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2 big projects will amp up solar power in Southland
Edison plans a massive installation of photovoltaic cells on rooftops, and FPL Energy proposes a 250-megawatt plant.
By Andrea Chang, Los Angeles Times Staff Writer
March 27, 2008
Solar energy is getting a big boost in Southern California with the unveiling of two projects that will be capable of generating a total of 500 megawatts of electricity, enough to serve more than 300,000 homes.
Gov. Arnold Schwarzenegger and Southern California Edison plan to announce today the country's largest rooftop solar installation project ever proposed by a utility company. And on Wednesday, FPL Energy, the largest operator of solar power in the U.S., said it planned to build and operate a 250-megawatt solar plant in the Mojave Desert.
The projects would help California meet its goal of obtaining 20% of its electricity from renewable sources by 2010. In 2006, about 13% of the retail electricity delivered by Edison and the state's other two big investor-owned utilities came from renewable sources such as sun and wind, according to the California Public Utilities Commission.
Energy experts were struck by the size of the two projects, which would bolster the state's current total of about 965 megawatts of solar power flowing to the electricity grid.
"Five hundred megawatts -- that's substantial," said spokesman George Douglas of the National Renewable Energy Laboratory. "Projects of that size begin to show that solar energy can produce electricity on a utility scale, on the kind of scale that we're going to need."
The Edison rooftop project will place photovoltaic cells on 65 million square feet of commercial building roofs in Southern California. The cells will generate as much as 250 megawatts of electricity -- enough to power about 162,500 average homes, based on the utility's estimate that one megawatt would serve about 650 average homes.
"These are the kinds of big ideas we need to meet California's long-term energy and climate change goals," Schwarzenegger said in a statement. "If commercial buildings statewide partnered with utilities to put this solar technology on their rooftops, it would set off a huge wave of renewable-energy growth."
The project, subject to approval by state utility regulators, will cost an estimated $875 million and take five years to complete, Edison spokesman Gil Alexander said. The utility, a subsidiary of Edison International, plans to begin installation work immediately on commercial roofs in San Bernardino and Riverside counties and spread to other locations in Southern California at a rate of one megawatt a week.
The first of the solar rooftops, which will use advanced photovoltaic generating technology, is expected to be in service by August.
"This is a breakthrough. This is hugely accelerating to a scale that is the largest in the country -- a kind of virtual solar generation facility," John E. Bryson, chairman and chief executive of Edison International, said in an interview. "It's a big deal for the state of California; it's a big deal for the renewable-energy sector."
Rosemead-based Southern California Edison provides power to 13 million people in a 50,000-square-mile area of Central and Southern California.
FPL Energy's proposed 250-megawatt plant, dubbed the Beacon Solar Energy Project, will be situated on about 2,000 acres in eastern Kern County.
More than half a million parabolic mirrors will be assembled in rows to receive and concentrate the sun's rays to produce steam for a turbine generator -- a process known as solar thermal power. The generator will produce electricity for delivery to a nearby electric grid. Construction is scheduled to begin in late 2009 and will take about two years to complete, the Juno Beach, Fla.-based company said.
"At a time of rising and volatile fossil-fuel costs and increasing concerns about greenhouse gases, solar electricity can have a meaningful impact," FPL Energy President Mitch Davidson said in a statement. "We believe that solar power has similar long-term potential as wind energy, and we are well positioned to play a leading role in the growth of this renewable technology."
Longer term, the company aims to add at least 600 megawatts of new solar by 2015. FPL Energy currently has facilities with a capacity to produce 310 megawatts of solar power.
andrea.chang@latimes.com
http://www.latimes.com/news/local/la-fi-solar27mar27,1,3440040.story
9 fund managers bought a total of 1,626,230 shares.
10 fund managers sold a total of 79,423 shares.
sells: 5% buys: 95%
Total Shares of (FMT) Bought and Sold: 1,705,653
Funds that bought this stock sold:
Mercury Computer Systems
Ferro
Amicas
GenCorp
4,222 BUY VFAIX Vanguard Financial IdxAdm
Vanguard
4,222 BUY VFH Vanguard Financial ETF
Vanguard
-358 SELL PSSPX Principal Inv SP600 Pfd
Principal Investors
253,091 BUY VXF Vanguard ExMkt ETF
Vanguard
-300 SELL IPSIX ING VP Index Pl Sm Cap I
ING Funds
-15,235 SELL VBR Vanguard Sm Cp Val ETF
Vanguard
1,026,604 BUY RYPNX Royce Opportunity Inv
Royce
-2,270 SELL ISIAX RiverSource Sm Co Index A
RiverSource
-8,543 SELL NVGEX WF Adv Gr Eq Adm
Wells Fargo Advantage
-100 SELL DTSVX Wilshire Sm Co Val Inv
Wilshire Target
-900 SELL NMSCX Columbia Small Cap Idx Z
Columbia
200 BUY AALSX Thrivent Sm Cap Index A
Thrivent Mutual Funds
253,091 BUY VEXMX Vanguard ExtMktIdx
Vanguard
-36,085 SELL NVDSX WF Adv Divr SmCap Adm
Wells Fargo Advantage
-15,235 SELL VISVX Vanguard SmCp Vl Idx
Vanguard
33,800 BUY NAESX Vanguard SmCp Idx
Vanguard
17,200 BUY BRSIX Bridgeway Ul-Sm Co Mkt
Bridgeway
33,800 BUY VB Vanguard Small Cap ETF
Vanguard
-397 SELL MSIKX Munder SP Sm Cap K
Munder
FYI: The data you see here is updated periodically. Some updates are performed biweekly and some are monthly. Aggregate data may be shown after monthly updates. The data seen as of the update date covers the activity between two consecutive updates.
Please consult an investment advisor before you make investment decisions.
http://www.thebuylist.com/default.aspx?Stock=FMT
EOM
Dow Chemical Canada Inc., a subsidiary of The Dow Chemical Company, joins the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) as the official supplier of Insulation Materials and Heat Transfer Fluids. Building on over 30 years of Dow’s support of the Olympic Movement, Dow Canada’s six-year Official Supplier designation will provide sponsorship rights within Canada for the 2010 Winter Games, including sponsorship rights for the Canadian Olympic Committee and the Canadian Olympic Team for 2008, 2010, and 2012.
Dan Doyle, Executive vice president, venue construction, VANOC and Jeff Johnston, President, Dow Chemical Canada Inc.
Dan Doyle, Executive vice president, venue construction, VANOC and Jeff Johnston, President, Dow Chemical Canada Inc.
Mutually committed to the principles of sustainability, Dow Canada and VANOC will work together to support a “green” Olympics by increasing awareness of how to reduce waste. In addition, Dow's Building & Construction business will supply insulation products that will be extensively used in the construction of the 2010 Olympic and Paralympic venues.
"Dow Canada is delighted to be a supplier of the 2010 Games and to work with VANOC to achieve the shared goal of sustainable Games in 2010. A portion of Dow's sponsorship will be directed to support VANOC's sustainability objectives which will include a focus on recycling and litter clean-up initiatives," said Jeff Johnston, president, Dow Chemical Canada Inc. " For over three decades, Dow's insulation materials and building solutions have been widely utilized at Olympic venues. We are pleased to have so many products that will contribute to VANOC’s venue construction program, ensuring the delivery and success of the Olympic and Paralympic Games in 2010.”
Dow's insulation materials and building solutions have been widely utilized at Olympic venues in diverse applications such as ice surfaces, providing for a uniform and consistent cold temperature, allowing the athletes to excel, and for keeping the buildings warm and comfortable for the enjoyment of both the athletes and the spectators.
“Dow’s contribution will be critical to the success of the Games in 2010,” said Dan Doyle, Executive vice president, venue construction, VANOC. “Dow has a long standing tradition of providing building solutions that will enable the construction of high quality, sustainable venues, which now include the Whistler Sliding Centre and the Whistler Nordic Venue, and the Hillcrest Curling Venue. These venues will not only host athletes and spectators during the Games, but will contribute to sustainable sport and recreation legacies for generations to come.”
Dow offers a full line of building envelope solutions that address energy efficiency, moisture resistance and durability for residential, commercial, industrial, roofing, geotechnical and low-temperature applications. The product line features leading brands such as Dow STYROFOAM TM extruded polystyrene insulation, STYROFOAM TM, WEATHERMATE TM, housewraps and GREAT STUFF TM Pro insulating foam sealants and adhesives.
Dow’s Heat Transfer Fluids are sold under the brand names DOWTHERM TM, DOWFROST TM, and UCARTHERM TM and are widely used in industrial and commercial applications for both high temperature and low temperature applications – an example of which is the use of DOWTHERM TM SR-1 to maintain high quality ice in ice arenas and other ice sports facilities.
Dow Chemical Canada Inc., a subsidiary of The Dow Chemical Company, employs approximately 1,300 people in Canada. Headquartered in Calgary, Alberta, Dow Canada and its affiliates have manufacturing locations in: Sarnia and Toronto, Ontario; Fort Saskatchewan and Prentiss, Alberta; and Varennes, Quebec. For more information about Dow Canada, please visit our web site at http://www.dowcanada.com
Dow is a diversified chemical company that harnesses the power of science and technology to improve living daily. The Company offers a broad range of innovative products and services to customers in more than 175 countries, helping them to provide everything from fresh water, food and pharmaceuticals to paints, packaging and personal care products. Built on a commitment to its principles of sustainability, Dow has annual sales of $46 billion and employs 42,000 people worldwide. References to "Dow" or the "Company" mean The Dow Chemical Company and its consolidated subsidiaries unless otherwise expressly noted. More information about Dow can be found at http://www.dow.com.
Vancouver 2010 is responsible for the planning, organizing, financing and staging of the XXI Olympic Winter Games and the X Paralympic Winter Games in 2010. The 2010 Olympic Winter Games will be staged in Vancouver and Whistler from February 12 to 28, 2010. Whistler will host the Paralympic Winter Games from March 12 to 21, 2010. www.vancouver2010.com
That is true!
Bashers working overtime...
lol
Agree 100%
Paulson says Congress housing proposals unhelpful
Wed Mar 26, 2008 11:15am EDT
WASHINGTON (Reuters) - U.S. Treasury Secretary Henry Paulson said on Wednesday that many ideas proposed by U.S. lawmakers for alleviating housing woes were unhelpful, and said lawmakers should focus on more immediate policy fixes.
Answering questions after addressing the U.S. Chamber of Commerce, he said there have been longstanding proposals for giving the Federal Housing Administration more lending authority and for improving oversight of government-sponsored lender, but Congress has not acted.
"There's an immediate clear need and I don't hear a lot of people arguing that either is unnecessary," Paulson said. "Some of these other ideas, they're well intended but would cause more harm than good."
Senate Banking Committee Chairman Sen. Chris Dodd has said he intends to propose legislation similar to that offered by House Financial Services Committee Chairman Barney Frank that would have the FHA soak up more failing home mortgage loans.
Paulson told another questioner that he saw a need for greater transparency, or openness, in the operation of over-the-counter derivatives markets that have become increasingly important.
He said a proposed regulatory overhaul to be made public by Treasury "sometime soon" will reflect that, commenting "a lot of our work will be focused on the over-the-counter derivatives market."
(Reporting by Glenn Somerville, Editing by Chizu Nomiyama)
http://www.reuters.com/article/bondsNews/idUSWBT00864020080326
Fortress posts loss; stock up on dividend news
Tue Mar 25, 2008 1:59pm EDT
BOSTON (Reuters) - Fortress Investment Group on Tuesday reported a quarterly loss after payments to its principals, but the hedge fund and private equity company's shares rose nearly 4 percent amid signals that business was strong despite tough conditions.
The 10-year-old company, one of very few publicly traded hedge and private equity fund firms, posted a fourth-quarter net loss of $29.3 million, or 43 cents a share, compared with year-earlier net income of $290 million.
Fortress, which went public in February 2007, did not provide earnings per share for the year-earlier period.
Pretax distributable earnings fell 43 percent to $78 million, or 18 cents a share, in line with the analysts' average forecast, according to Reuters Estimates.
Quarterly revenue fell 22 percent to $196 million. Like other hedge and private equity funds, Fortress earns management fees, which climbed 43 percent, and incentive fees, which fell 59 percent.
The New York-based company also announced a first-quarter dividend of 23 cents per share, prompting analysts and investors to think business is going well.
The past year has been difficult for many hedge funds as they posted their biggest-ever losses in January.
Fortress executives, however, sounded an optimistic note on a conference call with analysts, saying they had money to invest and were seeing good opportunities.
Maintaining the dividend "ought to serve as proof of FIG's confidence in its ability to persevere (or even thrive) amid difficult market conditions," Goldman Sachs analyst Marc Irizarry wrote in a research note. Continued... http://www.reuters.com/article/marketsNews/idUKN2537709920080325?rpc=44
Fortress Stays Strong, Mostly
Carl Gutierrez, 03.25.08, 6:35 PM ET
Fortress Investment Group was lacking in the performance department last quarter, but investors seem poised for a comeback.
On Tuesday, Fortress Investment Group reported a forth-quarter loss after having to pay $240 million in principal compensation.
The company, which had $33.2 billion in fee paying assets at the end of the year, reported a loss of $29 million, or 43 cents per share, for the 2007 fourth quarter. A year ago, the company earned $290 million. Fortress did not provide per-share data for the year-ago periods, saying a restructuring in January 2007 makes a comparison meaningless.
Excluding the principal compensation payment and other items, earnings fell to $78 million, or 18 cents per share, from $138 million a year ago. Analyst polled by Thomson Financial had anticipated earnings of $80.0 million, or 18 cents per share. Sales fell to $304 million from $488 million the year before. Segment revenue came in at $196 million, with management fees accounting for $129 million. Wall Street had expected $210.2 million for the quarter.
Despite the weak numbers, investors were generally pleased with the firm's performance, sending shares of the publicly traded hedge fund up 4.8%, or 53 cents, to $11.54 by close on Tuesday. According to Robert Lee of Keefe, Bruyette & Woods, investors' primary focus was on the company's outlook for the rest of the year, which is generally positive.
"Their hedge fund products have held up well," Lee said, "and they have a robust asset raising plans for the rest of the year." Lee went on to note that, due to the current environment, investors were concerned that some unknown problem might emerge.
During the analyst call, Fortress Chief Executive Wesley Edens said the company plans to raise $15 million to $20 million in capital over the coming months. Jeffries analyst Daniel Fannon told Forbes.com that he expects the money will be raised through private equity or the birth of a six hedge fund for the investment group.
Looking at the larger picture, Lee said that economic environments such as the current one are a key time for alternative investment managers to build their track records.
"If you can outperform on an absolute basis in crummy markets, it won't mean that you'll generate performance fees, but you've outperformed broad equity industries," Lee said. "So this environment could create short-term headwinds around revenues and performance fees, but to the extent you can perform better you can build track records and build assets for the future."
Lee added that he views Fortress as one of these alternative managers.
A week ago Fortress announced it was bumping the release up a week. (See: "Silent Fortress") The firm did not return calls as to why it changed the date of the release. www.forbes.com
Fortress Investment Group Q4 2007 Earnings Call Transcript
Page 1 out of 10| posted on: March 25, 2008 | about stocks: FIG
Q4 2007 Earnings Call
March 25, 2008 10:00 am ET
Executives
Wes Edens - Chairman and CEO
Dan Bass - Chief Financial Officer
Pete Briger - Co-President and Head of Hybrid Hedge Fund Business
Mike Novogratz - President and Head of Liquid Market Hedge Fund Business
Randy Nardone - Chief Operating Officer
Lilly Donohue – Investor Relations
Analysts
Roger Freeman - Lehman Brothers
Marc Irizarry - Goldman Sachs
Craig Siegenthaler - Credit Suisse
Prashant Bhatia – Citigroup
Dan Fannon - Jefferies
Roger Smith - FPK
Robert Lee - KBW
Presentation
...
Lilly Donohue
Thanks Ashley. Good morning. I'm Lilly Donohue and I want to welcome you all to our fourth quarter and 2007 year-end earnings conference call. Joining me today is Wes Edens, our Chairman and CEO, Dan Bass, our Chief Financial Officer; we also have with us Pete Briger, Co-President and head of our hybrid hedge fund business, Mike Novogratz, President and head of our liquid market hedge fund business and Randy Nardone, our Chief Operating Officer.
And before I turn the call over to Wes, as Ashley mentioned, this call is going to be recorded. The replay number is 800-642-1687; that’s from within the United States and outside, it’s 706-645-9291. Access code is 37943758. This call will also be available on our website which is just www.fortress.com.
...
Wesley Edens
Great. Thanks Lilly and welcome everyone. Welcome to our 2007 fourth quarter and full year earnings call.
2007 was a historic year for the firm. It was our tenth year as a Company. We went public on February 7; this is the first New York Stock Exchange listed alternative assets management Company and most importantly, we set records in both distributable earnings and assets under management. Overall, it’s just a very good year for us here at Fortress. The financial results for the firm for both the quarter and the year were quite good.
For the fourth quarter, pretax distributable earnings was $78 million bringing our total distributable earnings for the year to $552 million. DE for 2006 was $397 million. So in total our earnings grew by 39% year-over-year, a terrific result.
Assets under management also experienced excellent growth. To remind you, we report assets under management in two distinct ways. The total assets under management, AUM, is meant to give you visibility on all of the assets we oversee but doesn’t necessarily reflect the assets on which we earn fees. At year end, our total AUM was $37.8 billion which compares the total AUM of $32.8 billion at year end of 2006.
Another measure that we track closely is management fee paying AUM which is a measure of the amount of capital that we earn management fees as well as performance fees on. At the end of 2006 we had $20.9 billion of MAUM. At the end of 2007, we had grown that total to $33.2 billion, so total growth in assets under management of nearly 59%.
I would like to think that distributable earnings provide the best scorecard for how the firm has performed looking backwards in time and that AUM and in particular management fee paying assets under management or MAUM provide the best estimate on how we are going to perform in the future.
Our business is a very high margin business here at Fortress in general through a combination of management fees and performance fees we earn about 4% on MAUM and bring about half or 2% of that to the bottom line.
Historically, if we took the average of MAUM for the year and multiplied it times 2%, this has been an excellent estimate of what our pretax DE is going to be for the year. For example, in 2005, our average management fee paying assets under management for the year was $10.6 billion and our DE was $224 million or 2.1% of MAUM.
In 2006, MAUM was $16.8 billion, DE $311 million, so it was 1.9% for that year and last year, the year we just completed, MAUM was approximately $28 billion on average and our DE was 1.9% of that. So a very good metric and an easy way to keep track of what we think our forecasts are going to be going forward. This is a rough estimate of course and implies a typical year for both management fees and performance fees.
Our forecast for average MAUM for Fortress this year is about $40 billion. We started the year at $33.2 billion. We’ve actually had a fair bit of capital formation already that Dan will detail and we expect to finish at around $50 billion. The key variables that will impact our earnings this year are primarily growth in assets under management and performance fee earned.
We have good visibility on the AUM growth. In total, we expect to rise between $15 billion and $20 billion in new capital between the private equity and hedge fund businesses. If this estimate is right, without any significant performance fees we’d earn about 1.25% to 1.5% on MAUM. The increment -- the difference between 1.25% and the 2.0% average is really just performance fees. It’s early in the year to make any real predictions but even with the volatility of the markets I think we all feel very good at Fortress about where we are right now. Let the year play out a bit to get a better estimate but we’ll see how it all turns out.
Now let's talk about the performance of our businesses. Hedge funds at Fortress total approximately $16.6 billion or 50% of MAUM. All of our hedge funds last year had excellent returns. Macro, which is an $8.1 billion hedge fund at year-end, had an 18.3% gross return, 12.7% net return. The credit funds which were $6.8 billion in MAUM likewise had a very good year with 15.2% gross and 10.2% net returns and our newest fund, the Partners Fund also had a very good year. This fund was launched in August of 2006. This has been in existence for just over a year but has grown tremendously to $1.7 billion MAUM at the end of the year; in its first full year, did very well. Total returns for 2007 were 10.1% gross and 8.8% net... (cont'd)
http://seekingalpha.com/article/69892-fortress-investment-group-q4-2007-earnings-call-transcript?source=yahoo
Fortress looking to buy, may focus on distressed mortgages
By Alistair Barr, MarketWatch
Last update: 4:37 p.m. EDT March 25, 2008
SAN FRANCISCO (MarketWatch) -- Fortress Investment Group aims to raise $15 to $20 billion in new capital this year to help the hedge fund and private-equity firm pounce on opportunities created by the global credit crunch, Chief Executive Wes Edens said on Tuesday. Beaten-down mortgage-related securities may offer the most compelling investment opportunities, he added during a conference call with analysts. Financial-services companies may remain under pressure for a while, but that sector could also become very attractive in the second half of 2008, Edens explained. Fortress reported a fourth-quarter net loss of $29 million, or 43 cents a share earlier on Tuesday. Pre-tax distributable earnings, which exclude unrealized gains or losses on illiquid investments and certain types of expenses, but include so-called contingent revenue, fell 43% to $78 million, or 18 cents per dividend paying share. Analysts surveyed by Thomson Financial forecast earnings of 17 cents a share, on average.
Fortress also said it paid a dividend of 0.225 cent per share in the fourth quarter and will keep the same payout for the first quarter of 2008. Analysts took that as a positive sign.
"Weaker earnings were likely baked into the stock, which is off roughly 30% year-to-date," Marc Irizarry, an analyst at Goldman Sachs, wrote in a note to clients. Maintaining the dividend "ought to serve as proof of Fortress' confidence in its ability to persevere (or even thrive) amid difficult market conditions."
Fortress shares rose 3.5% to $11.40 during late afternoon trading on Tuesday. The stock is still down 38% from its IPO price of $18.50 in February 2007. The mortgage-fueled global credit crunch has increased concerns about Fortress. The firm's private-equity business relies partly on borrowed money to pay for acquisitions and that financing has either shriveled or become more expense since the leveraged buyout boom ended in the middle of 2007. A falling stock market this year also makes exiting private-equity investments through initial public offerings more difficult.
The credit crunch has also hit some hedge funds hard because the big brokerage firms that lend money and securities to these types of traders have pulled back, forcing some to sell assets to meet obligations.
But Edens said on Tuesday that Fortress' hedge fund business has avoided major problems, partly because the firm's funds don't use much leverage, or borrowed money. Fortress' credit hedge fund business, run by former Goldman executive Peter Briger "has weathered the 100-year storm in credit in fine shape," Edens explained. "One of the key aspects is not to be over-leveraged. Something that's a good idea in any market but in a market such as this one being on the wrong side can truly be fatal," he added. "We feel very good about the capital structure that Pete has and expect this to be a terrific investment year."
The firm's hybrid hedge funds, overseen by Briger, returned 1.94%, before fees, during the fourth quarter and were up 14.43% for 2007. That includes the Drawbridge Special Opportunities Funds. Fortress' liquid hedge funds, overseen by Michael Novogratz, returned 5.47%, before fees, during the fourth quarter and were up more than 18% during the whole of 2007, the firm reported. That includes the Drawbridge Global Macro funds.
Edens described the current credit crisis as "one of the great de-leveraging events of our lifetime," in which far too many assets are for sale with not enough financially strong buyers around to snap them up. See story on the 'Great Unwind.'
Investment banks used to act as a "buffer" in such situations, but these firms are having their own problems with strained balance sheets and more difficult access to financing, so, in some cases, they're making the problems worse, he explained.
However, de-leveraging has left some assets trading at very cheap prices, relative to the outlook for actual credit losses, Edens said. "Now is the time to look to buy," he said. "The gap between the market's perception and the actual risk is the widest I've ever seen." Fortress has raised $2.7 billion in capital so far in 2008 and hopes to raise $15 billion to $20 billion by the end of the year to capitalize on such opportunities. The best opportunities are in the mortgage market, Edens said. "Those are the areas that have been hit the hardest and the areas that actually have the most incremental upside," he added. "There's a fair bit to go, but the prices have gotten to the point where they truly seem very disconnected between the actual risk that's implied and where they are actually being valued." There is a lot of capital that's being raised to invest in these types of securities, but there will be a much bigger supply of beaten-down securities to invest in, Edens explained.
It may be a little too early to invest in financial-services companies, but very interesting opportunities may appear during the second half of 2008, he added. Banks and savings and loan institutions haven't raised much capital yet, probably because investors can't yet see how much these businesses will be hit by credit losses. But when the outlook clears and re-capitalization begins, "it will be a truly tremendous series of private-equity and other related opportunities," Edens predicted. End of Story
Alistair Barr is a reporter for MarketWatch in San Francisco.
http://finance.yahoo.com/q/h?s=FIG
"that link is not working, can you update it?"
CNPC is the customer/prospect...?
CNPC plans new refinery
By Wan Zhihong (China Daily)
Updated: 2008-03-04 09:36
China National Petroleum Corp (CNPC), the nation's largest oil producer, will build a 10-million-ton refinery in Liaoning Province's Huludao to increase its refining capacity.
The company has approved the plant's feasibility study, a CNPC source said, without saying how much it will invest in the project.
The plant still needs government approval, said the source, who did not wish to be named.
CNPC's subsidiary PetroChina Jinxi Petrochemical Co has an annual refining capacity of 7 million tons in Huludao.
"To meet rising demand, CNPC will boost its capacity by building more refineries," the source said.
This year, the company will bring four new 10-million-ton refineries onstream in Dalian, Fushun, Dushanzi and Guangxi.
It also plans to begin construction of another super refinery in Sichuan province this year with a capacity of more than 10 million tons.
http://www.chinadaily.com.cn/bizchina/2008-03/04/content_6505344.htm
http://www.cnpc.com.cn/eng/
Fortress is looking to buy, CEO Edens says
Firm aims to raise $15 to $20 bln; may target beaten-down mortgage securities
By Alistair Barr, MarketWatch
Last update: 4:37 p.m. EDT March 25, 2008
SAN FRANCISCO (MarketWatch) -- Fortress Investment Group aims to raise $15 to $20 billion in new capital this year to help the hedge fund and private-equity firm pounce on opportunities created by the global credit crunch, Chief Executive Wes Edens said on Tuesday. Beaten-down mortgage-related securities may offer the most compelling investment opportunities, he added during a conference call with analysts. Financial-services companies may remain under pressure for a while, but that sector could also become very attractive in the second half of 2008, Edens explained. Fortress reported a fourth-quarter net loss of $29 million, or 43 cents a share earlier on Tuesday. Pre-tax distributable earnings, which exclude unrealized gains or losses on illiquid investments and certain types of expenses, but include so-called contingent revenue, fell 43% to $78 million, or 18 cents per dividend paying share. Analysts surveyed by Thomson Financial forecast earnings of 17 cents a share, on average. Fortress also said it paid a dividend of 0.225 cent per share in the fourth quarter and will keep the same payout for the first quarter of 2008. Analysts took that as a positive sign.
"Weaker earnings were likely baked into the stock, which is off roughly 30% year-to-date," Marc Irizarry, an analyst at Goldman Sachs, wrote in a note to clients. Maintaining the dividend "ought to serve as proof of Fortress' confidence in its ability to persevere (or even thrive) amid difficult market conditions."
Fortress shares rose 3.5% to $11.40 during late afternoon trading on Tuesday. The stock is still down 38% from its IPO price of $18.50 in February 2007.
The mortgage-fueled global credit crunch has increased concerns about Fortress. The firm's private-equity business relies partly on borrowed money to pay for acquisitions and that financing has either shriveled or become more expense since the leveraged buyout boom ended in the middle of 2007. A falling stock market this year also makes exiting private-equity investments through initial public offerings more difficult. The credit crunch has also hit some hedge funds hard because the big brokerage firms that lend money and securities to these types of traders have pulled back, forcing some to sell assets to meet obligations.
But Edens said on Tuesday that Fortress' hedge fund business has avoided major problems, partly because the firm's funds don't use much leverage, or borrowed money. Fortress' credit hedge fund business, run by former Goldman executive Peter Briger "has weathered the 100-year storm in credit in fine shape," Edens explained. "One of the key aspects is not to be over-leveraged. Something that's a good idea in any market but in a market such as this one being on the wrong side can truly be fatal," he added. "We feel very good about the capital structure that Pete has and expect this to be a terrific investment year."
The firm's hybrid hedge funds, overseen by Briger, returned 1.94%, before fees, during the fourth quarter and were up 14.43% for 2007. That includes the Drawbridge Special Opportunities Funds.
Fortress' liquid hedge funds, overseen by Michael Novogratz, returned 5.47%, before fees, during the fourth quarter and were up more than 18% during the whole of 2007, the firm reported. That includes the Drawbridge Global Macro funds.
Edens described the current credit crisis as "one of the great de-leveraging events of our lifetime," in which far too many assets are for sale with not enough financially strong buyers around to snap them up. See story on the 'Great Unwind.'
Investment banks used to act as a "buffer" in such situations, but these firms are having their own problems with strained balance sheets and more difficult access to financing, so, in some cases, they're making the problems worse, he explained.
However, de-leveraging has left some assets trading at very cheap prices, relative to the outlook for actual credit losses, Edens said. "Now is the time to look to buy," he said. "The gap between the market's perception and the actual risk is the widest I've ever seen." Fortress has raised $2.7 billion in capital so far in 2008 and hopes to raise $15 billion to $20 billion by the end of the year to capitalize on such opportunities.
The best opportunities are in the mortgage market, Edens said.
"Those are the areas that have been hit the hardest and the areas that actually have the most incremental upside," he added. "There's a fair bit to go, but the prices have gotten to the point where they truly seem very disconnected between the actual risk that's implied and where they are actually being valued."
There is a lot of capital that's being raised to invest in these types of securities, but there will be a much bigger supply of beaten-down securities to invest in, Edens explained.
It may be a little too early to invest in financial-services companies, but very interesting opportunities may appear during the second half of 2008, he added.
Banks and savings and loan institutions haven't raised much capital yet, probably because investors can't yet see how much these businesses will be hit by credit losses. But when the outlook clears and re-capitalization begins, "it will be a truly tremendous series of private-equity and other related opportunities," Edens predicted.
End of Story
Alistair Barr is a reporter for MarketWatch in San Francisco.
http://www.marketwatch.com/news/story/fortress-looking-buy-may-focus/story.aspx?guid=%7B5FE6D133%2D2FD7%2D4961%2D9983%2D6B69A92A6C2C%7D
Amendment or Waiver to Code of Ethics
Item 5.05 Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics. On March 18, 2008, the Board of Directors of Ceradyne, Inc. (the "Company") approved an amendment and restatement of the Company's Code of Business Conduct and Ethics (the "Code"). The amended Code became effective on March 18, 2008. Among other things, the amended Code:
• Provides additional detail with respect to the obligations and responsibilities of the Company's employees under the Code, including, among other things, conflicts of interests, insider trading in securities, and the accuracy and integrity of books and records of the Company;
• Establishes additional obligations and responsibilities with respect to, among other things, compliance with governmental laws of countries in which the Company conducts business, as well as compliance with provisions of the United States Foreign Corrupt Practices Act, food and drug laws, antitrust laws, and environmental laws;
• Prohibits or restricts political contributions in federal, state and local elections in the United States, and in other countries;
• Establishes special ethical obligations of the Chief Financial Officer and all members of the Company's Finance Department; and
• Provides grounds for disciplinary action, including, among others, authorization or participation in actions that violate the Code, and failure to report a violation of the Code.
A copy of the Code, as amended and restated, is filed as Exhibit 14.1 to this report and is incorporated herein by reference. Item 9.01. Financial Statements and Exhibits.
WWW.SEC.GOV
Hua Hong NEC Completes 0.13-Micron NVM Technology License From Cypress
Tuesday March 25, 12:19 am ET
SHANGHAI, China & SAN JOSE, Calif.--(BUSINESS WIRE)--Cypress Semiconductor Corp. (NYSE:CY - News) and Shanghai Hua Hong NEC Electronics Co. Ltd (Hua Hong NEC) today announced the successful qualification of Cypress’s 0.13-micron SONOS (Silicon Oxide Nitride Oxide Silicon) embedded nonvolatile memory (NVM) technology at Hua Hong NEC. The technology was originally licensed from Cypress in December 2006.
After 14 months of seamless cooperation between both companies, Hua Hong NEC has completed all new tool installations, process transfer and flash Macro IP verification, achieved high yields comparable to Cypress, and has passed all process qualifications. Multiple products from both Cypress and Hua Hong NEC’s customers have now been taped-out by Hua Hong NEC.
“This successful licensing of 0.13-micron embedded flash technology has put Hua Hong NEC in a leading position in the area of embedded flash/EEPROM, “ said Dr. Leiping Lai, vice president and chief marketing officer at Hua Hong NEC. ”This new move further demonstrates our long-term commitment to such a strategically important market.”
“Cypress's 0.13-micron embedded flash technology is a true flash technology delivering more than 100k cycles of endurance and at least 20 years of data retention at competitive performance and leakage levels,” said Cypress Managing Director, Bo Jin. “The technology provides high reliability, low power and cost-effective solutions with a low mask adder compared to other embedded NVM technologies and most of all, it is scalable.”
"This was a perfectly managed and executed project,” said Hua Hong NEC President and CEO, Dr. Steve Liu. “I’m happy to see this 0.13-micron embedded flash technology extending Hua Hong NEC's rich technology offering and enhancing its market leadership in embedded NVM.”
"Hua Hong NEC is a well-established leader in the embedded flash/EEPROM foundry market," said Shahin Sharifzadeh, executive vice president of Worldwide Wafer Manufacturing and president of Cypress China. "This project will help to drive Cypress's SONOS technology as the predominant solution for a variety of embedded NVM applications."
About Hua Hong NEC
Hua Hong NEC is one of the world’s leading pure-play foundries, providing value-added foundry services to worldwide customers. Based on its solid foundation in 0.35-micron to 0.13-micron process, the Company offers CMOS technologies for logic, mixed signal, RF, HV, eNVM, BCD and other processes for a wide range of applications such as smart card, communications, consumer electronics, computing and automotive. Hua Hong NEC provides first-class round-the-clock services, including design support, IP library, mask layout, wafer processing, functionality testing, reliability testing and failure analysis. Collaborating with its partners, Hua Hong NEC also provides mask manufacturing, packaging and testing services. To date, Hua Hong NEC has received various international certifications such as ISO9001 for quality system, ISO14001 for environmental protection, ISO27001 for information security, OHSAS18001 for occupational health safety, VEU authorization from the U.S. Commerce Department’s BIS, and has passed the TS16949 compliance audit for quality management. Proven by such certifications, Hua Hong NEC ensures its customers of high product quality and information security. For more information on the company, please visit http://www.hhnec.com.
About Cypress
Cypress delivers high-performance, mixed-signal, programmable solutions that provide customers with rapid time-to-market and exceptional system value. Cypress offerings include the PSoC® Programmable System-on-Chip™, USB controllers, general-purpose programmable clocks and memories. Cypress also offers wired and wireless connectivity solutions ranging from its WirelessUSB™ radio system-on-chip, to West Bridge™ and EZ-USB® FX2LP controllers that enhance connectivity and performance in multimedia handsets. Cypress serves numerous markets including consumer, computation, data communications, automotive, industrial, and solar power. Cypress trades on the NYSE under the ticker symbol CY. Visit Cypress online at www.cypress.com.
Cypress and the Cypress logo, PSoC and EZ-USB are registered trademarks of Cypress Semiconductor Corporation. Programmable System-on-Chip, WirelessUSB and West Bridge are trademarks of Cypress Semiconductor Corp. All other trademarks are the property of their respective owners
Contact:
Cypress
Ed Rebello, +1-408-545-7665
or
Shanghai Hua Hong NEC
Ping Tan, +86-21-38829909
Credit Suisse Conference
Thursday March 20, 1:58 pm ET
ST. LOUIS--(BUSINESS WIRE)--Thermadyne Holdings Corporation (NASDAQ: THMD - News) announced today Steven A. Schumm, Executive Vice President, Chief Financial Officer and Chief Administrative Officer, will be presenting at the Credit Suisse 2008 Global Leveraged Finance Conference on March 27, 2008 at 8:00 AM (Mountain Standard Time) at the Arizona Biltmore Resort located in Phoenix, Arizona.
An electronic copy of the presentation will be posted to the Investor Relations section of Thermadyne’s website (www.Thermadyne.com).
Contact:
Thermadyne Holdings Corporation
Donna Lee, 636-728-3189
http://biz.yahoo.com/bw/080320/20080320005827.html?.v=1
Bio-Rad Laboratories, Inc. Q4 2007 Earnings Call Transcript
...
Christine A. Tsingos, Chief Financial Officer, Vice President
Today we will review the fourth quarter and full-year financial results for 2007, the impact of our DiaMed acquisition, as well as provide some insight into our thinking for 2008. We know this is a lot of information and I’ll do my best to walk through it slowly.
Let’s start with a review of the quarterly results. Net sales for the fourth quarter of fiscal 2007 were $459.7 million, an increase of more than 28% versus the year-ago period sales of $343.1 million. These quarterly sales include approximately $62 million contributed by the DiaMed business.
Excluding DiaMed, sales in the fourth quarter grew 16% compared to last year, to $397.7 million. On an organic, currency-neutral basis, sales for the quarter grew 9%. This strong year-over-year growth was fueled by solid performance in both Life Sciences and Clinical Diagnostics.
During the quarter we posted record sales with in our Life Sciences group. This growth was the result of increased sales of Protein Expression, amplification and processed chromatography products. Diagnostics also posted a record quarter even before the inclusion of DiaMed which is a reflection of strong performance in blood virus, clinical systems and quality control.
Consolidated gross margin for the quarter was a reported 50.8% which includes more then $3 million of amortization expense related to the DiaMed transaction and another $3 million of foregone profit margin as required under purchase accounting. The gross margin for the base Bio-Rad business came in as expected at 53.4% as product mix in our fourth quarter typically shifts toward lower margin instrument sales.
SG&A expense for the fourth quarter was $163 million or 35.5% of sales. This represents a significant increase from just last quarter but it is important to note that the inclusion of DiaMed in our consolidated results constitutes more than $20 million of that increase. In addition approximately $2 million of amortization expense related to the deal, $8 million of negative foreign currency affect and increased selling costs, commissions and bonuses associated with the strong top-line growth also contributed to this sequential rise...(cont'd)
http://seekingalpha.com/article/68934-bio-rad-laboratories-inc-q4-2007-earnings-call-transcript?source=yahoo
Emerson Closes Aperture Acquisition
Tuesday March 25, 1:06 pm ET
Emerson Electric Closes Buyout of Software Maker Aperture, Terms Not Disclosed
STAMFORD, Conn. (AP) -- Electrical products maker Emerson Electric Co. has completed its acquisition of Aperture, a data center software provider, privately held Aperture said Tuesday.
Financial terms were not disclosed.
Aperture will now operate as an autonomous business division of Emerson Network Power, and will continue to be led by Bill Clifford.
Emerson's shares rose 79 cents to $51.53 in afternoon trading.
http://biz.yahoo.com/ap/080325/emerson_electric_aperture.html?.v=1
Honeywell Names Kramvis Head of Division
Monday March 24, 10:39 am ET
Honeywell Names Andreas Kramvis As President and CEO of Its Specialty Material Unit
MORRIS TOWNSHIP, N.J. (AP) -- Diversified manufacturer Honeywell International Inc. said Monday it named Andreas Kramvis as president and chief executive of its specialty materials unit, effective March 31.
Kramvis succeeds Nance Dicciani, 60, who plans to retire on April 14.
Kramvis, 55, had served as president of the company's environmental and combustion controls division since 2002. He will be replaced by Joe Puishys, who currently serves as president of Honeywell building solutions.
Puishys' building solutions role will be filled by Paul Orzeske, vice president of business projects for the company's automation and control solutions' security solutions business. Both Puishys, 49, and Orzeske, 46, will report to Automation and Control Solutions President and CEO Roger Fradin.
Kramvis will report to Chairman and CEO Dave Cote.
Shares of Honeywell International added 25 cents to $54.54 in morning trading.
http://biz.yahoo.com/ap/080324/honeywell_international_personnel.html?.v=1
Semiconductor toolmakers had $1.23B in orders in Feb., 12% below year ago
The Business Review (Albany)
Wednesday, March 19, 2008
North American-based manufacturers of semiconductor equipment posted about $1.23 billion in orders in February 2008, according to a report by trade organization SEMI.
The San Jose, Calif.-based group reported late Tuesday that manufacturers also had a book-to-bill ratio of 0.93 -- meaning that $93 worth of orders were received for every $100 of product billed for the month.
The bookings figure is about 8 percent greater than the January 2008 level of $1.14 billion, but 12 percent less than the $1.40 billion in orders posted in February 2007.
The Albany, N.Y., area is increasingly focusing on the semiconductor industry as a result of Advanced Micro Devices Inc.'s plans to build a $3.2 billion computer chip manufacturing plant in Luther Forest Technology Campus. AMD (NYSE: AMD) has until July 2009 to commit to the project and still receive $1.2 billion in state incentives.
Besides AMD's plans, a number of semiconductor equipment makers have research efforts at the University at Albany's College of Nanoscale Science and Engineering. UAlbany's NanoCollege is located at the Albany NanoTech research complex. Applied Materials (Nasdaq: AMAT) of Santa Clara, Calif., Tokyo Electron Ltd. of Japan and ASML of The Netherlands have announced research efforts at Albany NanoTech. And Veeco Instruments Inc., a Long Island toolmaker, received $2.4 million last year to develop a tool for Sematech's research at Albany NanoTech. Sematech is an Austin, Texas-based consortium of computer chip manufacturers.
http://albany.bizjournals.com/albany/stories/2008/03/17/daily32.html?ana=yfcpc
Tyco Electronics to sell RF segment
Philadelphia Business Journal
Thursday, March 13, 2008
Tyco Electronics said Thursday that it plans to sell part of its wireless systems division and announced an increase in its stock buyback program.
The Bermuda-based company, which has its U.S. headquarters in Berwyn, Pa., said it plans to sell its radio frequency components and subsystem segment, which is based in Lowell, Mass., and had about $500 million in sales in fiscal 2007. The business makes antennas, transistors and other items for the aerospace and other markets.
Tyco (NYSE:TEL) said it was increasing the amount of its stock buyback, which was originally announced in September, from $750 million to $1.25 billion. So far, $512 million in stock has been bought.
http://philadelphia.bizjournals.com/philadelphia/stories/2008/03/10/daily31.html?ana=yfcpc
Dutch Auction
Tuesday March 25, 6:00 am ET
Coherent acquires 7,972,313 shares at $28.50 per share
SANTA CLARA, Calif., March 25 /PRNewswire-FirstCall/ -- Coherent, Inc. (Nasdaq: COHR - News) today announced the final results of its modified "Dutch Auction" tender offer, which expired at 5:00 p.m., New York City time, on Monday, March 17, 2008.
Based on the final count by the depositary for the tender offer, Coherent accepted for payment an aggregate of 7,972,313 shares of its common stock at a purchase price of $28.50 per share. These shares represent approximately 25% of the shares issued and outstanding.
Based on the final count by the depositary for the tender offer, an aggregate of 7,972,313 shares were properly tendered and not withdrawn at or below a price of $28.50. The 7,972,313 shares purchased are comprised of the 7,628,000 shares Coherent offered to purchase and 344,313 shares purchased pursuant to Coherent's right to purchase up to an additional 2% of the outstanding shares, without extending the tender offer in accordance with applicable securities laws.
The depositary will promptly pay for the shares accepted for purchase. All shares tendered and delivered at prices between $28.75 and $29.50 per share will be returned promptly to shareholders by the depositary.
The self-tender offer was made pursuant to an Offer to Purchase and Letter of Transmittal, each dated February 15, 2008, in which the Company offered to purchase up to 7,628,000 shares at a price not less than $26.00 per share and not greater than $29.50 per share, filed with the Securities and Exchange Commission on February 15, 2008, as amended on March 7, 2008 and March 18, 2008.
Merrill Lynch & Co. is the Company's dealer manager for the tender offer. The information agent is Georgeson Inc., and the depositary is American Stock Transfer & Trust Company. Any questions with regard to the tender offer may be directed to the information agent, at 877-868-4962.
Founded in 1966, Coherent, Inc. is a world leader in providing photonics based solutions to the commercial and scientific research markets.
Please direct any questions to Leen Simonet, Executive Vice President and Chief Financial Officer at 408-764-4161.
http://biz.yahoo.com/prnews/080325/aqtu021.html?.v=48
New contract
Thursday March 20, 9:26 am ET
L-3 Communications Wins $326 Million Contract From Marines to Supply Video Systems
NEW YORK (AP) -- Defense contractor L-3 Communications Holdings Inc. said Thursday it won a $326 million contract from the U.S. Marines to supply tactical video capture systems at military training sites in the U.S. and overseas.
Under the three-year contract, L-3 will lead a team of suppliers to implement Praetorian, a new 3D video observation system.
The system allows users to view multiple sites under surveillance in real-time and on recorded 3D video.
http://biz.yahoo.com/ap/080320/l_3_communications_contract.html?.v=1
2007 4Q EPS Down
2007 4Q EPS 0.02
2006 4Q EPS 0.08
2007 Revs up from 11.9M in 2006 to 12.5M.
http://biz.yahoo.com/bw/080325/20080325006009.html?.v=1
2007 EPS $0.07
www.alsic.com
NORTON, Mass.--(BUSINESS WIRE)--CPS Technologies Corporation (OTCBB: CPSH - News), a provider of advanced material solutions, today announced revenue of $12.5 million and net income of $949 thousand or $0.08 per basic share, $0.07 per diluted share, for the fiscal year ended December 29, 2007. This compares with revenue of $11.9 million and net income of $1.8 million or $0.14 per basic and diluted common share for the fiscal year ended December 30, 2006.
Revenue for the quarter ended December 29, 2007 was $3.2 million and net income was $252 thousand or $0.02 per basic and diluted share. This compares with revenue of $3.8 million and net income of $1.1 million or $0.09 per basic and $0.08 per diluted share for the quarter ended December 30, 2006. As described previously, revenues in Q4 2006 spiked due to increased shipments of baseplates for cellular telephone basestations resulting from specific contractual deadlines of customers rather than representing an increase in underlying demand, and, as expected, reduced 2007 demand for this product.
Net income in 2007 was lower than 2006 due to product mix changes, higher employment levels maintained in anticipation of growth, and differences in income tax benefits resulting from a reduction in the valuation allowance of the Company’s deferred tax assets. Net income in 2007 included income tax benefits of $58 thousand compared to income tax benefits of $288 thousand in 2006.
Grant Bennett, President, said, “We enter 2008 with significantly strengthened fundamentals compared to a year ago. These fundamentals include a broader customer base and forecasts from key customers showing increased demand in 2008 particularly for baseplates for motor controllers and flip chip heat spreaders. In 2008 we believe we will begin to see meaningful revenues from baseplates used in hybrid and electric vehicles. In 2008 we are continuing to provide prototypes of our HybridTech metal matrix composite armor tiles to armor integrators as we seek production orders. Last year we achieved both our market and technical objectives in our newest product line, hermetic metal packages, including introducing hermetic metal packages incorporating AlSiC components. We expect significant growth in this product line in 2008.
In terms of profitability, we believe we will benefit from the investments in equipment and facilities made in 2007 as our unit shipments grow in 2008.”
This release does contain forward-looking statements. Various factors could cause actual results to differ materially from those projected in such statements. These factors include, but are not limited to, a general economic or business downturn in 2008 or a downturn in the electronics industry.
Tuesday March 25, 10:55 am ET
CPS Technologies Corporation Announces 2007 Results
Tuesday March 25, 10:55 am ET
http://biz.yahoo.com/bw/080325/20080325006009.html?.v=1
Presstek Awarded Technology Grant from New Hampshire Innovation Research Center
Monday March 17, 11:30 am ET
Presstek and University of New Hampshire Polymer Research Group to Conduct Nanotechnology Research
HUDSON, N.H., March 17 /PRNewswire-FirstCall/ -- Presstek Inc. (Nasdaq: PRST - News), the leading manufacturer and marketer of digital offset printing business solutions, jointly announced today with the University of New Hampshire (UNH) that they were awarded a Granite State Technology Innovation Grant. The grant, funded by the New Hampshire Innovation Research Center (NHIRC), will enable Presstek and the University of New Hampshire (UNH) to conduct leading-edge nanotechnology research with the goal of advancing printing technology.
The NHIRC grant program funds research collaborations between New Hampshire businesses and universities-promoting applied and basic scientific research to facilitate technology developments and innovation in order to create more job opportunities for New Hampshire residents.
Presstek, along with UNH's Polymer Research Group (PRG) -- a division of the Nanostructured Polymers Research Center at the Durham campus -- will research polymer nanotechnology materials and processes that can be used to develop next-generation applications for the graphic arts imaging and printing markets. PRG researchers will be using advanced polymer nanotechnology to develop innovative materials, while Presstek's research team will focus on the application and commercialization of those technologies to produce advanced printing solutions.
"Research is the key to innovation and progress in any industry, and nanotechnology is the exciting frontier of research in the 21st century," said Hakan Elmali, PhD, Vice President of Engineering and Research at Presstek. "Presstek searched extensively worldwide for a university partner of this caliber and with this type of expertise. We are looking forward to working with UNH to develop the next generation printing plate technology based on revolutionary materials advanced by nanotechnology."
"The opportunity to partner with Presstek allows UNH to apply our technical capabilities and knowledge to innovative industrial applications, previously unexplored," said Donald C. Sundberg, PhD, Director of UNH's Nanostructured Polymers Research Center. "This collaboration exposes our students to new markets, expanding their knowledge base and opens up job possibilities and broader research opportunities."
The Granite State Technology Innovation Grant
The New Hampshire Innovation Research Center was established in 1991 and has awarded 164 grants -- totaling more than $5 million -- to 116 companies. The Granite State Technology Innovation Grant is awarded to four to eight companies each year and entails a competitive process where applications are judged on their scientific merit and commercial feasibility. A company match is required, and state funds are leveraged by federal dollars from the National Science Foundation's EPSCoR program. The objective of this program is to help New Hampshire companies retain or create high-quality jobs, improve profitability and contribute to technology-based economic development in the state.
About Presstek
Presstek, Inc. is the leading manufacturer and marketer of high tech digital imaging solutions to the graphic arts and laser imaging markets. Presstek's patented DI®, CTP and plate products provide a streamlined workflow in a chemistry-free environment, thereby reducing printing cycle time and lowering production costs. Presstek solutions are designed to make it easier for printers to cost effectively meet increasing customer demand for high-quality, shorter print runs and faster turnaround while providing improved profit margins. Presstek subsidiary, Lasertel, Inc., manufactures semiconductor laser diodes for Presstek's and external customers' applications. For more information visit http://www.presstek.com , call 603- 595-7000 or email: info@presstek.com.
Contact
Betty LaBaugh
Public Relations Manager
603-594-8585 ext. 3441
blabaugh@presstek.com
http://www.joe-ks.com/archives_feb2004/Hazard_Pay.htm
Here is a link to see the pictures mentioned in the previous post.
$197,782,000 2 1/4% CONVERTIBLE SUBORDINATED DEBENTURES
DUE 2013 AND SHARES OF COMMON STOCK ISSUABLE
UPON CONVERSION THEREOF
The Prospectus, dated June 7, 2007, as amended by the Supplement to the Prospectus dated July 12, 2007, the Second Supplement to the Prospectus dated July 20, 2007, the Third Supplement to the Prospectus dated August 15, 2007, the Fourth Supplement to the Prospectus dated September 6, 2007, the Fifth Supplement to the Prospectus dated October 12, 2007, the Sixth Supplement to the Prospectus dated November 26, 2007 and the Seventh Supplement to the Prospectus dated February 14, 2008 is hereby further supplemented as follows to restate, in its entirety, the "Selling Securityholders" section on pages 45-48 of the Prospectus.
The date of this Eighth Prospectus Supplement is March 18, 2008.
S-1
SELLING SECURITYHOLDERS
We issued the debentures to certain holders of the 2003 debentures, and additional purchasers in a private placement. Holders of the 2003 debentures exchanged $117,782,000 of the 2003 debentures for an equivalent principal amount of the debentures, and holders of the 2003 debentures and additional purchasers purchased $80,000,000 aggregate principal amount of debentures. We issued the debentures on March 28, 2007 and April 2, 2007, to persons believed to be "qualified institutional purchasers" under Rule 144A promulgated under the Securities Act, or "accredited investors" under Regulation D promulgated pursuant to the Securities Act in transactions exempt from the registration requirements of the Securities Act. Selling securityholders, including their transferees, pledgees, donees and successors, may from time to time offer and sell pursuant to this prospectus any or all of the debentures and shares of common stock into which the debentures are convertible pursuant to this prospectus or any applicable prospectus supplement.
The table below sets forth the name of each selling securityholder, the principal amount of debentures and shares of common stock beneficially owned by each selling securityholder and the number of shares of common stock issuable upon conversion of those debentures that may be offered from time to time under this prospectus by the selling securityholders named in the table.
We have prepared the table below based on information given to us by those selling securityholders who have supplied us with this information and we have not sought to verify such information. We expect that we will update this table as we receive more information from holders of the debentures who have not yet provided us with their information. We will supplement or amend this prospectus to include additional selling securityholders upon request and upon provision of all required information to us. Information concerning the selling securityholders may change from time to time and any changed information will be set forth in supplements to this prospectus if and when necessary.
Because the selling securityholders may offer all or some portion of the debentures and shares of common stock into which the debentures are convertible listed below, we have assumed for purposes of this table that the selling securityholders will sell all of the shares of common stock offered by this prospectus pursuant to this prospectus. Accordingly, we cannot estimate the amounts of debentures or shares of common stock that will be held by the selling securityholders following the consummation of any such sales. In addition, the selling securityholders listed in the table below may have acquired, sold or transferred, in transactions exempt from the registration requirements of the Securities Act, some or all of their debentures since the date on which they provided to us the information presented in the table.
The number of shares of common stock issuable upon conversion of the debentures shown in the table below assumes conversion of the full amount of debentures held by each selling securityholder. The percentage of debentures outstanding beneficially owned by each selling securityholder is based on $197,782,000 aggregate principal amount of debentures outstanding. The number of shares of common stock beneficially owned prior to the offering includes shares of common stock into which the debentures may be convertible. The number of shares of common stock that may be offered is based on a conversion rate of 28.8219 per $1,000 principal amount of debentures and a cash payment in lieu of any fractional share. The percentage of common stock outstanding beneficially owned and that may be offered by each selling securityholder is based on 22,414,920 shares of common stock outstanding on June 4, 2007. In addition, the conversion rate and, therefore, the number of shares of common stock issuable upon conversion of the debentures is subject to adjustment under certain circumstances. Accordingly, the aggregate principal amount of debentures and the number of shares of common stock into which the debentures are convertible may increase or decrease.
Based upon information provided by the selling securityholders, none of the selling securityholders nor any of their affiliates, officers, directors or principal equity holders has held any position or office or has had any material relationship with us within the past three years.
(continued) ...
http://pinksheets.com/edgar/GetFilingHtml?FilingID=5806306
KLA-Tencor Announces Resignation of Chief Financial Officer
SAN JOSE, Calif., Mar 03, 2008 (BUSINESS WIRE) -- KLA-Tencor Corporation today announced that Jeffrey Hall will resign from his position as senior vice president and chief financial officer, effective March 31, 2008, to pursue an opportunity closer to his mid-western hometown.
The KLA-Tencor Board of Directors has appointed John Kispert, who is KLA-Tencor's president and chief operating officer, as the interim chief financial officer, effective March 31, 2008. Kispert will also retain his duties as president and chief operating officer. In addition, the Board of Directors appointed Virendra Kirloskar, currently vice president and corporate controller of KLA-Tencor, as the company's chief accounting officer, effective March 31, 2008.
"Jeff has made significant contributions to KLA-Tencor and specifically within our finance organization, of which we are very appreciative. We are fortunate to have John Kispert, previously the CFO at KLA-Tencor, step in during our search for a replacement to ensure a smooth transition," said Rick Wallace, chief executive officer of KLA-Tencor.
About KLA-Tencor
KLA-Tencor is the world leader in yield management and process control solutions for semiconductor manufacturing and related industries. Headquartered in San Jose, California, the company has sales and service offices around the world. An S&P 500 company, KLA-Tencor is traded on the NASDAQ Global Select Market under the symbol KLAC. Additional information about the company is available at http://www.kla-tencor.com.
SOURCE: KLA-Tencor Corporation
Infrastructure upgrades
Scroll down for pictures from a recent Florida Power & Light project at Orlando International Airport. These are the types of projects TTCM China works on. TTCM supplies pipes and other porducts along with installation services.
M2 PRESSWIRE-18 April 2005-TTCM China, Inc.: TTCM China to supply water pipelines to China Forestry Administration(C)1994-2005 M2 COMMUNICATIONS LTD
RDATE:18042005
Mountain View, CA - TTCM China, Inc. (Pink Sheets: TTCH), a leading supplier of glass-reinforced plastic pipes, announced that Heilongjiang Province Forestry Administration has signed with TTCM China to supply and install over 62 kilometers of water pipelines.
In 2004, TTCM supplied approximately 600km of sand-inclusion pipes respectively for a variety of water, sewage,...
WaferGen to Present at the Cambridge Health Institute's Fifth Annual Molecular Diagnostics Partnerships in Personalized Medicine Conference
Wednesday March 19, 7:30 am ET
Chief Scientific Officer Dr. David Gelfand to Deliver Keynote Speech
FREMONT, Calif., March 19 /PRNewswire-FirstCall/ -- WaferGen Biosystems, Inc. (OTC Bulletin Board: WGBS - News), a leading developer of state-of-the-art gene expression, genotyping, cell biology and stem cell research systems, today announced that David Gelfand, Ph.D., chief scientific officer, will deliver a keynote speech at the Cambridge Healthtech Institute's Fifth Annual Molecular Diagnostics Partnerships in Personalized Medicine Conference. The conference will be held March 26-28, 2008, at the Moscone North Convention Center in San Francisco, California.
Dr. Gelfand's speech, which will take place at 8:35 a.m. (PST) on Friday, March 28, will celebrate the 25th anniversary of polymerase chain reaction (PCR) and discuss the future of revolutionary technology. He is widely considered one of the world's foremost experts on PCR and DNA sequencing and is credited as the inventor of Thermus aquaticus (Taq) DNA Polymerase for use in PCR.
During his speech, Dr. Gelfand will highlight the key role that PCR has played in the success of the life science industry since its invention, particularly its contribution to the advent of the field of molecular diagnostics. He will also discuss the key advances in PCR over the past 25 years and outline future innovations that will be required for the realization of the technology's ultimate potential. Finally, Dr. Gelfand will provide an overview of WaferGen's SmartChip(TM) Real-Time PCR System, the world's first whole genome, high throughput gene expression real-time PCR platform.
Friday, March 21, 2008 - 11:52 AM PDT
Varian Medical to sell cancer case management software
Silicon Valley / San Jose Business Journal
Varian Medical Systems Inc. said Friday it will work with Cogent Health Solutions Inc. to make case management software for use in cancer clinics.
Palo Alto-based Varian did not disclose financial terms of the deal.
Vancouver, Canada-based Cogent will combine its software for individual case management with Varian's software for managing a cancer center.
http://sanjose.bizjournals.com/sanjose/stories/2008/03/17/daily73.html?ana=yfcpc
Backlog
Our consolidated backlog of orders totaled $153.8 million at December 29, 2007 and $130.2 million at December 30, 2006. As of December 29, 2007, $126.4 million of our consolidated backlog was scheduled to be shipped on or before January 3, 2009. Orders for many of the products we sell to semiconductor equipment customers, which comprise a significant portion of our sales, are often subject to rescheduling without penalty or cancellation without penalty other than reimbursement of certain material costs. In addition, because we manufacture a significant portion of our standard catalog products for inventory, we often make shipments of these products upon or within a short time period following receipt of an order. As a result, our backlog of orders at any particular date may not be an accurate indicator of our sales for succeeding periods.
http://pinksheets.com/edgar/GetFilingHtml?FilingID=5792368
2007 Annual Report - Page 15
Dear shareholder:
You are cordially invited to attend the Annual Meeting of Shareholders of MKS Instruments, Inc. to be held on Monday, May 5, 2008, at 10:00 a.m. at the Wyndham Boston Andover Hotel, 123 Old River Road, Andover, Massachusetts 01810.
The enclosed notice of Annual Meeting and proxy statement describe the business to be transacted at the Annual Meeting and provide additional information about us that you should know when voting your shares. The principal business at the Annual Meeting will be to elect Class III Directors and ratify the selection of the independent registered public accounting firm for fiscal 2008.
Whether or not you plan to attend the Annual Meeting, please complete, date, sign and return your Proxy Card promptly in the enclosed envelope, which requires no postage if mailed in the United States. If you attend the Annual Meeting, you may vote in person if you wish, even if you have previously returned your Proxy Card.
On behalf of MKS, I would like to express our appreciation for your continued interest in our company.
Sincerely,
LEO BERLINGHIERI
Chief Executive Officer and President
AP
ITT Wins $24.8M Navy Contract
Thursday March 20, 1:44 pm ET
ITT Awarded $24.8 Million Navy Contract Boost to Supply Electronic Jammers for IEDs
WASHINGTON (AP) -- ITT Corp. was awarded a $24.8 million Navy contract boost to supply 325 electronic jammers designed to prevent the detonation of improvised explosive devices, the Defense Department said late Wednesday.
ITT Electronic Systems will supply the Radio-Controlled Improvised Explosive Device Electronic Warfare systems for use in Iraq.
Shares of ITT Corp., based in White Plains, N.Y., were down 34 cents at $52.56 Thursday.
http://biz.yahoo.com/ap/080320/itt_navy_contract.html?.v=2
Price of natural gas
http://futures.tradingcharts.com/intraday/NGV8
Falling sharply along with other commodities.
Updated iBox. McCoy is doing business with Inter-Canadian. Let me know if something should be added or deleted. Thanks.