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Forgot to buy this stock few weeks ago.
Someone bought a single share @90 cents. Must be knowing something.
May be this..
The plastics industry includes the production of bulk plastic resin (often as pellets) as well as the production of plastic products that are sold commercially, such as milk jugs and toys. Plastic resin production is one of the largest energy consumers in the manufacturing sector, estimated to consume almost a quadrillion British thermal units (Btu) in 2010 for fuel and non-fuel uses, and providing nearly $84 billion of shipments in the U.S. economy in 2011. The energy required to make plastics has decreased markedly since 2002, suggesting some efficiency improvements in plastic production, along with structural changes, such as new products or technological advances.
http://www.eia.gov/todayinenergy/detail.cfm?id=14891
Income (loss) before extraordinary items and other adjustments (item 8 minus item 9)...page 5 -line # 10 - Says it's 546K of net income.
https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdiccert&id=35029&date=12312013
A sale would fit IBM's strategy of moving upstream in the technology industry. IBM has exited low-margin businesses such as the personal-computers division it sold to Lenovo and expanded in areas such as software and services, where its technological might and consulting expertise offer better profit potential. IBM, like other big technology companies, also is stepping up its investment in cloud computing.
IBM, like other big technology companies, also is stepping up its investment in cloud computing.
http://online.wsj.com/news/articles/SB10001424052702304856504579336613174828906?mg=reno64-wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304856504579336613174828906.html
Good volume today.
very quiet
Some insider buys at 12.5 for ORC.
http://www.filing4.com/company/1518621/transaction/
Special Report: Ethanol plant margins strong in uncertain times
By Susanne Retka Schill | January 21, 2014
AgMRC tracks ethanol plant profit margins using a model built on the typical yields, costs and revenues for a hypothetical northern Iowa ethanol plant. AgMarketing Resource Center AgMRC tracks ethanol plant profit margins using a model built on the typical yields, costs and revenues for a hypothetical northern Iowa ethanol plant.
AgMarketing Resource Center
Ethanol producers are enjoying generous margins in recent weeks, even as uncertainty over the fate of the renewable fuels standard (RFS) weighs upon the long-term outlook.
Late November saw the best ethanol margins since the height of the 2006 boom. That was preceded, however, by 14-months of thin margins and some of the deepest losses ever seen by the industry.
Jordan Godwin, biofuels analyst for Platts, explained that temporary shortages of ethanol caused by rail logistic issues drove prices up in late November just as the final corn crop numbers drove corn prices down. The shortage of rail cars contributing to the ethanol price increase was due to competition from shale oil movements. Ethanol prices went up 25 cents on Platt’s Argo assessment, he said, in the same period that corn prices took off 50 cents, from $6.21 per bushel in the nearby futures contract to $5.76 two weeks later.
Extrapolating those market movements into ethanol plant profit margins, however, is dependent upon economic models that simulate input costs and revenues, with multiple assumptions built in for ethanol yield, operating and fixed costs.
Model Profits
In the Platts model, based on a typical 50 MMgy Midwestern dry mill ethanol plant, 2013 started out with a margin of around 30 cents per gallon and stayed around that level until fall, Godwin explained. “The week ending Aug. 23, margins stood at 60 cents and two weeks later were over $1 per gallon,” he said. The profit margin for the model hit its peak at $1.45 per gallon for the week ending Nov. 22. Since then, both the ethanol and corn markets have stabilized, with corn trading around the $4.29 mark and the Argo assessment hovering around $2.40 and margins dropping in the Platts model to under $1.
Rick Kment, biofuels analyst for Telvent DTN, tracks ethanol profitability through the DTN model dubbed Neeley Ethanol, which includes depreciation and debt service. That model showed more modest, but still very strong profits. Neeley Ethanol was seeing a 62-cent-per-gallon profit in early January, down a bit from a high of 80 cents per gallon a couple of months earlier in November, Kment said. The model showed red ink for most of 2012 and the first two-thirds of last year, he added, with losses running between 20 and 30 cents per gallon of ethanol produced. The negative margins reflected tight corn supplies and high corn prices as well as struggling energy demand from the gasoline and ethanol markets that kept inventories high and margins low, he explained.
A third model ethanol plant, developed by now retired Iowa State University ag economist Don Hofstrand, shows the average November net return per gallon at 46 cents and a big jump in the December average to 82 cents per gallon of ethanol produced.
The differences in modeled margins is due to the basic assumptions. A model based on nearby future prices for ethanol and corn will give a different margin than a model based on regional cash prices. One based on futures prices would give a better estimation of hedging opportunities, whereas one based on regional cash prices would give an indication of a spot margin. Ethanol producers will often use a mix of both approaches as they develop their risk management strategies.
The assumptions for the Iowa economic model are given in a downloadable spreadsheet that is updated monthly. (Available at the Ag Marketing Resource Center’s website, under the renewable energy heading and labeled “ethanol profitability.”) In this model, the prices used for ethanol, corn and distillers grains are pulled from USDA reports of Iowa-based cash prices. The ethanol yield is based on 2.8 gallons per bushel of corn processed and other assumptions, such as debt service, labor and other operating costs are given.
The Iowa model showed negative returns over all costs through all of 2012 and the first two months of 2013, ranging between a negative 21 cents per gallon to break even. That 14-month negative margin period was more than twice as long as the previous longest industry downturn -- a six-month downturn starting in December 2008 and continuing through May 2009. The low point in that negative-margin period was negative 12 cents per gallon.
According to the Iowa model, the 82 cent profit margin for the Iowa State model plant last month in December is the best for years. November 2011 is the next most recent peak at 68 cents per gallon. That brief peak in margins preceded the long trough of negative returns through all of 2012. One has to go back to early 2007 in the model to find other net returns above the 60 cent-per-gallon mark. The all-time high in this model, which began in January 2006, was $2.02 in June of that year.
Dynamic Interplay
This unusual profit potential for the ethanol industry right now is the result of positive factors in all the multiple moving targets that impact ethanol margins. One is the price of ethanol itself, influenced by fluctuating production and inventory levels as well as periodic supply issues. When supplies are relatively tight, as they are now, logistic slowdowns due to weather conditions or competition with other product movement such as shale oil will boost regional spot markets.
The second big factor is the energy market. Ethanol demand is tied to gasoline demand, with increases in gasoline use boosting ethanol use for blending. Gasoline markets, of course, follow their own supply and demand dynamics as well as the global oil market.
Third, with corn comprising around 80 percent of the cost of production for ethanol producers, ethanol profitability also hinges on the grain market.
A fourth dimension in plant margins is the sale of the ethanol process coproducts, distillers grains and corn oil. The strong corn price and drought-reduced supply meant demand was strong for distillers grain, keeping prices high in both domestic and export markets. Corn supplies are plentiful this year, but distillers grains prices are not dropping as fast as corn has due to the global demand for protein. Corn oil extraction has grown rapidly in the industry, and while the total revenue from oil is small in comparison to ethanol and distillers grains sales, many were saying it was making the difference between negative and positive margins during the slim months.
Ethanol Fundamentals
Ethanol prices went from their yearly high in May, 2013, of $2.74 per gallon, Kment said, dropping a dollar through the summer to $1.77 in early September, when looking at the front month contract. Since then, the ethanol market has been choppy, trading in a 40 cent range in the past four months from more than $2 per gallon to $1.67.
“At the beginning of 2013 we were talking about an ethanol glut,” Kment explained. The tight margins slowed ethanol production and stocks were drawn down to the point where at the end of the year they reached their lowest level since 2010, when the Energy Information Administration began weekly reporting. Thus, the market is no longer weighed down by a glut and there are enough supplies on hand so there are few concerns about shortages. Supply is tight enough, however, that close attention is being paid to the weekly fluctuations in ethanol production and stocks, resulting in the choppy market. In addition, Kment said, “we’re seeing ups and downs in ethanol demand that are not characteristic of the normal trends.”
The strong margins have done their duty to draw more ethanol production online. During the extended industry downturn, several plants went off line and many ethanol producers ratcheted down production for a total pull back of about 15 percent for the year. Most of that capacity is now back online, rebuilding ethanol stocks.
Godwin cited the EIA numbers to illustrate. Average daily production in December was 928,000 barrels per day rebounding from 2012’s figure of 822,000. In 2011, December’s production figure hit 952,000 bpd on average. “There typically is a seasonal drop of 30,000 bpd in January and February,” Godwin added. Some are predicting that it will drop more this year due to the effects of cold temperatures on rail shipments. If it does dip by 50,000 bpd day, it will tighten supplies further and potentially give ethanol prices another boost. “Stocks are extremely tight compared to the last three years,” Godwin said. “In December they were around 15.5 million barrels, where when you look at 2012, it was in the low 20 million barrels. Things are a lot tighter. A lot of our traders are saying that the tightness is going to ease soon, but it hasn’t yet.”
Energy Markets
With nearly all of the nation’s gasoline supply now being blended as E10, ethanol demand is closely tied to gasoline. “In 2014, if the economy keeps rolling on there’s also the potential for some moderate gasoline demand improvement through the spring and summer,” Kment said. Typically summer vacation driving boosts gasoline demand, he added, and the rebounding construction industry is improving demand as well. “Any growth in the gasoline market will carry growth into the ethanol market.” The low gasoline prices seen before Christmas were caused by higher-than-normal gasoline stocks, and as those are drawn down, gasoline should increase which in turn impacts the spread between ethanol and gasoline.
Ethanol/Gas Spread
Traders track the relationship between the ethanol and energy markets by watching the spread. Ethanol usually trades below the price of gasoline, or at a discount.
The spread between ethanol and gasoline is also experiencing volatility, according to Kment, hitting a September high of nearly $1. In the second week of January it was 74 cents, and has been moving between 70 cent and 90 cents per gallon in the past two to three months. There have been some short-lived dives in the spread to about 25 cents, he added, generally when futures contracts switched months. Blenders appear to be comfortable in the current market, Kment added, as they aren’t bidding ethanol prices up based on the current availability of ethanol and production levels.
Corn Market
With a bumper harvest replenishing corn supplies, corn prices have stabilized. While corn traded around $6 per bushel for much of 2013, Kment explained, after harvest the corn market plummeted and has been trading between $4.25 and $4.50 per bushel. It was the big drop in the corn market coinciding with tight ethanol supplies due to competition for rail that contributed to the unusual margins in November.
The low corn prices are likely here to stay for a while, Godwin said. “I haven’t heard anyone say corn is going to take off anytime soon. I talked to some analysts who said they wouldn’t be surprised if, within the next two months or so, corn might go below $4.”
RFS Concerns
The biggest irony, of course, is that these strong ethanol margins are being experienced just as the industry faces a serious threat from the quarter that used to be the bedrock of support for renewable fuels. The U.S. EPA has proposed renewable volume obligations (RVO) for 2014 that would scale back the incremental increases in mandated blending required under the renewable fuel standard (RFS). The ethanol industry and Corn Belt state interests are making a full court press to convince the EPA not to scale back the RVO.
The markets, Kment and Godwin agreed, have already factored in the proposed rule. “It’s not significantly impacting prices in the short term, looking through spring and summer of 2014,” Kment said. “It’s not overturning the market in the short term, but it has long-term implications.”
“As far as Q1, I don’t think the EPA decision will weigh too heavy on margins or demand,” Godwin agreed. Traders have built in the expected impact of reduced RVOs, not wanting to be caught in a bad position, he said. “A lot of people I talk to are optimistic that during this comment period, they’ll be able to sway things and come up with some type of better compromise for a scale-back than what’s been proposed,” he added. “But we’re projecting that won’t come out until June or July at the earliest.”
The biggest impact of a scaled-back RVO will be on long-term investment, Godwin said. “People investing will see there will be lower demand.” He expects margins will remain steady and strong in the next three to six months. “No one is expecting a major disruption in corn or the supply demand fundamentals of ethanol prices.”
“There’s a lot of optimism where we are now compared to where we were six months ago,” Kment said, adding there’s a lot of uncertainty going into 2014. “There is a potential for a lot more volatility in the market through 2014,” he said. While little new ethanol is to come online, “there’s enough infrastructure in place that has potential to increase production. Assuming demand stays stable, this could put us into high inventory situation, and that could reduce overall prices and margins. That’s one of the reasons creating the volatility on week-to-week basis, when these inventory and production numbers come out.”
And, as spring planting season gets closer, analysts are speculating whether farmers will move more acres into soybeans and away from corn, potentially lifting corn prices. Or, will corn acres stay at the recent record levels producing more record corn crops. That, of course, hinges on Mother Nature cooperating. Given recent extreme weather events, the markets – corn, ethanol, energy – are all facing uncertainty.
http://world.einnews.com/article/186525875/cZhk5u5pWyHE0CkK
Notice under Rule 12b25 of inability to timely file all or part of a Form 10-K, 10-KSB, or 10KTClose
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SEC File Number 000-52883
CUSIP Number 22529R
106
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
[X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ] Form N-SAR
For Period Ended: September 30, 2013
---------------------------------
Nothing in this Form shall be construed to imply that the Commission has
verified any information contained herein.
---------------------------------
If the notification relates to a portion of the filing checked above,
identify the Item(s) to which the notification relates: N/A
---------------------------------
Part I - Registrant Information
---------------------------------
Full Name of Registrant: Vanguard Energy Corporation
Former Name if Applicable: N/A
Address of Principal Executive Office (Street and Number)
1330 Post Oak Blvd., Suite 1600
City, State and Zip Code
Houston, TX 77506
1
---------------------------------
Part II - Rules 12b-25(b) and (c)
---------------------------------
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
[X] (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
[X] (b) The subject annual report, semi-annual report, or transition report or
portion thereof will be filed on or before the fifteenth calendar day following
the prescribed due date; or the subject quarterly report or transition report on
Form l0-Q or portion thereof will be filed on or before the fifth calendar day
following the prescribed due date; and
[ ] (c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable.
---------------------------------
Part III - Narrative
---------------------------------
State below in reasonable detail the reasons why the Form 10-K, 20-F, 11-K,
10-Q, or N-SAR, or the transition report or portion thereof could not be filed
within the prescribed time period.
The Company did not complete its financial statements in sufficient time so
as to allow the filing of the report by December 30, 2013.
---------------------------------
Part IV - Other Information
---------------------------------
(1) Name and telephone number of person to contact in regard to this
notification
William T. Hart (303) 839-0061
----------------- -------- ---------------
(Name) (Area Code) (Telephone Number)
2
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding l2 months (or
for such shorter period that the registrant was required to file such
reports) been filed? If answer
is no, identify report(s). [X] Yes [ ] No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be
reflected by the earnings statements to be included
in the subject report or portion thereof? [X] Yes [ ] No
Impairment of oil and gas properties.
If so: attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
VANGUARD ENERGY CORPORATION
----------------------------------------
(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
VANGUARD ENERGY CORPORATION
Date: December 30, 2013 By/s/ Warren M. Dillard
-----------------------------
Warren M. Dillard,
President and Chief Executive Officer
ATTENTION
Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001).
http://ir.stockpr.com/vanguardenergycorp/all-sec-filings#document-6314-0001004878-13-000377
So, it must be that I'm following the same kind of people like you. Which 2 are you trying to buy? MFBP had a lot of insider buy a month ago. I paid 3.35 but the book value is a lot more. BBBI is mostly dead and it sucks but the bank is doing good in the Beverly Hills of Michigan. BMNM, I had it since it was around 16 cents but then I sold it when it went up and got to buy again today. But not many shares.
For most of my stock picks, my credit goes to 56Chevy. He has helped everyone a lot. There are several other IDs as well who are equally nice to follow. Following you as well. :)
Thanks for the good words. It's also like..As Buffett says: “If you don’t know jewelry, know the jeweler”. Here at ihub, there are some awesome jewelers.
I don't particularly follow stocks but rather follow some posters and what they normally choose are unique stocks that only they talk about. Check out, TEXC, GLGI, BMNM, BBBI, MFBP (there isn't a board for MFBP and the company just announced a 12.5 cents per share o special dividend. If you buy today, you'll get it by next week)..and few others..All these are profitable at this time and I hope growing silently.
I almost bought some shares of CANF this morning around 5.5 but opted to buy BMNM. Read somewhere that CANF recently sold their stocks for 6.6 per share but know nothing more about CANF so I passed. I'm going to check on LPHI.
Yes, no hunters on this board. I never owned this stock though..lol. But I found some others that fared well. Happy new year to you as well.
bought at 3.18 last week. I think that it will go up until the first quarter of 2014 and drop again. been wrong many times so i'm just guessing.
there are a lot of stocks where nobody posts but the share price increases from 5.5 to 7 dollar range. BBRY is of course for busy people.
This has crossed 52 week high and it was selling for around 5 dollars few weeks ago.
We may not even have to wait until February for this stock to move up. This is going down very hard and it's not even end of December yet. Will wait until it bounces back. I've heard from a BBRY phone user that their phone is much more better than iphone or androids. I don't know why it's not selling like them though.
Queen Bohemian Rhapsody - California Guitar Trio
Paco de Lucia - Entre dos Aguas
Thank you. This board is awesome.
Bankaholics need to wear the bankster outfit and stop being bankaholics to protect your banks.
I hope not many people bought yesterday when it was flying up till 7 dollars..landing towards 4 dollars with the offering. Some people got the Christmas present yesterday from others.
I have no clue. I guess it depends upon who wants to unload how much. I think the tax loss mechanism works this way.
Suppose I have 3 stocks and one of them is BBRY. And suppose that the rest of the 2 stocks are doing very well. In this case, if I am pessimistic about the future of BBRY, I'd probably sell BBRY so that the income generated from the 2 other stocks will not have to pay the same tax if I did not sell BBRY and kept it. If I keep BBRY until 2014 and sell it eventually for a loss, I'll not be able to claim the tax loss this year. In the name of performance, I've read that fund managers do this kind of things. Hope it helps. I do not think individual shareholders will make any impact. Also read that 90 per cent of the fund managers eventually lose in the long time frame as they're playing with other people's money. The worst that can happen to them is- they get fired.
CEO buying a lot of shares in the last 10 days. Current CFO out and new CFO in.
http://google.brand.edgar-online.com/?sym=QBAK
SUGR up 80 % but only 111 shares traded-which means what?
https://www.google.com/finance?q=OTCBB%3ASUGR&ei=lNufUtCILMG3sQfgXA
Bought 500 stock at 6 cents using my 6th sense. Hope my 6th sense was not on dope coz I've not been high for a while.
Dude, what's going on with all this though? Hank is an awesome guy from whom I've learned something. So he was right back in 2010. Haha. Happens I guess.
Lol..I read that criss-crossed news too and thought the same thing. They're so happy about the competitors entering their business. That I found funny.
It's like a grocery store being very happy about Wal Mart opening next to them.
Nevermind..I thought Alen was sending this message..
I did Alen. I have some bid for 14 dollars. Also talked with qtipjoe this morning and he/she helped to explain a little bit. So, I'm trying to be in but the door is too small to get in.
I have no position but have read some SA articles where they mention about all kinds of things - including real estate value and other hidden stuffs. I think this stock will recover fairly well after January. Shorts are using psychological pressure against longs in the hope that people will be persuaded by tax selling mechanism. Same shorts will buy when get what they want. This is my assumption and I'll check back in Jan or Feb to see if I'm right. The company seems to have enough liquidation value.
Just see how JC Penny was crushed all over and with no real news..it has gone more than 50 per cent up from the 6 dollar range a month ago. Good luck. If my assumption is right..I'll look for companies like these next year.
Pressurizing longs to become tax sellers? In Feb 2014 this should change.
The new member of the bank has 2 recommendation in his linkedin account. If he earned that..you'll probably become a genius. Recommendation earners in linkedin account are usually top performers at what they do.
BDCO swings like dancing with the star candidates.
On the move----
American Software Reports Preliminary Second Quarter of Fiscal Year 2014 Results
License Fee Revenues Increase 13% and GAAP Net Earnings Increase 33%
ey second quarter financial metrics:
? Total revenues for the quarter ended October 31, 2013 were $26.9 million, an increase of 3% over the comparable period last year. The Company booked an additional $3.0 million in revenues that will be recognized over an approximately three-year period.
? Software license fee revenues for the quarter ended October 31, 2013 were $6.2 million, an increase of 13% over the same period last year. The Company booked an additional $1.1 million that will be recognized over an approximately three-year period.
? Services and other revenues for the quarter ended October 31, 2013 were $11.7 million compared to $12.3 million for the same period last year, a decrease of 5%.
? Maintenance revenues for the quarter ended October 31, 2013 were $9.1 million compared to
$8.4 million, an increase of 7% over the same period last year.
? Operating earnings for the quarter ended October 31, 2013 were $5.4 million, an increase of
27% compared to the same period last year.
? GAAP net earnings for the quarter ended October 31, 2013 were $3.7 million or $0.13 per fully diluted share, an increase of 30% over the same period last year.
? Adjusted net earnings for the quarter ended October 31, 2013, which excludes stock-based compensation expense and amortization of acquisition-related intangibles, were $4.0 million or
$0.14 per fully diluted share compared to $3.1 million or $0.11 per fully diluted share for the same period last year, which also excluded stock-based compensation expense and
amortization of acquisition-related intangibles.
? Adjusted EBITDA was $6.2 million for the quarter ended October 31, 2013 compared to $5.7 million for the quarter ended October 31, 2012. Adjusted EBITDA represents GAAP net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax expense, stock-based compensation, and other significant non-routine operating and non-operating income and expense items, if applicable.
American Software Second Quarter of Fiscal Year 2014 Results Page 2
Key fiscal 2014 year to date financial highlights:
? Total revenues for the six months ended October 31, 2013 were $50.2 million, a 4% decrease over the comparable period last year. The Company booked an additional $3.2 million in revenues that will be recognized over an approximately three-year period.
? Software license fees for the six-month period were $9.4 million, an 11% decrease compared to the same period last year. The Company booked an additional $1.1 million that will be recognized over an approximately three-year period.
? Services and other revenues were $22.9 million, an 8% decrease compared to the same period last year.
? Maintenance revenues were $17.9 million, a 7% increase over the comparable period last year.
? For the six months ended October 31, 2013, the Company reported operating earnings of approximately $7.8 million, a 2% decrease over the same period last year.
? GAAP net earnings were approximately $5.3 million or $0.19 per fully diluted share for the six months ended October 31, 2013, a 2% increase compared to $5.2 million or $0.19 per fully diluted share for the same period last year.
? Adjusted net earnings for the six months ended October 31, 2013, which excludes stock-based compensation expenses and acquisition-related amortization of intangibles, were $5.9 million or
$0.21 per fully diluted share, compared to $5.8 million or $0.21 per fully diluted share for the same period last year, which also excluded stock-based compensation expenses and
acquisition-related amortization of intangibles.
? Adjusted EBITDA was $9.9 million for the six months ended October 31, 2013 compared to
$10.8 million for the six months ended October 31, 2012. Adjusted EBITDA represents GAAP
net earnings adjusted for amortization of intangibles, depreciation, interest income & other, net, income tax expense, stock-based compensation, and other significant non-routine
operating and non-operating income and expense items, if applicable.
The Company is including EBITDA, adjusted EBITDA, adjusted net earnings and adjusted net earnings per share in the summary financial information provided with this press release as supplemental information relating to its operating results. This financial information is not in accordance with, or an alternative for, GAAP-compliant financial information and may be different from non-GAAP net earnings and non-GAAP per share measures used by other companies. The Company believes that this presentation of adjusted net earnings and adjusted net earnings per share provides useful information to investors regarding certain additional financial and business trends relating to its financial condition and results of operations.
The overall financial condition of the Company remains strong, with cash and investments of approximately $70.2 million as of October 31, 2013. The Company increased cash and investments by approximately $5.4 million when compared to October 31, 2012.
American Software Second Quarter of Fiscal Year 2014 Results Page 3
"Second quarter license fee revenue was up 13% and net earnings increased by 33%," stated Mike Edenfield, president and CEO of American Software. "As a result of our success in selling Cloud Services during the second quarter, we contracted an additional $3.0 million of revenues including $1.1 million in license fees which will be recognized over approximately three years."
"Our portfolio of Logility Cloud Services allows customers to choose the deployment method that suits their business today while selecting a solution suite that will meet their business needs for the long term," continued Edenfield. "Logility Cloud Services builds on our more than 10 years of cloud deployment experience. Customers are able to access industry-leading and award-winning capabilities of Logility Voyager Solutions either as a Software-as-a-Service (SaaS), Hosted or On-Premise deployment. This flexibility allows customers to match their supply chain needs with IT strategy and available resources to accelerate tangible benefits to their businesses."
"With the continued volatility in the global economy, businesses are looking to increase visibility, lower operating costs and respond quickly to dynamic market conditions," continued Edenfield. "Leaders are investing in supply chain technology to accelerate the sales and operations planning (S&OP) process, streamline new product introductions, optimize inventory investments and harness the benefits of a global marketplace to increase profits. We firmly believe both our Demand Solutions® and Logility Voyager Solutions™ brands offer innovative, proven solutions to help companies address these challenges during both prosperous and lean economic environments."
Additional highlights for the second quarter of fiscal 2014 include: Customers & Channels
? Notable new and existing customers placing orders with the Company in the second quarter include: AB Enzymes GmbH, American Woodmark, Baby Trend, Bestseller United, Citizen Watch Company, FMC Corporation, GateGroup, Hills Holdings, L'Oreal USA, Mitsubishi Heavy Industries, PharmaCare Laboratories Pty., SnapAV, SodaStream US, and Sunny Delight Beverage Company.
? During the quarter, software license agreements were signed with customers located in the following 11 countries: Australia, Brazil, Canada, China, Colombia, Denmark, Germany, Japan, Sweden, the United Kingdom and the United States.
? Logility, a wholly-owned subsidiary of the Company, hosted a live, educational webinar with its customer Red Wing Shoe Company. The online event highlighted the apparel manufacturer's progress from an organization reliant on spreadsheets to a nimble, proactive supply chain planned in Logility Voyager Solutions. Red Wing Shoe Company and Logility also presented jointly at the APICS 2013 Global Conference in September, sharing insights and best practices in deploying a robust Sales and Operations Planning (S&OP) process.
? At the 2013 Global CSCMP Conference, the J.R. Simplot Company presented how they use Logility Voyager Inventory Optimization to help drive their S&OP process. Additionally, Logility's Dr. Sean Willems presented at the conference to help attendees understand how they could apply multi-echelon inventory optimization to rapidly drive benefits in their businesses.
American Software Second Quarter of Fiscal Year 2014 Results Page 4
? Demand Management, a wholly-owned subsidiary of Logility, was named Supplier of the Year by its customer Campbell Hausfeld a manufacturer of air compressors and pneumatic tools for both professionals and do-it-yourself enthusiasts.
? NGC® Software, a wholly-owned subsidiary of the Company, announced during the quarter Fashion Avenue Sweater Knits, a leading importer of quality children's and women's apparel, has gone live on NGC's fashion Product Lifecycle Management (PLM) and Supply Chain Management solution. Fashion Avenue Sweater Knits is realizing numerous benefits including streamlined workflow and improved collaboration.
? Grupo Karim's, a diversified global company with core businesses that include private-label apparel manufacturing, selected NGC Software's fashion PLM and Supply Chain Management software to improve productivity and reduce costs, while also providing better customer service throughout the entire product development and production process.
? NGC Software announced Legendary Whitetails, a casual hunting gear and lifestyle apparel marketer, selected the company's PLM, supply chain management and raw materials management software. Legendary Whitetails is moving from multiple spreadsheets and databases to a robust solution that will improve collaboration and speed time to market.
? Contemporary fashion designer Nicole Miller went live with NGC Software's fashion PLM, Global Sourcing and Supply Chain Management software solution. The platform has provided Nicole Miller with a strategic platform to standardize all processes for PLM, SCM and Global Sourcing.
Company & Technology
? Industry research firm IDC positioned Logility as a Leader in the 2013 IDC Demand Sensing and Planning MarketScape published in September. The report highlighted several strengths in Logility Voyager Solutions capabilities, portfolio strategy and documented benefits to customers.
? SupplyChainBrain, a leading trade publication, named Logility as one of its 2013 Great Partners.
The award is based on end-user nominations and marks the ninth time Logility has been selected.
? Logility and Consumer Goods Technology published the findings of the latest S&OP survey which showed adoption is soaring as more consumer products companies realize the benefits of S&OP. According to the report, which compares 2013 results with responses from 2011, more than 80 percent of the companies surveyed have a formal process in place. However, more than 50 percent revealed they currently rely on spreadsheets, while another 26 percent stated they either utilize a homegrown solution or their ERP system. Logility believes these approaches could be leading causes why more than 70 percent said they are unable to execute on their S&OP vision.
? During September, Demand Management held its 24th customer conference DSCover in Orlando, FL. Key themes included exciting industry trends in mobile technology, workflow and social networking to increase supply chain collaboration and visibility, customer success sessions and new insights on priorities and supply chain process improvements.
? NGC Software announced version 14 of its PLM, Supply Chain Management and ERP solutions, bringing new accuracy and efficiency to all areas of product development and supply chain execution for retailers, brands and consumer goods companies. Version 14 is designed to drive improvements in overall productivity, speed to market and financial performance.
American Software Second Quarter of Fiscal Year 2014 Results Page 5
? NGC Software announced its Panorama User Conference which was held November 13 - 15,
2013 in Miami Beach, FL. The three-day event brought together customers, consultants and industry experts to share strategies, best practices and offer valuable insights to boosting
efficiency and visibility for the apparel industry.
About American Software, Inc.
Atlanta-based American Software (NASDAQ: AMSWA) provides demand-driven supply chain management and enterprise software solutions, backed by more than 40 years of industry experience, that drive value for companies regardless of market conditions. Logility, Inc., a wholly-owned subsidiary of American Software, is a leading provider of collaborative solutions to optimize the supply chain. Logility Voyager Solutions™ is a complete supply chain management solution suite that features a performance monitoring architecture and provides supply chain visibility; demand, inventory and replenishment planning; sales and operations planning (S&OP); supply and inventory optimization; manufacturing planning and scheduling; transportation planning and management; and warehouse management. Logility customers include Fender Musical Instruments, Parker Hannifin, Verizon Wireless, and VF Corporation. Demand Management, Inc., a wholly-owned subsidiary of Logility, delivers supply chain solutions to small and midsized manufacturers, distributors and retailers. Demand Management's Demand Solutions® suite is widely deployed and globally recognized for forecasting, demand planning and point-of-sale analysis. Demand Management serves customers such as Campbell Hausfeld and Lonely Planet. New Generation Computing® (NGC®) , a wholly-owned subsidiary of American Software, is a leading provider of PLM, supply chain management, ERP and product testing software and services for brand owners, retailers and consumer products companies. NGC customers include A|X Armani Exchange, Aeropostale, Billabong, Carter's, Casual Male, Hugo Boss, Jos. A. Bank, FGL Group, Spanx, Athletica, Marchon Eyewear, and Swatfame. For more information about American Software, please visit www.amsoftware.com, call (800) 726-2946 or email: ask@amsoftware.com.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to substantial risks and uncertainties. There are a number of factors that could cause actual results to differ materially from those anticipated by statements made herein. These factors include, but are not limited to, continuing U.S. and global economic uncertainty, the timing and degree of business recovery, unpredictability and the irregular pattern of future revenues, dependence on particular market segments or customers, competitive pressures, delays, product liability and warranty claims and other risks associated with new product development, undetected software errors, market acceptance of the Company's products, technological complexity, the challenges and risks associated with integration of acquired product lines, companies and services, as well as a number of other risk factors that could affect the Company's future performance. For further information about risks the Company could experience as well as other information, please refer to the Company's current Form 10-K and other reports and documents subsequently filed with the Securities and Exchange Commission. For more information, contact: Vincent C. Klinges, Chief Financial Officer, American Software, Inc., (404) 264-5477 or fax: (404) 237-
8868.
Logility is a registered trademark and Logility Voyager Solutions is a trademark of Logility, Inc., Demand Solutions is a registered trademark of Demand Management, Inc., and NGC and New Generation Computing are registered trademarks of New Generation Computing, Inc.. Other products mentioned in this document are registered, trademarked or service marked by their respective owners.
###
American Software Second Quarter of Fiscal Year 2014 Results Page 6
AMERICAN SOFTWARE, INC. Consolidated Statements of Operations Information (In thousands, except per share data, unaudited)
Second Quarter Ended Six Months Ended October 31, October 31,
Revenues:
2013 2012
Pct
Chg. 2013 2012
Pct
Chg.
License
$ 6,192
$ 5,504
13%
$ 9,410
$ 10,586
(11%)
Services & other
11,662
12,312
(5%)
22,890
24,807
(8%)
Maintenance
9,077
8,447
7%
17,949
16,784
7%
Total Revenues
26,931
26,263
3%
50,249
52,177
(4%)
Cost of Revenues:
License
1,234
1,443
(14%)
2,395
2,812
(15%)
Services & other
8,181
8,142
0%
16,221
16,765
(3%)
Maintenance
1,990
1,998
0%
3,952
3,910
1%
Total Cost of Revenues
11,405
11,583
(2%)
22,568
23,487
(4%)
Gross Margin
15,526
14,680
6%
27,681
28,690
(4%)
Operating expenses:
Research and development
2,928
3,251
(10%)
5,745
6,220
(8%)
Less: capitalized development
(924)
(948)
(3%)
(1,641)
(1,811)
(9%)
Sales and marketing
5,018
4,937
2%
9,412
9,758
(4%)
General and administrative (Recovery)/Provision for doubtful accounts
3,071
(84)
2,939
140
4%
nm
6,224
(84)
6,049
267
3%
nm
Amortization of acquisition-
related intangibles
125
125
0%
250
250
0%
Total Operating Expenses
10,134
10,444
(3%)
19,906
20,733
(4%)
Operating Earnings
5,392
4,236
27%
7,775
7,957
(2%)
Interest Income & Other, Net
417
309
35%
461
582
(21%)
Earnings Before Income Taxes
5,809
4,545
28%
8,236
8,539
(4%)
Income Tax Expense
2,116
1,774
19%
2,950
3,346
(12%)
Net Earnings
$ 3,693
$ 2,771
33%
$ 5,286
$ 5,193
2%
Earnings per common share: (1)
Basic
$ 0.13
$ 0.10
30%
$ 0.19
$ 0.19
0%
Diluted
$ 0.13
$ 0.10
30%
$ 0.19
$ 0.19
0%
Weighted average number of common shares outstanding:
Basic
27,448
27,151
27,406
27,112
Diluted
27,874
27,627
27,841
27,596
nm- not meaningful
American Software Second Quarter of Fiscal Year 2014 Results Page 7
AMERICAN SOFTWARE, INC.
NON-GAAP MEASURES OF PERFORMANCE (In thousands, except per share data, unaudited)
NON-GAAP EARNINGS PER
SHARE:
Second Quarter Ended Six Months Ended October 31, October 31,
2013 2012 Pct Chg. 2013 2012 Pct Chg.
Net Earnings (GAAP Basis)
$ 3,693
$
2,771
33%
$ 5,286
$ 5,193
2%
Income tax expense
2,116
1,774
19%
2,950
3,346
(12%)
Interest Income & Other, Net
(417)
(309)
35%
(461)
(582)
(21%)
Amortization of intangibles
171
769
(78%)
939
1,539
(39%)
Depreciation
262
272
(4%)
523
546
(4%)
EBITDA (earnings before interest,
taxes, depreciation and
amortization) 5,825 5,277 10% 9,237 10,042 (8%)
Stock-based compensation
Adjusted EBITDA
EBITDA , as a percentage of
revenues 22% 20% 18% 19%
Adjusted EBITDA , as a percentage
of revenues 23% 22% 20% 21%
NON-GAAP EARNINGS PER
SHARE:
Second Quarter Ended Six Months Ended
October 31, October 31,
2013 2012 Pct Chg. 2013 2012 Pct Chg.
Net Earnings (GAAP Basis) $ 3,693 $ 2,771 33% $ 5,286 $ 5,193 2% Amortization of acquisition-
related intangibles (2) 79
Stock-based compensation (2) 230
76
4%
161
152
6%
related intangibles (2) 79
Stock-based compensation (2) 230
234
(2%)
449
471
(5%)
Adjusted Net Earnings
$ 4,002
$ 3,081
30%
$ 5,896
$ 5,816
1%
Adjusted non-GAAP diluted earnings
per share $ 0.14 $ 0.11 27% $ 0.21 $ 0.21 0%
(1) - Basic per share amounts are the same for Class A and Class B shares. Diluted per share amounts for Class A shares are shown above. Diluted per share for Class B shares under the two-class method are $0.13 and $0.19 for the three and six months ended October 31, 2013, respectively. Diluted per share for Class B shares under the two-class method are $0.10 and $0.19 for the three and six months ended October 31, 2012, respectively.
(2) - Tax affected using the effective tax rate for the three months period ended October 31, 2013 and 2012.
American Software Second Quarter of Fiscal Year 2014 Results Page 8
AMERICAN SOFTWARE, INC. Consolidated Balance Sheet Information
(In thousands)
(Unaudited)
October 31, April 30,
2013 2013
Cash and Short-term Investments
Accounts Receivable: Billed
$ 61,765
12,759
$ 59,766
13,179
Unbilled
4,406
3,741
Total Accounts Receivable, net
17,165
16,920
Prepaids & Other
3,551
3,162
Current Assets
82,481
79,848
Investments - Non-current
8,405
6,658
PP&E, net
4,114
4,482
Capitalized Software, net
9,723
8,708
Goodwill
13,819
12,601
Other Intangibles, net
845
687
Other Non-current Assets
129
86
Total Assets
$ 119,516
$ 113,070
Accounts Payable
Accrued Compensation and Related costs
$ 455
2,959
$ 1,207
2,961
Dividend Payable
2,751
-
Other Current Liabilities
4,138
2,969
Deferred Tax Liability - Current
218
332
Deferred Revenues - Current
19,361
21,291
Current Liabilities
29,882
28,760
Deferred Revenues - Non-current
505
-
Deferred Tax Liability - Long term
1,330
1,066
Other Long-term Liabilities
366
-
Long-term Liabilities
2,201
1,066
Total Liabilities
32,083
29,826
Shareholders' Equity
87,433
83,244
Total Liabilities & Shareholders'
Equity
$ 119,516
$ 113,070
American Software Second Quarter of Fiscal Year 2014 Results Page 9
AMERICAN SOFTWARE, INC. Condensed Consolidated Cashflow Information (In thousands)
(Unaudited)
Six Months Ended,
October 31,
2013 2012
Net cash provided by
operating activities $ 9,636 $ 6,244
Capitalized computer software development
costs (1,641) (1,811) Purchases of property and
equipment, net of disposals (155) (521) Proceeds from maturities of
investments 225 693
Purchase of business, net
of cash acquired (1,191) -
Net cash used in
investing activities (2,762) (1,639)
Repurchase of common
stock - (254) Excess tax benefits from
stock based compensation 68 70
Proceeds from exercise of
stock options 1,120 912
Dividends paid - (4,887)
Net cash provided by
(used in) financing
activities 1,188 (4,159)
Net change in cash and
cash equivalents 8,062 446
Cash and cash equivalents
at beginning of period 41,164 39,111
Cash and cash equivalents at end of
period $ 49,226 $ 39,557
distributed by
This noodl was issued by American Software Inc. and was initially posted at www.amsoftware.com. It was distributed, unedited and unaltered, by noodls on 2013-12-04 09:05:14 CET. The issuer is solely responsible for the accuracy of the information contained therein.
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http://www.twst.com/update/30658-american-software-inc-american-software-reports-preliminary-second-quarter-of-fiscal-year-2014-results
This company has been FLYING high on Lannett pills this year.
LANNETT CO INC FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Financial Statements and Exhibits
December 3, 2013
ITEM 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER LISTING On December 2, 2013 , Lannett Company, Inc. (the "Company") provided notice to the NYSE MKT that the Company intends to voluntarily transfer the listing of its common stock, $.001 par value ("the Common Stock"), from the NYSE MKT to the New York Stock Exchange ("NYSE"). The Common Stock has been approved for listing on the NYSE , and the Company expects that the Common Stock will begin trading on the NYSE on December 13, 2013 . The Common Stock will continue to trade under the ticker symbol "LCI." Until the transfer of the listing to the NYSE is completed, the Common Stock will continue to be traded on the NYSE MKT. A copy of the press release issued by the Company in connection with the transfer of its listing is attached hereto as Exhibit 99.1. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits 99.1 December 2, 2013 press release 2 --------------------------------------------------------------------------------
http://www.hispanicbusiness.com/2013/12/3/lannett_co_inc_files_8-k_disclosing.htm
That's why I closed all of my bank accounts except for 1. Lol. I had few bank accounts and it was okay until few years ago..and then I was being charged 10 dollar here and 15 dollar there for stupid reason like having to maintain minimum balance of 1500 dollars at any given time or I needed to spend certain amount of money for not being charged.