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What a nice ending to the story. I wish I could make more of these...
Way to go board.
I've been trying to get people here for awhile... lol. This better do it.
OK I'll hit Sedar. That's not too ugly, min 25-26 OS for control change. Also, that's not bad either.
I TOLD YOU - AEMI
I begged you. Now here it is.
Cardtronics to Acquire Access to Money
Cardtronics, Inc. (Nasdaq:CATM) and Access to Money, Inc. (OTCBB:AEMI) today announced that they have entered into a definitive agreement under which Cardtronics USA, Inc., a wholly-owned subsidiary of Cardtronics, Inc., will acquire Access to Money.
Under the terms of the agreement, Cardtronics will acquire all of the outstanding shares of Access to Money for a cash payment of $0.285 per share and retire all of Access to Money's outstanding indebtedness. The total cost to be paid at closing will be approximately $21.2 million. The companies expect an early fourth quarter completion date for the transaction. Access to Money provides ATM services to merchants and financial institutions, currently operating approximately 10,350 ATMs in the United States.
Combined Company Overview
Cardtronics is the world's largest retail ATM services provider, operating over 41,900 ATMs around the globe. Access to Money has established itself as a leading operator of merchant-owned ATMs, having secured ATM services contracts for approximately 9,700 ATMs with local and regional merchants, as well as operating nearly 650 ATMs that are company-owned across the U.S. Complementing Cardtronics' existing merchant-owned ATM operations, the combined company, including Access to Money's book of business, will operate nearly 18,000 merchant-owned ATMs, with customers ranging from single-store owners to well-known chain retailers. In total, the combined company will operate approximately 52,250 ATMs — encompassing both company- and merchant-owned machines.
The combination also expands Cardtronics' portfolio of well-known merchant relationships to include Kangaroo Express convenience stores (the primary operating banner of The Pantry) and a leading quick service restaurant (QSR) franchisor specializing in coffee and doughnuts. As part of a long-term contract announced in 2010, Access to Money operates approximately 1,400 ATMs throughout 11 Southeastern states for The Pantry, America's third largest company-operated convenience store chain. As an authorized ATM services provider, Access to Money also provides ATM services at nearly 500 of the QSR franchisor's U.S. locations, with the opportunity to expand further into its extensive network of franchisees. Additionally, Access to Money brings to the proposed merger a growing ATM services business focused on community banks and credit unions.
"Cardtronics' building and owning a proprietary ATM transaction processing infrastructure has helped unlock economies of scale on the company-owned ATM side of our business for a number of years now. The Access to Money acquisition not only offers the opportunity to extend our reach with leading retail brands, including Kangaroo Express, but it also allows us to bring a new level of scale to our merchant-owned business," said Steve Rathgaber, chief executive officer, Cardtronics.
Transaction Details
Cardtronics will acquire all of the outstanding shares of Access to Money for a cash payment of $0.285 per share. The total cash consideration at closing will be approximately $21.2 million, inclusive of debt repayment. Up to an additional $5.25 million of consideration may be made to a subordinated lender of Access to Money, contingent upon the achievement of certain future performance thresholds that have been established for the acquired operations. In connection with the above, Access to Money's total outstanding indebtedness of $22.8 million will be considered retired in full as of the closing date. Cardtronics will fund the acquisition with its operating cash flow and its existing bank revolving line of credit.
2011 & 2012 Guidance
Cardtronics expects that the transaction will be neutral to adjusted net income per share in 2011, accretive to adjusted net income per share in 2012 and increasingly accretive going forward as synergies are fully realized. Cardtronics will update its financial guidance for 2011 to include the acquisition of Access to Money following the completion of the transaction. In the interim, Cardtronics reiterates the guidance it previously provided in August.
Conference Call and Webcast
Neither Cardtronics nor Access to Money has scheduled a conference call or a webcast in conjunction with this announcement.
Approvals and Anticipated Closing
The transaction is subject to approval by Access to Money's stockholders and the satisfaction of customary closing conditions. Due to the size of the transaction, no filing is required under the Hart–Scott–Rodino Antitrust Improvements Act. Cardtronics and Access to Money expect to complete the transaction early in the fourth quarter of 2011.
Additional Information for Stockholders
In connection with the proposed merger, Access to Money will file a proxy statement with the Securities and Exchange Commission (SEC). This communication is not a solicitation of a proxy from any stockholder of Access to Money. Before making any voting decision, Access to Money's stockholders are urged to read the proxy statement regarding the merger and any other relevant documents carefully in their entirety when they become available because they will contain important information about the proposed merger. The proxy statement and other documents will be available free of charge at the SEC's Web site, http://www.sec.gov. Stockholders and investors in Access to Money will also be able to obtain the proxy statement and other documents free of charge by directing their requests to Access to Money, Investor Relations, 1-856-414-9100.
No approval from the stockholders of Cardtronics will be required in order to complete the merger.
Participants in the Solicitation
Access to Money and its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information regarding Access to Money's directors and executive officers is set forth in Access to Money's proxy statement for its annual meeting of stockholders held on June 8, 2011 and Annual Report on Form 10-K for the year ended December 31, 2010, previously filed with the SEC. Additional information regarding the interests of such potential participants will be included in the proxy statement and the other relevant documents filed with the SEC when they become available.
Cautionary Note Regarding Forward-Looking Statements — Cardtronics
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give Cardtronics' ("the Company's") current expectations or forecasts of future events, future financial performance, strategies, expectations, competitive environment, regulation, and availability of resources. The forward-looking statements contained in this release include, among other things, statements concerning projections, predictions, expectations, estimates or forecasts as to the Company's business, financial and operational results and future economic performance, and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts, including the expectation of operational and financial results from the contribution of the recently acquired businesses and the expected contribution from the Access to Money acquisition. These statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the following:
* the Company's financial outlook and the financial outlook of the ATM industry;
* the Company's ability to respond to recent and future regulatory changes, including possible effects from the Dodd-Frank Wall Street Reform and Consumer Protection Act which could result in different behavior by consumers, retailers and banks;
* the Company's ability to respond to potential reductions in the amount of interchange fees that it receives from global and regional debit networks for transactions conducted on its ATMs;
* the Company's ability to provide new ATM solutions to retailers and financial institutions;
* the Company's ATM vault cash rental needs, including potential liquidity issues with its vault cash providers;
* the continued implementation of the Company's corporate strategy;
* the Company's ability to compete successfully with new and existing competitors;
* the Company's ability to renew and strengthen its existing customer relationships and add new customers;
* the Company's ability to meet the service levels required by its service level agreements with its customers;
* the Company's ability to pursue and successfully integrate acquisitions;
* the Company's ability to successfully manage its existing international operations and to continue to expand internationally;
* the Company's ability to prevent security breaches;
* the Company's ability to manage the risks associated with its third-party service providers failing to perform their contractual obligations;
* the Company's ability to manage concentration risks with key customers, vendors and service providers;
* changes in interest rates and foreign currency rates; and
* the additional risks the Company is exposed to in its U.K. armored transport business.
Other factors that could cause the Company's actual performance or results to differ from its projected results are described in its filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. You should not read forward-looking statements as a guarantee of future performance or results. They will not necessarily be accurate indications of the times at or by which such performance or results will be achieved. Forward-looking statements speak only as of the date the statements are made and are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.
Cautionary Note Regarding Forward-Looking Statements — Access to Money
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements of Access To Money and its officers contained herein other than statements of historical facts included herein, including without limitation, statements regarding our future financial position, business strategy, budgets, projected sales, projected costs and plans and objective of management for future operations, are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," "should" or "believes" or the negative thereof or any variation there on or similar terminology or expressions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although Access to Money believes that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: a decline in ATM transaction volume or fees, changes in technology standards, regulatory changes to interchange fees charged by electronic funds transfer networks, intense competition which could reduce net revenue per ATM or result in us deploying fewer ATMs, increases in interest rates, the inability to obtain cash for our ATMs, disruption of cash replenishment by armored car carriers to our ATMs, reduction in the number of transacting ATMs, availability of credit, , and statements of assumption underlying any of the foregoing, as well as other factors set forth under the caption "Risk Factors" in Access To Money's Annual Report on Form 10-K for the year ended December 31, 2010 filed with the Securities and Exchange Commission and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. Except as required by law, Access to Money assumes no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations, or otherwise or to reflect events or circumstances after the date hereof.
Read more: http://www.nasdaq.com/aspx/company-news-story.aspx?storyid=201105161626PR_NEWS_USPRX____SF02705#ixzz1V7s3Qhct
About Access to Money, Inc.
Access to Money, Inc. is one of the largest providers and non-bank operators of ATMs in the United States. With approximately 10,350 terminals under contract, its customers range from national specialty stores, retailers and credit unions to individual convenience stores, and are located throughout all 50 states.
The Access to Money, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10141
About Cardtronics, Inc.
Cardtronics (Nasdaq:CATM) is the world's largest retail ATM owner. The Company operates over 37,400 ATMs in the United States, the United Kingdom, Mexico, and the Caribbean, primarily with well-known retailers such as 7-Eleven, Chevron, Costco, CVS/pharmacy, ExxonMobil, Hess, Rite Aid, Safeway, Target, and Walgreens. Cardtronics also assists in the operation of approximately 4,500 ATMs under managed services contracts with customers such as Kroger, Travelex, and Circle K. In addition to its retail ATM operations, the Company provides services to large and small banks, credit unions, and prepaid card issuers, allowing them to place their brands on 14,900 Cardtronics' ATMs and providing surcharge-free access through Cardtronics' Allpoint Network. www.cardtronics.com.
The Cardtronics logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=991
Cardtronics and Allpoint are registered trademarks of Cardtronics, Inc.
Access to Money is a registered trademark of Access to Money, Inc.
All other trademarks are the property of their respective owners.
Cardtronics to Acquire Access to Money
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Access TO Money, (OTCBB:AEMI)
Intraday Stock Chart
Today : Tuesday 16 August 2011
Click Here for more Access TO Money, Charts.
Cardtronics, Inc. (Nasdaq:CATM) and Access to Money, Inc. (OTCBB:AEMI) today announced that they have entered into a definitive agreement under which Cardtronics USA, Inc., a wholly-owned subsidiary of Cardtronics, Inc., will acquire Access to Money.
Under the terms of the agreement, Cardtronics will acquire all of the outstanding shares of Access to Money for a cash payment of $0.285 per share and retire all of Access to Money's outstanding indebtedness. The total cost to be paid at closing will be approximately $21.2 million. The companies expect an early fourth quarter completion date for the transaction. Access to Money provides ATM services to merchants and financial institutions, currently operating approximately 10,350 ATMs in the United States.
Combined Company Overview
Cardtronics is the world's largest retail ATM services provider, operating over 41,900 ATMs around the globe. Access to Money has established itself as a leading operator of merchant-owned ATMs, having secured ATM services contracts for approximately 9,700 ATMs with local and regional merchants, as well as operating nearly 650 ATMs that are company-owned across the U.S. Complementing Cardtronics' existing merchant-owned ATM operations, the combined company, including Access to Money's book of business, will operate nearly 18,000 merchant-owned ATMs, with customers ranging from single-store owners to well-known chain retailers. In total, the combined company will operate approximately 52,250 ATMs — encompassing both company- and merchant-owned machines.
The combination also expands Cardtronics' portfolio of well-known merchant relationships to include Kangaroo Express convenience stores (the primary operating banner of The Pantry) and a leading quick service restaurant (QSR) franchisor specializing in coffee and doughnuts. As part of a long-term contract announced in 2010, Access to Money operates approximately 1,400 ATMs throughout 11 Southeastern states for The Pantry, America's third largest company-operated convenience store chain. As an authorized ATM services provider, Access to Money also provides ATM services at nearly 500 of the QSR franchisor's U.S. locations, with the opportunity to expand further into its extensive network of franchisees. Additionally, Access to Money brings to the proposed merger a growing ATM services business focused on community banks and credit unions.
"Cardtronics' building and owning a proprietary ATM transaction processing infrastructure has helped unlock economies of scale on the company-owned ATM side of our business for a number of years now. The Access to Money acquisition not only offers the opportunity to extend our reach with leading retail brands, including Kangaroo Express, but it also allows us to bring a new level of scale to our merchant-owned business," said Steve Rathgaber, chief executive officer, Cardtronics.
Transaction Details
Cardtronics will acquire all of the outstanding shares of Access to Money for a cash payment of $0.285 per share. The total cash consideration at closing will be approximately $21.2 million, inclusive of debt repayment. Up to an additional $5.25 million of consideration may be made to a subordinated lender of Access to Money, contingent upon the achievement of certain future performance thresholds that have been established for the acquired operations. In connection with the above, Access to Money's total outstanding indebtedness of $22.8 million will be considered retired in full as of the closing date. Cardtronics will fund the acquisition with its operating cash flow and its existing bank revolving line of credit.
2011 & 2012 Guidance
Cardtronics expects that the transaction will be neutral to adjusted net income per share in 2011, accretive to adjusted net income per share in 2012 and increasingly accretive going forward as synergies are fully realized. Cardtronics will update its financial guidance for 2011 to include the acquisition of Access to Money following the completion of the transaction. In the interim, Cardtronics reiterates the guidance it previously provided in August.
Conference Call and Webcast
Neither Cardtronics nor Access to Money has scheduled a conference call or a webcast in conjunction with this announcement.
Approvals and Anticipated Closing
The transaction is subject to approval by Access to Money's stockholders and the satisfaction of customary closing conditions. Due to the size of the transaction, no filing is required under the Hart–Scott–Rodino Antitrust Improvements Act. Cardtronics and Access to Money expect to complete the transaction early in the fourth quarter of 2011.
Additional Information for Stockholders
In connection with the proposed merger, Access to Money will file a proxy statement with the Securities and Exchange Commission (SEC). This communication is not a solicitation of a proxy from any stockholder of Access to Money. Before making any voting decision, Access to Money's stockholders are urged to read the proxy statement regarding the merger and any other relevant documents carefully in their entirety when they become available because they will contain important information about the proposed merger. The proxy statement and other documents will be available free of charge at the SEC's Web site, http://www.sec.gov. Stockholders and investors in Access to Money will also be able to obtain the proxy statement and other documents free of charge by directing their requests to Access to Money, Investor Relations, 1-856-414-9100.
No approval from the stockholders of Cardtronics will be required in order to complete the merger.
Participants in the Solicitation
Access to Money and its directors and executive officers may be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information regarding Access to Money's directors and executive officers is set forth in Access to Money's proxy statement for its annual meeting of stockholders held on June 8, 2011 and Annual Report on Form 10-K for the year ended December 31, 2010, previously filed with the SEC. Additional information regarding the interests of such potential participants will be included in the proxy statement and the other relevant documents filed with the SEC when they become available.
Cautionary Note Regarding Forward-Looking Statements — Cardtronics
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give Cardtronics' ("the Company's") current expectations or forecasts of future events, future financial performance, strategies, expectations, competitive environment, regulation, and availability of resources. The forward-looking statements contained in this release include, among other things, statements concerning projections, predictions, expectations, estimates or forecasts as to the Company's business, financial and operational results and future economic performance, and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts, including the expectation of operational and financial results from the contribution of the recently acquired businesses and the expected contribution from the Access to Money acquisition. These statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the following:
* the Company's financial outlook and the financial outlook of the ATM industry;
* the Company's ability to respond to recent and future regulatory changes, including possible effects from the Dodd-Frank Wall Street Reform and Consumer Protection Act which could result in different behavior by consumers, retailers and banks;
* the Company's ability to respond to potential reductions in the amount of interchange fees that it receives from global and regional debit networks for transactions conducted on its ATMs;
* the Company's ability to provide new ATM solutions to retailers and financial institutions;
* the Company's ATM vault cash rental needs, including potential liquidity issues with its vault cash providers;
* the continued implementation of the Company's corporate strategy;
* the Company's ability to compete successfully with new and existing competitors;
* the Company's ability to renew and strengthen its existing customer relationships and add new customers;
* the Company's ability to meet the service levels required by its service level agreements with its customers;
* the Company's ability to pursue and successfully integrate acquisitions;
* the Company's ability to successfully manage its existing international operations and to continue to expand internationally;
* the Company's ability to prevent security breaches;
* the Company's ability to manage the risks associated with its third-party service providers failing to perform their contractual obligations;
* the Company's ability to manage concentration risks with key customers, vendors and service providers;
* changes in interest rates and foreign currency rates; and
* the additional risks the Company is exposed to in its U.K. armored transport business.
Other factors that could cause the Company's actual performance or results to differ from its projected results are described in its filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. You should not read forward-looking statements as a guarantee of future performance or results. They will not necessarily be accurate indications of the times at or by which such performance or results will be achieved. Forward-looking statements speak only as of the date the statements are made and are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information.
Cautionary Note Regarding Forward-Looking Statements — Access to Money
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements of Access To Money and its officers contained herein other than statements of historical facts included herein, including without limitation, statements regarding our future financial position, business strategy, budgets, projected sales, projected costs and plans and objective of management for future operations, are forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," "should" or "believes" or the negative thereof or any variation there on or similar terminology or expressions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although Access to Money believes that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to: a decline in ATM transaction volume or fees, changes in technology standards, regulatory changes to interchange fees charged by electronic funds transfer networks, intense competition which could reduce net revenue per ATM or result in us deploying fewer ATMs, increases in interest rates, the inability to obtain cash for our ATMs, disruption of cash replenishment by armored car carriers to our ATMs, reduction in the number of transacting ATMs, availability of credit, , and statements of assumption underlying any of the foregoing, as well as other factors set forth under the caption "Risk Factors" in Access To Money's Annual Report on Form 10-K for the year ended December 31, 2010 filed with the Securities and Exchange Commission and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. Except as required by law, Access to Money assumes no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations, or otherwise or to reflect events or circumstances after the date hereof.
Read more: http://www.nasdaq.com/aspx/company-news-story.aspx?storyid=201105161626PR_NEWS_USPRX____SF02705#ixzz1V7s3Qhct
About Access to Money, Inc.
Access to Money, Inc. is one of the largest providers and non-bank operators of ATMs in the United States. With approximately 10,350 terminals under contract, its customers range from national specialty stores, retailers and credit unions to individual convenience stores, and are located throughout all 50 states.
The Access to Money, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=10141
About Cardtronics, Inc.
Cardtronics (Nasdaq:CATM) is the world's largest retail ATM owner. The Company operates over 37,400 ATMs in the United States, the United Kingdom, Mexico, and the Caribbean, primarily with well-known retailers such as 7-Eleven, Chevron, Costco, CVS/pharmacy, ExxonMobil, Hess, Rite Aid, Safeway, Target, and Walgreens. Cardtronics also assists in the operation of approximately 4,500 ATMs under managed services contracts with customers such as Kroger, Travelex, and Circle K. In addition to its retail ATM operations, the Company provides services to large and small banks, credit unions, and prepaid card issuers, allowing them to place their brands on 14,900 Cardtronics' ATMs and providing surcharge-free access through Cardtronics' Allpoint Network. www.cardtronics.com.
The Cardtronics logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=991
Cardtronics and Allpoint are registered trademarks of Cardtronics, Inc.
Access to Money is a registered trademark of Access to Money, Inc.
All other trademarks are the property of their respective owners.
Hahah wheee!!
BIDU - did you cover today?
Pledge everything into a bond purchase and the bond goes to 0.
Eh, they are taking on water in the last Q -- they have a bad bond portfolio and they pretty much spent their cash on bad defaulted debt. Their bonds are worth zero.
SGOCO Group, Ltd. Announces Solid Growth in Revenues and Earnings for 2011 Second Quarter
Date : 08/15/2011 @ 4:05PM
Source : Business Wire
Stock : SGOCO Group, Ltd. (SGOC)
Quote : 4.25 1.44 (51.25%) @ 4:20PM
SGOCO Group, Ltd. Announces Solid Growth in Revenues and Earnings for 2011 Second Quarter
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Sgoco Grp., Ltd (MM) (NASDAQ:SGOC)
Intraday Stock Chart
Today : Monday 15 August 2011
Click Here for more Sgoco Grp., Ltd (MM) Charts.
SGOCO Group, Ltd. (NASDAQ: SGOC), (the “Company” or “SGOCO”), a company focused on building its own brands and retail distribution network in the Chinese flat panel display market, including LCD/LED monitors, TVs, and application specific products, today announced its unaudited operating results for the three month and six month periods ended June 30, 2011.
Financial Highlights Second Quarter 2011 vs. Second Quarter 2010:
Total revenues increased by 100% to $85.6 million, compared to $42.9 million;
Gross profit increased by 68% to $10.7 million, compared to $6.4 million;
Gross margin was 12.6%, compared to 15.0%;
Operating income increased by 69% to $8.9 million, compared to $5.3 million;
Net income increased by 87% to $7.1 million, compared to $3.8 million; and,
Fully diluted EPS was $0.45, compared to $0.40.
Financial Highlights First Half 2011 vs. First Half 2010:
Total revenues increased by 177% to $172.6 million, compared to $62.3 million;
Gross profit increased by 89% to $18.0 million, compared to $9.5 million;
Gross margin was 10.5%, compared to 15.3%;
Operating income increased by 109% to $14.6 million, compared to $7.0 million;
Net income increased by 180% to $12.3 million, compared to $4.4 million;
Fully diluted EPS was $0.76, compared to $0.48; and,
The number of SGOCO Image retail partners on June 30, 2011 was 705, compared to 364 a year earlier.
2011 Second Quarter Overview
SGOCO continued to show strong year-on-year growth into the second quarter of 2011. The high quality of SGOCO brands continues to distinguish it from low-end competitors in the marketplace. With continued strong demand from customers and the addition of monitor and TV production capacity over the past year, the Company was able to achieve significantly higher revenues. The Company believes its strategy of multiple brands and multiple channels continues to effectively penetrate the market.
Revenue
Revenue for the second quarter of 2011 was $85.6 million, an increase of 100% from $42.9 million in the second quarter of 2010. Over the past year, the Company has seen an increase in both the number of large regional distributors and the size of the orders placed.
Compared to the first quarter of 2011, the increase in revenue was mainly due to increased sales of its own higher margin branded products and OEM products relative to resale products. In the second quarter of 2011, sales of SGOCO’s own brands represented 61% of total revenues, OEM represented 34%, and other products including electronic components represented 5%.
Sales of the Company’s own brands increased by 68% in the second quarter of 2011 compared to the second quarter of 2010. The Company’s own brand sales have been aided by the expansion of the SGOCO Image partner network. The Company had 705 partners as of June 30, 2011 compared to 364 partners as of June 30, 2010.
Gross Margin
With the increase in revenues, especially for SGOCO’s own brands, gross profit for the second quarter of 2011 increased 68% to $10.7 million from $6.4 million for the second quarter of 2010.
The gross margin for the second quarter of 2011 decreased to 12.6% compared to the 15.0% for the same period of last year. The decline was mainly due to downward pressure on own brand product prices.
However, when compared to the gross margin for 2011 first quarter, the Company, as expected, was able to improve gross margins for both its own brand and OEM products. The sequential increase in gross margin was also aided by stronger sales of the Company’s high margin application specific Edge 10 brand which is exported to the U.K. and earns gross margins of approximately 20%.
Operating Expenses
Selling, general and administrative expenses for the second quarter of 2011 were $1.8 million, a $0.7 million increase over the second quarter of 2010, with most of the increase due to higher professional fees associated with being a public company.
Other Income (Expenses)
In the second quarter of 2011, SGOCO benefited from several tax rebate programs offered by the State Administration of Taxation and the local customs department. These rebates totaled $0.8 million and should be considered as non-recurring.
Provision for Income Taxes
Income tax for the second quarter of 2011 was $1.3 million compared to $0.7 million during the three months ended June 30, 2010.
Net Income and EPS
Net income for the second quarter of 2011 was $7.1 million, an increase of 87%, compared to $3.8 million recorded for the same period last year. Diluted EPS was $0.45 in the second quarter of 2011, compared to $0.40 in the second quarter of 2010. Of note, diluted EPS for the second quarter of 2011 was calculated based on 16,032,343 weighted average number of common shares as compared to 9,566,229 weighted average number of common shares for the second quarter of 2010.
Cash and Working Capital
As of June 30, 2011, the Company had cash and restricted cash of $50.5 million compared to $30.0 million as of December 31, 2010. Working capital also increased to $49.2 million, compared to $38.7 million at the end of 2010. The current ratio on June 30, 2011 was 1.31 compared to 1.44 on December 31, 2010.
During the first half of 2011, the Company saw large increases in notes payable, advances to suppliers and restricted cash. SGOCO uses notes payable to pay bills and make advances to suppliers. From December 31, 2010 to June 30, 2011 SGOCO increased its advances to suppliers by $53.6 million as a means of ensuring a reliable supply of panels so the Company can meet customer demand. The banks guaranteeing the notes payable require a security deposit from SGOCO of restricted cash which continues to earn interest for the Company. From December 31, 2010 to June 30, 2011, notes payable increased by $37.6 million and restricted cash increased during the same period by $25.1 million for a net increase of $12.5 million. The management team considers these increases to be in a reasonable range considering the fast growth of the business.
Subsequent Events
Since the close of the second quarter, the Company announced the appointment of David Xu as Chief Financial Officer and Head of its Beijing office.
Conference Call
The Company will hold a conference call for investors on Tuesday, August 16, 2011, at 10:00 a.m. ET. Interested parties may participate in the call by dialing (201) 493-6749; please call in 10 minutes before the conference call is scheduled to begin and ask for the SGOCO conference call. After opening remarks, there will be a question and answer period. The conference call will also be broadcast live over the Internet. To listen to the live call, please go to www.sgocogroup.com, click on the Investor Relations section, then to the Event Calendar where the conference call is posted. Please go to the website 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days. We suggest listeners use Microsoft Explorer as their browser.
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on developing its own brands and distribution in the Chinese flat panel display market. Our main products are LCD/LED monitors, TVs, and other application specific products. Our target markets are Tier 3 and Tier 4 cities where we compete by providing high quality products at competitive prices.
For more information about SGOCO, please visit http://www.sgocogroup.com
Safe Harbor and Informational Statement
This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect," "anticipate," "future," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Forward-looking statements in this release include, without limitation, the effectiveness of the Company’s multiple-brand, multiple channel strategy and the reasonableness of the increases in notes payable, advances to suppliers and restricted cash. Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. These forward-looking statements can change as a result of many possible events or factors not all of which are known to the Company, which may include, without limitation, requirements or changes adversely affecting the LCD and LED market in China; fluctuations in customer demand for LCD and LED products generally; our success in promoting our brand of LCD and LED products in China and elsewhere; our success in expanding our “SGOCO Image” model; our success in manufacturing and distributing products under brands licensed from others; management of rapid growth; changes in government policy including policy regarding subsidies for purchase of consumer electronic products and local production of consumer goods in China; the fluctuations in sales of LCD and LED products in China; China’s overall economic conditions and local market economic conditions; our ability to expand through strategic acquisitions and establishment of new locations; changing principles of generally accepted accounting principles; compliance with government regulations; legislation or regulatory environments; geopolitical events and other events and factors described in the “Key Information – Risk Factors" section in the Company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 29, 2011. The Company assumes no obligation to update any of the information contained or referenced in this press release.
SGOCO Group, Ltd. Announces Solid Growth in Revenues and Earnings for 2011 Second Quarter
Date : 08/15/2011 @ 4:05PM
Source : Business Wire
Stock : SGOCO Group, Ltd. (SGOC)
Quote : 4.25 1.44 (51.25%) @ 4:20PM
SGOCO Group, Ltd. Announces Solid Growth in Revenues and Earnings for 2011 Second Quarter
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Sgoco Grp., Ltd (MM) (NASDAQ:SGOC)
Intraday Stock Chart
Today : Monday 15 August 2011
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SGOCO Group, Ltd. (NASDAQ: SGOC), (the “Company” or “SGOCO”), a company focused on building its own brands and retail distribution network in the Chinese flat panel display market, including LCD/LED monitors, TVs, and application specific products, today announced its unaudited operating results for the three month and six month periods ended June 30, 2011.
Financial Highlights Second Quarter 2011 vs. Second Quarter 2010:
Total revenues increased by 100% to $85.6 million, compared to $42.9 million;
Gross profit increased by 68% to $10.7 million, compared to $6.4 million;
Gross margin was 12.6%, compared to 15.0%;
Operating income increased by 69% to $8.9 million, compared to $5.3 million;
Net income increased by 87% to $7.1 million, compared to $3.8 million; and,
Fully diluted EPS was $0.45, compared to $0.40.
Financial Highlights First Half 2011 vs. First Half 2010:
Total revenues increased by 177% to $172.6 million, compared to $62.3 million;
Gross profit increased by 89% to $18.0 million, compared to $9.5 million;
Gross margin was 10.5%, compared to 15.3%;
Operating income increased by 109% to $14.6 million, compared to $7.0 million;
Net income increased by 180% to $12.3 million, compared to $4.4 million;
Fully diluted EPS was $0.76, compared to $0.48; and,
The number of SGOCO Image retail partners on June 30, 2011 was 705, compared to 364 a year earlier.
2011 Second Quarter Overview
SGOCO continued to show strong year-on-year growth into the second quarter of 2011. The high quality of SGOCO brands continues to distinguish it from low-end competitors in the marketplace. With continued strong demand from customers and the addition of monitor and TV production capacity over the past year, the Company was able to achieve significantly higher revenues. The Company believes its strategy of multiple brands and multiple channels continues to effectively penetrate the market.
Revenue
Revenue for the second quarter of 2011 was $85.6 million, an increase of 100% from $42.9 million in the second quarter of 2010. Over the past year, the Company has seen an increase in both the number of large regional distributors and the size of the orders placed.
Compared to the first quarter of 2011, the increase in revenue was mainly due to increased sales of its own higher margin branded products and OEM products relative to resale products. In the second quarter of 2011, sales of SGOCO’s own brands represented 61% of total revenues, OEM represented 34%, and other products including electronic components represented 5%.
Sales of the Company’s own brands increased by 68% in the second quarter of 2011 compared to the second quarter of 2010. The Company’s own brand sales have been aided by the expansion of the SGOCO Image partner network. The Company had 705 partners as of June 30, 2011 compared to 364 partners as of June 30, 2010.
Gross Margin
With the increase in revenues, especially for SGOCO’s own brands, gross profit for the second quarter of 2011 increased 68% to $10.7 million from $6.4 million for the second quarter of 2010.
The gross margin for the second quarter of 2011 decreased to 12.6% compared to the 15.0% for the same period of last year. The decline was mainly due to downward pressure on own brand product prices.
However, when compared to the gross margin for 2011 first quarter, the Company, as expected, was able to improve gross margins for both its own brand and OEM products. The sequential increase in gross margin was also aided by stronger sales of the Company’s high margin application specific Edge 10 brand which is exported to the U.K. and earns gross margins of approximately 20%.
Operating Expenses
Selling, general and administrative expenses for the second quarter of 2011 were $1.8 million, a $0.7 million increase over the second quarter of 2010, with most of the increase due to higher professional fees associated with being a public company.
Other Income (Expenses)
In the second quarter of 2011, SGOCO benefited from several tax rebate programs offered by the State Administration of Taxation and the local customs department. These rebates totaled $0.8 million and should be considered as non-recurring.
Provision for Income Taxes
Income tax for the second quarter of 2011 was $1.3 million compared to $0.7 million during the three months ended June 30, 2010.
Net Income and EPS
Net income for the second quarter of 2011 was $7.1 million, an increase of 87%, compared to $3.8 million recorded for the same period last year. Diluted EPS was $0.45 in the second quarter of 2011, compared to $0.40 in the second quarter of 2010. Of note, diluted EPS for the second quarter of 2011 was calculated based on 16,032,343 weighted average number of common shares as compared to 9,566,229 weighted average number of common shares for the second quarter of 2010.
Cash and Working Capital
As of June 30, 2011, the Company had cash and restricted cash of $50.5 million compared to $30.0 million as of December 31, 2010. Working capital also increased to $49.2 million, compared to $38.7 million at the end of 2010. The current ratio on June 30, 2011 was 1.31 compared to 1.44 on December 31, 2010.
During the first half of 2011, the Company saw large increases in notes payable, advances to suppliers and restricted cash. SGOCO uses notes payable to pay bills and make advances to suppliers. From December 31, 2010 to June 30, 2011 SGOCO increased its advances to suppliers by $53.6 million as a means of ensuring a reliable supply of panels so the Company can meet customer demand. The banks guaranteeing the notes payable require a security deposit from SGOCO of restricted cash which continues to earn interest for the Company. From December 31, 2010 to June 30, 2011, notes payable increased by $37.6 million and restricted cash increased during the same period by $25.1 million for a net increase of $12.5 million. The management team considers these increases to be in a reasonable range considering the fast growth of the business.
Subsequent Events
Since the close of the second quarter, the Company announced the appointment of David Xu as Chief Financial Officer and Head of its Beijing office.
Conference Call
The Company will hold a conference call for investors on Tuesday, August 16, 2011, at 10:00 a.m. ET. Interested parties may participate in the call by dialing (201) 493-6749; please call in 10 minutes before the conference call is scheduled to begin and ask for the SGOCO conference call. After opening remarks, there will be a question and answer period. The conference call will also be broadcast live over the Internet. To listen to the live call, please go to www.sgocogroup.com, click on the Investor Relations section, then to the Event Calendar where the conference call is posted. Please go to the website 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call will be archived and can be accessed for approximately 90 days. We suggest listeners use Microsoft Explorer as their browser.
About SGOCO Group, Ltd.
SGOCO Group, Ltd. is focused on developing its own brands and distribution in the Chinese flat panel display market. Our main products are LCD/LED monitors, TVs, and other application specific products. Our target markets are Tier 3 and Tier 4 cities where we compete by providing high quality products at competitive prices.
For more information about SGOCO, please visit http://www.sgocogroup.com
Safe Harbor and Informational Statement
This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect," "anticipate," "future," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Forward-looking statements in this release include, without limitation, the effectiveness of the Company’s multiple-brand, multiple channel strategy and the reasonableness of the increases in notes payable, advances to suppliers and restricted cash. Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. These forward-looking statements can change as a result of many possible events or factors not all of which are known to the Company, which may include, without limitation, requirements or changes adversely affecting the LCD and LED market in China; fluctuations in customer demand for LCD and LED products generally; our success in promoting our brand of LCD and LED products in China and elsewhere; our success in expanding our “SGOCO Image” model; our success in manufacturing and distributing products under brands licensed from others; management of rapid growth; changes in government policy including policy regarding subsidies for purchase of consumer electronic products and local production of consumer goods in China; the fluctuations in sales of LCD and LED products in China; China’s overall economic conditions and local market economic conditions; our ability to expand through strategic acquisitions and establishment of new locations; changing principles of generally accepted accounting principles; compliance with government regulations; legislation or regulatory environments; geopolitical events and other events and factors described in the “Key Information – Risk Factors" section in the Company's annual report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 29, 2011. The Company assumes no obligation to update any of the information contained or referenced in this press release.
Colonial Commercial Corp. Reports 2011 Second Quarter Results
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Colonial Comml Corp (QB) (USOTC:CCOM)
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Today : Monday 15 August 2011
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Colonial Commercial Corp. (“Colonial”) (OTCQB: “CCOM,” “CCOMP”), today announced financial results for the three months and six months ended June 30, 2011.
Three Months Ended June 30, 2011
Sales for the three months were $20,194,697, down 6.1%, or $1,306,288, from the corresponding period in 2010. The decrease in sales was substantially related to a continuing decline in demand for heating, ventilation and air conditioning units utilized in residential new construction and the reduction of commercial hydronic and plumbing bid and specification work.
Gross profit for the three months was $5,441,288, down 2.9%, or $165,193, from the corresponding period in 2010. Gross profit expressed as a percentage of sales was 26.9% in the 2011 period compared to 26.1% for the corresponding period in 2010. The decline in gross profit was directly related to the loss in sales. The increase in gross margins expressed as a percentage of sales was caused by a continuing decline in commercial bid and specification work and a decline in heating, ventilating and air conditioning units sold for new construction, both of which are sold at lower than normal margin percentages.
Selling, general and administrative expenses were $4,852,682, down 4.9%, or $250,433, from the corresponding period in 2010. The decrease in selling, general and administrative expense is primarily related to a $60,674 reduction in payroll and benefit costs, a $293,457 reduction in rent, a $22,524 reduction in depreciation and amortization and a $44,861 reduction in office expense, offset by a $26,890 increase in facility expense and a $138,453 increase in professional fees related to property tax reassessments.
The Company’s net income for the three months was $499,069, up 61.7%, or $190,440, compared to the corresponding period in 2010. The increase in net income is primarily the result of the $250,433 decrease in selling, general and administrative expenses and an $88,966 decrease in interest expense, partially offset by the $165,193 decrease in gross profit.
Six Months Ended June 30, 2011
Sales for the six months were $35,256,670, down 5.7%, or $2,142,214, from the corresponding period in 2010. The decrease in sales was substantially related to a continuation of the reduction in demand for heating, ventilation and air conditioning units utilized in residential new construction and the reduction of commercial hydronic and plumbing bid and specification work.
Gross profit for the six months was $9,619,755, down 3.1%, or $309,052, from the corresponding period in 2010. Gross profit expressed as a percentage of sales was 27.3% in 2011 compared to 26.5% for the comparable period in 2010. The decline in gross profit was directly related to the loss in sales. The increase in gross margins expressed as a percentage of sales was caused by a continuing decline in commercial bid and specification work and a decline in heating, ventilating and air conditioning units sold for new construction, both of which are sold at lower than normal margin percentages.
Selling, general and administrative expenses were $10,149,124, down 3.1%, or $324,398, from the prior-year six months. The decrease in selling, general and administrative expense is primarily related to a $106,113 reduction in payroll and benefit costs, a $322,655 reduction in rent, a $43,612 reduction in depreciation and amortization and an $83,071 reduction in office expense, offset by a $65,126 increase in facility expense and a $164,247 increase in professional fees related to property tax reassessments.
The Company’s net loss for the six months was $766,710, down 11.1%, or $95,434, compared to the corresponding period in 2010. The decrease in net loss is primarily the result of the $324,398 decrease in selling, general and administrative expenses and a $68,151 decrease in interest expense, partially offset by the $309,052 decrease in gross profit.
William Pagano, Chief Executive Officer of the Company, said, “Our focus on improving operating efficiencies resulted in a 16.9% increase in operating profits this quarter versus the same quarter of the prior year. We are positioned that any increase in sales should have a favorable impact on profitability in the future. Currently, the economic trends remain unclear and the competitive landscape remains difficult. However, we believe that a pent-up demand is building for the products that we sell and eventually this demand should be released for our products and services. We expect this to happen during the next 12 to 18 months.”
About Colonial Commercial Corp.
Colonial distributes heating, ventilating and air conditioning, (“HVAC”), equipment, parts and accessories, climate control systems, customized control panels, and plumbing and electrical supplies and equipment to professional contractors in the states of New York, New Jersey, Massachusetts, Connecticut and eastern Pennsylvania through its subsidiaries; Universal Supply Group, Inc., www.usginc.com, The RAL Supply Group, Inc., www.ralsupply.com, American/Universal Supply Division, www.ausupplyinc.com, and S&A Supply, Inc., www.sasupplyinc.com. The Company also distributes home appliances to dealer groups and appliance stores through its Goldman Universal division. The Company is headquartered in New Jersey, and, with its affiliates, operates out of 19 locations in its geographic trading area. For more information on Colonial’s operations, products and/or services, please visit www.colonialcomm.com.
Safe Harbor Statement
The foregoing press release may contain statements concerning Colonial Commercial Corp.’s financial performance, markets and business operations that may be considered "forward-looking" under applicable securities laws. Colonial cautions readers of this press release that actual results might differ materially from those projected in any forward-looking statements. Factors which might cause actual results to differ materially from any results that are projected in the forward-looking statements include the following: continued acceptance of the company's products in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the company's periodic report filings with the Securities and Exchange Commission. These and certain other factors which might cause actual results to differ materially from those projected are detailed from time to time in Colonial's periodic reports and registration statements filed with the Securities and Exchange Commission. Colonial undertakes no obligation to update forward looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in future operating results, financial condition or business over time.
Bexil Corporation Announces Second Quarter 2011 Financial Results
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Bexil Corp (PN) (USOTC:BXLC)
Intraday Stock Chart
Today : Monday 15 August 2011
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Bexil Corporation (PINKSHEETS: BXLC) today reported its financial results for the second quarter ended June 30, 2011.
Bexil recorded a net loss of $98,538 or $0.10 per share for the three months ended June 30, 2011 compared to a net loss of $351,136 or $0.35 per share for the three months ended June 30, 2010. For the six months ended June 30, 2011, Bexil recorded a net loss of $433,669 or $0.43 per share compared to a net loss of $522,003 or $0.52 per share for the six months ended June 30, 2010.
The Company's book value per share at June 30, 2011 (1,017,592 shares issued and outstanding) was $35.36. At June 30, 2011, Bexil had positive working capital of $30,535,884, total assets of $36,479,545, no long term debt, and shareholders' equity of $35,986,837.
The Company's unaudited balance sheet, statements of income, and statements of cash flows as of and for the second quarter and six months ended June 30, 2011 are appended to the copy of this press release on www.bexil.com.
I am glad I am in ETMM...
LOL I love that pic.
Eh, if the right pusher shows, it could move. But for now it sits here...
Got the share structure?
No idea. I like the company but the stock needs a promo or something. (Hell, anything.) All the basics are in the iBox.
Yeah, NO one leaked that... Huh odd.
Hey, I've been returning 10% a day for two weeks for the forum... I am burning out. Send pizza.
CBOU - noted. I have to read on that...
F-Lines nail that perfectly.
Well true, it's cheap...
Why would Google buy them?!?!
That worked out nicely... great timing.
This is the twitchiest stock I've ever followed.
Popped.
SGOC popped. Damn.
DUH of the YEAR -> 95 Percent of Refinancing Borrowers Choose Fixed-Rate Mortgages
95 Percent of Refinancing Borrowers Choose Fixed-Rate Mortgages
Trend Towards Shorter Loan Terms at Highest Share Since 2003
MCLEAN, Va., Aug. 15, 2011 /PRNewswire via COMTEX/ -- In the second quarter of
2011, fixed-rate loans accounted for about 95 percent of refinance loans, based
on the Freddie Mac (FMCC) Quarterly Product Transition Report released today.
Refinancing borrowers clearly preferred fixed-rate loans, regardless of whether
their original loan was an adjustable-rate mortgage (ARM) or a fixed-rate.
News Facts
An increasing share of refinancing borrowers chose to shorten their loan terms
during the second quarter. Of borrowers who paid off a 30-year fixed-rate loan,
37 percent chose a 15- or 20-year loan, the highest such share since the third
quarter of 2003.
Fifty-five percent of borrowers who had a hybrid ARM chose a fixed-rate loan
during the second quarter, while the remaining 45 percent chose to refinance into
the same type of product. The share refinancing from hybrid ARM to hybrid ARM was
the highest since the second quarter of 2004.
Quotes
Attributed to Frank Nothaft, Freddie Mac vice president and chief economist
"Fixed mortgage rates averaged 4.65 percent for 30-year loans and 3.84 percent
for 15-year product during the second quarter in Freddie Mac's Primary Mortgage
Market Survey?, well below long-term averages. The Bureau of Economic Analysis
has estimated the average coupon on single-family loans was about 5.3 percent
during the second quarter of 2011. It's no wonder we continue to see strong
refinance activity into fixed-rate loans.
"Compared to a 30-year fixed-rate mortgage, the interest rate on 15-year fixed
was about 0.8 percentage points lower during the second quarter. For borrowers
motivated to refinance by low fixed-rates, they could obtain even lower rates by
shortening their term. The initial interest rate on a 5/1 hybrid ARM was about
1.2 percentage points lower than on a 30-year fixed-rate loan. For borrowers who
plan to remain in their current home for only a few years, the hybrid ARM allows
for even a greater interest-rate savings."
Get the latest information from Freddie Mac's Office of the Chief Economist on
Twitter: @FreddieMac
Quarterly Product Transition Information
These estimates come from a sample of properties on which Freddie Mac has funded
at least two successive loans and the latest loan is for refinance rather than
for home purchase. Some loan products, such as 1-year ARMs and balloons, are
based on a small number of transactions. During the second quarter of 2011, the
refinance share of applications averaged 70 percent in Freddie Mac's monthly refi
survey, and the ARM share of applications was 6 percent in Freddie Mac's monthly
ARM survey, which includes purchase-money as well as refinance applications.
Quarterly Product Transition Statistics
Freddie Mac was established by Congress in 1970 to provide liquidity, stability
and affordability to the nation's residential mortgage markets. Freddie Mac
supports communities across the nation by providing mortgage capital to lenders.
Over the years, Freddie Mac has made home possible for one in six homebuyers and
more than five million renters.
SOURCE Freddie Mac
Copyright (C) 2011 PR Newswire. All rights reserved
Keep going... free money it seems.
BIDU short called at the Sheets. Cover upon target - don't lollygag.
Well, that shows the shell is intact w/ a slight valuation. If someone can deliver most of the OS to a buyer, then it's viable for an RM.
STXS +12%... nice way to start a week after the market panic.
STXS - popped to 10% :D Called last night at the Sheets.
ERX, 10%. You're done for a few days :D
Time to relax.
Bounce...
Still a neat company.
Wow. Look at the chart. Who the hell is buying?
SGOC is trying to make the magic again. Something weird on L2.
TCI entering low atmospheric orbit on NO volume. Argh. Only if a promo showed up...