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NENG 2.07 Network Engines Announces Financial Results for the Third Quarter of Fiscal 2007 Business Wire "US Press Releases "
CANTON, Mass .--(BUSINESS WIRE)--
Network Engines, Inc. (NASDAQ: NENG), a leading provider of storage and security server appliance products and services, today reported financial results for its fiscal third quarter ended June 30, 2007 .
Third Quarter Financial Performance
-- Net revenues of $28.0 million in line with guidance of $27
million to $30 million , compared to $32.0 million in the
fiscal third quarter of 2006.
-- Gross profit of 19.0 percent of net revenues in line with
guidance of 18 to 19 percent compared to 16.8 percent in the
fiscal third quarter of 2006.
-- Operating expenses of $5.4 million , including $560,000 of
stock-based compensation expense, below guidance of $6.1 to
$6.4 million . Operating expenses compared to $6.9 million ,
which included $716,000 of stock-based compensation in fiscal
third quarter of 2006.
-- Net income on a GAAP basis was $416,000 , or $0.01 per share,
which included $604,000 of stock-based compensation charges,
better than the guided range of net loss of $(300,000) to net
income of $100,000 . The net income on a GAAP basis compared to
a net loss of $(1.1) million, or $(0.03) per share, in the
third fiscal quarter of 2006.
-- Non-GAAP net income, which excludes the stock-based
compensation expenses, was $1.0 million , or $0.02 per share,
exceeding guidance of between $350,000 and $750,000 . The
non-GAAP net income compared to a non-GAAP net loss of
$(334,000), or $(0.01) per share, in the fiscal third quarter
of 2006.
-- Cash, cash equivalents and short-term investments totaled
$40.1 million at the close of the quarter, compared to $38.7
million at the end of March 2007 and exceeded the guidance of
$36 million to $38 million .
EMC comprised 81% of total revenues during the fiscal third quarter, unchanged compared to the year-ago quarter, with revenues from other customers representing $5.3 million in the 2007 quarter compared to $6.2 million in the year-ago quarter. Revenues from Network Intelligence are now being included under EMC revenues since its acquisition by EMC in September 2006 . Excluding Network Intelligence revenues from the year-ago quarter, revenues from other customers grew 10% during the fiscal third quarter of 2007. This growth was driven by an increase of revenue from new customer design wins secured in the first half of fiscal 2007, which includes ongoing service of Microsoft Whale customers.
"I am pleased that Network Engines reported a profitable third quarter as the Company continued to make progress in the core elements of our long-term strategy," commented Greg Shortell, President and Chief Executive Officer of Network Engines. "While we are not satisfied that overall revenues were lower compared with the prior year, our efforts to diversify our customer base increased revenues from non-EMC customers by 10% when excluding Network Intelligence revenues from the year-ago quarter. Our progress this quarter in this respect was due primarily to the integration of new design wins that we secured earlier in the year. As importantly, we closely managed expenses while making the necessary investments in our business, which led to our second consecutive quarter of GAAP profitably and the generation of $1.4 million in cash."
Operational Highlights
Recent accomplishments include:
-- Introduced enhancements to our Network Engines Web-based
Services - NEWS - appliance management framework with the
release of NEWS 2.1 that improved the functionality,
manageability and deployment of Network Engines appliances
-- Announced the ACE Linux program, which allows Linux appliance
customers to deliver more secure appliances with lower
development costs and a faster time to market
-- Announced that NEWS is now available for ACE Linux customers
-- Initiated shipment of EMC's recently announced Generation 4 LP
Centera product
-- Launched two new products, the NS-IAG 1000 and NS-IAG 5000, to
support Microsoft Intelligent Application Gateway (IAG)
customers across a wider range of markets
"During the quarter, we continued to execute our growth strategy of diversifying our customer base through new account acquisition, integrating new technologies into our appliances, and making the necessary investments in our business," continued Shortell. "In line with our strategy, we are integrating new customer design wins secured earlier in the year, which began to contribute to revenues, and are on track with our customer acquisition objectives for the second half of the year. We also launched new technologies for our appliances including Linux and the latest versions of NEWS to provide value-add to existing clients while attracting a wider potential universe of customers. Most recently, we launched two new IAG platforms to support Microsoft IAG customers across a broader range of markets."
"Looking forward, we are confident that we have the right strategy in place, which will enable us to achieve long term growth, sustained profitability and ultimately increased shareholder value," concluded Shortell.
Business Outlook
Network Engines currently anticipates the following results for its fiscal 2007 fourth quarter ending September 30, 2007 , based on current forecasts from certain partners and historical and seasonal trends.
-- Net revenues in the range of $28 million to $31 million
-- Gross profit in the range of 18 percent to 19 percent of net
revenues
-- Operating expenses between $5.6 million and $5.9 million ,
including an estimated $560,000 of stock-based compensation
expense
-- Net income on a GAAP basis between $200,000 and $600,000
including an estimated $600,000 stock-based compensation
expense
-- Net income on a non-GAAP basis, which excludes the estimated
stock-based compensation, between $800,000 and $1.2 million
-- Cash, cash equivalents and short-term investments of between
$38 million and $40 million
"Our guidance for the September quarter reflects current forecasts from our OEM partners and the time required for new design wins to gain traction," stated Doug Bryant, Chief Financial Officer. "We will continue to manage our operating expenses while making the appropriate strategic investments in our business to support and grow future profitability."
Important Information About Non-GAAP References
References by Network Engines, Inc. (the "Company") to non-GAAP net income or loss and non-GAAP per share information refer to net income or loss or per share information excluding stock-based compensation expense and restructuring charges. GAAP requires that these expenses and charges be included in determining net income or loss and per share information. The Company's management uses non-GAAP operating expenses, and associated non-GAAP net income or loss (which is the basis for non-GAAP per share information) to make operational and investment decisions, and the Company believes that they are among several useful measures for an enhanced understanding of our operating results for a number of reasons.
First, although the Company undertakes analyses to ensure that its stock-based compensation grants are in line with peer companies and do not unduly dilute shareholders, the Company allocates grants and measures them at the corporate level. Second, management excludes their financial statement effect when planning or measuring the periodic financial performance of the Company's functional organizations since they are episodic in nature and unrelated to our core operating metrics. In addition, the Company's management excludes the financial statement effect of these items in evaluating and compensating employees due to the fact that it is difficult to forecast these expenses. Lastly, we believe that providing non-GAAP per share information affords investors a view of results that may be more easily compared to peer companies and enables investors to consider the Company's results on both a GAAP and non-GAAP basis in periods when the Company is undertaking non-recurring activities.
The Company believes these non-GAAP measures will aid investors' overall understanding of the Company's results by providing a higher degree of transparency for certain expenses, and providing a level of disclosure that will help investors understand how the Company plans and measures its own business. However, non-GAAP net income or loss should be construed neither as an alternative to GAAP net loss or net loss per share as an indicator of our operating performance nor as a substitute for cash flow from operations as a measure of liquidity because the items excluded from the non-GAAP measures often have a material impact on the Company's results of operations. Therefore, management uses, and investors should use, non-GAAP measures only in conjunction with our reported GAAP results.
Conference Call Details
In conjunction with this announcement, Network Engines management will conduct a conference call at 10:00 a.m. (ET) today to discuss the Company's operating performance and financial outlook. The conference call will be available live via the Internet by accessing Network Engines' web site at www.networkengines.com. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.
To listen to the conference call via phone, please dial (347) 284-6930 and reference "Network Engines." For those who cannot access the live broadcast, a replay will be available by dialing (719) 457-0820 or (888) 203-1112 and entering "3724984" from two hours after the end of the call until 11:59 p.m. (ET) on August 9, 2007 . The replay will also be available at the Network Engines web site.
About Network Engines
Network Engines appliances ease deployment and enhance the manageability and security of mission-critical software applications. Our heritage of providing product and service technologies tailored to support the entire lifecycle of our customers' appliances has made us the appliance partner of choice for software market leaders.
Founded in 1997, Network Engines is headquartered in Canton, Massachusetts , and trades on the NASDAQ exchange under the symbol NENG. For more information about the company's products and services, visit www.networkengines.com.
Safe Harbor for Forward-Looking Statements
Statements in this press release regarding the Company's future financial performance, including statements regarding future net revenues, gross profits, operating expenses including stock-based compensation expenses, net income (loss), non-GAAP net income (loss), and cash, cash equivalents and short-term investments position and any other statements about Network Engines' management's future expectations, beliefs, goals, plans or prospects, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including those factors contained in the Company's most recent Annual Report on Form 10-K for the year ended September 30, 2006 and the most recent Form 10-Q for the quarter ended March 31, 2007 under the section "Risk Factors" as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission . Forward-looking statements include statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. The Company assumes no obligations to update the information included in this press release.
Network Engines and the Network Engines logo are trademarks of Network Engines, Inc. All other trademarks are the property of their respective holders.
Network Engines, Inc
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
June 30, June 30, June 30, June 30,
2007 2006 2007 2006
--------- -------- -------- --------
Net revenues $ 27,998 $32,048 $84,541 $87,353
Cost of revenues 22,683 26,664 67,902 72,977
--------- -------- -------- --------
Gross profit 5,315 5,384 16,639 14,376
--------- -------- -------- --------
Operating expenses:
Research and development 2,226 1,986 6,629 6,188
Selling and marketing 1,323 2,949 4,863 8,539
General and administrative 1,858 1,979 5,873 5,973
--------- -------- -------- --------
Total operating expenses 5,407 6,914 17,365 20,700
--------- -------- -------- --------
Income (loss) from operations (92) (1,530) (726) (6,324)
Interest and other income, net 524 425 1,433 1,135
--------- -------- -------- --------
Net income (loss) before income
taxes $ 432 $(1,105) $ 707 $(5,189)
Provision for income taxes 16 - 39 -
--------- -------- -------- --------
Net income (loss) $ 416 $(1,105) $ 668 $(5,189)
========= ======== ======== ========
Net income (loss) per share -
basic and diluted $ 0.01 $ (0.03) $ 0.02 $ (0.14)
========= ======== ======== ========
Shares used in computing basic
net income (loss) per share 40,871 38,218 40,517 38,023
Shares used in computing diluted
net income (loss) per share 41,270 38,218 41,208 38,023
The amounts in the table above include employee stock-based
compensation as follows (in thousands):
Three Months Ended Nine Months Ended
------------------ -----------------
June 30, June 30, June 30, June 30,
2007 2006 2007 2006
--------- -------- -------- --------
Cost of revenues $ 44 $ 55 $ 124 $ 141
Research and development 297 297 877 835
Selling and marketing 76 205 243 614
General and administrative 187 214 620 553
--------- -------- -------- --------
$ 604 $ 771 $ 1,864 $ 2,143
========= ======== ======== ========
Network Engines, Inc.
Non-GAAP Financial Measures and Reconciliations
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
June 30, June 30, June 30, June 30,
2007 2006 2007 2006
--------- -------- -------- --------
GAAP net income (loss) $ 416 $(1,105) $ 668 $(5,189)
Stock-based compensation 604 771 1,864 2,143
--------- -------- -------- --------
Non-GAAP net income (loss) $ 1,020 $ (334) $ 2,532 $(3,046)
========= ======== ======== ========
GAAP basic and diluted net income
(loss) per share $ 0.01 $ (0.03) $ 0.02 $ (0.14)
Stock-based compensation 0.01 0.02 0.04 0.06
--------- -------- -------- --------
Non-GAAP basic and diluted net
income (loss) per share $ 0.02 $ (0.01) $ 0.06 $ (0.08)
========= ======== ======== ========
Shares used in computing GAAP and
non-GAAP basic net income (loss)
per share 40,871 38,218 40,517 38,023
Shares used in computing GAAP and
non-GAAP diluted net income
(loss) per share 41,270 38,218 41,208 38,023
Network Engines, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, September 30,
2007 2006
------------ -------------
ASSETS
Current assets:
Cash and cash equivalents $ 14,696 $ 8,014
Short-term investments 25,402 24,804
Restricted cash 247 47
Accounts receivable, net 16,393 17,178
Inventories 12,160 8,445
Prepaid expenses and other current assets 986 1,460
------------ -------------
Total current assets 69,884 59,948
Property and equipment, net 1,129 1,093
Other assets 102 20
------------ -------------
Total assets $ 71,115 $ 61,061
============ =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 8,782 $ 7,047
Accrued liabilities 4,895 3,942
Capital lease payable 20 19
Deferred revenue 3,204 1,049
------------ -------------
Total current liabilities 16,901 12,057
Capital lease payable 45 60
Deferred revenue 1,255 541
------------ -------------
Total liabilities 18,201 12,658
------------ -------------
Stockholders' equity:
Common stock 435 418
Treasury stock (2,838) (2,838)
Additional paid-in capital 186,246 182,420
Accumulated deficit (130,929) (131,597)
------------ -------------
Total stockholders' equity 52,914 48,403
------------ -------------
Total liabilities and stockholders'
equity $ 71,115 $ 61,061
============ =============
Source: Network Engines, Inc.
GTCB 1.01 GTC Biotherapeutics and LFB Biotechnologies Developing CD20 Antibody Business Wire "US Press Releases "
FRAMINGHAM, Mass. & PARIS --(BUSINESS WIRE)--
GTC Biotherapeutics, Inc. ("GTC", Nasdaq: GTCB) and LFB Biotechnologies, a wholly owned subsidiary of LFB S.A. (Laboratoire francais du Fractionnement et des Biotechnologies S.A. ), announced today that they have initiated development of a transgenically produced CD20 monoclonal antibody under the existing agreement between GTC and LFB Biotechnologies. The resulting product is expected to have target specificity similar to Rituximab (Rituxan(R), Mabthera(R)) and to have relatively higher antibody dependent cell-mediated cytotoxicity, or ADCC. The existing relevant CD20 antibody patents will expire by 2014. The transgenically produced CD20 antibody is anticipated to be commercially developed for oncology and auto-immune indications. Rituximab is used in the treatment of B-cell non-Hodgkin's lymphoma, B-cell leukemia and rheumatoid arthritis. It is also under investigation for a range of auto-immune conditions such as systemic lupus erythematosus, immune thrombocytopenic purpura (ITP), and type-1 diabetes. Rituximab had worldwide sales of nearly $4 billion in 2006 and is projected to have a $5 billion market by 2010.
"Rituximab, an antibody targeting CD20, has proven its therapeutic value in Non Hodgkin's Lymphoma and rheumatoid arthritis," stated Yann Echelard, Ph.D., Vice President of Research and Development for GTC. "We believe our transgenic production technology enables us to develop an anti-CD20 monoclonal antibody which may have clinical benefits due to enhanced ADCC and provide an attractive price to the market to encourage broader use."
"Transgenic production has the capability to drive economically beneficial large-scale production of the CD20 antibody," stated Sami Chtourou, Ph.D., Director Biopharmaceutical Development and Transgenesis Program for LFB. "The enhanced ADCC characteristics have the potential to establish a product that may offer efficacy benefits or reduced dosing requirements for patients."
This CD20 antibody may be considered for clinical development as a follow-on biologic in the US and a biosimilar in the EU as the appropriate legislation is enacted and regulatory guidance is established.
The transgenically produced CD20 antibody is being developed under the agreement between GTC and LFB established in October 2006 . Costs and profits from the program are anticipated to be shared 50/50. GTC will have exclusive marketing rights in the US and Canada . LFB will have exclusive marketing rights in the EU. GTC and LFB have co-exclusive marketing rights to the rest of the world. LFB has initially demonstrated production of this CD20 antibody with enhanced ADCC in cell culture.
Production in the milk of transgenic goats is anticipated to be established in 2008 with an investigational new drug application to the US Food and Drug Administration planned for 2010.
Non-Hodgkin Lymphoma, or NHL, is a group of cancers originating in the lymphatic system that is characterized by the malignant transformation of lymphocytes. NHL has an incidence rate of about 20 cases per 100,000 population in the United States , and a worldwide incidence of 5 -15 per 100,000. It is more prevalent in males and occurs at an average age of 50. The incidence of NHL in the US rose 84% from 1975 to 2004, an average yearly increase of 2.8%. NHL is the fifth most common cancer in the United States , where an estimated 63,000 new cases of NHL will be diagnosed in 2007, and where the National Cancer Institute estimates that 18,660 deaths due to NHL will occur (approximately 5% of all US cancer deaths).
CD20 is an antigen located on the surface of mature B-lymphocytes and B-cell derived tumor cells. The CD20 monoclonal antibody recruits the body's natural defenses to target marked B-cells. Stem cells (B-cell progenitors) in bone marrow lack the CD20 antigen, allowing healthy B-cells to regenerate after treatment.
About LFB Group
With sales of 268 million euros , LFB is the fourth largest pharmaceutical company supplying drugs to hospitals in France and a major European producer of plasma-derived medicinal products. LFB provides to healthcare professionals a wide range of 19 plasma-derived medicinal products in three therapeutic fields: Hemostasis, Anesthesia-intensive Care and Immunology. LFB's medicinal products are prescribed to address emergencies but also to manage chronic diseases that require lifelong treatment. With 1300 employees, among which 200 are in R&D, LFB is recognized as one of the major European players in the field of therapeutic proteins with expertise in protein downstream processing, characterization as well as biological safety and viral clearance. LFB focuses its discovery and development activities on monoclonal antibodies and therapeutic proteins for rare and severe diseases. Ideally placed to become a driving force in new technological and therapeutic fields, LFB can use its technology platform to develop highly cytotoxic antibodies while its R&D portfolio contains high-potential projects calling on innovative technology.
About GTC Biotherapeutics
GTC Biotherapeutics develops, produces, and commercializes therapeutic proteins through transgenic animal technology. GTC obtained the first approval anywhere in the world for a transgenically produced protein when ATryn(R), a recombinant form of human antithrombin, was approved by the European Commission for use in patients with hereditary antithrombin deficiency undergoing surgical procedures. GTC's intellectual property includes a patent in the United States through 2021 for the production of any therapeutic protein in the milk of any transgenic mammal as well as a patent application for enhanced ADCC. GTC's transgenic production platform is particularly well suited to enabling cost effective development of proteins that are difficult to express in traditional recombinant production systems as well as those that are required in large volumes. Additional information is available on the GTC web site, http://www.gtc-bio.com.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding prospects for development of a transgenically produced CD20 antibody, the estimated timetable for clinical studies of the compound, and the overall market size for its lead indications. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such statements. Factors that may cause such differences include, but are not limited to, the risks and uncertainties discussed in GTC's most recent Annual Report on Form 10-K and its other periodic reports filed with the Securities and Exchange Commission , including the uncertainties associated with conducting clinical studies, and the risks and uncertainties associated with dependence upon the actions of collaboration partners and regulatory agencies. GTC cautions investors not to place undue reliance on the forward-looking statements contained in this release. These statements speak only as of the date of this document, and GTC undertakes no obligation to update or revise the statements, except as may be required by law. GTC specifically disclaims responsibility for information describing LFB and its business other than the joint programs governed by the agreement with GTC.
Source: GTC Biotherapeutics, Inc. & LFB Biotechnologies
ADSX 1.18 Applied Digital's Government Telecommunications, Inc. Subsidiary Awarded Defense Security Service Task Order Under GSA Connections Contract Business Wire "US Press Releases "
DELRAY BEACH, Fla.--(BUSINESS WIRE)--
Applied Digital (NASDAQ:ADSX), a leading provider of identification and security technology, announced today that its wholly-owned subsidiary Government Telecommunications, Inc. (GTI) was awarded a Defense Security Service (DSS) task order under the U.S. General Services Administration (GSA) Connections Contract. The DSS order requires a replacement Automatic Call Distribution (ACD) system and installation support services for the DSS integrated call center that will serve two locations. The Task Order awarded to GTI is valued at $547,000 .
GTI will provide the equipment and software for a functional ACD system that meets the requirements of the government. The DSS call center organization routinely receives high volumes and varieties of inquiries from industrial contractors, military units, other government agencies and individuals. The DSS call center staff assists customers by resolving problems, answering questions, or identifying the specific issue and forwarding to the appropriate subject matter expert for resolution. Products supported by the call center are applications, systems, and clearance/investigative information and assistance. In addition, the call center staff provides technical assistance to customers, their employees, or DSS employees with the installation, operation and maintenance of software applications used in support of the DSS missions.
Stephen Wood, President of GTI, commented, "We are pleased that GSA has selected GTI once again to fulfill an important task order, emphasizing GTI's position as a provider of choice for government telecommunications needs."
About Applied Digital - "The Power of Identification Technology"
Applied Digital develops innovative identification and security products for consumer, commercial, and government sectors worldwide. The Company's unique and often proprietary products provide identification and security systems for people, animals, the food supply, government/military arena, and commercial assets. Included in this diversified product line are RFID applications, end-to-end food safety systems, GPS/Satellite communications, and telecomm and security infrastructure, positioning Applied Digital as the leader in identification technology. Applied Digital is the owner of majority positions in Digital Angel Corporation (AMEX:DOC) and VeriChip Corporation (NASDAQ:CHIP).
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and the Company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.
Source: Applied Digital
TBUS 2.80 DRI Corporation Announces Plans to Incorporate Digital Recorders Division Business Wire "US Press Releases "
DALLAS --(BUSINESS WIRE)--
DRI Corporation (DRI) (NASDAQ: TBUS), a digital communications technology leader in the domestic and international surface transportation and transit security markets, announced today that it is in the process of incorporating its Digital Recorders (DR) business unit in Durham , N.C., to become a wholly owned subsidiary of DRI.
The DR business unit, established in 1983, will be officially known as Digital Recorders, Inc. Managed by Vice President and General Manager Tanya L. Johnson, a transit industry veteran with more than 15 years' experience, the DR business unit develops and manufactures intelligent transportation products for the transit industry. Its products include: computer-aided dispatch/automatic vehicle location systems; automatic vehicle monitoring systems; Talking Bus(R) automatic voice announcement systems; VacTell(TM) video actionable intelligence systems; and more.
"We determined - and our shareholders recently agreed - that our previous parent Company name of Digital Recorders, Inc. had technology-specific implications that no longer reflected the full breadth of our overall business. As the parent Company grows into other technology areas, its simplified identification as the technology-neutral 'DRI' will be more appropriate. With the official incorporation of the DR business unit, wherein technology-specific implications are prevalent, the ability to use the valuable brand name of Digital Recorders, Inc. , will be beneficial," David L. Turney, the Company's Chairman, President, and Chief Executive Officer, said.
According to Mr. Turney, the DR business unit's engineered systems are a key area of focus for future growth opportunities for the Company. "This is especially true, in our opinion, in context of security-related products and technology. With recent actions in Congress to authorize federal funding at record-high levels to improve U.S. surface mass transit security, that area may represent a growth opportunity of even greater dimensions. Bearing that in mind, it is especially prudent for us to better organize our business by incorporating the related business unit."
For more information about the DR business unit, go to www.digitalrecorders.com.
CORPORATE STRUCTURE
DRI's U.S. operations include TwinVision na, Inc. and the DR business unit, both located in Durham , N.C. The Company's international operations include: Mobitec AB in Herrljunga, Sweden ; Mobitec GmbH in Ettlingen, Germany ; Mobitec Australia Pty Ltd in Peakhurst NSW, Australia ; Mobitec Brazil Ltda, a 50-percent owned joint venture in Caxias do Sul, Brazil ; and Cast Master Mobitec India Private Limited , a 51-percent owned joint venture in New Delhi, India .
On April 30, 2007 , the Company announced that it had sold its Digital Audio Corporation subsidiary to Dolphin Direct Equity Partners, L.P. , a private investment firm and an affiliate of Dolphin Offshore Partners, L.P.
CORPORATE OFFICERS
The Company's corporate officers are:
-- David L. Turney, Chairman, President and Chief Executive
Officer;
-- Stephen P. Slay, Vice President, Chief Financial Officer,
Corporate Secretary and Treasurer;
-- Lawrence A. Hagemann, Vice President, Chief Technology
Officer, and Assistant Corporate Secretary;
-- Rob R. Taylor, Vice President, Chief Operating Officer, North
Carolina Operations;
-- William F. Fay Jr., Vice President and General Manager,
TwinVision na, Inc.;
-- Tanya L. Johnson, Vice President and General Manager, DR
business unit; and
-- Veronica B. Marks, Manager, Corporate Communications and
Assistant Corporate Secretary.
Visit the Company's Web site, www.digrec.com, for complete officer biographies.
ABOUT THE COMPANY
DRI is a digital communications technology leader in the domestic and international public transportation and transit security markets. Our products include: TwinVision(R) and Mobitec(R) electronic destination sign systems, Talking Bus(R) voice announcement systems, Digital Recorders(R) Internet-based passenger information and automatic vehicle location/monitoring systems, and VacTell(TM) video actionable intelligence systems. Our products help increase the mobility, flow, safety, and security of people who rely upon transportation infrastructure around the globe. Using proprietary hardware and software applications, our products provide easy-to-understand, real-time information that assists users and operators of transit bus and rail vehicles in locating, identifying, boarding, tracking, scheduling, and managing those vehicles. Our products also aid transit vehicle operators in their quest to increase ridership and reduce fuel consumption, as well as to identify and mitigate security risks on transit vehicles. Positioned not only to serve and address mobility, energy conservation, and environmental concerns, our products also serve the growing U.S. Homeland Security market. For more information about the Company and its operations worldwide, go to www.digrec.com.
FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, any statement, express or implied, concerning future events or expectations, is a forward-looking statement, including, without limitation, comments pertaining to the potential marketing and branding benefits of the DRI Corporation and its DR business unit's pending legal name of Digital Recorders, Inc. , statements relating to the growth opportunities for the Company related to the DR business unit's engineered systems and the growth potential that may result from increased funding available for mass transit security related products and technologies, as well as statements which include words such as "expect," "fully expect," "expected," "appears," "believe," "plan," "anticipate," "would," "goal," "potential," "potentially," "range," "pursuit," "run rate," "stronger," "preliminarily," etc. These forward looking statements are subject to risks and uncertainties, including, the risk that we may not realize the anticipated marketing and branding benefits with our newly designated corporate names, that we may not achieve growth as a result of our engineered systems, risks that increased funding for public transit may not be allocated in significant amounts of transit security related products or if so that we may not benefit from such increased funding and/or spending, as well as those risks identified in our Annual Report on Form 10-K filed March 28, 2007 under the heading "Risk Factors Affecting Our Business," as supplemented and updated by our subsequent quarterly filings on Form 10-Q. There can be no assurance that any expectation, express or implied, in a forward-looking statement will prove correct or that the contemplated event or result will occur as anticipated.
Source: DRI Corporation
EGHT 1.50 8x8, Inc. Announces First Quarter Fiscal 2008 Results PR Newswire "US Press Releases "
SANTA CLARA, Calif., Aug. 2 /PRNewswire-FirstCall/ -- 8x8, Inc. (Nasdaq: EGHT), provider of Packet8 (http://www.packet8.net) residential, business and video Voice over Internet Protocol (VoIP) phone services, today announced financial results for the first quarter of fiscal 2008 ended June 30, 2007 .
For the first time since the Company launched its Packet8 VoIP service in November 2002 , 8x8 posted GAAP net income of $508,000 , or $0.01 per share, compared to a net loss of $2.9 million , or ( $0.05 ) per share for the previous quarter and $1.8 million , or ( $0.03 ) per share for the same period of fiscal 2007. In addition, the Company posted a $284,000 increase in cash and investments for the first fiscal quarter compared to a $492,000 reduction in cash and investments during the previous quarter and a $5.2 million reduction in cash and investments during the same period of fiscal 2007, improving its balance sheet to approximately $12.2 million in cash and investments with no debt.
Total revenues for the first quarter of fiscal 2008 increased to $14.7 million compared to $14.4 million for the previous quarter, and $12.3 million for the same period of fiscal 2007, an increase of 20%. Packet8 Virtual Office revenue grew sequentially by 23% over the previous quarter, while residential revenue declined 5%. Gross margins grew to 64%, up from 54% in the previous quarter, and Packet8 service margins grew to 70% from 62% in the previous quarter.
As of June 30, 2007 , over 8,000 U.S. based businesses subscribed to the Packet8 Virtual Office service. Packet8 Virtual Office revenues represented 44% of the Company's total revenues in the June quarter, up from 37% in the March quarter.
"We are very proud to announce these results and to become the first major pure play VoIP service provider to generate positive cash from operating activities," said 8x8 Chairman and CEO Bryan R. Martin.
About 8x8, Inc.
VoIP service provider 8x8, Inc. offers internet-based telephony solutions (http://www.packet8.net) for individual residential and business users as well as small to medium sized business organizations. In addition to regular Packet8 VoIP service plans priced as low as $24.99 per month for unlimited anytime calling to the U.S. and Canada , 8x8 offers the Packet8 Tango Video Terminal Adapter and DV 326 VideoPhone along with accompanying monthly service plans also priced at $24.99 per month. Packet8 Virtual Office, 8x8's VoIP phone system for small to medium sized businesses, is a hosted PBX solution comprised of powerful business class features. Companies subscribing to Virtual Office pay just $49.99 per month per extension for enterprise class PBX functionality along with unlimited local and long distance calling in the U.S. and Canada . The Packet8 Complete Contact Center(TM) is a multimedia call center distribution and management platform that works with any broadband Internet service and provides enterprise class contact center functionality combined with Virtual Office hosted iPBX calling features and business calling plans. Packet8 Softalk Office(TM), 8x8's PC-based soft phone client, offers high quality voice and video in-network calling as well as outbound calling to the PSTN. For additional company information, visit 8x8's web site at http://www.8x8.com.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. These statements include, without limitation, information about future events based on current expectations, potential product development efforts, near and long-term objectives, potential new business, strategies, organization changes, changing markets, future business performance and outlook. Such statements are predictions only, and actual events or results could differ materially from those made in any forward- looking statements due to a number of risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited to, customer acceptance and demand for our VoIP products and services, the reliability of our services, the prices for our services, customer renewal rates, customer acquisition costs, actions by our competitors, including price reductions for their telephone services, potential federal and state regulatory actions, compliance costs, potential warranty claims and product defects, our needs for and the availability of adequate working capital, our ability to innovate technologically, the timely supply of products by our contract manufacturers, potential future intellectual property infringement claims that could adversely affect our business and operating results, and our ability to retain our listing on the NASDAQ Capital Market. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's reports on Forms 10-K and 10-Q, as well as other reports that 8x8, Inc. files from time to time with the Securities and Exchange Commission . All forward-looking statements are qualified in their entirety by this cautionary statement, and 8x8, Inc. undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
NOTE: 8x8, the 8x8 logo, Packet8, the Packet8 logo, Packet8 Virtual Office, Packet8 Softalk, Packet8 Tango and Packet8 Complete Contact Center are trademarks of 8x8, Inc. All other trademarks are the property of their respective owners
8x8, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
Three Months Ended
June 30,
2007 2006
Service revenues $13,411 $9,877
Product revenues 1,331 2,394
Total revenues 14,742 12,271
Operating expenses:
Cost of service revenues 3,986 4,762
Cost of product revenues 1,383 2,928
Research and development 1,057 1,321
Selling, general and administrative 8,919 9,205
Total operating expenses 15,345 18,216
Loss from operations (603) (5,945)
Interest income, net 132 243
Income on change in fair value of warrant liability 979 3,898
Net income (loss) $508 $(1,804)
Net income (loss) per share:
Basic $0.01 $(0.03)
Diluted $0.01 $(0.03)
Weighted average number of shares:
Basic 61,772 61,138
Diluted 62,080 61,138
8x8, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
June 30, March 31,
2007 2007
ASSETS
Current assets
Cash and cash equivalents $5,518 $6,735
Short-term investments 5,919 5,197
Accounts receivable, net 804 736
Inventory 2,603 2,629
Other current assets 1,470 1,502
Total current assets 16,314 16,799
Long-term investments 779 --
Property and equipment, net 2,651 2,840
Other assets 161 319
Total assets $19,905 $19,958
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $5,208 $4,919
Accrued compensation 986 825
Accrued warranty 342 323
Deferred revenue 1,465 1,488
Other accrued liabilities 3,197 3,386
Total current liabilities 11,198 10,941
Other liabilities 205 253
Fair value of warrant liability 2,408 3,387
Total liabilities 13,811 14,581
Total stockholders' equity 6,094 5,377
Total liabilities and stockholders' equity $19,905 $19,958
SOURCE 8x8, Inc.
AGEN 3.20
Antigenics Provides Update on Filing for Approval of Oncophage(R) in Russia for the Treatment of Intermediate-Risk Kidney Cancer
Business Wire "US Press Releases "
NEW YORK--(BUSINESS WIRE)--
Antigenics Inc. (NASDAQ: AGEN) today announced that it has completed the submission of an application for marketing authorization with the Russian Ministry of Public Health for the use of Oncophage(R) (vitespen) in the treatment of kidney cancer patients at intermediate risk for disease recurrence.
"This submission represents a key milestone in the advancement of our global registrational strategy for Oncophage," said Garo H. Armen, PhD, chairman and CEO of Antigenics. "The final results that were submitted to the Russian Ministry of Public Health and that will be presented at a scientific conference later this year indicate substantial benefit in this clinically relevant subset of kidney cancer patients for whom no licensed treatment options exist globally.
"Based on the feedback we received from key experts and investigators, we have a responsibility to bring Oncophage to patients and we look forward to working closely with the Russian Ministry of Public Health in what could be the first available therapeutic cancer vaccine approved in the adjuvant setting anywhere in the world," continued Dr. Armen. "In addition, we will explore making Oncophage available to patients in geographical territories such as Europe and Canada, as well as remain committed to seeking guidance from the US FDA."
According to RMBC, a Russian data provider, the Russian oncology market in 2005 was valued at $387 million but is expanding at an unprecedented rate: by 2008, the Russian oncology market is estimated to be valued at approximately $940 million, an increase of 142 percent. One of the most important factors driving growth of the Russian drug market has been the introduction of the Beneficiary Drug Provision Program (DLO), a governmental reimbursement program introduced in January 2005. Under the program, more than 14 million Russians are provided with medicines subsidized by the federal budget. According to Group DSM, a Russian data provider, the Russian pharmaceutical market will grow to $15-17 billion by 2010, contingent upon the continuation of the DLO program.
Antigenics' filing with the Russian Ministry of Public Health contains final investigator-reported results from the largest, randomized, Phase 3 kidney cancer trial ever completed in the adjuvant treatment setting. In the study, 604 eligible patients who were without renal cell carcinoma disease at baseline were randomized at 118 centers worldwide, including 172 patients (28 percent) at eight sites in Russia. The primary efficacy data supporting this application were recently presented at the June 2007 annual meeting of the American Urological Association and are currently being prepared for publication. Results from investigator-reported data showed that patients receiving Oncophage in the intermediate-risk population (stages I/II high-grade, III T1/2/3a low-grade) who were without disease at baseline (n = 362) demonstrated a clinically significant improvement in recurrence-free survival of approximately 45 percent (P less than 0.01; hazard ratio = 0.55). Although the median has not yet been reached, results from the 25th percentile indicate that recurrence-free survival was extended by approximately 1.8 years. The most common adverse events reported during the trial were generally mild and expected. The more frequently reported adverse events were mainly constitutional in nature or related to the actual injection.
Final investigator-reported data will be presented at European and Russian scientific conferences.
About Oncophage
Derived from each individual's tumor, Oncophage contains the 'antigenic fingerprint' of the patient's particular cancer and is designed to reprogram the body's immune system to target only cancer cells bearing this fingerprint. Oncophage is intended to leave healthy tissue unaffected and limit the debilitating side effects typically associated with traditional cancer treatments such as chemotherapy and radiation therapy. Oncophage has been studied in Phase 3 clinical trials for the treatment of kidney cancer and metastatic melanoma and is currently being investigated in a Phase 1/2 trial in recurrent glioma. Oncophage has received fast track and orphan drug designations from the US Food and Drug Administration for both kidney cancer and metastatic melanoma. Oncophage has orphan drug status for kidney cancer from the European Medicines Agency.
About Renal Cell Carcinoma
Renal cell carcinoma is the most common type of kidney cancer. The most recent data published by the International Agency for Research on Cancer estimated that there were approximately 16,329 new cases of kidney cancer in Russia in 2004, and about 10,872 people died from the disease. Renal cell carcinoma accounts for about 90 percent of all kidney tumors. By the time renal cell carcinoma is diagnosed in these patients, about one third of them will have developed metastatic disease.
The current standard of care for patients with nonmetastatic renal cell carcinoma consists of a nephrectomy (surgical removal of the kidney) followed by observation. Globally, there is no treatment approved for nonmetastatic renal cell carcinoma at the present time.
About Antigenics
Antigenics (NASDAQ: AGEN) is a biotechnology company working to develop treatments for cancers and infectious diseases. The company's investigational product portfolio includes Oncophage(R) (vitespen), a patient-specific therapeutic cancer vaccine being evaluated in several indications; Aroplatin(TM) (L-NDDP), a liposomal, third-generation platinum chemotherapeutic; AG-707, a therapeutic vaccine for the treatment of genital herpes; and QS-21, an adjuvant used in numerous vaccines under development by Antigenics' collaborative partners. For more information, please visit antigenics.com.
This press release contains forward-looking statements, including statements regarding the potential approval of Oncophage in Russia and the potential impact this may have on the advancement of our registration efforts for Oncophage in other territories; the clinical benefit of Oncophage in kidney cancer based on a subgroup analysis; the potential growth and opportunities in the Russian oncology market and the potential impact of the Russian government reimbursement program; and the presentation of data on our Phase 3 kidney cancer trial. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among others, decisions by regulatory agencies; the uncertainty of the continuation of the DLO program or its application to Oncophage and the application of similar reimbursement programs in other territories; that efforts in Russia may not impact our efforts in other territories; the ability to raise capital and finance future activities for the development and registration of Oncophage; and the factors described under Factors That May Impact Future Results in the Management's Discussion and Analysis of Financial Condition and Results of Operations section of Antigenics' Form 10-Q as filed with the Securities and Exchange Commission on May 10, 2007. Antigenics cautions investors not to place considerable reliance on the forward-looking statements contained in this press release. These statements speak only as of the date of this document, and Antigenics undertakes no obligation to update or revise the statements. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Antigenics' business is subject to substantial risks and uncertainties, including those identified above. When evaluating Antigenics' business and securities, investors should give careful consideration to these risks and uncertainties.
Source: Antigenics Inc.
yep...that's the one!
hey ou....i will fix this board up as i have time....still summer for me.....gonna take a few days off...i'll be back tuesday :)
going to see "Body Worlds" wahoooo
http://www.discoveryplace.org/bodyworlds/home/body_worlds-gallery.php
yea, it only took 3 months..lol
PASL had .05 spread, now .03 spread...talk to them for me? LOL
LOL!! that even more confusing..lol
guess they read your post...LNGT .013/.014 1x1
hit that ask, fringe! lol
LNGT weeeeeeeee!! lol
LOL!!! hey ole friend :) yep, that was the screw..lol...and something about a breast....i think that's the one that held your attn..LOL
did crammit really give AHM a thumbs up yesterday?
good point!
very nice..may be a good couple of days for it....as opposed to 15 minutes..lol
it appears a good possibility! :) lol...GL
yep UMCC .04/.043 now
it's a vital step for ya :)
no doubt! congrats
NTII naz anyone in...coming off bottom 1.40
UMCC new symbol tomorrow..vol coming in .03
not in :(
lol :)
name change :) 8/2/2007 UMCC Ultra Motorcycle Company NDVR New Dover Capital Corporation **
1-1600 R/S ** LBTN 8/2/2007
8/2/2007 LBTN 1-1600 R/S ** Lifeline Biotechnologies, Inc. New Common Stock LLBT Lifeline Biotechnologies, Inc. New Common Stock
8/2/2007 BLNM 1-30 R/S **Bralorne Mining Company (The) Common Stock SMGH Smooth Global (China) Holdings Inc. Common Stock
it's about time! 10x avg vol and all buys..lol..ok, someone hit that .013!
KIRK 2.21 Hope Valley members pave the way in Carolinas Junior Boys' golf [The Herald-Sun, Durham, N.C.] Knight Ridder/Tribune "Business News "
Aug. 1 -- Recent Durham Academy graduate Rob Kirkland has traveled as far as Texas and Florida to compete in junior golf tournaments, but this week he's playing in his back yard.
"I'm really excited that it's here," said Kirkland, one of 10 Hope Valley Country Club members who teed off for the opening round of the Carolinas Junior Boys' Championship on Tuesday at Hope Valley. "I love it here. It's a nice golf course and a great place to grow up."
Kirkland's game has grown at Hope Valley right along with him -- from a 4-year-old swinging a cut-off wood outside the clubhouse to a high school graduate determined to walk on to the North Carolina golf team this fall.
Kirkland shot a 1-under 69 to trail leader Clint Tolleson of Spartanburg, S.C., by three strokes and to earn bragging rights for at least a day over two fellow Durham Academy golfers and Hope Valley members competing in the 16-18 age group -- the oldest and the biggest group in the tournament.
Gate Jones bounced back from bogeys on his first two holes to shoot 72, and Patrick Costello shot 77 a day after shooting 69 in his practice round Monday.
"I really wanted to play well, but I just didn't perform well today," said Costello, a rising junior at DA. "But I think it's great that the tournament is here. I'm really excited to play in it, even if I'm not playing too well."
Those associated with Hope Valley feel the same.
The 54-hole event, called "our flagship for junior golf" by Carolinas Golf Association director of junior golf Jason Cox, has brought 153 top junior golfers from North and South Carolina to Hope Valley.
The course, best known for Byron Nelson's 1945 victory in the Durham Open during his record 11 consecutive PGA Tour victories, hadn't hosted a Carolinas Golf Association event since the 1992 North Carolina Amateur.
"The members have been looking forward to this and talking about this for the last year," said Ashley Young, Hope Valley's director of golf the last 12 years who oversaw a major course renovation in 2003. "After Brian Silva renovated the course in 2003, he suggested that we contact CGA or the USGA and try to have a large event out here because the course was very worthy of it.
"This is a course to be honest with you that a lot of people don't know about in the Raleigh-Durham area, believe it or not, even though it's been here since 1926. But we've sort of stayed hidden and not hosted a lot of big events. But I think we felt that we were very worthy of it and wanted to show off the course. We thought this would be a great way to do it."
While this tournament obviously is a convenient one for the Hope Valley contingent competing, it qualifies as another road trip for the majority of the field.
Patrick Lundy, a rising junior at North Myrtle Beach High School -- which won state titles in 2005 and 2006 -- arrived in town Monday night and opened with a 70 on Tuesday.
"I just back from Missouri for the Junior U.S. Amateur, and I travel all around South and North Carolina to play in tournaments," Lundy said. "My family gets pretty annoyed having to travel so much, but I enjoy it."
While it costs money for juniors to travel the various circuits, they don't make money for their victories -- not directly at least. Lee Bedford of Cary, the top-ranked boys' amateur in the state who opened with a 67 on Tuesday, already has secured scholarship money from Wake Forest.
That's certainly part of what drives juniors to play in events such as this, which provide a better depth of competition than high school matches.
"These events are a big part of the process," said Jones, a rising junior at DA who doesn't have to leave home this week but has been traveling to junior events since he was 11 or 12. "Really if you have just one good finish, you've got coaches coming out to watch you."
While the Hope Valley members competing this week obviously know the course better than the rest of the field, Kirkland has offered some help for the outsiders. Saturday, the golf shop started selling yardage books that Kirkland and friend Fitz Barringer -- a UNC and Jordan High graduate -- recently put together.
"We just thought it would be a cool idea and a good way to give back to the club," Kirkland said. "It turned out awesome."
Of course, there's no substitute for firsthand knowledge.
"The local knowledge I have definitely pays off," Kirkland said. "This is my eighth Carolinas Junior, so it's just time to step up.
"It's on my home course, and I feel comfortable."
To see more of The Herald-Sun, or to subscribe to the newspaper, go to http://www.herald-sun.com.
Copyright (c) 2007, The Herald-Sun, Durham, N.C.
Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc. , 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
VRSO .76 lvarion and Verso Announce Partnership PrimeNewswire "PrimeNewswire "
ATLANTA , Aug. 1, 2007 (PRIME NEWSWIRE) -- Verso Technologies, Inc. (Nasdaq:VRSO), a leading provider of next generation network solutions, announced today that it has entered into a reseller agreement with Alvarion, the world's leading provider of broadband wireless solutions.
Under the agreement, Verso will provide Alvarion customers with the MetroNet VoIP Overlay Solution, a cost effective and certified solution for carrying voice and value-added services over WiMAX networks. Alvarion will act as a reseller for the MetroNet VoIP Overlay Solution, positioning it as a value-added solution with their existing BreezeMAX(tm) product line.
The joint solution will offer Alvarion's existing customer base a voice and services revenue generating platform which will target emerging Tier 2 - 4 markets in developing regions around the world. The offering provides everything a service provider will need to offer voice services over WiMAX. The solution includes Clarent(r) Class-4 and Class-5 features, media gateway, media server, IP Centrex, and back office reporting and provisioning.
The Verso MetroNet Overlay offers rapid deployment and allows the customer to generate revenue quickly. The solution can be rolled out quickly and is scalable, accommodating as few as 2,500 subscribers to more than one million subscribers.
"WiMAX is already one of the fastest growing sectors in the telecommunications market and there exists no comparable technology that even gets close to the economics that it delivers. As the WiMAX market expands, our ability to offer providers like Alvarion complete voice over WiMAX capabilities means we will be able to capture a significant piece of the WiMAX market," said Steve Odom, chief executive officer, Verso Technologies.
"Adding the Verso MetroNet VoIP Overlay to our existing voice products will benefit our customers greatly by adding revenue producing voice services applications to customers' networks," said Rudy Leser, Corporate VP Marketing and Strategy, Alvarion.
Mr. Kim Fraser, CEO of Startech Communications , a common customer of Verso and Alvarion, said: "The differentiating factor for the VoIP platform is the fact that this is an end-to-end solution that contains all technical aspects for installation, deployment and support. A complete offering allows us to streamline deployment and achieve significant cost savings, not to mention the advantages of a simple pricing and billing model that allows us to generate new revenues and to quickly grow subscriber base."
About Verso Technologies
Verso is a global provider of next generation network solutions offering a core-to-edge product portfolio primarily for telecommunications service providers. The company's products enable its customers to secure and optimize network bandwidth, generate additional revenue and reduce costs. Verso's applications and services are cost effective, deploy quickly and provide a superior return on investment. For more information, contact Verso at www.verso.com or call 678.589.3500.
About Alvarion
With more than 3 million units deployed in 150 countries, Alvarion (www.alvarion.com) is the world's leading provider of innovative wireless broadband network solutions enabling Personal Broadband to improve lifestyles and productivity with portable and mobile data, VoIP, video and other services.
CONTACT: Verso Technologies, Inc.
Media Contact:
Christine Puleo, Director of Corporate Communications
786.385.8762
Christine.Puleo@verso.com
Investor Relations Contact:
Scott Kimball, Vice President, Investor Relations
678.589.3579
scott.kimball@verso.com
XOMA 2.17 XOMA Announces August 8 Conference Call and Webcast Discussion of Second Quarter 2007 Financial Results PrimeNewswire "PrimeNewswire "
BERKELEY, Calif., Aug. 1, 2007 (PRIME NEWSWIRE) -- XOMA Ltd. (Nasdaq:XOMA) will issue a news release announcing its second quarter 2007 financial results on Wednesday, August 8, 2007 after the close of the financial markets. The news release will be followed by a conference call and live webcast on Wednesday, August 8, 2007 at 5:00 p.m. Eastern with XOMA management discussing second quarter financial results and providing a general business update. There will be a question and answer session at the end of the conference call.
The webcast can be accessed via XOMA's website at www.xoma.com and will be available for replay until close of business on November 8, 2007 . To obtain phone access to the live audiocast in the U.S. and Canada , dial 1-877-407-9205. International callers should dial 1-201-689-8054. No conference ID is necessary. A telephonic replay will be available beginning two hours after the conclusion of the call until close of business on August 22, 2007 . Access numbers for the replay are 1-877-660-6853 (U.S./ Canada ) or 1-201-612-7415 (International). Two access numbers are required for the replay: account number 286 and conference ID # 248324.
About XOMA
XOMA is a leader in the discovery, development and manufacture of therapeutic antibodies, with a therapeutic focus that includes cancer and immune diseases. XOMA has royalty interests in RAPTIVA(r) (efalizumab), a monoclonal antibody product marketed worldwide (by Genentech, Inc. and Merck Serono S.A. ) to treat moderate-to-severe plaque psoriasis, and LUCENTIS(r) (ranibizumab injection), a monoclonal antibody product marketed worldwide (by Genentech and Novartis AG ) to treat neovascular (wet) age-related macular degeneration.
The company has built a premier antibody discovery and development platform that includes access to seven of the leading commercially available antibody phage display libraries and XOMA's proprietary HE(tm) and BCE technologies. More than 45 companies have signed BCE licenses. XOMA's development collaborators include Lexicon Pharmaceuticals, Inc. , Novartis, Schering-Plough Research Institute and Takeda Pharmaceutical Company Limited . With a fully integrated product development infrastructure, XOMA's product development capabilities extend from preclinical sciences to product launch. For more information, please visit the company's website at www.xoma.com.
Certain statements contained herein concerning current collaborations and product development, or that otherwise relate to future periods are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions that may not prove accurate. Actual results could differ materially from those anticipated due to certain risks inherent in the biotechnology industry and for companies engaged in the development of new products in a regulated market. These risks, including those related to the results of discovery research and preclinical testing; the timing or results of pending and future clinical trials (including the design and progress of clinical trials; safety and efficacy of the products being tested; action, inaction or delay by the FDA, European or other regulators or their advisory bodies; and analysis or interpretation by, or submission to, these entities or others of scientific data); uncertainties regarding the status of biotechnology patents; uncertainties as to the cost of protecting intellectual property; changes in the status of the existing collaborative and licensing relationships; the ability of collaborators, licensees and other third parties to meet their obligations; market demand for products; scale up and marketing capabilities; competition; international operations; share price volatility; XOMA's financing needs and opportunities and risks associated with XOMA's status as a Bermuda company, are described in more detail in XOMA's most recent annual report on Form 10-K and in other SEC filings. Consider such risks carefully in considering XOMA's prospects.
CONTACT: XOMA
Investor Relations & Corporate Communications
Greg Mann
510-204-7200
investorrelations@xoma.com
www.xoma.com
NTWK 1.55 NetSol Technologies Awarded Contract to Develop and Implement Motor Vehicle Registration System (MVRS) for the Province of Punjab, Pakistan Market Wire "US Press Releases "
CALABASAS, CA -- (MARKET WIRE) -- 08/01/07 -- NetSol Technologies, Inc. ("NetSol") (NASDAQ: NTWK), a multinational provider of enterprise software and IT services to the financial services industry, today announced that its has been awarded a software development contract from the Province of Punjab for the development and implementation of a Motor Vehicle Registration System (MVRS) for the Province of Punjab consisting of 34 districts in total. Under the terms of the agreement the value of the contract will not be disclosed.
The MVRS is a key component of the Government of Punjab's Motor Transport Management Information Systems (MTMIS) and is a comprehensive solution designed for motor vehicle registration authorities. Furthermore, the MVRS will provide the citizens of Punjab an efficient and simple method for the registering of motor vehicles as well as providing the government of Punjab with a comprehensive platform for implementing transparent e-governance and regulation. The NetSol application not only automates the motor vehicle registration process but its taxation as well. NetSol has already undertaken similar MVRS implementations in Islamabad Capital Territory, Azad Jammu & Kashmir and the Northwest Frontier Province (NWFP).
Mr. Najeeb Ghauri, chairman and CEO, states, "This latest contract builds on the growing portfolio of software and services being developed for an increasingly diverse range of customers in the government, enterprise and public sectors. We are aggressively pursuing and winning e-governance contracts in this market, as local and federal agencies within Pakistan make headway in modernizing the governmental IT infrastructure. Moreover, this win is of particular significance in that NetSol has established itself as a provider of Transport Systems, a new vertical within our growing portfolio of offerings representing a major milestone in NetSol's evolution as an IT software and services company."
About NetSol Technologies
NetSol Technologies is a multinational provider of enterprise software and IT services to the financial services industry. NetSol helps clients to identify, evaluate and implement technology solutions to meet their strategic business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol delivers high-quality, cost-effective equipment and vehicle finance portfolio management solutions. The Company also delivers managed IT services ranging from consulting and application development to systems integration and development outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI ( Software Engineering Institute ) CMMi (Capability Maturity Model) Level 5 assessment, a distinction shared by only 94 companies worldwide. The Company's clients include global automakers, financial institutions, technology companies and governmental agencies. NetSol's largest customer, DaimlerChrysler Services, ranks the Company as a preferred vendor in more than 40 countries. Headquartered in Calabasas, CA, NetSol Technologies also has operations and/or offices in London , San Francisco , Adelaide , Beijing , Lahore and Karachi, Pakistan . To learn more about NetSol Technologies, visit the Company's web site at www.netsoltek.com. Click here to join the NetSol Technologies, Inc. email distribution list: http://www.b2i.us/irpass.asp?BzID=897&to=ea&s=0.
Forward-Looking Statements
This press release may contain forward-looking statements relating to the development of the Company's products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "believe," "expect," "anticipate," "intend," variations of such words, and similar expressions, identify forward-looking statements, but their absence does not mean that the statement is not forward looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company's actual results include the progress and costs of the development of products and services and the timing of the market acceptance.
Contacts:
NetSol Technologies, Inc.
Tina Gilger
Chief Financial Officer
Tel: +1 818-222-9195, x112
Investor Relations
Christopher Chu
The Global Consulting Group
Tel: +1-646-284-9426
Email: cchu@hfgcg.com
SANM 2.75 Sanmina-SCI Defense and Aerospace Systems Division's FireComm(TM) Selected by Warner Robins Air Logistics Center PR Newswire "US Press Releases "
SAN JOSE, Calif ., Aug. 1 /PRNewswire-FirstCall/ -- Sanmina-SCI Corporation (Nasdaq: SANM), a leading global electronics manufacturing services (EMS) company, today announced its Defense and Aerospace Systems Division has been awarded a contract by the United States Air Force under the Reliability Information Analysis Center (RIAC) program administered by the Defense Technical Information Center to redesign the F-15C/D Integrated Communication Control Panel (ICCP).
Sanmina-SCI's Defense and Aerospace Systems Division will team up with experts from the Department of Defense (DoD) RIAC , operated by Wyle Laboratories , on this program. The ICCP redesign will utilize Sanmina-SCI's third-generation FireComm(TM) intercommunications system to provide advanced capabilities in terms of digital audio and data processing. The FireComm system will also offer enhanced voice warning, secure wireless capabilities, and an open architecture to support both network-centric operations and the integration of evolving technologies at the lowest possible cost.
"We are extremely proud to see the F-15C/D ICCP redesign effort using the FireComm intercommunications system technology. The entire Defense and Aerospace Systems team is confident that our engineering design, manufacturing and quality will result in outstanding system performance for the United States Air Force. Upon successful qualification, we hope to see the FireComm system integrated into the entire F-15C/D fleet," said Jim Cocke, Senior Vice President of Sanmina-SCI's Defense and Aerospace Systems Division.
Sanmina-SCI's Defense and Aerospace Systems Division is a proven leader in airborne intercommunications systems with more than 40 years of experience in the defense and aerospace industry. This award leverages the previous successful integration of digital audio and data intercommunications systems into numerous other fixed and rotary wing aircraft.
The FireComm airborne intercommunications system is being designed and manufactured by the Defense and Aerospace Systems Division in Huntsville, Alabama . For more information on FireComm, visit http://www.sanmina-sci.com/das or call +1.256.882.4569.
This effort is being sponsored by the DoD Technical Information Center, ATTN: DTIC-I, 8725 John J. Kingman Rd., Ste 0944, Fort Belvoir, VA 22060-6218.
About Sanmina-SCI
Sanmina-SCI Corporation is a leading electronics contract manufacturer serving the fastest-growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina-SCI provides end-to-end manufacturing solutions, delivering unsurpassed quality and support to OEMs primarily in the communications, defense and aerospace, industrial and medical instrumentation, multimedia and consumer, computing and storage, and automotive technology sectors. Sanmina-SCI has facilities strategically located in key regions throughout the world. More information regarding the company is available at http://www.sanmina-sci.com.
Sanmina-SCI Safe Harbor Statement
The foregoing, including the discussion regarding the Company's future prospects, contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the Company, changes in customer requirements and in the volume of sales to principal customers, the ability of Sanmina-SCI to effectively assimilate acquired businesses and achieve the anticipated benefits of its acquisitions, and competition and technological change. The Company's actual results of operations may differ significantly from those contemplated by such forward-looking statements as a result of these and other factors, including factors set forth in the Company's fiscal year 2006 Annual Report on Form 10-K filed on January 3, 2007 and the other reports, including quarterly reports on Form 10-Q and current reports on Form 8-K, that the Company files with the Securities Exchange Commission .
FireComm(TM) is a trademark of Sanmina-SCI Corporation .
SOURCE Sanmina-SCI Corporation
CEGE 3.44 Cell Genesys to Webcast Presentation at the Canaccord Adams 27th Annual Global Growth Conference PR Newswire "US Press Releases "
SOUTH SAN FRANCISCO, Calif ., Aug. 1 /PRNewswire-FirstCall/ -- Cell Genesys, Inc. (Nasdaq: CEGE), today announced that Stephen A. Sherwin, M.D., chairman and chief executive officer of Cell Genesys, will present a company update at the Canaccord Adams 27th Annual Global Growth Conference that will be broadcast live over the internet on Wednesday, August 8, 2007 , at 1:00 p.m. ET .
The webcast presentation will be available on the Investor Relations section of the Cell Genesys website, http://www.cellgenesys.com. If you are unable to listen to the live webcast, it will be archived on the site for at least 72 hours following the presentation. To access the replay, go to the Investor Relations section of the website.
Cell Genesys is focused on the development and commercialization of novel biological therapies for patients with cancer. The company is currently pursuing two clinical stage product platforms -- GVAX(TM) cancer immunotherapies and oncolytic virus therapies. Ongoing clinical trials include Phase 3 trials of GVAX immunotherapy for prostate cancer, Phase 2 trials of GVAX immunotherapies for pancreatic cancer and for leukemia, and a Phase 1 trial of CG0070 oncolytic virus therapy for bladder cancer. Cell Genesys continues to hold an equity interest in its former subsidiary, Ceregene, Inc. , which is developing gene therapies for neurodegenerative disorders. Cell Genesys is headquartered in South San Francisco, CA and has its principal manufacturing operation in Hayward, CA. For additional information, please visit the company's website at http://www.cellgenesys.com.
Statements made herein about the company, other than statements of historical fact, including statements about the company's, progress, results and timing of clinical trials and preclinical programs and the nature of product pipelines are forward-looking statements and are subject to a number of uncertainties that could cause actual results to differ materially from the statements made, including risks associated with the success of clinical trials and research and development programs, the regulatory approval process for clinical trials, competitive technologies and products, patents, continuation of corporate partnerships and the need for additional financings. For information about these and other risks which may affect Cell Genesys, please see the company's Annual Report on Form 10-K for the year ended December 31, 2006 filed on March 1, 2007 as well as Cell Genesys' reports on Form 10-Q and 8-K and other reports filed from time to time with the Securities and Exchange Commission . The company assumes no obligation to update the forward-looking information in this press release.
Contact:
Susan Ferris
Investor Relations
650-266-3200
SOURCE Cell Genesys, Inc.
NTII 1.29 Neurobiological Technologies Reports $2 Million Quarterly Payment for Sales of Memantine PR Newswire "US Press Releases "
EMERYVILLE, Calif., Aug. 1 /PRNewswire-FirstCall/ -- Neurobiological Technologies, Inc. (NTI(R)) (Nasdaq: NTII), today announced it has received approximately $2 million from Merz Pharmaceuticals GmbH (Merz) for sales by Merz and its marketing partners of Memantine for the treatment of moderate-to-severe Alzheimer's disease for the quarter ended March 31, 2007 . This represents a 25% increase in NTI's royalty payments compared to the same quarter last year. Under an exclusive marketing agreement, NTI receives quarterly royalty payments on sales of Memantine by Merz and its marketing partners.
Paul E. Freiman, President and CEO of Neurobiological Technologies said, "We are once again pleased with the progress made in sales of Memantine globally, and the reflective royalty payment which we have just received."
About Neurobiological Technologies, Inc.
NTI is a biotechnology company engaged in the business of acquiring and developing central nervous system related drug candidates. The Company is focused on therapies for neurological conditions that occur in connection with ischemic stroke and brain cancer. The Company's strategy is to in-license and develop later-stage drug candidates that target major medical needs and that can be rapidly commercialized. NTI's experienced management team oversees the human clinical trials necessary to establish preliminary evidence of efficacy.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including: our dependence on Merz and its marketing partners and other risks detailed from time to time in our Annual Report of Form 10-K and other filings with the Securities and Exchange Commission . Actual results may differ materially from those projected. These forward- looking statements represent our judgment as of the date of the release. We undertake no obligation to update these forward-looking statements.
www.ntii.com
SOURCE Neurobiological Technologies, Inc.
SCOX 1.48 Repligen Announces Conference Call of First Quarter Fiscal Year 2008 Results Wednesday, August 8th, 11:00 a.m. EDT PR Newswire "US Press Releases "
WALTHAM, Mass., Aug. 1 /PRNewswire-FirstCall/ -- Repligen Corporation (Nasdaq: RGEN) announced today that the Company President and Chief Executive Officer, Walter C. Herlihy, Ph.D., will host a conference call and webcast on Wednesday, August 8th, 2007 at 11:00 a.m. EDT , to report first quarter fiscal year 2008 financial results and to provide a quarterly update of the Company.
This call is being webcast by Thomson/CCBN and can be accessed via Repligen's website at http://www.repligen.com . If you are unable to access the webcast via the internet, you may also listen to the live broadcast by calling (866) 713-8395 for domestic calls and (617) 597-5309 for international calls. Participants must provide the following passcode: 73944093. For those who cannot participate in the live conference call, an archive of the audio webcast will be available shortly after the call and may be accessed at http://www.repligen.com .
About Repligen Corporation
Repligen Corporation is a biopharmaceutical company focused on the development of novel therapeutics for diseases that affect the central nervous system. In addition, we are the world's leading supplier of recombinant Protein A, the sales of which partially fund the advancement of our development pipeline while supporting our financial stability. Repligen's corporate headquarters are located at 41 Seyon Street, Building #1, Suite 100, Waltham, MA 02453. Additional information may be requested from http://www.repligen.com.
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding current or future financial performance and position, management's strategy, plans and objectives for future operations, plans and objectives for product development, plans and objectives for present and future clinical trials and results of such trials, plans and objectives for regulatory approval, litigation, intellectual property, product development, manufacturing plans and performance such as the anticipated growth in the monoclonal antibody market and our other target markets and projected growth in product sales, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: the success of current and future collaborative relationships, the market acceptance of our products, our ability to compete with larger, better financed pharmaceutical and biotechnology companies, new approaches to the treatment of our targeted diseases, our expectation of incurring continued losses, our uncertainty of product revenues and profits, our ability to generate future revenues, our ability to raise additional capital to continue our drug development programs, the success of our clinical trials, our ability to develop and commercialize products, our ability to obtain required regulatory approvals, our compliance with all Food and Drug Administration regulations, our ability to obtain, maintain and protect intellectual property rights for our products, the risk of litigation regarding our intellectual property rights, our limited sales and manufacturing capabilities, our dependence on third-party manufacturers and value added resellers, our ability to hire and retain skilled personnel, our volatile stock price, and other risks detailed in Repligen's filings with the Securities and Exchange Commission . Repligen assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
SOURCE Repligen Corporation
RGEN 3.85 Repligen Announces Conference Call of First Quarter Fiscal Year 2008 Results Wednesday, August 8th, 11:00 a.m. EDT PR Newswire "US Press Releases "
WALTHAM, Mass., Aug. 1 /PRNewswire-FirstCall/ -- Repligen Corporation (Nasdaq: RGEN) announced today that the Company President and Chief Executive Officer, Walter C. Herlihy, Ph.D., will host a conference call and webcast on Wednesday, August 8th, 2007 at 11:00 a.m. EDT , to report first quarter fiscal year 2008 financial results and to provide a quarterly update of the Company.
This call is being webcast by Thomson/CCBN and can be accessed via Repligen's website at http://www.repligen.com . If you are unable to access the webcast via the internet, you may also listen to the live broadcast by calling (866) 713-8395 for domestic calls and (617) 597-5309 for international calls. Participants must provide the following passcode: 73944093. For those who cannot participate in the live conference call, an archive of the audio webcast will be available shortly after the call and may be accessed at http://www.repligen.com .
About Repligen Corporation
Repligen Corporation is a biopharmaceutical company focused on the development of novel therapeutics for diseases that affect the central nervous system. In addition, we are the world's leading supplier of recombinant Protein A, the sales of which partially fund the advancement of our development pipeline while supporting our financial stability. Repligen's corporate headquarters are located at 41 Seyon Street, Building #1, Suite 100, Waltham, MA 02453. Additional information may be requested from http://www.repligen.com.
This press release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements regarding current or future financial performance and position, management's strategy, plans and objectives for future operations, plans and objectives for product development, plans and objectives for present and future clinical trials and results of such trials, plans and objectives for regulatory approval, litigation, intellectual property, product development, manufacturing plans and performance such as the anticipated growth in the monoclonal antibody market and our other target markets and projected growth in product sales, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: the success of current and future collaborative relationships, the market acceptance of our products, our ability to compete with larger, better financed pharmaceutical and biotechnology companies, new approaches to the treatment of our targeted diseases, our expectation of incurring continued losses, our uncertainty of product revenues and profits, our ability to generate future revenues, our ability to raise additional capital to continue our drug development programs, the success of our clinical trials, our ability to develop and commercialize products, our ability to obtain required regulatory approvals, our compliance with all Food and Drug Administration regulations, our ability to obtain, maintain and protect intellectual property rights for our products, the risk of litigation regarding our intellectual property rights, our limited sales and manufacturing capabilities, our dependence on third-party manufacturers and value added resellers, our ability to hire and retain skilled personnel, our volatile stock price, and other risks detailed in Repligen's filings with the Securities and Exchange Commission . Repligen assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
SOURCE Repligen Corporation
AERT 1.55 Advanced Environmental Recycling Technologies Announces Second Quarter 2007 Results Business Wire "US Press Releases "
SPRINGDALE, Ark.--(BUSINESS WIRE)--
Advanced Environmental Recycling Technologies, Inc. (NASDAQ: AERT) today announced that net sales for the three months ended June 30, 2007 were $25.3 million compared to $28.1 million for the comparable period in 2006, a 9.8% decrease. Net loss in the second quarter of 2007 was $383,919 , or $0.01 per fully diluted share, compared to net income of $1.7 million , or $0.04 per fully diluted share, for the comparable period in 2006.
Please join the Company's earnings conference call at 11:00 a.m. ET on Wednesday, August 1, 2007 . The event will be a live web cast available at the AERT Company web site at www.aertinc.com or at www.earnings.com
About AERT:
Since 1989, AERT has pioneered the use of recycled polyethylene plastic in the manufacture of composite building materials. With its constantly evolving portfolio of patented and proprietary recycling technologies, AERT has been widely recognized as a leader in resource conservation innovation, receiving the EPA Award for Environmental Excellence for its process of converting scrap plastic to composite outdoor decking. AERT converts reclaimed plastic and wood fiber waste into quality outdoor decking systems, fence systems, and door and window components. The Company is the exclusive manufacturer of Weyerhaeuser ChoiceDek(R) decking, which is available in multiple colors and is sold in all Lowe's Home Improvement stores. See www.choicedek.com for more information. AERT operates manufacturing facilities in Springdale, Lowell, and Tontitown, Arkansas ; Junction, Texas ; and Alexandria, Louisiana . For more information on the Company, visit www.aertinc.com.
ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES, INC.
Balance Sheets
ASSETS
June 30, December 31,
2007 2006
------------- ------------
(unaudited)
Current assets:
Cash and cash equivalents $ 1,665,125 $ 2,164,532
Restricted cash 1,303,523 787,191
Trade accounts receivable, net of
allowance of $374,894 at June 30, 2007
and December 31, 2006 5,821,042 3,789,302
Other Accounts Receivable 619,776 760,970
Inventories 16,300,265 14,515,845
Prepaid expenses 1,182,785 1,018,657
Deferred tax assets 1,817,866 1,163,017
----------- -----------
Total current assets 28,710,382 24,199,514
----------- -----------
Land, buildings and equipment:
Land 1,988,638 1,988,638
Buildings and leasehold improvements 10,048,582 5,979,223
Machinery and equipment 50,919,222 39,475,682
Transportation equipment 1,175,324 1,243,556
Office equipment 1,003,926 801,231
Construction in progress 812,615 14,762,153
----------- -----------
65,948,307 64,250,483
Less accumulated depreciation 28,742,492 26,728,540
----------- -----------
Net land, buildings, and equipment 37,205,815 37,521,943
----------- -----------
Other assets:
Deferred tax asset 5,604,420 4,293,912
Debt issuance costs, net of accumulated
amortization of $921,236 at June 30,
2007 and $790,532 at December 31, 2006 2,683,686 2,814,390
Debt service reserve fund 2,040,000 2,040,000
Restricted certificate or deposit 850,405 829,961
Other assets, net of accumulated
amortization of $407,023 at June 30,
2007 and $392,736 at December 31, 2006 388,149 350,246
----------- -----------
Total other assets 11,566,660 10,328,509
----------- -----------
Total assets $ 77,482,857 $ 72,049,966
=========== ===========
The notes to our second quarter 2007 Form 10-Q are an integral part of
these financial statements.
ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES, INC.
Balance Sheets
LIABILITIES AND STOCKHOLDERS' EQUITY
June 30, December 31,
2007 2006
-------------- -------------
(unaudited)
Current liabilities:
Accounts payable -- trade $ 10,277,651 $ 10,861,648
Accounts payable -- related parties 506,622 494,831
Current maturities of long-term debt 1,669,731 1,673,612
Litigation loss payable 655,769 655,769
Other accrued liabilities 2,437,726 2,509,603
Working capital line of credit 11,459,698 10,060,000
Notes payable -- related parties - 1,000,000
Notes payable -- other 1,337,581 410,181
------------ ------------
Total current liabilities 28,344,778 27,665,644
------------ ------------
Long-term debt, less current
maturities 21,436,201 16,827,717
------------ ------------
Commitments and contingencies
Stockholders' equity:
Class A common stock, $.01 par value;
75,000,000 shares authorized;
46,270,566 and 43,041,164 shares
issued and outstanding at June 30,
2007 and December 31, 2006 ,
respectively 462,706 430,412
Class B convertible common stock, $.01
par value; 7,500,000 shares
authorized, 1,465,530 shares issued
and outstanding at June 30, 2007 and
December 31, 2006 14,655 14,655
Warrants outstanding; 2,834,340 at
June 30, 2007 and 4,606,132 at
December 31, 2006 1,377,330 2,519,389
Additional paid-in capital 40,701,890 37,891,274
Accumulated deficit (14,854,703) (13,299,125)
------------ ------------
Total stockholders' equity 27,701,878 27,556,605
------------ ------------
Total liabilities and stockholders'
equity $ 77,482,857 $ 72,049,966
============ ============
The notes to our second quarter 2007 Form 10-Q are an integral part of
these financial statements.
ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
Three months ended June 30, Six months ended June 30,
--------------------------- -------------------------
2007 2006 2007 2006
--------------------------- -------------------------
Net sales $ 25,342,796 $ 28,105,770 $47,709,836 $ 55,771,019
Cost of goods
sold 21,352,994 19,625,232 40,881,582 41,336,165
-------------------------- -------------------------
Gross margin 3,989,802 8,480,538 6,828,254 14,434,854
Selling and
administrative
costs 4,044,282 4,935,881 7,920,754 9,056,124
Operating income
(loss) (54,480) 3,544,657 (1,092,500) 5,378,730
Net interest
expense (958,894) (658,852) (1,793,355) (1,330,382)
-------------------------- -------------------------
Income (loss)
before income
taxes (1,013,374) 2,885,805 (2,885,855) 4,048,348
Income tax
provision
(benefit) (629,455) 1,162,708 (1,330,277) 1,419,309
-------------------------- -------------------------
Net income
(loss)
applicable to
common stock $ (383,919) $ 1,723,097 $(1,555,578) $ 2,629,039
========================== =========================
Income (loss)
per share of
common stock
(Basic) $ (0.01) $ 0.04 $ (0.03) $ 0.07
========================== =========================
Income (loss)
per share of
common stock
(Diluted) $ (0.01) $ 0.04 $ (0.03) $ 0.06
========================== =========================
Weighted average
number of
common shares
outstanding
(Basic) 47,329,295 40,678,164 46,294,901 40,054,317
========================== =========================
Weighted average
number of
common shares
outstanding
(Diluted) 47,329,295 45,384,891 46,294,901 44,375,950
========================== =========================
The notes to our second quarter 2007 Form 10-Q are an integral part of
these financial statements.
ADVANCED ENVIRONMENTAL RECYCLING TECHNOLOGIES, INC.
STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended June 30,
2007 2006
--------------------------
Cash flows from operating activities:
Net income (loss) applicable to common
stock $(1,555,578) $ 2,629,039
Adjustments to reconcile net income (loss)
to net cash provided by (used in)
operating activities:
Depreciation and amortization 2,219,614 2,034,363
Provision for doubtful accounts - 161,185
Deferred tax provision (benefit) (1,330,277) 1,112,309
(Increase) decrease in other assets 58,070 (654,113)
Increase in cash restricted for letter
of credit and interest costs (57,670) (311,647)
Changes in current assets and current
liabilities (4,065,686) (4,818,664)
-------------------------
Net cash provided by (used in) operating
activities (4,731,527) 152,472
-------------------------
Cash flows from investing activities:
Purchase of certificate of deposit - (1,000,000)
Purchases of land, buildings and
equipment (1,272,268) (4,192,667)
Net cash used in investing activities (1,272,268) (5,192,667)
-------------------------
Cash flows from financing activities:
Net borrowings on line of credit 1,399,698 6,600,000
Proceeds from issuance of notes 5,750,000 2,503,225
Payments on notes (2,696,123) (3,859,961)
Increase in cash restricted for payment
of long-term debt (458,662) (260,896)
Decrease in outstanding advances on
factored receivables - (2,450,788)
Proceeds from exercise of stock options
and warrants, net 1,509,475 3,637,164
Net cash provided by financing activities 5,504,388 6,168,744
Increase (decrease) in cash and cash
equivalents (499,407) 1,128,549
Cash and cash equivalents, beginning of
period 2,164,532 1,748,023
Cash and cash equivalents, end of period $ 1,665,125 $ 2,876,572
The notes to our second quarter 2007 Form 10-Q are an integral part of
these financial statements.
Source: Advanced Environmental Recycling Technologies, Inc.