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HCAR reports .02 vs. .08 with a decrease in revenue. However, minus 2 1-time expenses, they would have recorded eps of @ .10. Also, same store (dealership) sales increased y/y. If I remember correcly, they recently sold off some less profitable dealerships and kept the ones w/ better margins...Anyone still follow this one? Looks cheap here.
Hometown Auto Retailers Announces Third Quarter 2005 Results
Monday November 14, 5:39 pm ET
WATERBURY, Conn.--(BUSINESS WIRE)--Nov. 14, 2005--Hometown Auto Retailers Inc. (OTCBB: HCAR - News) today announced its financial results for the third quarter ended Sept. 30, 2005.
Hometown reported revenues of $61.3 million in the third quarter of 2005 versus revenues of $69.3 million for the same period in 2004, a decrease of $8.0 million or 11.5 percent. Gross profit for the third quarter of 2005 decreased $1.1 million or 11.2 percent to $8.7 million versus gross profit of $9.8 million in same period in 2004.
Net income for the third quarter of 2005 was $143,000, generating basic and diluted earnings per share of $0.02 versus net income of $570,000 and basic and diluted earnings per share of $0.08 for the same period in 2004. Results for the third quarter of 2005 include expenses of approximately $474,000 in relation to its previously disclosed Exchange Agreement and $83,000 in relation to the associated previously disclosed class action lawsuit.
Hometown reported revenues of $188.4 million for the first nine months of 2005 versus revenues of $203.9 million for the same period in 2004, a decrease of $15.5 million or 7.6 percent. Gross profit for the first nine months of 2005 decreased $1.5 million or 5.2 percent to $27.4 million versus gross profit of $28.9 million in same period in 2004.
Net income for the first nine months of 2005 was $1.2 million, generating basic and diluted earnings per share of $0.19 and $0.18, respectively, versus net income of $905,000 and basic and diluted earnings per share of $0.12 for the same period in 2004. Results for the first nine months of 2005 include a gain on the transfer of the Westwood Lincoln Mercury dealership resulting from the settlement of certain litigation matters of $587,000 and expenses of approximately $474,000 in relation to its previously disclosed Exchange Agreement and $83,000 in relation to the associated previously disclosed class action lawsuit.
Hometown's operating results reflect the closing of a used vehicles outlet in August 2004. Also, during the fourth quarter of 2004, Hometown announced that it had agreed in principal to resolve certain litigation matters, which resulted in the transfer of the Westwood Lincoln Mercury dealership during the second quarter of 2005. Closing the used vehicles outlet and transferring the Westwood Lincoln Mercury dealership both contributed to decreases in sales and gross profit from 2004 to 2005, as well as a decrease in selling, general and administrative expenses.
"Discounting the exchange and litigation costs, and as reflected in the same store results (which are broken out below), Hometown's operations (including corporate overhead) had slight improvement over last year," said Corey Shaker, Hometown president and chief executive officer. "This despite the significantly lower margins the domestic dealerships suffered as a result of the employee discount and family plans offered to the public during the quarter. Focusing on the basics of used cars, parts, and service (our higher margin departments) will be critical in the upcoming months to ensure the best results possible in times that are not so favorable for our industry."
Hometown sold 3,111 vehicles during the third quarter of 2005, 348 less than it sold in the same period in 2004 or a decrease of 10.1 percent. Hometown sold 9,221 vehicles during the first nine months of 2005, 920 less than it sold in the same period in 2004 or a decrease of 9.1 percent. Total vehicles sold (by category) are shown in the table below.
Year-Over-Year Comparison For the three For the nine
months ended months ended
Sept. 30, Sept. 30,
2005 2004 2005 2004
-------- ------- -------- --------
New vehicle 1,522 1,663 4,499 4,814
Used vehicle - retail 745 864 2,239 2,560
Used vehicle - wholesale 844 932 2,483 2,767
-------- -------- ------- --------
Total units sold 3,111 3,459 9,221 10,141
======== ======== ======= ========
Sales of new vehicles decreased $5.9 million or 13.5 percent to $37.9 million for the third quarter of 2005 versus $43.8 million in 2004. Used vehicle sales decreased $1.2 million or 7.1 percent to $15.7 million for the third quarter of 2005 versus $16.9 million in 2004. Parts and service revenues for the third quarter of 2005 decreased $738,000 or 12.3 percent to $5.2 million versus $6.0 million in 2004. Other revenues (net) decreased $243,000 or 11.6 percent to $1.8 million for the third quarter of 2005 versus $2.1 million for the same period in 2004.
Sales of new vehicles decreased $14.2 million or 11.0 percent to $114.9 million for the first nine months of 2005 versus $129.1 million in 2004. Used vehicle sales decreased $1.4 million or 2.8 percent to $48.2 million for the first nine months of 2005 versus $49.6 million in 2004. Parts and service revenues for the first nine months of 2005 decreased $787,000 or 4.3 percent to $17.3 million from $18.1 million in 2004. Other revenues (net) decreased $308,000 or 5.1 percent to $5.7 million for the first nine months of 2005 versus $6.0 million for the same period in 2004.
The operating results of all other dealerships on a same store basis, follows.
On a same store basis, revenues increased $1.8 million or 3.0 percent to $61.3 million in the third quarter of 2005 from $59.5 million for the same period in 2004. Same store gross profit increased $92,000 or 1.1 percent to $8.7 million for the third quarter of 2005 from $8.6 million for the same period in 2004.
On a same store basis, revenues increased $6.1 million or 3.6 percent to $176.5 million in the first nine months of 2005 from $170.4 million for the same period in 2004. Same store gross profit increased $595,000 or 2.4 percent to $25.8 million for the first nine months of 2005 from $25.2 million for the same period in 2004.
On a same store basis, Hometown sold 3,111 vehicles during the third quarter of 2005, 21 less than it sold in the same period in 2004 or a decrease of 0.7 percent. On a same store basis, Hometown sold 8,872 vehicles during the first nine months of 2005, 195 less than it sold in the same period in 2004 or a decrease of 2.2 percent. Total vehicles sold (by category) on a same store basis are shown in the table below.
Same Store Basis Comparison For the three For the nine
months ended months ended
Sept. 30, Sept. 30,
2005 2004 2005 2004
------- ------- -------- --------
New vehicle 1,522 1,459 4,254 4,097
Used vehicle - retail 745 805 2,194 2,340
Used vehicle - wholesale 844 868 2,424 2,630
------- ------- -------- --------
Total units sold 3,111 3,132 8,872 9,067
======= ======= ======== ========
On a same store basis, sales of new vehicles increased $1.4 million or 3.8 percent to $38.5 million for the third quarter of 2005 versus $37.1 million in 2004. Same store sales of used vehicles increased $272,000 or 1.8 percent to $15.7 million for the third quarter of 2005 versus $15.5 million in 2004. Same store parts and service revenues increased $283,000 or 5.7 percent to $5.2 million for the third quarter of 2005 versus $5.0 million in 2004. Same store other revenues (net) decreased $106,000 or 5.6 percent to $1.8 million for the third quarter of 2005 versus $1.9 million for the same period in 2004.
On a same store basis, sales of new vehicles increased $3.6 million or 3.4 percent to $108.2 million for the first nine months of 2005 versus $104.6 million in 2004. Same store sales of used vehicles increased $1.8 million or 4.0 percent to $47.0 million for the first nine months of 2005 versus $45.2 million in 2004. Same store parts and service revenues increased $766,000 or 5.1 percent to $15.8 million for the first nine months of 2005 versus $15.0 million in 2003. Same store other revenues (net) increased $39,000 or 0.7 percent to slightly more than $5.5 million for the first nine months of 2005 versus slightly less than $5.5 million for the same period in 2004.
HWEB: MPWG reports .05 vs. .01
MPW Reports Fiscal First Quarter Results
PR Newswire - November 11, 2005 16:21
HEBRON, Ohio, Nov 11, 2005 /PRNewswire-FirstCall via COMTEX/ -- MPW Industrial Services Group, Inc. (Nasdaq: MPWG) today announced total revenue of $25.3 million for the first fiscal quarter ended September 30, 2005. Revenue was up $2.5 million from $22.8 million for the quarter ended September 30, 2004. The Company reported net income of $0.5 million, or $0.05 per share, for the first fiscal quarter ended September 30, 2005, compared with net income of $0.1 million, or $0.01 per share, for the same period last year.
CEO Comments
Monte Black, Chairman and Chief Executive Officer, commented, "I am encouraged by the Company's performance in the first quarter of fiscal 2006. We believe that our business development and organization change initiatives are beginning to have an impact on the Company's financial results." Mr. Black added, "However, while we do see some positive signs, we also continue to be faced with a variety of challenges, including higher fuel and chemical costs. We will continue to focus on cost control, performance metrics and business development efforts."
Quarterly Discussion
The 10.8% increase in revenues to $25.3 million for the quarter ended September 30, 2005 was primarily the result of a $0.7 million, $0.4 million and $1.4 million increase in the Industrial Cleaning, Facility Maintenance and Support Services and Industrial Water Process Purification segments, respectively. The increase in revenues within the Industrial Cleaning segment was primarily the result of additional base and outage work for several new customers, while the Facility Maintenance and Support Services segment revenues increased as a result of increased work for both new and existing customers. The increase in revenues within the Industrial Water Process Purification segment was primarily the result of one-time project work, combined with an increased volume of industrial water purification trailers supplied to customers on an emergency basis as a result of warmer temperatures in the first quarter of fiscal 2006.
Income from operations was $1.1 million, or 4.3% as a percentage of revenue, for the three months ended September 30, 2005 compared to income from operations of $0.4 million, or 2.0% as a percentage of revenue, for the three months ended September 30, 2004. The increase in operating income was driven by improved revenues combined with decreased workers compensation and general liability charges, lower depreciation expense and a $0.5 million gain on sale of equipment related to the Industrial Cleaning segment, slightly offset by higher fuel and chemical costs, increased reliance on subcontract and temporary services, increased professional fees and increased selling expenses as a result of continued focus on business development.
Corporate Profile
Founded in 1972, MPW Industrial Services Group, Inc. is a leading provider of integrated, technically-based industrial cleaning and related facilities support services in North America. MPW offers four principal service lines that are integral to a wide variety of manufacturing processes. These four service lines are industrial cleaning, facility maintenance and support services, industrial container cleaning and industrial process water purification.
VPHM
DJ ViroPharma Falls Amid Fear Of Generic Competition >VPHM
11/10/2005
Dow Jones News Services
(Copyright © 2005 Dow Jones & Company, Inc.)
By Tim Paradis
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--ViroPharma Inc. (VPHM) shares lost 17.5% Thursday amid apparent concerns, which some analysts contend were largely unwarranted, that generic competition would encroach on sales of Vancocin, an antibiotic that has resuscitated ViroPharma's fortunes and stock price in the last year.
"I do think that concern is overblown," JMP Securities analyst Adam Cutler said Thursday, referring to the sell-off of ViroPharma shares following the announcement by Akron Inc. (AKN) that it had penned an agreement with India's Cipla Ltd. (500087.BY) to develop a generic form of an undisclosed antibiotic used in U.S. hospitals.
More than one analyst saw Akorn's statement as an oblique reference to Vancocin, which ViroPharma acquired a year ago from Eli Lilly & Co. (LLY).
"I'm not sure that given the current market opportunity and the cost and risks associated with trying to get a generic version approved that it adds up," he said, referring to a market opportunity for generic competition.
"At worst for ViroPharma, a generic version could be on the market in a few years. In the meantime, they should continue to enjoy growing sales while they are the sole provider of Vancocin," Cutler said. He rates the stock "market outperform" and carries a $28 price target.
Joel Sendek, an analyst at Lazard Capital Markets, wrote in a research note Thursday that while it appears Akorn and Cipla plan to develop a generic form of Vancocin, such an undertaking might prove difficult.
"We continue to believe that while the market is attractive, there are high barriers for any entry for such a generic, including manufacturing and the need for clinical studies, which may be difficult to enroll," Sendek wrote. He maintains his sales estimates for the drug.
Vancocin is used to treat the intestinal bacteria Clostridium difficile, which is often referred to as C. difficile. On Nov. 3, ViroPharma, which has raised prices for the drug several times this year, said it struck an agreement to boost the amount of the drug Lilly makes for ViroPharma. The Exton, Pa., company acquired the U.S. rights to Vancocin from Lilly a year ago.
Cases of C. difficile have increased in the U.S. in recent years, especially at hospitals where it is often strikes patients whose treatments for other conditions have included courses of antibiotics.
Earlier Thursday, ViroPharma said preliminary results from a Phase 1b study of HCV-796, a hepatitis C being co-developed with Wyeth's (WYE) pharmaceuticals unit, demonstrated antiviral effects in adult patients with chronic hepatitis C infection.
Referring to the results of the trial, Cutler said: "They were net positive and warrant further development."
On Monday, ViroPharma shares hit a 52-week high of $24.36 after the company said it swung to a profit from a loss in the third quarter and raised its sales forecast for the year. For the third quarter, revenue surged to $35.8 million from $398,000 a year earlier. Vancocin sales totaled a best-ever $35.7 million during the quarter.
Shares of ViroPharma traded at $18.11, down $3.85, or 17.5%, in 4 p.m. EST Nasdaq trading. Volume stood at 16.1 million shares. Average daily volume is 2.52 million shares.
The stock has risen from about $3 a share a year ago, beginning its precipitous climb in May.
Both JMP Securities and Lazard make a market in ViroPharma shares.
TAGS up in AH
Tarrant Apparel Group Announces Fiscal 2005 Third Quarter Results
PR Newswire - November 10, 2005 16:02
~ Net Sales Increase 83% ~ ~ Earnings Per Share Increase to $0.06 ~
LOS ANGELES, Nov 10, 2005 /PRNewswire-FirstCall via COMTEX/ -- Tarrant Apparel Group (Nasdaq: TAGS), a design and sourcing company for private label and private brands casual apparel, today announced financial results for the third quarter and nine months ended September 30, 2005.
Third Quarter Results
In the third quarter of 2005, net sales increased 83% to $69.6 million from $38.1 million reported in the same period last year. The increase was primarily due to higher sales in the Company's Private Brands business, which amounted to $22.6 million compared to $2.8 million in the third quarter of 2004. Private Label sales also increased in the quarter, to $47.0 million from $35.3 million reported in the same period last year.
Gross profit for the quarter increased 252% to $14.5 million from $4.1 million in the year-ago period. The improvement in gross margin to 21% from 11% reflects an increased contribution from the higher-margin Private Brands business as well as improved margins in the Private Label business. Selling, general, and administrative expenses in the current period were $10.2 million compared to $7.6 million in the third quarter last year and reflect the overall increase in sales for the quarter as well as continued investments to build the Private Brands business. As a percentage of sales, selling, general, and administrative expenses improved to 14.7% versus 19.9% for the same period last year.
Net income for the quarter ended September 30, 2005 was $1.7 million, or $0.06 per diluted share, compared to a net loss of $4.0 million, or $0.14 per diluted share, in the same quarter of last year.
Barry Aved, President and CEO of Tarrant Apparel Group, commented, "We are extremely pleased with the progress made on our strategic initiatives, and the significant top and bottom line gains compared to last year. Our Private Brands posted solid growth due to the continued success of our American Rag and Alain Weiz brands as well as contributions from newly launched brands, such as JS by Jessica Simpson, Princy by Jessica Simpson, and Gear 7 that were not included in our results last year. The launch of multiple new brands, including House of Dereon by Tina Knowles, which will ship in November, is a remarkable accomplishment.
"During the same period, we nearly doubled our margins and grew the Private Label business by expanding the product mix beyond casual bottoms and attracting new customers with our proven design and marketing expertise. Although lower than our initial expectations, we are very pleased with our results. That said, we are humbled by the uncertainties of predicting the timing and degree of acceptance that any new brand faces, and have acquired great respect for the difficulty in providing accurate guidance."
Nine Month Results
Net sales increased 39% to $164.9 million in the first nine months of 2005 compared to $118.7 million in the same period last year. Net income for the nine month period was $2.5 million, or $0.08 per diluted share, compared to a net loss of $75.6 million, or $2.63 per diluted share, for the first nine months of fiscal 2004. Net loss in the first nine months of fiscal 2004 includes a $64.3 million charge related to the impairment of certain of the Company's Mexico assets, net of minority interest.
Company Outlook
As was recently updated, the Company now expects fiscal 2005 sales to be in the range of approximately $210 million to $215 million. This outlook contemplates Private Brands will contribute in the range of $50 million to $53 million in revenue and Private Label to contribute in the range of $160 million to $162 million in revenue. We previously provided guidance that our net income would be approximately $1.0 million to $2.0 million for 2005. After gaining further clarification regarding tax reserve accruals, the Company now expects net income to be between approximately $2.0 million and $2.5 million for 2005.
Based upon current business and economic conditions, the Company expects continued growth in both its Private Label and Private Brands businesses that will be tempered somewhat by continued slow bookings in denim as retailers re- balance their inventory levels as well as the previously announced discontinuation of the Gear 7 line at Kmart. In addition, the Company's expectations reflect a change in the distribution of the JS by Jessica Simpson brand, which was originally launched as a denim line with Charming Shoppes. Charming Shoppes is not going forward with the line, and the Company is currently in discussion with other large volume, middle market retailers who would support the brand as a multi-category collection. As such, the Company is taking corrective measures to better balance product development costs with a more moderate ramp up in sales.
"We are making solid progress in our key initiatives, and doing the things necessary to ensure our long-term profitability and growth. The direction and traction of both our Private Brands and our Private Label businesses give us confidence that this positive momentum will result in continued year over year improvement in our overall business results. We currently plan to provide guidance for 2006 after the first quarter, or when we feel there is adequate visibility," Mr. Aved concluded.
Conference Call
Tarrant Apparel Group will host a conference call Thursday, November 10, 2005 at 5:00 p.m. Eastern Time that may be accessed via the Internet at: http://www.tags.com or by dialing 800-683-1525 or 973-409-9261. Additionally, a replay of the call will be available through November 17, 2005 and can be accessed by dialing 877-519-4471 or 973-341-3080, passcode 6349396.
Maybe they will calm everyone down with this cc:
ViroPharma to Host Conference Call to Discuss Clinical Results of HCV-796
EXTON, Pa., Nov. 10, 2005 (PRIMEZONE) -- ViroPharma Incorporated (Nasdaq:VPHM) today announced that the company will host a conference call and live audio webcast today at 4:30 p.m. to discuss the results of the Phase 1b study with HCV-796, an orally dosed hepatitis C (HCV) viral polymerase inhibitor with the potential to interfere with the replication of HCV, that is being co-developed with Wyeth Pharmaceuticals, a division of Wyeth.
During the conference call, ViroPharma management will discuss the results, and answer questions regarding all areas of the business.
The live webcast of the conference call will be accessible via ViroPharma's corporate website at http://www.viropharma.com. An audio archive will be available at the same address until November 24, 2005. 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.
Greast quarter for FPB
Fountain Powerboats Announces First Quarter Revenue of $19 Million and $1.3 Million Operating Profit
Thursday November 10, 9:00 am ET
Fourth Consecutive Quarter of Increasing Profitability
WASHINGTON, NC--(MARKET WIRE)--Nov 10, 2005 -- Fountain Powerboat Industries, Inc. (AMEX:FPB - News), a leading manufacturer of high performance sport boats, fish boats and express cruisers, today announced results for the first quarter of fiscal 2006, ended September 30, 2005.
Net sales for the first quarter were $19,157,736, an increase of 14 percent, compared to sales of $16,742,307 for the first quarter of fiscal 2005. The company reported an operating profit of approximately $1,338,424 for the quarter, compared to an operating loss of $99,806 for the first quarter of fiscal 2005. According to Fountain Chief Financial Officer Irving Smith, this is Fountain Powerboat's fourth consecutive quarter of increasing profitability.
Gross profit for the first quarter of fiscal 2006 increased 84 percent to $3,676,114, with a gross profit margin of 19 percent. This compares to a gross profit of $1,993,148, or a gross profit margin of 12 percent, for the first quarter of fiscal 2005. Net income for the quarter was $697,058, or net earnings per share of $0.14 on a basic and diluted basis, compared to a net loss of $373,337, or net loss per share of $0.08 on a basic and diluted basis, for the first quarter of fiscal 2005. The increase in gross profit is attributable to increased productivity and improved efficiencies from the Company's recently upgraded manufacturing operations, along with the mix of boats manufactured.
The Company's balance sheet continues to remain strong, with approximately $3.1 million in cash and cash equivalents and a current ratio of 1.29:1. Shareholders' equity was approximately $7.2 million, a 10 percent increase, compared to the first quarter of fiscal 2005. The Company has $7 million key man life insurance policies on Chief Executive Officer and President, Reginald M. Fountain, Jr., which have a cash surrender value that is immediately available for withdrawal by the Company as a loan, using the cash value as collateral, thus providing additional $2.2 million cash availability.
"We are pleased to announce an outstanding first quarter of increased revenue growth and profitability," said Chief Executive Officer and President Reginald M. Fountain, Jr. "This quarter's results, as well as the tremendous success at our recent dealer meeting, are evidence of the strength of the Fountain brand and strong indicators of a growing demand for Fountain Powerboats within the market."
"With more than 27 models of boats, we look forward to participating in the three major industry extravaganzas, beginning with the Ft. Lauderdale boat show, which was delayed until last week, the New York boat show in January, and the Miami boat show in February," continued Fountain. "The shows generally produce significant revenue for the Company and, when combined with our current backlog of approximately $54 million, of which $15 million represents new orders from our October dealer meeting, we are well on our way toward our pre-stated guidance of $80 million for 2006."
"We are looking forward to another record year," commented Fountain's CFO Irving Smith. "We entered fiscal 2006 with a sales backlog of approximately $52 million and revenue of $19 million for the first quarter of fiscal 2006 and our U.S. markets appear to be relatively unaffected by fuel prices and interest rates. And, while fuel prices historically have been higher in Europe and other parts of the world, the Company's international sales are expected to increase from approximately $2 million in fiscal 2005 to over $8 million in fiscal 2006."
Smith also noted that the Company will be introducing three new boat models, a new 38' Triple Outboard Sport Fish Cruiser, a positive lift 31' Twin Outboard Center Console Fish Boat, and a new 44' Triple or Twin I/O Poker Run Edition Sport Boat for calendar 2006.
I picked up some GMOS today. It has trickled down to .57 x .60, near its 52-week low, despite posting impressive numbers last quarter. Of course, the private placement and news of lackluster revenue in the current quarter has been the catalyst this 50% haircut in recent weeks...hard to gauge how this quarter will look on the bottom line, but I decided .60 was worth a gamble....any opinions?
Great quarter for SVL!
Silverleaf Resorts, Inc. Reports Results for the 2005 Third Quarter
Business Wire - November 01, 2005 08:45
DALLAS, Nov 01, 2005 (BUSINESS WIRE) -- Silverleaf Resorts, Inc. (AMEX:SVL) today announced its financial results for the third quarter and nine months ended September 30, 2005.
Third Quarter 2005 Highlights:
-- Total revenue increased 30% to $62.3 million
-- Vacation interval sales increased 14% to $41.8 million
-- Net income increased 219% to $12.9 million
Net income for the third quarter increased to $12.9 million, or $0.33 per diluted share, compared to net income of $4.0 million, or $0.10 per diluted share, during the third quarter of 2004. Total revenue for the period increased to $62.3 million compared to $47.8 million during the same period in 2004. Revenue for 2005 third quarter includes a gain on sale of notes receivable of $5.8 million, which was previously disclosed on July 28, 2005, and gain on sale of land of $3.6 million. Net of tax, these items and a $.9 million gain on sale of utility assets contributed $7.2 million to the net income during the third quarter, or $0.18 per diluted share. Excluding these gains, the Company's revenue for the third quarter increased 10.7% over the quarter ended September 30, 2004 while net income and EPS increased 40.7% and 50%, respectively.
Vacation interval sales increased 14% to $41.8 million during the third quarter of 2005 compared to $36.7 million during the third quarter of 2004. The increase in sales in the quarter ended September 30, 2005 compared to 2004 is due primarily to an increase in sales to existing owners, which contributed to a reduction in sales and marketing expense from 49.5% of sales in the third quarter of 2004 to 46.3% in 2005, as marketing expenses are lower for these sales. In addition, the provision for uncollectible notes was 15% of vacation interval sales for the third quarter of 2005, down from 20% in 2004, as a result of better performance of notes originated since the company began focusing on selling to customers with better credit characteristics.
"These results clearly reflect that we are successfully executing our two-pronged business strategy -- 1) using our internally developed best customer model to identify qualified new buyers and 2) continuing to penetrate our existing owner base through sales of additional products," commented Robert E. Mead, chairman and CEO. "This has resulted in the reduction of our sales and marketing expense ratio and an increase in net income and EPS. Our current plan includes building out our existing properties, strategically adding new resorts in select high-growth markets, and creating vacation showrooms in selected metropolitan markets within driving distance of our resorts. As a result, we believe that we will be able to maintain vacation interval sales growth. During the quarter we also completed our first securitization transaction, which we believe has afforded us greater future access to the capital markets."
For the nine months ended September 30, 2005, net income was $19.6 million, or $0.50 per diluted share, compared to net income of $9.4 million during the first nine months of 2004 or $0.24 per diluted share in the first nine months of 2004. Total revenue for the period was $153.7 million, as compared to $138.4 million during the first nine months of 2004. Vacation interval sales were $109.3 million for the nine month period ended September 30, 2005, a $3.4 million increase from vacation interval sales in the same period of 2004.
Based in Dallas, Silverleaf Resorts, Inc. currently owns and operates 13 timeshare resorts in various stages of development. Silverleaf Resorts offer a wide array of country club-like amenities, such as golf, swimming, horseback riding, boating, and many organized activities for children and adults.
This release contains certain forward-looking statements that involve risks and uncertainties and actual results may differ materially from those anticipated. The Company is subject to specific risks associated with the timeshare industry, the regulatory environment, and various economic factors. These risks and others are more fully discussed under the heading "Cautionary Statements" in the Company's reports filed with the Securities and Exchange Commission, including the Company's 2004 Annual Report on Form 10-K (pages 19 through 27 thereof) filed on March 25, 2005.
SILVERLEAF RESORTS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except share and per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
Revenues:
Vacation Interval
sales $41,833 $36,738 $109,304 $105,869
Sampler sales 617 571 1,759 1,485
----------- ----------- ----------- -----------
Total sales 42,450 37,309 111,063 107,354
Interest income 9,067 9,354 28,937 27,575
Management fee income 450 300 1,351 900
Gain on sales of
notes receivable 5,789 -- 6,457 580
Other income 4,549 808 5,931 2,011
----------- ----------- ----------- -----------
Total revenues 62,305 47,771 153,739 138,420
Costs and Operating
Expenses:
Cost of Vacation
Interval sales 6,772 6,166 17,507 19,485
Sales and marketing 19,648 18,477 54,985 53,643
Provision for
uncollectible notes 6,275 7,348 18,083 21,180
Operating, general
and administrative 7,344 6,549 21,177 19,386
Depreciation and
amortization 616 845 2,158 2,636
Interest expense and
lender fees 4,094 4,568 12,765 13,143
----------- ----------- ----------- -----------
Total costs and
operating expenses 44,749 43,953 126,675 129,473
Income before
provision for income
taxes and discontinued
operations 17,556 3,818 27,064 8,947
Provision for income
taxes (5,306) -- (8,189) (23)
----------- ----------- ----------- -----------
Net income from
continuing operations 12,250 3,818 18,875 8,924
Discontinued Operations
Gain on sale of
discontinued operations
(net of taxes) 613 -- 613 --
Income from
discontinued operations
(net of taxes) -- 214 128 503
----------- ----------- ----------- -----------
Net income from
discontinued
operations 613 214 741 503
Net income $12,863 $4,032 $19,616 $9,427
=========== =========== =========== ===========
Basic income per
share:
Net income from
continuing
operations $0.33 $0.10 $0.51 $0.24
=========== =========== =========== ===========
Net income from
discontinued
operations $0.02 $0.01 $0.02 $0.02
=========== =========== =========== ===========
Net income $0.35 $0.11 $0.53 $0.26
=========== =========== =========== ===========
Diluted income per
share:
Net income from
continuing
operations $0.31 $0.09 $0.48 $0.23
=========== =========== =========== ===========
Net income from
discontinued
operations $0.02 $0.01 $0.02 $0.01
=========== =========== =========== ===========
Net income $0.33 $0.10 $0.50 $0.24
=========== =========== =========== ===========
Weighted average basic
shares outstanding: 36,954,948 36,860,238 36,918,265 36,849,411
=========== =========== =========== ===========
Weighted average
diluted shares
outstanding: 39,042,770 38,954,815 38,934,572 38,922,668
=========== =========== =========== ===========
SILVERLEAF RESORTS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
(Unaudited)
September 30, December 31,
ASSETS 2005 2004
------------- ------------
Cash and cash equivalents $7,605 $10,935
Restricted cash 4,798 3,428
Notes receivable, net of allowance for
uncollectible notes of $52,658 and
$52,506, respectively 163,596 196,466
Accrued interest receivable 2,021 2,207
Investment in special purpose entities 21,967 5,173
Amounts due from affiliates 2,145 288
Inventories 114,815 109,303
Land, equipment, buildings, and utilities,
net 10,664 24,375
Land held for sale 495 2,991
Prepaid and other assets 15,215 14,340
------------- ------------
TOTAL ASSETS $343,321 $369,506
============= ============
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Accounts payable and accrued expenses $8,535 $7,980
Accrued interest payable 1,428 1,302
Amounts due to affiliates 692 929
Unearned revenues 5,376 4,634
Income taxes payable 6,638 --
Notes payable and capital lease obligations 165,509 218,310
Senior subordinated notes 34,029 34,883
------------- ------------
Total Liabilities 222,207 268,038
------------- ------------
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock, 10,000,000 shares
authorized, none issued and outstanding -- --
Common stock, par value $0.01 per share,
100,000,000 shares authorized, 37,249,006
shares issued, 36,954,948 shares outstanding
at September 30, 2005, and 36,860,238 shares
outstanding at December 31, 2004 372 372
Additional paid-in capital 115,522 116,614
Retained earnings (deficit) 8,702 (10,914)
Treasury stock, at cost, 294,058 shares at
September 30, 2005 and 388,768 shares at
December 31, 2004 (3,482) (4,604)
------------- ------------
Total Shareholders' Equity 121,114 101,468
------------- ------------
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY $343,321 $369,506
============= ============
DAOU-merger approved today. Shareholders will get .384/share, which will make this my best performing stock in quite some time! lol
Daou Systems, Inc., Announces Closing of Merger With and Into PRX Acquisition Sub, Inc.
PR Newswire - October 28, 2005 17:32
EXTON, Pa., Oct 28, 2005 /PRNewswire-FirstCall via COMTEX/ -- Daou Systems, Inc. (OTC Bulletin Board: DAOU) today announced that it has completed the anticipated merger with and into PRX Acquisition Sub, Inc. a wholly owned subsidiary of Proxicom, Inc. (Proxicom). Proxicom is a portfolio company of The Gores Group, LLC (Gores). The cash payable to the holders of Daou's common stock is approximately $0.384.
About the Transaction
The transaction was approved by a majority of Daou's stockholders, confirmed today at the Special Meeting of Stockholders held to consider and vote upon the merger with Proxicom. The closing of the transaction took place immediately following the special stockholders' meeting. Daou and Proxicom entered into a definitive merger agreement on August 10, 2005, and Daou subsequently filed a definitive proxy statement on September 16, 2005 with the Securities and Exchange Commission.
JAKK Reports Record Third Quarter 2005 Results; Third Quarter Net Income Increases 41% to $32.8 Million, EPS $1.05 Vs. $.76; Sales $234M Vs. $206M. They re-affirmed their EPS guidance of $2.28 for '05, which would mean Q4 EPS should come in around $.51 (since they earned $1.77 for the first 9 months).
HWEB, RUSHA reports strong 3Q
Rev $485.4M Vs $296.9M
EPS .53 Vs. .35
Brivis Investments is based in Tortola, British Virgin Islands. Isn't it alleged that most of this OTC short selling or "naked short selling" is conducted by hedge funds based in the British Virgin Islands?
TAGS shareholders
you guys might want to check out the message board for TAGS on Yahoo...hopefully this poster is correct in claiming the Village Voice article was wrong about the delay. Maybe this Village Voice article caused an unwarranted panic sell-off???
Re: A
by: traderjeff999 10/14/05 04:53 pm
Msg: 2696 of 2697
I just spoke to Carina Zappia, the author of the Village Voice article that you provided the link for and found out the following;
1) She told me that the story that appeared online in the Village Voice posted 10/13 was an "old" report that quoted another article by Susy Mickins claiming that the Beyone line was delayed until next year - SHE SAID THIS IS FALSE;
2) She also said that she went to the NYC Tarrant headquarters and has seen the new Beyonce line and was "very impressed" and that THERE IS NO DELAY;
3) She finally stated that she had no idea that the Village Voice was going to run this story.
TAGS-looks like Beyonce's line of clothing has been pushed back until next Spring. That must be the reason for the dramatic sell-off in recent days.
"we won't know till spring, since the House of Dereon release has been pushed back till next year."
http://www.villagevoice.com/nyclife/0542,zappia,68901,15.html
NAVR looks compelling under $5, especially considering all the insider buying in recent months. I think the worry over the accounting change with their Mix & Burn investment is way overblown.
looks like FPB had a good Q4: .13 vs. (.01)
Wednesday, October 12, 2005 ·
U.S. forecasts warmer than normal winter
THE ASSOCIATED PRESS
WASHINGTON -- Government forecasters on Wednesday predicted a warmer than normal winter, offering hope to much of the Midwest and West as concern grows about the rising costs of heating during cold-weather.
The National Weather Service said there is a 60 percent chance of warmer than normal weather in the Dakotas, Nebraska, Iowa, Kansas, Missouri, Oklahoma, north Texas, northern New Mexico and southern and eastern Colorado.
States adjoining that area, plus Washington, Oregon, Alaska and Hawaii also have a chance of being warmer than usual.
Other regions could be warmer or cooler than usual but no area was singled out to be especially cold.
"Even though the average temperature over the three-month winter season is forecast to be above normal in much of the country, there will still be bouts of winter weather with cold temperatures and frozen precipitation," said NOAA Administrator Conrad C. Lautenbacher, Jr.
The rain and snowfall outlook calls for wetter-than-normal conditions across most of Arkansas, Louisiana, Oklahoma, and northeastern Texas. Drier-than-normal conditions are expected across the Southwest from Arizona to New Mexico.
The forecasters noted that for the sixth year in a row, drought remains a concern for parts of the Northwest and northern Rockies. Wet or dry conditions during the winter typically have a significant impact on drought conditions.
One factor in this winter's weather is the North Atlantic Oscillation, which can shift the jet stream that helps drive the movement of winter storms, the forecasters said.
In one phase, the jet stream shifts to the north of its usual position and the winter weather features relatively warm days over much of the contiguous U.S. In contrast, during the negative phase the jet stream shifts to the south, bringing in Nor'easters and more frequent cold air outbreaks and snowstorms, especially along the East Coast.
The phase of the oscillation is difficult to anticipate more than one to two weeks in advance.
researcher59: insider buying
If you are looking for a good, free, insider buying site, you may want to gives this one a try:
http://www.secform4.com/insider
By clicking on the "insider buys" and "penny buys" icons, you can view Form 4 filings by date, going back up to 120 days. I stumbled upon this site a few weeks ago and have been scanning it daily...
VPHM-
Piper Jaffray raises ViroPharma's price target from $18 to $24 this morning.
Value Microcappers: For those interested, the ValueRich conference started today in NYC. Presenting companies included NKBS, AMHI, SPDV, EAR, etc. Audio from today's 30-minute company presentations can be found in this link:
http://www.visualwebcaster.com/ValueRich/29304/day1.html
remember to turn off your pop-up blocker when you click onto a presentation.
Knowledge-mine is down, too. Says:
Partial Web Outage
Certain portions of the Web site are temporarily unavailable. We are working to restore these services.
Just picked up some DAAT. It's pretty cheap on a trailing basis and the CEO sees the company's rapid growth continuing. He made these optimistic comments in the August 15th pr:
Collins also stated, "We are just now beginning to see significant orders for the fall and winter hunting seasons. The new items added to the Wal-Mart permanent module in June are doing well, as are the items carried over from last year, and reorders are picking up significantly, not only from Wal-Mart, but all major sporting goods stores and distributors. The company is also excited about the trigger lock legislation before Congress, being one of the largest manufacturers of gunlocks and handgun safes in the United States. The company also has many new products that are being developed and will be introduced in 2006, enabling to company to continue its rapid growth into 2006 and beyond."
hweb, fyi, I noticed a new ELTK interview on wallstreetreporter.com. CEO doesn't give many specifics, but he sounds very optimistic about Eltek's future.
re: gas prices/GMOS:
Scooter sales are soaring as gas prices soar. From today's Boston Globe:
http://www.boston.com/business/articles/2005/08/22/gas_pushing_3_gallon_use_a_scooter/
RIMS-As of May 31st, they had 4.5 million shares issued and outstanding, as well as $533K in cash. Assuming the numbers haven't changed since their last 10Q, a purchase price of $3.17 million would mean $.704/share for RIMS' business. So that would leave @ $.118/share in cash, and thus, a buyout price plus cash of about $.82. Please correct me if I am wrong.
BTYH looks interesting at first glance. Anyone follow this one?
BLD in with a strong quarter. Nice y/y improvements. Revenue and income way up (excluding the tax adjustments from last year). Backlog up to $50 million.
Baldwin Reports Increase in Sales and Income Before Taxes for FY05
Business Wire - August 11, 2005 08:05
SHELTON, Conn., Aug 11, 2005 (BUSINESS WIRE) -- Baldwin Technology Company, Inc. (ASE:BLD), a global leader in accessories and controls technology for the printing industry, announced today that net sales for the fiscal fourth quarter ending June 30, 2005 were $48.3 million compared to $41.4 million for the fourth quarter in the prior year, representing an increase of almost 17%. For the fiscal year, net sales rose nearly 10% to $173.2 million compared with $158.1 million for the year ended June 30, 2004.
Income before taxes for the fourth quarter was $3.8 million, a five-fold increase over the prior year's $756,000. For the full year, income before taxes was $8.7 million, up over 60% from the prior year.
Fourth quarter net income was $2.0 million or $0.13 per diluted share compared to net income of $4.4 million or $0.28 per diluted share for the comparable quarter in the prior fiscal year. Included in the prior year's net income figures for the quarter and the full year were certain favorable tax adjustments, primarily relating to a release of a tax valuation reserve, of approximately $3.9 million. For the full year, Baldwin recorded net income of $5.0 million or $0.33 per diluted share, compared to $7.0 million or $0.46 per diluted share for the prior year.
Orders for the fiscal fourth quarter were $38.9 million. Backlog as of June 30, 2005 was $48.1 million, up from $44.9 million a year earlier. Strong orders received subsequent to year-end have further improved current backlog to approximately $50 million.
Baldwin Vice President and CFO Vijay Tharani said, "We had a year in which we saw improvement in the international economic/business climate, some strengthening of the global market for printing and printing related products, and an outstanding business performance by Baldwin. Sales, operating income and profit before taxes were significantly higher for the quarter and the year. Our earnings, coupled with effective management of working capital, enabled us to generate operating cash flows of over $14 million in fiscal 2005 and end the year with virtually no net debt which we define as total debt less cash on hand."
Chairman and CEO Gerald Nathe commented, "Customers have responded positively to our focus on their needs and our commitment to innovation. We believe that by adhering to our core strategies and technologies that we can continue to deliver strong results and create additional shareholder value."
"As part of the process of transforming Baldwin and maintaining our momentum in the global printing industry, the Company has recently made several organizational changes. Of particular note is the appointment of Karl S. Puehringer, formerly responsible for the Company's European operations, to the position of President and Chief Operating Officer, effective July 1, 2005. Supporting Karl in his new role as head of Baldwin's global operations will be a fine group of Baldwin employees. Their dedication and commitment during fiscal 2005 contributed significantly to Baldwin's impressive performance."
The company will host a conference call to discuss the financial results and business outlook today, August 11 at 11 a.m. Eastern. Call in information is available on the company's web site at www.baldwintech.com under the Investor Relations section. Interested investors are encouraged to log onto the website and participate in the call or access the webcast of the call. Participating in the call will be Baldwin's Chairman and Chief Executive Officer, Gerald A. Nathe, its President and Chief Operating Officer, Karl S. Puehringer, and its Vice President and Chief Financial Officer, Vijay C. Tharani.
Baldwin Technology Company, Inc. is a leading international manufacturer of accessories and controls technology for the printing industry. With a widely recognized reputation for advanced pressroom technology, Baldwin has more than 100 patents as well as several GATF Intertech awards and Fogra certifications. The company has offices and manufacturing facilities in 10 countries in North and South America, Europe, Asia and Australia.
Baldwin Technology Company, Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
June 30,
---------------------- Quarter ended
2005 2004
----------- ----------
Net sales $ 48,283 $ 41,386
Cost of goods sold 30,285 28,297
---------- ----------
Gross profit 17,998 13,089
Operating expenses 13,727 11,265
Restructuring charges 0 22
---------- ----------
Operating income 4,271 1,802
Interest expense 427 1,247
Interest (Income) (26) (29)
Other expense (income), net 108 (172)
---------- ----------
Income before income taxes 3,762 756
Income tax provision (benefit) 1,743 (3,622)
---------- ----------
Net income $ 2,019 $ 4,378
========== ==========
Net income per share - basic $ 0.14 $ 0.29
========== ==========
Net income per share - diluted $ 0.13 $ 0.28
========== ==========
Weighted average shares outstanding - basic 14,911 14,961
========== ==========
Weighted average shares outstanding - diluted 15,278 15,457
========== ==========
Year ended June 30,
------------------------
2005 2004
------------- ----------
Net sales $ 173,185 $ 158,110
Cost of goods sold 115,948 108,074
------------ ----------
Gross profit 57,237 50,036
Operating expenses 48,209 43,329
Restructuring charges (338) 448
------------ ----------
Operating Income 9,366 6,259
Interest Expense 2,412 4,985
Interest (Income) (105) (119)
Other (Income), net (1,660) (3,920)
------------ ----------
Income before income taxes 8,719 5,313
Income tax provision (benefit) 3,684 (1,673)
------------ ----------
Net income $ 5,035 $ 6,986
============ ==========
Net income per share - basic $ 0.34 $ 0.47
============ ==========
Net income per share - diluted $ 0.33 $ 0.46
============ ==========
Weighted average shares outstanding - basic 14,899 15,001
============ ==========
Weighted average shares outstanding - diluted 15,305 15,286
============ ==========
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
June 30, June 30,
Assets 2005 2004
---------- ----------
Cash and equivalents $ 15,443 $ 12,008
Trade Receivables 35,250 37,725
Inventory 22,755 24,998
Prepaid expenses and other 3,548 5,921
---------- ----------
Total Current Assets 76,996 80,652
Property, plant and equipment, net 3,415 4,540
Intangible assets 13,483 13,363
Other assets 15,457 16,716
---------- ----------
Total assets 109,351 $ 115,271
========== ==========
Current liabilities
Loans payable $ 2,705 $ 2,757
Current portion of long-term debt 1,033 20,523
Other current liabilities 47,759 48,998
---------- ----------
Total current liabilities 51,497 72,278
Long-term debt 12,223 1,794
Other long-term liabilities 6,400 6,732
---------- ----------
Total liabilities 70,120 80,804
Shareholders equity 39,231 34,467
---------- ----------
Total liabilities and shareholders equity $ 109,351 $ 115,271
========== ==========
If I did my math correctly, it looks like EZEN's cash position has increased to .54/share based on the current diluted share count, up from the .30's last quarter.
NKBS CC - projecting .01 in Q3 and .26 in Q4.
EZEN earned .048 in Q1, .055 in Q2 and they guided for .23 for the year...so we should expect @ .13 split between Q3 and Q4. Nice trend. They also left the door opened to the possibility of exceeding their guidance. Excellent balance sheet to boot. Looks cheap here.
MVCO report .25 vs .01
Meadow Valley Second Quarter Net Income Increased to $0.25 Per Share Versus $0.01 Per Share; Revenue Increased 22%
Business Wire - August 08, 2005 07:30
PHOENIX, Aug 08, 2005 (BUSINESS WIRE) -- Meadow Valley Corporation (Nasdaq:MVCO) today announced financial results for the second quarter and first half of 2005, highlighted by higher revenue and net income compared to the same periods of 2004.
2005 Second Quarter Results
For the quarter ended June 30, 2005, revenue increased 22% to $53.4 million from $43.7 million for the second quarter of 2004. Net income for this year's second quarter increased to $1.0 million, or $0.25 per diluted share. This compares to net income for the second quarter of 2004 of $0.04 million, or $0.01 per diluted share.
Construction services revenue increased 25% to $36.1 million for the second quarter of 2005 compared to $28.9 million for the second quarter of 2004. Construction materials revenue increased 17% to $17.3 million for the second quarter of 2005 from $14.8 million for the second quarter of 2004.
Results for both construction services and construction materials benefited from continued strong business conditions in the Company's primary markets in Arizona and Nevada, as well as from the absence of significant weather-related disruptions during this year's second quarter compared to the weather-impacted first quarter. The Company said that production at Meadow Valley's construction materials facility in southwest Las Vegas is expected to begin in the third quarter of 2005, and announced that it has acquired a location for a materials production facility in the northwest Las Vegas area.
Backlog in the construction services segment was approximately $62.5 million at June 30, 2005, compared to backlog of approximately $67.5 million at June 30, 2004.
2005 First Half Results
For the first six months of 2005, revenue increased to $93.4 million from $82.9 million for the first half of 2004. Net income for the first six months of 2005 increased to $1.25 million, or $0.31 per diluted share. This compares to net income for the first six months of 2004 of $0.5 million, or $0.13 per diluted share, which included a pre-tax gain of $1.7 million for the settlement of claims in New Mexico.
Construction services revenue increased to $62.1 million for the first half of 2005 from $54.4 million for the same period last year, and construction materials revenue increased to $31.3 million from $28.4 million for the first half of 2004.
This should make Bobwins happy:
America's riskiest real estate
Report: Watch out Bostonians; rest easy Seattleites.
http://money.cnn.com/2005/08/03/real_estate/buying_selling/pmi_riskiest-markets/index.htm?cnn=yes
Down big on heavy volume...any clue why? I don't see any filings today.
Great report from EBIX this morning. The stock isn't as cheap as it was when HWEB mentioned it a few months back, but it doesn't look overvalued here either...
Ebix Second Quarter EPS Rose 52% to a Record $0.35 Per Share on 31% Increase in Revenue; First Half 2005 EPS Rose 77% to $0.69 Per Share
Business Wire - August 01, 2005 08:26
ATLANTA, Aug 01, 2005 (BUSINESS WIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international provider of software services and IT solutions to the insurance industry, today reported financial results for the second quarter (Q2 '05) and six months ended June 30, 2005. Ebix will host a conference call and webcast to review the quarter tomorrow, Tuesday, August 2nd at 10:00 a.m. EDT (details below). Both the call and webcast are open to the general public.
Telephone: Domestic - 800-899-5685. International - 212/676-4906.
Live Webcast/Replay: available at http://www.ebix.com and archived for 90 days.
Ebix's total revenue rose 31% to $6.1 million in Q2 '05, compared to $4.7 million during the second quarter of 2004. Consistent with Ebix's ongoing strategy to transition its business focus to a services model, services revenue, which comprised 93% of total revenue, grew 32% to $5.7 million during Q2 2005, compared to services revenue of $4.3 million in the year ago period.
Ebix's operating income rose 61% to $1.2 million in the 2005 second quarter, compared to operating income of $0.7 million in the second quarter of 2004. The Company also reported a 53% increase in net income to $1.1 million, or $0.35 per diluted share, in the second quarter of 2005, versus net income of $0.7 million, or $0.23 per diluted share, in the second quarter of 2004. Q2 '05 results were based on 3.1 million weighted average diluted shares outstanding during the period, 9,000 fewer than the comparable three-month period in 2004. The modest decrease in the weighted average reflects an initial benefit from the Company's repurchase of 200,000 shares, at $13.50 per share, in late April 2005. The shares were repurchased from the founders of LifeLink at a 10% discount from their $15.00 issuance price at the time of Ebix's acquisition of LifeLink in February 2004.
For the first six months of 2005, Ebix's total revenue rose 40% to $12.0 million, compared to $8.6 million in the first six months of 2004. Services revenue, which comprised 95% of total revenue, grew 42% to $11.4 million in the first half of 2005, compared to services revenue of $8.1 million in the year ago period. Software license revenue was $0.6 million in the first half of 2005, compared to $0.6 million in the year ago period.
Ebix's operating income rose 86% to $2.4 million in the first half of 2005, compared to operating income of $1.3 million in the first half of 2004. The Company's net income rose 86% to $2.2 million, or $0.69 per diluted share, in the first half of 2005, compared to net income of 1.2 million, or $0.39 per diluted share, in the first half of 2004. First half results were based on 3.1 million weighted average diluted shares outstanding, compared to 3.0 million weighted average diluted shares outstanding in the year ago period.
Ebix President and Chief Executive Officer Robin Raina commented on the record results, "With earnings per share for the first six months of fiscal '05 nearly matching our EPS total for the entire 2004 year, a record year for the Company, Ebix continues to outpace its own standards in driving growth to the bottom line. We believe our strong performance year-to-date reflects the strength of our insurance industry expertise, specialized service offerings, and global footprint, which are becoming valued by a growing base of industry professionals worldwide. Further, 2005 marks the first year in which Ebix will benefit from full-year contributions from both our LifeLink and Heart Consulting acquisitions. Ebix's performance is clearly benefiting from their successful integration."
Mr. Raina added, "In addition to strong trends in Australia and our increasing global diversification, our recent share repurchase as well as the absence of some non-recurring costs experienced in 2004 have also proven to be positive catalysts for our 2005 first half results. Our management team and staff is never content resting on their laurels, and we will continue to strive for consistent long-term growth as we further establish Ebix as the premier international developer and supplier of software and IT outsourcing solutions exclusively to the global insurance market. It was particularly gratifying that our corporate quest for growth was recognized by FORTUNE Small Business, which in their July/August issue named Ebix as one of the 100 fastest growing small companies in America."
Len-No. I have never upgraded my IHub membership from "Free."
I just took the survey and I'm not a paying member of IHub
TGIS posts some impressive numbers after the bell. I wish I hadn't sold it at $2...
Thomas Group Announces Second Quarter 2005 Results
Business Wire - July 19, 2005 16:21
IRVING, Texas, Jul 19, 2005 (BUSINESS WIRE) -- Thomas Group, Inc. (OTCBB:TGIS) today announced net income of $3.1 million, or $0.29 per diluted share, for the second quarter of 2005 on revenues of $11.7 million.
"Important milestones were crossed during the second quarter," said Jim Taylor, CEO, "some of which are the culmination of several years of effort, and some are a precursor of things to come."
Mr. Taylor continued, "The first milestone was revenue growth. Quarterly revenue had hovered around the eight million dollar range since 2001. New programs in both the commercial and governmental sectors pushed second quarter revenues over $11 million. To fuel this revenue growth, we have hired 22 new Resultants so far this year."
"Another important milestone was the elimination of our debt," said Mr. Taylor. "In June, we prepaid our subordinated debt one year in advance of its maturity date. The most important part of this pre-payment is that the subordinated debt was repaid out of our cash reserves, without drawing on our line of credit. Since June 9, we have been debt-free for the first time in over four years. We have continued availability of our $5.5 million revolving line of credit with Bank of America, which we will use for operations, as we grow."
Mr. Taylor added, "Disciplined headcount management and a low fixed cost base allow revenue increases to have a dramatic impact on our bottom line. Our singular focus is to increase shareholder value using this business model. Second quarter results are a testament to the quality and hard work of our people; those who deliver results to our clients and those who support them."
Second Quarter and First Half 2005 Financial Performance:
-- Revenue: Second quarter revenue was $11.7 million, which represents a 48% increase over the first quarter of 2005 and a 51% increase of the second quarter of 2004. Second quarter revenue includes approximately $1.0 million attributable to a retroactive pricing adjustment on a client for whom services were provided prior to May 2005. The cost of these services was recognized in the period incurred. Revenue for the first half of 2005 was $19.6 million, which represents a 32% increase over the first half of 2004.
-- Gross Margins: Gross profit margins improved to 59% from 49% when comparing the second quarter of 2005 with 2004. Gross profit margins for the first half of 2005 improved to 54%, compared to 48% for the first half of 2004. The increase is primarily attributable to increased revenue, full utilization of the Company's direct labor and strict control over costs.
-- Selling, General & Administrative (S,G&A): Second quarter S,G&A costs increased $0.4 million to $3.6 million from $3.2 million in the second quarter of 2004. For the first half of 2005, S,G&A costs increased $0.3 million to $6.7 million from $6.4 million in the first half of 2004. This increase in costs is due primarily to:
a) $0.2 million increase in selling costs
b) $0.2 million accrual for severance costs
c) $0.2 million accrual for exit costs in Switzerland. (The Company will continue to pursue clients in the Europe region, but will no longer maintain an office in Switzerland)
d) ($0.3) million in savings from service providers
-- Cash Flow: In the first half of 2005, net cash provided by operating activities was $1.5 million, compared to net cash used in operating activities of $1.5 million in the first half of 2004. The increase in net cash provided is primarily due to 2005 profits in excess of 2004 profits. In the first half of 2005, net cash used in financing activities was $1.5 million, comprised of $1.8 million used to repay debt and $0.3 million generated from the issuance of common stock upon the exercise of outstanding options and warrants. Cash used for financing activities in the first half of 2004 was $0.2 million, primarily for debt repayments. For the first half of 2005, the net change in cash was a decrease of $37,000, compared to a net decrease of $1.7 million in the first half of 2004.
-- Income Taxes: Prior years' losses in both U.S. and foreign operations created net operating loss (NOL) carryforwards. The tax benefit of these NOLs reduces the Company's 2005 effective tax rate to approximately 3%. For the first half of 2005, the Company has recognized $0.1 million in income tax expense.
Business Development: During the second quarter of 2005, the Company signed $6.7 million in new and extended business, pushing the total for 2005 to $7.3 million.
Backlog: At June 30, 2005, the Company had signed backlog of $13.2 million, of which $7.6 million is contracted for 2005. Backlog does not include extensions or option periods, and therefore does not always represent the full scope of the client's commitment to Thomas Group. However, backlog does accurately represent the portion that has been contracted for in writing.
abt3vt-Just a guess, but I think Izone may be testing this new offering in St Louis before launching it nationally. Note that the web address contains "St Louis" (http://www.izone.com/stlouis/index.cgi). The site also gives this disclaimer:
"Ameritrade offers various promotional pilot programs. Fees charged for the same service may differ by location. Pilot programs are subject to change at the discretion of Ameritrade. You will get 30 days notice of any fee change."
Assuming the commission schedule stays as currently advertised, this offering looks great for active traders. Saving $2 per trade will save me @ $1K/year, so I'm going to try it out.
re: Ameritrade Izone reduced trading fees and me being thick...
After my email request for $2 commissions, Izone wrote me an email response that led me to believe they were processing my new commission rate of $2. Instead, they were merely processing my EMAIL requesting $2 trades (I guess Izone staff is light on the weekends in July). Sorry for being a spaceshot and getting everyone excited. However, I did get a real response this morning refering me to $3 internet trades with a $50 annual membership. Sounds pretty good. Does anyone know about this or use it?
Dear Valued Izone Client,
You might want to check out this site to see if this commission
schedule is agreeable:
http://www.izone.com/stlouis/index.cgi
Let us know if you want to switch.
Sincerely,
Client Services
Ameritrade Izone
Division of Ameritrade, Inc.
Lentinman and anyone else who uses Ameritrade Izone (Freetrade)-
I had the nerve to request $2 internet trades on my Ameritrade Izone (Freetrade) account and they granted me my request...thought you might want to try as well. Still not free, but $2 is better than $5.