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HIET (OTCBB) Department of Defense, HiEnergy Technologies Sign Contract
HiEnergy Commences Production of SuperSenzor Landmine Detection Unit For U.S. Army
TUESDAY , JANUARY 21, 2003 08:01 AM
IRVINE, Calif., Jan 21, 2003 /PRNewswire-FirstCall via COMTEX/ -- HiEnergy Technologies, Inc. (OTC Bulletin Board: HIET) today announced that it has successfully concluded contract negotiations with the Department of Defense Small Business Innovation Research ("SBIR") program on a $780,000 contract. The company will be receiving $415,000 in the first year of the contract and expects the U.S. Army to exercise its option for an additional $365,000 for this program in the second year (2004). HiEnergy will use the funding for the production of an anti-tank landmine detection system for the United States Army.
"There is a significant need for HiEnergy's technology to help solve the global landmine problem," said Tom Pascoe, President and CEO of HiEnergy Technologies. "Our technology and capabilities have been effectively demonstrated and we are encouraged that there is a ready market for our product."
The UN estimates that 60-90 million landmines, one for every 50 people on earth, remain buried in more than 60 nations. As a result, a person is killed or injured every 20 minutes. The ratio of new mines being laid to those removed is 25 to 1. The current UN cost estimate for disarming all the active landmines in the world is $30 billion and the time estimates for total clearance range from decades to centuries. The most often quoted statistic, if no new mines are laid, is approximately 150 years.
HiEnergy's patent-pending technology enables remote chemical analysis of a suspected landmine allowing military personnel to accurately determine, from a distance, if there is explosive material in the ground.
"We are very pleased that this project is progressing as expected," said Dr. Bogdan C. Maglich, Chairman and Chief Scientific Officer of HiEnergy Technologies, Inc. "HiEnergy's landmine detection system can dramatically reduce the potential damage caused by landmines to civilians, military personnel and valuable equipment. To the best of our knowledge, the SuperSenzor is the only stoichiometric detection system that can decipher chemical signatures through steel, earth and other barriers."
ABOUT HIENERGY TECHNOLOGIES, INC.
HiEnergy Technologies, Inc. has developed patent pending stoichiometric explosive detection technology that remotely determines the chemical formula of concealed substances, including explosives, biological weapons, and illegal drugs. "Stoichiometric" means detection that deciphers the chemical formula of unknown substances through barriers in a short period of time. The systems HiEnergy is developing have applications in several markets, including airport security screening, bio-weapons detection, landmine detection, and contraband detection, in addition to chemical and petrochemical industry applications. HiEnergy's technology has been developed through several years of research and under grants from the Department of Defense and the US Customs agency. The shares of the company are publicly traded under the symbol HIET.
FORWARD-LOOKING STATEMENT
The matters discussed in this press release may contain "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements can be identified by the use of forward-looking terminology such as "believes," "could," "plans," "expects," "may," "will," "intends," "should," or "anticipates" or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. The safe harbor provisions of Section 21E of the Securities Exchange Act or 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, apply to forward-looking statements made by HiEnergy Technologies, Inc. You should not place undue reliance on forward-looking statements. Forward-looking statements involve risks and uncertainties. The actual results that HiEnergy Technologies, Inc. achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These forward-looking statements are based on current expectations, and HiEnergy Technologies, Inc. assumes no obligation to update this information. Readers are urged to carefully review and consider the various disclosures made by HiEnergy Technologies, Inc. in its reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect its business.
For further information please contact: Media, Carrie Gray of HWH Public Relations, +1-212-355-5049, carrieg@hwhpr.com, for HiEnergy Technologies, Inc.; or Investors, HiEnergy Corporate Communications, +1-866-642-6267, hiet@primorisgroup.com
SOURCE HiEnergy Technologies, Inc.
CONTACT: Media, Carrie Gray of HWH Public Relations, +1-212-355-5049,
carrieg@hwhpr.com, for HiEnergy Technologies, Inc.; or Investors, HiEnergy
Corporate Communications, +1-866-642-6267, hiet@primorisgroup.com
(HIET)
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IBXG (OTCBB) iBX Group Raises Revenue And Earnings Guidance Nearly 70% For 2003
TUESDAY , JANUARY 21, 2003 07:32 AM
DEERFIELD BEACH, Fla., Jan 21, 2003 /PRNewswire-FirstCall via COMTEX/ -- With the pending rollout of 10 company-owned physical therapy centers and the acquisition of a major legal services organization specializing in HIPAA and OIG compliance, iBX Group, Inc. (OTC Bulletin Board: IBXG), a publicly-held Florida corporation, announced today it has increased its earnings and revenues guidance for 2003 by more than 50 percent from $6.5 million to $11 million.
In December, iBX Group announced it expected to double year-end revenue from $3.2 million to $6.5 million in 2003 with earnings doubling from just over $300,000 to $700,000 and annualized income from operations doubling from .01 to .02 EPS. However, two developments in the first two weeks of the year will have a significant impact on projected revenue, and the projections could increase dramatically in the weeks ahead if several pending transactions are finalized, according to company president and CEO Evan R. Brovenick.
iBX recently acquired the assets of MediCompliant Solutions, a Florida- based healthcare legal services organization specializing in HIPAA and OIG compliance, becoming one of the first U.S. companies to offer a comprehensive cost effective web-based legal solution for today's challenging compliance issues. First year sales at MediCompliant are estimated at $1.5 million, based on new pending accounts combined with existing clients already under contract.
On Tuesday, iBX's Florida HealthSource subsidiary announced it will open at least 10 new physical therapy and occupational medicine clinics throughout Florida in 2003 as the first major step in the expansion of the company's Physical Therapy and Occupational Medicine Division. The new clinics are expected to generate an estimated $3 million in new revenue during 2003, according to Florida HealthSource management. The additional revenue from this subsidiary alone is expected to result in an increase in earnings up to 1.5 cents per share.
"We came into the new year with several pending transactions and, in less than a month, we have had two more significant developments for the company. These two transactions alone will not only dramatically increase our top line revenue, but earnings per share as well," said Brovenick. "If this is any indication of the demand for our services, this will be a banner a year for iBX.
"More transactions are on the horizon for iBX. As they come to fruition, we will increase the revenue and earnings guidance accordingly," said Brovenick. He added there are several pending developments in the areas of Healthcare Transaction Management and Transcription, Dictation and Document Management as well as Physical Therapy and Compliance.
Based in Deerfield Beach, Florida, iBX Group Inc. (http://www.ibxg.com) develops and deploys innovative, cost-effective methods for integrating financial, administrative and information services for the healthcare industry. iBX is a results-oriented company, consisting of three divisions -- Healthcare Transaction Management, Physical Therapy and Rehabilitation, and Technology and Information Services. By creating and utilizing the latest technologies, Internet-based communications and hands-on expertise, iBX strives to meet the needs of hospitals, single and multi-specialty physician group practices and healthcare service organizations seeking to achieve the maximum financial benefit of their accounts receivables by controlling workflow, consolidating administrative functions and addressing compliance issues.
Media Relations Contact: Andrew M. Rose, 954-428-2678 or andy@marketingink.net
This release is comprised of interrelated information that must be interpreted in the context of all of the information provided and care should be exercised not to consider portions of this release out of context. This release contains certain "forward-looking statements and information" (as defined in the Private Securities Litigation Reform Act of 1995) concerning iBX Group, Inc. that are based on the beliefs of iBX Group, Inc.'s management, as well as assumptions made by and information currently available to iBX Group, Inc. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in iBX's filings with the Securities and Exchange Commission.
SOURCE iBX Group, Inc.
CONTACT: Andrew M. Rose, iBX Group, Inc., +1-954-428-2678 or
andy@marketingink.net
(IBXG)
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Good Morning!
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Trying to broderick. It's not always easy though.
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Microsoft Declares Annual Dividend and Announces Two-for-One Split On Common Stock
REDMOND, Wash., Jan. 16 /PRNewswire-FirstCall/ -- Microsoft Corp. (Nasdaq: MSFT) today announced that its Board of Directors declared an annual dividend and approved a two-for-one split on Microsoft common stock. The annual dividend of $0.16 per share pre-split ($0.08 post-split) is payable March 7, 2003, to shareholders of record at the close of business on Feb. 21, 2003. As a result of the stock split, shareholders will receive one additional common share for every share held on the record date of Jan. 27, 2003.
(Photo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO )
"Declaring a dividend demonstrates the board's confidence in the company's long-term growth opportunities and financial strength. We are especially pleased to be able to return profits to our shareholders, while maintaining our significant investment in research and development and satisfying our long-term capital requirements," said John Connors, chief financial officer at Microsoft.
Upon completion of the split, the number of common shares outstanding will be approximately 10.8 billion. The additional shares will be mailed or delivered on or about Feb. 14, 2003 by the company's transfer agent, Mellon Investor Services. This is the ninth time Microsoft's common stock has split since the company's initial public offering on March 13, 1986.
"We believe that the split, combined with an annual dividend, will make Microsoft stock even more attractive to a broader range of investors. We see enormous potential for growth in the software and technology sector, and remain committed to attracting investors who share this enthusiasm and take a long-term view of the company's growth opportunities," Connors said.
In connection with the dividend, the company is introducing a Direct Stock Purchase Program and a Dividend Reinvestment Program, offering both new investors and current stockholders the option of receiving Microsoft's annual dividend in cash or having it automatically reinvested. This program is administered by Mellon Investor Services, not by Microsoft. More information about the program and enrollment forms are available by calling Mellon Investor Services at 800-285-7772 (toll-free), contacting Mellon by e-mail at msft@melloninvestor.com, or visiting Mellon's Web site at http://www.melloninvestor.com .
Founded in 1975, Microsoft is the worldwide leader in software, services and Internet technologies for personal and business computing. The company offers a wide range of products and services designed to empower people through great software -- any time, any place and on any device.
SOURCE Microsoft Corp.
-0- 01/16/2003
/NOTE TO EDITORS: If you are interested in viewing additional information on Microsoft, please visit the Microsoft Web page at http://www.microsoft.com/presspass / on Microsoft's corporate information pages. Shareholder and financial information is available at http://www.microsoft.com/msft ./
/CONTACT: financial analysts only, Krish Srinivasan, Senior Director of Investor Relations of Microsoft Corp., +1-425-706-3703; or media only, Rachel Wayne, +1-503-443-7000, or rwayne@wagged.com, or Megan Numrich, +1-503-443-7000, or megann@wagged.com, or Caroline Boren, +1-425-638-7000, or carolineb@wagged.com, all of Waggener Edstrom, for Microsoft Corp./
/Photo: http://www.newscom.com/cgi-bin/prnh/20000822/MSFTLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, 888-776-6555 or 212-782-2840/
/Web site: http://www.melloninvestor.com /
/Web site: http://www.microsoft.com/msft /
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Index futures slightly positive so far. Not much indication of today's direction though.
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Hi EZ and Muell!!
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Good Morning!
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Yes, I saw that. The have a stock buyback program in place and a good amount of cash with no debt. Could be a solid play for 2003.
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Looking at this one today.
http://biz.yahoo.com/p/a/amswa.html
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Doing great. Me too. Bargain hunting everyday.
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How's it going EZ?
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Good Morning!
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I've been getting emails touting FMLY and thought I would take a look at it. On the surface it looks O.K. but I found this little tidbit in the last 10-Q/A. It looks to me like the plan might be to issue a lot of shares (Up to 200M) and then execute a reverse split. While this may not be the company's plan, they certainly set the table to do so. The corporation approved the increase of authorized shares and the reverse split in Dec. 2001 but they haven't filed a request with the state of New Mexico for the increase yet so the authorized is still listed at 25 Million. When or if they file the request with the state of New Mexico for the increase in authorized shares, there may be a dilution problem. From what I can tell, the company has until November 2003 to enact the reverse split so this year may be the year they begin to dilute. I got the November date from the Proxy statement filed in November 2001.
From the November proxy.
In addition, the Board will have the authority to determine the exact timing of the effective date and time of the Reverse Split, which may be any time prior to November 29, 2003
From the most recent 10-K.
During the year ended June 30, 2002, the Company issued 400,000 shares of common stock to its legal counsel for $57,500 of cash plus $113,665 of services and a receivable of $16,000 that was collected subsequent to year end. Also during 2002, the Company's stockholders approved an increase in the number of authorized shares of common stock from 25,000,000 shares to 200,000,000 shares. However, the Company has not yet filed a request with the state of New Mexico for approval and the increase in authorized shares is not reflected in the financial statements.
From the most recent 10-Q.
There were certain matters submitted for a vote by our Company's security holders at the annual shareholders meeting held December 5, 2001, all of which received shareholder approval. The shareholders approved an increase in the
number of authorized shares from 50,000,000 to 200,000,000 plus a proposal to provide for a 2 to 1 up to a 5 to 1 reverse split of common shares. However, at this time there is no plans to do a reverse split.
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FSTI (OTCBB) FreeStar Technologies Announces Petition by Short Selling Syndicate
FRIDAY , JANUARY 10, 2003 09:46 AM
SANTO DOMINGO, Dominican Republic, Jan 10, 2003 (BUSINESS WIRE) -- FreeStar Technologies, Inc. (OTCBB:FSTI), a company providing one of the world's first live, operational debit and ATM solutions with PIN-authenticated payment solution on the Internet, PaySafeNow, and a leading Northern European Processing subsidiary, Rahaxi Processing Oy, has been notified that a Chapter 7 Involuntary Bankruptcy Petition has been filed against the Company.
Paul Egan, President and Chief Executive Officer of FreeStar, stated: "There is clearly a connection between this petition, filed in the Southern District of New York yesterday afternoon by Larry Ivan Glick on behalf of vFinance, Inc., David Stefansky, Richard Rosenblum, Marc Siegel, Boat Basin Investors LLC, and Papell Holdings Ltd., and the short selling activities of vFinance and affiliates during the month of December 2002. We dismiss the petition as a frivolous and transparent attempt to mitigate the financial losses of the aforementioned individuals' illicit short selling activities. FreeStar Technologies is solvent and will therefore defend the petition vigorously."
Continuing, Egan added: "This is a bad faith filing, pure and simple; vFinance has possession of collateral underpinning their claim, thereby rendering the debt secure. We will continue to resist Messrs. Stefansky, Rosenblum and Siegel's increasingly desperate attempts to circumvent Rule 144 provisions. FreeStar Technologies has funding commitments exceeding the claims in question and will seek substantial punitive and consequential damages pursuant to the Bankruptcy Code."
About FreeStar Technologies, Inc.
With Corporate headquarters in Santo Domingo, Dominican Republic, and offices in Dublin, Ireland, and Helsinki, Finland, FreeStar Technologies is focused on exploiting a first-to-market advantage for enabling ATM and debit card transactions on the Internet. FreeStar Technologies' Enhanced Transactional Secure Software ("ETSS") is a proprietary software package that empowers consumers to consummate secure e-commerce transactions on the Internet using credit, debit, ATM (with PIN) or smart cards. It sends an authorization number to the e-commerce merchant, rather than the consumer's credit card information, to provide a maximum level of security. FreeStar entered into an agreement to acquire leading Northern European processing, Rahaxi Processing Oy, in September 2002. For more information, please visit the Company's web sites at http://www.freestartech.com, http://www.rahaxi.com and http://www.epaylatina.com
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
CONTACT: FreeStar Technologies, Inc., Santo Domingo
Paul Egan, 809/503-5911
pegan@freestartech.com
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Zacks Issues Buy Recommendations on the Following 4 Stocks:
Human Genome Sciences, Moore Corp., DR Horton, and MetLife
Business Editors
CHICAGO--(BUSINESS WIRE)--Jan. 9, 2003--Zacks.com releases another list of stocks that are currently members of the coveted Zacks #1 Ranked list which has produced an average annual return of 34% since inception in 1980 and is up +11.9% through July 1, 2002. Among the #1 ranked stocks today we highlight the following companies: Human Genome Sciences, Inc. (NASDAQ:HGSI) and Moore Corporation Ltd. (NYSE:MCL). Further they announced #2 Rankings (Buy) on two other widely held stocks: D.R. Horton, Inc. (NYSE:DHI) and MetLife, Inc. (NYSE:MET). To see the full Zacks #1 Ranked list or the rank for any other stock then visit. http://www.zacksrank1bw.zacks.com
Here is a synopsis of why these stocks have a Zacks Rank of 1 (Strong Buy). Note that a #1 Strong Buy rating is applied to 5% of all the stocks we rank:
Human Genome Sciences, Inc. (NASDAQ:HGSI) is a pharmaceutical company that has created a new paradigm for drug discovery. They are in the discovery and clinical development of their own drugs. Although analysts still expect HGSI to report losses in both this and next year, the company' s earnings estimates have been moving higher over the past several months. The company recently said that it expects fourth quarter 2002 results to be in line with analysts' expectations. Furthermore, HGSI expects to end the year with cash and short-term investments totaling about $1.5 billion, and said that its cash reserves are sufficient to cover its operating expenses over the next several years. Over the past three months, the company has watched its estimates for this year improved by about 7 cents while expectations for next year have advanced by approximately 12 cents. At a conference earlier this week, HGSI said that two of its drugs have shown positive results in Phase 1 Clinical Trials. HGSI appears to be moving in the right direction and its estimates could see even sharper rises if its stable of drugs continue to show progress. With improving earnings estimates and a bright future, HGSI may be a good pill to swallow for your investment universe.
Moore Corporation Ltd. (NYSE:MCL) is a leading international provider of products and services that help companies communicate through print and digital technologies. The company recently reaffirmed its guidance for fourth quarter 2002 results. MCL still sees earnings per share of 17 cents for the fourth quarter, as well as earnings of 56 cents for the full year of 2002, and earnings per share of 81 cents for the full year 2003. That would give the company a very good chance to continue the earnings momentum it has registered over the past four quarters, which has seen an average surprise of more than 25%. In the company's third quarter, MCL reported net earnings that significantly improved upon results from the year-earlier quarter and beat analysts' expectations. The past three months have seen estimates for this year and next rise by 4 cents and 5 cents respectively. MCL continued to generate strong free cash flow and remains very optimistic for its prospects, even though the economy remains in an uncertain state. It enjoys a strong sales pipeline and a disciplined approach to operating costs.
Here is a synopsis of why these stocks have a Zacks Rank of 2 (Buy). Note that a #2 Buy rating is applied to 15% of all the stocks we rank:
D.R. Horton, Inc. (NYSE:DHI), one of the largest homebuilders in the United States, builds high quality, single-family homes designed principally for the entry-level and move-up markets. The company registered a 66% jump in net sales orders for the first quarter to $1.7 billion, compared to a year-ago result of $1 billion. That breaks down to 7,252 homes in the quarter versus 5,144 last year. On a same store basis, sales dollars improved by 22% from last year. Estimates for this year have improved by about 13 cents over the past three months, but next year's estimates has seen some pressure in that timeframe. The housing sector has been one o the strongest areas in the marketplace for a while, and DHI has put together several consecutive quarters of positive earnings surprises. DHI entered the new year with a strong backlog, which the company believes positions itself for another record year in fiscal 2003.
MetLife, Inc. (NYSE:MET) is a leading provider of insurance and financial services to a broad spectrum of individual and institutional customers. Last month, MET said that it expects to report 2003 operating earnings per share between $2.80 and $2.90, which would surpass Wall Street's expectations and mark an improvement of 10% to 15% over 2002. It expects 10% to 15% annual operating earnings growth through 2005. MET stated that the strength and diversification of its businesses provides the opportunity to grow even if difficult economic conditions. Analysts have raised MET estimates by about 9 cents for this year and approximately 5 cents for next over the past three months. The company is confident that it will live up to these expectations, and said its focus on disciplined expense management will help to offset increases in pension and other post-retirement benefits costs along with the impact from its decision to expense stock options. Getting MET may pay off with increased returns in your portfolio.
To truly take advantage of the Zacks Rank, you need to first understand how it works. That's why we created the free special report; "Zacks Rank Guide: Harnessing the Power of Earnings Estimate Revisions." Download your free copy now to prosper in the years to come. http://freezrguideprbw1.zacks.com
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For over 20 years the Zacks Rank has proven that "Earnings estimate revisions are the most powerful force impacting stock prices." Since inception in 1980 #1 Ranked stocks have generated an average annual return of +34.0% compared to the (a) S&P 500 return of only +14.7%. Plus this exclusive stock list has gained +11.9% through 7/1/02, +18.7 in 2001 and +16.2% in 2000; a substantial return compared to the large losses suffered by most investors during that time frame. Also note that the Zacks Rank system has just as many Strong Sell recommendations (Rank #5) as Strong Buy recommendations (Rank #1). And since 1980 the #5 Ranked Strong Sells have under performed the S&P 500 by 89.8% annually. This is a healthy change from traditional Wall Street Brokerage firms who only give stocks Sell ratings less than 1% of the time. Thus, the Zacks Rank system can truly be used to effectively manage the trading in your portfolio.
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(a) The S&P 500 Index ("S&P 500") is a well-known, unmanaged index of the prices of 500 large-company common stocks selected by Standard & Poor's. The S&P 500 includes the reinvestment of all dividends, no transaction costs, and represents the gross returns before management fees.
Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
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KEYWORD: ILLINOIS
INDUSTRY KEYWORD: BANKING E-COMMERCE
SOURCE: Zacks.com
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Yes, a bit overvalued. Earnings will be adversely affected in the short term and it is trading over 2 times net tangible book value. A bit risky at this time. If they report a couple of quarters of net losses, the price should come down to more reasonable levels.
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Looks like it may have found technical support at $10.00. Net Tangible Book Value is $4.94. Looks like they will have a significant addition to the top line through the acquisition of MedUnite but it will most likely hurt net earnings for 2003.
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Good Morning. Index futures are a mixed bag today with the Dow and S&P futures slightly lower and the NASD futures slightly higher. No real indication of direction.
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I didn't really expect the transaction to be quick. Such things take time and I am quite patient. Of course, I haven't been in that long so my perspective may be different than yours. Congrats on the retirement. The Bahamas sounds much better than Canada this time of year to me as I am from the south and do not like cold weather. Good luck to you as well!
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I see it as a little overvalued due to the fact that it is trading over 2 times net tangible book value of $8.33. With the low dividend yeild and poor same store sales forecasts, I am not sure what is going to support the price other than book value. It did recently approach a five year low so there may be some technical support but fundamentally, the only thing going for it is a reasonable P/E ratio. With the sales forecasts, earnings may well suffer so the low current P/E may be deceptive.
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JPM and FBF both making strong moves on solid volume. Most likely due to the new economic stimulus plan to be announced tomorrow by the President, and more specifically the part about cutting dividend taxes.
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Good Morning! It's the Net Tangible Book Value formula I have been talking about. Screen out anything trading above 2 times book value. I screen out stocks trading over 2 times book and over 15 times earnings. After that, I look closely at the financials to make sure they aren't puffing up the book value with a lot of goodwill and intangible assets. Once you get the net tangible book value figure, you have a better idea of actual value. From there, you can decide what you want to invest in. Doing this will help you buy stocks at a reasonable valuation. If you go strictly by earnings, you could be buying a stock that is trading at 15 times earnings but at the same time is trading at 10 times book value. Would you pay 10 times the appraised value for a house? No. So why should you do that with stocks? There aren't a lot of stocks that will add 200% to book value in any given year so you shouldn't be paying over 2 times book ever.
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Beat the market but still negative for the year. It is funny to me that all these guys are braggiong about losing money. I have seen tons of mutual fund managers touting the fact that they only lost XXX amount. What a joke. I was up in 2002 by about 23% in my main portfolio.
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TVIN made it into the dollar range with very little fanfare. Still holding on for the moment. Hope you guys got in back in Jan. 2002 when it was first mentioned here.
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I'll look them over when I get a chance. You should screen them further to weed out the one's trading over 2X book. That will allow you to more easily make gains both with dividends and capital appreciation.
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Been off for the holidays. Looks like a little upward movement so far this year. Been checking the RB board and not much going on there either. At least not much of value. Just two sides of the coin slinging insults back and forth. Not my cup of tea. Waiting for something to discuss. No new info from the company lately. If the financing comes through, won't be much to say then either. I'll be to busy laughing all the way to the bank!!!
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Thanks EZ! Sounds like the shareholders will get a nice boost. No more taxes on dividends will bring value stocks to the forefront this year. Incidentally, most of my portfolio is comprised of value stocks that pay dividends. I talked about doing that several months ago and finished up balancing my portfolio before the end of 2002. Looks like that move might pay off big time for me. Got my fingers crossed!!!
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RGBI (OTCBB) ReGen Biologics Announces 2002 Accomplishments
MONDAY , JANUARY 06, 2003 08:00 AM
FRANKLIN LAKES, N.J., Jan 6, 2003 (BUSINESS WIRE) -- ReGen Biologics, Inc. (OTC:RGBI), today announced major achievements during 2002, including the completion of required enrollment in the largest-ever U.S.-based multicenter clinical trial involving the meniscus of the human knee.
"We're pleased with the successes we enjoyed in 2002," stated Gerald E. Bisbee, Jr., Ph.D., Chairman and CEO. "We wrap-up the year with the satisfaction of accomplishing important objectives during 2002 and establishing a clear set of milestones for 2003, including sales goals, growth in the research and development pipeline, and an increase in our intellectual property portfolio."
ReGen's achievements in 2002 included:
-- In November, we completed enrollment and surgeries of the 288
patients required in the U.S. Multicenter Trial. This is the
most significant milestone until submission of the PMA to the
FDA, scheduled for December 2004, once all patients have
undergone the two year follow-up required by the FDA;
-- Since the U.S. clinical trial began several years ago, we have
results on over 60% of the patients, and clinical results
to-date are positive. A five-year follow-up study of the
feasibility patients was completed, including a relook
arthroscopy, and results are also quite positive. These
results have been submitted for publication;
-- In June, we completed a financial transaction that brought
approximately $7 million in new capital to ReGen. As part of
that transaction, we merged with a publicly traded company and
we are now traded under the ticker symbol RGBI; and
-- Centerpulse (NYSE:CEP), our distributor outside the U.S.,
formed its sales teams in Europe and Australia in the second
half of 2002. Sales are underway in Italy, Spain, Germany,
Switzerland, and Australia, and the process for introducing
the CMI has begun in Canada and Chile.
About ReGen Biologics, Inc.
ReGen is a biological remodeling company that designs, develops, manufactures and markets minimally invasive human implants and medical devices for the repair and remodeling of damaged human tissue. ReGen is headquartered in Franklin Lakes, New Jersey, and it operates an ISO 9001 certified manufacturing facility in Redwood City, California.
ReGen's biological remodeling scaffold has been applied to a variety of therapeutic applications and the Company plans to continue to develop and introduce tissue regrowth products based on its patented technologies.
ReGen's flagship product, the Collagen Meniscus Implant ("CMI"), is focused in orthopedics. The CMI is marketed in Europe and Australia through a distribution agreement with Centerpulse (NYSE:CEP) (formerly Sulzer Medica, Inc.), and it has recently completed the required enrollment in a major Multicenter Clinical Trial in the United States.
ReGen also sells the SharpShooter Tissue Repair System, an arthroscopic device used for meniscal repair procedures through a distribution agreement with Linvatec, a division of CONMED Corporation (NASDAQ:CNMD).
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.
Such statements are based on the current expectations and beliefs of the managements of ReGen and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including those discussed in the Risk Factors section of ReGen's current report on Form 8-K/A, filed with the Securities and Exchange Commission on September 4, 2002.
ReGen's filings with the SEC are available to the public from commercial document-retrieval services and at the Web site maintained by the SEC at http://www.sec.gov.
CONTACT: ReGen Biologics, Inc., Franklin Lakes
Brion D. Umidi, 410/349-2431
bumidi@regenbio.com
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LOL EZ! Not exactly the January effect we were all hoping for was it? Any take on the new Bush Econimic stimulis plan? Heard on Bloomberg today that instead of just cutting Corporate dividend tax they are now planning to eliminate it all together. What I can't figure out is exactly what they mean. Does this mean the Corporations don't pay the tax or the investors? If I can soon buy a dividend stock and don't have to pay any taxes on the dividends, that would be totally awesome. I'll bet that companies that currently pay dividends will go up a bit and some companies may be compelled to start paying a dividend.
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IVD (AMEX) IVAX Diagnostics Authorizes Share Repurchase; Company Also Announces Election Of New Directors, Two New Distribution Agreements, And Exhibition Of New Automated Analyzer
MONDAY , JANUARY 06, 2003 06:58 AM
MIAMI, Jan 6, 2003 (BUSINESS WIRE) -- IVAX Diagnostics, Inc. (AMEX:IVD) today announced that its Board of Directors has authorized the additional repurchase of up to 1 million shares of its publicly held common stock. IVAX Diagnostics has approximately 27.6 million shares outstanding, of which 7.6 million are publicly held. IVAX Corporation (AMEX:IVX)(LSE:IVX.L) holds the remainder. These purchases will be made from time to time on the open market or in private transactions in such amounts as market conditions warrant.
IVAX Diagnostics also announced that it elected two new directors to its Board of Directors. The new directors are Jose J. Valdes-Fauli and Glenn L. Halpryn. Mr. Valdes-Fauli is the President and Chief Executive Officer, and a director, of Colonial Bank, South Florida Region. Mr. Halpryn is the Chief Executive Officer, and a director, of Transworld Investment Corporation, the Chief Executive Officer of Orthodontix, Inc., and a portfolio manager of International Venture Capital, Ltd. These two new directors replace Jay Raubvogel and Randall K. Davis who resigned from the Board of Directors on August 9, 2002 and November 4, 2002, respectively. Phillip Frost, M.D., IVAX Diagnostics' Chairman said: "I am very pleased to announce the election of Mr. Valdes-Fauli and Mr. Halpryn to our Board of Directors. I have known both of these men for many years and it is a privilege to have directors with this level of expertise join our Board. I welcome their addition and look forward to their contributions to IVAX Diagnostics."
Additionally, IVAX Diagnostics announced that it presented a prototype of its new PARSEC System(c) at Medica 2002, the world's largest medical trade show exhibition, in Dusseldorf, Germany. The PARSEC System(c) is a next generation automated diagnostic analyzer that is being developed by Delta Biologicals, S.r.l., IVAX Diagnostics' subsidiary in Italy. This new system, with its modular design, is expected to be able to run the test kits currently marketed by IVAX Diagnostics, as well as many additional assays that laboratories wish to perform. This new system is expected to be available next year in Italy and other European markets and later in the United States. Giorgio D'Urso, CEO and President of IVAX Diagnostics said: "The PARSEC System(c) is the result of extensive internal development that will provide the market with a very flexible diagnostic instrument capable of running many analytes as well as different technologies. We see this instrument as a major breakthrough in laboratory testing capability and we expect that it will allow us to build on the ongoing automation strategy that we offer." Mr. D'Urso added that "IVAX Diagnostics has signed two new agreements for the distribution of its products in Spain and Turkey, further enhancing its distribution capability."
About IVAX Diagnostics, Inc.
IVAX Diagnostics, Inc., headquartered in Miami, Florida, develops, manufactures and markets proprietary diagnostic reagents, instrumentation and software in the United States and Italy through its three subsidiaries: Diamedix Corporation, Delta Biologicals S.r.l. and ImmunoVision, Inc. IVAX Corporation (AMEX:IVX, LSE:IVX.L) owns approximately 72% of IVAX Diagnostics, Inc.
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect the business and prospects of IVAX Diagnostics, Inc., including, without limitation: risks and uncertainties regarding the PARSEC System(c), including, without limitation, that the PARSEC System(c) may not be available when expected, that the PARSEC System(c) may not run as many test kits, assays, analytes and technologies as intended, that we may not be successful in our marketing of the PARSEC System(c), and that customers may not integrate the PARSEC System(c) into their operations as readily as expected; that IVAX Diagnostics' automation strategy may not prove successful; and that expansion into or agreements for international markets may not prove successful; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risk factors set forth above, investors should consider the economic, competitive, governmental, technological and other factors discussed in the Company's filings with the Securities and Exchange Commission.
CONTACT: IVAX Diagnostics, Inc., Miami
Duane M. Steele, 305/324-2338
http://www.ivaxdiagnostics.com
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Good Morning! Slightly negative bias on the index futures so far today. What the hell happened to the January effect? LOL!
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Yep. Looking forward to a great New Year!
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You too Mach! And everyone else as well!
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My thoughts exactly.
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FuelCell Energy Reports 2002 Fourth Quarter, Year-End Results
DANBURY, Conn., Dec. 18 /PRNewswire-FirstCall/ -- FuelCell Energy, Inc. (Nasdaq: FCEL), a leading manufacturer of Direct FuelCell(R) (DFC(R)) stationary power plants, today reported 2002 year-end and fourth quarter results.
Financial Results
Revenues for the fiscal year increased 57% to $41.2 million from $26.2 million in the previous fiscal year while revenues in the fourth quarter of 2002 doubled to $13.7 million as compared to $6.7 million for the same quarter of the previous year and the company ended the year with over $220 million in cash. For the year, FuelCell Energy increased revenue 45% to $7.7 million on product sales and 61% to $33.5 million on revenues from research and development contracts.
Revenue in both the current quarter and the year to date periods include the Department of Energy's (DOE) cooperative agreement to commercialize fuel cells, the clean coal project, and the coalmine methane project. In addition, revenue in both periods include the King County waste water treatment facility, the U.S. Navy marine/diesel program, fuel cell components shipped to European partner, MTU, and activities on the production of DFC 300A power plants for PPL Corporation, Marubeni and L.A. Dept. of Water and Power.
The company reported a net loss for year ended October 31, 2002 of $48.8 million or $1.25 per basic and diluted share compared with a net loss of $15.4 million or $0.45 per basic and diluted share in the previous fiscal year. For the fourth quarter ended October 31, 2002, FuelCell Energy reported a net loss of $20.7 million or $0.53 per basic and diluted share compared with a net loss of $4.8 million or $0.12 per basic and diluted share during the same quarter of the previous year. The net loss for both the current quarter and the year to date periods reflect the company's focus on developing standard DFC power plant products, increasing manufacturing production volume, and developing its distribution network. For the fiscal year, full-time staff increased by 161 employees, including 76 in production, to 425 employees at October 31, 2002.
Cash, cash equivalents and investments (U.S. Treasuries) on hand as of October 31, 2002 totaled $220.6 million. For the fiscal year, the company used $69.9 million of cash, including $15.4 million in capital expenditures. In the fourth quarter, $19.9 million of cash was used, including $5.1 million for capital expenditures. Depreciation expense for the year was $3.1 million, including $1.1 million for the fourth quarter of 2002.
2002 Accomplishments
"We are heading into 2003 with the right products, strong distribution partners and the financial strength to bring our Direct FuelCell power plants to markets in Asia, Europe and the U.S.," said Jerry D. Leitman, Chairman and CEO of FuelCell Energy. "In 2002, we made significant progress on our near-term product strategy -- developing standardized products, increasing production capacity, developing distribution networks, building a strong organization and identifying new customer sites for our DFC products in a variety of distributed generation applications."
Product Development
DFC 300A -- The company has developed the next generation product, the DFC 300A, based on the experience gained from 68,000 accumulated operating hours including nine DFC 300 field trial units in the U.S. and Germany. The DFC 300A incorporates design improvements throughout the power plant, including more efficient thermal management and gas flow within the fuel cell module and enhancements to the mechanical and electrical balance-of-plant systems, which result in higher performance, lower costs and a smaller footprint. The first DFC 300A was delivered to Japan earlier this month and six additional DFC 300A power plants are currently operating at the company's test facility in Danbury, Connecticut, prior to delivery to customer locations.
DFC 1500 -- The company completed the design of the one megawatt DFC power plant, which includes four 250 kW stacks in a module. Balance-of-plant equipment was factory tested, delivered and installed at the Torrington, Connecticut, facility. The DFC 1500 field trial unit will be installed at a municipal wastewater treatment facility in King County, Washington, in the first calendar quarter of 2003. While final site preparations are being completed at the customer location, the unit will operate on natural gas, grid-connected, at the company's Torrington facility.
DFC 3000 -- In July 2002, the DOE accelerated the timetable for the first two-megawatt DFC 3000 power plant demonstration by approving a change in location from a coal gasifier in Kentucky to one in Indiana. This plant will also operate initially on natural gas, grid-connected in Torrington, before being delivered to the customer during the fourth quarter of calendar year 2003. The company completed the design of the two megawatt DFC power plant, which includes eight 250 kW stacks in two modules. Factory testing of balance-of-plant equipment is ongoing and deliveries have begun. The balance- of-plant will be installed in Torrington after the DFC 1500 testing is complete.
Direct FuelCell/Turbine(R) (DFC/T(R)) -- During 2002, FuelCell Energy started initial systems integration for a 40 MW design and completed operation of the 'proof-of-concept' DFC/T system that combined a sub-megawatt DFC with a 30 kW micro turbine. In October 2002, the DOE modified its Vision 21 agreement with the company to include demonstration of two packaged sub-megawatt units, one in Danbury and one at a customer site in Montana. This modification provides an additional $16 million to the project's budget that will be shared by the DOE and FuelCell Energy. In the patented DFC/T system, the fuel cell is operated in a combined-cycle using the byproduct heat of the fuel cell with an unfired gas turbine. In the larger 10-50 MW combined-cycle design, the DFC/T is expected to approach the 75 percent electrical efficiency target as specified by the DOE's Vision 21 program while retaining the ultra-low emissions attribute of the company's DFC power plants.
Diesel DFC -- The ability to utilize liquid fuel such as diesel is important for many defense, marine, remote and island power generation applications. Under a program with the U.S. Navy, the company has designed the fuel processing system and a packaged 500 kW DFC power plant that will be demonstrated at the Philadelphia Navy Yard in late 2003, following testing in Danbury.
Distribution Network Development
FuelCell Energy has established strong commercial distribution alliances with electric power equipment sales and service companies (OEMs), energy services and solutions providers (ESCOs) and specialty application developers. In 2002, the company conducted multiple training sessions for distribution partners that focused on applications, sales, installation and service of DFC power plants.
MTU Daimler/Chrysler -- The company's European partner, MTU, a unit of DaimlerChrysler, placed orders for fuel cell components for six additional sub-megawatt units and began operating five new sub-megawatt DFC power plants at customer sites in Europe. These included: RWE, Germany's largest utility; IZAR, a ship builder in Spain; Deutsche Telecom, at a telecommunications center in Munich; enBW, at a Michelin tire plant in Karlsruhe; and IPF, at a hospital in Magdeburg.
Marubeni -- Marubeni, the company's Asian distribution partner, announced the first three DFC 300A customers in Japan. The first, a DFC 300A installation at the Kirin Brewery, Tokyo, will operate on industrial wastewater treatment gas serving part of the brewery's base load needs for both electric power and steam. This unit was delivered to Japan this month following sales and service training. The second DFC 300A is slated for installation in early 2003 at a municipal wastewater treatment facility in Fukuoka, Japan. Marubeni's third DFC 300A, announced earlier this week, is for Nippon Metals, a specialty steel manufacturer in Japan.
Caterpillar -- The company established a ten-year alliance agreement to distribute DFC power plants and to develop Caterpillar-branded DFC power plants. These units in the 250kW to 3MW size range will incorporate the company's DFC fuel cell modules into Caterpillar power plant systems. More than 60 Caterpillar dealer representatives participated in training seminars at FuelCell Energy and are actively pursuing market opportunities. The companies also successfully completed a joint safety and serviceability audit of the DFC 300A.
PPL Energy Plus -- PPL Energy announced five additional customers, adding to the Coast Guard project announced in fiscal year 2001. DFC 300A power plants will be delivered in 2003 to the following customers: two for Sheraton hotels in New Jersey; one for Ocean County College in New Jersey; and two for Zoot Enterprises' headquarters building in Montana. All will be operated in base load combined heat and power modes, and the DFC 300As at Zoot will be part of its critical reliability system, serving the 24/7-credit processing operations.
Energy Solutions Companies/Specialty Applications -- During 2002, the company entered into market development agreements with Chevron Energy Solutions and CMS Viron Energy Services, focusing on the California market. The company also entered into a marketing and development agreement with MWH Energy Solutions, focusing on the wastewater treatment market.
Manufacturing Facilities
The company continued to expand its production capabilities in Danbury and Torrington, and its partner, MTU, expanded its assembly and testing facility in Munich. The Danbury facility was expanded to test and condition 50 megawatts of fuel cell power plants per year. A second tape casting line was installed at the manufacturing plant in Torrington earlier this month and initial operations have begun. While this brings manufacturing capacity to 50 megawatts, production levels will be determined consistent with market demand.
Focus for 2003
* Deliver and commission the DFC 300A power plants in backlog.
* Generate orders for DFC products through the distribution network by
focusing on targeted commercial and industrial markets -- universities,
hospitals, hotels, industrial, critical reliability, wastewater
treatment and grid-support applications -- and offering competitive
terms and conditions.
* Implement a field follow program for the DFC 300A to monitor fleet
performance (additional instrumentation, field service and data
gathering).
* Initiate the field trial program for the megawatt-class DFC 1500 and
DFC 3000 power plants, operating on natural gas, grid connected, in
Torrington before delivery to customer sites.
* Reduce product cost, focusing on value engineering, performance
improvements, manufacturing cost efficiencies and supplier
development.
* Manage cash consistent with market demand following completion of the
near-term product strategy, including standardizing products,
increasing production capacity, developing distribution and delivering
DFC power plants in backlog.
About Direct FuelCells
Direct FuelCells efficiently generate clean electricity at distributed locations near the customer, including hospitals, schools, universities, hotels and other commercial and industrial applications. In essence, they are like large, continuously operating batteries that generate electricity as long as fuel, such as natural gas, is supplied. Since the fuel is not burned, there is no pollution commonly associated with the combustion of fossil fuels. The high efficiency leads to the generation of more electric power from less fuel and with less carbon dioxide emission. Operating on biomass fuels, such as wastewater treatment digester gas, the Direct FuelCell is a renewable technology.
About FuelCell Energy, Inc.
FuelCell Energy, Inc. (www.fuelcellenergy.com) based in Danbury, Connecticut, is a world leader in the development and manufacture of highly efficient fuel cells for clean electric power generation, currently offering DFC power plant products ranging in size from 250 kilowatts to 2 megawatts for applications up to 50 megawatts. The Company has developed commercial distribution alliances with MTU, a unit of DaimlerChrysler, in Europe; Marubeni Corporation in Asia; and Caterpillar, PPL Energy Plus, Chevron Energy Solutions, CMS Viron Energy Services and MWH Energy Solutions in the U.S. FuelCell Energy is developing Direct FuelCell technology for stationary power plants with the U.S. Department of Energy through their Office of Fossil Energy's National Energy Technology Laboratory.
This press release contains forward-looking statements, including statements regarding the Company's plans and expectations regarding the development and commercialization of its fuel cell technology. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, the risk that commercial field trials of the Company's products will not occur when anticipated, general risks associated with product development, manufacturing, changes in the utility regulatory environment, potential volatility of energy prices, rapid technological change, and competition, as well as other risks set forth in the Company's filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.
FUELCELL ENERGY, INC.
Consolidated Statements of Loss
(Dollars in thousands, except per share amounts)
(unaudited)
Three months ended
October 31, 2002 October 31, 2001
Revenues:
Research and development contracts $ 10,168 $ 6,293
Product sales and revenue 3,535 438
Total revenues 13,703 6,731
Costs and expenses:
Cost of research and development contracts 16,212 5,944
Cost of product sales and revenues 14,796 4,743
Administrative and selling expenses 2,276 2,363
Research and development expenses 2,172 773
Total costs and expenses 35,456 13,823
Loss from operations (21,753) (7,092)
License fee income, net 67 67
Interest expense (39) (28)
Interest and other income, net 986 2,245
Loss before provision for income taxes (20,739) (4,808)
Provision for income taxes 7 --
Net loss $ (20,746) $ (4,808)
Basic and diluted loss per share $ (0.53) $ (0.12)
Basic and diluted shares outstanding 39,228,828 38,992,827
FUELCELL ENERGY, INC.
Consolidated Statements of Loss
(Dollars in thousands, except per share amounts)
Twelve months ended
October 31, 2002 October 31, 2001
Revenues:
Research and development contracts $ 33,575 $ 20,882
Product sales and revenue 7,656 5,297
Total revenues 41,231 26,179
Costs and expenses:
Cost of research and development contracts 45,664 19,033
Cost of product sales and revenues 32,129 16,214
Administrative and selling expenses 10,451 9,100
Research and development expenses 6,806 3,108
Total costs and expenses 95,050 47,455
Loss from operations (53,819) (21,276)
License fee income, net 270 270
Interest expense (160) (116)
Interest and other income, net 4,876 5,684
Loss before provision for income taxes (48,833) (15,438)
Provision for income taxes 7 --
Net loss $ (48,840) $ (15,438)
Basic and diluted loss per share $ (1.25) $ (0.45)
Basic and diluted shares outstanding 39,135,256 34,359,320
FUELCELL ENERGY, INC.
Consolidated Condensed Balance Sheets
(Dollars in thousands, except per share amounts)
October 31, October 31,
2002 2001
ASSETS:
Current assets:
Cash and cash equivalents $102,495 $256,870
Investments (U.S. Treasury Securities) 103,501 17,890
Accounts receivable, net 10,438 7,110
Inventories 13,981 6,334
Other current assets 4,324 1,021
Total current assets 234,739 289,225
Property, plant and equipment, net 38,710 27,188
Investments (U.S. Treasury Securities) 14,587 15,773
Other assets, net 1,767 1,834
Total assets $289,803 $334,020
LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-term debt $285 $175
Accounts payable 4,712 4,679
Accrued liabilities 7,904 6,763
Deferred license fee income 38 37
Customer advances 3,466 1,398
Total current liabilities 16,405 13,052
Long-term debt 1,696 1,252
Total liabilities 18,101 14,304
Shareholders' equity:
Common stock 4 4
Additional paid-in capital 339,762 338,936
Accumulated deficit (68,064) (19,224)
Total shareholders' equity 271,702 319,716
Total liabilities and shareholders' equity $289,803 $334,020
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SOURCE FuelCell Energy, Inc.
-0- 12/18/2002
TTGG Info:
CURRENT BUSINESS INFORMATION: T & G2, Inc. conducts its business operations through its wholly owned subsidiary, Solutions Technology, Inc. which provides biometric identification services for the following: identity verification, secure site access, and time & attendance. Solutions Technology, Inc.'s SecureTime biometric solutions utilize technologies that capture, manage, and integrate resources and other demand information into aspects of the Company's clients' business processes. The Company's system enables clients to control and manage their resources precisely and become more efficient, without costs associated with ownership.
Using Biometric fingerprint technology, the SecureTime system provides customized pay reports for a company on demand. The SecureTime system functions as a smart terminal that interacts with Solutions Technology's office. In addition to providing pay reports, the SecureTime system can be used to improve security measures, by adjusting the programming. The SecureTime system can be linked with surveillance systems in highly sensitive work areas to increase security.
HISTORICAL BUSINESS INFORMATION: The Company was incorporated as International Mercantile Corporation under the laws of Missouri on March 10, 1971 to operate in the insurance industry.
During September 1999, the Company acquired Micromatix.com, Inc., an Internet-based P.C. manufacturer through a transaction with Red River Trading Company, Inc., the sole shareholder of Micromatix.com. Micromatix.com sells build-to-order unbranded, sometimes referred to as "white box", PC systems and PC related hardware in the U.S.
The Company effected a 1 for 7 reverse split of its outstanding Class A Common Stock on August 8, 2000. The Board approved the rounding up of every fractional shareholder to a full share.
In April 2001, the Company acquired all of the outstanding common stock of Secure Time, Inc. in exchange for 10,500,000 shares of the Company's common stock. The acquisition was accounted for as a pooling of interests. Secure Time had minimal assets and no operations through the acquisition date. Concurrent with the acquisition, Secure Time was merged into the Company, and thus Secure Time was dissolved.
The Company effected a 1 for 11 reverse split of its issued and outstanding shares during July 2001. In addition, the Company changed its trading symbol to IMTT.
In October 2001, The Company acquired Solutions Technology, Inc, as a wholly owned subsidiary of the Company.
The Company effected a 1 for 8 reverse split of on February 21, 2002. In addition, the Company changed its trading symbol to IMCT.
On March 1, 2002, the Company changed its name to T & G2. In addition, the Company changed its trading symbol to TTGG.
The Company announced the acquisition of Zingo Sales Ltd. in March 2002. Zingo is a manufacturer of electronic bingo and related gaming systems. Such acquisition was accomplished on a share-for-share basis with each share of outstanding Zingo common stock ($.001 par value) exchanged for a like number of the Company's Class A common stock ($.001 par value), with Zingo to be and become a wholly owned subsidiary of the Company.
MISCELLANEOUS BUSINESS INFORMATION: As of September 30, 2002, the Company reported an Accumulated Deficit of $(10,073,738) and Total Assets of $244,146.
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The chart looks good on TTGG. e/m.
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