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Other GTHR investors might want to pass this on as this company is definitely not doing everything possible to attract serious investors, imho. What do others think?
10 ways to attract Investors
There are a number of hurdles to clear before a business is ready to take the step
By Craig O. Allsopp
Recent financial data shows professional investors are once again putting money to work in private companies. The information service Pitchbook reports that private investors closed nearly 500 transactions in the third quarter of 2013, a level that hadn’t been seen in the last 12 months.
Business owners interested in tapping this vein still must clear a number of hurdles to attract investors. The same goes for retiring baby boomers that decide the time is right to sell with middle-market valuations on the rise.
So to help business owners understand what it takes, here are 10 ways to add value and stand out from the crowd.
1. Audit your financials. Sloppy numbers sap value like a poorly tuned engine saps horsepower. You may find investors who will overlook holes in your financial reporting, but you won’t get top dollar. An audit shows a prospective buyer that you are serious about doing the little things right – which can be a powerful signal to send when you are in a negotiating process.
2. Fill gaps in your team. If you can’t be away for a week without checking in on routine problems, you need a stronger team. This is especially true if the investors or buyers for your business include private equity groups who almost always are looking for a deep bench when they are recapitalizing a company.
3. Diversify your customer base. Many business owners are surprised to learn that customer concentration is a major knockout for sophisticated investors. When businesses derive 40 percent or 50 percent of their revenues from one or two customers, a red flag goes up for potential buyers who don’t want the risk of losing a major customer. A good rule of thumb: No one customer should represent more than 10 percent to 15 percent of your revenue.
4. Create an exit plan. Sitting down with an investment banker and your other advisers to plan your exit will eliminate confusion during the business sale process. Fred Wainwright, a certified exit planner at Ledyard Bank in New Hampshire, urges business owners not to wait for a life-changing event to force the planning process. “We like to see owners start meeting with their advisers two to three years before a planned transition. That way the owner can act to fill the gaps so his business can become an A or even an A+ company.”
5. Solidify your contracts. Buyers will pay a premium for a business with customers under contract and/or recurring subscription-type revenues. This is one of the reasons companies with service contracts are so popular with investors today.
6. Build the product pipeline. Consider launching new products or entering new markets to show growth potential. The research you do as part of this effort will also help answer two of the big investor questions: (1) “How big is the market?” and (2) “How can you get more share?” Confident answers make it hard for buyers to walk away.
7. Get a realistic valuation. Your company will not trade at the same multiple as IBM, but it may be worth more (or less) than you think. Buyers will be armed with this information -- to negotiate properly you should be too. Your investment banker can provide you with a general range of value by providing recent transaction information. But to truly get a handle based on your actual performance, you should consider a market assessment by a skilled professional or, in certain cases, a formal valuation by a certified appraiser.
8. Make an acquisition. Buying another company is a big undertaking, but often is the fastest way to growth and leads to a more attractive exit upon successful integration. “There is certainly no playbook,” says Glenn Fishler, who embarked on an acquisition strategy after 23 years of building his environmental services company one customer at a time. “If you’ve never made an acquisition before, and you don’t have people inside the company to guide you, you’ve got to find all the help you can get.”
9. Put your records in order. The better organized you are, the easier it will be to attract investors or sell your company and the less disruptive you will find the due-diligence process. Time will start to speed up the day you accept a letter of intent from a prospective buyer. You will be asked for information about your company, your corporate structure, your stockholders, your employees, your customers and your legal affairs. Organizing these records beforehand will help keep the deal on track and, perhaps more important, reaffirm for the investor that he is making the right deal.
10. Protect your IP. In our knowledge-based economy, intellectual property is more valuable today than ever. To support your business model, catalog your training processes, document your software, trademark your products, copyright your website and keep close tabs on your customer list. These are valuable assets and you want to make sure you get fairly paid for them.
Craig O. Allsopp, an investment banker with mergers and acquisitions firm Corporate Finance Associates, can be reached at 603-676-6005 or callsopp@cfaw.com.
Salon.com Founder David Talbot Returns as CEO with Call for "American Spring"[Any updates to this press release?TIA, SAE]
David Talbot, award-winning journalist, best-selling author and founder of Salon.com announced that his return as Salon's CEO will coincide with a relaunch of the site under the banner of "American Spring."
"Salon is dedicating itself to an American revival," Talbot said, taking inspiration from the social upheavals in the Arab world and the protests in Europe against financial elites. "Our editorial mission will become more explicitly and aggressively populist. We will be pushing more investigative pieces and both Democratic and Republican targets will be fair game, since both parties are increasingly under the control of the same corporate forces."
Salon will be announcing a series of new partnerships, hires and features in the coming weeks including:
Recruiting top talent such as Jefferson Morley, formerly of The Washington Post, and Irin Carmon of Jezebel
Joining forces with media partners such as Alternet, GlobalPost, Grist and Robert Greenwald's Brave New Films;
Launching a video talk show series with hosts David Talbot and editor in chief Kerry Lauerman, who will interview leading political, business, and cultural personalities and other movers and shakers, about the future of the country. The first interview will be with Bill Moyers, the leading voice of American populism.
Expanding Salon's cultural selection to showcase illustrated graphic stories and music specials spotlighting the best new and legendary musicians;
Creating a Salon Studio that will produce unique video programming by artists such as Jennifer Crandall, the Emmy-nominated videographer behind the "onBeing" series
Holding "Salon To Go" events, beginning with a series of gatherings in barber shops and salons across the country, to discuss what's wrong in America and how to fix it.
Salon's membership program is also being revamped to foster deeper engagement and improved features and special offers for supporters who sustain Salon financially by joining Salon Core. "Nowadays the Web is dominated by the robotic news recycling of big aggregation sites," Talbot said. "But these news recyclers will never create the courageous and original journalism that the country desperately needs. By joining Salon Core, supporters can help ensure that Salon remains independent, free of the corporate forces that dominate the rest of the media."
About Salon Media Group
Salon Media Group (Ticker Symbol: SLNM.OB) is the home of Salon.com, the country's largest independent news site, with a monthly audience of more than 6 million unique visitors. Salon.com covers politics and culture through award-winning investigative reporting, ground-breaking commentary and criticism, and provocative personal essays. A thoroughly reader-supported medium, Salon readers help fund the site through its Core membership program, and write for it through its Open Salon blog network. Salon.com has bureaus in New York, Washington D.C. and San Francisco.
Media Contact: Liam O'Donoghue415-901-0111, lodonoghue@fenton.com
SOURCE Salon Media Group
Largest Ever Hertz Global Sale Offers Discounts of Up to 33 Percent on International Car Rental in 111 Countries Hertz continues to draw on its global leadership strengths to provide car rental savings to customers travelling abroad in its largest global sale in history
PARK RIDGE, N.J., Dec. 26, 2011 /PRNewswire/ -- The Hertz Corporation (NYSE: HTZ), the world's largest general use car rental brand, has announced the return of the popular Hertz Global Sale to offer customers discounts of up to 33 percent on car rental for international travel to 111 countries. In addition, customers residing in Europe, Middle East and Africa can benefit from the same discounts in their home country. The global promotion runs until January 31, 2012 for rentals picked up between January 3, 2012 and June 30, 2012. Customers can obtain fantastic savings by quoting 'CDP: 754910' while making reservations online at www.hertz.com or by calling Hertz.
(Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO )
As part of the six-continent sale, many Hertz locations around the globe are also offering discounts on the famous Hertz Fun, Prestige and Green Collections – giving customers a great opportunity to experience sporty, luxurious and environmentally friendly vehicles. The Hertz Collections can uniquely be reserved by make and model.
For a complete list of destinations, car groups and related discounts in the Global Sale, customers can visit www.hertz.com. The discounts received on international car hire in participating countries in Europe and the Middle East are up to 33 percent depending on the location, and the discount received for international car hire in participating countries in the Americas and Asia Pacific is 20 percent. All discounts are subject to availability. Discounts on domestic rentals are only available to customers in Europe, Middle East and Africa.
The Global Sale offer applies to online and phone reservations made between December 26, 2011 and January 31, 2012 by quoting CDP: 754910. The offer is valid for rentals picked up between January 3, 2012 and June 30, 2012. The discount applies to all mandatory rental costs excluding taxes, fees, surcharges and optional extras such as child seats, additional drivers and fuel which are charged at normal rates. Further terms and conditions apply, which are available on the Hertz website.
About Hertz Hertz is the largest worldwide airport general use car rental brand operating from more than 8,500 locations in 146 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 83 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. The Company also has licensee locations in cities and airports in Africa and the Middle East. Product and services such as Hertz #1 Club Gold(R), NeverLost(R) in-car GPS system, SIRIUS XM Satellite Radio, and unique cars and SUVs offered through the Company's Prestige, Adrenaline and Green Traveler Collections, set Hertz apart from the competition. The Company also operates the Advantage car rental brand at 26 airports in the U.S. And, Hertz operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment for rent, including tools and supplies, and new and used equipment for sale, from approximately 325 branches in the United States, Canada, China, France, Spain, Italy and Saudi Arabia.
SOURCE Hertz Corporation
Salix & Progenics Announce Positive Highly Statistically Significant Results of Oral Methylnaltrexone for Phase 3 Trial in Ch...
Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) and Progenics Pharmaceuticals, Inc. (NASDAQ:PGNX) today announced the successful outcome of the Phase 3 trial to evaluate the efficacy and safety of oral methylnaltrexone for the treatment of opioid-induced constipation (OIC) in subjects with chronic, non-cancer pain. This trial, evaluating three once-daily oral methylnaltrexone dosing regimens (150, 300 and 450mg), demonstrated highly statistically significant results for the primary endpoint in two of the three treatment arms when compared to the placebo treatment arm. Both the 300 and 450 mg treatment arms demonstrated highly statistically significant improvements in rescue-free bowel movement (RFBM) within 4 hours of administration over 28 days of dosing when compared to placebo treatment. In addition, the 300 and 450 mg treatment arms demonstrated highly statistically significant improvements in RFBM within 4 hours of administration following the first dose when compared to placebo treatment. Statistically significant efficacy was also seen in both the 300 and 450 mg treatment groups for the two key secondary efficacy endpoints including one assessing response (responder/non-responder) to study drug during Weeks 1 to 4 where “responder” is defined as having 3 or more RFBMs per week, with an increase of at least one RFBM per week over baseline, for at least 3 out of the first 4 weeks. Overall, efficacy of oral methylnaltrexone in this study was comparable to that reported in clinical studies of subcutaneous methylnaltrexone in subjects with chronic, non-cancer pain. The overall observed safety profile seen in patients treated with oral methylnaltrexone was comparable to placebo in this study.
“We are extremely pleased with the outcome of this 804-subject Phase 3 trial of oral methylnaltrexone in the treatment of opioid-induced constipation in subjects with chronic, non-cancer pain,” stated Bill Forbes, Pharm.D., Executive Vice President, Medical and R&D, and Chief Development Officer, Salix. “The results of this Phase 3 study show a clear dose response for oral methylnaltrexone. We look forward to presenting detailed data from this study at a medical conference in 2012, as well as submitting the New Drug Application (NDA) for this oral formulation mid-year 2012.”
“Subcutaneous methylnaltrexone, currently marketed as RELISTOR®, is an effective and well-tolerated therapy used to alleviate OIC in advanced illness patients receiving opioids for pain,” said Robert J. Israel, M.D., Progenics’ Senior Vice President for Medical Affairs. “We believe an oral dosage form, if approved, could help patients suffering from OIC resulting from opioid treatment for their chronic pain.”
The study assessed a once-daily oral methylnaltrexone dose of 150, 300 or 450 mg compared to placebo for 84 days. Subjects received oral methylnaltrexone once daily during the first 28 days and on a PRN basis for the remaining 56 days.
About Opioids, Constipation and RELISTOR (methylnaltrexone bromide)
Opioid analgesics are frequently prescribed to manage pain in patients with advanced illness. Constipation commonly occurs in palliative-care patients receiving opioid therapy for pain. RELISTOR is the first approved medication that specifically targets the underlying cause of OIC in these patients, when response to laxatives has been insufficient. Opioids relieve pain by specifically interacting with mu-opioid receptors within the brain and spinal cord. However, opioids also interact with mu-opioid receptors found outside the central nervous system, such as those within the gastrointestinal tract, resulting in constipation that can be debilitating. RELISTOR (methylnaltrexone bromide) is a peripherally acting mu-opioid receptor antagonist that decreases the constipating effects of opioid pain medications without affecting their ability to relieve pain. RELISTOR selectively displaces opioids from the mu-opioid receptors outside the CNS, including those located in the gastrointestinal tract, thereby decreasing their constipating effects. Because of its chemical structure, RELISTOR does not affect the opioid-mediated analgesic effects on the CNS.
About RELISTOR
RELISTOR is a peripherally acting mu-opioid receptor antagonist that counteracts the constipating effects of opioid pain medications in the gastrointestinal tract without affecting their ability to relieve pain. RELISTOR Subcutaneous Injection is approved in the United States for the treatment of OIC in patients with advanced illness who are receiving palliative care, when response to laxative therapy has not been sufficient. The use of RELISTOR beyond four months has not been studied. The drug is also approved for use in over 50 countries worldwide, including the European Union, Canada, Australia and Brazil. In the 27 member states of the E.U., as well as Iceland, Norway and Liechtenstein, RELISTOR is approved for the treatment of opioid-induced constipation in advanced illness patients who are receiving palliative care when response to usual laxative therapy has not been sufficient. In Canada, the drug is approved for the treatment of opioid-induced constipation in patients with advanced illness, receiving palliative care. When response to laxatives has been insufficient, RELISTOR should be used as an adjunct therapy to induce a prompt bowel movement. Applications in additional countries are pending. RELISTOR is under license to Salix from Progenics Pharmaceuticals, Inc.
Important Safety Information for RELISTOR Subcutaneous Injection
RELISTOR is indicated for the treatment of opioid-induced constipation (OIC) in patients with advanced illness who are receiving palliative care, when response to laxative therapy has not been sufficient. Use of RELISTOR beyond four months has not been studied.
RELISTOR is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction. If severe or persistent diarrhea occurs during treatment, advise patients to discontinue therapy with RELISTOR and consult their physician. Use of RELISTOR has not been studied in patients with peritoneal catheters.
Safety and efficacy of RELISTOR have not been established in pediatric patients.
Rare cases of gastrointestinal (GI) perforation have been reported in advanced illness patients with conditions that may be associated with localized or diffuse reduction of structural integrity in the wall of the GI tract (i.e., cancer, peptic ulcer, Ogilvie’s syndrome). Perforations have involved varying regions of the GI tract (e.g., stomach, duodenum, colon).
Use RELISTOR with caution in patients with known or suspected lesions of the GI tract. Advise patients to discontinue therapy with RELISTOR and promptly notify their physician if they develop severe, persistent, and/or worsening abdominal symptoms.
The most common adverse reactions reported with RELISTOR compared with placebo in clinical trials were abdominal pain (28.5% vs 9.8%), flatulence (13.3% vs 5.7%), nausea (11.5% vs 4.9%), dizziness (7.3% vs 2.4%), diarrhea (5.5% vs 2.4%), and hyperhydrosis (6.7% vs 6.5%).
RELISTOR full Prescribing Information for the U.S. is available at www.relistor.com.
About Salix
Salix Pharmaceuticals, Ltd., headquartered in Raleigh, North Carolina, develops and markets prescription pharmaceutical products for the prevention and treatment of gastrointestinal diseases. Salix’s strategy is to in-license late-stage or marketed proprietary therapeutic drugs, complete any required development and regulatory submission of these products, and market them through the Company’s gastroenterology specialty sales and marketing team.
Salix also markets XIFAXAN® (rifaximin) tablets 200 mg and 550 mg, MOVIPREP® (PEG 3350, sodium sulfate, sodium chloride, potassium chloride, sodium ascorbate and ascorbic acid for oral solution), OSMOPREP® (sodium phosphate monobasic monohydrate, USP and sodium phosphate dibasic anhydrous, USP) Tablets, VISICOL® (sodium phosphate monobasic monohydrate, USP, and sodium phosphate dibasic anhydrous, USP) Tablets, APRISO™ (mesalamine) extended-release capsules 0.375 g,), RELISTOR® (methylnaltrexone bromide) Subcutaneous Injection, SOLESTA®, DEFLUX®, METOZOLV® ODT (metoclopramide HCl, PEPCID® (famotidine) for Oral Suspension, Oral Suspension DIURIL® (Chlorothiazide), AZASAN® (Azathioprine) Tablets, USP, 75/100 mg, ANUSOL-HC® 2.5% (Hydrocortisone Cream, USP), ANUSOL-HC® 25 mg Suppository (Hydrocortisone Acetate), PROCTOCORT® Cream (Hydrocortisone Cream, USP) 1% and PROCTOCORT® Suppository (Hydrocortisone Acetate Rectal Suppositories) 30 mg. Crofelemer, budesonide foam, RELISTOR®, Lumacan® and rifaximin for additional indications are under development.
For full prescribing information and important safety information on Salix products, including BOXED WARNINGS for VISICOL, OSMOPREP and METOZOLV, please visit www.salix.com where the Company promptly posts press releases, SEC filings and other important information or contact the Company at 919 862-1000.
Salix trades on the NASDAQ Global Select Market under the ticker symbol “SLXP”.
For more information, please visit our Website at www.salix.com or contact the Company at 919-862-1000. Follow us on Twitter (@SalixPharma) and Facebook (www.facebook.com/SalixPharma). Information on our web site is not incorporated in our SEC filings.
About Progenics
Progenics Pharmaceuticals, Inc., of Tarrytown, N.Y., is a biopharmaceutical company focused on innovative therapeutics for patients suffering from cancer and related conditions. Progenics’ pipeline candidates include PSMA ADC, a human monoclonal antibody-drug conjugate in phase 1 testing for treatment of prostate cancer, and preclinical stage novel multiplex phosphoinositide 3-kinase (PI3K) inhibitors for the treatment of cancer. Progenics has exclusively licensed development and commercialization rights for its first commercial product, RELISTOR®, to Salix Pharmaceuticals, Ltd. for markets worldwide other than Japan, where Ono Pharmaceutical Co., Ltd. holds an exclusive license for the subcutaneous formulation. RELISTOR (methylnaltrexone bromide) subcutaneous injection is a first-in-class treatment for opioid-induced constipation approved in more than 50 countries for patients with advanced illness. Regulatory approval is pending for use of RELISTOR in patients with chronic, non-cancer pain.
Please Note: The materials provided herein contain projections and other forward–looking statements regarding future events. Such statements are just predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include, among others: the unpredictability of the duration and results of regulatory review of New Drug Applications and Investigational NDAs; market acceptance for approved products; the cost, timing and results of clinical trials and other development activities involving pharmaceutical products; generic and other competition; litigation and the possible impairment of, or inability to obtain, intellectual property rights and the costs of obtaining such rights from third parties in an increasingly global industry; and revenue recognition and other critical accounting policies. More information concerning Progenics and Salix is available on the companies’ websites, as well as in press releases and reports they file with the U.S. Securities and Exchange Commission.
Papa John’s International, Inc. (NASDAQ: PZZA) today announced its 2012 operating assumptions and earnings guidance, and an increase in its 2011 earnings per share range to $2.15 to $2.20. The company projects 2012 earnings per share in the range of $2.33 to $2.43, including an ($0.11) impact of a one-time marketing incentive contribution (discussed below) largely offset by a 53rd week of operations in 2012.
“Our brand continues to perform very well in the marketplace as the Papa John’s team executes against our long-term growth plan,” commented Papa John’s Founder, Chairman and Chief Executive Officer, John Schnatter. “The plan has delivered better than expected results in 2011, and we look forward to continued strong performance in 2012.”
Significant 2012 Operational Assumptions
North America Restaurant Sales – North America system-wide comparable sales are expected to increase 1.5% to 2.5% in 2012. Company-owned and franchised restaurants are expected to produce relatively consistent comparable sales. The company expects national marketing spending in 2012 to approximate 2011 spend levels.
International Restaurant Sales – International comparable sales, presented on a constant-dollar basis, are expected to increase 1.5% to 3.5% in 2012. International comparable sales can be negatively impacted in a substantial number of emerging markets where second year sales for any given restaurant are compared against an unusually high “grand opening” level of first year sales. International comparable sales can also be positively or negatively impacted by significant levels of currency inflation or deflation within a given country. Total sales growth for international restaurants, including the 53rd week of operations, is expected to range from 20% to 25% in 2012, due to new unit growth and the expected comparable sales increase.
Worldwide Net Unit Growth – Worldwide net unit growth in 2012 is expected to be in the range of 240 to 280 units, consisting of a range of 110 to 130 net new units for North America and a range of 130 to 150 net new units for International. This represents approximately 4% unit growth for North America and 17% unit growth for International in 2012. The majority of worldwide net unit growth is expected to be franchised, driven by development incentives and franchisee financing initiatives.
Revenues – Total consolidated revenues are expected to increase 6% to 7% in 2012, including an increase of approximately 2% resulting from the 53rd week of operations. The increase of 4% to 5%, excluding the 53rd week of operations, is expected to result primarily from the projected North America and International net unit and comparable sales growth.
Marketing Incentive Contribution – In connection with a new multi-year supply agreement, the company will receive a one-time marketing incentive payment from a supplier in the first quarter of 2012, which the company will contribute to the Papa John’s National Marketing Fund (PJNMF) for the benefit of domestic Papa John’s restaurants. The company is required to recognize the supplier payment as income over the five-year term of the supply agreement, while its contribution to the PJNMF is required to be expensed when paid in the first quarter of 2012. The company’s contribution to the PJNMF will negatively impact diluted earnings per share by $0.13 in the first quarter of 2012 ($0.11 for full year 2012), and the company will recognize the remaining estimated $0.11 of income associated with the incentive payment evenly over the remaining term of the supply agreement, 2013 through 2016.
53 Week Year – The 2012 fiscal year will consist of 53 weeks. The impact of the 53rd week of operations is expected to increase earnings per share by approximately $0.08 to $0.10, substantially offsetting the negative impact in 2012 of the one-time marketing incentive contribution discussed above.
Pre-tax Income Margin – Consolidated pre-tax income margin in 2012 is expected to approximate or slightly exceed 2011 levels, including the negative impact of the one-time marketing incentive contribution discussed above.
Capital Expenditures – Capital expenditures for 2012 are expected to approximate $47 to $52 million. The capital expenditures are expected to consist of company-owned unit development in the U.S. and Beijing, China, routine capital replacement and certain technology-related projects designed to improve restaurant and commissary operating efficiency.
Share Repurchase Activity
The company announced an increase of $50 million in its authorization to repurchase common stock under its share repurchase program. In 2011, the company repurchased 2.0 million shares of stock at an average price of $31.21 per share, or a total of $63.6 million. The company has $73.2 million remaining available for repurchase under the most recent Board of Directors authorization through December 31, 2012.
2011 Guidance Raised
The company raised its diluted earnings per share guidance for 2011 to a range of $2.15 to $2.20, from the previous range of $2.08 to $2.15.
Annual Meeting Date Scheduled
Papa John’s today announced that its 2012 Annual Meeting of Stockholders will be held on April 26, 2012, at 11:00 am local time at the company’s corporate offices located at 2002 Papa John’s Boulevard, Louisville, Kentucky.
Forward Looking Statements
Certain matters discussed in this press release and other company communications constitute forward-looking statements within the meaning of the federal securities laws. Generally, the use of words such as “expect,” “estimate,” “believe,” “anticipate,” “will,” “forecast,” “plan,” “project,” or similar words identify forward-looking statements that we intend to be included within the safe harbor protections provided by the federal securities laws. Such statements may relate to projections concerning business performance, revenue, earnings, contingent liabilities, commodity costs, margins, unit growth and other financial and operational measures. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements.
The risks, uncertainties and assumptions that are involved in our forward-looking statements include, but are not limited to: changes in pricing or other marketing or promotional strategies by competitors which may adversely affect sales, including an increase in or continuation of the current aggressive pricing and promotional environment; new product and concept developments by food industry competitors; the ability of the company and its franchisees to meet planned growth targets and operate new and existing restaurants profitably; general economic and political conditions and resulting impact on consumer buying habits; changes in consumer preferences; increases in or sustained high costs of food ingredients and other commodities, paper, utilities, fuel, employee compensation and benefits, insurance and similar costs (including the impact of federal health care legislation); the ability of the company to pass along increases in or sustained high costs to franchisees or consumers; the impact of current or future legal claims and current or proposed legislation impacting our business; the impact that product recalls, food quality or safety issues, and general public health concerns could have on our restaurants; currency exchange and interest rates; credit risk associated with parties to leases of restaurants and commissaries, including those Perfect Pizza locations formerly operated by us, for which we remain contractually liable; and increased risks associated with our international operations, including economic and political conditions in our international markets and difficulty in meeting planned sales targets for our international operations. These and other risk factors are discussed in detail in “Part I. Item 1A. - Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 26, 2010 and “Part II. Item 1A. – Risk Factors” of the Quarterly Report on Form 10-Q for the fiscal quarter ended June 26, 2011. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.
Headquartered in Louisville, Kentucky, Papa John's International, Inc. (NASDAQ: PZZA) is the world's third largest pizza company. For 10 of the past 12 years, consumers have rated Papa John's No. 1 in customer satisfaction among all national pizza chains in the American Customer Satisfaction Index (ACSI). Papa John's is the Official Pizza Sponsor of the National Football League and Super Bowl XLV, XLVI and XLVII. For more information about the company or to order pizza online, visit Papa John's at www.papajohns.com.
The Hertz Corporation (NYSE: HTZ), the world's largest general use airport car rental brand, introduces new vehicles to the Prestige and Adrenaline Collections, including the Cadillac CTS, Camaro SS Convertible and Corvette Convertible.
(Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO)
"Hertz is expanding its Car Collection vehicles based on strong demand by consumers for an even greater variety of exciting vehicles they can specifically reserve and rent," commented Hertz Chairman and Chief Executive Officer, Mark P. Frissora. "As more travelers consciously choose their rental car to complement their overall travel experience, Hertz Collections offer top of the line vehicles that make the drive an important element of a memorable journey."
With 2012 approaching, Hertz Collections will be updated as follows:
Hertz Adrenaline Collection now includes more aggressive, head turning vehicles with the 2012 Camaro SS and 2012 Corvette convertibles that are both equipped with a 6.2 liter V-8 engine. The Camaro SS offers 400 horsepower and a six-speed automatic transmission. Its grey leather seats, polished aluminum wheels, and 245-Watt nine speaker sound system will make it difficult to drive unnoticed. With the addition of the iconic Corvette Convertible, the 2012 Adrenaline Collection shifts into high gear offering customers old-fashioned American muscle. The Corvette Convertible is equipped with 430 horsepower and a six-speed transmission with manual shift.
The Adrenaline Collection is now available at participating locations in California, Nevada, Colorado, Utah, Arizona, New Mexico, Texas, Florida, New York, and New Jersey. Vehicle selection subject to availability.
Hertz Prestige Collection is also ready to unveil the newest car, the Cadillac CTS. This award winning vehicle includes NeverLost GPS, satellite radio, and has Bluetooth capabilities which maintain its luxury class appeal. The 2012 model consists of a modified front grille and logo, enhancing its sleek appeal, as well as a modified 3.6 liter V-6 engine with 318 horsepower.
The Prestige Collection is now available at participating locations in Hawaii, Washington, Oregon, California, Nevada, Colorado, Arizona, Minnesota, Wisconsin, Texas, Florida, Georgia, New Jersey, New York, Pennsylvania, Connecticut, and Massachusetts. Vehicle selection subject to availability.
About HertzThe Hertz Corporation -- a subsidiary of Hertz Global Holdings, Inc. -- is the world's largest general use car rental brand, operating from approximately 8,000 locations in approximately 150 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 94 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East. Product and service initiatives such as Hertz #1 Club Gold(R), NeverLost(R) customized, onboard navigation systems, SIRIUS XM Satellite Radio, and unique cars and SUVs offered through the Company's Adrenaline and Green Traveler Collections, set Hertz apart from the competition. In 2008, the Company entered the global car sharing market in London, New York City and Paris. Hertz also operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment, including tools and supplies, as well as new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 315 branches in the United States, Canada, France, Spain, Italy, China and Saudi Arabia, as well as through its international licensees.
To make car rental reservations or for more information, customers can call their travel agent, or call Hertz toll-free at 1-800-654-3131. Information and reservations are also available on the web at www.hertz.com.
www.hertz.com
SOURCE The Hertz Corporation
Pilgrim's Pride Corporation Extends Deadline for Exchange Offeof Senior Notes
Pilgrim's Pride Corporation today announced that it has extended the expiration date of its registered exchange offer to 5:00 p.m., New York City time, on December 15, 2011. The exchange offer is an offer to exchange $500,000,000 aggregate principal amount of its 7.875% Senior Notes due 2018 (collectively with the guarantees thereof, the "Outstanding Notes") for $500,000,000 aggregate principal amount of its 7.875% Senior Notes due 2018 that have been registered under the Securities Act of 1933, as amended (collectively with the guarantees thereof, the "Exchange Notes").
Based on the latest information provided by the exchange agent, as of the original expiration date of the exchange offer, approximately $486,859,000 in aggregate principal amount of the Outstanding Notes have been tendered for exchange. Pilgrim's Pride will accept for exchange any and all Outstanding Notes validly tendered and not withdrawn prior to the new expiration date, unless such expiration date is further extended. Pilgrim's Pride does not currently intend to extend the exchange offer any further.
The Exchange Notes are substantially identical to the Outstanding Notes, except that the Exchange Notes have been registered under the Securities Act of 1933, as amended. The terms of the exchange offer and other information relating to Pilgrim's Pride are set forth in a prospectus dated November 10, 2011. Copies of the prospectus and related letters of transmittal may be obtained from The Bank of New York Mellon, which is serving as the exchange agent for the exchange offer. The Bank of New York Mellon may be contacted as follows:
By Registered or
By Regular Mail:
By Overnight Courier or Hand Delivery:
Certified Mail:
The Bank of New York Mellon
The Bank of New York Mellon
The Bank of New York Mellon
Corporate Trust Operations
Corporate Trust Operations
Corporate Trust Operations
Reorganization Unit
Reorganization Unit
Reorganization Unit
101 Barclay Street
101 Barclay Street
101 Barclay Street
7th floor East
7th floor East
7th floor East
New York, NY 10286
New York, NY 10286
New York, NY 10286
Attn: Carolle Montreuil
Attn: Carolle Montreuil
Attn: Carolle Montreuil
By Facsimile Transmission
(eligible institutions only):
(212) 298-1915
To Confirm by Telephone:
(212) 815-5920
The prospectus and other materials related to the exchange offer may also be obtained free of charge at the Securities and Exchange Commission's web site (http://www.sec.gov/). These documents contain important information that should be read carefully before any decision is made with respect to the exchange offer.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.
About Pilgrim's Pride
Pilgrim's Pride employs approximately 40,500 people and operates chicken processing plants and prepared-foods facilities in 12 states, Puerto Rico and Mexico. Pilgrim's Pride's primary distribution is through retailers and foodservice distributors. For more information, please visit http://www.pilgrims.com.
CONTACT: Rosemary Geelan
Pilgrim's Pride Investor Relations
(970) 506-8192
Hertz and Donlen Leaders to Deliver Opening Keynote at 2012 Car Rental Show Hertz and its subsidiary Donlen Corporation provide mobility solutions ranging from hourly car sharing rentals to
PARK RIDGE, N.J., Dec. 13, 2011 /PRNewswire/ -- The Hertz Corporation (NYSE: HTZ), the world's largest general use airport car rental brand, and its subsidiary, Donlen Corporation, one of the nation's largest vehicle leasing companies, are pleased to announce their participation in the 2012 Car Rental Show. Hertz Chairman and Chief Executive Officer, Mark P. Frissora, and Donlen's CEO, Gary Rappeport, will jointly deliver the show's opening keynote address.
(Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO )
"Hertz's mission is to offer consumers the widest range of mobility solutions, with products and services today including hourly, daily, weekly, and monthly vehicle rentals, as well as, with the acquisition of Donlen Corporation this year, business fleet management solutions, including multi-year leases," commented Mr. Frissora. "Hertz and Donlen have now joined forces and we're developing an even wider range of mobility and related fleet services solutions than we had initially anticipated. We're excited to participate in the 2012 Car Rental Show and I am pleased to partner with Gary to share our key learnings and insights about the convergence of vehicle mobility solutions with the show's attendees," he added.
In their joint address, Frissora and Rappeport will discuss the imminent convergence of auto rental with other vehicle solutions ranging from car sharing, traditional car rental and long-term auto, truck and equipment rental and leasing. Hertz completed a $900 million acquisition, including fleet financing, of Donlen in September 2011.
"The synergies between car rental and corporate fleet management are numerous and the Hertz/Donlen relationship has proven to be beneficial for our customers as well as each company," commented Mr. Rappeport. "Addressing the 2012 Car Rental Show will provide us with a platform in which to share our knowledge with our colleagues in the industry."
Presented by Auto Rental News and the American Car Rental Association (ACRA), the 2012 Car Rental Show is the annual opportunity for the industry to come together and learn how to capitalize on the rapid changes in today's economic environment. The educational show consists of a topnotch repertoire of speakers representing all corners of the industry who will address the burning issues facing the market today. Topics and issues include tapping into and optimizing the financing options available to the marketplace, OEM relationship management, and car rental pricing.
"By developing a range of services beyond traditional car rental, the auto rental industry can no longer be viewed as a standalone transportation option, but an integral part of the total mobility solution," says Chris Brown, executive editor of Auto Rental News. "We are eager to hear from these two industry leaders and how they are impacting the conversation on how we get around."
The 2012 Car Rental Show will convene at the LVH-Las Vegas Hotel and Casino (formerly Las Vegas Hilton), March 12-13. Visit www.carrentalshow.com and www.autorentalnews.com for information.
About Hertz
The Hertz Corporation -- a subsidiary of Hertz Global Holdings, Inc. -- is the world's largest general use car rental brand, operating from approximately 8,000 locations in approximately 150 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 94 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East. Product and service initiatives such as Hertz #1 Club Gold(R), NeverLost(R) customized, onboard navigation systems, SIRIUS XM Satellite Radio, and unique cars and SUVs offered through the Company's Adrenaline and Green Traveler Collections, set Hertz apart from the competition. In 2008, the Company entered the global car sharing market in London, New York City and Paris. Hertz also operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment, including tools and supplies, as well as new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 315 branches in the United States, Canada, France, Spain, Italy, China and Saudi Arabia, as well as through its international licensees. Hertz also owns Donlen Corporation, based in Northbrook, Illinois, which is a leader in fleet leasing and management services.
www.hertz.com www.donlen.com
SOURCE The Hertz Corporation
The Hertz Corporation Wins Awards For Human Resources Programs
PARK RIDGE, New Jersey, December 12, 2011 /PRNewswire/ --
- Hertz honored with HR & Business Success Award and Dave Ulrich Award of HCM Excellence
- Hertz wins 2011 Apex Award for improving employee health and driving down costs
The Hertz Corporation (NYSE: HTZ) announced that it has won three prestigious industry awards in recognition of its human resources programs for improving employee benefits as well as driving excellence in talent management practices: the 2011 European HR & Business Success Award and Dave Ulrich Award of HCM Excellence, and the 2011 Apex Award.
(Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO )
Hertz received the "HR & Business Success Award" and overall prize win of the "Dave Ulrich Award of HCM Excellence" from the European HCM Excellence Awards 2011 bestowed by Stamford Global. The European HCM Excellence Awards recognize and reward organizations that demonstrate excellence in their talent management practices. The overall winner's award for 2011 went to Hertz Europe for creating value through its HR practices and the HR contribution.
Dr. Dave Ulrich, Professor of University of Michigan, and a leading HR strategist said: "The line managers, employees, and HR professionals at Hertz have so much to be proud of. They are truly business partners who contribute to business performance in very specific and important ways. They have made their organization better. They are well deserving of the European HCM Excellence 2011 grand prize."
LeighAnne Baker added: "It is truly an honor to earn the European HCM Excellence recognition from Stamford Global and Dr. Dave Ulrich. The HR team at Hertz has collaborated very closely with the business to deliver state-of-the-art talent management and related HR programs that create tangible value for employees and the business alike."
The 2011 Apex Award from UnitedHealthcare is an honor given to employers in recognition of exceptionally innovative health care benefits strategies. The award recognized Hertz's Journey to Better Health, the company's comprehensive health and wellness offering for U.S. employees. The initiative incorporates A Credit to Your Health, an incentive program that gives employees substantial discounts on their health premiums for completing a health assessment, seeking preventive care, achieving target biometric values and engaging in wellness coaching.
This year's judges praised Hertz's Journey to Better Health as a "multi-faceted program that reflects great creativity and strong corporate commitment." One judge called the program's incentive structure "leading-edge," and another commended the company's dedication to its employees: "This program addresses workforce complexities, incorporates feedback, and offers incentives that really mean something to employees."
"Hertz has been aggressively focused on developing a health care program that motivates employees to live a more healthy, engaged lifestyle, while also working on stabilizing its health care costs," said LeighAnne Baker, Senior Vice President, Chief Human Resources Officer of Hertz. "We wanted our employees and their families to be more aware of their health status and to start making better health care decisions. So, in 2009, Hertz embarked on a Journey to Better Health, and set out to change the course of our health as a company."
About the HCM Excellence Awards
The European HCM Excellence Awards (http://www.hcmexcellenceawards.com) were launched as an initiative to recognize and reward organizations in Europe that demonstrate excellence in their Human Capital Management practices.
About Stamford Global
Stamford Global is an elite provider of business events, thought leader research and publications in the field of Human Capital Management, Project Management, Information Technology and Sales & Marketing. Our motto: "Never Stop Learning" encompasses both our intellectual and professional ambitions. For more information please visit http://www.stamfordglobal.com
About the Apex Award
Now in its seventh year, the Apex Awards program honors UnitedHealthcare National Accounts employer customers that have designed innovative, effective health care benefits strategies that are improving the health care experience for their employees. An independent judging panel, composed of leaders from across the health care industry including the previous year's winners, selects the winners based on employers' innovative approaches to specific health care challenges.
About UnitedHealth Group
UnitedHealth Group (NYSE: UNH) is a diversified health and well-being company dedicated to helping people live healthier lives and making health care work better. With headquarters in Minnetonka, Minn., UnitedHealth Group offers a broad spectrum of products and services through two distinct platforms: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health services. Through its businesses, UnitedHealth Group serves more than 75 million people worldwide. Visit http://www.unitedhealthgroup.com for more information.
About Hertz
Hertz is the largest worldwide airport general use car rental brand operating from more than 8,500 locations in 146 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 83 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. The Company also has licensee locations in cities and airports in Africa and the Middle East. Product and services such as Hertz #1 Club Gold(R), NeverLost(R) in-car GPS system, SIRIUS XM Satellite Radio, and unique cars and SUVs offered through the Company's Prestige, Adrenaline and Green Traveler Collections, set Hertz apart from the competition. The Company also operates the Advantage car rental brand at 26 airports in the U.S. And, Hertz operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment for rent, including tools and supplies, and new and used equipment for sale, from approximately 325 branches in the United States, Canada, China, France, Spain, Italy and Saudi Arabia.
Gray Completes Privately Negotiated Repurchase of 68.73 Shares of its Series D Perpetual Preferred Stock
Gray Television, Inc. ("Gray," "we," "us" or "our") (NYSE: GTN and GTN.A) announced that on December 9, 2011 it completed the repurchase of an additional 68.73 shares of its Series D perpetual preferred stock in a series of private transactions. These shares were repurchased at their liquidation value of $100,000 per share, plus accrued dividends of $3.6 million. The total cost of this transaction of $10.4 million was funded from a combination of cash balances on hand and borrowings under our revolving credit facility. After giving effect to this transaction, 259.22 shares of our Series D perpetual preferred stock remain outstanding.
Gray Television, Inc.
Gray Television, Inc. is a television broadcast company headquartered in Atlanta, GA. Gray currently operates 36 television stations serving 30 markets. We broadcast a primary channel from each of our stations and also operate at least one digital second channel from the majority of our stations. Each of our primary channels are affiliated with either CBS (17 channels), NBC (10 channels), ABC (8 channels) or FOX (1 channel). In addition, we currently operate 40 digital second channels that are affiliated with either ABC (1 channel), FOX (4 channels), CW (8 channels), MyNetworkTV (18 channels), Universal Sports Network (1 channels) and The Country Network (1 channel) or are operated as local news/weather channels (7 channels).
Web site: www.gray.tv
SOURCE Gray Television, Inc.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 30, 2011
Dana Holding Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-1063 26-1531856
(State or other jurisdiction of
incorporation)
(Commission
File Number)
(IRS Employer
Identification Number)
3939 Technology Drive, Maumee, Ohio 43537
(Address of principal executive offices) (Zip Code)
(419) 887-3000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure.
Dana Holding Corporation (“Dana”) previously announced that Executive Vice President and Chief Financial Officer Jim Yost will participate in the Bank of America Merrill Lynch 2011 Leveraged Finance Conference on November 30, 2011. Mr. Yost will provide a brief overview of the company and answer questions for approximately 30 minutes, beginning at 2:40 p.m., EST.
Information on accessing a live webcast will be posted to Dana’s investor website (www.dana.com/investors) prior to the event. In addition, the audio replay will be available the next business day via the Dana investor website. A copy of the presentation slides, which will be discussed at that conference, is attached hereto as Exhibit 99.1.
The information in this Item 7.01 (together with Exhibit 99.1 hereto) is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
99.1 Bank of America Merrill Lynch 2011 Leveraged Finance Conference Presentation Slides
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DANA HOLDING CORPORATION
Date: November 30, 2011 By:
/s/ Marc S. Levin
Name: Marc S. Levin
Title:
Senior Vice President, General Counsel
and Secretary
3
Exhibit Index
Exhibit No.
Description
99.1 Bank of America Merrill Lynch 2011 Leveraged Finance Conference Presentation Slides
Richard T. Clark Named to Corning Board of Directors
Corning Incorporated (NYSE: GLW) today appointed Richard T. Clark, retired chairman and chief executive officer of Merck (NYSE: MRK), to Corning’s board of directors, effective immediately. Merck is a global healthcare leader that develops, discovers, manufactures, and provides prescription medicines, vaccines, biologic therapies, and consumer care and animal health products.
Clark, who qualifies as an independent director, will also serve on the audit and compensation committees.
He will hold office until Corning’s annual meeting of shareholders on April 26, 2012, at which time he will stand for election to a one-year term. His appointment brings the number of Corning directors to 14. The size of the board has ranged from 13 to 18 directors since 1990.
Clark, 65, brings nearly four decades of experience with global markets and manufacturing to Corning’s board. He became president and CEO of Merck in May 2005 and chairman of the board in April 2007. He transitioned from his CEO role in January of this year, and served as board chairman through November.
He served as president of the Merck Manufacturing Division, with responsibility for Merck’s global network of manufacturing operations, information services, and operations excellence organizations worldwide.
Since joining Merck as a quality control inspector in 1972, Clark has held a broad range of senior management positions. His areas of expertise include strategic planning, global manufacturing, quality control and production, new products planning, and engineering.
From 2008 to 2009, Clark served as board chairman of the Pharmaceutical Research and Manufacturers of America, which represents the country's leading pharmaceutical research and biotechnology companies.
He is a director of Automatic Data Processing, Inc. (ADP) and serves on the advisory board of American Securities. He is a trustee of PENN Medicine, which includes the University of Pennsylvania School of Medicine and the University of Pennsylvania Health System. Clark is chairman of the board for Project Hope, a global health education and humanitarian assistance organization. Clark serves as a trustee of Washington & Jefferson College and as a member of several other business, policy, and charitable organizations.
He earned his bachelor’s degree in liberal arts from Washington & Jefferson College in Washington, Pa., and his MBA from American University in Washington, D.C. He also served as a lieutenant in the U.S. Army before joining Merck.
About Corning Incorporated
Corning Incorporated (www.corning.com) is the world leader in specialty glass and ceramics. Drawing on 160 years of materials science and process engineering knowledge, Corning creates and makes keystone components that enable high-technology systems for consumer electronics, mobile emissions control, telecommunications and life sciences. Our products include glass substrates for LCD televisions, computer monitors and laptops; ceramic substrates and filters for mobile emission control systems; optical fiber, cable, hardware & equipment for telecommunications networks; optical biosensors for drug discovery; and other advanced optics and specialty glass solutions for a number of industries including semiconductor, aerospace, defense, astronomy, and metrology.
Apple’s Mac App Store Downloads Top 100 Million
Apple® today announced that over 100 million apps have been downloaded from the Mac® App Store™ in less than one year. With thousands of free and paid apps, the Mac App Store brings the App Store experience to the Mac so you can find great new apps, buy them using your iTunes® account, and download and install them in just one step. Apple revolutionized the app industry with the App Store, which now has more than 500,000 apps and where customers have downloaded more than 18 billion apps and continue to download more than 1 billion apps per month.
“In just three years the App Store changed how people get mobile apps, and now the Mac App Store is changing the traditional PC software industry,” said Philip Schiller, Apple’s senior vice president of Worldwide Marketing. “With more than 100 million downloads in less than a year, the Mac App Store is the largest and fastest growing PC software store in the world.”
“With Autodesk products in both the App Store and Mac App Store, we can reach hundreds of millions of Apple users around the world,” said Amar Hanspal, senior vice president of Platform Solutions and Emerging Business at Autodesk. “With our free AutoCAD WS and the more powerful professional drafting tools of AutoCAD LT, we’re using the Mac App Store to deliver new products and reach a growing base of new Mac customers.”
“The Mac App Store has unparalleled reach and has completely transformed our distribution and development cycle,” said Saulius Dailide of the Pixelmator Team. “Offering Pixelmator 2.0 exclusively on the Mac App Store allows us to streamline updates to our image editing software and stay ahead of the competition.”
“In less than one year we’ve shifted the distribution of djay for Mac exclusively to the Mac App Store,” said Karim Morsy, CEO of algoriddim. “With just a few clicks, djay for Mac is available to customers in 123 countries worldwide. We could never have that reach through traditional channels.”
The Mac App Store offers thousands of apps in Education, Games, Graphics & Design, Lifestyle, Productivity, Utilities and other categories. Users can browse new and noteworthy apps, find out what’s hot, see staff favorites, search categories and look up top charts for paid and free apps, as well as user ratings and reviews. The Mac App Store is included with Mac OS® X Lion and is available as a software update for any Mac running Mac OS X Snow Leopard®. For more information visit, www.apple.com/mac/app-store.
Mac developers set the prices for their apps, keep 70 percent of the sales revenue, are not charged for free apps and do not have to pay hosting, marketing or credit card fees. To find out more about developing for the Mac App Store visit, developer.apple.com/programs/mac.
Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced iPad 2 which is defining the future of mobile media and computing devices.
NOTE TO EDITORS: For additional information visit Apple’s PR website (www.apple.com/pr), or call Apple’s Media Helpline at (408) 974-2042.
© 2011 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS, Macintosh, App Store, iTunes and Snow Leopard are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
Roche Reports Positive Results In Breast Cancer Study
Roche Holding AG (ROG.VX) Thursday said the results of its pivotal Phase III study with pertuzumab in HER2-positive metastatic breast cancer were positive, with a 6.1 month improvement in median progression free survival, from 12.4 months to 18.5 months.
MAIN FACTS:
- Roche today announced results from CLEOPATRA, the first randomised Phase III study of the investigational HER2-targeted medicine pertuzumab.
- The study compared the combination of pertuzumab, Herceptin (trastuzumab) and docetaxel chemotherapy to Herceptin and docetaxel alone in people with previously untreated HER2-positive metastatic breast cancer (mBC).
- People who received pertuzumab in combination with Herceptin and chemotherapy experienced a 38 percent reduction in the risk of their disease worsening or death (progression-free survival, or PFS), (HR=0.62; p-value=<0.0001).
- The median PFS improved by 6.1 months from 12.4 months for Herceptin and chemotherapy to 18.5 months for pertuzumab, Herceptin and chemotherapy.
- Overall survival (OS) data are currently immature, with a trend in favour of the pertuzumab combination.
- No new safety signals were observed and adverse events were consistent with those seen in previous studies of pertuzumab and Herceptin, either in combination or alone.
- The results will be presented at the 2011 CTRC-AACR San Antonio Breast Cancer Symposium December 6-10 (Abstract # S5-5), and were featured in the official press program.
- Data were published yesterday in the online edition of the New England Journal of Medicine.
- Roche has submitted a Biologics License Application for pertuzumab to the U.S. Food and Drug Administration for people with previously untreated, HER2-positive metastatic breast cancer and a Marketing Authorization Application to the European Medicines Agency in the same indication.
-Zurich Bureau, Dow Jones Newswires, +41 43 443 80 47; zurichdjnews@dowjones.com
Advantage Rent a Car Opens Eight New Locations Across Europe
LONDON, December 8, 2011 /PRNewswire/ --
Low cost car rental provider opens doors for Amsterdam, Bergamo, Brussels, Grenoble, Lyon, Luton, and Orly airports, bringing total number of locations to 26 across eight European countries
Advantage Rent a Car, which provides holiday travellers with quality vehicles at highly competitive rates, is continuing its rapid expansion in Europe by opening at eight further airports in Europe in just three months, bringing its total number of locations in the region to 26 across eight countries. The new locations include Amsterdam Schiphol (Netherlands), Bergamo (Italy), Brussels (Belgium), and Luton (UK). Advantage will also open at the Grenoble, Lyon and Orly airports (France) on December 1st and at Hamburg airport (Germany) on December 15th. Customers can book European destinations online from uk.advantage.com.
With a fleet of 20,000 vehicles worldwide, Advantage also operates from 57 locations in the US and provides a service throughout Latin America, bookable from the U.S. website http://www.advantage.com. In Europe, Advantage (uk.advantage.com) offers a wide range of vehicles in Mini, Economy, Compact, Intermediate and Premium categories at highly competitive prices across eight countries. The European website also features ongoing top hire car deals as well as travel guides for Spain, France and Italy to make the most of vacation getaways.
The Advantage locations in Europe include:
Belgium - Brussels airport*
France - Bordeaux, Grenoble (open 1 December - 30 April annually), Lyon*, Marseille, Orly, Toulouse, and Paris Roissy airports
Germany - Frankfurt and Hamburg airports
Italy - Bergamo, Bologna, Cagliari*, Catania*, Rome Fiumicino*, Milan*, and Pisa airports
Netherlands - Amsterdam Schiphol airport*
Spain - Alicante, Malaga, Seville, and Valencia airports
Switzerland - Geneva airport
UK - London Heathrow* and Luton airports and London Victoria (central London)
* Shuttle service is provided.
About Advantage
Advantage Rent a Car, a wholly-owned subsidiary of Hertz Global Holdings, Inc., targets the value conscious consumer, offering a variety of cars, from Economy to Full-size cars, plus SUV's and Minivans in the U.S, at affordable prices. Advantage operates from 57 locations in the United States as well as 26 locations in Europe, and provides service throughout Latin America. For more information, visit the company online at http://uk.advantage.com.
Press Contacts Caroline Trotman Dickenson Ketchum Pleon T: +44(0)20-7611-3686 E: caroline.trotman-dickenson@ketchumpleon.com Jana Kapeller Ketchum Pleon T: +44(0)20-7611-3638 E: jana.kapeller@ketchumpleon.com
'Under-Cheesers' BEWARE! Domino's Pizza Launches New Stuffed Cheesy Bread Line New line stops the skimpy cheesing trend, offers America the cheese it deserves
ANN ARBOR, Mich., Nov. 21, 2011 /PRNewswire/ -- Domino's Pizza (NYSE: DPZ), the recognized world leader in pizza delivery, vows to stop the trend and put an end to the days of skimpy cheesing, today launching a new line of Stuffed Cheesy Bread that stands boldly above the rest of the cheesy bread world.
(Photo: http://photos.prnewswire.com/prnh/20111121/DE10670 )
America deserves more cheese, and with the help of a newly innovated product line, Domino's is delivering. Each of the three Stuffed Cheesy Bread varieties debuting today is stuffed inside and out with the same amount of cheese as a Domino's medium cheese pizza. The brand new, permanent menu item is available in three flavors: Bacon & Jalapeno, Spinach & Feta and Cheese only – each including delicious mozzarella and shredded cheddar.
"In continuing to respond to what consumers want from us, we had an opportunity to show the rest how cheesy bread is really done," said Patrick Doyle, Domino's Pizza president and chief executive officer. "We continue to be committed to innovate, improve and grow our menu – Stuffed Cheesy Bread is simply our next step."
A national TV campaign beginning next week follows Domino's chefs Brandon Solano and Tate Dillow as they realize "under-cheesing" has taken over the cheesy bread scene – and Domino's wants to boldly put a stop to it.
"Domino's is committed to making our entire menu, beyond just our pizza, something special for consumers," said Russell Weiner, Domino's Pizza chief marketing officer. "The new campaign shows that we're drawing inspiration from our competitors – helping us do consumers a favor by putting the 'cheese' back in cheesy bread."
During the campaign, cheese lovers can order any of the new Domino's Stuffed Cheesy Breads or any medium, 2-topping pizzas – choose any two for only $5.99 each.
Also beginning this week, gift cards are available for purchase in Domino's stores across the U.S. just in time for holiday shopping. Customers can purchase gift cards in denominations from $5 to $100. Gift cards have previously only been available for purchase online at giftcard.dominos.com.
About Domino's Pizza®
Founded in 1960, Domino's Pizza is the recognized world leader in pizza delivery. Domino's is listed on the NYSE under the symbol "DPZ." As of the third quarter of 2011, through its primarily locally-owned and operated franchised system, Domino's operated a network of 9,541 franchised and Company-owned stores in the United States and over 70 international markets. During the third quarter of 2011, Domino's had global retail sales of nearly $1.6 billion, comprised of over $771 million domestically and nearly $813 million internationally. Domino's Pizza had global retail sales of over $6.2 billion in 2010, comprised of over $3.3 billion domestically and over $2.9 billion internationally.
In May 2011, Pizza Today named Domino's its "Chain of the Year" for the second straight year – making the company a three-time overall winner, and the first pizza delivery company to receive the honor in back-to-back years. In 2011, Domino's was ranked #1 in Forbes Magazine's "Top 20 Franchises for the Money" list. Helped by the launch of its Domino's Smart Slice school lunch pizza in late 2010, Domino's is collaborating with the Alliance for a Healthier Generation to serve healthier school foods and beverages in the United States. In late 2009, Domino's debuted its "Inspired New Pizza" – a permanent change to its hand-tossed product, reinvented from the crust up.
Order - www.dominos.comMobile – http://mobile.dominos.comInfo - www.dominosbiz.com Twitter - http://twitter.com/dominosFacebook - http://www.facebook.com/Dominos
SOURCE Domino's Pizza
Domino's Pizza Gives Thanks and Raises Some 'Dough' for St. Jude Children's Research Hospital®
ANN ARBOR, Mich., Nov. 14, 2011 /PRNewswire/ -- Domino's Pizza (NYSE: DPZ), the recognized world leader in pizza delivery, is gearing up to raise "dough" for the kids of St. Jude Children's Research Hospital during its 8th annual Thanks and Giving® campaign. Starting on Nov. 14, Domino's customers will have the opportunity to make a donation to benefit the children of St. Jude. Donations can be made when ordering over the phone, in stores or online at www.dominos.com. Customers also have the option to text "PIZZA" to 50333 to donate $5 to St. Jude.
This year, Domino's is proud to be matching dollar-for-dollar all customer contributions up to a total of $250,000 - making each dollar raised from customers even more impactful.
"I am proud that Domino's has raised more than $9 million since we began participating in the Thanks and Giving campaign in 2005," said J. Patrick Doyle, Domino's Pizza president and chief executive officer. "This year, in addition to our $250,000 donation, our goal is to raise $3 million for St. Jude to support their breakthrough discoveries and research that lead to lifesaving cures for children and their families around the world."
"Domino's is a committed partner to our holiday Thanks and Giving campaign, helping us increase awareness and raise funds for the lifesaving mission of St. Jude," said Marlo Thomas, national outreach director for St. Jude. "It is because of partners like Domino's and its customers that we can keep our promise that no child will ever be turned away if a family can't pay."
St. Jude is the nation's leading pediatric research and treatment center devoted solely to children with cancer and other deadly diseases and the only hospital that covers all of the costs for treatment, travel, food and lodging for each patient and a family member.
Since it opened its doors nearly 50 years ago, St. Jude has developed protocols that have helped push survival rates for childhood cancers from less than 20 percent to 80 percent overall. In fact, the survival rate for the most common form of childhood cancer, acute lymphoblastic leukemia, has risen from just 4 percent in 1962 to 94 percent today.
The Domino's campaign begins Nov. 14, and runs through the remainder of 2011.
About Domino's Pizza®
Founded in 1960, Domino's Pizza is the recognized world leader in pizza delivery. Domino's is listed on the NYSE under the symbol "DPZ." As of the third quarter of 2011, through its primarily locally-owned and operated franchised system, Domino's operated a network of 9,541 franchised and Company-owned stores in the United States and over 70 international markets. During the third quarter of 2011, Domino's had global retail sales of nearly $1.6 billion, comprised of over $771 million domestically and nearly $813 million internationally. Domino's Pizza had global retail sales of over $6.2 billion in 2010, comprised of over $3.3 billion domestically and over $2.9 billion internationally.
In May 2011, Pizza Today named Domino's its "Chain of the Year" for the second straight year – making the company a three-time overall winner, and the first pizza delivery company to receive the honor in back-to-back years. In 2011, Domino's was ranked #1 in Forbes Magazine's "Top 20 Franchises for the Money" list. Helped by the launch of its Domino's Smart Slice school lunch pizza in late 2010, Domino's is collaborating with the Alliance for a Healthier Generation to serve healthier school foods and beverages in the United States. In late 2009, Domino's debuted its "Inspired New Pizza" – a permanent change to its hand-tossed product, reinvented from the crust up.
Order - www.dominos.com
Mobile – http://mobile.dominos.com
Info - www.dominosbiz.com
Twitter - http://twitter.com/dominos
Facebook - http://www.facebook.com/Dominos
About St. Jude Children's Research Hospital
St. Jude Children's Research Hospital is internationally recognized for its pioneering research and treatment of children with cancer and other life-threatening diseases. The hospital's research has helped push overall survival rates for childhood cancer from less than 20 percent when the institution opened to almost 80 percent today. It is the first and only National Cancer Institute-designated Comprehensive Cancer Center devoted solely to children, and no family ever pays St. Jude for care. For more information, go to www.stjude.org and follow St. Jude on www.facebook.com/stjude and www.twitter.com/stjude.
SOURCE Domino's Pizza
I.D. Systems to Present at Imperial Capital Security Investor Conference on December 13, 2011
I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, has been invited to present at Imperial Capital's Security Investor Conference. The conference will be held at the Waldorf Astoria in New York City December 12-13, 2011.
I.D. Systems' CEO Jeffrey Jagid and CFO Ned Mavrommatis are scheduled to present on Tuesday, December 13, 2011, at 10:55 a.m. Eastern Time, with one-on-one meetings held throughout the day. Management will discuss the company's recent financial and operational performance, including its partnership with Avis Budget Group to deploy a new generation of wireless vehicle rental technology, as well as recent purchase orders related to its wireless industrial vehicle management system.
Management's presentation will be webcast live via http://wsw.com/webcast/imperial9/idsy/, and available for replay following the conference in the investor relations section of I.D. Systems' Web site at www.id-systems.com.
For more information about the conference or to schedule a one-on-one meeting with I.D. Systems' management, please contact your Imperial Capital representative.
About Imperial Capital
Imperial Capital, founded in 1997, is a full-service investment banking firm with offices in Los Angeles, New York, San Francisco, Minneapolis, Boston and Chicago. The firm currently employs over 195 professionals and offers a wide range of proprietary products and services to institutional investors, middle market companies, and private equity firms. Imperial Capital provides institutional clients research and sales and trading of high yield and distressed debt securities, bank debt, convertible bonds, preferred stocks, and equities. The firm provides middle market companies and financial sponsors with capital markets, merger and acquisitions, capital structure, restructuring and recapitalization advisory services. More information about Imperial Capital can be found at www.imperialcapital.com.
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.
CONTACT: I.D. Systems
Ned Mavrommatis
Chief Financial Officer
Phone: 201-996-9000
ned@id-systems.com
Investor Relations
Liolios Group, Inc.
Scott Liolios or Matt Glover
Phone: 949-574-3860
info@liolios.com
I.D. Systems to Present at Imperial Capital Security Investor Conference on December 13, 2011
I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, has been invited to present at Imperial Capital's Security Investor Conference. The conference will be held at the Waldorf Astoria in New York City December 12-13, 2011.
I.D. Systems' CEO Jeffrey Jagid and CFO Ned Mavrommatis are scheduled to present on Tuesday, December 13, 2011, at 10:55 a.m. Eastern Time, with one-on-one meetings held throughout the day. Management will discuss the company's recent financial and operational performance, including its partnership with Avis Budget Group to deploy a new generation of wireless vehicle rental technology, as well as recent purchase orders related to its wireless industrial vehicle management system.
Management's presentation will be webcast live via http://wsw.com/webcast/imperial9/idsy/, and available for replay following the conference in the investor relations section of I.D. Systems' Web site at www.id-systems.com.
For more information about the conference or to schedule a one-on-one meeting with I.D. Systems' management, please contact your Imperial Capital representative.
About Imperial Capital
Imperial Capital, founded in 1997, is a full-service investment banking firm with offices in Los Angeles, New York, San Francisco, Minneapolis, Boston and Chicago. The firm currently employs over 195 professionals and offers a wide range of proprietary products and services to institutional investors, middle market companies, and private equity firms. Imperial Capital provides institutional clients research and sales and trading of high yield and distressed debt securities, bank debt, convertible bonds, preferred stocks, and equities. The firm provides middle market companies and financial sponsors with capital markets, merger and acquisitions, capital structure, restructuring and recapitalization advisory services. More information about Imperial Capital can be found at www.imperialcapital.com.
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.
CONTACT: I.D. Systems
Ned Mavrommatis
Chief Financial Officer
Phone: 201-996-9000
ned@id-systems.com
Investor Relations
Liolios Group, Inc.
Scott Liolios or Matt Glover
Phone: 949-574-3860
info@liolios.com
I.D. Systems Reports Record Third Quarter Revenue Up 74%, Net Income of $0.06 per Share (Non-GAAP)
I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, today reported financial results for the three and nine months ended September 30, 2011.
Third Quarter of 2011 Financial Results
• Revenue increased 74% to $11.3 million from $6.5 million in the same period a year ago. The improvement was driven by increased sales of the company's wireless vehicle management systems for fleets of rental cars and industrial trucks. Recurring revenue in Q3 2011 was $4.2 million.
• Excluding stock-based compensation and depreciation and amortization, non-GAAP net income was $665,000, or $0.06 per basic and diluted share, compared to non-GAAP net loss of $1.1 million, or ($0.10) per basic and diluted share, in the same year-ago period.
• Net loss was $214,000, or ($0.02) per basic and diluted share, an improvement from a net loss of $1.9 million, or ($0.17) per basic and diluted share, in the same year-ago period.
• As of September 30, 2011, the company had $28.0 million in cash, cash equivalents and marketable securities, which equates to $2.32 per share outstanding, with no debt.
• As of September 30, 2011, under a stock repurchase program authorized in November of 2010, I.D. Systems has repurchased a total of 265,000 shares of its common stock at an aggregate purchase price of $1.1 million, including 69,684 shares at an aggregate purchase price of $324,000 in the third quarter of 2011. The program authorizes the repurchase of issued and outstanding shares of up to $3 million in aggregate value.
First Nine Months of 2011 Financial Results
• Revenue increased 47% to $27.5 million from $18.6 million in the same period a year ago. Recurring revenue in the nine months ended September 30, 2011 was $12.3 million, or 45% of total revenue.
• Selling, general and administrative expenses and research and development expenses decreased 9% to $19.1 million from $20.9 million in the same year-ago period.
• Excluding stock-based compensation and depreciation and amortization, non-GAAP net loss was $1.3 million, or ($0.12) per basic and diluted share, an improvement from a non-GAAP net loss of $7.3 million, or ($0.66) per basic and diluted share, in the same year-ago period.
• Net loss was $4.0 million, or ($0.37) per basic and diluted share, an improvement from a net loss of $9.9 million, or ($0.89) per basic and diluted share, in the same year-ago period.
Third Quarter of 2011 Operational Highlights
• Strong repeat business across all major product categories from core customers, including Alcoa, American Airlines, Audi, BASF, Caterpillar, Ford Motor Company, Knight Transportation, Marten Transportation, Nestlé, Procter & Gamble, the U.S. Postal Service, Walgreens, and Walmart.
• Record sales of VeriWise™ transportation asset management systems, many of which replaced competitors' systems; new customers include a leading global provider of multi-modal transportation services and a major U.S. logistics solutions provider.
• Growing sales of PowerFleet® and PowerBox™ industrial vehicle management systems through channel partners; new customers across diverse industries include a Fortune 100 food producer, a Fortune 500 retailer, one of North America's largest healthcare products suppliers, and a major U.S. building supply distributor.
• Continued success of direct sales of industrial vehicle management systems; new customers include a regional U.S. grocery chain, a North American consumer beverage producer, and a leading U.K.-based industrial products manufacturer.
• Expanded rental fleet management business with Avis Budget Group, which converted its 5,000-vehicle pilot program with I.D. Systems into a 60-month contract, placed an additional $14 million order to deploy I.D. Systems' technology on 25,000 more vehicles (with an option for global fleet deployment), and purchased an equity stake in I.D. Systems.
Management Commentary
"In the third quarter of 2011 we achieved our highest quarterly revenue to date and our fifth consecutive quarter of revenue growth," said Jeffrey Jagid, I.D. Systems' chairman and CEO. "We are also pleased by our net income of $0.06 per share, on a non-GAAP basis.
"Our strong third quarter revenue was driven by three factors: deployment of rental vehicle management systems for Avis Budget, which based its new "Avis On Location" virtual rental offering on our wireless technology; robust sales of our core industrial vehicle management systems; and record orders of our Asset Intelligence transportation management solutions. Our revenues continue to reflect a balance of product and service sales, with 45% of total revenue for the first nine months of 2011 coming from recurring sources.
"I.D. Systems' gross margins remain strong and stable, at 52% for the quarter and 53% for the nine-month period, consistent with the company's historical range. We also continue to closely manage costs, with combined SG&A and R&D expenses over the first nine months of 2011 9% lower than the same period last year."
Investor Conference Call
I.D. Systems will hold a conference call for investors and analysts today, Monday, October 31, 2011, at 10:30 a.m. Eastern time. The company's chairman and CEO, Jeffrey Jagid, will lead a discussion on the results of the quarter and recent developments, followed by a question and answer period.
The conference call will be broadcast live over the Internet via the investors section of the company's website at www.id-systems.com. To listen to the live call, go to the website at least 10 minutes early to download and install any necessary audio software.
Non-GAAP Measures
To supplement its financial statements presented in accordance with GAAP, I.D. Systems provides certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP net income/loss and non-GAAP net income/loss per basic and diluted share. Reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but are not a substitute for, or superior to, GAAP results. These non-GAAP measures are provided to enhance investors' overall understanding of I.D. Systems' current financial performance. Specifically, I.D. Systems believes the non-GAAP measures provide useful information to both management and investors by excluding certain expenses, gains and losses that may not be indicative of its core operating results and business outlook. Reconciliation of all non-GAAP measures included in this press release to the nearest GAAP measures can be found in the financial tables included in this press release.
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of wireless solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, please visit www.id-systems.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to I.D. Systems' beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond I.D. Systems' control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include: statements regarding prospects for additional customers; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; and plans, strategies and objectives of management for future operations, including integration plans in connection with acquisitions. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for I.D. Systems' products to continue to develop, the possibility that I.D. Systems may not be able to integrate successfully the business, operations and employees of acquired businesses, the inability to protect I.D. Systems' intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in I.D. Systems' filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2010. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, I.D. Systems. Unless otherwise required by applicable law, I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
-- Tables to Follow --
I.D. Systems, Inc. and Subsidiaries
Statement of Operations Data
(Unaudited)
Three months ended
Nine months ended
September 30,
September 30,
2010
2011
2010
2011
Revenue:
Products
$ 2, 542,000
$ 6,912,000
$ 6,394,000
$ 14,675,000
Services
3,948,000
4,372,000
12,233,000
12,776,000
6,490,000
11,284,000
18,627,000
27,451,000
Cost of revenue:
Cost of products
1,507,000
3,833,000
3,347,000
8,359,000
Cost of services
1,595,000
1,529,000
4,891,000
4,531,000
3,102,000
5,362,000
8,238,000
12,890,000
Gross profit
3,388,000
5,922,000
10,389,000
14,561,000
Selling, general and administrative
4,424,000
5,669,000
17,587,000
16,490,000
Research and development expenses
1,089,000
827,000
3,362,000
2,603,000
Loss from operations
(2,125,000)
(574,000)
(10,560,000)
(4,532,000)
Interest income
179,000
60,000
575,000
160,000
Interest expense
(1,000)
--
(56,000)
--
Other income, net
89,000
300,000
94,000
350,000
Net loss
$ (1,858,000)
$ (214,000)
$ (9,947,000)
$ (4,022,000)
Net loss per share – basic and diluted
$ (0.17)
$ (0.02)
$ (0.89)
$ (0.37)
Weighted average common shares outstanding – basic and diluted
11,138,000
11,173,000
11,170,000
10,969,000
I.D. Systems, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
Three months ended September 30,
Nine months ended September 30,
2010
2011
2010
2011
Net loss attributable to common stockholders
$ (1,858,000)
$ (214,000)
$ (9,947,000)
$ (4,022,000)
Depreciation and amortization
477,000
584,000
1,447,000
1,796,000
Stock-based compensation
289,000
295,000
1,182,000
911,000
Non-GAAP net income (loss)
$ (1,092,000)
$ 665,000
$ (7,318,000)
$ (1,315,000)
Non-GAAP net income (loss) per share – basic and diluted
$ (0.10)
$ 0.06
$ ($0.66)
$ ($0.12)
I.D. Systems, Inc. and Subsidiaries
Condensed Balance Sheet Data
September 30, 2011
December 31, 2010*
(Unaudited)
ASSETS
Cash and cash equivalents
$14,491,000
$12,803,000
Investments – short term
4,565,000
6,731,000
Accounts receivable, net
7,044,000
6,412,000
Notes and lease receivable – current
353,000
211,000
Inventory, net
7,295,000
8,420,000
Interest receivable
53,000
70,000
Deferred costs – current
1,159,000
1,503,000
Prepaid expenses and other current assets
1,211,000
1,110,000
Total current assets
36,171,000
37,260,000
Investments – long term
9,364,000
8,486,000
Notes and lease receivable – less current portion
839,000
3,234,000
Deferred costs – less current portion
2,978,000
2,241,000
Fixed assets, net
3,853,000
3,147,000
Other assets
272,000
307,000
Goodwill
1,837,000
1,837,000
Intangible assets, net
5,571,000
4,692,000
Total assets
$60,885,000
$61,204,000
LIABILITIES
Accounts payable and accrued expenses
$9,141,000
$8,224,000
Deferred revenue – current portion
2,186,000
3,235,000
Total current liabilities
11,327,000
11,459,000
Deferred rent
199,000
289,000
Deferred revenue – less current portion
4,614,000
4,053,000
Total liabilities
16,140,000
15,801,000
Commitments and contingencies
Total stockholders' equity
44,745,000
45,403,000
Total liabilities and stockholders' equity
$60,885,000
$61,204,000
*Derived from audited balance sheet as of December 31, 2010.
I.D. Systems, Inc. and Subsidiaries
Statement of Cash Flows Data
(Unaudited)
Nine months ended September 30,
2010
2011
Cash flows from operating activities:
Net loss
$(9,947,000)
$(4,022,000)
Adjustments to reconcile net loss to cash used in operating activities:
Bad debt expense
92,000
165,000
Remeasurement of contingent consideration
(110,000)
--
Accrued interest income
11,000
(17,000)
Stock-based compensation expense
1,182,000
911,000
Depreciation and amortization
1,447,000
1,796,000
Deferred rent expense
(4,000)
90,000
Issuance of warrants
--
137,000
Changes in:
Accounts receivable
1,548,000
498,000
Note and lease receivable
224,000
(2,254,000)
Inventory
1,720,000
(1,125,000)
Prepaid expenses and other assets
(336,000)
66,000
Deferred costs
(2,027,000)
393,000
Deferred revenue
1,959,000
488,000
Accounts payable and accrued expenses
265,000
(917,000)
Net cash used in operating activities
(3,976,000)
(3,791,000)
Cash flows from investing activities:
Expenditures for fixed assets including website development
(1,406,000)
(211,000)
Business acquisition
(15,000,000)
--
Purchase of investments
(10,284,000)
(2,889,000)
Proceeds from sales and maturities of investments
38,872,000
1,618,000
Net cash provided by (used in) investing activities
12,182,000
(1,482,000)
Cash flows from financing activities:
Proceeds from issuance of shares
--
4,605,000
Proceeds from exercise of stock options
3,000
35,000
Purchase of treasury shares
--
(1,050,000)
Principal payments on line of credit
(11,638,000)
--
Net cash used in financing activities
(11,635,000)
3,590,000
Effect of foreign exchange rate changes on cash and equivalents
(3,000)
(5,000)
Net decrease in cash and cash equivalents
(3,432,000)
(1,688,000)
Cash and cash equivalents - beginning of period
19,481,000
14,491,000
Cash and cash equivalents - end of period
$16,049,000
$12,803,000
Supplemental disclosure of cash flow information:
Cash paid for interest
$56,000
$ --
Noncash activities:
Unrealized gain (loss) on investments
$154,000
$(17,000)
Shares withheld pursuant to stock issuance
$10,000
$47,000
Acquisition:
Fair value of assets acquired
$19,695,000
$ --
Liabilities assumed
(4,695,000)
--
Net cash paid
$15,000,000
$ --
CONTACT: Company
Ned Mavrommatis
Chief Financial Officer
Phone: 201-996-9000
ned@id-systems.com
Investor Relations
Liolios Group, Inc.
Scott Liolios or Matt Glover
Phone: 949-574-3860
info@liolios.com
U.S. Postal Service Awards I.D. Systems Contracts for Wireless System Upgrades, Enhancements and Support Services
I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless asset management solutions, received a series of purchase orders from the United States Postal Service (USPS) for software upgrades and support services related to its wireless industrial vehicle management system (VMS).
Over the past six years, the USPS has deployed I.D. Systems' wireless VMS at more than 100 postal distribution facilities throughout the United States. The new contracts cover an enterprise-wide upgrade of I.D. Systems' state-of-the-art PowerFleet Vision™ software, enhancements to the system's material handling productivity optimization module, and a new generation of automated system health analytics and reporting. The software upgrade includes compatibility with all current Windows operating systems, new interactive dashboards for system users, and enriched functionality to play back and analyze industrial vehicle travel routes inside distribution facilities.
Jeffrey Jagid, I.D. Systems' chairman and chief executive officer, said, "We look forward to providing additional services and support for our installed systems, and we are proud that our wireless technology helps our customers manage their material handling operations."
About Wireless Vehicle Management Systems (VMS)
I.D. Systems' wireless VMS consists of intelligent wireless devices (Vehicle Asset Communicators®) installed on powered industrial vehicles (such as forklifts and pallet movers), a patented RF communication system, and software for access control, utilization analysis, real-time location tracking, and many other functions. The VMS helps improve industrial workplace safety and security by restricting vehicle access to trained, authorized operators and by providing electronic safety inspection checklists. The VMS helps reduce maintenance expenses by automatically uploading vehicle data, reporting vehicle problems in real time, giving management the option of scheduling maintenance according to actual vehicle usage rather than on a calendar basis, and helping plant management determine the optimal economic time to replace equipment. The VMS also helps improve productivity by ensuring equipment is in the proper place at the right time and by providing management with unique reports on vehicle utilization.
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.
"Safe Harbor" Statement:
This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to I.D. Systems' beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond I.D. Systems' control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include: statements regarding prospects for additional customers; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; and plans, strategies and objectives of management for future operations, including integration plans in connection with acquisitions. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for I.D. Systems' products to continue to develop, the possibility that I.D. Systems may not be able to integrate successfully the business, operations and employees of acquired businesses, the inability to protect I.D. Systems' intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in I.D. Systems' filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2010. These risks could cause actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, I.D. Systems. I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
CONTACT: For Financial Press
Ned Mavrommatis
Chief Financial Officer
ned@id-systems.com
For Trade Press
Greg Smith
Vice President
gsmith@id-systems.com
I.D. Systems Receives Orders From The Raymond Corporation to Roll Out Wireless Vehicle Management Systems for Fortune 500 Com...
I.D. Systems, Inc. (Nasdaq:IDSY), a leading provider of wireless solutions for tracking, securing and managing high-value enterprise assets, has received a series of purchase orders from The Raymond Corporation, a leading global provider of material handling solutions, to deploy I.D. Systems' PowerFleet™ wireless vehicle management system on fleets of lift trucks at the distribution centers of a leading North American company. The orders have a cumulative value of more than $600,000.
Raymond, through a marketing agreement with I.D. Systems, offers PowerFleet as part of its iWarehouse® fleet optimization system, which gathers, analyzes, and acts upon a comprehensive range of lift truck operational information to enable greater warehousing efficiency and lower material handling costs.
Kenneth Ehrman, President of I.D. Systems, said, "Working closely with our consultative Performance Services team as well as our Raymond partners, this Fortune 500 customer was able to extract significant economic value from our vehicle management technology. As a result, the customer is deploying our systems in its distribution centers across the U.S.
"We look forward to the continued growth of our relationship with Raymond Corporation," added Ehrman. "Together we help bring the best practices in safety and asset management to the material handling operations of our mutual customers."
About Wireless Vehicle Management Systems
A wireless vehicle management system (VMS) helps improve material handling productivity by establishing accountability for the use of equipment, ensuring equipment is in the proper place at the right time, and providing unique fleet utilization metrics. A wireless VMS also helps reduce industrial fleet maintenance costs by automatically uploading vehicle data, reporting vehicle problems electronically, scheduling maintenance according to actual vehicle usage rather than by calendar or manual data entry, and helping determine the optimal economic time to replace equipment. In addition, a wireless VMS helps improve workplace safety and security by restricting vehicle access to trained, authorized operators, providing electronic vehicle inspection checklists, and managing vehicle impacts.
About I.D. Systems
Based in Woodcliff Lake, New Jersey, with subsidiaries in Germany and the United Kingdom, I.D. Systems is a leading provider of solutions for securing, controlling, tracking, and managing high-value enterprise assets, including vehicles, powered equipment, trailers, containers, baggage, and cargo. The Company's patented technologies address the needs of organizations to monitor and analyze their assets to improve safety, security, efficiency, and productivity. For more information, visit www.id-systems.com.
About The Raymond Corporation
The Raymond Corporation is a global provider of unmatched material handling technology, expertise and support to increase productivity and cost-efficiency. High-performance, reliable Raymond® lift trucks range from a full line of manual and electric pallet trucks and walkie stackers to counterbalanced trucks, Reach-Fork® trucks, orderpickers and Swing-Reach® trucks. Through its CustomCare™ approach, Raymond and its Sales and Service Centers deliver a comprehensive package of personalized enterprise solutions—like the iWarehouse® fleet optimization system, in-depth industry knowledge and consulting, flexible financing, OSHA-compliant training, and industry-leading asset protection—to optimize warehouse operations. Learn more at www.raymondcorp.com.
"Safe Harbor" statement:
This press release contains forward looking statements within the meaning of federal securities laws. Forward-looking statements include statements with respect to I.D. Systems' beliefs, plans, goals, objectives, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond I.D. Systems' control, and which may cause its actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are statements that could be forward-looking statements. For example, forward-looking statements include: statements regarding prospects for additional customers; market forecasts; projections of earnings, revenues, synergies, accretion or other financial information; and plans, strategies and objectives of management for future operations, including integration plans in connection with acquisitions. The risks and uncertainties referred to above include, but are not limited to, future economic and business conditions, the loss of key customers or reduction in the purchase of products by any such customers, the failure of the market for I.D. Systems' products to continue to develop, the possibility that I.D. Systems may not be able to integrate successfully the business, operations and employees of acquired businesses, the inability to protect I.D. Systems' intellectual property, the inability to manage growth, the effects of competition from a variety of local, regional, national and other providers of wireless solutions, and other risks detailed from time to time in I.D. Systems' filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2010. These risks could cause actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, I.D. Systems. I.D. Systems assumes no obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
CONTACT: I.D. Systems: (201) 996-9000
For Trade Media
Greg Smith, VP
gsmith@id-systems.com
For Financial Media
Ned Mavrommatis, CFO
ned@id-systems.com
Raymond: (607) 656-2734
Elizabeth Buza
Marketing Communications
marcom@raymondcorp.com
Senior Housing Properties Trust Prices $300 Million 6.75% Senior Notes Due 2021
Senior Housing Properties Trust (NYSE: SNH) today announced that it has priced an underwritten public offering of $300 million aggregate principal amount of 6.75% unsecured Senior Notes due December 15, 2021. The settlement of this offering is expected to occur on December 8, 2011. SNH intends to use the net proceeds of this offering to repay borrowings under its revolving credit facility and for general business purposes, which may include funding possible future acquisitions of properties or the repayment of all or a portion of its outstanding 8 5/8% senior notes due January 15, 2012.
The joint book-running managers for this offering are UBS Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets, LLC and Wells Fargo Securities, LLC. The joint lead managers for this offering are Citigroup Global Markets Inc., Jefferies & Company, Inc., Morgan Keegan & Company, Inc. and Morgan Stanley & Co. LLC. The co-managing underwriters for this offering are BB&T Capital Markets, a division of Scott & Stringfellow, LLC, BNY Mellon Capital Markets, LLC, Capital One Southcoast Inc., Comerica Securities, Inc., Mitsubishi UFJ Securities (USA), Inc., PNC Capital Markets LLC, RBS Securities Inc., SMBC Nikko Capital Markets Limited, TD Securities (USA) LLC and U.S. Bancorp Investments, Inc.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction. The prospectus supplement relating to this offering and the accompanying prospectus are expected to be filed with the Securities and Exchange Commission and copies may be obtained by calling UBS Securities LLC toll-free at (877) 827-6444, ext. 561-3884, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at (800) 294-1322, RBC Capital Markets, LLC toll free at (866) 375-6829 or Wells Fargo Securities, LLC toll-free at (800) 326-5897.
Senior Housing Properties Trust is a real estate investment trust, or REIT, which owns independent and assisted living communities, nursing homes, rehabilitation hospitals, wellness centers and medical office buildings throughout the United States. SNH is headquartered in Newton, MA.
WARNING REGARDING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON SNH’S PRESENT EXPECTATION, BUT THESE FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED.
FOR EXAMPLE, THIS PRESS RELEASE STATES THAT THE SETTLEMENT OF THE SALE OF SENIOR NOTES IS EXPECTED TO OCCUR ON DECEMBER 8, 2011. IN FACT, THE SETTLEMENT OF THE OFFERING IS SUBJECT TO VARIOUS CONDITIONS AND CONTINGENCIES AS ARE CUSTOMARY IN UNDERWRITING AGREEMENTS IN THE UNITED STATES. IF THESE CONDITIONS ARE NOT SATISFIED OR THE SPECIFIED CONTINGENCIES DO NOT OCCUR, THIS OFFERING MAY NOT CLOSE.
FOR THESE REASONS, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
Papa John's International, Inc. - Momentum
Papa John's International, Inc. (PZZA) is hotter than a freshly cooked pepperoni pizza, recently jumping into a new multi-year high on strong Q3 results that came in ahead of expectations. With estimates on the rise and a bullish growth projection, this Zacks #1 Rank stock is a tasty choice for momentum.
Company Profile
Papa John's International, Inc. operates and franchises pizza delivery and carry out restaurants in the United States. The company was founded in 1985 and has a market cap of $980 million.
PZZA saw big gains in October with the market, but shares got an extra boost on Nov 1 when the company reported strong Q3 results that came in well ahead of expectations.
Third-Quarter Results
Revenue for the period was up 12% from last year to $306 million. Earnings also came in strong at 44 cents, 7% ahead of the Zacks Consensus Estimate, where the company has an average earnings surprise of 7% over the last four quarters.
The good quarter was driven by a strong showing in same-store sales, up 5.3% in North America and 4.7% internationally.
And although international revenue comprises a small portion of the company's business, sales were up an impressive 31% from last year
Estimates
We saw some decent movement in estimates off the good quarter, with the current year up 4 cents to $2.12 while the next-year estimate added 10 cents to $2.49, a bullish 18% growth projection.
Valuation
But in spite of the gains, the valuation picture still looks solid, with a PEG ratio of 1 in line with the benchmark for value.
12-Month Chart
On the chart, PZZA saw big gains in October and early November, hitting a new multi-year high in the process. Take a look below.
This Week's Momentum Zacks Rank Buy Stocks
Smithfield Foods, Inc. (SFD) is up almost 30% in the last 6 weeks, getting a boost from the bullish market and record Q2 results that came in ahead of expectations. With an average earnings surprise of 19% over the last four quarters and solid 9% growth projection, this Zacks #1 Rank stock has an appetite for momentum. Read Full Article.
Kirby Corp (KEX) just jumped into a new all-time high after reporting another strong quarter that came in ahead of expectations. That pushed estimates higher, providing more support and momentum for this Zacks #1 Rank stock. Read Full Article.
Carrols Restaurant Group, Inc. (TAST) recently moved back within striking distance of its multi-year high after reporting a 41% earnings surprise. With an average earnings surprise of 25% over the last three quarters and estimates on the rise, this Zacks #1 Rank stock is a tasty pick for momentum. Read Full Article.
GNC Holdings, Inc. (GNC) is proving that health is still in vogue, recently hitting a new all-time high after reporting a 27% earnings surprise. With estimates on the rise and a bullish growth projection, this Zacks #1 Rank stock is juiced with momentum. Read Full Article.
Michael Vodicka is the Momentum Stock Strategist for Zacks.com. He is also the Editor in charge of the market-beating Zacks Whisper Trader Service.
PAPA JOHNS INTL (PZZA): Free Stock Analysis Report
Zacks Investment Research
CORRECTING and REPLACING Calling All Jims: Visit Red Robin for Your FREE Jim Beam® Burger On “Jim Day,” Dec. 6
First graph, first sentence of release should read: Of all the first names in the U.S. today, “Jim” is by far the most abundant, with more than 5 million people sharing Jim, James, Jimmy or some variation of the moniker. (sted Of all the surnames in the U.S. today, “Jim” is by far the most abundant, with more than 5 million people sharing Jim, James, Jimmy or some variation of the moniker.).
In honor of the Sweet Jim Beam Bacon Swiss Burger, Red Robin Gourmet Burgers and Jim Beam have declared Tuesday, Dec. 6 to be "Jim Day." (Photo: Business Wire)
The corrected release reads:
CALLING ALL JIMS: VISIT RED ROBIN FOR YOUR FREE JIM BEAM®BURGER ON “JIM DAY,” DEC. 6
Of all the first names in the U.S. today, “Jim” is by far the most abundant, with more than 5 million people sharing Jim, James, Jimmy or some variation of the moniker. On Tuesday, Dec. 6, all the Jims of America will have more in common than their name when they’re eligible for a free Sweet Jim Beam® Bacon Swiss Burger at participating Red Robin® restaurants nationwide on that day.
Red Robin teamed up with one of the most well-known Jims, Jim Beam® – the best-selling brand of bourbon in the world – to create this mouth-watering burger complete with a bourbon-glazed beef patty, applewood smoked bacon, caramelized bourbon onions and melted Swiss cheese on a garlic-butter toasted brioche bun. To celebrate this limited-time burger, Red Robin designated tomorrow as “Jim Day” and any guests who verify their “Jim” status with a photo I.D. on Tuesday, Dec. 6, will have the opportunity to indulge in the Sweet Jim Beam® Bacon Swiss Burger’s perfect combination of sweet and savory flavors for free.*
“We’re betting there are lots of ‘Jims’ out there who would enjoy a burger with bourbon and bacon so we’re giving them the chance to try one on us,” said Denny Post, Red Robin’s senior vice president and chief marketing officer. “And if your name isn’t ‘Jim,’ invite one of the millions of ‘Jims’ in the U.S. to visit Red Robin with you on December 6, and make sure they offer you a bite of their Jim Beam burger, of course.”
The Sweet Jim Beam® Bacon Swiss Burger, along with a perennial holiday favorite, the Gingerbread Shake, which is blended with graham cracker crumbs and topped with a gingersnap cookie, is only available for a limited time through December 24. For an adult version of the shake, guests 21 years of age or older can add a shot of Jim Beam to the Gingerbread Shake.
For more information about Red Robin and to find a restaurant location near you, visit www.redrobin.com.
About Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)
Red Robin Gourmet Burgers, Inc. (www.redrobin.com), a casual dining restaurant chain founded in 1969 that operates through its wholly-owned subsidiary, Red Robin International, Inc., is the gourmet burger expert, famous for serving more than two dozen craveable, high-quality burgers with Bottomless Steak Fries® in a fun environment welcoming to guests of all ages. In addition to its many burger offerings, Red Robin serves a wide variety of salads, soups, appetizers, entrees, desserts and signature Mad Mixology® Beverages. There are more than 460 Red Robin® restaurants located across the United States and Canada, including corporate-owned locations and those operating under franchise agreements. Red Robin… YUMMM®!
* Free burger does not include Bottomless Steak Fries
Healthful New Teas from Celestial Seasonings Provide a Delicious Way to Weather the Winter Months
Healthful New Teas from Celestial Seasonings Provide a Delicious Way to Weather the Winter Months Trusted tea brand kicks off hot tea season with new green and wellness varieties, plus some extra "teaLC" for one lucky sweepstakes winner
PR Newswire
Seasonings®, a brand of The Hain Celestial Group, Inc. (NASDAQ: HAIN) and one of the largest specialty tea manufacturers in North America, is encouraging wellness this season with new, healthful and delicious teas and a relaxing Spa Escape Holiday Sweepstakes.
(Logo: http://photos.prnewswire.com/prnh/20100105/NY32400LOGO )
"At Celestial Seasonings we believe in the many benefits of drinking tea, and we're continually innovating to find the best combinations of natural ingredients to match different moods and soothe a variety of seasonal symptoms," said Senior Director of Product Development at Celestial Seasonings, Scott Graham. "We're very excited to introduce these new additions to our already robust Green Tea and Wellness Tea product offerings."
According to the Tea Association of the U.S.A., Inc., more than 65 billion cups of tea were enjoyed in the U.S. in 2010. During the peak holiday and cold and flu seasons, Celestial Seasonings teas can be a great-tasting, all-natural way for consumers to support their everyday wellness.
New additions to Celestial Seasonings Wellness Tea and Green Tea lines include:
New Wellness Teas:
•Metabo Balance™ Wellness Tea – A green tea with authentic green tea leaves, potent green tea extract and garcinia cambogia that helps support a healthy metabolism
•LaxaTea™ Wellness Tea – A soothing infusion of herbs and botanicals including senna leaves, fennel seed, licorice, artichoke and psyllium seed traditionally used when occasional constipation occurs
New Green Teas:
•Goji Berry Pomegranate Natural Antioxidant Green Tea – A blend of green tea, delicate white tea and natural pomegranate flavor that offers refreshing tartness and a smooth finish
•Peach Blossom Natural Antioxidant Green Tea – A blend of green tea, delicate white tea and natural peach flavor that offers subtle sweetness and a smooth finish
The Celestial Seasonings brand offers a wide variety of trusted Herbal, Green and Wellness Teas that are particularly relevant during the fast-paced, party and travel-filled holiday season. Noteworthy teas include Tension Tamer® Herbal Tea (for stressful days), Sleepytime Throat Tamer® Wellness Tea (to coat and soothe the throat), Tummy Mint® Wellness Tea (for after the holiday feast) and Antioxidant Max™ Blackberry Pomegranate Green Tea (to help fight free radicals).
Also arriving just in time for the colder months is the beloved Celestial Seasonings Holiday Tea collection, including Nutcracker Sweet® Black Tea, Sugar Plum Spice™ Herbal Tea, Sugar Cookie Sleigh Ride® Herbal Tea, Gingerbread Spice™ Herbal Tea and Candy Cane Lane® Decaf Green Tea. Consumers can find these festive flavors in prominent displays at their favorite local retailers, as well as through the brand's Online Store.
To reinforce the focus on wellness and reward avid tea drinkers, Celestial Seasonings is offering fans a chance to win some real "teaLC" with the Spa Escape Giveaway Holiday Sweepstakes, which includes a trip for two to the Arizona Biltmore Waldorf Astoria in Phoenix. Visit www.celestialseasonings.com/holidaysweepstakes/ for more information and to enter the sweepstakes.
Celestial Seasonings, Inc.
Celestial Seasonings, a subsidiary of The Hain Celestial Group, Inc., creates delicious, all-natural specialty teas that offer a variety of extraordinary tea-drinking experiences. Each of the more than 70 flavors is expertly crafted using only the highest quality 100 percent natural herbs, teas, spices and fruits to produce fresh, delicious tea blends. For more than 40 years, Celestial Seasonings has blended unique and healthful herb, green, white, black, red, Chai and wellness teas, each adorned with beautiful imagery and inspiring words and designed to delight your palate, nourish your body and feed your mind and spirit. For more information, visit celestialseasonings.com or find us at facebook.com/CelestialSeasonings.
The Hain Celestial Group, Inc.
The Hain Celestial Group (NASDAQ: HAIN), headquartered in Melville, NY, is a leading natural and organic products company in North America and Europe. Hain Celestial participates in many natural categories with well-known brands that include Celestial Seasonings®, Earth's Best®, Terra®, Garden of Eatin'®, Sensible Portions®, Health Valley®, Arrowhead Mills®, MaraNatha®, SunSpire®, DeBoles®, Gluten Free Café™, Hain Pure Foods®, Hollywood®, Spectrum Naturals®, Spectrum Essentials®, Walnut Acres Organic®, Imagine®, Almond Dream®, Rice Dream®, Soy Dream®, WestSoy®, The Greek Gods®, Ethnic Gourmet®, Yves Veggie Cuisine®, Europe's Best®, New Covent Garden Soup Co.®, Johnson's Juice Co.®, Farmhouse Fare®, Linda McCartney®, Daily Bread™, Lima®, Danival®, GG UniqueFiber®, Grains Noirs®, Natumi®, JASON®, Zia® Natural Skincare, Avalon Organics®, Alba Botanica®, Queen Helene®, Earth's Best TenderCare® and Martha Stewart Clean™. Hain Celestial has been providing "A Healthy Way of Life™" since 1993. For more information, visit www.hain-celestial.com.
SOURCE Celestial Seasonings
Chesapeake Granite Wash Trust Announces Initial Two Month Distribution of $0.58 Per Unit
Chesapeake Granite Wash Trust (NYSE:CHKR) (the “Trust”) announced today that its distribution for the period from July 1, 2011 through August 31, 2011 will be $0.58 per unit, which will be paid on December 28, 2011 to unitholders of record at the close of business on December 15, 2011.
During the two-month period ended August 31, 2011, sales volumes and realized prices were higher than estimated in the Prospectus dated November 10, 2011 relating to the initial public offering of the common units of the Trust, resulting in an approximate 7% higher distribution per unit over the target distribution of $0.54 per unit listed in the Prospectus. The following table provides sales volumes, realized prices and revenue attributable to the Trust’s royalty interests, expenses of the Trust and distributable income available to unitholders for the period from July 1, 2011 to August 31, 2011.
Sales volumes
Oil (mbbl)
133
Natural gas liquids (mbbl)
225
Natural gas (mmcf)
2,172
Total oil equivalent volumes (mboe)
720
Average price received per production unit(1)
Oil
$
88.26
Natural gas liquids
$
46.65
Natural gas
$
3.26
Revenue less production taxes (in thousands)
$
28,428
Expenses (in thousands)
$
1,256
Distributable income available to unitholders (in thousands)
$
27,172
Distributable income per unit (46,750,000 units issued and outstanding)
$
0.58
(1) Includes the effect of certain marketing, gathering and transportation deductions.
Due to the timing of the payment of production proceeds to the Trust, future quarterly distributions will generally include royalties attributable to sales of oil, natural gas liquids and natural gas for three months, including the first two months of the quarter just ended and the last month of the prior quarter.
The Trust was formed by Chesapeake Energy Corporation (NYSE:CHK) ("Chesapeake") in June 2011 and owns royalty interests in certain oil and natural gas properties in the Colony Granite Wash play in Washita County, Oklahoma. The Trust is entitled to receive proceeds from the sale of production attributed to the royalty interests. As described in the Prospectus, the amount of Trust revenues and the quarterly distributions to Trust unitholders will fluctuate from quarter to quarter, depending on the timing of initial sales from the development wells drilled by Chesapeake in which the Trust receives an interest, the sales volume of oil, natural gas liquids and natural gas attributable to the Trust’s royalty interests and the prices received for such sales, amounts realized and paid under the Trust’s hedging arrangements and the amount of the Trust's administrative expenses, among other factors.
Conference Call Information
Chesapeake will host a conference call to discuss the results on Tuesday, December 6, 2011 at 9:00 am EST. The telephone number to access the conference call is 913-312-9308 or toll-free 888-204-4317. The passcode for the call is 4176937. We encourage those who would like to participate in the call to place calls between 8:50 and 9:00 am EST.
For those unable to participate in the conference call, a replay will be available for audio playback at 1:00 pm EST on Tuesday, December 6, 2011 and will run through midnight Tuesday, December 20, 2011. The number to access the conference call replay is 719-457-0820 or toll-free 888-203-1112. The passcode for the replay is 4176937.
The conference call will also be webcast live on the Trust’s website at www.chkgranitewashtrust.com in the “Investors” section of the website. The webcast of the conference call will be available on the Trust’s website for one year.
ABOUT CHESAPEAKE GRANITE WASH TRUST:
Chesapeake Granite Wash Trust is a Delaware statutory trust formed by Chesapeake Energy Corporation to own certain royalty interests in oil, natural gas liquids and natural gas wells in Washita County, Oklahoma producing from the Colony Granite Wash play within the broader Granite Wash formation of the Anadarko Basin. The common units do not represent interests in and are not obligations of Chesapeake Energy Corporation. The common units are listed on the New York Stock Exchange under the symbol CHKR. Further information is available at www.chkgranitewashtrust.com where Chesapeake Granite Wash Trust routinely posts announcements, updates, investor information and news releases.
Dana Introduces Central Tire Inflation System for Agricultural Machinery at Agritechnica 2011
At Agritechnica 2011, Dana Holding Corporation (NYSE: DAN) introduced its Spicer® Central Tire Inflation System (CTIS), which delivers enhanced mobility and reduced fuel consumption for agricultural vehicles.
(Logo: http://photos.prnewswire.com/prnh/19990903/DANA )
Dana will also present its popular Spicer Model 970 axle for large high-speed tractors and demonstrate the convenience it offers customers as the single source for drivetrain replacement parts and services under the Spicer umbrella of brands.
The Dana exhibit is located in Hall 26, Stand J20 at Agritechnica 2011.
"Dana has become a clear leader among Tier 1 suppliers for the agricultural sector by providing high-quality drivetrain solutions that enable our OEM partners to accelerate their production schedules and reduce their time to market," said Aziz Aghili, president of Dana Off-Highway Driveline Technologies. "As the sector continues its rebound, Dana is well-positioned to deliver the advanced drivetrain technologies farmers need to increase their yield and meet growing demand."
Now being adapted for agricultural vehicles after years of development and use in military markets, the Spicer CTIS is designed to maximize the mobility of agricultural tractors, combines, and harvesters by adjusting tire pressure to provide the optimum footprint on any given terrain. The Spicer CTIS enhances productivity in field operating environments through optimized traction, leak detection, and reduced soil compaction, while extending tire life, improving fuel economy, and increasing vehicle stability during on-road transport. The feature is available now for testing by OEMs with production scheduled to start in 2012.
The Spicer Model 970 axle is the largest of Dana's premium axles designed for large high-speed tractors. Engineered with an independent front suspension to offer isolation from body vibration, the Model 970 axle provides improved operator comfort, better vehicle control, better traction, and improved handling characteristics for safer operation, especially at on-road speeds. A higher speed version of the Model 970 axle enables on-road travel up to 60 km/h (37 mph).
In addition to the Model 970 axle shown at Agritechnica, Dana offers a full range of planetary axles and planetary suspended axles for medium and large agricultural applications.
About Dana Holding Corporation
Dana is a world leader in the supply of driveline products (axles, driveshafts, and transmissions), power technologies (sealing and thermal-management products), and genuine service parts for light- and heavy-duty vehicle manufacturers. The company's customer base includes nearly every major vehicle manufacturer in the global automotive, commercial vehicle, and off-highway markets. Based in Maumee, Ohio, the company employs approximately 24,000 people in 26 countries and reported 2010 sales of $6.1 billion. For more information, please visit http://www.dana.com.
Hertz Rental Customers Offered Legendary Supercars for Hire in the UK
Hertz UK Announces Partnership With Luxury Supercar Hire Company Première Velocity - With Photo
People seeking the ultimate driving experience in the UK will now be able to hire elite supercars with Hertz, the world's leading general use car rental brand. Thanks to an exclusive partnership with Première Velocity, customers will be able to drive some of the world's most desirable super cars at a 5 per cent discount when they book via http://www.hertzsupercars.com.
With an extra cache of exclusivity, the Lamborghini LP560-4 Bicolore, Porsche Carrera 4 GTS Cabriolet, Ferrari 458 Italia, Range Rover Evoque and Mercedes S Class Brabus are only available to renters through the Première Velocity service. Other super cars on offer include the Rolls Royce Phantom, the Ferrari 458 Italia, Lamborghini Aventador, Mercedes SLS AMG Roadster and McLaren MP4.
Michel Taride, President, Hertz International and Executive Vice-President, Hertz Corporation, said: "By partnering with Première Velocity, we are able to offer an exhilarating and truly memorable drive for our customers. The full range of cars will be available on the Hertz website, so customers will have access to sporty, high end vehicles for their driving pleasure. The new partnership perfectly complements our own existing Prestige Collection of luxury vehicles."
Starting prices for the super cars include Mercedes C63 AMG from £201.25 and the Audi R8 from £362.25, with a 5% discount for booking through http://www.hertzsupercars.com. The full Première Velocity collection - super, sports, luxury, prestige and 4x4 cars - will be available from as little as £150 per day. Customers can be provided with a meet and greet service that delivers cars to an agreed location such as home, hotel, office or airport.
Stephen Price, Managing Director of Première Velocity, said: "We specialize in elite vehicles for discerning clientele - and, like Hertz, combine experience in the rental industry with the advantage of knowing what the customer wants. We're extremely excited to be partnering to offer Hertz renters the opportunity to experience some of the most beautiful, powerful and thrilling cars built today, that they ordinarily they may not have access to."
Première Velocity and Hertz supercars are available for hire by customers over 25 years of age and with no more than six points on their driving license (subject to previous convictions and accident terms).
About Première Velocity
Since 2008, Première Velocity have been leading the way in bespoke car hire, offering the world's finest vehicles to discerning clients. World exclusives in the hire industry are few and far between, but Première Velocity continues to offer the most sought after marques for clients anywhere in the UK.
About Hertz
Hertz is the world's largest general use car rental company, operating from over 8,500 corporate locations in 146 countries worldwide. Hertz is in its 93rd year of delivering quality car rental solutions to leisure and corporate customers. Product and service innovations such as Hertz #1 Club Gold, Worldwide Online Check-in, specially designed NeverLost® satellite navigation systems, and unique cars offered through the company's Prestige, Fun and Green Collections, set Hertz apart from the competition. For more information please go to http://www.hertz.com.
Note to Editors:
A picture accompanying this release is available through the PA Photowire. It can be downloaded from http://www.pa-mediapoint.press.net or viewed at http://www.mediapoint.press.net or http://www.prnewswire.co.uk.
Hertz Press Contacts Caroline Trotman Dickenson Ketchum Pleon T: +44(0)20-7611-3686 E: caroline.trotman-dickenson@ketchumpleon.comJana Kapeller Ketchum Pleon T: +44(0)20-7611-3638 E: jana.kapeller@ketchumpleon.comPremière Velocity Press Contact Stephen Price T +44(0)7966-614366 E: stephen@hertzsupercars.com
Hertz and Live Nation Entertainment Form Alliance Connecting Millions of Live Music Fans With the Leader in Car Rental Services
The Hertz Corporation (NYSE: HTZ) today announces Hertz 'Movin' with Music' and a groundbreaking, multi-year sponsorship and marketing alliance with Live Nation Entertainment (NYSE:LYV). The alliance will enable Hertz to reach millions of live music fans and becomes Live Nation's exclusive car rental partner in the United States and Canada. Hertz car rental services and Hertz NeverLost driving directions will be offered to Live Nation's vast audience of concert goers online through Ticketmaster.com and LiveNation.com reaching more than 26 million monthly unique visitors.
(Photo: http://photos.prnewswire.com/prnh/20111205/LA16626-a)
(Logo: http://photos.prnewswire.com/prnh/20111205/LA16626LOGO-b)
A three-pronged program, Hertz 'Movin' with Music' includes the Live Nation alliance which encompasses numerous multi-faceted consumer engagement programs, the introduction later in 2012 of Hertz Live Radio which will be streamed at Hertz facilities and on Hertz buses, and the Hertz Music Store where Hertz Gold Plus Rewards members will be able to use their reward points to acquire music online.
"Experiencing live music is a valued passion for a wide range of consumers. By partnering with Live Nation, one of the most significant forces in the music industry and the owner of Ticketmaster, Hertz will engage directly with fans by becoming an integral part of the live entertainment process as they purchase tickets, attend events and share their experiences with friends," commented Hertz Chairman and Chief Executive Officer, Mark P. Frissora. "By closely aligning Hertz with live music and tapping into Live Nation's multi-channel network, we are changing how we drive interaction among existing and potential customers. This is promotion and eCommerce at its best – delivering enhanced value to consumers by providing easy access to Hertz and generating sales to our bottom line while defining and building brand affinity."
As the official rental car marketing partner for Live Nation, Hertz car rental booking capabilities and Hertz NeverLost navigation technology for event venue directions will be integrated into multiple touch points across Ticketmaster. Both companies will employ social media and mobile apps to introduce a broad range of fan resources, sweepstakes and special offers. On-site, Hertz will receive prominent exposure at 75 Live Nation-owned entertainment venues located in more than 25 of the nation's largest markets, including Hertz VIP Parking at a select number of Live Nation amphitheaters. Hertz Equipment Rental will also be Live Nation's official equipment provider, supporting staging activities for many of Live Nation's concert productions.
"This is a natural business alliance that taps into the power of live music and our integrated marketing and eCommerce platform to power the Hertz brand, increase customer engagement and drive measurable results," said Russell Wallach, President of Live Nation Network. "By aligning with Live Nation, Hertz will expand its appeal across a diverse spectrum of passionate music fans, both young and old. Moreover, this partnership works on a B2B level as Live Nation will now utilize Hertz products and services to conduct our business, further increasing exposure of the Hertz brand and strengthening the economic value of the alliance."
In addition to car and equipment rental, Hertz plans to launch promotional activities that connect all portfolio businesses to the Live Nation alliance, including commercial and leasing sales. For rental cars, several major promotional activities will be staged in 2012 that provide opportunities for music fans to get close and personal with their favorite artists by showing their "fan passion" via social media, and by driving Hertz cars to concerts across the US. The first artist driven promotion will feature the electric soul pop band Fitz And The Tantrums with details to be announced soon (http://bit.ly/HertzLiveNationFitzandtheTantrums).
The Hertz/Live Nation partnership taps into virtually every facet of Live Nation Entertainment's integrated marketing and eCommerce network, spanning every stage of the live entertainment experience from ticketing and concerts to mobile and social media. The program, which is designed to build brand awareness and drive sales among a broad range of demographic groups, will drive consumer engagement for Hertz and expose the brand to millions of fans before, during and after live music events. The far-reaching alliance creatively combines traditional and digital media advertising, social media, mobile, special events and artist affinity offers, and integrated point-of-sale opportunities cross-tied to ticketing and car rental transactions.
About Live Nation Entertainment:
Live Nation Entertainment is the world's leading live entertainment and eCommerce company, comprised of four market leaders: Ticketmaster.com, Live Nation Concerts, Front Line Management Group and Live Nation Network. Ticketmaster.com is the global event ticketing leader and one of the world's top five eCommerce sites, with over 26 million monthly unique visitors. Live Nation Concerts produces over 20,000 shows annually for more than 2,000 artists globally. Front Line is the world's top artist management company, representing over 250 artists. These businesses power Live Nation Network, the leading provider of entertainment marketing solutions, enabling over 800 advertisers to tap into the 200 million consumers Live Nation delivers annually through its live event and digital platforms. For additional information, visit www.livenation.com/investors.
About Hertz:
Hertz is the largest worldwide airport general use car rental brand operating from more than 8,500 locations in 146 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 83 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. The company also operates the advantage car rental brand at 26 airports in the U.S. In addition, Hertz operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of rental equipment, including tools and supplies, and new and used equipment for sale from approximately 325 branches in the United States, Canada, China, France, Italy, Spain and Saudi Arabia. For more information, please see www.hertz.com.
SOURCE Live Nation Entertainment
Hertz Global Holdings, Inc. to Present at 2011 Bank of America Merrill Lynch Leveraged Finance Conference
Hertz Global Holdings, Inc. to Present at 2011 Bank of America Merrill Lynch Leveraged Finance Conference
PARK RIDGE, N.J., Nov. 29, 2011 /PRNewswire/ --
Event: Hertz Global Holdings, Inc.'s (NYSE: HTZ) Chairman and Chief Executive Officer Mark Frissora to speak at the 2011 Bank of America Merrill Lynch Leveraged Finance Conference in Orlando
Time/Date: 2:00 pm (ET) on Wednesday November 30, 2011
Internet Access: Hertz's presentation will be broadcast live through an audio webcast available from the Investor Relations section of Hertz's website, www.hertz.com/investorrelations. Presentation slides will be available for download at the site and the webcast will be available for replay until December 16, 2011.
(Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO)
About HertzHertz is the world's largest general use car rental brand, operating from approximately 8,400 locations in approximately 150 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 94 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East. Product and service initiatives such as Hertz #1 Club Gold®, NeverLost® customized, onboard navigation systems, Sirius XM Satellite Radio, and unique cars and SUVs offered through the Company's Adrenaline, and Green Traveler Collections, set Hertz apart from the competition. In 2008, the Company entered the global car sharing market in London, New York City and Paris. Hertz also operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment, including tools and supplies, as well as new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 315 branches in the United States, Canada, China, France, Spain, Italy and Saudi Arabia, as well as through its international licensees.
To make car rental reservations or for more information, customers can call their travel agent, or call Hertz toll-free at 1-800-654-3131. Information and reservations are also available on the web at www.hertz.com. For information on Hertz Equipment Rental, visit the company on the web at www.hertzequip.com.
SOURCE Hertz Corporation
Boston Scientific Introduces Industry-Leading ICD and CRT-D Device Warranties
Boston Scientific Corporation (NYSE: BSX) announced that, along with today's introduction of a new family of INCEPTA™ and ENERGEN™ implantable cardioverter defibrillators (ICDs) and cardiac resynchronization therapy defibrillators (CRT-Ds), it is providing an extended warranty for these devices in the U.S. and many international countries of up to 10 years, depending on model.(1) The new warranty is up to five years longer than other currently marketed devices.
"Our clinical data show that the majority of patients who have ICDs live more than seven years after implant, and some live for decades," said Robert Hauser, M.D., Minneapolis Heart Institute, Abbott Northwestern Hospital. "The excellent longevity of these devices combined with the length of the warranty has both clinical and financial implications for patients. Greater longevity potentially reduces the number of implant surgeries, which minimizes complication risk and helps improve patient outcomes. The warranty also reduces out-of-pocket expenses for patients as well as healthcare system costs."
"Offering the industry's longest warranty for these ICDs and CRT-Ds, in conjunction with the lifetime warranty for our ICD leads, reflects our confidence in the quality, durability and longevity of our entire device system," said Joe Fitzgerald, Senior Vice President and President of Boston Scientific's Cardiac Rhythm Management Group. "Creating longer-lasting devices is simply the right thing to do for patients. It benefits those who are living longer due to advances in device therapy, those who are receiving devices earlier in their lives based on our clinical science, and those who need more frequent device changes because of their clinical condition."
"We have made significant investments in advanced battery technology that now has projected device longevity of up to 10 years, far outpacing our competitors," said Mike Mahoney, President of Boston Scientific. "We are now backing this longevity with the longest warranty in the industry to support these next-generation devices designed to save and enhance the lives of patients experiencing heart failure and sudden cardiac death."
About Boston Scientific
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding new product launches, clinical trials, product performance, product warranties and their effects and competitive offerings. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; product performance; and, future business decisions made by us and our competitors. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A – Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. This cautionary statement is applicable to all forward-looking statements contained in this document.
(1) ENERGEN & INCEPTA VR ICD - 10 years; ENERGEN & INCEPTA DR ICD - 8 years; ENERGEN & INCEPTA CRT-D - 6 years.
CONTACT:
David Knutson
651-260-8288 (office)
Media Relations
Boston Scientific Corporation
david.knutson@bsci.com
Sean Findlen
617-520-7268 (office)
Media Relations
Weber Shandwick
sfindlen@webershandwick.com
Sean Wirtjes
508-652-5305 (office)
Investor Relations
Boston Scientific Corporation
investor_relations@bsci.com
SOURCE Boston Scientific Corporation
Roche and Labcyte Integrate Echo and LightCycler Systems to Increase Performance of qPCR-based RNA/DNA Analyses
Roche (SIX: RO, ROG; OTCQX: RHHBY) and Labcyte Inc. will cooperate around high-speed, miniaturized quantitative PCR (qPCR) to monitor the expression of tens to thousands of genes for therapeutic research.
The RealTime ready Cell Lysis kit from Roche enables gene expression directly from cell lysates. Coupled with Echo® liquid handlers and newly-released tissue culture microplates from Labcyte, researchers can greatly simplify high-throughput qPCR analyses. This process can be fully automated using the Access™ Workstation from Labcyte which integrates the Echo liquid handler with either the LightCycler 480 or LightCycler 1536 Instrument. Gene expression profiles derived in a one-step process directly from cells can now be streamlined into a simple automated workflow, significantly increasing productivity.
“The LightCycler 480 and 1536 Systems are designed for high-throughput gene detection, gene expression, and genetic variation analysis. Unlike other high throughput systems on the market that offer greater than 384 well capability, the Lightcycler 1536 allows for individual well to well addressability and optimization due to its true qPCR nature,” said Dr. Matthias Hinzpeter, Project Leader qPCR/NAP Systems. “This integrated platform reduces data costs associated with gene expression profiling, allowing efficient incorporation of qPCR into the early stages of drug discovery.”
“The Echo liquid handlers use acoustic energy to transfer precise nanoliter volumes of samples, primers, probes and real-time PCR reagents,” said Stephen Bates, Labcyte Senior Vice President. “Our patented acoustic dispensing eliminates the need for pipette tips and completely removes the risk of cross contamination. The simplicity of plate reformatting and cherry picking features in our Echo software applications suite maximizes PCR layout flexibility without fixed format constraints.”
About Roche
Headquartered in Basel, Switzerland, Roche is a leader in research-focused healthcare with combined strengths in pharmaceuticals and diagnostics. Roche is the world’s largest biotech company with truly differentiated medicines in oncology, virology, inflammation, metabolism and CNS. Roche is also the world leader in in-vitro diagnostics, tissue-based cancer diagnostics and a pioneer in diabetes management. Roche’s personalised healthcare strategy aims at providing medicines and diagnostic tools that enable tangible improvements in the health, quality of life and survival of patients. In 2010, Roche had over 80,000 employees worldwide and invested over 9 billion Swiss francs in R&D. The Group posted sales of 47.5 billion Swiss francs. Genentech, United States, is a wholly owned member of the Roche Group. Roche has a majority stake in Chugai Pharmaceutical, Japan. For more information: www.roche.com.
About Labcyte
Labcyte, a global biotechnology tools company headquartered in Sunnyvale, California, is revolutionizing liquid handling. Echo liquid handling systems use sound to precisely transfer liquids. Labcyte instruments are used worldwide by all ten of the top ten pharmaceutical companies, as well as by small to mid-size pharmaceutical companies, biotechnology firms, contract research organizations and academic institutions. Labcyte’s customers work across a wide spectrum of biology including drug discovery, genomics, proteomics, diagnostics, imaging mass spectrometry and live cell transfer. Labcyte has 44 U.S., 8 European, 5 Japanese and 1 Chinese patents with additional U.S. and international filings. For more information, visit www.labcyte.com.
For life science research only. Not for use in diagnostic procedures.
LIGHTCYCLER and REALTIME READY are trademarks of Roche.
Echo and Access are trademarks of Labcyte Inc.
All other product names and trademarks are the property of their respective owners.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50094307&lang=en
Roche Submits Total Vitamin D Assay to FDA for Clearance on Cobas Immunoassay and Elecsys Analyzers
Roche (SIX: RO, ROG; OTCQX: RHHBY) announced today that it has filed a 510(k) submission to the U.S. Food and Drug Administration (FDA) for a fully automated, total vitamin D assay (25-hydroxyvitamin D) for use on Roche's full portfolio of laboratory analyzers.* The Elecsys® vitamin D test can be combined with routine testing on existing Roche immunoassay analyzers and integrated chemistry/immunoassay systems, enabling labs to address the growing demand for vitamin D testing while maximizing their productivity.
"The demand for vitamin D testing is increasing rapidly as global deficiency rates rise and studies show a link between insufficiency and disease states," said Randy Pritchard, vice president of marketing at Roche Diagnostics Corporation. "This new test will give healthcare providers confidence in their patient results and, at the same time, enable labs to integrate vitamin D testing into their existing workflow, to save time and maintain 'lean' operations. Roche currently offers the largest menu available on integrated systems, and the submission of the Vitamin D assay demonstrates our continued commitment to the development of assays that can help improve patient care."
According to the National Institutes of Health Office of Dietary Supplements, the serum concentration of 25(OH)D is the best indicator of vitamin D status. It reflects vitamin D produced cutaneously (D3) and obtained from food and supplements (D2 and D3). The ability of an assay to detect both D2 and D3 forms (total vitamin D) is important for physicians who have patients taking vitamin supplements.
The assay is designed for use on all Roche immunoassay systems for low-, mid- and high-volume testing environments, including the Elecsys 2010, cobas e 411, cobas e 601, cobas e 602 and MODULAR ANALYTICS E170 analyzers. The FDA has a 90-day period after the 510(k) submission for substantive review of the application.
About RocheHeadquartered in Basel, Switzerland, Roche is a leader in research-focused healthcare with combined strengths in pharmaceuticals and diagnostics. Roche is the world's largest biotech company with truly differentiated medicines in oncology, virology, inflammation, metabolism and CNS. Roche is also the world leader in in-vitro diagnostics, tissue-based cancer diagnostics and a pioneer in diabetes management. Roche's personalized healthcare strategy aims at providing medicines and diagnostic tools that enable tangible improvements in the health, quality of life and survival of patients. In 2010, Roche had over 80,000 employees worldwide and invested over 9 billion Swiss francs in R&D. The Group posted sales of 47.5 billion Swiss francs. Genentech, United States, is a wholly owned member of the Roche Group. Roche has a majority stake in Chugai Pharmaceutical, Japan. For more information: www.roche.com or www.roche-diagnostics.us.
* This product is not cleared or available for use in the U.S. A 510(k) submission is pending.
All trademarks used or mentioned in this release are protected by law.
For further information, please contact:
Betsy Cox
Director, Corporate Communications
Roche Diagnostics Corporation
Indianapolis, IN
(317) 521-3911
betsy.cox@roche.com
SOURCE Roche Diagnostics
Roche Acquires Verum Diagnostica GmbH as Part of Plan to Develop Comprehensive Coagulation Testing Portfolio for Diagnostic L...
Roche (SIX: RO, ROG; OTCQX: RHHBY) announced today that it has signed an agreement under which it will acquire 100 percent of Verum Diagnostica GmbH, based in Munich, Germany. Verum Diagnostica is a leading company in platelet function testing, the fastest-growing field in the coagulation diagnostics market.
The acquisition supports plans Roche announced in October to expand its coagulation testing product line in North America beyond physician offices and outpatient clinics with the development of a full line of coagulation analyzers for hospital and reference laboratories. The new line is expected to be introduced in the U.S. and Canada in 2014, subject to regulatory approval and other requirements.
"Improving the assessment of a patient's platelet function status is currently a significant unmet need for hematologists, cardiologists and anesthetists in order to support clinical decisions in cardiology, surgery and intensive care," said Colin Brown, Head of Roche Professional Diagnostics. "With this acquisition we gain an innovative and unique platelet function testing solution which has the potential to set new standards of patient care in this area and perfectly complements our new coagulation portfolio." Coagulation diagnostics has become an important area in clinical diagnostics and Roche has already begun to make significant investments in this field.
Under the terms of the acquisition agreement, Roche will pay Verum Diagnostica shareholders a total cash consideration of eleven million euros, and potentially a further two million euros contingent upon reaching certain performance-related milestones. The transaction is subject to customary closing conditions and is expected to close in January 2012.
Laboratory coagulation is estimated to be the fifth-largest market in professional diagnostics worldwide, representing approximately 1.3 billion USD in sales in 2010 and having a projected annual growth rate of 5.1% over the next five years. Platelet function testing represents an unmet medical need and has the potential to expand the available market significantly.
About Verum Diagnostica
Verum Diagnostica GmbH is a 100 percent subsidiary of Dynabyte Informationssysteme GmbH, developing, producing and marketing the Multiplate analyzer, test cells and reagents for the determination of platelet function in whole blood for use in hospital laboratories and near-patient settings, such as interventional cardiology, surgery and intensive care. Operating globally in more than 45 countries, the company is based in the biotech cluster and academic center of Munich, Germany, and closely cooperates with an extensive network of clinical partners. Verum Diagnostica will become part of Roche's Professional Diagnostics business area.
About Roche
Headquartered in Basel, Switzerland, Roche is a leader in research-focused healthcare with combined strengths in pharmaceuticals and diagnostics. Roche is the world's largest biotech company with truly differentiated medicines in oncology, virology, inflammation, metabolism and CNS. Roche is also the world leader in in-vitro diagnostics, tissue-based cancer diagnostics and a pioneer in diabetes management. Roche's personalized healthcare strategy aims at providing medicines and diagnostic tools that enable tangible improvements in the health, quality of life and survival of patients. In 2010, Roche had over 80,000 employees worldwide and invested over 9 billion Swiss francs in R&D. The Group posted sales of 47.5 billion Swiss francs. Genentech, United States, is a wholly owned member of the Roche Group. Roche has a majority stake in Chugai Pharmaceutical, Japan. For more information: www.roche.com or www.roche-diagnostics.us.
All trademarks mentioned in this release are protected by law.
For further information, please contact:
Betsy Cox
Melanie Lussier
Director, Corporate Communications
Associate Manager, Communications
Roche Diagnostics Corporation
Roche Diagnostics Canada
Indianapolis, Indiana USA
Laval, Quebec, Canada
(317) 521-3911
(450) 686-3137
betsy.cox@roche.com
melanie.lussier@roche.com
SOURCE Roche Diagnostics
Roche, ChanTest Collaborate for Preclinical Cardiac Safety Testing of Drug Compounds Using iCell Cardiomyocytes and xCELLigen...
Roche (SIX: RO, ROG; OTCQX: RHHBY) announced today that it has entered into a collaborative agreement with ChanTest Corporation, a leading ion channel screening provider, to perform cardiac safety testing of potential drug compounds using Roche's xCELLigence System RTCA Cardio Instrument and iCell® Cardiomyocytes, human induced pluripotent stem (iPS) cell-derived cardiomyocytes provided by Cellular Dynamics International (CDI).
Over the last two decades, a number of potential blockbuster drugs have been withdrawn from the market or terminated at late stages of development due to cardiac safety concerns like cardiotoxicity, which results when drugs adversely affect the heart. In part, this was due to the inadequacy of in-vitro models, such as animal cells, cell lines and cadaveric tissue. Testing on human heart cells, such as CDI's iCell Cardiomyocytes, can help researchers detect potential cardiac safety issues with drug candidates early in the discovery process -- before in-vivo animal or human testing is conducted -- potentially saving drug companies significant development costs.
In the agreement, ChanTest will use Roche's xCELLigence RTCA Cardio Instrument and CDI's iCell Cardiomyocytes to measure pharmacological responses to a variety of compounds that have been selected based on their known effects on ion channels. The assessment will include both acute and long-term exposure conditions, and will compare results to those obtained using conventional methods and to known data from preclinical and clinical studies.
About the xCELLigence System RTCA Cardio Instrument
The latest member of the xCELLigence product family, the RTCA Cardio Instrument is a 96-well cell analyzer for the dynamic monitoring of cardiomyocyte beating and cellular events by impedance readings. It records electrical impedance of cells grown on gold microelectrode arrays integrated into the bottom of each well of an E-Plate Cardio 96. In contrast to single-cell, acute techniques like patch clamp, the xCELLigence system provides real-time, label-free beating pattern analysis and is used in a fully controlled environment (within a tissue culture incubator) for continuous short-term and long-term experiments, allowing for more physiologically relevant data. More information is available at www.xcelligence.roche.com.
About ChanTest Corporation (www.chantest.com)
ChanTest's mission is to serve the research, drug discovery and drug development needs of customers worldwide with high-value solutions for ion channel and GPCR biology. Since its inception in 1998, the company has tested compounds for more than 500 global pharmaceutical and biotechnology companies and partners with them to speed the drug development process for the release of better, safer drugs. ChanTest offers integrated ion channel and GPCR services (GLP and non-GLP) and reagents; the company's library of validated ion channel cell lines and pre-clinical cardiac risk assessment service portfolio are the most comprehensive commercially available today. Because of ChanTest's seminal role in the pre-clinical cardiac safety field led by its founder Dr. Buzz Brown, along with the company's uncompromising commitment to quality, ChanTest has been named the "most trusted and most used fee-for-service provider" for ion channel screening in an independent survey for the past five years. ChanTest is based in Cleveland, Ohio. For more information, e-mail info@chantest.com.
About Cellular Dynamics International, Inc.
Cellular Dynamics International, Inc. (CDI) is a leading developer of next-generation stem cell technologies for drug development, cell therapy, tissue engineering and organ regeneration. CDI harnesses its unique manufacturing technology to produce differentiated tissue cells from any individual's stem cell line in industrial quality, quantity and purity. CDI is accelerating the adoption of pluripotent stem cell technology, adapting its methods to fit into standard clinical practice by the creation of individual stem cell lines from a standard blood draw. CDI was founded in 2004 by Dr. James Thomson, a pioneer in human pluripotent stem cell research at the University of Wisconsin-Madison. CDI's facilities are located in Madison, Wisconsin. See www.cellulardynamics.com.
About Roche
Headquartered in Basel, Switzerland, Roche is a leader in research-focused healthcare with combined strengths in pharmaceuticals and diagnostics. Roche is the world's largest biotech company with truly differentiated medicines in oncology, virology, inflammation, metabolism and CNS. Roche is also the world leader in in-vitro diagnostics, tissue-based cancer diagnostics and a pioneer in diabetes management. Roche's personalized healthcare strategy aims at providing medicines and diagnostic tools that enable tangible improvements in the health, quality of life and survival of patients. In 2010, Roche had over 80,000 employees worldwide and invested over 9 billion Swiss francs in R&D. The Group posted sales of 47.5 billion Swiss francs. Genentech, United States, is a wholly owned member of the Roche Group. Roche has a majority stake in Chugai Pharmaceutical, Japan. For more information: www.roche.com or www.roche-diagnostics.us.
All trademarks used or mentioned in this release are protected by law. XCELLIGENCE is a trademark of Roche. ICELL is a trademark of Cellular Dynamics International.
For further information, please contact:
Roche DiagnosticsBetsy Cox Phone: +1 317 521 3911E-mail: betsy.cox@roche.com
ChanTestReese A. Nank, APRReputations PR and MarketingPhone: +1 410 218 9121E-mail: reese@reputationspr.com
Cellular DynamicsJoleen RauPhone: +1 608 310 5142E-mail: jrau@cellulardynamics.com
SOURCE Roche Diagnostics
Roche's Cobas Mutation Test For Lung Cancer Gets CE Mark
Roche Holding AG (ROG.VX) Thursday said its cobas EGFR Mutation Test is now CE marked for commercial availability in Europe and other countries that recognize CE mark.
MAIN FACTS:
- The cobas EGFR Mutation Test is a companion diagnostic to identify patients with non-small cell lung cancer (NSCLC) who harbor mutations in the EGFR (epidermal growth factor receptor) gene and who may benefit from treatment with anti-EGFR tyrosine kinase inhibitors such as Roche's Tarceva (erlotinib).
- Tarceva, an oral EGFR inhibitor, was approved by the European Commission in September as first-line monotherapy in people with locally advanced or metastatic NSCLC with EGFR activating mutations.
- It is estimated that 10-30 percent of patients with NSCLC have tumors with EGFR activating mutations which are highly responsive to EGFR inhibitors such as Tarceva1.
- Treatment with this medicine has been shown to more than triple the number of patients whose tumours shrink (response rate) and to nearly double the time patients live without their disease progressing (progression free survival - PFS) compared to chemotherapy.
-Zurich Bureau, Dow Jones Newswires, +41 43 443 80 47; zurichdjnews@dowjones.com
Boston Scientific Announces FDA Approval and First Implant for New Devices to Treat Heart Failure and Sudden Cardiac Death
Boston Scientific Corporation (NYSE: BSX) announces FDA approval of its INCEPTA™, ENERGEN™ and PUNCTUA™ cardiac resynchronization therapy defibrillators (CRT-Ds) and implantable cardioverter defibrillators (ICDs) to treat heart failure and sudden cardiac death. The new devices offer enhanced therapy options, advanced battery longevity and a DF4 universal connector system in the industry's smallest and thinnest platform. The first implant of the Company's next-generation INCEPTA ICD occurred yesterday at the University of Washington Medical Center in Seattle by Jeanne E. Poole, M.D., FHRS, FACC, Professor of Medicine and Director, Arrhythmia Service and Electrophysiology Laboratory.
To view the multimedia assets associated with this release, please visit: http://www.multivu.com/mnr/43511-boston-scientific-fda-approval-incepta-energen-punctua-heart-cardiac
(Photo: http://photos.prnewswire.com/prnh/20111130/MM12324)
"Boston Scientific is providing physicians a choice of premium high-energy devices that are the world's smallest and thinnest, offer advanced battery technology with excellent longevity, and are backed by the longest warranty in the industry of up to 10 years," said Joe Fitzgerald, Senior Vice President and President of Boston Scientific's Cardiac Rhythm Management Group. "This new portfolio of products, built on our tradition of innovation, will provide physicians with flexible therapeutic options designed to match specific patient needs."
"These devices are a direct response to what patients tell us they want the most -- small, thin, long-lasting devices that provide appropriate therapy when necessary," said Dr. Poole. "Additionally, these devices are designed to streamline the implant procedure with Boston Scientific's 4-SITE™ DF4 connector system."
"The DF4 connector system makes the industry's smallest devices even smaller, potentially increasing patient comfort and making the implant procedure quicker and easier for physicians, while the new features will offer even more options for customizing patient care," said Kenneth Stein, M.D., Chief Medical Officer of Boston Scientific's Cardiac Rhythm Management Group. "The 4-SITE lead is built on the RELIANCE® family of defibrillation leads, which has a demonstrated survival probability of 99 percent at seven years."
The 4-SITE DF4 connector system reduces the volume of Boston Scientific's single-chamber ICDs to 30.5cc and CRT-Ds to 32cc, while maintaining a thickness of less than 10mm. The system is also designed to simplify and reduce the time needed for the implant procedure by combining three separate lead terminals into one integrated connection and leveraging the new EZ-4™ Connector Tool which allows physicians to reduce the number of steps required during implant.
These next-generation devices also include options to promote appropriate therapy, reduce right ventricular pacing, and improve patient management through the availability of the LATITUDE® Heart Failure Management weight scale and blood pressure cuff sensors.
"Including remote monitoring as a standard for patients will assist physicians involved in the management of this very complex disease. By involving patients in that process, it could also motivate them to become more engaged in their own care," said Leslie A. Saxon, M.D., Chief of Cardiovascular Medicine at University of Southern California, and Committee Chair of the ALTITUDE Clinical Program sponsored by Boston Scientific. "In the ALTITUDE Survival study, patients with remote monitoring had a lower mortality rate."
About Boston Scientific
Boston Scientific is a worldwide developer, manufacturer and marketer of medical devices whose products are used in a broad range of interventional medical specialties. For more information, please visit: www.bostonscientific.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements may be identified by words like "anticipate," "expect," "project," "believe," "plan," "estimate," "intend" and similar words. These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance. These forward-looking statements include, among other things, statements regarding new product launches, regulatory approvals, product performance and competitive offerings. If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements. These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release. As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements.
Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; and future business decisions made by us and our competitors. All of these factors are difficult or impossible to predict accurately and many of them are beyond our control. For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A – Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter. We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements. This cautionary statement is applicable to all forward-looking statements contained in this document.
CONTACT:
David Knutson
651-260-8288 (office)
Media Relations
Boston Scientific Corporation
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SOURCE Boston Scientific
Progenics Pharmaceuticals Announces Third Quarter 2011 Financial
Progenics Pharmaceuticals, Inc. (Nasdaq:PGNX) today announced third quarter 2011 results of operations.
"We have been pleased by the efforts of our partner Salix during this second quarter commercializing RELISTOR," said Mark R. Baker, Progenics' chief executive officer. "We look forward to upcoming developments for RELISTOR, including FDA action on the sNDA that has been submitted for the non-cancer pain indication."
Financial Results
Net loss for the quarter was $11.4 million or $0.34 diluted per share, compared to a net loss of $17.1 million or $0.52 diluted per share in the third quarter of 2010. This is attributable primarily to increases in collaboration and royalty revenues of $2.8 million and $0.6 million, respectively, and a $1.4 million decrease in general and administrative expenses. Net income for the first nine months of 2011 was $21.1 million or $0.63 diluted per share, compared to a net loss of $50.9 million or $1.57 diluted per share for the same period of 2010, reflecting primarily the recognition of $59.6 million of the $60 million upfront payment received from Salix Pharmaceuticals in February for ex-Japan global rights to RELISTOR and $14.9 million of RELISTOR development cost reimbursement revenue from Salix.
Progenics ended the quarter with cash, cash equivalents and securities of $81.4 million, reflecting use of $4.5 million cash in the quarter.
Third quarter revenue totaled $5.8 million, compared to $2.0 million for the same period of 2010. For the first nine months of 2011, Progenics reported revenues of $82.6 million, compared to $5.8 million in the 2010 period. The increases for both periods reflect primarily increases in RELISTOR development cost reimbursement revenue of $2.6 million and $14.9 million, respectively, from Salix and the recognition of $0.1 million and $59.6 million, respectively, of the upfront payment from Salix.
Royalty income for the quarter was $1.2 million, compared to $0.6 million in the third quarter of 2010. Royalty income was $1.8 million for both the current and 2010 nine month periods. Royalty income on net sales reported by our collaborators in the following table in 2011 is based on Salix's net U.S. sales only, as no ex-U.S. royalties were payable during this portion of the RELISTOR collaborator transition; 2010 royalty income was based on global net sales.
RELISTOR Net Sales by Collaborators (in millions)
Three Months Ended Nine Months Ended
September 30, June 30, September 30,
2011 2010 2011 2011 2010
U.S. $ 8.2 $ 2.4 $ 3.5 $ 13.5 $ 7.2
Ex-U.S. 1.5 1.7 1.7 4.7 5.0
Global $ 9.7 $ 4.1 $ 5.2 $ 18.2 $ 12.2
Third quarter expenses were $17.3 million, down $1.8 million over the same period in 2010. The decline resulted from a decrease in clinical trial expenses related to the oral methylnaltrexone phase 3 study and lower compensation expenses resulting from a decrease in company-wide average headcount partially offset by severance expense. For the current nine month period, expenses totaled $61.5 million, an increase of $4.8 million over the prior year period, reflecting increases in clinical trial expenses, the non-cancer pain sNDA regulatory filing costs and purchases of manufacturing supplies on behalf of Salix, partially offset by lower compensation, consulting and professional fee expenses.
Third Quarter Highlights
Progenics reoriented its research and development focus on oncology. The Company is allocating additional financial and personnel resources to its clinical-stage PSMA ADC program and pre-clinical development work on multiplex phosphoinositide 3-kinase (PI3K) inhibitors and is seeking to in-license or acquire complementary opportunities in the oncology field. The Company is looking to out-license existing programs not within its oncology focus.
The U.S. Food and Drug Administration accepted for filing a supplemental New Drug Application (sNDA) seeking approval for subcutaneous RELISTOR to treat opioid-induced constipation in patients with chronic, non-cancer pain. The FDA issued a PDUFA action date of April 27, 2012.
The Company announced positive preliminary data from a phase 1 study of PSMA ADC in 26 patients who have received doses ranging from 0.4 mg/kg to 2.0 mg/kg. PSMA ADC has generally been well tolerated at doses up to and including 2.0 mg/kg and a study cohort at a dose of 2.2 mg/kg has commenced.
Angelo W. Lovallo, Jr. was named Treasurer of the Company and David E. Martin, Esq. was appointed General Counsel.
Conference Call and Webcast
Progenics will review third quarter financial results in a conference call today at 8:30 a.m. EST. To participate, please dial 877-250-8889 (domestic) or 720-545-0001 (international) and reference access code 23210475. You also may listen to the live webcast on the Events section of the Progenics website, www.progenics.com. A replay will be available on the website from 12:00 p.m. EST today through Wednesday, November 23 by telephoning 800-871-9012 and extension 194206# (domestic) or 641-715-3900 and 869916# (international).
- Financial Tables follow -
PROGENICS PHARMACEUTICALS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except net income (loss) per share)
For the Three Months Ended
September 30, For the Nine Months Ended
September 30,
2011 2010 2011 2010
Revenues:
Collaboration revenue $ 2,855 $ 82 $ 76,398 $ 1,175
Royalty income 1,240 620 1,767 1,826
Research grants 1,681 1,234 4,346 2,667
Other revenues 28 31 88 127
Total revenues 5,804 1,967 82,599 5,795
Expenses:
Research and development 12,406 12,967 44,887 35,518
License fees – research and development 114 110 566 1,217
General and administrative 4,064 5,414 14,213 17,568
Royalty expense 147 62 274 182
Depreciation and amortization 520 532 1,581 2,283
Total expenses 17,251 19,085 61,521 56,768
Operating income (loss) (11,447) (17,118) 21,078 (50,973)
Other income:
Interest income 15 17 49 48
Total other income 15 17 49 48
Net income (loss) $ (11,432) $ (17,101) $ 21,127 $ (50,925)
Net income (loss) per share; basic $ (0.34) $ (0.52) $ 0.63 $ (1.57)
Weighted average shares outstanding; basic 33,710 32,814 33,501 32,444
Net income (loss) per share; diluted $ (0.34) $ (0.52) $ 0.63 $ (1.57)
Weighted average shares outstanding; diluted 33,710 32,814 33,664 32,444
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
September 30,
2011 December 31,
2010
Cash and cash equivalents $ 77,998 $ 47,918
Accounts receivable 2,512 2,283
Auction rate securities 3,424 3,608
Fixed assets, net 4,439 5,878
Other assets 1,015 3,051
Total assets $ 89,388 $ 62,738
Liabilities $ 8,591 $ 11,430
Deferred revenue 417 --
Total liabilities 9,008 11,430
Stockholders' equity 80,380 51,308
Total liabilities and stockholders' equity $ 89,388 $ 62,738
Phase 3 Study Design for Oral Methylnaltrexone
The phase 3 study is a randomized, double-blind, placebo-controlled trial, which has completed enrollment of non-cancer pain patients experiencing OIC. Patients receive either placebo or one of three doses of oral methylnaltrexone. Following a two-week screening period, study participants are dosed once daily for four weeks, continuing treatment on an as needed basis for eight additional weeks. The primary efficacy endpoint of the study is the proportion of subjects with a rescue-free bowel movement within four hours of receiving oral methylnaltrexone during the four-week blinded period.
Important Safety Information for RELISTOR
RELISTOR is indicated for the treatment of opioid-induced constipation (OIC) in patients with advanced illness who are receiving palliative care, when response to laxative therapy has not been sufficient. Use of RELISTOR beyond four months has not been studied.
RELISTOR is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction. If severe or persistent diarrhea occurs during treatment, advise patients to discontinue therapy with RELISTOR and consult their physician. Use of RELISTOR has not been studied in patients with peritoneal catheters.
Safety and efficacy of RELISTOR have not been established in pediatric patients.
Rare cases of gastrointestinal (GI) perforation have been reported in advanced illness patients with conditions that may be associated with localized or diffuse reduction of structural integrity in the wall of the GI tract (i.e., cancer, peptic ulcer, Ogilvie's syndrome). Perforations have involved varying regions of the GI tract (e.g., stomach, duodenum, colon).
Use RELISTOR with caution in patients with known or suspected lesions of the GI tract. Advise patients to discontinue therapy with RELISTOR and promptly notify their physician if they develop severe, persistent, and/or worsening abdominal symptoms.
The most common adverse reactions reported with RELISTOR compared with placebo in clinical trials were abdominal pain (28.5% vs. 9.8%), flatulence (13.3% vs. 5.7%), nausea (11.5% vs. 4.9%), dizziness (7.3% vs. 2.4%), diarrhea (5.5% vs. 2.4%), and hyperhidrosis (6.7% vs. 6.5%).
RELISTOR full Prescribing Information for the U.S. is available at www.RELISTOR.com.
About Progenics
Progenics Pharmaceuticals, Inc., of Tarrytown, N.Y., is a biopharmaceutical company focused on innovative therapeutics for patients suffering from cancer and related conditions. Progenics' pipeline candidates include PSMA ADC, a human monoclonal antibody-drug conjugate in phase 1 testing for treatment of prostate cancer, and preclinical stage novel multiplex phosphoinositide 3-kinase (PI3K) inhibitors for the treatment of cancer. Progenics has exclusively licensed development and commercialization rights for its first commercial product, RELISTOR®, to Salix Pharmaceuticals, Ltd. for markets worldwide other than Japan, where Ono Pharmaceutical Co., Ltd. holds an exclusive license for the subcutaneous formulation. RELISTOR (methylnaltrexone bromide) subcutaneous injection is a first-in-class treatment for opioid-induced constipation approved in more than 50 countries for patients with advanced illness. Regulatory approval is pending for use of RELISTOR by patients with chronic, non-cancer pain. A phase 3 trial of an oral formulation of methylnaltrexone completed enrollment in mid-2011 and Progenics expects its collaboration partner to announce top-line results late this year or in early 2012.
The Progenics Pharmaceuticals Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9678
This press release may contain projections and other forward-looking statements regarding future events. Such statements are predictions only, and are subject to risks and uncertainties that could cause actual events or results to differ materially. These risks and uncertainties include, among others, the cost, timing and results of clinical trials and other development activities; the unpredictability of the duration and results of regulatory review of New Drug Applications and Investigational NDAs; market acceptance for approved products; generic and other competition; the possible impairment of, inability to obtain and costs of obtaining intellectual property rights; and possible safety or efficacy concerns, general business, financial and accounting risks and litigation. More information concerning Progenics and such risks and uncertainties is available on its website, and in its press releases and reports it files with the U.S. Securities and Exchange Commission. Progenics is providing the information in this press release as of its date and does not undertake any obligation to update or revise it, whether as a result of new information, future events or circumstances or otherwise.
Additional information concerning Progenics and its business may be available in press releases or other public announcements and public filings made after this release.
(PGNX-F)
Editors Note:
For more information, please visit www.progenics.com.
For more information about RELISTOR, please visit www.RELISTOR.com.
CONTACT: Investors:
Amy Martini
Corporate Affairs
(914) 789-2816
amartini@progenics.com
Media:
Aline Schimmel
Scienta Communications
(312) 238-8957
aschimmel@scientapr.com