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NEWS - Deep Down Announces 96% Increase in Revenues
HOUSTON, Aug 20, 2008 /PRNewswire-FirstCall via COMTEX/ -- Deep Down, Inc. (OTC
Bulletin Board: DPDW) announced unaudited results on August 15, 2008, for the
three months and six months ended June 30, 2008, on Form 10-Q filed with the
U.S. Securities and Exchange Commission.
Deep Down generated revenue of $14.2 million for the six months ended June 30,
2008 compared to $7.2 million for the same period last year, an increase of $7.0
million, or 96%. Our acquisitions accounted for $5.1 million of this increase.
Mako was included for the entire period and accounted for $2.7 million of the
increase. Flotation Technologies was included for two months and accounted for
$1.5 million of the increase. ElectroWave was included for six months and
accounted for $0.9 million of the increase, but the six month period in 2007
included only three months revenue for ElectroWave since it was acquired in
April 2007. Our existing businesses continued to strengthen with increased
revenues of $1.9 million, or 29%, over last year's six month period. Contract
revenues were up 25%, and rentals were up 47%. Our offshore market continues to
be strong as we continue to expand our customer base.
Deep Down generated revenues of $7.9 million for the three months ended June 30,
2008 compared to $5.1 million for the same period last year, an increase of $2.8
million, or 54%. Our acquisitions represented $3.0 million of the increase in
revenue in addition to a slight revenue decrease in the core business of $0.2
million. This slight decrease in revenue was a result of certain customers
delaying scheduled projects.
Gross margin for the six months ended June 30, 2008 was $4.8 million compared to
$2.7 million in the same prior year period, an increase of $2.1 million, or 79%.
$1.4 million of the increase is attributable to the inclusion of the
acquisitions in this period. The overall gross margin was 34 % for the first six
months of 2008 as compared to 37% for the same period last year. The gross
margin is slightly lower due to an increase in personnel.
SG&A for the six months ended June 30, 2008, was $5.4 million compared to $1.8
million for the same period last year, an increase of $3.6 million, or 209%. The
acquisitions of Mako and Flotation represented $1.5 million of the increase. Bad
debt expense increased by $0.8 million due to the write-off of two accounts, one
of which filed for bankruptcy protection during the quarter ($0.2 million of the
total bad debt is included in the Mako subsidiary). Personnel and related costs
increased by $1.0 million primarily due to an expansion of our businesses,
combined with the related costs of administering a public company and complying
with reporting requirements. Additionally, we paid approximately $0.7 million in
professional, accounting, and legal fees to support our various initiatives
during the six months ended June 30, 2008, including the filing of a
registration statement, acquisitions and reporting requirements. Stock based
compensation related to employee stock options and restricted stock was
approximately $0.3 million in the current fiscal year compared to approximately
$40,000 for the comparable prior year period.
Operating loss for the six months ended June 30, 2008, was $1.5 million compared
to operating income of $0.8 million for the same prior year period. Net loss for
the six months ended June 30, 2008, was $5.0 million compared to net income of
$0.8 million for the same prior period. Income was impacted by one-time interest
expense and loss on debt extinguishment expenses totaling $2.6 million related
to the early payoff of our secured credit agreement (the "Credit Agreement").
Earnings before interest, taxes, depreciation, amortization and other non-cash
charges ("EBITDA") for the six months ended June 30, 2008, was $0.5 million,
compared to $1.0 million, a decrease of $0.5 million over the same prior year
period.
Interest expense for the six months ended June 30, 2008, was $3.5 million
compared to $1.5 million for the same prior year period. In connection with the
early payoff of the Credit Agreement, Deep Down accelerated the remaining
deferred financing costs totaling $0.7 million and recorded this charge to
interest expense. Additionally, $1.5 million in debt discounts were accelerated
and recorded to interest expense, along with early termination fees of
approximately $0.5 million. Deep Down paid cash interest related to the Credit
Agreement totaling $0.8 million for the six months ended June 30, 2008. For the
comparable period last year, $1.4 million of the total interest was related to
accretion on the redemption of Series G and Series E Preferred Stock.
"I am pleased to report this quarter that Deep Down continues to improve its
financial position. The Company is now essentially debt free and has retired all
of its remaining preferred shares. Liquidity is strong with unrestricted cash
and equivalents of $4.1 million and a current ratio of 3.8. Our working capital
position is $10.8 million. Stockholders' equity has improved dramatically and is
now $52.9 million compared to $12.6 million on December 31, 2007. We remain
excited and optimistic about the prospects for continued revenue growth and a
return to profitability," commented Robert E. Chamberlain, Jr., Deep Down's
Chairman.
News for 'COPI' - (Compliance Systems Corporation Issues CEO Letter to Shareholders)
GLEN COVE, N.Y., Aug 07, 2008 (BUSINESS WIRE) -- Chairman & CEO Dean Garfinkel
of Compliance Systems Corporation (OTCBB: COPI) issued yesterday a letter to the
company's shareholders highlighting recent corporate accomplishments and
developments, and summarizing the company's course of action and plans for the
next 18 months. The letter read as follows:
Esteemed shareholders, friends, and followers of Compliance Systems:
During this past year, we have worked diligently to position our company for
future growth. Management has expended tremendous efforts to chart a course that
will help the company increase revenues, broaden its market presence and
accentuate the company's footprint in the marketplace. To that end, the
following is a brief overview of the most substantive events and corporate
achievements from 2007 and 2008 to date, and our vision for the next 18 months.
In 2007, we focused a large part of our efforts on restructuring the company's
balance sheet. We significantly improved the company's working capital and
stockholders' equity by exchanging $3.1 million of the company's material debt
obligations for equity and raising $2.5 million through the sale of convertible
preferred stock, out of which we retired $1.1 million of "toxic" secured
convertible debt. I am pleased to report that in achieving this objective, we
have significantly strengthened the company's financial position and it is now
better positioned for growth and expansion.
As a pioneer in the compliance solutions sector, we believe the company's
TeleBlock(R) product has become the industry standard. In 2007, we unveiled
Enhanced Caller ID, a functional add-on to our TeleBlock product, which allows
call centers to display a telephone number that is local to the area they are
calling, thereby assisting telemarketers in complying with federal regulations
and improving their call answer rate. Later this year, we plan to launch two new
products, TeleBlock Office(R) and an online regulatory guide directed to the
not-for-profit industry. TeleBlock Office is an "Office-in-a-Box" solution that
is tailored to, and designed for, remote employees and agents using the
company's products over a Voice-over Internet Protocol ("VoIP") backbone. The
not-for-profit regulatory guide is an online compilation of industry specific
federal and state rules and regulations for charitable organizations. We are
confident that these new products will be favorably received in the marketplace.
As always, we have devoted much time and resources to continue to expand the
TeleBlock infrastructure during the past year. We anticipate that we will
continue to increase our extensive provider network by further leveraging the
company's existing relationships within the teleservices industry.
As a whole, we believe the company's visibility in both the financial and public
community continues to improve. In the second half of 2007, we took a more
proactive approach toward increasing investor and media awareness by retaining
the services of The Investor Relations Group, a full-service, NYC-based
corporate communications agency. We are working closely with the IRG investor
relations and public relations team to increase media recognition, communicate
to the public, and continue to build shareholder value.
The company also retained the services of Cresta Capital Strategies, LLC, an
investment banking firm, in March 2008, to assist us in locating, qualifying and
possibly acquiring synergistic companies, and in providing to the company
sources of short and long-term funds for both operating and acquisition
purposes.
In May of this year, we entered into a short-term financing agreement with Agile
Opportunity Fund, LLC that provides the company with a $600,000 credit facility,
of which we have drawn $300,000 to date. By having this facility in place, the
company now has some of the resources necessary to commit to building a sales
team to market the company's product offerings.
This past April, we hired Bernard Goulet to head the company's marketing
initiative. Bernie's solid industry background includes compliance and sales
positions with several top-tier firms, most recently, Microsoft. We are
confident that with his proven expertise and aptitude, coupled with his strong
relationships within the industry, Bernie will be instrumental in helping us to
grow the company's customer base and revenues.
Over the past few months, we have been reviewing several acquisition
opportunities and, consequently, have recently begun informal discussions with a
select group of them. It is much too early to speculate as to which potential
acquisition target, if any, will be acquired, but it is our intention to
effectuate at least one acquisition this year. These preliminary informal
discussions with these companies, however, have not resulted in an acquisition
agreement. Although we remain committed to our strategy, there can be no
assurance(s) that any of these targets will be acquired.
If our efforts to continue to grow our business and successfully complete our
acquisition plan are fruitful, the company may become a different player within
the teleservices industry. During the second half of the current year and for
2009, we anticipate that management will be devoting more of its efforts on
identifying acquisition targets and negotiating the terms of such acquisitions.
If we acquire any targets, we further anticipate that management will be
devoting significant time to consolidating the acquired operations into a
cohesive organization, exploiting any newly created synergies, and reducing
expenses by eliminating redundant functions, in an effort to maximize
shareholder value.
Finally, as you may have noticed by now, depending on how long you have been a
shareholder, our company does not generate a significant number of press
releases, for which there are two primary reasons. Most importantly,
substantially all of our larger end user customers' contracts contain
non-publicity clauses, thereby limiting our ability to generate a newsworthy
story. In addition, we do not believe in issuing a press release just to issue
one without a substantive event.
However, we do recognize how important transparency and information are to you,
the company's shareholders. Consequently, we are creating a policy that will
fulfill that need, and expect to implement it immediately thereafter.
On behalf of the Board of Directors and the entire management team, please allow
me to extend my appreciation for your loyalty and continued support over the
years. We remain dedicated to building and maintaining shareholder value.
Sincerely yours,
Compliance Systems Corporation
Dean Garfinkel
Chairman & CEO
About Compliance Systems Corporation
Headquartered in Glen Cove, NY, Compliance Systems Corporation
(www.callcompliance.com), is a developer of technology-based compliance
solutions for the teleservices industry. Its prime focus is ensuring 100%
compliance with Federal, State and local government "Do-Not-Call" laws through
its flagship patented product, TeleBlock(R) and its associated suite of
telecommunication products. The company sells to corporate companies and
business across a wide-range of industries and sectors. For more information on
the company and/or our product suite, please visit www.callcompliance.com or
(888) 674-6774.
Call Compliance Inc. is a wholly owned subsidiary of Compliance Systems
Corporation (OTCBB: COPI).
Forward-Looking Statements
The forward-looking statements contained herein are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
reflected in the forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which reflect management's
analysis only as of the date hereof. The company undertakes no obligation to
publicly revise these forward-looking statements to reflect events or
circumstances that arise after the date thereof.
SOURCE: Compliance Systems Corporation
BUSINESS WIRE - Major Restructuring of PANAMERSA Corporation (PNMS:PK)
PANAMA CITY, Panama--(BUSINESS WIRE)--Pan America Sociedad Anonima (MMVII) PANAMERSA the founder of Fundacion Pan America (FPA), a Panama Private Interest Foundation, as the majority shareholder of PANAMERSA Corporation (PINK SHEETS: PNMS), announces that The Foundational council unanimously appoints Pedro Borges Fiol as its President.
“PANAMERSA Corporation, (PNMS:PK) is a small but important piece of a Pan American movement, which will provide a unified and balanced approach to solving the problems we face as people while providing a place in the capital markets such as: PK and the PDR Exchange. The actions of the board today reflect the importance of preserving PANAMERSA Corporation (PNMS:PK) and its commitment and determination to protect ALL minority shareholders,” stated Borges. In an effort to enhance shareholder value, the following changes have already begun:
1. The necessary forms have been filed with the Nevada Secretary of State's Office to finally reduce PNMS:PK authorized shares (A/S) from ten billion to six billion.
2. PNMS:PK, has been reclassified as a beneficiary company of FPA. PNMS:PK will no longer be an operating company of FPA, but instead, will become a beneficiary company of FPA. This change which will allow the release of better financial information related to the fund.
3. PNMS:PK has become an investment-development FPA Fund Company. The fund will be deriving its income from a 30% participation in FPA's group of companies, involved in the Commercial Integration of LATAM including: conservation, real estate development, construction industries, mining, telecommunications, energy, tourism, and infrastructures development.
4. PNMS:PK will open an office in Costa Rica, the Pan American Business Center.
5. A new CEO, CFO and Board of Directors will be named within 60 days from the 29th of Feb. 2008.
6. PNMS:PK stockholders and PDR holders will have the option to convert to a PDR Gold instrument for various terms at a fixed interest rate.
7. An effort will be made to ensure that all PNMS:PK shareholders have the ability to get information within seventy two hours of their request when properly requested and after verification of identity.
8. PNMS:PK saw a substantial increase in revenues, during 2007, and projects that this trend will continue. More specific information will be made available soon.
“We have all worked hard in the four regions during 2007 and will continue to do so for ALL WITHOUT FRONTIERS during 2008 and many more years to come. We will become Team AMERICA. Additionally we will continue to ensure the interests of all. Today’s plan does that. I enthusiastically support today’s actions and I am hopeful to receive the support of PNMS:PK shareholders and PDR holders,” Borges said.
Additional news releases related to the restructure will be forthcoming in the next few weeks on our news release section at the http://panamersa.net.
(MMVII) PANAMERSA, Fundacion Pan America its operating, beneficiaries and associated companies (Grupo PANAMERSA), are promoting and leading the commercial integration of South, Central America and the Caribbean into the economic development of Pan America (the western Hemisphere) while protecting our forest, flora, fauna water and mineral resources. The primary countries participating are twenty-two sovereign nations to be known as the Americas.
The long term goals of those participating in the commercial integration of Pan America (America I, II, III & IV) are; that while each member Nation is sovereign unto itself, we must see past our differences and work together as a team to face globalization and global warming and protect the interests for all, without frontiers.
Me too - Out half at 17.99 yesterday and half at 18.99 today.
Ended up being a decent trade.
EEEI just SPLODED!
Big money will do dirty things for their shares - dirty things.
I think they presented at 8am today PST - Probably the reason for this runup, but not sure if it still has legs or not.
OT: APWR setting up for eod run...
SUTR - VOL INCREASE
SUTR jumpin'
Smells like someone knows something...
GM all.
Hi Cargo,
Try this link - works well.
http://www.sharecounts.com/
That was a "pukin' good roller coaster ride"!!!!
but, I don't want to do it again...
EEEEHHHHH!!
Good Morning all -
I think so too - At first i thought it was shorting, but now I think it was big money selling 100 share lots over and over to get the price down and then buying big 4000 and 5000 share lots. Big hits at the ask followed by 100 share sells at the bid.
Big boys are loading up. Follow the smart money.
Looks like ACTU has picked up some nasty ole shorts.
OT - APWR - Former WU Play
A-Power Enters into an Agreement to Acquire Liaoning International Construction & Engineering Group
Last update: 11:24 a.m. EST Feb. 14
SHENYANG, China, Feb 14, 2008 (BUSINESS WIRE) -- A-Power Energy Generation Systems, Ltd. (APWR:APWR APWRU, , ) ("A-Power"), announced today that it has entered into an agreement to acquire Liaoning International Construction and Engineering Group (LICEG), one of China's leading construction and engineering companies.
LICEG was incorporated under the Construction Commission of the Liaoning Province, and is one of a limited number of construction and engineering companies in China with a Class-A license that permits it to undertake international power and infrastructure projects and to construct various power systems, energy and infrastructure projects of any size in China. A-Power currently has a Class-B construction license and must work with Class-A companies to complete the construction of its distributed power generation systems over 25 MW in size.
Since its inception in 1993, LICEG has completed a large number of projects in not only China, but in Africa, Eastern Europe and the Asian Pacific region. In the latest fiscal year for which audited financials are available (2006), LICEG recorded revenue of approximately US$70 million and net income of approximately US$2.3 million.
Mr. Jinxiang Lu, A-Power's Chairman and CEO, commented, "The acquisition of LICEG will be a strategic addition and extension of A-Power's existing design, construction, installation and project management capability. A-Power plans to expand internationally and LICEG's international experience will dramatically accelerate our entry into those markets.
"We are confident that we can leverage the talented professionals in LICEG to increase the revenue generation and profits from our core distributed power generation business. In addition, by grafting our processes and control systems onto their contracts we expect to be able to bring their profit margins up to ours."
About A-Power
A-Power Energy Generation Systems, Ltd., formerly Chardan South China Acquisition Corp., through its PRC operating subsidiary, Liaoning GaoKe Energy Group Co., Ltd., is the largest provider of distributed power generation systems in China and will enter into China's wind energy market in 2008. The Company is also focused on developing and commercializing additional renewable energy technologies and has strategic relationships with both Tsinghua University and the China Sciences Academy in Guangzhou.
The longer SUTR bases here, the bigger the breakout will be.
Blood is officially in the street.
Will SUTR insist on filling the gap? Looks unsure.
lol to all!
How 'bout Greenland?
OT - Yes, it seems APWR is coiling here on the 60min and 15min - I hope it breaks the right way.
Lots of support at 16.50 and 16.60
Sooner or later, this thing is going to goooooooooooooooo!
For your pleasure Prof Monkish
Right you are -
Dumb and Dumber for the line..
Dirty Rotten Scoundrels for the face Steve Martin makes...
LOL!!!!
Just goooo man! - a la Dirty Rotten Scoundrels
Good move getting out of ZYNX - down to 1.48
Posted by: DRspin
In reply to: None Date:2/13/2008 10:58:27 AM
Post #of 16148
fast money talking wind power tonite..keep APWR DESC on radar there are plenty others alos
APWR lookin' spiky!
Funny, I just read that quote last night in a Velez book - good one....
Good morning all.
Whoa!! -- Congratulations WU!! -- Thanks for accepting the position Professor Freto.
DT
APWR - Jiggy?
Check this link out -
Versign sure sounds possessive of Teleblock - Even the diagram has been changed to not include COPI's logo, etc...
http://www.verisign.com/stellent/groups/public/documents/white_paper/001948.pdf
Looks like POTP might run - Good luck!
APWR - already passed 3 month average volume - 9:50am
APWR - TARGET?? w/ NEWS!!
You might have to get in line..
UT!!!! POTP ANY TIME NOW!!
SPWR - Spitting in my face - Jerk.