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CONX ..Annual Report (10-k)
http://ih.advfn.com/p.php?pid=nmona&article=59415861&xref=newsalert
CONX..Corgenix Reports Fiscal 2013 Financial Results
Print
Alert
Corgenix Medical Corp. (QB) (USOTC:CONX)
Intraday Stock Chart
Today : Monday 30 September 2013
Click Here for more Corgenix Medical Corp. (QB) Charts.
Company announces record revenues and net income for the year
Corgenix Medical Corporation (OTCBB: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its fiscal year Form 10-K and reported financial results. The report disclosed that the Company’s operating results have continued to advance for the fiscal year ended June 30, 2013. Some of the key results in the report are as follows:
Total revenues for the year were $10,187,805, a record for the Company, and 9.7% over the prior year.
Operating income was $296,385 for the year, a $782,593 improvement over the prior year.
EBITDA amounted to $700,651 for the current year, versus a negative $87,690 for the prior year.
“We are very pleased with the record results we reported this morning, which included strong revenue, EBITDA and earnings growth from the continuing strong demand for our services and products worldwide,” Douglass Simpson, Corgenix’ President and Chief Executive Officer, commented. “Our Contract Manufacturing sector in particular continues to contribute greatly to this growth, plus we are also seeing increased demand for our unique diagnostic products.”
Mr. Simpson went on to say, “We fully expect this new fiscal year will demonstrate further expansion of our business worldwide, including our efforts in Contract Services and Companion Diagnostics. In terms of global distribution, we established a foothold in China in fiscal 2013, and are now well positioned to expand our presence in this important market, not only with the expected growth of AspirinWorks®, but with our other proprietary products and technologies as well.”
Corgenix management expects fiscal 2014 to be even stronger than the past year, with meaningful improvements in total revenues, net income and EBITDA.
Fiscal 2013 Conference Call Details
Corgenix invites all those interested in hearing management’s discussion of fiscal year results to join a shareholders conference call today, Monday, September 30, 2013, at 4 p.m. EDT (2 p.m. MDT). Interested parties can join the call by dialing (866) 952-1906. International participants may access the call by dialing +1 785 424 1825. The conference code is “CORGENIX.” A replay will be available for 30 days following the call by dialing (800) 283-4593 for U.S. participants and +1 402 220 0872 for international participants.
About Corgenix Medical Corporation
Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders, including the world’s only non-blood-based test for aspirin effect. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network and has significant experience in product submissions to the FDA and other worldwide regulatory authorities. Additionally Corgenix contract develops and manufactures products for key medical and life science companies in state-of-the-art facilities in Colorado. The company operates under a Quality Management System that is ISO 13485:2012 certified and compliant with FDA regulations. More information is available at www.corgenix.com (Corporate website) and www.corgenix.net (Contract Services website).
Statements in this press release that are not strictly historical facts are “forward-looking” statements (identified by the words “believe”, “estimate”, “project”, “expect” or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which are inherently uncertain, are based on management’s current expectations and are subject to various factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company’s periodic reports filed with the Securities and Exchange Commission, and in the Company’s subsequent filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the Company does not undertake any obligation or intend to publicly update or revise any forward-looking statements.
SUMMARY OF FINANCIAL HIGHLIGHTS
CORGENIX MEDICAL CORPORATION AND SUBSIDIARIES
OPERATIONAL DATA
Fiscal Year Ended Fiscal Year Ended
June 30, 2013 June 30, 2012
Total revenues
$10,187,805
$9,289,358
Gross profit $4,563,533 $3,934,363
Total operating expenses $4,267,148 $4,420,571
Operating income (loss) 296,385 ($486,208)
Net income (loss) 275,462 ($603,702)
EBITDA $700,651 ($87,690)
Basic earnings (loss) per share $0.01 ($0.01)
Diluted earnings (loss) per share $0.01 ($0.01)
Weighted average shares outstanding-Basic
49,145,446
44,864,021
Weighted average shares outstanding-Diluted
51,233,360
44,864,021
SUMMARY BALANCE SHEET DATA
(in thousands)
June 30, 2013 June 30, 2012
Cash $ 1,957 $ 1,249
Working capital 4,554 3,645
Total assets 6,733 6,263
Long-term debt 346 472
Total stockholders’ equity 5,421 4,626
Corgenix Medical Corp.
Company Contact:
William Critchfield, 303-453-8903
Senior VP of Operations and Finance and CFO
wcritchfield@corgenix.com
or
Media Contact:
Armada Medical Marketing
Dan Snyders, 303-623-1190 x 230
Vice President, Public Relations Supervisor
dan@armadamedical.com
Corgenix Reports Fiscal 2013 Financial Results
Print
Alert
Corgenix Medical Corp. (QB) (USOTC:CONX)
Intraday Stock Chart
Today : Monday 30 September 2013
Click Here for more Corgenix Medical Corp. (QB) Charts.
Company announces record revenues and net income for the year
Corgenix Medical Corporation (OTCBB: CONX), a worldwide developer and marketer of diagnostic test kits, today filed its fiscal year Form 10-K and reported financial results. The report disclosed that the Company’s operating results have continued to advance for the fiscal year ended June 30, 2013. Some of the key results in the report are as follows:
Total revenues for the year were $10,187,805, a record for the Company, and 9.7% over the prior year.
Operating income was $296,385 for the year, a $782,593 improvement over the prior year.
EBITDA amounted to $700,651 for the current year, versus a negative $87,690 for the prior year.
“We are very pleased with the record results we reported this morning, which included strong revenue, EBITDA and earnings growth from the continuing strong demand for our services and products worldwide,” Douglass Simpson, Corgenix’ President and Chief Executive Officer, commented. “Our Contract Manufacturing sector in particular continues to contribute greatly to this growth, plus we are also seeing increased demand for our unique diagnostic products.”
Mr. Simpson went on to say, “We fully expect this new fiscal year will demonstrate further expansion of our business worldwide, including our efforts in Contract Services and Companion Diagnostics. In terms of global distribution, we established a foothold in China in fiscal 2013, and are now well positioned to expand our presence in this important market, not only with the expected growth of AspirinWorks®, but with our other proprietary products and technologies as well.”
Corgenix management expects fiscal 2014 to be even stronger than the past year, with meaningful improvements in total revenues, net income and EBITDA.
Fiscal 2013 Conference Call Details
Corgenix invites all those interested in hearing management’s discussion of fiscal year results to join a shareholders conference call today, Monday, September 30, 2013, at 4 p.m. EDT (2 p.m. MDT). Interested parties can join the call by dialing (866) 952-1906. International participants may access the call by dialing +1 785 424 1825. The conference code is “CORGENIX.” A replay will be available for 30 days following the call by dialing (800) 283-4593 for U.S. participants and +1 402 220 0872 for international participants.
About Corgenix Medical Corporation
Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders, including the world’s only non-blood-based test for aspirin effect. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network and has significant experience in product submissions to the FDA and other worldwide regulatory authorities. Additionally Corgenix contract develops and manufactures products for key medical and life science companies in state-of-the-art facilities in Colorado. The company operates under a Quality Management System that is ISO 13485:2012 certified and compliant with FDA regulations. More information is available at www.corgenix.com (Corporate website) and www.corgenix.net (Contract Services website).
Statements in this press release that are not strictly historical facts are “forward-looking” statements (identified by the words “believe”, “estimate”, “project”, “expect” or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements, which are inherently uncertain, are based on management’s current expectations and are subject to various factors, risks and uncertainties that may cause actual results, outcome of events, timing and performance to differ materially from those expressed or implied by such forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company’s periodic reports filed with the Securities and Exchange Commission, and in the Company’s subsequent filings with the Securities and Exchange Commission. The statements in this press release are made as of today, based upon information currently known to management, and the Company does not undertake any obligation or intend to publicly update or revise any forward-looking statements.
SUMMARY OF FINANCIAL HIGHLIGHTS
CORGENIX MEDICAL CORPORATION AND SUBSIDIARIES
OPERATIONAL DATA
Fiscal Year Ended Fiscal Year Ended
June 30, 2013 June 30, 2012
Total revenues
$10,187,805
$9,289,358
Gross profit $4,563,533 $3,934,363
Total operating expenses $4,267,148 $4,420,571
Operating income (loss) 296,385 ($486,208)
Net income (loss) 275,462 ($603,702)
EBITDA $700,651 ($87,690)
Basic earnings (loss) per share $0.01 ($0.01)
Diluted earnings (loss) per share $0.01 ($0.01)
Weighted average shares outstanding-Basic
49,145,446
44,864,021
Weighted average shares outstanding-Diluted
51,233,360
44,864,021
SUMMARY BALANCE SHEET DATA
(in thousands)
June 30, 2013 June 30, 2012
Cash $ 1,957 $ 1,249
Working capital 4,554 3,645
Total assets 6,733 6,263
Long-term debt 346 472
Total stockholders’ equity 5,421 4,626
Corgenix Medical Corp.
Company Contact:
William Critchfield, 303-453-8903
Senior VP of Operations and Finance and CFO
wcritchfield@corgenix.com
or
Media Contact:
Armada Medical Marketing
Dan Snyders, 303-623-1190 x 230
Vice President, Public Relations Supervisor
dan@armadamedical.com
BSTO News..Blue Star Opportunities Corp. (BSTO) Completes Major Inventory
Initiative
Ample Supplies of Maple, Oak, Hickory and Other Products at Best
Industry Prices Readily Available to Our Core Network of 100 Distributors
LAS VEGAS, NV, Sep 12, 2013 (eTeligis.com via COMTEX) Blue Star Opportunities
Corp. (The "Company") (OTC Pink: BSTO) announces today that a major inventory
initiative has been completed to help accelerate its current expansion into the
US flooring market. Large and diversified inventories have been secured with
strategic suppliers to insure product availability to sustain fashion push
through a core network of 100 distributors throughout the US and Canada.
Included are unique fashion lines include substantialamounts of maple, oak and
hickory in 3-1/4,4 and 4 inch in solid and 5 and 8 inch in engineered, all
available in European style multi tone colors. We ship in record time with
pricing intended to protect distributor's margins. Our continuing rise in orders
will not be slowed by production bottlenecks. These new stocks of finished
product insure maximum support to our long established distributor network.
It is noteworthy that this significant strengthening of our supply and
distribution chain has been achieved without any negative impact on the
financial position of the company. This has been done through strategic
commitment of keen suppliers and has required no issuance of debt, no dilution
of shares, not by the company nor by its controlling shareholder, neither of
which has any debts. In fact the Chairman, as sole controlling shareholder, is
considering a further reduction of his holding which would be achieved by
returning an amount of shares to the authorized in the five to ten percent
range.
The company continues to improve its unique proprietary production chain of LEED
standard flooring. Beyond a growing mass market, it serves an institutional
market that includes museums, churches and retail store chains. New construction
and renovations, whether by individuals, professionals, or larger commercial
construction companies, will likely look to a new LEED standard in flooring, a
standard in which we have been a leader for over a decade. Repeat orders from
the likes of the Boston Museum demonstrate our competitive advantage in matter
of quality and durability.
Our ongoing core business of supplying ecology-sensitive clients like fast
growing store chain Lululemon Athletica continues to thrive, and we have
garnered significant additional business through our success in these store-wide
deployments.
ABOUT BLUE STAR
Blue Star Opportunities Corp. is a supplier of environmentally friendly
components used in renovation and construction of family homes, commercial and
retail space, and multi-unit dwellings under its Duro Design brand. Products
include materials for housing parts that are traditionally made of wood offered
at direct factory prices. The company serves architects, designers and real
estate managers offering more than 30 lines of traditional oak, maple, hickory
and many other types of wood in all sizes including larger width and length
flooring. It is a leader in LEED certified cork and bamboo flooring offered in
hundreds of beautiful hand finished colors offered at factory prices. All of the
company diversified wood product lines are offered direct to consumers
inDuroDesign factory outlets strategically located in high traffic commercial
areas. The company also sells across North America through a network of
resellers and independent sales agents. We continue to open company owned
factory outlets throughout North America.
FORWARD-LOOKING STATEMENTS:
Except for historical information provided herein, this press release may
contain information and statements of a forward-looking nature concerning the
future performance of the Company. These statements are based on suppositions
and uncertainties as well as on management's best possible evaluation of future
events. Such factors may include, without excluding other considerations,
fluctuations in quarterly results, evolution in customer demand for the
Company's products and services, the impact of price pressures exerted by
competitors, and general market trends or economic changes. As a result, readers
are advised that actual results may differ from expected results.
Contact Information
Michael Berman
514 969 6419
SOURCE: Blue Star Opportunities Corp.
Associated
Documentation:http://www.eteligis.com/ViewSubmission.aspx?submissionRequest=22765
- Link to submission on http://www.eteligis.com
Copyright eTeligis Inc. 2013. All rights reserved.
-0-
BSTO News...Blue Star Opportunities Corp. (BSTO) Completes Major Inventory
Initiative
Ample Supplies of Maple, Oak, Hickory and Other Products at Best
Industry Prices Readily Available to Our Core Network of 100 Distributors
LAS VEGAS, NV, Sep 12, 2013 (eTeligis.com via COMTEX) Blue Star Opportunities
Corp. (The "Company") (OTC Pink: BSTO) announces today that a major inventory
initiative has been completed to help accelerate its current expansion into the
US flooring market. Large and diversified inventories have been secured with
strategic suppliers to insure product availability to sustain fashion push
through a core network of 100 distributors throughout the US and Canada.
Included are unique fashion lines include substantialamounts of maple, oak and
hickory in 3-1/4,4 and 4 inch in solid and 5 and 8 inch in engineered, all
available in European style multi tone colors. We ship in record time with
pricing intended to protect distributor's margins. Our continuing rise in orders
will not be slowed by production bottlenecks. These new stocks of finished
product insure maximum support to our long established distributor network.
It is noteworthy that this significant strengthening of our supply and
distribution chain has been achieved without any negative impact on the
financial position of the company. This has been done through strategic
commitment of keen suppliers and has required no issuance of debt, no dilution
of shares, not by the company nor by its controlling shareholder, neither of
which has any debts. In fact the Chairman, as sole controlling shareholder, is
considering a further reduction of his holding which would be achieved by
returning an amount of shares to the authorized in the five to ten percent
range.
The company continues to improve its unique proprietary production chain of LEED
standard flooring. Beyond a growing mass market, it serves an institutional
market that includes museums, churches and retail store chains. New construction
and renovations, whether by individuals, professionals, or larger commercial
construction companies, will likely look to a new LEED standard in flooring, a
standard in which we have been a leader for over a decade. Repeat orders from
the likes of the Boston Museum demonstrate our competitive advantage in matter
of quality and durability.
Our ongoing core business of supplying ecology-sensitive clients like fast
growing store chain Lululemon Athletica continues to thrive, and we have
garnered significant additional business through our success in these store-wide
deployments.
ABOUT BLUE STAR
Blue Star Opportunities Corp. is a supplier of environmentally friendly
components used in renovation and construction of family homes, commercial and
retail space, and multi-unit dwellings under its Duro Design brand. Products
include materials for housing parts that are traditionally made of wood offered
at direct factory prices. The company serves architects, designers and real
estate managers offering more than 30 lines of traditional oak, maple, hickory
and many other types of wood in all sizes including larger width and length
flooring. It is a leader in LEED certified cork and bamboo flooring offered in
hundreds of beautiful hand finished colors offered at factory prices. All of the
company diversified wood product lines are offered direct to consumers
inDuroDesign factory outlets strategically located in high traffic commercial
areas. The company also sells across North America through a network of
resellers and independent sales agents. We continue to open company owned
factory outlets throughout North America.
FORWARD-LOOKING STATEMENTS:
Except for historical information provided herein, this press release may
contain information and statements of a forward-looking nature concerning the
future performance of the Company. These statements are based on suppositions
and uncertainties as well as on management's best possible evaluation of future
events. Such factors may include, without excluding other considerations,
fluctuations in quarterly results, evolution in customer demand for the
Company's products and services, the impact of price pressures exerted by
competitors, and general market trends or economic changes. As a result, readers
are advised that actual results may differ from expected results.
Contact Information
Michael Berman
514 969 6419
SOURCE: Blue Star Opportunities Corp.
Associated
Documentation:http://www.eteligis.com/ViewSubmission.aspx?submissionRequest=22765
- Link to submission on http://www.eteligis.com
Copyright eTeligis Inc. 2013. All rights reserved.
-0-
Bond Labs to Simplify Capital Structure
All outstanding preferred stock
redeemed or converted into common stock
OMAHA, Neb., Sep 10, 2013 (BUSINESS WIRE) -- Bond Laboratories, Inc.
(OTCBB:BNLB) ("Bond Labs"),
an international provider of innovative and proprietary nutritional supplements
for health conscious consumers, today announced a recapitalization designed to
simplify its capital structure and significantly reduce its cost of capital.
The transactions described below, will eliminate approximately $3.3 million of
liquidation preference from existing preferred stock and will lower the
Company's total borrowing costs by almost $200,000
per year. Assuming a thirty-five percent corporate tax rate, net borrowing costs
will decline more than threefold from approximately 8.0% to 2.3%.
Critical elements of the transaction include the following:
-- Convert half of the issued and outstanding shares of the
Company's Series C Convertible Preferred Stock and
accrued dividends at $0.25 per share;
-- Redeem half of the issued and outstanding shares of the
Company's Series C Convertible Preferred Stock at par
plus accrued dividends;
-- Redeem issued and outstanding shares of the
Company's 10% Cumulative Perpetual Series B Preferred
Stock at par plus accrued dividends;
-- In connection with the Series C Conversion at $0.25 per share, the Company
has agreed to exchange/cancel 2,500,000 warrants for 625,000 common shares,
thereby reducing the Company's diluted share count by
1,875,000 shares;
-- Complete a reverse stock split at a ratio of 10 for 1, as approved by
shareholders at the recent annual meeting; and
-- Change the corporate name to FitLife Brands, Inc.
Upon the closing of the transactions outlined above, the Company will have
approximately 8.1 million shares of common stock outstanding and 8.6 million
shares of common stock outstanding on a fully-diluted basis and no preferred
shares.
In connection with the recapitalization, the Company secured a $2.6 million term
loan from its existing bank. The new term loan bears interest at a rate of 3.6%
per annum, has no prepayment penalty and amortizes evenly over 5 years. The
Company's existing credit facility shall remain in
place. The recapitalization and name change are expected to close on or before
September 30, subject to final documentation and regulatory approvals.
John Wilson, Chief Executive Officer of Bond Laboratories, Inc., stated,
"We believe the recapitalization will be immediately
accretive to our common shareholders through the simplification of our capital
structure and significantly reduced capital costs. Our name change to FitLife
Brands comes at an exciting time for the company, as the anticipated growth in
our business combined with the recapitalization helps position the company to
deliver record results in 2013."
About Bond Labs Bond Laboratories is a manufacturer of innovative and
proprietary nutritional supplements for health conscious consumers. The Company
produces and markets products through its NDS Nutrition division.
NDS' products number over 60 brands of energy,
sports, and dietary supplements. These products are sold directly through
specialty health and nutrition retailers, and are included among the top-selling
products at GNC(R) franchises. Bond Labs is headquartered in
Omaha, Nebraska. For more information, please visit http://www.bond-labs.com.
Safe Harbor Statements about the Company's future
expectations 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 Securities Litigation Reform Act of 1995.
The Company intends that such forward-looking statements be subject to the safe
harbors created thereby. The above information contains information relating to
the Company that is based on the beliefs of the Company and/or its management as
well as assumptions made by and information currently available to the Company
or its management. The company does not undertake any responsibility to update
the forward-looking statements contained in this release.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130910006548r1&sid=cmtx6&distro=nx
SOURCE: Bond Laboratories, Inc.
CONTACT:
For Bond Laboratories:
Surety Financial Group, LLC
Bruce Weinstein, 410-833-0078
Copyright Business Wire 2013
-0-
KEYWORD: United States
North America
California
Nebraska
INDUSTRY KEYWORD: Other Sports
Health
Fitness & Nutrition
Manufacturing
Other Manufacturing
Retail
Food/Beverage
Other Science
Specialty
Other Retail
Sports
Science
SUBJECT CODE: Dividend
Earnings
Product/Service
Stock Sale/Buyback
Stock Split
CONX...Corgenix Medical Corporation Announces New AtherOx(R) (Oxidized LDL
Technology) License and Cooperation Agreement
Previously disclosed arbitration
demand rescinded
DENVER, Sep 10, 2013 (BUSINESS WIRE) -- Corgenix Medical Corporation (OTCQB:
CONX.OB), a worldwide developer and marketer of diagnostic test kits, today
announced signing of a new AtherOx(R) License and Cooperation
Agreement with Eiji Matsuura, Ph.D., an individual of Okayama, Japan.
Concurrently with the execution of the new agreement, Dr. Matsuura terminated
his arbitration demand of June 28, 2013 related to the April 14, 2010 Amended
and Restated License Agreement between the parties.
The New Agreement grants a worldwide license to Corgenix, to utilize the
AtherOx(R) technology to exclusively develop and manufacture, and
co-exclusively sell diagnostic products during the term of the Agreement, which
expires in 2022. In Japan, Corgenix will have the exclusive rights to utilize
the AtherOx(R) technology to develop, manufacture and use, but
not to sell the related AtherOx(R) products other than at the
direction of Dr. Matsuura. Pursuant to the new Agreement, Corgenix will have to
achieve certain specified milestones at each of the three anniversaries after
the effective date (September 3, 2013).
Previous clinical data presented at several scientific and medical meetings
demonstrated a significant correlation between serum levels of the patented
AtherOx(R) bio-markers and cardiovascular disease. Luis Lopez,
MD, Corgenix' Medical Director, said
"Interestingly, data from the studies suggests that
AtherOx alone or when combined with anti-phospholipid antibodies predict an
increased risk for vascular complications in coronary artery disease patients.
In addition, the findings indicate important relationships between
AtherOx(R) and the severity of cardiovascular
disease."
Commenting on today's announcement, Douglass Simpson,
President and CEO of Corgenix, stated, "We are
extremely excited to renew and expand our relationship with Dr. Matsuura and
retain the rights to the AtherOx(R) technology. We believe this
unique science targets a significant worldwide clinical need, and we look
forward to seeing additional data over the next few years, leading to the
opportunity to bring these products to the market. As new clinical findings
continue to validate the utility of AtherOx(R), we anticipate
that this technology has the potential to become an important addition to
medical care worldwide."
About AtherOx(R)
Corgenix originally licensed the proprietary AtherOx(R)
technology in 2002 from Dr. Matsuura. During the ensuing years, Corgenix has
incorporated this technology into products, conducting multiple studies that
further validate the impressive preclinical data generated by Professor
Matsuura. The AtherOx(R) technology utilizes oxidized
low-density-lipoprotein (oxLDL) complexed with the plasma protein B2GPI (Ox
LDL/B2GPI). Although oxLDL has been implicated in atherosclerotic cardiovascular
disease, clinical data suggests that the determination of AtherOx, rather than
oxLDL alone, is more predictive of the risk of progressive atherosclerotic
cardiovascular disease. Four U.S. patents have been issued and several others
are pending.
Products using the AtherOx(R) technology have not been cleared by
the U.S. Food and Drug Administration for in vitro diagnostic use in the United
States. In all countries where the use of this product has not been cleared by
local regulating agencies, products using this technology shall not be used for
diagnostic use as the performance characteristics have not been established.
About Corgenix Medical Corporation
Corgenix is a leader in the development and manufacturing of specialized
diagnostic kits for immunology disorders, vascular diseases and bone and joint
disorders, including the world's only non-blood-based
test for aspirin effect. Corgenix diagnostic products are commercialized for use
in clinical laboratories throughout the world. The company currently sells over
50 diagnostic products through a global distribution network and has significant
experience in product submissions to the FDA and other worldwide regulatory
authorities. Additionally, Corgenix contract develops and manufactures products
for key medical and life science companies in state-of-the-art facilities in
Colorado. The company operates under a Quality Management System that is ISO
13485:2012 certified and compliant with FDA regulations. More information is
available at www.corgenix.com.
Statements in this press release that are not strictly historical facts are
"forward-looking"
statements (identified by the words
"believe",
"estimate",
"project",
"expect" or similar
expressions) within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements, which are inherently uncertain, are based on
management's current expectations and are subject to
various factors, risks and uncertainties that may cause actual results, outcome
of events, timing and performance to differ materially from those expressed or
implied by such forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to, continued
acceptance of the Company's products and services in
the marketplace, competitive factors, changes in the regulatory environment, and
other risks detailed in the Company's periodic
reports filed with the Securities and Exchange Commission, and in the
Company's subsequent filings with the Securities and
Exchange Commission. The statements in this press release are made as of today,
based upon information currently known to management, and the Company does not
undertake any obligation or intend to publicly update or revise any
forward-looking statements.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130910005383r1&sid=cmtx6&distro=nx
SOURCE: Corgenix Medical Corp.
CONTACT:
Corgenix Medical Corp.
Company Contact:
William Critchfield, 303-453-8903
Senior VP and CFO
WCritchfield@corgenix.com
or
Media Contact:
Armada Medical Marketing
Dan Snyders, 303-623-1190 x 230
Vice President and Public Relations Supervisor
dan@armadamedical.com
Copyright Business Wire 2013
-0-
KEYWORD: United States
Japan
Asia Pacific
North America
Colorado
INDUSTRY KEYWORD: Health
Biotechnology
Cardiology
Clinical Trials
Genetics
Medical Devices
SUBJECT CODE: Contract/Agreement
CONX...Corgenix Medical Corporation Announces New AtherOx(R) (Oxidized LDL
Technology) License and Cooperation Agreement
Previously disclosed arbitration
demand rescinded
DENVER, Sep 10, 2013 (BUSINESS WIRE) -- Corgenix Medical Corporation (OTCQB:
CONX.OB), a worldwide developer and marketer of diagnostic test kits, today
announced signing of a new AtherOx(R) License and Cooperation
Agreement with Eiji Matsuura, Ph.D., an individual of Okayama, Japan.
Concurrently with the execution of the new agreement, Dr. Matsuura terminated
his arbitration demand of June 28, 2013 related to the April 14, 2010 Amended
and Restated License Agreement between the parties.
The New Agreement grants a worldwide license to Corgenix, to utilize the
AtherOx(R) technology to exclusively develop and manufacture, and
co-exclusively sell diagnostic products during the term of the Agreement, which
expires in 2022. In Japan, Corgenix will have the exclusive rights to utilize
the AtherOx(R) technology to develop, manufacture and use, but
not to sell the related AtherOx(R) products other than at the
direction of Dr. Matsuura. Pursuant to the new Agreement, Corgenix will have to
achieve certain specified milestones at each of the three anniversaries after
the effective date (September 3, 2013).
Previous clinical data presented at several scientific and medical meetings
demonstrated a significant correlation between serum levels of the patented
AtherOx(R) bio-markers and cardiovascular disease. Luis Lopez,
MD, Corgenix' Medical Director, said
"Interestingly, data from the studies suggests that
AtherOx alone or when combined with anti-phospholipid antibodies predict an
increased risk for vascular complications in coronary artery disease patients.
In addition, the findings indicate important relationships between
AtherOx(R) and the severity of cardiovascular
disease."
Commenting on today's announcement, Douglass Simpson,
President and CEO of Corgenix, stated, "We are
extremely excited to renew and expand our relationship with Dr. Matsuura and
retain the rights to the AtherOx(R) technology. We believe this
unique science targets a significant worldwide clinical need, and we look
forward to seeing additional data over the next few years, leading to the
opportunity to bring these products to the market. As new clinical findings
continue to validate the utility of AtherOx(R), we anticipate
that this technology has the potential to become an important addition to
medical care worldwide."
About AtherOx(R)
Corgenix originally licensed the proprietary AtherOx(R)
technology in 2002 from Dr. Matsuura. During the ensuing years, Corgenix has
incorporated this technology into products, conducting multiple studies that
further validate the impressive preclinical data generated by Professor
Matsuura. The AtherOx(R) technology utilizes oxidized
low-density-lipoprotein (oxLDL) complexed with the plasma protein B2GPI (Ox
LDL/B2GPI). Although oxLDL has been implicated in atherosclerotic cardiovascular
disease, clinical data suggests that the determination of AtherOx, rather than
oxLDL alone, is more predictive of the risk of progressive atherosclerotic
cardiovascular disease. Four U.S. patents have been issued and several others
are pending.
Products using the AtherOx(R) technology have not been cleared by
the U.S. Food and Drug Administration for in vitro diagnostic use in the United
States. In all countries where the use of this product has not been cleared by
local regulating agencies, products using this technology shall not be used for
diagnostic use as the performance characteristics have not been established.
About Corgenix Medical Corporation
Corgenix is a leader in the development and manufacturing of specialized
diagnostic kits for immunology disorders, vascular diseases and bone and joint
disorders, including the world's only non-blood-based
test for aspirin effect. Corgenix diagnostic products are commercialized for use
in clinical laboratories throughout the world. The company currently sells over
50 diagnostic products through a global distribution network and has significant
experience in product submissions to the FDA and other worldwide regulatory
authorities. Additionally, Corgenix contract develops and manufactures products
for key medical and life science companies in state-of-the-art facilities in
Colorado. The company operates under a Quality Management System that is ISO
13485:2012 certified and compliant with FDA regulations. More information is
available at www.corgenix.com.
Statements in this press release that are not strictly historical facts are
"forward-looking"
statements (identified by the words
"believe",
"estimate",
"project",
"expect" or similar
expressions) within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements, which are inherently uncertain, are based on
management's current expectations and are subject to
various factors, risks and uncertainties that may cause actual results, outcome
of events, timing and performance to differ materially from those expressed or
implied by such forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to, continued
acceptance of the Company's products and services in
the marketplace, competitive factors, changes in the regulatory environment, and
other risks detailed in the Company's periodic
reports filed with the Securities and Exchange Commission, and in the
Company's subsequent filings with the Securities and
Exchange Commission. The statements in this press release are made as of today,
based upon information currently known to management, and the Company does not
undertake any obligation or intend to publicly update or revise any
forward-looking statements.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130910005383r1&sid=cmtx6&distro=nx
SOURCE: Corgenix Medical Corp.
CONTACT:
Corgenix Medical Corp.
Company Contact:
William Critchfield, 303-453-8903
Senior VP and CFO
WCritchfield@corgenix.com
or
Media Contact:
Armada Medical Marketing
Dan Snyders, 303-623-1190 x 230
Vice President and Public Relations Supervisor
dan@armadamedical.com
Copyright Business Wire 2013
-0-
KEYWORD: United States
Japan
Asia Pacific
North America
Colorado
INDUSTRY KEYWORD: Health
Biotechnology
Cardiology
Clinical Trials
Genetics
Medical Devices
SUBJECT CODE: Contract/Agreement
MOBS..B-Scada's 3rd Quarter Revenue Increases by 89% Over 2012
CRYSTAL RIVER, FL, Sep 10, 2013 (Marketwired via COMTEX) -- B-Scada (OTCQB:
MOBS) has filed its 10Q for the 3rd quarter, posting an increase in revenues of
89% over the same three month period last year.
Revenue for the nine months ending July 31, 2013 increased by 62% to $1,055,013
compared to $659,022 for the same period in 2012, while net income increased
from $16,034 to $317,267.
"Demand for our consulting services, graphics design and custom development was
much higher than anticipated this year. Our retail product sales are increasing,
revenue from technology licensing is up. Overall we are having an exceptional
year. While demand for consulting services may cool for 2014, we are projecting
increases in technology licensing revenue. New relationships, partnerships and
agreements in the pipeline along with increased marketing efforts will
contribute to increased retail product sales. New products in development will
come online early in the New Year and will begin to contribute to revenue growth
towards the end of 2014. Our current projections show solid growth continuing
for the remainder of the year and well into 2014." - Ron DeSerranno, CEO
B-Scada specializes in the compelling visualization of real-time data. Our
visualization technology and SCADA products are deployed in manufacturing, power
& utilities, transportation, petrochemical, HVAC, and other fields of business
where real-time data visualization is critical. B-Scada's in-house expertise and
experience has provided us the opportunity to partner with companies from
various vertical markets, and assist them to develop custom solutions that meet
their specific needs. Our goal is to help our clients transfer their real-time
production and operational data into actionable information through
graphically-compelling, functional, and intuitive user interfaces.
Contact
B-Scada, Inc.
Kathleen O'Keefe
Investor Relations
kokeefe@b-scada.com
1255 N. Vantage Point Dr.
Suite A
Crystal River, FL 34429
http://www.scada.com
B-Scada's 3rd Quarter Revenue Increases by 89% Over 2012
CRYSTAL RIVER, FL, Sep 10, 2013 (Marketwired via COMTEX) -- B-Scada (OTCQB:
MOBS) has filed its 10Q for the 3rd quarter, posting an increase in revenues of
89% over the same three month period last year.
Revenue for the nine months ending July 31, 2013 increased by 62% to $1,055,013
compared to $659,022 for the same period in 2012, while net income increased
from $16,034 to $317,267.
"Demand for our consulting services, graphics design and custom development was
much higher than anticipated this year. Our retail product sales are increasing,
revenue from technology licensing is up. Overall we are having an exceptional
year. While demand for consulting services may cool for 2014, we are projecting
increases in technology licensing revenue. New relationships, partnerships and
agreements in the pipeline along with increased marketing efforts will
contribute to increased retail product sales. New products in development will
come online early in the New Year and will begin to contribute to revenue growth
towards the end of 2014. Our current projections show solid growth continuing
for the remainder of the year and well into 2014." - Ron DeSerranno, CEO
B-Scada specializes in the compelling visualization of real-time data. Our
visualization technology and SCADA products are deployed in manufacturing, power
& utilities, transportation, petrochemical, HVAC, and other fields of business
where real-time data visualization is critical. B-Scada's in-house expertise and
experience has provided us the opportunity to partner with companies from
various vertical markets, and assist them to develop custom solutions that meet
their specific needs. Our goal is to help our clients transfer their real-time
production and operational data into actionable information through
graphically-compelling, functional, and intuitive user interfaces.
Contact
B-Scada, Inc.
Kathleen O'Keefe
Investor Relations
kokeefe@b-scada.com
1255 N. Vantage Point Dr.
Suite A
Crystal River, FL 34429
http://www.scada.com
News...AmbiCom Targets The Wireless Medical Device Niche
Sep 05, 2013 (ACCESSWIRE via COMTEX) -- The U.S. medical device market alone
was worth an estimated $127.1 billion in 2013, with per capita spending of $399
on such devices, according to Espicom Business Intelligence. With companies like
Medtronic Inc. (NYSE: MDT) and Baxter International Inc. (NYSE: BAX)
outperforming the S&P 500 over the past 52-weeks, investors seem to believe that
this outperformance will continue for the foreseeable future as shares surge
higher.
But, investors that are looking for value rather than growth may want to take a
look at AmbiCom Holdings Inc. (OTCQB: ABHI) - a manufacturer of original
equipment manufacturer ("OEM") wireless modules for the global medical device
industry. Since 2007, the company has sold more than a million wireless modules
to companies ranging from Cardinal Health Inc. (NYSE: CAH) to Siemens AG (NYSE:
SI) for use in medical devices and other end markets.
In this article, we'll take a look at why the medical device industry represents
an attractive market and how AmbiCom Holdings is well positioned to deliver
strong value for shareholders.
High-Growth, Attractive End Market
The global medical device industry is projected to reach $302 billion in size by
2017, with a compounded annual growth rate ("CAGR") of 6.1% between 2011 and
2017, according to Research and Markets. The industry's growth is being driven
by a combination of new technologies - like surgical robots, nanotechnology, and
wireless technologies - amplified by the expansion of new hospitals and clinics
as a result of urbanization around the world.
Medical devices also tend to be high margin products for two reasons. First, the
products are regulated by the U.S. Food and Drug Administration ("FDA"), which
limits competition for several years when new devices hit the market. And
second, the products are less price sensitive given the fact that insurance
companies cover the costs. According to some sources, the margins on medical
devices are better than consumer electronics and even illicit drugs.
Figure 1 below compares Medtronic's and Johnson & Johnson's (NYSE: JNJ) gross
margins to non-medial device stocks like Apple Inc. (NASDAQ: AAPL) and General
Electric Inc. (NYSE: GE) - in that order. This data suggests that medical device
makers have realized significantly higher gross margins over a long period of
time relative to the general market. As a result, the stocks tend to have higher
price-earnings multiples and can more easily scale bottom-line results.
Figure 1 Image: http://www.tdmfinancial.com/emailassets/abhi/abhi_chart2.png
Realizing Stable, High-Margin Revenue
AmbiCom Holdings benefits from these trends as a provider of OEM wireless
modules to medical device markets. During the nine-month period ended April 30,
2013, the company's revenues rose 119%, from $1,065,801 to $2,331,492, with
gross margins of 54%. Net income came in at $387,540, or $0.022 per diluted
share, with 17,678,670 diluted shares outstanding, according to the company's
latest 10-Q filing with the SEC.
These revenues came from a combination of wireless device sales and
non-recurring engineering project fees, with increasing customer demand for its
newly introduced cards and other products. Since many of its products are
included in medical devices, and the FDA must approve any changes to these
devices, the company's revenues tend to be long-term and stable in nature
compared to the sale of OEM devices to other non-medical markets.
Recently, AmbiCom has announced a number of medical device contracts:
December 2012 - AmbiCom Holdings received an $180,000 order for their wireless
CompactFlash cards to be used in patient monitoring systems in Germany.
January 2013 - AmbiCom Holdings received a $200,000 order for wireless
communication devices for use in defibrillators.
March 2013 - AmbiCom Holdings received a $380,000 order for WL54-CF CompactFlash
devices for use in glucose meter products.
March 2013 - AmbiCom Holdings received an additional $1.2 million order from the
aforementioned glucose meter company.
Notably, two of the customers mentioned in the four contracts above are repeat
customers that have worked with the company for many years. In addition to
recurring revenue from per-device sales, the company benefits from repeat
customers due to its high quality of service and innovation that it offers
relative to its industry peers.
Learn more and sign up to follow AmbiCom Holdings Inc. here
http://www.tdmfinancial.com/emailassets/abhi/abhi_landing.php
Potential Investment Opportunity
AmbiCom Holdings could represent an attractive investment opportunity. With a
market capitalization of around $1 million, investors have the chance to acquire
a profitable and growing company at around 1x price-to-earnings and less than 1x
price-to-sales. Management's focus on expanding its footprint in the medical
device industry should help propel these results, while its existing revenues
should prove to be very stable.
In addition to medical device manufacturing, the company has expanded its focus
to developing its own proprietary ionic toothbrush that it plans to launch next
year. The Soladey Ionic Toothbrush J3X marks management's foray into developing
its own products targeting very large consumer end markets. For instance,
CompaniesAndMarkets expects the U.S. oral hygiene market to reach $6.2 billion
in size by 2017, with electric toothbrushes playing a big role.
In the end, AmbiCom Holdings represents a compelling opportunity for investors
to buy into a low-risk micro-cap stock that's well positioned in the medical
device space. With profitable operations, growing revenues, and high margins,
the company should see its earnings multiple and share price expand over time,
if the performance continues.
Learn more and sign up to follow AmbiCom Holdings Inc. here
http://www.tdmfinancial.com/emailassets/abhi/abhi_landing.php
About Emerging Growth LLC
EGC is a marketing and consulting firm that specializes in creating ongoing
communications strategies for public and private companies.
Disclosure
Except for the historical information presented herein, matters discussed in
this release contain forward-looking statements that are subject to certain
risks and uncertainties that could cause actual results to differ materially
from any future results, performance or achievements expressed or implied by
such statements. Emerging Growth LLC is not registered with any financial or
securities regulatory authority, and does not provide nor claims to provide
investment advice or recommendations to readers of this release. For making
specific investment decisions, readers should seek their own advice. For full
disclosure please visit: http://secfilings.com/Disclaimer.aspx
http://www.accesswire.com/img.ashx?id=407488
Copyright 2013 ACCESSWIRE
-0-
ABHI News...AmbiCom Targets The Wireless Medical Device Niche
Sep 05, 2013 (ACCESSWIRE via COMTEX) -- The U.S. medical device market alone
was worth an estimated $127.1 billion in 2013, with per capita spending of $399
on such devices, according to Espicom Business Intelligence. With companies like
Medtronic Inc. (NYSE: MDT) and Baxter International Inc. (NYSE: BAX)
outperforming the S&P 500 over the past 52-weeks, investors seem to believe that
this outperformance will continue for the foreseeable future as shares surge
higher.
But, investors that are looking for value rather than growth may want to take a
look at AmbiCom Holdings Inc. (OTCQB: ABHI) - a manufacturer of original
equipment manufacturer ("OEM") wireless modules for the global medical device
industry. Since 2007, the company has sold more than a million wireless modules
to companies ranging from Cardinal Health Inc. (NYSE: CAH) to Siemens AG (NYSE:
SI) for use in medical devices and other end markets.
In this article, we'll take a look at why the medical device industry represents
an attractive market and how AmbiCom Holdings is well positioned to deliver
strong value for shareholders.
High-Growth, Attractive End Market
The global medical device industry is projected to reach $302 billion in size by
2017, with a compounded annual growth rate ("CAGR") of 6.1% between 2011 and
2017, according to Research and Markets. The industry's growth is being driven
by a combination of new technologies - like surgical robots, nanotechnology, and
wireless technologies - amplified by the expansion of new hospitals and clinics
as a result of urbanization around the world.
Medical devices also tend to be high margin products for two reasons. First, the
products are regulated by the U.S. Food and Drug Administration ("FDA"), which
limits competition for several years when new devices hit the market. And
second, the products are less price sensitive given the fact that insurance
companies cover the costs. According to some sources, the margins on medical
devices are better than consumer electronics and even illicit drugs.
Figure 1 below compares Medtronic's and Johnson & Johnson's (NYSE: JNJ) gross
margins to non-medial device stocks like Apple Inc. (NASDAQ: AAPL) and General
Electric Inc. (NYSE: GE) - in that order. This data suggests that medical device
makers have realized significantly higher gross margins over a long period of
time relative to the general market. As a result, the stocks tend to have higher
price-earnings multiples and can more easily scale bottom-line results.
Figure 1 Image: http://www.tdmfinancial.com/emailassets/abhi/abhi_chart2.png
Realizing Stable, High-Margin Revenue
AmbiCom Holdings benefits from these trends as a provider of OEM wireless
modules to medical device markets. During the nine-month period ended April 30,
2013, the company's revenues rose 119%, from $1,065,801 to $2,331,492, with
gross margins of 54%. Net income came in at $387,540, or $0.022 per diluted
share, with 17,678,670 diluted shares outstanding, according to the company's
latest 10-Q filing with the SEC.
These revenues came from a combination of wireless device sales and
non-recurring engineering project fees, with increasing customer demand for its
newly introduced cards and other products. Since many of its products are
included in medical devices, and the FDA must approve any changes to these
devices, the company's revenues tend to be long-term and stable in nature
compared to the sale of OEM devices to other non-medical markets.
Recently, AmbiCom has announced a number of medical device contracts:
December 2012 - AmbiCom Holdings received an $180,000 order for their wireless
CompactFlash cards to be used in patient monitoring systems in Germany.
January 2013 - AmbiCom Holdings received a $200,000 order for wireless
communication devices for use in defibrillators.
March 2013 - AmbiCom Holdings received a $380,000 order for WL54-CF CompactFlash
devices for use in glucose meter products.
March 2013 - AmbiCom Holdings received an additional $1.2 million order from the
aforementioned glucose meter company.
Notably, two of the customers mentioned in the four contracts above are repeat
customers that have worked with the company for many years. In addition to
recurring revenue from per-device sales, the company benefits from repeat
customers due to its high quality of service and innovation that it offers
relative to its industry peers.
Learn more and sign up to follow AmbiCom Holdings Inc. here
http://www.tdmfinancial.com/emailassets/abhi/abhi_landing.php
Potential Investment Opportunity
AmbiCom Holdings could represent an attractive investment opportunity. With a
market capitalization of around $1 million, investors have the chance to acquire
a profitable and growing company at around 1x price-to-earnings and less than 1x
price-to-sales. Management's focus on expanding its footprint in the medical
device industry should help propel these results, while its existing revenues
should prove to be very stable.
In addition to medical device manufacturing, the company has expanded its focus
to developing its own proprietary ionic toothbrush that it plans to launch next
year. The Soladey Ionic Toothbrush J3X marks management's foray into developing
its own products targeting very large consumer end markets. For instance,
CompaniesAndMarkets expects the U.S. oral hygiene market to reach $6.2 billion
in size by 2017, with electric toothbrushes playing a big role.
In the end, AmbiCom Holdings represents a compelling opportunity for investors
to buy into a low-risk micro-cap stock that's well positioned in the medical
device space. With profitable operations, growing revenues, and high margins,
the company should see its earnings multiple and share price expand over time,
if the performance continues.
Learn more and sign up to follow AmbiCom Holdings Inc. here
http://www.tdmfinancial.com/emailassets/abhi/abhi_landing.php
About Emerging Growth LLC
EGC is a marketing and consulting firm that specializes in creating ongoing
communications strategies for public and private companies.
Disclosure
Except for the historical information presented herein, matters discussed in
this release contain forward-looking statements that are subject to certain
risks and uncertainties that could cause actual results to differ materially
from any future results, performance or achievements expressed or implied by
such statements. Emerging Growth LLC is not registered with any financial or
securities regulatory authority, and does not provide nor claims to provide
investment advice or recommendations to readers of this release. For making
specific investment decisions, readers should seek their own advice. For full
disclosure please visit: http://secfilings.com/Disclaimer.aspx
http://www.accesswire.com/img.ashx?id=407488
Copyright 2013 ACCESSWIRE
-0-
In-Touch Survey Systems Ltd. announces Q2 2013 financial results
OTTAWA, Aug. 29, 2013, 2013 (Canada NewsWire via COMTEX) -- In-Touch Survey
Systems Ltd. ("In-Touch") (TSXV: INX) today announced its operating and
financial results for the quarter ended June 30, 2013.
Revenue for the second quarter was $2,815,598, which was 5% lower than revenue
of $2,947,069 in the same quarter in 2012. The Company previously announced that
it had lost several major customers in 2012 that would negatively impact
revenues in 2013. The Company is pleased to report that the Company has
successfully replaced and exceeded the customers lost in 2012 and that Q3 2013
revenues are expected to exceed Q3 2012 revenues.
Net loss before taxes for the second quarter was $139,964 compared to net income
of $351,933 reported in the same quarter in 2012. Product Development and
Marketing spending was the main contributor to the loss but was an important
strategic investment decision for revenue and product line growth in 2013 and
2014. G&A expenses were also higher with additional expenses related to the
acquisition. While the management team is not happy with the net loss in Q2 the
Company is pleased to report that it expects to return to profitability in Q3
2013.
Gross Margin increased to 53.6% in the second quarter compared to 49.6% for the
same quarter in 2012. Company-defined adjusted EBITDA decreased to ($52,000) for
the second quarter, compared to an EBITDA of $279,000 for the same quarter in
2012. The improvement in Gross Margin resulted from a concerted effort over the
past two years to return our margins to historical levels. Additionally, the
Company is currently implementing an expense review program and again is pleased
to report that it expects to have significant positive EBITDA in Q3 2013
"Replacing the lost customers and their associated revenue from 2012 and
improving the gross margins were two of our successful strategic initiatives.
Currently, the Company's sales forecast puts 2013 revenues slightly ahead of
2012 revenues, which would be a major achievement for the Company. The Company
continues to invest heavily in new product development and marketing and we have
a cost optimization plan being implemented in Q3 and Q4," said Michael Gaffney,
Chief Executive Officer.
"The acquisition of GCS Field Research ("FR") on April 1, 2013 opened important
new compliance markets for the Company. We expect the compliance market to
expand with increasing government regulation in food, education, pharmaceutical
and financial services. We were very pleased with the smooth acquisition and
integration of FR into In-Touch.," said Gaffney.
Consolidated Statements of Operations Q2 2013 Q2 2012
Revenue $ 2,815,598 $ 2,947,069
Cost of services 1,305,721 1,485,070
Gross profit 1,509,877 1,461,999
Total operating expenses 1,641,953 1,082,570
Earnings (loss) from operating activities (132,076) 379,429
Finance costs (2,610) (28,226)
Change in fair value of contingent
consideration (5,278) 730
Net earnings (loss) before income taxes $ (139,964) $ 351,933
Certain statements included in this news release contain forward looking
statements, which by their nature are necessarily subject to risks and
uncertainties and other factors that may cause actual results, performance or
achievements of the Company to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. Such statements reflect the Company's current views with respect to
future events, and are based on information currently available to the Company
and on hypotheses which it considers to be reasonable; however, management warns
the reader that hypotheses relative to future events which are beyond the
control of management could prove to be false, given that they are subject to
certain risks and uncertainties.
The TSX Venture Exchange has not reviewed the foregoing and has neither approved
or disapproved the contents of this press release.
SOURCE: In-Touch Survey Systems Ltd.
To view this news release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/August2013/29/c9172.html
SOURCE: In-Touch Survey Systems Ltd.
CONTACT: George Pretli gpretli@intouchsurvey.com Controller 613-270-7916
Copyright (C) 2013 CNW Group. All rights reserved.
-0-
There was a recent SA article on Ithaca.
http://seekingalpha.com/article/1658532-ithaca-energy-strong-growth-but-deeply-undervalued-for-now
NROM....Noble Roman's Signs Agreements For An Additional Eight Stand-Alone Take-N-Bake Franchise Locations
Brings Total Take-N-Bake Locations Currently Open or Under Development to 29
PR NewswirePress Release: Noble Roman's, Inc. – 2 hours 52 minutes ago
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NROM 1.25 +0.02
INDIANAPOLIS, Aug. 21, 2013 /PRNewswire/ -- Noble Roman's, Inc. (OTC/BB: NROM), the Indianapolis based franchisor of Noble Roman's Pizza and Tuscano's Italian Style Subs, today announced that it has signed agreements for an additional eight stand-alone take-n-bake locations, bringing the total number of signed locations to 29. To date, eight of the locations are open and 21 are under development and are expected to open over the next several months.
"Our marketing initiatives to attract potential take-n-bake franchisees continues to be successful in generating a significant number of leads," said Paul Mobley, Chairman and CEO of Noble Roman's, Inc. "Our initial goal was to sign 30 locations in 2013. We expect to exceed that goal shortly as we are currently in discussions with several potential franchisees and our pipeline of qualified prospects continues to grow. Take-n-bake continues to be one of the fastest growing segments of the pizza industry, and Noble Roman's is leveraging this growth opportunity with our economical concept, our reputation for fine quality products, and our proven ability to support our franchisee base."
The Company's stand-alone take-n-bake program features the chain's popular traditional Hand-Tossed Style pizza, Deep-Dish Sicilian pizza, SuperThin pizza, all with a choice of three different types of sauce, and Noble Roman's famous breadsticks with spicy cheese sauce, all in a convenient cook-at-home format. Additional menu items include such items as fresh salads, cookie dough, cinnamon rounds, bake-able pasta and more. The Company continues to promote for additional franchisees for the stand-alone take-n-bake pizza concept through various web-based franchise referral systems, a marketing initiative that began in late January 2013.
About Noble Roman's
Noble Roman's, Inc. sells and services franchises and licenses for non-traditional foodservice operations under the trade names "Noble Roman's Pizza," "Noble Roman's Take-n-Bake," and "Tuscano's Italian Style Subs." The Company has awarded franchise and/or license agreements in all 50 states plus Washington, D.C., Puerto Rico, the Bahamas, Italy, Canada and the Dominican Republic.
The statements contained in this press release concerning the company's future revenues, profitability, financial resources, market demand and product development are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the company that are based on the beliefs of the management of the company, as well as assumptions and estimates made by and information currently available to the company's management. The company's actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the company's operations and business environment, including, but not limited to, competitive factors and pricing pressures, non-renewal of franchise agreements, shifts in market demand, general economic conditions, changes in purchases of or demand for the company's products, licenses or franchises, the success or failure of individual franchisees and licensees, changes in prices or supplies of food ingredients and labor, and the success or failure of its recently developed stand-alone take-n-bake operation. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may differ materially from those described herein as anticipated, believed, estimated, expected or intended. The company undertakes no obligations to update the information in this press release for subsequent events.
FOR ADDITIONAL INFORMATION, CONTACT:
For Media Information: Scott Mobley, President 317/634-3377
For Investor Relations: Paul Mobley, Chairman & CEO 317/634-3377
or Brett Maas, Hayden IR, 646/536-7331 or brett@haydenir.com
FNMA NEWS...WASHINGTON, Aug. 21, 2013 /PRNewswire via COMTEX/ -- Economic growth continues
to gain momentum in the second half of the year, as expected, despite the slow
start at the beginning of 2013. Fannie Mae's (OTC Bulletin Board: FNMA) Economic
& Strategic Research Group's full-year forecast for both the economy and housing
market remains on track, with GDP expected to come in at approximately 2.0
percent in 2013 and to accelerate to 2.6 percent in 2014. Fiscal drag is waning,
the housing recovery continues, and manufacturing and business investment are
rebounding, helping to boost growth. Furthermore, consumer spending and the
employment sector appear to be growing sustainably, which may help to offset
downside risks from the expected tapering of the Federal Reserve's securities
purchases.
"Our macroeconomic and housing forecast shows very little change from July, and
the steady pickup during the past few months validates our expectations for the
second half of the year," said Fannie Mae Chief Economist Doug Duncan. "The
biggest risk to this forecast is the expected reduction in the Federal Reserve's
asset purchases, which would likely put additional upward pressure on interest
rates and lead to some volatility in capital markets. Although the nature and
timing of the tapering are still to be determined, we continue to expect the Fed
will scale back its asset purchases and end the program by spring. In addition,
we may see some fiscal tightening this fall as the debate over federal spending
and the debt ceiling takes place."
The housing recovery appears to have weathered some of the uncertainty, although
additional growth is expected to be modest rather than robust while the market
awaits an easing of credit conditions in the presence of rising interest rates.
The rise in mortgage rates has led to a drop-off in refinance activity but does
not appear to have had much impact on home purchase activity to this point. Home
prices are expected to continue to climb, although the pace should slow
significantly from the dramatic levels seen during the past 12 months.
For an audio synopsis of the August 2013 Economic Outlook, listen to the podcast
on the Economic & Strategic Research site at www.fanniemae.com. Visit the site
to read the full August 2013 Economic Outlook, including the Economic
Developments Commentary, Economic Forecast, Housing Forecast, and Multifamily
Market Commentary.
Opinions, analyses, estimates, forecasts, and other views of Fannie Mae's
Economic & Strategic Research (ESR) Group included in these materials should not
be construed as indicating Fannie Mae's business prospects or expected results,
are based on a number of assumptions, and are subject to change without notice.
How this information affects Fannie Mae will depend on many factors. Although
the ESR Group bases its opinions, analyses, estimates, forecasts, and other
views on information it considers reliable, it does not guarantee that the
information provided in these materials is accurate, current, or suitable for
any particular purpose. Changes in the assumptions or the information underlying
these views could produce materially different results. The analyses, opinions,
estimates, forecasts, and other views published by the ESR Group represent the
views of that group as of the date indicated and do not necessarily represent
the views of Fannie Mae or its management.
Fannie Mae enables people to buy, refinance, or rent a home.
Visit us at: http://www.fanniemae.com/progress
Follow us on Twitter: http://twitter.com/FannieMae
SOURCE Fannie Mae
http://rt.prnewswire.com/rt.gif?NewsItemId=PH67051&Transmission_Id=201308210900PR_NEWS_USPR_____PH67051&DateId=20130821
www.prnewswire.com
Copyright (C) 2013 PR Newswire. All rights reserved
-0-
KEYWORD: District of Columbia
INDUSTRY KEYWORD: FIN
RLT
RRL
SUBJECT CODE: ECO
FINRA Warns Investors of Marijuana Stock Scams
The Financial Industry Regulatory Authority (FINRA) issued a new Investor Alert to warn investors about potential scams associated with marijuana-related stocks. Medical marijuana is legal in almost 20 states, and recreational use of the drug was recently legalized in two states. As a result, the cannabis business has been getting a lot of attention—including the attention of scammers. Like many investment scams, pitches for marijuana stocks may arrive in a variety of ways—from faxes to email or text message invitations to webinars, infomercials, tweets or blog posts.
The con artists behind marijuana stock scams may try to entice investors with optimistic and potentially false and misleading information that in turn creates unwarranted demand for shares of small, thinly traded companies that often have little or no history of financial success. The scammers behind these "pump and dump" scams can then sell off their shares, leaving investors with worthless stock.
"Investors considering investing in a heavily touted, thinly traded company should question why a total stranger would tell them about a really great investment opportunity. In reality, there is likely no true opportunity," said Gerri Walsh, FINRA's Senior Vice President for Investor Education.
One company was touted on the Internet through the use of sponsored links, investment profiles and spam email, including one promotional piece claiming the stock "could double its price SOON." Yet the company's balance sheet showed only losses, and the company stated elsewhere that it was only beginning to formulate a business plan.
Smart Tips
To avoid potential marijuana-related stock scams:
1. Consider the source. It's easy for companies or their promoters to make exaggerated claims about lucrative contracts, the company's revenue, profits or future stock price. Be skeptical about companies that issue a barrage of press releases and promotions in a short period of time. The objective may be to pump up the stock price. Likewise, be wary of information that only focuses on a stock's upside with no mention of risk.
2. Do your research. Search the names of key corporate officials and major stakeholders, as well as the company itself. Proceed with caution if you turn up recent indictments or convictions, investigative articles, corporate name changes or any other information that raises red flags. For example, the CEO of one thinly traded, yet heavily touted, company that purports to be in the medical marijuana business spent nine years in prison for operating one of the largest drug smuggling operations in U.S. history. The former CEO of a similar company was recently indicted for his role in a multi-million dollar mortgage-based Ponzi scheme. Check the Federal Bureau of Prisons Inmate Locator to determine if a solicitation is coming from someone who has served time in a federal prison. Many states also have similar prisoner locator systems.
3. Know where the stock trades. Most unsolicited spam recommendations involve stocks that do not trade on national securities exchanges. Instead, these stocks may be quoted on the over-the-counter (OTC) market where a company does not need to meet minimum standards to be included. Many OTC securities don't have a liquid market and can move up or down in price substantially from one trade to the next. This may make it difficult to sell your holdings.
4. Read a company's SEC filings, if available. Most public companies file reports with the Securities and Exchange Commission (SEC) made available in the SEC's EDGAR database. Read any reports you find and verify any information you have heard about the company. Remember that just because a company files reports with the SEC does not mean it will be a good investment—or the right fit for you. Also, be aware that not all financial information filed with the SEC, or published elsewhere, is independently audited. Unaudited financials are just that—not reviewed by an independent third party.
5. Be wary of frequent changes to a company's name or business focus. Name changes and the potential for manipulation often go hand in hand. One low-priced stock now claiming to be in the medical marijuana business has had four name changes in the past 10 years. Another company switched from the coffee business to focus "on the rapidly emerging medical marijuana industries." Name changes can turn up in company press releases, internet searches and, if the company files periodic reports, in the SEC's EDGAR database.
FINRA is the largest independent regulator for all securities firms doing business in the United States. Our chief role is to protect investors by maintaining the fairness of the U.S. capital markets. FINRA does not endorse, sponsor, or guarantee, nor is it sponsored by, any advertisers on this site, and any dealings with those advertisers are solely between you and the advertisers.
HIIT News....HII Technologies, Inc. Announces AES Water Solutions Entry Into Flow Back
Services
AES' Frac Water Transfer Business Adds New Service
HOUSTON, Aug 20, 2013 (GLOBE NEWSWIRE via COMTEX) -- HII Technologies, Inc.
(the "Company"), (OTCBB:HIIT), an oilfield services company headquartered in
Houston, Texas, with operations in Texas, Oklahoma, Ohio and West Virginia,
today announced that its AES Water Solutions ("AES") division now offers flow
back water services as a new complementary offering to its established frac
water transfer business. AES expanded its onsite range of oilfield water
management services to include processing of the flow back water, sand and
chemicals that flow back after the fracing of oil and gas wells. AES has
developed its core business around sourcing, managing, and delivering water to
frac sites in order for oil and gas operators to perform hydraulic fracturing
and well completions.
AES has currently invested in the production of a fleet of flow back systems
with plans to expand rapidly. Strategically, the expanding water management
services has created a demand for this process which could add additional
revenues estimated at $100 to $150 thousand a month, per flow back system.
Brent Mulliniks, President of AES, stated, "AES Water Solutions has increased
its revenues over five hundred percent within the last year with its existing
frac water transfer business, which uses above-ground temporary piping, pumps
and infrastructure to transfer water from a source to a frac site. AES is now
expanding into flow back services, where the volumes can exceed one million
gallons, or 20-30% of the original fracing solution which returns during the
first few weeks after the frac is performed." Mr. Mulliniks continued, "Our flow
back systems are designed to separate the returning fluids and solids
efficiently and route the fluids to the appropriate tanks, pits or holding
ponds. This is a natural progression for the AES brand in the overall management
of water service to the well site."
AES continues to work with oil and gas operators to offer new oilfield water
focused technologies that can complement its current service offerings.
About HII Technologies, Inc.
HII Technologies, Inc. is a Houston, Texas based oilfield services company with
operations in Texas, Oklahoma, Ohio and West Virginia. The Company is positioned
to take advantage of the significant anticipated growth in horizontal drilling
and hydraulic fracturing within the United States' active shale and
unconventional "tight oil" plays by deploying oilfield related technologies to
enhance the value of services it offers its customers. The Company's frac water
supply services subsidiary does business as AES Water Solutions, its onsite
oilfield contract safety consultancy does business as AES Safety Services, and
its mobile oilfield power subsidiary does business as South Texas Power (STP).
HII Technologies' objective is to bring proven technologies to these operating
divisions to build a long-term competitive advantage. Read more at
www.HIITinc.com, www.AESwatersolutions.com and www.Oilfield-Generators.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Any statements as to
matters that are not of historic fact are forward-looking statements. These
forward-looking statements are based on HII Technologies, Inc. ("HII")'s current
expectations, estimates and projections about HII, its industry, its
management's beliefs and certain assumptions made by management, and include
statements regarding estimated capital expenditures, future operational and
activity expectations, international growth, and anticipated financial
performance in 2013. No assurance can be given that such expectations, estimates
or projections will prove to have been correct. Whenever possible, these
"forward-looking statements" are identified by words such as "expects,"
"believes," "anticipates" and similar phrases.
Readers are cautioned that any such forward-looking statements are not
guarantees of future performance and are subject to certain risks, uncertainties
and assumptions that are difficult to predict, including, but not limited to:
risks that HII will be unable to achieve its financial, capital expenditure and
operational projections, including quarterly and annual projections of revenue
and/or operating income and risks that HII's expectations regarding future
activity levels, customer demand, and pricing stability may not materialize
(whether for HII as a whole or for geographic regions and/or business segments
individually); risks that fundamentals in the U.S. oil and gas markets may not
yield anticipated future growth in HII's businesses, or could further
deteriorate or worsen from the recent market declines, and/or that HII could
experience further unexpected declines in activity and demand for its hydraulic
frac related water transfer business, its safety consultancy business or its
generator and related equipment rental service businesses; risks relating to
HII's ability to implement technological developments and enhancements; risks
relating to compliance with environmental, health and safety laws and
regulations, as well as actions by governmental and regulatory authorities;
risks that HII may be unable to achieve the benefits expected from acquisition
and disposition transactions, and risks associated with integration of the
acquired operations into HII's operations; risks, in responding to changing or
declining market conditions, that HII may not be able to reduce, and could even
experience increases in, the costs of labor, fuel, equipment and supplies
employed and used in HII's businesses; risks relating to changes in the demand
for or the price of oil and natural gas; risks that HII may not be able to
execute its capital expenditure program and/or that any such capital expenditure
investments, if made, will not generate adequate returns; and other risks
affecting HII's ability to maintain or improve operations, including its ability
to maintain prices for services under market pricing pressures, weather risks,
and the impact of potential increases in general and administrative expenses.
Because such statements involve risks and uncertainties, many of which are
outside of HII's control, HII's actual results and performance may differ
materially from the results expressed or implied by such forward-looking
statements. Given these risks and uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. Other important risk
factors that may affect HII's business, results of operations and financial
position are discussed in its most recently filed Annual Report on Form 10-K,
recent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and in
other Securities and Exchange Commission filings. Unless otherwise required by
law, HII also disclaims any obligation to update its view of any such risks or
uncertainties or to announce publicly the result of any revisions to the
forward-looking statements made here. However, readers should review carefully
reports and documents that HII files periodically with the Securities and
Exchange Commission.
CONTACT: Matthew Flemming, HII Technologies, Inc. +1-713-821-3157
http://www.globenewswire.com/newsroom/ti?nf=MTMjMTAwNDU0NTQjMjY1MjY=
(C) Copyright 2013 GlobeNewswire, Inc. All rights reserved.
-0-
KEYWORD: HOUSTON
INDUSTRY KEYWORD: Energy Industries
SUBJECT CODE: Product / Services Announcement
OIL
AOIL...Armada Oil, Inc. (OTCQB: AOIL) Is Featured in Flaherty Special Situation
Newsletter
WEST HARRISON, NY, Aug 20, 2013 (Marketwired via COMTEX) -- Armada Oil, Inc.
(OTCQB: AOIL) is featured in the August 19, 2013 issue of Flaherty Special
Situation Newsletter. The stock of this Dallas, TX-based cash flow positive
exploration and development company offers three different ways to win. A
seasoned management is expanding oil recovery on its low risk Gulf Coast
properties and using cash flow from premium-priced Louisiana light sweet oil to
finance fast track drilling development in two very promising U.S. energy plays
-- The Mississippian Lime in OK and the Niobrara Shale in WY.
By important statistical measures in comparison with their peer group of
companies shares of Armada Oil dramatically standout as a bargain. In the
upcoming third quarter which will end September 30, 2013 daily production is
expected to approach 700 barrels of oil and exceed 1,000 by early 2014. For more
details our sponsored report on Armada Oil, Inc. can be found at
http://www.flahertyfinancialnews.com/.
Direct Server Link To The Report:
http://archive.constantcontact.com/fs141/1101855435216/archive/1114585932115.html
Twitter - With The Modern Social Share Buttons:
http://myemail.constantcontact.com/Flaherty-Special-Situation-Newsletter--35.html?soid=1101855435216&aid=hjZFFdALBP0
Flaherty Financial News Website:
http://www.flahertyfinancialnews.com/
About Flaherty Financial News Inc. Flaherty Financial News Inc. ("FFN") is the
publisher of totally-electronic coverage of the neglected small-cap and
micro-cap markets. It was launched in February 2007 by the "legendary financial
editor" Bob Flaherty, Editor and Chairman of Flaherty Financial News Inc. and
his son Brian, President and Publisher. While previously serving as Chairman and
Editor of Equities Magazine for twenty-five years and also Editor-in-Chief of
Equities Special Situations, Bob had one of the most consistent and highest
ranked long-run performance records measured by Hulbert Financial Digest. He is
also an award-winning retired Senior Editor of Forbes Magazine, where he wrote
33 cover stories, two shy of the all-time record. He was also Chairman of The
Over-The-Counter Securities Fund. Bob Flaherty is a Magna Cum Laude graduate of
Harvard College in economics and also has an MBA with a Distinction in Finance
from Harvard Business School. A former president of the New York Financial
Writers' Association, Bob is a co-founder of their annual student scholarship
program and their annual award for significant long-term achievement in
financial journalism.
About Armada Oil, Inc. Armada Oil, Inc. (OTCQB: AOIL) is a cash flow positive
exploration and development company based in Dallas, TX. It is focused on
increasing production and reserves by continuing its recompletion program,
drilling its large inventory of Proven Undeveloped Reserves locations and
expanding its drilling programs in its two unconventional resource plays. For
additional information on Armada Oil, Inc. please visit their website
www.armadaoil.us.
Forward-Looking Statements: This news release contains "forward-looking
statements" (as defined in the Private Securities Litigation Reform Act of l995)
regarding Armada Oil, Inc. and its future business plans. These statements
involve known and unknown risks and uncertainties. Such risks and uncertainties
may cause actual results and future achievements of Armada Oil, Inc. to be
materially different than those implied by these forward-looking statements.
Flaherty Financial News Inc. andthe featured company Armada Oil, Inc. have and
undertake no obligation to provide public updates and revisions to these
forward-looking statements to reflect any changes in its expectations of future
events.
Contact:
Flaherty Financial News Inc.
Brian D. Flaherty
President and Publisher
Tel: (914) 539-0688
dfbrian@yahoo.com
http://www.flahertyfinancialnews.com/
SOURCE: Flaherty Financial News
(C) 2013 Marketwire L.P. All rights reserved.
-0-
SUBJECT CODE: Financial Services:Commercial and Investment Banking
Financial Services:Investment Services and Trading
Professional Services:Investor Relations
Financial Services:Venture Capital
Professional Services:Consulting
Financial Services:Retail Banking
Hmmm I have Scottradelite, but I think their regular website only gives Dow Jones news. Maybe that is the problem with getting news from Scottrade.
Edit yes I checked their regular site and got this.
*****
"Latest News Headlines for Blue Star Opportunities Corp
No News for Blue Star Opportunities Corp"
The news is on Scottrade...that's where I got it from.
If you have streaming news try setting it for "all sources"
BSTO News....Blue Star Opportunities Corp. (BSTO) provides revenue guidance for Q3
2013
Aug 19, 2013 (ACCESSWIRE via COMTEX) -- Las Vegas, NV, August 19, 2013. Blue
Star Opportunities Corp. (The "Company") (Pinksheets: BSTO) announces today that
it is expecting its revenues for Q3 2013 to reach between $1,275,000 and
$1,350,000 based on product shipped so far and general business trend. Both cash
flow and bottom line are expected to be in positive territory.
Once again our ability to maintain sales growth is largely due to a combination
of Duro Design brand factory outlets and new product lines, especially main
stream oak and maple products much in demand in home renovation and construction
industry.
We continue to expand lines of innovative wood flooring in both engineered and
solid including long and wide planks in oil penetrating stains and specialty
colors like silvers, white washes and grays which are increasingly in demand
today. An intensive distribution drive is underway to bring these new lines to
hundreds of high end dealers in our long established network as well as
architectural and design firms.
The company has continued to improve its unique proprietary production chain of
LEED standard flooring. Beyond a growing mass market, it serves an institutional
market that includes museums, churches and retail store chains. New construction
and renovations, whether by individuals, professionals, or larger commercial
construction companies, will likely look to a new LEED standard in flooring, a
standard in which we have been a leader for over a decade. Repeat orders from
the likes of the Boston Museum demonstrate our competitive advantage in matter
of quality and durability.
Our ongoing core business of supplying ecology-sensitive clients like fast
growing store chain Lululemon Athletica continues to thrive, and we have
garnered significant additional business through our success in these store-wide
deployments.
ABOUT BLUE STAR
Blue Star Opportunities Corp. is a supplier of environmentally friendly
components used in renovation and construction of family homes, commercial and
retail space, and multi-unit dwellings under its Duro Design brand. Products
include materials for housing parts that are traditionally made of wood offered
at direct factory prices. The company serves architects, designers and real
estate managers offering more than 30 lines of traditional oak, maple, hickory
and many other types of wood in all sizes including larger width and length
flooring. It is a leader in LEED certified bamboo and cork flooring offered in
hundreds of beautiful hand finished colors offered at factory prices. All of the
company diversified wood product lines are offered direct to consumers in Duro
Design factory outlets strategically located in high traffic commercial areas.
The company also sells across North America through a network of resellers and
independent sales agents. We continue to open company owned factory outlets
throughout North America.
FORWARD-LOOKING STATEMENTS: Except for historical information provided herein,
this press release may contain information and statements of a forward-looking
nature concerning the future performance of the Company. These statements are
based on suppositions and uncertainties as well as on management's best possible
evaluation of future events. Such factors may include, without excluding other
considerations, fluctuations in quarterly results, evolution in customer demand
for the Company's products and services, the impact of price pressures exerted
by competitors, and general market trends or economic changes. As a result,
readers are advised that actual results may differ from expected results.
Contact Information:
Michael Berman
514. 969. 6419
SOURCE: Blue Star Opportunities Corp.
http://www.accesswire.com/img.ashx?id=406956
News....Blue Star Opportunities Corp. (BSTO) provides revenue guidance for Q3
2013
Aug 19, 2013 (ACCESSWIRE via COMTEX) -- Las Vegas, NV, August 19, 2013. Blue
Star Opportunities Corp. (The "Company") (Pinksheets: BSTO) announces today that
it is expecting its revenues for Q3 2013 to reach between $1,275,000 and
$1,350,000 based on product shipped so far and general business trend. Both cash
flow and bottom line are expected to be in positive territory.
Once again our ability to maintain sales growth is largely due to a combination
of Duro Design brand factory outlets and new product lines, especially main
stream oak and maple products much in demand in home renovation and construction
industry.
We continue to expand lines of innovative wood flooring in both engineered and
solid including long and wide planks in oil penetrating stains and specialty
colors like silvers, white washes and grays which are increasingly in demand
today. An intensive distribution drive is underway to bring these new lines to
hundreds of high end dealers in our long established network as well as
architectural and design firms.
The company has continued to improve its unique proprietary production chain of
LEED standard flooring. Beyond a growing mass market, it serves an institutional
market that includes museums, churches and retail store chains. New construction
and renovations, whether by individuals, professionals, or larger commercial
construction companies, will likely look to a new LEED standard in flooring, a
standard in which we have been a leader for over a decade. Repeat orders from
the likes of the Boston Museum demonstrate our competitive advantage in matter
of quality and durability.
Our ongoing core business of supplying ecology-sensitive clients like fast
growing store chain Lululemon Athletica continues to thrive, and we have
garnered significant additional business through our success in these store-wide
deployments.
ABOUT BLUE STAR
Blue Star Opportunities Corp. is a supplier of environmentally friendly
components used in renovation and construction of family homes, commercial and
retail space, and multi-unit dwellings under its Duro Design brand. Products
include materials for housing parts that are traditionally made of wood offered
at direct factory prices. The company serves architects, designers and real
estate managers offering more than 30 lines of traditional oak, maple, hickory
and many other types of wood in all sizes including larger width and length
flooring. It is a leader in LEED certified bamboo and cork flooring offered in
hundreds of beautiful hand finished colors offered at factory prices. All of the
company diversified wood product lines are offered direct to consumers in Duro
Design factory outlets strategically located in high traffic commercial areas.
The company also sells across North America through a network of resellers and
independent sales agents. We continue to open company owned factory outlets
throughout North America.
FORWARD-LOOKING STATEMENTS: Except for historical information provided herein,
this press release may contain information and statements of a forward-looking
nature concerning the future performance of the Company. These statements are
based on suppositions and uncertainties as well as on management's best possible
evaluation of future events. Such factors may include, without excluding other
considerations, fluctuations in quarterly results, evolution in customer demand
for the Company's products and services, the impact of price pressures exerted
by competitors, and general market trends or economic changes. As a result,
readers are advised that actual results may differ from expected results.
Contact Information:
Michael Berman
514. 969. 6419
SOURCE: Blue Star Opportunities Corp.
http://www.accesswire.com/img.ashx?id=406956
ASDS News....Ascendant Solutions, Inc. Reports Second Quarter 2013 Earnings, Earnings
per Share and EBITDA
DALLAS, Aug. 19, 2013 /PRNewswire via COMTEX/ -- Ascendant Solutions, Inc.
(Pink Sheets: ASDS) ("Ascendant" or the "Company") today announced its results
for the second quarter of fiscal 2013. The Company reported consolidated net
income of $271,000 for the fiscal quarter ended June 30, 2013, compared to net
loss of $375,000 in 2012, resulting in net income per share ("EPS") of $0.01
compared to net loss per share of $0.02. Consolidated net income for the six
months ended June 30, 2013 was $844,000, compared to net loss of $569,000 for
the six months ended 2012, resulting in net income per share of $0.03 compared
to net loss per share of $0.02. Average common shares outstanding for 2013 and
2012 were 24,447,931.
For the fiscal quarter ended June 30, 2013, the Company reported Consolidated
Earnings (Loss) before Interest, Taxes, Depreciation and Amortization ("EBITDA")
of $388,000 compared to consolidated EBITDA of ($223,000) in 2012. EBITDA for
the six months ended June 30, 2013, was $1,082,000 compared to ($268,000) for
the same period of 2012.
Healthcare
The Company's subsidiary, Dougherty's Holding, Inc. ("DHI") which owns and
operates multiple Dougherty's Pharmacies, reported EBITDA of $460,000 for the
fiscal quarter ended June 30, 2013, compared to $213,000 in 2012. EBITDA for the
six months ended June 30, 2013, was $834,000 compared to $395,000 for the same
period of 2012.
Real Estate and Other
The Company's real estate and other subsidiaries reported EBITDA of ($72,000)
for the fiscal quarter ended June 30, 2013, compared to ($436,000) in 2012.
EBITDA for the six months ended June 30, 2013, was $248,000 compared to
($663,000) for the same period of 2012.
Jim Leslie, Chairman, commented, "We continue to achieve outstanding quarterly
performances in our healthcare segment and look forward to continued positive
results during 2013. Aided by an improving economy, Ascendant is exploring
potential strategic acquisitions in our healthcare segment to enhance
shareholder value over the long term. Our shareholders can find up-to-date
financial information on Ascendant at OTCMarkets.com."
Mark Heil, Chief Financial Officer, explained, "Ascendant's continued
improvements in net income during Q2 2013 was again attributable to successful
cuts in overhead, stabilizing operational earnings at Dougherty's Pharmacy and
successful exits in two of our portfolio companies in our real estate and other
business segment. The Company experienced strong cash flows allowing for the
reduction of long term debt on our balance sheet."
EBITDA is calculated as net income (loss) before deducting interest, taxes,
depreciation and amortization. Although EBITDA is not a measure of actual cash
flow because it does not consider changes in assets and liabilities that may
impact cash balances, the Company's management reviews these non-GAAP financial
measures internally to evaluate the Company's performance and manage the
operations. Additionally, the Company believes it is a useful metric to evaluate
operating performance and has therefore included such measures in the reporting
of operating results.
Select Balance Sheet Items and Book Value per Share
(000's omitted, except per share amounts, unaudited)
June 30, December 31,
2013 2012
Total Current Assets $ 3,946 $ 3,487
Property and Equipment, net 982 1,023
Equity Method Investments 5,107 5,107
Deferred Tax Asset 3,000 3,000
Long term receivable 109 -
Total Assets $ 13,144 $ 12,617
Total Current Liabilities $ 2,630 $ 2,501
Notes Payable, Long-Term 2,459 2,905
Total Liabilities 5,089 5,406
Stockholders' Equity 8,055 7,211
Total Liabilities and Equity $ 13,144 $ 12,617
Common Shares Outstanding 24,447,931 24,447,931
Book Value per Share $ 0.33 $ 0.29
About Ascendant Solutions, Inc.
Ascendant Solutions, Inc. is a value oriented investment firm focused on making
equity investments in lower middle-market U.S. companies with annual revenues up
to $150 million. Ascendant looks to invest in or acquire pharmacies and
businesses in the healthcare, manufacturing, finance and real estate industries.
These businesses may require access to capital or capital restructuring due to
start-ups, growth, desire to exit or distress situations and many are in need of
strategic support to improve operational performance. Ascendant currently has
approximately $44 million in net operating loss carryforwards which can be used
to shelter future income, thus enhancing free cash flow or debt service
capabilities. Ascendant specializes in solving complex transactions where
creative and timely solutions can add value to an enterprise.
SOURCE Ascendant Solutions, Inc.
http://rt.prnewswire.com/rt.gif?NewsItemId=CG66009&Transmission_Id=201308191219PR_NEWS_USPR_____CG66009&DateId=20130819
www.prnewswire.com
Copyright (C) 2013 PR Newswire. All rights reserved
-0-
Bond Labs Reports Increase in International GNC Locations
Print
Alert
Bond Laboratories, Inc. (QB) (USOTC:BNLB)
Intraday Stock Chart
Today : Thursday 15 August 2013
Click Here for more Bond Laboratories, Inc. (QB) Charts.
Bond Laboratories, Inc. (OTCBB:BNLB) (“Bond Labs”), an international provider of innovative and proprietary nutritional supplements for health conscious consumers, marketed primarily through its wholly owned operating division, NDS Nutrition Products (“NDS”) (www.ndsnutrition.com), reports that the Company has significantly increased the number of GNC® franchise locations selling its products worldwide over the past six months.
“As of December 31, 2012, we reported that Bond Labs marketed products to over 800 GNC franchise locations nationwide,” stated John Wilson, Bond Labs’ Chief Executive Officer. “I am pleased to announce that during the first six months of 2013 the Company has increased its footprint from 47 to 110 GNC franchise locations internationally and added several new products to our worldwide distribution system. We anticipate doubling that number of international locations by the end of the year while simultaneously increasing the number of products sold in each of those stores.”
“We have made a significant investment in our international growth strategy to date and based on the increase in the number of GNC retail outlets selling our products we are beginning to see results,” continued Mr. Wilson. “As you can imagine, there is a significant lag time between receiving the initial order and making the expenditures necessary to enter into another new market. While the benefits of these investments may not yet be evident in our current revenue numbers, we anticipate that continued international expansion will be a major driver of future growth.”
“International expansion will continue to be a key strategic element of Bond’s long-term growth plan. With GNC recently reporting that they are continuing to expand their global presence, we will strive to further strengthen our relationship so that we can capitalize on future expansion opportunities,” concluded Mr. Wilson.
About Bond Labs
Bond Laboratories is a manufacturer of innovative and proprietary nutritional supplements for health conscious consumers marketed primarily through NDS Nutrition Products (“NDS”), a wholly owned operating division. NDS sells over 50 different dietary supplements to promote sports nutrition, improved performance, weight loss and general health exclusively to GNC® franchises. Bond Labs is headquartered in Omaha, Nebraska. For more information, please visit http://www.bond-labs.com.
Forward-Looking Statement
Statements in this release that are forward looking involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to be materially different from any future performance that may be suggested in this news release. Such factors may include, but are not limited to: the ability to of the Company to continue to grow revenue; the Company’s ability to continue to achieve positive cash flow given the Company's existing and anticipated operating and other costs; and the outcome of the Company’s pending litigation with the U.S. Department of Labor and our former President alleging violations of certain unlawful employment practices in connection with his separation from the Company. Many of these risks and uncertainties are beyond the Company's control. Reference is made to the discussion of risk factors detailed in The Company’s filings with the Securities and Exchange Commission, including its reports on Form 10-K and 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.
MAUXF..Mart Resources, Inc.: Spudding of UMU-11 Well
- The UMU-11 well commenced
drilling operations on August 14, 2013 and is currently at a depth of 1,100
feet. - The main objectives for UMU-11 are to appraise and produce proven oil
reservoirs encountered, but not completed, in the UMU-9 and UMU-10 wells.
CALGARY, ALBERTA, Aug 15, 2013 (Marketwired via COMTEX) -- Mart Resources, Inc.
(TSX VENTURE:MMT) ("Mart" or the "Company") and its co-venturers, Midwestern Oil
and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company
Limited are pleased to provide an update on Umusadege drilling operations.
The UMU-11 well commenced drilling operations on August 14, 2013 and is
currently at a depth of 1,100 feet in the 16-inch upper hole section. The
16-inch upper hole section will be drilled to a depth of approximately 5,000
feet. The next activity will include running and cementing 13 3/8 inch casing in
the upper hole section. Drilling will then continue with a 12 1/4 inch section
to a total measured depth of approximately 8,700 feet, followed by running 9 5/8
inch casing.
The main objectives for the UMU-11 well are to appraise and produce proven oil
reservoirs encountered but not completed in the UMU-9 and UMU-10 wells. These
sands (XIIb, XIIc, XVIa, and XVIb) were previously logged and sampled. The
UMU-11 objective is to test four of these oil-bearing sands, and if successful,
complete these sands for production.
Additional information regarding Mart is available on the Company's website at
www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Forward Looking Statements and Risks
Certain statements contained in this press release constitute "forward-looking
statements" as such term is used in applicable Canadian and US securities laws.
Any statements that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future
events or are not statements of historical fact and should be viewed as
"forward-looking statements". These statements relate to analyses and other
information that are based upon forecasts of future results, estimates of
amounts not yet determinable and assumptions of management. Such forward looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements.
In particular, past production levels and crude oil deliveries are not
necessarily indicative of future production levels and crude oil deliveries. In
addition, statements (express or implied) concerning the allocation of export
and pipeline capacity to the Umusadege field from the third party pipeline
owners, should be viewed as forward looking statements. There is no assurance
that the UMU-11 well will be successfully drilled.
There can be no assurance that such forward-looking statements will prove to be
accurate as actual results and future events could vary or differ materially
from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements contained in this news release. The
forward-looking statements contained herein are expressly qualified by this
cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and
opinions on the date the statements are made and the Company undertakes no
obligation to update forward-looking statements and if these beliefs, estimates
and opinions or other circumstances should change, except as required by
applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
FOR FURTHER INFORMATION PLEASE CONTACT: Mart Resources, Inc.-London, England
office Wade Cherwayko +44 207 351 7937 Wade@martresources.com
Mart Resources, Inc.-London, England office Dmitri Tsvetkov +44 207 351 7937
dmitri.tsvetkov@martresources.com
Mart Resources, Inc.-Canada Sam Grier 403-270-1841 or toll free 1-888-875-7485
www.martresources.com
SOURCE: Mart Resources, Inc.
© 2013 Marketwire L.P. All rights reserved.
-0-
INDUSTRY KEYWORD: Energy and Utilities\Oil and Gas
SUBJECT CODE: OIL/GAS EXPLORATION UPDATE
Form 10-Q for PRECISION AEROSPACE COMPONENTS, INC.
14-Aug-2013
Quarterly Report
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING STATEMENTS
This Form 10-Q contains "forward-looking statements" relating to Precision Aerospace Components, Inc. (the "Company") which represent the Company's current expectations or beliefs including, but not limited to, statements concerning the Company's operations, performance, financial condition and growth. For this purpose, any statements contained in this Form 10-Q that are not statements of historical fact are forward-looking statements. Without limiting the generality of the foregoing, words such as "may", "anticipate", "intend", "could", "estimate" or "continue" or the negative or other comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, such as credit losses, dependence on management and key personnel, variability of quarterly results, and the ability of the Company to continue its growth strategy and the Company's competition, certain of which are beyond the Company's control. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, or any of the other risks set out under the caption "Risk Factors" in the Company's 10-K report for the year ended 2012 occur, actual outcomes and results could differ materially from those indicated in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time and it is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.
General
The following discussion and analysis should be read in conjunction with the condensed consolidated financial statements, and the notes thereto, included herein. The information contained below includes statements of the Company's or management's beliefs, expectations, hopes, goals and plans that, if not historical, are forward-looking statements subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. For a discussion of forward-looking statements, see the information set forth in the Introductory Note to this Quarterly Report under the caption "Forward Looking Statements" which information is incorporated herein by reference.
The condensed consolidated interim financial statements included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The condensed consolidated financial statements and notes are presented as permitted on Form 10-Q and do not contain information included in the Company's annual consolidated statements and notes. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. The results for the three and six months ended June 30, 2013 may not be indicative of the results for the entire year.
These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained herein.
Plan of Operation and Discussion of Operations
The Company distributes high-quality, predominantly domestically-manufactured, technically complex, nut and bolt products and a proprietary locking washer product that are used primarily for aerospace and military applications and for industrial/commercial applications that require a high level of certified and assured quality.
The Company's operations are carried out through its wholly-owned distribution subsidiaries Aero-Missile Components, Inc. ("Aero-Missile") and Freundlich Supply Company, Inc. ("Freundlich"), both of whom have Stocking Distributor relationships with a number of United States fastener manufacturers and who sell high technology, specially engineered fasteners - nuts and bolts - predominantly to all levels of the aviation industries (original equipment manufacturers, maintenance and repair organizations, and other distributors as well as to the United States Department of Defense ("Department of Defense"). Creative Assembly Systems, Inc. ("Creative Assembly") is a value added distributor of proprietary and specialty fasteners for production, primarily serving the heavy truck, automotive, appliance, and material handling industries and Tiger-Tight Corp. ("Tiger-Tight") the exclusive North American master distributor of the Tiger-Tight locking washer. Tiger-Tight washers are used in demanding vibration applications and the Company believes they have significant advantages in comparison to competitive products. Tiger-Tight products are now available and under evaluation by several major US corporations; they are being used aboard the SpaceX Dragon - the first civilian space craft to dock and return from the International Space Station.
The Company's products are manufactured, by others, to exacting specifications and are made from materials that provide the strength and reliability required for their aerospace and industrial applications.
On May 25, 2012, the Company acquired the assets of Fastener Distribution and Marketing Company, Inc., which included Aero-Missile and Creative Assembly (collectively the "FDMC Acquisition") with a fair value of $8.8 million (pre-tax) for approximately $7.1 million. The Company paid for the acquisition and repaid the existing outstanding credit facility of approximately $1.575 million with a new credit facility consisting of a $2.5 million term loan and a $10 million revolving loan with Newstar Business Credit, LLC (the "NewStar Loans"). The operating results of the FDMC Acquisition businesses are included in the financial results from the date of acquisition. The FDMC Acquisition Businesses are significantly increasing the Company's revenue with related impacts on the cost of revenue and other items in the Company's results of operations, compared to prior periods. The integration of the FDMC Acquisition businesses and the servicing of the acquisition debt will be important drivers of the Company's financial results in future reporting periods.
The acquisition provides the Company numerous benefits, including expanded breadth of product offerings and markets served, coast to coast physical presence, substantially increased depth of management and sales capability and marks a significant event in the Company's development.
The Company is a niche player in the North American fastener industry. The fastener distribution industry is highly fragmented with no single company holding a dominant position. The Company competes with numerous distributors who serve as authorized stocking distributors for the fastener manufacturers in the Company's supplier base.
The Company's Tiger-Tight product is a unique lock washer product that is seeking to gain market acceptance. It has extraordinary holding properties, is reusable and does not destroy the material which it is holding in place. In the coming year, the Company anticipates widespread distribution of Tiger-Tight lock washers under an exclusive distribution agreement providing the Company master distribution rights of the product in North America. The washers, which the Company believes are superior to any competitive product, are now readily available and manufactured in the USA. While the Company carries a full line of washers, special orders can be accommodated.
The Company's subsidiary,Aero Missile, has been named the Master Distributor by SPS Technologies in Jenkintown, Pennsylvania for its FLEXLOC? Locknut product line toward the end of last year; the Company's initial sales of this mature product high market acceptance were slowed due to certain pricing changes which took place as the company started its distribution. The Company is now achieving growing revenues from sales of the FLEXLOC? line which it anticipates will continue as the year progresses.
The FLEXLOC? Locknut is a premium locknut line with Military, Aerospace and Industrial applications. FLEXLOC? locknuts have been designed into challenging joint applications by engineers for over 50 years. The FLEXLOC? line enjoys an unequalled history of success in applications where resistance to severe vibration is required. As a Master Distributor, Aero-Missile Components will service a network of SPS Authorized FLEXLOC? Distributors. The FLEXLOC? Locknut product line is manufactured by SPS Technologies domestically in the United States. FLEXLOC? is a registered trademark of SPS Technologies, a PCC Company.
During the first quarter, the Company opened a warehouse facility in Denton Texas to serve one of its customers. This facility allows the customer to anticipate just in time delivery from the now closely located facility, rather than to be concerned about shipping delays, and will result in additional sales of additional products to the customer, the initial impact during the first quarter and a portion of this quarter was to reduce the Company's sales to the customer as the customer absorbed its safety stock of materials in its inventory. The Company has seen sales return to anticipated levels in the last part of the second quarter.
The Company has also experienced delay in shipment of orders to the Navy Department as a result of its consolidation, and anticipates restoration of these shipments when the facilities are inspected. The inspection is anticipated to occur in the third quarter.
During the third quarter 2013 the Company anticipates starting shipment of a unique sealing product that it has developed in conjunction with one of the major manufacturers and its customer to fulfill specific customer needs. The product should fulfill similar needs with other customers. The product addresses current product offering technical shortfalls by increasing resistance to torque out and providing an optional self-sealing feature.
The Company is a one-stop source for standard, self-locking, semi-special and special nuts, bolts and washers manufactured to several military, aerospace and industrial specifications. The Company maintains an inventory of approximately 44,000 SKUs comprised of approximately 65 million parts of premium quality, brand name fastener products.
The Company, during the first quarter of 2013, completed the last phase of its relocation and consolidation of the activities of its headquarters operations, as well as the operations of its Freundlich Supply Company Inc. and Tiger-Tight Inc. subsidiaries from Staten Island New York to Bensalem, Pennsylvania, at the present location of its Aero-Missile Components Inc. subsidiary. This relocation allows the Company to better serve its customers through the co-location of its broadened inventory and is enabling the Company to realize additional efficiencies from its recent acquisition. As a result of this relocation, the Company is achieving significant and continuing savings from the elimination of the facilities costs associated with its Staten Island location. Additionally, the lower overall tax environment outside of New York City and State is beneficial to the Company.
The Company sells its products pursuant to written purchase orders from its customers. All products are shipped from the Company's warehouses via common carrier.
With the acquisition, the Company's percentage of sales to the Department of Defense, one of two customers who accounted for more than 10 percent of the Company's sales as a percentage of its total sales, was reduced. Sales to two customers totaled greater than 10% during 2013. The United States Department of Defense ("DOD") represented approximately 20% and 18% of the Company's total sales for the three and six months ended June 30, 2013. PACCAR Inc represented approximately 12% and 11% of the Company's total sales for the three and six months ended June 30, 2013. No other customer accounted for greater than 10% of the Company's total sales and the Company has no substantial concentrations of credit risk in its trade receivables.
The Company's sales and gross profit this quarter were above the comparable period last year. This is largely a result of the acquisition which occurred on May 25, 2012, and is reflected in the results of operations from that date. The Company believes that its sales will be increasing in the upcoming months, as new business opportunities mature. While the Company anticipates the economy will show increased growth in the last part of 2013, the defense related segments are anticipated to not show improvement and may exhibit further weakness as adjustment is made to the effects of reduced defense related funding.
Results from Operations for the six and three months ending June 30, 2013
The Company's revenues increased approximately 126% and 68% or $8.0 and $2.9 million for the six and three months to $14.3 and 7.1 million from $6.3 and $4.2 million in the comparable period last year. This is largely a result of the acquisition. The Company believes that its sales will be increasing in the upcoming months, but not until the middle part of the third quarter of 2013, based on discussions which it has had with customers.
Government purchasing has declined during this quarter as the Defense Department has dealt with uncertainties regarding its funding and the Company had raised some of its offering prices to accommodate transient higher goods costs necessitated by required purchases of smaller lots. Longer term, although a reduced Government purchasing schedule will impact sales to manufacturers, the pace of operations of the military and prescribed maintenance schedules are the driving forces behind the consumption of the parts supplied by the Company to the Government and reallocation of inventory investment will generally maintain present government sales levels. Repair and maintenance to equipment no longer immediately required for combat requirements will take an extended time. Additionally possible restrictions of new purchases will mitigate toward additional repair and refurbishment of existing equipment.
The Company's gross profit increased approximately 105% and 53% or $1.9 and $0.6 million for the six and three months to $3.7 and $1.8 million from $1.8 and $1.2 million in the comparable period last year. This is largely a result of the acquisition. The Company believes based on discussions it has had with customers related to sales that its gross profit will improve as 2013 progresses.
The Company's total operating expenses increased 80% and 41% or $1.4 and $0.5 million for the six and three months to $3.2 and $1.6 million from $1.8 and $1.1 million in the comparable period last year. This is largely a result of the acquisition and costs associated with the acquisition.
The Company's accounts receivable have increased by approximately $0.1 million to $3.1 million at June 30, 2013 from $3.0 million at December 31, 2012; this difference is due to mainly to sales and normal deviations in customer payments. The Company's inventory has reduced approximately $0.7 million from June 30, 2013 to December 31, 2012; The Company's inventory does not have any life limitations and is all available for sale.
In conjunction with its acquisition, the Company refinanced its operations. The refinancing included entering into a new $2.5 million term loan, due in May 2015. The Company previously had no long term debt. The term loan, which has interest paid currently, also started being amortized monthly in June 2013. Each of the 24 monthly payments is $104,200. Additionally, the Company entered into a new line of credit and has drawn approximately $0.45 million from December 31, 2012 to March 31, 2013 to substantially provide financing for additional inventory acquisition and reduction in accounts payables. Accounts payable decreased by approximately $0.3 million to $3.3 million from $3.6 million at December 31, 2012.
During April 2013, our primary shareholder and CEO entered into a short term agreement to make a loan to the Company. The outstanding balance for the loan is approximately $0.535 million with a maturity date of October 14, 2013. The loan has a stated interest rate of 10%. These funds were used in order to satisfy certain vendor obligations. The loans are to be collateralized by certain inventory purchases to be held by the shareholder. The inventory will be available to be sold by the Company in the normal course of business. The specific inventory is segregated within the Company's warehouse locations but must be maintained by the Company to meet its specific quality control procedures. All amounts borrowed by the Company are considered loans for accounting purposes and are repayable on demand from available operating funds. These loans are approved by the Company's primary lender, Newstar.
The Company is presently attempting to refinance its debt.
Liquidity
The Company anticipates additional capital expenditures of approximately $0.25 million on plant and equipment as it brings all of its facilities on to the same enterprise software system.
The Company believes that it can meet its financial obligations at its presently contemplated operating levels, even as its growth is constrained by its present financing. However, if the anticipated sales levels are not attained, the Company's availability to access its line of credit would be adversely affected. The Company believes that its present funding is insufficient to enable the Company to accomplish some of its desired sales growth plans. The Company is presently seeking to expand its capital availability which will enable the Company to fully take advantage of sales opportunities presented to it which require the Company to make additional investments in inventory.
The Company believes it can expand its business with its present staff numbers.
Form 10-Q for MIKROS SYSTEMS CORP
14-Aug-2013
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Position and Results of Operations
Mikros Systems Corporation ("Mikros," the "Company," "we" or "us") is an advanced technology company specializing in the research and development of electronic systems technology primarily for military applications. Classified by the Department of Defense ("DoD") as a small business, our capabilities include technology management, electronic systems engineering and integration, radar systems engineering, combat/command, control, communications, computers and intelligence ("C4I") systems engineering, and communications engineering.
Overview
Our primary business focus is to pursue Small Business Innovative Research ("SBIR") programs from the DoD, Department of Homeland Security, and other governmental authorities, and to expand this government funded research and development into products and services. Since 2002, we have been awarded several Phase I, II, and III SBIR contracts.
Revenues from our government contracts represented 100% of our revenues for the three and six months ended June 30, 2013 and 2012. We believe that we can utilize the intellectual property developed under our various SBIR awards to develop proprietary products for both the government and commercial marketplace.
ADEPT?
Originally designated as the Multiple Function Distributed Test and Analysis Tool, the ADEPT began as an SBIR investigation in 2002. Additional ADEPT development was completed through a series of SBIR grants and contracts. ADEPT is an automated maintenance workstation designed to significantly reduce the man-hours required to align the AN/SPY-1 Radar System aboard U.S. Navy AEGIS cruisers and destroyers, while optimizing system performance and readiness. ADEPT represents a new approach to Navy shipboard maintenance, integrating modular instrumentation cards in a rugged enclosure with an onboard computer, input and output devices, networking hardware, removable hard drives, and a touch screen display. A custom software application provides the user interface and integrates the hardware with a database that stores user information, instrument readings, maintenance requirements, and training aids. ADEPT is designed to be adapted to other complex shipboard systems, and to provide integrated distance support capabilities for remote diagnostics and troubleshooting by shore-based Navy experts.
Key benefits of ADEPT include:
? Distance support capability enabling "expert" remote (shore-based) system support and fleet-wide system analysis;
? Reduction in the amount of electronic test equipment required for organizational level support; and
? Modularity and programmability which aims to overcome obsolescence issues encountered with current test equipment and support capability enhancements in future systems.
The goal for ADEPT has been to obtain a multi-year Indefinite-Delivery, Indefinite-Quantity ("IDIQ") contract for production, engineering, and logistics support. On March 19, 2010, we were awarded and entered into an IDIQ contract with the Naval Surface Warfare Center. The contract is for a term of five years and provides for the purchase and sale of up to $26 million of ADEPT units and related support.
From 2010 through 2012, we received orders to design, produce, deliver, and further enhance An initial delivery order for 27 ADEPT units valued at $2.3 million was awarded on March 22, 2010. In September 2010, we were awarded a new production order from the U.S. Navy to build additional ADEPT equipment for deployment on U.S. AEGIS Cruisers and Destroyers, as well as the Navy's new Littoral Combat Ship. Under this order, we delivered an additional 18 ADEPT units and upgraded to the Low-Rate Initial Production Units manufactured under previous contracts. Some of the funding associated with this award allowed our engineers to enhance the distance support capabilities of ADEPT and incorporate new design features to enable ADEPT to be used on other U.S. Navy systems. In July 2011, we received $3.1 million in orders to produce and deliver an additional 36 ADEPT units and related support services, and in September, 2011 we received a $2.1 million delivery order from the U.S. Navy for additional research, development, and support of ADEPT units. In April, June, and July 2012, we received commitments of $385,000, $852,000 and $88,000, respectively, under the IDIQ to provide additional engineering and logistics support. Finally, in August and September 2012, we received new task orders to produce and deliver 35 ADEPT units.
Wireless Local Area Network Systems
Since June 2004, we have been working with the Office of Naval Research regarding emerging Wireless Local Area Network systems ("WLANs") and DoD radar systems to, among other things, evaluate and quantify the potential improvements which may be afforded by selected mitigation techniques. We continue to perform contracts in connection with this project and have worked closely with engineers from the Naval Air Warfare Center, Weapons Division. Specifically, in April 2010, we were awarded a $250,000 subcontract with a major defense prime contractor to perform design of shipboard wireless networks for a new U.S. Navy communications program.
Recent Developments
In June 2013, we were awarded a $2,803,845 service contract with Condition-Based Maintenance ("CBM") for Littoral Combat Ship Systems using the ADEPT Distance Support Sensor Suite. This project will extend the development of the ADEPT to better facilitate the integration of multiple distributed sensors and portable data collection units; provide enhanced automated data collection and processing capabilities; and support hosting of prognostics modeling tools that use the collected data to predict remaining end of life for equipment under test components. Specific objectives of this project will be realized using a phased approach and will contain specific milestones.
In June 2013, we were also awarded $667,000 in new task orders under the ADEPT contract to produce and deliver 6 ADEPT units and related support services.
In May 2013, we were awarded a $24,000 contract by the Naval Surface Warfare Center to produce and deliver 25 hard drive assemblies.
In January and April 2013, we were awarded an additional $185,000 and $187,238, respectively, under the IDIQ to provide additional engineering and logistics support related to ADEPT.
Key Performance Indicator
As substantially all of our revenue is derived from contracts with the federal government, our key performance indicator is the dollar volume of contracts awarded to us. Increases in the number and value of contracts awarded will generally result in increased revenues in future periods and, assuming relatively stable variable costs associated with our fulfilling such contracts, increased profits in future periods. The timing of such awards is uncertain as we sell to federal government agencies where the process of obtaining such awards can be lengthy and at times uncertain. As the majority of our revenue during the first and second quarters of 2013, and expected revenue over the next six months, is or will be from sales of ADEPT units under our IDIQ contract, continued generation of task orders and our ability to expand the market and potential customer base for ADEPT units will be a key indicator of future revenue.
Outlook
Our strategy for continued growth is three-fold. First, we expect to continue expanding our technology base, backlog and revenue by continuing our active participation in the DoD SBIR program and bidding on projects that fall within our areas of expertise. These areas include electronic systems engineering and integration, radar systems engineering, combat/C4I systems engineering, and communications engineering. We believe that we can utilize the intellectual property developed under our various SBIR awards to develop proprietary products, such as the ADEPT, with broad appeal in both the government and commercial marketplace. This state-of-the-art test equipment can be used by many commercial and governmental customers such as the FAA, radio and television stations, cellular service providers, and airlines. Second, we will continue to pursue SBIR projects with the Department of Homeland Security, the U.S. Navy, and other government agencies. Third, we believe that through our marketing of products such as ADEPT we will develop key relationships with prime defense system contractors. Our strategy is to develop these relationships into longer-term, key subcontractor roles on future major defense programs awarded to these prime contractors.
For the remainder of 2013, our primary strategic focus is to continue to: (i) establish ourselves as a premium provider of research and development and product development services to the defense industry; and (ii) grow our business, generate profits and increase our cash reserves through obtaining additional SBIR contracts and positioning ourselves to obtain future SBIR contracts. From an operational perspective, we expect to focus substantial resources on generating purchase orders under the IDIQ contract for ADEPT units and exploring commercialization opportunities. We intend to capitalize on the Navy modernization program, which could result in two or three ADEPT units being placed on each destroyer and cruiser in the U.S. Navy, with the potential to install multiple units on additional U.S. Navy ships and submarines.
Over the longer term, we expect to further develop technology based on existing and additional SBIR contracts and to develop these technologies into products for wide deployment to DoD customers and contractors, as well as developing potential commercial applications.
Changes to Critical Accounting Policies and Estimates
Our critical accounting policies and estimates are set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012. As of June 30, 2013, there have been no changes to such critical accounting policies and estimates.
Results of Operations
The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and the requirements of the SEC. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to bad debts, recoverability of long-lived assets, income taxes and commitments. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The accounting estimates and assumptions discussed in the notes to our condensed financial statements included herein are those that we consider to be the most critical to an understanding of our financial statements because they inherently involve significant judgments and uncertainties.
Three Months Ended June 30, 2013 and 2012
We generated revenues of $367,558 during the three months ended June 30, 2013 compared to $479,369 during the three months ended June 30, 2012, a decrease of $111,811, or 23%. The decrease was primarily due to the delay in receiving orders for additional ADEPT units in 2013 as well as the change in our revenue
mix. Revenues earned are based upon the labor, subcontracting services, materials, and other direct costs that we incur. Generally labor and other direct costs generate higher revenues while subcontracting services and material costs are less. During the three months ended June 30, 2013, revenues derived from subcontracting services and materials outpaced revenues derived from labor hours completed. During the three months ended June 30, 2012, revenues derived from labor hours completed outpaced subcontracting services and materials, resulting in higher revenues earned in 2012.
Cost of sales consists of direct contract costs including labor, material, subcontracts, and warranty expense for ADEPT units that have been delivered, travel, and other direct costs. Cost of sales for the three months ended June 30, 2013 was $215,442 compared to $204,852 for the three months ended June 30, 2012, an increase of $10,590, or 5%. The increase was primarily attributable to the change in the mix of costs incurred and an increase in our warranty reserve. Our cost of sales during the three months ended June 30, 2013 was comprised of more subcontracting services and material purchases and less direct labor hours. Labor costs were significantly higher during the comparable period in 2012. Our warranty reserve increased during the three months ended June 30, 2013 while the reserve remained unchanged during the comparable period in 2012. The change is due to the timing of units shipped during 2013.
The majority of our engineering costs consist of (i) salary, wages and related fringe benefits paid to engineering employees, (ii) rent-related costs, and
(iii) consulting fees paid to engineering consultants. As the nature of these costs benefit the entire organization and all research and development efforts, and their benefits cannot be identified with a specific project or contract, these engineering costs are classified as part of "engineering overhead" and included in operating expenses. Engineering costs for the three months ended June 30, 2013 were $203,109 compared to $146,455 for the three months ended June 30, 2012, an increase of $56,654, or 39%. The increase was primarily due to the increase in engineering salaries and an increase in the allocation of engineering overhead due to the delay in receiving new task orders.
General and administrative expenses consist primarily of salary, intellectual property, consulting fees and related costs, professional fees, business insurance, franchise tax, SEC compliance costs, travel, and unallowable expenses (representing those expenses for which the government will not reimburse us). General and administrative costs for the three months ended June 30, 2013 were $285,006 compared to $273,701 for the three months ended June 30, 2012, an increase of $11,305, or 4%. The increase was primarily due to an increase in research and development related expenses and director fees, offset by a reduction in administrative salaries and professional fees.
At June 30, 2013, we estimate our annual effective tax rate for 2013 to be 33.4%. We recognized a tax benefit of $154,814 for the quarter ended June 30, 2013 primarily due to state income taxes and the expected change in the valuation allowance established for net deferred tax assets. The tax benefit for the quarter includes a discrete benefit of $47,600 related to the expected future use of federal net operating losses. The expected change in our valuation allowance during 2013 is based on ADEPT and ADSS contracts awarded to us during the three months ended June 30, 2013, and the determination by management that the future realization of the net deferred tax assets was judged to be more-likely-than-not. At June 30, 2013, the difference from the expected federal income tax rate is attributable to state income taxes, certain permanent book-tax differences and the income tax impact of the change in the valuation allowance established for net deferred tax assets.
We incurred a net loss of $181,185 during the three months ended June 30, 2013 as compared to $119,745 during the three months ended June 30, 2012. The increase in net loss was primarily due to the change in the mix of costs and services we provided in 2013 compared to 2012 that limited the amount of revenue we were eligible to recognize. The increase in net loss was also due to the timing in which we completed delivery order contracts for ADEPT units. Lastly, the increase in net loss was attributable to the increase in our warranty expense and the decrease in the income tax benefit when compared to recoveries and benefits, respectively, during the comparable period in 2012.
Six Months Ended June 30, 2013 and 2012
We generated revenues of $1,269,754 during the six months ended June 30, 2013 compared to $1,238,492 during the six months ended June 30, 2012, an increase of $31,262, or 3%. The increase was primarily due to the timing of the production and delivery of ADEPT units offset by the change in the revenue mix between 2013 and 2012. We experienced a delay in new delivery orders for ADEPT units during the six months ended June 30, 2012. Revenues for subcontracting and materials outpaced direct labor hours and costs during the six months ended June 30, 2013 compared to a higher mix of labor hours and direct costs during the comparable period in 2012.
Cost of sales for the six months ended June 30, 2013 was $677,393 compared to $465,082 for the six months ended June 30, 2012, an increase of $212,311, or 46%. The increase was primarily attributable to the change in the mix of costs incurred and an increase in our warranty reserve. Our cost of sales during the six months ended June 30, 2013 was comprised of more subcontracting services and material purchases and less direct labor hours. Labor costs were significantly higher during the comparable period in 2012. Our warranty reserve increased during the six months ended June 30, 2013 while the reserve decreased during the comparable period in 2012. The change is a direct result in the timing of units shipped during 2013 while the expiration of warranty coverage outpaced shipped units for the comparable period in 2012.
Engineering costs for the six months ended June 30, 2013 were $405,007 compared to $306,753 for the six months ended June 30, 2012, an increase of $98,254, or 32%. The increase was primarily due to the increase in engineering salaries and an increase in the allocation of engineering overhead due to the delay in receiving new task orders.
General and administrative expenses consist primarily of salary, intellectual property, consulting fees and related costs, professional fees, business insurance, franchise tax, SEC compliance costs, travel, and unallowable expenses (representing those expenses for which the government will not reimburse us). General and administrative costs for the six months ended June 30, 2013 were $548,396 compared to $594,488 for the six months ended June 30, 2012, a decrease of $46,092, or 8%. The decrease was primarily due to a reduction in administrative salaries and professional fees that were offset by an increase in research and development related expenses.
We recognized a tax benefit of $160,214 for the six months ended June 30, 2013 primarily due to state income taxes and the expected change in the valuation allowance established for net deferred tax assets. The tax benefit for the quarter includes a discrete benefit of $47,600 related to the expected future use of federal net operating losses. The expected change in our valuation allowance during 2013 was based on the ADEPT and ADSS contracts awarded to us during six months ended June 30, 2013, and the determination by management that the future realization of the net deferred tax assets was judged to be more-likely-than-not. At June 30, 2013, the difference from the expected federal income tax rate is attributable to state income taxes, certain permanent book-tax differences and the income tax impact of the change in the valuation allowance established for net deferred tax assets.
We incurred a net loss of $200,811 during the six months ended June 30, 2013 as compared to $105,733 during the six months ended June 30, 2012. The increase in net loss is primarily attributable to the change in the mix of costs and services we provided in 2013 compared to 2012 that limited the amount of revenue we were eligible to recognize. The decrease was also due to the timing in which we completed delivery order contracts for ADEPT units, the related warranty expense for ADEPT units. Lastly, the decrease was also attributable to the increases in our warranty expense and decreases in our income tax benefits when compared to recoveries and benefits, respectively, during the comparable period in 2012.
Liquidity and Capital Resources
Since our inception, we have financed our operations through debt, private and public offerings of equity securities, and cash generated by operations.
During the six months ended June 30, 2013, net cash provided by operations was $166,823 compared to $35,155 during the six months ended June 30, 2012. The increase was due primarily to timing of payments related to our operating assets and liabilities. We had a decrease in accounts receivable as a result of receiving payments and decreases in accounts payable and accrued expenses, including accrued payroll and payroll taxes due to the timing of our vendor payments and payroll processing. We had working capital of $1,070,083 as of June 30, 2013 as compared to $1,379,678 as of December 31, 2012.
During the six months ended June 30, 2013, net cash used in investing activities was $1,500 compared to $1,102 during the six months ended June 30, 2012. The increase was due to capital expenditures.
In June 2013, we renewed our line of credit agreement. The facility matures on June 30, 2014 and accrues interest at a variable rate equal to the bank's prime rate plus 250 basis points with a minimum annual interest rate of 4.500%. We increased the facility's borrowing capacity to $500,000. Principal borrowings may be prepaid at any time without penalty, and the facility is secured by substantially all of our assets. Borrowings under the facility are limited to a percentage of aggregate outstanding receivables that are due within 90 days. The facility contains customary affirmative and negative covenants and a net worth financial covenant. As of the date of this report, there are no amounts outstanding under the facility.
As of June 30, 2013, we had cash resources of approximately $1,052,463. We believe that our available cash resources and expected cash flows from operations will be sufficient to fund operations for the next twelve months. We do not expect to incur any material capital expenditures during the next twelve months.
In order to pursue strategic opportunities, obtain additional SBIR contracts, or acquire strategic assets or businesses, we may need to obtain additional financing or seek strategic alliances or other partnership agreements with other entities. In order to raise any such financing, we anticipate considering the sale of additional debt or equity securities under appropriate market conditions. There can be no assurance, assuming we successfully raise additional funds or enter into business alliances, that any such transaction will achieve profitability or generate positive cash flow.
Off-Balance Sheet Arrangements
As of June 30, 2013, we did not have any relationships with unconsolidated entities or financial partners, such as entities often referred to as structured finance or variable interest entities, established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. As such, we are not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in such relationships. We have not made any guarantees for outside parties and have not entered into any derivative instruments.
Form 10-Q for BLASTGARD INTERNATIONAL INC
14-Aug-2013
Quarterly Report
Item 2. Management's Plan of Operation
Statements contained herein that are not historical facts are forward-looking statements as that term is defined by the Private Securities Litigation Reform Act of 1995. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, the forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from those projected. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance and those actual results may differ materially from those in the forward-looking statements. Such risks and uncertainties include, without limitation:
well-established competitors who have substantially greater financial resources and longer operating histories, regulatory delays or denials, ability to compete as a start-up company in a highly competitive market, and access to sources of capital.
The following discussion should be read in conjunction with the Company's financial statements and notes thereto included elsewhere in this Form 10-Q and in our Form 10-K for the fiscal year ended December 31, 2012. Except for the historical information contained herein, the discussion in this Form 10-Q contains certain forward looking statements that involve risks and uncertainties, such as statements of the Company's plans, objectives, expectations and intentions. The cautionary statements made in this Form 10-Q should be read as being applicable to all related forward-looking statements wherever they appear herein. The Company's actual results could differ materially from those discussed here.
The financial information furnished herein has not been audited by an independent accountant; however, in the opinion of management, all adjustments (only consisting of normal recurring accruals) necessary for a fair presentation of the results of operations for the period ended June 30, 2013, have been included.
Summary
BlastGard International, Inc. is in the business of providing protection for individuals and property. We have developed and have been marketing BlastWrap products to protect people and property against explosive forces. We have recently acquired a 98.2% new subsidiary (HighCom Security, Inc.) that provides a wide range of security and personal protective gear. A description of each company can be found below and a description of our acquisition can be located under "Item 13" of our Form 10K for the fiscal year ended December 31, 2012. We believe that the products of the two companies have a certain synergy and that BlastGard International is poised to be a full service provider for defensive and protective product needs. The term "the Company" shall include BlastGard and HighCom unless the context indicates otherwise.
HighCom provides a wide range of security products and personal protective gear (including tactical armor) that are tailored and offer protection solutions to specific customer requirements. HighCom caters to local law enforcement agencies, correctional facilities and municipal authorities. Given the equipment and ballistic protection solutions provided by HighCom, compliance with the U.S. Department of Commerce, U.S. Department of State, U.S. Department of the Treasury and all other governmental agencies' regulations is a high priority. HighCom has sold its products in the defense and law enforcement sectors and is known for innovative technology, exceptional customer service and superior quality performance. We export our products throughout the world and have in the past sold products in Asia, Africa, Europe, Latin America and the Middle East. Many of our products are controlled for export purposes and we require end user details prior to all sales. Strict compliance with U.S. and International laws and regulations is mandatory.
As discussed under "Background of HighCom" under "Item 1"of our Form 10-K for the fiscal year ended December 31, 2012. HighCom's sales revenues in 2008 were approximately $17 million. Revenues in 2009 suffered a large decrease largely attributable to a May 2009 fire in its Columbus, OH facility. This destructive fire caused significant disruption to HighCom operations which was forced to relocate to new premises to restart its manufacturing activities. The combination of decreased spending in law enforcement and homeland security sectors experienced by the industry, the US financial crisis and the destructive effects of the factory fire, revenues decreased to $4 million. In the second half of 2009, HighCom was able to reestablish its operations in OH and began to regain its market presence both with customers and vendors. The result of which was the receipt of a $6 million contract award through an open bid process for the supply of hard armor plates and soft armor vests to United Nations Peacekeeping Forces. This was the first UN contract won by HighCom as a prime contractor. Shipments under this contract began in late 2009 with the majority of the contract revenues scheduled to be earned in 2010. Reference is made to "Item 1" - Foreign Corrupt Practices Act of our Form 10K for the fiscal year ended December 31, 2010 for a discussion of material events that effected HighCom in fiscal 2010 and the first quarter of 2011.
In March 2011, BlastGard's management team officially assumed operational control of HighCom. Since this time we have accomplished a number of key compliance tasks and are currently in the process of finalizing manufacturing agreements with several key partners. As stated in the paragraph above, BlastGard has received official communication from the U.S. State Department that HighCom's export authority has been reinstated. In addition to this, BlastGard has completed registration through both the Directorate of Defense Trade Controls as well as the Bureau of Industry and Security ("BSI"). The purpose of these registrations is to allow BlastGard control over the export management and compliance program moving forward. HighCom also completed their ISO certification which had been revoked under HighCom due to missed audits. BlastGard management has been able to complete an internal audit and management review, in addition to meeting with BSI for the external audit review and in March 2012 HighCom secured ISO certification. Communication with the United Nations is ongoing. On February 6, 2012, the Company was notified by letter that the United Nation's Vendor Review Committee ("VRC") had recommended to immediately place on hold the registration status of HighCom Security. This VRC decision to place on hold our registration status was based on integrity/ethical issues surrounding the former CEO's actions. Soon after this decision was made, we were notified that on February 21, 2012 the government dismissed all the charges against the former CEO. The Company has been in communication with the United Nations Procurement Division regarding this matter and on March 15, 2012, the Company was informed that the VRC had met regarding our request for re-instatement and that its recommendation is currently under consideration. BlastGard has also made significant personnel changes within HighCom and restructuring of operating locations and costs. Since the completion of our acquisition of HighCom, the Company has focused its employee time and capital resources primarily on the development of the business of HighCom. We expect future results of operations to show the benefits of these changes. The results of operations for HighCom Security have been included on these statements from the date of acquisition, January 25, 2011.
Results of Operations
Our consolidated net revenues increased substantially as a direct result of our acquisition of HighCom Security in March 2011, which included a change in management. The increase for the quarter ending June 30, 2013 was primarily the result of increased sales of our HighCom Security product line due to a higher demand from our third party customers for certain personal protective equipment products. The sales increase was primarily due to two of our major product categories: ballistic plates and ballistic helmets. Management instituted a number of action steps to realize this increase in sales, namely: a visible presence at industry tradeshows, cultivation of former customers, aggressive pricing, new in-house production facility, greater cost control over raw materials as well as a new marketing and sales program. We also secured our ISO 2012 certification. The International Organization for Standardization ("ISO") is the world's largest developer of voluntary International Standards. International Standards give state of the art specifications for products, services and good practice, helping to make industry more efficient and effective. Developed through global consensus, our ISO certification breaks down the barriers to international trade which is a major focus of our new sales strategy.
For the three months ended June 30, 2013 and 2012, we recognized sales of $864,882 and $640,885 and a gross profit of $439,833 and $198,705, respectively. For the six months ended June 30, 2013 and 2012, we recognized sales of $1,222,022 and $990,706 and a gross profit of $568,039 and $286,182, respectively. The improved gross profit is due to increased sales and better pricing.
For the three months ended June 30, 2013, our operating expenses were $306,686 as compared to $250,843 for the three months ended June 30, 2012. For the six months ended June 30, 2013, our operating expenses were $589,381 as compared to $532,860 for the six months ended June 30, 2012. The increased operating expenses were due to additional temporary personnel necessary to keep up with the demand for increased sales.
During the quarter ended June 30, 2013, total other income (expense) was $1,015,809. This included a gain on derivative liability in the amount of $1,043,159, a gain of $65,724 from negotiated settlements on old accounts payable, offset by interest expense of $93,075. During the six months ended June 30, 2013, total other income (expense) was $199,773. This included a gain on derivative liability of $313,832, a gain of $131,251 from negotiated settlements on old accounts payable, offset by interest expense of $245,311.
For the quarter ended June 30, 2012 total other income (expense) was $27,593. This included a gain on derivative liability in the amount of $157,052 offset by interest expense of $192,751. For the six months ended June 30, 2012, total other income (expense) was 1,234,245. This included a gain on derivative liability in the amount of $1,721,813, offset by interest expense of $494,888.
Our net income (loss) for the three months ended June 30, 2013 and 2012 was $1,143,787 as compared to $(80,339), respectively. Our net income (loss) for the six months ended June 30, 2013 and 2012 was $173,284 as compared to $989,263, respectively.
Sales Backlog
As of the filing date of this Form 10-Q, the Company was working on fulfilling anticipated sales orders of $1.2 million that are expected to ship in the 3rd quarter of 2013. The Company has hired temporary personnel to complete these orders and this will substantially increase our operating expenses in the third quarter. Management is optimistic that additional sales will occur in the third quarter of 2013, although no assurances can be given in this regard.
Background of Secured Financings of BlastGard and Conversion into Common Stock
Alpha Capital Anstalt, a secured debt holder which first loaned us money in December 2004, loaned us $160,000 in February 2011, an additional $300,000 in March 2011, an additional $300,000 in June 2011 and an additional $500,000 in November 2011 pursuant to secured convertible promissory notes. At December 31, 2012, the Company owed $1,210,000 in principal (exclusive of accrued interest of $206,314.71) to Alpha Capital Anstalt after reduction of principal of approximately $50,000 which was converted into Common Stock in 2012.
As of March 21, 2013, the Company had outstanding $1,267,707.07 in principal debt, including accrued interest thereon owed to Alpha Capital Anstalt, pursuant to secured promissory notes (collectively the "Company Debt"). Pursuant to an amendment and consent, all of the debt owed to Alpha Capital, which was previously past due and were the subject of security agreements, guarantee and other transaction documents, to the extent outstanding, have had their maturity date extended through June 14, 2013 and their conversion price lowered from $0.010 per share to $0.009 per share.
On April 4, 2013, Alpha Capital Anstalt, closed on an agreement dated March 21, 2013 (the "Purchase and Exchange Agreement") with 8464081 Canada Inc. (the "Purchaser") to sell to the Purchaser and its assignees the Company's Debt in the principal amount, including accrued interest thereon, of $1,267,770.07 (which excludes $182,000 of the principal due on this note that was maintained by Alpha Capital) owned by it plus warrants to purchase 104,333,335 shares
(exercisable at $0.01 per share). The agreements required that within three (3)
months of March 21, 2013, that the Purchaser shall convert all the notes acquired by it at the current conversion price of $0.009 per share. Alpha Capital Anstalt (the "Seller") has also committed to convert the $182,000 of principal retained by it into shares of the Company's Common Stock at the same conversion price. Also, the agreement required the Purchaser to offer to purchase the other December 2004 Debt for a purchase price equal to the total amount of principal and interest due on each note with a 10% premium.
On April 23, 2013, the aforementioned secured note holders converted their debt in the principal amount of approximately $1.451 million including accrued interest thereon into 161,269,410 shares of common stock at a conversion price of $.009 per share. Of the 161,269,410 shares, 132,426,499 shares were issued to 8464081 Canada Inc., 20,222,222 shares were issued to Alpha Capital Anstalt and 8,620,689 shares were issued to Laurentian Bank Securities ITF Robocheyne Consulting Ltd. Exemption from registration is claimed under Section 3(a)(9) of the Securities Act of 1933, as amended.
At December 31, 2012, the Company had outstanding other secured indebtedness borrowed in December 2004 in the amount of $125,663. At June 30, 2013, this other secured indebtedness was reduced to $32,566 as a result of the conversion of principal and accrued interest into 12,218,269 shares of Common Stock at a conversion price of $.009 per share. As part of Alpha Capital Anstalt's agreement with 8464081 Canada, 8464081 Canada is reportedly in the process of purchasing this other secured indebtedness which approximates $45,000, including accrued interest thereon, and, upon the completion of said purchase, such indebtedness will be converted into Common Stock at $.009 per share.
Our outstanding secured debt has mandatory redemption provisions. A large portion of the secured debt provides that in the event (i) the Company is prohibited from issuing Conversion Shares, (ii) upon the occurrence of any other Event of Default (as defined in the Transaction Documents), that continues beyond any applicable cure period, (iii) a Change in Control (as defined below) occurs, or (iv) upon the liquidation, dissolution or winding up of the Company or any Subsidiary, then at the Secured Debt Holder's election, the Company must pay to the Secured Debt Holder not later than ten (10) days after request by such Secured Debt Holder, a sum of money determined by multiplying up to the outstanding principal amount of the Note designated by the Secured Debt Holder, at the Secured Debt Holder's election, the greater of (i) 120%, or (ii) a fraction the numerator of which is the highest closing price of the Common Stock for the thirty days preceding the date demand is made by Secured Debt Holder and the denominator of which is the lowest applicable conversion price during such thirty (30) day period, plus accrued but unpaid interest and any other amounts due under the Transaction Documents ("Mandatory Redemption Payment"). The Mandatory Redemption Payment must be received by the Secured Debt Holder on the same date as the Conversion Shares otherwise deliverable or within ten (10) days after request, whichever is sooner ("Mandatory Redemption Payment Date"). Upon receipt of the Mandatory Redemption Payment, the corresponding Note principal, interest and other amounts will be deemed paid and no longer outstanding. The Secured Debt Holder may rescind the election to receive a Mandatory Redemption Payment at any time until such payment is actually received. Liquidated damages calculated that have been paid or accrued for the ten day period prior to the actual receipt of the Mandatory Redemption Payment by such Secured Debt Holder shall be credited against the Mandatory Redemption Payment provided the balance of the Mandatory Redemption Payment is timely paid. "Change in Control" is defined as (i) the Company becoming a Subsidiary of another entity (other than a corporation formed by the Company for purposes of reincorporation in another U.S. jurisdiction), (ii) the sale, lease or transfer of substantially all the assets of the Company or any Subsidiary, (iii) a majority of the members of the Company's board of directors as of the Closing Date no longer serving as directors of the Company, except as a result of natural causes or as a result of hiring additional outside directors in order to meet appropriate stock exchange requirements, or (iv) Michael Gordon, the Chief Executive Officer of the Company is no longer serving as Chief Executive Officer unless prior written consent of the Secured Debt Holder had been obtained by the Company. The foregoing notwithstanding, the Secured Debt Holder may demand and receive from the Company the amount stated above or any other greater amount which the Secured Debt Holder is entitled to receive or demand pursuant to the Transaction Documents.
In connection with the aforementioned loan transactions, we also issued to Alpha Capital Anstalt warrants to purchase 104,333,335 shares of the Company's Common Stock, which warrants are currently exercisable at an exercise price of $.01 per share, which exercise price is subject to adjustment pursuant to the provisions of the warrant. In the event a fundamental transaction occurs as defined in the warrants, which includes without limitation any person or group acquiring 50% of the aggregate Common Stock of the Company, then the holder of the warrants may have the right to have the warrants redeemed at a price equal to the Black-Scholes value of said warrants. These warrants were sold by Alpha Capital to 8464081 Canada.
Also, pursuant to the Purchase and Exchange Agreement by and among Alpha Capital Amstalt (the "Seller"), 8464081 Canada (the "Purchaser") and the Company, the Purchaser and the Company agreed to the following:
? Purchaser has the right to nominate and appoint to the Board at least 50% of the Board members;
? Purchaser has a right of first refusal to participate in future financings up to its pro rata share of Common Stock of the Company.
? Purchaser undertakes to provide the Company with sufficient capital to allow the Company to conduct its business and remain a going concern until December 31, 2013, subject to further agreements between the Company and Purchaser. All such funding will be provided through equity transactions and will not be funded via debt.
This transaction resulted in the Purchaser, namely, 8464081 Canada Inc., acquiring control of the Company through its acquisition of Warrants to purchase 104,333,335 shares of Common Stock exercisable at $.01 per share and its acquisition of secured debt in the principal amount of $1,267,770.07, which together with accrued interest thereon, was convertible at $.009 per share. The Purchaser paid Seller approximately $1.82 million to acquire control of the Company, including giving Seller a promissory note in the amount of $400,000, which note is due on August 31, 2013. The Purchaser and Seller also entered into a Pledge Agreement with respect to a portion of the securities of the Company that were the subject of the change of control.
Various Product Lines Identified For BlastWrap? - We have Several Completed and Finished Products
HighCom provides a wide range of security products and personal protective gear (including tactical armor) that are tailored and offer protection solutions to specific customer requirements. HighCom caters to local law enforcement agencies, correctional facilities and municipal authorities. Given the equipment and ballistic protection solutions provided by HighCom, compliance with the U.S. Department of Commerce, U.S. Department of State, U.S. Department of the Treasury and all other governmental agencies' regulations is a high priority. HighCom has sold its products in the defense and law enforcement sectors and is known for innovative technology, exceptional customer service and superior quality performance.
Body armor is classified by the NIJ according to the level of protection it provides from various threats. The classifications are as follows:
? Type IIA body armor- minimal protection against smaller caliber handgun threats.
? Type II body armor - provides protection against many handgun threats, including many common smaller caliber pistols with standard pressure ammunition, and against many revolvers.
? Type IIIA body armor- provides a higher level of protection and will generally protect against most pistol calibers including many law enforcement ammunitions, and against many higher poared revolvers.
? Type III and IV body armor - provides protection against rifle rounds and are generally only used in tactical situations.
Our Security Products include the following:
??? Ballistic helmets
??? Body armor and hard armor plates
??? Riot helmets and shields
??? Mounted patrol, vehicular crew, and general duty helmets
??? Metal detectors: walk-through and handheld
??? Explosive ordinance disposal equipment: bomb suits & gear, hook & line kits, detectors and search mirrors, under vehicle surveillance systems
??? X-Ray screening systems: luggage, parcel, freight and cargo scanners, mobile systems, transportation securities administration test objects
Manufactured products versus products supplied by third party vendors.
HighCom manufactures ballistic plates, ballistic shields and blankets. Hard armor plates are HighCom manufactured products which either carry our brand name or a private label. Our ballistic vests, ballistic helmets and EOD bomb suits and gear are currently manufactured and private labeled by third party vendors for us. Our soft arm vests are manufactured by one of two major suppliers and they either carry the supplier brand name or the HighCom brand name. Our UN soft armor vest is co-manufactured by us with a third party vendor. Our ballistic packs are also manufactured by one of two manufacturers. We distribute the following products made by other manufacturers: metal detectors, x-ray machines, EOD kits and detection devices. In the future, we intend to manufacture PASGT
(personal armored systems for ground troops) and ACH (advanced combat helmets)
ballistic helmets as well as EOD suits. For a complete description of the HighCom product line, reference is made to our Form 10-K for the fiscal year ended December 31, 2012.
Liquidity and Capital Resources.
At June 30, 2013, we had cash of $146,841, working capital of $(1,248,365), an accumulated deficit of $(16,322,266) and shareholder deficit of $(590).
For the six months ended June 30, 2013, net cash used by operating activities was $(618,253) primarily due to our net income of $173,284, offset by a gain on derivative liability, gain on negotiated settlement on accounts payable items, amortization and depreciation, and a large increase in our accounts receivable. During the six months ended June 30, 2013, we used cash in investing activities for purchase of assets of $(2,139) and we generated cash from financing activities of $410,807 from loans from related parties.
For the six months ending June 30, 2012, net cash used in operating activities is $119,993 primarily due to our net income of $989,263, offset by a gain on derivative liability, stock based compensation, amortization and an increase in our accounts payables and accruals. During the six months ended June 30, 2012, we used cash in investing activities for payment of deferred costs and property of $(45,628) and we used cash from financing activities of $(19,099) from stock sales and notes.
At June 30, 2013, we had cash of $146,841 and we owed approximately $1.6 million in principal (without discounts) and approximately $800,000 in payables and accruals. We anticipate that our future liquidity requirements will arise from the need to finance our accounts receivable and inventories, and from the need to fund our growth from operations, current debt obligations and capital expenditures. The primary sources of funding for such requirements are expected to be cash generated from operations and raising additional capital from the sale of equity and/or debt securities. However, we can provide no assurances that we will be able to generate sufficient cash flow from operations and/or obtain additional financing on terms satisfactory to us, if at all, to remain a going concern. Our continuation as a going concern is dependent upon our ability to generate sufficient cash flow to meet our obligations on a timely basis and ultimately to attain profitability. The Company is attempting to obtain cash to finance its operations. We can provide no assurances that financing will be available to us on terms satisfactory to us, if at all, or that we will be able to continue as a going concern. In this respect, see "Note 1 - Going Concern" in our financial statements for additional information as to the possibility that we may not be able to continue as a "going concern."
To date, we have relied on management's ability to raise capital through equity private placement financings to fund our operations. We estimate that we will require between $1.0 million and $1.5 million in additional financing and cash flow from operations to support our operations and to meet our debt obligations as they become due and payable over the next 15 months of operations. We can provide no assurances that cash generated from operations will occur or additional financing will be obtained on terms satisfactory to us, if at all, or that additional debt conversions will occur.
Purchase of HighCom Security Inc.
As previously reported, on January 25, 2011, BlastGard International, Inc. ("BlastGard") entered into a binding Letter of Intent ("LOI") with HighCom Security, Inc. ("HighCom") under which BlastGard will acquire 100% of the common stock of HighCom from the stockholders of HighCom, none of whom are affiliates of BlastGard. HighCom is a worldwide security equipment provider based in San Francisco, California. HighCom designs, manufactures and distributes a unique range of security products and personal protective gear. BlastGard and HighCom have agreed to consummate a Stock Purchase Agreement, subject to the approval of all necessary parties, agencies or regulatory organizations. As of the signing of the agreement, BlastGard immediately assumed the operations of HighCom and started to provide financing for the operations while a definitive agreement is drawn up over the next 90 days.
As stated above, the LOI contemplated several closing conditions and the closing in escrow with a possible of rescission if the State Department does not reinstate HighCom's export license. On March 4, 2011, among other changes the LOI was amended as follows: 1) the LOI constitutes the definitive stock purchase agreement; 2) BlastGard issued 9,820,666 shares of its Common Stock and . . .
Form 10-Q for ARMADA OIL, INC.
14-Aug-2013
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
This report contains forward-looking statements. All statements other than statements of historical facts included in this Quarterly Report on Form 10-Q, including without limitation, statements in this Management's Discussion and Analysis of Financial Condition and Results of Operations regarding our financial position, estimated working capital, business strategy, the plans and objectives of our management for future operations and those statements preceded by, followed by or that otherwise include the words "believe," "expects," "anticipates," "intends," "estimates," "projects," "target," "goal," "plans," "objective," "should" or similar expressions or variations on such expressions are forward-looking statements. We can give no assurances that the assumptions upon which the forward-looking statements are based will prove to be correct. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements, including, but not limited to, our inability to obtain adequate financing, insufficient cash flows and resulting illiquidity, our inability to expand our business, government regulations, lack of diversification, volatility in the price of oil and/or natural gas, increased competition, results of arbitration and litigation, stock volatility and illiquidity, our failure to implement our business plans or strategies and general economic conditions. A description of some of the risks and uncertainties that could cause our actual results to differ materially from those described by the forward-looking statements in this Quarterly Report on Form 10-Q appears in the section captioned "Risk Factors" in our 2012 Annual Report on Form 10-K.
Except as otherwise required by the federal securities laws, we disclaim any obligations or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this Quarterly Report on Form 10-Q to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
History
Armada Oil, Inc. (the "Company", "Armada", or "we") was incorporated under the laws of the State of Nevada on November 6, 1998, under the name "e.Deal.net, Inc." On June 20, 2005, the Company amended its Articles of Incorporation to effect a change of name to International Energy, Inc. On June 27, 2011, the Company amended its Articles of Incorporation to change its name to NDB Energy, Inc. On May 7, 2012, the Company filed a Certificate of Amendment to its Articles of Incorporation to change its name to Armada Oil, Inc.
On March 28, 2013 Armada formed a business combination with Mesa Energy Holdings, Inc. ("Mesa"), pursuant to which Armada acquired from Mesa substantially all of the assets of Mesa consisting of all of the issued and outstanding shares of Mesa Energy, Inc. ("MEI"), whose predecessor entity, Mesa Energy, LLC, was formed in April 2003 as an exploration and production company in the oil and gas industry. Although Armada was the legal acquirer, Mesa was the accounting acquirer.
Armada has a farmout agreement with Anadarko Petroleum on approximately 8,750 net mineral acres in Carbon County, Wyoming ("Project Acreage"). The Project Acreage is generally 40 miles west of Laramie, Wyoming and lies in the emerging fairway of the Niobrara Shale play which is currently very active in northern Colorado and eastern Wyoming.
MEI's oil and gas operations are conducted through itself and its wholly owned subsidiaries. MEI acquired Tchefuncte Natural Resources, LLC ("TNR") in July 2011. TNR owns interests in 80 wells and related surface production equipment in five fields located in Plaquemines and Lafourche Parishes, Louisiana. Mesa Gulf Coast Operating, LLC ("MGC") became the operator of all operated properties in Louisiana in October 2011. Mesa Midcontinent, LLC is a qualified operator in the state of Oklahoma and operates our properties in Garfield and Major Counties, Oklahoma. MEI is a qualified operator in the State of New York and operates the Java Field.
The Company's operating entities have historically employed, and will continue in the future to employ, on an as-needed basis, the services of drilling contractors, other drilling related vendors, field service companies and professional petroleum engineers, geologists and land men as required in connection with future drilling and production operations.
Overview
We are an oil and gas exploration and production ("E & P") company engaged primarily in the acquisition, drilling, development, production and rehabilitation of oil and gas properties.
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Our business plan is to build a strong, balanced and diversified portfolio of oil and gas reserves and production revenue through the acquisition of properties with solid, long-term existing production with enhancement potential and the development of highly diversified, multi-well developmental drilling opportunities.
We continuously evaluate opportunities in the United States' most productive basins, and we currently have interests in the following:
? Lake Hermitage Field, a producing oil and natural gas field in Plaquemines Parish, Louisiana;
? Valentine Field, a producing oil and natural gas field in Lafourche Parish, Louisiana;
? Larose Field, a producing oil and natural gas field in Lafourche Parish, Louisiana;
? Bay Batiste Field, a producing natural gas field in Plaquemines Parish, Louisiana;
? Manila Village Field, a currently shut-in field in Plaquemines Parish, Louisiana;
? Turkey Creek Field, an area of interest in which we hold undeveloped leasehold interests and a farm-out in Garfield and Major Counties, Oklahoma;
? Carbon County, Wyoming, an area of interest in which we hold a farm-out agreement with Anadarko Petroleum Company; and
? Java Field, a natural gas development project in Wyoming County in western New York.
The following discussion highlights the principal factors that have affected our financial condition as well as our liquidity and capital resources for the periods described and provides information which management believes is relevant for an assessment and understanding of the statements of financial position, results of operations and cash flows presented herein. This discussion should be read in conjunction with our unaudited financial statements, related notes and the other financial information included elsewhere in this report.
Louisiana Operating Area
On July 22, 2011, the Company's wholly owned subsidiary, Mesa Energy, Inc. ("MEI"), completed the acquisition of Tchefuncte Natural Resources, LLC ("TNR"), a Louisiana operator. Immediately prior to MEI's closing of the TNR acquisition, TNR completed the acquisition of properties in five fields in South Louisiana from Samson Contour Energy E & P, LLC. TNR, now a wholly owned subsidiary of MEI, owns 100% working interests in the Lake Hermitage Field in Plaquemines Parish, Louisiana along with various working interests in producing properties in four additional fields in Plaquemines and Lafourche Parishes, Louisiana.
We believe that, as a result of our ongoing program of recompleting, sidetracking, or otherwise returning shut-in wells to production, improving operational efficiencies and continued optimization of the gas lift systems, significant increases in production can continue to be achieved in these fields. We expect to continue our recompletion program and to accomplish a number of additional enhancements and upgrades to processing facilities and flow lines in the second half of 2013, all of which to be funded out of cash flow or acceleration financing if available at reasonable terms. These efforts should significantly increase production and PDP reserves. Extensive geological and engineering evaluations of the Lake Hermitage and Valentine Fields have revealed multiple opportunities and we are prioritizing and planning for those opportunities on an ongoing basis. In addition, our technical team is in the process of refining a number of additional drilling locations and we expect to sidetrack existing wells into deeper zones and drill the first of several developmental wells later this year. We are reviewing a number of deep targets with potential for farm out or joint venture with other operators and are actively pursuing additional acquisition opportunities in South Louisiana.
The Louisiana Operating Area is located in Lafourche and Plaquemines Parishes in Louisiana and includes:
Producing Fields - Plaquemines and Lafourche Parishes, Louisiana
Lake Hermitage Field - Plaquemines Parish, Louisiana
The Lake Hermitage Field is located in Plaquemines Parish, Louisiana, approximately 25 miles south-southeast of New Orleans, Louisiana. The field is a salt dome structure discovered in 1928 and has produced significant quantities of oil and gas from multiple sandstone reservoirs between 3,100 and 14,200 feet deep. It is situated in a shallow, marshy environment on the west side of the Mississippi River.
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The Company owns a 100% working interest and 75% net revenue interest in each of the eighteen wells in the Lake Hermitage Field. A total of 3,589 mineral acres is held by production in the field. Ten wells are currently shut-in pending evaluation for workover and/or future recompletion in uphole zones or sidetrack into deeper zones, and an additional well is being evaluated for conversion to a salt water disposal well, which would reduce expenses and allow for increased daily handling of fluid. There are three processing facilities and tank batteries in the field. The high gravity crude oil produced at Lake Hermitage is transported out of the field by barge. In the first quarter of 2013, we successfully replaced the tubing string in the LLDSB #10 well which resulted in a return to stable daily production of over 100 barrels per day. In addition, the LLDSB #3 was successfully recompleted into the UL-4 sand which not only resulted in more production out of the UL-4 in that location but may allow us to re-enter and deepen the LLDSB #4 as a part of our developmental drilling efforts later this year. On May 1, 2013, we initiated a new round of workovers and recompletions in the field and expect those efforts to have a positive impact on production in the third quarter of 2013.
Valentine Field - Lafourche Parish, Louisiana
The Valentine Field is located in the Mississippi Delta area in Lafourche Parish, Louisiana, approximately 35 miles southwest of New Orleans, Louisiana. This gas and oil field was discovered in 1933 on the east flank of the Valentine Salt Dome as a result of torsion-balance and reflection-seismic surveying.
The company owns approximately 3,082 net mineral acres that are held by production in the field and holds operated working interests averaging in excess of 94% with net revenue interests averaging approximately 80%.
Twenty-five of the forty wells operated by MGC are currently shut-in pending evaluation for future workover or recompletion to uphole zones. There are three salt water disposal wells in the field. An extensive geological and engineering evaluation review of the Valentine Field is ongoing and we have identified a number of recompletion opportunities as well as a couple of potential drilling locations.
The processing facilities and tank batteries are strategically located throughout the field and have plenty of excess capacity. A field operations center is centrally located in the field. Access to pipelines and crude oil markets is excellent.
Larose Field - Lafourche Parish, Louisiana
The Larose Field, discovered in 1953 is located in Lafourche Parish, Louisiana, and is approximately 25 miles southwest of New Orleans, Louisiana. The field is on a southwesterly plunging anticlinal ridge that trends in a NE-SW direction and is approximately five miles along the NE-SW axis and is two and one-half miles wide. There are three major faults, striking east to west and dipping to the south that cross the ridge and separate the field into three main producing segments.
The company operates one well in the field and owns various non-operated working interests that range from 10.4% to 57.6% and net revenue interests from 8.7% to 41.2% covering approximately 350 net mineral acres. The processing facilities and tank batteries are well located and have plenty of excess capacity, and the access to pipelines and crude oil markets is excellent.
MGC has a production handling agreement ("PHA") in place with an outside operator which takes advantage of the excess capacity and generates additional revenue. Also, the PHA provides the additional advantage of access to artificial lift gas on an as needed basis.
Bay Batiste Field - Plaquemines Parish, Louisiana
The Bay Batiste Field, discovered in 1983, is located in Plaquemines Parish, Louisiana approximately 35 miles east-southeast of New Orleans, Louisiana. It is situated in a shallow water environment on the west side of the Mississippi River.
The Company owns and operates an average 59.43% working interest and 41.89% net revenue interest in seven wells in the Bay Batiste Field. One well is currently producing and the other four wells are currently shut-in pending evaluation for future workover or recompletion in uphole zones. Approximately 74 net mineral acres are held by production by the producing well. The salt water disposal well and two production facilities have plenty of excess capacity to handle production from recompleted wells or from third party operators nearby. Access to markets is excellent.
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SE Manila Village Field - Plaquemines Parish, Louisiana
The SE Manila Village Field is located in Plaquemines Parish, Louisiana approximately 45 miles southeast of New Orleans, Louisiana. The field was discovered in 1985 and is situated in a shallow open-water environment on the west side of the Mississippi River.
The Company owns a non-operated 21.09% working interest and 14.48% net revenue interest in two outside operated wells in the Manila Village Field. 16.88 net mineral acres are held by production in the field. The wells are scheduled to be plugged and abandoned.
Oklahoma Operating Area
During 2012, the Company began a leasing and acreage acquisition program in Major and Garfield Counties, Oklahoma, and has acquired, through a combination of grass roots leasing and farmouts, approximately 3,200 net mineral acres. We are continuing to actively pursue agreements with operators to acquire additional acreage that is held by production. We refer to our acreage position in Major and Garfield Counties, OK, as the Turkey Creek Field.
We believe that Oklahoma is a great place to develop a drilling program. It is relatively close to Dallas, is a very oil friendly state and has good availability of services and a moderate climate. The Mississippian Limestone in Oklahoma is a proven zone that has been drilled vertically in that area for many years so there is a lot of well control available with no need for seismic. The emerging horizontal play is sufficiently mature to have big company names and good results, yet acreage can still be acquired at moderate prices. This is an opportunity to establish a repeatable drilling program in an area with a high drilling success rate.
The Mississippian Limestone in the area of interest is at a vertical depth of approximately 7,000 feet and is 300 feet to 500 feet thick. The Woodford Shale is immediately below the Mississippian and is about 80 feet thick. Early reports indicate that the Woodford is oil bearing and quite productive in the area of interest. Potential reserves in the Mississippian on a per well basis have been reported to be 200,000 to 400,000 barrels per well. The Woodford would increase the potential reserves recoverable. A multi-stage frac is required using acid, fresh water and a simple sand proppant. The Mississippian produces some water, so disposal wells will likely be required. The oil is light, sweet crude with a gravity of 40 to 45 dg.
In December of 2012, the Company commenced the drilling of its first horizontal well in the play. A pilot hole was drilled to a depth of 7,946 feet. A sophisticated set of logs was run in the pilot hole along with pressure testing and the retrieval of cores for evaluation. That set of information revealed not only solid potential and a good porosity streak in the Mississippian Limestone, but also excellent potential in the Woodford Shale. Unfortunately, the well-bore was ultimately lost due to the back to back mechanical failure of two horizontal drilling motors and the resulting negative affect on the tangent of the curve. These incidents combined with a difficult shale section just above the Mississippian Limestone precipitated a series of issues that ultimately could not be overcome. As a result, we had to plug and abandon the well-bore. Accordingly, we view the exercise as a geological success and a mechanical failure and expect to move over and re-drill the well from the same surface location when resources allow.
Since that time, other operators have drilled additional wells in the area, both in the Mississippian and in the Woodford, in many cases drilling multiple wells in both formations from the same drilling pad. The Company believes the Woodford has as much oil production potential in the area as the Mississippian, and the Woodford is rapidly becoming an exciting and emerging play in its own right.
Wyoming Operating Area
The Company holds has a farmout agreement with Anadarko (Anadarko Contract) on approximately 8,750 net mineral acres in Carbon County, Wyoming ("Project Acreage"). The Project Acreage is generally 40 miles west of Laramie, Wyoming and lies in the emerging fairway of the Niobrara Shale play which is currently very active in northern Colorado and eastern Wyoming. In addition, there are a number of conventional zones, both above and below the Niobrara, which are highly productive in the area. 3-D seismic was recently shot and processed over the acreage position and is currently being evaluated. Initial feedback is very good. The Company expects to pick a location and to drill its first well in the Project Acreage later this year.
The Company has well logs from nearby wells showing the presence of all three Niobrara "benches", and well control and core data indicates that the Niobrara in this area meets or exceeds the positive attributes of the DJ Basin and Wattenberg Fields in northern Colorado, both of which are being actively drilled by Anadarko, Noble and other major independents.
Initial indications from those fields indicate drilling and completion costs for the Niobrara of under $5,000,000, potential reserves per well of 300,000 to 600,000 barrels and liquids ratios of 60% to 80%.
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On the conventional side, three nearby fields in conventional zones have produced in excess of 65,000,000 barrels of oil and 23 BCF of gas. A number of potential conventional drilling locations are also being evaluated as a result of the recently completed 3-D seismic shoot.
Based on a recent article in the Oil & Gas Investor, companies drilling the Niobrara in the DJ Basin to the south are horizontally drilling all three Niobrara benches separately plus the deeper Codell formation, resulting in as many as 16 horizontal wells per section. That drilling plan could theoretically result in over 200 wells on the existing Anadarko farmout acreage. Anadarko owns the minerals underlying the contracted acreage as well as a substantial amount of additional acreage in the area.
Under the farmout agreement with Anadarko, the Company is obligated to commence drilling of the initial test well on or before December 31, 2013. If the Company fails to drill said well in a timely manner, the Company shall be deemed to have relinquished its right to acquire any interest in Anadarko's acreage under the Anadarko Contract. If the Company drills an initial test well capable of production in paying quantities to the initial contract depth (approximately 9,500 feet), completes it as a producer and otherwise complies with and performs all other terms, covenants, and conditions of the Anadarko Contract, the Company will earn and be entitled to receive from Anadarko a lease, effective 30 days from the date of the release of the rig from the test well location, covering all of Anadarko's oil and gas estate in the respective drill site section limited to the earned depth. The lease to be so earned by Armada will (i) be for a primary term of three (3) years; and (ii) provide for a lessor's royalty of twenty percent (20%), proportionately reduced as appropriate and subject to any gas sales, purchase, transportation or gathering contracts affecting the leased lands on the date of the Anadarko Contract. The Company will then have the right to continue to drill additional wells on the contracted acreage, subject to a drilling schedule, and earn additional drill site sections as described above. The contracted acreage covers approximately 8,750 net mineral acres.
The Company is evaluating the acreage and expects to select a location for the initial test well in the third quarter of 2013.
Armada intends to develop and produce reserves at a low cost and take an aggressive approach to exploiting the Anadarko acreage position. The implementation of its drilling strategy using new shale drilling and completion technology should enable the Company to identify and develop significant oil and gas reserves in the Niobrara Shale.
New York Operating Area
The New York Operating Area is located in Wyoming County in western New York.
Java Field - Wyoming County, New York
In 2009, Mesa Energy, Inc. acquired the Java Field, which was discovered in 1978. The Medina Sandstone is the productive natural gas interval for the 19 producing natural gas wells in the field. The total depth range of these vertical wells is approximately 2,850' - 3,500'. A development project targeting the Marcellus Shale, as is present in a large area of the Appalachian Basin in the northeastern United States, is the primary goal.
The acquisition included 19 producing natural gas wells, their associated leases, units and all equipment; two surface tracts of land totaling approximately 36 acres; and two pipeline systems; a 12.4 mile pipeline and gathering system that serves the existing field, as well as a separate 2.5 mile system located northeast of the field. The company owns approximately 78% net revenue interest in leases covering 2,851.50 gross and net acres, more or less.
Production is nominal from the wells but serves to hold the acreage for future development. In early 2010, we recompleted and fracked the Reisdorf Unit #1 and the Ludwig #1 in the Marcellus Shale. The initial round of testing and analysis provided a solid foundation of data that strongly supports further development of the Marcellus Shale in western New York. Formation pressures and flow-back rates were much higher than expected providing a clear indication of the potential of the resource.
We believe that horizontal drilling, successfully done at this depth in other basins, is ultimately what is needed to maximize the resource.
The State of New York placed a moratorium on horizontal drilling and high volume fracture stimulation in late 2008 in order to develop new permitting rules. Environmental activism has resulted in continued delays of this process and there can be no assurance when such permitting rules will be issued or what restrictions such permits might impose on producers. Accordingly, we have been unable to continue with our development plans in New York for the time being. Unless the moratorium is removed and new permitting rules provide for the economic development of these properties, production on these properties will remain marginally economic.
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Texas Operating Area
In June of 2013, Armada formally took over operatorship of two leases in which it previously held as a nonoperated working interest in Young County, Texas totaling approximately 120 acres of land and fourteen stripper wells and is making efforts to re-establish production as well as to sell the property.
Adjusted EBITDA as a Non-GAAP Performance Measure
In evaluating our business, management believes earnings before interest, taxes, depreciation, depletion, amortization and accretion, unrealized gains and losses on financial instruments, gains and losses on sales of assets and stock-based compensation expense ("Adjusted EBITDA") is a key indicator of financial operating performance and is a measure of our ability to generate cash for operational activities and future capital expenditures. Adjusted EBITDA is not a GAAP measure of performance. We use this non-GAAP measure primarily to compare our performance with other companies in our industry and as a measure of our current liquidity. We believe that this measure may also be useful to investors for the same purposes and as an indication of our ability to generate cash flow at a level that can sustain or support our operations and capital investment program. Investors should not consider this measure in isolation or as a substitute for income from operations, or cash flow from operations determined under GAAP, or any other measure for determining operating performance that is calculated in accordance with GAAP. In addition, because Adjusted EBITDA is not a GAAP measure, it may not necessarily be comparable to similarly titled measures that may be disclosed by other companies.
The following is a reconciliation of our net income in accordance with GAAP to our Adjusted EBITDA for the six-month periods ending June 30, 2013 and 2012:
For the Three Months For the Six Months
Ended June 30, Ended June 30,
2013 2012 2013 2012
Net income (loss) $ (490,517 ) $ 1,187,324 $ (1,546,086 ) $ 521,562
Adjustments:
Interest (income) expense, net 198,123 94,048 392,762 268,340
Income tax (benefit) expense (411,658 ) 821,862 (1,287,929 ) 468,014
Dry hole expense 24,804 - 2,609,866 -
Depreciation, depletion, accretion
and impairment 271,361 435,094 1,031,129 855,434
Gain on settlement of asset
retirement obligation - - (1,328 ) -
Bargain purchase gain - - (1,455,879 ) -
Unrealized (gain) loss on change in
commodity derivative instruments (586,527 ) (766,981 ) (51,828 ) 76,300
Loss on modification of offering
terms 65,749 - 65,749 -
(Gain) loss on change in
convertible debt derivative - (246,305 ) - 518,708
. . .
HII Technologies, Inc. Announces Second Quarter 2013 Results
Oilfield
Services Company Reports Record Revenues of $3.2 Million for the Quarter Ended
June 30, 2013, Up More Than 600% From 2nd Quarter 2012 on a Pro Forma Basis
HOUSTON, Aug 14, 2013 (GLOBE NEWSWIRE via COMTEX) -- HII Technologies, Inc.
(the "Company"), symbol HIIT (OTCBB/OTCQB), an oilfield services company
headquartered in Houston, Texas, today announced financial results for the
second quarter ended June 30, 2013.
As stated in the Company's Quarterly Report on Form 10-Q filed on August 14,
2013, second quarter 2013 revenues were $3,226,437, which generated a gross
profit of $865,128. For the six months ended June 30, 2013, revenues were
$5,836,210 and gross profit was $1,397,420. Increased revenues came from
continued growth of AES Water Solutions' frac water supply business and rising
revenue contributions from the South Texas Power and the AES Safety Services
divisions, which were launched in late December 2012 and January 2013,
respectively. AES Water Solutions generated revenues of $449,737 for the second
quarter 2012 and $986,108 for the six months ended June 30, 2012. Accordingly,
this represents revenue growth of more than 600% for the second quarter 2013,
and 490% for the six months ended June 30, from the comparable periods in 2012.
This is a pro forma revenue comparison, as the Company purchased AES in
September 2012, and its income statement is illustrated separately within the
Quarterly Report on Form 10-Q.
For the second quarter ended June 30, 2013, the Company had Adjusted EBITDAS of
approximately $394,539, (EBITDAS defined as earnings before interest, taxes,
depreciation, amortization, non-cash stock option expenses, and one-time
non-operational expense items), a non-GAAP measure. A reconciliation table of
the Adjusted EBITDAS is provided below. The Net Loss for the second quarter 2013
was $373,527. The EBITDAS results were impacted by increased revenues and
improved sequential quarter to quarter gross margins offset by in-field testing
for new frac water recycling technologies and the costs associated with organic
territory expansion particularly in West Texas and the Permian Basin.
In terms of the Balance Sheet, total Current Assets grew from $1,743,568 at year
end 2012 to $2,849,689 at June 30, 2013. Net Equipment totaled $537,881 at year
end 2012 and was $372,526 at June 30, 2013, the reduction primarily resulting
from the sale of our truck fleet and establishment of national truck lease line
program as well as accumulated depreciation. Total Assets also grew from
$4,182,551 at year end 2012 to $5,182,945 at June 30, 2013. Total Liabilities
grew from $3,311,580 to $4,393,867 for the same period which included $934,200
outstanding on a new $2 million revolving line of credit closed during the
second quarter 2013. Previous to this, all growth had been funded from existing
cash flow. The line of credit provides additional liquidity to the Company as
needed.
Brent Mulliniks, President of AES Water Solutions stated, "We are pleased with
AES' continued growth during the quarter. The testing of new onsite produced and
frac water flow back recycling technologies was an additional cost during the
quarter. These high volume, relatively low operating cost mobile water recycling
systems may provide a significant sustained advantage for AES. We are diligently
focused on several systems that are being tested in the oilfield today to
provide best-in-class solutions as water recycling techniques may vary in
different locations. The existing frac water supply business grew in South Texas
and maintained a strong position in its North Texas and Oklahoma operations. The
expenses associated with new operations in the Permian Basin and the Cline Shale
in West Texas as well as the Eagle Ford Shale in South Texas are paying off."
Mr. Mulliniks concluded.
Matthew Flemming, CEO of HII Technologies stated, "Strong revenue growth across
all three divisions of Water, Safety and Power validated our strategy of
focusing on core oilfield market segments where demand is anticipated to remain
strong. We have avoided a diluted, unfocused, all-category strategy where
equipment and personnel utilization become a challenge. Our management team,
people in the field and customized oilfield equipment should continue to fuel
organic growth in our focused areas. We continue to review new technologies and
potential acquisitions in an effort to further accelerate our growth."
Second Quarter 2013 Statement of Operations
The table below sets forth the summary of the Company's Statement of Operations
for the second quarter ended June 30, 2013 (in thousands):
Revenue $ 3,226
Cost of Revenues $ 2,361
Gross Profit $ 865
Operating Expenses $ 967
Operating Loss $ (102)
Other Expenses $ (240)
Net Loss before taxes $ (342)
Taxes $ (31)
Net Loss $ (373)
The Company's second quarter 2013 revenues exceeded preliminary estimates. The
full discussion of the Company's financial results are available within the
Company's Quarterly Report on Form 10-Q filed August 14, 2013.
Adjusted EBITDAS Reconciliation Table
The following is a reconciliation of income from continuing operations
attributable to the Company as presented in accordance with United States
generally accepted accounting principles (GAAP) to EBITDAS.
HII Technologies, Inc
EBITDAS Reconciliation Table
For the quarter ended June 30, 2013
3 months
Net loss $ (373,527)
Add back:
Interest $ 144,123
Taxes $ 30,768
Depreciation $ 21,525
Non-cash stock expense $ 323,363
One time items $ 248,287
EBITDAS $ 394,539
For more information, management's analysis of its financial information and the
Company's risk factors, please read the Company's Quarterly Reports on Form 10-Q
and its 2012 Annual Report on Form 10-K at the Edgar web site at www.SEC.gov and
www.HIITinc.com.
About HII Technologies, Inc.
HII Technologies, Inc. is a Houston, Texas based oilfield services company with
operations in Texas, Oklahoma, Ohio and West Virginia. The Company is positioned
to take advantage of the significant anticipated growth in horizontal drilling
and hydraulic fracturing within the United States' active shale and
unconventional "tight oil" plays by deploying new oilfield related technologies
to enhance the value of services it offers its customers. The Company's frac
water supply services subsidiary does business as AES Water Solutions, its
onsite oilfield contract safety consultancy does business as AES Safety
Services, and its mobile oilfield power subsidiary does business as South Texas
Power (STP). The holding company, HII Technologies' objective is to bring proven
technologies to these operating divisions to build a long-term competitive
advantage. Read more at www.HIITinc.com, www.AESwatersolutions.com and
www.Oilfield-Generators.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Any statements as to
matters that are not of historic fact are forward-looking statements. These
forward-looking statements are based on HII's current expectations, estimates
and projections about HII, its industry, its management's beliefs and certain
assumptions made by management, and include statements regarding estimated
capital expenditures, future operational and activity expectations,
international growth, and anticipated financial performance in 2013. No
assurance can be given that such expectations, estimates or projections will
prove to have been correct. Whenever possible, these "forward-looking
statements" are identified by words such as "expects," "believes," "anticipates"
and similar phrases.
Readers are cautioned that any such forward-looking statements are not
guarantees of future performance and are subject to certain risks, uncertainties
and assumptions that are difficult to predict, including, but not limited to:
risks that HII will be unable to achieve its financial, capital expenditure and
operational projections, including quarterly and annual projections of revenue
and/or operating income and risks that HII's expectations regarding future
activity levels, customer demand, and pricing stability may not materialize
(whether for HII as a whole or for geographic regions and/or business segments
individually); risks that fundamentals in the U.S. oil and gas markets may not
yield anticipated future growth in HII's businesses, or could further
deteriorate or worsen from the recent market declines, and/or that HII could
experience further unexpected declines in activity and demand for its hydraulic
frac related water transfer business, its safety consultancy business or its
generator and related equipment rental service businesses; risks relating to
HII's ability to implement technological developments and enhancements; risks
relating to compliance with environmental, health and safety laws and
regulations, as well as actions by governmental and regulatory authorities;
risks that HII may be unable to achieve the benefits expected from acquisition
and disposition transactions, and risks associated with integration of the
acquired operations into HII's operations; risks, in responding to changing or
declining market conditions, that HII may not be able to reduce, and could even
experience increases in, the costs of labor, fuel, equipment and supplies
employed and used in HII's businesses; risks relating to changes in the demand
for or the price of oil and natural gas; risks that HII may not be able to
execute its capital expenditure program and/or that any such capital expenditure
investments, if made, will not generate adequate returns; and other risks
affecting HII's ability to maintain or improve operations, including its ability
to maintain prices for services under market pricing pressures, weather risks,
and the impact of potential increases in general and administrative expenses.
Because such statements involve risks and uncertainties, many of which are
outside of HII's control, HII's actual results and performance may differ
materially from the results expressed or implied by such forward-looking
statements. Given these risks and uncertainties, readers are cautioned not to
place undue reliance on such forward-looking statements. Other important risk
factors that may affect HII's business, results of operations and financial
position are discussed in its most recently filed Annual Report on Form 10-K,
recent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and in
other Securities and Exchange Commission filings. Unless otherwise required by
law, HII also disclaims any obligation to update its view of any such risks or
uncertainties or to announce publicly the result of any revisions to the
forward-looking statements made here. However, readers should review carefully
reports and documents that HII files periodically with the Securities and
Exchange Commission.
CONTACT: Matthew Flemming, HII Technologies, Inc. +1-713-821-3157.
http://www.globenewswire.com/newsroom/ti?nf=MTMjMTAwNDQ5MjQjMjY1MjY=
(C) Copyright 2013 GlobeNewswire, Inc. All rights reserved.
-0-
KEYWORD: HOUSTON
INDUSTRY KEYWORD: Energy Industries
SUBJECT CODE: Earnings Releases and Operating Results
OIL
EARNINGS
They paid 2 million to have this site created??
My 13 year old Daughter could have thrown together that site in a half day.
BNLB News...Bond Labs Reports 2nd Quarter and YTD Results
Impressive Domestic and
International Growth Trends Continue
OMAHA, Neb., Aug 14, 2013 (BUSINESS WIRE) -- Bond Laboratories, Inc.
(OTCBB:BNLB) ("Bond Labs"),
a national provider of innovative and proprietary nutritional supplements for
health conscious consumers, today announced significant continued core business
revenue growth and positive net income for the second fiscal quarter and
year-to-date results.
Revenue for the three months ended June 30, 2013 was $5.1 million as compared to
$5.2 million for the comparable period in 2012, a decrease of 2.3%. Revenue for
the six months ended June 30, 2013 was $11.1 million as compared to $10.1
million for the comparable period in 2012, an increase of 9.7%. Revenue for the
three and six month periods ended June 30, 2012 included $0.8 million and $1.6
million of non-recurring revenue, respectively, primarily related to the sell
through of certain products containing DMAA, an established and widely used
ingredient that experienced increased scrutiny from the FDA. Excluding
non-recurring revenue related to products containing DMAA that were reformulated
during 2012, revenue for the three and six month periods ended June 30, 2013
increased 14.5% and 30.7%, respectively, as compared to the comparable periods
in 2012.
Net income for the three and six month periods ended June 30, 2013 was $0.5
million and $1.1 million, respectively, as compared to $0.8 million and $1.5
million, respectively, for the comparable periods in 2012. In addition to
approximately $0.3 million of incremental non-cash issuance costs incurred
during the first half of 2013 over the comparable period in 2012 and the impact
of the non-recurring DMAA activity from 2012, net income for the three and six
months periods ended June 30, 2013 reflect ongoing investment by the Company to
enhance its sales and marketing efforts, which management believes will drive
future domestic and international growth.
During the six month period ended June 30, 2013, Bond Labs generated $1.5
million of cash flow from operations as compared to $0.3 million for the
comparable six-month period ended June 30, 2012.
"With the recent introduction of our new SirenLabs
line, Bond Labs now boasts three high-quality product lines exclusive to the GNC
franchise system: NDS, PMD Sports Nutrition and SirenLabs. Strong brand
awareness, a high-quality reputation and commitment to providing our customers
with innovative and truly differentiated solutions continue to be the primary
drivers behind our success both domestically and
internationally," stated John S. Wilson, Chief
Executive Officer of Bond Labs. "International
expansion remains a critical element of our future growth plan. We now sell a
subset of our total product portfolio in eight of the approximately fifty
countries with GNC locations. Our growth strategy is focused on both expanding
the number of countries in Bond Labs' distribution
footprint as well as increasing the average number of SKUs sold through each
country. It is truly an exciting time at the company and I look forward to
continuing to execute our growth plan to expand the business and create
shareholder value," concluded Mr. Wilson.
About Bond Labs
Bond Laboratories is a manufacturer of innovative and proprietary nutritional
supplements for health conscious consumers. The Company produces and markets
products through its NDS Nutrition division. NDS'
products number over 60 brands of energy, sports, and dietary supplements. These
products are sold directly through specialty health and nutrition retailers, and
are included among the top-selling products at GNC(R) franchises.
Bond Labs is headquartered in Omaha, Nebraska. For more information, please
visit http://www.bond-labs.com.
Safe Harbor
Statements about the Company's future expectations
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 Securities Litigation Reform Act of 1995.
The Company intends that such forward-looking statements be subject to the safe
harbors created thereby. The above information contains information relating to
the Company that is based on the beliefs of the Company and/or its management as
well as assumptions made by and information currently available to the Company
or its management. The company does not undertake any responsibility to update
the forward-looking statements contained in this release.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130814005347r1&sid=cmtx6&distro=nx
SOURCE: Bond Laboratories, Inc.
CONTACT:
Surety Financial Group, LLC
Bruce Weinstein, 410-833-0078
Copyright Business Wire 2013
-0-
KEYWORD: United States
North America
Nebraska
INDUSTRY KEYWORD: Health
Fitness & Nutrition
Retail
Specialty
SUBJECT CODE: Earnings
SCKT ..Form 10-Q for SOCKET MOBILE, INC.
http://biz.yahoo.com/e/130813/sckt10-q.html
MAUXF...Mart Resources, Inc.: Operations and Production Update
- Umusadege field
production averaged 10,800 barrels of oil per day ("bopd") during July 2013
based on calendar days; average field production based on production days was
13,200 bopd during July 2013, which is the highest average daily production rate
for a calendar month based on production days realized from the Umusadege field.
- Umusadege field net deliveries into the export pipeline were approximately
347,100 barrels of oil ("bbls") in July 2013 before pipeline losses. - Conductor
pipe for UMU-11 well has been driven to a final depth of 330 feet and
preparation to spud the well is currently underway. - Umugini pipeline
construction has been delayed due to ongoing heavy rains in the area, and
completion of construction is now expected to be in the first quarter of 2014.
CALGARY, ALBERTA, Aug 12, 2013 (Marketwired via COMTEX) -- Mart Resources, Inc.
(TSX VENTURE:MMT) ("Mart" or the "Company") and its co-venturers, Midwestern Oil
and Gas Company Plc. (Operator of the Umusadege field) and SunTrust Oil Company
Limited are providing the following updates on Umusadege field production for
July 2013, the UMU-11 well, status of a second drilling rig, and Umugini
pipeline construction.
July 2013 Production Update
Umusadege field production during July 2013 averaged 10,800 bopd. Umusadege
field downtime during July 2013 was approximately 4.5 days due to sporadic
shutdowns required for commissioning and testing of the new central processing
facility and operations connected to preparation for drilling of the UMU-11
well. The average field production based on producing days was 13,200 bopd in
July 2013, which is the highest average daily production rate for a calendar
month based on production days realized from the Umusadege field.
Total net crude oil deliveries into the export pipeline from the Umusadege field
for July 2013 were approximately 347,100 bbls before pipeline losses. Pipeline
and export facility losses for May 2013, June 2013 and for July 2013 have not
yet been reported by the export pipeline operator, Nigerian Agip Oil Company
("Agip"). In the past, Agip has reported pipeline and export facility losses one
month after the final reporting of each month's injection totals, but for the
past two months the pipeline losses have not been reported. Mart and its
co-venturers have requested the loss information from Agip and will release this
information as soon as it is received.
As a result of negotiations with Agip, the Umusadege field has been allocated an
additional pipeline reserved production capacity of 4,500 bopd. An increase in
oil shipments from the Umusadege field will be achieved after more powerful
pumps are obtained and installed by Agip.
UMU-11 Well Update
The drilling rig was skidded ahead, and new 20-inch conductor pipe has been pile
driven to a final depth of 330 feet. The conductor pipe will be cleaned out and
secured, and drilling operations are expected to commence shortly thereafter.
After completion of the UMU-11 well, an exploration/appraisal well is planned to
be drilled on the East exploration structure.
Second Drilling Rig
A tender for a second drilling rig was successfully completed, and after site
preparation the second drilling rig is expected to start drilling a water
disposal well in September 2013. After completion of the water disposal well,
the drilling rig will move to the UMU-4 location to drill a re-entry horizontal
development well. Mart and its co-venturers plan to drill several additional
horizontal wells in the Umusadege field.
Umugini Pipeline Construction Update
As previously reported, construction of the Umugini pipeline has been completed
from the location near the Umusadege field to a point approximately 17
kilometers into the 51-kilometer pipeline. Construction operations are being
delayed due to weather conditions and heavy rains in the area that required the
construction contractor to shut down. It is now expected that pipeline
construction will be completed in the first quarter of 2014. As previously
announced, the pipeline has two segments. The first segment is from the
Umusadege field south to the Ogini flow station on OML 26. This section is 23
kilometers in length and is where the 17 kilometers of pipeline construction has
been completed. The second segment is from the Ogini flow station west to the
Eriemu flow station. This section of the pipeline will be constructed along an
existing right of way and will be twinning the existing pipeline currently
operating between the Ogini flow station and the Eriemu flow station. The
Umugini pipeline will provide a second independent export pipeline for Umusadege
field production. The Umugini pipeline's gross transportation capacity will be
approximately 45,000 barrels per day and it will connect the Umusadege field to
the Trans Forcados export pipeline. The Trans Forcados export pipeline will
deliver crude oil from Umusadege field to the Forcados export terminal operated
by Shell. Negotiations regarding the crude handling agreement with the export
pipeline and terminal operators are nearing completion.
Mart and its co-venturers continue to evaluate other opportunities in Nigeria
including divestments being made by major oil companies and other marginal
fields.
Additional information regarding Mart is available on the Company's website at
www.martresources.com and under the Company's profile on SEDAR at www.sedar.com.
Except where expressly stated otherwise, all production figures set out in this
press release, including bopd, reflect gross Umusadege field production rather
than production attributable to Mart. Mart's share of total gross production
before taxes and royalties from the Umusadege field fluctuates between 82.5%
(before capital cost recovery) and 50% (after capital cost recovery).
Forward Looking Statements and Risks
Certain statements contained in this press release constitute "forward-looking
statements" as such term is used in applicable Canadian and US securities laws.
Any statements that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future
events or are not statements of historical fact and should be viewed as
"forward-looking statements". These statements relate to analyses and other
information that are based upon forecasts of future results, estimates of
amounts not yet determinable and assumptions of management. Such forward looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements.
In particular, there is no assurance that there will not be future disruptions
of the AGIP pipeline or that future repairs will not be required. Any future
disruptions will materially and adversely affect the ability of the Company to
transport, deliver and sell its crude oil production from the Umusadege field.
Statements (express or implied) concerning the allocation of export and pipeline
capacity to the Umusadege field from their third party pipeline owners, should
also be viewed as forward looking statements.
There is no assurance that the UMU-11 well will be spudded by the date forecast.
There is also no assurance that the drilling of UMU-11 will meet the stated
objectives.
There is no assurance that construction and completion of the Umugini Pipeline
referenced herein will be completed within the timeframes indicated or at all or
that Mart and its Co-venturers will be able to enter into an acceptable crude
oil handling agreement. There is no assurance that the production capacity of
the Umugini Pipeline will be adequate for future levels of Umusadege field oil
production. Any new export pipeline will face risks generally associated with
pipeline operations in Nigeria including the risk of pipeline disruption and
line losses. There can be no assurance that such forward-looking statements will
prove to be accurate as actual results and future events could vary or differ
materially from those anticipated in such statements. Accordingly, readers
should no place undue reliance on forward-looking statements contained in this
news release. The forward-looking statements contained herein are expressly
qualified by this cautionary statement.
There can be no assurance that such forward-looking statements will prove to be
accurate as actual results and future events could vary or differ materially
from those anticipated in such statements. Accordingly, readers should no place
undue reliance on forward-looking statements contained in this news release. The
forward-looking statements contained herein are expressly qualified by this
cautionary statement.
Forward-looking statements are made based on management's beliefs, estimates and
opinions on the date the statements are made and the Company undertakes no
obligation to update forward-looking statements and if these beliefs, estimates
and opinions or other circumstances should change, except as required by
applicable law.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE RELEASE.
FOR FURTHER INFORMATION PLEASE CONTACT: Mart's London, England Office Wade
Cherwayko / Dmitri Tsvetkov +44 207 351 7937 Wade@martresources.com /
dmitri.tsvetkov@martresources.com
Canada Sam Grier 403-270-1841 or toll free 1-888-875-7485
SOURCE: Mart Resources, Inc.
© 2013 Marketwire L.P. All rights reserved.
-0-
INDUSTRY KEYWORD: Energy and Utilities\Oil and Gas
SUBJECT CODE: OIL/GAS EXPLORATION UPDATE
Fannie Mae Reports Net Income of $10.1 Billion and Comprehensive Income
of $10.3 Billion for Second Quarter 2013
WASHINGTON, Aug. 8, 2013 /PRNewswire via COMTEX/ -- Fannie Mae (OTC Bulletin
Board: FNMA) today reported its second quarter 2013 results and filed its
quarterly report on Form 10-Q with the Securities and Exchange Commission. The
filing provides condensed consolidated financial statements for the second
quarter of 2013. The following documents are now available on Fannie Mae's Web
site at www.fanniemae.com:
-- News Release reporting second quarter 2013 financial results
-- Fannie Mae's quarterly report on Form 10-Q for the quarter ended June 30,
2013
-- Second Quarter 2013 Credit Supplement
Fannie Mae enables people to buy, refinance, or rent a home. Visit us at
http://www.fanniemae.com/progress.Follow us on Twitter:
http://twitter.com/FannieMae.
SOURCE Fannie Mae
http://rt.prnewswire.com/rt.gif?NewsItemId=PH61009&Transmission_Id=201308080741PR_NEWS_USPR_____PH61009&DateId=20130808
www.prnewswire.com
Copyright (C) 2013 PR Newswire. All rights reserved
-0-
KEYWORD: District of Columbia
INDUSTRY KEYWORD: FIN
RRL
RLT
SUBJECT CODE: ERN
DJ Fannie Mae: Delinquencies on Single-Family Mortgages Down in June
By Kristin Jones
Fannie Mae (FNMA) said serious delinquencies on single-family mortgages in its portfolio fell in June as the housing market continued to recover.
Fannie said the percentage of loans that are at least 90 days delinquent fell to 2.77% in June from 2.83% in May and 3.53% in June 2012.
The report also showed Fannie's mortgage portfolio fell at a compound annualized rate of 18% in June to $565.2 billion.
Its book of business, which includes mortgage-backed securities and other guarantees, posted an annualized rate of decrease of 1.9%, to $3.17 trillion.
The U.S. government took over Fannie Mae and Freddie Mac (FMCC) through a legal process known as conservatorship in September 2008 as rising mortgage defaults threatened to burn through thin capital reserves.
Fannie in May reported its first annual profit since 2006 and its largest annual profit ever, boosted by the housing market's turnaround and sustained declines in the number of soured home loans.
Write to Kristin Jones at kristin.jones@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
July 31, 2013 18:47 ET (22:47 GMT)
Copyright (c) 2013 Dow Jones & Company, Inc.- - 06 47 PM EDT 07-31-13
Quarterly Report (10-q)...http://ih.advfn.com/p.php?pid=nmona&article=58625971&xref=newsalert