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RSHN Apple Rush(TM) & e-water(R) Gain Momentum at the Natural Marketplace Show in Vegas
Jul 25, 2007 9:25:00 AM
Copyright Business Wire 2007
BLUE ISLAND, Ill.--(BUSINESS WIRE)--
RushNet, Inc. (RSHN.PK) recently participated in the Natural Marketplace Trade Show in Las Vegas, NV July 21-22 www.naturalproductsassoc.org/site/PageServer and garnered increased support for the Apple Rush(TM) Brand and e-water(R). The show was well attended by Natural Foods retailers from throughout the U.S. To view pictures of the event click here: http://www.beveragesexpress.com/Trade%20Show%20Glimpse.html
RushNet was encouraged at the response that e-water(R) received at the show. One of the hottest new supplements at the show was Fulvic Acid, and the surge of interest in this sparked attendees to take a closer look at e-water(R). e-water(R) is now viewed not only as electrolyte-rich water, but as a highly beneficial product that utilizes Fulvic Acid as part of its enhancement and delivery system. Many of the attendees, who were not familiar with the product, took the time to hear the e-water(R) story and request more information on selling the product.
The key benefit of the show for RushNet was the approval of the Organic Apple Rush line by two of the largest U.S. Natural Foods Distributors, Tree of Life www.treeoflife.com and Nature's Best www.naturesbest.net . Tree of Life's approval encompasses four Distribution Centers; Midwest, Northeast, Southeast and Southwest. Nature's Best is a West Coast & Southwest regional distributor. Together these distributors service over 7,000 natural and specialty grocery stores throughout the U.S.
RushNet is scheduled to participate in upcoming tradeshows at Nature's Best (Brea, CA) August 12, 2007 and Tree of Life (Midwest Distribution center, show in Indianapolis, IN) August 25, 2007. These shows are attended by Natural, Specialty and Grocery retail buyers and are traditionally order writing events. RushNet expects that these events will greatly expedite the sales activity of Apple Rush(TM), e-water(R) and other RushNet products.
Disclaimer: The Company relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. Statements, which are not historical facts, are forward-looking statements. The company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company's public announcements.
Source: RushNet, Inc.
----------------------------------------------
RushNet
Inc.
Robert Corr
Phone: 708-389-6625
Website: www.enjoytherush.com
OFSI 7.41 Omni Financial Services, Inc. Reports Record Second Quarter Earnings of $1.71Million, Growth of 21.3% and Declares Dividend
Jul 25, 2007 9:21:00 AM
Copyright Business Wire 2007
ATLANTA--(BUSINESS WIRE)--
Omni Financial Services, Inc. (NASDAQ: OFSI):
Second Quarter 2007 Highlights (compared to June 30, 2006 unless otherwise noted):
-- Net income of $1.71 million - increase of 21.3%
-- Diluted earnings per share of $0.15
-- Total capital of $71.9 million - increase of 99.8%
-- Asset growth of $271.7 million - increase of 46.4%
-- Net interest margin of 5.02% - 4 basis point linked quarter
increase
-- Dividend of $0.05 per share declared
Financial Performance
Omni Financial Services, Inc. (NASDAQ: OFSI), the bank holding company for Omni National Bank, reported an increase of 21.3% in net income for the three months ended June 30, 2007, to $1.7 million or $0.15 per diluted share, compared to $1.4 million or $0.18 per diluted share in the same quarter in 2006. Comparing linked quarters, net income increased 17.5% or $0.02 per diluted share, from the first quarter of 2007. For the six months ended June 30, 2007 the Company posted net income of $3.2 million or $0.28 per diluted share, which is a net income increase of 15.9% as compared to $2.7 million or $0.36 for the six month period ended June 30, 2006. For comparison purposes, net income for the six months ended June 30, 2006 has been reduced by a $3.69 million tax credit recorded on January 1, 2006 upon conversion from an S-Corporation to a C-Corporation at January 1, 2006. Including the tax credit, net income calculated in accordance with generally accepted accounting principles ("GAAP") for the six months ended June 30, 2006 was $6.4 million or $0.85 per diluted share.
The primary reason for the increase in earnings during 2007 is expansion in net interest income, which was driven by a $193.1 million or 52% increase in average loans outstanding for the six months ended June 30, 2007 as compared to the six months ended June 30, 2006. Chairman and CEO Stephen Klein stated, "We are pleased that quarter after quarter we are able to produce record earnings and consistent loan growth for our shareholders." Earnings for the quarter were also positively impacted by the May 2007 recovery of $357,000 relating to a $1.0 million fraud loss recorded in December 2005 in the warehouse lending line of business. President Irwin Berman noted, "Our diligence in pursuing this matter has resulted in the recovery of 35% of the loss previously recognized. While further recovery remains uncertain, we continue to pursue our options."
Net Interest Income and Margin
For the three months ended June 30, 2007, the Company recorded record net interest income of $9.2 million, an increase of $2.78 million or 43.1% from $6.5 million for the same period in 2006, the result of continued strong loan growth which drove the increase in average earning assets of $223.5 million or 42.6% when compared to the same period in 2006. Compared to the first quarter of 2007, net interest income increased $847,000 or 10.10%.
The Company's net interest margin for the quarter was 5.02%, which was four basis points below second quarter 2006 but an increase of 4 basis points from the quarter ended March 31, 2007.
Loans
Loans, net of deferred loan fees, were $610.5 million at June 30, 2007, an increase of $189.2 million or 44.9% when compared to $421.3 million at June 30, 2006. On a linked-quarter basis, gross loans grew $40.6 million or 7.1% over the prior quarter. For the quarter ended June 30, 2007, net charge-offs totaled $456,000, resulting in an annualized net charge-off ratio of 0.31% compared to $174,000 or 0.18% for the quarter ended June 30, 2006 and $56,000 or 0.04% for the linked quarter. Approximately $175,000 or 38% of the net charge-offs related to losses recognized for properties in Griffin and Macon, Georgia that were foreclosed and taken into OREO during the quarter. During the first quarter of 2007 the Company noted that an accelerated economic downturn in these markets had increased non performing assets. An additional $146,000 or 32% of the net charge-offs arose from losses recognized on the liquidation of collateral related to two loans acquired in the Company's July 2005 acquisition of a troubled Dalton Georgia bank.
On a linked quarter basis, the provision for loan losses increased $455,000 or 46%. $424,000 of the increase was attributable to specific reserves related to two loans for which the Company has identified a probable incurred loss. The ratio of the allowance for loan losses to loans increased from 1.33% to 1.40%. Without the specific reserves noted, the ratio would have been 1.33%. The provision for loan losses for the three months ended June 30, 2006 was $725,000 and the ratio of the allowance for loan losses to loans was 1.32%. The $716,000 or 99% year over year increase in the provision reflects the Bank's significant loan growth.
Total non-performing assets as a percentage of total loans and OREO increased to 2.42% as of June 30, 2007 compared to 2.03% as of March 31, 2007 and 1.64% as of June 30, 2006. While there was a large reduction in non-performing assets in the community redevelopment portfolio to 0.92% of loans and OREO, from 1.38% of loans and OREO as of March 31, 2007, there was an increase in non-performing assets in the Atlanta real estate construction portfolio (to 0.71% of loans and OREO from 0.05%) due to credit deterioration detected in 5 metro Atlanta residential construction relationships, totaling $5.4 million. "We have been proactive in facing the loan performance challenges that we have seen and may continue to see in the industry, and believe we have a strong team in place to manage the resulting opportunities," Chief Lending Officer Charlie Barnwell commented. "We continue to evaluate market data as it relates to residential housing absorption, and in particular, building lot absorption and sales so that we can identify potential issues and work with our borrowers to avoid default."
Financial Ratios
Certain performance ratios for the quarter ended June 30, 2007 compared to the quarter ended June, 2006 have been significantly impacted by the large increase in stockholders' equity and shares outstanding associated with the Company's initial public offering that was effective September 29, 2006 and was consummated in the fourth quarter of 2006. As a result of the offering, shares outstanding increased by 3,852,500 and net proceeds of $33.0 million were received. The increase in these items resulted in the denominators used in calculating certain ratios to increase, which resulted in reduced ratios for the current quarter, specifically for return on equity and earnings per share. As the proceeds from the offering are utilized in the growth of the business it is expected that the performance ratios will continue to increase and return to historical levels.
Return on average equity for the three months ended June 30, 2007 was 9.25% compared to 15.83% for the same period in 2006. Return on average assets for the three months ended June 30, 2007 was 0.85% compared to 1.00% for the same period in 2006. The Company's efficiency ratio (non-interest expense divided by the sum of net interest income and non-interest income) was 60.22% for the three months ended June 30, 2007 compared to 59.76% for the three months ended June 30, 2006.
On a linked quarter basis, return on average equity and assets improved from 8.05% and 0.79% to 9.25% and 0.85%, respectively, as more of the capital raised in 2006 has been deployed and begun to produce a return. Also on a linked quarter basis, there was improvement in the efficiency ratio from 65.50% to 60.22%.
Selected Financial Information
For the Three Months Ended June 30
-----------------------------------
2007 2006 % Change
------------ ------------ ---------
Share Data
Diluted earnings per share (1) $ 0.15 $ 0.18 -16.67%
Book value at period end $ 6.41 $ 4.80 33.50%
Tangible book value at period end $ 5.89 $ 4.03 46.18%
Performance Ratios:
Return on average equity (1) (2) 9.25% 15.83% -41.57%
Net interest margin 5.02% 5.06% -0.88%
Efficiency ratio 60.22% 59.76% 0.77%
Credit Quality Ratios:
Allowance for loan losses to loans 1.40% 1.32% 6.06%
Nonperforming assets to total
assets 1.74% 1.19% 46.57%
Nonperforming assets to total loans
and Oreo 2.42% 1.58% 53.22%
Net charge-offs to average loans
(2) 0.31% 0.18% 72.22%
Selected Balance Sheet Averages:
Loans outstanding $585,922,266 $397,518,592 47.39%
Total assets $802,534,768 $562,571,304 42.65%
Interest-earning assets $748,415,943 $524,924,386 42.58%
Deposits $620,400,496 $399,348,478 55.35%
Tangible shareholders equity $ 68,217,130 $ 29,842,787 128.59%
Shareholders' equity $ 74,005,291 $ 35,658,426 107.54%
(1)The six month period ended June 30, 2006 has been adjusted to
reflect the $3.69 million tax credit related to our conversion from
an S-Corporation to a C-Corporation, recognized on January 1, 2006.
(2)Annualized
----------------------------------------------------------------------
For the Six Months Ended June 30
----------------------------------
2007 2006 % Change
------------ ------------ --------
Share Data
Diluted earnings per share (1) $ 0.28 $ 0.36 -22.22%
Book value at period end $ 6.41 $ 4.80 33.50%
Tangible book value at period end $ 5.89 $ 4.03 46.18%
Performance Ratios:
Return on average equity (1) (2) 8.66% 36.94% -76.56%
Net interest margin 5.01% 5.01% 0.01%
Efficiency ratio 62.72% 62.70% 0.03%
Credit Quality Ratios:
Allowance for loan losses to loans 1.40% 1.32% 6.06%
Nonperforming assets to total
assets 1.74% 1.19% 46.57%
Nonperforming assets to total
loans and Oreo 2.42% 1.58% 53.22%
Net charge-offs to average loans
(2) 0.18% 0.11% 63.64%
Selected Balance Sheet Averages:
Loans outstanding $561,964,567 $368,844,315 52.36%
Total assets $768,147,016 $529,836,306 44.98%
Interest-earning assets $718,920,830 $494,468,429 45.39%
Deposits $593,683,745 $380,289,702 56.11%
Tangible shareholders equity $ 67,781,725 $ 29,206,587 132.08%
Shareholders' equity $ 73,570,177 $ 35,024,206 110.06%
(1)The six month period ended June 30, 2006 has been adjusted to
reflect the $3.69 million tax credit related to our conversion from
an S-Corporation to a C-Corporation, recognized on January 1, 2006.
(2)Annualized
---------------------------------------------------------------------
Expansion Activities
During the second quarter, the Company continued its expansion activities. In April it celebrated the grand opening of a new Fayetteville, North Carolina branch, located on the north side of town and relocated the Dalton, Georgia branch to a new downtown location. The Company also expanded its geographic diversity by opening a loan production office in Dallas, Texas and entering into an agreement to acquire the charter of Wilson State Bank. The charter acquisition, which closed July 2, 2007, will allow the Company to provide full service banking in Dallas as well as expand full service banking throughout Texas. A Houston office is expected to open in the third quarter of 2007. The Company also acquired an office building in downtown Chicago, Illinois with the intent to increase its Chicago presence.
Like most financial institutions, the Bank continues to focus on core deposit growth. President Irwin Berman stated, "Although growing demand deposits continues to be a challenge, we are pleased with the growth of our money market and savings deposits which increased $32 million - more than 100% - since June 2006."
To support the continued growth, the Company added 15 new associates during the quarter. One area of focus was the Credit Administration area which added 4 employees. Chief Credit Officer Terry Lawson noted, "The additions to our Credit area further strengthen our already stringent credit culture."
Other Information
Quarterly Dividend. The board of directors declared a quarterly cash dividend of $0.05 per share at its July 24, 2007 board meeting. The dividend is payable on August 21, 2007 to shareholders of record as of August 6, 2007.
Stock Repurchase Program. On July 24, 2007, the board of directors authorized the Company to increase the aggregate size of its existing stock repurchase program by $8.6 million to provide for the repurchase of an aggregate of $10 million of stock, of which $1.4 million has been repurchased. The closing price of Omni Financial Services, Inc. common stock on June 29, 2007 (the last trading day of the quarter) was $8.12 per share.
The Georgia 100--Best of Business 2007. Omni Financial Services was ranked #27 in the Georgia 100, the Atlanta Journal-Constitution's annual list of Georgia's top 100 public companies based on 2006 performance. Rankings are computed by an independent accounting firm and are based on five weighted variables: annual revenue, year-over-year revenue change, return on equity, annual change in profit margin in fiscal 2006 and total return on investment (share price change plus reinvested dividends) for calendar 2006.
Conference Call / Webcast Information
Omni Financial Services, Inc. will host a conference call on Thursday, July 26 at 10:00 a.m. (ET) to discuss second quarter 2007 financial results. Additional material information, including forward-looking statements such as trends and projections, may be discussed during the presentation. To participate in the conference call or webcast, please follow the instructions listed below.
Conference Call: Please call 1-866-558-6901. A transcript of the call will be available 3 days after the event on the Company's website and will be available for 14 days following the event.
Webcast: To gain access to the webcast, which will be "listen-only," please go to www.onb.com and click on the link "Earnings Press Release." For those unable to participate during the live webcast, it will be archived on the Omni National Bank website for 14 days following the event.
About Omni
Omni Financial Services, Inc. is a bank holding company headquartered in Atlanta, Georgia. Omni Financial Services, Inc. provides a full range of banking and related services through its wholly owned subsidiary, Omni National Bank, a national bank headquartered in Atlanta, Georgia. Omni has one full service banking location in Atlanta, one in Dalton, Georgia, five in North Carolina, one in Chicago, Illinois, and one in Tampa, Florida. In addition, Omni has loan production offices in Charlotte, North Carolina, Dalton, Georgia, Birmingham, Alabama, Philadelphia, Pennsylvania, and Dallas, Texas. Omni provides traditional lending and deposit gathering capabilities, as well as a broad array of financial products and services, including specialized services such as community redevelopment lending, small business lending and equipment leasing, warehouse lending, and asset-based lending. Omni Financial Services, Inc.'s common stock is traded on the NASDAQ Global Market under the ticker symbol "OFSI." Additional information about Omni National Bank is available on its website at www.onb.com.
Except for historical information contained herein, the matters discussed in this press release consist of forward-looking information under the Private Securities Litigation Reform Act of 1995. The accuracy of the forward-looking information is necessarily subject to and involves risks and uncertainties, which could cause actual results to differ materially from the forward-looking information. These risks and uncertainties include, but are not limited to, unforeseen general economic conditions, potential difficulties in the execution of Omni Financial Services, Inc.'s business and growth strategies, competitive risks and other factors set forth from time to time in Omni Financial Services, Inc.'s filings with the Securities and Exchange Commission. When used in this release, the words "believes," "estimates," "plans," "expects," "should," "will," "may," "might," "outlook," and "anticipates" are similar expressions as they relate to Omni Financial Services, Inc.'s (including its subsidiaries), or its management, and are intended to identify forward-looking statements.
Omni Financial Services, Inc. from time to time becomes aware of rumors concerning its business, prospects and results of operations. As a matter of policy, Omni Financial Services, Inc. does not comment on rumors. Investors are cautioned that in this age of instant communication and Internet access, it may be important to avoid relying on rumors and other unsubstantiated information. Omni Financial Services, Inc. complies with federal and state laws applicable to the disclosure of information concerning its business, prospects and results of operations. Investors may be at significant risk in relying on unsubstantiated information from other sources.
Omni Financial Services, Inc.
Consolidated Balance Sheets
ASSETS June 30, December 31, June 30,
2007 2006 2006
------------ ------------ ------------
(unaudited) (unaudited)
Cash and due from banks $ 7,297,232 $ 5,874,453 $ 6,750,183
Interest-bearing deposits in
other financial institutions 2,126,795 319,961 1,906,400
Federal funds sold 37,827,000 16,341,000 -
------------ ------------ ------------
Total cash and cash
equivalents 47,251,027 22,535,414 8,656,583
Investment securities
available-for-sale 140,527,523 134,553,978 118,685,155
Other investments 5,927,500 4,836,100 6,388,600
Loans, net of allowance for
loan losses of $8,561,083,
$6,646,212, and $5,544,038 601,971,083 494,813,672 415,802,060
Loans held-for-sale 5,482,945 9,635,243 3,728,157
Equipment leased to others 3,053,399 - 27,112
Other real estate owned 5,306,283 3,377,719 1,786,917
Premises and equipment, net 22,714,099 10,707,034 11,912,047
Goodwill 4,753,887 4,753,887 4,753,887
Cash surrender value of life
insurance policies 1,225,236 1,201,275 1,177,489
Accrued interest and loan
related receivable 9,024,168 5,904,039 4,210,308
Deferred taxes 5,252,473 3,461,111 4,238,328
Other assets 4,745,912 6,984,509 4,202,184
------------ ------------ ------------
$857,235,535 $702,763,981 $585,568,827
============ ============ ============
LIABILITIES & STOCKHOLDERS'
EQUITY
Deposits:
Demand $ 44,722,493 $ 49,380,211 $ 41,009,788
Savings and money market 46,337,209 36,993,065 13,842,909
Certificates of deposit -
Retail 174,435,896 162,293,149 175,445,108
Certificates of deposit -
Brokered 411,592,611 296,003,247 198,013,438
------------ ------------ ------------
Total deposits 677,088,209 544,669,672 428,311,243
Federal Home Loan Bank
borrowings 77,500,000 57,500,000 92,000,000
Junior subordinated debentures 20,620,000 20,620,000 20,620,000
Federal funds purchased - - 1,842,000
Deferred gain on sale of OREO 702,668 576,808 315,875
Escrow accounts, accrued
interest payable and other
liabilities 9,440,111 7,050,415 6,507,590
------------ ------------ ------------
Total liabilities 785,350,988 630,416,895 549,596,708
Common stock, par value $1.00;
25,000,000 shares authorized:
11,390,069, 11,348,928,
7,492,978 shares issued;
11,218,148, 11,332,307,
7,492,977 outstanding 11,390,069 11,348,928 7,492,978
Additional paid-in capital 54,863,563 54,567,172 25,276,224
Retained earnings 9,321,025 7,296,572 5,158,561
Accumulated other comprehensive
loss (2,184,432) (765,499) (1,855,644)
Treasury stock, at cost;
171,921, 16,621 and 16,612
shares (1,505,678) (100,087) (100,000)
------------ ------------ ------------
Total shareholders' equity 71,884,547 72,347,086 35,972,119
------------ ------------ ------------
$857,235,535 $702,763,981 $585,568,827
============ ============ ============
Omni Financial Services, Inc.
Consolidated Statements of Income
For the Three Months For the Six Months Ended
Ended June 30 June 30
----------------------- ------------------------
2007 2006 2007 2006
----------- ----------- ----------- ------------
(unaudited) (unaudited)
Interest income:
Interest and fees on
loans $16,094,579 $10,546,717 $30,448,850 $ 19,190,317
Interest on
investment
securities 1,994,899 1,475,502 3,826,089 2,830,142
----------- ----------- ----------- ------------
Total interest
income 18,089,478 12,022,219 34,274,939 22,020,459
----------- ----------- ----------- ------------
Interest expense:
Interest on deposits 7,584,277 3,999,573 14,343,583 7,326,849
Interest on other
borrowings 1,271,419 1,569,782 2,261,947 2,679,369
----------- ----------- ----------- ------------
Total interest
expense 8,855,696 5,569,355 16,605,530 10,006,218
----------- ----------- ----------- ------------
Net interest income 9,233,782 6,452,864 17,669,409 12,014,241
Provision for loan
losses 1,441,019 725,000 2,426,798 950,000
----------- ----------- ----------- ------------
Net interest income
after provision for
loan losses 7,792,763 5,727,864 15,242,611 11,064,241
----------- ----------- ----------- ------------
Noninterest income:
Gain on sale of loans 204,442 236,483 302,767 716,790
Service charges on
deposit accounts 164,656 205,431 322,652 341,645
Investment securities
(losses) gains, net 9,803 (3,834) 8,674 (2,258)
Other income 483,294 116,745 863,835 342,419
----------- ----------- ----------- ------------
Total noninterest
income 862,195 554,825 1,497,928 1,398,596
----------- ----------- ----------- ------------
Noninterest Expense:
Salaries and employee
benefits 2,966,722 2,120,153 5,972,570 4,160,320
Occupancy and
equipment 877,053 695,160 1,729,227 1,365,287
Professional fees 371,043 254,725 705,451 616,010
Other real estate
owned expense 397,019 119,963 822,043 225,939
Telecommunications 165,137 139,187 349,567 284,975
Advertising and
marketing 171,349 108,831 326,501 247,772
Office supplies 92,207 75,098 178,148 141,940
Other 1,039,446 674,633 1,937,832 1,367,329
----------- ----------- ----------- ------------
Total noninterest
expense 6,079,976 4,187,750 12,021,339 8,409,572
----------- ----------- ----------- ------------
Income before income
taxes 2,574,982 2,094,939 4,719,200 4,053,265
Income tax expense
(benefit) 868,104 687,455 1,559,874 (2,362,873)
----------- ----------- ----------- ------------
Net income $ 1,706,878 $ 1,407,484 $ 3,159,326 $ 6,416,138
----------- ----------- ----------- ------------
Proforma data: (1)
Net income:
As reported $ 1,706,878 $ 1,407,484 $ 3,159,326 $ 6,416,138
Adjustment for change
in tax status - - $(3,691,407)
----------- ----------- ----------- ------------
Adjusted net income $ 1,706,878 $ 1,407,484 $ 3,159,326 $ 2,724,731
=========== =========== =========== ============
Earnings per common
share:
Basic $ 0.15 $ 0.19 $ 0.28 $ 0.87
Diluted $ 0.15 $ 0.18 $ 0.28 $ 0.85
Proforma Earnings per
common share: (1)
Basic earnings per
share $ 0.15 $ 0.19 $ 0.28 $ 0.37
Diluted earnings per
share $ 0.15 $ 0.18 $ 0.28 $ 0.36
Weighted average
common shares
outstanding:
Basic 11,280,687 7,476,366 11,307,100 7,353,258
Diluted 11,413,877 7,638,883 11,454,299 7,515,774
(1)The six months ended June 30, 2006 has been adjusted to reflect the
$3.69 M tax credit related to our conversion from an S-Corporation to
a C-Corporation, recognized on January 1, 2006.
----------------------------------------------------------------------
Omni Financial Services, Inc.
Selected Financial Data
For the Three Months Ended For the Six Months Ended
June 30 June 30
--------------------------- ---------------------------
2007 2006 2007 2006
------------- ------------- ------------- -------------
(unaudited) (unaudited)
Share Data
Common
shares
outstanding 11,218,148 7,476,366 11,218,148 7,476,366
Weighted
average
shares
outstanding
- basic 11,280,687 7,476,366 11,307,100 7,353,258
Weighted
average
shares
outstanding
- diluted 11,413,877 7,638,883 11,454,299 7,515,774
Book value at
quarter end $ 6.41 $ 4.80 $ 6.41 $ 4.80
Tangible book
value at
quarter end $ 5.89 $ 4.03 $ 5.89 $ 4.03
Basic earnings
per
share/GAAP $ 0.15 $ 0.19 $ 0.28 $ 0.87
Diluted
earnings per
share/GAAP $ 0.15 $ 0.18 $ 0.28 $ 0.85
Basic earnings
per
share/Pro-
forma (1) $ 0.15 $ 0.19 $ 0.28 $ 0.37
Diluted
earnings per
share/Pro-
forma (1) $ 0.15 $ 0.18 $ 0.28 $ 0.36
Cash dividends
declared $ 0.05 $ 0.11 $ 0.10 $ 0.17
Performance
Ratios:
Return on
average
assets/Pro-
forma (1) (2) 0.85% 1.00% 0.83% 1.04%
Return on
average
equity/Pro-
forma (1) (2) 9.25% 15.83% 8.66% 15.69%
Return on
average
tangible
equity/Pro-
forma (1) (2) 10.04% 18.92% 9.40% 18.81%
Yield on
earning
assets 9.77% 9.31% 9.67% 9.09%
Cost of
interest-
bearing
liabilities 5.22% 4.53% 5.17% 4.36%
Net interest
Margin 5.02% 5.06% 5.01% 5.01%
Efficiency
ratio 60.22% 59.76% 62.72% 62.70%
Return on
average
assets/GAAP
(2) 0.85% 1.00% 0.83% 2.44%
Return on
average
equity/GAAP
(2) 9.25% 15.83% 8.66% 36.94%
Return on
average
tangible
equity/GAAP
(2) 10.04% 18.92% 9.40% 44.30%
Credit Quality
Ratios:
Allowance for
loan losses $ 8,561,083 $ 5,544,038 $ 8,561,083 $ 5,544,038
Nonperforming
assets $ 14,951,283 $ 6,683,195 $ 14,951,283 $ 6,683,195
Allowance for
loan losses
to loans 1.40% 1.32% 1.40% 1.32%
Nonperforming
assets to
total assets 1.74% 1.19% 1.74% 1.19%
Nonperforming
assets to
total loans
and Oreo 2.42% 1.58% 2.42% 1.58%
Net charge-
offs $ 456 $ 174 $ 512 $ 197
Net charge-
offs to
average
loans (2) 0.31% 0.18% 0.18% 0.11%
Average
Balances:
Loans
outstanding $585,922,266 $397,518,592 $561,964,567 $368,844,315
Total assets $802,534,768 $562,571,304 $768,147,016 $529,836,306
Interest-
earning
assets $748,415,943 $524,924,386 $718,920,830 $494,468,429
Deposits $620,400,496 $399,348,478 $593,683,745 $380,289,702
Tangible
shareholders
equity $ 68,217,130 $ 29,842,787 $ 67,781,725 $ 29,206,587
Shareholders'
equity $ 74,005,291 $ 35,658,426 $ 73,570,177 $ 35,024,206
(1)The six-month period ended June 30, 2006 has been adjusted to
reflect the $3.69 million tax credit related to our conversion from
an S-Corporation to a C-Corporation, recognized on January 1, 2006.
(2)Annualized
----------------------------------------------------------------------
Loan Supplementary Information
The following schedules provide additional loan and non performing asset information as of June 30, 2007.
Non performing assets by loan type.
June 30, 2007 March 31, 2007
-------------------------- --------------------------
Non- Non-
performing performing
Loans Loans OREO Loans Loans OREO
-------- ----------------- -------- -----------------
Real estate -
construction $ 70,840 $ 2,390 $1,999 $ 74,531 $ 261 $ -
Community
redevelopment $174,814 $ 2,569 $3,143 156,863 3,566 4,402
Commercial real
estate $222,585 $ 2,942 $ 32 199,595 1,621 132.0
Residential real
estate $ 18,386 $ 400 $ 132 19,226 425 704
Commercial and
industrial $123,256 $ 1,344 $ - 119,188 544 -
Consumer $ 2,614 $ - $ - 2,346 35 -
------------------- -------------------------- ------
Total loans and
Oreo $612,495 $ 9,645 $5,306 571,750 6,452 5,238
=================== ========================== ======
Less: Allowance
for loan losses $ 8,561 $ - $ - 7,576 - -
Deferred
loan
fees, net $ 1,964 $ - $ - 1,795 - -
------------------- -------------------------- ------
Total net loans
and Oreo $601,970 $ 9,645 $5,306 $562,379 $ 6,452 $5,238
=================== ========================== ======
December 31, 2006
--------------------------
Loans Non- OREO
performing
Loans
--------------------------
Real estate -
construction $ 61,768 $ - $ -
Community
redevelopment 132,162 1,919 2,508
Commercial real
estate 184,015 1,961 -
Residential
real estate 20,254 411 870
Commercial and
industrial 102,018 874 -
Consumer 2,375 7 -
------------------- ------
Total loans and
Oreo 502,590 5,172 3,378
=================== ======
Less: Allowance
for loan
losses 6,646 -
Deferred
loan
fees,
net 1,130 -
------------------- ------
Total net loans
and Oreo $494,814 $ 5,172 $3,378
=================== ======
Non performing assets as a percentage of loan type.
June 30, 2007
---------------------------------------
Total as
a % of
Non- Total as % Gross
performing of Loans
loans OREO Product and OREO
---------------------------------------
Real estate - construction 3.28% 2.74% 6.03% 0.71%
Community redevelopment 1.44% 1.77% 3.21% 0.92%
Commercial real estate 1.32% 0.01% 1.34% 0.48%
Residential real estate 2.16% 0.71% 2.87% 0.09%
Commercial and industrial 1.09% 0.00% 1.09% 0.22%
Consumer 0.00% 0.00% 0.00% 0.00%
Total Non-Performers 1.56% 0.86% 2.42%
---------------------------------------
March 31, 2007
---------------------------------------
Total as
a % of
Non- Total as % Gross
performing of Loans
loans OREO Product and OREO
---------------------------------------
Real estate - construction 0.35% - 0.35% 0.05%
Community redevelopment 2.21% 2.73% 4.94% 1.38%
Commercial real estate 0.81% 0.07% 0.88% 0.30%
Residential real estate 2.13% 3.53% 5.67% 0.20%
Commercial and industrial 0.46% - 0.46% 0.09%
Consumer 1.49% - 1.49% 0.01%
Total Non-Performers 1.12% 0.91% 2.03%
---------------------------------------
December 31, 2006
---------------------------------------
Total as
a % of
Non- Total as % Gross
performing of Loans
loans OREO Product and OREO
---------------------------------------
Real estate - construction - - - 0.00%
Community redevelopment 1.42% 1.86% 3.29% 0.87%
Commercial real estate 1.07% - 1.07% 0.39%
Residential real estate 1.95% 4.12% 6.06% 0.25%
Commercial and industrial 0.86% - 0.86% 0.18%
Consumer 0.29% - 0.29% 0.00%
Total Non-Performers 1.02% 0.67% 1.69%
---------------------------------------
Non-performing loans include non-accrual loans and accruing loans past
due greater than 90 days
----------------------------------------------------------------------
Non performing asset with collateral type.
Non accrual OREO Total
loans
---------------- ---------------- -----------------
Units Value Units Value Units Value
---------------- ---------------- -----------------
Commercial loans/OREO
collateralized by residential
dwellings
-----------------------------------
Redevelopment
Atlanta 7 $ 766,140 10 $1,094,515 17 $ 1,860,655
Macon - - 24 1,128,223 24 1,128,223
Griffin - - 10 426,930 10 426,930
Charlotte 1 320,382 3 152,967 4 473,349
Birmingham 2 68,613 2 84,696 4 153,309
Tampa 4 454,606 2 255,998 6 710,605
Chicago 7 1,279,656 - - 7 1,279,656
---------------------------------------------------
21 2,889,397 51 3,143,329 72 6,032,727
Atlanta Commercial 4 730,083 7 1,268,193 11 1,998,276
North Carolina
Commercial 4 149,824 4 131,513 8 281,337
---------------------------------------------------
29 3,769,304 62 4,543,035 91 8,312,339
Commercial loans
collateralized by
residential lots
-------------------
Atlanta Commercial 65 2,931,771 21 731,248 86 3,663,019
Loans/OREO
collateralized by other
than residential
property
------------------------
SBA 5 905,453 - - 5 905,453
Leasing, equipment
and other 11 1,123,801 1 32,000 12 1,155,801
Commercial real
estate 1 562,606 - - 1 562,606
Atlanta Consumer 2 309,311 - - 2 309,311
North Carolina
consumer 1 42,753 - - 1 42,753
---------------------------------------------------
20 2,943,924 1 32,000 21 2,975,924
Aggregate non-
performing loans
and OREO 114 $9,644,999 84 $5,306,283 198 $14,951,283
----------------------------------------------------------------------
Commercial residential real estate performing loan portfolio - collateral and loan type.
Land-
Acquisition Multi-
Land - & Family
Unimproved Development Dwelling
Georgia
Total Loans $ 3,245,945 $ 7,848,760 $ 90,385
Number of units of raw land 11 11 -
Number of lots 2 - -
Number of condo/town home
units - - -
Number of single family
residences - - -
North Carolina
Total Loans $ 3,026,580 $ 2,992,508 $ -
Number of units of raw land 12 3 -
Number of lots 8 4 -
Number of condo/town home
units - 1 -
Number of single family
residences - - -
Other
Total Loans $ 5,574,927 $ 1,453,694 $4,864,736
Number of units of raw land 2 2 -
Number of lots - - -
Number of condo/town home
units - - 2
Number of single family
residences - - -
Total
Total Loans $11,847,452 $ 12,294,962 $4,955,121
Number of units of raw land 25 16 -
Number of lots 10 4 -
Number of condo/town home
units - 1 2
Number of single family
residences - - -
The above collateral information is based on information provided
as part of the related loan documentation process. The actual
number of lots may have changed during the development process
Residential
Construction Grand Total
Georgia
Total Loans $ 31,969,427 $43,154,516
Number of units of raw land - 22
Number of lots 138 140
Number of condo/town home units 2 2
Number of single family residences 29 29
North Carolina
Total Loans $ 14,020,225 $20,039,313
Number of units of raw land 2 17
Number of lots 72 84
Number of condo/town home units - 1
Number of single family residences 39 39
Other
Total Loans $ 5,022,661 $16,916,019
Number of units of raw land - 4
Number of lots 3 3
Number of condo/town home units 2 4
Number of single family residences - -
Total
Total Loans $ 51,012,313 $80,109,848
Number of units of raw land $ 2 43
Number of lots $ 213 227
Number of condo/town home units $ 4 7
Number of single family residences $ 68 68
The above collateral information is based on information provided
as part of the related loan documentation process. The actual
number of lots may have changed during the development process
Source: Omni Financial Services, Inc.
----------------------------------------------
Omni Financial Services
Inc.
Connie Perrine
404-250-7745
Chief Financial Officer
INSM .71 Insmed Announces Second Quarter and First Half Earnings Release Date and Conference Call
Jul 25, 2007 9:15:00 AM
Copyright Business Wire 2007
RICHMOND, Va.--(BUSINESS WIRE)--
Insmed Inc. (Nasdaq:INSM) today announced that it will release its 2007 second quarter and first half results before the market opens on Thursday, August 2, 2007.
Management will host an investment community conference call beginning at 11:00 a.m. (ET) to discuss the financial results, provide a business update and answer questions.
Individuals interested in listening to the live conference call may do so by dialing 877-407-0782 toll free within the U.S. and Canada, or 201-689-8567 for international callers.
A telephone replay will be available approximately two hours after the call for two weeks by dialing 877-660-6853 from the U.S., or 201-612-7415 for international callers. The account # is 286 and conference id # 249996.
Individuals interested in listening to the conference call via the Internet may do so by visiting www.insmed.com. A replay will be available on the Company's Web site for 90 days.
About Insmed Incorporated
Insmed is a biopharmaceutical company focused on the development of drug candidates for the treatment of metabolic diseases and endocrine disorders with unmet medical needs. For more information, please visit www.insmed.com.
Forward Looking Statements
This release contains forward-looking statements which are made pursuant to provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that such statements in this release, including statements relating to planned clinical study design, regulatory and business strategies, plans and objectives of management and growth opportunities for existing or proposed products, constitute forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements. The risks and uncertainties include, without limitation, risks that product candidates may fail in the clinic or may not be successfully marketed or manufactured, the Company may lack financial resources to complete development of product candidates, the FDA may interpret the results of studies differently than the Company, competing products may be more successful, demand for new pharmaceutical products may decrease, the biopharmaceutical industry may experience negative market trends and other risks and challenges detailed in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2007. Readers are cautioned not to place undue reliance on any forward-looking statements which speak only as of the date of this release. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events.
Source: Insmed Inc.
----------------------------------------------
Investor Relations International
Haris Tajyar
818-382-9702
htajyar@irintl.com
ETWC 4.45 etrials Announces Connection with Roche Diagnostics
Roche's ACCU-CHEK(R) Blood Glucose Meter to Connect with eDiary Solution via Wireless Infrared Connection
Jul 25, 2007 9:15:00 AM
Copyright Business Wire 2007
MORRISVILLE, N.C.--(BUSINESS WIRE)--
etrials(R) Worldwide, Inc. (Nasdaq: ETWC, ETWCW, ETWCU), a leading provider of eClinical software and services that optimize clinical-trial management and accelerate time to market, today announced a partnership between Roche Diagnostics' ACCU-CHEK blood glucose meters and etrials' eDiary solution.
With this partnership, patients with diabetes participating in clinical trials can now seamlessly transmit vital glucose meter data into the etrials eDiary solution using wireless infrared ports located on both devices.
"We are excited to partner with etrials by providing additional data-collection options for diabetes clinical trials," said Nancy K. Lonsinger, vice president of Diabetes Care Marketing at Roche Diagnostics. "ACCU-CHEK meters, the global leader in blood glucose monitoring, will now transmit data via infrared connection to the etrials eDiary in order to improve data collection."
Historically, patients who use blood glucose meters have been required to manually report their clinical data on paper, increasing the risks of patient transcription errors and limiting immediate data analysis. However, now with the use of an eDiary solution, reported patient data can be immediately communicated back to study investigators and sponsors for analysis and evaluation.
"We are proud to provide our clients with accurate and flexible solutions. Our collaboration with Roche Diagnostics demonstrates our commitment to improving the clinical research process through the ability to consolidate clinical data," said Rick Piazza, vice president of product strategy of etrials. "Our process expertise and trusted eDiary solution, combined with Roche's ACCU-CHEK blood glucose meter, will truly ease clinical reporting for patients with diabetes."
etrials has extensive experience in clinical trials for diabetes; its solutions have powered global trials in all clinical phases for treatments and devices. In total, etrials has participated in diabetes trials involving more than 90,000 subjects at more than 3,000 sites.
"The collaboration with Roche Diagnostics demonstrates the industry's increased attention to eClinical solutions and the importance of the seamless integration between internal and external data-collection technologies," said Chip Jennings, president and CEO of etrials. "Sponsors can now rely on even more accurate and timely diabetes clinical data when captured with etrials' eDiary. This is a competitive advantage both for the sponsor and for etrials."
About etrials
etrials Worldwide, Inc. (Nasdaq: ETWC, ETWCW, ETWCU), a leading provider of eClinical software and services to pharmaceutical, biotechnology, medical device, and contract research organizations offers insight into all aspects of clinical trials, maximizing return on investment and accelerating time to market. With global operations, etrials is the only top-tier solutions provider to offer electronic data capture (EDC), interactive voice response (IVR), and electronic patient diaries (eDiary) as part of an integrated software as a service (SaaS) platform or as individual solutions to optimize clinical trials. As an experienced leader, etrials has facilitated over 900 trials involving more than 400,000 patients in 60 countries and has participated in 33 studies used for new drug applications. Having partnered with over 100 clients, including 16 of the top 20 global pharmaceutical companies and top CROs, etrials is leading the way toward adaptive trials and integration between eClinical and electronic health records. To learn more visit us at www.etrials.com.
etwcg
etrials is a registered trademark in the United States of etrials Worldwide, Inc. Other marks belong to their respective owners and used with permission.
Forward-Looking Statements
This announcement may contain forward-looking statements, including statements regarding the business and technology interface relationship covered by a new agreement. These statements involve risks and uncertainties. Actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include, but are not limited to, delays in the current schedule for clinical trials by the client, utilization of our software and services by clients to a lesser degree than is currently expected and early termination of the contract, all of which are possible because our contracts do not generally have minimum volume guarantees and can be terminated without penalty by clients. More information about potential factors which could cause actual results to differ from the forward looking statements included in this announcement is included in our filings with the Securities and Exchange Commission, including the "Risk Factors" Section of the Form 10-KSB filed on March 30, 2007. All forward-looking statements are based on information available to us on the date hereof, and we assume no obligation to update such statements.
Source: etrials Worldwide, Inc.
----------------------------------------------
Investors:
Lippert Heilshorn & Associates
Chris Witty/Jody Burfening
212.201.6609
cwitty@lhai.com
or
Media:
etrials
Kimberly O'Shea
919-653-3601
kimberly.o'shea@etrials.com
ZRBA 7.05 Zareba Systems Announces Planned Sale of Waters Medical Systems
Jul 25, 2007 9:10:00 AM
Copyright Business Wire 2007
MINNEAPOLIS--(BUSINESS WIRE)--
Zareba Systems, Inc. (NASDAQ:ZRBA) today announced the Company has entered into a definitive agreement with Holding GC, Inc., an affiliate of Groupe Cair, for the sale of the Company's Waters Medical Systems, Inc. subsidiary. Under the agreement, Holding GC will purchase 100% of the outstanding stock of Waters Medical Systems for $5 Million. The purchase price is payable in cash at the closing. The agreement calls for a post-closing confirmation of the value of the "net assets" of Waters Medical Systems on the closing date, which could result in a reduction of the purchase price. The transaction is expected to close on or about August 1, 2007, subject to customary closing conditions.
Groupe Cair is a medical products company located in Lyon, France. Their subsidiary, Institut Georges Lopez (IGL), is involved in organ preservation research and is the developer and marketer of a proprietary solution used in preserving organs between donor and transplant recipient. IGL has been a distributor of Waters Medical Systems' products since 2002. Groupe Cair was advised in the transaction by NATIXIS Pramex International.
The Company does not anticipate a post closing adjustment, but, if there is one, believes it will not be material. The Company expects to record a pre-tax non-operating gain of approximately $4 Million as a result of the sale. All sales proceeds will be used to reduce bank debt. The above description of the transaction is qualified in its entirety by reference to the full text of the definitive agreement.
"As we have grown our electronic perimeter protection business units, the Waters Medical Systems business, though successful and profitable, represented a small portion of our overall sales and was no longer aligned with the strategic direction of the Company. This transaction will help position Zareba Systems to focus our resources on the growth and development of Zareba's core business units, including electric fencing for animal control, access control products of electronic perimeter security fence systems and automatic gate openers," said President and Chief Executive Officer Jerry Grabowski.
About Zareba Systems, Inc.
Zareba Systems, Inc. is the world's leading manufacturer of electronic perimeter fence systems for animal and access control. A Minnesota corporation since 1960, the company's corporate headquarters is located in Minneapolis, with manufacturing facilities in Ellendale, Minn. Its Zareba Systems Europe subsidiary owns Rutland Electric Fencing Co., the largest manufacturer of electric fencing products in the United Kingdom. The corporate web site is at located www.ZarebaSystemsInc.com.
This release includes certain "forward-looking statements" as defined under Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include, but are not limited to, statements regarding the proposed sale of our Waters Medical Systems subsidiary, the expected closing and timing of that transaction, our expected gain from the transaction, the expected materiality of any post-closing adjustment to the purchase price, and/or statements preceded by, followed by or that include the words "believes," "could," "expects," "anticipates," "estimates," "intends," "plans," "projects," "potential," "seeks," "exploring," or similar expressions. No assurances can be given that the future results or events covered by such forward-looking statements will be achieved or that the transaction described herein will be consummated. Forward-looking statements relating to the transaction are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by such statement and similar statements in other Company disclosures. The potential risks and uncertainties include, among others, the possibility that the proposed transaction does not close or that the closing may be delayed, that unexpected liabilities related to the disposition arise or that purchase price adjustments are required to the net gain figure noted above, that any post-closing adjustments to the purchase price are material to the Company, and other economic, business, competitive and/or regulatory factors affecting our business and the business of the purchaser generally. In addition, please refer to the documents that we file with the Securities and Exchange Commission on Forms 10-KSB, 10-Q and 8-K. Our filings identify and address other important factors that could cause our financial and operational results to differ materially from those contained in the forward-looking statements set forth in this release. Copies of these filings may also be obtained by accessing our website (www.ZarebaSystemsInc.com) or the SEC's website (www.sec.gov). We do not undertake any obligation to update any of the forward-looking statements after the date of this press release to conform to actual results.
Source: Zareba Systems, Inc.
----------------------------------------------
Zareba Systems
Inc.
Jeff Mathiesen
763-551-1125
TIBX 8.79 TIBCO Spotfire Powers Next Level's New Channelytics(R) Solution for Information Technology Marketing and Sales Professionals
Channelytics(R) combines Next Level managed services and expertise with Spotfire enterprise analytics to quickly discover revenue enhancing insights in sales and marketing information
Jul 25, 2007 9:00:00 AM
SOMERVILLE, Mass., July 25 /PRNewswire/ -- Spotfire, a division of TIBCO Software Inc. (Nasdaq: TIBX), today announced that its enterprise analytics platform is powering Next Level's newly launched Channelytics(R) solution. Channelytics helps IT sales and marketing professionals gain greater insight from the data available to them to better understand their accounts. It also provides business critical data on where to spend marketing dollars for the greatest return and the deployment of sales resources for better account coverage.
"We're helping our clients achieve real revenue growth by using data-driven sales and marketing analytics that allows them to compete in today's IT marketplace," said Carlos Blanco, Managing Director of Next Level. "Our Channelytics offering-a combination of services and software-powered by the TIBCO Spotfire(R) enterprise analytics platform, enables Next Level to provide a full range of actionable recommendations that deliver competitive insight at a speed and adaptability that traditional BI cannot."
"We believe that the combination of Spotfire and Next Level creates a powerful offering that allows sales and marketing professionals to interact with their data in new ways, helping them reach decisions faster and more effectively than ever before," said Roger Oberg, Vice President of Product Strategy, TIBCO Spotfire Division.
On Thursday, August 16th, 2007 at 11:00 am EDT, Spotfire and Next Level will conduct a webinar entitled 'Using Analytics to Optimize your Information Technology Marketing and Sales.' The webinar will discuss how the Channelytics solution helps channel marketing and sales professionals:
-- Understand the future revenue potential of accounts;
-- Discover insights on where to spend marketing dollars for the greatest
return;
-- Deploy sales resources properly, based on account value; and
-- Drive incremental revenue from smaller accounts.
"Based on work done for leading technology companies, your teams will learn how sales and attribute data can provide actionable insights into your marketing and sales actions, which ultimately provides your organization with a competitive advantage," asserts Blanco.
To register for this webcast, please visit:
http://www.spotfire.com/events/webcasts/channelytics.cfm
About Next Level
With operations focused on the United States, Canada, Latin America and Europe, Next Level enables technology companies to quickly seize opportunities through program creation and execution by highly trained and skilled inside and field based personnel. Our teams are quota-bearing / results-oriented and focused on one thing: Selling More Products! Next Level is fortunate to serve some of the largest technology companies in the world, including Intel, Seagate, Sun Microsystems, Symantec, ViewSonic, Oracle, Microsoft, HP, APC, Cognos, Avaya, Novell, CA, NEC, Autodesk, Citrix, CMP and Cisco, among others. To learn more about Next Level, our capabilities and clients, please call 800-273-4850 or visit http://www.nextlvl.com.
About Spotfire
Spotfire, a division of TIBCO Software Inc. is a leading provider of enterprise analytics software for next generation business intelligence. Spotfire offers a visual and interactive experience that helps professionals quickly discover new and actionable insights in information. Distinguished by its speed to insight and adaptability to specific business challenges, Spotfire rapidly reveals unseen threats and new opportunities, creating significant economic value. Spotfire's customers include industry leaders among the Global 2000 that have deployed Spotfire analytics to gain an information advantage over their competitors. For more information, visit http://www.spotfire.com.
TIBCO, TIBCO Software, and Spotfire are trademarks or registered trademarks of TIBCO Software Inc. in the United States and/or other countries. All other product and company names and marks mentioned in this document are the property of their respective owners and are mentioned for identification purposes only.
Contacts:
Jim Baptiste Amy Groden-Morrison
Davies Murphy Group, Inc. TIBCO Spotfire Division
(781) 418-2438 (617) 702-1710
spotfire@daviesmurphy.com amorriso@tibco.com
http://www.daviesmurphy.com http://www.spotfire.com
SOURCE Spotfire
----------------------------------------------
Jim Baptiste of Davies Murphy Group
Inc.
+1-781-418-2438
spotfire@daviesmurphy.com; or Amy Groden-Morrison of TIBCO Spotfire Division
+1-617-702-1710
amorriso@tibco.com
PIII .84 PECO II Reports Second-Quarter 2007 Results
Jul 25, 2007 8:45:00 AM
GALION, Ohio, July 25 /PRNewswire-FirstCall/ -- PECO II, Inc. (Nasdaq: PIII), a full-service provider of engineering and installation on- site services and manufacturer of communications power systems and equipment to the communications industry, today reported results for the second quarter ended June 30, 2007.
PECO II reported net sales of $10.6 million in the second quarter of 2007 compared with $8.1 million in the first quarter of 2007, a 30.4 percent increase, and $13.6 million in the second quarter of 2006, a 22.3 percent decrease. The Company reported a net loss of $0.7 million or $0.03 per diluted share, for the second quarter of 2007, compared with a net loss of $2.4 million or $0.09 per diluted share, for the first quarter of 2007 and a net loss of $1.5 million, or $0.05 per diluted share, for the second quarter of 2006.
EBITDA was a loss of $0.2 million in the second quarter of 2007, compared with an EBITDA loss of $1.8 million for the first quarter of 2007 and an EBITDA loss of $0.8 million for the second quarter of 2006. An explanation and reconciliation of GAAP net income to EBITDA is included as Attachment A.
The net-loss reduction of approximately $1.7 million from the first quarter to the second quarter of 2007 was primarily attributed to the sequential revenue growth combined with savings realized from implementation of the Company's cost-reduction programs that began in late 2006 and early 2007.
Cash flows provided for operating activities for the six months ended June 30, 2007, was a positive $0.8 million. This was primarily from reductions in accounts receivable and inventory offset by the net loss and decreases in accounts payable.
Bookings increased during the second quarter of 2007, resulting in a sales backlog of $6.4 million as of June 30, 2007. The second-quarter backlog was a 22.4 percent increase from the $5.2 million in the first quarter of 2007. The bookings-to-billings ratio reflects customer orders received as compared with the same period's billings and is an indication of future periods. For the second quarter of 2007, the ratio was 1.1 to 1.
PECO II CEO John Heindel stated, "The second-quarter financial performance reflects solid in-year revenue growth for both products and services; significant continued improvement in the operating performance of the services business; and the impact of savings resulting from our strategic outsourcing initiative, started in 2006, and our cost-reduction initiative that we announced at the end of the first quarter of 2007."
Heindel added that, as previously announced, the Company has embarked on a strategic outsourcing strategy for certain non-core manufacturing operations that will improve PECO II's ability to compete in the marketplace. Currently, the Company has completed the transfer of approximately 90 percent of this work to selected vendors. The remaining work is forecasted to be transitioned by the end of the third quarter.
On the customer front, Heindel noted that the Company has renewed a sole- source, three-year contract with one of its key customers; signed a channel partner to resell the Company's products into the Canadian market; received exclusive standardization and approval for its inverters at a large Canadian energy company; and was awarded an additional services contract with a key customer.
Heindel added that PECO II continues to make progress with its introduction and approval of new products, notwithstanding the reduced business volume when compared to the first half of 2006. The Company received initial orders from two wireline customers for the new BD Series of products. The low-profile, high-density BD Series greatly reduces the cost of upgrading sites with end-of-life ferro resonant or first generation switchmode rectifiers by allowing customers to continue to utilize existing distribution facilities.
Additionally, the Company developed a combination rectifier/inverter plant for new cell site applications. A Tier 1 wireless carrier began using the plant to simultaneously provide DC power to the cell site equipment and AC power to the Network Interface Unit serving the cell site. The product enables the wireless carrier to function even during an AC outage that affects the grid serving both the site and network. In addition, the Company completed five additional First Office Applications for the 129FD power plant in wireline customer networks.
Looking forward, Heindel noted that the Company must: continue to improve both the breadth and performance of its product portfolio to ensure that it continues to address the evolving requirements of its customers; sustain the business performance gains realized in its services business in a very price sensitive marketplace; and, complete its outsourcing and cost reduction initiatives to return the business to profitability.
Conference Call on the Web
PECO II will hold a conference call with investors and analysts on Wednesday, July 25, 2007, at 10 a.m. Eastern time. The call will be available over the Internet at www.peco2.com. To listen to the call, go to the Web site to register, download and install any necessary audio software. For those unable to listen to the live broadcast, a replay of the webcast will be archived and available shortly after the call.
About PECO II, Inc.
PECO II, headquartered in Galion, Ohio, provides engineering and on-site installation services and designs, manufactures and markets communications power systems and power distribution equipment. As the largest independent full-service provider of telecommunications power systems, the Company provides total power quality/reliability solutions and supports the power infrastructure needs of communications service providers in the local exchange, long-distance, wireless, broadband and Internet markets. Additional information about PECO II can be found at www.peco2.com.
Forward-Looking Statements
Statements in this release that are not historical fact are forward- looking statements, which involve risks and uncertainties that may cause actual results or events to differ materially from those expressed or implied in such statements. Factors that may cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, a general economic recession; a downturn in our principal customers' businesses; the growth in the communications industry; the ability to develop and market new products and product enhancements; the ability to attract and retain customers; competition and technological change; and successful implementation of the Company's business strategy. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. PECO II does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements can be found in PECO II's periodic filings with the Securities and Exchange Commission.
PECO II, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share data)
(unaudited)
For the Three Months For the Six Months
Ended June 30 Ended June 30
2007 2006 2007 2006
Net sales:
Product $7,256 $10,130 $13,151 $17,681
Services 3,298 3,448 5,497 6,368
10,554 13,578 18,648 24,049
Cost of goods sold:
Product 6,305 8,429 11,746 14,146
Services 2,490 3,089 4,269 5,819
8,795 11,518 16,015 19,965
Gross margin:
Product 951 1,701 1,405 3,535
Services 808 359 1,228 549
1,759 2,060 2,633 4,084
Operating expenses:
Research, development
and engineering 495 897 1,335 1,686
Selling, general
and administrative 2,091 2,823 4,597 5,027
2,586 3,720 5,932 6,713
Loss from operations (827) (1,660) (3,299) (2,629)
Interest income, net 95 123 197 238
Loss before income taxes (732) (1,537) (3,102) (2,391)
Income tax (provision)
benefit (13) 82 (27) 64
Net loss $(745) $(1,455) $(3,129) $(2,327)
Net loss per common share:
Basic and diluted $(0.03) $(0.05) $(0.12) $(0.09)
Weighted average common
shares outstanding:
Basic and diluted 27,208 27,005 27,191 24,639
PECO II, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except for per share data)
June 30, December 31,
2007 2006
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 7,724 $ 5,259
Restricted cash - 3,500
Accounts receivable, net of allowance of $85
at June 30, 2007 and $105 at
December 31, 2006 5,025 6,611
Inventories, net of allowance of $1,961 at
June 30, 2007 and $2,446 at
December 31, 2006 8,380 11,057
Cost and earnings in excess of billings on
uncompleted contracts 1,432 1,142
Prepaid expenses and other current assets 289 438
Assets held for sale 411 825
Total current assets 23,261 28,832
Property and equipment, at cost:
Land and land improvements 195 195
Buildings and building improvements 7,251 7,252
Machinery and equipment 2,956 2,998
Furniture and fixtures 5,634 5,646
Less-accumulated depreciation (11,057) (10,798)
Property and equipment, net 4,979 5,293
Other assets:
Goodwill 5,965 6,017
Intangibles, net 4,358 4,895
Investment in joint venture 4 4
Total assets $38,567 $45,041
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Borrowings under line of credit $- $ 2,249
Capital leases payable 304 353
Accounts payable 2,947 3,289
Billings in excess of cost and estimated
earnings on uncompleted contracts 81 826
Accrued compensation expense 1,123 1,057
Accrued income taxes 60 94
Other accrued expenses 1,925 2,170
Total current liabilities 6,440 10,038
Shareholders' equity:
Common stock, no par value: authorized
150,000,000 shares; 27,237,698 shares issued
at June 30, 2007 and 27,173,550 shares issued
at December 31, 2006 3,455 3,447
Warrants 5,032 5,012
Additional paid-in capital 116,229 116,004
Accumulated deficit (92,589) (89,460)
Total shareholders' equity 32,127 35,003
Total liabilities and shareholders' equity $ 38,567 $ 45,041
Attachment A
EBITDA is not a financial measure calculated in accordance with U.S. generally accepted accounting principles (GAAP) and should not be considered as an alternative to net income, operating income or any other financial measure so calculated and presented. We define EBITDA as net income/(loss) before interest expense, taxes, depreciation, amortization, and non-cash stock compensation expense. Other companies may define EBITDA differently. We present EBITDA because we believe it to be an important supplemental measure of our performance that is commonly used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Management also uses this information internally for forecasting and budgeting. You should not consider EBITDA in isolation, or as a substitute for analysis of our results as reported under GAAP.
Reconciliation of GAAP Net Loss to EBITDA
(unaudited)
For the Three Months
Ended June 30,
(In thousands) 2007 2006
2007 and 2006 EBITDA Breakdown
Net Loss per GAAP $ (745) $ (1,455)
Interest expense $ 8 $ 31
Taxes $ 13 $ (82)
Depreciation/ amortization $ 423 $ 538
Non-cash stock-based compensation $ 102 $ 123
EBITDA $ (199) $ (845)
SOURCE PECO II
----------------------------------------------
Sandra A. Frankhouse
Chief Financial Officer and Treasurer
+1-419-468-7600
REXX Rex Energy Corporation Prices Initial Public Offering
Jul 25, 2007 8:36:00 AM
Copyright Business Wire 2007
STATE COLLEGE, Pa.--(BUSINESS WIRE)--
Rex Energy Corporation ("Rex Energy") announced today that its initial public offering of 9,600,000 shares of common stock was priced on July 24 at $11.00 per share. The shares will be listed on the NASDAQ Global Market and will trade under the symbol "REXX" beginning July 25, 2007.
Rex Energy is offering 8,800,000 shares and certain selling stockholders are offering the remaining 800,000 shares. The transaction is expected to close on or about July 30, 2007. The selling stockholders have also granted the underwriters a 30-day over-allotment option to purchase up to an additional 1,440,000 shares.
The Company expects to receive net proceeds from the offering of $89.2 million. The Company plans to use the net proceeds to repay debt.
KeyBanc Capital Markets Inc. is acting as lead manager for the offering. RBC Capital Markets, A.G. Edwards, Johnson Rice & Company L.L.C. and Pickering Energy Partners are acting as co-managers for the offering.
A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, sale or solicitation would be unlawful prior to registration or qualification under the securities law in any such state. This offering of common stock will be made only by means of a prospectus, copies of which may be obtained from KeyBanc Capital Markets Inc., Attn: Prospectus Delivery Department, 800 Superior Avenue, 17th Floor, Cleveland, OH 44114, phone: 216-563-2018.
About Rex Energy
Rex Energy is an independent oil and gas company operating in the Illinois Basin, the Appalachian Basin and the southwestern region of the United States. The Company pursues a balanced growth strategy of exploiting its sizable inventory of lower-risk developmental drilling locations, pursuing its higher-potential exploration drilling and enhanced oil recovery projects, and actively seeking to acquire complementary oil and natural gas properties.
Forward-looking Statements
Statements about the proposed offering are forward-looking statements as defined under federal law. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside Rex Energy's control, and a variety of risks that could cause results to differ materially from those expected by management of Rex Energy. Other than as required under the securities law, Rex Energy does not assume a duty to update these forward-looking statements.
Source: Rex Energy
----------------------------------------------
Rex Energy
Benjamin W. Hulburt
814-278-7267
e-mail investorrelations@rexenergycorp.com
DRAX 5.46 DRAXIS Files DRAXIMAGE(R) Sestamibi in Europe
Jul 25, 2007 8:00:00 AM
MONTREAL, July 25 /PRNewswire-FirstCall/ - DRAXIMAGE, the radiopharmaceutical division of DRAXIS Health Inc. (TSX: DAX) (NASDAQ: DRAX), has taken another significant step in its product development strategy with the filing of its DRAXIMAGE(R) Sestamibi with European regulatory authorities. DRAXIMAGE(R) Sestamibi is a generic kit for the preparation of Tc-99m Sestamibi for injection, which is an imaging agent used in myocardial perfusion imaging (MPI) to evaluate blood flow to the heart and is the largest radiopharmaceutical product in the nuclear medicine market segment.
"Filing DRAXIMAGE(R) Sestamibi in Europe marks another milestone in our comprehensive plan to pursue major MPI markets globally," said Jean-Pierre Robert, President of DRAXIS Specialty Pharmaceuticals Inc., the operating subsidiary of DRAXIS Health. "DRAXIMAGE(R) Sestamibi is one of our highest priority growth drivers and the filing of marketing applications in Europe and in the U.S. means that we are one step closer to the realization of our strategy. In addition, we are actively pursuing marketing and distribution partnerships for Sestamibi in Europe and in North America."
The U.S. Food and Drug Administration (FDA) recently acknowledged receipt and acceptance for review of the Abbreviated New Drug Application (ANDA) for DRAXIMAGE(R) Sestamibi that was submitted to the FDA earlier this year.
According to AMR/Arlington Medical Resources, in 2005 there were more than 7 million cardiac studies conducted in the U.S. out of a total of over 15 million nuclear medicine procedures; making MPI the most widely performed nuclear medicine scan in the US. While such cardiac procedures are not nearly so widely performed in Europe, DRAXIMAGE believes that significant opportunities do exist in the European market. Recent market research estimates indicate that existing MPI products generate revenues in excess of $500 million annually in the U.S. and in excess of $50 million in Europe.
Once its product is approved, DRAXIMAGE plans to enter the MPI market after key patents for the currently marketed Tc-99m Sestamibi product expire, which is expected to be in 2008 for the United States and from 2007 onwards in various European countries. DRAXIMAGE also plans to file for marketing approvals in additional jurisdictions other than the US and Europe.
Cardiac Imaging with Tc-99m Sestamibi
The sestamibi kit is used in nuclear medicine imaging to show how well the heart muscle (myocardium) is supplied with blood (perfused) both at rest and during strenuous activity. The radioisotope Technetium-99m is attached to the sestamibi molecule forming Tc-99m Sestamibi. When injected into the bloodstream this radiopharmaceutical agent is distributed throughout the heart muscle in proportion to the blood flow received by various portions of the heart. Heart images are then obtained using a gamma camera that can detect the Technetium-99m. Two sets of images are typically taken, one while the patient is at rest and a second set while the patient is under stress, often by exercising on a treadmill or stationary bicycle. The resulting two sets of images are compared with each other to diagnose the presence of coronary heart disease by detecting areas of the heart that may not be receiving normal blood flow. This imaging technique is known as cardiac stress testing or myocardial perfusion imaging (MPI).
About DRAXIMAGE
DRAXIMAGE develops, manufactures and markets diagnostic and therapeutic radiopharmaceuticals for the global marketplace. Products currently include a line of lyophilized technetium-99m kits used in nuclear imaging procedures and therapeutic products labeled with a variety of isotopes including radioiodine.
About DRAXIS Health Inc.
DRAXIS Health, through its wholly owned operating subsidiary, DRAXIS Specialty Pharmaceuticals Inc., provides products in three categories: sterile products, non-sterile products and radiopharmaceuticals. Sterile products include liquid and freeze-dried (lyophilized) injectables plus sterile ointments and creams. Non-sterile products are produced as solid oral and semi-solid dosage forms. Radiopharmaceuticals are used for both therapeutic and diagnostic molecular imaging applications. Pharmaceutical contract manufacturing services are provided through the DRAXIS Pharma division and radiopharmaceuticals are developed, produced, and sold through the DRAXIMAGE division. DRAXIS employs approximately 500 staff in its Montreal facility.
For additional information please visit www.draxis.com.
Caution Concerning Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and as contemplated under other applicable securities legislation. These statements can be identified by the use of forward-looking terminology such as "may," "will," "expect," "anticipate," "estimate," "continue," "plan," "intend," "believe" or other similar words. These statements discuss future expectations concerning results of operations or financial condition or provide other forward-looking information. Our actual results, performance or achievements could be significantly different from the results expressed in, or implied by, those forward-looking statements. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made.
These statements are not guarantees of future performance. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks, uncertainties and other factors that may cause the actual results or performance of the Company to be materially different from such statements or from any future results or performance implied thereby. Factors that could cause the Company's results or performance to differ materially from a conclusion, forecast or projection in the forward-looking statements include, but are not limited to:
- the achievement of desired clinical trial results related to the
Company's pipeline products;
- timely regulatory approval of the Company's products;
- the ability to comply with regulatory requirements applicable to the
manufacture and marketing of the Company's products;
- the Company's ability to obtain and enforce effective patents;
- the non-infringement of third party patents or proprietary rights by
the Company and its products;
- factors beyond our control that could cause interruptions in our
operations in our single manufacturing facility (including, without
limitation, material equipment breakdowns);
- reimbursement policies related to health care;
- the establishment and maintenance of strategic collaborative and
commercial relationships;
- the Company's dependence on a small number of key customers;
- the disclosure of confidential information by our collaborators,
employees or consultants;
- the preservation of healthy working relationships with the Company's
union and employees;
- the Company's ability to grow the business;
- the fluctuation of our financial results and exchange and interest
rate fluctuations;
- the adaptation to changing technologies;
- the loss of key personnel;
- the avoidance of product liability claims;
- the loss incurred if current lawsuits against us succeed;
- the volatility of the price of our common shares;
- market acceptance of the Company's products; and
- the risks described in "Item 3. Key Information - Risk Factors" in
the Annual Report Form 20-F filed by the Company with the United
States Securities and Exchange Commission and which is also filed as
the Company's Annual Information Form with Canadian securities
regulators.
For additional information with respect to certain of these and other factors, and relating to the Company generally, reference is made to the Company's most recent filings with the United States Securities and Exchange Commission (available on EDGAR at www.sec.gov) and the filings made by the Company with Canadian securities regulators (available on SEDAR at www.sedar.com). The forward-looking statements contained in this new release represent the Company's expectations as at July 24, 2007. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE DRAXIS Health Inc.
----------------------------------------------
Jerry Ormiston
Executive Director
Investor Relations
DRAXIS Health Inc.
Phone: 1-877-441-1984
SIRI #2 Chrysler Group to Install Sirius Satellite Radio in More Than 70% of Its Vehicles
Jul 25, 2007 8:00:00 AM
NEW YORK, July 25 /PRNewswire-FirstCall/ --- SIRIUS Satellite Radio (Nasdaq: SIRI) today announced that Chrysler Group expects to install SIRIUS Satellite Radio in more than 70% of its vehicle production for the 2008 model year. This marks an increase from approximately 40% for the previous model year.
(Logo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19991118/NYTH125)
For 2008 models, SIRIUS will be included as a standard feature in premium and mid-level price classes on most Chrysler, Dodge and Jeep models. Additionally, SIRIUS will be a 100% standard feature on Chrysler Sebring and Aspen, the all-new Dodge Challenger and Nitro, and the Jeep Grand Cherokee and Commander. Chrysler Group includes one year of SIRIUS service with each new vehicle. SIRIUS Satellite Radio is pre-activated, so customers can begin listening to SIRIUS immediately upon taking delivery of their new vehicles.
"SIRIUS Satellite Radio is an entertainment feature our customers clearly enjoy and are demanding more and more," said Christine MacKenzie, Executive Director -- Multi-brand Marketing and Agency Relations, Chrysler Group. "We are pleased to enhance our customers' driving and ownership experience by offering SIRIUS entertainment and technology throughout the Chrysler, Jeep and Dodge vehicle portfolio."
"We are excited about the growth of SIRIUS with Chrysler Group and its customers," said Mel Karmazin, CEO of SIRIUS. "We are very proud that SIRIUS is featured in high volume in Chrysler, Jeep and Dodge vehicles, and we look forward to continued mutual success with our partners at Chrysler Group."
About SIRIUS
SIRIUS, "The Best Radio on Radio," delivers more than 130 channels of the best programming in all of radio. SIRIUS is the original and only home of 100% commercial free music channels in satellite radio, offering 69 music channels. SIRIUS also delivers 65 channels of sports, news, talk, entertainment, traffic, weather and data. SIRIUS is the Official Satellite Radio Partner of the NFL, NASCAR and NBA, and broadcasts live play-by-play games of the NFL and NBA, as well as live NASCAR races. All SIRIUS programming is available for a monthly subscription fee of only $12.95.
SIRIUS Internet Radio (SIR) is a CD-quality, Internet-only version of the SIRIUS radio service, without the use of a radio, for the monthly subscription fee of $12.95. SIR delivers more than 75 channels of talk, entertainment, sports, and 100% commercial free music.
SIRIUS products for the car, truck, home, RV and boat are available in more than 25,000 retail locations, including Best Buy, Circuit City, Crutchfield, Costco, Target, Wal-Mart, Sam's Club, RadioShack and at shop.sirius.com.
SIRIUS radios are offered in vehicles from Audi, Bentley, BMW, Chrysler, Dodge, Ford, Infiniti, Jaguar, Jeep(R), Land Rover, Lexus, Lincoln, Mercury, Maybach, Mazda, Mercedes-Benz, MINI, Mitsubishi, Nissan, Rolls Royce, Scion, Toyota, Volkswagen, and Volvo. Hertz also offers SIRIUS in its rental cars at major locations around the country.
Click on www.sirius.com to listen to SIRIUS live, or to purchase a SIRIUS radio and subscription.
Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance with respect to SIRIUS Satellite Radio Inc. are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2006 filed with the Securities and Exchange Commission. Among the significant factors that could cause our actual results to differ materially from those expressed are: our pending merger with XM Satellite Radio Holdings, Inc. ("XM"), including related uncertainties and risks and the impact on our business if the merger is not completed; any events which affect the useful life of our satellites; our dependence upon third parties, including manufacturers of SIRIUS radios, retailers, automakers and programming providers; and our competitive position versus other audio entertainment providers.
O-SIRI
MEDIA CONTACT:
Sal Resendez
SIRIUS
646 313 2405
sresendez@siriusradio.com
SOURCE SIRIUS
----------------------------------------------
Sal Resendez of SIRIUS
+1-646-313-2405
sresendez@siriusradio.com
LGVN .89 LogicVision to Present at the 3rd Annual Summer Growth Stock Conference Hosted by Security Research Associates
Jul 25, 2007 8:00:00 AM
SAN JOSE, Calif., July 25 /PRNewswire-FirstCall/ -- LogicVision, Inc. (Nasdaq: LGVN), a leading provider of silicon test and yield learning solutions, will present at the 3rd Annual Summer Growth Stock Conference hosted by Security Research Associates at the Omni Hotel in San Francisco. Mr. James T. Healy, LogicVision's president and CEO, is scheduled to present on Monday, July 30, 2007. A webcast of the presentation will be available:
Date: Monday, July 30, 2007
Time: 2:00 P.M. Eastern Time / 11:00 A.M. Pacific Time for the live
presentation
Location: On the web at http://www.shareholder.com/lgvn/medialist.cfm
Replay: Available one hour after the presentation ends and accessible for
90 days.
About LogicVision, Inc.
LogicVision (Nasdaq: LGVN) provides proprietary technologies for embedded test that enable the more efficient design and manufacture of complex semiconductors. LogicVision's embedded test solution allows integrated circuit designers to embed into a semiconductor design test functionality that can be used during semiconductor production and throughout the useful life of the chip. For more information on the company and its products, please visit the LogicVision website at www.logicvision.com.
SOURCE LogicVision, Inc.
----------------------------------------------
Bruce Jaffe
VP of Finance and CFO of LogicVision
Inc.
+1-408-453-0146
chammond@synplicity.com
SIRI 3.17 Aston Martin to Offer Sirius Satellite Radio as Factory Installed Equipment With a Lifetime Subscription
Jul 25, 2007 8:00:00 AM
NEW YORK, July 25 /PRNewswire-FirstCall/ -- Aston Martin and SIRIUS Satellite Radio (Nasdaq: SIRI) today announced that SIRIUS will be available as factory installed equipment with a lifetime subscription on the Aston Martin V8 Vantage and DB9 vehicle lines. The new models will become available at U.S. dealerships in August 2007. The luxury automaker also plans to offer SIRIUS on all models in the near future.
(Logo: NewsCom: http://www.newscom.com/cgi-bin/prnh/19991118/NYTH125)
"A great sound system is a prerequisite in a luxury car, and over 130 channels of SIRIUS with a lifetime subscription round out this package. SIRIUS' superior programming is sure to delight Aston Martin customers" said John Walton, Vice President & General Manager of Aston Martin North America.
"Aston Martin's Linn Audio System combined with SIRIUS, The Best Radio on Radio, will provide Aston Martin customers with a rich and luxurious driving experience," said Mel Karmazin, Chief Executive Officer of SIRIUS.
About SIRIUS
SIRIUS, "The Best Radio on Radio," delivers more than 130 channels of the best programming in all of radio. SIRIUS is the original and only home of 100% commercial free music channels in satellite radio, offering 69 music channels. SIRIUS also delivers 65 channels of sports, news, talk, entertainment, traffic, weather and data. SIRIUS is the Official Satellite Radio Partner of the NFL, NASCAR and NBA, and broadcasts live play-by-play games of the NFL and NBA, as well as live NASCAR races. All SIRIUS programming is available for a monthly subscription fee of only $12.95.
SIRIUS Internet Radio (SIR) is a CD-quality, Internet-only version of the SIRIUS radio service, without the use of a radio, for the monthly subscription fee of $12.95. SIR delivers more than 75 channels of talk, entertainment, sports, and 100% commercial free music.
SIRIUS products for the car, truck, home, RV and boat are available in more than 25,000 retail locations, including Best Buy, Circuit City, Crutchfield, Costco, Target, Wal-Mart, Sam's Club, RadioShack and at shop.sirius.com.
SIRIUS radios are offered in vehicles from Audi, Bentley, BMW, Chrysler, Dodge, Ford, Infiniti, Jaguar, Jeep(R), Land Rover, Lexus, Lincoln, Mercury, Maybach, Mazda, Mercedes-Benz, MINI, Mitsubishi, Nissan, Rolls Royce, Scion, Toyota, Volkswagen, and Volvo. Hertz also offers SIRIUS in its rental cars at major locations around the country.
Click on www.sirius.com to listen to SIRIUS live, or to purchase a SIRIUS radio and subscription.
Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions, future events or performance with respect to SIRIUS Satellite Radio Inc. are not historical facts and may be forward-looking and, accordingly, such statements involve estimates, assumptions and uncertainties which could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to the factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2006 filed with the Securities and Exchange Commission. Among the significant factors that could cause our actual results to differ materially from those expressed are: our pending merger with XM Satellite Radio Holdings, Inc. ("XM"), including related uncertainties and risks and the impact on our business if the merger is not completed; any events which affect the useful life of our satellites; our dependence upon third parties, including manufacturers of SIRIUS radios, retailers, automakers and programming providers; and our competitive position versus other audio entertainment providers.
O-SIRI
MEDIA CONTACT:
Sal Resendez
SIRIUS
646 313 2405
sresendez@siriusradio.com
SOURCE SIRIUS
----------------------------------------------
Sal Resendez of SIRIUS
+1-646-313-2405
sresendez@siriusradio.com
ENTU 2.98 Entrust Contributes Essential PKI Technology Component to Open-Source Community
Contribution of PKI technology through Sun Microsystems, Mozilla opens certificate revocation list distribution points
Jul 25, 2007 8:00:00 AM
DALLAS, July 25 /PRNewswire-FirstCall/ -- Entrust, Inc. (Nasdaq: ENTU) believes that everyone deserves to be secure on the Internet. To support that goal, the layered security expert is contributing public key infrastructure (PKI) technology to the open-source community through Sun Microsystems, Inc. and the Mozilla Foundation. Specifically, Entrust will supply its certificate revocation list distribution points (CRL-DP) patent 5,699,431 to Sun under a royalty-free license for incorporation of that capability into the Mozilla open-source libraries.
"When it comes to online security, PKI really is the gold standard. If companies are going to use open-source PKI, we felt it was our duty to make sure they had the important piece of CRL-DP incorporated," said Entrust Chairman, President and Chief Executive Officer Bill Conner. "To this day, PKI remains one of the strongest, most-trusted security infrastructures available. The ability to leverage the technology to solve a variety of security challenges makes it the cornerstone of a layered security model -- regardless of its intended purpose or objective."
Certificate revocation lists (CRL) are used to track revoked users' security credentials and associated rights. CRL-DPs are a key aspect of secure and robust PKI deployments and allow for efficient distribution and processing of revocation lists. Specifically, CRL-DPs partition a revocation list into more manageable pieces and allow greater efficiency, improved performance and reduced network traffic.
"Having support for CRL-DPs is an increasingly essential ingredient to any PKI-enabled application," said Karen Tegan Padir, vice president, software infrastructure Sun Microsystems. "We appreciate Entrust's intellectual property contribution, and we are pleased to share this valuable security resource with the open-source community."
As part of the agreement, Sun Microsystems will incorporate the CRL-DP capability into the Mozilla Network Security Services (NSS) libraries. Under the flexible Mozilla licensing scheme, users of these libraries will have access to the CRL-DP capability and may use the associated NSS code under the terms of any of the Mozilla Public License (MPL), GNU General Public License (GPL), or GNU Lesser General Public License (LGPL).
"Incorporating the CRL-DP capability into our existing NSS libraries will significantly elevate the value of the PKI-enabled applications that use these libraries," said Frank Hecker, executive director of the Mozilla Foundation. "We are grateful Entrust wanted to participate in this offering and understands that secure technology like PKI is too important not to provide to the open-source community."
About Entrust
Entrust (Nasdaq: ENTU) secures digital identities and information for consumers, enterprises and governments in 1,650 organizations spanning 60 countries. Leveraging a layered security approach to address growing risks, Entrust solutions help secure the most common digital identity and information protection pain points in an organization. These include SSL, authentication, fraud detection, shared data protection and e-mail security. For information, call 888-690-2424, e-mail entrust@entrust.com or visit http://www.entrust.com.
Entrust is a registered trademark of Entrust, Inc. in the United States and certain other countries. In Canada, Entrust is a registered trademark of Entrust Limited. All Entrust product names are trademarks or registered trademarks of Entrust, Inc. or Entrust Limited. All other company and product names are trademarks or registered trademarks of their respective owners.
Sun, Sun Microsystems, and Java are trademarks or registered trademarks of Sun Microsystems, Inc. in the United States and other countries.
SOURCE Entrust, Inc.
----------------------------------------------
Brooke Hamilton of Entrust
Inc.
+1-972-713-5915
brooke.hamilton@entrust.com
CRMH 7.19 CRM Holdings, Ltd. Announces Conference Call to Discuss Second-Quarter Results
Jul 25, 2007 8:00:00 AM
HAMILTON, Bermuda, July 25 /PRNewswire-FirstCall/ -- CRM Holdings, Ltd. ("CRM") (Nasdaq: CRMH), a leading provider of a full range of products and services for the workers' compensation insurance industry, today announced that it will conduct a conference call at 9:00 a.m. Eastern Time on Tuesday, August 7, 2007 to discuss the Company's financial results for the second quarter, ended June 30, of its 2007 fiscal year.
Hosting the call will be Daniel G. Hickey, Jr., Chairman and Chief Executive Officer, and James J. Scardino, Chief Financial Officer.
To participate in the event by telephone, please dial 800-289-0572 five to ten minutes prior to the start time (to allow time for registration) and reference the conference passcode 1974342. International callers should dial 913-981-5543.
A digital replay of the call will be available on Tuesday, August 7 at approximately 12:00 noon Eastern Time through Tuesday, August 14 at midnight Eastern Time. Dial 888-203-1112 and enter the conference ID number 1974342. International callers should dial 719-457-0820 and enter the same conference ID number.
The conference call will also be webcast live over the internet and can be accessed by all interested parties at CRM's web site at http://www.CRMHoldingsLtd.bm/events.cfm.
To monitor the live webcast, please go to this web site at least 15 minutes prior to the start of the call to register, download, and install any necessary audio software. An audio replay of the event will be archived on CRM's web site, at http://www.CRMHoldingsLtd.bm/events.cfm, for 90 days.
About CRM Holdings, Ltd.
CRM Holdings, Ltd. is a provider of workers' compensation insurance products. Its main business activities include providing fee-based management and other services to workers' compensation self-insured groups and, beginning in November 2006, the offering of a traditional workers' compensation insurance product. The Company provides its fee-based management services to self-insured groups in New York, California and Texas. It provides its traditional workers' compensation insurance coverage primarily to employers in California but also has active operations in Alaska, Arizona, Nevada, Oregon, Washington and, starting on April 1, 2007, New Jersey. CRM is a provider of reinsurance and excess workers' compensation coverage to the self insured groups it manages as well as other qualified self-insured entities. Further information can be found on the CRM website at http://www.CRMHoldingsLtd.bm.
Contact Information:
Mark Collinson
CCG Investor Relations
10960 Wilshire Blvd, Ste. 2050
Los Angeles, CA 90024
(310) 231-8600, ext. 117
SOURCE CRM Holdings, Ltd.
----------------------------------------------
Mark Collinson of CCG Investor Relations
+1-310-231-8600
ext. 117
CBR 7.71 CIBER Announces Solid Second Quarter and First Half 2007 Results
Record Revenue and Increased EPS for Both Periods; Outlook Increased
Jul 25, 2007 8:00:00 AM
GREENWOOD VILLAGE, Colo., July 25 /PRNewswire-FirstCall/ -- CIBER, Inc. (NYSE: CBR), today reported results for the second quarter and first half of 2007.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010927/CBRLOGO )
Financial Highlights --
Second Quarter 2007 Results
* Revenue increased to a record $266.5 million, up $16.5 million from
$250.0 million in 2006's June quarter. This represented 7% revenue
growth, 4% of which was organic.
* Gross profit margins improved 70 basis points sequentially from
2007's first quarter to 27.7%.
* Net income of $7.8 million increased 16% from $6.8 million for the
second quarter of 2006.
* GAAP EPS of $0.13 per share increased $0.02 per share, or 18%,
compared to the June 2006 quarter.
First Half 2007 Results
* Revenue of $525.7 million was $34.0 million higher than a year
earlier. This represented a revenue increase of 7%, 4% of which was
organic.
* Gross profit margins were 27.4% for the first half of 2007, a
60 basis point increase over the like 2006 period.
* Net income of $14.4 million for the first half of 2007 represented a
$3.2 million increase, or 29%, from 2006's first half.
* GAAP EPS of $0.23 per share was 28% higher than $0.18 per share for
the first half of 2006.
Management Comments
"Our second quarter and first half results continue to demonstrate the relevancy of our strategies and the quality of our employee base. Particular strength in our European and US ERP Practices led the current increases, both of which had improvements in gross margins for services and reduced overhead expenses," said Mac Slingerlend, CIBER's President and Chief Executive Officer. "Investments in leadership in the second quarter in our US ERP, Federal Government and Indian operations highlighted personnel actions to drive these strategic operations."
Results By Business Unit
US Commercial Practice
* This Practice, our largest, had a solid second quarter, adding
50 basis points to gross profit margins compared to the year earlier
quarter.
* Two outsourcing, re-badging wins in the quarter totaled
$13.5 million, continuing the trend of project level engagements and
offering flexibility to our clients' resource solutions.
European Practice
* European operations, our second largest business unit, posted strong
organic revenue growth of 19%, and a 36% increase in operating
contributions on a year-over-year basis.
* Meaningful contract wins in the quarter included Philips, Adidas,
Thalia, Handelsbanken, Random House and others.
State & Local Government Practice
* Gross profit margins decreased 280 basis points compared to a very
strong year ago quarter, however, an offsetting improvement in
overhead expenses kept the operating contributions even for the
quarter and higher for the first six months.
* A multi-year, multi-million dollar win with Nashville Electric was
secured and announced in early July.
US ERP Practices (CIBER Enterprise Solutions)
* CES rebounded from 1Q07 with a very solid quarter, aided by strong
sales from our hardware reselling Practice and improved
implementation services results, as well, the combination of which
led to a 270 basis point improvement in Practice gross margins and
to operating contributions increasing by a healthy 450 basis points
on a year-over-year basis.
* CES and CIBER's Commercial Practice collaborated on a cross-selling
$5 million SAP project win with North Carolina's State Controller's
Office.
Federal Government Practice
* Federal increased its operating contribution to 10% of revenue for
the current quarter, but continued to be challenged by delays and
other spending patterns.
* We are encouraged with our reinvigorated internal push to greater
prime bidding positioning, recent outsourcing activity, and new
leadership in our Civilian Agencies Practice, Rich Jarmusik, in
addition to the previously announced new Practice President, Marcia
Kim, in April 2007.
Pipeline and Wins
CIBER's pipeline (excluding Europe) remains strong at $3.1 billion, a $0.1 billion increase from March 2007. Wins for the quarter (including Europe) totaled $250 million, an approximate 1:1 book-to-bill ratio.
Balance Sheet -- as of June 30, 2007
* Cash was $22.3 million; bank line of credit borrowings were
$9.5 million.
* Shareholder equity increased to $431.8 million.
* DSOs on services were 70 days, a 3 day improvement from the March 2007
quarter.
* CIBER purchased 400,000 shares into treasury during the second
quarter, bringing year-to-date purchases to 1.15 million at an average
cost of $7.47 per share.
Outlook
For the third quarter ending September 30, 2007, management believes revenue will be $257-262 million and GAAP EPS $0.12-0.13 per share.
For calendar 2007, management is increasing its revenue outlook to $1.035- 1.045 billion and GAAP EPS to $0.48-0.51 per share.
Conference Call and Webcast
A webcast to discuss the company's financial results and outlook will be held at 11:00 a.m. ET on Wednesday, July 25, 2007, and may be heard live by visiting the Investors portion of the company website at www.ciber.com/cbr/. To participate in the call, dial 1-800-240-7305 within the United States, and 303-262-2211 internationally, using the conference ID number 11092795. A replay of the conference call will be available through August 27, 2007 by dialing 800-405-2236 within the United States, and 303-590-3000 internationally, using the ID number 11092795. The replay will also be available on CIBER's website.
About CIBER, Inc.
CIBER, Inc. (NYSE: CBR) is a pure-play international system integration consultancy with superior value-priced services for both private and government sector clients. CIBER's global delivery services are offered on a project or strategic staffing basis, in both custom and enterprise resource planning (ERP) package environments, and across all technology platforms, operating systems and infrastructures. Founded in 1974 and headquartered in Greenwood Village, Colo., the company now serves client businesses from over 60 US offices, 20 European offices and five offices in Asia. Operating in 18 countries, with over 8,000 employees and annual revenue of approximately $1 billion, CIBER and its IT specialists continuously build and upgrade clients' systems to "competitive advantage status." CIBER is included in the Russell 2000 Index and the S&P Small Cap 600 Index. CIBER, ALWAYS ABLE. www.ciber.com
Forward-Looking and Cautionary Statements
Statements contained in this release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed in the company's filings with the Securities and Exchange Commission. CIBER undertakes neither intention nor obligation to publicly update or revise any forward-looking statements. CIBER and the CIBER logo are trademarks or registered trademarks of CIBER, Inc. Copyright(C) 2007.
CIBER, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
In thousands, except per Three Months Ended Six Months Ended
share data June 30, June 30,
2006 2007 2006 2007
Consulting services $236,735 $251,272 $464,073 $496,230
Other revenue 13,233 15,271 27,638 29,498
Total revenue 249,968 266,543 491,711 525,728
Cost of consulting
services 175,132 184,611 346,760 364,489
Cost of other revenue 5,499 8,047 12,944 17,326
Selling, general and
administrative expenses 54,972 57,759 106,521 113,739
Amortization of
intangible assets 1,491 1,409 2,938 2,800
Operating income 12,874 14,717 22,548 27,374
Other expense, net (1,763) (1,957) (4,053) (4,110)
Income before
income taxes 11,111 12,760 18,495 23,264
Income tax expense 4,359 4,912 7,293 8,851
Net income $6,752 $7,848 $11,202 $14,413
Earnings per share
- diluted $0.11 $0.13 $0.18 $0.23
Weighted average shares
- diluted 62,393 62,268 62,436 62,171
For the three months ended June 30, 2006 and 2007, respectively, earnings per share -- basic were $0.11 and $0.13 and weighted average shares -- basic were 61,969 and 61,287.
For the six months ended June 30, 2006 and 2007, respectively, earnings per share -- basic were $0.18 and $0.23 and weighted average shares -- basic were 62,044 and 61,404.
CIBER, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
In thousands December 31, June 30,
2006 2007
Assets
Current assets:
Cash and cash equivalents $33,319 $22,337
Accounts receivable, net 226,055 244,968
Prepaid expenses and other current assets 21,020 23,348
Deferred income taxes 3,748 4,169
Total current assets 284,142 294,822
Property and equipment, net 26,521 26,736
Intangible assets, net 453,106 454,439
Other assets 15,910 15,014
Total assets $779,679 $791,011
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $41,486 $26,764
Accrued compensation and related
liabilities 43,579 44,184
Other accrued expenses and liabilities 51,173 59,165
Income taxes payable 7,147 9,376
Total current liabilities 143,385 139,489
Long-term line of credit - bank 11,949 9,495
Long-term debentures 175,000 175,000
Other long-term liabilities 31,975 33,466
Total liabilities 362,309 357,450
Minority interest 1,248 1,739
Shareholders' equity 416,122 431,822
Total liabilities and shareholders'
equity $779,679 $791,011
CIBER, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended
June 30,
In thousands 2006 2007
Operating activities:
Net income $11,202 $14,413
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 5,974 5,775
Amortization of intangible assets 2,938 2,800
Other, net (10,293) (18,546)
Net cash provided by
operating activities 9,821 4,442
Investing activities:
Acquisitions, net of cash acquired (4,832) (1,465)
Purchases of property and equipment, net (5,807) (5,569)
Capitalized software development costs (526) --
Net cash used in
investing activities (11,165) (7,034)
Financing activities:
Employee stock purchases and options
exercised 2,797 3,415
Purchases of treasury stock (5,110) (8,592)
Borrowings (payments) on long-term
bank line of credit (net) (7,124) (2,454)
Other, net 363 (1,213)
Net cash used in
financing
activities (9,074) (8,844)
Effect of foreign exchange rate
changes on cash 2,027 454
Net decrease in cash
and cash
equivalents (8,391) (10,982)
Cash and cash equivalents, beginning
of period 40,661 33,319
Cash and cash equivalents, end of
period $32,270 $22,337
Selected Financial Information
Unaudited Reconciliation of Non-GAAP and Segment Financial Measures
I. Reconciliation of Revenue Growth Components ($ in Millions)
Three Months Ended
June 30, Foreign June 30,
Practices 2006 Organic Acquired Exchange Total 2007
Commercial $90.4 -2.2% --% --% -2.2% $88.4
State & Local 36.2 1.7 -- -- 1.7 36.8
CES (US ERP) 30.2 4.0 -- -- 4.0 31.4
Federal 34.6 -1.7 -- -- -1.7 34.0
Europe 58.6 19.0 0.8 9.7 29.5 75.9
$250.0 4.1% 0.2% 2.3% 6.6% $266.5
Six Months Ended
June 30, Foreign June 30,
Practices 2006 Organic Acquired Exchange Total 2007
Commercial $179.3 0.2% --% --% 0.2% $179.7
State &
Local 69.1 4.5 -- -- 4.5 72.2
CES (US ERP) 58.5 0.2 -- -- 0.2 58.6
Federal 71.1 -4.1 -- -- -4.1 68.2
Europe 113.7 17.1 1.3 10.9 29.3 147.0
$491.7 4.1% 0.3% 2.5% 6.9% $525.7
II. EBITDA Reconciliation to Net Income (000's omitted)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2006 2007 2006 2007
Net Income $6,752 $7,848 $11,202 $14,413
Income Tax 4,359 4,912 7,293 8,851
Pre-Tax Income 11,111 12,760 18,495 23,264
Other Expense,
net 1,763 1,957 4,053 4,110
Operating
Income 12,874 14,717 22,548 27,374
Amortization 1,491 1,409 2,938 2,800
Depreciation 3,079 2,929 5,974 5,775
EBITDA $17,444 $19,055 $31,460 $35,949
III. Segment Operating Results Analysis
CIBER, Inc.
Operating Results Analysis
For the Quarters and Six Months Ended June 30, 2006 and 2007
(unaudited) ($ In millions)
Three Months Ended Six Months Ended
By Practice June 30, 2006 June 30, 2007 June 30, 2006 June 30, 2007
% of % of % of % of
Amount Revenue Amount Revenue Amount Revenue Amount Revenue
Commercial* $90.4 36% $88.4 33% $ 179.3 36% $179.7 34%
State & Local 36.2 14 36.8 14 69.1 14 72.2 14
CES (US ERP) 30.2 12 31.4 12 58.5 12 58.6 11
Federal 34.6 14 34.0 13 71.1 15 68.2 13
Europe* 58.6 24 75.9 28 113.7 23 147.0 28
Total $250.0 100% $ 266.5 100% $491.7 100% $525.7 100%
% % % %
of Div. of Div. of Div. of Div.
Operating Income Revenue Revenue Revenue Revenue
Commercial* $6.8 8% $7.2 8% $12.0 7% $15.1 8%
State & Local 3.7 10 3.6 10 5.6 8 7.2 10
CES (US ERP) 2.2 7 3.7 12 5.4 9 5.7 10
Federal 3.4 10 3.3 10 6.9 10 5.8 9
Europe* 3.2 5 4.3 6 5.5 5 8.0 5
Corporate (4.9) (2) (6.0) (2) (10.0) (2) (11.6) (2)
EBITA 14.4 6% 16.1 6% 25.4 5% 30.2 6%
Amort.
Expense (1.5) (1) (1.4) (-) (2.9) (-) (2.8) (1)
Operating
Income $12.9 5% $14.7 6% $22.5 5% $27.4 5%
* U.S. Commercial includes India's results and domestic eliminations;
Europe includes Eastern Asia & Australia/NZ results.
SOURCE CIBER, Inc.
----------------------------------------------
Jennifer Matuschek
VP/Investor Relations
jmatuschek@ciber.com
or Diane Stoner
Media Relations
dstoner@ciber.com
both of CIBER
Inc.
+1-303-220-0100
ACPW 2.00 Webcast Alert: Active Power Announces Second Quarter 2007 Conference Call
Jul 25, 2007 8:00:00 AM
AUSTIN, Texas, July 19 /PRNewswire-FirstCall/ -- Active Power (Nasdaq: ACPW) announces the following Webcast:
(Logo: http://www.newscom.com/cgi-bin/prnh/20070326/DAM009LOGO)
What: Active Power Second Quarter 2007 Conference Call Webcast
When: July 27, 2007 @ 10:00 am Central Time
Where: http://www.videonewswire.com/event.asp?id=41214
How: Live over the Internet -- Simply log on to the web at the
address above.
Contact: John Penver of Active Power Inc., +1-512-744-9234.
If you are unable to participate during the live webcast, the call will be archived on the Web site (http://www.videonewswire.com/event.asp?id=41214).
About Active Power
Active Power (Nasdaq: ACPW) provides efficient, reliable and green critical power solutions and uninterruptible power supply (UPS) systems to enable business continuity in the event of power disturbances. Founded in 1992, Active Power's flywheel-based UPS systems protect critical operations in data centers, healthcare facilities, manufacturing plants, broadcast stations and governmental agencies in more than 40 countries. Active Power also offers CoolAir, the only solution that provides both backup power and backup cooling. With expert power system engineers and worldwide services and support, Active Power ensures organizations have the power to perform. For more information, please visit http://www.activepower.com.
Cautionary Note Regarding Forward-Looking Statements
This release may contain forward-looking statements that involve risks and uncertainties. Any forward-looking statements and all other statements that may be made in this news release that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. Specific risks include delays in new product development, product performance and quality issues and the acceptance of our current and new products by the power quality market. Please refer to Active Power filings with the Securities and Exchange Commission for more information on the risk factors that could cause actual results to differ.
Active Power, the Active Power logo, and CleanSource are registered trademarks of, and CoolAir is a trademark of Active Power, Inc. All other trademarks are the properties of their respective companies.
SOURCE Active Power
----------------------------------------------
John K. Penver
Chief Financial Officer of Active Power Inc.
+1-512-744-9234
fax
+1-512-836-4511
jpenver@activepower.com
XFML 7.26 Xinhua Finance Media Schedules 2007 Second Quarter Earnings Results on Monday, August 13, 2007
Earnings Conference Call to be held on August 13, 2007 at 8:00 AM (New York) / 8:00 PM (Shanghai)
Jul 25, 2007 8:00:00 AM
BEIJING, July 25 /Xinhua-PRNewswire-FirstCall/ -- Xinhua Finance Media Limited ("XFMedia"; Nasdaq: XFML), China's leading diversified financial and entertainment media company, today announced that it will release financial results for the first quarter ended June 30, 2007 on Monday, August 13, 2007, before the US markets open. Xinhua Finance Media's earnings release and any related materials will be available on the investor relations page of its website at www.xinhuafinancemedia.com/earnings .
Following the earnings announcement, Xinhua Finance Media's senior management will host a conference call on August 13, 2007 at 8:00 am (New York) / 8:00 pm (Beijing) to review the results and discuss recent business activity.
Interested parties may dial into the conference call at (US) +1 480 293 1744/ (UK) +44 20 8515 2301 / (Asia Pacific) +852 3009 5027. A telephone replay will be available shortly after the call for one week at (US) +1 303 590 3030/ (UK) +44 207 154 2833, Passcode: 3764077 and (Asia Pacific) +852 2287 4304, Passcode: 105110.
A real-time webcast and replay will be also available at: www.xinhuafinancemedia.com/earnings-webcast .
Notes to Editors
About Xinhua Finance Media Limited
Xinhua Finance Media ("XFMedia"; Nasdaq: XFML) is China's leading diversified financial and entertainment media company targeting high net worth individuals nationwide. The company reaches its target audience via TV, radio, newspapers, magazines and other distribution channels. Through its five synergistic business groups, Advertising, Broadcast, Print, Production and Research, XFMedia offers a total solution empowering clients at every stage of the media process and keeping people connected and entertained.
Headquartered in Beijing, the company has offices and affiliates in major cities of China including Beijing, Shanghai, Guangzhou, Shenzhen and Hong Kong. For more information, please visit www.xinhuafinancemedia.com .
Xinhua Finance Media is a subsidiary of Xinhua Finance Limited ("XFL"; TSE Mothers: 9399), China's premier financial information and media service provider. XFL owns 36.9% of the equity and 85.4% of the voting rights of XFMedia through its holding of class B common shares, which have ten votes per share. The investing public, the company's China partners, executives and staff own class A common shares in the company with one vote per share. The dual-class common share structure was created to accommodate the regulatory landscape of China's media sector.
More Information:
Media Contact
China
Xinhua Finance Media
Ms Joy Tsang
Tel: +86-21-6113-5999
Email: joy.tsang@xinhuafinancemedia.com
IR Contact
China
Xinhua Finance Media
Ms Jennifer Chan Lyman
Tel: +86-21-6113-5960
Email: jennifer.lyman@xinhuafinancemedia.com
SOURCE Xinhua Finance Media
----------------------------------------------
Ms. Joy Tsang
+86-21-6113-5999
or joy.tsang@xinhuafinancemedia.com ; Ms Jennifer Chan Lyman
+86-21-6113-5960
or jennifer.lyman@xinhuafinancemedia.com
both of XFMedia
IKAN 7.30 Ikanos Debuts VDSL2 Gateway Reference Platform Featuring Atheros 802.11n XSPAN Technology
Integrated VDSL2 and Wi-Fi Technologies Deliver the Ultimate Multimedia Home Networking Experience
Jul 25, 2007 8:00:00 AM
FREMONT and SANTA CLARA, Calif., July 25 /PRNewswire-FirstCall/ -- Ikanos Communications, Inc. (Nasdaq: IKAN), a leading developer and provider of Fiber Fast(TM) broadband solutions, and Atheros Communications, Inc. (Nasdaq: ATHR), a leading developer of advanced wireless solutions, have jointly developed a Fusiv(R)-based reference platform that integrates VDSL2 technology with the new 802.11n draft 2.0 technology. This reference platform combines Ikanos' Fusiv Vx180, introduced as the industry's fastest integrated VDSL2 gateway processor, with Atheros' XSPAN(TM) 802.11n draft 2.0 solutions, the Wi-Fi market's most broadly adopted new-generation designs, to provide a high-performance, wireless-enabled, xDSL residential gateway reference platform for triple play applications.
The reference platform is a fully qualified solution that offers scalability and best-in-class performance. The Vx180 supports 802.11n wireless LAN (WLAN) using less than one-half the processing power of comparable DSL platforms. This is accomplished by optimizing and running 802.11n drivers on Fusiv's distributed architecture, which includes a host CPU and multiple high-performance Accelerator Processors.
Optimized for rich media services, Ikanos' Fusiv Vx180 is a single chip, multi-mode VDSL2 gateway processor, which provides up to 2.7 GHz of processing power, on-chip voice over Internet protocol (VoIP), virtual private network (VPN) security, routing and bridging, while supporting best-in-class quality of service (QoS) and wire speed performance.
"Ikanos' Fusiv product line offers the power and performance necessary to take full advantage of the high throughput delivered by Atheros' 802.11n draft 2.0 technology," said Michael Stauffer, director of marketing for the carrier business at Atheros.
Ikanos selected Atheros' XSPAN dual-band concurrent and dual-band configurable draft 802.11n solutions for the new joint reference platform. Dual-concurrent Wi-Fi is the optimal configuration for gateways as it can support latency-sensitive multimedia applications using the less crowded 5GHz band, and data traffic using the 2.4GHz band. Ideal for home gateway applications, Atheros' 802.11n draft 2.0 technology was designed to provide whole home coverage with significantly increased bandwidth capacity -- up to 200 Mbps of real user throughput per band with Atheros' XSPAN with Signal-Sustain Technology(TM) (SST). Only gateways enabled by XSPAN with SST offer industry-leading wireless signal reliability which results from the world's only 3-transmit/3-receive (3Tx/3Rx) MIMO design. The company's innovative triple-radio design delivers higher throughput at greater distances than typical 2x2 MIMO solutions. By doing so, it provides a significant competitive advantage for carriers and Internet Service Providers (ISPs) looking to optimize the end-user experience.
"The collaboration between Atheros and Ikanos is designed to allow our customers to quickly and cost-effectively deliver industry-leading, high-performance, wireless-enabled, triple-play residential gateways," said Dean Westman, vice president and general manager for Ikanos' Gateway Products Group.
Ikanos and Atheros will jointly market the fully integrated residential gateway reference designs to DSL service providers and their gateway equipment suppliers. These customers will have the advantage of quick time-to-market through these turnkey solutions from Ikanos, whereby they will have a single agreement and point of contact for direct support.
"Carriers around the world are seeking cost-effective solutions for delivering high-value multi-play services, such as broadband Internet access, VoIP, video conferencing, Internet protocol television (IPTV), home networking, WLAN and multimedia converged services," said Ahmed Selmani, managing director of residential terminals business unit at Sagem Communication. "Ikanos' Vx180, paired with advanced 802.11n capabilities from Atheros, offers the highest level of performance, integration and flexibility, enabling us to meet the demanding requirements for next-generation residential gateways."
The joint reference platform is now available. It is the first in a series of 802.11n-enabled solutions to be developed by Ikanos and Atheros to support VDSL2, ADSL2+ and Fiber-to-the-Home (FTTH) gateway solutions.
For more information on the new 802.11n wireless Vx180 residential gateway joint reference platform, please visit http://www.ikanos.com/solutions/vdsl/rg.cfm.
About Atheros Communications, Inc.
Atheros Communications is a leading developer of semiconductor system solutions for wireless and other network communications products. Atheros combines its wireless and networking systems expertise with high-performance radio frequency (RF), mixed signal and digital semiconductor design skills to provide highly integrated chipsets that are manufactured on low-cost, standard complementary metal-oxide semiconductor (CMOS) processes. Atheros technology is being used by a broad base of leading customers, including personal computer, networking equipment and consumer device manufacturers. For more information, please visit http://www.atheros.com or send email to info@atheros.com.
About Ikanos Communications, Inc.
Ikanos Communications, Inc. (Nasdaq: IKAN) develops chipsets that enable carriers to offer Fiber Fast(TM) bandwidth and Gigabit network processing for enhanced triple play services. Ikanos' multi-mode VDSL2/ADSLx and network processor solutions power access infrastructure and customer premises equipment for many of the world's leading network equipment manufacturers. Ikanos' solutions enable fast and cost-effective carrier rollouts of interactive broadband services, including IPTV. For more information, visit http://www.ikanos.com.
(C) 2007 Ikanos Communications, Inc. All Rights Reserved. Ikanos Communications, Ikanos, the Ikanos logo, Ikanos Programmable Operating System, CleverConnect, Eagle, Fiber Fast, Fusiv, Fx, FxS, LoopNostics, SmartLeap and VLR are among the trademarks or registered trademarks of Ikanos. Atheros, the Atheros logo, XSPAN and Signal-Sustain Technology are trademarks of Atheros Communications, Inc. All other trademarks mentioned in this document are the sole property of their respective owners.
Note on Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, customers' acceptance of the technologies described in this release could differ from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements concerning the features, benefits and performance of Ikanos' and Atheros' respective products and the joint reference platforms described in this release. For a further discussion of the risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in each of Ikanos' and Atheros' Annual Reports on Form 10-K and their most recent Quarterly Reports on Form 10-Q. Neither Ikanos nor Atheros can assure that the events and circumstances reflected in any forward-looking statements will be achieved or occur, nor do Ikanos or Atheros undertake any obligation to update any forward-looking statements for any reason after the date of this press release.
SOURCE Ikanos Communications, Inc.
----------------------------------------------
Susan Lehman of Rockpoint Public Relations
+1-510-832-6006
susan@rockpointpr.com
for Ikanos Communications; or Margo Westfall of Ikanos Communications
+1-510-438-6276
mwestfall@ikanos.com; or Dakota Lee of Atheros Communications
+1-408-720-5597
dlee@atheros.com
CHTR 4.47 Charter Communications and Yellow Book USA Partner on Marketing and Distribution
Jul 25, 2007 8:00:00 AM
Copyright Business Wire 2007
ST. LOUIS &--(BUSINESS WIRE)--
Charter Communications, Inc. (NASDAQ: CHTR) and Yellow Book USA today announced a co-marketing and distribution agreement for Charter Telephone(R) and Yellow Book product and service offerings.
"With Yellow Book as a partner, we're increasing the awareness and visibility of Charter's commercial and residential telephone service," said Ted Schremp, senior vice president and general manager, Charter Telephone. "Yellow Book's sales representatives serve as a powerful channel to the small and medium-sized businesses we're targeting with Charter Telephone, enabling us to accelerate our recent entry into the commercial telephone business. At the same time, we're filling a demand for local directory information for residential customers."
"We constantly strive to provide our users with information that helps them easily find what they need," added Gordon Henry, chief marketing officer of Yellow Book. "Partnering with Charter helps accomplish this for directory users and also provides additional benefits for our advertisers. While this agreement encompasses many aspects of our businesses, a key element provides extensive promotion and advertising of Yellow Book's portfolio of products across Charter's various communication platforms."
Charter and Yellow Book will co-market products and services through a variety of sales and marketing channels, including each company's advertising products and sales forces. The agreement also provides for the creation and distribution of co-branded Yellow Book directories in Charter's markets.
"In each of the communities we serve, Charter Telephone will now have a prominent position in the local directory, reinforcing our commitment and presence," said Mr. Schremp. "We're pleased to have joined forces with Yellow Book, and believe there are additional opportunities to provide value to our customers and theirs."
About Charter
Charter Communications, Inc. is a leading broadband communications company and the third-largest publicly traded cable operator in the United States. Charter provides a full range of advanced broadband services, including advanced Charter Digital Cable(R) video entertainment programming, Charter High-Speed(R) Internet access, and Charter Telephone(R). Charter Business(TM) similarly provides scalable, tailored, and cost-effective broadband communications solutions to business organizations, such as business-to-business Internet access, data networking, video and music entertainment services, and business telephone. Charter's advertising sales and production services are sold under the Charter Media(R) brand. More information about Charter can be found at www.charter.com.
About Charter Telephone
Charter Telephone is a high-quality, reliable residential voice service provided through Charter's private, managed broadband network. Charter Telephone service includes unlimited nationwide calling, 10 popular calling features such as Call Waiting, Caller ID, and Call Forwarding, as well as Voicemail and enhanced 911 emergency service at no additional charge. Directory assistance (411) and listings in the local telephone directory are also available. New customers may keep their current phone number when they switch to Charter service. Calls can be made directly through any working in-home jack, and customers do not need to purchase new equipment
New customers can sign up for Charter Telephone's Unlimited plan starting at $29.99 per month, or bundle it with Charter Digital Cable(R) and Charter High-Speed(R) Internet for as low as $99.97 per month, all on one bill. Charter also offers competitive international rates and packages. Professional installation for Charter Telephone is included at no extra charge. For more information go to www.charter.com.
About Yellow Book USA
Yellow Book USA is the #1 independent publisher of print and online yellow pages directories nationwide. Founded in 1930, Yellow Book published nearly 1,000 printed directory editions in its 2007 fiscal year with a circulation of approximately 123 million. The company's online directory, yellowbook.com, reaches millions of users via computers and mobile phones through organic web searches and through Yellow Book's network of partner sites. The company's humorous advertising campaigns have made Yellow Book one of the nation's most recognized brands. Yellow Book has approximately 6,000 sales employees, one of the largest media sales forces in the U.S. Over the past decade Yellow Book has made over 50 acquisitions and now operates in 47 states, plus the District of Columbia. Visit the company's website at www.yellowbook.com.
An earth-friendly company, Yellow Book asks you to please recycle your outdated telephone directories. Through its industry-exclusive partnership with not-for-profit Earth 911, you will find your community's recycling locations in your local Yellow Book and at www.yellowbook.com/recycle. You can also learn more about recycling and the environment at www.earth911.org.
Source: Charter Communications, Inc.
----------------------------------------------
Charter Communications
Media:
Anita Lamont
314-543-2215
or
Analysts:
Mary Jo Moehle
314-543-2397
or
Yellow Book USA
Inc
Sloane & Company
John Hartz
212-446-1872
jhartz@sloanepr.com
SMTK 4.99 Webcast Alert: Simtek 2nd Quarter 2007 Earnings Conference Call Webcast
Jul 25, 2007 8:00:00 AM
Copyright Business Wire 2007
LOS ANGELES--(BUSINESS WIRE)--
Simtek (NASDAQ:SMTK) announces the following Webcast:
What: Simtek 2nd Quarter 2007 Earnings Conference Call Webcast
When: July 26, 2007 @ 5:00 PM Eastern
Where: http://www.investorcalendar.com/ClientPage.asp?ID=118975
How: Live over the Internet -- Simply log on to the web at the address above.
Contact: MKR Group, Inc.
Marie Dagresto or Todd Kehrli, 323-468-2300
smtk@mkr-group.com
If you are unable to participate during the live webcast, the call will be available for replay at http://www.investorcalendar.com/ClientPage.asp?ID=118975 or http://www.investorcalendar.com/
Simtek Corporation designs and markets high-speed, re-programmable, nonvolatile semiconductor memory products, for use in a variety of systems including RAID servers, storage arrays, GPS navigational systems, industrial controllers, robotics, copiers, avionics, metering, consumer, UPS, and networking and broadcast equipment. Information on Simtek products can be obtained from its web site: www.simtek.com. email: information@simtek.com. The company is headquartered in Colorado Springs, Colorado.
Source: Simtek Corporation
----------------------------------------------
MKR Group
Inc.
Marie Dagresto or Todd Kehrli
323-468-2300
smtk@mkr-group.com
MPX 8.23 Marine Products Corporation Reports 2007 Second Quarter Financial Results
Jul 25, 2007 7:30:00 AM
ATLANTA, July 25 /PRNewswire-FirstCall/ -- Marine Products Corporation (NYSE: MPX) announced its unaudited results for the quarter ended June 30, 2007. Marine Products Corporation is a leading manufacturer of fiberglass boats under two brand names: sterndrive and inboard pleasure boats by Chaparral, including SSi Sportboats, Sunesta Wide-Techs, SSX Sportdecks, Signature Cruisers, and outboard sport fishing boats by Robalo.
For the quarter ended June 30, 2007, Marine Products generated net sales of $67,869,000, a 5.4 percent decrease compared to $71,739,000 in the second quarter of last year. The change in net sales resulted primarily from a 13.3 percent decrease in the number of boats sold, partially offset by a 6.8 percent increase in the average gross selling price per boat. Gross profit for the quarter was $14,934,000, or 22.0 percent of net sales, compared to $16,136,000, or 22.5 percent of net sales, in the prior year. The decrease in gross profit as a percentage of net sales was the result of manufacturing cost inefficiencies resulting from lower production volumes.
Operating income for the quarter was $7,014,000, an 8.9 percent decrease compared to the second quarter last year, due to lower gross profit, partially offset by lower selling, general and administrative expenses. Operating income was 10.3 percent of net sales for the quarter, compared to 10.7 percent in the prior year. Selling, general and administrative expenses decreased because of lower warranty and incentive compensation expense, partially offset by higher research and development expenses due to new product development.
Net income for the quarter ended June 30, 2007 was $5,275,000, a 16.1 percent decrease compared to $6,289,000 in the prior year. Net income decreased due to lower operating income and a higher effective income tax rate compared to the prior year. Diluted earnings per share for the quarter decreased by 12.5 percent to $0.14, compared to $0.16 in the prior year.
Net sales for the six months ended June 30, 2007 were $132,845,000, a 6.2 percent decrease compared to the first six months of 2006. Net income for the six-month period decreased 23.8 percent to $9,192,000 or $0.24 diluted earnings per share compared to $12,065,000 or $0.31 diluted earnings per share in the prior year.
Richard A. Hubbell, Marine Products' Chief Executive Officer, stated, "Our results for the second quarter of 2007 reflect continued weakness in the recreational boating market that began late in 2005. We believe that this retail selling season was negatively impacted by high fuel prices and a weaker housing market, neither of which show signs of improvement. Although overall unit volume was down, we continue to see relative strength in our larger SSi Sportboats, our SSX Sportdecks, and our larger Robalo sport fishing boats.
Hubbell continued, "Our dealer conferences for the 2008 model year will take place within the next several weeks, and as always, we are eager to spend time with our dealers and gauge their demand for the coming model year. Our field inventory is comparable to this time last year. Order backlog is slightly lower, but reasonable in the current environment. In anticipation of continued low retail demand, we have taken steps to align our costs with current and projected production levels, including appropriate headcount reductions.
"In this difficult environment we are continuing to build and invest for the long term. We are using our enhanced research and development, engineering and marketing resources to bring to market exciting new models for the 2008 model year. Most notably, we have developed an entirely new Sunesta Wide-Tech line for 2008 and are continuing development of our 40-foot Chaparral Sport Yacht for later in the 2008 model year. We are continuing to use our financial strength and superior industry resources to build innovative, high-quality pleasure boats."
Marine Products Corporation (NYSE: MPX) designs, manufactures and distributes premium-branded Chaparral sterndrive and inboard pleasure boats and Robalo sport fishing boats, and seeks to continue to diversify its product line through product innovation and strategic acquisition. With premium brands, a solid capital structure, and a strong independent dealer network, Marine Products Corporation is prepared to capitalize on opportunities to strategically increase its market share and to generate superior financial performance to build long-term shareholder value. For more information on Marine Products Corporation visit our website at www.marineproductscorp.com.
Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding our belief that our order backlog is reasonable in the current environment, our belief that we have aligned our costs with current and projected production levels, our expectations about our new models for the 2008 model year, and our ability to continue to diversify our product line though product innovation and strategic acquisition, and our ability to capitalize on opportunities to increase market share, generate superior financial performance and build shareholder value. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Marine Products Corporation to be materially different from any future results, performance or achievements expressed or implied in such forward-looking statements. These risks include possible decreases in the level of consumer confidence impacting discretionary spending, business interruptions due to adverse weather conditions, increased interest rates, unanticipated changes in consumer demand and preferences, deterioration in the quality of Marine Products' network of independent boat dealers or availability of financing of their inventory, our ability to insulate our financial results against increasing commodity prices, our ability to identify, complete or successfully integrate acquisitions, the impact of rising gasoline prices and a weak housing market on consumer demand for our products, and competition from other boat manufacturers and dealers. Additional discussion of factors that could cause the actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in Marine Products' Form 10-K for the year ending December 31, 2006 filed with the Securities and Exchange Commission.
For information about Marine Products Corporation, please contact:
BEN M. PALMER JIM LANDERS
Chief Financial Officer Corporate Finance
404.321.7910 404.321.2162
irdept@marineproductscorp.com jlanders@marineproductscorp.com
MARINE PRODUCTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (In thousands except per share data)
Periods ended June 30, (Unaudited)
Second Quarter BETTER
2007 2006 (WORSE)
Net Sales $67,869 $71,739 (5.4)%
Cost of Goods Sold 52,935 55,603 4.8
Gross Profit 14,934 16,136 (7.4)
Selling, General and Administrative
Expenses 7,920 8,437 6.1
Operating Income 7,014 7,699 (8.9)
Interest Income 637 588 8.3
Income Before Income Taxes 7,651 8,287 (7.7)
Income Tax Provision 2,376 1,998 (18.9)
NET INCOME $5,275 $6,289 (16.1)%
EARNINGS PER SHARE
Basic $0.14 $0.17 (17.6)%
Diluted $0.14 $0.16 (12.5)%
AVERAGE SHARES OUTSTANDING
Basic 37,324 37,414
Diluted 38,448 38,976
CONSOLIDATED STATEMENTS OF INCOME (In thousands except per share data)
Periods ended June 30, (Unaudited)
Six Months BETTER
2007 2006 (WORSE)
Net Sales $132,845 $141,696 (6.2)%
Cost of Goods Sold 103,947 108,742 4.4
Gross Profit 28,898 32,954 (12.3)
Selling, General and Administrative
Expenses 16,363 17,075 4.2
Operating Income 12,535 15,879 (21.1)
Interest Income 1,363 1,034 31.8
Income Before Income Taxes 13,898 16,913 (17.8)
Income Tax Provision 4,706 4,848 2.9
NET INCOME $9,192 $12,065 (23.8)%
EARNINGS PER SHARE
Basic $0.25 $0.32 (21.9)%
Diluted $0.24 $0.31 (22.6)%
AVERAGE SHARES OUTSTANDING
Basic 37,412 37,361
Diluted 38,622 39,049
MARINE PRODUCTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
At June 30, (Unaudited) (in thousands)
2007 2006
ASSETS
Cash and cash equivalents $15,925 $44,165
Marketable securities 4,525 379
Accounts receivable, net 5,320 7,819
Inventories 34,080 33,677
Income taxes receivable 258 1,157
Deferred income taxes 2,999 2,954
Prepaid expenses and other current assets 1,955 1,636
Total current assets 65,062 91,787
Property, plant and equipment, net 16,385 17,154
Goodwill 3,308 3,308
Marketable securities 37,324 5,850
Deferred income taxes 1,185 1,051
Other assets 6,250 4,964
Total assets $129,514 $124,114
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $7,706 $9,600
Accrued expenses and other liabilities 14,027 12,880
Total current liabilities 21,733 22,480
Pension liabilities 5,255 4,485
Other long-term liabilities 733 492
Total liabilities 27,721 27,457
Common stock 3,767 3,805
Capital in excess of par value 9,233 13,467
Retained earnings 89,515 80,489
Accumulated other comprehensive loss (722) (1,104)
Total stockholders' equity 101,793 96,657
Total liabilities and stockholders' equity $129,514 $124,114
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, (Unaudited) (in thousands)
2007 2006
Operating Activities:
Net income $9,192 $12,065
Depreciation, amortization and other non-cash
charges 1,764 1,840
Other net changes in operating activities (1,694) (3,487)
Net cash provided by operating activities 9,262 10,418
Investing Activities:
Capital expenditures (760) (986)
Net (purchase) sale of marketable securities (37,489) 977
Other investing activities - 25
Net cash (used for) provided by investing
activities (38,249) 16
Financing Activities:
Payment of dividends (4,552) (3,767)
Cash paid for common stock purchased and retired (5,407) (559)
Other financing activities 415 455
Net cash used for financing activities (9,544) (3,871)
Net (decrease) increase in cash and cash equivalents (38,531) 6,563
Cash and cash equivalents at beginning of period 54,456 37,602
Cash and cash equivalents at end of period $15,925 $44,165
SOURCE Marine Products Corporation
----------------------------------------------
Ben M. Palmer
Chief Financial Officer
+1-404-321-7910
irdept@marineproductscorp.com
or Jim Landers
Corporate Finance
+1-404-321-2162
jlanders@marineproductscorp.com
both of Marine Products Corporation
ISPH 5.70 Inspire Announces Date for Conference Call and Webcast to Discuss Second Quarter 2007 Financial Results
Jul 25, 2007 7:30:00 AM
Copyright Business Wire 2007
DURHAM, N.C.--(BUSINESS WIRE)--
Inspire Pharmaceuticals, Inc. (NASDAQ: ISPH) announced today that it plans to report second quarter 2007 financial results on Wednesday, August 8, 2007 before the market opens. Inspire's President and CEO, Christy L. Shaffer, Ph.D., and CFO and Treasurer, Thomas R. Staab, II, will host a conference call and live webcast on Wednesday, August 8, 2007 at 10:00 a.m. ET.
To access the conference call, U.S. participants may call (877) 648-7970 and international participants may call (706) 902-0415. The conference ID number is 10936761. A live webcast and replay of the call will be available on Inspire's website at www.inspirepharm.com. A telephone replay of the conference call will be available until August 22, 2007. To access this replay, U.S. participants may call (800) 642-1687 and international participants may call (706) 645-9291. The conference ID number is 10936761.
About Inspire
Inspire is a biopharmaceutical company dedicated to discovering, developing and commercializing prescription pharmaceutical products in disease areas with significant commercial potential and unmet medical needs. Inspire employs a U.S. sales force for the promotion of AzaSite(TM) (azithromycin ophthalmic solution) 1% for bacterial conjunctivitis, Elestat(R) (epinastine HCl ophthalmic solution) 0.05% for allergic conjunctivitis and Restasis(R) (cyclosporine ophthalmic emulsion) 0.05% for dry eye. Inspire is focused on the therapeutic areas of ophthalmology and respiratory/allergy, and is developing products for dry eye, cystic fibrosis, allergic rhinitis and glaucoma. Elestat and Restasis are trademarks owned by Allergan, Inc. AzaSite is a trademark owned by InSite Vision Incorporated. For more information, visit www.inspirepharm.com.
Source: Inspire Pharmaceuticals, Inc.
----------------------------------------------
Inspire Pharmaceuticals
Inc.
Investor Contact:
Jenny Kobin
919-941-9777
Extension 219
VP
Investor Relations and Corporate Communications
or
Media Contact:
BMC Communications
Dan Budwick
212-477-9007
Extension 14
DYAX 3.88 Dyax Corp. Announces Second Quarter 2007 Financial Results
Jul 25, 2007 7:30:00 AM
Copyright Business Wire 2007
CAMBRIDGE, Mass.--(BUSINESS WIRE)--
Dyax Corp. (NASDAQ: DYAX) today announced financial results for the second quarter ended June 30, 2007. Dyax will host a webcast and conference call at 10 a.m. (ET) this morning to review the financial results and corporate progress for the quarter.
Financial Results:
For the quarter ended June 30, 2007, Dyax reported a net loss of $17.9 million or $0.37 per share, as compared to a net loss of $8.7 million or $0.20 per share for the comparable quarter in 2006. For the six months ended June 30, 2007, Dyax reported a net loss of $37.9 million or $0.81 per share, as compared to a net loss of $18.7 million or $0.45 per share for the comparable six month period in 2006. In 2006, development expenses were net of reimbursements from the joint venture with Genzyme for the development of DX-88 for hereditary angioedema (HAE). In 2007, following the termination of the joint venture in February, Dyax assumed responsibility for all development expenses related to HAE. These expenses are being funded in part by a $17 million cash payment received from Genzyme as a result of the termination. This increase in expenses is consistent with our internal plan and our cash consumption guidance for the year.
Total revenues for the second quarter ended June 30, 2007 decreased to $2.6 million versus $3.4 million for the comparable quarter in 2006. Revenues for the six months ended June 30, 2007 decreased to $5.3 million as compared to $6.1 million in the comparable six month period in 2006, despite a $1.4 million increase in library and funded research revenues for the six month period in 2007. The decrease in revenues was due to a $2.1 million decrease in revenues associated with the former collaboration with Debiopharm, which ended in the first quarter of 2006. The receipt and recognition of clinical milestones received from our collaborators and licensees may vary substantially from quarter-to-quarter due to the timing of their development activities.
Research and development expenses for the second quarter increased to $15.5 million as compared to $10.5 million for the comparable period in 2006. For the six months ended June 30, 2007, research and development expenses increased to $35.8 million as compared to $21.1 million for the comparable period in 2006. For the second quarter, of the $5.0 million increase in research and development expenses, $2.7 million is attributable to DX-88 clinical trials, toxicology studies, and additional resources to advance the hereditary angioedema (HAE) program towards registration, and $1.5 million is related to DX-88 manufacturing activities. The remainder of the increase is primarily attributable to incremental costs to support the DX-88 on-pump cardiothoracic surgery (CTS) program.
As of June 30, 2007, Dyax had a total of $46.3 million in cash, cash equivalents, and short-term investments, exclusive of restricted cash, a net decrease of $14.1 million from December 31, 2006. This does not include the net cash proceeds from our underwritten common stock offering, which closed on July 18, 2007. Dyax received net proceeds of $35.9 million from the sale of 10.5 million shares. In connection with the offering, the Company has granted a 30-day option to the underwriters to purchase up to 1,575,000 additional shares of common stock at the public offering price to cover over-allotments.
Corporate Progress:
Henry E. Blair, Chairman, President and Chief Executive Officer of Dyax, stated, "In the beginning of the second quarter, we announced three significant milestones for DX-88's two ongoing clinical programs. For DX-88 in hereditary angioedema (HAE), we announced positive topline results from the blinded portion of the first Phase 3 trial, known as EDEMA3, as well as the initiation of the second Phase 3 trial, EDEMA4. For DX-88's second indication, in on-pump cardiothoracic surgery (CTS), we initiated a Phase 2 trial. Both of these trials are underway and making steady progress."
"We recently completed a fully marketed underwritten common stock offering, which has provided Dyax with financial flexibility to support the Company's preclinical and clinical research and development efforts. With this financing, we believe we are well positioned to execute our business strategy of maximizing the value of the DX-88 franchise by negotiating the best collaboration deal we can for this valuable asset."
"During the quarter, we continued to see promising results from our most advanced preclinical candidates, DX-2240 and DX-2400," remarked Mr. Blair. "In particular, DX-2400, a fully-human monoclonal antibody selected from one of Dyax's libraries, is a novel protease inhibitor that targets matrix metalloproteinase 14 (MMP 14) on tumor cells and tumor blood vessels. It has shown significant inhibition of tumor progression and metastasis in multiple preclinical models when used as a monotherapy. We are very excited about the potential of this candidate as it represents a new generation of antibody-based protease inhibitors."
2007 Guidance:
With respect to Dyax's guidance for 2007, Stephen S. Galliker, Executive Vice President and Chief Financial Officer of Dyax, stated, "We believe our existing cash, cash equivalents and short-term investments plus anticipated cash flow from product development revenues and collaborations as well as the net proceeds from our recent stock offering will be sufficient to support our operating plans into 2009. Our guidance for 2007 net cash consumption in operations remains unchanged and is approximately $45 million, net of the $17 million cash payment received as a result of the termination of our joint venture with Genzyme."
Webcast and Conference Call
Dyax Corp. will host a webcast and conference call, including an open
question and answer session.
Date: Wednesday, July 25, 2007
Time: 10:00 a.m. ET
Telephone Access: Domestic callers, dial 866-770-7129
International callers, dial 617-213-8067
Passcode 34986433
Online Access: Go to the Investor Relations section of the Dyax
website (www.dyax.com) and follow instructions for
accessing the live webcast. Participants may
register in advance.
A replay of the conference call will be available through August 24, 2007 and may be accessed by dialing 888-286-8010. International callers should dial 617-801-6888. The replay passcode for all callers is 28268818. The webcast will be archived on the Dyax website for an indefinite period of time.
About Dyax
Dyax is focused on advancing novel biotherapeutics for unmet medical needs, with an emphasis on oncology and inflammatory indications. Dyax utilizes its proprietary drug discovery technology to identify antibody, small protein and peptide compounds for clinical development.
Dyax's lead product candidate is DX-88, a recombinant small protein that is currently in clinical trials for its therapeutic potential in two separate indications. Dyax has completed three Phase 2 trials and a Phase 3 trial of DX-88 for the treatment of hereditary angioedema (HAE). A second Phase 3 trial, known as EDEMA4, is currently being conducted under a Special Protocol Assessment (SPA) agreed upon with the FDA. DX-88 has orphan drug designation in the U.S. and E.U., as well as Fast Track designation in the U.S. for the treatment of acute attacks of HAE.
Additionally, Dyax has completed a Phase 1/2 trial of DX-88 for the prevention of blood loss during on-pump coronary artery bypass graft (CABG) procedures. A Phase 2 trial for further development of DX-88 in on-pump cardiothoracic surgery (CTS), including CABG and heart valve replacement or repair procedures, is ongoing.
Dyax identified DX-88 and other compounds in its pipeline using its patented phage display technology, which rapidly identifies compounds that bind with high affinity and specificity to therapeutic targets. Dyax leverages this technology broadly with over 70 licenses and collaborations for therapeutic discovery, as well as in non-core areas such as affinity separations, diagnostic imaging, and research reagents.
Dyax is headquartered in Cambridge, Massachusetts, and has antibody discovery facilities in Liege, Belgium. For online information about Dyax Corp., please visit www.dyax.com.
Disclaimer
This press release contains forward-looking statements regarding Dyax Corp. These statements include statements regarding Dyax's future cash resources, its projected use of cash, the progress of the ongoing clinical trials of DX-88, prospects for a collaboration for DX-88, and the potential of DX-2400 and the remainder of Dyax's pipeline. Statements that are not historical facts are based on Dyax's current expectations, beliefs, assumptions, estimates, forecasts and projections for Dyax and the industry and markets in which Dyax competes. The statements contained in this release are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements because of uncertainties associated with various activities and aspects of Dyax's business, including risks and uncertainties associated with the following: the timing and results of clinical trials, regulatory review and approval of Dyax's product candidates, intense competition, including in the areas of DX-88's planned indications, Dyax's efforts to develop and commercialize novel products, its dependence on collaborators for development, clinical trials, manufacturing, sales and distribution of products, Dyax's changing requirements and costs associated with planned research and development activities, the uncertainty of patent and intellectual property protection, Dyax's dependence on key management and key suppliers, the impact of future alliances or transactions involving Dyax or others, and other risk factors described or referred to in Dyax's most recent Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission. Dyax cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this release, and Dyax undertakes no obligation to update or revise these statements, except as may be required by law.
Dyax and the Dyax logo are registered trademarks of Dyax Corp. EDEMA4 is a service mark for Dyax Corp.
DYAX CORP.
SELECTED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2007 2006 2007 2006
------------ ------------ ------------ ------------
(In thousands, except share and per share data)
Product
development and
license fee
revenues $ 2,647 $ 3,424 $ 5,277 $ 6,098
Operating
expenses:
Research and
development( 1) 15,522 10,503 35,836 21,095
less: Research
and development
expenses
reimbursed
by joint
venture - (4,326) (7,000) (8,233)
Equity loss in
joint venture - 2,751 3,831 5,196
General and
administrative
(2) 3,489 3,666 7,577 7,520
------------ ------------ ------------ ------------
Total operating
expenses 19,011 12,594 40,244 25,578
------------ ------------ ------------ ------------
Loss from
operations (16,364) (9,170) (34,967) (19,480)
Other income
(expense), net (1,547) 512 (2,961) 825
------------ ------------ ------------ ------------
Net loss $ (17,911) $ (8,658) $ (37,928) $ (18,655)
============ ============ ============ ============
Basic and diluted
net loss per
share $ (0.37) $ (0.20) $ (0.81) $ (0.45)
============ ============ ============ ============
Shares used in
computing basic
and diluted net
loss per share 48,247,303 43,578,939 46,892,690 41,354,940
============ ============ ============ ============
(1 )Includes $286 and $572 of stock-based compensation expense for
the three and six months ended June 30, 2006, respectively. Includes
$343 and $677 of stock-based compensation expense for the three and
six months ended June 30, 2007, respectively.
(2 )Includes $230 and $449 of stock-based compensation expense for
the three and six months ended June 30, 2006, respectively. Includes
$335 and $606 of stock-based compensation expense for the three and
six months ended June 30, 2007, respectively.
SELECTED CONSOLIDATED BALANCE SHEET INFORMATION
(Unaudited)
June December
30, 31,
2007 2006
------- --------
(In thousands)
Cash and cash equivalents $25,607 $11,295
Short-term investments 20,733 47,169
Long-term investments - 1,992
Restricted cash 11,501 11,517
Working capital 30,673 46,369
Total assets 71,069 88,173
Stockholders' equity 4,563 23,461
Source: Dyax Corp.
----------------------------------------------
Dyax Corp.
Ivana Magovcevic-Liebisch
617-250-5759
General Counsel and Executive Vice President
of Administration
imagovcevic@dyax.com
or
Nicole P. Jones
617-250-5744
Associate Director
Investor Relations and
Corporate Communications
njones@dyax.com
CSAR 4.96 Caraustar's Recycling Plants Receive Pulp & Paper Safety Association Award
Jul 25, 2007 7:30:00 AM
ATLANTA, July 25 /PRNewswire-FirstCall/ -- Caraustar Industries, Inc. (Nasdaq: CSAR) announced that its Recovered Fiber Group's seven recycling plants were presented with the 2006 No Actual Lost Work Day Case Award in the Recycle Collection category at the Pulp & Paper Safety Association's (PPSA) 64th Annual Safety & Health Conference held in June this year. This award is presented to all member locations that complete a calendar year without incurring an injury that results in days away from work. The PPSA's awards program provides a prestigious form of recognition to outstanding short-term and long-term safety performance by operating categories.
"This award is representative of our continued focus on safety in our daily operations, and is a key initiative on our business agenda," stated Greg Cottrell, vice president of Caraustar's Recovered Fiber Group. "In 2006, the Caraustar Recovered Fiber Group processed and brokered approximately 2.5 million tons of recycled fiber that was kept out of landfills. For all of our collection facilities to meet the criteria for the award speaks volumes of our commitment to safety."
Caraustar, a recycled paperboard and packaging company, is one of the world's largest integrated manufacturers of converted recycled paperboard and is dedicated to providing customers with outstanding value through innovative products and services. Caraustar has developed its leadership position in the industry through diversification and integration from raw materials to finished products. Caraustar serves the four principal recycled boxboard product end-use markets: tubes, cores and composite cans; folding cartons; gypsum facing paper and specialty paperboard products. For additional information on Caraustar, please visit the company's website at www.caraustar.com.
The Pulp & Paper Safety Association is a non-profit, non-political, international organization, devoted to the continuous improvement of safety throughout all aspects of the paper industry. The association began in the 1940's as the Southern Pulp and Paper Safety Association, later changing the name to reflect its widening membership base and it throughout The United States and Canada.
CONTACT: Greg Cottrell
Vice President,
Recovered Fiber Group
770-948-3101
SOURCE Caraustar Industries, Inc.
----------------------------------------------
Greg Cottrell
Vice President of Recovered Fiber Group
+1-770-948-3101
GILT 9.40 Colombia's Axesat Chooses Gilat to Provide a SkyEdge Broadband Satellite Network
Jul 25, 2007 7:34:00 AM
Copyright Business Wire 2007
PETAH TIKVA, Israel--(BUSINESS WIRE)--
Gilat Satellite Networks Ltd. (Nasdaq:GILT) today announced it has been chosen by Axesat, a leading satellite service provider in Latin America, to provide a SkyEdge broadband satellite network comprised of a hub and more than 400 SkyEdge VSATs. With completion of this latest deployment, Axesat will operate more than 2,500 Gilat VSATs nationwide.
Axesat will deploy Gilat's SkyEdge Pro and SkyEdge IP VSATs to provide Colombian enterprises with private networking services including interactive data, broadband Internet access, and Voice over Internet Protocol (VoIP) services. Gilat's SkyEdge platform was chosen following Axesat's successful deployment and operation of its network comprising more than 2,000 Gilat 360E VSATs.
"This agreement expands the successful relationship we have enjoyed with Gilat since 2003 -- a relationship that is essential to the continued growth of our company," said Mauricio Segovia, General Manager, Axesat. "The SkyEdge network, based on Gilat's advanced VSAT technology and experience, will enable us to continue providing the highest possible level of customer service and support to Colombian enterprises in a variety of important business segments," he added.
Jose Aronovich, Gilat Network System's regional vice president sales, Latin America, said, "This new contract with Axesat demonstrates our continued success in Latin America, where we provide equipment and services to many of the region's largest operators. Gilat's broadband satellite solutions enable businesses and consumers throughout Latin America to benefit from increased productivity and advanced services."
Gilat's SkyEdge is a satellite communications system that delivers high-quality voice, broadband data and video services over a powerful unified system. SkyEdge represents Gilat's extensive knowledge base and field-proven product offering, acquired through two decades of experience. SkyEdge's flexible architecture and efficient space segment utilization make it an ideal platform for operators and service providers.
As part of its commitment to the Latin American market, Gilat recently launched a new Spanish language web site, available at www.gilatnetworks.com
About Axesat
Axesat, based in Bogota, is a leading satellite service provider in Latin America, providing service to corporate and residential customers in Colombia, Venezuela, Ecuador and throughout Central America. For more information, please visit www.axesat.com.
About Gilat Satellite Networks Ltd.
Gilat Satellite Networks Ltd. (Nasdaq:GILT) is a leading provider of products and services for satellite-based communications networks. The Company operates under three business units: (i) Gilat Network Systems, which is a provider of network systems and associated professional services to service providers and operators worldwide; (ii) Spacenet Inc., which provides managed services in North America for businesses and governments through its Connexstar service brand and for consumers through its StarBand service brand; (iii) Spacenet Rural Communications, which offers rural telephony and Internet access solutions to remote areas primarily in Latin America.
Gilat was founded in 1987 and has shipped over 670,000 Very Small Aperture Terminals (VSATs) to more than 85 countries across six continents. Gilat's headquarters is located in Petah Tikva, Israel. The Company has 16 sales and service offices worldwide. Gilat markets the SkyEdge(TM) Product Family which includes the SkyEdge(TM) Pro, SkyEdge(TM) IP, SkyEdge(TM) Call, SkyEdge(TM) DVB-RCS and SkyEdge(TM) Gateway. In addition, the Company markets numerous other legacy products.
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words "estimate", "project", "intend", "expect", "believe" and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat's products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat's products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company's proprietary technology and risks associated with Gilat's international operations and its location in Israel. For additional information regarding these and other risks and uncertainties associated with Gilat's business, reference is made to Gilat's reports filed from time to time with the Securities and Exchange Commission.
Source: Gilat Satellite Networks Ltd.
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Gilat
Ayelet Shaked
+972-3-925-2598 (Investor Relations)
ayelets@gilat.com
Kim Kelly
+972-3-925-2406 (Media Relations)
kimk@gilat.com
or
The Global Consulting Group (GCG)
Rachel Levine
+1-646-284-9439 (Investor Relations)
rlevine@hfgcg.com
7/25/2007 AAUKF 91 for 100 R/S ** AAUJF Anglo American plc Ordinary Shares (United Kingdom)
7/25/2007 MLQT 1-32.84 R/S ** Millennium Quest, Inc. Common Stock ALRC American Lorain Corporation Common Stock
7/25/2007 HOGC 1-10 R/S ** HTOG Heartland Oil & Gas Corporation
EYII authorized is 3B so i believe the number in the NR is incorrect ...just an fyi...no biggie
morning birdies!
morning stuffit and players :)