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Idont know if ill get any or not, my luck, it will prolly never get that low. been in and out for a while, i just dont see good things any time soon imo
ill wait for .75
when this does pop, you all are going to wish you paid the 2.5 cents or so, then u will be paying alot more
wow last trade was August 16. a little to quiet here
i will not buy back in untill it hits .75 cents, prolly within a month i believe
going under 1$
pay the price, u wont get it that cheap, then when it hits, u wont have nothing cause people try to save a few cents, i say it u want it, go get it.
largest vol day i seen in a year, glad to see it
Alphatec Spine to Present at the Stifel Nicolaus Healthcare Conference 2011
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Alphatec Holdings, Inc. (MM) (NASDAQ:ATEC)
Intraday Stock Chart
Today : Monday 29 August 2011
Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., a medical device company that designs, develops, manufactures and markets products for the surgical treatment of spine disorders, with a focus on treating conditions related to the aging spine, today announced it will present at the Stifel Nicolaus Healthcare Conference 2011 on Wednesday, September 7, 2011 at 11:30 a.m. ET at The Four Seasons Hotel in Boston, Massachusetts.
During such presentation, Michael O'Neill, Alphatec Spine's Chief Financial Officer, will provide an overview of the Company's activities. A live audio webcast of the presentation at the Stifel Nicolaus Healthcare Conference 2011 will be accessible through the Company's investor relations website at www.alphatecspine.com. An archived edition of the presentation will be available later that day and will be available for at least 30 days afterwards.
What does all this news means to us now?
AVI BioPharma Initiates Dosing in Phase 2 Study of Eteplirsen in Duchenne Muscular Dystrophy Patients
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Avi Biopharma (NASDAQ:AVII)
Intraday Stock Chart
Today : Monday 15 August 2011
AVI BioPharma, Inc. (NASDAQ: AVII), a developer of RNA-based therapeutics, today announced that it has initiated dosing in a Phase 2 study of eteplirsen, the Company's lead exon-skipping therapeutic candidate for the treatment of Duchenne muscular dystrophy (DMD).
The placebo-controlled study of twelve patients, which will be conducted at Nationwide Children's Hospital in Columbus, Ohio, is designed to evaluate the efficacy and safety of eteplirsen in DMD patients over 24 weeks of dosing. Patients enrolled in the study will receive once weekly intravenous infusions of either 50mg/kg of eteplirsen, 30mg/kg of eteplirsen or placebo, and will be evaluated on a number of safety and efficacy endpoints. The efficacy endpoints will include biochemical markers in muscle biopsies, such as the production of the dystrophin protein and markers of immune-inflammatory response, as well as clinical outcomes to measure muscle strength, function and degree of ambulation.
"In this Phase 2 study we will evaluate eteplirsen at higher doses and over a longer duration of treatment, which will help us understand the potential disease-modifying effects and safety of eteplirsen as chronically-administered therapy," said Chris Garabedian, AVI's CEO and president. "We expect data from this study around the end of the second quarter of 2012, which will guide our design for a pivotal study."
Jerry R. Mendell, M.D., of Nationwide Children's Hospital and principal investigator of the study added, "Despite many years of awareness and investment in therapeutic development, we only have supportive treatments available for DMD patients today. We have seen tremendous promise for eteplirsen to potentially modify the progression of DMD in patients and we look forward to further understanding its potential through this longer study."
The travel costs for the patients participating in the Phase 2 clinical study are supported in part by grants from Parent Project Muscular Dystrophy and Muscular Dystrophy Association.
OK HERE IS THE SKINNEY, READ THIS. If you had purchased $1,000 worth of shares in Delta Airlines one year ago, you would have $49 today. $1,000 worth of shares in AIG, you would have $33. $1,000 worth of shares in Lehman Bros, you would have $0.
But, if you had purchased $1,000 worth of beer, drank it all, and turned in the aluminum for recycling, you would have $214. Therefore, the best current investment plan is to drink heavily and recycle. It's called the 401-Keg Plan.
OK HERE IS THE SKINNEY, READ THIS. If you had purchased $1,000 worth of shares in Delta Airlines one year ago, you would have $49 today. $1,000 worth of shares in AIG, you would have $33. $1,000 worth of shares in Lehman Bros, you would have $0.
But, if you had purchased $1,000 worth of beer, drank it all, and turned in the aluminum for recycling, you would have $214. Therefore, the best current investment plan is to drink heavily and recycle. It's called the 401-Keg Plan.
unfreakin real
Guys, Stop defending yourselves here. We all hope we know whats going to happen here., I myself am here for the long haul. I aint bailing. If some idiot comes along to bash, so let him, dont get upset, you will be counting the money, not him.... P.s bama, your doing an awesome job
WELL????????????
some pre-market action here today, hmmm
please dont let that happen
How low will this go today????????
Thanks Penney, I pulled out of alxa at 1.65, i still have faith in it, i will be getting back in it, not sure when, but it will be soon
Alphatec Spine Announces Second Quarter 2011 Revenue and Financial Results
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Alphatec Holdings, Inc. (MM) (NASDAQ:ATEC)
Intraday Stock Chart
Today : Thursday 4 August 2011
Revenue of $50.9 million – 12.0% growth over Q2 2010; 7.6% growth on a constant currency basis
US revenue of $34.5 million; 17.8% growth over Q2 2010
Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., a medical device company that designs, develops, manufactures and markets products for the surgical treatment of spine disorders, with a focus on treating conditions related to the aging spine, announced today financial results for the fiscal quarter ended June 30, 2011.
Second Quarter 2011 Performance Highlights
Achieved revenue of $50.9 million in the second quarter 2011, which represented growth of 12.0% versus the second quarter 2010, and 2.2% sequential revenue growth over the first quarter 2011.
US revenue of $34.5 million reported for the second quarter 2011 represented 17.8% growth over second quarter 2010, driven by strength of our core products and increase in purchase orders from hospitals for Alphatec Spine products.
International revenue of $16.3 million reported in the second quarter 2011 up 1.3% versus the $16.1 million reported for the second quarter 2010.
Cash flow was break-even in the second quarter 2011, reflecting strong revenue growth, working capital management and operating expense control.
Received PMDA regulatory approval of Illico® in Japan, a market that has strong demand for minimally invasive surgical approaches.
We believe Alphatec Spine now holds the fourth largest market share position in Japan.
Continued Aging Spine market penetration of OsseoFix® and OsseoScrew® in Europe.
OsseoFix revenue growth was 32% in the second quarter, with over 2,600 cases having been completed since product launch.
OsseoScrew continues to gain momentum and is driving pull-through of other key Alphatec Spine products.
– Resubmitted the 510k application for OsseoScrew to the FDA in the second quarter, as planned.
Continued uptake and demand for PureGenTM, the Company's Osteoprogenitor Cell Allograft, with over 500 cases completed since product launch, with no reported adverse events, complications or complaints.
Implemented a 10% US workforce reduction in order to align US staffing levels with margin and profit goals.
"We are pleased with our 12% global revenue growth, which was driven in large part by our nearly 18% US revenue growth in the second quarter. Each of those growth rates significantly outpaces our competitors, globally and in the US, respectively. The strength of our broad product portfolio continues to convert business, most notably in the US hospital market. Internationally, OsseoFix and OsseoScrew continue to see strong market adoption and product pull-through, and we are particularly pleased with the strength of our results in Japan," stated Dirk Kuyper, Alphatec Spine's President and Chief Executive Officer.
Mr. Kuyper continued, "While we are pleased to have reported record revenue results and break-even cash flow in the quarter, we have turned our focus to our US gross margin, which we expect to meaningfully improve throughout the remainder of 2011 and 2012. We have initiatives underway that aim to reduce costs, better utilize our in-house manufacturing capacity and improve manufacturing efficiencies. We continue to be laser-focused on driving our differentiated technologies in Aging Spine, MIS and Biologics to gain market share globally."
Second Quarter 2011 Financial Results
Consolidated revenues for the second quarter 2011 were $50.9 million, an increase of 12.0% from the $45.4 million reported for the second quarter 2010. US revenues for the second quarter 2011 were $34.5 million, an increase of 17.8% from the $29.3 million reported for the second quarter 2010. International revenues were $16.3 million for the second quarter 2011, up 1.3% versus the $16.1 million reported in the second quarter 2010.
Gross profit for the second quarter 2011 was $29.9 million, an increase of $1.1 million over the second quarter 2010 gross profit of $28.8 million. Second quarter 2011 gross margin of 58.7% was below the second quarter 2010 gross margin of 63.5%. Second quarter 2011 cost of goods sold includes $2.7 million in inventory write-downs. Excluding these write-downs, gross profit was $32.6 million and gross margin was 64.0% for the second quarter 2011. International gross margin increased modestly to 50.1% versus the 49.0% international gross margin reported in second quarter 2010. Total operating expenses for the second quarter 2011 were $33.2 million, an increase of $1.3 million compared to the second quarter 2010 total operating expenses of $31.9 million.
Adjusted EBITDA was $2.7 million in the second quarter 2011, a decrease of $1.1 million compared to the $3.8 million reported for the second quarter 2010. The decline in Adjusted EBITDA is primarily attributable to the negative gross margin contribution from the $2.7 million in inventory write-downs taken in the quarter. Excluding these write-downs, Adjusted EBITDA was $5.4 million in second quarter 2011.
Net loss for the second quarter 2011 was $3.0 million, or ($0.03) per share (basic and diluted), compared with a net loss of $3.0 million, or ($0.04) per share (basic and diluted) for the second quarter 2010.
Non-GAAP EPS for the second quarter 2011 was ($0.02) per share (basic and diluted), compared to $0.00 per share (basic and diluted) reported for the second quarter 2010. Non-GAAP net earnings or (loss) excludes in-process research and development expenses, acquisition-related inventory step-up, amortization of intangible assets and transaction and restructuring expenses.
Cash and cash equivalents were $21.8 million at June 30, 2011 which is an increase of $0.3 million as compared to the $21.5 million cash position as of March 31, 2011.
2011 Financial Guidance
The Company is updating its full year 2011 financial guidance with revenues of $195.0 million to $205.0 million, and $22.0 million to $25.0 million in annual Adjusted EBITDA; approximately 11% to 12% of revenue.
Conference Call
Alphatec Spine will host a conference call today at 2:00 p.m. PT / 5:00 p.m. ET to discuss the results. To participate in the conference call, please visit the investor relations section of the Alphatec Spine website at www.alphatecspine.com. The dial-in numbers are (877) 556-5251 for domestic callers and (720) 545-0036 for international. A live webcast of the conference call will be available online from the investor relations section of the Alphatec Spine website at www.alphatecspine.com. The webcast will be recorded and will remain available on the investor relations section of Alphatec Spine's website for at least 30 days.
About Alphatec Spine
Alphatec Spine, Inc. is a wholly owned subsidiary of Alphatec Holdings, Inc. (Nasdaq:ATEC). Alphatec Spine is a medical device company that designs, develops, manufactures and markets products for the surgical treatment of spine disorders, primarily focused on the aging spine. The Company's mission is to combine world-class customer service with innovative, surgeon-driven design that will help improve the aging patient's quality of life. The Company is poised to achieve its goal through new solutions for patients with osteoporosis, stenosis and other aging spine deformities, improved minimally invasive products and techniques and integrated biologics solutions. In addition to its US operations, the Company also markets its products in over 50 international markets through its subsidiary, Scient'x S.A.S., via a direct sales force in France, Italy and the United Kingdom and via independent distributors in the rest of Europe, the Middle East and Africa, South America and Latin America. In Asia, the Company markets its products through its subsidiary, Alphatec Pacific, Inc. and through distributors in the rest of the Asia Pacific region.
The Alphatec Holdings, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3520
Non-GAAP Information
Non-GAAP earnings included in this press release is a non-GAAP (generally accepted accounting principles) financial measure that represents net income (loss) excluding the effects of in-process research and development expenses, transaction-related expenses and litigation settlement expenses. Management does not consider these expenses when it makes certain evaluations of the operations of the Company. Non-GAAP earnings, as defined above, may not be similar to non-GAAP earnings measures used by other companies and is not a measurement under GAAP.
Adjusted EBITDA included in this press release is a non-GAAP financial measure that represents net income (loss) excluding the effects of interest, taxes, depreciation, amortization, stock-based compensation expenses, and other non-recurring income or expense items, such as in-process research and development expense and transaction-related expenses. Adjusted EBITDA, as defined above, may not be similar to adjusted EBITDA measures used by other companies and is not a measurement under GAAP.
Though management finds non-GAAP-based earnings or loss and EBITDA useful for evaluating aspects of the Company's business, its reliance on these measures is limited because excluded items often have a material effect on the Company's earnings and earnings per common share calculated in accordance with GAAP. Therefore, management uses non-GAAP adjusted EBITDA in conjunction with GAAP earnings and earnings per common share measures. The Company believes that non-GAAP adjusted EBITDA provides investors with an additional tool for evaluating the Company's core performance, which management uses in its own evaluation of continuing operating performance, and a base-line for assessing the future earnings potential of the Company. While the GAAP results are more complete, the Company prefers to allow investors to have supplemental metrics since, with reconciliation to GAAP, they may provide greater insight into the Company's financial results.
Forward Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainty. Such statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Alphatec Spine cautions investors that there can be no assurance that actual results or business conditions will not differ materially from those projected or suggested in such forward-looking statements as a result of various factors, including, but not limited to, the following: Alphatec Spine's ability to meet its 2011 revenue, adjusted EBITDA, free cash flow and earnings projections, the growth rate of the spine market related to aging and elderly patients, uncertainty of success in developing new products or products currently in Alphatec Spine's pipeline, the successful global launch of the Company's new products and the products in its development pipeline including OsseoFix, OsseoScrew, Illico, and PureGen, failure to achieve acceptance of Alphatec Spine's products by the surgeon community, failure to obtain FDA clearance or approval for new products, or unexpected or prolonged delays in the process, Alphatec Spine's ability to develop and expand its US and/or global revenues, continuation of favorable third party payor reimbursement for procedures performed using Alphatec Spine's products, unanticipated expenses or liabilities or other adverse events affecting cash flow or Alphatec Spine's ability to successfully control its costs or achieve profitability, uncertainty of additional funding, Alphatec Spine's ability to compete with other competing products and with emerging new technologies, product liability exposure, patent infringement claims and claims related to Alphatec Spine's intellectual property. Please refer to the risks detailed from time to time in Alphatec Spine's SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Alphatec Spine disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, unless required by law.
ALPHATEC HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands - unaudited)
June 30, December 31,
2011 2010
ASSETS
Current assets:
Cash and cash equivalents $ 21,761 $ 23,168
Accounts receivable, net 41,711 39,777
Inventories, net 47,974 51,635
Prepaid expenses and other current assets 8,831 6,652
Deferred income tax assets 1,588 1,592
Total current assets 121,865 122,824
Property and equipment, net 34,691 38,440
Goodwill 178,905 170,194
Intangibles, net 44,821 43,148
Other assets 4,164 2,410
Total assets $ 384,446 $ 377,016
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 14,919 $ 15,957
Accrued expenses 23,356 22,530
Deferred revenue 3,291 3,396
Current portion of long-term debt 963 1,708
Total current liabilities 42,529 43,591
Total long term liabilities 42,990 43,388
Redeemable preferred stock 23,603 23,603
Stockholders' equity 275,324 266,434
Total liabilities and stockholders' equity $ 384,446 $ 377,016
ALPHATEC HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts - unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2011 2010 2011 2010
Revenues $ 50,862 $ 45,424 $ 100,582 $ 80,746
Cost of revenues 20,585 16,222 37,958 27,970
Amortization of acquired intangible assets 416 369 812 369
Total cost of revenues 21,001 16,591 38,770 28,339
Gross profit 29,861 28,833 61,812 52,407
Operating expenses:
Research and development 4,382 4,909 9,795 8,596
In-process research and development -- 92 -- 542
Sales and marketing 19,291 17,115 37,920 30,519
General and administrative 8,938 8,007 18,080 13,567
Amortization of acquired intangible assets 554 469 1,084 469
Transaction related expenses -- 493 -- 3,645
Restructuring expenses -- 805 599 1,687
Total operating expenses 33,165 31,890 67,478 59,025
Operating loss (3,304) (3,057) (5,666) (6,618)
Interest and other income (expense), net (502) (309) (756) (1,278)
Loss from continuing operations before taxes (3,806) (3,366) (6,422) (7,896)
Income tax benefit (762) (265) (1,511) (129)
Loss from continuing operations (3,044) (3,101) (4,911) (7,767)
Loss from discontinued operations, net of tax -- 122 -- 78
Net loss $ (3,044) $ (2,979) $ (4,911) $ (7,689)
Net loss per common share:
Basic and diluted net loss from continuing operations $ (0.03) $ (0.04) $ (0.06) $ (0.11)
Basic and diluted net income from discontinued operations -- 0.00 -- 0.00
Basic and diluted net loss per share $ (0.03) $ (0.04) $ (0.06) $ (0.11)
Weighted-average shares - basic and diluted 88,740 84,675 88,720 69,500
ALPHATEC HOLDINGS, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in thousands, except per share amounts - unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2011 2010 2011 2010
Operating loss, as reported $ (3,304) $ (3,057) $ (5,666) $ (6,618)
Add back:
Depreciation 3,662 3,234 7,434 5,876
Amortization of intangible assets 347 203 652 1,123
Amortization of acquired intangible assets 970 838 1,896 838
Total EBITDA 1,675 1,218 4,316 1,219
Add back significant items:
Stock-based compensation 734 772 1,448 1,753
In-process research and development -- 92 -- 542
Acquisition-related inventory step-up 321 413 751 413
Transaction related expenses -- 493 -- 3,645
Restructuring expenses -- 805 599 1,687
EBITDA, as adjusted for significant items $ 2,730 $ 3,793 $ 7,114 $ 9,259
Net loss, as reported $ (3,044) $ (2,979) $ (4,911) $ (7,689)
Add back:
In-process research and development -- 92 -- 542
Acquisition-related inventory step-up 321 413 751 413
Amortization of acquired intangible assets 970 838 1,896 838
Transaction related expenses -- 493 -- 3,645
Restructuring expenses -- 805 599 1,687
Net loss, as adjusted for significant items $ (1,753) $ (338) $ (1,665) $ (564)
Net loss per common share - basic and diluted $ (0.03) $ (0.04) $ (0.06) $ (0.11)
Add back:
In-process research and development -- 0.00 -- 0.01
Acquisition-related inventory step-up 0.00 0.01 0.01 0.01
Amortization of acquired intangible assets 0.01 0.01 0.02 0.01
Transaction related expenses -- 0.01 -- 0.05
Restructuring expenses -- 0.01 0.01 0.02
Net loss per common share - basic and
diluted, as adjusted for significant items $ (0.02) $ 0.00 $ (0.02) $ (0.01)
ALPHATEC HOLDINGS, INC.
RECONCILIATION OF GEOGRAPHIC SEGMENT REVENUES AND GROSS PROFIT
(in thousands, except percentages - unaudited)
Three Months Ended Impact from
June 30, Foreign
2011 2010 % Change Currency
Revenues by geographic segment
U.S. $ 34,539 $ 29,317 17.8% 0.0%
International 16,323 16,107 1.3% 13.7%
Total revenues $ 50,862 $ 45,424 12.0% 4.0%
Gross profit by geographic segment
U.S. $ 21,688 $ 20,933
International 8,173 7,900
Total gross profit $ 29,861 $ 28,833
Gross profit margin by geographic segment
U.S. 62.8% 71.4%
International 50.1% 49.0%
Total gross profit margin 58.7% 63.5%
Six Months Ended Impact from
June 30, Foreign
2011 2010 % Change Currency
Revenues by geographic segment
U.S. $ 68,399 $ 57,753 18.4% 0.0%
International 32,183 22,993 40.0% 10.9%
Total revenues $ 100,582 $ 80,746 24.6% 3.2%
Gross profit by geographic segment
U.S. $ 46,109 $ 40,799
International 15,703 11,608
Total gross profit $ 61,812 $ 52,407
Gross profit margin by geographic segment
U.S. 67.4% 70.6%
International 48.8% 50.5%
Total gross profit margin 61.5% 64.9%
Footnotes:
1) The impact from foreign currency represents the percentage change in 2011 revenues due to the change in foreign
exchange rates for the periods presented.
ALPHATEC HOLDINGS, INC.
PRO FORMA REVENUES BY GEOGRAPHIC SEGMENT
(in thousands, except percentages - unaudited)
Three Months Ended Impact from
June 30, Foreign
2011 2010 % Change Currency
Pro Forma Revenues by geographic segment
U.S. $ 34,539 $ 29,317 17.8% 0.0%
International 16,323 16,107 1.3% 13.7%
Total revenues $ 50,862 $ 45,424 12.0% 4.0%
Six Months Ended Impact from
June 30, Foreign
2011 2010 % Change Currency
Pro Forma Revenues by geographic segment
U.S. $ 68,399 $ 60,728 12.6% 0.0%
International 32,183 31,353 2.6% 9.2%
Total revenues $ 100,582 $ 92,081 9.2% 2.8%
Footnotes:
1) Pro Forma revenues for the periods presented include the results of Scient'x as if the Scient'x acquisition had occurred on
January 1, 2010.
2) The impact from foreign currency represents the percentage change in 2011 revenues due to the change in foreign
exchange rates for the periods presented.
AVI BioPharma Announces Second Quarter 2011 Financial Results and Recent Corporate Developments
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Avi Biopharma (NASDAQ:AVII)
Intraday Stock Chart
Today : Thursday 4 August 2011
AVI BioPharma, Inc. (NASDAQ: AVII)
Duchenne Muscular Dystrophy (DMD) Phase II Study of Eteplirsen Enrolling and to Begin Dosing This Month
Three Infectious Disease Candidates Progressing in Phase I Safety Studies and Have Completed Initial Dosing Cohorts
Strong Cash Position With $54.2 Million as of June 30, 2011; Guidance for Cash Expenditures Revised to $28 to $33 Million for 2011
AVI BioPharma, Inc. (NASDAQ: AVII), a developer of RNA-based drugs, today reported financial results for the three and six months ended June 30, 2011, and provided an update of recent corporate developments.
"We now have four products advancing in clinical development, including safety studies for our three infectious disease candidates and a placebo-controlled Phase II study with eteplirsen, which is about to initiate dosing in DMD patients," said Chris Garabedian, President and CEO of AVI. "These clinical-stage products represent several variations of our morpholino drug chemistries and illustrate the progress and promise of our unique RNA-based technology."
Financial Results
For the second quarter of 2011 AVI reported an operating loss of $10.1 million compared with an operating loss of $7.7 million in the second quarter of 2010. The increase in the operating loss was primarily the result of increased second quarter research and development expenses of $10.9 million offset by increased revenues of $7.6 million and a $0.7 million decrease in general and administrative expenses. Research and development expenses increased primarily as the result of higher costs associated with the July 2010 Ebola and Marburg government contract and increased research and development costs for AVI's Duchenne muscular dystrophy (DMD) development program.
Research and development expenses were $17.8 million in the second quarter of 2011, compared to $6.9 million in the second quarter of 2010, an increase of $10.9 million, due primarily to a $6.0 million increase in spending related to the July 2010 Ebola and Marburg government contract, a $5.1 million increase in DMD-related program costs, and $0.9 million in spending for the H1N1 contracts and other research and development costs, which were partially offset by a $1.1 million decrease in spending on AVI's 2006 government contracts.
General and administrative expenses in the second quarter of 2011 were $4.0 million, compared to $4.7 million in the second quarter of 2010, a decrease of $0.7 million. The decrease in general and administrative expenses was the result of a $2.6 million decrease in severance related costs for the former chief executive officer that we incurred in the second quarter of 2010, but that we did not continue to incur in the second quarter of 2011. This decrease was partially offset by an increase of $1.4 million in salaries, severance and employee related costs from increased staff, $0.4 million in higher costs for professional and legal services, and $0.1 million in increased costs for facilities.
Revenue for the second quarter of 2011 increased to $11.6 million from $4.0 million in the second quarter of 2010 as a result of the increased revenue associated with the July 2010 Ebola and Marburg government contract.
In the first half of 2011, the operating loss was $15.7 million, compared with an operating loss of $15.4 million in the first half of 2010. The increase in the operating loss was the result of higher costs for research and development of $19.6 million and increased general and administrative costs of $1.4 million, offset by increased revenues of $20.7 million.
Research and development expenses were $32.6 million in the first half of 2011, compared to $13.0 million in the first half of 2010, an increase of $19.6 million, due primarily to a $14.9 million increase in spending related to the July 2010 Ebola and Marburg government contract, a $4.5 million increase in DMD-related program costs, $1.8 million in spending for the H1N1 contracts and other research and development costs, which were partially offset by a $1.6 million decrease in spending on AVI's 2006 government contracts.
General and administrative expenses in the first half of 2011 were $9.0 million, compared to $7.6 million in the first half of 2010, an increase of $1.4 million. The increase is primarily due to $3.2 million in salaries, severance and employee related costs from increased staff, $0.7 million in higher costs for professional and legal services, and $0.1 million in increased costs for facilities. The increase in general and administrative expenses was partially offset by a $2.6 million decrease in severance related costs for the former chief executive officer that we incurred in the first half of 2010, but that we did not continue to incur in the first half of 2011.
Revenue for the first half of 2011 increased to $25.9 million from $5.2 million in the first half of 2010 primarily as a result of the increased revenue associated with the July 2010 Ebola and Marburg government contract.
The net income for the second quarter of 2011 was $1.3 million, or $0.01 per share, compared to a net loss for the second quarter of 2010 of $16.7 million, or $0.15 per share. The $18.0 million increase was primarily due to change in the valuation of certain warrants described below offset by the increase in the operating loss. The net income for the first half of 2011 was $3.1 million, or $0.03 per share, compared to a net loss for the first half of 2010 of $17.2 million, or $0.16 per share. The $20.3 million increase was primarily due to the change in the valuation of certain warrants described below.
In connection with prior equity financings, AVI issued warrants that are classified as liabilities and are adjusted to fair value on a quarterly basis impacting net income (loss). The amount of the warrant liability is primarily affected by changes in AVI's stock price during each financial reporting period which causes the warrant liability to fluctuate as the market price of AVI's stock fluctuates. In the second quarter of 2011, the warrant valuation decreased by $11.3 million compared to an increase in the warrant valuation of $9.0 million in the second quarter of 2010. In the first half of 2011, the warrant valuation decreased by $18.5 million compared to an increase in the warrant valuation of $1.9 million in the first half of 2010.
AVI had cash and cash equivalents of $54.2 million as of June 30, 2011, an increase of $20.6 million from December 31, 2010. This increase was due primarily to the cash raised in the April 2011 equity financing, which raised net proceeds of approximately $32.1 million, and the proceeds from the exercise of warrant and stock options of $0.2 million, partially offset by cash used in operations during the first half of 2011 of $10.5 million and cash used for property and equipment and patent-related costs of approximately $1.2 million.
Recent Corporate Developments
Duchenne Muscular Dystrophy (DMD) Program
Data published in The Lancet from a Phase Ib/II clinical trial of eteplirsen showed that the therapeutic was well tolerated, with no clear drug-related serious adverse events; eteplirsen induced exon 51 skipping in all cohorts, and novel dystrophin protein expression was observed in a dose-dependent manner.
Received approval from the institutional review board to initiate the Phase II trial of eteplirsen in DMD patients, positioning AVI to initiate the study in August 2011.
Infectious Disease Programs
Initiated AVI's third clinical trial this year with a Phase I initiation for AVI-7100, AVI's lead influenza drug candidate, in healthy volunteers.
Responded to the U.S. Department of Defense's RFP seeking the full clinical development of AVI's influenza drug candidate; an update on the status of the RFP process will be provided on this afternoon's conference call (details below).
Successfully completed in 18 days the first simultaneous rapid-response exercise against both bacterial and viral targets, which included designing and manufacturing novel RNA-based drug candidates with the Naval Medical Research Center.
Presented data from AVI's RNA-based hemorrhagic fever and infectious disease programs at the 21st European Congress of Clinical Microbiology and Infectious Diseases.
Other Developments
Issued a broad composition of matter patent for PMOplusâ„¢ chemistry platform by the U.S. Patent and Trademark Office titled "Oligonucleotide Analogs Having Cationic Intersubunit Linkages."
Appointed Ed Kaye, M.D., a recognized industry leader in the development of therapeutics for the treatment of rare genetic diseases and pediatric neurological diseases, as Chief Medical Officer.
2011 Guidance
For 2011, AVI confirms guidance for revenue of approximately $50 million to $60 million. The guidance for projected cash expenditures for operations, net of government funding and other collaborative efforts, has been adjusted to a range of approximately $28 to $33 million, an increase from previously provided guidance of $23 to $28 million.
The increase in projected cash burn compared to previously provided guidance is primarily the result of manufacturing scale-up costs that will be incurred in the later part of 2011 (earlier than originally anticipated) to support the accelerated development plan for eteplirsen and our broader DMD program; development costs associated with the Phase I safety study of AVI-7100; costs associated with transitioning executive management departures and hiring; and increased research costs for expanding the application of our PMO chemistries. AVI believes it will continue to receive funding from government contracts and has assumed certain revenues from these awards in providing this guidance. If AVI does not continue to receive the funding from its current contracts, its guidance may change.
Conference Call
AVI BioPharma will hold a financial results and corporate update conference call today at 5:00 p.m., Eastern Time (2:00 p.m., Pacific Time). The conference call may be accessed by dialing 866.713.8565 for domestic callers and 617.597.5324 for international callers. The passcode for the call is 86734094. Please specify to the operator that you would like to join the "AVI BioPharma second quarter 2011 earnings call." The conference call will be webcast live under the events section of AVI's website at www.avibio.com, and will be archived there following the call for 90 days. Please connect to AVI's website several minutes prior to the start of the broadcast to ensure adequate time for any software download that may be necessary.
About AVI BioPharma
AVI BioPharma is focused on the discovery and development of novel RNA-based therapeutics for rare and infectious diseases, as well as other select disease targets. Applying pioneering technologies developed and optimized by AVI, the Company is able to target a broad range of diseases and disorders through distinct RNA-based mechanisms of action. Unlike other RNA-based approaches, AVI's technologies can be used to directly target both messenger RNA (mRNA) and precursor messenger RNA (pre-mRNA) to either down-regulate (inhibit) or up-regulate (promote) the expression of targeted genes or proteins. By leveraging its highly differentiated RNA-based technology platform, AVI has built a pipeline of potentially transformative therapeutic agents, including eteplirsen, which is in clinical development for the treatment of Duchenne muscular dystrophy, and multiple drug candidates that are in clinical development for the treatment of infectious diseases. For more information, visit www.avibio.com.
Forward-Looking Statements and Information
In order to provide AVI's investors with an understanding of its current results and future prospects, this press release contains statements that are forward-looking. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "will," "intends," "potential," "possible" and similar expressions are intended to identify forward-looking statements. These forward-looking statements include statements about the development of AVI's product candidates, including the initiation of a Phase II study in August 2011 for eteplirsen, AVI's estimates regarding its future revenues and expenses and expectations regarding future success, revenues and funding from government and other sources.
These forward-looking statements involve risks and uncertainties, many of which are beyond AVI's control. Known risk factors include, among others: clinical trials may not demonstrate safety and efficacy of any of AVI's drug candidates and/or AVI's antisense-based technology platform; development of any of AVI's drug candidates, including AVI-6002, AVI-6003 or AVI-7100, may not result in funding from the U.S. Government in the anticipated amounts or on a timely basis, if at all; and any of AVI's drug candidates may fail in development, may not receive required regulatory approvals, or be delayed to a point where they do not become commercially viable.
Any of the foregoing risks could materially and adversely affect AVI's business, results of operations and the trading price of AVI's common stock. For a detailed description of risks and uncertainties AVI faces, you are encouraged to review the official corporate documents filed with the Securities and Exchange Commission. AVI does not undertake any obligation to publicly update its forward-looking statements based on events or circumstances after the date hereof.
AVI BIOPHARMA, INC.
(A Development-Stage Company)
(unaudited)
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
-------------------- --------------------
2011 2010 2011 2010
--------- --------- --------- ---------
Revenues from license fees,
grants and research contracts $ 11,585 $ 3,997 $ 25,881 $ 5,201
Operating expenses:
Research and development 17,750 6,931 32,551 13,020
General and administrative 3,960 4,733 8,986 7,577
--------- --------- --------- ---------
Operating loss (10,125) (7,667) (15,656) (15,396)
Other income (loss):
Interest (expense) income and
other, net 151 51 241 87
(Increase) decrease on
warrant valuation 11,253 (9,040) 18,527 (1,931)
--------- --------- --------- ---------
Net income (loss) $ 1,279 $ (16,656) $ 3,112 $ (17,240)
========= ========= ========= =========
========= ========= ========= =========
Net income (loss) per share --
basic $ 0.01 $ (0.15) $ 0.03 $ (0.16)
========= ========= ========= =========
Net income (loss) per share --
diluted $ 0.01 $ (0.15) $ 0.02 $ (0.16)
========= ========= ========= =========
Shares used in per share
calculations -- basic 134,090 110,383 123,346 110,404
========= ========= ========= =========
Shares used in per share
calculations -- diluted 138,916 110,383 130,018 110,404
========= ========= ========= =========
BALANCE SHEET HIGHLIGHTS
(unaudited)
(in thousands)
June 30, December 31,
2011 2010
------------ ------------
Cash and cash equivalents $ 54,188 $ 33,589
Total current assets 66,023 37,838
Total assets 74,933 45,976
Total current liabilities 36,938 45,857
Total shareholders' equity (deficit) $ 35,149 $ (2,817)
damn market is down 400, how low will it go, might see 10000 soon at this rate, hope not, sorry just venting lol
Alphatec Spine to Present at the 2011 Canaccord Genuity Growth Conference
Alphatec Holdings, Inc. (MM) (NASDAQ:ATEC)
Intraday Stock Chart
Today : Monday 1 August 2011
Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., a medical device company that designs, develops, manufactures and markets products for the surgical treatment of spine disorders, with a focus on treating conditions related to the aging spine, today announced it will present at the 2011 Canaccord Genuity Growth Conference on Tuesday, August 9, 2011 at 4:00 p.m. at the InterContinental Hotel in Boston, Massachusetts.
During such presentation, Dirk Kuyper, Alphatec Spine's President and CEO, will provide an overview of the Company's activities. A live audio webcast of the presentation at the 2011 Canaccord Genuity Growth Conference will be accessible through the Company's investor relations website at www.alphatecspine.com. An archived edition of the presentation will be available later that day and will be available for at least 30 days afterwards.
Here we go again, down .08 first 5 mins, geeeze, how low can it go???
PostRock Announces Final Settlement
Postrock Energy Corp. (MM) (NASDAQ:PSTR)
Intraday Stock Chart
Today : Friday 29 July 2011
PostRock Energy Corporation (Nasdaq:PSTR) today announced that the District Court of Nowata County, Oklahoma, has entered final approval of the settlement of the royalty owner class action lawsuit against the Company. The settlement resolves all claims against the Company by its royalty owners in the State of Oklahoma. PostRock funded the $5.6 million cost of the settlement with existing cash balances. The cost of the Settlement had been fully reserved at March 31, 2011.
Terry W. Carter, the Company's Interim President, said, "We are pleased to fully resolve all disputes with our Oklahoma royalty holders. The resolution is another key step in putting all material issues related to PostRock's predecessor entities behind us and allows us to increase our focus on improving our operations and consolidating the Cherokee Basin."
PostRock Energy Corporation is engaged in the acquisition, exploration, development, production and transportation of oil and natural gas, primarily in the Cherokee Basin of Kansas and Oklahoma. The Company owns and operates over 3,000 wells and nearly 2,200 miles of gas gathering lines in the Basin. It also owns a 1,120 mile interstate natural gas pipeline, which transports natural gas from northern Oklahoma and western Kansas to Wichita and Kansas City.
The PostRock Energy Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7221
CONTACT: Jack Collins
Chief Financial Officer
(405) 702-7460
North Whipple
Manager, Corporate Development & Investor Relations
(405) 702-7423
AVI BioPharma Announces Second Quarter 2011 Financial Results and Corporate Update Conference Call
Avi Biopharma (NASDAQ:AVII)
Intraday Stock Chart
Today : Thursday 28 July 2011
AVI BioPharma, Inc. (NASDAQ: AVII), a developer of RNA-based therapeutics, will report second quarter 2011 financial results after the NASDAQ Global Market closes on Thursday, August 4, 2011. Subsequently, at 5:00 p.m., Eastern time (2:00 p.m., Pacific time), Chris Garabedian, AVI's president and CEO, will host a conference call to discuss second quarter 2011 financial results and to provide a corporate update.
The conference call may be accessed by dialing 866.713.8565 for domestic callers and 617.597.5324 for international callers. The passcode for the call is 86734094. Please specify to the operator that you would like to join the "AVI BioPharma second quarter 2011 earnings call." The conference call will be webcast live under the events section of AVI's website at www.avibio.com and will be archived there following the call for 90 days. Please connect to AVI's website several minutes prior to the start of the broadcast to ensure adequate time for any software download that may be necessary.
Flagstar Bancorp Cut To Mkt Perform From Outperform By FBR Capital Markets
Last update: 7/28/2011 3:01:54 AM
(END) Dow Jones Newswires
July 28, 2011 03:01 ET (07:01 GMT)
PNC Announces Agreement to Acquire 27 Branches from Flagstar
Flagstar Bancorp (NYSE:FBC)
Intraday Stock Chart
Today : Wednesday 27 July 2011
The PNC Financial Services Group, Inc. (NYSE: PNC) today announced that it has signed a definitive agreement to acquire 27 branches in metropolitan Atlanta, Georgia from Flagstar Bank, FSB, a subsidiary of Flagstar Bancorp, Inc. (NYSE: FBC) and assume approximately $240 million of deposits associated with these branches based on balances as of June 30, 2011.
"This transaction provides PNC the opportunity to acquire branches that complement our strategic plan for the Atlanta region and reflect our intention to become a competitor there," said Joseph C. Guyaux, president of PNC and head of retail banking. "With more than 70 branches in the Atlanta metro area, including those we plan to add from our pending acquisition of RBC Bank (USA), we expect to have sufficient presence to grow the retail banking customer base and leverage our corporate banking and wealth management opportunities."
Under the agreement, PNC will purchase 21 branches and lease 6 branches located in a seven county area primarily north of Atlanta. Acquired real estate and fixed assets associated with the branches will be purchased for net book value, or approximately $42 million. No deposit premium will be paid and no loans will be acquired in the transaction.
The transaction is expected to close in December 2011, subject to customary closing conditions, including regulatory approvals. Immediately upon closing, PNC intends to convert Flagstar customer accounts to the PNC platform with Flagstar branches assuming the PNC Bank name. PNC expects to offer employment to substantially all of the Flagstar branch employees and sees opportunities to add new positions as it extends its full breadth of retail, corporate, mortgage and wealth management products and services in this market.
Wachtell, Lipton, Rosen & Katz acted as legal counsel to PNC. FIG Partners LLC represented Flagstar Bancorp, Inc. as financial adviser and Kutak Rock LLP as legal counsel.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation's largest diversified financial services organizations providing retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements regarding our outlook or expectations with respect to the planned acquisition of branch assets and related deposits from Flagstar Bancorp, Inc. as well as our pending acquisition of RBC Bank (USA), the expected costs to be incurred in connection with the acquisitions, future performance and consequences of integration of these acquired businesses into PNC, and the impact of these pending acquisition transactions on PNC's future performance.
Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. The forward-looking statements in this press release speak only as of the date of the press release, and PNC assumes no duty, and does not undertake, to update them. Actual results or future events could differ, possibly materially, from those that we anticipated in these forward-looking statements.
These forward-looking statements are subject to the principal risks and uncertainties applicable to PNC's businesses generally that are disclosed in PNC's 2010 Form 10-K and 2011 Form 10-Qs, including in the Risk Factors and Risk Management sections of those reports, and in PNC's subsequent SEC filings (accessible on the SEC's website at www.sec.gov and on PNC's corporate website at www.pnc.com/secfilings). We have included these web addresses as inactive textual references only. Information on these websites is not part of this document.
In addition, forward-looking statements in this press release are subject to the following risks and uncertainties related both to each acquisition transaction itself and to the integration of each of the acquired businesses into PNC after its respective closing:
•Closing of each pending acquisition is dependent on, among other things, receipt of regulatory and other applicable approvals, the timing of which cannot be predicted with precision at this point and which may not be received at all. Closing of one acquisition transaction does not depend on closing the other transaction. The impact of closing on PNC's financial statements will be affected by the timing of the transaction.
•Each of the respective acquisition transactions (including integration of the acquired businesses) may be substantially more expensive to complete than anticipated. Anticipated benefits, including cost savings and strategic gains, may be significantly harder or take longer to achieve than expected or may not be achieved in their entirety as a result of unexpected factors or events.
•Our ability to achieve anticipated results from each respective transaction is dependent also on the following factors, in part related to the state of economic and financial markets: the extent of credit losses in the acquired loan portfolios and the extent of deposit attrition. Also, litigation and governmental investigations that may be filed or commenced, as a result of one or both of these transactions or otherwise, could impact the timing or realization of anticipated benefits to PNC.
•Integration of each of the acquired businesses and their respective operations into PNC, which will include conversion of the Flagstar branches' different systems and procedures and conversion of RBC Bank (USA)'s different systems and procedures, respectively, may take longer than anticipated or be more costly than anticipated or have unanticipated adverse results relating to the acquired business or businesses or PNC's existing businesses. PNC's ability to successfully integrate the Flagstar branches and, as applicable, to successfully integrate RBC Bank (USA), may be adversely affected by the fact that these transactions will result in PNC entering several markets where PNC does not currently have any meaningful retail presence and by the respective order and timing of the two pending transactions.
Tell me if iam wrong, it seems to me the 2nd quarter was good, and there is still no volume here, EI, or anyone have a take on it? what am i missing
thanks in advance
First California Reports Strong 2011 Second Quarter Net Income of $2.4 Million
First California Financial Grp., Inc. (MM) (NASDAQ:FCAL)
Intraday Stock Chart
Today : Tuesday 26 July 2011
First California Financial Group, Inc. (NASDAQ: FCAL), the holding company of First California Bank, today reported second quarter net income of $2.4 million compared with $147,000 for the same quarter a year ago. Net income available to common shareholders was $2.1 million, or $0.07 per diluted share, compared to a net loss available to common shareholders of $166,000, or $0.01 per share, for the 2010 second quarter. Preferred dividends were $312,500 each for the second quarters of 2011 and 2010.
"Our strong earnings were driven by several factors, including improved margins, higher fee income and lower loan loss provisions," said C. G. Kum, president and chief executive officer of First California Financial Group. "Moreover, we believe these financial results are sustainable and validate the actions we have previously taken, and expect to continue to take, namely hiring talented professionals, making strategic acquisitions to expand our geographic base and add new product offerings, and proactively and diligently addressing asset quality."
2011 Second Quarter Financial Highlights
•Net income climbed to $2.4 million compared with $147,000 for the same period a year ago;
•Diluted earnings per common share rose to $0.07 versus a loss per common share of $0.01 for the 2010 second quarter;
•Net interest income increased 43% to $15.5 million from the same period last year; net interest margin (on a tax equivalent basis) improved to 3.95 percent compared with 3.40 percent a year ago;
•Service charges, fees and other income jumped 97% from the year ago period to $2.2 million;
•Pre-tax gain of $466,000 recorded in connection with the acquisition of the Electronic Payment Services division of Palm Desert National Bank; associated integration/conversion expense of $350,000;
•Loan loss allowance to non-covered loans at the end of the 2011 second quarter of 1.99 percent, up from 1.85 percent a year ago; net loan charge-offs decreased to $860,000 from $912,000 for the same period last year; provision for loan losses declined to $500,000 from $1.8 million for the same quarter last year;
•Tangible book value per common share increased 13% to $4.11 at the end of the second quarter from a year ago.
Electronic Payments Services Transaction
On April 8, 2011, the Bank completed the acquisition of the Electronic Banking Solutions division of Palm Desert National Bank. The transaction included the division's customer base, core deposits and employees. At the closing date, the division had deposits of $91 million and 26 employees. In connection with the purchase, the Bank recognized a pre-tax gain of $466,000 and incurred integration/conversion expenses of $350,000. The Electronic Payment Services division, or EPS division, its new name under First California Bank, is a leader in the electronic payment industry with a history of stored-value card programs and merchant acquiring programs. First California Bank issues prepaid cards and sponsors merchant acquiring services for all national and regional networks, including Visa, MasterCard and Discover throughout all 50 states and US territories. Division revenues were $854,000 and deposits averaged $83.2 million since the date of acquisition. At June 30, 2011, deposits were $93.3 million.
Financial Results
For the 2011 second quarter, net interest income before the provision for loan losses, increased 43% to $15.5 million from $10.8 million for the 2010 second quarter. The increase reflects a higher level of loans and loan yields and included $850,000 of discount accretion on covered loans for the 2011 second quarter. Net interest margin (on a taxable equivalent basis) rose to 3.95 percent from 3.40 percent for the 2010 second quarter. The increase reflects the decline in the rate paid on interest-bearing funds and the benefit from the addition of non-interest checking deposits, primarily from the EPS division.
Service charges, fees and other income increased 97% to $2.2 million from $1.1 million for the 2010 second quarter, primarily due to the fee income in the current quarter from the EPS division.
Noninterest income included a $490,000 net gain on the sale of securities, a $166,000 gain from the sale of the former head office of the Bank and a $466,000 gain on the acquisition of the EPS division.
Operating expenses for the 2011 second quarter were $12.6 million compared with $9.9 million for the 2010 second quarter. These expenses exclude intangible amortization, integration/conversion expenses and foreclosed property gains, losses and expenses. The increase reflects growth in the Company's workforce associated with the acquisitions of Western Commercial Bank, San Luis Trust Bank (SLTB) and the EPS division, as well as the addition of three lending teams. Employees at June 30, 2011 numbered 293 compared with 245 at the end of the same period a year ago. In addition, professional expenses were higher due to ongoing loan collection and resolution efforts. Nonetheless, the Company's efficiency ratio improved to 73.59% for the 2011 second quarter from 81.82% for the same period last year.
At June 30, 2011, non-covered loans decreased to $919.7 million from $947.7 million at December 31, 2010, primarily due to continued lowering of the Company's exposure in the construction loan portfolio combined with lower line usage by its commercial borrowers. To deploy excess liquidity, the Company is in the process of acquiring loan portfolios totaling approximately $35 million. These loans are primarily in-market single family residential and multi-family mortgages underwritten to First California's conservative standards.
At June 30, 2011, covered loans increased to $171.8 million from $53.9 million at December 31, 2010, because of the FDIC-assisted SLTB transaction. The unpaid principal balance of covered loans at June 30, 2011 was $261.1 million. The Bank's credit administrative team, since the respective acquisition dates, reduced covered loans by 11%.
Led by the EPS division, non-interest checking deposits increased 30% from year-end 2010 and now represent 31% of total deposits. The SLTB transaction included $174 million of deposits from outside the SLTB geographic footprint. The Bank allowed these deposits to run-off at their scheduled maturities and approximately $20 million remained at the end of the 2011 second quarter. These remaining deposits will mature and run-off by the end of 2011. The cost of all deposits, aided by the change in the mix of deposits, fell 10% to 64 basis points for the 2011 second quarter from 71 basis points for the same period last year.
Asset Quality
Non-covered nonaccrual loans decreased to $17.8 million at June 30, 2011 from $18.2 million at December 31, 2010. Non-covered loans past due 30 to 89 days decreased to $5.8 million at June 30, 2011 from $11.6 million at December 31, 2010. There were no non-covered loans past due 90 days and accruing at June 30, 2011.
Non-covered foreclosed property at the end of the 2011 second quarter declined 22% to $20.2 million from $26.0 million at December 31, 2010. In addition to the valuation allowance charge recognized in the 2011 first quarter, the Company continues to realize declines through sales. At June 30, 2011, non-covered non-performing assets (the sum of non-covered loans past due 90 days and accruing, nonaccrual loans and foreclosed properties) were 2.1% of total assets.
Covered nonaccrual loans decreased to $31.6 million at June 30, 2011 from $42.2 million at March 31, 2011. Covered foreclosed property was $5.5 million at June 30, 2011, down from $11.1 million at March 31, 2011.
The allowance for loan losses was $18.3 million, or 1.99 percent of non-covered loans, at the end of the 2011 second quarter compared with $17.0 million, or 1.80 percent of non-covered loans, at December 31, 2010. Net loan charge-offs for the 2011 second quarter were $860,000, or 0.37 percent (annualized) of average non-covered loans. The provision for non-covered loan losses for the 2011 second quarter decreased to $500,000 compared with $1.8 million for the 2010 second quarter.
Kum added, "All of our asset quality data points are positive, with significant declines in problem loans, charge-offs and the provision for loan losses. Our strong allowance for loan losses, history of low credit losses and exemplary credit administrative team has and will continue to help protect our capital through this extended recession and stagnant real estate market."
Capital resources
Shareholders' equity was $217.5 million at June 30, 2011 compared with $198.0 million at December 31, 2010. The Company's book value per common share increased to $6.77 at June 30, 2011 compared with $6.16 at December 31, 2010. Tangible book value per common share rose to $4.11 at June 30, 2011 compared with $3.65 at December 31, 2010.
At June 30, 2011, First California's preliminary Tier 1 leverage capital ratio was 9.77 percent. At the end of the 2010 fourth quarter, the Tier 1 leverage capital ratio was 11.00 percent. The Company's ratio of tangible common equity to tangible assets was 6.77 percent at quarter end and 7.08 percent at the end of the 2010 fourth quarter. Total assets were $1.80 billion at June 30, 2011 compared with $1.52 billion at December 31, 2010.
Kum concluded: "Looking ahead, we are building positive core earnings momentum, with strong core deposits and stable operating costs. In addition, we expect increased contributions from the EPS division in the fourth quarter of this year and beyond, as revenues begin catching up to the front-end expenses. And, we have recently brought on board a chief banking officer and chief marketing officer who will be significant participants in strengthening, re-energizing and stimulating further growth in our Bank."
SBLF transaction
Subsequent to the end of the 2011 second quarter, on July 14, 2011, the Company issued 25,000 shares of non-cumulative, perpetual preferred stock series C shares to the U.S. Treasury under its Small Business Lending Fund (SBLF) program. The Company used the $25 million of proceeds to redeem all 25,000 outstanding shares of preferred stock series B. In connection with the redemption of the series B shares, the Company accelerated the amortization of the remaining difference between the par amount and the initially recorded fair value of the series B preferred shares. This $1,143,500 deemed dividend will reduce the amount of net income available to common shareholders in the 2011 third quarter. The initial dividend rate on the series C shares will be 5%; the dividend rate will be established each quarter based on the growth in qualified small business loans.
Use of Non-GAAP Financial Measures
This news release includes "non-GAAP financial measures" within the meaning of the Securities and Exchange Commission rules. Tangible common equity as a percentage of tangible assets is a non-GAAP financial measure. Tangible common equity to tangible assets represents tangible common equity, calculated as total shareholders' equity less preferred stock and related dividend and accretion of preferred stock discount, goodwill and intangible assets, net, divided by total assets less goodwill and other intangible assets, net. Management believes that this measure is useful when comparing banks with preferred stock due to TARP funding to banks without preferred stock on their balance sheet and for evaluating a company's capital levels. Operating expenses exclude amortization of intangible assets and loss on and expense of foreclosed property and non-recurring items such as integration/conversion expenses related to acquisitions and is intended to represent normalized, recurring expenses. This information is being provided in response to market participant interest in these financial metrics. This information is not intended to be considered in isolation or as a substitute for the relevant measures calculated in accordance with U.S. GAAP. The reconciliation of this non-GAAP financial measure to a GAAP financial measure is provided as an attachment to the financial tables.
Conference Call and Webcast
First California will hold a conference call today, July 26, 2011 at 11 a.m. Pacific (2 p.m. Eastern) to discuss the Company's 2011 second quarter financial performance. Investment professionals are invited to participate in the live call by dialing 877-317-6789 (domestic), 866-605-3852 (Canada) or 412-317-6789 (international) and requesting the First California conference call. Other interested parties are invited to listen to the live call through a live, listen-only audio Internet broadcast at www.fcalgroup.com. Listeners are encouraged to visit the Web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. For those who are not available to listen to the live broadcast, the call will be archived on the same Web site for one year. A telephonic replay of the call will be available one hour after the end of the conference through August 9, 2011 by dialing 877-344-7529 (domestic) or 412-317-0088 (international) and entering replay passcode 10002063.
About First California
First California Financial Group, Inc. (NASDAQ: FCAL) is the holding company of First California Bank. Founded in 1979 and with nearly $2 billion in assets, First California serves the comprehensive financial needs of small- and middle-sized businesses and high net worth individuals throughout Southern California. Led by an experienced team of bankers, First California is committed to providing the best client service available in its markets, offering a full line of quality commercial banking products through 19 full-service branch offices in Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo and Ventura counties. The holding company's website can be accessed at www.fcalgroup.com. For additional information on First California Bank's products and services, visit www.fcbank.com.
Forward-Looking Information
This press release contains certain forward-looking information about First California that is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements, and include statements related to the maintenance of First California's asset quality and capital position, the Company's ability to enhance efficiencies and manage costs and the expected continued progress in consolidating operations and the benefits of those activities, the monitoring of and management of risks in First California's loan portfolio, the adequacy of sources of liquidity to support First California's operations and strategic plans, the monitoring of and response to changing market conditions, and the status of the economy in the Southern California communities served by First California. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of First California. First California cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. Risks and uncertainties include, but are not limited to, revenues are lower than expected, credit quality deterioration which could cause an increase in the provision for credit losses, First California's ability to complete future acquisitions, successfully integrate such acquired entities, or achieve expected beneficial synergies and/or operating efficiencies within expected time-frames or at all, changes in consumer spending, borrowing and savings habits, technological changes, the cost of additional capital is more than expected, a change in the interest rate environment reduces interest margins, asset/liability repricing risks and liquidity risks, general economic conditions, particularly those affecting real estate values, either nationally or in the market areas in which First California does or anticipates doing business are less favorable than expected, a slowdown in construction activity, recent volatility in the credit or equity markets and its effect on the general economy, loan delinquency rates, the ability of First California to retain customers, changes in the bank regulatory environment, demographic changes, demand for the products or services of First California as well as their ability to attract and retain qualified people, competition with other banks and financial institutions, and other factors. If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, First California's results could differ materially from those expressed in, or implied or projected by such forward-looking statements. First California assumes no obligation to update such forward-looking statements. For a more complete discussion of risks and uncertainties, investors and security holders are urged to read the section titled "Risk Factors" in First California's Annual Report on Form 10-K and any other reports filed by it with the Securities and Exchange Commission ("SEC"). The documents filed by First California with the SEC may be obtained at the SEC's website at www.sec.gov. These documents may also be obtained free of charge from First California by directing a request to: First California Financial Group, Inc., 3027 Townsgate Road, Suite 300, Westlake Village, CA 91361. Attention: Investor Relations. Telephone (805) 322-9655.
(Financial Tables Follow)
First California Financial Group
Unaudited Quarterly Financial Results
(in thousands
except for
share data and
ratios)
As of or for
the quarter
ended 30-Jun-11 31-Mar-11 31-Dec-10 30-Sep-10 30-Jun-10
----------- ----------- ----------- ----------- -----------
Income
statement
summary
Net interest
income $ 15,500 $ 12,779 $ 12,108 $ 11,107 $ 10,806
Service
charges, fees
& other income 2,234 1,239 1,199 1,116 1,133
Operating
expenses 12,557 12,130 9,383 9,083 9,866
Provision for
loan losses 500 2,500 1,199 3,618 1,766
Foreclosed
property
(gain)/loss &
expense 486 5,252 2,224 185 (223)
Amortization of
intangible
assets 624 416 416 416 417
Gain on
securities
transactions 490 - 548 1,204 130
Integration/
conversion
expense 350 515 430 - -
Gain on
acquisition 466 34,736 2,312 - -
Impairment loss
on securities - 1,066 708 23 -
----------- ----------- ----------- ----------- -----------
Income before
tax 4,173 26,875 1,807 102 243
Tax expense 1,756 11,287 727 38 96
----------- ----------- ----------- ----------- -----------
Net income $ 2,417 $ 15,588 $ 1,080 $ 64 $ 147
=========== =========== =========== =========== ===========
Net income
(loss)
available to
common
shareholders $ 2,104 $ 15,275 $ 767 $ (249)$ (166)
=========== =========== =========== =========== ===========
Common
shareholder
data
Basic earnings
(loss) per
common share $ 0.07 $ 0.54 $ 0.03 $ (0.01)$ (0.01)
Diluted
earnings
(loss) per
common share $ 0.07 $ 0.54 $ 0.03 $ (0.01)$ (0.01)
Book value per
common share $ 6.77 $ 6.71 $ 6.16 $ 6.17 $ 6.18
Tangible book
value per
common share $ 4.11 $ 4.21 $ 3.65 $ 3.65 $ 3.64
Shares
outstanding 28,410,075 28,214,721 28,170,760 28,174,076 28,175,564
Basic weighted
average shares 28,372,740 28,177,635 28,171,552 28,174,092 28,181,602
Diluted
weighted
average shares 28,744,784 28,519,006 28,494,729 28,174,092 28,181,602
Selected
ratios, yields
and rates
Return on
average assets 0.52% 3.67% 0.28% 0.02% 0.04%
Return on
average
tangible
assets 0.63% 3.82% 0.30% 0.02% 0.04%
Return on
average equity 4.50% 30.68% 2.16% 0.13% 0.30%
Return on
average common
equity 4.42% 34.15% 1.75% -0.57% -0.38%
Return on
average
tangible
common equity 8.49% 56.78% 3.89% -0.03% 0.30%
Equity to
assets 12.07% 11.70% 13.02% 13.23% 13.65%
Tangible equity
to tangible
assets 8.21% 8.16% 8.78% 8.91% 9.19%
Tangible common
equity to
tangible
assets 6.77% 6.75% 7.08% 7.19% 7.42%
Tier 1 leverage
capital ratio:
First
California
Bank 9.54% 10.25% 10.63% 11.03% 11.10%
First
California
Financial
Group, Inc. 9.77% 10.58% 11.00% 11.49% 11.62%
Yield on loans 6.24% 5.69% 5.74% 5.83% 5.63%
Yield on
securities 2.16% 1.78% 1.76% 2.15% 2.22%
Yield on
federal funds
sold and
deposits
w/banks 0.29% 0.28% 0.33% 0.28% 0.27%
Total earning
assets yield 4.84% 4.54% 4.64% 4.57% 4.77%
Rate paid on
interest-
bearing
deposits 0.90% 0.95% 0.97% 0.99% 1.00%
Rate paid on
borrowings 2.53% 3.22% 3.48% 3.72% 3.86%
Rate paid on
junior
subordinated
debt 4.99% 4.90% 6.26% 6.55% 6.56%
Total rate paid
on interest-
bearing funds 1.18% 1.30% 1.44% 1.54% 1.56%
Net interest
spread 3.66% 3.24% 3.20% 3.03% 3.21%
Net interest
margin (tax
equivalent) 3.95% 3.52% 3.59% 3.46% 3.40%
Cost of all
deposits 0.64% 0.71% 0.69% 0.69% 0.71%
Efficiency
ratio 73.59% 37.53% 80.73% 75.97% 81.82%
First California Financial Group
Unaudited Quarterly Financial Results
(in thousands
except for
share data and
ratios)
As of or for
the quarter
ended 30-Jun-11 31-Mar-11 31-Dec-10 30-Sep-10 30-Jun-10
----------- ----------- ----------- ----------- -----------
Balance sheet
data - period
end
Total assets $ 1,801,981 $ 1,830,443 $ 1,521,334 $ 1,498,932 $ 1,452,999
Shareholders'
equity 217,539 214,086 198,041 198,284 198,384
Common
shareholders'
equity 192,682 189,344 173,413 173,770 173,985
Tangible common
shareholders'
equity 116,827 118,870 102,778 102,718 102,517
Earning assets 1,519,374 1,556,980 1,336,570 1,283,963 1,275,540
Loans 1,091,528 1,125,890 1,001,615 918,708 891,541
Securities 316,496 311,094 272,439 272,381 286,100
Federal funds
sold & other 111,350 119,996 62,516 92,874 97,899
Interest-
bearing funds 1,131,617 1,265,399 982,945 985,194 906,883
Interest-
bearing
deposits 977,186 1,083,803 824,640 780,402 751,354
Borrowings 127,626 154,791 131,500 178,000 128,750
Junior
subordinated
debt 26,805 26,805 26,805 26,792 26,779
Goodwill and
other
intangibles 75,855 70,474 70,635 71,052 71,468
Deposits 1,406,714 1,411,676 1,156,288 1,089,366 1,092,457
Balance sheet
data - period
average
Total assets $ 1,856,148 $ 1,723,401 $ 1,519,386 $ 1,449,937 $ 1,433,981
Shareholders'
equity 215,626 206,063 198,163 198,703 197,601
Common
shareholders'
equity 191,013 181,378 173,592 173,878 173,268
Tangible common
shareholders'
equity 116,539 110,824 102,748 102,618 101,592
Earning assets 1,576,428 1,475,076 1,341,797 1,274,996 1,278,026
Loans 1,107,772 1,079,197 991,723 890,221 913,251
Securities 314,025 295,407 293,721 287,370 278,395
Federal funds
sold & other 154,631 100,472 56,353 97,405 86,380
Interest-
bearing funds 1,198,176 1,165,157 979,844 919,381 916,653
Interest-
bearing
deposits 1,032,406 1,004,889 822,421 761,104 759,183
Borrowings 138,965 133,463 130,625 131,492 130,698
Junior
subordinated
debt 26,805 26,805 26,798 26,785 26,772
Goodwill and
other
intangibles 74,474 70,563 70,844 71,260 71,676
Deposits 1,450,812 1,336,865 1,153,795 1,084,990 1,070,126
Asset quality
data & ratios
Non-covered
assets:
Loans past due
30 to 89 days
& accruing $ 5,838 $ 2,393 $ 11,630 $ 2,003 $ 1,078
Loans past due
90 days &
accruing - 544 - - -
Nonaccruing
loans 17,792 21,186 18,241 22,398 13,192
----------- ----------- ----------- ----------- -----------
Total past due
& nonaccrual
loans $ 23,630 $ 24,123 $ 29,871 $ 24,401 $ 14,270
=========== =========== =========== =========== ===========
Foreclosed
property $ 20,204 $ 20,855 $ 26,011 $ 27,906 $ 27,850
Loans $ 919,704 $ 940,885 $ 947,745 $ 918,708 $ 891,541
Net loan
charge-offs $ 860 $ 867 $ 666 $ 3,570 $ 912
Allowance for
loan losses $ 18,306 $ 18,666 $ 17,033 $ 16,500 $ 16,452
Allowance for
loan losses to
loans 1.99% 1.98% 1.80% 1.80% 1.85%
Covered assets:
Loans past due
30 to 89 days
& accruing $ 4,145 $ 5,607 $ 4,877 $ - $ -
Loans past due
90 days &
accruing 2,379 4,208 400 - -
Nonaccruing
loans 31,649 42,412 4,325 - -
----------- ----------- ----------- ----------- -----------
Total past due
& nonaccrual
loans $ 38,173 $ 52,227 $ 9,602 $ - $ -
=========== =========== =========== =========== ===========
Foreclosed
property $ 5,461 $ 11,096 $ 977 $ - $ -
Loans $ 171,824 $ 185,005 $ 53,870 $ - $ -
Net loan
charge-offs $ - $ - $ - $ - $ -
Allowance for
loan losses $ - $ - $ - $ - $ -
Allowance for
loan losses to
loans 0.00% 0.00% 0.00% 0.00% 0.00%
First California Financial Group
Unaudited Quarterly Financial Results
Three months ended Six months ended
June 30, June 30,
------------------- --------------------
2011 2010 2011 2010
(in thousands)
Interest income:
Interest and fees on loans $ 17,236 $ 12,819 $ 32,368 $ 25,806
Interest on securities 1,680 1,508 2,991 3,097
Interest on federal funds sold
and interest bearing deposits 111 59 180 79
--------- --------- --------- ---------
Total interest income 19,027 14,386 35,539 28,982
--------- --------- --------- ---------
Interest expense:
Interest on deposits 2,316 1,884 4,658 4,056
Interest on borrowings 877 1,257 1,937 2,569
Interest on junior
subordinated debentures 334 439 665 878
--------- --------- --------- ---------
Total interest expense 3,527 3,580 7,260 7,503
--------- --------- --------- ---------
Net interest income before
provision for loan losses 15,500 10,806 28,279 21,479
Provision for loan losses 500 1,766 3,000 3,520
--------- --------- --------- ---------
Net interest income after
provision for loan losses 15,000 9,040 25,279 17,959
--------- --------- --------- ---------
Noninterest income:
Service charges on deposit
accounts 858 814 1,755 1,599
Net gain on sale of securities 490 130 490 262
Impairment loss on securities - - (1,066) (18)
Market gain on foreclosed
assets - 691 - 691
Gain on acquisitions 466 - 35,202 -
Other income 1,376 319 1,718 613
--------- --------- --------- ---------
Total noninterest income 3,190 1,954 38,099 3,147
--------- --------- --------- ---------
Noninterest expense:
Salaries and employee benefits 6,572 4,889 12,640 9,859
Premises and equipment 1,603 1,517 3,142 3,054
Data processing 814 597 1,875 1,192
Legal, audit and other
professional services 1,568 590 3,228 772
Printing, stationery and
supplies 112 113 208 125
Telephone 208 213 374 437
Directors' fees 100 113 206 233
Advertising, marketing and
business development 428 286 797 513
Postage 65 47 121 103
Insurance and assessments 750 780 1,413 1,580
Loss on and expense of
foreclosed property 486 468 5,738 546
Amortization of intangible
assets 624 417 1,040 833
Other expenses 687 721 1,548 1,420
--------- --------- --------- ---------
Total noninterest expense 14,017 10,751 32,330 20,667
--------- --------- --------- ---------
Income before provision for
income taxes 4,173 243 31,048 439
Provision for income taxes 1,756 96 13,043 175
--------- --------- --------- ---------
Net income $ 2,417 $ 147 $ 18,005 $ 264
========= ========= ========= =========
Net income (loss) available to
common stockholders $ 2,104 $ (166) $ 17,380 $ (361)
First California Financial Group
Unaudited Quarterly Financial Results
(in thousands) June 30, December 31,
2011 2010
------------ ------------
Cash and due from banks $ 46,530 $ 25,487
Interest bearing deposits with other banks 111,350 62,516
Securities available-for-sale, at fair value 316,496 272,439
Non-covered loans, net 901,398 930,712
Covered loans 171,824 53,870
Premises and equipment, net 18,628 19,710
Goodwill 60,720 60,720
Other intangibles, net 15,135 9,915
Deferred tax assets, net - 4,563
Cash surrender value of life insurance 12,451 12,232
Non-covered foreclosed property 20,204 26,011
Covered foreclosed property 5,461 977
FDIC shared-loss asset 81,630 16,725
Accrued interest receivable and other assets 40,154 25,457
------------ ------------
Total assets $ 1,801,981 $ 1,521,334
============ ============
Non-interest checking $ 429,528 $ 331,648
Interest checking 98,695 88,638
Money market and savings 490,062 388,289
Certificates of deposit, under $100,000 95,412 84,133
Certificates of deposit, $100,000 and over 293,017 263,580
------------ ------------
Total deposits 1,406,714 1,156,288
Securities sold under agreements to repurchase 30,000 45,000
Federal Home Loan Bank advances 97,626 86,500
Junior subordinated debentures 26,805 26,805
Deferred tax liabilities, net 11,353 -
FDIC shared-loss liability 3,643 988
Accrued interest payable and other liabilities 8,301 7,712
------------ ------------
Total liabilities 1,584,442 1,323,293
Total shareholders' equity 217,539 198,041
------------ ------------
Total liabilities and shareholders' equity $ 1,801,981 $ 1,521,334
============ ============
FIRST CALIFORNIA FINANCIAL GROUP, INC.
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(unaudited)
(in thousands except for share data and ratios) 6/30/2011 12/31/2010
----------- -----------
Total shareholders' equity $ 217,539 $ 198,041
Less: Goodwill and intangible assets (75,855) (70,635)
----------- -----------
Tangible equity 141,684 127,406
Less: Preferred stock (24,857) (24,628)
----------- -----------
Tangible common equity $ 116,827 $ 102,778
=========== ===========
Total assets $ 1,801,981 $ 1,521,334
Less: Goodwill and intangible assets (75,855) (70,635)
----------- -----------
Tangible assets $ 1,726,126 $ 1,450,699
=========== ===========
Common shares outstanding 28,410,075 28,170,760
Tangible equity to tangible assets 8.21% 8.78%
Tangible common equity to tangible assets 6.77% 7.08%
Tangible book value per common share $ 4.11 $ 3.65
Three months ended
------------------------
6/30/2011 6/30/2010
----------- -----------
Net income (loss) available to common shares $ 2,104 $ (166)
Less: amortization of intangible assets, net of
tax 362 241
----------- -----------
Net income available to tangible common shares $ 2,466 $ 75
=========== ===========
Three months ended
------------------------
6/30/2011 6/30/2010
----------- -----------
Noninterest expense $ 14,017 $ 10,751
Less: amortization of intangible assets (624) (417)
Less: loss on and expense of foreclosed property (486) (468)
Less: integration/conversion expenses (350) -
----------- -----------
Operating expenses $ 12,557 $ 9,866
=========== ===========
For further Information:
At the Company:
Ron Santarosa
805-322-9333
At PondelWilkinson:
Robert Jaffe
310-279-5969
Corporate Headquarters Address:
3027 Townsgate Road, Suite 300
Westlake Village, CA 91361
PostRock Announces Second Quarter Earnings Call
Postrock Energy Corp. (MM) (NASDAQ:PSTR)
Intraday Stock Chart
Today : Monday 25 July 2011
PostRock Energy Corporation (Nasdaq:PSTR) announced that it will host its quarterly webcast and conference call on Thursday, August 11, 2011 at 10:00 a.m. Central Time. The live webcast will be accessible on the 'Investors' page at www.pstr.com, where it will also be available for replay. The conference call number for participation is 866-516-1003.
About PostRock Energy Corporation
PostRock Energy Corporation is engaged in the acquisition, exploration, development, production and transportation of oil and natural gas, primarily in the Cherokee Basin of Kansas and Oklahoma. The Company owns and operates over 3,000 wells and nearly 2,200 miles of gas gathering lines in the Basin. It also owns a 1,120 mile interstate natural gas pipeline, which transports natural gas from northern Oklahoma and western Kansas to Wichita and Kansas City.
The PostRock Energy Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7221
CONTACT: Jack Collins
Chief Financial Officer
(405) 702-7460
North Whipple
Manager, Corporate Development & Investor Relations
(405) 702-7423
Happen to agree, but in the last 2 monthes , we are up .33. in the last 30 day we are up .14... I think we have to stick it out a while longer
Avi Biopharma (NASDAQ:AVII)
Intraday Stock Chart
Today : Monday 25 July 2011
AVI BioPharma, Inc. (NASDAQ: AVII), a developer of RNA-based therapeutics, today announced that data published in The Lancet from a Phase 1b/2 study of eteplirsen, the Company's exon-skipping therapy for the treatment of Duchenne muscular dystrophy (DMD), demonstrate that the treatment was well tolerated and was shown to induce statistically significant and dose-dependent improvements in dystrophin expression in patients. DMD is a genetic muscle wasting disease caused by the absence of functional dystrophin, an essential muscle protein.
"Our observations of significant and dose dependent improvements in novel dystrophin expression and other associated biochemical markers suggest that eteplirsen has the potential to reduce muscle damage in DMD patients and positively modify the severe progressive nature of the disease," said Prof. Francesco Muntoni, professor of pediatric neurology and head of the Dubowitz Neuromuscular Centre at the UCL Institute of Child Health, London, and the corresponding author of the study paper. "Restoration of dystrophin with a safe therapeutic candidate could have a considerable positive impact on the quality of life for patients, their mobility and the way their condition is managed as they age, and we are eager to continue the investigation of eteplirsen in placebo-controlled trials to evaluate biochemical markers and clinical endpoints over a longer treatment duration."
The primary objective of the 19-patient, 12-week, six dose cohort study was to assess eteplirsen's safety and tolerability. Secondary objectives were assessments of the pharmacokinetic profile and ability to restore dystrophin expression. Eteplirsen was well tolerated in all patients, with no clear drug-related serious adverse events. Reported adverse events were mostly mild or moderate in intensity and not dose-related. The plasma half-life was short, and there was no plasma accumulation observed between doses. Clearance of eteplirsen was primarily via the kidney.
Eteplirsen induced exon 51 skipping in all cohorts, and novel dystrophin protein expression was observed in a dose-dependent manner (p=0.02). While results were variable among patients, the substantial, statistically significant (p=0.04), new dystrophin expression was observed in the highest two dose cohorts. Moreover, novel dystrophin expression was accompanied by a significant reduction of inflammatory cell infiltrates in the two highest dose cohorts, including CD3 (p=0.01), CD4 and CD8 inflammation markers, suggesting an alteration in the underlying degenerative disease process. The functional properties of the novel dystrophin expression were confirmed by localization of the protein at the sarcolema, or cell membrane. Clinical muscle function evaluations found that most patients remained stable during the study period. The study was not designed to evaluate clinical benefit, and longer drug exposure is believed necessary to influence disease progression.
Chris Garabedian, AVI's CEO and president, commented: "The publication of our most recent clinical trial data in The Lancet reinforces the commitment we made to accelerate our development of eteplirsen. We are more focused than ever on optimizing our development efforts and continue to advance the NDA-enabling activities initiated earlier this year to support the start of a pivotal trial."
About Duchenne Muscular Dystrophy
DMD is one of the most common fatal genetic disorders to affect children around the world. Approximately one in every 3,500 boys worldwide is affected with DMD. A devastating and incurable muscle-wasting disease, DMD is associated with specific inborn errors in the gene that codes for dystrophin, a protein that plays a key structural role in muscle fiber function. Progressive muscle weakness eventually spreads to the arms, neck and other areas. Eventually, this progresses to complete paralysis and increasing difficulty in breathing due to respiratory muscle dysfunction requiring ventilatory support as well as cardiac muscle dysfunction leading to heart failure. The condition is terminal, and death usually occurs before the age of 30.
About Eteplirsen
Eteplirsen is AVI's lead drug candidate that is systemically delivered for the treatment of a substantial subgroup of patients with DMD. Data from clinical studies of eteplirsen in DMD patients have demonstrated a broadly favorable safety and tolerability profile and restoration of dystrophin protein expression and other markers of biochemical efficacy.
Eteplirsen uses AVI's novel phosphorodiamidate morpholino oligomer (PMO)-based chemistry and proprietary exon-skipping technology to skip exon 51 of the dystrophin gene. By skipping exon 51, eteplirsen may restore the gene's ability to make a shorter, but still functional, form of dystrophin from mRNA. Promoting the synthesis of a truncated dystrophin protein is intended to improve, stabilize or significantly slow the disease process and prolong and improve the quality of life for patients with DMD. AVI is also developing other PMO-based exon-skipping drug candidates intended to treat additional patients with DMD
First California to Report 2011 Second Quarter Results and Host Conference Call on Tuesday, July 26, 2011
First California Financial Grp., Inc. (MM) (NASDAQ:FCAL)
Intraday Stock Chart
Today : Thursday 21 July 2011
First California Financial Group, Inc. (NASDAQ: FCAL) today announced that the company will issue its 2011 second quarter financial results before the market opens on Tuesday, July 26, 2011, and host a conference call that same day at 11 a.m. Pacific (2 p.m. Eastern) to review the company's financial performance and answer questions.
Investment professionals are invited to participate in the live call by dialing 877-317-6789 (domestic), 866-605-3852 (Canada) or 412-317-6789 (international) and requesting the First California conference call. The call will also be available through a live, listen-only audio Internet broadcast at www.fcalgroup.com. Listeners are encouraged to visit the Web site at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. The call will be archived on the same Web site for one year. A telephonic replay of the call will be available one hour after the end of the conference through August 9, 2011 by dialing 877-344-7529 (domestic) or 412-317-0088 (international) and entering replay passcode 10002063.
Flagstar Bancorp and Elan Financial Services Announce New Card-Issuing Partnership
Last update: 7/21/2011 12:00:01 PM
MINNEAPOLIS & TROY, Mich., Jul 21, 2011 (BUSINESS WIRE) -- Elan Financial Services, the nation's leading agent credit card issuer, has partnered with Flagstar Bancorp, Inc. (FBC), the holding company for Flagstar Bank, FSB, to offer its customers a robust, Flagstar Bank-branded credit card program.
With this new partnership, Flagstar Bank cardholders will benefit from a variety of credit card products with rewards options, such as a full one percent cash back feature, merchandise, gift certificates or travel rewards. Special features will also be available for small business cardholders, including rewards for every dollar spent and tools to track and manage their expenses.
"Partnering with Elan to launch a new line of credit cards will help us to deliver a full suite of retail products for our customers," said Michael Tierney, executive vice president and Midwest market president for Flagstar Bank. "We think customers will love the benefits and enjoy the ease and flexibility of our new credit cards."
"We're excited to leverage our experience as a full-service card issuer to bring Flagstar Bank a dynamic credit card program for the customers it serves," said Jeff Chernivec, senior vice president and market development director at Elan Financial Services. "Our strength and long-term history as a provider of credit card program solutions, together with Flagstar's desire to provide best-in-class products and service to its customers, make this a solid partnership."
Elan Financial Services, a full-service credit card issuer, is dedicated to serving financial institutions with best-in-class credit card products and rewards that meet the unique needs of every customer
Excel Maritime Announces Date for the Release of Second Quarter 2011 Results, Conference Call and Webcast
Excel Maritime Carr (NYSE:EXM)
Intraday Stock Chart
Today : Thursday 21 July 2011
Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, announced today that it will release its results for the second quarter ended June 30, 2011 after the market closes on Thursday, July 28, 2011.
On the next day, Friday, July 29, 2011 at 08:30 A.M. EDT, the Company's management will host a conference call to discuss the results.
Conference Call details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 866 819 7111 (US Toll Free Dial In), 0800 953 0329 (UK Toll Free Dial In) or +44 (0)1452 542 301 (Standard International Dial In). Please quote "Excel Maritime" to the operator.
A telephonic replay of the conference call will be available until August 5, 2011 by dialing 1 866 247 4222 (US Toll Free Dial In), 0800 953 1533 (UK Toll Free Dial In) or +44 (0)1452 550 000 (Standard International Dial In). Access Code: 1838801#
Slides and audio webcast:
There will also be a live, and then archived, webcast of the conference call, available through Excel Maritime Carriers' website (www.excelmaritime.com). Participants for the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
US Treasury Releases Second Round Of Small Business Lending Funds
Last update: 7/20/2011 10:46:10 AM
--
By Andrew Ackerman
Of DOW JONES NEWSWIRES
WASHINGTON (Dow Jones)--The U.S. Treasury Department on Wednesday said 17 banks have received funding in the second batch of its signature small-business lending program, another step meant to encourage community banks to make more loans.
President Barack Obama signed the Small Business Jobs Act in September 2010, with a $30 billion small business lending fund aimed at spurring more loans to smaller companies as its centerpiece.
Seventeen banks received a total of $214 million, Treasury said Wednesday. The announcement comes two weeks after Treasury said it had made an initial disbursal to six banks totaling $123 million.
More funding announcements are expected in the weeks ahead.
Small banks that draw from the fund will make repayments at different interest rates, ranging from 1% to 5%. Banks that increase their small-business lending by at least 10% would pay the lowest rate, while banks that increase lending by less than 2.5% would pay the highest rate.
The Small Business Jobs Act stipulates that lenders must have less than $10 billion in assets to participate in the fund.
The banks that received the second wave of funding are: Florida Traditions Bank of Dade City, Fla.; Verus Acquisition Group, Inc. of Ft. Collins, Colo.; Founders Bancorp (FBCP) of San Luis Obispo, Calif.; SouthCity Bank of Vestavia Hills, Ala.; Cache Valley Banking Co. of Logan, Utah; Security Business Bancorp of San Diego (SBBC); BOH Holdings, Inc. of Houston; BancIndependent, Inc. of Sheffield, Ala.; First California Financial Group, Inc. (FCAL) of Westlake Village, Calif.; Centric Financial Corp. of Harrisburg, Pa.; Eagle Bancorp, Inc. (EGBN) of Bethesda, Md.; York Traditions Bank of York, Pa.; Insight Bank of Columbus, Ohio; Freedom Bancshares, Inc. of Overland Park, Kan.; Phoenix Bancorp, Inc. of Minersville, Pa.; Huron Valley State Bank (HVLM) of Milford, Mich.; and Monument Bank of Doylestown, Pa.
Eagle Bancorp, which independently announced its dispersal last week, received $56.6 million, by far the largest amount of funding. BancIndependent received $30.0 million, the second largest.
-By Andrew Ackerman; Dow Jones Newswires; 202-569-8390; andrew.ackerman@dowjones.com
(END) Dow Jones Newswires
July 20, 2011 10:46 ET (14:46 GMT)
Alphatec Spine, Inc. Receives Japanese Regulatory Shonin Approval for Illico SE(TM) Posterior Fixation Percutaneous Screw System
Alphatec Holdings, Inc. (MM) (NASDAQ:ATEC)
Intraday Stock Chart
Today : Monday 18 July 2011
Alphatec Holdings, Inc. (Nasdaq:ATEC), the parent company of Alphatec Spine, Inc., a medical device company that designs, develops, manufactures and markets products for the surgical treatment of spine disorders, with a focus on treating conditions related to the aging spine, today announces the Japanese launch of its Illico SE Posterior Fixation Percutaneous Screw System for minimally invasive surgery. The company recently received Shonin approval and will launch the system through its wholly owned subsidiary, Alphatec Pacific, and their respective distributors.
The Illico SE system was designed to be surgeon friendly and easily adaptable to a variety of surgical techniques. The Illico SE system provides three options for rod delivery, in-situ screw extender attachments, and innovative instrumentation for rod reduction and decompression/distraction.
It is estimated that by 2020, close to 50% of Japan's population will be over the age of 50 and this trend will continue to drive the need for better spinal implant and instrumentation technology. The Japanese spine market is estimated to be over $400 million US dollars, with a significant trend towards surgeons performing minimally invasive procedures.
"The launch of the Illico SE system, which has seen rapid adoption worldwide, will allow us to continue our aggressive growth in Japan as we drive to our goal of being in the top three from a revenue perspective in that market. Japan is the second-largest spine market globally, and Alphatec Pacific is well-positioned with a direct sales organization and strong product line. We have been particularly pleased with our ability to grow our market and consistently launch new technologies. We estimate our current market share at over 5% and to be number four in the market," said Dirk Kuyper, Alphatec Spine's President and CEO.
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