Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Look at the links and the times...
They're not hotlinking for some reason
You mean like Teffy did 4 hours before market open on twitter...
insert-text-here
insert-text-here
Good chance it could do that, but there's also a good chance they could file chapter 11 and your shares will be worthless. A lot of risk and controversy surrounding this stock at this current time. If you can't afford to lose the money than there may be better stocks out there for you. If you can stomach this going even lower before it gets better (if it does avoid bankruptcy) than it might be worth a shot as the reward could be great. Don't go by what me or anyone else says though, go with your research and your gut. No one has a crystal ball...
Hope this helps a little. All is my opinion only.
What made you pick six flags to invest your money?
News for 'SIX' - (*DJ S&P Withdraws Six Flags Ratings At Company's Request)
(MORE TO FOLLOW) Dow Jones Newswires (201-938-5400)
April 02, 2009 12:21 ET (16:21 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.- - 12 21 PM EDT 04-02-09
Magic Mountain to host 'Xtreme' spring break fun
Features live music, video games and Mr. Six
Posted: April 1, 2009 6:15 p.m.
Updated: April 1, 2009 4:22 p.m.
Six Flags Magic Mountain continues its 38th season of family fun and entertainment with Spring Break Rock Out Xtreme, April 4-11.
The nine-day event will kick off with the first round of the Battle of the Bands competition on Saturday and Sunday, April 4 and 5, and a Mr. Six look-a-like contest on April 6.
Events continue the following week through April 11 with free DanceDanceRevolution and Guitar Hero gaming competitions.
Park guests rock the vote during Battle of the Bands, voting for their favorite groups. The qualifying rounds begin at noon in the Golden Bear Plaza on April 4 and 5 with the top scoring groups, by guest votes, moving on to the next rounds. The semi-final rounds begin at 4 p.m. Wednesday through Friday, April 8 through the 10. The top three groups will move on to the finals on Saturday, April 11 at 4 p.m. competing for cash prizes of $2,500, $1,500 and $1,000.
Monday, April 6, is Mr. Six Day. Park guests who dress in a black jacket, black pants, red bow tie, black glasses and bald head, will get their Park admission for an unprecedented $6. A group photo and Mr. Six dance lessons will take place at the main gate fountains at 6 p.m.
From noon to 7 p.m. every day in the Golden Bear Plaza during Spring Break Rock Out Xtreme, Park guests will have a chance to test their skills during the daily DanceDanceRevolution and Guitar Hero World Tour and Metallica gaming competitions. The top winner each day will take home park prizes.
Six Flags Magic Mountain continues its commitment to provide better entertainment, better service and better value to its guests and is also close to home. Thrill seekers can buy the best value-priced entertainment package with a 2009 Play Pass and enjoy the thrill park all day, every operating day - now - through the end of the 2009 season.
A Six Flags Play Pass is good for unlimited visits, unlimited free concerts and special events and unlimited fun all year long. Plus, the Six Flags Play Pass is good at all Six Flags theme parks across the country. Play Passes can be purchased online at www.sixflags.com.
http://www.the-signal.com/news/article/11388/
News video on Six Flags current situation on some local CBS news show in Texas. Good interview with CEO Mark Shapiro. Full of cheesy puns and the guy calls it six fags at the end...
http://www.cbsnews.com/stories/2009/03/30/earlyshow/series/main4903051.shtml
News for 'SIX' - (Six Flags Announces the Arrival of 'BIZARRO')
NEW YORK, April 1, 2009 /PRNewswire-FirstCall via COMTEX/ -- Six Flags
announced today that BIZARRO has landed at Six Flags Great Adventure in Jackson,
NJ and Six Flags New England in Agawam, MA. After an intense four month
multimedia, interactive marketing campaign that generated community engagement
across multiple platforms, key thematic elements of the highly-anticipated
Medusa and Superman: Ride of Steel coaster transformations were finally
unveiled.
"This strategy represents the first time theme parks have utilized an
alternative reality game (ARG) to market new attractions," said Angie Vieira
Barocas, Six Flags Senior VP of Marketing and Entertainment. "The approach
allows our guests to be immersed in the new attraction experience on a more
personal and fundamental level."
Over 500,000 players have participated in the ARG thus far. In November, players
were introduced to a newly-formed relationship between Six Flags and Clawshun
Industries and quickly discovered that Clawshun was actually a subsidiary of
LexCorp. A special edition of the Daily Planet newspaper, inserted into regional
weeklies in New York, Philadelphia, Hartford and Boston, confirmed the
relationship and invited players to participate in an eight-week investigation
by the Planet's enterprising young journalist Jimmy Olsen via
jimmystruth2power.com and Twitter. Speculation ran rampant as players worked
together to discover the names and plans for the coaster transformations,
designed by LexCorp CEO and Mastermind, Lex Luthor.
The DC Comics character, BIZARRO, is best known as a peculiar Superman-like
creature from a parallel Earth known as Htrae where inhabitants believe in
"doing the opposite of all Earthly things." He is also known for his clumsy and
destructive attempts to emulate Superman though his efforts often turn out
twisted and backwards. Because he is the imperfect duplicate of Superman, his
powers and abilities manifest themselves as opposites of Superman's powers
including freeze vision, heat breath, spotlight vision and x-ray hearing.
"What better way to represent such a twisted, exciting character like BIZARRO
than with such a twisting, exciting roller coaster?" said Cheryl Rubin, DC
Comics Senior Vice President - Brand Management, "We're looking forward to
combining our iconic Superman characters with Six Flags' high quality coaster
designs to create a new and thrilling experience for roller coaster and comic
enthusiasts alike."
The BIZARRO experience begins the moment guests enter the ride queue lines
through a custom-created comic designed specifically for these rides by DC
Comics. Guests will quickly uncover the mysterious background of the BIZARRO
character and his destructive takeover of the attraction before stepping onto
the ride.
Unlike traditional coasters, the Great Adventure attraction is floorless, giving
riders the sensation of flying as their feet dangle above the track. The 3-1/2
minute thrill begins with a pulse-quickening 142 foot climb before plummeting 60
miles-per-hour through BIZARRO's freeze vision "cool zone." The rush continues
as riders twist and turn through seven loops - including 114-foot vertical and
96-foot dive loops - blast past bursts of BIZARRO's fire breath, and race by
bizarre scenes and illusions. The mind-boggling 3,985-foot twisting journey of
storytelling and high-tech elements ends by sending riders head first into a
spiked-shaped Auger of Doom, set inside interlocking corkscrews.
Six Flags New England is turning up the heat on the Superman: Ride of Steel
coaster, named the #1 rated steel coaster on the planet according to Amusement
Today. The adventure will begin as guests climb aboard the newly-designed
BIZARRO coaster cars which feature custom built audio in each headrest. After a
menacing climb, riders plunge 221 feet into the first of two fog-filled tunnels
that will launch guests into BIZARRO's mysterious world. Throughout the 3-1/2
minute journey, riders will fly 77 miles-per-hour through high bank twists and
turns while soaring through bizarre building structures and sprinting through
open-aired "S" shields. The thrills will continue as the train enters a
spaghetti bowl of twists and turns that trigger fiery flame effects timed
perfectly with the heart-pumping audio. The journey will cap off with a second
plunge into a fog-filled tunnel before returning to the station house and back
to Earth.
"This is not an April Fool's joke. Both of these coasters have a tremendous
following and we wanted to enhance the ride experience and elevate it to another
dimension," said John Odum, Six Flags Senior VP of Planning & Development. "Our
company will continue to push the envelope, inventing and reinventing ways to
engage, inspire and entertain our guests in the Six Flags experience."
Said Stephen Keaney, Six Flags VP Development: "Coaster fans nationwide will
think that changing the Superman: Ride of Steel in any way is totally BIZARRO,
but wait until they ride it."
Now that BIZARRO has been officially revealed, the next stage will extend into
an even broader audience with live park events and user generated content.
Through BizarroIsHere.com, Six Flags will reward participants with exclusive
access to the grand openings of the rides, giving them the opportunity to be the
first riders on these one-of-a-kind steel coaster experiences. For more details
on BIZARRO sightings, players can contact Lois Lane at her blog,
LoisLaneReports.com.
Both rides will debut in late May. Guests can experience BIZARRO at Six Flags
Great Adventure and Six Flags New England with a 2009 Season Pass. For more
information on all attractions, shows and to purchase tickets, visit
http://www.sixflags.com
Six Flags, Inc. is the world's largest regional theme park company with 20 parks
across the United States, Mexico and Canada, and soon will be expanding beyond
North America with destinations in Dubai and Qatar. Since 1961, hundreds of
millions of families have trusted Six Flags to combine friendly-clean-fast-safe
service with affordable, value-packed thrills, record-shattering roller coasters
and special events like the Summer Concert Series, Fright Fest and Holiday in
the Park. Six Flags' wide array of entertainment options reaches all
demographics -- families, teens, tweens and thrill seekers alike -- featuring
themed attractions based on skateboarding legend Tony Hawk, the ultimate
daredevil Evel Knievel, movie franchises The Dark Knight and The Mummy; as well
as world-renowned, kid-friendly brands including Looney Tunes, the Justice
League of America, The Wiggles and Thomas the Tank Engine.
Six Flags continues to develop new avenues for growth, acquiring ownership and
management of Dick Clark Productions, producer of such perennial television hits
as the American Music Awards, the Golden Globe Awards, the Academy of Country
Music Awards, Dick Clark's New Year's Rockin' Eve and So You Think You Can
Dance. Six Flags, Inc. is a publicly-traded corporation (NYSE: SIX)
headquartered in New York City.
About Warner Bros. Consumer Products
Warner Bros. Consumer Products, a Warner Bros. Entertainment Company, is one of
the leading licensing and retail merchandising organizations in the world.
About DC Comics
DC Comics, a Warner Bros. Entertainment Company, is the largest English-language
publisher of comics in the world and home to such iconic characters as Superman,
Batman, Wonder Woman and the Sandman. These DC Super Heroes and others have
starred in comic books, movies, television series (both animated and
live-action) and cyberspace, thrilling audiences of all ages for generations. DC
Comics' Web site is located at www.dccomics.com.
SIX FLAGS and all related indicia are trademarks of Six Flags Theme Parks Inc.
(R), TM and (C) 2009.
SUPERMAN and all related characters and elements are trademarks and (C) DC
Comics. (s09)
SOURCE Six Flags, Inc.
URL: http://www.sixflags.com
http://www.dccomics.com
www.prnewswire.com
Copyright (C) 2009 PR Newswire. All rights reserved
-0-
KEYWORD: New York
INDUSTRY KEYWORD: ATL
ENT
TRA
SUBJECT CODE: PDT
One of Six Flags creditors is refusing to speak with them about restructuring their debt. They released this news a few weeks back and that is why their stock is so beaten down. If they do not restructure or repay this creditor by Aug. 15 than chapter 11 will most likely be their only choice. A lot of time between now and then but still an ongoing concern. Article below outlines it.
http://albany.bizjournals.com/albany/stories/2009/03/16/daily11.html?ana=yfcpc
News for 'SIX' - (Perf Go Green Teams Up With Six Flags to Support Green Initiatives)
NEW YORK, Mar 31, 2009 (GlobeNewswire via COMTEX) -- Perf Go Green Holdings,
Inc. ("Perf Go Green") (OTCBB:PGOG) the leader in biodegradable plastic products
and everyday green solutions, today announced its partnership with Six Flags,
Inc. (NYSE:SIX), the world's largest regional theme park company, to support its
green initiatives. Six Flags will use Perf Go Green biodegradable commercial
trash bags throughout the company's twenty locations in the United States,
Mexico and Canada.
"We at Perf Go Green believe in reusing, recycling, and reducing our impact on
the environment as much as possible. From development to disposal, all Perf Go
Green products respect our cradle-to-cradle philosophy," CEO Tony Tracy said.
"Formed with one purpose, one goal in mind -- to stop trashing the planet, and
embrace solutions that will help achieve this goal, we are happy to provide more
products to meet the demand of the eco-conscious consumer and reach the
thousands of people that visit Six Flags each year."
"We believe that protecting the environment is everyone's responsibility and
we've made a commitment to introduce everyday sustainability solutions within
our family of parks," said Mark Quenzel, Six Flags EVP, Park Strategy and
Management. "These initiatives will help to ensure healthier environments and
more vibrant communities for current and future generations."
Perf Go Green commercial trash bags complement the company's existing consumer
product line, which currently includes the 13-gallon tall kitchen trash bag and
30- and 39-gallon lawn & leaf bags. Perf Go Green's corporate name reflects its
"Go Green" mission to develop market and distribute biodegradable plastic
products as a practical solution to eliminating plastic waste from the world
environment. Founded in November 2007, Perf Go Green premiered at the March 2008
International Home and Housewares Show in Chicago, where its products received
an honor for their design quality and innovation. One year later, in 2009 Perf
Go Green launched 0% cadmium, 0% lead, 0% mercury, PerfPower(tm) Alkaline
Batteries with free recycling, through www.i-recycled.com, and their all-natural
and sustainable Perf Go Clean(tm) line of household and commercial cleaning
products.
About Perf Go Green
Perf Go Green, Holdings Inc. (OTCBB:PGOG) (http://www.perfgogreen.com) is a New
York-based biodegradable plastics company. The corporate name reflects the "Go
Green" mission from inception to create a Green company for the development and
global marketing of eco-friendly, non-toxic, food contact compliant,
biodegradable plastic products as a practical and viable solution to eliminating
plastic waste from the world environment.
The Perf Go Green logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5503
The GoGreen Tall Kitchen Bags logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5504
About Six Flags, Inc.
Six Flags, Inc. is the world's largest regional theme park company with 20 parks
across the United States, Mexico and Canada, and soon will be expanding beyond
North America with destinations in Dubai and Qatar. Since 1961, hundreds of
millions of families have trusted Six Flags to combine friendly-clean-fast-safe
service with affordable, value-packed thrills, record-shattering roller coasters
and special events like the Summer Concert Series, Fright Fest and Holiday in
the Park. Six Flags' wide array of entertainment options reaches all
demographics -- families, teens, tweens and thrill seekers alike -- featuring
themed attractions based on skateboarding legend Tony Hawk, the ultimate
daredevil Evel Knievel, movie franchises The Dark Knight and The Mummy; as well
as world-renowned, kid-friendly brands including Looney Tunes, the Justice
League of America, The Wiggles and Thomas the Tank Engine.
Six Flags continues to develop new avenues for growth, acquiring ownership and
management of Dick Clark Productions, producer of such perennial television hits
as the American Music Awards, the Golden Globe Awards, the Academy of Country
Music Awards, Dick Clark's New Year's Rockin' Eve and So You Think You Can
Dance. Six Flags, Inc. is a publicly-traded corporation (NYSE:SIX) headquartered
in New York City.
Safe Harbor Statement
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. These forward-looking statements are based on the current
plans and expectations of management and are subject to a number of
uncertainties and risks that could significantly affect the company's current
plans and expectations, as well as future results of operations and financial
condition. A more extensive listing of risks and factors that may affect the
company's business prospects and cause actual results to differ materially from
those described in the forward-looking statements can be found in the reports
and other documents filed by the company with the Securities and Exchange
Commission. The company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Perf Go Green
By Staff
CONTACT: BGR John Cpin 202.390.1397 jcpin@bgrdc.com Six Flags Sandra Daniels 212-652-9393 sdaniels@sftp.com
(C) Copyright 2009 GlobeNewswire, Inc. All rights reserved.
-0-
SUBJECT CODE: PARTNERSHIPS
ENVIRONMENT
PLASTICS
Partnerships
Penny Stocks on Parade
By Rick Aristotle Munarriz
March 27, 2009 | Comments (1)
Stock Advisor
Since 2002, Motley Fool Stock Advisor has outperformed the S&P 500 by 34 percentage points. Join David and Tom Gardner in Stock Advisor now for 33% off the regular price, or try it FREE for 30 days!
If you think the market has been good to investors lately, they've got nothing on bullish speculators. Many of the forgotten stocks that are trading for mere pocket change on a per-share basis have been roaring back lately.
Will it last? Are the gains sustainable? Can it all be gone just as quickly? Volatility cuts both ways, of course.
Let's take a look at a few of the risky low-priced stocks that have more than doubled recently.
Low
Date
March 26
Gain
Sirius XM Radio (Nasdaq: SIRI)
$0.05
Feb. 11
$0.39
680%
Six Flags (NYSE: SIX)
$0.14
March 17
$0.31
121%
Rite Aid (NYSE: RAD)
$0.20
March 6
$0.43
115%
Blockbuster (NYSE: BBI)
$0.13
March 3
$0.83
538%
The gains are substantial, but now isn't the time to get cocky. As far as these four stocks have come, they are all trading well below their best prices ever.
There are a few common threads, but perhaps the most sobering similarity in most of these bouncers is that Sirius XM, Six Flags, and Blockbuster bottomed out around the time that they had either warned investors that filing for bankruptcy protection could be an option or had hired a firm to assess the possibilities of reworking their debt loads.
It's important to note that the companies aren't out of the woods just yet, heady stock gains notwithstanding. Sirius XM found a sugar daddy in Liberty Media (Nasdaq: LINTA), but it simply pushed most of its 2009 debt obligations into 2010 and 2011 at higher rates. Blockbuster went on to post its fourth consecutive quarter of higher same-store sales in the U.S., but the company's financials could be stronger.
Six Flags has $300 million in preferred shares to repay in August, and it's scrambling to raise capital. The upside here is that 2009 may prove to be a better operating season for the chain of regional amusement parks. It kicked off Spring Break at Six Flags Over Texas with record attendance earlier this month. Rite Aid's debt-to-capital is clocking in at a grim 85%, though sales at the drugstore chain are growing.
In other words, the four stocks are still flawed enough to fail. Catalysts make investors willing to take a chance on the low-priced lottery tickets, hoping for even bigger jackpots if the companies make it through the storm.
It won't be easy, but a speculator's life rarely is.
http://www.fool.com/investing/general/2009/03/27/penny-stocks-on-parade.aspx
Volume is low, but it is still very early in the trading day. Due for a pop but could be a few days or so. Watching closely for now...
Abandon Interactive Entertainment Partners With Six Flags to Promote Freaky Creatures MMO Game
* Thursday March 26, 2009, 9:00 am EDT
Freaky Creatures to Swarm Six Flags Theme Parks Nationwide
MALIBU, Calif., March 26 /PRNewswire/ -- Abandon Interactive Entertainment today announced that the company has entered into a new partnership with Six Flags, Inc. (NYSE: SIX - News), the world's largest regional theme park company. The partnership will promote one of the newest entries into the fastest growing entertainment segments directed toward the online gaming youth community. The comprehensive agreement provides retail and promotional presence for Freaky Creatures at all Six Flags theme parks across the country.
"This partnership allows Abandon to continue to bridge digital entertainment with real world experiences," said Jamie Ottilie, President and COO of Abandon Interactive Entertainment. "We're looking forward to working with Six Flags to integrate the Freaky Creatures world into the park experience and expose our unique, cross platform MMO to all Six Flags attendees. The Six Flags theme park network allows us to reach an entertainment-seeking national audience in a family friendly way."
"Six Flags is excited to partner with Abandon Interactive Entertainment to bring the Freaky Creatures experience to life in our parks," said David McKillips, Senior Vice President Corporate Alliances. "Our powerful in-park media assets will introduce this year's hottest new online game to millions of players nationwide."
The multi-media partnership includes an extensive in-park branding campaign utilizing Six Flags' TV and new Outdoor Cinema Network as well as signage placements in demographically-targeted areas and online advertising on SixFlags.com. In addition to the brand campaign, Six Flags will host Freaky Creatures tournaments involving local communities where park visitors can battle for their placement in the finals at the various parks. To extend the Freaky Creatures' collect, customize, battle and brag experience, retail starter packs will be sold and free trial cards will be distributed to park guests at key merchandise locations throughout all theme park locations.
Another key component of the partnership entails co-promotional incentives for Six Flags guests and members of the Freaky Creatures community. Abandon Interactive Entertainment will offer its members of the Freaky Creatures online community special discounts to visit their local Six Flags theme park and Six Flags guests will enjoy special incentives on the Freaky Creatures online community.
Freaky Creatures combines the best of online multiplayer gaming, collectible action figures, virtual worlds and social networking. The Freaky Creatures experience begins with a starter pack that includes 2 action figures and a 1 gigabyte reusable flash drive as the key to the Freaky Creatures universe. The initial creatures come with 50 different parts, 20 powers and four objects that can be placed into the creature's lair.
Take your creatures online and customize them with parts and powers to create one of 3.2 billion possible combinations. Once you have created your unique creature, jump straight into battle or build a lair where you can care for your creature and hang out with friends. Visit the community to personalize your own homepage, play mini-games, join tournaments, check leaderboards, trade items, read animated comics, enter contests, form teams and much more in the ever expanding Freaky Creatures Universe.
Starter packs are now available at www.freakycreatures.com for $19.99.
About Abandon Interactive Entertainment
Abandon Interactive Entertainment, a subsidiary of Abandon Entertainment, develops and publishes entertainment content for multiple distribution channels. The company and its principals have a longstanding record in the game segment including co-publishing the hit online game Dark Age of Camelot with Mythic Entertainment, as well as developing various games with companies such as NBC sports, THQ, Mattel, TDK and more. Freaky Creatures, Abandon's first original IP will launch early 2009. Distributed by Warner Music Group, Freaky Creatures is a cross-platform, massively multiplayer online game that allows players to build the ultimate, customizable creatures and battle them against friends. Abandon Interactive Entertainment was formed in 2005 and is headquartered in Malibu, CA. For more information on Freaky Creatures, please visit www.freakycreatures.com
About Six Flags
Six Flags, Inc. is the world's largest regional theme park company with 20 parks across the United States, Mexico and Canada, and soon will be expanding beyond North America with destinations in Dubai and Qatar. Since 1961, hundreds of millions of families have trusted Six Flags to combine friendly-clean-fast-safe service with affordable, value-packed thrills, record-shattering roller coasters and special events like the Summer Concert Series, Fright Fest and Holiday in the Park. Six Flags' wide array of entertainment options reaches all demographics -- families, teens, tweens and thrill seekers alike -- featuring themed attractions based on skateboarding legend Tony Hawk, the ultimate daredevil Evel Knievel, movie franchises The Dark Knight and The Mummy; as well as world-renowned, kid-friendly brands including Looney Tunes, the Justice League of America, The Wiggles and Thomas the Tank Engine.
Six Flags continues to develop new avenues for growth, acquiring ownership and management of Dick Clark Productions, producer of such perennial television hits as the American Music Awards, the Golden Globe Awards, the Academy of Country Music Awards, Dick Clark's New Year's Rockin' Eve and So You Think You Can Dance. Six Flags, Inc. is a publicly traded corporation (NYSE: SIX - News) headquartered in New York City.
http://finance.yahoo.com/news/Abandon-Interactive-prnews-14752104.html
I was watching the T&S pretty closely the last half hour and noticed that. A few decent sized buys of 10k+ went through, but nothing spectacular. Keeping an eye on this one as it has been very oversold and is heavily shorted, but may have found a bottom temporarily. Volume has been up the last few days also. With their season opening next weekend this could be good for a pop. On watch.
Six Flags Great America Brings Summer Early With More Days... More Value... More Flags... More Fun
* Wednesday March 25, 2009, 1:22 pm EDT
Park Opens April 3 for the Earliest Opening and Longest Season Ever
GURNEE, Ill., March 25 /PRNewswire/ -- Six Flags Great America, the premiere destination for affordable, close to home family entertainment in the Midwest, kicks off a new year of thrilling family fun on Friday, April 3. This year marks the longest season ever with 18 additional operating days, unprecedented pricing, a new interactive family water ride, an exciting concert lineup and the return of an old friend. Mr. Six - the ageless, dancing, rater-of-fun will be in park all season long showing off his signature dance moves, posing for pictures, and beckoning guests to have More Flags. More Fun. To kick off the 2009 season on April 3, guests who dress like Mr. Six - from his signature glasses and red bow tie to his bald head and black suit - will be able to purchase a ticket for just $6. Additionally, there will be a Mr. Six Look-A-Like and Dance Contest where Mr. Six himself will rate contestants and prizes will be awarded to guests who receive the ultimate "Six Flags" rating in each category.
As part of this incredible season long celebration, Six Flags Great America will offer a line-up of new shows and attractions that provide top-tier entertainment as well as guest benefits that ensure a value-packed experience for the entire family. Some of the major headlines this season include:
More Value!
* $69.99 for Season Passes - the lowest price in five years and only $15 more than a one-day ticket. Season Passes offer unlimited visits to any Six Flags theme park in the United States, five free tickets for friends and more than $500 in savings on in-park food and fun. In addition, Season Pass holders will enjoy exclusive ride times as well as a private Season Pass Holder Appreciation night on Sept. 18.
* Everyone Pays Kids' Price - Everyone can have big fun at a small price! This $20 daily ticket discount is available online until June 7.
More Flags! More Fun!
* Buccaneer Battle - a mutiny is brewing at Six Flags Great America as the park's new water adventure ride gets ready to set sail in mid-May. Ten ships, each with room for eight crew members, follow a 450-foot channel through waves of interactive fun for the entire family. As the ships navigate the waters, the battle begins for passengers armed with a powerful soaker gun as they take aim at each other and targets along the way. Some targets respond while others display a variety of special effects, creating surprises at every turn. Buccaneer Battle also engages landlubber park guests along the ride's banks as the freebooters on the ship supply random fire and observers shoot back in ship-to-shore fun.
* STARBURST® Summer Concert Series presented by T-Mobile® - Music takes a front seat this season as the park debuts a new concert series with some of the industry's hottest acts including Jesse McCartney, Raven Symone and Miranda Cosgrove. All concerts are free with park admission or a Season Pass.
* The Best of Dick Clark's Bloopers - this new interactive show features a live host who encourages audience members to create their own blunders while watching some of the all-time great missteps from Dick Clark's collection.
* Six Flags Cyber Cafe presented by Comcast - Guests can now stay connected while visiting the park and upload their Six Flags fun instantly with free access to the Internet. The cafe will feature a menu selection of specialty coffees, homemade doughnuts, pastries and crepes.
* Johnny Rockets Express - This all new restaurant features tasty favorites. World-famous Johnny Rockets shakes, fries, onion rings and chicken tenders are on the menu at this new express location of one of the park's most popular restaurants.
* M-porium - a chocolate lover's dream. This new retail shop features M&M and Mars candies of every variety along with unique souvenirs.
"Six Flags Great America has always been the area's premiere destination for affordable, close to home family fun, and it will continue to hold that title this year beginning April 3," said Park President Hank Salemi. "With seven months of on-going entertainment, we're offering our guests a summer of escape with value like never before."
Six Flags Great America is located less than a tank of gas away from Chicago and Milwaukee and offers fun for the entire family with 13 heart-pounding roller coasters including Raging Bull, a free 15-acre water park, spectacular shows and parades, four children's themed areas with over 35 kids rides including Wiggles World and meet and greets with Six Flags' world-famous cast of characters, including Mr. Six.
The Park will be open weekends in April with daily operations starting May 18. Visit sixflags.com for a complete list of operating hours and more information about Six Flags Great America tickets, shows, rides, attractions and events.
About Six Flags, Inc:
Six Flags, Inc. is the world's largest regional theme park company with 20 parks across the United States, Mexico and Canada, and soon will be expanding beyond North America with destinations in Dubai and Qatar. Since 1961, hundreds of millions of families have trusted Six Flags to combine friendly-clean-fast-safe service with affordable, value-packed thrills, record-shattering roller coasters and special events like the Summer Concert Series, Fright Fest and Holiday in the Park. Six Flags' wide array of entertainment options reaches all demographics - families, teens, tweens and thrill seekers alike - featuring themed attractions based on skateboarding legend Tony Hawk, the ultimate daredevil Evel Knievel, movie franchises The Dark Knight and The Mummy; as well as world-renowned, kid-friendly brands including Looney Tunes, the Justice League of America, The Wiggles and Thomas the Tank Engine.
Six Flags continues to develop new avenues for growth, acquiring ownership and management of Dick Clark Productions, producer of such perennial television hits as the American Music Awards, the Golden Globe Awards, the Academy of Country Music Awards, Dick Clark's New Year's Rockin' Eve and So You Think You Can Dance. Six Flags, Inc. is a publicly-traded corporation (NYSE: SIX - News) headquartered in New York City.
SIX FLAGS and all related indicia are trademarks of Six Flags Theme Parks Inc. ®, TM and (c) 2009.
Thomas & FriendsTM: (c) 2009 Gullane (Thomas) Limited.
LOONEY TUNES and all related characters and elements are trademarks of and (c) Warner Bros. Entertainment Inc.
BATMAN, JUSTICE LEAGUE, LEGION OF DOOM and all related characters and elements are trademarks of and (c) DC Comics.
http://finance.yahoo.com/news/Six-Flags-Great-America-prnews-14743338.html
Six-packs at Six Flags: Texas OKs park beer sales
Six Flags Over Texas in Arlington to begin beer sales on Saturday
* Wednesday March 25, 2009, 2:12 pm EDT
ARLINGTON, Texas (AP) -- Six Flags Over Texas customers will get to swill beers at the theme park starting Saturday.
Across the street, Hurricane Harbor customers can purchase beer when the water park opens for the season on May 16.
The two parks received a mixed-beverage permit Tuesday when the Texas Alcoholic Beverage Commission ruled an opponent of the beer sales wouldn't get another hearing, said agency spokeswoman Carolyn Beck.
"We're moving forward with offering this service that many guests have requested," said Sharon Parker, a Six Flags spokeswoman.
Despite the permission to sell liquor, the parks said they plan to sell only beer. A 16-ounce cup will sell for $5.99.
Six Flag park-goers would have to drink in the designated spots and couldn't roam with beers in hand, officials said.
The park also would halt alcohol sales on days set aside for students, such as Physics Day and Math and Science Day.
Opponents of the alcohol sales say beer shouldn't be sold at a place geared toward the youth market. They also think increasing the availability of alcohol could worsen the risk of drunken driving accidents.
Six Flags Over Texas already serves liquor at private events at its two catering locations. It also serves alcohol at other parks, including beer and frozen margaritas available at Six Flags Fiesta Texas in San Antonio.
The two parks in Arlington are among 20 in the U.S., Mexico and Canada owned by New York-based Six Flags Inc.
http://finance.yahoo.com/news/Sixpacks-at-Six-Flags-Texas-apf-14744023.html
Moody's "Bottom Rung" List of U.S. Companies at risk of default:
Click on Full Screen.
http://www.huffingtonpost.com/2009/03/10/moodys-bottom-rung-list-o_n_173378.html
I agree, panic selling is more than done with and fcsx is still a viable company with plenty of cash on hand. Volume has absolutely disappeared the last few days though. On close watch.
http://finance.yahoo.com/q/ks?s=FCSX
New Satyam Boss A Sign Of Quick Sale
Megha Bahree, 02.05.09, 03:55 PM EST
Elevation of insider Murty to CEO spot indicates the scandal-plagued outsourcer will soon have a new owner.
Scandal-ridden Satyam Computer Services on Thursday named an insider as its new chief executive, a possible harbinger of a quick sale of the outsourcer.
The company named A.S. Murty, formerly its human resources head, to take over from B. Ramalinga Raju, who left last month after admitting he had been cooking the company's books for years.
“By pulling someone from the inside, it says a deal to sell is imminent,” said John McCarthy, vice president at Forrester Research. McCarthy predicts that Larsen & Toubro, which has upped its stake to 12.0%, is the front runner. (See "Bidders Circle Over Satyam.") “The clock is ticking and they to get some kind of deal in place by end of March," he said, or the company will face severe customer defections.
Investors seemed to take a cautious approach, bidding Satyam's shares down 5.7%, or 11 cents, to $1.81, in late New York trading.
Until last month, when co-founder and chairman B. Ramalinga Raju in a five-page fax to the board admitted to inflating the company's reported earnings and revenues for years, Satyam was among the top four outsourcing companies in India.
Murty is a 15-year veteran of the company who was not considered to be as close to Raju as interim CEO Ram Mynampati. However, he sold 40,000 shares between Dec. 12 and 15, not long before the accounting scandal broke, raising questions on if he was a fit choice for a company that’s already plagued with accounting frauds.
James Sword, a company spokesman, said the sales were not improper and that the government-appointed board that has been running Satyam had decided Murty had acted within the law. Murty was quoted as saying last month that he had sold the shares to finance a new home.
Comment On This Story
Apart from Murty, the board also appointed Homi Khusrokhan and Partho Datta as special advisers to assist in management and finance, respectively. The advisers will work for free. Khusrokhan retired as managing director of Tata Chemicals in December 2008 and Datta was the chief financial officer of Indian Aluminium.
Related Stories
The massive fraud also raises the question of how comfortable customers are going to be outsourcing their work. McCarthy said there is no reason for concern. “No, in the same way that the president going to jail for cooking the books at Computer Associates did not hurt the systems software market,” he said. “The economy is the biggest issue for the Indians and the other offshore and IT service providers.” (See "Satyam And The Recession.")
Ashish Thadani, senior vice president at Gilford Securities agreed that the economic downturn is a bigger concern than the scandal. He added that recessionary forces are weighing on corporate profits and that makes turning to offshore providers of technology services a compelling proposition.
http://www.forbes.com/2009/02/05/satyam-murty-ceo-face-markets-0205_outsourcing_42.html?partner=yahootix
News for 'SAY' - (Satyam board likely to make major announcements tomorrow)
Hyderabad, Feb 04, 2009 (Asia Pulse Data Source via COMTEX) -- The board of
Satyam Computer Services, which commenced its crucial two-day meeting here
today, is learnt to have considered buyout offers made by the suitors for the IT
firm and deliberated on the selection of the CEO and CFO for the company.
Although there was no official confirmation of the names of the interested
companies, which have submitted their expressions of interest (EoIs), it is
believed that the suiters include engineering major Larsen & Toubro, Mahindra
Group, Hindujas, Spice and i-Gate, among others.
The government-appointed board is also expected to name the CEO and CFO tomorrow
to carry out the daily operations of the trouble-torn company, besides looking
at options for raising funds for paying staff wages.
Meanwhile, it was reliably learnt that three PSBs have given in-principle nod to
Satyam to provide short-term loans for meeting salary, working capital, payment
of arrears to vendors, provident fund dues, TDS and rentals charges.
"Satyam has reached an in-principle agreement with three leading state-owned
banks to get short-term loans. The company can mortgage its land bank to avail
this funding," said a source.
The Satyam board is expected to make a statement on these issues on Thursday
after the extended board meeting ends, a spokesperson said. In a note to the
company's employees on Monday, the board had said an announcement relating to
"critical leadership appointments" was expected to be made at the board meeting.
Analysts said Satyam's new head would work closely with the board to try to
revive the company and to restore the confidence of its more than 600 clients
and about 50,000 employees.
Meanwhile, the market regulator SEBI today started questioning the jailed
founder of the company B Ramalingaraju and his brother B Ramaraju in connection
with the Rs 7,800-crore scam.
Copyright 2009 APU Newswire. All rights reserved.
-0-
SUBJECT CODE: PTI
News for 'SAY' - (DJ Hinduja Global Solutions Also In Fray To Acquire Satyam - PTI)
MUMBAI (Dow Jones)--India's Hinduja Global Solutions Ltd. (532859.BY), a unit of the Hinduja Group, has expressed interest in acquiring Satyam Computer Services Ltd. (500376.BY), the Press Trust of India reported Sunday, citing unnamed company sources.
The report said Hinduja Global has sent a formal communication to Goldman Sachs, the newly appointed investment banker for Satyam, saying it is keen to participate in the bidding process as and when it starts.
The company has over $100 million in cash and cash-equivalents, and its founders will also chip in if required, the report cited unnamed company officials as saying.
-By Mumbai Bureau; Dow Jones Newswires; 91 22 2288 4212; djn.in@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=1ldgge1agLyPv%2F%2FL1X1QRg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
February 01, 2009 23:53 ET (04:53 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.- - 11 53 PM EST 02-01-09
News for 'SAY' - (US organisation to award Satyam for talent training programme)
New Delhi, Feb 01, 2009 (Asia Pulse Data Source via COMTEX) -- At a time when
the accounting fraud continues to haunt Satyam Computer Services, the software
exporter will be receiving an award for internal training programme from an
American entity.
The American Society for Training and Development (ASTD) will be conferring the
award to Satyam for its "Talent Preparation Service".
"Satyam Computer Services will be presented with an Excellence in Practice Award
for its Talent Preparation Service. The awards ceremony will be June 1, 2009, in
Washington," ASTD Director (Governance) Carol Chulew told PTI in an emailed
statement.
In January, Satyam's founder B Ramalinga Raju confessed to fudging the company's
account books to the tune of Rs 7,800 crore. Following the confession, the
software exporter is being investigated by multiple agencies for the fraud and
related issues.
"The Satyam Talent Preparation Service is an onboarding program that greatly
decreased time-to-competency for its employees. This program addresses an issue
that many companies face, especially with Generation X and Y," Chulew said.
ASTD is an association dedicated to workplace learning and performance
professionals. Its members are from over 100 countries and connects with 12
global partners.
"Excellence in Practice Awards recognise proven practices that meet a
demonstrated need, have appropriate design values, are aligned with other
performance improvement initiatives, and deliver clear and measurable results
for their organisations," Chulew said.
In the wake of the scam, UK-based World Council for Corporate Governance had on
January 12 decided to take back its highest honour -- Golden Peacock Global
Award for excellence in corporate governance -- bestowed on Satyam. The award
for 2008 was given to the software exporter in October last year.
Copyright 2009 APU Newswire. All rights reserved.
-0-
SUBJECT CODE: PTI
News for 'SAY' - (DJ Satyam Signs New Client Deals, Closes 15 Deals In Jan -Report)
DOW JONES NEWSWIRES
Satyam Computer Services Ltd.'s (SAY) sales team closed about 15 deals in January, with around 80% of the deals with new clients, DNA Money reported on its Web site Monday, citing an unnamed company source.
According to the source, in the U.S. Satyam has acquired one client in each of the insurance and pharmaceutical sectors, while in Europe it has gained one client in each of the chemical manufacturing and services sectors, the Web site reported. Some 10 contracts are with clients in Japan, Africa, the Middle East, Asia Pacific, Australia, New Zealand and India, it added.
"The company has closed two multi-million dollar deals in the manufacturing sector, one each in Germany and Switzerland last week," the Web site quoted a source familiar with Satyam's Europe operations as saying.
Most of the deals are said to be in the $25 million-$100 million range, the Web site reported.
Full story: http://www.dnaindia.com/report.asp?newsid=1226913.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=1ldgge1agLyPv%2F%2FL1X1QRg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
February 01, 2009 19:07 ET (00:07 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.- - 07 07 PM EST 02-01-09
News for 'SAY' - (DJ India's Mahindra & Mahindra May Look At Satyam Buy - Report)
DOW JONES NEWSWIRES
Mahindra & Mahindra Ltd. (500520.BY) said Sunday that it will look at acquiring Satyam Computer Services Ltd. (SAY) if it finds a strategic value in the deal, the Press Trust of India reported.
"We have a major IT company. We are watching the situation with interest. If there is anything of strategic value, clearly we will be looking at it," the PTI quoted M&M Vice Chairman and Managing Director Anand Mahindra as saying on the sidelines of the World Economic Forum meeting.
"I don't want to comment any further at this point of time," Mahindra said, the PTI reported.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=1ldgge1agLyPv%2F%2FL1X1QRg%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
February 01, 2009 18:14 ET (23:14 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.- - 06 14 PM EST 02-01-09
Fidelity raises stake in Satyam to 6.8 pct
Fri Jan 30, 2009 4:04am EST
MUMBAI, Jan 30 (Reuters) - Fraud-hit Satyam Computer Services (SATY.BO) said on Friday asset manager Fidelity Investments had raised its holding to 6.79 percent in the Indian outsourcer, which would potentially make it the second largest stakeholder.
Fidelity, which held 3.17 percent, bought 3.62 percent on Wednesday, Satyam said in filing to the stock exchange.
Engineering conglomerate Larsen & Toubro (LART.BO), which trebled its holding in Satyam last week to 12 percent, is the largest stakeholder, exchange data showed.
Satyam has been struggling for survival after its founder quit as chairman this month disclosing profits were falsified for years. [ID:nBOM64287]
Stock exchange data late on Wednesday showed two Fidelity funds had bought a 2.5 percent stake in Satyam in block deals for $18.7 million [ID:nBOM35051] (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)
© Thomson Reuters 2009 All rights reserved
http://www.reuters.com/article/marketsNews/idINBOM37718920090130?rpc=44
India's Spice Group ready to put $408 mln in Satyam
Fri Jan 30, 2009 12:05am EST
NEW DELHI, Jan 30 (Reuters) - India's Spice Group is ready to invest about 20 billion rupees ($408 million) in Satyam Computer Services (SATY.BO) and wants to buy a 51 percent stake in the fraud-scarred outsourcer, Spice Chairman B.K. Modi said.
"That is our desire," Modi told Reuters on Friday. "We want the money to go inside the company. For that they will have to make a preferential issue. If I buy shares from the market, the money will not go into the company."
Modi said the group had submitted on Thursday its proposal to the government-appointed new board of Satyam.
"We have also talked to two, three board members informally."
Spice Group has diversified operations including mobile handset manufacturing, mobile software development, back-office operations, entertainment and retail.
Last year, it sold its mobile telecoms services business to Idea Cellular (IDEA.BO) for 21.76 billion rupees.
"That is one of the sources (for funding). But we have other channels," Modi said, adding that the group was capable to fund a possible deal internally. ($1=49 rupees) (Reporting by Devidutta Tripathy; Editing by Ranjit Gangadharan)
© Thomson Reuters 2009 All rights reserved
http://www.reuters.com/article/marketsNews/idINBMA00228320090130?rpc=44
News for 'SAY' - (DJ Satyam Bd Member: Seven Suitors Interested in Acquiring Co)
MUMBAI (Dow Jones)--Satyam Computer Services Ltd. (500376.BY) has been approached by at least four suitors - including firms and private equity players - the Press Trust of India reported Thursday, citing a board member.
"So far we are aware of four (companies that have approached Satyam Computer). But we have heard that another two or three firms are also interested," Tarun Das was quoted as saying.
Investment bankers are talking to potential suitors and evaluating proposals before getting back to the board, Das said, adding that the process is likely to take six weeks to complete.
Earlier this week, the Satyam board appointed Goldman Sachs (GS) and Avendus Capital as investment bankers and mandated Boston Consulting Group (BCG) to act as its management adviser.
In another report, the Press Trust of India said that the Andhra Pradesh High Court adjourned for Friday the hearing of a writ petition filed by the Securities and Exchange Board of India to question Satyam founder B.Ramalinga Raju.
Last week, an additional chief metropolitan magistrate had rejected the SEBI's plea to take Ramalinga Raju and his brother Rama Raju into custody for a day for interrogation.
The report said that the magistrate also reserved orders on the bail petitions of sacked Price Waterhouse representatives S. Goapalakrishnan and Srinivas Talluri for Feb. 2.
Price Waterhouse has edited Satyam's accounts for the past several years.
-By Mumbai bureau, Dow Jones Newswires; 91 22 2288 4212; djn.in@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=EuGuUls3sFQmdXLeSubEGw%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
January 29, 2009 05:55 ET (10:55 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.- - 05 55 AM EST 01-29-09
News for 'SAY' - (DJ Fidelity Buys 2.5% More In Satyam For INR915 Mln - Report)
DOW JONES NEWSWIRES
Two funds managed by Fidelity bought 2.54%, or 17.13 million shares, in Satyam Computer Services Ltd. (SAY) Wednesday from the market, in a deal valued at INR915 million ($18.7 million), mydigitalfc.com reported Thursday, without citing sources.
The transactions were reported on the National Stock Exchange, in two separate bulk deals, the Web site said. FID FDS (Mauritius), the India-focused fund managed by Fidelity, bought 9.24 million shares at INR54.47 a share, while Fidelity bought 7.88 million shares at INR52.18 a share.
As of Dec. 31, Fidelity Management and Research Co. had a 3.41% stake in Satyam. With Wednesday's purchase, Fidelity's stake in Satyam has increased to 5.95%, making it the second biggest shareholder after Larsen & Toubro, with 12%, the Web site reported.
Full story: http://www.mydigitalfc.com/companies/fidelity-buys-25-more-satyam-rs-92-cr-855.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=nTKOYxuLrfrfe8ccqC4mpw%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
January 28, 2009 19:22 ET (00:22 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.- - 07 22 PM EST 01-28-09
News for 'SAY' - (DJ Satyam To Seek Open Offer Price Waiver Once Gets Bids -Report)
DOW JONES NEWSWIRES
Satyam Computer Services Ltd.'s (SAY) board would itself approach market regulator the Securities and Exchange Board of India with a waiver request for pricing with relation to an open offer once it receives bids from suitors for the company, the Press Trust of India reported Wednesday, citing an unnamed senior source.
"Once we have received bids, we will ourselves approach SEBI. However, we have not received any bid so far," the source, who is closely connected with developments in the company, told PTI.
The Hyderabad-based software firm is likely to invite bids from potential buyers soon. "It may happen even tomorrow (Thursday)...once we receive bids, then the Board will approach SEBI for a waiver on the takeover regulation of 26-week average price required to make an open offer," he said, the PTI reported.
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=nTKOYxuLrfrfe8ccqC4mpw%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
January 28, 2009 17:51 ET (22:51 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.- - 05 51 PM EST 01-28-09
Yup, it will be interesting to see the reaction, if any, to news regarding the possible passing of the stimulus plan...
Stimulus may lift high-tech in N.E.
Firms well placed to benefit from $37b digital upgrade.
By Hiawatha Bray
Globe Staff / January 28, 2009
The vast economic stimulus package now making its way through Congress could bring a Of $825 billion in federal spending proposed by the House of Representatives, at least $37 billion will go to projects aimed at upgrading the nation's digital infrastructure. Lawmakers want to spend $20 billion to digitize Americans' medical records, another $11 million for "smart grid" projects to computerize the nation's electrical grid, and $6 billion to deliver broadband Internet access to every citizen.
Far more will be spent on relatively low-tech infrastructure projects, like building roads and bridges, but even those activities require much supporting digital hardware and software. And Massachusetts has a host of companies, large and small, that are well positioned to cash in on the need.
The stimulus plan "really is expanding the markets for the kinds of technology products and services that Massachusetts companies are very involved with," said Greg Bialecki, undersecretary of the Massachusetts Department of Business Development.
Local companies are especially keen on the proposed medical records upgrade. "Everyone feels that an investment in health IT [information technology] can only drive down costs, improve care, and save lives," said Chris Goode, vice president for global corporate affairs at EMC Corp. in Hopkinton. As the world's leading maker of high-end data storage hardware and software, EMC could generate big revenues from an upgrade in medical recordkeeping. Goode said his company's sales teams for the healthcare industry and state and local governments are already on alert for stimulus-related opportunities. "They're developing a strategy to go after those customers," he said.
Todd Cozzens, the chief executive of Picis Inc. in Wakefield, is also counting on a stimulus boost. Privately held Picis, which had revenues of $125 million in 2008, makes software that documents activities in hospital intensive care wards and emergency rooms. "This is a positive step," Cozzens said of the stimulus plan. "By giving more money to hospitals to adopt IT as a way to improve performance, we think that'll encourage more hospitals . . . to use IT systems," Cozzens said.
Proposed federal aid for electrical network upgrades will include $4.5 billion for a "smart grid" program that will use computers and new energy storage technologies to distribute power more reliably and with less waste.
"We're certainly optimistic about that," said Bill Capp, the president of Beacon Power Corp. in Tyngsborough. His company makes giant flywheels that temporarily store electric power, then feed it back into the grid to smooth out fluctuations.
Beacon hasn't turned a profit since its founding in 1997, but the company recently began a pilot program with utilities in New England, and is awaiting final regulatory approval for a larger facility in Stephentown, N.Y. The stimulus plan could lead to still more Beacon Power installations. Capp said his company's flywheels make it easier to combine the steady output of traditional power plants with intermittent power sources like windmills and solar power stations. "Our technology could certainly be considered part of the whole smart grid portfolio," he said.
And projects such as road and bridge work will require digital hardware and software support. Some firms, like Parametric Technology Corp. of Needham, are betting that infrastructure dollars will eventually trickle down to them. Parametric, which generated $1 billion in revenue in its 2008 fiscal year, makes product development software for manufacturers. For example, Deere & Co., a major producer of earthmoving equipment, uses Parametric software to design its products. "They may need more of our products if they benefit from this spending," said Neil Moses, Parametric's chief financial officer.
But Chris Anderson, the president of the Massachusetts High Tech Council, said there's a risk that the money won't be wisely spent. "I think there's a general concern . . . about the magnitude of the spending and about the fact that a good deal of it is left to elected officials to figure out how to dole out," Anderson said.
Citing the billions in federal funds given to states for homeland security programs in the aftermath of the 2001 terrorist attacks, Anderson said, "There was very little measurable efficient return on that investment. Garbage trucks were purchased with that money in certain municipalities."
Anderson said that before the federal stimulus money is doled out to the states, Massachusetts Governor Deval L. Patrick should establish clear guidelines about how the funds will be spent here.
Hiawatha Bray can be reached at bray@globe.com.
http://www.boston.com/business/technology/articles/2009/01/28/stimulus_may_lift_high_tech_in_ne/
Satyam Appoints Goldman Sachs and Avendus as Investment Bankers
Tuesday January 27, 11:49 am ET
- Short-term liquidity secured; payment of January salaries confirmed
- Boston Consulting Group tapped as Management Advisors
HYDERABAD, India, Jan. 27 /PRNewswire-FirstCall/ -- Satyam Computer Services Limited (NYSE: SAY - News) today announced that its board of directors has appointed Goldman Sachs and Avendus as investment bankers. The firms will help the board explore several strategic options, including identification of strategic investors; obtaining expressions of interest; and ensuring a fair and transparent approach to the process.
The board also appointed Boston Consulting Group (BCG) as management advisors. Three senior BCG representatives will work closely with Satyam's board and leadership team to spearhead the organization's reemergence. "It is important to note that BCG will not charge a fee for their services. This reflects their commitment to the task at hand," said Satyam Board Member Deepak Parekh.
Additionally, the board:
* Concluded most discussions about Satyam's financing requirements, and will wrap up negotiations with banks in the coming days. As a result, immediate operational expenses will be managed.
* Reaffirmed that January salaries will be paid as scheduled and from internal accruals and receivables.
* Further validated Satyam's headcount. Sufficient data now exists to show that numbers reported earlier are accurate.
* Discussed Satyam's future management structure, and will issue a statement on this matter this week.
"The board has received several proposals from corporate entities and from private equity firms," said Board Member T.N. Manoharan. "Some are interested in evaluating Satyam as an integrated entity, while others have expressed interest in portions of Satyam's business. However, selling 'parts' of Satyam would be contrary to the Indian government's mandate regulating the company's affairs as a going concern. Therefore, we are not currently considering that option."
Manoharan was circumspect regarding a recent move by a corporate entity to acquire large portions of Satyam shares.
"The reasons for that move would be best explained by the buyer," he said. "At this stage, it should not be taken as an indication of support by the government-nominated board for a change of control at Satyam. The board has received an adequate number of bidding interests. As such, in consultation with SEBI and the Indian government, it will devise appropriate, fair and transparent measures to enable open bids. It is important to remember that Satyam is a government-administered company, reporting to the Company Law Board and the Ministry of Corporate Affairs."
In the meanwhile, Satyam leaders and the board continue to reach out to customers to ensure business continuity.
"I speak with quite a few customers and partners every day, and it is heartening to note that they continue to engage with us, confidently," said Board Member Kiran Karnik. "While a few are discussing risk mitigation plans, most are monitoring our performance closely and want to see Satyam return to long-term sustainability.
"Additionally, we have been reassured by several key customers who have sent strong messages to other service providers asking them to refrain from poaching Satyam's associates or business. We have also seen a steady improvement in statement of work extensions."
Manoharan said these actions reflect Satyam's determination to restore stakeholder confidence, ensure stability and growth, and "bring back the glory Satyamites truly deserve."
Tuesday's was the fourth meeting of its new board of directors since Jan. 10 (it also convened for more than three hours yesterday) and was chaired by Mr. Manoharan. Its next meeting will be Feb. 5.
http://biz.yahoo.com/prnews/090127/ph63200.html?.v=1
*DJ Satyam Computer: Short-Term Liquidity Secured
.
(MORE TO FOLLOW) Dow Jones Newswires (201-938-5400)
January 27, 2009 11:49 ET (16:49 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.- - 11 49 AM EST 01-27-09
*DJ Satyam Computer: Goldman Sacha, Avendus To Help Co Explore Strategic Options
.
(MORE TO FOLLOW) Dow Jones Newswires (201-938-5400)
January 27, 2009 11:51 ET (16:51 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.- - 11 51 AM EST 01-27-09
National Grid and Beacon Power Sign Agreement to Evaluate Flywheel Technology for Grid Applications
Monday January 26, 10:50 am ET
Evaluation to focus on benefits of fast-response regulation and heightened demand for regulation due to wind power
TYNGSBORO, Mass.--(BUSINESS WIRE)--Beacon Power Corporation (Nasdaq: BCON - News), a company that designs and develops advanced products and services to support more stable, reliable and efficient electricity grid operation, announced that it has executed an information sharing and performance evaluation agreement with the energy utility company National Grid.
ADVERTISEMENT
Under the two-year agreement, the companies will share technical, performance and economic data associated with Beacon’s flywheel energy storage systems and their potential operational value to National Grid’s electricity transmission networks. Objectives of the agreement include National Grid’s evaluation of Beacon’s flywheel energy storage systems not only for fast-response frequency regulation, but also for wind-related ramp mitigation – another potential large-scale grid stability application.
“National Grid is committed to assessing new energy technologies and their capacity to help create a more efficient, environmentally responsible and cost-effective modern grid,” said Stan Blazewicz, Vice President, Global Head of Technology for National Grid. “The positive attributes of flywheel energy storage – especially its high efficiency, zero carbon emissions, and extremely fast response – make it a technology of significant interest and one we are keen to investigate.”
“National Grid is one of the largest investor-owned utility companies in the world, with an extensive footprint in the United Kingdom as well as the northeastern U.S.,” said Bill Capp, Beacon Power president and CEO. “Prior to this agreement, we collaborated closely with National Grid in 2006 and 2007 on our demonstration system in Amsterdam, New York, as well as more recently on three interconnection projects in Massachusetts and New York. We believe that additional benefits can come from the broader sharing of information provided by this new agreement.”
Beacon Power and National Grid will focus on the sharing of technical information and performance results for Beacon’s Smart Energy Matrix, the energy storage-based regulation resource that Beacon is now operating under ISO New England’s Alternative Technologies Program. The two companies will also be sharing technical information and analysis of the potential economic and performance benefits of fast-response flywheel regulation and wind-related ramp mitigation, in both the U.S. and the United Kingdom.
Ramp mitigation refers to the ability of regulation and reserve generation units to quickly compensate for a rapid system-wide change in aggregate power output caused by sudden changes in power production. As an intermittent resource, wind power generation often experiences rapid fluctuations in power output. As the amount of wind generation on the grid increases, many grid operators foresee the need to increase total regional ramping capacity to maintain proper energy balance.
Under terms of the agreement, Beacon will work with National Grid to forecast future increases in the demand for regulation capacity resulting from greater deployment of wind power. National Grid will also work with Beacon Power to define an optimal control algorithm for Beacon’s fast-response energy storage technology that would maximize regulation benefits on the grid.
About National Grid
National Grid (LSE: NG - News; NYSE:NGG - News) is an international electricity and gas company and one of the largest investor-owned energy companies in the world.
In the U.S., National Grid delivers electricity to approximately 3.3 million customers in Massachusetts, New Hampshire, New York and Rhode Island, and manages the electricity network on Long Island under an agreement with the Long Island Power Authority (LIPA). National Grid also owns over 4,000 megawatts of contracted electricity generation that provides power to over one million LIPA customers. It is also the largest distributor of natural gas in the northeastern U.S., serving approximately 3.4 million customers in Massachusetts, New Hampshire, New York and Rhode Island.
National Grid owns the high-voltage electricity transmission network in England and Wales and operates the system across Great Britain. It also owns and operates the high pressure gas transmission system in Britain and its distribution business delivers gas to 11 million homes and businesses. National Grid also has a number of related businesses such as LNG importation and storage, land remediation and metering.
Beacon Power
Beacon Power Corporation designs, develops and is taking steps to commercialize advanced products and services to support stable, reliable and efficient electricity grid operation. The Company’s primary business strategy is to commercialize its patented flywheel energy storage technology to perform frequency regulation services on the grid. Beacon’s Smart Energy Matrix, which is now in production, is a non-polluting, megawatt-level, utility-grade flywheel-based solution to provide sustainable frequency regulation services. Beacon is a publicly traded company with its research, development and manufacturing facility in the U.S. For more information, visit www.beaconpower.com.
Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995: This Material contained in this press release may include statements that are not historical facts and are considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect Beacon Power Corporation’s current views about future events and financial performances. These “forward-looking” statements are identified by the use of terms and phrases such as “believe,” “expect,” “plan,” “anticipate,” and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties, and other factors that could cause actual results to differ materially from Beacon Power Corporation’s expectation. These factors include: a short operating history; a history of losses and anticipated continued losses from operations; a need to raise additional capital combined with a questionable ability to do so, especially in view of the current situation in the financial markets; the complexity and other challenges of arranging project financing and resources for one or more frequency regulation power plants, including uncertainty about whether we will be successful in obtaining DOE loan guarantee support for our New York facility; conditions in target markets, including the fact that some ISOs have been slow to comply with the FERC’s requirement to update market rules to include new technology such as the Company’s; our ability to obtain site interconnection approvals, landlord approvals, or other zoning and construction approvals in a timely manner; limited experience manufacturing commercial products or supplying frequency regulation services on a commercial basis; limited commercial contracts for revenues to date; the dependence of revenues on the achievement of product optimization, manufacturing and commercialization milestones; the uncertainty of the political and economic climate, and the different electrical grid characteristics and requirements of any foreign countries into which we hope to sell or operate, including the uncertainty of enforcing contracts, the different market structures, and the potential substantial fluctuation in currency exchange rates in those countries; dependence on third-party suppliers; intense competition from companies with greater financial resources, especially from companies that are already in the frequency regulation market; possible government regulation that would impede the ability to market products or services or affect market size; possible product liability claims and the negative publicity which could result; any failure to protect intellectual property; retaining key executives and the possible need in the future to hire and retain key executives; the historical volatility of our stock price, as well as the volatility of the stock price of other companies in the energy sector, especially in view of the current situation in the financial markets generally. These factors are elaborated upon and other factors may be disclosed from time to time in Beacon Power Corporation’s filings with the Securities and Exchange Commission. Beacon Power expressly does not undertake any duty to update forward-looking statements.
Contact:
Beacon Power Corporation
James Spiezio, 978-694-9121
spiezio@beaconpower.com
or
Gene Hunt, 978-661-2825
hunt@beaconpower.com
Source: Beacon Power Corporation
Potential buyers approach Satyam
Tuesday January 20, 10:21 am ET
By Erika Kinetz, AP Business Writer
Potential buyers circle India's embattled outsourcing giant Satyam after fraud
MUMBAI, India (AP) -- Buyers have begun to circle beleagured outsourcing giant Satyam Computer Services Ltd., which has been fighting for its future since founder and former chairman B. Ramalinga Raju confessed to a $1 billion fraud on Jan. 7, media reports said.
Tarun Das, a member of Satyam's new government-appointed board of directors, told reporters Tuesday that the company has been approached by suitors from India and abroad.
"We have been approached by potential buyers," the Press Trust of India quoted him as saying.
"It is a very strong company," he said. "The board has not yet discussed the issue of looking for a buyer."
Aegis BPO Services Ltd., the back office unit of India's Essar Group, has expressed interest in carving out Satyam's back office arm, but has not made a formal offer, Aegis chief executive Aparup Sengupta said by phone Tuesday.
"We've expressed our interest in the form a letter to the board of Satyam," he said, adding that the letter was delivered last week.
"There is no offer we have put," he added. "We need to understand the company more. There has to be due diligence."
Raju said he had cooked Satyam's books for years, and the company's auditor, Price Waterhouse, the India unit of PricewaterhouseCoopers, has said that its audits are unreliable because they hinged on potentially false company data.
Aegis, which had revenues of $450 million last year, has completed 11 acquisitions in the last three years. Last year it acquired the India call center of Time Warner Inc.'s AOL and Los Angeles-based services company PeopleSupport Inc.
Aegis has nearly 30,000 employees and over 60 clients, including American Express, AT&T, and Vodafone.
Its parent company, the $50 billion Essar Group, has interests in telecom --through a joint venture with Vodafone--as well as steel, shipping, oil, power and construction.
Indian media reports have also fingered Larsen & Toubro Ltd., one of India's largest engineering conglomerates, as a potential suitor.
A Larsen & Toubro spokesman declined to confirm or deny those reports Tuesday.
Larsen & Toubro owns 4 percent of Satyam stock and has a software services and back office subsidiary called L&T Infotech, whose clients include Chevron, Hitachi, Sanyo, and Sunoco.
Satyam's board will hold its next meeting on Jan. 22 and 23.
http://biz.yahoo.com/ap/090120/as_india_satyam.html?.v=2
Essar's Aegis in contact with government for Satyam BPO buyout
16 Jan 2009, 1924 hrs IST, Kalyan Parbat, ET Bureau
KOLKATA: The Ruias of Essar are exploring an outright 100% buyout of troubled Satyam's wholly-owned outsourcing arm, Satyam BPO (formerly Nipuna Services Ltd). Essar-controlled Aegis BPO is slated to shortly put in a formal expression of interest (EoI) to Satyam Computers' six-member expanded board.
A top Essar source who did not wish to be named said: "Aegis BPO is likely to involve its global M&A team for doing a due-diligence of Satyam BPO's financials and getting a fix on its enterprise valuation. The Aegis management will shortly initiate talks with the Satyam Computers board since Satyam's BPO model has definite synergies with Essar's outsourcing business."
It's also learnt that senior Essar executives have communicated the group's strategic interest in Satyam BPO to the Union ministry of corporate affairs, which is steering government investigations into the Rs 7000 crore fraud at Satyam Computer Services
.
Significantly, Aegis BPO's global M&A team which is headed by its chief finance officer C.M. Sharma has been closely involved in each of the past 11 acquisitions concluded by Aegis BPO. The M&A team directly reports to Aegis BPO's chief executive Aparup Sengupta.
When contacted, Mr Sengupta told ET: We do not comment on any evolving transaction. But we are constantly scouting for opportunities that have a strategic fit with our outsourcing business. Aegis BPO has successfully integrated its 11-odd past acquisitions of various sizes and magnitudes, encompassing scale, geographies, cultures and practices."
The reasons behind Aegis BPO's interest in Satyam's outsourcing arm are fairly obvious. There are definite synergies, in that, both companies have a sizeable presence in the telecoms, banking, finance & insurance (BFSI) verticals. This apart, Satyam BPO has a stellar offshore clientele that includes BellSouth, Verizon and Glaxo SmithKline which will only enhance Aegis business prospects, in the event of an acquisition.
The latest development comes at a time when Satyam's six-member board is close to homing in on a high-profile CEO to assume the reins at the scandal-hit software company. It also comes at a time when investment banking circles are rife with rumours that the Satyam board may dis-member select business verticals of the company and locate potential buyers to revitalise Satyam's cashflows.
But what's not known is whether Aegis BPO will await the appointment of a new Satyam CEO before submitting its expression of interest for Satyam BPO. "Serious acquisition-related talks can only transpire after Satyam's latest financial position is ascertained, and its impact on Satyam BPO's finances," said an investment banker familiar with the matter.
http://economictimes.indiatimes.com/Aegis_in_contact_with_govt_for_Satyam_BPO_buyout/articleshow/3989919.cms
Overall it is good that they finally reported to the SEC and showed that they had a very profitable Q3. Unfortunately it recently came about that a few years back Conspiracy did not fully report all of their actual debt, so that is reflected in this report in great detail. I have not had time to read the entire 10-Q as I have been busy these last few days but should be able to go through it this weekend.
The main thing to focus on is that they have been turning over a profit every quarter and that profit is increasing from quarter to quarter. With the recent release of a few more games and some older ones that have been successful I do not expect this trend to decline, especially with casual gaming becoming more popular. Although I do not expect this stock to sky rocket anytime soon with all the debt that they recently disclosed. Best bet is if they get a few more games that gain a trustworthy following than there is always the possibility of a buyout, but that is just my opinion.. Hopefully I will know more when I read through the entire 10-Q.
Just my 2 cents...
Summary on yahoo. A little easier to read:
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
The information in this report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This Act provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information about themselves so long as they identify these statements as forward looking and provide meaningful cautionary statements identifying important factors that could cause actual results to differ from the projected results. All statements other than statements of historical fact made in this report are forward looking. In particular, the statements herein regarding industry prospects and future results of operations or financial position are forward-looking statements. Forward-looking statements reflect management's current expectations and are inherently uncertain. Our actual results may differ significantly from management's expectations.
The following discussion and analysis should be read in conjunction with the financial statements and notes thereto included elsewhere in this report and with our annual report on Form 10-KSB for the fiscal year ended December 31, 2007. This discussion should not be construed to imply that the results discussed herein will necessarily continue into the future, or that any conclusion reached herein will necessarily be indicative of actual operating results in the future. Such discussion represents only the best present assessment of our management.
Results of Operations
Three Months Ended September 30, 2008 Compared to Three Months Ended September 30, 2007
Revenues for the three months ended September 30, 2008 were $3,024,146, compared to $1,700,000 for the three months ended September 30, 2007. This represents an increase of $1,324,146. This increase was primarily attributable to the releases of Summer Athletics and Crashtime over flat fee releases for the same period in 2007.
There was a -23.8% change in gross profit for the three months ended September 30, 2008 which was $604,040, compared to $792,357 for the three months ended September 30, 2007. This decrease in gross profit was primarily the result of our releases of Summer Athletics and Crashtime being conventional type releases where production is part of the cost of goods, whereas our flat fee releases over the same period in 2007 had no productions costs associated with revenue.
For the three months ended September 30, 2008, operating expenses totaled $476,756 as compared to $570,397 for the three months ended September 30, 2007. This was a decrease of $93,641 or 16.4%. The decrease in operating expenses resulted from an decrease in marketing expenses of $106,937 or 59.0% from $181,166 for the three months ended September 30, 2007 to $74,229 for the three months ended September 30, 2008, a releasing two titles in the quarter as compared to 5 over the same period one year ago. In addition outside service decreased $31,117 or 100% from $31,117 for the three months ended September 30, 2007 to $0 for the three months ended September 30, 2008 which was a result of the additional employees hired earlier in the year being able to limit the need for temporary assistance during the quarter. Professional fees decreased from $173,115 for the three months ended September 30, 2007 to $78,740 for the three months ended September 30, 2008, a decrease of 54.5% or $94,375 due to our agreement with consultants to reduce their fees during the year from a percentage base to a fixed fee. However, Auto Expense increased $18,368 or 616.0% from $2,982 for the three months ended September 30, 2007 to $21,350 for the three months ended September 30, 2008 a result of the increased travel activity, and our agreement with consultants to reimburse auto expenses. Entertainment also increased during the quarter from $9,329 for the three months ended September 30, 2007 to $27,096 for the three months ended September 30, 2008 which was an 190.5% increase or $17,768 increase over the same period last year due to our efforts to secure alternate distribution for upcoming titles as well as entertaining several new developers and publishers. Payroll increased 35.6% or $40,787 from $114,630 for the three months ended September 30, 2007 to $155,417 due to additional employees being added to payroll. Office Rent also increased $21,735 or 159.4% from $13,632 for the three months ended September 30, 2007 to $35,367 for the three months ended September 30, 2008 to to our expansion of office space to accommodate additional employees and consultants necessary to assist the company in its growth. Finally, Penalty increased $33,000 or 100% from $0 over the three months ended September 30, 2007 due to fees associated with our tax debt to the Internal Revenue Service.
Interest expense was $62,313 and $40,893 for the three months ended September 30, 2008 and 2007, respectively. This was an increase of $21,420, or 52.4%^%.
We received $4,748,538 in other income for the three months ended September 30, 2008 compared to Other Expense of $6,595,327 for the three months ended September 30, 2007. The difference of $11,343,865 which was a result of adjustments on the valuation of our derivative liablities.
Our net income was $4,875,822 for the three months ended September 30, 2008 compared to a net loss of $6,373,367 for the three months ended September, 2007. The increase in net income for the three months ended September 30, 2008 was due to the adjustments made to the valuation of derivative liability over the three months ended September 30, 2008.
Nine Months Ended September 30, 2008 Compared to Nine Months Ended September 30, 2007
Revenues for the nine months ended September 30, 2008 were $7,784,004 compared to $2,519,330 for the nine months ended September 30, 2007. This represents an increase of $5,264,674.
There was a 69.8]% change in gross profit for the nine months ended September 30, 2008 which was $2,096,847, compared to $1,234,857 for the nine months ended September 30, 2007. This increase resulted primarily from the release of conventional titles over flat fee titles and the continued success of Winter Sports: The Ultimate Challenge.
For the nine months ended September 30, 2008, operating expenses totaled $1,722,066 as compared to $1,098,357 for the nine months ended September 30, 2007. This was an increase of $623,709 or 56.8%. The increase in operating expenses resulted from an increase in marketing expenses of $144,361 or 51.0% from $282,986 for the nine months ended September 30, 2007 to $427,348 for the nine months ended September 30, 2008, a result of our IR campaign and efforts to bring more information to current and potential shareholders. In addition, entertainment expenses increased $44,057 or 140.9% from $31,278 for the nine months ended September 30, 2007 to $75,335 for the nine months ended September 30, 2008. Automobile Expense increased from $9,085 for the nine months ended September 30, 2007 to $42,638 for the nine months ended September 30, 2008 due to our agreement to reimburse consultant auto expenses and an increased amount of travel. Payroll Expenses increased from $287,110 for the nine months ended September 30, 2007 to $462,139 for the nine months ended September 30, 2008, an increase of 61.0% or $175,029 due to additional employees hired to help offset the need for temporary services. Penalty increased $98,972 or 100% from $0 for the nine months ended September 30, 2007 a result of the increased fees incurred in relation our to our tax debts. Professional fees increased $99,747 or 39.2% from $254,365 for the nine months ended September 30, 2007 to $354,112 for the nine month due to the fees paid to Consultants and attorneys. Finally Travel increased $41,146 or 129.8% from 31,704 for the nine months ended September 30, 2007 to $72,850 for the nine months ended September 30, 2008 due to Travel fees incurred by consultants as well as our efforts to expand or distribution network and our attempt to acquire future titles from developers and publishers. These increases were offset by decreases in Outside Service of $66,687 or 93.1% from $71,667 for the nine months ended September 30, 2007 to $4,980 for the nine months ended September30, 2008 due to the hiring of additional employees to reduce the need for temporary assistance.
Interest expense was $159,818 and $106,489 for the nine months ended September 30, 2008 and 2007, respectively. This was an increase of $53,329 or 50.1%.
We had $138,073 net gain on the valuation of derivative liabilities for the nine months ended September 30, 2008 compared to a net loss of $3,682,722 for the nine months ended September 30, 2007.
Our net income was $353,701 for the nine months ended September 30, 2008 compared to a net loss of $3,821,614 for the nine months ended September 30, 2007. The increase in net income for the nine months ended September 30, 2008 was due to the gain on valuation of our derivative liabilities of $138,073 as compared to a loss on valuation of our derivative liabilities of $3,682,722 for the nine months ended September 30, 20076.
Liquidity and Capital Resources
As of September 30, 2008 our cash balance was $211,277 compared to $539,990 at December 31, 2007. Total current assets at September 30, 2008 were $370,277 compared to $927,385 at December 31, 2007. We currently plan to use the cash balance and cash generated from operations for increasing our working capital reserves and, along with additional debt financing, for new product development, securing new licenses, building up inventory, hiring more sales staff and funding advertising and marketing. Management believes that the current cash on hand and additional cash expected from operations in fiscal 2008 will be sufficient to cover our working capital requirements for the remainder of fiscal 2008. The Company reached this conclusion by recognizing that a major portion ($2,217,400) of our debt is attributed to convertible notes payable, which we expect to be converted into shares, Deferred Revenue ($2,373,441) will be reclassified as revenue upon the completion of the current projects in development, and Derivative Liability ($3,444,428) would be the amount of cash required should our investors call in our outstanding loans. Although we do not believe that our investors will call in our outstanding loans anytime in the near future. We can provide no assurance that this will not occur. We have informally negotiated with the IRS to pay down our Payroll Taxes liability in the amount of $10,000 per month. The Company is negotiating with several other parties to waive portions of our debt, or to pay the debt with the issuance of company stock including Deferred Compensation ($394,544). In addition, based on our schedule of development for the remainder of the year, we anticipate an increase in sales, profitability and cash receipts in 2008 which will allow the Company to continue to pay down our working capital requirements and help avoid additional need for working capital.
For the nine months ended September 30, 2008, net cash provided in operating activities was $2,024,956 as compared to $3,071,551 used by operating activities for the nine months ended September 30, 2007. The increase in cash provided in operating activities can be attributed to an increase in net profit of $4,175,315 from a loss of $3,821,614 for the nine months ended September 30, 2007 to net income of $353,701 for the nine months ended September 30, 2008. In addition, we had a net gain in the valuation of our derivative liability of $138,073 as compared to a net loss in the valuation of our derivative liability of $3,682,722. Finally we a change in Prepaids of $ 3,085,808 from $2,808,608 reduction for the nine months ended September 30, 2007 as compared to an increase of $277,200 for the nine months ended September 30, 2008.
For the nine months ended September 30, 2008, net cash used in investing activities was $2,598,669, compared to net cash used in investing activities of $944,922 for the nine months ended September 30, 2007. The increase in cash used in investing activities of $1,653,747 for the nine months ending September 30, 2008, was due to the increase in payments for development costs and licenses.
For the nine months ended September 30, 2008, net cash provided by Financing Activities was $245,000 compared to $4,358,992 for the nine months ended September 30, 2007. This decrease in cash provided by financing activities resulted primarily from less proceeds from advances.
Our accounts receivable at September 30, 2008 was $159,000, compared to $110,195 at December 31, 2007. The increase in accounts receivable is primarily attributable to receiving larger orders at the end of the quarter prior as compared to December 31, 2007.
As of September 30, 2008 we had a working capital deficiency of $12,167,676. A major portion of our debt is attributed to consulting fees, attorney fees, and payroll taxes payable. We plan to reduce these debts with proceeds generated from normal operational cash flow as well as the issuance of company stock.
At September 30, 2008 we had no bank debt.
Financings
On January 16, 2004, we received $50,000 from Calluna Capital Corporation under the terms of a February 25, 2003 convertible notes payable agreement bringing the total amount borrowed from Calluna Capital Corporation to $500,000.
On May 17, 2004, we sold 2,792,200 shares of common stock to accredited investors for $.10 per share, or an aggregate of $279,220.
On August 31, 2004, we sold an aggregate of $1,050,000 principal amount of 5% Secured Convertible Debentures, Class A Common Stock Purchase Warrants to purchase 21,000,000 shares of our common stock, and Class B Common Stock Purchase Warrants to purchase 21,000,000 shares of our common stock, to four institutional investors. We received gross proceeds totaling $1,050,000 from the sale of the Debentures and the Warrants.
On September 28, 2004, we sold a $50,000 principal amount 5% Secured Convertible Debenture, Class A Common Stock Purchase Warrants to purchase 1,000,000 shares of our common stock, and Class B Common Stock Purchase Warrants to purchase 1,000,000 shares of our common stock, to one institutional investor. We received gross proceeds totaling $50,000 from the sale of the Debentures and the Warrants.
On February 9, 2005, we sold an aggregate of $650,000 principal amount of 5% Secured Convertible Debentures, 13,000,000 Class A Common Stock Purchase Warrants, and 13,000,000 Class B Common Stock Purchase Warrants, to four accredited institutional investors for gross proceeds totaling $650,000.
On August 11, 2006, we sold an aggregate of $247,000 principal amount of 15% secured convertible notes to two accredited institutional investors for gross proceeds totaling $247,000 less expenses of $4,000.
On March 30, 2007, we sold an aggregate of $80,000 principal amount of 15% secured convertible notes to two accredited institutional investors for gross proceeds of $80,000 less expenses of $12,500.
We do not have any current plans to obtain additional debt or equity financing. We plan to satisfy our capital expenditure commitments and other capital requirements through cash generated from operations and through funds received upon exercise of outstanding warrants. We believe the proceeds from exercise of our outstanding warrants will be sufficient to fund any need for additional capital. We currently have outstanding 35,000,000 Class A Warrants with exercise prices of $0.05 and 35,000,000 Class B Warrants with exercise prices of $0.20. Exercise of all of these warrants would provide gross proceeds of $8,750,000. However, at recent market prices of our common stock, none of these warrants are in the money. Thus, if the market price of our common stock does not increase and warrant holders do not exercise their warrants, we may be required to seek additional debt or equity financing. If additional financing is required and we cannot obtain additional financing in sufficient amounts or on acceptable terms when needed, our financial condition and operating results will be materially adversely affected.
Contractual Obligations
The following table summarizes our contractual obligations as of September 30,
2008:
Payments due by period
Less than More
Contractual Obligations Total One Year Years 1-2 than 2 years
Notes Payable $ 2,630,347 $ 2,630,347
Operating Lease Obligations $ 99,929 $ 99,929 $
License Fee Obligations $ 60,000 $ 60,000
Total $ 2,790,276 $ 2,790,276 $
In March 2007, we entered into a convertible notes agreement totaling $80,000. The notes if called would be payable August 2007.
In August 2006, we entered into a convertible notes agreement totaling $247,000. The notes if called would be payable February 2007.
On August 5, 2005 and August 8, 2005, two accredited investors loaned us an aggregate of $223,600 in gross proceeds in exchange for two notes payable. The notes bear no interest and were due February 1, 2006.
On February 9, 2005, we entered into three convertible notes payable agreements totaling $650,000. To date, these notes are past due and have not been called.
In September and October 2004, we entered into two convertible notes payable agreements totaling $1.1 million. To date, these notes are past due and have not been called.
In August 2003, we obtained an unsecured loan from an individual in the amount of $355,000 including interest. We have repaid approximately $184,872 with the remaining balance to be paid in the year 2007.
We currently lease office space at 612 Santa Monica Boulevard in Santa Monica, California. Through the remainder of the lease term, our minimum lease payments are as follows:
2007 $ 28,331
2008 $ 69,598
Our license agreement with Discovery for "The Jeff Corwin Experience" requires payments of the remaining $80,000 to be paid in full during the year 2005. Although we have only made $20,000 in payments during 2006, we are looking into our options on how to best handle this matter and plan to pay the balance in full by the end of 2007.
Off Balance Sheet Arrangements
We do not have any off balance sheet arrangements that are reasonably likely to have a current or future effect on our financial condition, revenues, results of operations, liquidity or capital expenditures.
Summary of Significant Accounting Policies
Assignment of Accounts Receivable. We regularly assign our receivables to vendors with recourse. Assigned accounts receivable are shown on the accounts receivable section of the balance sheet until collected by the beneficiary. Should the accounts receivable become uncollectible, we are ultimately responsible for paying the vendor and recording an allowance for potential credit losses as deemed necessary. The assigned accounts receivable are generally collected within 90 days; therefore, the balance shown approximates its fair value.
Capitalized Development Costs and Licenses. Capitalized development costs include payments made to independent software developers under development agreements, as well as direct costs incurred for internally developed products. Software development costs are capitalized once technological feasibility of a product is established and such costs are determined to be recoverable. Technological feasibility of a product encompasses both technical design documentation and game design documentation.
Capitalized Development Costs. For products where proven technology exits, this may occur early in the development cycle. Technological feasibility is evaluated on a product-by-product basis. Prior to a product's release, we expense, as part of cost of sales, development costs when we believe such amounts are not recoverable. Amounts related to capitalized development costs that are not capitalized are charged immediately to cost of sales. We evaluate the future recoverability of capitalized amounts on a quarterly basis. The recoverablility of capitalized development costs is evaluated based on the expected performance of the specific products for which the costs relate. The following criteria are used to evaluate expected product performance: historical performance of comparable products using comparable technology and orders of the product prior to its release. Commencing upon product release, capitalized development costs are amortized to cost of sales - software royalties and amortization is based on the ratio of current revenues to total projected revenues, generally resulting in an amortization period of one year or less. For products that have been released in prior periods, we evaluate the future recoverability of capitalized amounts on a quarterly basis. The primary evaluation criterion is actual title performance.
Capitalized Licenses. Capitalized license costs represent license fees paid to intellectual property rights holders for use of their trademarks or copyrights in the development of the products. Depending on the agreement with the rights holder, we may obtain the rights to use acquired intellectual property in multiple products over multiple years, or alternatively, for a single product over a shorter period of time.
We evaluate the future recoverability of capitalized licenses on a quarterly basis. The recoverability of capitalized license costs is evaluated based on the expected performance of the specific products in which the licensed trademark or copyright is to be used. Prior to the related product's release, we expense, as part of cost of sales, licenses when we believe such amounts are not recoverable. Capitalized development cost for those products that are cancelled or abandoned are charged to cost of sales. The following criteria are used to evaluate expected product performance: historical performance of comparable products using comparable technology and orders for the product prior to its release.
Commencing upon the related products release, capitalized license costs are amortized to cost of sales - licenses based on the ratio of current revenues for the specific product to total projected revenues for all products in which the licensed trademark or copyright will be utilized. As license contracts may extend for multiple years, the amortization of capitalized intellectual property license costs relating to such contracts may extend beyond one year. For intellectual property included in products that have been released, we evaluate the future recoverability of capitalized amounts on a quarterly basis. The primary evaluation criterion is actual title performance.
Revenue Recognition. Revenue from video game distribution contracts, which provide for the receipt of non-refundable guaranteed advances, is recognized when the games are delivered to the distributor by the manufacturer under the completed contract method, provided the other conditions of sale are satisfied.
Until all of the conditions of the sale have been met, amounts received on such distribution contracts are recorded as deferred income. Although we regularly enter into the assignment of accounts receivable to vendors, we do not record revenues net versus gross since we:
i. Act as the principal in the transaction.
ii. Take title to the products.
iii. Have risks and rewards of ownership, such as the risk of loss for collection, delivery, or returns.
iv. Do not act as an agent or broker.
At all times, we maintain control of the development process and is responsible for directing the vendor. Other than for payment, the customer does not communicate with the vendor.
We utilize the completed contract method of revenue recognition as opposed to the percentage-of-completion method of revenue recognition for substantially all of its products since the majority of its products are completed within six to eight months. We complete the products in a short period of time since we obtain video games that are partially complete or obtain foreign language video games published by foreign manufacturers that are completed.
Allowance For Doubtful Accounts. The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments where applicable. The majority of the Company's sales are done through exclusive distribution which requires advance payments from the distributor. If payments are not received, product will not be published. This eliminates the need for allowance for doubtful accounts for the majority of the Company's receivables. However the Company regularly reviews the adequacy of its accounts receivable allowance for all sales not made under the explained scenario, and after considering the size of the accounts receivable balance, each customer's expected ability to pay and our collection history with each customer an allowance is established if deemed necessary by the Company's findings. The Company reviews significant invoices that are past due to determine if an allowance is appropriate based on the risk category using the factors described above. In addition, the Company maintains a general reserve for certain invoices by applying a percentage based on the age category. The Company also monitors its accounts receivable for concentration to any one customer, industry or geographic region. The allowance for doubtful accounts represents the Company's best estimate, but changes in circumstances relating to accounts receivable may result in a requirement for additional allowances in the future. The balance of the allowance for doubtful accounts as of September 30, 2008 and December 31, 2007 was $0 and $62,500, respectively.
Valuation of Long-Lived Intangible Assets Including Capitalized Development Costs and Licenses. Capitalized development costs include payments made to independent software developers under development agreements, as well as direct costs incurred for internally developed products.
We account for software development costs in accordance with SFAS No. 86 "Accounting for the Costs of Computer Software to be Sold, Leased, or Otherwise Marketed." Software development costs are capitalized once technological feasibility of a product is established and such costs are determined to be recoverable. Technological feasibility of a product encompasses both technical design documentation and game design documentation. The accumulation of appropriate costs as a capitalized, long-term asset involves significant judgment and estimates of employee time spent on individual software projects. The accumulation and timing of costs recorded and amortized may differ from actual results.
Our long-lived assets consist primarily of capitalized development costs and licenses. We review such long-lived assets, including certain identifiable intangibles, for impairment whenever events or changes in circumstances indicate that we will not be able to recover the asset's carrying amount in accordance with SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets." Such events or circumstances include, but are not limited to, a significant decrease in the fair value of the underlying business or asset, a significant decrease in the benefits realized from the software products, difficulty and delays in sales or a significant change in the operations of the use of an asset.
Recoverability of long-lived assets by comparison of the carrying amount of an asset to estimated undiscounted cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds its fair value.
Capitalized development costs and licenses, net of accumulated amortization, totaled approximately $3,525,221 at September 30, 2008. Factors we consider . . .
http://biz.yahoo.com/e/081222/cpyee.ob10-q.html