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nCoat CEO Provides Shareholder Update
Thursday January 15, 8:00 am ET
Revenue Increases 60 Percent for Nine-Month Period Ended September 30; Gross Profit Margins Show 58 Percent Improvement; Consolidation of Redundant Labor, Facilities and Contractual Expenses Contribute Significantly to Improved Gross Profit Margins and Reduced SG&A Expenses During 2008, While Increasing Capacity Utilization by 50 Percent
WHITSETT, NC--(MARKET WIRE)--Jan 15, 2009 -- nCoat, Inc. (Other OTC:NCOA.PK - News), a leading provider of nano-formulated and traditional advanced surface treatment materials (coatings) for use by the automotive, trucking, recreational vehicle, motorcycle, aerospace, and oil and gas industries, provides an update for its shareholders and the financial community.
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"2008 saw significant accomplishments in operations to stabilize and grow the fundamental financials of nCoat," stated nCoat CEO Paul Clayson. "The entire management team worked long and hard hours with great determination to improve the company, even with a difficult economic climate."
Revenue
During the nine-month period, ended September 30, 2008, revenue reported by the company increased 60 percent over the same period in 2007. The exceptional world-class quality of nCoat products, combined with the introduction of innovative, new nano-coatings, significant increases in production through-put, and clear focus by the sales and marketing team, continue to expand nCoat's market share, even in economically declining markets. nCoat has secured several new customers and increased revenue with existing customers by leveraging its expanded line of innovative coating products and services.
Management expects to complete the year with revenue of approximately $10 million, and believes it is possible to continue its significant year-over-year revenue growth in 2009.
Gross Profit
The gross profit margins on revenue increased dramatically from 24 percent in 2007 to an average of over 38 percent in the first nine months of 2008 -- a 59 percent improvement. This progress is due to the implementation of manufacturing efficiencies and a focus on lean manufacturing processes, which reduced labor costs and eliminated waste in the company's production facilities, while increasing production output.
Loss From Operations
For the nine-month period, ended September 30, 2008, loss from operations was approximately $1.8 million, or a loss per share of $0.02, compared to a loss of $5.9 million, or a loss per share of $0.07, in the comparable quarter in 2007. Operating burn was reduced 99 percent year-over-year.
Following the February 2007 acquisition of Metallic Ceramic Coatings, Inc. (MMCI), which does business as JET-HOT, nCoat acquired or opened 10 operating, mixing and blending, and administrative facilities nationwide. All equipment from closed facilities was consolidated into remaining nCoat plants and offices, and production continued with no delays or loss of customer accounts. During the twelve months from September 2007 through September 2008, nCoat closed production and mixing and blending facilities in Arizona, Utah, Mississippi, and Pennsylvania, and closed the JET-HOT administrative offices in Pennsylvania, resulting in a 60 percent reduction in total operating facilities and an increase in capacity utilization of remaining facilities. Reduction and consolidation activities resulted in reduced rent and insurance expenses, elimination of redundant management and administrative positions.
Consolidation of the company's Utah and Mississippi operations into the Arizona, Oklahoma and North Carolina facilities will be completed in the first quarter of 2009. Senior management will continue to consider additional cost reductions, operating efficiencies and automation to continue expanding margins and increasing profitability.
nCoat also was able to reduce R&D expenses and increase R&D output, by signing a research agreement with North Carolina A&T State University to use their facilities and expertise. The agreement assures that nCoat will remain a leader in the development of nano-materials, while reducing expenses.
EBITDA
EBITDA, earnings before interest, taxes, deprecation and amortization, is an excellent tool to measure the fundamentals of a fast growing company. During the year, nCoat dramatically improved its EBITDA by 76 percent. EBITDA for 2008 was ($1.4) million, compared to ($5.9) million for the comparable period in 2007. Operating EBITDA (EBITDA with financing activities removed) was positive for both the second and third quarters of 2008.
"Though nCoat is technically still a start-up, we have improved revenue from $3.2 million, reported in the first year of our acquisition, to over $10.5 million three years later. Since becoming public, we have focused on continued development of leading-edge technology and high volume customer relationships to enhance shareholder value. These activities will continue during 2009," said Clayson. "The acquisition of MCCI was completed in mid 2007, and the company is fully integrated into the nCoat family. The integration process allowed management to consolidate and reduce infrastructure and associated expenses, while restructuring the sales and marketing group to leverage all products throughout the customer base, as projected in the original business plan. We leveraged our new, larger corporate size to reduce contractual expenses, such as health insurance premiums and liability insurance, and to improve our purchasing power with vendors.
"We expect to continue to work our business plan in 2009. Strategically, management will execute a business plan focused on maintaining a positive operations EBITDA and continuing strong organic growth," continued Clayson. "This plan will include a new OEM production line and a new aftermarket production line. Depending on economic and capital market conditions, we will consider additional acquisitions to further expand our product line, market penetration and geographical reach outside the US.
"Senior management continues to work regularly with existing debenture holders on a plan to restructure existing debt and find solutions for the heavy accrual of financing penalties from delayed payment of interest. In addition, we are working to provide the necessary capital to finance expected growth. Our goals include significant improvement of our balance sheet and capitalization structure. Since our actual debt without penalties is $14.5 million, and all long-term debt is convertible into stock at a future date, we have the opportunity to fashion an agreement that improves company financials and secures greater shareholder value."
We invite you to participate in today's conference call at 11 a.m. Eastern (EST) for an in depth shareholder update, including the achievements outlined in today's news release. The toll-free dial-in number for U.S. callers is 1-800-762-8795 and the number for international callers is 1-480-248-5085. Please dial in to the conference five minutes before the call is scheduled to begin and ask the operator for the nCoat Inc. conference call. An audio replay of the conference call will be available from January 15, at 2:00 p.m. Eastern to January 29, at 11:59 p.m. Eastern, and can be accessed by dialing toll-free 1-800-406-7325 in the U.S., and 1-303-590-3030 from outside the U.S., and entering replay pin number 3930160.
nCoat CEO to Provide Shareholder Update During Upcoming Conference Call
Wednesday January 7, 9:45 am ET
WHITSETT, NC--(MARKET WIRE)--Jan 7, 2009 -- nCoat, Inc. (Other OTC:NCOA.PK - News), a leading provider of nano and multiple non-nano surface coatings for use by the automotive, trucking, recreational vehicle, motorcycle, aerospace, and oil and gas industries, announced today that it will hold a conference call to provide a shareholder update. The call, to be held Thursday, January 15, 2009, at 11:00 a.m. Eastern Standard Time, will be hosted by nCoat CEO Paul Clayson. A news release pertaining to the update will be disseminated at 7:00 a.m. Eastern Standard Time, on the day of the call.
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The toll-free conference call dial-in number for U.S. callers is 1-800-762-8795. The international dial-in number is 1-480-248-5085. The passcode for the call is 3960160. Please dial in to the conference five minutes before the call is scheduled to begin. An audio replay of the conference call will be available from January 15, at 2:00 p.m. Eastern Time, through January 29, at 11:59 p.m. Eastern Time, and can be accessed by dialing toll-free 1-800-406-7325 in the U.S., or 1-303-590-3030 outside the U.S., and entering pin number 3960160.
Management looks forward to speaking with nCoat shareholders and members of the financial community. In order to ensure that all participants have access to the call, please RSVP to Cindy Powell at 1-336-447-2001 by close of business day on January 14.
About nCoat, Inc. (Other OTC:NCOA.PK - News)
nCoat, Inc. is an emerging nanotechnology company with new nano-formulated and traditional coatings that make it an international leader in the development and marketing of coatings applied to metal, ceramics, fabric, and other materials. The company specializes in nanotechnology research, commercialization, licensing, and distribution and, through its subsidiary companies, develops and distributes commercially viable, proprietary, nanotechnology and traditional coatings products, applied by its subsidiary companies, HPC and JET-HOT. At nCoat, we invite the world to "Innovate with us..."
to me the CC sounded like the company was confident.
nothing seen thus far that wouldnt be "liked" by FDA
they see no reasons for site exclusions (which FDA doesnt like)
more news on false negatives in next two weeks
have 21 months of cash on hand if spending is continued as is
A simultaneous webcast and replay of the call will be accessible via this link: http://viavid.net/dce.aspx?sid=00005C74.
I had to download windows media player for mac...
listening now
LOL, I caught the end of the CC, sounded good. I am going to try to listen to the rest ASAP. Q is out on this one for awhile. LOL
yes, I caught a "two week" data update but not sure what they are suppose to release then.
its over now I am going to listen to the whole thing when i get a chance.
What I caught was that they were bringing in a few more data consultants. The data that they produce may different than the actual data that they provide to the FDA. the data that they provide to the FDA, will be what they need to submit for their intended purposes. So the results that everyone drastically overreacted to, may still be over par of what is required by the FDA. IMO
from what i am hearing yes...
thy are answering questions right now...
listenig now caught the end...
moving up nicely
the post from yahoo board sound like the CC was positive, Im going to try to listen to it as soon as I dont think the boss will care. LOL
yeah Im not going to have a chance to listen to it before market opens, are you listening to it?
yes I did also.
Update: AspenBio Pharma to Host Conference Call to Discuss Preliminary Results of the AppyScore FDA Clinical Study on Jan. 21 at 9:00 AM ET
* Tuesday January 20, 2009, 9:39 pm EST
* Yahoo! Buzz
* Print
CASTLE ROCK, CO--(MARKET WIRE)--Jan 20, 2009 -- AspenBio Pharma, Inc. (NasdaqCM:APPY - News), an emerging bio-pharmaceutical company dedicated to the development of novel drugs and diagnostics for humans and animals, has changed the time for the conference call previously scheduled for Thursday, January 22, 2009 to now be held earlier, on Wednesday, January 21 at 9:00 a.m. Eastern time.
The company management will discuss initial preliminary data from its Food and Drug Administration clinical trial of AppyScore(TM), the world's first blood-based test as an aid in the diagnosis of human appendicitis. They will also discuss status of the FDA approval, product development and commercialization of AppyScore.
AspenBio's Vice-Chairman Greg Pusey will host the call, with presentations by president and CEO, Richard G. Donnelly, the company's new executive chairman, Daryl J. Faulkner and Dr. John Bealer, the co-inventor of AppyScore. This will be followed by a question and answer period.
Please call the conference telephone number 5-10 minutes prior to the start time:
Date: Wednesday, January 21, 2009
Time: 9:00 a.m. Eastern time (6:00 a.m. Pacific time)
Dial in number, U.S./Canada Toll-free: 1-800-896-8445
International (Toll): 1-785-830-1916
Conference ID: 7ASPENBIO
you think its headed for a Q status? LOL
Conference call changed to tomorrow
Update: AspenBio Pharma to Host Conference Call to Discuss Preliminary Results of the AppyScore FDA Clinical Study on Jan. 21 at 9:00 AM ET
* Tuesday January 20, 2009, 9:39 pm EST
* Yahoo! Buzz
* Print
CASTLE ROCK, CO--(MARKET WIRE)--Jan 20, 2009 -- AspenBio Pharma, Inc. (NasdaqCM:APPY - News), an emerging bio-pharmaceutical company dedicated to the development of novel drugs and diagnostics for humans and animals, has changed the time for the conference call previously scheduled for Thursday, January 22, 2009 to now be held earlier, on Wednesday, January 21 at 9:00 a.m. Eastern time.
The company management will discuss initial preliminary data from its Food and Drug Administration clinical trial of AppyScore(TM), the world's first blood-based test as an aid in the diagnosis of human appendicitis. They will also discuss status of the FDA approval, product development and commercialization of AppyScore.
AspenBio's Vice-Chairman Greg Pusey will host the call, with presentations by president and CEO, Richard G. Donnelly, the company's new executive chairman, Daryl J. Faulkner and Dr. John Bealer, the co-inventor of AppyScore. This will be followed by a question and answer period.
Please call the conference telephone number 5-10 minutes prior to the start time:
Date: Wednesday, January 21, 2009
Time: 9:00 a.m. Eastern time (6:00 a.m. Pacific time)
Dial in number, U.S./Canada Toll-free: 1-800-896-8445
International (Toll): 1-785-830-1916
Conference ID: 7ASPENBIO
it looks like someone is trying to hold it back too, with the buys outnumbering the sells.
yesterday APPY had its 52 week high of $7.80
today 52 week low of $1.045
I dont know if you seen in my other post, but there is a conference call thursday.
it looks like a lot of buys are going through...
more buys than sells
really, has anyone been able to log-in?
Sean Lavin, Medical Technology
This morning, AspenBio Pharma published APPYscore data that were well below Street expectations. The stock is down more than 80% intraday.
· Negative predictive value of 83% well below expected 98%. At the previous cut-point level of 20, the company had scored a 96% negative predictive value (NPV) in the pilot study, while posting 83% in the pivotal trial. At a cut-point of 15, the negative predictive value was 89%, below the 98% posted during the pilot study.
· In conjunction with a white-blood cell test (WBC), NPV improved to 98% (at cut-point of 15). NPV at a cut-point of 20 was 93%. Both underperformed the 100% NPV posted during the pilot study. However, we believe this is the more relevant statistic for clinical adoption, as WBC tests are administered as standard protocol in the ER and would be used by clinicians to make diagnoses. At a 98% NPV in conjunction with WBC, we continue to expect broad clinical adoption following approval.
· We believe the test might be approved. Although the stand-alone data were not as good as hoped, we believe the test might be approved with a label that requires a conjunctive WBC. However, we are concerned that the protocol for FDA approval may not include this particular cut of data, which could delay approval or potentially require an additional trial. With the stock trading at around $1.30 per share, we suspect that the Street does not believe the test can be approved.
· New device may require a future trial. The company noted plans to develop an electronic reader instead of an ELISA test, which will likely require a new trial.
· Hiring of Daryl Faulkner provides some comfort. Mr. Faulkner, former CEO of Digene, was hired as executive chairman. We do not believe Mr. Faulkner would have accepted the post if the test weren’t approvable by the FDA. We believe he is in control now, and is assessing all strategies for the test. He also brings needed experience to the process for partnering or selling the company.
· We’d buy aggressively on today’s pullback. The Street has overreacted to this data, in our view, and we believe the test might be approved. While the risk of approvability has increased with the weaker-than-expected data, we believe the correction in the stock price more than accounts for the increased risk in the stock.
· Lowering price target due to risk. With the increased risk of approval, we are cutting the multiple on APPY, lowering our price target from $15 to $10.Our new $10 price target is based on 4x our 2011E sales of $122 million, discounted at 25%. Risks include FDA approval, a partner, and reimbursement.
Investor Relations:
Ron Both
Liolios Group, Inc.
Sentiment : Strong Buy
this is showing buys outnumbering the sells
yes, someone seemed to know they could manipulate the pps somehow.
with the shares that were shown as being short on shortsqeeze
900,000 shares short @ yesterdays close of $7.63 would be profit of around 5 Mil.
I seen that also...
one might want to check out APPY, to me it seems like there was a massive over reaction to what seemed to be not entirely negative news to me.
yeah I didnt see the news as being that negative
thanks,
exploring around
your welcome!
you guys might want to check out APPY, to me it seems like there was a massive over reaction to what seemed to be not entirely negative news to me.
you guys might want to check out APPY, to me it seems like there was a massive over reaction to what seemed to be not entirely negative news to me.
AspenBio Expands Leadership With Addition of Daryl J. Faulkner as Executive Chairman
Tuesday January 20, 9:17 am ET
CASTLE ROCK, CO--(MARKET WIRE)--Jan 20, 2009 -- AspenBio Pharma, Inc. (NasdaqCM:APPY - News), an emerging bio-pharmaceutical company dedicated to the development of novel drugs and diagnostics for humans and animals, announced Daryl J. Faulkner will become executive chairman of its board of directors effective January 26, 2009 and has executed an employment agreement for his services.
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This appointment, which represents a new position on the board, brings the total number of company directors to nine, with six serving independently. Current chairman Gregory Pusey is becoming the company's vice chairman, also a new position.
Faulkner brings to AspenBio more than 25 years experience in developing and commercializing medical devices, drug and drug delivery systems, life science research tools, and molecular diagnostics. He most recently served as president, CEO and member of the board of directors of Digene Corporation, a Nasdaq-traded company prior to its acquisition by Qiagen (traded on Nasdaq's Global Select market). He has continued to serve as a consultant to Qiagen supporting the integration of the two companies and serving as co-chair of the executive steering committee with the new CEO of Qiagen. Faulkner also currently serves as a member of the board of directors of Osmetech, an emerging molecular diagnostics company.
Prior to joining Digene, Faulkner spent eight years with Invitrogen (now merged as Life Technologies Corp., a Nasdaq-traded company) in a number of senior roles, including SVP Europe, SVP IVGN International Operations, and SVP of Strategic Business Units. Prior to Invitrogen, Faulkner's career included 15 years with the Fortune 100 company Abbott Laboratories, holding leadership positions in manufacturing operations and plant management.
"Given his breadth of knowledge, experience and significant accomplishments, we're fortunate Daryl will fill this new key leadership position at AspenBio," stated Gregory Pusey, chairman of AspenBio Pharma. "Daryl's long record as an industry leader in creating shareholder value through the development and commercialization of important medical products bodes well for AspenBio. We look forward to working closely with Daryl as AspenBio continues to advance its many opportunities."
Faulkner commented, "I was introduced to AspenBio by John Landon, a recently appointed company director. After becoming acquainted with AspenBio's impressive product development pipeline, I believe the foundation is in place to create appreciable value, especially with AppyScore(TM), which appears to be a medical breakthrough for the more accurate diagnosis of human appendicitis. The results of our recently completed study have validated the association of the AppyScore test and clinical appendicitis. We will soon begin new studies using both the ELISA assay and our planned commercial product utilizing the AppyScore electronic reader."
AspenBio Pharma Reports Preliminary Results of AppyScore(TM) Clinical Study
Tuesday January 20, 9:15 am ET
Company to Host Conference Call to Discuss Results on January 22 at 4:30 PM ET
CASTLE ROCK, CO--(MARKET WIRE)--Jan 20, 2009 -- AspenBio Pharma, Inc. (NasdaqCM:APPY - News), an emerging bio-pharmaceutical company dedicated to the development of novel drugs and diagnostics for humans and animals, reported initial preliminary data from its Food and Drug Administration ("FDA") clinical trial for AppyScore(TM), the world's first blood-based test as an aid in the diagnosis of human appendicitis and an update on planned steps for pursuing FDA market authorization in the U.S.
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Although data analysis is ongoing, the preliminary results demonstrate the relationship between AppyScore and the risk of pathologically proven appendicitis in patients with acute abdominal pain. The company's ongoing data analysis also aims to determine the optimal clinical use of the test in conjunction with other standard diagnostic tests. These preliminary results indicate that the negative predictive value using the previously suggested optimal threshold ("cut-point") of AppyScore at 20 is 83% as compared to 96% that was observed in the earlier pilot study. However, upon further analysis utilizing a lower cut-point a significantly higher negative predictive value is observed. In particular when used in combination with a normal white blood count a negative predictive value of 98% was achieved using an AppyScore cut-point of 15.
"We are encouraged the data from this study continues to support our longstanding belief that AppyScore, in conjunction with other standard diagnostic approaches, could provide a significant improvement in the evaluation of abdominal pain," said Richard Donnelly, president and CEO of AspenBio Pharma. "Along with our FDA consultants we are evaluating our next steps regarding an FDA premarket notification '510(k)' submission to secure clearance as a diagnostic tool as an aid in the diagnosis of acute appendicitis. However, we do not know if the resulting data will be acceptable or sufficient for FDA clearance for our intended use until such determinations are made by the FDA. Furthermore we continue to evaluate the best course of action for the company given our current product plans and objectives. We believe we will be in a position to provide additional information on our FDA 510(k) submission plans and expected timing in the next several weeks."
After elimination of subjects who were determined to not conform to the study criteria, the study encompassed a total of 586 individuals. Of this total 168 (28.7%) had pathology confirmed acute appendicitis. In addition, there were a total of 168 appendectomies (appendix removal surgeries) of which 148 had pathology-confirmed appendicitis. This indicates there were 20 individuals or 12% who had a normal appendix removed and AppyScore correctly identified 10 (or 50%) of these unnecessary appendix surgeries as negative.
The results of the current Pivotal Clinical Study as compared to the results of the prior Pilot Trial are summarized below:
Value, (95% CI) Pivotal Clinical Study Pilot Clinical Study
----------------------------------------------------------------
Statistics Cutoff = 15 Cutoff = 20 Cutoff = 15 Cutoff = 20
------------ ------------ ------------ ------------ ------------
AppyScore:
Negative
Predictive
Value 89% (83-93) 83% (79-87) 98% (89-100) 96% (89-99)
Sensitivity 89% (83-93) 73% (66-79) 98% (86-100) 93% (81-98)
Specificity 38% (33-43) 52% (48-57) 39% (31-48) 54% (46-62)
AppyScore +
WBC(1):
Negative
Predictive
Value 98% (94-99) 93% (89-96) 100% (90-100) 100% (91-100)
Sensitivity 97% (92-99) 85% (77-91) 100% (83-100) 100% (86-100)
Specificity 60% (53-66) 70% (64-75) 54% (43-65) 67% (57-76)
(1) - Limited to the subsets in which the assay determinations
agree (++:--).
The company continues to develop AppyScore and the next generations of the appendicitis test. Based upon preliminary market data reports from two widely recognized market research firms, the market for the emergency room, urgent care and physicians' office may be substantially larger than previously estimated. Additionally, a preliminary pricing and reimbursement study data based upon the features and benefits of a compact electronic reader with 15 minute cassette (which is three times faster than our ELISA test format) suggests that an electronic reader and cassette configuration will result in broader market appeal of the product and likely a significantly higher price. Other indicated benefits over our ELISA include ease of use, better reliability and time to result (15 vs. 45 minutes), reduced sample handling and test preparation steps plus the potential to perform the test in the emergency room and other point of care locations. Significant progress is being made on development of the compact reader and cassette, which includes plans for yes/no, low cost version. Based upon this current assessment, it is unlikely the company will bring an ELISA test format to market.
Conference Call
The company will hold a conference call on Thursday, January 22, 2009 at 4:30 PM Eastern Time to discuss these preliminary results and related FDA plans. AspenBio management will host the presentation, followed by a question and answer period. Please call the conference telephone number 5-10 minutes prior to the start time:
U.S./Canada: (888) 576-4390
International: (719) 457-2621
An operator will register your name and organization and ask you to wait until the call begins. If you have any difficulty connecting with the conference call, please contact the Liolios Group at 949-574-3860.
An audio replay of the call will be available through January 29, 2009:
U.S./Canada: (888) 203-1112
International: (719) 457-0820
Conference ID #: 5906458.
It has a low float and is %64 owned by insiders and institutions.
I think there was a big overreaction to the news and will come back.
I did in this morning...
good to see some familiars here....
(There has to be one on every board)
Just pointing out some findings...
No sales are anticipated during the next twelve months as the company will remain in the research and development stage.
Revenue for the quarter ended September 30, 2008 was $0. This compares to $0 in revenue for the preceding quarter ended September 30, 2007
In the event we are not successful in obtaining financing, we may not be able to proceed with our business plan for the research and development of our products. We anticipate that we will incur operating losses in the foreseeable future. Therefore, our auditors have raised substantial doubt about our ability to continue as a going concern.
http://www.pinksheets.com/edgar/GetFilingHtml?FilingID=6252309
Circuit City Stores Inc. says it has reached an agreement with liquidators to sell the merchandise in its 567 U.S. stores after failing to find a buyer or a refinancing deal.
The second-biggest electronics retailer in the nation says in court papers it has appointed Great American Group LLC, Hudson Capital Partners LLC, SB Capital Group LLC and Tiger Capital Group LLC as liquidators.
http://biz.yahoo.com/ap/090116/circuit_city_bankruptcy.html?.v=1
one of them is probably short and needs shares....