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LUB 9.66 Ramius Capital Discloses 6.5% Stake in Luby's, Inc.
Urges Board to Unlock Intrinsic Value of Real Estate Holdings or Pursue a Sale of the Company
Jul 30, 2007 8:54:00 AM
Copyright Business Wire 2007
NEW YORK--(BUSINESS WIRE)--
RCG Starboard Advisors, LLC a subsidiary of Ramius Capital Group, L.L.C. (collectively, "Ramius") today disclosed in a Schedule 13D filed with the Securities and Exchange Commission that it beneficially owns approximately 6.5% of the common stock of Luby's, Inc. ("Luby's" or the "Company") (NYSE: LUB), making Ramius the largest independent shareholder of Luby's.
In addition, RCG Starboard Advisors delivered a letter to Luby's President and Chief Executive Officer and its Board of Directors in which it expressed its belief that the Company is undervalued and urged the Company to engage a strategic advisor to assist Luby's in either executing a sale leaseback on a substantial portion of its owned real estate with a coincident stock buyback and special dividend or pursuing a sale of the Company in a transaction that would recognize full value for the business.
Ramius Partner Jeffrey C. Smith said, "While we applaud the improvement in restaurant operations over the past six years, we believe a significant amount of untapped value resides in Luby's real estate holdings. We strongly urge (the Board) to take prompt action to unlock the inherent value of the Company's real estate holdings to highlight the strong free cash flow generation ability of the Luby's franchise." Smith continued, "The Board should immediately engage a strategic advisor to assist the Company in either a sale leaseback transaction or a sale of the Company."
The full text of the letter follows:
July 30, 2007
Christopher Pappas
Luby's, Inc.
President, Director and CEO
13111 Northwest Freeway Suite 600
Houston, Texas 77040
CC: Board of Directors
Dear Christopher,
RCG Starboard Advisors, LLC, a subsidiary of Ramius Capital Group, L.L.C., together with its affiliates, currently own approximately 6.5% of Luby's, Inc. ("Luby's" or "the Company"). As the largest independent shareholder of Luby's, we believe that the Company is undervalued and we are concerned that both management and the Board of Directors have not taken appropriate action to unlock the intrinsic value of the Company. While we applaud the improvement in restaurant operations over the past six years, we believe a significant amount of untapped value resides in Luby's real estate holdings. Over the past few months we have made several attempts to meet with you and the rest of Luby's management team to discuss our ideas for enhancing shareholder value, but Company representatives have repeatedly informed us that members of management are too busy to meet with us.
Therein lies one of our chief concerns with Luby's corporate practices. As shareholders of Luby's, we are extremely concerned that the time commitment associated with running the Pappas restaurant entities, which are privately owned by you and your brother Harris, is preventing Luby's management from taking the steps necessary to unlock value at Luby's. While we are sympathetic to the difficulty of managing both businesses, the shareholders of Luby's are not interested in the Pappas restaurant chain. We are interested in Luby's. As a public company, management has a fiduciary responsibility to work with the Board of Directors to maximize value for all shareholders.
With the value of Luby's real estate, potentially exceeding its current enterprise value, we believe value can be maximized in one of two ways: 1) execute a sale leaseback on a substantial portion of the owned real estate with a coincident stock buyback and special dividend or 2) sell the Company for a price that reflects the full value of the Luby's concept and the associated real estate in order to maximize risk adjusted returns for shareholders. Given the available sources of financing, we believe a private equity firm could purchase Luby's at the current market price with little or no equity consideration. Also, when considering the value of the Luby's concept and related cash flow, we believe the business could attract a significant premium in a competitive sale process.
After conversations with several real estate and sale leaseback experts, we believe that Luby's real estate is worth between $206 million and $265 million pre-tax in a sale leaseback transaction. This represents between 91% and 117% of the Company's current enterprise value.
----------------------------------------------------------------------
($ in millions)
Sale Leaseback Transaction Low High
------------------------------------------ ---------- ---------------
Owned Properties 93.0 93.0
Average Revenue per Property 2.52 2.52
------- -------
Estimated Revenue from Owned Properties $ 234.0 $ 234.0
Estimated Rent Expense 7.5% 8.5%
------- -------
Implied Rent $ 17.5 $ 19.9
Cap Rate 8.5% 7.5%
------- -------
Real Estate Value $ 206.5 $ 265.2
Shares Outstanding 26.2 26.2
----------------------------------------------------------------------
Real Estate Value per Share $ 7.89 $ 10.14
----------------------------------------------------------------------
Source: Estimates based on RCG Starboard internal projections.
We believe Luby's stock price of $9.66 per share as of July 27th, ascribes little to no value to the Company's real estate. Additionally, the current price does not, in our view, fully value the cash flow or growth strategy of Luby's as is evidenced by the 6.8x multiple of latest twelve months ("LTM") EBITDA.
Upon executing a sale leaseback transaction, we estimate that Luby's will have net cash after taxes of between $208 million and $244 million. We believe that the Company should use between $100 million and $150 million in cash to do a large buyback and pay a substantial one-time dividend. We believe the remaining cash from the sale leaseback transaction and the Company's significant debt capacity should then be used to fund management's recently disclosed restaurant expansion strategy. We believe this strategy will create the most value for shareholders and will leave the Company with sufficient cash to grow. Assuming the Company is able to repurchase shares in a Dutch auction tender offer at a 20% premium to the current market price, this buyback would retire approximately 33% to 49% of the current shares outstanding.
After completing the sale leaseback transaction, stock buyback, and special one-time dividend, we believe Luby's stock could trade at a valuation more in line with comparable public companies. Based on analyst next twelve months ("NTM") consensus EBITDA estimates of $37.9 million, and assuming the Company pays between $17.5 million and $19.9 million of market rent post sale leaseback, Luby's pro-forma NTM EBITDA would be between $20.4 million and $18.0 million. Although we believe there is no justification for the discount currently ascribed to Luby's shares, using a 10% discount on the high end of the comps below and the current NTM EBITDA multiple on the low end, Luby's could trade for between 6.0x and 6.2x NTM EBITDA.
----------------------------------------------------------------------
COMPARABLE STATISTICS ($ in millions)
Market Enterprise EBITDA
-------------
Company Name Cap Value LTM NTM*
--------------------------------- --------- ---------- ------ ------
Darden Restaurants $5,952.0 $6,624.8 $805.3 $817.6
Brinker International 3,061.7 3,582.9 564.3 537.5
Bob Evans Farms Inc. 1,083.1 1,260.2 178.8 181.3
CBRL Group Inc. 951.5 1,644.9 278.3 242.1
O'Charley's 428.0 567.2 94.3 109.4
Denny's Corp. 384.1 796.2 120.7 104.6
----------------------------------------------------------------------
Average
----------------------------------------------------------------------
Luby's, Inc. 252.6 227.1 $33.5 $37.9
Enterprise
Value / EBITDA LTM EBITDA NTM* Rev
---------------
Company Name LTM NTM* Margin Growth
---------------------------------- ------- ------- ---------- --------
Darden Restaurants 8.2x 8.1x 14.5% 6.0%
Brinker International 6.3x 6.7x 13.1% 5.8%
Bob Evans Farms Inc. 7.0x 7.0x 10.8% 5.8%
CBRL Group Inc. 5.9x 6.8x 10.3% (9.8%)
O'Charley's 6.0x 5.2x 9.5% 4.6%
Denny's Corp. 6.6x 7.6x 12.3% (7.1%)
----------------------------------------------------------------------
Average 6.7x 6.9x 11.7% 0.9%
----------------------------------------------------------------------
Luby's, Inc. 6.8x 6.0x 10.4% 2.0%
*Estimates per Capital IQ, as of July 27, 2007 and RCG Starboard
internal estimates.
Source: Market data per Bloomberg and Capital IQ as of July 27, 2007.
Luby's, Inc. NTM EBITDA estimate is fiscal year 2008 estimate.
With the execution of the aforementioned changes, our analysis below demonstrates that Luby's shares could be valued in a range of $13.11 per share to $15.57 per share. This represents between a 36% and 61% increase from the current stock price.
----------------------------------------------------------------------
($ in millions)
Step 1: Sale Leaseback Transaction: Low High
------------------------------------------------- --------- ---------
Real Estate Value $ 206.5 $ 265.2
Estimated Taxes @38% (a) (24.4) (46.7)
------- -------
After Tax Real Estate Value $ 182.1 $ 218.5
Net Cash on Balance Sheet 25.5 25.5
------- -------
Net Cash after Sale Lease Back $ 207.6 $ 244.0
Step 2: Stock Buyback:
-------------------------------------------------
Current Stock Price $ 9.66 $ 9.66
Buyback Premium 20.0% 20.0%
------- -------
Stock Price for Buyback $ 11.59 $ 11.59
Cash Used for Buyback $ 100.0 $ 150.0
Shares Acquired During Buyback 8.63 12.94
Remaining Shares After Buyback 17.53 13.21
Step 3: Special One Time Dividend:
-------------------------------------------------
Value of Dividend $ 42.6 $ 29.0
Step 4: Company Valuation:
-------------------------------------------------
Consensus NTM EBITDA (b) $ 37.9 $ 37.9
Market Rent from Sale Lease Back (17.5) (19.9)
------- -------
Pro Forma NTM EBITDA $ 20.4 $ 18.0
NTM EV / EBITDA Valuation Multiple 6.0x 6.2x
-------- --------
Implied Enterprise Value $ 122.1 $ 111.7
Net Cash After Buyback 65.0 65.0
------- -------
Implied Market Cap $ 187.1 $ 176.7
Pro Forma Shares Outstanding 17.53 13.21
Implied Stock Price $ 10.67 $ 13.37
----------------------------------------------------------------------
Implied Stock Price Including Dividend $ 13.11 $ 15.57
----------------------------------------------------------------------
Source: Estimates based on RCG STARBOARD internal projections.
(a): Tax Base estimated by adding the land at book value and the
buildings as a % of net PP&E from 10Q filed on June 15, 2007.
(b): NTM EBITDA estimate is fiscal year 2008 estimate.
While we believe a sale lease back transaction and the distribution of capital can unlock significant shareholder value, the value of the Company's shares could continue to trade below their intrinsic value as long as there is perceived management conflict or distraction. We are concerned that significant potential conflicts of interest and time commitment issues exist for certain members of management and directors of Luby's who are also employed by, or otherwise affiliated with, your Pappas restaurant entities. This does not represent good corporate governance. While you may be able to manage through your conflicts of interest, we believe it is imperative for you to surround yourself with a wholly disinterested Board and management team that can render independent judgment and ensure that any future potential conflicts of interest between Luby's and Pappas restaurants are evaluated with the best interests of all of the Company's shareholders in mind.
We note below just a few of the current time commitment issues and potential conflicts of interest for certain members of Luby's management team and Board:
-- Frank Markantonis, a member of Luby's Board, has served as an
attorney for many years for the Pappas restaurant entities and
his principal client throughout his legal career has been
Pappas Restaurants, Inc.
-- Mr. Markantonis' step-son, Peter Tropoli, serves as a Senior
Vice President, General Counsel and Secretary for Luby's and
has provided legal services to the Pappas restaurant entities.
-- Luby's current financial and accounting advisor and former
Chief Financial Officer, Ernest Pekmezaris, also serves as the
Treasurer of Pappas Restaurants, Inc.
-- Additionally, we note that the new Chief Financial Officer,
Scott Gray, served as Internal Auditor at Pappas restaurants
prior to joining the Company in 2001. It is unclear whether he
retains any current conflict.
We firmly believe in the value of Luby's. Management and the Board cannot just accept the current state because of past accomplishments but rather are duty bound to maximize value for shareholders today. We strongly urge you to take prompt action to unlock the inherent value of the Company's real estate holdings to highlight the strong free cash flow generation ability of the Luby's franchise, while improving corporate governance and minimizing conflicts. The Board should immediately engage a strategic advisor to assist the Company in either a sale leaseback transaction or a sale of the Company. There is a significant opportunity to unlock value at Luby's. We look forward to working with senior management and the Board to meet that objective.
Best Regards,
/s/ Jeffrey C. Smith
Partner
Ramius Capital Group
About Ramius Capital Group, L.L.C.
Ramius Capital Group is a registered investment advisor that manages assets of approximately $9.6 billion in a variety of alternative investment strategies. Ramius Capital Group is headquartered in New York with offices located in London, Tokyo, Hong Kong, Munich, and Vienna.
Source: Ramius Capital Group, L.L.C.
----------------------------------------------
Media & Shareholders:
Sard Verbinnen & Co.
Dan Gagnier or Renee Soto
212-687-8080
HSOA 4.50 Home Solutions of America to Announce Second Quarter Results on Wednesday, August 8th
Company to Hold Conference Call and Webcast at 10 a.m. Eastern Time
Jul 30, 2007 8:51:00 AM
Copyright Business Wire 2007
DALLAS--(BUSINESS WIRE)--
Home Solutions of America, Inc. (Nasdaq:HSOA) (the "Company" or "Home Solutions"), a provider of restoration, construction and interior services to commercial and residential customers, announced today that it will report second quarter results for the period ended June 30, 2007 on Wednesday, August 8, 2007 before the market opens. The Company will hold a conference call and webcast to discuss the results and business outlook later that day.
The conference call will take place at 10 a.m. eastern time. Interested participants should call (888) 578-6632 within the United States or (719) 955-1564 internationally. Please use passcode 4897627. A playback of the conference will be available two hours after the completion of the call. To listen to the playback, please call (888) 203-1112 within the United States or (719) 457-0820 internationally. Please use passcode 4897627. The call will also be webcast and will be available on the Company's web site at www.hsoacorp.com in the Investor Relations section under Presentations.
About Home Solutions of America, Inc.
Home Solutions of America, Inc. is a provider of restoration, construction and interior services to commercial and residential customers. Its Fireline subsidiary is involved in providing construction services, rebuilding, catastrophic storm response and contents restoration for commercial, industrial and residential properties. Based in Tampa, Fireline is certified in multiple aspects of the restoration industry, including smoke, fire, water and mold. The Company has operations in California, Texas, Florida, Alabama, Georgia, Louisiana, Mississippi and North Carolina. Home Solutions Restoration of Louisiana, Inc., which does business as Associated Contractors ("Associated"), is a Louisiana based commercial, industrial and residential contractor working in the governmental and private arenas. Associated has been one of the larger players in redeveloping public schools in the aftermath of Hurricane Katrina. Its clients include the State of Louisiana, the City of New Orleans, the Louisiana National Guard, the historic French Market and Louis Armstrong International Airport. For additional information, please visit the Company's Web site at http://www.hsoacorp.com.
Cautionary Notice
This press release contains forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws. Such forward-looking statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to them. The Company has no obligation to update such forward-looking statements. Actual results may vary significantly from these forward-looking statements based on a variety of factors. These risks and uncertainties include, but are not limited to, the Company's future financial performance, business prospects, ability to win new contracts, the performance under existing contracts, the timing of completion of projects, ability to secure bonding, ability to secure labor in markets where it does not have a labor force, performance of subcontractors and the ability to collect accounts receivable. In addition, there can be no assurance that the actions taken or to be taken by the Company as described herein will result in increased revenues. Other important factors are described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2006 in the section entitled "Risk Factors".
Source: Home Solutions of America, Inc.
----------------------------------------------
Home Solutions of America
Inc.
Dallas
Matt Kreps
214-623-8486
THK 2.40 MarketSmart Advertising Changes Name to MSA: The Think Agency
Agency Begins Rebranding Efforts, Launches New Web Site Following Move
Jul 30, 2007 8:45:00 AM
Copyright Business Wire 2007
CLEARWATER, Fla.--(BUSINESS WIRE)--
MarketSmart Advertising, a full-service, integrated marketing communications firm and part of Think Partnership's (AMEX:THK) Advertising division, has changed its name to MSA: The Think Agency. The name change is part of the agency's rebranding campaign following the move to an expanded office space in Morrisville, N.C.
Ranked as the third largest advertising agency in the Triangle region by the Triangle Business Journal, MSA's services include traditional and online advertising, audiovisual production, public relations and mystery shopping. The agency's diverse client list includes UNC Health Care, SUBWAY(R) Restaurants and Bayliner Boats.
"This rebranding initiative results from the growth the agency is experiencing," said Lewis Finch, president of Think Advertising. "MSA has expanded its services to offer comprehensive interactive and traditional advertising, as well as increased its research capabilities. The new name better represents the scope of MSA's service offerings and provides a natural connection to our parent company."
As part of the rebranding efforts, the MSA creative team has designed a new logo, which mirrors parent company Think Partnership's brand, and is in the process of developing new marketing pieces. The agency has also launched a new Web site, www.thinkmsa.com, which incorporates the new brand and vision of MSA.
Established Executive Team
MSA has also streamlined operations by creating teams under which all employees are grouped based on specialty. The teams are led by an established executive management team comprised of Dennis Wipper, creative director; Jan Johnson, director of account management; and Nancy Brinson, media director.
With combined industry experience totaling more than 50 years, the executive team is ready to take MSA to the next level. "We are excited to be leading MSA during this time of growth," said Johnson. "We are poised to grow the agency, while continuing to provide excellent service to existing clients. Client relationships remain top priority to us."
Room to Grow, Improved Facility
In February, MSA moved from its former north Raleigh location into a 30,000-square-foot office in the suburban Perimeter Park office complex. The new location provides room for the agency's increased account services staff and continuing growth, as well as being home to an enhanced production facility for the agency's audiovisual production house and a new focus group facility.
Enhancements in the production facility include real-time high- and standard-definition editing; two post production suites and audio and graphics work stations; centralized hardware to minimize noise and heat in editing suites; networked media for efficient work flow; upgraded software packages; and state-of-the-art monitoring equipment. A 25' x 25' studio space is also under development and will be used for any type of in-house film shoots.
"These improvements will make a world of difference, both visibly and behind the scenes, to our clients," said Scott Rucci, director of broadcast production. "We have raised the level of client service. Clients can sit in a quiet, cool room with soft lighting and comfortably watch and listen to their work on a large, high-quality monitor." The new production facility will also result in increased speed and efficiency of work flow.
The installation of a focus group facility expands MSA's research capabilities and allows clients the ability to conduct various types of focus groups in-house. Using the expertise of its mystery shopping company, MSA can even recruit focus group participants to match a client's target demographic.
For more information on MSA: The Think Agency, contact Lia Luisi at (919) 463-9680 or via e-mail at lia.luisi@thinkpartnership.com.
About MSA: The Think Agency
MSA: The Think Agency is a full-service, integrated marketing communications firm located in Morrisville, N.C. Part of Think Partnership Inc. (AMEX:THK), an international leader in interactive performance-based marketing and related Internet technologies, MSA has offered advertising, marketing and branding services since 1991. Over the years, the agency has grown to meet its clients' needs by adding interactive capabilities, an audiovisual production house, a public relations department and mystery shopping services. The advertising agency is currently ranked as the third largest in the Triangle region by the Triangle Business Journal. For more information, contact MSA: The Think Agency at 919-463-9680 or visit www.thinkmsa.com.
About Think Partnership Inc.
Think Partnership Inc. is an international leader in interactive performance-based marketing and related Internet technologies. Think provides a comprehensive and integrated set of scalable and cost-effective marketing solutions for both advertisers and publishers. These solutions increase customer retention and revenues through a diverse set of related marketing channels, including affiliate marketing, click-fraud-protected pay-per-click advertising, lead generation, interactive direct marketing, integrated offline advertising, campaign management, public relations, and branding. Think also operates several direct-to-consumer services including online dating, online education, and home business opportunities. High-profile brands include ValidClick(TM), PrimaryAds(TM), iLead Media, KowaBunga!(R), BabyToBee, Second Bite(TM) and MarketSmart. For more information, visit www.thinkpartnership.com.
Forward-Looking Statements
Statements made in this press release that express the company's or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. For a discussion of some of these risks, see the company's report, as filed with the Securities and Exchange Commission on Form 10-K, filed March 29, 2007, under the section headed "Risk Factors." The company cannot guarantee future financial results, levels of activity, performance or achievements, and investors should not place undue reliance on the company's forward-looking statements.
Source: Think Partnership Inc.
----------------------------------------------
Think Partnership Inc.
Rachel Honoway
VP of Marketing
727-688-4175
rachel.honoway@thinkpartnership.com
or
Investor Relations:
Liolios Group
Inc.
949-574-3860
ARTG 2.97 Designer James Perse to Launch First Online Store with E-Commerce Leader ATG
High-end apparel and home furnishings designer to launch online boutique in Fall 2007, with advanced personalization features and sleek navigation
Jul 30, 2007 8:42:00 AM
Copyright Business Wire 2007
CAMBRIDGE, Mass.--(BUSINESS WIRE)--
ATG (Art Technology Group, Inc., NASDAQ: ARTG), whose e-commerce suite powers more top online sellers than any other, today announced that designer James Perse has selected ATG Commerce as the e-commerce platform for the high-end lifestyle brand's first Web store, which will launch in Fall 2007. James Perse, widely acclaimed for its sophisticated, sporty men's and women's apparel, selected ATG to provide the same level of sophistication and personalized service to its online store as the brand is increasingly recognized for in its brick and mortar boutiques.
In conjunction with recent sales growth and expansion of the James Perse brand, the company elected to build its own Web storefront with ATG and provide its growing customer base with a direct means of purchasing high-end inventory online. ATG's industry-recognized e-commerce platform will provide James Perse with a scalable, feature-rich and highly personalized shopping experience to drive sales worldwide and mirror the personalized in-store experiences that visitors to the brand's physical boutiques have come to expect.
"ATG provides us with a flexible e-commerce platform that will allow us to maintain the integrity of our brand, while giving us the power to build a shopping experience online that provides our customers with a level of sophistication they're used to," said Elton Graham, director of e-commerce, James Perse.
"We understand the importance and critical nature of maintaining brand consistency across both the brick-and-mortar and online stores. When retailers add an online component to their already established and recognized brand, it is essential that the brand continuity flows across all selling points," said Cliff Conneighton, senior vice president, ATG. "James Perse is a refined brand whose customers have high standards for anything that bears the company's name. We are thrilled to be working with them to extend their brand to the Internet and exceed customer expectations of the online shopping experience."
About James Perse
James Perse is a globally recognized and continually expanding brand encompassing collections for men, women, children, bags, accessories and home. Guided by founder James Perse, every product is infused with effortless elegance grounded in pure comfort, clean lines and exquisite materials. Perse's creations embody the very essence and ease of California living itself. Today, the company operates seven stores in the United States, with three in Perse's native California and others in New York City and Las Vegas. James Perse products are also available at premiere specialty retailers and department stores and sold in eight countries throughout the world. For more information on the brand, visit www.jamesperse.com.
About ATG
ATG (Art Technology Group, Inc., NASDAQ: ARTG) makes the software and delivers the on demand solutions that the world's most customer-conscious companies use to power their e-commerce web sites, attract prospects, convert them to buyers and ensure their satisfaction so they become loyal, repeat, profitable customers. Our e-commerce suite is ranked the #1 current offering and #1 in strategy by the industry's most influential analyst firms, and powers more of the top 300 internet retailers than any other vendor. Our eStara brand provides customer interaction solutions to enhance conversions and customer support, and delivers the world's most widely used click-to-call service. ATG's solutions are used by over 900 major brands, including Amazon, American Eagle Outfitters, AOL, AT&T, Best Buy, B&Q, Cabela's, Carrefour, Coca Cola, Continental Airlines, CVS, Dell, DirecTV, El Corte Ingles, Expedia, France Telecom, Harvard Business School Publishing, Hewlett-Packard, Hilton, HSBC, Intuit, J. Crew, Macy's, Meredith, Microsoft, Neiman Marcus, New York & Company, Nokia, OfficeMax, PayPal, Philips, Procter & Gamble, Sears, Sony, Symantec, Target, T-Mobile, Urban Outfitters, Verizon, Viacom, Vodafone and Walgreens. The company is headquartered in Cambridge, Massachusetts, with additional locations throughout North America and Europe. For more information about ATG, please visit www.atg.com.
(C) 2007 Art Technology Group, Inc. ATG and Art Technology Group are registered trademarks, and ATG Wisdom is a trademark of Art Technology Group, Inc. All other product names, service marks, and trademarks mentioned herein are trademarks of their respective owners.
This press release contains forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks and uncertainties that may cause ATG's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important risk factors affecting ATG's business generally may be found in its periodic reports and registration statements filed with the Securities and Exchange Commission at www.sec.gov . Risk factors related to the subject matter of this press release include the possibility that the ATG product deployment will not be successful, on time or significantly enhance the user's Internet experience or will not increase customer revenue across brands; that those customers leveraging ATG will not have the opportunity to increase revenue and decrease future costs; the need to adapt to rapid changes so products do not become obsolete; the possibility of errors in ATG's software products; the possibility that the solution will not make customer implementations faster or more flexible or permit the customer to meet its customer-facing or infrastructure requirements; that the ATG product will not continue to be integrated with third party applications servers or will not support all Web services enabled systems; that ATG's product strategy may change in the future; and the risks and costs of intellectual property litigation. ATG undertakes no obligation to update any of the forward-looking statements after the date of this press release.
Source: Art Technology Group
----------------------------------------------
Tucker Walsh
ATG
617-386-1159
twalsh@atg.com
www.atg.com
or
Jesse Ciccone
Matter Communications for ATG
978-499-9250 x230
atg@matternow.com
www.matternow.com
TOPP 9.56 Crescendo Partners Delivers Letter to the Topps Board of Directors
Requests Company Comply with Delaware Law and Hold a Meeting For Electing Directors On or Before September 25, 2007 Deadline
Jul 30, 2007 8:35:00 AM
NEW YORK, July 30 /PRNewswire/ -- Crescendo Partners II, L.P., Series Y ("Crescendo Partners") announced today that it has delivered a letter to the Board of Directors of The Topps Company, Inc. (Nasdaq: TOPP) expressing its concern that the so-called Executive Committee of the Topps Board does not have any intention of holding its 2007 annual meeting in a timely fashion in accordance with Section 211 of the Delaware General Corporation Law and requesting that the Company hold a meeting for electing directors on or before September 25, 2007.
The full text of the letter follows:
July 30, 2007
BY EMAIL AND FACSIMILE
Board of Directors of The Topps Company, Inc.
c/o Mr. Steven Gartner
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, New York 10019
Dear Members of the Topps Board:
As you know, Crescendo Partners II, L.P., Series Y ("Crescendo Partners"), the largest stockholder of The Topps Company, Inc. (the "Company"), is soliciting proxies against the ill-advised Eisner merger because we believe the price is inadequate and the sale process was flawed. Crescendo Partners is also seeking to replace the existing Topps Board at the Company's next annual meeting. To that end, Crescendo Advisors LLC has duly nominated a slate of highly qualified business executives who, if elected, would replace senior management and conduct a modified "Dutch Auction" tender offer in order to fix the Company's capital structure. Crescendo Partners believes that Topps' shares could be worth an enterprise value (net of debt) between $16 and $18 per share in two years, not taking into account an M&A premium that could yield a higher valuation. We are writing to you because we are becoming increasingly concerned that the so-called Executive Committee of the Topps Board does not have any intention of holding its 2007 annual meeting in a timely fashion in accordance with Section 211 of the Delaware General Corporation Law ("Section 211").
We note that historically The Topps Company, Inc. (the "Company") has held its annual meeting on or around July 1st. Last year, the Company originally scheduled its contested annual meeting for June 28, 2006. The meeting was adjourned and ultimately held on August 25, 2006 due to special circumstances. Under Section 211, it is incumbent upon the Topps Board to schedule the Company's 2007 annual meeting to be held on a date that is within 13 months from the date of its last annual meeting at which directors were elected, or no later than September 25, 2007. The Company has neither publicly announced nor otherwise scheduled a date for its 2007 annual meeting.
The Company has also yet to announce a date for the special meeting originally scheduled to be held on June 28, 2007 to vote upon the proposal to approve the definitive merger agreement (the "Eisner Merger") by and among the Company, The Tornante Company LLC and Madison Dearborn Partners, LLC (the "Special Meeting"), which was initially delayed by the order of Vice Chancellor Strine after he found certain material omissions and other materially misleading statements in the proxy statement filed by the Company. At this point, we do not expect the Special Meeting to take place until late August or early September.
We hereby request that you include the election of directors as an agenda item in connection with the Special Meeting. The election of directors would be voted on by the Company's stockholders at the Special Meeting in the event that the Eisner Merger is not approved. If, however, you now have reason to believe or it appears that the Special Meeting will be delayed beyond September 25, 2007, the 13-month anniversary of the conclusion of last year's annual meeting, we request that you take immediate action to schedule the Company's 2007 annual meeting to be held on a date no later than September 25, 2007. If the so-called Executive Committee of the Topps Board does not schedule a vote for the purpose of electing directors at an annual or special meeting held on or before September 25, 2007, we intend to promptly apply after the 13-month anniversary to the Delaware Court of Chancery to order an annual meeting to be held.
After enjoining the Special Meeting and concluding that the Company's proxy statement is misleading to the Company's stockholders, we cannot imagine Vice Chancellor Strine would be too pleased to learn once again that the Company has failed to comply with Delaware law.
Very truly yours,
/s/ Eric Rosenfeld
President and CEO
Crescendo Partners
CERTAIN INFORMATION CONCERNING THE PARTICIPANTS
The Committee to Enhance Topps (the "Committee"), together with the other participants named below, has made a definitive filing with the Securities and Exchange Commission ("SEC") of a proxy statement and an accompanying proxy card to be used to solicit votes in connection with the solicitation of proxies against a proposed merger between The Topps Company, Inc. (the "Company") and a buyout group that includes Madison Dearborn Partners, LLC, and an investment firm controlled by Michael Eisner, which will be voted on at a meeting of the Company's stockholders (the "Merger Proxy Solicitation").
Crescendo Advisors ("Crescendo Advisors"), together with the other participants named below, intends to make a preliminary filing with the Securities and Exchange Commission ("SEC") of a proxy statement and an accompanying proxy card to be used to solicit votes for the election of its nominees at the 2007 annual meeting of stockholders of Topps (the "Annual Meeting Proxy Solicitation").
THE COMMITTEE AND CRESCENDO ADVISORS ADVISE ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS IN CONNECTION WITH EACH OF THE MERGER PROXY SOLICITATION AND THE ANNUAL MEETING PROXY SOLICITATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE PARTICIPANTS IN THE PROXY SOLICITATIONS WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY SOLICITOR, D.F. KING & CO., INC. AT ITS TOLL-FREE NUMBER: (800) 628-8532.
The participants in the Merger Proxy Solicitation are Crescendo Advisors LLC, a Delaware limited liability company ("Crescendo Advisors"), Crescendo Partners II, L.P., Series Y, a Delaware limited partnership ("Crescendo Partners"), Crescendo Investments II, LLC, a Delaware limited liability company ("Crescendo Investments"), Eric Rosenfeld, Arnaud Ajdler and The Committee to Enhance Topps (the "Merger Proxy Solicitation Participants").
The participants in the Annual Meeting Proxy Solicitation include the Merger Proxy Solicitation Participants, together with Timothy E. Brog, John J. Jones, Michael Appel, Jeffrey D. Dunn, Charles C. Huggins, Thomas E. Hyland, Thomas B. McGrath and Michael R. Rowe (the "Annual Meeting Proxy Solicitation Participants"). Together, the Merger Proxy Solicitation Participants and the Annual Meeting Proxy Solicitation Participants are referred to herein as the "Participants."
Crescendo Advisors beneficially owns 100 shares of common stock of the Company. Crescendo Partners beneficially owns 2,547,700 shares of common stock of the Company. As the general partner of Crescendo Partners, Crescendo Investments may be deemed to beneficially own the 2,547,700 shares of the Company beneficially owned by Crescendo Partners. Eric Rosenfeld may be deemed to beneficially own 2,547,900 shares of the Company, consisting of 100 shares held by Eric Rosenfeld and Lisa Rosenfeld JTWROS, 2,547,700 shares Mr. Rosenfeld may be deemed to beneficially own by virtue of his position as managing member of Crescendo Investments and 100 shares Mr. Rosenfeld may be deemed to beneficially own by virtue of his position as managing member of Crescendo Advisors. Mr. Ajdler beneficially owns 2,301 shares of the Company.
Timothy E. Brog beneficially owns 133,425 shares of common stock of the Company, John J. Jones beneficially owns 2,301 shares of common stock of the Company, and none of Michael Appel, Jeffrey D. Dunn, Charles C. Huggins, Thomas E. Hyland, Thomas B. McGrath and Michael R. Rowe beneficially own any shares of common stock of the Company.
For Additional Information Please Contact:
D.F. King & Co., Inc.
(800) 628-8532
SOURCE Crescendo Partners II, L.P.
----------------------------------------------
D.F. King & Co.
Inc.
1-800-628-8532
for Crescendo Partners
BLSW 4.15 Entrepreneur Magazine Names Bridgeline Software in Their Hot 500 for 2007
Annual ranking of America's fastest growing businesses
Jul 30, 2007 8:30:00 AM
BOSTON, July 30 /PRNewswire-FirstCall/ -- Bridgeline Software, Inc. (Nasdaq: BLSW) announced today that it has been named to Entrepreneur Magazine's Hot 500 for 2007, the magazine's annual ranking of America's fastest growing businesses. Entrepreneur Magazine ranked Bridgeline Software as number 240 on the list of America's fastest growing businesses.
"Our significant growth over the last five years is a reflection of the hard work and dedication of our employees," said Thomas Massie, President and CEO. "We have great products, provide outstanding solutions, and have excellent customers."
Entrepreneur Magazine's Hot 500 rankings are compiled with the help of Corporate Research Board, a research organization. Entrepreneur and CRB started with CRB's database of more than 19 million U.S. businesses and considered only those businesses that met the following criteria:
-- Must have been founded no earlier than 1998 and no later than 2002
-- Company sales in 2002 must be $100,000 or greater; 2006 sales must not
exceed $1 billion
-- Must have positive job growth between 2002 and 2006
-- Must have a minimum level of sales growth or a sales growth quantifier
of 1 or higher between 2002 and 2006; the growth quantifier is a
measurement that combines percentage and absolute growth.
Only 95,000 businesses - or 0.5 percent of the 19 million businesses - met the above criteria. Entrepreneur then contacted the businesses with the greatest growth to confirm eligibility. To be eligible, the founder must be actively involved in the company, the company cannot be a spinoff or a division of a larger company, and company sales for 2006 must be at least $1 million. From this list, the Hot 500 was selected.
About Bridgeline Software, Inc.
Headquartered in Massachusetts, with additional locations in Atlanta, New York, Washington D.C. and Bangalore India, Bridgeline Software is a developer of award winning web applications and an on-demand web based platform called Orgitecture. This scalable on-demand web based platform provides expandable modules such as Content Management, Relationship Management, eSurvey, eNewsletter, eCommerce, Event Registration and Integrated Grants Management. Bridgeline Software's teams of developers specialize in information architecture, usability engineering, SharePoint development, web application development, rich media development, e-commerce, and eTraining development.
Bridgeline Software has over 250 customers that include: The Bank of New York, RSA Security, Nomura Securities, EMC, John Hancock, AARP, Pfizer, Goldman Sachs, The Packard Foundation, DTTC, Cadaret, Grant & Co., Perkin Elmer, UBS, Citibank, National Financial Partners, Newton-Wellesley Hospital, JBHanauer & Co., Omgeo, the Gill Foundation, The Commonwealth Fund, Massachusetts Institute of Technology, and the Smithsonian Institute. To learn more about Bridgeline Software, please visit www.bridgelinesw.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions, and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions including the risks described in our filings with the Securities and Exchange Commission that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. We expressly disclaim any obligation to update any forward-looking statement.
SOURCE Bridgeline Software, Inc.
----------------------------------------------
Brian Bolton
Director of Marketing of Bridgeline Software
Inc.
+1-781-497-3013
bbolton@bridgelinesw.com
ADST 1.09 AdStar, Inc. Appoints Ron Stephens as Vice President of Sales
Jul 30, 2007 8:30:00 AM
MARINA DEL RAY, Calif., July 30 /PRNewswire-FirstCall/ -- AdStar, Inc. (Nasdaq: ADST), the leading provider of e-commerce transaction software and services for the advertising and publishing industries, today announced the appointment of Ron Stephens as the company's new vice president of sales. Stephens brings to AdStar more than 21 years of international technology sales experience focused on the media industry. Prior to joining AdStar, he was area sales manager over North and South America for CCI Europe, a Danish software company owned by Stibo A/S, which provides enterprise systems and outsourced services to newspapers, magazines, and other multi-media networks.
Throughout Stephens' distinguished career in the pre-press systems industry, he has established successful relationships with a wide range of domestic and international media customers, including The Washington Post, The New York Times Regional Newspaper Group, The Los Angeles Times, The Chicago Tribune, The McClatchy Company, Reuters, AftenPosten and the Sydney Morning Herald. Stephens has also served in management and executive positions at Net-linx Publishing Solutions in Sacramento, Calif; Unisys in Blue Bell, Pa; and Atex Media Solutions in Bedford, Mass. He earned a bachelor's degree from Georgia State University.
"Ron has a proven background in selling into the media industry, while building and developing effective sales teams," said Leslie Bernhard, president and chief executive officer of AdStar, Inc. "His newspaper industry knowledge fills a critical role with new customers as we expand our technology outside the industry in support of the convergence of print and online advertising."
"AdStar has a sound reputation as a forward-thinking technology leader in the media industry, and I look forward to the opportunity of working with Leslie and her team to realize the full potential of the company's capabilities," added Stephens. "I see tremendous potential in the marketplace, in terms of new customers and new technologies, as well as broadening our opportunities with current customers and partners. As publishers continue to look for ways to capitalize on the opportunities created by the Internet and mobile technologies, AdStar is in a great position to provide solutions and assist in the transition."
About AdStar, Inc.
AdStar, Inc. (Nasdaq: ADST) is the leading provider of e-commerce transaction software and services for the advertising and publishing industries. AdStar's proprietary suite of e-commerce services includes remote ad entry software and web-based ad transaction services, as well as payment processing and content processing solutions that are provided through its Edgil Associates subsidiary, the industry's largest supplier of automated payment processing services. AdStar's ad transaction infrastructure powers classified ad sales for more than 40 of the largest newspapers in the United States, CareerBuilder, and a growing number of other online and print media companies. EdgCapture, Edgil's automated payment processing solution, is currently employed by call centers at more than 100 of the nation's leading newspaper and magazines. AdStar is headquartered in Marina del Rey, Calif., and its Edgil office is located in Billerica, Mass. For additional information on AdStar, Inc., visit http://www.adstar.com.
Forward Looking Statements
This release contains forward-looking statements concerning the business and products of the company. Actual results may differ from those projected or implied by such forward-looking statements depending on a number of risks and uncertainties including, but not limited to, the following: historical business has already matured, new online business is unproven and may not generate expected revenues, and Internet security risks. Other risks inherent in the business of the company are described in Securities and Exchange Commission filings, including the company's annual report on Form 10-KSB. The company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.
AdStar Company Contact: Jeff Baudo, 310-577-8255, jbaudo@adstar.com
AdStar Media Contact: Kevin Wilson, 513-898-1008, kwilson@kevinwilsonpr.com
SOURCE AdStar, Inc.
----------------------------------------------
Jeff Baudo
+1-310-577-8255
jbaudo@adstar.com
or Kevin Wilson
+1-513-898-1008
kwilson@kevinwilsonpr.com
both for AdStar
Inc.
TIBX 8.49 TIBCO Unveils PageBus, Donates Core of Ajax Message Bus Software to OpenAjax Alliance
Company Kicks Off Ajax Mashup Challenge
Jul 30, 2007 8:30:00 AM
PALO ALTO, Calif., July 30 /PRNewswire-FirstCall/ -- TIBCO Software Inc. (Nasdaq: TIBX) today announced the release of TIBCO PageBus(TM) and the donation of its core Ajax message bus technology to the OpenAjax Alliance Hub project. This endeavor will help to establish industry standards for Ajax component interoperability and further advance services as the foundation for composite applications.
Composite applications created with Ajax can range from a few simple sources of data, to productivity solutions created from reusable business process gadgets, such as task lists, to large-scale enterprise deployments atop portals. All of these increasingly sophisticated composite applications face the same classic systems integration problem. As the use of Ajax within portals, composite applications and mashups becomes increasingly sophisticated, the programming required can increase exponentially unless certain architectural approaches are followed.
TIBCO PageBus applies proven "publish and subscribe" message bus programming patterns within the context of a single Web page. The technology facilitates communication between multiple Ajax components to allow developers to easily create composite applications from reusable parts and services. Ultimately, this helps to reduce development costs and shorten the time it takes to create ready-to-use solutions.
"TIBCO's messaging solutions have been recognized as some of the most high-performance, reliable, and scalable technologies for distributing information throughout the enterprise," said Kevin Hakman, director, Developer Evangelism. "TIBCO PageBus is a natural extension of this legacy simplifying the ability to integrate pre-existing services and Ajax components."
As member of the OpenAjax Alliance (OAA), TIBCO is working with more than 70 companies to standardize key aspects of Ajax. The first specification project of this group is the OpenAjax Hub, which seeks to provide Ajax component interoperability though a publish/subscribe interface. TIBCO's contribution of the core of TIBCO PageBus helps set the industry standard for a client-side high-performance message bus to enable Ajax components to work seamlessly together.
To kick off the launch of this new technology, TIBCO is hosting the Ultimate Mashup Ajax Challenge, a developer community project to build the world's largest mashup using TIBCO PageBus and TIBCO General Interface(TM). The challenge will run through September 30th after which TIBCO and event co-sponsor Artima.com will award prizes to the best entries. For more details on the contest, including rules, application and prize information, please visit http://www.ajaxchallenge.com.
TIBCO PageBus is an open source project and may be downloaded from the TIBCO developer network site at: http://developer.tibco.com/pagebus. TIBCO PageBus is also shipped as part of TIBCO Ajax Message Service(TM) that delivers real-time information over the Web. To learn more about TIBCO's comprehensive Ajax and messaging offerings, please visit http://www.tibco.com. Information on the OAA Hub open source project can be found at http://openajaxallianc.sourceforge.net.
About TIBCO
TIBCO Software Inc. (Nasdaq: TIBX) provides enterprise software that helps companies achieve service-oriented architecture (SOA) and business process management (BPM) success. With over 2,500 customers, TIBCO has given leading organizations around the world better awareness and agility-what TIBCO calls The Power of Now(R). To learn more, contact TIBCO at +1 650-846-1000 or on the Web at http://www.tibco.com.
TIBCO, The Power of Now, TIBCO PageBus, TIBCO General Interface, TIBCO Ajax Message Service, and TIBCO Software are trademarks or registered trademarks of TIBCO Software Inc. in the United States and/or other countries. All other product and company names and marks mentioned in this document are the property of their respective owners and are mentioned for identification purposes only.
SOURCE TIBCO Software Inc.
----------------------------------------------
Jenna Kuhl of TIBCO Software Inc.
+1-650-846-1000
jkuhl@tibco.com; or Bill Bourdon
+1-415-602-1491
bbourdon@bateman-group.com
for TIBCO Software Inc.
LBIX 3.89 Photo Release -- Leading Brands, Inc. Adds Two Revolutionary New Functional Drinks to Its STOKED Energy Drink Lineup
Jul 30, 2007 8:30:00 AM
2007 PrimeNewswire, Inc.
VANCOUVER, B.C., July 30, 2007 (PRIME NEWSWIRE) -- Leading Brands, Inc. (Nasdaq:LBIX), North America's only fully integrated healthy beverage company, is pleased to announce the addition of two revolutionary new functional drinks to its lineup of STOKED(tm) Energy Drinks: Wind Chill(tm) and After Burn(tm).
A photo accompanying this release is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4055
In keeping with their respective names, Wind Chill(tm) delivers a cooling sensation while After Burn(tm) causes a temporary burning feeling at the back of one's throat that can only be properly quenched by drinking more After Burn(tm): all this in two great-tasting, unique flavors. Due to anticipated demand, Wind Chill(tm) and After Burn(tm) will initially be available only on allocation to the Company's distributors and existing STOKED(tm) retailers. Check out STOKED(tm) Energy Drinks at www.StokedEnergy.com. "Bet you can't drink just one!"
Leading Brands Chairman and CEO, Ralph McRae said: "These are much more than two flavor extensions. I don't believe that the soft drink industry has ever seen anything like Wind Chill(tm) or After Burn(tm). There is certainly nothing in the energy drink category to compete with these innovative new products. Wind Chill(tm) and After Burn(tm) are truly in a class by themselves. Our in-house R&D team is to be congratulated for creating two great tasting functional beverages that each delivers a unique physical impact."
Mr. McRae continued: "Now with six distinctive offerings, including Original, Sugar Free, Tropical Orange and Dragonberry, STOKED(tm) can command a more important and impactful retail shelf position. As with the rest of the STOKED(tm) lineup, Wind Chill(tm) and After Burn(tm) are formulated with Cane Sugar instead of High Fructose Corn Syrup."
Wind Chill(tm) and After Burn(tm) should be available for shipping in both the U.S. and Canada before the end of Summer. Please contact your Leading Brands sales representative immediately to register your orders. First come, first served.
Leading Brands will continue to provide operational updates in its monthly newsletter on the first of most months, posted at www.LBIX.com.
About Leading Brands, Inc.
Leading Brands, Inc. (Nasdaq:LBIX) is North America's only fully integrated healthy beverage company. Leading Brands creates, designs, bottles, distributes and markets its own proprietary premium beverage brands such as TrueBlue(r) Blueberry Juice, LiteBlue(r) Blueberry Juice, TREK(r) Natural Sports Drinks, NITRO(r) Energy Drinks, STOKED(tm) Energy Drinks, INFINITE(tm) Health Water and Caesar's(r) Cocktails via its unique Integrated Distribution System (IDS)(tm) which involves the Company finding the best and most cost-effective route to market. The Company strives to use the best natural ingredients hence its mantra: Better Ingredients -- Better Brands.
Forward Looking Statements
Certain information contained in this press release includes forward-looking statements. Words such as "believe", "expect," "will," or comparable terms, are intended to identify forward-looking statements concerning the Company's expectations, beliefs, intentions, plans, objectives, future events or performance and other developments. All forward-looking statements included in this press release are based on information available to the Company on the date hereof. Such statements speak only as of the date hereof. Important factors that could cause actual results to differ materially from the Company's estimations and projections are disclosed in the Company's securities filings and include, but are not limited to, the following: general economic conditions, weather conditions, changing beverage consumption trends, pricing, availability of raw materials, economic uncertainties (including currency exchange rates), government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other risk factors described from time to time in securities reports filed by Leading Brands, Inc.
We Build Brands(tm)
This news release is available at www.LBIX.com
Photo is also available at NewsCom, www.newscom.com, and via AP PhotoExpress
CONTACT: Leading Brands, Inc.
(604) 685-5200
info@Lbix.com
WWWW 6.41 Web.com Announces Date for Second-Quarter Results and Conference Call
Jul 30, 2007 8:30:00 AM
2007 PrimeNewswire, Inc.
ATLANTA, July 30, 2007 (PRIME NEWSWIRE) -- Web.com, Inc. (Nasdaq:WWWW), a leading destination for websites and web services, today announced that it will report results for its fiscal second-quarter ended June 30, 2007, before market on August 7, 2007.
A conference call to discuss the results of the quarter will be open to institutional investors and will be held at 9:30 a.m. ET following the announcement. The call can be accessed by dialing (888) 695-0609 (U.S.) or (719) 457-2659 (international). Callers should dial in approximately 5 minutes prior to the start of the call and ask for the Web.com conference call. The confirmation code is 3737064.
A replay of the call will be available for seven days beginning at approximately 10:30 a.m. ET on August 7, 2007 by calling (888) 203-1112 (U.S.) or (719) 457-0820 (international). The replay pass code is 3737064.
The call will also be webcast live via a link on the Investor Relations section of the company's website at www.web.com/ir for all to listen. A replay of the webcast will also be available for seven days.
About Web.com
Web.com, Inc. (Nasdaq:WWWW) is a leading destination for the simplest, yet most powerful solutions for websites and web services. Web.com offers do-it-yourself and professional website building, website hosting, ecommerce, web marketing, professional website design and e-mail. Since 1995, Web.com has been helping individuals and small businesses leverage the power of the Internet to build a web presence. More than 4 million websites have been built using Web.com's proprietary tools, services and patented technology. The company's web hosting and website building services can also be found under the Interland (www.interland.com) and Trellix (www.trellix.com) brands. For more information on the company, please visit www.web.com or call at 1-800-WEB-HOST.
CONTACT: Web.com, Inc.
Peter Delgrosso, SVP, Corporate Communications
404-260-2500
investor@corp.web.com
LIPD 1.30 Patient Enrollment in HDL Therapy Clinical Trial Approaches Completion
FDA Approves Expansion of Clinical Trial Sites; HDL Selective Delipidation Clinical Trial Featured in "Healthy Body, Healthy Mind" TV Series
Jul 30, 2007 8:30:00 AM
PLEASANTON, CA -- (MARKET WIRE) -- 07/30/07 -- Lipid Sciences, Inc. (NASDAQ: LIPD) today reported that enrollment is complete for two-thirds, or 20 out of a total target of 30 patients, in the Company's safety and feasibility clinical trial of HDL Selective Delipidation at the Washington Hospital Center in Washington, D.C.
Dr. S. Lewis Meyer, President and Chief Executive Officer noted, "The HDL Selective Delipidation procedures continue to be well tolerated by all patients. On a related matter, we have received approval from the FDA to add three additional hospital sites for this clinical trial in the Washington, D.C. area. With this approval, we will be able to increase the pool of eligible participants and move closer to our critical goal of completing this clinical trial by year end."
Lipid Sciences was featured on the public television series "Healthy Body, Healthy Mind." The segment entitled, "Cholesterol: Raising the Good and Lowering the Bad," addresses HDL as the next, most logical target for the development of treatments to combat cardiovascular disease. It highlights HDL therapy as having the potential to address a seriously unmet clinical need. Our HDL Selective Delipidation process was demonstrated in a clinical trial setting along with an interview of our first clinical trial participant. Dr. H. Bryan Brewer, Lipid Sciences' Chief Scientific Director, and Dr. Philip Barter, a member of our Scientific Advisory Board, both lipid metabolism experts, were interviewed about the importance of increasing the level of HDL or 'good cholesterol' as part of a cardiovascular treatment regimen. Dr. Brewer cautions the viewer that not properly managing HDL levels can lead to vulnerable plaque rupture and a major coronary event. Dr. Barter's comments recognize that for many years the focus of cardiovascular disease treatment has been on the lowering of the patient's LDL and, with that having been accomplished, it is now time to look seriously toward HDL therapy to make the treatment of cardiovascular disease that much more successful.
The program can be viewed in its entirety at www.itvisus.com/programs/hbhm/episode_802cholesterol.asp.
Lipid Sciences, Inc. is a development-stage biotechnology company engaged in the research and development of products and processes intended to treat major medical indications, in which lipids, or fat components, play a key role. The Company's HDL Therapy platform (HDL Selective Delipidation and HDL Mimetic Peptides) aims to develop treatments to reverse atherosclerosis, a systemic disease of the blood vessels caused by the build-up of cholesterol-filled plaques in the vascular system and, most critically, in the coronary arteries. Regression of such plaques may have a major impact on reducing the risk of acute coronary events. The Company's Viral Immunotherapy platform focuses on the removal of the lipid coatings from lipid-enveloped viruses and other lipid-containing infectious agents by applying Lipid Sciences' proprietary delipidation technologies. The Company believes that removing the virus' protective lipid coating enhances the processing and presentation of viral proteins to stimulate the body's immune system to effectively fight the disease. Conditions that could potentially be impacted by these technologies include HIV, Hepatitis B and Hepatitis C, West Nile, SARS, influenza, and a broad range of animal health applications.
Forward-Looking Statements: This release contains forward-looking statements concerning plans, objectives, goals, strategies, study results, anticipations, expectations, future events or performance as well as all other statements that are not statements of historical fact. The forward-looking statements contained in this release reflect our current beliefs and expectations on the date of this release. Actual results, performance or outcomes may differ materially from what is expressed in the forward-looking statements. Readers should refer to the documents filed by us with the SEC, specifically the most recent reports on Form 10-K and Form 10-Q which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. In addition to those risk factors, other factors that could cause actual results to differ materially include the following: Our inability to obtain adequate funds; the significant losses we have incurred to date, and our expectation that we will incur substantial losses in the future; the failure of our technologies to prove safe or effective; our inability to obtain regulatory approval for our technologies, which are only in the clinical development stage; delay or failure to complete clinical trials; our inability to add additional clinical trial sites; our dependence on our license agreement with Aruba International B.V.; our reliance on collaborations with strategic partners and consultants; competition in our industry, including the development of new products by others that may provide alternative or better therapies; failure to secure and enforce our intellectual property rights; risks associated with use of biological and hazardous materials; acceptance of our potential products by healthcare providers and patients; our exposure to product liability claims; and our dependence on key personnel.
This release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q. Copies are available through the SEC's Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov. Lipid Sciences assumes no obligation to update the forward-looking statements included in this document.
Press releases for Lipid Sciences, Inc. are available on our website: www.lipidsciences.com. If you would like to receive our press releases via email, please contact: info@lipidsciences.com.
FOR FURTHER INFORMATION CONTACT:
Deborah S. Lorenz
Vice President, Investor Relations and Corporate Communications
Lipid Sciences, Inc.
925-249-4031
Email Contact
THK 2.40 Think Partnership to Exhibit Interactive Brands and Strategies at Ad:Tech Chicago
Jul 30, 2007 8:30:00 AM
Copyright Business Wire 2007
CLEARWATER, Fla.--(BUSINESS WIRE)--
Think Partnership (AMEX:THK), an international leader in interactive performance-based marketing and related Internet technologies, will be at Chicago's Navy Pier July 31st - August 1st showcasing the full line of interactive brands and solutions for Ad:Tech Chicago.
Ad:Tech is the leading event for both interactive marketing and technology, making it the ideal trade show for Think Partnership to showcase all of its brands and solutions. This year's attendance is expected at over 2,500. 30% of the attendees this year will be Presidents, CEOs and General Management. Vice Presidents, Directors, and Managers of Marketing, Advertising, and Branding follow closely behind that attendance percentage. The Chicago Ad:Tech event is considered to be a "hard-hitting" program designed to help attendees reach their performance and ROI goals.
Think Partnership staff will be exhibiting the company's full line of interactive marketing solutions at Booth #301 both July 31st and August 1st. Attendees can receive valuable information and resources on ValidClick, Second Bite, PrimaryAds and KowaBunga.
Event Details:
Navy Pier, Chicago
Event dates: July 31-August 1, 2007
Think Partnership Booth Number: 301
For more information about the Internet Retailer event visit www.ad-tech.com/chicago.
About Think Partnership Inc.
Think Partnership Inc. is an international leader in interactive performance-based marketing and related Internet technologies. Think provides a comprehensive and integrated set of scalable and cost-effective marketing solutions for both advertisers and publishers. These solutions increase customer retention and revenues through a diverse set of related marketing channels, including affiliate marketing, click-fraud-protected pay-per-click advertising, lead generation, interactive direct marketing, integrated offline advertising, campaign management, public relations, and branding. Think also operates several direct-to-consumer services including online dating, online education, and home business opportunities. High-profile brands include ValidClick(TM), PrimaryAds(TM), iLead Media, KowaBunga!(R), BabyToBee, Second Bite(TM) and MarketSmart. For more information, visit www.thinkpartnership.com.
Regarding Forward-Looking Statements
Statements made in this press release that express the company's or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. For a discussion of these risks, see the company's report, as filed with the Securities and Exchange Commission on Form 10-K, filed March 29, 2007, under the section headed "Risk Factors." The company cannot guarantee future financial results, levels of activity, performance or achievements; and investors should not place undue reliance on the company's forward-looking statements.
Source: Think Partnership Inc.
----------------------------------------------
Think Partnership Inc.
Rachel Honoway
VP of Marketing
727-385-4865
rachel.honoway@thinkpartnership.com
or
Investor Relations:
Liolios Group
Inc.
949-574-3860
HGRD 6.29 HealthGrades Study: Bariatric Surgery Patients Have Fewer Complications at High-Volume Hospitals
Patients at Five-Star Hospitals Have 64 Percent Fewer Complications Compared to Those at One-Star Hospitals Shift Seen From Invasive Gastric Bypass to Laparoscopic Procedure Hospital-Quality Ratings for Bariatric Surgery Posted at www.HealthGrades.com
Jul 30, 2007 8:30:00 AM
Copyright Business Wire 2007
GOLDEN, Colo.--(BUSINESS WIRE)--
Bariatric surgery patients had 64 percent fewer complications and a 26 percent shorter hospital stay if they went to a five-star rated hospital compared with a one-star rated hospital, according to a new study released today by HealthGrades, the healthcare ratings company. The study of bariatric surgery outcomes at hospitals in 19 states over the years 2003 to 2005 also found that five-star rated hospitals -- those with better-than-average patient outcomes -- performed about twice the number of procedures compared with hospitals that rated poorly.
A clear trend away from traditional, more invasive gastric bypass to a less invasive laparoscopic procedure was also found in the study, according to the second annual HealthGrades Bariatric Surgery Trends in American Hospitals. Over 70 percent of the surgeries done in 2005 were laparoscopic, which are associated with fewer inhospital complications than traditional gastric bypass.
"Bariatric surgery has been demonstrated to be highly effective for those with morbid obesity, but the relatively new procedures are not yet regulated or a credentialed surgical subspecialty," said Samantha Collier, MD, HealthGrades' chief medical officer. "So it is important that patients considering surgery know how hospitals rate."
The HealthGrades study analyzed 166,410 bariatric surgery procedures in the years 2003, 2004 and 2005 in the 19 states that collect and release all-payer outcomes data. Those states are: Arizona, California, Florida, Iowa, Maine, Maryland, Massachusetts, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, Texas, Utah, Virginia, Washington and Wisconsin.
HealthGrades' quality ratings for bariatric surgery at individual hospitals in these 19 states were posted today to www.HealthGrades.com as a free resource for consumers. Each hospital receives a star rating based on their patient outcomes for bariatric surgery. Hospitals with above-average outcomes receive a five-star rating. Hospitals with average outcomes receive a three-star rating, and hospitals with outcomes that are below average receive a one-star rating.
The second annual HealthGrades Bariatric Surgery Trends in American Hospitals Study found that:
-- Hospitals rated with five stars by HealthGrades performed, on
average, almost twice the number of procedures during the
three years studied compared with those rated with one star --
533 procedures compared with 293 for one-star hospitals.
-- Patients at one-star rated hospitals had, on average, a 16.07%
chance of experiencing an in-hospital complication; patients
at a five-star rated hospital had, on average, a 5.60% percent
chance.
-- A typical patient at a five-star rated hospital had, on
average, a 64 percent lower chance of developing one or more
major inhospital complications compared to a one-star
hospital, and a 41 percent lower chance compared to all
hospitals studied.
-- The most common major complications include respiratory,
bleeding, gastrointestinal and laceration complications.
-- The average length of stay was 26 percent shorter in five-star
hospitals as compared to one-star rated hospitals.
-- Among the 19 states studies, almost half of all the procedures
were performed in just four states -- New York, Pennsylvania,
Texas and Florida.
Last year, a study published by the U.S. Department of Health and Human Services' Agency for Healthcare Research and Quality found that four of every ten patients undergoing bariatric surgery develop complications within six months.
Individuals contemplating bariatric surgery will find both quality and cost information at www.healthgrades.com. In addition to the free hospital-quality ratings, Web site visitors can also research surgeons who perform bariatric surgery as well as medical-cost reports that detail all of the costs, including out-of-pocket expenses, for the procedure.
Methodology
For this study, HealthGrades analyzed 166,410 bariatric procedures performed in the years 2003, 2004 and 2005. To make accurate and valid comparisons of clinical outcomes at different hospitals with different patient characteristics, HealthGrades risk adjusted the data using multivariate logistic regression-based ratings to account for age, gender and underlying medical conditions that could increase the patient's risk of mortality or complication.
The full study and individual hospital ratings for bariatric surgery and other procedures can be found at www.healthgrades.com.
About HealthGrades
Health Grades, Inc. (Nasdaq:HGRD) is the leading healthcare ratings organization, providing ratings and profiles of hospitals, nursing homes and physicians. Millions of consumers and many of the nation's largest employers, health plans and hospitals rely on HealthGrades' independent ratings, advisory services and decision-support resources to make healthcare decisions based on the quality and cost of care. More information on the company can be found at www.healthgrades.com.
Source: Health Grades, Inc.
----------------------------------------------
Health Grades
Inc.
Scott Shapiro
720-963-6584
sshapiro@healthgrades.com
NENG 2.15 Network Engines Integrates Appliance Management With Appliance-Optimized Linux Distribution
Hardware and image management interface integrated with an appliance-proven Linux release lowers costs and speeds time to market for Linux-based appliances
Jul 30, 2007 8:30:00 AM
Copyright Business Wire 2007
CANTON, Mass.--(BUSINESS WIRE)--
Network Engines, Inc. (NASDAQ: NENG), a leading provider of storage and security server appliance products and services, today announced two major software initiatives to help software developers to deliver their applications as appliances. First, Network Engines announced Appliance Certified Edition Linux (ACE(TM) Linux), the first Linux distribution to deliver integrated lifecycle management for server appliances. Second, the company is also announcing that Network Engines Web-based Services - NEWS(TM) - the hardware and image management system the company created to enable Windows-based applications to be deployed as full-featured appliances is now available for ACE Linux.
ACE Linux is a Conary-based Linux distribution that will be customized for each customer's platform. Network Engines will provide full platform support including drivers, which is commonly a drain on development resources if independent software vendors (ISVs) attempt to implement these tools themselves. In addition, NEI will provide performance qualification for all of its hardware platforms. This combination of tightly coupled services and technical support will enable ISVs to deliver more secure appliances with much lower development costs.
"As the appliance market grows, ISVs recognize that they need to focus on adding value to their application not the underlying components like the OS and management plane. Network Engines is meeting this need for integrated platform software along with tools to simplify installation and setup, manage images, and automate software updates," said Hugh Kelly, Vice President of Marketing for Network Engines. "We developed our Network Engines Web-based Services - NEWS(TM) - to provide these functions for Windows applications, and now we are making them available for Linux."
"From what we've seen, Network Engines' approach with their Linux distribution and NEWS will resolve many problems we have experienced with other appliance manufacturers' Linux integrations," said Fraser Thomas, Director of Business Development for Swivel Secure, a leading provider of two-factor authentication technologies based in the United Kingdom. "By sourcing the drivers and optimizing for performance, Network Engines allows us to focus on our core business application rather than diverting our engineering resources to support the underlying technologies. We expect to realize substantial benefits from quicker time-to-market and reduced engineering outlays."
"IDC research has demonstrated that customers clearly prefer that certain types of applications, especially security, be delivered in appliances", said Charles Kolodgy, research director of IDC's Secure Content and Threat Management Products research. "Network Engines' advanced technologies and services enable software vendors to meet customer demand for appliances without consuming application development resources. That spurs creativity and innovation while meeting important customer requirements."
Kelly said that integrating NEWS with the company's own distribution of Linux enables ISVs to save time, money, and engineering resources because Network Engines eliminates the burden of qualifying new OS releases and the associated expense of update and patch distribution. The NEWS infrastructure will enable all of the software on an appliance, including the OS, application and management plane, to be managed by a robust update management system. "By integrating Linux-based applications with full-featured appliance management on a Linux distribution optimized for our hardware platforms, we help software vendors get to market quickly with integrated management capabilities that reduce costs throughout the life of each unit."
Observing that Network Engines is the only company able to furnish ISVs with a full suite of appliance-related services for both Linux and Windows environments, Kelly said that the company's expertise in hardware engineering, appliance software imaging, manufacturing, and worldwide logistics enables software vendors to concentrate on enhancing their applications. "While ISVs focus on their core competencies, we provide all the services they need to deliver their solutions as true appliances in much less time - and at a fraction of the cost - than it would take them to create managed hardware on their own," Kelly said.
About Network Engines
Network Engines appliances ease deployment and enhance the manageability and security of mission-critical software applications. Our heritage of providing product and service technologies tailored to support the entire lifecycle of our customers' appliances has made us the appliance partner of choice for software market leaders.
Founded in 1997, Network Engines is headquartered in Canton, Massachusetts, and trades on the NASDAQ exchange under the symbol NENG. For more information about the company's products and services, visit www.networkengines.com.
Safe Harbor for Forward-Looking Statements
Statements in this press release regarding the Company's future financial performance and any other statements about Network Engines' management's future expectations, beliefs, goals, plans or prospects, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including those factors contained in the Company's most recent Annual Report on Form 10-K for the year ended September 30, 2006 and the most recent Form 10-Q for the quarter ended December 31, 2006 under the section "Risk Factors" as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Forward-looking statements include statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. The Company assumes no obligations to update the information included in this press release.
Network Engines and the Network Engines logo are trademarks of Network Engines, Inc. All other registered and unregistered trademarks in this document are the sole property of their respective owners.
Source: Network Engines, Inc.
----------------------------------------------
For Network Engines
Inc.
Joni Moore
508-308-7900
joni.moore@networkengines.com
or
Financial Dynamics
Bob Joyce/Peter Schmidt
212-850-5600
ir@networkengines.com
GNTAD 1.30 Genta Receives Notice of Compliance for Continued Listing on NASDAQ Global Market
Jul 30, 2007 8:15:00 AM
BERKELEY HEIGHTS, N.J., July 30 /PRNewswire-FirstCall/ -- Genta Incorporated (Nasdaq: GNTAD) announced today that the Company has been formally notified by NASDAQ that it has demonstrated compliance with all NASDAQ Marketplace Rules. As a consequence, the NASDAQ Listing Qualifications Panel has determined that Genta's common stock will continue to be listed on the NASDAQ Global Market.
About Genta
Genta Incorporated is a biopharmaceutical company with a diversified product portfolio that is focused on delivering innovative products for the treatment of patients with cancer. The Company's research platform is anchored by two major programs that center on oligonucleotides (RNA- and
DNA- based medicines) and small molecules. Genasense(R) (oblimersen sodium) Injection is the Company's lead compound from its oligonucleotide program. The leading drug in Genta's small molecule program is Ganite(R) (gallium nitrate injection), which the Company is exclusively marketing in the U.S. for treatment of symptomatic patients with cancer related hypercalcemia that is resistant to hydration. Genta is partnered with IDIS (www.idispharma.com) on a program whereby both Ganite(R) and Genasense(R) are available on a "named-patient" basis in countries outside the United States. For more information about Genta, please visit our website at: www.genta.com.
Safe Harbor
This press release may contain forward-looking statements with respect to business conducted by Genta Incorporated. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Forward- looking statements include, without limitation, statements about:
-- the Company's ability to obtain necessary regulatory approval for
Genasense(R) from the U.S. Food and Drug Administration ("FDA") or
European Medicines Agency ("EMEA");
-- the safety and efficacy of the Company's products or product
candidates;
-- the Company's assessment of its clinical trials;
-- the commencement and completion of clinical trials;
-- the Company's ability to develop, manufacture, license and sell its
products or product candidates;
-- the Company's ability to enter into and successfully execute license
and collaborative agreements, if any;
-- the adequacy of the Company's capital resources and cash flow
projections, and the Company's ability to obtain sufficient financing
to maintain the Company's planned operations;
-- the adequacy of the Company's patents and proprietary rights;
-- the impact of litigation that has been brought against the Company and
its officers and directors and any proposed settlement of such
litigation; and
-- the other risks described under Certain Risks and Uncertainties Related
to the Company's Business, as contained in the Company's Annual Report
on Form 10-K and Quarterly Report on Form 10-Q.
The Company does not undertake to update any forward-looking statements. There are a number of factors that could cause actual results and developments to differ materially. For a discussion of those risks and uncertainties, please see the Company's Annual Report on Form 10-K for 2006 and its most recent quarterly report on Form 10-Q.
CONTACT:
For Genta Incorporated
Tara Spiess
TS Communications Group, LLC
(908) 286-3980
info@genta.com
SOURCE Genta Incorporated
----------------------------------------------
Tara Spiess of TS Communications Group
LLC
for Genta Incorporated
+1-908-286-3980
or info@genta.com
EGHT 1.31 8x8 Announces New On-Site Installation and Technical Support Services for Packet8 Virtual Office Business Customers
Jul 30, 2007 8:15:00 AM
SANTA CLARA, Calif., July 30 /PRNewswire-FirstCall/ -- 8x8, Inc. (Nasdaq: EGHT), provider of Packet8 (http://www.packet8.net) residential, business and video Voice over Internet Protocol (VoIP) phone services, today announced the availability of new on-site professional installation and technical support services for Packet8 Virtual Office small business customers.
Working in partnership with CSI, Inc., a national service organization specializing in DSL, broadband cable and VoIP installations, 8x8 will offer Virtual Office subscribers the option to utilize Packet8 ServicePRO services to install and configure their Virtual Office hosted iPBX service. In addition to complete set up of Virtual Office phones and configuration of iPBX features, ServicePRO agents are available for network troubleshooting, repair and/or replacement of cabling, jacks, DTA's and other associated equipment and on-site orientation and training.
"We are very pleased to offer our Virtual Office customers this invaluable on-site service," said 8x8 Vice President of Sales and Marketing, Huw Rees. "CSI's national reach, quality of service, scalability and passion for delivering superb customer satisfaction will go a long way toward ensuring that our subscribers receive prompt and reliable assistance with all service issues which cannot be resolved remotely by our internal technical support agents."
"CSI is thrilled to be partnering with 8x8 to handle the on-site service requirements of its business subscribers," said John D. Fraticelli, CEO of CSI, Incorporated. "As an organization with technical expertise in VoIP and network technology, CSI is ready to offer whatever assistance Virtual Office subscribers need to get their service up and running in short order."
The Packet8 ServicePRO suite of services will initially be supported in the following cities: San Francisco, San Jose, Oakland, Denver, Seattle, Portland, Chicago, Minneapolis/St. Paul, St. Louis, Dallas/Fort Worth and Houston. Beginning on or about August 30th, ServicePRO will launch in these additional markets: Los Angeles, San Diego, Phoenix, Atlanta, Miami, Washington DC, Philadelphia, New York and Boston.
Additional information on Packet8 professional installation services can be found at http://www.packet8.net/business_services/features.aspx.
About 8x8, Inc.
VoIP service provider 8x8, Inc. offers internet-based telephony solutions (http://www.packet8.net/) for individual residential and business users as well as small to medium sized business organizations. In addition to regular Packet8 VoIP service plans priced as low as $24.99 per month for unlimited anytime calling to the U.S. and Canada, 8x8 offers the Packet8 Tango Video Terminal Adapter and DV 326 VideoPhone along with accompanying monthly service plans also priced at $24.99 per month. Packet8 Virtual Office, 8x8's VoIP phone system for small to medium sized businesses, is a hosted PBX solution comprised of powerful business class features. Companies subscribing to Virtual Office pay just $49.99 per month per extension for enterprise class PBX functionality along with unlimited local and long distance calling in the U.S. and Canada. Packet8 Softalk Office(TM), 8x8's PC-based soft phone client, offers high quality voice and video in-network calling as well as outbound calling to the PSTN. For additional company information, visit 8x8's web site at http://www.8x8.com/.
About CSI, Inc.
CSI Incorporated (CSI) is a national field services and installation company. Founded in 1996 with U.S. Headquarters in San Leandro, California, CSI performs over 15,000 installations per month nationwide. CSI's client portfolio is comprised of large national Service Providers in the xDSL, T-1, VoIP, Satellite TV, Digital Signage, Field Collections and Hospitality Network space. For additional company information visit CSI's web site at http://www.csiamerica.com
NOTE: 8x8, the 8x8 logo, Packet8, the Packet8 logo, Packet8 Virtual Office, Packet8 Softalk and Packet8 Tango are trademarks of 8x8, Inc. All other trademarks are the property of their respective owners.
SOURCE 8x8, Inc.
----------------------------------------------
Joan Citelli of 8x8
Inc.
+1-408-687-4320
jcitelli@8x8.com; or David A. Reynolds of CSI Incorporated
+1-510-569-1000
ext. 701
dreynolds@csiamerica.com
ENTU 2.77 Entrust to Release Financial Results for Q2 2007 on Tuesday, July 31 After US Markets Close
Jul 30, 2007 8:00:00 AM
DALLAS, July 30 /PRNewswire-FirstCall/ -- Entrust, Inc. (Nasdaq: ENTU), a world leader in securing digital identities and information, today announced that it will release financial results for the second quarter of 2007 after US markets close on Tuesday, July 31, 2007. Entrust will host a live teleconference and webcast to discuss the company's fiscal second quarter results on Tuesday, July 31 at 5:00 p.m. EST featuring Chairman, President and CEO Bill Conner and Chief Financial Officer David Wagner.
(Logo: http://www.newscom.com/cgi-bin/prnh/20060720/NYTH074LOGO )
The conference call audio will be available live via dial-in at 1-800-732-6179 and via the Internet at http://phx.corporate-ir.net/playerlink.zhtml?c=73119&s=wm&e=1596960. Please log on approximately 15 minutes before the webcast begins in order to register and to download and install any necessary audio software. An archive of the webcast will be available for 90 days at the above Internet address.
For those unable to attend the live conference call, an audio replay will be available beginning at 7:00 p.m. EDT, Tuesday, July 31, 2007 through Tuesday, August 7, 2007 at 11:59 p.m. EDT. The replay number is 1-877-289-8525 and the pass code is 21238941#.
About Entrust
Entrust (Nasdaq: ENTU) secures digital identities and information for consumers, enterprises and governments in 1,650 organizations spanning 60 countries. Leveraging a layered security approach to address growing risks, Entrust solutions help secure the most common digital identity and information protection pain points in an organization. These include SSL, authentication, fraud detection, shared data protection and e-mail security. For information, call 888-690-2424, e-mail entrust@entrust.com or visit http://www.entrust.com.
Entrust is a registered trademark of Entrust, Inc. in the United States and certain other countries. In Canada, Entrust is a registered trademark of Entrust Limited. All Entrust product names are trademarks or registered trademarks of Entrust, Inc. or Entrust Limited. All other company and product names are trademarks or registered trademarks of their respective owners.
SOURCE Entrust, Inc.
----------------------------------------------
investor relations
David Rockvam
+1-972-713-5824
david.rockvam@entrust.com
or media relations
Michelle Metzger
+1-972-713-5866
michelle.metzger@entrust.com
both of Entrust
Inc.
GENR 2.71 Genaera Corporation to Present at ThinkEquity Partners LLC Second Annual ThinkBIG Conference
Jul 30, 2007 8:00:00 AM
PLYMOUTH MEETING, Pa., July 30 /PRNewswire-FirstCall/ -- Genaera Corporation (Nasdaq: GENR) today announced that it will present at the ThinkEquity Partners LLC Second Annual ThinkBIG Conference at the Mandarin Oriental Hotel in New York City. Jack Armstrong, President and Chief Executive Officer, will present a company overview on Thursday, August 2, at 8:45 AM (EDT).
The presentation will review highlights of Genaera's development programs including trodusquemine (MSI-1436), for the treatment of obesity and related metabolic disorders, and its anti-IL-9 program (MEDI-528) partnered with MedImmune, Inc./Astra Zeneca for the treatment of asthma.
About Trodusquemine (MSI-1436)
Trodusquemine (MSI-1436) is the first drug candidate that crosses the blood brain barrier and acts both centrally and peripherally to selectively inhibit protein tyrosine phosphatase 1B (PTP-1B), an enzyme central to the function of both the leptin and insulin pathways. In vitro kinetics demonstrate that trodusquemine is an allosteric, noncompetitive inhibitor of PTP-1B. By inhibiting PTP-1B, MSI-1436 is expected to decrease appetite and normalize blood sugar. Trodusquemine has overcome selectivity concerns that other compounds that target PTP-1B have failed to overcome. Based on this unique mechanism of action, trodusquemine has the potential to bridge the treatment of two of the most serious metabolic diseases, obesity and type 2 diabetes. Trodusquemine has produced consistent, sustainable weight loss in a variety of animal models and appears to overcome metabolic readjustment, which often limits sustained weight loss during caloric restriction. In addition, trodusquemine has shown the ability to address co-morbidities associated with obesity such as abnormal glucose metabolism and cholesterol elevation.
About Anti-IL-9 MAb (MEDI-528)
IL-9 has been associated with symptoms of asthma including mucous production, lung infiltration of inflammatory cells, and IgE (an immune globulin associated with allergic disease) production. It is one of at least 29 naturally occurring interleukins in the human body.
About Genaera
Genaera Corporation is focused on advancing the science and treatment of metabolic diseases. The Company has significant market opportunities with a first-in-class molecule, trodusquemine (MSI-1436), that has the potential to redefine the treatment paradigm for obesity and type 2 diabetes and is presently in a Phase 1 trial in obesity. In addition, Genaera has a value-driven, fully out-licensed partnership with MedImmune, Inc. for a second core program that is presently undergoing Phase 2 clinical testing in asthma. Genaera is committed to directing resources to its core program and the aggressive clinical development of its key assets to build stockholder value. http://www.genaera.com.
This announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties, known and unknown. Forward-looking statements reflect management's current views and are based on certain expectations and assumptions. Such statements include, among others, statements regarding these preliminary results, clinical development plans and prospects for Genaera's programs including trodusquemine (MSI-1436), the IL-9 antibody program, LOMUCIN(TM), or squalamine. You may identify some of these forward-looking statements by the use of words in the statements such as "anticipate," "believe," "continue," "develop," "expect," "plan" and "potential" or other words of similar meaning. Genaera's actual results and performance could differ materially from those currently anticipated and expressed in these and other forward-looking statements as a result of a number of risk factors, including, but not limited to: Genaera's history of operating losses since inception and its need for additional funds to operate its business; the costs, delays and uncertainties inherent in scientific research, drug development, clinical trials and the regulatory approval process; the risk that clinical trials for Genaera's product candidates, including trodusquemine (MSI-1436), the IL-9 antibody program, LOMUCIN(TM), or squalamine may be delayed or may not be successful; the risk that Genaera may not obtain regulatory approval for its products, whether due to adequacy of the development program, the conduct of the clinical trials, changing regulatory requirements, different methods of evaluating and interpreting data, regulatory interpretations of clinical risk and benefit, or otherwise; Genaera's reliance on its collaborators, in connection with the development and commercialization of Genaera's product candidates; market acceptance of Genaera's products, if regulatory approval is achieved; competition; general financial, economic, regulatory and political conditions affecting the biotechnology and pharmaceutical industry; and the other risks and uncertainties discussed in this announcement and in Genaera's filings with the U.S. Securities and Exchange Commission, all of which are available from the Commission in its EDGAR database at http://www.sec.gov as well as other sources. You are encouraged to read these reports. Given the uncertainties affecting development stage pharmaceutical companies, you are cautioned not to place undue reliance on any such forward-looking statements, any of which may turn out to be wrong due to inaccurate assumptions, unknown risks, uncertainties or other factors. Genaera does not intend (and it is not obligated) to publicly update, revise or correct these forward-looking statements or the risk factors that may relate thereto.
SOURCE Genaera Corporation
----------------------------------------------
investors
Genaera Corporation
+1-610-941-5675; or media
Susan Neath of Porter Novelli Life Sciences
+1-619-849-6007
sneath@pnlifesciences.com
for Genaera Corporation
ASIA 8.14 AsiaInfo Signs Two Year Maintenance Contract with China Mobile Liaoning for Business and Operation Support Systems
Jul 30, 2007 8:00:00 AM
BEIJING and SANTA CLARA, Calif., July 30 /Xinhua-PRNewswire-FirstCall/ -- AsiaInfo Holdings, Inc. (Nasdaq: ASIA), a leading provider of telecom software solutions and IT security products and services, today announced it has singed a contract from Liaoning Mobile, a subsidiary of China Mobile, to provide technical support and maintenance for its Business and Operation Support Systems (BOSS).
(Logo: http://www.newscom.com/cgi-bin/prnh/20040312/CNF002LOGO )
Under the terms of the agreement, AsiaInfo will service Liaoning Mobile's operating systems including AsiaInfo's flagship OpenBOSS billing and CRM system, OpenBI business intelligence system, and AIBOSS IP billing system for a period of two years. AsiaInfo will also provide a BOSS disaster recovery service and technical support for Liaoning Mobile's on-line service site.
"Our industry leading software solutions coupled with a large technical support team and China wide service capabilities make AsiaInfo the provider of choice in China's telecom market," said Steve Zhang, President and Chief Executive Officer of AsiaInfo. "Our on-site maintenance and quick response technical support teams allow us to build valuable long-term relationships and ensure the smooth operation of our customer's telecom software systems."
About AsiaInfo Holdings, Inc
AsiaInfo Holdings, Inc. (Nasdaq: ASIA) is a leading provider of high- quality telecom software solutions and IT security products and services to some of China's largest enterprises as well as many small and medium sized companies in China. An established leader in the Chinese telecommunications industry, AsiaInfo became a prominent supplier of IT security products and services in China with the acquisition of Lenovo's non-telecom related IT services business in 2004.
Organized as a Delaware corporation, AsiaInfo began operations in the United States in 1993. The Company moved major operations to China in 1995 and played a significant role in the construction of the national backbones and provincial access networks for all of China's major national telecom carriers, including China Telecom, China Mobile, China Unicom and China Netcom. Since 1998, AsiaInfo has continued diversifying its product offerings and is now a major provider of telecom software solutions in China.
For more information about AsiaInfo, please visit http://www.asiainfo.com .
The information contained in this document is as of July 30, 2007. AsiaInfo assumes no obligation to update any forward-looking statements contained in this document as a result of new information or future events or developments.
This document contains forward-looking information about AsiaInfo's operating results and business prospects that involve substantial risks and uncertainties. You can identify these statements by the fact that they use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Among the factors that could cause actual results to differ materially are the following: government telecommunications infrastructure and budgetary policy in China; our ability to maintain our concentrated customer base; the long and variable cycles for our products and services that can cause our revenues and operating results to vary significantly from period to period; our ability to meet our working capital requirements; our ability to retain our executive officers; our ability to attract and retain skilled personnel; potential liabilities we are exposed to because we extend warranties to our customers; risks associated with cost overruns and delays; our ability to develop or acquire new products or enhancements to our software products that are marketable on a timely and cost-effective basis; our ability to adequately protect our proprietary rights; the competitive nature of the markets we operate in; political and economic policies of the Chinese government. A further list and description of these risks, uncertainties, and other matters can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2006, and in our periodic reports on Forms 10-Q and 8-K (if any) filed with the United States Securities and Exchange Commission and available at http://www.sec.gov .
For more information, please contact:
For Investors:
Charles Zhang
AsiaInfo Technologies (China), Inc.
Tel: +86-10-8216-6039
Email: ir@asiainfo.com
For Media:
Rory Macpherson
Ogilvy Public Relations Worldwide
Tel: +86-10-8520-6553
Email: rory.macpherson@ogilvy.com
SOURCE AsiaInfo Technologies (China), Inc.
----------------------------------------------
Charles Zhang of AsiaInfo Technologies (China)
Inc.
+86-10-8216-6039
or ir@asiainfo.com; or Rory Macpherson of Ogilvy Public Relations Worldwide for AsiaInfo Technologies
+86-10-8520-6553
or rory.macpherson@ogilvy.com
SUPR 8.48 Superior Bancorp's Second Quarter Income Increases 54%
- Purchased 4 branch properties in North Tampa
Jul 30, 2007 8:00:00 AM
BIRMINGHAM, Ala., July 30 /PRNewswire-FirstCall/ -- Superior Bancorp (Nasdaq: SUPR) announced today its second quarter 2007 net income of $2.0 million, or $.06 per share, an increase of 54% compared to net income of $1.3 million, or $.06 per share for the second quarter 2006.
CEO Stan Bailey stated, "We have adjusted our strategic plans for the current economic environment by accelerating our $25 to $30 million expansion program of 19 de novo offices, implementing a stock repurchase program, accelerating the remaining balance sheet engineering and maintaining double- digit net income growth. These steps along with maintaining stable credit quality continue to enhance our long term shareholder value regardless of the short term view of the banking sector by the investment community."
Net income for the first six months of 2007 was $4.3 million, or $0.12 per common share, including the $268,000 after-tax effect of merger-related expenses. This represents a 20% increase in net income per common share as compared to $2.1 million, or $.10 per share, for the first six months of 2006. A reconciliation of net income to operating earnings is provided in the selected financial data.
At June 30, 2007, Superior Bancorp's total assets had increased 61% to $2.470 billion, compared to total assets of $1.531 billion at June 30, 2006. Loans, net of unearned interest, increased $639 million, or 59%, to $1.720 billion from $1.081 billion at June 30, 2006. Deposits increased $745 million, or 65%, to $1.885 billion at June 30, 2007 from $1.140 billion at June 30, 2006. The 2006 acquisitions of Community Bancshares, Inc. and Kensington Bankshares, Inc. contributed an aggregate of approximately $470 million of loans and $700 million of deposits to the balance sheet growth. Excluding acquisitions, Superior grew its loan portfolio approximately 16% and deposits approximately 4% in the twelve months ended June 30, 2007.
Net interest income increased $7.1 million to $17.5 million for the second quarter of 2007 from $10.4 million in the second quarter of 2006. Net interest margin increased to 3.39% for the second quarter of 2007 from 3.18% for the second quarter of 2006. This increase reflects the second full quarter of the benefits from the bank mergers in 2006 and our continued realignment of our balance sheet mix.
Asset quality remained stable at June 30, 2007 with non-performing assets ("NPAs") at 0.76% of total loans plus NPAs compared to 0.63% at December 31, 2006. Net loan charge-offs as a percentage of average loans were 0.18% during the first six months of 2007 compared to 0.20% for all of 2006. The allowance for loan losses at June 30, 2007 was $19.1 million, or 1.11% of net loans, compared to $18.9 million, or 1.15% of net loans, at December 31, 2006.
Superior Bancorp and People's Community Bancshares Inc., of Sarasota, Florida, consummated their merger on July 27, 2007. The completed merger of People's Community Bank of the West Coast with Superior Bank, Superior Bancorp's principal subsidiary, creates a banking franchise totaling $2.8 billion in assets that serves its customers through 63 banking offices from Huntsville, Alabama to Venice, Florida. The Florida component, with approximately $1 billion in assets, has 25 branches from Panama City to Venice. The existing People's Community Bank of the West Coast locations will continue to be led by Neil McCurry and his management team and operate under the People's Community Bank banner.
Superior Bank opened 6 de novo branches between November 2006 and June 2007, with plans to open 8 branches in the remainder of 2007 and 5 branches in 2008 in Northeast Alabama and Florida. Superior Bank will invest approximately $25 to $30 million towards its de novo expansion program.
About Superior Bancorp
Superior Bancorp is a $2.8 billion thrift holding company headquartered in Birmingham, Alabama. The principal subsidiary of Superior Bancorp is Superior Bank, a Southeastern community federal savings bank. Superior Bank has 63 branches with 38 locations throughout the state of Alabama and 25 locations in Florida. In addition, Superior Bank currently has 13 new branches planned for Northeast Alabama and Florida during 2007 and 2008.
Superior Bank also has loan production offices in Montgomery, Alabama and Tallahassee, Marianna and Panama City, Florida, and operates 19 consumer finance offices in Northeast Alabama as 1st Community Credit and Superior Financial Services.
This press release contains financial information determined by methods other than in accordance with U. S. generally accepted accounting principles ("GAAP"). Superior's management uses these "non-GAAP" measures in their analysis of Superior's performance. Non-GAAP measures typically adjust GAAP performance measures to exclude the effects of charges, expenses and gains related to the consummation of mergers and acquisitions, and costs related to the integration of merged entities. These non-GAAP measures may also exclude other significant gains, losses or expenses that are unusual in nature and not expected to recur. Since these items and their impact on Superior's performance are difficult to predict, management believes presentations of financial measures excluding the impact of these items provide useful supplemental information that is important for a proper understanding of the operating results of Superior's core business. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that are presented by other companies.
Statements in this document that are not historical facts, including, but not limited to, statements concerning future operations, results or performance, are hereby identified as "forward looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Superior Bancorp cautions that such "forward looking statements," wherever they occur in this document or in other statements attributable to Superior Bancorp are necessarily estimates reflecting the judgment of Superior Bancorp's senior management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the "forward looking statements." Such "forward looking statements" should, therefore, be considered in light of various important factors set forth from time to time in Superior Bancorp's reports and registration statements filed with the SEC. While it is impossible to list all such factors that could affect the accuracy of such "forward looking statements," some of those factors include: general economic conditions, especially in the Southeast; the performance of the capital markets; changes in interest rates, yield curves and interest rate spread relationships; changes in accounting and tax principles, policies or guidelines; changes in legislation or regulatory requirements; changes in the competitive environment in the markets served by Superior Bancorp.; changes in the loan portfolio and the deposit base of Superior Bancorp; and the effects of natural disasters such as hurricanes.
Superior Bancorp disclaims any intent or obligation to update "forward looking statements."
More information on Superior Bancorp and its subsidiaries may be obtained
over the Internet, http://www.superiorbank.com, or by calling 1-877-326-BANK
(2265).
Superior Bancorp and Subsidiaries
Consolidated Statements of Financial Condition
(Dollars In Thousands)
June 30, Dec. 31,
2007 2006 2006
(Unaudited) (Unaudited)
Assets
Cash and due from banks $49,664 $22,712 $49,783
Interest bearing deposits in other
banks 4,718 5,191 10,994
Federal funds sold 12,843 9,055 25,185
Investment securities available for
sale 322,739 233,554 354,716
Tax lien certificates 18,457 6,054 16,313
Mortgage loans held for sale 23,213 23,142 24,433
Loans, net of unearned income 1,719,808 1,080,713 1,639,528
Less: Allowance for loan losses (19,147) (12,311) (18,892)
Net loans 1,700,661 1,068,402 1,620,636
Premises and equipment, net 89,620 59,452 94,626
Accrued interest receivable 14,405 7,593 14,387
Stock in FHLB 12,798 11,847 12,382
Cash surrender value of life insurance 41,273 39,841 40,598
Goodwill and other intangibles 128,976 11,998 129,520
Other assets 50,926 32,386 47,417
Total assets $2,470,293 $1,531,227 $2,440,990
Liabilities and Stockholders' Equity
Deposits
Noninterest-bearing $182,807 $103,696 $191,323
Interest-bearing deposits 1,701,998 1,036,569 1,679,518
Total deposits 1,884,805 1,140,265 1,870,841
Advances from FHLB 187,840 201,090 187,840
Federal funds borrowed and security
repurchase agreements 20,586 30,975 23,415
Notes payable 5,958 3,650 5,545
Junior subordinated debentures owed to
unconsolidated subsidiary trusts 43,770 31,959 44,006
Capital lease obligation 3,772 - 3,798
Accrued expenses and other liabilities 44,609 17,358 29,458
Total liabilities 2,191,340 1,425,297 2,164,903
Stockholders' Equity
Convertible preferred stock, par
value $.001 per share; authorized
5,000,000 shares;
- 0 - shares issued and outstanding - - -
Common stock, par value $.001 per
share; authorized 60,000,000
shares; shares issued 34,752,583,
20,357,446 and 34,732,345
respectively; outstanding
34,670,907, 20,171,497 and
34,651,669, respectively 35 20 35
Surplus 254,207 88,986 253,815
Retained earnings 30,205 23,618 26,491
Accumulated other comprehensive
loss (2,876) (4,949) (1,452)
Treasury stock, at cost (716) (310) (716)
Unearned ESOP stock (1,902) (1,435) (2,086)
Total stockholders' equity 278,953 105,930 276,087
Total liabilities and
stockholders' equity $2,470,293 $1,531,227 $2,440,990
Superior Bancorp and Subsidiaries
Consolidated Statements of Income
(Amounts In Thousands, Except Per Share Data)
Three Months Year
Ended Six Months Ended Ended
June 30 June 30 Dec. 31
2007 2006 2007 2006 2006
(Unaudited) (Unaudited)
Interest income
Interest on investment
securities $34,986 $20,254 $69,297 $38,672 $92,659
Taxable 4,096 2,749 8,535 5,510 12,994
Exempt from Federal income tax 138 90 266 167 389
Interest on federal funds sold 156 51 283 86 570
Interest and dividends on other
investments 691 464 1,429 822 2,165
Total interest income 40,067 23,608 79,810 45,257 108,777
Interest expense
Interest on deposits 18,780 9,767 36,249 18,180 46,511
Interest on FHLB advances and
other borrowings 2,770 2,648 6,019 5,120 11,603
Subordinated debentures 1,004 780 1,996 1,541 3,269
Total interest expense 22,554 13,195 44,264 24,841 61,383
Net interest income 17,513 10,413 35,546 20,416 47,394
Provision for loan losses 1,000 700 1,705 1,300 2,500
Net interest income after
provision for loan losses 16,513 9,713 33,841 19,116 44,894
Noninterest income
Service charges and fees on
deposits 1,894 1,129 3,684 2,160 4,915
Mortgage banking income 1,132 708 2,082 1,238 2,997
Investment securities gains - - 242 - -
Change in fair value of
derivatives 118 (33) (34) 37 374
Increase in cash surrender value
of life insurance 452 359 900 780 1,580
Other income 942 664 1,750 1,114 1,945
Total noninterest income 4,538 2,827 8,624 5,329 11,811
Noninterest expenses
Salaries and employee benefits 10,168 5,798 20,236 11,666 26,805
Occupancy, furniture and
equipment expense 2,995 1,739 6,142 3,586 7,754
Amortization of intangibles 304 - 609 - 265
Merger costs 107 51 426 72 635
Subsidiary start-up costs - - - - 135
Other operating expenses 4,484 3,072 8,670 6,141 14,191
Total noninterest expenses 18,058 10,660 36,083 21,465 49,785
Income before income
taxes 2,993 1,880 6,382 2,980 6,920
Income tax expense 1,024 606 2,116 856 1,923
Net income $1,969 $1,274 $4,266 $2,124 $4,997
Basic net income per common share $0.06 $0.06 $0.12 $0.11 $0.21
Diluted net income per common
share $0.06 $0.06 $0.12 $0.10 $0.21
Weighted average common shares
outstanding 34,452 20,129 34,445 20,073 23,409
Weighted average common shares
outstanding, assuming dilution 34,940 20,757 34,989 20,716 24,034
SUPERIOR BANCORP AND SUBSIDIARIES
UNAUDITED SUMMARY CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except per share data)
As of and for the Three-Months
Ended June 30,
2007 2006
Selected Average Balances:
Total assets $2,430,830 $1,468,775
Loans, net of unearned income 1,663,579 1,030,557
Mortgage loans held for sale 29,762 17,272
Investment securities 331,021 236,471
Total interest-earning assets 2,081,725 1,319,213
Noninterest-bearing deposits 179,366 93,705
Interest-bearing deposits 1,680,570 1,010,693
Advances from FHLB 188,104 174,497
Federal funds borrowed and security
repurchase agreements 13,732 34,113
Junior subordinated debentures owed
to unconsolidated subsidiary trusts 43,826 31,959
Total interest-bearing liabilities 1,935,989 1,254,930
Stockholders' Equity 278,695 105,477
Per Share Data:
Net income - basic $0.06 $0.06
- diluted $0.06 $0.06
Weighted average common shares
outstanding - basic 34,452 20,129
Weighted average common shares
outstanding - diluted 34,940 20,757
Common book value per share at period
end $8.05 $5.25
Tangible common book value per share
at period end $4.33 $4.66
Common shares outstanding at period
end 34,670 20,171
Performance Ratios and Other Data:
Return on average assets(1) 0.32% 0.35%
Return on average stockholders'
equity(1) 2.83 4.84
Net interest margin(1)(2)(3) 3.39 3.18
Net interest spread(1)(3)(4) 3.06 2.97
Noninterest income to average
assets(1)(5) 0.73 0.74
Noninterest expense to average
assets(1)(6) 2.91 2.89
Efficiency ratio(7) 80.23 80.36
Average loan to average deposit ratio 91.04 94.88
Average interest-earning assets to
average interest bearing liabilities 107.53 105.12
Intangible assets (8) $128,976 $11,998
Assets Quality Ratios:
Nonaccrual loans $11,020 $4,567
Accruing loans 90 days or more
delinquent 397 -
Restructured loans 501 203
Other real estate owned and
repossessed assets 1,125 866
Net loan charge-offs 830 388
Allowance for loan losses to
nonperforming loans 160.66% 258.09%
Allowance for loan losses to loans,
net of unearned income 1.11 1.14
Nonperforming assets("NPA") to loans
plus NPA's, net of unearned income 0.76 0.52
NPA's to total assets 0.53 0.37
Nonaccrual loans to loans, net of
unearned income 0.64 0.42
Net loan charge-offs to average
loans(1) 0.20 0.15
Net loan charge-offs as a percentage
of:
Provision for loan losses 83.00 55.43
Allowance for loan losses(1) 17.39 12.64
As of and
As of the for the Year
Six Months Ended
Ended June 30, December 31,
2007 2006 2006
Selected Average Balances:
Total assets $2,426,798 $1,444,537 $1,683,325
Loans, net of unearned income 1,655,731 1,003,705 1,159,083
Mortgage loans held for sale 24,708 18,533 17,761
Investment securities 341,845 250,242 286,733
Total interest-earning assets 2,079,455 1,294,932 1,499,297
Noninterest-bearing deposits 179,466 92,583 111,757
Interest-bearing deposits 1,665,005 987,864 1,152,017
Advances from FHLB 197,923 175,040 191,612
Federal funds borrowed and security
repurchase agreements 18,830 33,402 32,607
Junior subordinated debentures owed to
unconsolidated subsidiary trusts 43,881 31,959 33,642
Total interest-bearing liabilities 1,935,202 1,231,960 1,414,290
Stockholders' Equity 277,563 105,418 140,827
Per Share Data:
Net income - basic $0.12 $0.11 $0.21
- diluted $0.12 $0.10 $0.21
Weighted average common shares
outstanding - basic 34,445 20,073 23,409
Weighted average common shares
outstanding - diluted 34,989 20,716 24,034
Common book value per share at period
end $8.05 $5.25 $7.97
Tangible common book value per share
at period end $4.33 $4.66 $4.23
Common shares outstanding at period
end 34,670 20,171 34,652
Performance Ratios and Other Data:
Return on average assets(1) 0.35% 0.30% 0.30%
Return on average stockholders'
equity(1) 3.10 4.06 3.55
Net interest margin(1)(2)(3) 3.46 3.19 3.17
Net interest spread(1)(3)(4) 3.14 2.99 2.93
Noninterest income to average
assets(1)(5) 0.69 0.72 0.66
Noninterest expense to average
assets(1)(6) 2.91 2.98 2.84
Efficiency ratio (7) 79.50 83.24 81.47
Average loan to average deposit ratio 91.11 94.61 93.12
Average interest-earning assets to
average interest bearing liabilities 107.45 105.11 106.01
Intangible assets (8) $128,976 $11,998 $129,520
Assets Quality Ratios:
Nonaccrual loans $11,020 $4,567 $7,773
Accruing loans 90 days or more
delinquent 397 - 514
Restructured loans 501 203 305
Other real estate owned and
repossessed assets 1,125 866 1,821
Net loan charge-offs 1,450 1,000 2,316
Allowance for loan losses to
nonperforming loans 160.66% 258.09% 219.88%
Allowance for loan losses to loans,
net of unearned income 1.11 1.14 1.15
Nonperforming assets("NPA") to loans
plus NPA's, net of unearned income 0.76 0.52 0.63
NPA's to total assets 0.53 0.37 0.43
Nonaccrual loans to loans, net of
unearned income 0.64 0.42 0.47
Net loan charge-offs to average
loans(1) 0.18 0.20 0.20
Net loan charge-offs as a percentage
of:
Provision for loan losses 85.04 76.92 92.64
Allowance for loan losses(1) 15.27 16.38 12.26
(1)- Annualized for the three- and six-month periods ended June 30, 2007
and 2006.
(2)- Net interest income divided by average earning assets.
(3)- Calculated on a taxable equivalent basis.
(4)- Yield on average interest-earning assets less rate on average
interest-bearing liabilities.
(5)- Noninterest income has been adjusted for such as change in fair value
of derivatives and investment security gains(losses).
(6)- Noninterest expense has been adjusted for CDI amortization, merger
related costs, management separation costs, losses on other real
estate and the loss on sale of assets,
(7)- Efficiency ratio is calculated by dividing noninterest expense,
adjusted for CDI amortization, merger related costs, management
separation costs, losses on other real estate and the loss on sale of
assets, by noninterest income, adjusted for changes in fair values
of derivatives and investment security gains (losses), plus net
interest income on a fully tax equivalent basis.
(8)- Intangible assets consist of goodwill of $114,587,000 and core
deposit intangibles ("CDI"), net of amortization, of $14,389,000.
SUPERIOR BANCORP AND SUBSIDIARIES
UNAUDITED SUMMARY CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except per share data)
For the Three-Month For the Six-Month
Period Ended Period Ended
June 30, 2007 June 30, 2007
Reconciliation Table
Net income (GAAP) $1,969 $4,266
Merger-related items, net of tax 67 268
Operating earnings (non-GAAP) $2,036 $4,534
As of
June 30, June 30, December 31
2007 2006 2006
Total stockholders' equity (GAAP) $278,953 $105,930 $276,087
Intangible assets (GAAP) 128,976 11,998 129,520
Total tangible equity (non-GAAP) $149,977 $93,932 $146,567
For the Three-Month For the Six-Month
Period Ended Period Ended
Other Financial Data of
Subsidiary (Superior Bank) June 30, June 30, June 30, June 30,
2007 2006 2007 2006
Net income $3,160 $2,126 $6,444 $3,757
Total stockholders equity 307,919 126,631 307,919 126,631
Return on average assets(1) 0.53% 0.59% 0.54% 0.53%
Return on average stockholders'
equity(1) 4.10% 6.69% 4.22% 5.96%
Return on average tangible
equity(1) 7.04% 7.39% 7.26% 6.59%
(1) Annualized
SOURCE Superior Bancorp
----------------------------------------------
Mark Tarnakow
Chief Financial Officer
Superior Bancorp +1-205-327-3608
LUM 8.07 Luminent Mortgage Capital, Inc. Confirms Second Quarter Dividend Payment of $0.32 per Share Secure, Full Compliance With All Financial Covenants, and Ample Liquidity
Jul 30, 2007 8:00:00 AM
SAN FRANCISCO, July 30 /PRNewswire-FirstCall/ -- Luminent Mortgage Capital, Inc. (NYSE: LUM) announced today that its second quarter dividend payment of $0.32 per share, payable to stockholders on August 8, 2007, is secure and will not be canceled.
In addition, Luminent confirmed that as of July 30, 2007 it is in full compliance with all its financial covenants. Furthermore, Luminent confirmed that as of July 30, 2007 it had ample liquidity to manage its business.
Luminent reiterated that it is an investor in, and not an originator of, mortgage loans. As such, Luminent is not subject to the loan repurchase risk that is currently impacting certain loan originators. Instead, Luminent purchases high quality mortgage loans from originators, and only after Luminent conducts exhaustive due diligence on each and every loan. As of June 30, 2007, Luminent's 15,327 of whole loans had a weighted-average FICO score of 715, a weighted-average loan-to-value ratio net of mortgage insurance of 71%, and 86.4% of these loans were on owner-occupied properties.
In addition, Luminent reiterated that it employs a disciplined and sophisticated hedging program for the interest rate and credit risks in its portfolio using Eurodollar futures, interest rate swaps, swaptions, interest rate caps, and by shorting various portions of the ABX indices as well as employing single-name credit default swaps. During the quarter ended June 30, 2007, the strong performance of Luminent's credit hedges more than offset the income statement and balance sheet impact of mark-to-market pricing and certain impairment charges related to its credit sensitive assets. This strong performance of Luminent's disciplined hedging program was one of the contributors to the increase in Luminent's book value per share to $10.05 as of June 30, 2007.
Luminent was formed in April 2003, and its common stock trades on the New York Stock Exchange under the ticker "LUM." Luminent's Residential Mortgage Credit strategy invests in mortgage loans purchased from selected high-quality providers within certain established criteria, as well as subordinated mortgage-backed securities that have credit ratings below AAA. Luminent's Spread strategy invests primarily in US agency and other highly-rated single-family, adjustable-rate and hybrid adjustable-rate mortgage-backed securities and leverages these investments through repurchase agreements and commercial paper. Luminent's website can be found at http://www.luminentcapital.com.
This news release and Luminent's filings with the Securities and Exchange Commission contain forward-looking statements under the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey Luminent's current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. Forward-looking statements include statements regarding our financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words "may continue," "estimate," "intend," "project," "believe," "expect," "plan," "anticipate" and similar terms may identify forward-looking statements, but the absence of such words does not necessarily mean that a statement is not forward-looking. These forward-looking statements include, among other things, statements about: the effect of the flattening of, or other changes in, the yield curve on our investment strategies; changes in interest rates and mortgage prepayment rates; Luminent's ability to obtain or renew sufficient funding to maintain its leverage strategies; continued creditworthiness of the holders of mortgages underlying Luminent's mortgage-related assets; the possible effect of negative amortization of mortgages on Luminent's financial condition and REIT qualification; the possible impact of Luminent's failure to maintain exemptions under the 1940 Act; potential impacts of Luminent's leveraging policies on its net income and cash available for distribution; the power of Luminent's Board of Directors to change its operating policies and strategies without stockholder approval; effects of interest rate caps on Luminent's adjustable-rate and hybrid adjustable-rate loans and mortgage backed securities; the degree to which Luminent's hedging strategies may or may not protect it from interest rate volatility; Luminent's ability to invest up to 10% of its investment portfolio in residuals, leveraged mortgage derivative securities and shares of other REITs as well as other investments; volatility in the timing and amount of Luminent's cash distributions; Luminent's ability to purchase sufficient mortgages for its securitization business; and the other factors described in Luminent's Form 10-K, Form 10-Q and Form 8-K reports, including those under the captions "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Risk Factors" and "Quantitative and Qualitative Disclosures about Market Risk." Luminent cautions you not to place undue reliance on these forward- looking statements, which speak only as of the date of this press release. All subsequent written and oral forward-looking statements attributable to Luminent or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this press release. Except to the extent required by applicable law or regulation, Luminent undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
Contact:
Christopher J. Zyda
Senior Vice President &
Chief Financial Officer
Phone: (415) 217-4500
Email: ir@luminentcapital.com
SOURCE Luminent Mortgage Capital, Inc.
----------------------------------------------
Christopher J. Zyda
Senior Vice President & Chief Financial Officer of Luminent Mortgage Capital
Inc.
+1-415-217-4500
ir@luminentcapital.com
CALP 4.82 Caliper Life Sciences Develops Customized Transfection System for Boehringer Ingelheim
Jul 30, 2007 8:00:00 AM
HOPKINTON, Mass., July 30 /PRNewswire-FirstCall/ -- Caliper Life Sciences, Inc. (Nasdaq: CALP), an established leader in the field of robotics, is working with the pharmaceutical industry to develop customized robotic transfection systems for protein expression. Caliper recently created a unique solution for Boehringer Ingelheim that automates aspects of Baculovirus expression.
To develop the system for Boehringer Ingelheim, Caliper's Integrated Systems Group (ISG) worked directly with researchers to understand the company's specific needs for each step of the Baculovirus expression process. Caliper then utilized its expertise in the field of laboratory automation and robotics to integrate its Sciclone(R) liquid handler along with technology from third-party vendors to create a Staccato(R) laboratory system that is reliable, effective and individualized.
Caliper's ISG team, a dedicated team of engineers and scientists with experience in mechanical and electrical engineering, software development, assay development and project management expertise, work closely with customers to design and build each system according to specific needs.
"The capability to develop highly reliable integrated systems illustrates our commitment to laboratory automation and robotics, and to providing the pharmaceutical industry with innovative research tools that meet unique needs," said Kevin Keras, Business Unit Manager, Integrated Systems, Caliper Life Sciences. "We are dedicated to improving the workflow for drug discovery and development and see tremendous value in partnering with leading system providers to create solutions that incorporate a broad range of capabilities."
About Caliper Life Sciences
Caliper Life Sciences is a leading provider of cutting-edge technologies enabling researchers in the life sciences to create life-saving and enhancing medicines and diagnostic tests more quickly and efficiently. Caliper is aggressively innovating new technology to bridge the gap between in vitro assays and in vivo results and then translate those results into cures for human disease. Caliper's portfolio of offerings includes state-of-the-art microfluidics, lab automation & liquid handling, optical imaging technologies, and discovery & development outsourcing solutions. For more information please visit http://www.caliperLS.com.
Caliper, Sciclone and Staccato are registered trademarks of Caliper Life Sciences, Inc.
SOURCE Caliper Life Sciences, Inc.
----------------------------------------------
Stacey Holifield or Michele Clement
both of Schwartz Communications
+1-781-684-0770
caliper@schwartz-pr.com
THPW chart (swipped from dumbas)
so many RSs, so little time..lol...actually i see only 1 RS for THTH/THTHF/THPHF
10/4/2002 THTH** Thinkpath Inc 10/4/2002 From NASDAQ (THTH)
10/7/2002 THTH** THTHF Thinkpath Inc
6/30/2005 THTHF Thinkpath Inc. Ordinary Shares (Canada) THPHF Thinkpath Inc. New Ordinary Shares (Canada) 1-5000 R/S **
7/30/2007 MERH 1-20 R/S ** Merilus, Inc. Common Stock MRHD Merilus, Inc. NEW Common Stock
IPHE 2 trades all day? gone into a coma?
hey cash :)..watching for now...how do u like their software?
i just sent them email to cancel...too frustrating.
INXR L2
THPW .29x2 .298x1
ya gotta love anyone who gives away money..LOL! ;)
reminder :) $222.20 in Prize money for picking the time of post #222,222,222... Go to IHUB Milestone Board and cast your prediction NOW!!! Pass it On!! http://www.investorshub.com/boards/board.asp?board_id=1594
reminder :) $222.20 in Prize money for picking the time of post #222,222,222... Go to IHUB Milestone Board and cast your prediction NOW!!! Pass it On!! http://www.investorshub.com/boards/board.asp?board_id=1594
my news streamer (alphatrade) is not working.
gmorning! happy friday :)
well crap! keep telling them they are wrong and maybe they'll give you 100 just to shut you up..lol
that's great! go pamo :) lol
but you are much more....lol...would you please remove me as assis on the IFSL board?...thanks
got mine today...100 LGYH for 100 CLRX...holding
awesome play too!