sale of property and equipment - 9 - 19
Net cash provided by (used in) investing activities 1,338 (1,233 ) 5,634 1,901
Cash flows from financing activities:
Employee stock options exercised and paid - - 77 73
Dividend paid (1,182 ) (4,532 ) (4,544 ) (4,532 )
Net cash used in financing activities (1,182 ) (4,532 ) (4,467 ) (4,459 )
Translation adjustments on cash and Cash equivalents 30 13 31 (63 )
Increase (decrease) in cash and cash equivalents 1,575 (4,670 ) 3,619 368
Balance of cash and cash equivalents at beginning of period 10,256 18,348 8,212 13,310
Balance of cash and cash equivalents at end of period $ 11,831 $ 13,678 $ 11,831 $ 13,678
About MIND
MIND CTI Ltd. is a leading provider of convergent end-to-end billing and customer care product based solutions for service providers as well as unified communications analytics and call accounting solutions for enterprises. MIND provides a complete range of billing applications for any business model (license, managed service or complete outsourced billing service) for Wireless, Wireline, Cable, IP Services and Quad-play carriers in more than 40 countries around the world. A global company, with over thirteen years of experience in providing solutions to carriers and enterprises, MIND operates from offices in the United States, Romania and Israel.
HRTG.. $14.88.. Bought a starter position today.. This is from another board.. This is the kicker that makes this a good investment..
KINS.. $7.15.. Bought an initial position today.. read on the VMC Microcaps board why.. The insider buying has been relentless.. hank
MBX.to.. $0.39.. This is a rare opp. for someone to add or create a new position.. I'll be adding over the next several weeks.. hank
zenvesting Member Level Friday, 08/22/14 03:45:07 PM
Re: Traderfan post# 5342
Post # of 5352
MBX.to: I'm not too excited by the news; but it doesn't change my outlook much. The pricing is disappointing relative to current market values; but the strong insider participation shows confidence in the company's future. I'm still holding with the hopes for a long-term multi-bagger based on the development of Lumisort and the outcome of the lawsuits with Novartis. But for those on the sidelines, there may be better entry prices ahead, closer to the $0.39 price of the PP.....although I don't expect any of those shares to hit the market anytime soon. Here's the nes for those who haven't seen it:
Microbix Closes Private Placement
13:49 EDT Friday, August 22, 2014
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE SERVICES./
TORONTO, Aug. 22, 2014 /CNW/ - Microbix Biosystems Inc. (TSX: MBX), an innovator of biological products and technologies, today announced the closing of a private placement financing resulting in the issuance of 3,134,025 units at a price of $0.39 per unit for gross proceeds of $1,222,269. Each unit consists of one common share of Microbix and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of $0.55 for five years.
Insiders of the Company participated in the financing by purchasing an aggregate of 1,964,615 units. The financing was non-brokered. A total of 34,910 finder's warrants were issued. Each finder's warrant entitles the holder to purchase one unit at a price of $0.47 for a period of five years. The net proceeds of this financing will be used for general working capital purposes across the Company's businesses. The securities issued in the private placement are subject to a hold period of four months and one day from the date of issue. The private placement remains subject to the final approval of the Toronto Stock Exchange.
Vaughn Embro-Pantalony, President and CEO of Microbix commented on this private placement, "We are working to rapidly advance several growth-oriented projects at our Company. We believe the proceeds of this private placement will help ensure that there are no funding related delays to our targeted timelines. Also, I am very pleased with the significant level of insider participation in this financing, which is a strong vote of confidence in our Company's performance and future direction."
The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent an exemption from the registration requirements.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release
Whoa that's a lot of miles! You do some racing?
Just got back from the Salt Flats.. 5700 Miles and this is all I got for a picture.. hank
https://www.facebook.com/photo.php?fbid=793284377389774&set=gm.717361974968045&type=1
good run Hank, is it time to think about getting back in SILC after the tumble it has taken?
spec
GATA.. $0.35.. Sold the rest of my Position Today.. Nice ride but now want do I replace it with..??
KLYG,, SPND,, MNVWF,, AMPG,, HTLZF,,
You should like this:
https://www.facebook.com/photo.php?v=511140508976606
WOW! That is interesting looking.
GATA $0.25.. is getting interesting.. I think it finally has some traction.. Always thought it was cheap on the earnings but the INDIA factor always seemed to make it have ready and willing sellers.. I'm long a bunch lower and nave taken more of an investor stance on GATA than using it as a trading Stock... hank
GATA breaking out today - bid of $0.25. Maybe it is going to get a P/E of 2 now!
KLYG.. $0.188 Past RR releases not easily avil. for futher DD and Research are shown below..
Hopefully KLYG backoff's from today's spike will happen as I now believe that KLYG is no longer a lottery ticket but has a good possibility of becoming a true Micro-cap growth stock.. I will add on any weakness.. Normally close lipped management has come out with New members to the board that will give it exposure thruout the industry which it serves.. Over a year ago a published letter to a respected Nuerosurgeon Journal was written by a respected Nuerosurgeon that seemed to aid in the validity of its procedures and methods of expertise in cranial bone repair.. The new additions to the board will again further their penetration into this new and exciting field.. This Journal Article is contained in a PR below..
I think that with just a few more Qtr's of continued performance a buyout could very well happen and at the least a ten-bagger from this level.. Continued growth and earnings at this rate could very well place KLYG into the high multiple values given medical device companies..
Personally I think KLYG could be a life changing stock for any that continue to own it.. hank
=============================================================
Kelyniam Announces Record Net Income and Additions to the Board of Directors
GlobeNewswire - Jun 03 09:48 EDT
Alert hits:OTC All /kl
Company Symbols: OTC-PINK:KLYG
Canton, CT, June 3, 2014 (GLOBE NEWSWIRE) -- Kelyniam Global Inc, (OTC: KLYG), a prominent manufacturer of custom cranial implants, today reported that the company generated net income of $71,205 in the first quarter of 2014.
Compared with first quarter 2013, net sales increased 23% from $437,415 to $540,286, as a result of increased market penetration, gross profit moved up from $229,027 to $269,788, and net income swung from a loss of $17,272 to a profit of $71,205. Financials will be provided at www.kelyniam.com. "This is the strongest first quarter in the company's history", stated Tennyson Anthony, President and CEO. "Our progress is encouraging and it suggests there is a lot more room for the company to grow. Furthermore, we are working to increase our gross margins throughout 2014."
In addition, the company is excited to announce that the board has appointed Dr. Mark Smith, a prominent Nuerosurgeon, and Dr. Naveh Levy, a practicing Diagnostic Radiologist, to the board of directors.
Mark V Smith, M.D. is a neurosurgeon with over 20 years of clinical experience. He has also worked as a biomedical engineer. He graduated magna cum laude with a bachelor's degree in Electrical Engineering from the University of Maryland in 1980. After working two years as a biomedical engineer, he was admitted to medical school where he earned a doctorate of medicine at the University of Maryland in 1986. He completed his neurosurgery training at SUNY Upstate University Hospital in Syracuse, New York in 1993. He is also fellowship trained in pituitary surgery and epilepsy surgery. Dr. Smith was as an assistant professor of neurological surgery at SUNY Health Sciences Center in Syracuse, New York from 1994 to 1999 specializing in epilepsy and skull base surgery. In 1999 he started a private practice neurosurgery group in Utica, New York. Dr. Smith has received numerous awards and grants and is published in the fields of neuroanatomy, neurophysiology and neurosurgery.
Naveh Levy, M.D. completed his residency at the Cleveland Clinic in 2008 and an MRI Fellowship in 2009 at Michigan State University. He holds a medical degree from George Washington University School of Medicine in Washington, D.C.
"Kelyniam is in the business of taking raw data, a patient's CT scan, and creating a superior product with intricate details for the surgeon to implant in the patient. These new board members bring the technological acumen to complement both aspects of the business," stated Mr Anthony. "We are excited to have them join us."
=============================================================
Kelyniam Global Inc. Revenues Grow 54% from Prior Year
GlobeNewswire - Apr 07 08:30 EDT
Alert hits:/kl
Company Symbols: OTC-PINK:KLYG
Canton, CT, April 7, 2014 (GLOBE NEWSWIRE) -- Kelyniam Global Inc.(OTC: KLYG), a manufacturer of custom cranial implants, announces preliminary revenue of $1,857,516 for 2013. This represents an increase of 54% vs. sales of $1,206,227 in 2012. The Kelyniam product fit and quick turnaround has captured the attention of surgeons throughout the United States. The revenue increase reflects the continued rollout in many additional hospitals. The company will provide financials on their website, kelyniam.com, when they become available in final form from the Accounting Firm.
President and CEO Tennyson S. Anthony stated: "Although we are showing consistent growth and have become a profitable company in a relatively short time, rest assured we are focused on building a company that has the ability to grow at a much greater rate in the near future. My team and I have been working tirelessly to create a company that has the technology, economic fortitude, and operational efficiency to be the market leader in customized implants. We are just starting to see the fruits of our efforts."
=============================================================
Kelyniam Global Inc. Unveils New Product
Canton, CT, April 2, 2014 (GLOBE NEWSWIRE) -- Kelyniam Global Inc. has introduced a new product to the marketplace, the "IFS" (Integrated Fixation System) product. The product is patent pending and provides faster implantation, reduced hardware, cost savings and elimination of mundane tasks during the surgical procedure.
The design team at Kelyniam created this product with the surgeons needs in mind together with the realization of economic sensitivities by the hospitals. They carefully collected feedback and input from a multitude of surgeons and designed the product to make their surgeries more efficient.
Kelyniam will be unveiling the new product at the 82nd Annual AANS (American Association of Neurological Surgeons) meeting April 5-9, 2014 in San Francisco.
The company also expects to report financials for 2013 in the coming weeks.
About Kelyniam Global, Incorporated
Kelyniam Global (Pinksheets: KLYG), Inc. specializes in the use of CAD/CAM technology to provide patient specific custom implants to assist medical professionals by allowing them to operate more effectively, improve patient care, and reduce health care costs by providing the highest quality products available with today's technology. The company is continually researching and developing new products and processes to help patients live more active and productive lives.
===================================================================
KLYG.. $0.1388.. I think it's a table pounder but I need to see one more Qtr.. It's been my lottery ticket for 2 years.. Kelyniam Global Inc. turns profitable during the second quarter of 2013
Canton, CT, Sept. 25, 2013 (GLOBE NEWSWIRE) -- Kelyniam Global Inc. (OTC: KLYG) ("the company") is pleased to announce that it has posted its first ever quarterly profit, for the quarter ending June 30, 2013. Net income for the second quarter was $6,608. Sales in the second quarter were $593,355, up 35% from $438,415 in the first quarter 2013. Year to date sales were $1,031,770, up 253% from the same period in 2012.
The company continues to deploy capital towards marketing and organic growth, and to build market share as its customized PEEK implants are sold in more hospitals than ever. It has recently negotiated better terms for the DECD note secured last year, with the term of the note changing from 5 years to 10 without any increase in the interest rate.
Kelyniam will be an active participant in the Connecticut Economic Trade Mission to Australia later this week, traveling to both Sydney and Canberra, Australia. President & CEO Tennyson Anthony exclaimed, "While we are pleased with our second quarter performance, it is our goal to be used in all 50 states and internationally as well." He continued, "In fact, our growth is not only focused on geography, but on building on our existing products. The company will be announcing a new product in the months to come, one that we feel will turn heads."
The company will be posting the financial tables on the website www.kelyniam.com
About Kelyniam Global, Incorporated
Kelyniam Global (Pinksheets: KLYG), Inc. specializes in the use of CAD/CAM technology to provide patient specific custom implants to assist medical professionals by allowing them to operate more effectively, improve patient care, and reduce health care costs by providing the highest quality products available with today's technology. The company is continually researching and developing new products and processes to help patients live more active and productive lives.
Please visit our website at www.kelyniam.com for more information.
==========================================
KLYG.. $0.1078.. My LOTTERY TICKET,, It moves on air.. Now meeting projections made last year...
Kelyniam Global Inc. Announces Continued Revenue Growth & Approval to Sell Overseas
Canton, CT, May 30, 2013 (GLOBE NEWSWIRE) -- Kelyniam Global Inc. (OTC: KLYG), a growing company that designs, manufactures, and sells custom cranial/craniofacial implants, announced today its financial results for the year ending December 31, 2012 and also for the first quarter ended March 31, 2013.
Revenues for the year ending December 31, 2012 totaled $1.2 million. 2012 was the first full calendar year the company had manufactured and sold custom cranial implants in the United States. Revenues for the fourth quarter of 2012 were $414,982 up from $382,177 in the third quarter 2012.
First quarter 2013 revenues were a record $437,415, an increase of 207% from $210,635 in the first quarter of 2012. The increase in sales was attributed to continued marketing and promotional efforts across the United States. The first quarter 2013 marks the first time the company has broken even on an accrual basis.
The 2013 year brings the headwind of the medical device tax to the industry. Beginning Jan 2013 and unless Obamacare is repealed; Kelyniam will be liable for a 2.3% tax on all medical device sales.
A further note: Kelyniam is pleased to announce it has recently been approved to sell its custom cranial/craniofacial implants in Kuwait. It anticipates sales to begin in the coming months.
Related unaudited financial tables will be posted on the company's website www.kelyniam.com.
About Kelyniam Global, Incorporated
Kelyniam Global (Pinksheets: KLYG), Inc. specializes in the use of CAD/CAM technology to provide patient specific custom implants to assist medical professionals by allowing them to operate more effectively, improve patient care, and reduce health care costs by providing the highest quality products available with today's technology. The company is continually researching and developing new products and processes to help patients live more active and productive lives.
Please visit our website at www.kelyniam.com for more information.
Source: Kelyniam Global Inc.
2013 GlobeNewswire, Inc.
---------------------------------------------------
Kelyniam Custom Cranial Implants Receive Endorsement From Skull Based Neurosurgeon Dr. Ammirati of The Ohio State University Wexner Medical Center
Canton, CT, Jan. 29, 2013 (GLOBE NEWSWIRE) -- (OTC: KLYG) Kelyniam Custom Cranial Implants, designed to fill the boney void in a patient's skull, have been endorsed by Mario Ammirati, MD, Director of Skull Based Surgery, Stereotactic Radiosurgery and the Dardinger Microneurosurgical Skull Based Laboratory, Wexner Medical Center, at the Ohio State University. This is the first product Dr. Ammirati has ever endorsed.
Dr. Ammirati stated: "As a neurosurgeon specializing in skull based surgery and brain tumors, I am encouraged with the advancements Kelyniam has made in patient customized cranial implants. I am extremely happy with the precision fit and the fast service I receive with every case. Complex cranial defects resulting from trauma or oncologic resection present reconstructive challenges. No matter how complex the defect, Kelyniam's implant design team is very responsive to my needs. They understand the surgical plans and are quick to respond to my design requirements. The end result is a product that fits very well and is quick to implant, thereby reducing O.R. time and providing the patient with excellent aesthetic results."
----------------------------------------
Kelyniam Global Inc. Announces Record Revenues
GlobeNewswire - Jan 15 08:15 EDT
Alert hits:/kl
Company Symbols: OTC-PINK:KLYG
Canton, CT, Jan. 15, 2013 (GLOBE NEWSWIRE) --
Third Quarter
Kelyniam is pleased to announce record quarterly revenues of $382,177 for the third quarter ending September 30th 2012. This represents almost double the product revenue produced in the second quarter 2012. The company continues to penetrate the custom cranial implant marketplace and has sold implants to medical institutions in more than 20 different states. Furthermore, the company has sold the first maxiofacial implants in the fourth quarter as a result of the recent FDA 510k approval in late third quarter.
Fourth Quarter
The debut of Kelyniam maxiofacial implants in the fourth quarter was met with orders. These orders combined with existing custom cranial implant orders propelled revenues to approximately $400,000 for the fourth quarter, exceeding internal expectations of a slow quarter due to multiple holidays and fewer surgeries. Final fourth quarter numbers will be released once a full accounting is complete.
"The final two quarters of the year demonstrate that both the custom cranial and maxiofacial implant markets have capacity for a product of superior design. Management has worked hard to right the ship in 2012 and looks to build on the momentum in 2013" stated President and CEO Tennyson Anthony. "Kelyniam not only has created a product that fills the patient's cranial void, but is filling the void in the marketplace for a timely-delivered well-fitting product."
Upcoming Conference
Kelyniam will be exhibiting once again at the North American Skull Base Society (NASBS) February 15th - 17th, in Miami, FL.
Financial tables can be found on the company's website www.kelyniam.com
About Kelyniam Global, Incorporated
Kelyniam Global (Pinksheets: KLYG), Inc. specializes in the use of CAD/CAM technology to provide patient specific custom implants to assist medical professionals by allowing them to operate more effectively, improve patient care, and reduce health care costs by providing the highest quality products available with today's technology. The company is continually researching and developing new products and processes to help patients live more active and productive lives.
Please visit our website at www.kelyniam.com for more information.
KLYG.. $0.19.. I sold a few this morning at $0.1388 because I was out at a Dr.'s Appointment but if I had not been there I would of been a buyer.. While this is/has been my lottery ticket I think it now has enough Qtr's under it's belt to qualify as a growth story in the making..
North Dakota exposure,, Mountainview Energy Ltd. Announces 2014 First Quarter Financial Results
Mountainview Energy Ltd. (QX) (USOTC:MNVWF)
CUT BANK, MT, May 30, 2014 /PRNewswire/ - Mountainview Energy Ltd. ("Mountainview" or the "Company") (TSXV: MVW) is pleased to announce its operating and financial results for the three months ended March 31, 2014.
Certain selected quarterly financial and operational information is outlined below and should be read in conjunction with Mountainview's reviewed unaudited interim consolidated financial statements and management's discussion and analysis ("MD&A") for the three months ended March 31, 2014 and the audited financial statements for the years ended December 31, 2013 and 2012 and the accompanying management discussion and analysis, which have been filed with the Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) and also on the Company's website: www.mountainviewenergy.com.
Highlights
During the first quarter of 2014, Mountainview continued to build its production base by completing the two wells drilled at year end, 2013, which resulted in an increase in revenue.
Highlights of Mountainview's successful Q1 2014 are as follows:
• Completed a capital program of $7.9 million, completing 2 gross (1.9 net) wells at a 100% success rate.
• Average Q1 production of 898 boe/d, an increase of 230% over the average of 390 boe/d for Q1 2013.
• Exited Q1 with 1,284 boe/d of production with oil weighting of 87%, compared to 510 boe/d with 79% oil weighting for the prior period quarter.
• Funds flow from operations increased by 619% over the prior period quarter, with $.3 million for the quarter ended March 31, 2014, as compared to ($0.2) for the quarter ended March 31, 2013.
• Generated operating netbacks of $33.87 per boe in Q1 2014, an increase of 40% when compared to $24.12 per boe in Q1 2013.
($000's except per share amounts) Q1 2014 Q4 2013 Q3 2013 Q2 2013 Q1 2013 Q4 2012 Q3 2012 Q2 2012
Average production (boe/d) 898 1,183 711 703 391 194 190 157
Petroleum and natural gas sales 6,108 7,418 5,993 5,107 2,009 778 933 739
Operating netback (per boe) 33.87 34.39 26.13 24.98 24.12 (0.66) 26.93 22.25
Funds flow from operations 310 2,085 2,156 2,419 (207) 150 (177) (72)
Per share basic 0.00 0.02 0.02 0.03 nil nil nil nil
Per share diluted 0.01 0.02 0.02 0.02 nil nil nil nil
Net income (loss) (1,561) (3,141) (387) (1,065) (1,381) (7,344) (428) (362)
Per share basic (0.02) (0.00) (0.01) (0.02) (0.02) (0.08) (0.00) (0.01)
Per share diluted (0.02) (0.00) (0.01) (0.02) (0.02) (0.08) (0.00) (0.01)
Capital expenditures 7,910 16,584 7,262 1,682 21,401 6,489 1,137 2,814
Total assets
90,214 84,744 74,265 67,253 65,131 49,056 49,360 47,945
Net debt excluding financial derivatives 65,314 59,244 46,883 35,772 33,287 19,804 18,605 15,619
(1) Operating netback is a non-GAAP measure calculated as the average per boe of the Company's oil and gas sales plus realized gains on derivatives, less royalties, operating and transportation expenses.
(2) Funds flow from operations should not be considered an alternative to, or more meaningful than, cash flow from operating activities as determined in accordance with International Financial Reporting Standards as an indicator of Mountainview's performance. Funds flow from operations represents cash flow from operating activities prior to changes in non-cash working capital, transaction costs and decommissioning provision expenditures incurred. Mountainview also presents funds flow from operations per share whereby per share amounts are calculated using weighted average shares outstanding consistent with the calculation of earnings per share.
(3) Due to the anti-dilutive effect of Mountainview's net loss for the three months ended March 31, 2014 and 2013, the diluted number of shares is equal to the basic number of shares. Therefore, diluted per share amounts of the net loss are equivalent to basic per share amounts.
(4) Capital expenditures are a non-GAAP measure, calculated as the purchase or sale price of an asset, plus development capital expenditures added to PP&E. Corporate acquisitions are excluded from this measure.
(5) Net debt is a non-GAAP measure representing the total of bank indebtedness, accounts payables and accrued liabilities, less accounts receivables, deposits and prepaid expenses.
Corporate
As highlighted by the Company's quarter-end financial and operational results, Mountainview exited the quarter with increased production, offsetting natural declines from initial production from wells drilled in the fourth quarter of 2013. These declines resulted in lower average production on a quarter over quarter basis which produced a 18% decrease in oil and natural gas sales, while also showing a decrease in funds flow from operations and per boe netbacks when compared to the fourth quarter of 2013. The addition of production in late Q1 2014 is the result of Mountainview's continued focus and successful implementation of its capital plan in Divide County, ND. Operationally, the Company continues to improve on its completion technique and downhole assembly which is expected to increase initial production rates and recoverable reserves while lowering operating expenses. The results of the Q1 2014 capital plan further de-risked the southern extent of the 12 Gage asset, adding an additional infill drilling inventory with capital efficiencies associated with pad drilling.
Mountainview expects to continue its strategic shift to drilling higher working interest wells in 2014.
Financial
At quarter-end, Company net debt was $65.3 million and the Company had $46.1 million drawn on its available credit facility of $51.2 million. Funds flow from operations for Q1 2014 increased significantly from Q1 2013, reaching $0.3 million.
In response to exposure to volatility of differentials from WTI and industry concerns with respect to transportation restrictions in the Williston Basin, which translated into realized prices ranging from $69.40 per barrel of oil in Q1 2013, to $85.28 per barrel of oil in Q1, 2014, the Company has entered into a financial hedging program commencing in January, 2014. Mountainview had 50% of its production hedged for Q1, 2014, with a floor of $85.00 and a ceiling of $97.70. The Company plans to actively manage its hedging program as its production base grows.
Operations
The Company's Q1 2014 capital plan, including all drilling operations, was focused on its core 12 Gage asset in Divide County, N.D. The $7.9 million capital program in the quarter included the completion of 2 wells (1.9 net), with a 100% success rate. At year end 2013, these 2 wells (1.9 net) that had been drilled and were awaiting completion. The Company has selectively increased its working interest in its assets whenever appropriate as it has become more experienced operationally. This experience has resulted in decreased capital costs on a per well basis from $8.3 million per well to $6.3 million per well.
Outlook
Mountainview has continued to deliver on its strategy of production and reserve growth. With anticipated 2014 funds flow from operations in excess of $8 million, and available credit on its existing credit facility, Mountainview will continue to focus on the development of its core 12 Gage asset in Divide County, N.D.
The Company will continue to pursue an aggressive growth strategy using a combination of cash flow and available credit. Recent positive movement in both oil pricing and the WTI oil differentials, combined with the Company's new hedge position, allows Mountainview to remain confident in the long term sustainability of the 2014 capital plan.
With the de-risking of the 12 Gage drilling inventory, Mountainview has identified 72 infill Three Forks/Torquay locations. Adding Bakken potential, management believes that there are an additional 80 drilling locations, all on the 12 Gage acreage. With 152 potential drilling locations on the 12 Gage acreage, Mountainview is strongly positioned to organically grow production and reserves while being able to review acquisition opportunities to further diversify and enhance the Company's commodity and play type risk.
About Mountainview
Mountainview Energy Ltd. is a public oil and gas company listed on the TSX Venture Exchange, with a primary focus on the exploration, production and development of the Bakken and Three Forks Shale in the Williston Basin and the South Alberta Bakken.
Forward-Looking Statements
Certain information contained in this press release constitutes forward-looking statements. Statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and can be profitably produced in the future. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, competition from other industry participants, the lack of availability of qualified service providers, personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources, inability to meet or continue to meet listing requirements, the inability to obtain required consents, permits or approvals and the risk that actual results will vary from the results forecasted and such variations may be material. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company's actual results, performance or achievement could differ materially from those expressed in or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom.
The forward-looking statements contained in this press release are made as of the date of this press release. Mountainview disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Additionally, Mountainview undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
Barrels of Oil Equivalent
The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 mcf/bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. All boe conversions in this report are derived from converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Mountainview Energy Ltd.
Copyright 2014 PR Newswire
GACR.. $0.025.. Just too many shares outstanding to make any meaningfull response to any releases ,, especially earnings per share when and if they ever occur.. hank
10 Baggers is $GACR!
http://www.thegreenautomotivecompany.com/
ELRIF @0.0144 USD.. EIL $0.0165 Cdn. Empire Industries Reports First Quarter 2014 Profit of $1.2 million
WINNIPEG, MANITOBA -- (Marketwired) -- 05/22/14 -- Empire Industries Ltd. (TSX VENTURE: EIL) today reported its unaudited consolidated financial results for the first quarter ended March 31, 2014. The unaudited consolidated financial statements and MD&A have been filed on SEDAR and can be viewed at www.sedar.com or at www.empind.com.
Summary of the First Quarter 2014 results
-- Revenues increased by $9.8 million, or 41% (to $33.6 million from $23.8
million in first quarter 2013)
-- Adjusted EBITDA increased by $0.8 million, or 55% (to $2.4 million from
$1.5 million in first quarter 2013)
-- Net Income increased by $0.1 million, or 12% (to $1.2 million from $1.1
million in first quarter 2013).
-- Net Income was $0.005 per share, the same as in first quarter 2013.
-- Backlog of $123 million at March 31, 2013, up from $116 million at
December 31, 2013;
For the quarter and year ended March 31
($ millions except share price and per share
amounts) Q1 2014 Q1 2013
----------------------------------------------------------------------------
Financial Results
Revenue 33.6 23.8
Adjusted EBITDA ($)(1) 2.4 1.5
Net income from all operations 1.2 1.0
----------------------------------------------------------------------------
Financial Position (at March 31)
Total assets 49.3 43.3
Long-term debt (including current portion) 3.5 1.6
Shareholders' equity 16.6 8.3
----------------------------------------------------------------------------
Per Share Information
Income per share (Basic) $0.005 $0.005
Income per share (Diluted) $0.005 $0.005
----------------------------------------------------------------------------
(1) Adjusted earnings (loss) before interest, tax, depreciation and
amortization (Adjusted EBITDA) is not defined by IFRS. The definition
of Adjusted EBITDA does not take into account the Group's share of
profit of an associate investment, gains and losses on the disposal of
assets, fair value changes in foreign currency forward contracts and
non-cash components of stock based compensation. While not IFRS
measures, Adjusted EBITDA is used by management, creditors, analysts,
investors and other financial stakeholders to assess the Group's
performance and management from a financial and operational
perspective.
"Our Media Based Attractions and Manufactured Products segments showed significant improvement over the prior period's first quarter," said Guy Nelson, Chief Executive Officer of Empire Industries Ltd. "Our Steel Fabrication segment struggled again in the first quarter with a lack of revenue. However, I am pleased to see that the Steel Fabrication segment was awarded a significant volume of work during the first quarter of 2014, so we expect improved results as this backlog is executed."
About Empire Industries Ltd.
Empire Industries Ltd. manufactures specialized engineered products and sells these products domestically and in select international export markets. The company has developed, designed and engineered products for the rapidly growing, global, media based attractions market. The company also provides steel fabrication & installation services, primarily to the industrial, commercial and infrastructure market in Western Canada. The company also has two key strategic equity partnerships; a 49% ownership of ACE Industrial Services that operates in the oil sands industrial maintenance services market, and a 45% ownership of a Chinese joint venture company in the steel fabrication market in Asia. Empire's common shares are listed on the TSX Venture Exchange under the symbol EIL.
For more information about the Company, visit www.empind.com.
Reader Advisory
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Empire's business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". These forward looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Empire assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Empire Industries Ltd.
Guy Nelson
Chief Executive Officer
(416) 366-7977
gnelson@empind.com
Empire Industries Ltd.
Allan Francis
Vice President - Corporate Affairs and Administration
(204) 589-9301
afrancis@empind.com
www.empind.com
SPND.. $4.58.. 10 Q..
SPINDLETOP OIL & GAS CO. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2014 2013
(Unaudited)
ASSETS
Current Assets
Cash and cash equivalents $ 12,278,000 $ 9,129,000
Accounts receivable, trade 2,583,000 3,633,000
Other short-term investments 400,000 400,000
Total Current Assets 15,261,000 13,162,000
Property and Equipment - at cost
Oil and gas properties (full cost method) 26,945,000 24,823,000
Rental equipment 399,000 399,000
Gas gathering system 147,000 145,000
Other property and equipment 251,000 251,000
27,742,000 25,618,000
Accumulated depreciation and amortization (13,817,000) (13,352,000)
Total Property and Equipment 13,925,000 12,266,000
Real Estate Property - at cost
Land 688,000 688,000
Commercial office building 1,580,000 1,580,000
Accumulated depreciation (718,000) (705,000)
Total Real Estate Property 1,550,000 1,563,000
Other Assets
Other long-term investments 1,200,000 1,200,000
Other 4,000 4,000
Total Other Assets 1,204,000 1,204,000
Total Assets $ 31,940,000 $ 28,195,000
The accompanying notes are an integral part of these statements.
-3-
SPINDLETOP OIL & GAS CO. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, December 31,
2014 2013
(Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable and accrued liabilities $ 6,225,000 $ 3,935,000
Income tax payable 363,000 252,000
Tax savings benefit 97,000 97,000
Total Current Liabilities 6,685,000 4,284,000
Noncurrent Liabilities
Asset Retirement obligation 1,146,000 1,107,000
Total Noncurrent Liabilities 1,146,000 1,107,000
Deferred Income Tax Payable 2,053,000 1,763,000
Total Liabilities 9,884,000 7,154,000
Shareholders' Equity
Common Stock, $.01 par value, 100,000,000 shares authorized; 7,677,471 shares issued and 6,936,269 shares outstanding at March 31, 2014 and at December 31, 2013. 77,000 77,000
Additional paid-in capital 943,000 943,000
Treasury Stock, at cost (1,536,000) (1,536,000)
Retained earnings 22,572,000 21,557,000
Total Shareholders' Equity 22,056,000 21,041,000
Total Liabilities and Shareholders' Equity $ 31,940,000 $ 28,195,000
The accompanying notes are an integral part of these statements.
-4-
SPINDLETOP OIL & GAS CO. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
Three Months Ended March 31,
2014 2013
Revenues
Oil and gas revenues $ 3,270,000 $ 2,145,000
Revenue from lease operations 116,000 91,000
Gas gathering, compression, equipment rental 29,000 28,000
Real estate rental income 61,000 59,000
Interest Income 16,000 18,000
Other 76,000 27,000
Total Revenues 3,568,000 2,368,000
Expenses
Lease operations 336,000 445,000
Production taxes, gathering and marketing 242,000 167,000
Pipeline and rental operations 20,000 8,000
Real estate operations 55,000 48,000
Depreciation and amortization 478,000 387,000
ARO accretion expense 29,000 10,000
General and administrative 887,000 768,000
Interest expense - 6,000
Total Expenses 2,047,000 1,839,000
Income Before Income Tax 1,521,000 529,000
Current income tax provision 216,000 82,000
Deferred income tax provision (benefit) 290,000 (54,000)
Total income tax provision 506,000 28,000
Net Income $ 1,015,000 $ 501,000
Earnings per Share of Common Stock
Basic and Diluted $ 0.15 $ 0.07
Weighted Average Shares Outstanding
Basic and Diluted 6,936,269 6,936,269
The accompanying notes are an integral part of these statements.
-5-
SPINDLETOP OIL & GAS CO. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended Mar 31,
2014 2013
Cash Flows from Operating Activities
Net Income $ 1,015,000 $ 501,000
Reconciliation of net income to net cash
provided by operating activities
Depreciation and amortization 478,000 387,000
Accretion of asset retirement
obligation 29,000 10,000
Changes in accounts receivable 1,050,000 484,000
Changes in prepaid income tax - (19,000)
Changes in accounts payable 2,290,000 (161,000)
Changes in current tax payable 111,000 (99,000)
Changes in asset retirement obligation - 1,000
Changes in deferred tax payable 290,000 (54,000)
Net cash provided by operating activities 5,263,000 1,050,000
Cash Flows from Investing Activities
Capitalized acquisition, exploration and
development costs (2,114,000) (240,000)
Purchase of other property and equipment - (1,000)
Net cash used for investing activities (2,114,000) (241,000)
Cash Flows from Financing Activities
Repayment of note payable to bank - (30,000)
Net cash used for financing activities - (30,000)
Increase in cash 3,149,000 779,000
Cash at beginning of period 9,129,000 7,151,000
Cash at end of period $ 12,278,000 $ 7,930,000
Interest paid in cash $ - $ 6,000
Income taxes paid in cash $ 100,000 $ 200,000
Yep, seems like someone liked it...lol
GAMR up 114%...you got your answer, lol
GAMR - Good Deal?
Great American Group and B. Riley & Co. Announce Definitive Agreement to Combine
Great American Group Inc. (QB) (OTCBB:GAMR)
Intraday Stock Chart
Today : Monday 19 May 2014
Great American Group and B. Riley & Co. Announce Definitive Agreement to Combine
WOODLAND HILLS, CA and LOS ANGELES, CA--(Marketwired - May 19, 2014) - Great American Group, Inc. (OTCBB: GAMR)
•Great American Group and B Riley to combine in a stock-for-stock transaction
•Recapitalization of Great American Group including $51.4 million private placement of common stock
•$48.8 million of debt payable to Great American Group principals retired in entirety at a discount for $30.0 million
•1-for-20 reverse stock split announced
•Combined company proforma cash and investments of approximately $40.0 million as of March 31, 2014
Great American Group, Inc. (OTCBB: GAMR) ( "Great American Group"), a leading provider of asset disposition, valuation and appraisal services, and B. Riley & Co., LLC ("BRC"), a leading, full-service independent investment bank, and certain of its affiliates (collectively, "B. Riley"), announced today that they have entered into a definitive agreement under which Great American Group and BRC and certain of its affiliates will combine in a stock-for-stock transaction, creating a uniquely positioned investment banking and financial services firm. The terms of the agreement provide for the issuance of an estimated aggregate of 4.2 million shares of Great American Group common stock (subject to working capital adjustments and after giving effect to the pending 1-for-20 reverse stock split described below) in exchange for 100% of the stock of B . Riley & Co. and affiliates. Bryant Riley is the principal stockholder of B. Riley and currently serves on the board of directors of Great American Group.
On a proforma basis, accounting for expected synergies, the two companies had combined fiscal 2013 revenue of nearly $102.5 million and adjusted EBITDA of $13.5 million. The combined company has cash and investments of approximately $40 million as of March 31, 2014 proforma for the private placement and debt repayment. After the closings of the combination, the private placement and the 1-for-20 reverse stock split, Great American Group will have an estimated 16 million shares outstanding.
Mr. Riley, who will assume the role of Chairman of the Board and Chief Executive Officer of the combined company upon consummation of the transaction said, "This transaction represents a transformative event for both of our firms and will create a single, differentiated financial services group that will provide new lines of financial products and services to better serve our clients. Having served on Great American Group's Board of Directors for the past five years, I have a tremendous respect for the company's business and its management team."
"I believe that the two companies complement each other and will create many opportunities for our respective businesses in the future," concluded Mr. Riley.
"We are very pleased to be joining forces with B. Riley, a respected firm with a long, successful track record as a leading, full-service investment bank," said Andrew Gumaer, Chief Executive Officer of Great American Group.
Mr. Gumaer, who will remain in his role as CEO of the operating company Great American Group following the combination, continued, "Each company brings a depth of professional expertise and client relationships that can be leveraged to scale the growth of our combined businesses. While there is very little overlap in our services, our businesses are very complementary, and our common goal is to deliver even greater value to our customers and shareholders in the future."
The combined company will have over 250 employees, including an active valuation practice comprised of over 100 professionals who conducted approximately 1,200 appraisals in 2013 alone. The geographic footprint of the combined company will extend across the United States and Europe. The operating entities involved in the combination will continue to operate independently and without management change.
The BRC transaction is scheduled to close in the second quarter of 2014 and is subject to certain closing conditions, including consummation of the private placement. The acquisition of certain asset management affiliates of BRC is subject to additional closing conditions, and those transactions are expected to close in the third quarter of 2014 for no additional consideration.
Recapitalization, Private Placement and Retirement of Significant Debt at Discount
Great American Group also announced today a recapitalization involving a private placement equity capital raise and the retirement of $48.8 million of debt at a substantial discount.
Great American Group announced that it has entered into definitive purchase agreements to raise $51.4 million of capital in a private placement of common stock to accredited investors, including current significant stockholders, principals and employees of B. Riley and officers and directors of Great American Group. The private placement is being subscribed at a price of $0.25 per share (before giving effect to the pending reverse stock split).
With the proceeds from the private placement, the company will use approximately $30 million to retire in its entirety the $48.8 million of outstanding indebtedness owed to Great American Group's founders, Mr. Gumaer and Mr. Harvey Yellen. This repayment represents a 38% discount to the face amount of principal owed on the debt currently. The remaining proceeds of the private placement will be used for general corporate purposes including investments and new corporate initiatives.
The closing of the private placement is expected to occur on or around June 2, 2014 and is subject to the satisfaction of customary closing conditions.
Reverse Stock Split
Great American Group also announced today that, pursuant to the authorization previously granted by the company's stockholders, its board of directors has authorized a reverse stock split and has declared 1-for-20 as the ratio for the reverse stock split. Great American Group has elected to pursue the reverse stock split in order to facilitate the private placement and potentially qualify for a future listing on a national stock exchange. Great American Group anticipates that the reverse stock split will be effective at the market opening on or about May 30, 2014.
At the effective time of the reverse stock split, every 20 shares of existing Great American Group common stock will be automatically combined into one share of new common stock. No fractional shares will be issued as a result of the reverse stock split, and holders of common stock who otherwise would be entitled to a fractional share will receive, in lieu thereof, a cash payment based on the most recent closing price per share of the common stock on the Over-the-Counter Bulletin Board prior to the effective time of the reverse stock split (as adjusted for the reverse stock split).
The reverse stock split will not change the number of authorized shares of Great American Group's common stock or alter the par value thereof.
Stockholders holding certificated shares or shares through a brokerage account will have their shares automatically adjusted to reflect the reverse stock split as of the effective date. Although the issuance of new stock certificates will not be required, stockholders may obtain a new certificate from the company's transfer agent, which is Continental Stock Transfer and Trust Company.
Important Information for Investors
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security. The shares of Great American Group common stock are being sold pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended, and applicable state securities laws, and they have not been registered under such laws and may not be resold absent registration or an applicable exemption from the registration requirements.
About Great American Group, Inc. (OTCBB: GAMR)
Great American Group is a leading provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services for an extensive array of companies. A trusted strategic partner at every stage of the business lifecycle, Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. The company has in-depth experience within the retail, industrial, real estate, healthcare, energy and technology industries. The corporate headquarters is located in Woodland Hills, Calif. with additional offices in Atlanta, Boston, Charlotte, N.C., Chicago, Dallas, New York, Norwalk, Conn., San Francisco, London, Milan and Munich. For more information, call (818) 884-3737 or visit www.greatamerican.com.
About B. Riley & Co.
B. Riley & Co., LLC (B. RILEY) is a leading investment bank which provides a full array of corporate finance, research, and sales & trading to corporate, institutional and high net worth individual clients. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, and merger and acquisitions advisory to public and private middle market companies. The firm is nationally recognized for its highly ranked proprietary equity research. Founded in 1997, B. RILEY is headquartered in Los Angeles and maintains offices in New York, San Francisco, and Newport Beach, Calif. It is a member of FINRA and SIPC. For more information, please visit www.brileyco.com.
Note Regarding Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including Adjusted EBITDA and Proforma Adjusted EBITDA, may be considered non-GAAP financial measures. Great American Group believes this information is useful to investors because it provides a basis for measuring Great American Group's underlying earnings, net of impairment charges, severance costs and the reduction in officer's salaries as a result of amended employment agreements, thus providing additional insight into the ongoing operations of Great American Group and the potential benefits of the combination with B. Riley. In addition, Great American Group's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating Great American Group's operating performance, capital resources and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by Great American Group may not be comparable to similarly titled amounts reported by other companies.
Forward-Looking Information
This press release may contain forward-looking statements that are not based on historical fact, including, without limitation, statements containing the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions and statements. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include those risks described from time to time in Great American Group's filings with the SEC, including, without limitation, the risks described in Great American Group's Annual Report on Form 10-K for the year ended December 31, 2013. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and Great American Group undertakes no duty to update this information.
APNX congrats Hank and thanks. I missed that small vol buying on the april 24 but i had a few. It was a nice surprise on a dreary day.
Open Bank Reports 2014 First Quarter Financial Results
Financial highlights
Income before taxes increased 159% from fourth quarter of 2013 and increased 109% from the prior-year first quarter.
Total assets increased to $384 million, up 12% from $342 million at December 31, 2013, and up 74% from $220 million a year ago.
Total deposits grew to $349 million, up 13% from $309 million at December 31, 2013, and up 84% from $190 million a year ago.
Non-interest bearing deposits represented 38% of total deposits at March 31, 2014, compared to 30% at December 31, 2013 and 28% at March 31, 2013.
Net interest margin was 4.45% for the first quarter of 2014, an improvement of 7 basis points from a year ago.
LOS ANGELES--(BUSINESS WIRE)-- Open Bank (OTCBB:OPBK) today reported that income before taxes increased 159% to $1.75 million for the three months ended March 31, 2014, up from $675 thousand for the three months ended December 31, 2013 and up 109% from $836 thousand for the three months ended March 31, 2013. First quarter 2014 net income was $1.0 million, or $0.13 per diluted share. This compares with net loss of $0.06 per diluted share for the fourth quarter of 2013 and net income of $3.6 million, or $0.50 per diluted share, for the first quarter of 2013. Net income for the fourth quarter of 2013 included a full year provision for income taxes of $1.1 million. Net income for the first quarter of 2013 included $2.7 million of tax benefits from the reversal of the remaining portion of the deferred tax valuation allowance. Pre-tax pre-provision income was $2.0 million, $675 thousand, and $1.3 million for the first quarter 2014, fourth quarter 2013, and first quarter 2013, respectively.
Min Kim, President and Chief Executive Officer, said, “We are very pleased to announce another successful quarter, after closing two consecutive years of profits for 2013 and 2012. During 2013, we opened branches in Gardena, Mid-Wilshire, Korea-town Los Angeles, and Buena Park, California, and we are currently working on opening another branch, our 6th, in Korea-town Los Angeles, California. We are excited about the impact this expansion has had on our results, including the strong growth in our total deposits, particularly the demand deposits, and look forward to our further investment in Korea-town with the addition of this 6th branch. Our net interest margin, a key measure of profitability, remains very strong at 4.45%. This is well above our peer banks in Korean-American banking, as well as other peer banks in the industry. We believe these results validate and support our further commitment to our local community.”
First Quarter Financial Highlights
(in thousands, except per share data)
As of or for the Three Months Ended
March 31,
2014
December 31,
2013
March 31,
2013
Income Statement Data:
Net interest income $ 3,642 $ 3,230 $ 2,081
Provision for loan losses 210 - 500
Non-interest income 2,061 1,024 2,441
Non-interest expense 3,743 3,579 3,186
Income before taxes 1,750 675 836
Provision (benefit) for income taxes 727 1,147 (2,737 )
Net Income $ 1,023 $ (472 ) $ 3,573
Balance Sheet Data:
Gross loans, net of deferred cost $ 300,626 $ 281,251 $ 164,226
Loans held for sale $ 12,122 $ 16,681 $ 3,507
Allowance for loan losses $ 5,407 $ 5,228 $ 4,138
Total assets $ 383,630 $ 342,278 $ 220,409
Deposits $ 348,535 $ 309,303 $ 189,521
Shareholders’ equity $ 32,670 $ 31,190 $ 29,517
Credit Quality:
Nonperforming loans $ 1,476 $ 1,566 $ 2,110
Nonperforming assets $ 1,476 $ 1,566 $ 2,110
Performance Ratios:
Net interest margin 4.45 % 4.50 % 4.38 %
Efficiency ratio 65.63 % 84.13 % 70.46 %
Income before taxes and loan loss
provision to average assets (annualized)
2.26 % 0.89 % 2.63 %
Net charge-offs to average gross loans
(annualized) 0.04 % -0.27
%
1.79 %
Nonperforming assets to gross loans plus
OREO
0.49 % 0.56 % 1.29 %
ALLL to nonperforming loans 366 % 334 % 196 %
ALLL to gross loans 1.80 % 1.86 % 2.52 %
Capital Ratios:
Tangible common equity to tangible assets 8.52 % 9.11 % 13.39 %
Leverage Ratio 8.68 % 9.43 % 12.90 %
Tier 1 risk-based capital ratio 9.79 % 9.85 % 14.21 %
Total risk-based capital ratio 11.04 % 11.11 % 15.47 %
Results of Operations
Net interest income was $3.6 million for the three months ended March 31, 2014, compared to $3.2 million for the fourth quarter of 2013 and $2.1 million for the first quarter of 2013. These are increases of 12.8% from the fourth quarter of 2013 and 75.0% from the first quarter of 2013. The increases were primarily the result of increases in average interest earning assets, specifically loans. Average loans, including loans held for sale, increased to $306.8 million for the first quarter of 2014, an increase of $40.6 million, or 15% from fourth quarter 2013, and an increase of $135.5 million, or 79%, from $171.3 million for the first quarter of 2013.
The net interest margin for the first quarter 2014 was 4.45%, a 5 basis point decrease from 4.50% for the fourth quarter 2013, and a 7 basis increase from 4.38% for the first quarter 2013. The slight compression from the fourth quarter of 2013 is primarily due to a lower yield on loans which was 5.11% for the first quarter of 2014, compared to 5.24% for the fourth quarter of 2013. The improvement from the prior-year first quarter was primarily due to a lower cost of interest-bearing liabilities. The cost of interest-bearing liabilities was 0.67% for the first quarter of 2014, compared to 0.74% for the same quarter of 2013. The following table shows the asset yields, liability cost, spread and margin.
Three Months Ended
March 31,
2014
December 31,
2013
March 31,
2013
Yield on interest-earning assets 4.90 % 4.97 % 4.88 %
Cost of interest-bearing liabilities 0.67 % 0.71 % 0.74 %
Cost of deposits 0.47 % 0.50 % 0.53 %
Net interest spread 4.23 % 4.26 % 4.14 %
Net interest margin 4.45 % 4.50 % 4.38 %
The provision for loan losses for the first quarter of 2014 was $210 thousand, compared to $500 thousand for the first quarter of 2013. There was no provision for loan losses for the fourth quarter of 2013. The reduction in the provision for loan losses from the first quarter of 2013 reflected a decrease in net charge-offs, which decreased to $32 thousand for the first quarter of 2014, compared to $769 thousand for the same quarter of 2013, offset by a provision required for the loan growth.
Non-interest income was $2.1 million in the first quarter of 2014, compared to $1.0 million in the fourth quarter of 2013 and $2.4 million in the prior-year first quarter. The increase from the preceding quarter was primarily attributable to $1.0 million increase in net gains on sale of SBA loans, which were $1.5 million for the first quarter of 2014, compared to $476 thousand for the fourth quarter of 2013. Sales of SBA loans for the first quarter of 2014 were $18.5 million, compared to $6.7 million for the fourth quarter of 2013.
The decrease in non-interest income from the prior year first quarter was primarily due to a $439 thousand decrease in net gains on sale of SBA loans. Sales of SBA loans for the first quarter of 2013 were $21.7 million. The timing of such sales is strategically managed based on the level of the bank’s liquidity, earnings, and sales premiums. The bank had $12.1 million in loans held for sale at March 31, 2014, compared to $16.7 million at December 31, 2013 and $3.5 million at March 31, 2013. All loans held for sale were SBA loans. Service charges and other deposit related fees increased $87 thousand, or 82%, to $193 thousand for the first quarter of 2014, compared to $106 thousand for the prior-year first quarter, as deposit accounts and transactions increased.
Non-interest expense was $3.7 million in the first quarter of 2014, compared to $3.6 million in the fourth quarter of 2013 and $3.2 million in the prior-year first quarter. The increase from the preceding quarter was primarily attributable to an increase in our charitable contribution expense that is directly tied to the income before taxes. The increase from the prior-year first quarter was primarily due to increases in salaries and employee benefits and directors’ fee expenses. Salaries and employee benefits were $2.4 million for the first quarter of 2014, an increase of $503 thousand, or 27%, compared to $1.9 million for the first quarter of 2013. The number of full-time equivalent employees increased to 83 at March 31, 2014, compared to 64 at March 31, 2013. Directors’ fees increased $102 thousand, or 129%, to $181 thousand for the first quarter of 2014, compared to $79 thousand for the first quarter of 2013, as a result of additional restricted stock grants in July of 2013.
As the bank reversed the remaining deferred tax valuation allowance and recognized tax benefits in the first quarter of 2013, it provided for income taxes in first quarter of 2014 using an effective tax rate of 41.5%. During the fourth quarter of 2013, the bank provided a full year of tax provision of $1.1 million.
Balance Sheet
Total assets were $383.6 million at March 31, 2014, an increase of $41.4 million, or 12%, from $342.3 million at December 31, 2013, and $163.2 million, or 74%, from $220.4 million at March 31, 2013. Gross loans receivable were $300.6 million at March 31, 2014, an increase of $19.4 million, or 7%, from $281.3 million at December 31, 2013, and an increase of $136.4 million, or 83%, from $164.2 million a year ago. The bank began the residential mortgage business in June of 2013, and these loans accounted for 12% of gross loans at March 31, 2014, compared to 9% of gross loans at December 31, 2013. The increase in loans was also attributable to the branch expansion which enabled the bank to increase marketing to local businesses.
Total deposits were $348.5 million at March 31, 2014, an increase of $39.2 million, or 13%, from $309.3 million at December 31, 2013 and an increase of $159.0 million, or 84%, from $189.5 million at March 31, 2013. The increase from December 31, 2013 was primarily attributable to an increase in non-interest bearing deposits of $38.4 million, or 42%, to $130.8 million at March 31, 2014, from $92.4 million at December 31, 2013. At March 31, 2014, non-interest bearing deposits accounted for 38% of total deposits, compared to 30% at December 31, 2013 and 28% at March 31, 2013. All categories of deposits, except for savings, increased significantly from a year ago, with 151% increase in non-interest bearing deposits, 54% increase in money market and other demand deposits, and 68% increase in time deposits. The deposit mix is detailed in the table below at dates indicated.
March 31,
2014
December 31,
2013
March 31,
2013
Non-interest bearing deposits 37.5 % 29.9 % 27.5
%
Interest bearing demand deposits 32.2 % 37.3 % 39.5 %
Savings 0.4 % 0.3 % 0.3 %
Time deposits over $100,000 14.8 % 16.3 % 16.0 %
Other time deposits 15.1 % 16.2 % 16.7 %
Total deposits
100.0 % 100.0 % 100.0 %
The bank’s business expansion into new local markets with a high concentration of Korean-American businesses with our new branch openings in 2013 and 2012 has allowed it to significantly increase its presence and increase loan and deposit production. The bank opened its second branch in October of 2012, followed by three more branches in 2013.
At March 31, 2014, the leverage ratio was 8.68%, compared to 9.43% at December 31, 2013 and 12.90% at March 31, 2013; Tier 1 risk-based capital ratio was 9.79%, compared to 9.85% at December 31, 2013 and 14.21% at March 31, 2013; and total risk-based capital ratio was 11.04%, compared to 11.11% at December 31, 2013 and 15.47% at March 31, 2013. The capital ratios decreased significantly due to the asset growth during these periods. Total assets grew 12% from December 31, 2013 and 74% from a year ago.
At March 31, 2014, our tangible common equity represented 8.52% of tangible assets, compared to 9.11% at December 31, 2013 and 13.39% at March 31, 2013. The tangible common equity to tangible assets ratio is a non-GAAP financial measure that represents common equity less goodwill and other net intangible assets divided by total assets less goodwill and other net intangible assets. Management reviews the tangible common equity to tangible assets ratio to evaluate our capital levels.
Asset Quality
Non-performing assets were $1.5 million, or 0.38% of total assets, at March 31, 2014, compared to $1.6 million, or 0.46% of total assets at December 31, 2013 and $2.1 million, or 0.96% of total assets at March 31, 2013. There was no OREO at March 31, 2014, December 31, 2013 or March 31, 2013. Non-performing loans to gross loans decreased to 0.49% at March 31, 2014, compared to 0.56% at December 31, 2013 and 1.29% at March 31, 2013. The decrease is primarily attributable to sales of problem loans during 2013. The allowance for loan losses was $5.4 million at March 31, 2014, compared to $5.2 million at December 31, 2013 and $4.1 million at March 31, 2013. The allowance for loan losses was 1.80% of gross loans at March 31, 2014, compared to 1.86% at December 31, 2013 and 2.52% at March 31, 2013. The decrease in this ratio was primarily due to improved asset quality.
About Open Bank
Open Bank (the "Bank") is engaged in the general commercial banking business in Los Angeles County and is focused on serving the banking needs of small- and medium-sized businesses, professionals, and residents with a particular emphasis on the Korean and other ethnic minority communities. The Bank commenced its operations on June 10, 2005 as First Standard Bank and changed its name to Open Bank on September 20, 2010. Its headquarters are located at 1000 Wilshire Blvd., Suite 500 Los Angeles, California 90017. Phone 213.892.9999; www.myopenbank.com Member FDIC, Equal Housing Lender
Safe Harbor
This press release contains certain forward-looking information about Open Bank that is intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements may include, but are not limited to, such words as "believes," "expects," "anticipates," "intends," "plans," "estimates," "may," "will," "should," "could," "predicts," "potential," "continue," or the negative of such terms and other comparable terminology or similar expressions and may include statements about the bank’s focus on exploring new opportunities, building customer relationship through core deposits, growing core deposits, and improving asset quality. Forward-looking statements are not guarantees. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Open Bank such as the ability of the new branch to attract sufficient number of customers, deposits and new business to become profitable. Open Bank cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, Open Bank’s results could differ materially from those expressed in, or implied or projected by such forward-looking statements. Open Bank assumes no obligation to update such forward-looking statements, except as required by law.
Balance Sheet
(Dollars in thousand, except per share data) March 31, 2014 December 31, 2013 % change March 31, 2013 % change
(Unaudited) (Unaudited) (Unaudited)
Assets
Cash and due from banks $ 44,149 $ 18,514 138.5 % $ 34,845 26.7 %
Investment securities 11,590 12,464 -7.0 % 7,016 65.2 %
Loans held for sale 12,122 16,681 -27.3 % 3,507 245.6 %
Loans receivable, net 295,219 276,022 7.0 % 160,088 84.4 %
Allowance for loan losses 5,407 5,228 3.4 % 4,138 30.7 %
Bank premises and equipment, net 3,423 3,148 8.7 % 1,446 136.8 %
Accrued interest receivable 929 820 13.3 % 537 73.0 %
FHLB and Pacific Coast Bankers Bank Stock, at cost 1,075 1,075 0.0 % 813 32.2 %
Servicing assets 4,032 3,649 10.5 % 3,152 27.9 %
Net deferred taxes 5,705 5,757 -0.9 % 6,737 -15.3 %
Other assets 5,386 4,148 29.8 % 2,269 137.4 %
Total assets $ 383,630 $ 342,278 12.1 % $ 220,409 74.1 %
Liabilities and Shareholders' Equity
Noninterest bearing demand $ 130,795 $ 92,395 41.6 % $ 52,186 150.6 %
Savings 1,273 866 47.0 % 2,422 -47.4 %
Money market and others 112,119 115,569 -3.0 % 72,940 53.7 %
Time deposits of $100,000 or more 51,592 50,437 2.3 % 31,565 63.4 %
Other time deposits 52,756 50,036 5.4 % 30,408 73.5 %
Total deposits 348,535 309,303 12.7 % 189,521 83.9 %
Other liabilities 2,425 1,785 35.9 % 1,371 76.8 %
Total liabilities 350,960 311,088 12.8 % 190,892 83.9 %
Total shareholders' equity 32,670 31,190 4.7 % 29,517 10.7 %
Total Liabilities and Shareholders' Equity $ 383,630 $ 342,278 12.1 % $ 220,409 74.1 %
Statement of Operations
(Dollars in thousand, except per share data)
Three months ended
March 31, 2014 December 31, 2013 % change March 31, 2013 % change
Interest income $ 4,005 $ 3,565 12.3 % $ 2,316 72.9 %
Interest expense 363 335 8.4 % 235 54.5 %
Net interest income 3,642 3,230 12.8 % 2,081 75.0 %
Provision for loan losses 210 - 100.0 % 500 -58.0 %
Non interest income 2,061 1,024 101.3 % 2,441 -15.6 %
Non interest expense 3,743 3,579 4.6 % 3,186 17.5 %
Income before income taxes 1,750 675 159.3 % 836 109.3 %
Provision for income taxes 727 1,147 -36.6 % (2,737 ) -126.6 %
Net income (loss) $ 1,023 $ (472 ) 316.7 % $ 3,573 -71.4 %
Book Value $ 4.49 $ 4.31 $ 4.10
Basic EPS $ 0.14 $ (0.07 ) $ 0.50
Diluted EPS
$ 0.13 $ (0.06 ) $ 0.50
Shares of common stock outstanding 7,275,484 7,233,484 7,203,484
Key Ratios
Return on average assets (ROA)* 1.18 % -0.62 % 7.03 %
Return on average equity (ROE) * 12.86 % -5.92 % 54.41 %
Net interest margin * 4.45 % 4.50 % 4.38 %
Efficiency ratio 65.63 % 84.13 % 70.46 %
Tangible common equity to tangible assets 8.52 % 9.11 % 13.39 %
Tier 1 leverage 8.68 % 9.43 % 12.90 %
Tier 1 risk-based capital 9.79 % 9.85 % 14.21 %
Total risk-based capital 11.04 % 11.11 % 15.47 %
Asset Quality 3/31/2014 12/31/2013 3/31/2013
Nonaccrual Loans 1,000 1,077 1,583
Loans 90 days or more past due, accruing - - -
Accruing Restructured Loans 476 489 527
Total Non-Performing Loans 1,476 1,566 2,110
Other Real Estate Loans (OREO) - - -
Total Non-Performing Assets 1,476 1,566 2,110
Non-Performing Assets/Total Assets 0.38 % 0.46 % 0.96 %
Non-Performing Loans/Gross Loans Receivable 0.49 % 0.56 % 1.29 %
Allowance for Loan Losses/Non-Performing Loans 366 % 334 % 196 %
Allowance for Loan Losses/Non-Performing Assets 366 % 334 % 196 %
Allowance for Loan Losses/Gross Loans Receivable 1.80 % 1.86 % 2.52 %
YTD Net Charge-offs $ 32 $ 554 $ 769
YTD Net Charge-offs to Average Loans * 0.04 % 0.27 % 1.79 %
* Annualized
Open Bank
Christine Oh, 213.892.1192
Christine.oh@myopenbank.com
Source: Open Bank
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
http://www.oil-price.net/
x1512g Filings - http://1512g.com/
American Stock Exchange - http://www.nyse.com/attachment/amex_landing.htm
Authorized Shares for Nevada and Other States - http://www.authorized-shares.com/
Barrons - http://online.barrons.com/public/main
BioHealth - http://www.biohealthinvestor.com/
BioMed - http://biomedreports.com/
BioSpace - http://www.biospace.com/
Bloomberg - http://www.bloomberg.com
Business News - http://www.bloomberg.com
Business News - http://www.reuters.com/finance/markets
Business News Portal - http://www.businesswire.com/portal/site/home/
BusinessWeek - http://www.businessweek.com/
Candlesticks - www.candlesticker.com/Default.asp
Chart Analysis - www.stockcharts.com/school/doku.php
Chart Video Lessons - http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46647251
Charts - http://bigcharts.marketwatch.com/avatar.asp
Charts - http://chartpatterns.com/
Charts - http://stockcharts.com/
Charts - http://www.incrediblecharts.com/technical/candlesticks.htm
China Business News - http://www.chinadaily.com.cn/bizchina/index.html
China Business News - http://www.xinhuanet.com/english2010/business/index.htm
China Technology News - http://www.chinatechnews.com/
Clinical Trials - http://www.clinicaltrials.gov/
CNBC - http://www.cnbc.com
CNNMoney.com - http://www.money.cnn.com/
Corporate Bankruptcy - http://www.sec.gov/investor/pubs/bankrupt.htm
Corporate Records Search - http://www.coordinatedlegal.com/SecretaryOfState.html
Corporate Records Search - http://www.searchsystems.net/list.php?nid=398
CUSIP number - http://activequote.fidelity.com/mmnet/SymLookup.phtml
DD Amanda - http://ddamanda.com/Members/AmandaChartStart.php
DD Machine - http://www.ddmachine.com/
Deregistering - http://www.aaii.com/commentary/articles/200601_stockstrategies.cfm
Dividends - http://www.dividenddetective.com/
Document Research - http://www.10kwizard.com/main.php
Earnings - http://www.earningswhispers.com/calendar.asp
Education - http://www.investopedia.com/?viewed=1
Email Address Verifier - http://verify-email.org/
EYE ON THE FDA - http://www.eyeonfda.com/
FINRA Daily Short List - www.regsho.finra.org/regsho-Index.html
Floats - http://investorshub.advfn.com/boards/board.aspx?board_id=15223
Fool.com - http://www.fool.com
Forbes - http://www.forbes.com/home_usa
Form 4 Filings - http://www.secform4.com/index.php
Google News Business - http://news.google.com/?ned=us&topic=b
Google News Home - http://news.google.com/
Holiday Schedule for Stock Markets - http://www.allstocks.com/html/stock_markets_holidays.html
High Short Interest Stocks - http://www.highshortinterest.com/
Insider Buy & Sell Info - http://www.insidercow.com/latestFillings/buyByCompany.jsp;jsessionid=00CD11F05D6090BBECE249167FD45A5B
Investing Glossary - http://www.investorwords.com/
Investopedia - http://www.investopedia.com/?viewed=1
Investors Business Daily - http://www.investors.com
Investor Words - http://www.investorwords.com/
Knobias - http://www.knobias.com/individual/public/quote.htm
Level 2 Video Tutorial - http://stockhideout.com/images/flash/level.html
Low Float Stocks - http://www.lowfloat.com/
MarketWatch.com - http://www.marketwatch.com/
Message, Blog & Twitter Postings - http://www.thelion.com
MicrocapMarkets NASDAQ <$5 - http://www.microcapmarkets.com/data_main_nav.jsp?market=NASDAQ
MicrocapMarkets OTCBB - http://www.microcapmarkets.com/data_main_nav.jsp?market=OTCBB
Mining - http://www.miningmx.com/
MSN Money Central - http://www.moneycentral.msn.com/investor/home.asp
Multicollinearity - www.stockcharts.com/help/doku.php
Mutual Fund Facts About Individual Stocks - http://www.mffais.com/
Naked Shorting - www.businessjive.com/
NASDAQ Stock Market - http://www.nasdaq.com/
NASDAQ/NYSE/AMEX Stock Info - www.secfilings.com/
Natural Resources News & Commentary - http://www.resourceinvestor.com/Pages/default.aspx
New York Stock Exchange - http://www.nyse.com/home.html
OTCBB Daily List - http://www.otcbb.com/dailylist/
Patterns - http://thepatternsite.com/
Pinksheets Stock Info - www.otcmarkets.com/pink/index.jsp
Platform - http://www.quotetracker.com/
Precious Metals - http://www.kitco.com/
Press Releases - http://www.prnewswire.com/news-releases/
REG SHO List - www.regsho.com/tools/short_list.php
Regional Bank List - http://www.bullsector.com/regionalbanks.html
Reverse Phone & Address - http://www.whitepages.com/reverse-lookup
Reverse Mergers - http://www.gopublic.com/reversemerger.html
Reverse Merger Report - http://reversemerger.dealflowmedia.com
Reverse Splits - http://investorshub.advfn.com/boards/board.aspx?board_id=3017
Screener - http://clearstation.com
Screener - http://smallcapcenter.com
Searching Blogs, News, etc. - http://www.icerocket.com/
SEC - http://www.sec.gov
SEC Filings - http://www.edgar-online.com/
SEC Filings - http://www.sec.gov/edgar/searchedgar/companysearch.html
SEC Filings - http://www.secinfo.com
SEC Form Types and Definitions - http://learn.westlawbusiness.com/support/formtypes.html
Secretary of State Sites - All states: http://www.coordinatedlegal.com/SecretaryOfState.html
Seeking Alpha BioTech Stocks - http://www.seekingalpha.com/sector/biotech
Shell Stocks - http://www.shellstockreview.com
SHO Threshold List - http://www.nasdaqtrader.com/Trader.aspx?id=RegSHOThreshold
Short Stocks - http://shortsqueeze.com/
Stock Chart Patterns - www.trending123.com/patterns/index.html
Stock Promotions - www.stockpromoters.com
Stock Promotions - www.stockreads.com/
Stock Research - http://www.stockhouse.com
Stock Scanning - http://bigcharts.marketwatch.com/markets/screener.asp?exchange=118&screen=1&x=15&y=18
Stock Scanning - http://clearstation.etrade.com/cgi-bin/events?Cmd=techev
Stock Scanning - http://markets.usatoday.com/custom/usatoday-com/screener/screener.asp
Stock Scanning - http://screen.yahoo.com/stocks.html
Stock Scanning - http://stockcharts.com/def/servlet/SC.scan
Stock Scanning - http://www.acmechart.com/
Stock Scanning - http://www.americanbulls.com/
Stock Scanning - http://www.barchart.com/
Stock Scanning - http://www.prophet.net/scans/index.jsp
Stock Scanning - http://www.smallcapcenter.com/tools_technicalSearch.asp?page=ANALYTICSSEARCH_IN.ASP
Stock Scanning - http://www.stockciphering.com/index.htm
Stock Scanning - http://www.stockfetcher.com/
Stock Scanning - http://www.stockscores.com/index.asp
Stock Scanning - http://www.stockworm.com/help/tours/stock-screener.html;jsessionid=aEg_MdzO2SH9
Stock Scanning - http://www2.barchart.com/
Technical Analysis - http://stockta.com/
Technical Indicators/Overlays - www.stockcharts.com/school/doku.php
TheStreet.Com - http://www.thestreet.com/
Trading Halts - http://www.nasdaqtrader.com/Trader.aspx?id=TradeHalts
Trading Platform - www.equityfeed.com
Trading Stations - http://www.tradingcomputers.com/index.html
Transfer Agent Contact Information - http://investorshub.advfn.com/boards/board.aspx?board_id=10067
Transfer Agents in the United States - http://www.stocktransfer.com/index.cfm?action=about.network.transferAgents
Translation Tool - http://www.verbatimsolutions.com/freetranslation.php
USAToday Business - http://markets.usatoday.com/custom/usatoday-com/html-markets.asp
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