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MTRS.BR
Cfr value microcaps board
Now 12.10 Euro, 1 year target 22 Euro.
Jackshot
NG: Still one of my favorites. Recommend buying at $10.25 or lower. If the price of gold collapses, my advice would be to buy NG all day and all night if it dropped below $8. Reminder--Novagold is an excellent potential takeover candidate.
CTUM
This was my pick last year in the one-stock-winner-take-all contest. CTUM did 100% last year and has already done the same this year. The company is days or weeks away from FDA approval, has maintained a low O/S count and has attracted the services of some big-time specialists in the medical device field, all of whom have signed on-board for a % of future profits. The list of MMs, especially those with a Europeon link where CTUM already has approval for their tissue welding product, has also increased in the past few weeks, as has the daily volume.
The PPS spiked from the .70 range to 1.80 and has settled in around 1.50
This is in the rare category of BB stocks: the buy and hold variety.
There's some good DD from maddogs (and others) on the IH board:
http://investorshub.advfn.com/boards/board.asp?board_id=4496
WLSA.OB my table pounder
Sorry, initially I posted my table pounder at wrong place.
http://investorshub.advfn.com/boards/read_msg.asp?message_id=26181452
It was on 1/22/2008 and the stock was trading at 0.26 then. Now the last trade is at 0.355 (+36%). I still think this is a possible multi-bagger long term. If possible, I am asking Gilead to include it in the table pounder index.
Thanks.
Posted by: nutsaboutgolf2001
In reply to: None Date:2/19/2008 10:52:15 AM
Post #of 95042
FNX.TO Have never done any table pounding but am going to table pound this one today. For those who follow my posts you will remember that I have been calling for FNX to reach $100 a share and I am more convinced than ever that that will be the case, in fact I think it will get there within 3 years and at a $28 current price that would be some great return. Now it looks expensive based on past earnings but here's the key points.
1. Last quarter's earnings were severely impacted by lower than average nickel grades but that is predicted (by FNX) to turn around this quarter and next.
2. Last quarter's revenues came from nickel (72 %), copper (17 %) and precious metals (12 %). Average revenue per tonne of ore processed was $229 a tonne; average operating costs were $105 per tonne (one of the very lowest in the industry for an underground mine).
3. In 2005 they discovered the Levac Footwall deposit, a large very high grade system. They just recently drifted (5 meters x 5 meters access ramp) into that deposit. They also recently reported far more extensive drill hole results of that deposit. Average in situ metal values (at today's prices) of 15 holes or part holes averaging 69 feet in length (for a total of 1031 feet) is $1,295 per tonne which equates with an equivalent nickel grade of 4.9 % (or an equivalent copper grade of 15.9 % or an equivalent precious metals (platinum/palladium/gold) grade of 1.1 ounces per tonne)). Within the above, the high grade stuff over 4 or more foot thicknesses (17 holes or part holes averaging 10.3 feet for a toatl of 277 feet) is worth $3,723 a tonne (equivalent to a 14.1 % nickel grade @ $12 a pound or a 45.7 % copper grade or 3.1 ounces of PM per tonne). Compare these numbers with the $229 a tonne they received in the third quarter and you get an understanding of the value of this deposit.
4. Aside from the Footwall deposit, they are preparing to start mining the Podoski deposit. They recently drifted into that deposit and took a bulk sample of 2,250 tonnes worth an estimated $1,650 per tonne. Recent drill holes results suggest an even higher grade new deposit worth $2,864 per tonne (parts of 5 drill holes with a total of 170 feet). Podoski like the Levac Footwall contains a significant amount of Precious metals with platinum values alone averaging about a fifth of an ounce per tonne.
5. Production is growing quickly with Levac just having started up, Podoski starting by the end of this year and the Levac Footwall being fast tracked. See their web site fnxmining.com for more info.
CONX - Alert Triggered for Corgenix Medical Corp.
Corgenix Medical Corp. (CONX) Price Changed +15.7% from Wednesday's Close
CONX increased 15.66% today and is currently trading at $0.48.
Please note you will receive only one "Price Changes (X)% Since the Prior Day's Close" alert per day for Corgenix Medical Corp.
Excellent quarterly results and conference call combined with strong expectations for new diagnostic products, AspirinWorks and AtherOx fueling the gain.
Price Performance Historical Quote:
1 Month 6 Months 12 Months
Corgenix Medical +40.6% +50.0% +80.0%
Health Care Equipment
Sub Industry -1.3% +4.3% +5.5%
Health Care Equipment & Supplies
Industry -1.6% +4.1% +5.9%
Health Care
Sector -8.2% -1.7% -2.2%
All performance periods are based on trailing daily prices. Datasource : FT Interactive
CONX.. Not a table pounder any longer...
I have sold all but a Small Position on CONX.. One because of the lack of follow-thru from yesterday's CC and the other because of the Barron's involvement.. I started at $0.438 and finnaly sold most of the position at an Ave of $0.415.. The only way that I could Sell the position was in drips and drabs because when I showed more than 5000 share the market makers would not only run ahead of the order but offer stock below my offer without advertising thier stock price.. I was able to sell 5000 at a time because the market maker's would walk CONX stock up in price if they thought there was no more stock for sale.. The results of the sale were close to a breakeven on the position but because of possible selling from Barron it smells.. Not saying that CONX smells but..... hank
Shmoopy: re CONX Thanks for the info buddy. eom
At today's CONX investor conference call I found it most intriguing that the first question asked after mgt.'s presentation was by an official from St. Jude Medical (NYSE: STJ), one of the leading medical products cos. in the world. The nature of the question asked was even more intriguing in that he was interested in learning about the accounting treatment for revenue recognition (ie: sales booked when shipped in accordance with GAAP and no consignment sales). Could this mean that there could be a potential CONX/STJ alliance in the works?
Later in the Q&A CONX admitted that they were eyeing potential deals with deep pockets medical/pharma/aspirin cos. I would point out that within the past year STJ infused capital and executed a marketing agreement with Cambridge Heart (CAMH.ob) whose stock spiked from 30 cents to almost 5 dollars (note: 65 million shares o/s) based on its Microvolt T-Wave Alternans test for detecting heart disease (CAMH since dropped back to about 1 dollar after an unfavorable peer review of the medical test was released).
Another point during the Q&A session that was worthy in repeating was that the giant medical labs like Quest and Labcorp have huge sales forces that go directly to MD's and cardiologists to educate that they offer the new, revolutionary AspirinWorks test. Because of this leverage CONX will continue to report record-setting revenues, as mgt. confirmed, and deliver eventual bottom-line profitability.
Hard to believe that CONX is sitting at 45 pennies!
Favorable guidance provided by CONX in the latest 10-Q:
Outlook
In fiscal 2008, we are focused on accelerating the market launch of our AspirinWorks assay, continuing to seek clearance by the FDA of our Anti-AtherOx Test Kit, submission of a 510(k) Premarket Notification to the FDA for the Company’s AtherOx Test Kit, completing further clinical studies for our Hyaluronic Acid Test Kit and our Fibromyalgia Test Kit and continuing the development and strategic collaboration towards the development of a group of products to detect potential bio-terrorism agents.
Our balance sheet, cash flow and liquidity positions have continued to improve and hopefully will allow us to take advantage of opportunities, as we focus primarily on the organic growth of our business.
Corgenix Reports Second Quarter Fiscal 2008 Financial Results
Feb 12, 2008 09:15:01 (ET)
DENVER, Feb 12, 2008 (BUSINESS WIRE) -- Corgenix Medical Corporation (CONX, Trade ), a worldwide developer and marketer of diagnostic test kits, today filed its 2nd quarter Form 10-QSB and reported financial results. The report disclosed that the company's sales and operating results have advanced during the quarter and six months ended December 31, 2007, and further confirmed that the initiatives the company put in place several months earlier are proving very effective. Some of the results highlighted by the report are as follows:
-- Revenues for the quarter increased $714,227 or 42.4% over the prior year's comparable quarter.
-- Total operating expenses decreased $326,074 or 22.5% vs. the prior year's comparable quarter.
-- Operating income for the quarter was $224,224 vs. an operating loss of $435,039 in the prior year's comparable quarter.
-- Net loss was dramatically reduced from $908,121 in the prior year's comparable quarter to $60,310 in the current quarter.
"The initiatives which we implemented beginning in the final quarter of fiscal 2007 to increase sales and decrease operating expenses are definitely showing positive results," said Douglass Simpson, President and CEO of Corgenix. "While we still have more work to do, these initiatives have materially reduced our operating expenses, improved our customer and sales experience and laid the groundwork to accelerate future revenue growth. Our Company is growing nicely and is very vibrant."
The Company noted that the financial performance for the quarter was strong, with notable growth in core product revenue and substantially reduced net negative cash flow. The Company expects that Fiscal Year 2008 will be another record year for revenues.
"We are continuing to build a solid foundation for AspirinWorks(R). Even though sales are not yet material, they are right on budget and should begin to pay off later in the current fiscal year, and especially in the years to come," noted Luis Lopez, M.D., Corgenix Chairman and Chief Medical Officer. "Our AspirinWorks(R) and AtherOx(R) products are currently in over 34 clinical studies worldwide and we expect to see exciting news as these studies are completed and move to publication."
Second Quarter 2008 Conference Call Details
Corgenix invites all those interested in hearing management's discussion of second quarter results to join a shareholders conference call on Tuesday, February 12, 2008, at 4:00 PM EST (2:00 PM MST). Interested parties can join the call by dialing 800-895-0198. International participants may access the call by dialing 785-424-1053. The conference code is "CORGENIX." A replay will be available for 30 days following the call by dialing 800-727-6189 for domestic participants and 402-220-2671 for international participants.
About Corgenix Medical Corporation
Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network and has significant experience advancing products through the FDA process. More information is available at www.corgenix.com .
Statements in this press release that are not strictly historical facts are "forward-looking" statements (identified by the words "believe," "estimate," "project," "expect" or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the company does not undertake any obligation to publicly update or revise any forward-looking statements.
SUMMARY OF FINANCIAL HIGHLIGHTS
($000 of U.S. dollars except shares outstanding and per share amounts)
CORGENIX MEDICAL CORPORATION AND SUBSIDIARIES
OPERATIONAL DATA
Three Months Ended Six Months Ended
------------------------- -------------------------
December 31, December 31, December 31, December 31,
2007 2006 2007 2006
(unaudited) (unaudited) (unaudited) (unaudited)
Net sales $2,399 $1,685 $4,504 $3,379
Gross profit 1,346 1,013 2,487 2,062
Total operating
expenses 1,122 1,448 2,261 2,765
Operating income
(loss) 224 (435) 226 (703)
Net loss (60) (908) (748) (1,751)
Basic and diluted
loss per share $(0.00) $(0.08) $(0.03) $(0.15)
Diluted shares
outstanding 25,048,943 11,959,592 22,179,066 11,542,725
SUMMARY BALANCE SHEET DATA
(in thousands)
December 31, 2007 June 30, 2007
(unaudited) (audited)
Cash $1,894 $1,324
Working capital 3,387 2,070
Total assets 8,721 8,889
Long-term debt 1,707 $2,508
Total stockholders' equity 4,499 2,993
SOURCE: Corgenix Medical Corporation
Corgenix Medical Corp
William Critchfield, 303-453-8903
Senior VP and CFO
wcritchfield@corgenix.com
or
Armada Medical Marketing
Dan Snyders, 303-623-1190, ext. 230
Vice President, Public Relations Supervisor
dan@armadamedical.com
re CONX: Exhibit A
(DOW JONES) DJN: DJ Holder BARRON PARTNERS LP Registers 256,471 Of CORGENIX M
DICAL CORP >CONX
DJN: DJ Holder BARRON PARTNERS LP Registers 256,471 Of CORGENIX MEDICAL CORP >CO
X
SOURCE: Form 144
ISSUER: CORGENIX MEDICAL CORP
SYMBOL: CONX
FILER: BARRON PARTNERS LP
TITLE: Shareholder
BROKER: WESTMINSTER SECURITIES CORP
RESTRICTED SHARES TO SELL: 256,471 DATE REGISTERED: 2/4/2008
APPROXIMATE DATE OF SALE: 2/1/2008
The Form 144 is filed with the Securities and Exchange Commission to
reflect the intention of any holder of restricted stock to sell those
shares. After the 144 is mailed to the S.E.C., the filer is permitted
to sell the shares, or any fraction of them, within 90 days.
Form 144 Data Source: The Washington Service
(info@washingtonservice.com or 301-913-5100)
(END) Dow Jones Newswires
February 11, 2008 22:27 ET (03:27 GMT)
*** end of story ***
re CONX: from my experience
Barron doesn't hold for the home run. They are more than happy to eke out 10-20% from an investment and then move on to the next company willing to sign on to their highly-dilutive desperado financing.
Also, I definitely do not think "many of these shares have probably been distributed" due to this restriction:
"Contractual restrictions in the Barron Partners preferred stock purchase agreement and warrants prohibit Barron Partners, L.P. from exercising any warrants or converting any preferred stock if such conversion or exercise would cause it to exceed 4.90% beneficial ownership of Corgenix. Barron Partners holds convertible preferred stock plus warrants to acquire up to 16,407,782 shares of common stock. "
As of 1/18/08, Barron already held 4.9% of the stock--exclusive of the pfd/warrants. For them to monetize their investment and obey the above restriction, in my view they'll be a selling machine...selling down their position, exercising warrants/pfd to get their position back near 4.9%, selling down again, etc. etc.
I want to like CONX, but the above scenario is just too heavy a weight on the stock. Not to mention that with about 40M shares fully-diluted, EPS will be miniscule for years(?). Maybe Barron can tap some old Street contacts and whip up a frenzy for the shares and thereby gracefully exit, but I doubt it in the current market environment.
Understood but many of these shares have probably been distributed and CONX's market cap is still below $25 Million. The non-invasive AspirinWorks medical test for aspirin effectiveness is a potential windfall for CONX with another possible blockbuster pending FDA approval on the way, Anti-AtherOx, a cardiovascular test kit. CONX was profitable in Q1 on an operating basis and has had record sales for the past 2.25 years. Today's CC will provide a further picture of how valuable their IP is. IMO, the supply/demand for CONX's shares is tipping towards the bullish camp over the bearish camp.
CONX...
I would agree except we are in the beginning of Barron's fiscal year and this is the first good news that CONX has had.. I think that Barron's is smart enough to let this puppy run a little,, in to the 1.00 plus range and if like ZYNX become real,, 15,000,000 shares is a drop in the bucket..
Zynx just forced $0.80 wts on 3 mil. shares to exercise and we went thru them like a knife on butter.. I still have all except for a little less than 13,000 plus shares that I sold today.. Quite unusual for me as you know but I believe... I still trade the position but I don't let it get down in size.. hank
re CONX: Barron Ptnrs. is a deal breaker for me...
According to this passage from the recent registration, they hold 17 million warrants exercisable from $.37-.50! Serious dilution and overhead resistance.
"On December 28, 2005, we entered into agreements to complete two separate private placement financings with certain institutional and other accredited investors. With respect to the first private placement, the investor was Barron Partners, LP, or “Barron” a New York based private partnership, and with respect to the second private placement, the investors were Truk Opportunity Fund, LLC, a Delaware limited liability company, Truk International Fund, LP, a Cayman Islands company, and CAMOFI Master LDC, a Cayman Islands company (together, the “Debt Investors”).
The first financing was a private placement to Barron consisting of two million shares of Series A convertible preferred stock. The shares of Series A convertible preferred stock were sold at $1.00 per share for gross proceeds of $2,000,000. Each share of Series A preferred stock is convertible initially into 2.8571428571 shares of the Company’s common stock. In addition, Corgenix issued warrants to Barron to acquire up to an additional 15,000,000 shares of Corgenix common stock, of which 5,000,000 were exercisable at $0.40 per share (the “A Warrants”), 5,000,000 were exercisable at $0.50 (the “B Warrants”), and 5,000,000 were exercisable at $0.60 (the “C Warrants”). The warrants are exercisable for five years from the date of issuance. On July 25, 2007, the Company entered into agreements to complete a private placement of common stock and warrants with certain institutional and other accredited investors (the “New Offering”). On September 17,
2007, the Company entered into subscription and other agreements to complete the sale of the maximum amount of Common Stock and Warrants, including an overallotment, which were offered in the New Offering (the “Second Offering”). The New Offering and Second Offering triggered certain anti-dilution protections in the December 2005 sale of the Series A Convertible Preferred Stock; the Company and Barron agreed in a letter agreement dated August 15, 2007 that the anti-dilution protections result in Series A Convertible Preferred Stock being convertible into 3.323992928 shares of the Company’s common stock. Moreover, the New Offering and Second Offering have the effect of making the A Warrants exercisable at $0.369 for an aggregate of 5,421,372 shares of common stock, the B Warrants exercisable at $0.437 for an aggregate of aggregate of 5,716,081 shares of common stock, and the C Warrants exercisable at $0.504 for an aggregate of 5,949,392 shares of common stock."
CONX..Food for thought...
Excellent CONX analysis from Yahoo MB by plotinus4me:
Brief Analysis of CONX
2-Feb-08 03:31 pm
My current thinking on CONX, given the press releases on the various distributors/labs and a couple of brief discussions with Bill Critchfield (CFO), I get the following estimate for the stock value. Hopefully we will get more definition in the upcoming CC regarding the 12/31/07 Financial Report.
Press Releases and subsequent research per distributor/lab:
LabCorp 1300 locations
Quest 2000 locations
Healthcheck 3000 locations
Total 6300
One kit list price of $695, although the average sell price is @$525 (as per Mr. Critchfield).
(Kit is for 55-60 patients. CONX gets @$8.75 per patient.)
If each location orders one kit for inventory (6300 X $525), this would total @$3.3 million in revenues.
The ordering likely started in the 4th qtr. of 2007 and should continue with Quest locations into
the 2nd qtr. of 2008. Thus, for the fiscal year (ends June 30, 2008), the revenues from AspirinWorks alone could approach $2 to $3 million. This would be in addition to the @$7 to $8 million from the rest of the product lines.
Assume a market multiple on gross revenues of @7. This times a more conservative $9 million revenues ($7 + $2 million) for the 2008 fiscal year (ending 6/30/08) = @$63 million.
The conversion of the preferred and warrants brings the shares outstanding to @47 million shares.
(This will reduce the substantial interest costs).
Divide the $63 million revenues by the 47 million shares = @$1.34 valuation per share.
Disclosure:
I have a position in excess of 135,000 shares and am the person who has been buying the 1000 shares in the last minute of the day. I believe this stock is very undervalued. With the prospects of rapid market and revenue growth with AspirinWorks, with the AetherOx products, and with current and other proposed products, a 3 to 5 year investment approach that gradually builds one's position should bring substantial profit.
Corgenix AspirinWorks(R) Test Now Offered Through Quest Diagnostics
Corgenix Medical Corporation (OTCBB: CONX), a worldwide developer and marketer of diagnostic test kits, has announced that its AspirinWorks® test is available to physicians and other laboratories through Quest Diagnostics Incorporated (NYSE: DGX), the nation's leading provider of diagnostic testing, information and services.
“This arrangement with Quest Diagnostics is great news for the increasing number of physicians and labs wanting to offer the AspirinWorks test,” said Douglass Simpson, Corgenix’ President and Chief Executive Officer. “Some of the nation’s most prominent labs are now routinely running this important test, which determines if aspirin is eliciting an effect.”
AspirinWorks is a simple urine test that determines the effect of aspirin on platelets by measuring the level of thromboxane production (aspirin’s target). The higher the levels of thromboxane, the stickier the blood platelets, and the less impact the aspirin is having. This crucial information allows physicians to individualize a patient’s therapy.
Unlike other tests, which require freshly drawn blood that must be evaluated within at least four hours, the AspirinWorks test only requires a urine sample that can be obtained in any doctor’s office, making the test easy for both physician and patient.
The AspirinWorks test, which was launched in 2007 following FDA 510(k) clearance, is now available nationwide through a growing list of national and regional clinical laboratories. Simpson said additional supporting clinical data and scientific articles scheduled for publication in 2008 will further enhance the science and clinical validation behind aspirin effect testing.
The AspirinWorks test is an enzyme-linked immunoassay (ELISA) to determine levels of 11-Dehydro Thromboxane B2 (11dhTxB2) in human urine, which aids in the qualitative detection of aspirin effect in apparently healthy individuals post ingestion. The test targets a potential U.S. market of over 60 million individuals and a potential global market exceeding 200 million individuals.
The AspirinWorks product will be featured at several upcoming scientific meetings, including the American College of Osteopathic Family Physicians in March, the American College of Cardiology in March and the American College of Physicians in May.
Physicians and laboratories interested in ordering the test can call 1-800-729-5661 x180, or e-mail info@aspirinworks.com. More information is also available at www.aspirinworks.com.
About Corgenix Medical Corporation
Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network. More information is available at www.corgenix.com.
Statements in this press release that are not strictly historical facts are “forward-looking” statements (identified by the words “believe,” “estimate,” “project,” “expect” or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
NOTE TO EDITORS: The "2" in Thromboxane B2 (11dhTxB2) is subscript. This may not appear properly in some systems.
Corgenix Medical Corp.
William Critchfield, 303-453-8903
Senior VP and CFO
wcritchfield@corgenix.com
or
Armada Medical Marketing
Dan Snyders, 303-623-1190, ext. 230
Vice President, Public Relations Supervisor
Fax: 303-623-1191
dan@armadamedical.com
Posted by: MSGI
In reply to: 10 bagger who wrote msg# 811 Date:2/11/2008 10:36:26 AM
Post #of 820
Hank, I saw the asprin test kit mentioned in the Parade magazine in Sundays paper. The stock looks cheap since this test could become routine by most doctors.
RE CONX: Here is the link in today's Parade Magazine regarding aspirin effectiveness:
http://www.parade.com/articles/editions/2008/edition_02-10-2008/5_Medical_Tests
Posted by: 10 bagger
In reply to: grp316 who wrote msg# 797 Date:2/7/2008 11:45:20 PM
Post #of 820
CONX...
It's all in this PR Release... Long term spec..
Corgenix AspirinWorks(R) Test Now Offered Through Quest Diagnostics
Corgenix Medical Corporation (OTCBB: CONX), a worldwide developer and marketer of diagnostic test kits, has announced that its AspirinWorks® test is available to physicians and other laboratories through Quest Diagnostics Incorporated (NYSE: DGX), the nation's leading provider of diagnostic testing, information and services.
“This arrangement with Quest Diagnostics is great news for the increasing number of physicians and labs wanting to offer the AspirinWorks test,” said Douglass Simpson, Corgenix’ President and Chief Executive Officer. “Some of the nation’s most prominent labs are now routinely running this important test, which determines if aspirin is eliciting an effect.”
AspirinWorks is a simple urine test that determines the effect of aspirin on platelets by measuring the level of thromboxane production (aspirin’s target). The higher the levels of thromboxane, the stickier the blood platelets, and the less impact the aspirin is having. This crucial information allows physicians to individualize a patient’s therapy.
Unlike other tests, which require freshly drawn blood that must be evaluated within at least four hours, the AspirinWorks test only requires a urine sample that can be obtained in any doctor’s office, making the test easy for both physician and patient.
The AspirinWorks test, which was launched in 2007 following FDA 510(k) clearance, is now available nationwide through a growing list of national and regional clinical laboratories. Simpson said additional supporting clinical data and scientific articles scheduled for publication in 2008 will further enhance the science and clinical validation behind aspirin effect testing.
The AspirinWorks test is an enzyme-linked immunoassay (ELISA) to determine levels of 11-Dehydro Thromboxane B2 (11dhTxB2) in human urine, which aids in the qualitative detection of aspirin effect in apparently healthy individuals post ingestion. The test targets a potential U.S. market of over 60 million individuals and a potential global market exceeding 200 million individuals.
The AspirinWorks product will be featured at several upcoming scientific meetings, including the American College of Osteopathic Family Physicians in March, the American College of Cardiology in March and the American College of Physicians in May.
Physicians and laboratories interested in ordering the test can call 1-800-729-5661 x180, or e-mail info@aspirinworks.com. More information is also available at www.aspirinworks.com.
About Corgenix Medical Corporation
Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network. More information is available at www.corgenix.com.
Statements in this press release that are not strictly historical facts are “forward-looking” statements (identified by the words “believe,” “estimate,” “project,” “expect” or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
NOTE TO EDITORS: The "2" in Thromboxane B2 (11dhTxB2) is subscript. This may not appear properly in some systems.
Corgenix Medical Corp.
William Critchfield, 303-453-8903
Senior VP and CFO
wcritchfield@corgenix.com
or
Armada Medical Marketing
Dan Snyders, 303-623-1190, ext. 230
Vice President, Public Relations Supervisor
Fax: 303-623-1191
dan@armadamedical.com
CONX..$0.45
I'm pounding on CONX.. There is plenty of info in the last couple of day's posts on my trading account and VM Zip board..hank
PLUS...Table Pounder (If it qualifies. If not, please delete.)...
PLUS...Here's a quick look at the #'s...
10k was for fiscal y/e 2007 was released this morning and after a quick glance though the filing, here's what I came up with for Q4 results...
(ePlus is still 2 quarter's behind on filings due to option issues, but are getting caught up)...
Current Share Price = $8.75
Fully diluted Shares Outstanding = 8.54M
Shareholder Equity (Book Value) = $17.13
Cash = $39.7M
Cash Per Share = $4.65
Net Income = $1.93M
Fully Diluted EPS = $0.23
BUT...........Here's the clincher...
From the 10k..."We also recorded a BoA judgment against us of $3.0 million, including $0.9 million of legal fees and $0.2 million of interest, or a total of $4.1 million related to the BoA judgment."
"...the BoA judgment occurred in February 2007."
Without this judgment, here's what it looks like...
$4.1M minus 43% tax rate = $2.34M added to the bottom line.
$2.34M + $1.93M (net income listed above) = $4.27M NET!
$4.27M divided by 8.54M share = Q4 EPS of $0.50!!!!
The above numbers are based on just a quick glance of the 10k and are just my opinion, but ePlus looks to be undervalued.
Time will tell.
SUBSEA 7 INC. SUB.ol,, SBEAF.pk.. A table pounder of mine...
This again is a great report.. Deep water O&G Service at it's best.. hank
REPORT FOR THE FOURTH QUARTER AND PRELIMINARY YEAR END RESULTS FOR 2007
5 February 2008 – Subsea 7 Inc. (Oslo Stock Exchange: SUB.ol) today reports the results for the fourth quarter and preliminary year end results for 2007.
PERFORMANCE SUMMARY
Quarter Highlights
- Operational activity and project performance particularly strong in Africa with the successful completion of the Petro
SA and Agbami projects and significant progress made on the Saxi Batuque project.
- Seven Oceans successfully completed its first pipelay campaign on the Blind Faith project for Chevron in the Gulf of
Mexico and the deepwater pipelay scope on PDEG for Petrobras in Brazil.
- Normand Seven entered the fleet as planned and commenced operations.
- Awarded two separate contracts by BP with a combined value in excess of USD 265 million for installation and general subsea construction works in the Skarv and Idun fields in the northern North Sea.
Financial Results:
Accounts prepared in accordance with IFRS...
31/12/2007 31/12/2006 31/12/2007 31/12/2006
In USD millions Unaudited Unaudited Unaudited Audited
Revenue 562.3 394.7 2,187.4 1,670.4
Adjusted EBITDA 102.6 30.4 391.5 264.9
Net operating profit 80.2 11.4 316.1 199.3
Profit before tax 80.8 9.4 314.8 207.2
Net profit attributable to equity shareholders 54.7 5.1 214.1 137.6
Earnings per share, in USD per share
Earnings per share, basic 0.37 0.03 1.45 0.93
Earnings per share, diluted 0.36 0.03 1.44 0.93
This report is Subsea Firing on all cylinders and shows expansion of growth thru each qtr. of 2007..
http://www.newsweb.no/newsweb/atmnt/Subsea7_Inc_Quarter4report2007.pdf?id=50611
Hank
gilead:
I posted NGA here:
http://investorshub.advfn.com/boards/read_msg.asp?message_id=26109314
And one I just posted today, CHNG:
http://investorshub.advfn.com/boards/read_msg.asp?message_id=26253027
Thanks.
To show I'm no hypocrite, I added more NG today. It might have found a floor between $10.50 and $11.00. If the price of gold drops suddenly, I doubt that NG would go down too much because this is a good buyout candidate. Assuming nothing goes wrong with one of there mines, I think NG is a nobrainer if you want a junior minor.
NGA = My Table Pounder!
Trading at a 7 PE currently
chart:
http://www.profitspi.com/stock-chart.aspx?id=NGA&ca=138685244
Fins:
Revs and Net:
35.8 mil and 403k in '04
47.8 mil and 644k in '05
74 mil and 4.5 mil in '06
68 mil compared to 53 mil for 9 months ended Sept 30 for '07 '06 respectively.
Share Structure:
12.3 mil OS
7.8 mil Float
Insiders and Institutions hold a good chunk:
http://finance.yahoo.com/q/mh?s=NGA
Filings:
http://knobias.10kwizard.com/files.php
8k from November 1st:
Revenues increase 27%, Net Income up 101 %, Earnings Per Share Increase 81% -
For the nine months when compared to prior year
Tulsa, Oklahoma, October 29, 2007 – North American Galvanizing & Coatings, Inc. (NASDAQ: NGA) announced today record earnings and sales for the first nine months and the third quarter of 2007. Consolidated net earnings for the 2007 third quarter were $2.5 million ($.20 per share), compared with $1.1 million ($.09 per share) in the third quarter of 2006 which represents a 130% increase in net earnings and a 122% increase in earnings per share. All per share data are reported on a fully-diluted basis and have been adjusted to reflect the effect of the June 8, 2007 three-for-two stock split effected by a stock dividend.
The Company’s net earnings for the first nine months of 2007 were $7.1 million ($.56 per share), compared with $3.5 million ($.31 per share) in the first nine months of 2006 which represents an 81% increase in earnings per share. Revenues for the nine months rose 27% to $68.2 million compared to $53.8 million for the comparable period last year.
Commenting on the results of the third quarter 2007, Ronald J. Evans, president and chief executive officer, said “Strong overall market demand for hot-dip galvanizing continued to support the conditions for the Company to achieve record results. Strong customer demand, enhanced operating efficiencies, ongoing cost control and improved pricing, all contributed toward our record profitability. Evans added, “I am also pleased to report that the scheduled installation of a new and bigger galvanizing kettle and furnace in our Canton, Ohio facility was completed on time and budget.” The plant was shutdown for approximately three weeks in early July.
The Company purchased 28,500 shares of its common stock for the treasury in open market transactions at an average price of $5.33 per share during the quarter. The Company’s stock buyback program has a remaining balance of $.6 million.
During the first nine months of 2007, total debt (current maturities and long-term obligations and bonds payable) decreased by $6.6 million to $2.7 million. As of September 30, 2007, the Company had unused borrowing capacity of $22.5 million under its existing lines of credit.
The Company also reported that the move to the NASDAQ on August 2, 2007 had been completed without interruption to stock trading activity.
In-Touch Survey Systems Ltd. enters term sheet for non-brokered $27,500 private placement
Thursday January 17, 11:39 am ET
OTTAWA, Jan. 17 /CNW Telbec/ - In-Touch Survey Systems Ltd. ("In-Touch" TSX-Venture: INX) is pleased to announce that it has entered into a term sheet for a non-brokered private placement of common shares for aggregate proceeds of twenty seven thousand five hundred dollars ($27,500.00), which is anticipated to close no later than January 18th, 2008.
Participating in the placement are 5 employees (2 of which are insiders) and 1 contractor of In-Touch. They will subscribe for an aggregate of 110,000 common shares at twenty-five cents ($0.25) per common share. No Directors of the Company or other individuals are participating in this placement.
"We are heartened by this vote of confidence from our employees, who are key to our continued success," said Michael Gaffney, Chief Executive Officer.
The private placement is subject to regulatory compliance and approval by the TSX Venture Exchange.
The proceeds from the private placement will be used for general working capital purposes.
The TSX Venture Exchange has not reviewed the foregoing and has neither approved or disapproved the contents of this press release.
For further information
Michael J. Gaffney, (613) 270-7911, mgaffney@intouchsurvey.com
--------------------------------------------------------------------------------
Source: IN-TOUCH SURVEY SYSTEMS LTD.
Mike
SHMM news link from Tuesday and dd tidbit to add...
http://app.quotemedia.com/quotetools/popups/story.jsp
DD tidbit,,,Encore Medical Staffing, Inc. is listed with the Nevada SOS with Mr. Sarvis noted in the listing...LJ
Gilead: My submission can be found at post 11375 on the ZCC board. Again, it does NOT have earnings at this point. But there is big potential, especially if gold prices continue to rise. My time frame is 1 year.
11375
Hmmm again?
Need to mind which board I'm talking on. That was a Beat the Tank message.
TAM
More Hmmm?
Looks like I didn't mind the 25 cent rule. Will be sending new picks soon.
TAM
OK ETRADE HAS STARTED ITS TURNAROUND.
I bought more this morning now trading at $2.79 up $0.40.
Good luck,
Arnie
SembCorp Marine..SMBMF.pk.. New symbol for Yahoo is S51.S1..
That is the Yahoo symbol and it converts it to USD..hank
CAGC.ob
I continue to like it despite today's big paper loss.
I ran some numbers on a DCF calculator.
My expectations are that growth will be strong for the next 5 years. With just 20% earnings growth for the next 5 years, at .40 this year -- I get a fair value over 9/share. I think the margin of safety here is extremely reasonable.
30% growth and it's around 11/share.
They grew earnings over 100% in the last YoY comparisons.
This one was brought to my attention from people at the VMC board but I guess I'm one of the few people that really likes it enough to table pound. I hope others think so too.
Pounding the table on MLOBF
-The company only has 1,237,134 shares outstanding, of which the float should only be around 100-200k.
-Company is sitting on cash of 871k as of September 30, 2007. (The cash total equates to about .70) Shareholder's equity stands at 840k.
-The company's EPS has been up sequentially over the last several quarters. The latest quarter shows .217, with the previous quarters showing .21, and .186. For the first 9 months of this year, the EPS is .92, and for the full fiscal year I am expecting EPS of 1.14, which would put the company on a laughable PE of 1.5.
-The float is thin, and this one could move up over 100% easily if the company decides to issue a PR. If not, the SEC filings should still continue to push this one higher.
-If the US economy falls into a recession, this one should not be affected as it derives all its sales in China/Hong Kong.
ARI CAGC
The idea here is just to track stocks that people said they are "pounding the table on". Someone may have pounded the table on CAGC at some point but I was only tracking things that were pounded since this board was created.
If you are pounding the table on CAGC post your "pounding" on VMC and then cross-post it here and I'll add it to the list the next time I update it this weekend.
CAGC.ob ?
With the run up in so many fertilizer co's -- this one seems to be the last to move. SEED, NOEC, COIN, and the big caps have all had huge moves.
I know most people have already done DD on this one and it's a top pick among China picks.
I think at 2.80 CAGC has the chance to make new highs and will certainly be a momo-darling as the stupid-crowd piles on. They would probably prefer to see lots of volume.
It's funny to see this one left out.
Pounding on ENTX at $.30/share
Entrx is a provider of insulation services and asbestos abatement to clients primarily in CA.
ENTX is a serious deep-value play and, specifically, here's what I like.
---After backing out extraordinary items, ENTX has trailing 12-month EPS of $.09, giving it a rock bottom P/E of 3.
---Book value is $.86/share.
---Cash/investments-per-share is $.35. Back out the cash, and the market is paying YOU to own the stock!
---12-month trailing revenues-per-share is $2.85.
The company attributed strong year-to-date results to "obtaining new maintenance contracts, and hiring additional project managers which has allowed the Company to bid on more projects in 2007 and ultimately increased the number of jobs in which we were the winning bidder."
Besides being on the pink sheets (yet fully-reporting on EDGAR), the big negative in the stock appears to be the company's exposure to historical asbestos lawsuits. However, they believe they are fully-insured and, in fact, the balance sheet reflects this with offsetting insurance claims receivable and lawsuit liabilities on the asset and liability sides, respectively.
Sum it up, I believe the stock is at least a double from here...and that would still leave it well below book value...
Bruce Lee is Chinese and I only speak Norwegian out side of English.. Picking and pounding are indications of what we all believe are the best of investments to buy and hold.. As I believe that these seven are multi-baggers from here why not put them all on the list.. 10-baggers rarely come from companies that have well funded balance sheets along with earnings at the time of thier pick.. AYSI and UVE are exceptions to the rule and neither would of made my list when they were selling at $0.10.. Apparently as no one else has come out of our group posting millions in profits that were possible on each,, investing is still proper DD and patience..
As for Chinese stocks,, I am still in the camp of the few,, I still don't trust thier balance sheets and cheap stock that seems always to appear.. My loss on all the movers ,, I guess but it is only my loss and no one else should suffer because of it.. hank
He's like Bruce Lee...One pound and they are gone, and he needs a new one...:)
KIK...........
I don't think so and as I own all seven and have posted on 5 of them many times I believe the storys are still intact.. I added 2 that I have yet to mention before which are both in the far east and go well with EOC.ol.. One is the largest shipyard in the world producing FPSO's and Harsh Deep Water Drillers.. Dilution in this case is about as far as I would go twards diversification..
To pick one when I believe 7 are there on my list is a fool's game.. My top three would be SVMRF.pk,, SOFHF.pk,, EOC.ol,, and if I were to pick another 2 they would be POE.v,,(POEFF} and ZYNX.. They were already picked by someone else but I still have sizeable positions in all within and in addition to my trading account... This new year it is my intention to hold and mold more.. Happy New Year's.. hank
10 bagger, SEVEN table pounders?!
Doesn't having so many dilute the attraction of any ONE of them? If you had a sledge hammer, which ONE would you demolish the table with?
SembCorp Marine..SCMN.si
http://stocks.us.reuters.com/stocks/overview.asp?symbol=SCMN.SI
SembCorp Marine And Offshore Engineering is a leading global marine engineering group specialising in a full spectrum of integrated solutions, ranging from ship repair, ship building, ship conversion, rig building to offshore production and engineering. As one of the largest marine engineering leaders in Asia, SembMarine’s global network spans 14 yards in the four strategic hubs of Singapore, China, Brazil and USA
Operating as distinct brand names, each yard focuses on its areas of expertise and market niches to provide customers with the most innovative marine engineering solutions and services worldwide.
SembMarine’s yards in Singapore include:
Jurong Shipyard
Sembawang Shipyard
PPL Shipyard
Jurong SML
SMOE Pte Ltd
Key Capabilities
• Largest ship repair and marine-related facilities in Asia, with a total docking capacity of 3.2 million deadweight tonnes.
• Global leader in the conversion of Floating Production Storage Offloading (FPSO), Floating Storage Offloading (FSO) units and Floating Production Units (FPU) for the offshore oil and gas industries.
• A specialist in rig building with proven capabilities in the proprietary design and construction of high-performance jack-up rigs and the fast-track construction of highly advanced dynamic positioning ultra-deepwater semi-submersible drilling rigs.
• A world leader in ship repair and a key niche player in the newbuilding of vessels, from 2,600 TEU containerships, product and chemical tankers, to offshore supply vessels. It also has strong expertise in the repair and servicing of offshore production / drilling platforms.
• A recognised industry leader in the provision of total engineering and construction solutions for offshore production platforms and floating production facilities. It specialised offshore production and engineering expertise extends to the fabrication, installation, integration and commissioning of topside production and process modules for fixed platforms and mega FPSOs
-------------------------------------
Company Profile For Sembcorp Marine Ltd
Sembcorp Marine Ltd(Stock Exchange of Singapore)
SembCorp Marine Ltd. is a global marine engineering group specializing in a spectrum of integrated solutions, ranging from ship repair, shipbuilding, ship conversion, and rig building to offshore engineering and production facilities. The Company has a global network spanning Singapore, China, Brazil and the United States. Its specialized capabilities range from the engineering, procurement and construction of offshore production platforms and floating production systems, to the fabrication, integration, pre-commissioning, as well as offshore hook-up and commissioning of topside process modules and production modules for fixed platforms and mega floating production storage and off-loading units. In March 2007, the Company disposed its 55% equity stake in Jurong Clavon Pte Ltd Group. In May 2007, the Company's wholly owned subsidiary, SMOE Pte Ltd has acquired a 35% equity stake in Shenzhen Chiwan Offshore Petroleum Equipment Repair & Manufacture Co. Ltd.
Quick Financial Synopsis
BRIEF:
For the nine months ended 30 September 2007, SembCorp Marine Ltd.'s revenue increased 43% to SP$3.18B. Net income increased 68% to SP$240.2M. Revenues reflect an increase in sales from rig building and ship building segments. Net income benefited from improved gross margin, higher other operating income, a decreased in other operating expenses, increased dividend & interest income, lower non operating expenses and higher share of results of associates.
Company Address
Sembcorp Marine Ltd
29 Tanjong Kling Road
Singapore 628054
Table Pounder..SWBRF.pf
SWBRF.pf
http://www.swisko.com/
http://www.listedcompany.com/ir/swiber/web/stock.cgi?type=charts&integrate=1
Table Pounder..SBEAF.ol
SUB.ol
All current press releases:
http://www.newsweb.no/index.jsp?issuerId=14257&lang=1&fromDate=01.01.2007
Subsea 7 is an industrial operating company within the oil and gas service industry. Subsea 7 engineers, procures, constructs, installs and maintains facilities for subsea production of oil and gas.
----------------------
SUBSEA 7 INC. SUB.ol...
REPORT FOR THE THIRD QUARTER 2007...
23 October 2007 – Subsea 7 Inc. (Oslo Stock Exchange: SUB) today reports the results for the third quarter of 2007...
"The Market outlook remains unchanged from that reported at the end of the second quarter of 2007. The level of outstanding tenders remains at a very high level supporting a positive view of the strength of the market through to 2012"....
PERFORMANCE SUMMARY...
Quarter Highlights...
- Operational activity high and project performance strong in the North Sea, Africa and Asia Pacific
- Seven Oceans in operation and additional tonnage engaged successfully to support pipelay operations
- Awarded contract extension by Petrobras in Brazil valued at an estimated USD 390 million
Post Quarter Highlights..
Awarded contract by BP Norge AS valued at an estimated USD 125 million...
Operations in General...
The third quarter 2007 was extremely busy for the Company with good operational performance and high activity levels, particularly in the North Sea and Africa. The new pipelay vessel Seven Oceans completed a number of North Sea lifts and is currently in the Gulf of Mexico preparing for the Chevron Blind Faith project. The Skandi Bergen and Normand 7 joined the fleet during the quarter. The installation of the pipelay spread for the Normand 7 is going as planned with the vessel due to commence operations in the fourth quarter 2007...
North Sea..
The North Sea region delivered strong revenue and margins, resulting from high levels of asset utilisation and successful project execution. A significant level of activity in the quarter related to pipelay operations with the completion of the offshore phases on the Venture GKA and Talisman Rev projects. The pipelay operations on the ConocoPhillips Kelvin project were also completed and the final tie-ins are scheduled for the fourth quarter...
Other significant milestones in Norway included the completion of the Oseberg Delta and Ormen Lange Phase 2 projects for Norsk Hydro and the ConocoPhillips Eldfisk tie-ins project... Work continued on the Shell ISSC, Venture Production PLC partnership, BP West of Shetland and ConocoPhillips projects...
Africa..
Activity levels increased significantly in the quarter with the offshore phases of the ExxonMobil Saxi Batuque project in Angola and the Agbami project in Nigeria commencing on schedule.
The Rockwater 1 completed the offshore phase of the Petro SA project during the third quarter... Project management, procurement and engineering are ongoing on the Tombua Landana and Addax projects...
Brazil....
Offshore activity was completed on the first phase of the PDEG recording a small loss in the quarter. The final scope of the PDEG project is scheduled to be completed by the deepwater rigid lay vessel Seven Oceans during the fourth quarter 2007. The Company’s Brazilian spoolbase continued welding pipelines for the Petrobras Hybrid Steel contract with installation scheduled to commence in the latter part of the fourth quarter 2007... Project management, procurement and engineering continued on the Roncador and BC10 projects with the Roncador project scheduled to commence its offshore phase during the fourth quarter 2007. The Lochnagar and K3000 continued to support Petrobras on day rate operations during the quarter.
The sale of the Salgueiro was completed in the third quarter with a gain on sale of USD 1.3 million...
Gulf of Mexico...
The project management, engineering and onshore pipeline fabrication continued on ChevronTexaco’s Blind Faith project. The pipeline was loaded onboard the Seven Oceans and will be installed in the fourth quarter of 2007...
The additional work secured on the BP Thunderhorse project continued and is scheduled to complete in the first quarter of 2008...
Asia Pacific..
The Murphy Kikeh project is substantially complete with minor commissioning work outstanding whilst offshore activities continued on the BHP Stybarrow project in Australia. Both projects are scheduled to be completed during the fourth quarter of 2007. The TUI project in New Zealand was completed in the quarter and further offshore activity took place under the Woodside Frame Agreement... The Technip-Subsea 7 Joint Venture continues to have a high level of asset utilisation supporting both legacy projects and new awards....
Investments...
Good progress has been achieved on the construction of the new-build deepwater flexlay / J lay vessel Seven Seas. Main engines have been run and electrical load tests completed. The ship will move to the Dutch yard for pipelay system installation in November as planned. Final delivery of this vessel is on schedule for the second quarter of 2008... Steel cutting for the new-build diving support vessel Seven Atlantic commenced on schedule at the Dutch shipyard in August. Keel lay is planned for the end of the fourth quarter of 2007 and the vessel is due for delivery in the first quarter of 2009...
Progress on the Company’s new North Sea spoolbase in Vigra, Norway is on schedule and will commence operations in the first quarter 2008...
Financials...
Revenue for the third quarter 2007 was USD 617.4 million compared to USD 414.6 million for the same period in 2006 reflecting a higher level of project activity as compared to 2006... Net operating profit for the third quarter of 2007 was USD 118.4 million compared to USD 73.7 million for the same period in 2006. Net operating margins as a percentage of revenue increased to 19.2% in the third quarter 2007 from 17.8% in the third quarter 2006.
The major reasons for the improvement in margins include higher activity levels, improved pricing and good project execution...
The net operating profit also benefited from a gain of USD 1.3 million during the quarter in respect of the disposal of the Salgueiro....
Net financial costs for the third quarter of 2007 were USD 1.9 million compared to USD 4.3 million for the third quarter 2006. The main drivers for this net decrease in cost are additional interest income from higher levels of cash and foreign exchange gains being offset to some extent by an increase in interest expense in respect of the Company’s convertible bonds compared to the same period last year...
Taxation expense for the third quarter 2007 was USD 34.5 million which equates to an effective rate of 29.5%. The tax rate in the quarter benefited from an adjustment to deferred tax balances to reflect the reduction of the corporate tax rate in the UK, which will take effect from April 2008. The underlying tax rate in the quarter was approximately 33%...
Net profit attributable to equity shareholders for the third quarter of 2007 was USD 82.2 million, or USD 0.56 per share, compared to a net profit of USD 46.1 million, or USD 0.31 per share, for the third quarter 2006...
Cash and short-term deposits at 30 September 2007 were USD 189.9 million compared to USD 86.6 million at 31 December 2006.
Shareholders’ equity at 30 September 2007 totalled USD 765.3 million compared to USD 531.9 million at 31 December 2006...
Share Capital..
During the quarter, a total of 57,200 share options were exercised under the Company’s share option plan.
The Company had 147,410,600 shares issued and outstanding at 30 September 2007...
Backlog...
During the third quarter of 2007, the Company was awarded new contracts, including commitments under the frame agreements, of an aggregate amount of USD 0.9 billion. The worldwide order book of the Company at 30 September 2007 was approximately USD 4.2 billion, which comprised of approximately USD 2.2 billion of day-rate contracts and USD 2.0 billion of lump sum contracts, compared to USD 3.9 billion total backlog at 30 June 2007....
Main new contracts since 1 July 2007..
In July 2007, the Company announced the award of a contract by Total E&P UK Ltd for the design, fabrication and installation of a 3km pipeline bundle system in the North Sea. The contract is valued in the region of USD 45 million...
In July 2007, the Company announced it had been awarded an extension to the Hybrid contract by Petrobras (Petróleo Brasileiro S/A) for the engineering, fabrication and installation of rigid pipelines, as well as the installation of flexible pipelines on the Brazilian continental shelf, until 2010. The value of the contract extension is in the region of USD 390 million...
In August 2007, the company announced an award by BP Angola (Block 18) BV for Life of Field support services in the Block 18 Greater Plutonio development. The contract is valued in the region of USD 80 million...
In October 2007, the company announced an award by BP Norge AS for installation works in the Skarv & Idun fields in the Northern North Sea. The contract is valued in excess of USD 125 million...
Market Outlook.......
The Market outlook remains unchanged from that reported at the end of the second quarter of 2007. The level of outstanding tenders remains at a very high level supporting a positive view of the strength of the market through to 2012....
On behalf of the Board of Directors of Subsea 7 Inc.
23 October 2007
Kristian Siem, Chairman
www.subsea7.com
Table Pounder..SOFHF.pk
SIEM OFFSHORE INC.. REPORT FOR THE THIRD QUARTER 2007..
25 October 2007 – Siem Offshore Inc. (Oslo Stock Exchange: SIOFF) today reports results for the third quarter 2007.
FINANCIALS...
Results for the third quarter..
The consolidated financial statements for Siem Offshore are prepared in accordance with International Financial Reporting Standards (IFRS). As a consequence, the result from associated companies is presented as a financial item and the realised and unrealised currency gain/losses arising from the revaluation to market of open foreign exchange contracts are presented as an operational item.
The net profit attributable to shareholders for the third quarter was USD 49.0 million, or USD 0.23 per share. The operating revenues and operating result were USD 46.4 million and USD 46.2 million, respectively. The operating profit includes gains on sale of interest rate derivatives of USD 2.9 million.
The operating profit also includes realised and unrealised currency gains of USD 20.4 million arising from the revaluation to market of open currency exchange contracts during the quarter. Such currency exchange contracts have been entered into in order to fix the NOK commitment in relation to the vessels under construction at Norwegian yards. Per 30 September 2007, the Company has sold forward approximately USD 200 million equivalent to NOK 1.2 billion of total future yard instalments of NOK 6.4 billion. Depreciation and amortisation were USD 4.9 million. Net financial items were positive with
USD 2.9 million.
The Company held ownership in a total of 39 vessels at the end of third quarter, of which 16 were under construction and one was under conversion. The fleet in operation at the end of third quarter included 10 platform supply vessels (PSVs), 1 Multipurpose Field- & ROV-support Vessels (MRSV), 9 standby/crew
vessels in Brazil, one well stimulation vessel and one standby vessel operated in the North Sea.
The operating revenue also includes reimbursement for operating expenses that are reimbursable by charterers.
The conversion of the JOIDES Resolution, which was scheduled for completion in fourth quarter 2007, is delayed. It is expected that the vessel will commence its charter of approximately 7 years during second quarter 2008. The vessel is earning a conversion rate during the conversion period. The Company will not record any financial contribution prior to commencement of the charter contract.
The operating revenues and operating result for the first nine months were USD 109.0 million and USD 107.2 million, respectively, and the net profit attributable to shareholders was USD 105.4 million, or USD 0.57 per share, as of 30 September 2007. Cash, debt and share capital per third quarter....The cash position at 30 September 2007 was USD 103 million. The gross interest-bearing debt was USD 225 million and the shareholders’ equity was USD 372 million.
Future yard instalments for vessels under construction totalled NOK 6.4 billion (USD 1.2 billion). Such yard instalments fall due in 2007 (NOK 0.5 billion), 2008 (NOK 1.2 billion), 2009 (NOK 2.6 billion), and 2010 (NOK 2.1 billion).
The Company has recorded USD 950 million due to a potential long-term borrowing in relation to the sale of interest rate derivatives. The liability is balanced by a corresponding recorded long-term deposit. On 5 October 2007, the Norwegian government proposed to replace the existing taxation (deferred
taxation) of Norwegian shipowning companies by a “European Tonnage Tax” system with effect from 1 January 2007. Siem Offshore’s deferred tax position at 31 December 2006 was NOK 66 million (USD 12.3 million) of which USD 9.1 million is reflected in the balance sheet at 30 September 2007.
Related party transactions..
The Company held USD 2.5 million as a dividend prepayment from Overseas Drilling Limited. On 26 July 2007, Siem Offshore sold one of the crew boats operated in Brazil to Subsea 7 for BRL 1.6 million (USD 0.8 million)
MAIN EVENTS DURING THIRD QUARTER 2007
• 13 July - The Company took delivery of the platform supply vessel Siem Mollie of VS 470 Mk II design from Aker Aukra AS. Siem Mollie traded in the spot market from delivery and until 30 July, when she commenced the 3-year charter contract.
• 16 July – The Company received NOK 727 million (USD 125 million) from the Rights Issue conducted in second quarter and the outstanding number of shares increased to 223,891,866
shares following issue of 55,972,966 new shares.
• 25 July - The Company took delivery of the 1999-built large-size PSV Siem Supplier of MT 6000 design, for which a purchase agreement was agreed in the second quarter. Siem Supplier traded in the spot market from delivery until 19 September, when she went on a 2 months contract.
• 30 July - The Company declared an option for the construction of two additional Anchor Handling Tug Supply vessels (AHTS) of VS491CD design. The contract value is approximately
NOK 1.1 billion and the vessels are scheduled for delivery in third quarter 2010.
• 27 September - The Company took delivery of the Multipurpose Field- & ROV-support Vessels (MRSV) Siem Swordfish of MT 6016L design, and the vessel commenced its 5-year contract on 30
September. The development of the Siem WIS technology is ongoing. A prototype of the Siem WIS CircSub (device for constant circulation of drilling fluid during pipe connections) is in production, and the planning for a full scale test on a test well has started.
Subsequent events...
On 16 October, the Company entered into an agreement for the sale of the standby vessel Ocean Knarr (built 1985) for a total price of USD 10.5 million. The vessel will be delivered to its new owner in fourth quarter 2007 and Company will record a sales gain of approx USD 1.0 million.
MARKET AND OUTLOOK..
The supply and demand for platform supply vessels in the spot market remained generally in balance during third quarter with limited tonnage available. Owners continued to achieve day rates at good levels in the spot market during the period. The demand for long-term charters of PSVs continued during the
quarter and day rates remained at healthy levels. The spot market for anchor-handling tug supply vessels was volatile during the third quarter due to a fluctuating rig move activity. The rig move activity has increased in the beginning of fourth quarter and the day rates for AHTS vessels have increased accordingly. It is expected that the level of activity for PSVs and AHTS vessels will remain healthy during fourth quarter. The market for our other vessels continues to remain strong. Potential charterers will have to secure
vessels one to two years in advance due to the limited availability.
On behalf of the Board of Directors of Siem Offshore Inc.
25 October 2007
Kristian Siem
Chairman
www.siemoffshore.com
================
SIEM OFFSHORE INC. REPORT FOR THE SECOND QUARTER 2007.......
24 July 2007 – Siem Offshore Inc. (Oslo Stock Exchange: SIOFF) today reports results for the second quarter 2007.
FINANCIALS:
Results for the second quarter: The consolidated financial statements for Siem Offshore are prepared in accordance with International Financial Reporting Standards (IFRS). As a consequence, the result from associated companies is presented as a financial item and the realised and unrealised currency gain/losses arising from the revaluation to market of open foreign exchange contracts are presented as an operational item.
The net profit attributable to shareholders for the second quarter was USD 41.9 million, or USD 0.25 per share, as of 30 June 2007. The operating revenues and operating result were USD 34.4 million and USD 43.7 million, respectively. The operating profit includes gains on sale of interest rate derivatives of USD 20.6 million. The operating profit also includes realised and unrealised currency gains of USD 10.2 million arising from the revaluation to market of open currency exchange contracts during the quarter. Such currency exchange contracts have been entered into in order to fix the NOK commitment in relation to
the vessels under construction at Norwegian yards. Per 30 June 2007, the Company has sold forward approximately USD 250 million and GBP 60 million equivalent to NOK 2.3 billion of total future yard instalments of NOK 5.9 billion. Depreciation and amortisation were USD 3.9 million. Net financial items
were negative with USD 2.0 million. The Company held ownership in a total of 37 vessels at the end of second quarter, of which 16 were under construction and one was under conversion. The fleet in operation included 8 platform supply vessels (PSVs), 10 standby/crew vessels in Brazil, one well stimulation vessels and one additional standby vessel. The 8 PSVs reached 100% utilisation during second quarter 2007. The operating revenue also includes reimbursement for operating expenses that are reimbursable by charterers.
The operating revenues and operating result for the first six months were USD 62.6 million and USD 60.9 million, respectively, and the net profit attributable to shareholders was USD 56.4 million, or USD 0.34 per share, as of 30 June 2007.
Cash, debt and share capital per second quarter The cash position at 30 June 2007 was USD 63 million. The gross interest-bearing debt was USD 186 million.
Future yard instalments for vessels under construction totalled NOK 5.9 billion (USD 1.0 billion) at the 30 June 2007. Such yard instalments fall due in 2007 (NOK 0.9 billion), 2008 (NOK 1.1 billion), 2009 (NOK 2.6 billion), and 2010 (NOK 1.3 billion).
In connection with the sale of ”interest rate option loans” which Siem Offshore has received for 13 of its vessels under construction, the Company must record the possible future liability which the Company has incurred, USD 737 million in its balance sheet at 30 June 2007 in accordance with IFRS. This liability is secured through a corresponding deposit at the purchaser of the options.
Related party transactions..
In June 2007, the Company entered into a USD 11 million loan agreement with Siem Industries Inc, its largest shareholder, with a term of one month at LIBOR plus 1.625% and a 0.15% arrangement fee as bridge financing of the purchase of Hull 84 from P/F Supply Service. The loan was repaid in July. In
addition, Siem Industries agreed to fully underwrite the rights issue against an underwriting fee of 1.5%. At 30 June 2007, the Company held USD 2.5 million as a dividend prepayment from Overseas Drilling Limited.
MAIN EVENTS DURING SECOND QUARTER 2007
• 16 April - The Company and Subsea 7 Inc. entered into a 5 year firm charter contract for one Multipurpose Field- & ROV Support Vessel of MT6016L design. The commercial terms of the
contract are confidential between the parties. The vessel is under construction in Norway and is scheduled for delivery in March 2008. The charter period will commence upon the delivery of the vessel. The work scope of the vessel will be ROV and construction activities within the natural design capabilities and capacities of the vessel.
• 30 April - The Company declared an option for the onstruction of two additional large Anchor Handling Tug Supply vessels (AHTS) of VS491CD design. The contract value is approximately
NOK 1.1 billion and the vessels are scheduled for delivery in first and second quarter 2010.
• 15 May - The Company entered into a firm 5 year charter for the large-size PSV ’Siem Sailor’ for operation as a small FPSO in the Gulf of Mexico. The vessel, 51% owned by Siem Offshore, is under construction in Norway with delivery scheduled in fourth quarter 2007. The charter value for the firm period is approximately USD 82 million and the charter will commence upon delivery of the vessel from the yard.
• 21 May - The Company entered into a firm 3 year charter for one of the platform supply vessels that are under construction in Norway. The charter will commence in the third quarter 2007. The charterer has also declared an option to extend the current charter for the platform supply vessel ’Sasha’ until first quarter 2010. Both charters are for worldwide operation and the total value of the charters for both vessels is approximately USD 62 million.
• 29 May – The Company’s Board of Directors resolved to ncrease the equity base of the Company from 167,918,900 ordinary shares to 223,891,866 ordinary shares by the issue of 55,972,966 new ordinary shares. The purpose of the share issue is to strengthen the capital base of the Company in order:
(i) to secure the financing of the fleet of vessels currently under construction and:
(ii) to position the Company for further expansion and growth. The issue was made by way of a 1:3 rights issue at a subscription price of NOK 13.00 per new share with preferential rights for existing shareholders. The subscription period for the Rights Issue ended on 29 June 2007 and the new shares were issued on 16 July 2007.
• 29 May - The Company entered into a firm three year charter for the large-size PSV ’Siem Carrier’ for operation as a worldwide Cable Lay, ROV and Offshore Construction Support Vessel. The contract will commence in fourth quarter 2007. The commercial terms of the contract are confidential between the parties. The Company expects to invest USD 6 million to upgrade the vessel prior to commencement of the contract.
================
Table Pounder...ELRMS.pk
EGMS.ol,, ELRMS.pk
Any one interested in catching a falling Knife..???
The last paragraph which is in bold,, indicates a bad quarter coming but all the news is out.. This process of seabed logging in actual operations works and has strained EGMS operations to the max with contracts.. New controls have been put in place and EGMS will be back on track in 2008.. The stock has been slammed 65% while it's prospects could not be better.. I just bought 2776 @$8.80,, $48.09 NOK...
IMO EGMS could be a quick double from here.. Long term orders are far in excess of thier current seabed-logging vessel fleet at present and new builds are on order and delivery dates start in 2008... Cost savings over conventional drilling for possible reserves is cobsiderable and as EGMS's deep electromagnetic (EM) imaging gains acceptance thier growth is insured... hank
EGMS.ol.. ELRMS.pk
Home Page:http://www.emgs.com/
Recent Press Releases:
http://www.newsweb.no/index.jsp?issuerId=19873&lang=1&fromDate=01.01.2007
EMGS is the market leader in deep electromagnetic (EM) imaging. The company spawned the EM imaging industry in 2002 with the commercialisation of seabed logging, a proven exploration method that uses EM energy to find offshore hydrocarbons without drilling wells. This proprietary and patented technology has been developed over the past 10 years,
and its ability to indicate hydrocarbons directly is enabling EMGS’ customers to dramatically improve their exploration performance in frontier and mature provinces. EMGS employs
over 250 people from three main offices in Trondheim, Norway; Houston, USA; and Kuala Lumpur, Malaysia. The company operates the world’s largest seabed-logging vessel fleet, and has, since its incorporation in 2002, conducted more than 300 surveys for many of the world’s leading energy companies....
--------------------------
How does seabed logging work?
Seabed logging uses electromagnetic (EM) energy to identify subsurface resistivity contrasts.
Hydrocarbon reservoirs are electrically resistive. This can create conditions under which EM energy can be guided over distances of several kilometres.
A powerful EM source towed close to the seabed emits low-frequency energy into the subsurface. The wave shape, current amplitude and timing are controlled to maximise the signal at the target.
Lines or grids of seabed receivers detect EM energy that has propagated through the sea and the subsurface. Crucially, some of the energy is guided with low attenuation by resistive bodies, such as hydrocarbon reservoirs.
Processing and modelling is then used, including inversion and depth migration of seabed-logging data result in maps, cross sections and 3D volumes that show the location and the depth of resistive bodies.
--------------------------------------
Financial review....
Revenues and EBITDA....
Revenues for the third quarter totalled USD 48.4 million, an increase of 122.3 per cent from the corresponding period of 2006. They rose by 28.0 per cent from the second quarter figure of USD 37.8 million, primarily because of fleet expansion and improved vessel utilisation.
An additional vessel,m/v Siem Mollie,came into service during September, one month later than anticipated. This vessel has been on contract since mobilisation.
Charter hire, fuel and crew expense increased by only 2.2 per cent in the third quarter from the previous quarter, despite m/v Siem Mollie being on charter since the end of July. This reflects better operating cost efficiency, mostly due to the trading pattern during the third quarter versus previous quarter.
Payroll costs increased by 9.2 per cent from the second quarter, primarily because of a large expansion in the number of employees and annual pay rises. EMGS employed 250 people at 30 September, compared with 220 at 30 June.
Other operational costs climbed by 20.5 per cent from the second quarter, and by 47.8 per cent from the third quarter of 2006. A provision of USD 1.8 million was made for bad debts in the third quarter. No other provisions have been made so far this year.
EBITDA improved to USD 8.8 million compared with USD 0.5 million for the second quarter. EBITDA for the third quarter of 2006 was negative at USD 0.8 million. This improvement reflected higher activity, improved vessel utilisation, a better pricing environment and a more normalised cost level.
Depreciation and amortisation...
USD 3.6 million in depreciation and amortisation was recorded in the third quarter, up by 19.9 per cent from USD 3.0 million for the second quarter. The corresponding figure for the third quarter of 2006 was USD 1.7 million.
Net financial items...
Net financial expenses of USD 1.2 million were recorded in the third quarter, compared with a financial income of USD 0.1 million in the second quarter. This reduction primarily reflects the weakening of the USD/NOK exchange rate. EMGS had
net financial expenses of USD 3.0 million in the third quarter of 2006.
Profit before tax...
EMGS recorded a profit of USD 4.0 million before tax,
an improvement of USD 6.4 million from the loss of USD 2.4 million reported for the second quarter. The company posted a marginal profit of USD 0.5 million before tax for the third quarter of last year.
Tax...
An income tax expense of USD 1.7 million was recorded for the third quarter, compared with USD 2.9 million for the same period of last year and USD 0.6 million for the second quarter of 2007. These taxes relate to profits earned in foreign jurisdictions.
Net profit for the period EMGS recorded a net profit of USD 2.3 million for the third quarter, compared with a net loss of USD
2.4 million for the same period of 2006. The net loss for the second quarter of 2007 was USD 3.0 million.
Balance sheet and cash flow....
Cash and cash equivalents totalled USD 66.2 million at 30 September, compared with USD 1.4 million a year earlier and USD 89.5 million at 30 June 2007. EMGS repaid an 11.25 per cent senior notes loan of USD 20 million on 2 August, leaving the company with virtually no outstanding debt.
Net cash flow from operating activities was negative at USD 13.2 million for the first nine months, compared with a negative USD 0.6 million for the same period of 2006. The earlier negative effect of reduced vessel utilisation and unfavourable trading patterns was reversed during the third quarter, when net cash flow from operating activities was
USD 2.2 million.
Cash used in investing activities in the first nine months increased to USD 22.1 million, compared with USD 11.0 million for the same period of 2006. This reflected an expansion of the vessel fleet. Cash flow from financial activities was USD 81.0 million in the first nine months, compared with USD 10.4
million for the same period of 2006. Net proceeds of USD 113.3 million from the company’s initial public offering and a reduction in debt were the main reasons for this increase.
Operational review...
Vessel utilisation rose during the third quarter in line with expectations. Utilisation was 65 per cent in the first quarter, 63 per cent in the second and 71 per cent in the third. Utilisation is defined as vessel time spent on contracted work, paid mobilisation included.
M/v Stad Angler finished production for Rocksource ASA in the North Sea at the beginning of third quarter. It then mobilised to Canada and worked for a super-major under the third contract from this client in 2007.
M/v Atlantic Guardian continued operating off Australia during July. It then mobilised for work in the South China Sea and was in production in this area at 30 September. M/v Sasha operated in India during the third quarter. M/v Relume was in production for Norwegian clients in the North Sea during the third quarter.
M/v Siem Mollie was operational from the beginning of September and took over production for Rocksource in the North Sea when Stad Angler left for Canada.
Market trends and technology...
In July 2007, EMGS was awarded a contract worth USD 10 million by a major energy company to determine the hydrocarbon content of potential reservoirs off eastern Canada using seabed logging
technology. In October, the same oil major awarded the company a contract worth USD 6 million in a frontier exploration area off Libya, with an option worth an additional USD 10 million.
These contracts represent good examples of repeat business, confirming that seabed logging is an accepted exploration technology and increasingly the tool of choice in the global search for hydrocarbons.
EMGS’ founders, chief executive Terje Eidesmo and vice president Svein Ellingsrud, were awarded the prestigious Virgil Kauffman Gold Medal for 2007 at the Society of Exploration Geophysicists (SEG) conference. The medal is awarded to people who, in the unanimous opinion of the members of the honours
and awards and executive committees, have made an outstanding contribution to geophysical exploration science.
The company experienced tremendous interest in the seabed logging technology at SEG’s 77th annual meeting in San Antonio, Texas, during September. The general impression gained at this event, the world’s largest conference for geophysicists, was
that the technology is gaining acceptance and is about to change the exploration game. Many participants in the conference regarded seabed logging as one of the fastest-growing explorationrelated technologies in the oil service industry.
EMGS believes that the recent industry attention shown by a number of oil service companies clearly indicates a real shift in expectations about the value of EM technology and its future market potential.
Combined with growing oil company acceptance, this will also contribute positively to increasing acceptance for EMGS and its technology. Following the launch of a new scanning contract
in the second quarter, EMGS has been working on commercialising the product. Scanning is performed n an early phase to generate leads rapidly and toprospective areas. It will ultimately lead to more prospects, fewer dry wells and reduced finding costs
for the oil companies. EMGS experienced promising interest in scanning during the third quarter, and the company is excited about the potential for the product in the future.
Recent events...
Following a period of extreme organisational growth, EMGS intend to meet the positive challenge of managing its human capital in the most optimal way by strengthen the world-wide organization and management. An important first step was to recruite a new chief operating officer (COO). Roar Bekker
took office on 5 October in his new position as COO for EMGS. With a strong technical background and extensive international management experience, he will be responsible for global operations.
EMGS secured a seabed logging contract on 19 October in Libya from one of the world’s leading energy companies to determine the hydrocarbon content of potential offshore reservoir structures. This frontier exploration programme is expected
to start before the end of 2007. Worth about USD 6 million, it includes extension options worth up to another USD 10 million.
A number of smaller contracts have recently been awarded to EMGS, representing total revenues of about USD 6 million.
On 24 October, the company awarded a contract to ODIM for the delivery of automated handling systems to be used in seabed logging. Worth USD 7.4 million, this order secures the current growth plan.
EMGS announced on 15 November that it has acquired the exclusive worldwide rights to patented EM technology developed by KMS Technologies (Houston) that broadens its ability to support oil and gas exploration companies searching for new reserves in shallow waters. The KMS technology offers an alternative to EMGS’ proprietary methodologies in shallow water applications significantly broadening EMGS’ product offering for oil companies.
The company recently received notice that three EMGS patents have been issued in Norway by the Norwegian Patent Office. These are the first to be granted in Norway. EMGS pursues extensive R&D activities to develop the EM technology and meet
market requirements for better ways of finding hydrocarbons offshore. The current portfolio includes 18 patent families with more than 70 patents granted or applications accepted for grant in over 30 countries worldwide Outlook EMGS is planning for substantial growth over the next couple of years. As part of this expansion programme, the Company expanded its fleet by
one vessel and took on a number of high-quality employees during the third quarter.
EMGS is experiencing strong interest in the Company’s technology and an increasing client base. In particular, we are encouraged by the developing interest in the new scanning product.
Revenues in the fourth quarter will be challenging, due to delayed contracts. As per the end of November, EMGS has secured revenues of USD 135 million for 2007. EMGS is engaged in several contract negotiations that might be transferred into revenues for 2007, but there are uncertainties related to the start up and revenue recognition of these contracts.
During the fourth quarter EMGS will reposition the fleet, and expects to be well positioned for the first quarter of 2008.
EMGS maintains its strong belief in the EM market as one of the fastest expanding segments in the oil service industry.
--------------------------------
Table Pounder..SVMRF.pk
SEVAN.ol,, SVMRF.ol.... My best IDEA IMO,, hank
HomePage:
http://www.sevanmarine.com/
Stock Price: http://www.euroinvestor.co.uk/Stock/ShowStockInfo.aspx?StockId=482400
Pictures of Sevan FPSO's: Long Load,, Worth the wait...
http://www.newsweb.no/atmnt/071126Pareto_NY.pdf?id=48701
Recent PR Releases:
http://www.newsweb.no/index.jsp?issuerId=17536&lang=1&fromDate=01.01.2007
Sevan Marine ASA is listed on Oslo Børs and is specializing in building, owning and operating floating units for offshore applications. The Company has developed a cylinder shaped platform type, suitable for applications in all offshore environments. Presently Sevan Marine is focusing on two application types for its cylinder platform, floating production and drilling. Sevan Marine has offices in Tananger, Arendal, Asker and Trondheim, Norway; Singapore and Rio de Janeiro, Brasil. For more information, please refer to
www.sevanmarine.com.
The Sevan Technology
The Sevan platform is classified as an Offshore Installation and meets the industry's requirement for versatility and flexibility.
Proven technology
High capacity for both oil storage and deck load
Low cost and fast construction
High flexibility for various applications
Extensive model tests completed
Main Sevan platform features
No turret
No swivel
Spread mooring
Any number and type of riser
Oil storage
Segregated ballast
High deck load capacity
Excellent motions
High safety standard
Offloading to tankers
Wide capacity range
The unit has a wide capacity range with an oil storage capacity of up to 2 million bbls.
The Versatility of the Sevan Technology
The Company has since its origin focused its business on the development of a new cylinder shaped platform type for storage and production of hydrocarbons in deep and shallow waters (FPSO). The platform is designed to operate in all types of offshore conditions.
The main competitive advantage of the Sevan platform is that it combines internal oil storage capacity and ability to carry high topside weights with a low construction cost compared to other FPSOs.
The Sevan platform is an alternative to ship based production and storage solutions as well as semisubmersibles, TLPs and Spar platforms. The platform is suitable for use in all offshore markets including harsh environment areas and on both marginal andlarge field developments, due to its flexible design and favourable motion characteristics. Currently, the Sevan platform has been used for production and drilling applications.
Due to its versatility, the Sevan design may also be used in connection with applications such as accommodation and various gas applications. Going forward, the Company will evaluate the potential for such complementary uses of the Sevan Technology.
SEVAN.ol Storage system:
The FPSO Sevan Piranema has today commenced oil production on the Piranema field, off the coast of Aracaju, in the state of Sergipe, Brasil.
The Sevan Piranema will be working under an 11+11 year charter contract with Petrobras S.A., in ultra deep water, ranging from 1,000 to 1,600 m.
The FPSO has an oil storage capacity of 300,000 barrels and is equipped with an oil process capacity of 30,000 barrels per day and a gas compression capacity of 3.6 million m3 per day.
The Sevan Piranema is the world`s first cylinder shaped FPSO and is based on Sevan`s unique and patented technology. The hull was constructed in China while the topside fabrication, assembly and commissioning took place in Europe. It is the
first floating production unit to be installed in this area of Brasil.
- This is a major milestone for Sevan and marks the start of a new phase in the development of our Company. We are proud that Petrobras, a world leader in deep water technology and the world`s largest user of floating production units, is the first oil company utilizing the Sevan FPSO, says Jan Erik Tveteraas, CEO of Sevan Marine ASA.
- The cylindrical Sevan FPSO is designed to provide improved motions, higher stability reserves and higher deck load apacity than conventional units. The experience so far from the Piranema field confirms these capabilities, says Tveteraas.
In addition to Sevan Piranema, Sevan has entered into contracts for the charter of four other Sevan units, of which three production units and one drilling unit. The three Sevan FPSOs will be installed in the North Sea while the Sevan Driller will go to US Gulf of Mexico under a six-year contract with Petrobras America Inc.
For further information, please contact:
Jan Erik Tveteraas, CEO Sevan Marine ASA (Media).
Phone: +47 51944960 w
+47 95214925 m
Egil Kvannli, CFO Sevan Marine ASA (Analysts)
Phone: +47 51944964 w
+47 91618888 m
Table Pounder...EOC.ol
Home Page:
http://www.emasoffshore-cnp.com/
Latest year and 4th Qtr:
http://www.newsweb.no/atmnt/EOC+FY07+Results+Presentation.pdf?id=47161
http://www.newsweb.no/atmnt/EOC%27s+4Q+and+Preliminary+FY+2007.pdf?id=47162
Recent PR Releases:
http://www.newsweb.no/index.jsp?issuerId=20595&fromDate=01.01.2007
Highlights:
For Year Ended 31st August 2007
•EBITDA increased by 120.1% from USD 8.3m to USD 18.2m
•Group Net Profit After Tax rose 83.4%to USD 11.4m on a higher turnover of US D32.0m
•Weighted Average Earnings Per Share (basic and diluted) Increased 29.1% from 10.48cts to 13.53cts
•Return On Equity remains healthy at 21.7% in FY2007, reduced from 36.2% (due mainly to equity raising exercise conducted in April 2007)
About EOCP
Emas Offshore Construction and Production is the leading owner and operator of FPSOs and offshore construction contractor based in Asia. It adds value through the life cycle of oil and gas production, from exploration, through facility development, production, operations, maintenance and abandonment. They operate throughout Australasia in 4 major business segments:
1. Floating Production Storage and Offloading
2. Pipelay, heavy lift, transport and installation
3. Accommodation barges and marine support services
4. Engineering of turret mooring systems, heavy lift, transport and installation.
The unique integration of engineering, offshore construction, operation of FPSOs/FSOs and marine support vessels differentiates EOCP from its competitors, offering synergies and cost savings through the life of the field development.
Headquartered in Singapore, EOCP has a healthy backlog of long term contracts with multinationals, national oil companies and independent operators. EOCP is able to provide vertically integrated offshore construction and production services with diverse support vessels deployable at every stages of a field development’s life cycle.
Table pounding AYSI ($0.88). Table pounder. Pounding the table.
Likely 4Q EPS of 4.3 cents makes for a F/W of 5x.
AYSI produces steel plates to coat bulldozer buckets and other high-friction metal surfaces to make them last longer. With the mining boom in Australia and running 2 shifts instead of 1 and 2 production lines instead of 1 they could easily growth to revenues of $8M+ in three quarters.
See my forecast. I will be amending it soon to make it more accurate.
AYSI Revenue Forecast
Quarter Ending 2006 Dec 2007 Mar 2007 Jun 2007 Sep 2007 Dec 2008 Mar 2008 Jun 2008 Sep 2008 Dec 2009 Mar 2009 Jun 2009 Sep
Avg workers 15 15 15 21 26 31 36 41 46 52 58 64
Sales $ per worker 125000 125000 125000 125000 125000 125000 125000 125000 125000 125000 125000 125000
Projected revenue $1,875,000 $1,875,000 $1,875,000 $2,625,000 $3,250,000 $3,875,000 $4,500,000 $5,125,000 $5,750,000 $6,500,000 $7,250,000 $8,000,000
Cost of Sales 1046682 1046682 1046682 $1,397,156 $1,729,813 $2,062,469 $2,395,125 $2,727,781 $3,060,438 $3,459,625 $3,858,813 $4,258,000
Gross Profit $828,318 $828,318 $828,318 $1,227,844 $1,520,188 $1,812,531 $2,104,875 $2,397,219 $2,689,563 $3,040,375 $3,391,188 $3,742,000
Fixed SG&A 535451 535451 535451 535451 535451 535451 535451 535451 535451 535451 535451 535451
Other Expenses $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Expenses $535,451 $535,451 $535,451 $535,451 $535,451 $535,451 $535,451 $535,451 $535,451 $535,451 $535,451 $535,451
Before Tax Income $292,867 $292,867 $292,867 $692,393 $984,737 $1,277,080 $1,569,424 $1,861,768 $2,154,112 $2,504,924 $2,855,737 $3,206,549
Tax Rate 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00%
Net Income $190,364 $190,364 $190,364 $450,055 $640,079 $830,102 $1,020,126 $1,210,149 $1,400,172 $1,628,201 $1,856,229 $2,084,257
Shares Outstanding 16950000 16950000 16950000 16950000 16950000 16950000 16950000 16950000 16950000 16950000 16950000 16950000
EPS $0.011 $0.011 $0.011 $0.027 $0.038 $0.049 $0.060 $0.071 $0.083 $0.096 $0.110 $0.123
FW P/E Ratio 12 12 12 12 12 12 12 12 12 12 12 12
Share Price $0.54 $0.54 $0.54 $1.27 $1.81 $2.35 $2.89 $3.43 $3.97 $4.61 $5.26 $5.90
POE.V POEFF D.D.
POE.V (POEFF) Pan Oriental Energy
The stock is trading at CAD $12.73. I am going to build a case for a stock price after Q1 2008 of CAD $40.64/shr. I am also going to project a year end 2008 stock price of $CAD $106.40/shr
December 18, 2007 share price CAD: $12.73
Shares Outstanding: 40,134,842 Fully diluted: 45,589,992
Market Cap CAD: $510,916,531
Pan Oriental is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand and in Western Canada. Pan Oriental just reported their first profitable quarter ever in Q3 2007 at $.08/share. The production rate in October 2007 was reported to be 1500bopd. THE CURRENT PRODUCTION RATE IS 10,300bopd! This quantum jump is due to multiple “gusher” wells being completed and brought on line.
Most recent investor presentation:
http://www.panorient.ca/2007PPupdated-Oct-22.pdf
This presentation should be viewed in order to understand the size of the drilling concessions and the potential for further growth. Here are some highlights:
Canada Heavy Oil Assets (Sawn Lake)
• Interest held through a 53% ownership in Andora
• 240MM+ 3P Recoverable Reserves
• 2 well pair SAG-D pilot scheduled for Q3 2008
POE Operated Thailand Assets:
•3 Operated Concessions – 8,000 km2 (4,800 miles2)
•1,500 bopd net production (October 2007) & 4.469MM bbls 2P reserves
•2 rigs operating through 2007-2008
•1 3D seismic crew active
•Significant oil discovery under appraisal
•Aggressive Q42007/2008 exploration/appraisal drilling program
28 new wells are planned for drilling in 2008.
THESE 2 WELLS NEARLY DOUBLED PRODUCTION! Here is the recent announcement of the last wells drilled:
“L44H-D1 (60% WI & Operator)
Deviated well L44H-D1 is flowing at a sustained, stabilized rate of approximately 3,940 barrels per day of 35.5 degree API oil with a water cut of 0.05%. The well is free flowing through casing and tubing with restricted choke setting of 38/64" and 26/64" respectively. Flowing wellhead pressures on casing and tubing remain high at 280-285 psi. Load out of oil tankers from the well location is the determining factor in not taking production higher at this stage.
Pan Orient has been informed by the Thailand Department of Mineral Fuels that this is the highest flow rate ever achieved by any oil well drilled onshore Thailand.
L44H-D1 reached a total measured depth ("MD") of 1,217 meters, 866 meters true vertical depth ("TVD"), at a subsurface location approximately 700 meters north of the oil producing L44-H well location within the central fault compartment of the NSE field. The top of the main volcanic was penetrated at a depth of approximately 1,016 meters MD (755 meters TVD) with over 200 meters measured thickness (111 meters true thickness) of the target volcanic reservoir penetrated. The drill bit was still within the main target volcanic reservoir when the decision was made to call total depth on the well. L44H-D1 is the structurally highest volcanic reservoir penetration within the NSE field encountered to date. Total drilling fluid losses of 9,385 bbls at rates of 100 to 260 bbls/hr were observed while drilling through the main target. Wiper trips at 1,155 meters MD and 1,217 meters MD had resulted in oil to surface. This was the third well drilled into NSE's central fault compartment.
These test results at L44H-D1 confirm an oil column at Na Sanun East ("NSE") of a minimum of 150 meters.
Looking forward, the implications of this well on NSE field development are significant. L44H-D1 was a highly deviated well (approximately 51 degrees) at the time it intersected the top of the main volcanic objective. Based on these results, consideration is being given to full NSE field development utilizing up to 12 horizontal wells, the potential advantages being: 1) maximum reservoir thickness penetration 2) improved access to the extensive fracture network 3) less drawdown at higher rates, and 4) greater distance between the well bore and the oil/water contact, likely reducing the time to water breakthrough.
NS6-D1A Sidetrack (60% WI & Operator)
Sidetracked well, NS6-D1A is free flowing 35.5 API oil at a stabilized pre-cleanup rate of 615 bopd with choke setting of 18/64" on both casing and tubing. Flowing wellhead pressures are between 150 and 120 psi and water cut is approximately 0.05%.
NS6-D1A is located within the south fault compartment of the NSE structural closure approximately 400 meters north of the original POE-9 discovery well. The well penetrated approximately 23 meters of the main volcanic target with mud losses at rates of 20 bbl/hr. This was the fifth well drilled into NSE's southern fault compartment.
WICHIAN BURI-1 "DEEP" (60% WI & Operator)
The Aztec #14 rig is drilling ahead at a depth of 900 meters after setting 9 5/8" casing at 362 meters. Drilling is anticipated to take approximately 8 days to reach total depth.
WB-1 (Deep) is targeting an approximately 220 meter thick volcanic at a depth of 1,503 meters. This interval was penetrated by the original WB-1 well in 1988, resulting in severe lost circulation with approximately 20,000 bbls of drilling fluid losses that were associated with very high mud gas readings while drilling through the potential volcanic reservoir. Subsequent sidewall cores taken over this interval indicated oil staining. This deeper volcanic zone was never properly evaluated by the earlier operator as the shallower, conventional F sandstone reservoir tested oil at 500 bopd.
Outlook
Current field production capacity is now greater than 10,000 bopd gross (6,000 bopd net to Pan Orient) with average deliveries to the refinery of between 5,500-6,000 bopd gross (3,300-3,600 bopd net), limited by the capacity of the tanker fleet. Delivery is anticipated to increase to 7,000 bopd gross (4,200 bopd net) in late December 2007. The use of a new loading bay at the existing refinery has been negotiated, bringing the refinery capacity up to approximately 10,000 bopd gross. Upon approval of the NSE production license by the Thailand Department of Mineral Fuels, a second refinery contract is anticipated to be signed, bringing the total refinery unloading capacity to over 20,000 bopd gross.
Pan Orient Thailand management continue working on a number of options to reduce the trucking capacity choke point as quickly as possible. This is a short term issue caused by well deliverabilities far in excess of initial expectations.”
Here is my simple back of the envelope calculation.
Assumptions:
28 wells will be drilled in calendar 2008. I am reducing this number to 24 in case of dry holes/equipment problems. So figure 2 wells per month.
Each well will cost $1,000,000 to drill. (The company says the average cost has been $800,000 per well.)
I am using an average price of $80/bbl, again another WAG.
Once the wells are completed I am subtracting $10/bbl for lifting, transportation and royalty costs.
$80 - $10 = $70 net selling price for the oil per barrel.
I am figuring a production rate of 1,000bopd for each new well. This is the big WAG…..the big well to date was 3,900bopd, the small ones are around 600bopd. POE seems to be getting better and better results as they tweak each new well based on knowledge gained from previous wells. They also have their own 3D seismic crew working round the clock. I feel 1,000 may be too conservative, if so we will be pleasantly surprised. The 1,000bopd will also take care of depletion of existing wells.
2 wells per month @ 100bopd = 2,000bopd additional production.
I am using an exit rate for 2007 of 10,000bopd and ramping up the 2008 projection from there.
*POE HAS A PARTNER THAT GETS 40% OF THE NET. I am going to make this adjustment in the calculations below.
Here is what the 12 months revenues looks like:
M1–12k bopd x $70 = $910,000 x .6 = $504,000 net POE x 30= $15,120,000
M2–14k bopd x $70 = $980,000 x .6 = $588,000 net POE x 30= $17,640,000
M3–16k bopd x $70 = $1,120,000 x .6 = $672,000 net POE x 30= $20,160,000
Q1 - $52,920,000 / 45,500,000shrs = $1.16/shr x 4 = $4.64 x 10P/E = $40.64
M4–18k bopd x $70 = $1,260,000 x .6 = $756,000 net POE x 30 = $22,680,000
M5–20k bopd x $70 = $1,400,000 x .6 = $840,000 net POE x 30 = $25,200,000
M6–22k bopd x $70 = $1,540,000 x .6 = $924,000 net POE x 30 = $27,720,000
Q2- $75,600,000 / 45,500,000shrs = $1.66/shr x 4 = $6.64 x 10P/E = $66.40
M7–24k bopd x $70 = $1,680,000 x .6 = $1,008,000 net POE x 30 = $30,240,000
M8–26k bopd x $70 = $1,820,000 x .6 = $1,092,000 net POE x 30 =$32,760,000
M9–28k bopd x $70 = $1,960,000 x .6 = $1,176,000 net POE x 30=$35,280,000
Q3- $98,280,000 / 45,500,000shrs = $2.16/shr x 4 = $8.64 x 10P/E = $86.40
M10–30k bopd x $70 = $2,100,000 x .6 = $1,260,000 net POE x 30 = $37,800,000
M11–32k bopd x $70 = $2,240,000 x .6 = $1,344,000 net POE x 30 = $40,320,000
M12–34k bopd x $70 = $2,380,000 x .6 = $1,428,000 net POE x 30 = $42,840,000
Q4- $120,960,000 / 45,500,000shrs = $2.66/shr x 4 = $10.64 x 10P/E = $106.40
***NO PROVISION FOR TAXES WERE MADE.
I expect a stock split and a move from the TSX Venture to the Toronto big board during 2008. This stock is still under the radar and will steadily move higher as the new wells are put in production. A limiting factor may be getting the oil to the refinery AND getting it refined.
I will update these estimates after each quarter is reported.
Kipp
Table pounding ZYNX ($1.32). Zynex medical. Pounding the table on this table pounder!
1) The company is trading at cheap FW P/E of 10.3 * expected 4Q earnings of 3.2 cents.
2) The company is growing revenues at 250% a year and earnings should grow at a pace matching or exceeding revenues.
3) Using 4Q sales of $3M ZYNX has just 2.4% of their $500M a year market of TENS rentals.
4) ZYNX is growing organic same rep sales 9% per quarter.
5) ZYNX has a competitive advantage detailed in Exhibit B at the bottom. a) simple and easy to use product, b) streamlined paperwork process saves physicians and physical therapists time, c) non-harrassing sales force easy to deal with
6) ZYNX CEO owns 65%~ of outstanding stock and loans the company money at very low interest rates when necessary.
7) ZYNX has no substantial debt, preferred shares or convertible debt. They paid off the last of a small convertible loan two quarters ago and all the shares associated with that should have been issued already.
Exhibit A
ZYNX Revenue Forecast
Quarter Ending 2006 Mar 2007 Mar 2007 Jun 2007 Sep 2007 Dec 2008 Mar 2008 Jun 2008 Sep 2008 Dec 2009 Mar 2009 Jun 2009 Sep
Avg sales reps 10 26 26 34 46 52.36 61.92 74.13 90.78 112.6 141.72 180.99
Avg orders per rep 45 69 75.21 81.98 89.36 97.4 106.17 115.72 126.13 137.49 149.86 163.35
Orders during quarter 449 1812 1955.46 2787.28 4110.42 5099.59 6573.97 8578.84 11450.8 15481.12 21238.01 29563.59
Orders past two Q's 900 1700 2662 3767.46 4742.74 6897.7 9210.02 11673.57 15152.81 20029.64 26931.92 36719.12
Avg rentals out 450 1181.87 1468.5 2086.9 2887.82 3819.29 4997.72 6441.33 8497.67 11382.07 15487.25 21378.68
Sales $ per rep $10,000 $9,600 $9,600 $9,400 $9,400 $9,400 $9,400 $9,400 $9,400 $9,400 $9,400 $9,400
Revenue from sales $100,000 $249,600 $249,600 $319,600 $432,400 $492,162 $582,068 $696,864 $853,354 $1,058,447 $1,332,153 $1,701,261
Revenue from rentals $400,500 $1,028,224 $1,277,594 $1,782,210 $2,466,201 $3,261,673 $4,268,057 $5,500,895 $7,257,011 $9,720,285 $13,226,113 $18,257,395
Projected revenue $500,500 $1,277,824 $1,527,194 $2,101,810 $2,898,601 $3,753,835 $4,850,125 $6,197,759 $8,110,365 $10,778,732 $14,558,266 $19,958,656
Net Sales $505,091 $1,336,731 $1,527,194 $2,101,810 $2,898,601 $3,753,835 $4,850,125 $6,197,759 $8,110,365 $10,778,732 $14,558,266 $19,958,656
Cost of Sales $16,393 $99,635 $113,831 $156,661 $216,051 $279,797 $361,510 $461,958 $604,517 $803,407 $1,085,119 $1,487,645
Gross Profit $488,698 $1,237,096 $1,413,363 $1,945,148 $2,682,550 $3,474,038 $4,488,615 $5,735,801 $7,505,848 $9,975,325 $13,473,146 $18,471,012
Gross Margin 96.75% 92.55% 92.55% 92.55% 92.55% 92.55% 92.55% 92.55% 92.55% 92.55% 92.55% 92.55%
Fixed SG&A $376,228 $376,228 $376,228 $376,228 $376,228 $376,228 $376,228 $376,228 $376,228 $376,228 $376,228 $376,228
Relative SG&A $101,390 $408,262 $440,585 $628,003 $926,119 $1,148,990 $1,481,181 $1,932,898 $2,579,981 $3,488,050 $4,785,136 $6,660,972
Other $20,197 $29,838 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000 $30,000
Interest $13,318 $122,083 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000 $40,000
Total Expenses $511,133 $936,411 $886,813 $1,074,231 $1,372,347 $1,595,218 $1,927,409 $2,379,126 $3,026,209 $3,934,278 $5,231,364 $7,107,200
Before Tax Income ($22,435) $300,685 $526,550 $870,918 $1,310,202 $1,878,820 $2,561,205 $3,356,675 $4,479,639 $6,041,047 $8,241,783 $11,363,812
Tax Rate 0.00% 35.00% 35.00% 27.00% 27.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% 35.00%
Net Income ($22,435) $195,445 $342,258 $635,770 $956,448 $1,221,233 $1,664,784 $2,181,839 $2,911,766 $3,926,680 $5,357,159 $7,386,478
Shares Outstanding 23208000 27399000 28600000 29333000 29433000 29533000 29633000 29733000 29833000 29933000 30033000 30133000
EPS -$0.001 $0.007 $0.012 $0.022 $0.032 $0.041 $0.056 $0.073 $0.098 $0.131 $0.178 $0.245
FW P/E Ratio 24 20 20 20 20 20 20 20 18 16 14 12
Share Price -$0.09 $0.57 $0.96 $1.73 $2.60 $3.31 $4.49 $5.87 $7.03 $8.40 $9.99 $11.77
Organic Growth Rate Quarterly 9.00%
Cost Per Rep 100000
Poster Symbol Date Price Timeframe Current Price % Gain Max Price Max % Gain Gilead23 INX.V 12/18/07 0.24 12 months 0.18 -25.00% 0.31 29.17% INX.V Kipp440 POE.V 12/18/07 12.73 12 months 12.95 1.73% 15.85 24.51% POE.V Cleverrox ZYNX 12/19/07 1.32 12 months 1.43 8.33% 1.66 25.76% KnowledgeIsKing ENTX 12/26/07 0.3 12 months 0.21 -30.00% 0.4 33.33% Stanley01 MLOBF 1/7/08 1.81 12 months 1.01 -44.20% 1.85 2.21% bbotcs NG 1/14/08 11.12 12 months 6.91 -37.86% 11.12 0.00% mrbojangles2525 NGA 1/18/08 5.18 12 months 5.66 9.27% 5.7 10.04% 2morrowsGains PLUS 2/9/08 9.50 12 months 13 36.84% 10.19 7.26% nutsaboutgolf2001 FNX.TO 2/19/08 28.30 12 months 29.03 2.58% 30.22 6.78% skabar67 WLSA 1/22/08 0.27 12 months 0.335 24.07% 0.34 25.93% Littlefish MXC 3/19/08 4.26 12 months 7.12 67.14% 7.12 67.14% 10Bagger DPDW 4/16/08 0.79 12 months 0.9 13.92% 0.90 13.92% 10Bagger EOC.OL 12/26/07 3.86 12 months 3.44 -10.88% 3.86 0.00% 10Bagger SEVAN.OL 12/26/07 13.71 12 months 15.54 13.35% 15.54 13.35% 10Bagger EMGS.OL 12/26/07 8.36 12 months 8.06 -3.59% 8.36 0.00% 10Bagger SIOFF.OL 12/26/07 3.24 12 months 3.02 -6.79% 3.24 0.00% 10Bagger SWBRF 12/26/07 2.5 12 months 1.93 -22.80% 2.5 0.00% 10Bagger S8N.HM 12/26/07 2.94 12 months 2.94 0.00% 2.94 0.00% 10Bagger SUB.OL 12/26/07 20.48 12 months 27.88 36.13% 27.88 36.13%
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