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Please sell CKGT.OB and buy ADA.V
Thanks for all your efforts
MikeS-I believe you are correct. I'm actually both an APEX and IZONE customer, but forgot to buy it through my APEX account.
Oh well...
Yes, $20 was charged on 1/12/07.
The XAN symbol was changed to PGSC in my account for a day or 2, then it disappeared. I actually wrote IZONE an email just this morning asking where my payment was but I still haven't heard back from them....
tr8-I bought 99 shares of XAN through my Ameritrade IZONE account and WAS charged the same $20 you were.
Looks like NYMEX is making out pretty well on the deal, paying OPBL's 3 founding shareholders well under today's closing price for their 19% stake...otherwise, this deal sounds like a winner for OPBL.
DJ Nymex To Pay $2.69/Share For Stake In Optionable
01/22/2007
Dow Jones News Services
(Copyright © 2007 Dow Jones & Company, Inc.)
DJ Nymex To Pay $27.7M For 19% Stake In Optionable >NMX OPBL
DOW JONES NEWSWIRES
Optionable Inc. (OPBL) disclosed late Monday that Nymex Holdings Inc. (NMX) will pay about $27.7 million for a 19% stake in the provider of natural gas and other energy derivatives brokerage services.
Earlier Monday, the parent company of the New York Mercantile Exchange Inc. said it was acquiring the stake from Optionable's three founding stockholders. It didn't provide the purchase price then.
In a filing with the Securities and Exchange Commission, Optionable said Nymex is paying $2.69 a share for the 10,291,448 shares.
The deal also includes certain cooperative technology initiatives and a warrant, which gives Nymex the possibility of increasing its stake in Optionable to up to 40%, according to the filing.
The warrant will be exercisable from time to time for a period of 18 months from the closing date of the transaction at an exercise price per share equal to $4.30, Optionable added.
Shares of Briarcliff Manor, N.Y., Optionable closed Monday at $4.34, up 34 cents.
IEAM has bought back 850K shares since the repurchase program was announced last month. Another vote of confidence from management, who's interests are aligned w/ those of the shareholders. I think they (we shareholders) bought at a good price...
Industrial Enterprises of America Provides Update On Share Repurchase Program
Wednesday January 17, 9:36 am ET
NEW YORK, Jan. 17, 2007 (PRIME NEWSWIRE) -- Industrial Enterprises of America, Inc. (OTC BB:IEAM.OB - News), a specialty automotive aftermarket supplier, today provided an update on its Share Repurchase Program. Since announcing a $10 million Share Repurchase Program on December 11 2006, the Company has repurchased 850,000 shares of its outstanding common stock for approximately $3.4 million in a combination of cash and notes.
The program, which is scheduled to last nine months, includes common stock and equity-related securities such as convertible debentures and warrants. Repurchases may be made from time to time through open market purchases, privately negotiated transactions and/or transactions structured through investment banking institutions permitted by securities laws and other legal requirements.
John Mazzuto, Chief Executive Officer of Industrial Enterprises of America, commented, ``The share repurchase program reflects our confidence in IEAM's operational strength and competitive position in the automotive aftermarket. The Company will continue to prudently acquire shares. At the same time, the Company will continue to preserve sufficient cash for future operations, including the continual acquisition of profitable brands and businesses to bring under our umbrella.'
About Industrial Enterprises of America, Inc.
Industrial Enterprises of America, Inc., headquartered in New York, NY, is an automotive aftermarket supplier that specializes in the sale of anti-freeze, auto fluids, and other automotive additives and chemicals. The company has distinct proprietary brands that collectively serve the retail, professional, and discount automotive aftermarket channels
OPBL news
Optionable Announces New Headquarters, Promotions and Hirings
PR Newswire - January 16, 2007 13:55
BRIARCLIFF MANOR, N.Y., Jan 16, 2007 /PRNewswire-FirstCall via COMTEX/ -- Optionable, Inc. (OTC Bulletin Board: OPBL), a leading provider of natural gas and other energy derivatives brokerage services, announced today that due to the Company's rapid growth in providing energy brokerage services, it is moving its headquarters to larger facilities, and that it has promoted Thomas Schnell to Vice President - OTC Brokerage Service, and hired Mili Ashar as Senior Developer.
Optionable President Ed O'Connor said, "We are pleased to be expanding at a rate that requires us to find a larger space. We were able to secure new office space in Valhalla, Westchester County, and almost double the square footage while successfully negotiating a price per square foot that is comparable to our existing lease."
O'Connor continued, "We wish to congratulate Tom in his new position as Vice President - OTC Brokerage Service and Mili Ashar on joining Optionable as Senior Developer. Tom has been with our team for several years and has demonstrated his skill as an energy broker and his commitment to our organization. We are confident that Tom will continue to add value in his new role as Vice President. In addition, as we continue to grow, Mili will be a great asset to our development team of 8 members as she brings 10 years of IT experience in the financial services industry to Optionable."
Optionable will be moving its headquarters to 465 Columbus Avenue, Valhalla, NY in February 2007. The new headquarters is approximately 5,000 square feet which is much larger than its current facility of 3,000 square feet.
Prior to joining Optionable, Schnell was an energy options broker for the past 10 years, with NY-based Orion Energy Services on the OTC desk from 1997 to 2001. Before joining Orion Energy, Schnell was an energy broker with NY-based FX Options on the floor of the NYMEX from 1996 to 1997.
He was awarded a B.S. from Muhlenberg College in 1992.
Ashar joins Optionable from Harrison, NY-based CITICAPITAL where she was Assistant Vice President/Senior Programmer Analyst since 2003. Prior to that Ashar was Senior Systems Officer/Senior Programmer Analyst from 2000 to 2002. Before joining CITICAPITAL, Ashar was a Programmer/Analyst with White Plains-based CMGI Solutions from 1999 to 2000, and was a Technical Support Engineer with Natick, MA-based THE MATHWORKS INC., from 1997 to 1999.
Ashar was awarded a B.S. in Mechanical Engineering from Johns Hopkins University in 1997
Name suggestions....
One Ticket To Easy Street (OTTES)
You'll Give Me A Rise In '07 (YGMARI'07)
It's Good To Be King (IGTBK)
One Stock, One Year, One Winner (OSOYOW)
I'm w/ curlews. I'm picking IEAM.ob.
With EPS projections of .22, .33., and .50 for the next 3 quarters, IEAM looks like a steal under $4. CEO has put his money were his mouth is by purchasing over 300,000 shares at an avg. price of @ $5. He receives NO salary, only benefiting from running IEAM via stock appreciation. He would have to have a twisted sense of humor to pay himself nothing while spending $1.5 million of his own money on a stock he knew was a money-losing scam! For this reason, I tend to believe his optimism and projections are sincere. Even if IEAM reports half of the 50 cents projected 3 quarters out, IEAM should be trading much higher by the end of the year. A couple of potentail catalysts include the recent China news (see below) and the pending NASDAQ listing...
A few knowledgeable and respected posters brought up some concerns regarding IEAM's share count and accounting meathods, so please be aware that there are differing opinions on how the financials are reported. The jury is still out on whether IEAM can achieve the profitability they are guiding for...if they can, I think IEAM could be a multi-bagger by the end of 2007.
Recent China news:
Industrial Enterprises of America Forms Joint Venture With Sinochem Ningbo Ltd.
Monday December 18, 11:53 am ET
NEW YORK, Dec. 18, 2006 (PRIME NEWSWIRE) -- Industrial Enterprises of America, Inc. (OTC BB:IEAM.OB - News), a specialty automotive aftermarket supplier, today announced that the Company has entered into a Joint Venture agreement with Sinochem Ningbo Ltd., a subsidiary of Sinochem Corporation, for the packaging of refrigerant gases in China for worldwide distribution. Sinochem Corporation is China's largest chemicals trader and a Global 500 Company.
Per the agreement, IEAM will provide packaging equipment and expertise as well as train the staff for the facility which will be provided by Sinochem. Profits from the venture will be effectively equally split between the two parties.
Industrial Enterprises anticipates that the Joint Venture will begin operations early next year, with a full transfer of equipment and trained personnel between IEAM and Sinochem's facilities to be complete by the end of March.
John Mazzuto, Chief Executive Officer of Industrial Enterprises of America, commented, ``This new venture has the potential to increase the earnings of our company dramatically as this facility will be shipping worldwide. We expect this Joint Venture to be a strong profit center for IEAM for many years to come. Although it is premature to forecast earnings for the new venture, I would expect it to have at least the same impact as the acquisition of Pitt Penn.'
Sinochem Ningbo Ltd. was established in 1987 and is a subsidiary of China National Chemicals Import & Export Corporation (SINOCHEM), which ranked 276th among the top 500 enterprises in the world.
About Industrial Enterprises of America, Inc.
Industrial Enterprises of America, Inc., Headquartered in New York, NY, is an automotive aftermarket supplier that specializes in the sale of anti-freeze, auto fluids, charcoal fluids, and other additives & chemicals. The company has distinct proprietary brands that collectively serve the retail, professional, and discount automotive aftermarket channels
Current businesses include:
EMC Packaging (no website?)
http://www.pittpenn.com/
http://unifide.com/index2.php
DJ Dundee Makes Top Metal, Consumer Pdts, Oilfield Svcs Picks
01/10/2007
Dow Jones News Services
(Copyright © 2007 Dow Jones & Company, Inc.)
TORONTO (Dow Jones)--Dundee Securities Corp. has identified its top stock picks for 2007 in each of the base metal producer, consumer products and oilfield services sectors.
The firm has chosen the following two companies in each sector, attaching a market outperform rating to all six stocks:
Base Metal Producer Sector
HudBay Minerals Inc. (HBM.T); C$25.50 Target
-Dundee analyst Mike Collison said in a research report that HudBay has strong exposure to zinc, a growing production base and less exposure to falling metal prices than its peers, resulting in a "compelling" investment.
-HudBay is up 1.7% at C$21.16 in Toronto.
Lundin Mining Corp. (LUN.T); C$51.70 Target
-Collison expects Lundin's production growth will exceed any drop in revenue due to lower base metal prices and expects the company to eventually meet its goal of a market cap in the range of C$8-12 billion.
-Lundin is up 0.8% at C$38.05 in Toronto.
Consumer Products
Connors Brothers Income Fund (CBF.UN.T); C$12.25 Target
-Dundee analyst Robert Silgardo said a series of price increases to customers and the integration of the fund's protein facilities contributed to an improved gross margin last year. He expects earnings momentum to continue in fiscal 2007 with further gross margin improvement. Silgardo noted that the fund's U.S. business shields a large part of the distributable cash from the new proposed Canadian tax legislation on trusts.
-Connors Brothers is up 1.4% at C$10.80 in Toronto.
CCL Industries Inc. (CCL.B.T); C$34.50 Target
-Silgardo said he expects weakness in the company's container division in the first half of the year will be offset somewhat by a combination of earnings growth at its other businesses and a favorable exchange rate.
-CCL is up 0.3% at C$28.70 in Toronto.
Oilfield Services
Saxon Energy Services Inc. (SES.T); C$7.50 Target
-Analyst Ryan Blize said in a report that Saxon's international diversification will help it through the current softening of natural gas drilling in North America. Its exposure to other markets could help it outperform many of its Canadian peers, Blize noted.
-Saxon is off 1.3% at C$3.75 in Toronto.
Savanna Energy Services Corp. (SVY.T)
-Blize said Savanna has an experienced management team that has proven itself in both favorable and depressed market conditons. The analyst said that while Savanna will likely face some challenges with its shallow drilling rigs, its exposure to the deeper end of the market should enable favorable utilization rates.
-Savanna is up 0.1% at C$17.85 in Toronto.
Dundee Securities has provided investment-banking services to HudBay Minerals in the past 12 months. An analyst involved in preparing the report owns shares in Saxon Energy.
Company Web sites: http://www.hudbayminerals.com, http://www.lundinmining.com, http://www.connors.ca, http://www.cclind.com, http://www.saxonservices.com, http://www.savannaenergy.com
EKCS news
Electronic Control Security, Inc. and Hyundai Syscomm Create Strategic Alliance - Hyundai to Invest in ECSI and Guarantee At Least $25 Million in Revenue
Wednesday January 3, 1:39 pm ET
CLIFTON, N.J.--(BUSINESS WIRE)--Electronic Control Security, Inc. (OTCBB: EKCS - News), a leading provider of a broad line of electronic security system technologies to the government and private sectors, and Hyundai Syscomm Corp., a California based world leader in wireless mobile communication equipment, jointly announced their strategic security systems offerings to secure critical Asian infrastructure sites.
Source: Electronic Control Security Inc.
The highlights of the alliance between Electronic Control Security Inc. and Hyundai Syscomm Corp., formalized in definitive agreements dated as of December 22, 2006 are summarized below:
Hyundai Invests $1.2 Million in ECSI
Hyundai agreed to make an initial investment of $1.2 million in ECSI. ECSI has issued 4.8 million shares of common stock of which 3,000,000 shares will be applied to the initial funding.
ECSI to Retire Secured Debt and Obtain a More Favorable Commercial Line Of Credit
ECSI will use the initial investment to repurchase its outstanding senior secured convertible debentures issued in January 2006. That will unencumber the assets securing the convertible debentures thereby permitting the company to obtain a working line of credit through commercial banking resources.
Hyundai Guarantees ECSI At Least $25,000,000 in New Revenue
Hyundai, or one of its affiliates, will issue sub-contracts to ECSI for its security technologies and services to protect critical infrastructure in Asia on terms beneficial to both parties. Hyundai will deliver to ECSI on or prior to June 30, 2008, guaranteed contracts having gross revenues of at least twenty five million dollars ($25,000,000). ECSI has agreed to perform its obligations in a timely and efficient manner.
Provides Option for 50% Incentive Based Equity Stake for Hyundai
The issuance to Hyundai over time of up to fifty percent (50%) of ECSI common stock with the timing and amount of the issuance of shares being tied to 30% of the gross profit generated from the sub-contracts that Hyundai issues to ECSI. Hyundai may at its election take its percent of gross profits in the form of cash or in the form of the company's common stock valued at fifty-eight cents ($.58) per share until the average cost of all shares acquired by Hyundai Syscomm from ECSI averages forty cents ($.40) per share.
"The strategic alliance between ECSI and Hyundai Syscomm guarantees us at least $25 million in new revenue over the next eighteen months and Hyundai Syscomm's initial investment immediately strengthens our balance sheet from the retirement of the secured debt," said Arthur Barchenko, Chairman and CEO of ECSI. "It also gives us the strength, resources and marketing reach of a top tier international corporate partner that we need to rapidly expand our target market diversification and sales. Hyundai's expertise in advanced CDMA wireless networks and security systems combined with our proven solutions for protecting vulnerable utilities, nuclear power stations, water resources, pipeline, border, airport, ports and cargo inspection facilities creates a unique, fully integrated, wireless security technology to rapidly expand market share in the world's fastest growing markets."
Mr. Samuel Lee, Chairman of the Board, Hyundai Syscomm stated, "We are very excited about this opportunity since Hyundai Syscomm and its affiliates design, manufacture, supply, market, install and maintain wireless networks and security systems throughout the world. ECSI and its affiliates have the knowledge and capability to integrate with Hyundai Syscomm's products by retrofitting their technology with wireless video security systems into established wireless networks. Hyundai Syscomm, in connection with ECSI's technology, is positioned to meet the needs of the multi-billion dollar rapidly changing 21st century communications and security markets. With the companies' combined technological strength its' leadership expects to capture a large percentage of this ever-expanding market and should place the strategic relationship it at the forefront of the world communication industry. Hyundai Syscomm can efficiently collaborate with ECSI in target market segments."
About Hyundai Syscomm
Hyundai Syscomm is a leader in next generation mobile communication system development. The company is a CDMA infrastructure manufacturer with an installed base of over 3 million CDMA subscribers and over 2,200 base stations globally. The developer of the world's first commercial CDMA system, Hyundai Syscomm installed its first network in 1995 and its products support all major CDMA spectrums globally with a wide range of solutions. Driven by experience in Korea, the company is focusing its current efforts on seizing new market opportunities in China, Southeast Asia and the United States. Hyundai Syscomm has already supplied a WLL system in India. Hyundai Syscomm and its affiliates have installed CDMA infrastructures for Sprint PCS and Verizon Wireless. The Company has since continued to focus on CDMA and in addition diversified into markets complementary to its core assets. (650) 212-7500, Fax (650) 212-7035.
About ECSI
ECSI is recognized as a global leader in perimeter security and an effective quality provider for both the Department of Defense and Homeland Security programs. The company designs, manufactures and markets physical electronic security systems for high profile, high threat environments. The employment of risk assessment and analysis allows ECSI to determine and address the security needs of government and commercial-industrial installations. The company has teaming agreements with major system integrators in both the United States and overseas to support the installation and after market. ECSI is located at 790 Bloomfield Avenue, Bldg. C-1, Clifton NJ 07012. Tel: 973-574-8555; Fax: 973-574-8562. For more information on ECSI and its customers, please go to http://www.anti-terrorism.com
God tells Pat Robertson that there will be mass killings in late 2007! Let's hope Pat (or God) is wrong....
http://www.boston.com/news/nation/articles/2007/01/03/pat_robertson_predicts_mass_killing/?p1=MEWell....
I added some more shares today, making this my second largest position. If the CEO's guidance becomes a reality, I think IEAM will be a multi-bagger from here. The following news from 12/18/06 sounds very promising....
Industrial Enterprises of America Forms Joint Venture With Sinochem Ningbo Ltd.
Monday December 18, 11:53 am ET
NEW YORK, Dec. 18, 2006 (PRIME NEWSWIRE) -- Industrial Enterprises of America, Inc. (OTC BB:IEAM.OB - News), a specialty automotive aftermarket supplier, today announced that the Company has entered into a Joint Venture agreement with Sinochem Ningbo Ltd., a subsidiary of Sinochem Corporation, for the packaging of refrigerant gases in China for worldwide distribution. Sinochem Corporation is China's largest chemicals trader and a Global 500 Company.
Per the agreement, IEAM will provide packaging equipment and expertise as well as train the staff for the facility which will be provided by Sinochem. Profits from the venture will be effectively equally split between the two parties.
Industrial Enterprises anticipates that the Joint Venture will begin operations early next year, with a full transfer of equipment and trained personnel between IEAM and Sinochem's facilities to be complete by the end of March.
John Mazzuto, Chief Executive Officer of Industrial Enterprises of America, commented, ``This new venture has the potential to increase the earnings of our company dramatically as this facility will be shipping worldwide. We expect this Joint Venture to be a strong profit center for IEAM for many years to come. Although it is premature to forecast earnings for the new venture, I would expect it to have at least the same impact as the acquisition of Pitt Penn.''
Sinochem Ningbo Ltd. was established in 1987 and is a subsidiary of China National Chemicals Import & Export Corporation (SINOCHEM), which ranked 276th among the top 500 enterprises in the world.
Happy New Year VMC's!
13G filed by Pike Capital on 12/19. If I am reading the filing correctly, it looks like they are now the owners of 1,285,000 shares of IEAM, which equates to 13%. One hedge fund sells, another buys...
http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0000890163%252D06...
IEAM +.80 to $4.70.
I don't know why there isn't a corporate website at this point but I'd consider http://www.pittpenn.com/ their main one since this is their main business. Looks like they haven't updated the website since acquiring the company in Febuary. Could use some work.
I wouldn't be so quick to dismiss this company as a scam. From what I can tell, CEO John Marruto has an impressive backround in corporate finance. How many CEO's reject taking a salary? One would think Greenwich Partners and some of the other big institutional investors in IEAM would do some homework before investing in a small OTCBB company like this. But I understand some of the trepidation here - 2 Yale grads and a lawyer are steering the ship at IEAM! The jury is still out on the numbers.
IEAM-Wade-listen to the 50 minute Q and A on VCALL from 12/6 if you have a chance. I have very little knowledge of accounting meathods so I will refrain from trying to explain what was talked about in terms of accounting, but they did address the warrants as well as the uniqueness of the Sept Q (closing down and revamping operations in order to improve efficiencies for future Q's).
IEAM - erehwontim (or True FL Native) could probably provide better insight than me since he has been following the company and I am new to it...
For one, a 13G was filed 12/8 showing H Partners Capital sold all of their 6% stake the last few trading days. I'm sure this helped pressure the stock downward.
IEAM filed late and they were given the dreaded "E," which may have scared some away.
I'm not sure what their guidance was for the quarter ending Sept. 30th, but the street seemed disappointed with the results reported last week. According to the CEO, they earned .16 from operations w/o any of the cost efficiences of which they have since implemented. The current quarter and thereafter will reflect the CEO's efforts to reduce costs (without sacrificing output). Pitt Penn is running at full capacity and demand is becoming greater than current output, so the CEO expects to start operating a second shift to keep pace w/ demand (I think this will happen next quarter?- can't remember). This second shift will be accretive to earnings (and increase revenue). IEAM's aerosol business (EMC Packaging) is expected to contribute significantly to the second quarter in 2007, which will help earnings reach the .50 level. As far as the current quarter goes, the CEO said, now that the quarter is 2/3 over and he knows how business is tracking, he can confidently say IEAM will earn about .22. He sees .33 and .50 in the subsequent quarters as the 2nd shift is implemented and their aerosol business has their seasonally strong quarter. China sounds like a wildcard in 2008. I urge anyone interested to listen to the CCs on www.vcall.com
Bought some more IEAM this morning after listening to the 2 conference calls the other day. Guiding for .22, .33, and .50 for the next 3 quarters. CEO has been buying tons of shares in the open market at a cost avg. of around $5, higher than the current $3.90 stock price. He accepts no salary and is rewarded by the company's success only by stock appreciation. Therefore, he has a vested interest in seeing the share price much higher and, by the recent Form 4 filings, he must believe the numbers he is guiding for.
IEAM - I agree, it does look interesting at first glance. Reading through some recent prs, it looks like they issued guidance of $1.20 for FY 2007. Recent insider buying is impressive. Risk/reward seems compelling here in the $3's, especially considering insiders are putting their money where their mouths are. Thanks for the tip...
Hometown Auto Retailers Files Preliminary Information Statement with the SEC Announcing the Approval by Written Consent of an Agreement and Plan of Merger
Business Wire - December 06, 2006 08:22
WATERBURY, Conn., Dec 06, 2006 (BUSINESS WIRE) -- Hometown Auto Retailers, Inc. (OTCBB:HCAR) filed a Preliminary Schedule 14C Information Statement on November 24, 2006 with the United States Securities and Exchange Commission (SEC).
The purpose of the Information Statement is to inform the company's stockholders of certain actions taken by the written consent of the holders of a majority of the voting power of Hometown Auto Retailers' stock, which actions will not become effective until at least twenty (20) days after the initial mailing of the Information Statement to the stockholders. The mailing of the Information Statement will not take place until at least 10 days after the filing of the Preliminary Information Statement with the SEC.
The written consent approved an Agreement and Plan of Merger pursuant to which the holders of the 2,740,727 shares of the company's Class A Common Stock not held by members of the Shaker Group or the Muller Group (as defined in the Information Statement) will receive $2.30 per share in cash. Following the merger, all of the shares of stock of the company will be owned by members of the Shaker Group or the Muller Group. After consummation of the merger, certain of the assets of the company will be transferred to the Shaker Group, leaving Hometown Auto Retailers owned by the Muller Group.
The Information Statement will be mailed on a future date to shareholders of record as of November 10, 2006. The Preliminary Information Statement can be reviewed online at the SEC's Web site at http://sec.gov/Archives/edgar/data/1061117/000114420406049968/v 058863_pre14c.htm. (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
Investors interested in additional copies of the Information Statement (which will be provided without charge), or who have any questions about the planned merger or exchanges, may contact Charles F. Schwartz, Chief Financial Officer and Secretary of Hometown Auto Retailers, Inc. at 1309 South Main Street, Waterbury, Connecticut 06706 or by phone at (203) 756-1300.
HCAR jumped from $1.90 to $2.10 today after releasing the filing announcing the court's approval of the merger/payout. Shareholders will receive $2.30.
http://www.pinksheets.com/quote/print_filings.jsp?url=%2Fredirect.asp%3Ffilename%3D0001144204%252D06...
They anticipate borrowing $5M in order to consummate the merger, so this could take a little more time to get the $2.30 cash payout. From the 8-K:
"Pursuant to the terms of the settlement, on November 22, 2006 the Registrant and Hometown Acquisition I Corporation (“Newco”) entered into an Agreement and Plan of Merger (the “Merger Agreement”). Newco is a corporation that was organized by the Registrant under the laws of the State of Delaware for the sole purpose of consummating the merger. The Registrant is the sole shareholder of Newco.
According to the terms of the Merger Agreement, Newco will be merged with and into the Registrant. In connection with the merger: (a) the Public Stockholders (as defined below) will receive $2.30 in cash ($2.40 per share reduced by legal fees in the amount of $0.10 per share) for each share of the Registrant’s Class A Common Stock which they own; and (b) the employees and directors of the Registrant who are not members of the Shaker Group or the Muller Group (as defined below) and who were granted options to acquire shares of Class A Common Stock will receive a per share cash payment equal to the excess, if any, of $2.30 ($2.40 per share reduced by legal fees in the amount of $0.10 per share) over the exercise price per share of any options to acquire shares of Class A Common Stock which they own. The Shaker Group and the Muller Group will continue to own the shares of Common Stock which they owned prior to the merger.
Therefore, immediately following the merger: (a) the Shaker Group will own 801,910 shares, or 68.6%, of the outstanding shares of Class A Common Stock and 1,802,500 shares, or 69.9%, of the outstanding shares of Class B Common Stock (representing 69.8% of the voting power of the outstanding shares of Common Stock of the Registrant); and (b) the Muller Group will own 367,500 shares, or 31.4%, of the outstanding shares of Class A Common Stock and 776,752 shares, or 30.1%, of the outstanding shares of Class B Common Stock (representing 30.2% of the voting power of the outstanding shares of Common Stock of the Registrant).
In order to consummate the merger, the Registrant anticipates that it will borrow approximately $5.0 million from Comerica Bank. The proceeds of the loan, together with cash on hand, will be used to acquire the outstanding shares of Class A Common Stock from the Public Stockholders and the options to purchase shares of Class A Common Stock granted to certain employees and directors of the Registrant."
PYR reports .06 vs. nil after the bell
PYR Energy Reports Record Revenue, Cash Flow and Net Income for Fiscal Year August 31, 2006
PR Newswire - November 22, 2006 16:58
DENVER, Nov 22, 2006 /PRNewswire-FirstCall via COMTEX/ -- PYR Energy Corporation (Amex: PYR) today announced audited financial results for its fiscal year ended August 31, 2006 ("FY 2006"). The Company recorded record increases in operating cash flow and revenues for FY 2006, as well as net income of approximately $2.3 million or 6 cents ($0.06) per common share, compared with approximately $12,000 or 0 cents ($0.00) per common share for its 2005 fiscal year ("FY 2005"). Net cash provided by operations increased approximately $2.5 million to $4.4 million in FY 2006 compared with cash provided by operating activities of $1.9 million in FY 2005. Current net production, which is not hedged, is approximately 5.1 MMcfe per day.
During FY 2006, the Company recorded $10.3 million in revenues compared with approximately $6.1 million in FY 2005, an increase of approximately $4.2 million, or 69%. The increase in revenues is attributed primarily to a 65% increase in FY 2006 production compared to FY 2005 production. Net of lease operating expenses, taxes, and net profits expenses of $3.1 million, the Company for 2006 reflected $7.2 million in net operating income from oil and gas operations, excluding non-cash charges totaling $2.6 million for accretion, depletion, and impairment. In FY 2005, net of lease operating expenses, taxes and net profits expenses of $2.4 million, the Company reflected $3.7 million in net operating income from oil and gas operations, excluding non-cash charges of $1.5 million for accretion, depletion, and impairment expenses. FY 2006 production received an average price of $8.15 per Mcfe, compared with an average price realization of $7.96 per Mcfe in FY 2005, an increase of 2%.
Lease operating expenses increased from $0.7 million in FY 2005 to approximately $1.5 million in FY 2006. The increase is attributed to the workover on the Maness GU #1 well, new wells added, and additional operating costs associated with purchased interests in existing wells.
At August 31, 2006, the Company had cash of $6.3 million, total assets of $28.7 million, current liabilities of $2.5 million, and stockholders' equity of $18.5 million, with approximately 38.0 million common shares outstanding. In conjunction with its funding sources, the Company, in October of 2005, completed a private equity placement consisting of the sale of approximately 6.3 million shares of common stock at a price of $1.30 per share to a group of institutional and accredited individual investors. Proceeds from this placement were used for general corporate purposes and costs associated with the Company's development drilling portfolio located principally in the Rocky Mountains and Texas.
Commenting on the year-end results, Ken Berry, President and Chief Executive Officer of the Company, stated, "We are extremely pleased with our progress during 2006, which resulted in record revenue, cash flow, production and reserves. We believe the Company is evolving financially as it increases its internal cash flow. We continue to look for niche acquisitions and consider strategic alternatives."
The twelve months ended August 31, 2006 compared with the twelve months
ended August 31, 2005.
Increase (Decrease)
2006 2005 Amount Percent
($ in thousands, except for per unit prices and costs)
Operating Results:
Total revenues $10,319 $6,102 $4,217 69%
Operating Expenses $7,937 $5,829 $2,108 36%
Net income $2,270 $12 $2,258 189%
Net income per share $0.06 $0.00 $0.06 100%
Average Prices:
Natural gas (per Mcf) $7.32 $7.54 $(0.22) (3%)
Oil (per Bbl) 63.55 50.04 13.51 27%
Natural gas liquids
(per Bbl) 34.83 29.53 5.30 18%
Combined (per Mcfe) 8.15 7.96 0.19 2%
Average Costs (per Mcfe):
Lease operating expense $1.22 $0.94 $0.28 30%
Production taxes,
gathering and
transportation expense 0.54 0.50 0.04 8%
Net profit expense 0.65 1.75 (1.10) (63%)
Depletion, depreciation,
amortization and
accretion 2.05 1.13 0.92 81%
General and
administrative 1.78 2.49 (0.71) (28%)
Production Data:
Natural gas (Mcf) 915,973 392,067 523,906 134%
Oil (Bbls) 53,049 61,948 (8,899) (14%)
Natural gas liquids
(Bbls) 5,267 336 4,931 1468%
Combined volumes
(Mcfe) 1,265,869 765,771 500,098 65%
Daily combined
volumes (Mcfe/d) 3,468 2,098 1,370 65%
Please trade GFME for PUDC
Please trade ARSD for GACF
Thanks
2 trades....
please trade ARSD for TELT
please trade GFME for GACF
R59, SIMC
Good call holding on to your short position. I covered at $7.20, much too early. I get timid holding a short position for very long...
ORXT pr out this morning. CC tomorrow
Orsus Xelent Technologies Reports Third Quarter 2006 Results
Wednesday November 15, 8:23 am ET
Conference Call Scheduled Thursday, November 16, 2006 at 9:30am EST
NEW YORK, NY--(MARKET WIRE)--Nov 15, 2006 -- Orsus Xelent Technologies, Inc. (OTC BB:ORXT.OB - News), an emerging designer and manufacturer of award-winning mobile phones for the Asian market, reported today the Company's financial results for the quarter ended September 30, 2006.
Revenues were $45.9 million for the nine months ended September 30, 2006, representing a sharp increase of 176.45% as compared to the same period in 2005. Revenues for the three months ended September 30, 2006 were $20.5 million, representing a 55.92% increase over the same period in 2005. After experiencing reform in the cellular phone market in the first half of 2005, the Company adjusted its business model, market position and strategy, improved its technology, and the quality of its products. The Company believes that because of these efforts it is better prepared to take advantage of a rejuvenated cellular phone market in the Public's Republic of China.
For the nine months ended September 30, 2006, gross profit was $8.2 million, which represents an increase of $5.3 million or 158.39% as compared to the gross profit of $3.3 million for the same period in 2005. The gross profit in the third quarter of 2006 was $3.8 million representing 6.33% growth over the second quarter of 2006 and a slight decline of 0.40%, as compared with the third quarter of 2005.
Net income for the nine months ended September 30, 2006 was $4,647,000, or 10.12% of revenue, which represents a 223% increase compared to the same period in 2005. Net income for the three months ended September 30, 2006 was $2,366,000, which represents 51% of total net profit for the first nine months of 2006. The net income for the third quarter 2006 represents an increase of 20.84%, compared to the same period in 2005. The substantial increase in net profit is due to the Company's adjustment of its marketing strategy and improvements in the cellular phones market in this quarter.
"This was a very robust quarter for us. Our CDMA product revenues were up considerably and our new marketing strategy produced superb results. We continue to be optimistic in our profit expectations for the third quarter," said Xavier Xin Wang, President and CEO of Orsus Xelent.
The Company has scheduled a conference call for Thursday, November 16, 2006 at 9:30am Eastern Standard Time. Dial-in numbers are as follows:
U.S. callers: 1-866-365-4409
International callers: 303-248-9656
Pass code: 3478399
SIMC out with EPS of .10. Anyone think its a good short at
$7.80?
WAG 11/20 at 8:45 PM
TELT had a great quarter
Teltronics Announces Third Quarter Results
Wednesday November 8, 5:40 pm ET
Operating profits increase 87.3% over 2005
SARASOTA, Fla., Nov. 8 /PRNewswire-FirstCall/ -- Teltronics, Inc. (OTC Bulletin Board: TELT - News) today announced its financial results for the three months and nine months ended September 30, 2006.
ADVERTISEMENT
Sales for the three months ended September 30, 2006 were $12.22 million, as compared to $10.79 million reported for the same period in 2005. Sales for the nine months ended September 30, 2006 were $34.01 million, as compared to $33.52 million for the same period in 2005. Gross profit margin for the three months ended September 30, 2006 was $41.5% as compared to 40.1% for the same period in 2005. Gross profit margin for the nine months ended September 30, 2006 was 41.6%, as compared to 42.3% for the same period in 2005.
"The third quarter was very good for Teltronics. Sales increased by $1.43 million or 13.3% and we were able to reduce our operating costs by 9.2%," said Ewen Cameron, Teltronics' President and CEO. "Operating profits for the third quarter of 2006 exceeded 2005 by $1.16 million, and as a result, year to date operating profits were up by 87.3%," Cameron added.
Operating expenses for the three months ended September 30, 2006 were $4.13 million, as compared to $4.54 million for the same period in 2005. Operating expenses for the nine months ended September 30, 2006 were $12.40 million, as compared to $13.26 million for the same period in 2005. Interest costs for the three months ended September 30, 2006 were $470,000, as compared to $241,000 for the same period in 2005. Interest costs for the nine months ended September 30, 2006 were $1.08 million, as compared to $984,000 for the same period in 2005.
Net income for the three months ended September 30, 2006 was $495,000 or $0.04 per fully diluted share, as compared to $3.48 million or $0.32 per fully diluted share, for the same period in 2005. Net income for the three months ended September 30, 2005 included a $3.96 million gain on extinguishment of debt. Net income for the nine months ended September 30, 2006 was $690,000 or $0.02 per fully diluted share, as compared to a net income of $4.44 million or $0.36 per fully diluted share, for the same period in 2005. Net income for the nine months ended September 30, 2005 included $3.96 million gain on extinguishment of debt.
Net income available to common shareholders for the three months ended September 30, 2006 was $332,000, as compared to $3.32 million for the same period in 2005. Net income available to common shareholders for the nine months ended September 30, 2006 was $201,000 as compared to a net income available to common shareholders $3.95 million for the same period in 2005.
Great earnings report from DFZ. Very seasonal business, though...
R.G. Barry Corporation Reports Strong First Quarter 2007 Performance
PR Newswire - November 06, 2006 08:00
The Dearfoams(R) Company's Net Earnings Rise 47.0% on Net Sales Increase of 5.9%
PICKERINGTON, Ohio, Nov 06, 2006 /PRNewswire-FirstCall via COMTEX/ -- At-home comfort footwear marketer R.G. Barry Corporation, the Dearfoams(R) company, (Amex: DFZ) today reported a strong overall performance for the first quarter of fiscal 2007, ended September 30, 2006.
Operating Results
For the quarter, the Company reported:
-- Net earnings up 47 percent at $6.3 million, or $0.63 net earnings per
basic share and $0.61 net earnings per diluted share. In the
corresponding period one year ago, the company reported net earnings
of $4.3 million, or $0.43 net earnings per basic share and $0.42 net
earnings per diluted share;
-- Net sales of $37.5 million were up 5.9 percent versus net sales of
$35.4 million reported for the comparable period one year ago;
-- Gross profit as a percent of sales was relatively flat at 40.5
percent;
-- Consolidated selling, general and administrative costs fell
approximately 9.5 percent to $8.5 million from $9.3 million in the
equivalent period last year; and
-- Restructuring charges were approximately $74,000 down from $529,355 in
the corresponding period one year ago.
Management Comments
"We are very pleased with our results and believe that they reflect the health of our business and the strong relationships we enjoy with our retailing partners," said Greg Tunney, President and Chief Executive Officer. "As we enter the 2006 holiday season, we are upbeat about our potential and that of retail as a whole.
"The first quarter benefited from the continuing refinement of our business model and the timing of certain expenses. We have worked closely with our retail-selling partners and our third-party logistics provider to flow goods into our customers closer to their selling season. These efforts have resulted in significant efficiencies in our distribution operations and with our customers. We also have continued to expand our customer-centric sell-in approach. Under this initiative, we closely collaborate with retailing partners to increase in-season sell-through as a means of minimizing or eliminating costly end-of-season returns. Our retailer-partners benefit from increased sales and profitability and our results improve thanks to fewer returns and lower associated costs. The first quarter also was favorably impacted by a delay in the timing of approximately $250,000 to $300,000 in marketing-related expenses that are expected to materialize during the second quarter of fiscal 2007.
"The financial benefits we are gaining through expense reduction and refinement of our business model are flowing to the bottom line and reinforcing the financial base upon which we are layering strategically- driven growth initiatives. One example of such an initiative is our recent agreement naming an exclusive Canadian distributor for Dearfoams brands. We also are working on other product, channel and brand extensions and licensing arrangements. While we do not expect measurable contributions to our fiscal 2007 profitability from new growth initiatives, these programs will be important to the Company's sustained growth and profitability long-term.
"We suggest that a degree of prudence be exercised in any analysis of our future performance based upon our strong first quarter. As you know, we recently changed our fiscal year to more closely align with the retail business cycle. This change shifted the two quarters that represent about 70 percent of our annual sales and all of our profit to the first half of the fiscal year. While this change is expected to give us a reasonably clear picture of our overall annual performance by the time we report our second quarter results early next year, it does not alter the risks associated with the highly seasonal nature of our business," Mr. Tunney said.
KSW reports .13 vs. .09, rev. up 45.8%. Backlog $104M at the end of Sept, plus $8.5M in new contracts since then.
KSW, Inc.'s Revenue and Profits Continue to Rise
Business Wire - November 06, 2006 09:00
LONG ISLAND CITY, N.Y., Nov 06, 2006 (BUSINESS WIRE) -- KSW, Inc. (AMEX: KSW) today reported financial results for the third quarter of 2006.
Total revenue for the third quarter of 2006 increased by 45.8% to $21,644,000, as compared to $14,849,000 for the third quarter of 2005. The Company reported net income of $785,000, or $.14 per share basic and $.13 per share-diluted for the third quarter of 2006, as compared to a net income of $1,262,000 or $.23 per share (basic and diluted), for the third quarter of 2005. Net income for the third quarter of 2005 would have been $.09 per share (basic and diluted) if not for the reversal of a deferred tax valuation allowance of $759,000.
The Company's backlog at the end of the third quarter was approximately $104,000,000. Not included in this backlog amount is approximately $8,500,000 of new contracts awarded since September 30, 2006. Opportunities to obtain new projects remain strong and the Company will continue to seek those projects which have the best potential to increase shareholder value.
In case any of you metalheads are interested, James Dines is speaking about uranium tonight on The Nightly Business Report on PBS.
VPHM in with what looks like a good quarter. EPS .33 v. .31, revs. 55.2M v. 35.8M
ViroPharma Incorporated Reports Third Quarter and Nine Months 2006 Financial Results
Thursday November 2, 7:30 am ET
- Quarter Marked by Record Revenue Growth and Strong Clinical Momentum -
EXTON, Pa., Nov. 2 /PRNewswire-FirstCall/ -- ViroPharma Incorporated (Nasdaq: VPHM - News) reported today its financial results for the third quarter and nine months ended September 30, 2006.
Highlights during the third quarter include:
Vancocin®:
-- Net sales of Vancocin grew to a record $55.1 million;
-- Record prescriptions for Vancocin grew 19.5 percent over third quarter
of 2005, as estimated by IMS;
-- Fully transitioned all Vancocin manufacturing to OSG Norwich,
ViroPharma's third party manufacturer for this product;
-- Realized over 90 percent gross product margin rate;
Clinical Pipeline:
-- Initiated Phase 3 evaluation of maribavir for the prevention of
cytomegalovirus disease in stem cell transplant patients;
-- Announced positive results from Phase 1b combination study of HCV-796
and pegylated interferon;
-- Began preparations for Phase 2 evaluation of HCV-796, and an
additional Phase 3 study of maribavir in solid organ transplant
patients;
Financial:
-- Cash, cash equivalents and short-term investments grew $48 million to
$224 million;
-- Working capital grew to $242 million;
-- Received $10 million from Wyeth for achievement of "proof of concept"
milestone with HCV-796.
Net sales of Vancocin were $55.1 million for the third quarter of 2006 and $128.2 million for the first nine months of 2006, as compared to $35.7 million and $85.5 million in the respective 2005 periods.
Operating income in the third quarter and nine months ended September 30, 2006 was $34.5 million and $73.7 million, respectively, compared to $23.9 million and $60.0 million in the third quarter and nine months of 2005, respectively. The increases in net income relate primarily to increased net sales and increased gross margin rates, partly offset by increased costs to support Vancocin and the CMV and HCV development programs, and share-based compensation expense, which was $1.6 million and $3.7 million for the three and nine months ended September 30, 2006, respectively, as well as costs associated with the opposition to the OGD's change in approach. Additionally, the nine months of 2005 included $6.0 million in license fee revenue.
"The third quarter of 2006 was one of continued revenue growth, as well as significant advancement of ViroPharma's pipeline products," commented Michel de Rosen, ViroPharma's chief executive officer. "Vancocin continues to serve patients with severe C. difficile as the most effective and proven treatment for a life-threatening disease. Clinically, the third quarter was one of the most important in our history, as both HCV-796 and maribavir reached important milestones. ViroPharma is well positioned to achieve growth through continued execution on our commercial and clinical operations."
The application of SFAS 123R, "Share-based Payments," resulted in $1.6 million and $3.7 million of operating expense for the third quarter and nine months ended September 30, 2006, excluding the impact of income taxes. For the third quarter and nine months ended September 30, 2006, the impact is $0.02 and $0.05 per share, respectively, to basic and diluted earnings per share.
Net income in the third quarter and nine months ended September 30, 2006 was $23.3 million and $48.7 million, respectively, compared to a net income of $18.7 million and $41.0 million for the same periods in 2005. Net income per share for the quarter ended September 30, 2006 was $0.34 per share, basic and $0.33 per share, diluted, compared to a net income of $0.33 per share, basic, and $0.31 per share, diluted, for the same period in 2005. Net income per share for the nine months ended September 30, 2006 was $0.71 per share, basic, and $0.69 per share, diluted, compared to a net income of $1.05 per share, basic, and $0.77 per share, diluted, for the same period in 2005.
The primary drivers of the improved net income in the quarter were the effects of higher operating income discussed above, lower debt-related expenses and higher interest income, which were partly offset by increased income tax expense.
Operating Highlights
During the three and nine months ended September 30, 2006, net sales of Vancocin increased 54.5 percent and 49.8 percent, respectively, compared to the same periods in 2005 primarily due to the impact of price increases. The Company believes, based upon data reported by IMS Health Incorporated, that prescriptions during the three and nine months ended September 30, 2006 exceeded prescriptions in the 2005 periods by 19.5 percent and 24.6 percent, respectively.
The Company's nine-month comparative period is also impacted by a decrease in wholesalers' inventory levels during the first four months of 2006, as compared to the 2005 period where wholesalers' inventory levels increased. During the second quarter of 2006, the Company began receiving inventory data from two of their three largest wholesalers, which it does not independently verify. Based on these inventory data, wholesalers' inventory levels increased in the third quarter of 2006, but not to a point that would lead the Company to believe wholesalers have excess channel inventory. However, the Company does believe that this increase in wholesalers' inventory levels is likely to impact fourth quarter sales if wholesalers decrease inventory.
The gross product margin rate (net product sales less cost of sales as a percent of net product sales) for Vancocin increased in the third quarter of 2006 to 91.2 percent from 85.9 percent in the third quarter of 2005. This increase primarily results from the sale of units carrying a decreased inventory cost as they were manufactured by OSG Norwich.
The total costs and expenses associated with operating income were $20.8 million and $11.9 million, for the third quarter of 2006 and 2005, respectively, and $54.8 million and $32.0 million, for the nine months of 2006 and 2005, respectively.
The Company recorded $13.9 million of income tax expense in the third quarter of 2006 and $29.9 million for the first nine months of 2006, which is based on a combined federal and state estimated annual effective tax rate of 38.1 percent in the nine-month period ending September 30, 2006.
Working Capital Highlights
As of September 30, 2006, ViroPharma's working capital was approximately $242 million, which represents a $76 million increase from December 31, 2005.
In August 2006, Wyeth and the Company announced that data indicated that HCV-796 has achieved a "proof of concept" milestone under the companies' agreements. In connection with meeting the proof of concept milestone, the Company issued to Wyeth 981,836 shares of ViroPharma's common stock for a purchase price of $10.0 million which represents the last of three stock purchases outlined in the companies' agreements.
Looking ahead in 2006
ViroPharma is commenting upon previously announced guidance for the year 2006 as a convenience to investors. The following guidance provided by ViroPharma are projections, based upon numerous assumptions, all of which are subject to certain risks and uncertainties. For a discussion of the risks and uncertainties associated with these forward-looking statements, please see the Disclosure Notice below.
For the year 2006, ViroPharma expects the following:
-- Net product sales are expected to be $162 million to $170 million,
representing growth of 29 percent to 35 percent over 2005;
-- Operating income (without the SFAS 123R impact) is expected to grow 10
percent to 15 percent over 2005;
-- SFAS 123R impact to operating income in the range of $4.5 million to
$5.5 million is not reflected in operating income growth above.
Operating income growth including the impact of SFAS 123R is expected
to grow 4 percent to 10 percent over 2005.
Non-GAAP Disclosures
This press release includes non-GAAP financial information as the Company's projected operating income growth rate has been presented including and excluding the effect of stock option expense resulting from the application of SFAS 123R. The Company believes that it is appropriate to present this supplemental information as, effective January 1, 2006, the Company adopted SFAS 123R, which requires companies to prospectively measure all employee share-based compensation awards using a fair value method and recognize compensation costs in its financial statements. Prior to fiscal year 2006, all financial results and guidance issued by the Company had not included the impact of expenses from such compensation. The Company believes that presenting its operating income growth rate in this release both with and without the impact of such expenses will allow investors to better understand the Company's financial results and how such results compare with the Company's prior results and current guidance.
Conference Call and Webcast
ViroPharma is hosting a live teleconference and webcast with senior management to discuss the financial announcement, guidance, and other business results on November 2, 2006 at 9:00 a.m. Eastern Time. To participate in the conference call, please dial (800) 391-2548 (domestic) and (302) 709-8328 (international). After placing the call, please tell the operator you wish to join the ViroPharma investor conference call.
Alternatively, the live webcast of the conference call can be accessed via ViroPharma's website at http://www.viropharma.com. Windows Media or Real Player will be needed to access the webcast. An audio archive will be available at the same address until November 17, 2006.
Please trade LTFD for YPNT
thanks
ZNCM news regarding the IPO:
DJ Universal Power Sets IPO At 3M Shares, $7-$9/Shr
DOW JONES NEWSWIRES
Universal Power Group Inc. on Thursday set the terms of its pending initial public offering at 3 million shares with an estimated price range of between $7 and $9 a share.
Universal Power, a wholly owned subsidiary of Zunicom Inc. (ZNCM), filed its IPO in September, but it didn't disclose the terms at the time.
Universal Power will offer 2 million shares in the IPO, and its parent, Zunicom, will offer 1 million shares, according to its amended prospectus filed Thursday with the Securities and Exchange Commission.
After the offering, Zunicom will own 40% of the company's outstanding shares, the filing said.
The underwriters have an option to buy an additional 300,000 shares from Universal Power and 150,000 shares from Zunicom to cover overallotments, the filing said.
Ladenburg Thalmann & Co. and Wunderlich Securities Inc. are listed as underwriters for the offering.
The company said it has also agreed to sell to the underwriters warrants to purchase up to 345,000 shares at a price equal to 120% of the IPO price.
The company said it intends to use the net proceeds from the IPO for working capital to expand logistics and value-added services, build new logistics centers and retail outlets, fund expanded sales and marketing activities, invest in information technology, develop new products and acquire manufacturing capabilities.
Universal Power said it has applied to list its common stock on the American Stock Exchange under the symbol UPG.
The Carrollton, Texas, company is a third-party logistics company specializing in supply-chain management and is a supplier and distributor of portable power-supply products.
-Denise Jia, Dow Jones Newswires; 202-862-1359; denise.jia@dowjones.com
(END) Dow Jones Newswires
10-26-06 1820ET
BTUI reports sales of 18.3M vs. 18.5M, EPS .25 vs. .20. EPS for Q4 forecasted at .22 to .27. More red afterhours, under $10 now...I guess that slight y/y decline in revenue has people selling.
BTU International Reports Third Quarter 2006 Results
Tuesday October 24, 4:30 pm ET
NORTH BILLERICA, Mass.--(BUSINESS WIRE)--BTU International, Inc. (Nasdaq NM: BTUI - News), a leading supplier of advanced thermal processing equipment for the electronics manufacturing and alternative energy generation markets, today announced its financial results for the third quarter ended October 1, 2006.
Net sales for the quarter ended October 1, 2006, were $18.3 million, down two percent compared to $18.5 million for the third quarter of 2005, and down 19 percent compared to sales of $22.5 million in the preceding quarter.
Net income for the 2006 third quarter was up 48 percent at $2.3 million, or $0.25 per diluted share, compared to a net income of $1.6 million, or $0.20 per diluted share, reported in the third quarter of 2005, and down 27 percent compared to a net income of $3.2 million, or $0.34 per diluted share, in the preceding quarter.
Net sales for the first nine months of 2006 were $61.7 million, an increase of 31 percent compared to the same period last year. Net income for the nine months ended October 1, 2006, more than tripled to $8.2 million, or $0.87 per diluted share, compared to a net income of $2.5 million, or $0.34 per diluted share, for the first nine months of 2005.
Commenting on the company's performance, Paul J. van der Wansem, chairman and CEO, said, "Although our third quarter sales were below our earlier expectations, our cost control programs and higher product margins contributed to a solid quarterly profit. Our solar energy business continued to be strong, while we experienced softness in the electronics markets."
Outlook
"We are enthusiastic about the long-term market opportunities in solar energy and electronics and are expanding the development of new products for these sectors. Near term, sales for the fourth quarter are expected to be equal to the third quarter plus-or-minus five percent with earnings per share in the $0.22 to $0.27 range," concluded van der Wansem.
Teleconference and Simultaneous Webcast
BTU will be discussing its financial results, along with its outlook for the fourth quarter of 2006, in a conference call to be held today, October 24, 2006, at 05:00 p.m. Eastern Time. A webcast of the conference call will be available on BTU's website at www.btu.com or at www.streetevents.com. Replays of the call will be available through November 10, 2006, and can be accessed at these websites or by phone at (888) 203-1112, pass code 4155112.
About BTU International
BTU International is a market-leading supplier of advanced thermal processing equipment to the electronics manufacturing and alternative energy generation markets. BTU manufactures reflow ovens for printed circuit board assembly as well as for wafer-level packaging and die-level packaging. BTU also provides thermal process equipment for the solar cell, fuel cell and nuclear fuel industries. BTU, with headquarters in North Billerica, MA, operates worldwide with direct sales and service offices in the USA, Asia and Europe. Information about BTU International is available on BTU's website at www.btu.com.
BTUI getting hit hard ahead of its earnings release after the bell, -1.37 to 11.20. They had a record quarter last quarter yet the stock still took a nosedive after releasing their numbers. Looks like some people don't want to wait around to see what will happen this time around....
Does anyone find it strange that HRBN and BBC both have the same Chairman of Audit Committee (Patrick McManus)?
EZM related news:
Lundin Mining Shareholders Approve Merger With EuroZinc
14:00 EDT Thursday, October 19, 2006
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 19, 2006) - Lundin Mining Corporation ("Lundin Mining" or the "Company") (TSX:LUN)(O-List SSE:LUMI) is pleased to announce that shareholders at the Special Meeting of Shareholders held in Vancouver today, October 19, 2006, approved the merger between Lundin Mining and EuroZinc Mining Corporation ("EuroZinc").
All resolutions as fully described in the Management Information Circular were approved, namely;
- As an ordinary resolution, the issuance of up to approximately 54,734,559 common shares of Lundin Mining in connection with the business combination transaction involving Lundin Mining and EuroZinc.
- As a special resolution, conditional upon the completion of the business combination transaction involving Lundin Mining and EuroZinc Mining Corporation, the increase in the number of directors of the Lundin Mining board of directors from a maximum of 9 directors to a maximum of 10 directors.
- As an ordinary resolution, to increase the number of options that may be issued under Lundin Mining's stock option plan from 3,000,000 to 7,000,000.
- As a special resolution, the subdivision, on a three-for-one basis, of Lundin Mining's fully paid and issued common shares. The timing of the implementation of the subdivision of the shares will be determined by the Board of Directors of Lundin Mining and a press release outlining the timing and details of the subdivision will be issued prior to such implementation.
- To appoint PricewaterhouseCoopers LLP, Chartered Accountants, as Auditors of Lundin Mining until the next Annual Meeting of the Shareholders of Lundin Mining, at a remuneration to be fixed by the directors of Lundin Mining.
EuroZinc has scheduled a Special Shareholders' Meeting to be held on Thursday, October 19, 2006 at 2:00 p.m. (Vancouver time). Shareholders will be asked to consider and approve a proposed Plan of Arrangement involving EuroZinc and Lundin Mining.
Should shareholders in both Lundin Mining and EuroZinc approve the transaction, closing is expected at end of October 2006.
ON BEHALF OF THE BOARD
Karl-Axel Waplan, President and CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Lundin Mining Corporation
Karl-Axel Waplan
President & CEO
+46-705-10 42 39
or
Lundin Mining Corporation
Catarina Ihre
Manager, Investor Relations
+46 70 607 92 63
or
Lundin Mining Corporation
Sophia Shane
Investor Relations - North America
(604) 689-7842
(604) 689-4250 (FAX)
Website: www.lundinmining.com...