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Starter in WLV @ $3.71
Thanks,I've been watching that one, if the sector starts to recover that should be a good play. Might want to watch RIMG. They missed but it was because they extended a consulting contract which I would have considered a one time expense.
Why are you talking about stocks? Can't you see we're trying to have a meaningful discussion here?
Personally one of the only shows I watch is The Shield. The writing on that show is awesome. IMHO West Wing is pretty good too. Alan Alda deserves an Emmy. If he can come off believable as a Republican, now that's acting.
You mean to say that Flavor Flave's VH-1 reality show has no socially redeeming values??????
That's Good! LOL.
Mindless Sheep. Of course that might apply to both camps. LOL.
SFCC might be running tomorrow...
Credit Suisse's Investment Banking Division filed with the SEC right before the close disclosing they own 1,024,777 shares or 5.6% of the company's stock.
http://www.sec.gov/Archives/edgar/data/824468/000090342306000159/sfbc13g_0214.htm
NTGR - might get a little pop going into earnings...
Lehman Brothers’ networking and wireline equipment analyst Jiong Shao released a note to clients summarizing his investment conclusions from new products shows at CES last week. Key excerpts on Netgear (NTGR) and Scientific Atlanta (owned by CSCO):
we are particularly impressed by Netgear’s product leadership for having industry unique devices such as StorageCentral and the Skype phone, as well as the overall sleek design of Netgear’s products.
SUMMARY BULLETS:
* NTGR: Expect strong new product sales momentum to cont. w/ RangeMax and StorageCentral.
* NTGR: Growth in ‘06 to be fueled by wireless routers, including RangeMax family, particularly RangeMax 240, StorageCentral & new Skype phone.
* NTGR: Possible upside from VoIP initiatives in ‘06 as SoHo VoIP should gain traction throughout the year.
* NTGR: We cont. to bel. NTGR on track to at least meet our Dec-Q rev/EPS ests. of $126.9M/$0.28 and we maint. our 1-0W rating and $25 price target ( 17x CY06 EPS of $1.18 + $4.67 cash/share).
http://networkingstockblog.com/article/5517
SFNT - Nice day. Never made my last buy. Unless it pulls back I'll be going with 1/2 a position @ $25.87 average.
MHJ needs some help writing a press release. It's almost like they don't want anyone to buy thier stock.
Please help me if my math is off.
In the PR they said net income was $1.4 mil down 49.7% (50% for easy math) which means earnings would have been $2.8mil in the previous period. The difference was caused by a $4.4mil gain on real estate in the previous period.
That means they went from a $1.6mil loss to a $1.4 mil profit.
Did you see all the negatives they listed?
Didn't point out the $2.9 mil provided from operations?
Press Release Source: Man Sang Holdings, Inc.
Man Sang Holdings, Inc. Announces Financial Results for the Nine Months Ended December 31, 2005
Tuesday February 14, 9:38 am ET
NEW YORK--(BUSINESS WIRE)--Feb. 14, 2006--Man Sang Holdings, Inc. (the "Company") (AMEX: MHJ - News) announced today its financial results for the nine months ended December 31, 2005.
ADVERTISEMENT
Net sales in the nine months ended December 31, 2005 decreased to US$38.7 million, representing a drop of 4.5% when compared to the same period last year.
The decrease is mainly due to the decline in demand for South Sea pearls of our U.S. customers and partly due to strong upward swing of bullion prices in 2005 which has negatively affected our assembled jewelry products sales. Customers in Europe still show a healthy growth and the Man Sang Group's sales of South Sea pearls (including white and gold South Sea pearls and Tahitian black pearls) and assembled jewelry pearl products continue to contribute the largest share of the Man Sang Group's total turnover, representing approximately of 86.2%.
Gross profit was approximately US$10.6 million, representing a decrease of 6.2% and gross profit margin decreased to 27.3% from 27.8% when compared to the same period last year.
Net income was US$1.4 million, representing a decrease of 49.7% when compared to the same period last year. The decrease in net profit was primarily caused by the effect of the US$4.4 million gain on disposing a real estate property that was booked in the same period last year.
"We believe that the economy will still inevitably face uncertainties generated by higher oil prices, higher interest rates, higher commodity prices and the growing possibility of an avian flu outbreak and we are closely monitoring the market in order to react closely to the adverse conditions. The Man Sang Group has been strengthening its marketing and sales efforts on South Sea pearls and freshwater pearls and through our well-established purchasing networks, we can purchase top quality South Sea pearls and freshwater pearls in large amounts at more competitive prices. On the same line, we continue to emphasize active promotional and marketing efforts on South Sea pearls and assembled jewelry pearl products in order to capture market demand and to further strengthen our market share. We will simultaneously apply aggressive marketing and flexible pricing strategies together with effective cost control measures to achieve better results," Mr. Cheng Chung Hing, Chairman of Man Sang, stated.
About Man Sang Holdings, Inc.
Man Sang Holdings, Inc. and its subsidiaries (together the "Man Sang Group") are one of the world's largest purchasers and processors of Chinese cultured and freshwater pearls. The Man Sang Group is principally engaged in the purchasing, processing, assembling, merchandising and wholesale distribution of pearls, pearl jewelry and other jewelry products. In addition, the Man Sang Group owns and operates the Man Sang Industrial City, an industrial complex, located in Gong Ming Zhen, Shenzhen Special Economic Zone, PRC.
* The consolidated financial statements of the Company are maintained, and its consolidated financial statements are expressed, in Hong Kong dollars. The conversion of Hong Kong dollar into United States dollars is for convenience only and has been made at the rate of HK$7.8 to US$1, the approximate free rate of exchange as at December 31, 2005. Such conversion should not be construed as representations that the Hong Kong dollar amounts could be converted into United States dollars at that rate or any other rate.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are, by their nature, subject to risks and uncertainties. This Act provides a "safe harbor" for forward-looking statements to encourage companies to provide prospective information about themselves so long as they identify these statements as forward-looking and provide meaningful cautionary statements identifying important factors that could cause actual results to differ from the projected results. All statements, including statements regarding industry prospects and future results of operations or financial position, made in this press release are forward-looking. Words such as "anticipates," "believes," "expects," "future" and "intends" and similar expressions may identify forward-looking statements. These forward-looking statements include, without limitation, statements relating to: the Company's future performance, the Company's expansion efforts, the state of economic conditions and the Company's market. These forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes to be appropriate in particular circumstances. However, whether actual results and developments will meet the Company's expectations and predictions depend on a number of known and unknown risks and uncertainties and other factors, any or all of which could cause actual results, performance or achievements to differ materially from the Company's expectations, whether expressed or implied by such forward-looking statements (which may relate to, among other things, the Company's sales, costs and expenses, income, inventory performance, and receivables). Primarily engaged in the processing and trading of pearls and pearl jewelry products, and in real estate investment, the Company's ability to achieve its objectives and expectations are derived at least in part from assumptions regarding economic conditions, consumer tastes, and developments in its competitive environment. The following assumptions, among others, could materially affect the likelihood that the Company will achieve its objectives and expectations communicated through these forward-looking statements: (i) that low or negative growth in the economies or the financial markets of its customers, particularly in the United States and in Europe, will not occur and reduce discretionary spending on goods that might be perceived as "luxuries"; (ii) that the Hong Kong dollar will remain pegged to the US dollar at US$1 to HK$7.8; (iii) that customer's choice of pearls vis-a-vis other precious stones and metals will not change adversely; (iv) that the Company will continue to obtain a stable supply of pearls in the quantities, of the quality and on terms required by the Company; (v) that there will not be a substantial adverse change in the exchange relationship between the renminbi ("RMB") and the Hong Kong or US dollar; (vi) that there will not be substantial increase in tax burden of subsidiaries of the Company operating in the PRC; (vii) that there will not be substantial change in climate and environmental conditions at the source regions of pearls that could have material effect on the supply and pricing of pearls; and (viii) that there will not be substantial adverse change in the real estate market conditions in the PRC and in Hong Kong. This press release should be read in conjunction with the financial statements and the notes included hereto and in the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2005, and with the Company's annual report on Form 10-K for the year ended March 31, 2005. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company will not publicly release any revisions to these forward-looking statements after the date hereof. Readers are urged, however, to review the factors set forth in reports that the Company files from time to time with the Securities and Exchange Commission.
MAN SANG HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME (Unaudited)
FOR THE THREE AND NINE MONTHS ENDED DECEMBER 31
(Amounts expressed in thousands except share data)
Three Months Ended December 31,
--------------------------------
2005 2004
--------------------- ----------
US$ HK$ HK$
Net sales 11,560 90,174 109,074
Cost of goods sold (8,515) (66,423) (80,674)
---------- ---------- ----------
Gross profit 3,045 23,751 28,400
Rental income, gross 75 585 831
---------- ---------- ----------
3,120 24,336 29,231
Selling, general and administrative
expenses
- Pearls (2,356) (18,377) (20,649)
- Real estate investment (147) (1,158) (3,489)
---------- ---------- ----------
Operating income 617 4,801 5,093
Non-operating items
- Interest expense - - (22)
- Interest income 291 2,272 286
- Gain on sales of a real estate
investment - - -
- Other income 50 392 307
---------- ---------- ----------
Income before income taxes and
minority interests 958 7,465 5,664
Income taxes (150) (1,174) (1,833)
---------- ---------- ----------
Income before minority interests 808 6,291 3,831
Minority interests (486) (3,786) (2,509)
---------- ---------- ----------
Net income 322 2,505 1,322
Other comprehensive income (loss),
net of taxes and minority interests
- Foreign currency translation
adjustments 38 287 (13)
- Unrealized holding gain on
marketable securities 10 81 493
---------- ---------- ----------
Other comprehensive income (loss),
net of taxes and minority interests 48 368 480
---------- ---------- ----------
Comprehensive income 370 2,873 1,802
========== ========== ==========
Basic earnings per common share 0.05 0.41 0.24
========== ========== ==========
Diluted earnings per common share 0.05 0.39 0.21
========== ========== ==========
Weighted average number of shares
of common stock
- for basic earnings per share 6,058,533 6,058,533 5,507,450
========== ========== ==========
- for diluted earnings per share 6,325,762 6,325,762 6,235,998
========== ========== ==========
Nine Months Ended December 31,
--------------------------------
2005 2004
--------------------- ----------
US$ HK$ HK$
Net sales 38,723 302,041 316,135
Cost of goods sold (28,164) (219,683) (228,365)
---------- ---------- ----------
Gross profit 10,559 82,358 87,770
Rental income, gross 311 2,428 3,710
---------- ---------- ----------
10,870 84,786 91,480
Selling, general and administrative
expenses
- Pearls (6,847) (53,405) (62,948)
- Real estate investment (633) (4,947) (8,828)
---------- ---------- ----------
Operating income 3,390 26,434 19,704
Non-operating items
- Interest expense - - (100)
- Interest income 616 4,802 455
- Gain on sales of a real estate
investment - - 34,248
- Other income 155 1,213 1,142
---------- ---------- ----------
Income before income taxes and
minority interests 4,161 32,449 55,449
Income taxes (775) (6,048) (6,173)
---------- ---------- ----------
Income before minority interests 3,386 26,401 49,276
Minority interests (1,944) (15,160) (26,921)
---------- ---------- ----------
Net income 1,442 11,241 22,355
Other comprehensive income (loss), net
of taxes and minority interests
- Foreign currency translation
adjustments 91 710 16
- Unrealized holding gain on
marketable securities 104 815 550
---------- ---------- ----------
Other comprehensive income (loss), net
of taxes and minority interests 195 1,525 566
---------- ---------- ----------
Comprehensive income 1,637 12,766 22,921
========== ========== ==========
Basic earnings per common share 0.24 1.89 3.99
========== ========== ==========
Diluted earnings per common share 0.23 1.76 3.53
========== ========== ==========
Weighted average number of shares
of common stock
- for basic earnings per share 5,849,400 5,849,400 5,507,450
========== ========== ==========
- for diluted earnings per share 6,292,956 6,292,956 6,213,348
========== ========== ==========
See accompanying notes to condensed consolidated financial statements
MAN SANG HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts expressed in thousands except share data)
December 31, March 31,
2005 2005
---------------------- ---------
US$ HK$ HK$
(Unaudited)
ASSETS
------
Current assets:
Cash and cash equivalents 33,650 262,467 243,297
Marketable securities 1,939 15,123 8,422
Accounts receivable, net of
allowance for doubtful accounts
of HK$23,903 as of December 31,
2005 and HK$22,807 as of
March 31, 2005 7,557 58,943 47,450
Inventories:
Raw materials 1,654 12,900 18,037
Work in progress 1,619 12,632 14,520
Finished goods 7,510 58,579 50,148
----------- ---------- ---------
10,783 84,111 82,705
Prepaid expenses 772 6,022 4,489
Deposits and other receivables,
net of allowance for doubtful
accounts of HK$3,721 as of
December 31, 2005 and March 31,
2005 1,092 8,515 5,349
Other current assets 19 146 382
Income tax receivable 76 589 684
----------- ---------- ---------
Total current assets 55,888 435,916 392,778
Deferred tax assets 208 1,625 258
Property, plant and equipment 19,419 151,465 163,147
Accumulated depreciation (6,239) (48,661) (44,086)
----------- ---------- ---------
13,180 102,804 119,061
Real estate investment 9,653 75,290 58,117
Accumulated depreciation (1,541) (12,016) (10,973)
----------- ---------- ---------
8,112 63,274 47,144
----------- ---------- ---------
Total assets 77,388 603,619 559,241
=========== ========== =========
MAN SANG HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS - continued
(Amounts expressed in thousands except share data)
December 31, March 31,
2005 2005
---------------------- ---------
US$ HK$ HK$
(Unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Accounts payable 1,493 11,644 8,588
Accrued payroll and employee
benefits 1,427 11,133 11,958
Other accrued liabilities 1,107 8,631 10,617
Income taxes payable 1,632 12,732 4,587
----------- ---------- ---------
Total current
liabilities 5,659 44,140 35,750
Deferred tax liabilities 226 1,760 1,213
Minority interests 35,165 274,285 257,562
Stockholders' equity:
Series A preferred stock, par value
US$0.001 - 1 1
- authorized, issued and
outstanding: 100,000 shares;
(entitled in liquidation to
US$2,500 (HK$19,500))
Series B convertible preferred stock,
par value US$0.001 - - -
- authorized: 100,000 shares;
no shares outstanding
Common stock, par value US$0.001 6 49 35
- authorized: 31,250,000
shares; issued and
outstanding: 6,382,582
shares and 5,569,950
shares as of December 31,
2005 and March 31, 2005
Additional paid-in capital 8,666 67,598 61,660
Retained earnings 27,051 210,993 199,752
Accumulated other comprehensive
income 615 4,793 3,268
----------- ---------- ---------
Total stockholders'
equity 36,338 283,434 264,716
----------- ---------- ---------
Total liabilities and
stockholders' equity 77,388 603,619 559,241
=========== ========== =========
See accompanying notes to condensed consolidated financial statements
MAN SANG HOLDINGS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
FOR THE NINE MONTHS ENDED DECEMBER 31
(Amounts expressed in thousands)
Nine Months Ended
December 31,
---------------------------
2005 2004
------------------ --------
US$ HK$ HK$
Cash flows from operating activities:
Net income 1,442 11,241 22,355
Adjustments to reconcile net income to
net cash provided by operating
activities:
Provision for doubtful debts 192 1,500 9,228
Inventory write down 2,436 19,000 23,200
Impairment loss on property, plant and
equipment - - 2,617
Impairment loss on long term investment - - 856
Compensation expense - - 90
Depreciation and amortization 720 5,613 6,377
Gain on disposal of property, plant and
equipment - - (136)
Gain on disposal of real estate
investment - - (34,248)
Minority interests 1,944 15,160 26,921
Changes in operating assets and
liabilities:
Accounts receivable (1,627) (12,688) 527
Inventories (2,557) (19,945) (20,874)
Prepaid expenses (196) (1,531) (1,241)
Deposits and other receivables (401) (3,130) 4,474
Other current assets 30 236 5,419
Income taxes receivable 12 95 (88)
Deferred tax assets (175) (1,367) 174
Accounts payable 382 2,981 (2,620)
Accrued payroll and employee
benefits (107) (838) 2,820
Other accrued liabilities (263) (2,049) 574
Deferred tax liabilities 70 547 (346)
Income taxes payable 1,044 8,145 6,577
--------- -------- --------
Net cash provided by operating activities 2,946 22,970 52,656
--------- -------- --------
Cash flows from investing activities:
Purchase of property, plant and
equipment (745) (5,811) (8,597)
Purchase of marketable securities (648) (5,051) -
Proceeds from disposal of property,
plant and equipment 117 914 320
Proceeds from disposal of real estate
investment - - 64,450
--------- -------- --------
Net cash (used in) provided by investing
activities (1,276) (9,948) 56,173
--------- -------- --------
Cash flows from financing activities:
Repayment of long-term debts - - (11,591)
Net proceeds from issuance of common
stock 763 5,952 -
--------- -------- --------
Net cash provided by (used in) financing
activities 763 5,952 (11,591)
--------- -------- --------
Net increase in cash and cash equivalents 2,433 18,974 97,238
Cash and cash equivalents at beginning of
period 31,192 243,297 104,907
Exchange adjustments 25 196 6
--------- -------- --------
Cash and cash equivalents at end of period 33,650 262,467 202,151
========= ======== ========
Supplementary disclosures of cash flow
information
Cash (refunded) paid during the period
for:
Interest and financing charges - - 108
--------- -------- --------
Net income taxes (refunded) paid (1) (7) 163
--------- -------- --------
See accompanying notes to condensed consolidated financial statements
Contact:
Man Sang Holdings, Inc.
Mr. Sonny Hung, 852-2317-9369
sonnyh@man-sang.com
or
The Altman Group, Inc.
Patricia Baronowski, 212-400-2604
pbaronowski@altmangroup.com
--------------------------------------------------------------------------------
Source: Man Sang Holdings, Inc.
PALM announced a split after the close...
AP
Palm Board Approves 2-For-1 Stock Split
Monday February 13, 4:28 pm ET
Palm Board Approves 2-For-1 Stock Split, to Take Effect As Dividend
SUNNYVALE, Calif. (AP) -- Palm Inc., a maker of handheld electronic devices, said Monday its board approved a 2-for-1 stock split, to take effect as a dividend.
On March 14, shareholders will receive an additional share for each share they held on Feb. 28. The company said its stock will begin trading at its split-adjusted price on March 15.
Palm said it currently has about 51 million shares outstanding. The split will bring the number to more than 100 million, and will help the company align its capital structure to companies with comparable revenue, Palm said.
Palm shares added 74 cents, or 2 percent, to at $36.40 in electronic aftermarket trading. Shares closed down 4 percent at $35.66 on the Nasdaq.
SFNT - New 52 wk low. eom.
SFNT - just added a little more @ $25.47 still hoping it tests $25.30 before making a big buy.
SWRI - in Feb Fine Waters...
http://www.finewaters.com/Bottled_Water/USA/Seawright_Springs.asp
I would expect more good news coming soon since this is the first month their water is actually on store shelves.
SWRI - Article in The Washington Times today. Not many OTC's get written up in the Wash Times...
Article mentions NGMC which was a ten bagger for me. I think SWRI could be a 2 to 4 bagger from here. In the world of OTC crap, this guy Joel Sens builds real companies. I have 10,000 shares at about a .60 average.
Just add water
By Kara Rowland
THE WASHINGTON TIMES
February 13, 2006
When Washington-area businessman Joel Sens toured Virginia's Shenandoah Valley several years ago in an effort to break into the fish-farming industry, he stumbled upon his next investment: a mountain spring.
"I saw this water coming out of the ground -- it was so clear," said Mr. Sens, 41. "I figured it had to be worth something."
Mr. Sens learned that the spring, spanning 145 acres in the George Washington National Forest, was not a secret to the surrounding Augusta County residents, who for generations had been drinking its water and sharing its folklore.
The spring was owned jointly by 13 members of the Baker family, who had possessed it since 1965 but did not bottle and sell the water.
"It took me two years just to get the necessary signatures," said Mr. Sens, who persuaded the family to sell him the spring for $1 million.
In 2003, Mr. Sens formed Seawright Holdings Inc., an Alexandria holding company for Seawright Springs bottled water. It took about a year to design an upscale label and plastic bottle, which required a special mold to make it "look like glass."
"We thought that Seawright Springs is unique, and we wanted the look of it to resemble that quality," Mr. Sens said.
King George II of England deeded the spring to John Seawright in 1741.
Its legends "are really kind of strange," said John Heatwole, an author and historian who lives 15 miles from the spring in Woope, Va.
According to one tale, witches and headless bodies from a local cemetery dance around the spring on Fridays after midnight.
"It's said that if you're brave enough to bathe in the spring while this is going on that you'll live forever," Mr. Heatwole said. "And if you're the first person to drink from the spring the next morning, you'll have good health for the rest of your life till the day of your death."
Water from the spring was first bottled in the late 19th century by Col. E.L. Edmundson of Staunton, Va. He built a nearby spa, which burned down within a month of its opening in 1909. The spring then changed hands several times before the Baker Seawright Corp. acquired it in 1965.
Mr. Sens, a veteran businessman who describes his job as "taking underperforming companies and creating value," most recently helped Next Generation Media Corp., a Springfield direct-mail company, prepare for its initial public offering. Before that, he owned the Northwest Current, a D.C. newspaper.
Mr. Sens isn't the only entrepreneur to discover the bottled-water industry. U.S. per capita consumption of bottled water increased 7.7 percent from 22.1 gallons in 2003 to 23.8 gallons in 2004, according to the International Bottled Water Association in Alexandria.
"The industry has continued to grow strongly over the past 20 to 25 years," said Stephen Kay, spokesman for the association. "There are plenty of opportunities, and companies such as this one are responding to the growth in demand."
Mr. Sens expects his newest company to turn a profit soon.
"What makes this spring valuable is that its source is within the majority of the population on the East Coast," he said. In addition, the spring can produce 250 million gallons of water a year.
"We think that our margins will be good. There's not a lot of moving parts to this business: We buy caps, we buy bottles, we buy labels and we pay somebody to bottle it."
Mr. Sens is negotiating with upscale grocers across the eastern seaboard to sell his product, which he expects to appear on store shelves within a month. Seawright Springs will compete with luxury brands such as Evian and Fiji, he said.
"We're trying to be smart and selective," he said. "People are tired of corporate brands. If you deliver a product where people feel like there is real value, they'll pay for it. Hopefully that's what will transpire here."
Seawright Springs will use a "grass-roots" marketing approach in the Washington area and establish brand awareness by sponsoring local events, Mr. Sens said. For now, the water is being produced by a bottler in Alton, Va. Seawright Springs eventually will need to build its own bottling plant, he said.
"I don't care about being that big," he said. "I want to make a profit, but I want to deliver a quality product. I don't believe in many things, but I believe in this water."
http://www.washtimes.com/business/20060212-102901-4445r.htm
ELOS - CC seems very positive. Good forward growth. Submitting new products to FDA in second half 06. Maintaining gross margins. Analyst just asked if they could explain why they are so undervalued compared to all the other companies in their sector. Obviously they couldn't comment. Stock shot up .80 right after the question.
Sounds great for long term investors. However, you never know how the street will react to no quarterly guidance in the short run. Not touching it pre-market.
ELOS - missed by .03 Earned .43 vs .46 expected. Also announced they will no longer issue quarterly guidance. Announced rev guidance of 113m to 120m for next year which boxes the 117.5 expected by analysts. Down pre-market. CC starting now.
Syneron Reports 51% Growth in Revenue in 2005 With 87% Gross Profit Margins
Monday February 13, 6:00 am ET
Company Updates Investors on Strategic Initiatives and New Products
YOKNEAM, ISRAEL--(MARKET WIRE)--Feb 13, 2006 -- Syneron Medical Ltd. (NasdaqNM:ELOS - News) today reported net income of $12 million for the fourth quarter of 2005, a 46% increase over the comparable quarter of 2004, representing a net profit margin of 51% for Q4 2005, compared to a net margin of 47% reported in the last quarter of 2004. Fully diluted EPS was $0.43 per diluted share, up 43% on fully diluted EPS for Q4 2004. The Company's revenues for the fourth quarter of 2005 rose 36% from the previous year to $23.7 million. Gross profit margin for Q4 2005 was 87% the same gross margin reported for Q4/2004.
ADVERTISEMENT
Revenues for fiscal year 2005 rose to $87.4 million (51% increase) from the $57.9 million recorded for fiscal year 2004. Net income for the twelve months on a US GAAP basis was $41.1 million, compared to net income of $27.3 million reported in 2004. Earnings per diluted share on a US GAAP basis was $1.48. The US GAAP-based income includes $3.5 million of expenses for the secondary offering in March 2005 and the Thermage settlement in June 2005.
On a normalized proforma basis, net income was $44.6 million and EPS per diluted share was $1.61, compared to $1.14 per diluted share for FY 2004. Syneron believes that excluding these one-off expenses represents a better indication of the underlying trends in the Company's operations.
R&D costs rose from $3.1 million in 2004 to $5 million in 2005, reflecting the enlarged pipeline of new R&D projects, in addition to R&D work on new applications for Syneron's core elos™ products. SG&A costs as a percentage of revenue were reduced during the year, from 39% in 2004 to 33% for 2005.
Operating income rose to $38.7 million on a US GAAP basis from $25.6 million in 2004. On a normalized basis, excluding the one-off charges, operating income grew 65% to $42.2 million, representing an operating margin of 48%, compared to 44% in 2004.
Syneron's financial position remains strong. During 2005, Syneron generated cash of $31.3 million from operations and $11.7 million from the exercise of options, for a total cash position on December 31, 2005 of $134.1 million and Shareholders' equity of $145.2 million. At the end of December 2005, trade receivables totaled $20.8 million. The rise in receivables during 2005 had reflected the growth in sales during the year and, particularly, the higher sales to medical and aesthetic spa chains which typically pay with extended credit terms. As of February 10, 2006, Syneron had collected $8.3 million of the outstanding short-term receivables.
Commenting on the results, Syneron CEO David Schlachet said, "We are very pleased with our ability to execute our unique business model and with our extremely high profitability. Although we have seen a slow down in our rate of growth in the 4th quarter, we are confident in our ability to continue Syneron's growth in 2006 and beyond, while maintaining our unique profitability structure." Mr. Schlachet continued, "In its first five years, Syneron has demonstrated its ability to grow at a very high rate taking advantage of its proprietary elos™ technology. With 51% growth in revenues in 2005, we estimate that our global market share has risen to approximately 15% with an installed world wide base of more than 4,000 units."
Remarking on Syneron's future plans, Mr. Schlachet continued, "Now that Syneron has become a more mature company our strategic objective is to strengthen our position as a market leader by building the long-term plans of the company and the infrastructure to support it. Syneron is investing in enhancing its distribution channels and in the marketing and promotion of its products and technology.
-- We have significantly strengthened and increased our North American
sales force, as well as our international distributor network.
-- We are establishing direct sales management specializing in selling to
medical spas and other institutional buyers.
-- We are placing regional sales managers in Europe and the Asia-Pacific
territory to work more directly with the local distributors.
-- We are increasing the number of logistics and service centers in
Europe and the Asia-Pacific region to meet the needs of our expanding
global customer base.
-- We are opening a new division to address the very large and growing
market of cosmetic and beauty salons and non-medical spas outside the US.
The new division will have its own distribution channels in Europe, Canada,
and the Asia-Pacific region.
-- We are establishing a new division dedicated to the development and
commercialization of aesthetic products for consumer home use."
Commenting on Syneron's strategic initiatives and technology development plans in 2006, Dr. Shimon Eckhouse, Chairman of the Board, said, "Our increased R&D expenses are dedicated to four major product initiatives: dental lasers with expected submission for FDA clearance in second half of 2006; non-invasive fat reduction with expected submission for FDA clearance in the first half of 2007; a new product line for aestheticians planned for launch in April 2006 at the Cosmoprof show in Bologna, Italy; and products for home use using Syneron's proprietary elos technology. Development of the home use product line is one of the highest priorities in R&D at the moment. We recently completed the first series of clinical trials of our skin rejuvenation home product and were able to demonstrate its high degree of safety and efficacy in a home setting. We are well advanced in the development of other applications and products in the aesthetic home market." Dr. Eckhouse continued, "In addition to these internal development efforts we are focused on expanding our technology, products and market presence taking advantage of our strong balance sheet and market leadership position."
Given changing seasonality in the sector, Syneron will be issuing annual revenue guidance going forward, rather than quarterly guidance. For FY 2006, Syneron is announcing a guidance range for revenue of $113-120 million, a 29-37% increase over 2005 revenue, while maintaining the gross margin range of 85 to 87%. For the first quarter of 2006 the company expects revenue which will be roughly in the range of the revenue reported for the fourth quarter of 2005.
Conference call
Syneron Management will host a conference call to discuss the results at 8:30am ET today, February 13, 2006. Investors and other interested parties may access a live webcast through Syneron's web site at www.syneron.com. Please login at least 10 minutes prior to the conference call in order to download the applicable audio software. Following the conclusion of the call, a replay of the webcast will be available within 24 hours at the Company's web site.
About Syneron
Syneron Medical Ltd. (NasdaqNM:ELOS - News) develops, manufactures and distributes medical aesthetic devices that are powered by elos™, the combined-energy technology of bi-polar radio frequency and light. The company's innovative elos technology provides the foundation for highly effective, safe and cost-effective systems that enable physicians to provide advanced solutions for a broad range of medical-aesthetic applications including hair removal, wrinkle reduction, rejuvenating the skin's appearance through the treatment of superficial benign vascular and pigmented lesions, and the treatment of acne, leg veins and cellulite. Founded in 2000, the corporate, R&D, and manufacturing headquarters for Syneron Medical Ltd. is located in Israel. Syneron has offices and distributors throughout the world, including North American Headquarters in Canada, European Headquarters in Germany, and Asia-Pacific Headquarters in Hong Kong, which provide sales, service and support. Additional information can be found at www.syneron.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Specifically, statements concerning Syneron's financial expectations regarding financial results the 2006 fiscal year, as well as statements concerning new product introductions, FDA submissions, distribution plans, and maintaining Syneron's competitive advantage are forward-looking statements within the meaning of the safe harbor provisions of the Act. Estimates of quarterly and year-end financial results and other forward-looking statements are based on management's current, preliminary expectations and are subject to risks and uncertainties, which may cause Syneron's actual results to differ materially from the statements contained herein. Undue reliance should not be placed on forward-looking statements, especially guidance on future financial performance, which speaks only as of the date such statements are made. Syneron undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made, or to reflect the occurrence of unanticipated events.
For more information, please contact Judith Kleinman, VP Investor Relations, tel: +972 4909 6282, email: ir@syneron.com.
Syneron, the Syneron logo and elos are trademarks of Syneron Medical Ltd. and may be registered in certain jurisdictions. Elos (Electro-Optical Synergy) is a proprietary technology of Syneron Medical. All other names are the property of their respective owners.
SYNERON MEDICAL LTD.
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands except per share data
Three month ended Year ended
December 31, December 31,
2005 2004 2005 2004
---------- ---------- ---------- ----------
Revenues 23,735 17,513 87,406 57,918
Cost of revenues 3,098 2,350 11,428 6,914
---------- ---------- ---------- ----------
Gross profit 20,637 15,163 75,978 51,004
---------- ---------- ---------- ----------
Operating expenses
Research and development 1,333 1,119 5,030 3,078
Selling and marketing 6,733 5,568 25,188 19,625
General and administrative 1,184 1,234 3,534 2,725
Other expenses - - 3,494 -
---------- ---------- ---------- ----------
Total operating expenses 9,250 7,921 37,246 25,428
---------- ---------- ---------- ----------
Operating income 11,387 7,242 38,732 25,576
Financial income, net 1,056 1,230 3,081 2,384
---------- ---------- ---------- ----------
Income before taxes on
income 12,443 8,472 41,813 27,960
Taxes on income 400 280 750 620
---------- ---------- ---------- ----------
Net income 12,043 8,192 41,063 27,340
========== ========== ========== ==========
Basic net earnings per share 0.46 0.37 1.65 1.45
========== ========== ========== ==========
Diluted net earnings per
share 0.43 0.30 1.48 1.14
========== ========== ========== ==========
Normalized net income * 12,043 8,192 44,557 27,340
Normalized basic net
earnings per share 0.46 0.37 1.79 1.45
Normalized diluted net
earnings per share 043 0.30 1.61 1.14
Weighted average number of
shares used in per share
calculations (in thousands):
Basic 26,162 22,001 24,888 18,917
========== ========== ========== ==========
Diluted 27,742 27,207 27,664 24,083
========== ========== ========== ==========
* Reporting net income 12,043 8,192 41,063 27,340
Litigation settlement fee - - 2,679 -
Follow on secondary expenses - - 815 -
---------- ---------- ---------- ----------
Normalized net income 12,043 8,192 44,557 27,340
========== ========== ========== ==========
SYNERON MEDICAL LTD.
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
December 31 December 31
2005 2004
---------- ----------
CURRENT ASSETS
Cash and cash equivalents $ 16,570 $ 12,468
Short-term deposits - 57,893
Marketable securities 116,489 23,071
Trade receivables 19,776 8,628
Other accounts receivables and prepaid expenses 9,293 1,532
Inventories 3,434 3,134
---------- ----------
Total current assets 165,562 106,726
---------- ----------
LONG-TERM ASSETS
Severance pay fund 249 196
Long-term deposits and others 1,103 28
Long-term trade receivables 1,003 754
Property and equipment, net 1,189 842
---------- ----------
Total long-term assets 3,544 1,820
---------- ----------
OTHER ASSET 1,175 1,000
---------- ----------
Total assets 170,281 109,546
========== ==========
CURRENT LIABILITIES
Trade payables 2,112 1,520
Other current liabilities 18,960 10,135
---------- ----------
Total current liabilities 21,072 11,655
---------- ----------
LONG-TERM LIABILITIES
Deferred revenues 3,763 3,276
Accrued severance pay 282 214
---------- ----------
Total long-term liabilities 4,045 3,490
---------- ----------
SHAREHOLDERS' EQUITY 145,164 94,401
---------- ----------
Total liabilities and shareholders' equity $ 170,281 $ 109,546
========== ==========
SYNERON MEDICAL LTD.
CONSOLIDATED STATEMENT OF CASH FLOWS
U.S. dollars in thousands
Three month ended Year ended
December 31 December 31
2005 2004 2005 2004
---------- ---------- ---------- ----------
CASH FLOWS FROM OPERATING
ACTIVITIES
Net income $ 12,043 $ 8,192 $ 41,063 $ 27,340
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and
amortization 152 53 569 143
Accrued severance pay, net 13 (6) 15 3
Increase in short-term and
long-term trade receivables (4,534) (93) (11,397) (4,049)
Increase in other accounts
receivables and prepaid
expenses (7,193) (518) (7,761) (575)
Decrease (increase) in
inventories 253 (615) (300) (1,647)
Increase (decrease) in
trade payables 458 (567) 592 (688)
Increase in other current
liabilities 7,118 (249) 7,572 389
Decrease in long-term
litigation settlement fee - - - (900)
Gain on available for sale
securities (2,195) (388) (988) (396)
Stock-based compensation 37 39 148 148
Increase (decrease) in
deferred revenues (87) 1,763 1,820 2,843
Loss on sales of property
and equipment - 1 12 3
---------- ---------- ---------- ----------
Net cash provided by
operating activities 6,065 7,612 31,345 22,614
---------- ---------- ---------- ----------
CASH FLOWS FROM
INVESTMENTING ACTIVITIES
Investment in short-term
deposits, net 8,768 (980) 56,893 (56,873)
Purchase of
available-for-sale
securities (23,713) (3,297) (98,880) (17,759)
Proceeds from sale of
available-for-sale
securities 886 4,189 4,256 6,116
Investment in long-term
Loans and others (58) (3) (2,075) (13)
Proceeds from long-term
Deposits and others 3,500 - 2,000 -
Purchase of property and
equipment (90) (202) (645) (484)
Purchase of other assets - (1,000) (466) (1,000)
Proceeds from sale of
property and equipment - - 8 -
---------- ---------- ---------- ----------
Net cash used in investing
activities (10,707) (1,293) (38,909) (70,013)
---------- ---------- ---------- ----------
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds from issuance of
ordinary and preferred
shares, net - - - 53,851
Exercise of options 8,686 98 11,666 98
Repurchase of preferred A
shares from shareholders - - - (235)
---------- ---------- ---------- ----------
Net cash provided by
financing activities 8,686 98 11,666 53,714
---------- ---------- ---------- ----------
Increase in cash and cash
equivalents 4,044 6,417 4,102 6,315
Cash and cash equivalents at
the beginning of the period 12,526 6,051 12,468 6,153
---------- ---------- ---------- ----------
Cash and cash equivalents at
the end of the period $ 16,570 $ 12,468 $ 16,570 $ 12,468
========== ========== ========== ==========
Contact:
For more information, please contact:
Judith Kleinman
VP Investor Relations
tel: +972 4909 6282
email: Email Contact
--------------------------------------------------------------------------------
Source: Syneron Medical Ltd.
http://biz.yahoo.com/iw/060213/0109561.html
ELOS - Punched out @ $27.80 sold a little yesterday @ $28.20 Not willing to hold through earnings. Downside seems much greater than any upside. Will be watching though Mon morning for a possible trade.
We all assumed that was you. LOL
Congrats, I think this news will have follow through even in this market. Looks like it could hit close to $4.
Cool, thanks. eom.
GTE - Can anyone provide a link to the article? Numerous Yahoo posters are saying the article is a fake plant and so far no one has been able to post a link to prove them wrong.
Buzz, any thoughts on TKR? It seems to be consolidating nicely here. I'm waiting to see what it does tomorrow. I'm guessing Friday will be an overall down day with people taking profits before the weekend.
Ya, I'm waiting to see if the 52 week low of $25.30 holds.
SFNT - Added a little @ $25.98 Still have potentially 2 more buys planned.
TKR - Starter @ $28.77
SFNT - Starter @ $26.48
AFFX Finally covered my short @ $35.94 That fat pig was wearing anti-gravity boots for awhile.
UARM Earned .36 for 2005 as expected but provided guidance of .43 to .45 for 2006. Analysts expected .51
Cramer had been pumping it hard. Current P/E of 100. Can you say Timberrrrrrrrrrrrrrrrrrrrrrrr!
NAT beat by .20 $1.51 vs $1.31 expected...
Nordic American Tanker Shipping Ltd. (NAT) -- Announces Dividend and Earnings in Respect of the 4th Quarter 2005
Tuesday February 7, 6:26 am ET
HAMILTON, Bermuda, Feb. 7, 2006 (PRIMEZONE) -- Nordic American Tanker Shipping Limited (NYSE:NAT - News) (the ``Company'') today announced its results for the 4th quarter of 2005. The tanker market was significantly stronger in the 4th quarter of 2005 than in the preceding quarter, producing solid earnings per share and giving room for the highest quarterly dividend payment per share since the Company's inception. The Company has now declared a dividend over the past 33 consecutive quarters since the autumn of 1997. A solid tanker market has continued into 2006.
Highlights:
-- The Board of Directors has declared a dividend of $1.88
per share for the 4th quarter of 2005
-- 4th quarter 2005 net income was $1.51 per share.
-- The Company's earnings from vessels in the spot market during
the 4th quarter 2005 were much higher than in the 3rd quarter
2005 reflecting the strengthened conditions across all tanker
market segments. The Imarex Index for Suezmax vessels in 4th
quarter 2005 was $64,002 per day compared to $24,677 per day
in the 3rd quarter 2005.
-- The Company's 8th vessel, the Nordic Saturn, joined the fleet
on November 7th, producing revenues in 53 days of the
4th quarter.
-- No vessels were in drydock during the 4th quarter.
Full Story...
http://biz.yahoo.com/pz/060207/93592.html
Warning : Do NOT trade AL based on Reuters report...
Reuters...
Alcan loss deepens after mill closures
Tue Feb 7, 2006 6:16 AM ET
MONTREAL, Feb 7 (Reuters) - Alcan Inc. (AL.TO: Quote, Profile, Research) (AL.N: Quote, Profile, Research) said on Tuesday quarterly losses deepened after it closed certain mills and took write-downs at its aluminum and packaging businesses.
Alcan, the world's second-largest maker of primary aluminum, said it lost $361 million, or 98 cents a share, in the fourth quarter. That compared with a loss of $346 million, or 94 cents a share, in the year-earlier period, when it took charges to earnings for cutting the market value of European aluminum-making assets.
FACT BOX
AL.TO (Alcan Inc)
Last: $57.20
Change: +2.10
Up/Down: +3.81%
© Reuters 2006. All Rights Reserved.
http://yahoo.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?storyID=urn:newsml:reuters.com:20060207...
PR Newswire...
Press Release Source: ALCAN INC.
Alcan reports fourth quarter results
Tuesday February 7, 6:05 am ET
Robust market fundamentals underpin strong performance, record cash flow
FINANCIAL HIGHLIGHTS
--------------------
- Loss from continuing operations of $0.91 per common share after
previously announced charges for restructuring, closures and
impairments, compared to a loss of $0.95 a year earlier and income of
$0.19 in the third quarter;
- Operating earnings for the fourth quarter of $0.54 per common share
compared to $0.30 a year earlier and $0.53 in the third quarter;
- Record cash from operating activities in continuing operations of
$792 million for the fourth quarter compared to $346 million a year
earlier and $697 million in the third quarter;
- Pechiney synergy program reaches completion with run rate of
$400 million.
MONTREAL, Feb. 7 /PRNewswire-FirstCall/ - Alcan Inc. (NYSE, TSX: AL - News News) today reported operating earnings from continuing operations of $0.54 per common share in the fourth quarter compared to $0.30 a year ago and $0.53 in the third quarter of 2005.(x)
Commenting on the results for the fourth quarter, Travis Engen, President and CEO said that "the sharp year-over-year improvement in operating earnings reflects strong market fundamentals and solid performances across all businesses." For the year as a whole, he noted that "we made good progress offsetting significant pressures from currency movements and input costs. After adjusting prior year results for the effects of the spin-off, our operating earnings increased by about 40 per cent year over year; an excellent performance in a challenging environment."
"Over the last two years, currencies and rising input costs have pushed the industry smelter cost curve substantially higher. Alcan's relative position on that curve, however, has strengthened even further; bringing to the forefront the Company's unique competitive advantage of low-cost, wholly- owned power generation. With the benefit of the strongest aluminum market in nearly 20 years and with the value of the Pechiney acquisition clearly affirmed, we are well placed to take full advantage of prevailing market conditions and take significant steps toward achieving our corporate and business group targets" he concluded.
http://biz.yahoo.com/prnews/060207/mo271.html?.v=6
Home Builders might take it on the chin today...
Toll Brothers Reports Preliminary 1st Qtr FY 2006 Totals For Home Building Revenues, Backlog and Contracts
Tuesday February 7, 5:00 am ET
HORSHAM, Pa., Feb. 7, 2006 (PRIMEZONE) -- Toll Brothers, Inc. (NYSE:TOL - News) (http://www.tollbrothers.com), the nation's leading builder of luxury homes, today reported that, for its first quarter ended January 31, 2006, home building revenues rose 35% to approximately $1.33 billion; first quarter-end backlog rose 22% to approximately $5.95 billion; and signed contracts of approximately $1.14 billion declined 21% compared to FY 2005's record first quarter results. The revenue and backlog totals were first quarter records, while contracts were the second highest first quarter total in the Company's history.
Full Story...
http://biz.yahoo.com/pz/060207/93581.html
DJ Toll Brothers Cuts FY Delivery Views To 9,200-9,900 Homes
DJ Toll Brothers Prior FY Delivery View 9,500-10,200 Homes
I've been watching CHCI. It's already oversold. If it gets whacked down hard today in sympathy with TOL it might be good for a small bounce play.
Just sold half NTWK @ $2.20 eom.
Sold 1/2 MHJ $7.30 Weeeeeeee.
MHJ - Imbalance - Good Sign IMHO.
MHJ...Nice Finish. Let's hope this puts it on some radar screens and we get some nice follow through next week.
Have a Good Weekend Everyone.
Wouldn't short it here. If it stays up it might get on some radar screens. It's run to $10 in the past. Low float. $5 has been pretty solid support for awhile. If it goes back under $5.50 I'll probably add a little. Above $8 would probably be a good short. IMHO.
Could be. Seems all the China/ Asia stocks are heating up. Plus they have a history of running in the spring; and how many stocks are there with positive earnings, no debt, that trade below cash value.
MHJ starting to run. Up .60 while I was posting. LOL.