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ARWR had CC last night, AH down a bit PM
Looking for APPA to advance today, has held up strong on FDA news
IDTI pre market news
IDT Receives Favorable Ruling in Patent Action Versus LSI Logic
SAN JOSE, Calif.--(BUSINESS WIRE)--IDT® (Integrated Device Technology, Inc.) (NASDAQ: IDTI), a leading provider of essential mixed signal semiconductor solutions that enrich the digital media experience today announced a favorable ruling issued yesterday by the International Trade Commission (ITC) in a patent action brought by LSI Corporation against several semiconductor companies, including IDT. In the ruling, the full commission of the ITC found that the patent claims asserted by LSI were invalid and has subsequently terminated the investigation.
“We are pleased with the ITC ruling in this matter. IDT places a great amount of respect and emphasis on the intellectual property of not only our company, but our entire industry”
“We are pleased with the ITC ruling in this matter. IDT places a great amount of respect and emphasis on the intellectual property of not only our company, but our entire industry,” said Vince Tortolano, vice president and general counsel for IDT.
LSI had alleged that IDT and the other defendants in the action violated section 337 of the Tariff Act which prohibits the importation and sale of infringing products. Based on the finding of invalidity, the ITC Commission held that no violation of section 337 has occurred.
About IDT
With the goal of continuously improving the digital media experience, IDT integrates its fundamental semiconductor heritage with essential innovation, developing and delivering low-power, mixed signal solutions that help customers overcome their system challenges. Headquartered in San Jose, Calif., IDT has design, manufacturing and sales facilities throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol “IDTI.” Additional information about IDT is accessible at www.IDT.com.
IDT and the IDT logo are trademarks or registered trademarks of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
MF 8.62 PM
MF 8.49 PM
APPA been holding up very well here, after FDA news...some accumulation too, could go
That sucks, thought you got in at 8.18 ?
It went up higher than that
MF out at average 8.23
MF in at 7.99
any word on the CC ?
GTLT earnings news just out, not that anyone would care, not enough ZEROES in front of it
APPA up AH
For crissakes, quit clogging up the board with your nonsense, surprised BB hasn't banned you yet
APPA holding up well, looks like a break of 1.12 signals technical breakout
Man APCVZ is surely a sinking ship
well, yeah, if you were front loaded on it, lol
now, if .35 is history, then why has it dropped like a rock from the .50 high so far this morning?
what's so weird about it?
APCVZ up nice PM
Not that sure about $2 by lunchtime tomorrow, perhaps by Wednesday tho, saw some selling off its highs after the close...will eyeball it tomorrow pre-open
Hey Doug, feel free to post on my " after hours " board as well...post some pre market and after hours plays and runners over there...sorry no pinkies or BBs though
PALM LISTED BY ZACKS AS A POSSIBLE AQUISITION TARGET
March 22, 2010 05:00 PM Eastern Daylight Time
Zacks' Voice of the People highlights opportunities with Palm, Apple, Google, Motorola, Verizon, and AT&T
CHICAGO--(BUSINESS WIRE)--Zacks highlights commentary from People and Picks Trader “PrimoTenore”.
For more Voice of the People, visit http://at.zacks.com/?id=5851
Featured Post
The case for PALM as an acquisition target
There's a really good article on Gizmodo on why Google should buy Palm (Nasdaq: PALM). Here's the short version of the argument:
1. Apple (Nasdaq: AAPL) has already started a patent war with HTC, whose real target is Android.
2. Palm has a great big portfolio of patents, some of which may be grounds for suits against Apple for infringement.
3. Palm is dirt cheap to a company like Google (Nasdaq: GOOG) or even Motorola (NYSE: MOT).
4. Palm's army of WebOS software developers should integrate nicely with Google's Android team, since their shared Linux lineage make them kissing cousins.
5. Palm is staffed very heavily with former Apple employees who would have firsthand insight to inform Google's battle plan.
6. Palm has experts in hardware development, a function Google is currently farming out to minor players like HTC.
7. Palm has a whole team in carrier relations. If Google is going to make real progress getting Verizon (NYSE: VZ), AT&T (NYSE: T) and the like to push Google devices on their customers, those relationships could use a boost.
Looking at a chart of Palm, it's hard to see how it could go much lower. This is a very compelling case for what an attractive takeover target it would be. I think it's a good speculative pick at this price.
About the Zacks Community
In 2008, Zacks Investment Research launched PeopleAndPicks.com, a stock-picking website where members of the Zacks community can test their strategies and share ideas with other members. Each user is scored on the accuracy of his or her picks, and top users are rewarded with free products from Zacks. Registration is free. To learn more about People And Picks, visit http://at.zacks.com/?id=5957
About Zacks
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD in mathematics Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3:1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit From the Pros by going to http://at.zacks.com/?id=5958.
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Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
PALM AH NEWS , ZACKS LISTS PALM AS BUYOUT TARGET
March 22, 2010 05:00 PM Eastern Daylight Time
Zacks' Voice of the People highlights opportunities with Palm, Apple, Google, Motorola, Verizon, and AT&T
CHICAGO--(BUSINESS WIRE)--Zacks highlights commentary from People and Picks Trader “PrimoTenore”.
For more Voice of the People, visit http://at.zacks.com/?id=5851
Featured Post
The case for PALM as an acquisition target
There's a really good article on Gizmodo on why Google should buy Palm (Nasdaq: PALM). Here's the short version of the argument:
1. Apple (Nasdaq: AAPL) has already started a patent war with HTC, whose real target is Android.
2. Palm has a great big portfolio of patents, some of which may be grounds for suits against Apple for infringement.
3. Palm is dirt cheap to a company like Google (Nasdaq: GOOG) or even Motorola (NYSE: MOT).
4. Palm's army of WebOS software developers should integrate nicely with Google's Android team, since their shared Linux lineage make them kissing cousins.
5. Palm is staffed very heavily with former Apple employees who would have firsthand insight to inform Google's battle plan.
6. Palm has experts in hardware development, a function Google is currently farming out to minor players like HTC.
7. Palm has a whole team in carrier relations. If Google is going to make real progress getting Verizon (NYSE: VZ), AT&T (NYSE: T) and the like to push Google devices on their customers, those relationships could use a boost.
Looking at a chart of Palm, it's hard to see how it could go much lower. This is a very compelling case for what an attractive takeover target it would be. I think it's a good speculative pick at this price.
About the Zacks Community
In 2008, Zacks Investment Research launched PeopleAndPicks.com, a stock-picking website where members of the Zacks community can test their strategies and share ideas with other members. Each user is scored on the accuracy of his or her picks, and top users are rewarded with free products from Zacks. Registration is free. To learn more about People And Picks, visit http://at.zacks.com/?id=5957
About Zacks
Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leonard Zacks. As a PhD in mathematics Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3:1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit From the Pros by going to http://at.zacks.com/?id=5958.
Follow us on Twitter: http://twitter.com/ZacksInvestment
Join us on Facebook: http://www.facebook.com/home.php#/pages/Zacks-Investment-Research/57553657748?ref=ts
Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.
Zacks Investment Research is under common control with affiliated entities (including a broker-dealer and an investment adviser), which may engage in transactions involving the foregoing securities for the clients of such affiliates.
Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.
MPG AH EARNINGS NEWS, LOSS WIDENS
Maguire Properties Reports Fourth Quarter 2009 Financial Results
LOS ANGELES--(BUSINESS WIRE)--Maguire Properties, Inc. (NYSE: MPG), a Southern California-focused real estate investment trust, today reported results for the quarter ended December 31, 2009.
Quarterly and Full-Year Highlights
Balance Sheet
* We had $218.2 million of cash as of December 31, 2009 (excluding restricted cash related to Properties in Default), of which $91.0 million was unrestricted and $127.2 million was restricted.
* Our outstanding debt totaled $3.4 billion (excluding Properties in Default) as of December 31, 2009, a 33% reduction compared to $5.0 billion of debt outstanding as of December 31, 2007. Since year end, we have reduced our outstanding debt by an additional $162.5 million through property dispositions.
Leasing Activity
* During fourth quarter and full year 2009, we completed new leases and renewals totaling approximately 350,000 square feet and 1,400,000 square feet (including our pro rata share of our joint venture properties), respectively.
Default Properties
* As previously announced, six special purpose property-owning subsidiaries are in default on their mortgage loans. These defaults occurred as result of the board of directors’ approval of management’s plan to cease funding cash shortfalls at these properties: Stadium Towers in Central Orange County, Park Place II in Irvine, 2600 Michelson in Irvine, Pacific Arts Plaza in Costa Mesa, 550 South Hope in Downtown Los Angeles, and 500 Orange Tower in Central Orange County. Mortgage loans totaling $888.5 million are currently in default, and the Company is accruing default interest at a rate of 5% per annum on these loans. The assets and liabilities of these properties will be removed from our balance sheet upon ultimate disposition of each asset.
Dispositions
* In March 2009, we disposed of 18581 Teller in Irvine, California. The buyer assumed the $20.0 million mortgage loan on the property. We received net proceeds of $1.8 million from this transaction.
* In June 2009, we disposed of City Parkway located in Orange, California. The buyer assumed the $99.6 million mortgage loan on the property. We have no further obligations with respect to the property-level debt and eliminated a master lease obligation on the property.
* In June 2009, we disposed of 3161 Michelson located at the Park Place campus in Irvine, California. Proceeds from this transaction along with reserves released to us by the lender and unrestricted cash were used to repay the $163.5 million outstanding balance under the construction loan on the property. The Company has no further obligations with respect to the property-level debt and eliminated significant master lease obligations. Additionally, our Operating Partnership has no further obligation to guarantee the repayment of the construction loan.
* In August 2009, we completed a deed-in-lieu of foreclosure with the lender to dispose of Park Place I. As a result of the deed-in-lieu of foreclosure, we were relieved of the obligation to pay the $170.0 million mortgage loan on the property as well as $0.8 million of unpaid interest related to the mortgage.
* In August 2009, we closed the sale of certain parking areas together with related development rights associated with the Park Place campus for $17.0 million. We received net proceeds of $16.5 million from this transaction.
* In October 2009, we completed the disposition of 130 State College located in Orange County, California. We received net proceeds of $6.1 million from this transaction.
* In December 2009, we completed the disposition of the Lantana Media Campus located in Santa Monica, California. We received proceeds of approximately $195 million, net of transaction costs, of which $175.8 million was used to repay the balances outstanding under the mortgage and construction loans secured by the Lantana Media Campus. We received net proceeds after debt repayment of approximately $19 million from this transaction.
Significant Subsequent Events
* On March 1, 2010, we entered into an agreement to dispose of Griffin Towers in Central Orange County for approximately $90 million. This transaction closed on March 15, 2010. In connection with the sale, the Company was relieved of the $125.0 million property-level debt that was scheduled to mature in May 2010 and a $20.0 million senior mezzanine loan that was scheduled to mature in May 2011. Additionally, the $22.4 million repurchase facility was converted into an unsecured term loan.
* On March 12, 2010, we entered into an agreement to dispose of 2385 Northside, a development property which is part of the Mission City Corporate Center in San Diego, California, for approximately $18 million. This transaction closed on March 17, 2010. The Company used proceeds from this transaction to repay the $17.5 million construction loan that was scheduled to mature in August 2010 and eliminate a $4.0 repayment guaranty.
Fourth Quarter 2009 Financial Results
* Our earnings in the fourth quarter of 2009 were negatively impacted by impairment charges totaling $290 million and costs associated with Properties in Default. Including these charges, the net loss available to common stockholders for the quarter ended December 31, 2009 was $(299.1) million, or $(6.17) per share, compared to a net loss available to common stockholders of $(96.3) million, or $(2.02) per share, for the quarter ended December 31, 2008.
o $264 million of the impairment charges were recorded in continuing operations, of which $100 million was related to the writedown of Griffin Towers and 2385 Northside to their estimated fair value as of December 31, 2009. The remaining $164 million was the result of an impairment analysis performed as of December 31, 2009 which resulted in certain properties being written down to fair value. The remaining $26 million impairment charge recorded in discontinued operations was related to the disposition of the Lantana Media Campus.
o The Company accrued default interest of $9.3 million and also wrote off $2.8 million of deferred financing costs related to mortgage loans associated with Properties in Default.
Our earnings in the fourth quarter of 2008 were negatively impacted by a $50.0 million impairment charge recorded in connection with our decision to classify 3161 Michelson in Irvine, California as held for sale as of December 31, 2008.
* Our share of Funds from Operations (FFO) available to common stockholders for the quarter ended December 31, 2009 was $(265.4) million, or $(5.48) per share, compared to $(42.2) million, or $(0.88) per share, for the quarter ended December 31, 2008. Our share of FFO before specified items was $1.6 million, or $0.03 per diluted share, for the quarter ended December 31, 2009 as compared to $1.7 million, or $0.04 per diluted share, for the quarter ended December 31, 2008.
The weighted average number of common and common equivalent shares used to calculate basic and diluted earnings per share for the quarter ended December 31, 2009 was 48,463,476 due to our net loss position. The diluted number of common and common equivalent shares outstanding used to calculate FFO for the quarter ended December 31, 2009 was 49,108,575.
The results reported in this press release for the quarter and year ended December 31, 2009 are unaudited, and there can be no assurance that these results will not vary from the final information that will subsequently be reported in our Annual Report on Form 10-K to be filed with the Securities and Exchange Commission on or before March 31, 2010. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position and results of operations of Maguire Properties, Inc., Maguire Properties, L.P. (the “Operating Partnership”) and the subsidiaries of the Operating Partnership for the quarter and year ended December 31, 2009 have been included.
As of December 31, 2009, our office portfolio (including Properties in Default) was comprised of whole or partial interests in 31 office properties totaling approximately 17 million net rentable square feet, one 350-room hotel with 266,000 square feet, and on- and off-site structured parking plus surface parking totaling approximately 11 million square feet, which accommodates approximately 36,000 vehicles. We have one recently completed development project that totals approximately 188,000 square feet of office space. We also own undeveloped land that we believe can support up to approximately 5 million square feet of office and mixed-use development and approximately 5 million square feet of structured parking, excluding development sites that are encumbered by the mortgage loans on our Pacific Arts Plaza and 2600 Michelson properties, which are in default.
We will host a conference call and audio webcast, both open to the general public, at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) on Tuesday, March 23, 2010, to discuss the financial results of the fourth quarter and provide a company update. The conference call can be accessed by dialing (866) 394-8461 (Domestic) or (706) 758-3042 (International), ID number 59494297. The live conference call can be accessed via audio webcast at the Investor Relations section of our website, located at www.maguireproperties.com, or through Thomson Reuters at www.earnings.com. Our Supplemental Operating and Financial Data package is available at the Investor Relations section of our website, located at www.maguireproperties.com under “Financial Reports-Quarterly and Other Reports.”
A replay of the conference call will be available approximately two hours following the call through March 26, 2010. To access this replay, dial (800) 642-1687 (Domestic) or (706) 645-9291 (International). The required passcode for the replay is ID number 59494297. The replay can also be accessed via audio webcast at the Investor Relations section of our website, located at www.maguireproperties.com, or through Thomson Reuters at www.earnings.com.
About Maguire Properties, Inc.
Maguire Properties, Inc. is the largest owner and operator of Class A office properties in the Los Angeles central business district and is primarily focused on owning and operating high-quality office properties in the Southern California market. Maguire Properties, Inc. is a full-service real estate company with substantial in-house expertise and resources in property management, marketing, leasing, acquisitions, development and financing. For more information on Maguire Properties, visit our website at www.maguireproperties.com.
Business Risks
This press release contains forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include: risks associated with management’s focus on asset dispositions, loan defaults, cash generation and general strategic matters; risks associated with the timing and consequences of loan defaults and related asset dispositions; risks associated with contingent guarantees by our Operating Partnership; risks associated with our liquidity situation; risks associated with the negative impact of the current credit crisis and economic slowdown; general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases at favorable rates, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; risks associated with our ability to dispose of properties, if and when we decide to do so, at prices or terms set by or acceptable to us; risks and uncertainties affecting property development and construction; risks associated with increases in interest rates, volatility in the securities markets and contraction in the credit markets affecting our ability to extend or refinance existing loans as they come due; risks associated with joint ventures; potential liability for uninsured losses and environmental contamination; risks associated with our potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with our dependence on key personnel whose continued service is not guaranteed.
For a further list and description of such risks and uncertainties, see our Annual Report on Form 10-K/A filed on April 30, 2009 and our Quarterly Report on Form 10-Q filed on November 9, 2009 with the Securities and Exchange Commission. The Company does not update forward-looking statements and disclaims any intention or obligation to update or revise them, whether as a result of new information, future events or otherwise.
MAGUIRE PROPERTIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
December 31, 2009 December 31, 2008
(Unaudited)
ASSETS
Investments in real estate $ 3,852,198 $ 5,026,688
Less: accumulated depreciation (659,753 ) (604,302 )
Investments in real estate, net 3,192,445 4,422,386
Cash and cash equivalents 90,982 80,502
Restricted cash 151,736 199,664
Rents and other receivables, net 6,589 15,044
Deferred rents 68,709 62,229
Due from affiliates 2,359 1,665
Deferred leasing costs and value of in-place leases, net 114,875 153,660
Deferred loan costs, net 20,077 30,496
Acquired above-market leases, net 8,160 19,503
Other assets 11,727 19,663
Investment in unconsolidated joint ventures — 11,606
Assets associated with real estate held for sale — 182,597
Total assets $ 3,667,659 $ 5,199,015
LIABILITIES AND DEFICIT
Liabilities:
Mortgage and other secured loans $ 4,248,975 $ 4,714,090
Accounts payable and other liabilities 195,441 216,920
Capital leases payable 2,611 4,146
Acquired below-market leases, net 77,609 112,173
Obligations associated with real estate held for sale — 171,348
Total liabilities 4,524,636 5,218,677
Deficit:
Stockholders’ Deficit:
Preferred stock, $0.01 par value, 50,000,000 shares authorized; 7.625% Series A Cumulative Redeemable Preferred Stock, $25.00 liquidation preference, 10,000,000 shares issued and outstanding
100 100
Common stock, $0.01 par value, 100,000,000 shares authorized; 47,964,605 and 47,974,955 shares issued and outstanding at December 31, 2009 and 2008, respectively
480
480
Additional paid-in capital 701,781 696,260
Accumulated deficit and dividends (1,420,092 ) (656,606 )
Accumulated other comprehensive loss, net (36,289 ) (59,896 )
Total stockholders’ deficit (754,020 ) (19,662 )
Noncontrolling Interests:
Common units of our Operating Partnership (102,957 ) —
Total deficit (856,977 ) (19,662 )
Total liabilities and deficit $ 3,667,659 $ 5,199,015
MAGUIRE PROPERTIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands, except share and per share amounts)
For the Three Months Ended For the Year Ended
December 31, December 31, December 31, December 31,
2009 2008 2009 2008
Revenue:
Rental $ 73,357 $ 72,927 $ 291,273 $ 291,372
Tenant reimbursements 26,500 29,398 107,012 108,886
Hotel operations 5,565 6,448 20,623 26,616
Parking 11,839 12,373 47,175 49,170
Management, leasing and development services 1,567 1,305 6,894 6,637
Interest and other 563 1,671 3,771 9,334
Total revenue 119,391 124,122 476,748 492,015
Expenses:
Rental property operating and maintenance 29,543 28,783 111,078 109,301
Hotel operating and maintenance 3,763 4,021 14,064 17,105
Real estate taxes 8,313 11,072 40,623 44,011
Parking 3,268 3,917 13,607 14,629
General and administrative 10,325 8,038 35,106 60,835
Other expense 1,335 1,359 6,034 5,866
Depreciation and amortization 35,563 38,188 151,184 159,234
Impairment of long-lived assets 264,274 — 500,831 —
Interest 73,071 62,423 270,633 237,371
Loss from early extinguishment of debt — — — 1,463
Total expenses 429,455 157,801 1,143,160 649,815
Loss from continuing operations before equity in net loss of unconsolidated joint venture (310,064 ) (33,679 ) (666,412 ) (157,800 )
Equity in net loss of unconsolidated joint venture 229 (330 ) (10,401 ) (1,092 )
Gain on sale of real estate — — 20,350 —
Loss from continuing operations (309,835 ) (34,009 ) (656,463 ) (158,892 )
Discontinued Operations:
Loss from discontinued operations before gain on sale of real estate
(26,084 ) (57,530 ) (215,434 ) (164,446 )
Gain on sale of real estate — — 2,170 —
Loss from discontinued operations (26,084 ) (57,530 ) (213,264 ) (164,446 )
Net loss (335,919 ) (91,539 ) (869,727 ) (323,338 )
Net loss attributable to common units of our Operating Partnership
41,633 — 108,570 14,354
Net loss attributable to Maguire Properties, Inc. (294,286 ) (91,539 ) (761,157 ) (308,984 )
Preferred stock dividends (4,766 ) (4,766 ) (19,064 ) (19,064 )
Net loss available to common stockholders $ (299,052 ) $ (96,305 ) $ (780,221 ) $ (328,048 )
Basic and diluted loss per common share:
Loss from continuing operations $ (5.70 ) $ (0.81 ) $ (12.32 ) $ (3.55 )
Loss from discontinued operations (0.47 ) (1.21 ) (3.89 ) (3.35 )
Net loss available to common stockholders per share
$ (6.17 ) $ (2.02 ) $ (16.21 ) $ (6.90 )
Weighted average number of common shares outstanding
48,463,476 47,777,101 48,127,997 47,538,457
Amounts attributable to Maguire Properties, Inc.:
Loss from continuing operations $ (271,390 ) $ (34,009 ) $ (573,940 ) $ (149,741 )
Loss from discontinued operations (22,896 ) (57,530 ) (187,217 ) (159,243 )
$ (294,286 ) $ (91,539 ) $ (761,157 ) $ (308,984 )
MAGUIRE PROPERTIES, INC.
FUNDS FROM OPERATIONS
(Unaudited and in thousands, except share and per share amounts)
For the Three Months Ended For the Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2009 2008 2009 2008
Reconciliation of net loss available to common stockholders to funds from operations:
Net loss available to common stockholders $ (299,052 ) $ (96,305 ) $ (780,221 ) $ (328,048 )
Add: Depreciation and amortization of real estate assets 37,186 46,052 167,933 196,816
Depreciation and amortization of real estate assets - unconsolidated joint venture (a)
2,251 2,204 9,712 9,559
Net loss attributable to common units of our Operating Partnership (41,633 ) — (108,570 ) (14,354 )
Unallocated losses - unconsolidated joint venture (a) (1,074 ) — (4,019 ) —
Deduct: Gains on sale of real estate — — 22,520 —
Funds from operations available to common stockholders
and unit holders (FFO) (b) $ (302,322 ) $ (48,049 ) $ (737,685 ) $ (136,027 )
Company share of FFO (c) (d) $ (265,377 ) $ (42,180 ) $ (647,574 ) $ (119,399 )
FFO per share - basic $ (5.48 ) $ (0.88 ) $ (13.46 ) $ (2.51 )
FFO per share - diluted $ (5.48 ) $ (0.88 ) $ (13.46 ) $ (2.51 )
Weighted average number of common shares outstanding - basic 48,463,476 47,777,101 48,127,997 47,538,457
Weighted average number of common and common equivalent shares outstanding - diluted
49,108,575 47,777,868 48,392,609 47,617,258
Reconciliation of FFO to FFO before specified items: (e)
FFO available to common stockholders and unit holders (FFO) $ (302,322 ) $ (48,049 ) $ (737,685 ) $ (136,027 )
Add: Loss from early extinguishment of debt 314 — 1,165 3,264
Realized loss on forward-starting interest rate swap — — 11,340 —
Default interest accrued on Properties in Default 9,342 — 13,903 —
Writeoff of deferred financing costs related to Properties in Default 2,769 — 2,769 —
Severance-related charges — — 1,526 —
1733 Ocean lease termination charge 1,432 — 1,432 —
Impairment of long-lived assets 290,266 50,000 708,570 123,694
Impairment of long-lived assets - unconsolidated joint venture (a) — — 10,050 —
Costs associated with strategic alternatives and management changes (f) — — — 23,892
FFO before specified items $ 1,801 $ 1,951 $ 13,070 $ 14,823
Company share of FFO before specified items (c) (d) $ 1,581 $ 1,713 $ 11,474 $ 12,949
FFO per share before specified items - basic $ 0.03 $ 0.04 $ 0.24 $ 0.27
FFO per share before specified items - diluted $ 0.03 $ 0.04 $ 0.24 $ 0.27
__________
(a) Amount represents our 20% ownership interest in our joint venture with Macquarie Office Trust.
(b) Funds from Operations, or FFO, is a widely recognized measure of REIT performance. We calculate FFO as defined by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss) (as computed in accordance with accounting principles generally accepted in the United States of America, or GAAP), excluding gains from disposition of property (but including impairments and provisions for losses on property held for sale), plus real estate-related depreciation and amortization (including capitalized leasing costs and tenant allowances or improvements). Adjustments for our unconsolidated joint venture are calculated to reflect FFO on the same basis.
Management uses FFO as a supplemental performance measure because, in excluding real estate-related depreciation and amortization and gains from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs.
However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other Equity REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to such other Equity REITs’ FFO. As a result, FFO should be considered only as a supplement to net loss as a measure of our performance. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. FFO also should not be used as a supplement to or substitute for cash flow from operating activities (as computed in accordance with GAAP).
(c) Based on a weighted average interest in our Operating Partnership of approximately 87.8% for both the three months ended December 31, 2009 and 2008, respectively.
(d) Based on a weighted average interest in our Operating Partnership of approximately 87.8% and 87.5% for the years ended December 31, 2009 and 2008, respectively.
(e) Management also uses FFO before specified items as a supplemental performance measure because losses from early extinguishment of debt, default interest and the impairment of long-lived assets create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability regarding future earnings potential.
Losses from early extinguishment of debt represent costs to extinguish debt prior to the stated maturity and the write off of unamortized loan costs on the date of extinguishment. The decision to extinguish debt prior to its maturity generally results from (i) the assumption of debt in connection with property acquisitions that is priced or structured at less than desirable terms (for example, a variable interest rate instead of a fixed interest rate), (ii) short-term bridge financing obtained in connection with the acquisition of a property or portfolio of properties until such time as the company completes its long-term financing strategy, (iii) the early repayment of debt associated with properties disposed of, or (iv) the restructuring or replacement of property or corporate-level financing to accommodate property acquisitions. Consequently, management views these losses as costs to complete the respective acquisition or disposition of properties.
During the third quarter of 2009, we announced a plan to cease funding cash shortfalls at certain properties. As a result, six special purpose property-owning subsidiaries are or will be in default on their mortgage loans: Stadium Towers in Central Orange County, Park Place II in Irvine, 2600 Michelson in Irvine, Pacific Arts Plaza in Costa Mesa, 550 South Hope in Downtown Los Angeles, and 500 Orange Tower in Central Orange County. We are accruing interest on the defaulted mortgage loans at the default rate per the applicable loan agreements. We have excluded default interest accrued on Properties in Default as well as the writeoff of deferred financing costs related to the mortgage loans on these properties from the calculation of FFO before specified items since these charges are a direct result of management’s decision to dispose of property other than by sale. Management views these charges as costs to complete the disposition of the related properties.
Impairment of long-lived assets represents charges taken to write down depreciable real estate assets to fair value estimated when events or changes in circumstances indicate that the carrying amount may not be recoverable. Per the NAREIT definition of FFO, gains from property dispositions are excluded from the calculation of FFO; however, impairment losses are required to be included. Management excludes both gains on disposal and impairment losses from the calculation of FFO before specified items because they both relate to the financial statement impact of decisions made to dispose of property, whether in the period of disposition or in advance of disposition. These types of gains or losses create volatility in our earnings and make it difficult for investors to determine the funds generated by our ongoing business operations.
(f) During 2008, we excluded from the calculation of FFO costs associated with our review of strategic alternatives and management changes, primarily contractual separation obligations for our former senior executives, and exit costs and tenant improvement writeoffs related to the 1733 Ocean lease. These costs are associated with the Special Committee’s review of strategic alternatives, including the potential sale of our company, and the resulting management changes made after the Special Committee concluded its review. The Special Committee was dissolved in May 2008. Management views these costs as non-recurring and believes that including these costs in the calculation of FFO would make it difficult for investors to determine funds generated by our ongoing business operations.
TWLL AH NEWS
Robbins Umeda LLP Announces an Investigation of the Tender Offer by Intersil Corporation to Acquire Techwell, Inc.
SAN DIEGO--(BUSINESS WIRE)--Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors of Techwell, Inc. ("Techwell") (NASDAQ:TWLL) in connection with their actions in causing Techwell to enter into a definitive agreement with Intersil Corporation ("Intersil") (NASDAQ:ISIL) for Intersil to acquire Techwell through a cash tender offer. Under the terms of the agreement, Techwell shareholders will receive $18.50 per share in cash for each share of Techwell they own if the tender offer is completed. The transaction is expected to close in Intersil's second quarter of this year.
Robbins Umeda LLP's investigation concerns whether Techwell's Board of Directors undertook a fair process to obtain a fair price for all shareholders of Techwell.
If you are a shareholder of Techwell, and would like more information about your rights as a shareholder, please contact attorney Lauren Levi at 800-350-6003 or by e-mail at llevi@robbinsumeda.com.
Robbins Umeda LLP is a California-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please go to http://www.robbinsumeda.com.
I agree, nice news, imagine if it was 7 months ago and this news came out...?
APCVZ, VICL, APPA early action
After hours ends at 8PM EST...and also pre-market begins at 8AM EST....you can check out and post on my new board, dedicated to bith AH and PM movers
http://investorshub.advfn.com/boards/board.aspx?board_id=17375
APPA and CRGE should be active tomorrow pre market
APPA and CRGE should be 2 Pre Market movers....feel free to post any thoughts here at new board
http://investorshub.advfn.com/boards/board.aspx?board_id=17375
Here's a list of possible AH movers as well as some news on them
US HOT STOCKS: Medicines Co, Perry Ellis, Safe Bulkers -2-
Last update: 3/19/2010 4:50:57 PM
U.S. stocks traded lower Friday. The Dow Jones Industrial Average fell 37.19 points to 10741.98, the Standard & Poor's 500 slipped 5.93 points to 1159.90 and the Nasdaq Composite Index was 16.87 points lower at 2374.41. Among the companies whose shares are actively trading in the after-hours session is Lions Gate Entertainment Corp. (LGF).
Billionaire activist investor Carl Icahn stepped up his bid for control of Lions Gate offering to buy all shares of the film studio that he doesn't already own, just as the company participates in the final round of bidding for debt-laden rival Metro-Goldwyn-Mayer Inc. Lions Gate said late Friday it would review the offer but that it didn't represent a price increase. Shares slipped 1.3% to $5.95 in late trading.
Regular Session Movers:
The latest forecast and smart-phone sales data from Palm Inc. (PALM, $4.00, -$1.65, -29.16%) raised serious concerns Friday about the company's viability, helping send shares to new 52-week lows. Everyone knew the smart-phone maker's fiscal third quarter was going to be rough after the company preannounced results last month, but its final results--with a warning of significantly lower revenue in the current quarter on disappointing sales of its latest smart phone--raised further questions about the company's future.
Many other telecom and tech companies also declined, wireless interconnection services company Neutral Tandem Inc. (TNDM, $17.93, -$0.67, -3.60%) and Xyratex Ltd. (XRTX, $15.82, -$0.74, -4.47%), a provider of data-storage subsystems. Wireless Internet provider Clearwire Corp. (CLWR, $7.80, -$0.19, -2.32%) and cellphone-maker Motorola Inc. (MOT, $7.18, -$0.17, -2.31%) also fell as did mobile-communications chip maker TriQuint Semiconductor Inc. (TQNT, $6.93, -$0.27, -3.75%) and semiconductor equipment-maker Rudolph Technologies Inc.(RTEC, $7.90, -$0.41, -4.93%).
Solar-panel maker SunPower Corp.'s (SPWRA, $18.96, -$3.08, -13.97%) (SPWRB, $16.91, -$2.73, -13.90%) fourth-quarter profit fell 70%, hurt by sagging margins, though sales grew in both the solar-panel maker's systems and component businesses. The company also restated financial results due to an internal accounting probe of its Philippines operations.
AP Pharma Inc. (APPA, $1.21, -$0.85, -41.26%) said U.S. regulators need more answers about the company's lead drug candidate, a treatment for chemotherapy-induced nausea, before they can approve the company's new-drug application.
Addus HomeCare Corp.'s (ADUS, $6.30, -$2.60, -29.21%) fourth-quarter loss widened, despite higher revenue, on rising operating expenses and weak results in the home-health segment, which was weighed down by a slowdown in admissions. The provider of in-home nursing and rehabilitative therapies saw results widely miss Wall Street estimates.
Lloyds Banking Group PLC (LYG, $3.72, +$0.31, +9.09%) surprised investors and shareholders by saying it expects to return to a profit this year as its trading performance picked up and impairments eased after two years of hefty losses.
Shares of managed-care companies kept climbing Friday as uncertainty over a health-care reform package nearing a key vote in Congress seemed to clear. In a note to clients, Goldman Sachs analyst Matthew Borsch said the clouds over how health-care reform would fare in Congress have cleared now that the House has released its plans for a reconciliation bill designed to win passage through the Senate. Gainers included Aetna Inc. (AET, $34.46, +$1.22, +3.67%), Cigna Corp. (CI, $37.08, +$1.24, +3.46%), UnitedHealth Group Inc. (UNH, $34.39, +$0.80, +2.38%), WellPoint Inc. (WLP, $65.07, +$1.25, +1.96%) and HealthNet Inc. (HNT, $26.15, +$0.40, +1.55%).
Energy stocks, particularly Southwestern Energy Co. (SWN, $39.60, -$1.18, -2.89%), led the markets lower, as natural-gas companies appeared to be catching up to a slump in the price of that commodity. Natural gas prices have been falling in recent weeks in part because of the arrival of the warmer weather, but also as a significant recovery in industrial demand for the commodity has yet to materialize. Meanwhile, the industry is dealing with an oversupply thanks to the strong production in U.S. natural-gas shale formations. Cabot Oil & Gas Corp. (COG, $38.14, -$1.38, -3.49%) and Penn Virginia Corp. (PVA, $24.20, -$1.36, -5.32%) also fell.
Baker Hughes Inc. (BHI, $47.53, -$1.84, -3.73%) and BJ Services Co. (BJS, $21.56, -$0.80, -3.58%) adjourned their special stockholders meetings on their proposed merger until the end of the month as U.S. regulatory approval is still being awaited. The oilfield-services companies have all the required foreign approvals for their combination but haven't received antitrust clearance from the U.S. Justice Department, which has raised issues regarding the overlap between some of their Gulf of Mexico businesses.
Goldman Sachs upgraded Best Buy Co. (BBY, $40.99, +$0.54, +1.33%) to buy from neutral, on valuation and hopes for a stronger 2010. With the shares trading at "one of the lowest multiples in hardlines retailing," the firm said two positives now drive the stock higher: "[T]he market's recognition that upside risk to 2010/2011 results from fresh TV product matches downside risk from margin contraction; and, deployment of the firm's cash hoard and free cash flow."
Boeing Co. (BA, $70.72, -$0.15, -0.21%) plans to raise production of its 777 and 747 aircraft earlier than anticipated due to increasing demand in the airplane industry. The news also helped to lift shares of companies in Boeing's supply chain, including Boeing spin-off Spirit AeroSystems Holdings Inc. (SPR, $22.40, +$0.86, +3.99%), Precision Castparts Corp. (PCP, $121.79, +$2.44, +2.04%) and Rockwell Collins Inc. (COL, $62.97, +$1.81, +2.96%).
Keefe, Bruyette & Woods cut its rating on Boston Private Financial Holdings Inc. (BPFH, $7.62, -$0.39, -4.87%) to market perform from outperform, saying shares are trading roughly in line with the group. The firm said it became positive on the stock last autumn, following the sale of its Florida affiliate, but actions in the past several quarters have "significantly improved" its credit profile and capital position, putting it more in line with peers.
Bovie Medical Corp. (BVX, $6.86, +$0.16, +2.39%), a maker and marketer of electrosurgical products, said it received clearance from the U.S. Food and Drug Administration to market its BOSS bipolar coagulation device. The device will be targeted primarily to orthopedic surgeons who perform hip and knee arthroplasty.
Hong Kong-based City Telecom Ltd. (CTEL, $14.28, +$1.88, +15.16%) shares jumped a day after the telecommunications company rang the opening bell at the Nasdaq and got a positive mention by Jim Cramer on his CNBC show "Mad Money." Meanwhile, City Telecom has been on a road show this week and has been told that several institutional investors are taking positions in the stock, according to a company representative.
Bank of America-Merrill Lynch cut its rating on Internet services company F5 Networks Inc. (FFIV, $61.75, -$2.56, -3.98%) to neutral from buy, based on valuation.
First California Financial Group Inc. (FCAL, $2.68, -$0.08, -2.90%) said the size of its planned stock sale was raised as it was priced at a 9.4% discount to Thursday's close. The holding company for First California Bank specializes in serving small and middle-sized businesses, professional firms and commercial real-estate development and construction companies.
Hansen Natural Corp. (HANS, $42.93, +$0.73, +1.73%) is attractive on a standalone basis, Stifel Nicolaus noted, but the firm believes significant value would be unlocked if the soda and juice maker were acquired by a public beverage company that owns its U.S. distribution system. "While we have no knowledge of any M&A negotiations or discussions between Hansen and any party, Coke's (KO, $54.75, +$0.80, +1.48%) proposed acquisition of CCE North America makes an eventual acquisition of Hansen by Coke more likely," the firm noted.
Heritage Financial Group (HBOS, $12.11, +$0.71, +6.23%) said it will reorganize from a two-tier holding company and will undertake a "second-step" offering of common shares in the third quarter. Chief Executive Leonard Dorminey said the company, which is the holding company for HeritageBank of the South, believes the move will allow it to take advantage of expansion opportunities.
ICX Technologies Inc.'s (ICXT, $7.12, -$0.33, -4.43%) fourth-quarter loss widened slightly on lower sales, although margins improved. Revenue for the maker of homeland-security products topped Wall Street's expectations, though its loss was bigger than expected.
Medicines Co. (MDCO, $7.88, -$1.42, -15.27%) shares fell after the U.S. Patent and Trademark Office said it won't extend the drug company's patent on its lead product, blood-thinning drug Angiomax. The decisioncame even after a U.S. district court on Tuesday ordered the patent office to reconsider its earlier decision to deny the extension. If extended, that patent wouldn't expire until 2014--as it stands, the patent will expire this year. Friday's decision could lead to well over $1 billion in lost revenue for Medicines, Wedbush Securities analyst Duane Nash said.
Memory-parts maker Netlist Inc. (NLST, $3.99, -$0.24, -5.67%) boosted the size of its planned stock sale by one-third as the price was set at an 8.9% discount to Thursday's close.
Perry Ellis International Inc. (PERY, $20.90, -$2.07, -9.01%) swung to a fiscal fourth-quarter profit following prior-year write-downs. The clothing maker posted its first quarter of revenue growth over the past year and kept margins high by avoiding the steep markdowns of a year earlier.
PolyOne Corp. (POL, $10.33, +$1.39, +15.55%) projected first-quarter results well above Wall Street's expectations, due to improved demand and the positive impact of new business. President and Chief Executive Stephen D. Newlin said the plastics compounder and resins distributor won new business across each of its platforms.
Safe Bulkers Inc. (SB, $6.97, -$0.39, -5.30%) priced its nine million shares at $7 each, a 4.9% discount to Thursday's closing price and 19% below the price at which the dry-bulk shipper was trading before announcing its plans to offer the shares. The company plans to use the $63 million it raised for, among other purposes, acquiring vessels and repaying debt.
Oppenheimer cut its rating on Synaptics Inc. (SYNA, $26.28, -$1.38, -4.99%) to perform from outperform, saying channel checks suggest the maker of interfaces for portable electronics' mobile business is continuing to struggle with share loss and average selling price erosion. "These factors are undercutting the lift Synaptics should be enjoying from the volume growth in capacitive touch handsets," the firm wrote.
Team Inc. (TISI, $16.78, -$1.44, -7.90%) lowered its earnings view for the current fiscal year, as the specialty industrial services company finds a recovery slower coming than expected. The company which repairs leaks in pipes under extreme temperature and pressure conditions for the petrochemical, power and other heavy industries has seen lower sales during the recession but remained in the black.
Janney upgraded Tetra Tech Inc. (TTEK, $21.86, +$1.11, +5.35%) to buy from neutral as the provider of consulting, engineering and technical services' shares have suffered since it said in January that fiscal-2010 earnings would be below views because of project delays.
-By Dow Jones Newswires; write to hotstocks@dowjones.com
(END) Dow Jones Newswires
March 19, 2010 16:50 ET (20:50 GMT)
Hey all, have any AFTER HOURS movers...?....feel free to drop by here and post them at this new board http://investorshub.advfn.com/boards/board.aspx?board_id=17375
APPA shaping up for an AH run into the 1.30s
PGCX getting ready for a run into the close
PGCX firming up here for run into close...watching for a break of .055
PGCX gonna go here in power hour
Headed out for a few,APPA looks to be in play most of the day
In and out of APPA from .95 to 1.06
In APPA for a bounce @ .95
SOMX moving