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On April 16, 2008, the Company's Board of Directors amended and restated the Company's By-Laws to update the By-Laws to harmonize them with the Company's other governance documents and to reflect current developments in Delaware law and SEC regulations. Among other things, the amended and restated By-Laws: (i) amend provisions relating to meetings of the stockholders of the Company to clarify the voting requirements applicable to and procedures for actions taken at such meetings and to allow such meetings to take place by remote communication; (ii) amend provisions relating to notice requirements to facilitate the giving of notice and the waiver of notice by electronic transmission; (iii) amend provisions regarding the composition of the Board of Directors and clarify language regarding reduction in the authorized number of directors; (iv) update provisions governing stock certificates, uncertificated shares and transfers of stock; and (v) amend provisions regarding indemnification to clarify the scope of indemnification provided thereby. The amended and restated By-Laws allow the Company to, inter alia, take advantage of recent amendments to the Delaware General Corporation Law that permit a corporation to use electronic communications in lieu of more traditional means of communications. The Company believes that economics and efficiencies can be realized through the use of electronic communications which will result in significant time and cost savings to both the Company and its stockholders. Further, the updating of the By-Law provisions relating to the use and transfer of uncertificated shares should also result in efficiencies and economies with related savings for both the Company and stockholders.
www.sec.gov
UPDATE 1-RESEARCH ALERT-JPM cuts Cymer, ups MKS Instruments
Fri Apr 18, 2008 8:25am EDT
April 18 (Reuters) - J.P. Morgan Securities downgraded chip equipment maker Cymer Inc (CYMI.O: Quote, Profile, Research) and upgraded rival MKS Instruments Inc (MKSI.O: Quote, Profile, Research) to align its ratings to companies in U.S. chipmaker Applied Materials' (AMAT.O: Quote, Profile, Research) thin film solar and flat panel equipment supply chain.
The brokerage cut its rating on Cymer to "neutral" from "overweight," while raising MKS Instruments to "overweight" from "neutral."
MKS Instruments, whose largest customer is Applied Materials, sells residual gas analyzers that monitor greenhouse gas emissions and analyst Jay Deahna expects this business to double in 2008.
While Deahna believes in the long-term potential and technological leadership of Cymer, he expects the stock to be range bound until a clear recovery of demand and the company demonstrates stable or better four-quarter market share.
Deahna trimmed Cymer's earnings estimate for 2008, citing weak lithography orders in the first quarter.
He expects strong business in thin film solar to drive growth for MKS Instruments, which makes equipment used in producing microchips.
MKS Instruments is a safe solar play as revenue on most solar components is recognized on shipment and not upon meeting certain performance specifications or efficiency requirements of the panel, Deahna said. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Pratish Narayanan)
http://www.reuters.com/article/marketsNews/idESBNG17732720080418?rpc=44
Texas Instruments expected to report profit gain
But analysts worry that chip giant is starting to feel pain of slowdown
By Benjamin Pimentel, MarketWatch
Last update: 11:47 a.m. EDT April 18, 2008
SAN FRANCISCO (MarketWatch) - Texas Instruments Inc. will report first-quarter earnings on Monday amid Wall Street concerns that the chip giant is starting to feel the pain of a slowing economy.
Analysts expect TI to report earnings of 43 cents a share on revenue of $3.29 billion, according to a survey by FactSet Research. For the year-earlier period, the company reported earnings of 36 cents a share on revenue of $3.19 billion.
Last month, the Dallas-based company said it expects revenue between $3.21 billion and $3.35 billion, compared with its previous range of $3.27 billion to $3.55 billion. The company also dropped its midpoint target, to $3.28 billion from $3.41 billion.
In addition, the company trimmed its forecast for earnings per share to a range of 41 cents to 45 cents, compared with its previous prediction of 43 cents to 49 cents. The midpoint for its earnings per share target was cut to 43 cents from 46 cents.
Analyst Daniel Berenbaum of Caris & Company described TI as "a quality stock" but one that is "not immune to macro concerns."
"We expect Texas Instruments to weather the ongoing economic storm better than most, but we continue to recommend that investors avoid putting new money to work here and in the semiconductor space in general," he said in a research note. "We see a weaker-than-expected mid-quarter update as evidence of end-market softness, and not Texas Instruments-specific issues."
TI's dominant position in the cell-phone chip market has faced new challenges after its biggest customer, Nokia Corp. decided to work with other suppliers such as Broadcom Corp. also has shifted to a multisupplier strategy.
TI's stock took a hit Thursday after Nokia, the world's largest cell phone maker, reported a lower-than-expected increase in first-quarter profit.
However, Berenbaum said that despite the negative news from Nokia, the cell phone giant will likely still outperform its rivals "which could help buoy TI near-term."
Analyst John Dryden of Charter Equity Research also said he doesn't see TI's anticipated share loss in wireless to be as fast or deep as the consensus view. "On the contrary, competing solutions from a variety of silicon vendors will be slow to materialize at Nokia over the next couple of years." End of Story
Benjamin Pimentel is a MarketWatch reporter based in San Francisco.
http://www.marketwatch.com/news/story/texas-instruments-expected-post-profit/story.aspx?guid=%7BA8069690%2D1855%2D4D69%2D80EE%2D3CA9FFAA743D%7D&siteid=yhoof
Cypress Semiconductor Corporation Q1 2008 Earnings Call Transcript
Brad W. Buss - Executive Vice President and Chief Financial Officer...I am going to go through Q1 real quickly, then I am going to give Q2 guidance. So the consolidated reported revenue for Q1 was $442 million and it was impacted by a $20.8 million one-time planned disti conversion in Asia and I will talk a little more about that later. It was a record revenue quarter if you adjusted for the disti conversion and it actually exceeded our consolidated revenue guidance, free the disti conversion which I guided at $410 million to $438 million or $392 million to $415 million after the disti conversion. So our reported revenue again which includes the impact of the disti conversion increased 3% sequentially and 29% year-on-year or put another way, if you normalize for the disti conversion we increased 7% sequentially and a strong 35% year-on-year. SunPower had another great quarter as they reported record revenue and our Semiconductor segment actually did better than we expected and it exceeded the top end of our guidance, which I was excited to see in this challenging economic environment.
So now I am going to talk just on the semi revenue and I am going to talk about it prior to the impact of the disti conversion, okay, so that way we kind of get a feel of how it normally ran versus Q4. So that was a $189.2 million that exceeded the top end of our guidance and more importantly, we expect to see continued strength in the Q2, which I will talk about in guidance the down the road.
On a sequential basis, CCD was basically the entire decrease that we saw and it was consistent with what we expected obviously due to the normal seasonality and further declines in certain large consumer and PC peripheral-related customers. MID was relatively flat and DCD actually grew, I think about 4% was solid growth in West Bridge that Dinesh can talk about later.
So our reported revenue which is what you're seeing in the press release which is after the $220.8 million was taken out totaled a $168.4 million and again like I said, it was at the high end of our guidance, what I expected.
As we've talked about in Q4, we plan to convert the Asia and Japanese distributors. It's going to allow us to have better pricing control. We expect longer or higher margins over the long-term. More importantly, we're going to provide design registration protection for the design efforts which is the major focus of the company going forward and we now have a consistent revenue recognition policy across our entire distribution chain worldwide and that's very important since distribution is north of 50% and we expect that to continue to grow as they go deeper into our PSoC and other proprietary programmable products.
The breakdown of the $20.8 million between the three divisions so that you can kind of threw up your model was CCD, was the bulk of it at $12.1 million, MID was $7.6 million and DCD was $1.1 million. Overall, the conversion went very well and we expect to have the majority of guys fully operational under ship and debit in Q2.
Turning to the net income end of the life, GAAP basis we posted a net loss of $18 million, which was a diluted loss per share of $0.12 and it was impacted obviously by the lower sales of the disti conversion. We had write-offs various manufacturing equipment between SunPower and Cypress of over $7 million. We had a $2.4 million charge related to the restructuring costs for CTI which we'll talk about down the road and we wrote-off the remaining part of the bond issuance costs at about $2.5 million.
The non-GAAP net income was about $20 million and it gave us $0.12 in fully diluted earnings per share, and again there was about a 6.5% impact related to the disti conversion. So if we add all that together, we're just north of 18% and actually higher than the guidance that I have given of 14% to 17%.
I think one other thing when I look at the consensus guidance was out there, different analysts were treating the disti conversion, whether it was in or out of the model and the assumptions differently. So I think the consensus guidance looks different than when we came in, but I think the important thing for everyone to notice that we actually did what we expected when we normalized for the disti.
Our consolidated non-GAAP gross margin for the quarter was 34%, it was down from 37%, almost or entirely due to the mix of SunPower revenue. SunPower was actually 62% of the consolidated revenue in the quarter, and again I want to keep emphasize and it's important that you model SunPower in the semi business separately, because the margins structures are vastly different and we provide all the information in the press release on the actuals and I actually guide separately, so please ensure that you model the businesses that way.
The non-GAAP gross margin for the semi business was $50.7 million, actually the highest level we've seen since Q2 of '04. It was up nicely from $48.8 million in the prior quarter, mainly due to product mix, a higher fabulization, we reset our standards that reflect we do every year at the beginning of the year and we're also seeing a heavier weight towards our foundry partners as we go more to a fabulized model and a few other inventory related adjustments. We expect a slight decline in Q2, but the key thing that I am excited about as our ASPs remain very strong and our product margins with our customers are extremely strong. So as we continue to work on the various categories of inventory and overhead in COGS, we expect to continue to hit our 50% gross margin target in the back half of the year. Going to the expense line, our non-GAAP consolidated operating expenses increased by about $10 million of which semi was 8, SunPower is roughly 2. The semi OpEx was basically a comp related due to kind of a lot of the Q1 event. Well that payroll tax is resetting. We had a full quarter of our annual merit increase in Q1 versus only 1 month in Q4. We had less vacation and no shutdowns in Q1 versus Q4. We've kept a very tight reign I should say on new hiring. We only added 22 net people in the semiconductor business for the quarter and the vast majority of them were offshore in our lower cost areas.
We also had a seasonal increase in our added SoCs cost and we had higher legal and consulting costs for a variety of initiatives, obviously including the one that we announced in the press release on today. Offsetting those increase was actually a benefit of $1.6 million related to the adjustment to our differed comp plan due to the accounting rule that force you to kind of take a comp charge through OpEx when the plan moves around. That could be a benefit, it could be negative. This quarter is actually with a benefit. There is not net impact to the P&L as I think most of you know because the other side of the charge goes through OIE. So, it's really just fluctuations between OIE and OpEx and there is not net income or EPS impact. So, on the balance sheet now consolidated cash and investments totaled $957 million. The semiconductor segment had cash and short-term investments of 761 and that doesn't include the auction-rate securities that I'll talk about. We declined from Q4 as we purchased $12.6 million shares of stock, which was approximately 8% of the Q4 ending basic share count, and we bought it a price of $21.95, which was 8% below the Q1 average stock price and it's actually 22% below yesterday's closing price. So, we are happy with that.
Since March of 2007, we have repurchased 41.5 million shares at a cost of $848 million, which is approximately 30% of the basic share count outstanding at the beginning of Q1 2007, and again we have been very strategic in how we purchased it and the average purchases of all of this is actually 27% below our closing stock price. We continue to have an outstanding stock and bond repurchase authorization and that equals $323 million and we will execute on that accordingly.
So, just a quick update on the auction-rate, consolidated to 75 million, the semi business had about half of that SunPower has the rest of it. The semi ones are all highly rated self student loans that are guaranteed by the US government and they are all AAA rating. We took an unrealized valuation mark down like everybody else is holding these things right now. That was recorded in OCI equity, so there is no P&L impact and we are going to continue to monitor that.
We don't have any other significant asset backed investments and actually if you look at our portfolio at the end of Q1, we had 82% of it was in AAA money market funds and to our US treasuries and agencies, about 13% was in corporate bond and the balances within, about 5% was in those auction-rate that are actually classified as long-term. So, obviously the portfolio yield moved down as we re-balanced and as well with the Fed decreasing the rate. So, we expect to see some downward pressure in OIE for Q2
and the rest of the year...
http://seekingalpha.com/article/72837-cypress-semiconductor-corporation-q1-2008-earnings-call-transcript?source=yahoo&page=1
Foundry Networks cuts first-quarter forecast
By Jeffry Bartash, MarketWatch
Last update: 9:53 a.m. EDT April 11, 2008
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WASHINGTON (MarketWatch) -- Foundry Networks, a maker of routers and switches, reduced its financial forecast on Friday, saying some customers delayed orders because of a weaker U.S. economy.
In early trades, Foundry stock fell 2.5% to $11.30.
Foundry now says it expects to report first-quarter earnings of $13 million to $14 million, or 8 cents to 9 cents a share, including stock-based compensation. That compares to income of $9.1 million, or 6 cents a share, in the comparable 2007 first quarter.
Revenue is seen totaling $148 million to $150 million. In the year-earlier quarter, Foundry produced $135.8 million in sales.
The Santa Clara, Calif.-based company had been forecast to earn 17 cents a share on revenue of $163.4 million, according to an average estimates of analysts compiled by FactSet Research.
"Entering the quarter, we expressed our view that Foundry would experience typical seasonality," said Bobby Johnson, chief executive of Foundry said in a statement. "However, during the first quarter, a more challenging macroeconomic environment evolved from the financial market crises, which we believe led some customers to delay their purchase decisions."
Foundry plans to issue full quarterly results on April 24. End of Story
Jeffry Bartash is a reporter for MarketWatch in Washington.
http://www.marketwatch.com/news/story/foundry-networks-cuts-first-quarter-forecast/story.aspx?guid=%7B57703762%2D1D23%2D48BF%2D9CDC%2D9692414592F2%7D&siteid=yhoof
Apple pushes past Toshiba in US
By Tony Smith
17 Apr 2008 12:10
Apple grabbed 6.6 per cent of the US personal computer market during Q1 on the back of a leading year-on-year 32.5 per cent jump in unit shipments, research company Gartner said yesterday.
The move saw Apple push past Toshiba to become the quarter's fourth most successful computer maker in terms of units shipped.
Click here to find out more!
Dell and HP remained in the number one and number two slots they held in Q1 2007, granting them US market shares of 31.4 per cent and 25 per cent, respectively. Dell's shipments were up 15.7 per cent quarter-on-quarter - HP's were down by 0.2 percentage points.
Third-placed Acer saw shipments drop 18.3 per cent between Q1 2007 and Q1 2008, resulting in its share of the US market falling from 11.5 per cent to 9.1 per cent. That's just 2.5 percentage points ahead of Apple, so the Mac maker could well regain the top-three positioning it held in the early and mid-1980s, albeit with a lower market share than it had back then.
Toshiba's shipments were up quarter on quarter, but only by 4.4 per cent - not enough to prevent its Q1 2008 unit shipments - 840,000 in the end - being exceeded by Apple's 1.01m machines. Toshiba's share of the market was 5.5 per cent.
American Apple fans may rejoice at Gartner's numbers, but their overseas compadres have less reason to be cheerful. Worldwide, Apple failed to make the top five. World+Dog favoured HP, which took 18.3 per cent of the global computer market in Q1. Dell's share was 14.9 per cent, followed by Acer (9.5 per cent), Lenovo (6.7 per cent) and Toshiba (4.3 per cent).
Internationally, all of the top-five players saw shipments rise quarter on quarter by between 17.5 per cent (Dell) and 25.2 per cent (Acer).
Worldwide, some 71.06m computers shipped in Q1, up 12.3 per cent on Q1 2007's 63.25m total. In the US, the Q1 2008 and Q1 2007 totals were, respectively, 15.22m and 14.78m - a growth rate of three per cent.
http://www.channelregister.co.uk/2008/04/17/gartner_q1_sales_figures/
Friday, April 18, 2008 - 10:38 AM CDT
Charter Communications stock price not in compliance with Nasdaq requirements
St. Louis Business Journal - by Matt Allen
Because Charter Communications Inc.'s Class A common stock had closed below $1 per share for 30 consecutive business days, the company received a warning that it is not in compliance with Nasdaq Stock Market requirements.
Charter may regain compliance if at any time by Oct. 13 the company's Class A common stock closes at or above $1 for 10 consecutive business days and the company otherwise meets the Nasdaq's listing requirements.
The compliance notice does not directly affect Charter's continued trading on the Nasdaq Global Select Market. Charter's stock will continue trading as usual for the time being.
If Charter does not regain compliance by Oct. 13, the company may apply for continued listing on The Nasdaq Capital Market if it meets the Nasdaq's initial listing requirements other than the minimum price rule at the time. If approved, the company will be granted up to an additional 180 calendar days to regain compliance while trading on The Nasdaq Capital Market.
St. Louis-based Charter Communications Inc. (Nasdaq: CHTR) is the nation's third-largest cable television provider, and also provides digital video programming and high-speed Internet access.
matthewallen@bizjournals.com
Thermadyne Holdings Corporation Announces Conference Call of 2008 First Quarter Results to be Held On May 6, 2008
Thursday April 17, 6:46 pm ET
ST. LOUIS, April 17, 2008 (PRIME NEWSWIRE) -- Thermadyne Holdings Corporation (NasdaqCM:THMD - News) announced today it will host a conference call to discuss its results for the three-month period ended March 31, 2008. The call will take place on Tuesday, May 6, 2008 at 9:00 a.m. (Eastern). The Company anticipates it will file the Form 10-Q prior to its earnings call.
To participate in the telephone conference, please dial:
* U.S. and Canada: 800-762-8795 (Conference ID 3869759)
Participants are asked to dial in ten minutes before the conference begins. For those unable to join in the live conference call, a recording of the call will be available from May 6, 2008 at 12:00 noon (Eastern) until May 13, 2008 at 11:30 p.m. (Eastern) by dialing (800) 406-7325. Enter conference ID 3869759 to listen to the recording.
About Thermadyne
Thermadyne, headquartered in St. Louis, Missouri, is a leading global manufacturer and marketer of metal cutting and welding products and accessories under a variety of leading premium brand names including Victor(r), Tweco(r) / Arcair(r), Thermal Dynamics(r), Thermal Arc(r), Stoody(r), TurboTorch(r), Firepower(r) and Cigweld(r). Its common shares trade on the NASDAQ under the symbol THMD. For more information about Thermadyne, its products and services, visit the Company's web site at http://www.Thermadyne.com.
Thermadyne Holdings Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4937
Cautionary Statement Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management's current expectations and involve a number of risks and uncertainties. Actual results may differ materially from such statements due to a variety of factors that could adversely affect the Company's operating results. These risks and factors are set forth in documents the Company files with the Securities and Exchange Commission, specifically in the Company's most recent Annual Report on Form 10-K and other reports it files from time to time.
Contact:
Thermadyne Holdings Corporation
Donna Lee
636-728-3189
Source: Thermadyne Holdings Corporation
Very good indeed! BTW, don't work so hard buddy, haha.
I drive by their offices every day and have spoken to them on the phone. I plan on setting up an appointment and conducting an in-depth interview or two. I also plan on taking a few photographs.
Great board up-down. All the DD in the iBox is great imho. GLTA.
Spark, have you called Yan or Jamie lately? TIA.
Yep, it is on my watch list as well.
The company reported 'net profit' after taxes. Sounds like net income to me which does not include:
Depreciation
Adjustments To Net Income
Changes In Accounts Receivables
Changes In Liabilities
Changes In Inventories
Changes In Other Operating Activities
Capital Expenditures
Investments
Other Cashflows from Investing Activities
Dividends Paid
Sale Purchase of Stock
Net Borrowings
Other Cash Flows from Financing Activities
Effect Of Exchange Rate Changes
Therefore we do not have a complete picture of the financial situation but the information that was released is encouraging. It sounds like the company has enough working capital to draw down on their LOC and increase throughput by improving vendor relationships partly due to more timely a/r functions. I may visit the Mt View office this month or next month. Do you have any questions for the good folks at TTCM China (domestic office)?
All imho, glta.
As of April 9, 2008
219,807,273 shares of Common Stock outstanding imho.
US Farms, Inc. Announces Record Revenues of $9.5 Million for the Year Ended December 31, 2007
Tuesday April 15, 3:56 pm ET
SAN DIEGO, CA--(MARKET WIRE)--Apr 15, 2008 -- US Farms, Inc. (OTC BB:USFI.OB - News), a diversified commercial Farming and Nursery company, today announced its audited financial results for the year ended December 31, 2007. Full details are available on the Form 10-KSB filed at http://www.sec.gov.
US Farms, Inc. posted revenue of $9,460,585 for the year ended December 31, 2007 versus $361,414 for 2006. The Company refocused its business activities in the agricultural sector during the second and third quarters of 2007, which provided the framework for this significant growth. The majority of growth was from revenues generated through the California Produce Exchange business segment. California Produce Exchange distributes a variety of bulk vegetables and fruits to brokers, distributors and food converters.
Gross profit for 2007 was $771,701, or 8.2% of revenues, with a net loss for the period of $5,955,327 or ($0.18) loss per basic share. This compares to a gross profit of $36,141, or 10% of gross revenues, and a net loss of $4,471,910, or ($0.33) loss per basic share, for 2006. The increase in the operating loss was due primarily to costs associated with the startup of the Company's Sammy's Produce, Inc. and World Garlic & Spice, Inc., both wholly owned subsidiaries of US Farms, Inc., in addition to business development costs, and general and administrative expenses associated with the implementation of the Company's growth strategies.
Yan Skwara, President and Chief Executive Officer, US Farms, Inc., stated, "In 2006, we planted the seed; in 2007, we started to grow; in 2008 and beyond, we should begin to bear fruit. We have met key milestones in terms of revenue growth and market penetration. We have acquired and began operating wholly owned subsidiaries that broaden our product offering to provide for year-round sustainable growth. We thank our shareholders for their continued support and remain committed to building shareholder value in the future."
2007 Company Highlights:
-- From January to March of 2007, the Company harvested its first Winter
Asparagus crop that generated in excess of $1.4 million in revenues.
-- In February 2007, the Company purchased the assets of a San Diego
based nursery and formed American Nursery Exchange, Inc., a wholly owned
subsidiary of US Farms.
-- In April 2007, the Company hired Sam Nucci as VP Sales for its newly
formed Sammy's Produce Exchange, Inc., a wholly owned subsidiary of US
Farms. Revenues for the nine months in 2007 for Sammy's Produce were in
excess of $6.2 million.
-- In July 2007, the Company formed and began operating its wholly owned
subsidiary US Ag Transportation, Inc., which received a US Department of
Transportation license and registration for Refrigerated Produce,
Agriculture and Food transportation nationwide.
-- In August 2007, the Company formed World Garlic and Spice, Inc., a
wholly owned subsidiary of US Farms. Revenues for World Garlic and Spice
for 2007 were in excess of $600,000.
-- In October of 2007, the Company formed US Trading Group, Inc., a
wholly owned subsidiary, and began importation of Chinese garlic. US
Trading Group imported garlic in excess of $450 thousand during 2007.
-- In October 2007, the Company appointed Darin Pines, an agricultural
industry veteran as Chief Operating Officer.
-- During 2007, the Company successfully raised $4,092,049 from private
investors as a result of a private placement of common stock and warrants.
Sales Revenue by operating business segment for the year ended December 31, 2007:
-- California Produce Exchange had sales of $8,628,922. This subsidiary
grows and distributes asparagus, fresh market tomatoes, garlic and other
bulk produce through retail and wholesale distribution channels in Southern
California.
-- American Aloe Vera Growers had sales of $677,840. This subsidiary
farms and sells domestically grown aloe vera potted plants, aloe vera boxed
produce and bulk aloe vera leaves to brokers, re-wholesalers and directly
to retailers.
-- American Nursery Exchange had sales of $126,409. This subsidiary grows
and sells palms, jade, cycads and other potted plants to grocery stores,
garden centers, landscapers, home improvement centers and via Internet/mail
order.
Cash utilized from operations 2007 was $4,137,669. The cash and marketable securities balance at December 31, 2007 was $24,487. As of September 30, 2007, shareholders' equity improved by $1,202,865 compared with December 31, 2006 mainly due to capital raises.
About US Farms, Inc.
US Farms, Inc. (OTC BB:USFI.OB - News) is a diversified commercial Farming, Nursery and Brokerage company based in Southern California. The Company's principal operations are located in Southern California in the Imperial Valley, North County San Diego and Los Angeles. US Farms, Inc. grows, markets and distributes horticultural products through a number of wholly owned subsidiaries which include: American Nursery Exchange, Inc. (ANE); California Management Solutions, Inc. (CMS); California Produce Exchange, Inc. (CPE); American Aloe Vera Growers, Inc. (AAVG); Imperial Ethanol, Inc. (IE); Sammy's Produce, Inc. (SPI); US Ag Transportation, Inc. (USAT); US Produce, Inc. (USPI); Texas Garlic & Spice, Inc. (TGS); US Trading Group, Inc. (USTG); and World Garlic & Spice, Inc. (WGS).
For more information on US Farms, Inc., please visit http://www.usfarmsinc.com. US Farms, Inc. is publicly traded on the Over-the-Counter market under the ticker symbol USFI.
Safe Harbor
Forward-looking statement: Except for historical information, this press release contains forward-looking statements, which reflect the Company's current expectation regarding future events. These forward-looking statements involve risks and uncertainties, which may cause actual results to differ materially from those statements. Those risks and uncertainties include, but are not limited to, changing market conditions and other risks detailed from time to time in the Company's ongoing quarterly filings, annual information form, and annual reports. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events in this press release might not occur.
Contact:
Contact:
US Farms, Inc.
Yan K. Skwara
President
Tel: 858-488-7775 Ext 101 or 800-845-9133
Fax: 858-488-2828
Investor Relations
Flagler Communications, an affiliate of OTC Financial Network
Jamie Dryer
561-837-8057, Ext. 2
Email Contact
http://www.otcfn.com/usfi
Source: US Farms, Inc.
California Pizza Kitchen Says Thank You to Customers in a Big Way
Wednesday April 16, 6:45 pm ET
LOS ANGELES--(BUSINESS WIRE)--California Pizza Kitchen, Inc. (CPK) (NASDAQ: CPKI - News), home of the Original BBQ Chicken Pizza and other innovative hearth-baked pizzas, made-to-order pastas, creative salads, appetizers, soups, sandwiches and desserts, unveiled today their national Thank You Card Program. Starting today and running through May 16, CPK will give out almost 2 million thank you cards to customers dining at their full service restaurants across the nation. Each party will receive an envelope with their check which contains a guaranteed prize, ranging from 10% off a meal to $25,000.
Delivered in a sealed envelope and to be opened ONLY by a CPK manager upon the guests’ return, every company-owned CPK full-service restaurant expects to have hundreds of winners.
Prizes include:
* Dinner for parties of two to six
* Free CPK frozen pizza for a year
* $1,000
* $2,500
* $5,000
* 10% - 50% off your check on your return visit to CPK
* Trip for two, 4 nights at a 5-star hotel and first class airfare anywhere Northwest Airlines flies (valid in continental U.S., Hawaii and the Caribbean)
* $25,000!
“We have a very strong repeat and regular customer base, among the most loyal guests within the restaurant industry,” said Rick Rosenfield and Larry Flax, co-founders and co-CEOs of California Pizza Kitchen. “The Thank You Card Program is our way of saying thank you to our loyal guests, and it’s a lot of fun for our customers and staff alike.”
For complete program details and official rules, please visit our website at www.cpk.com.
About CPK
California Pizza Kitchen, Inc., founded in 1985, is a leading casual dining chain. Of the chain's 234 restaurants, 198 are company-owned and 36 operate under franchise or license agreements. There are currently 19 restaurants located internationally in China, Japan, Philippines, Malaysia, Singapore, Mexico, South Korea and Indonesia. There are 25 CPK ASAP locations, 9 of which are company-owned and 16 are franchised. Also included in the company's portfolio of concepts is LA Food Show Grill & Bar, which has one location in Manhattan Beach, California and a second location currently under construction in Beverly Hills, California. The company's full-service restaurants feature an imaginative line of hearth-baked pizzas, including the original BBQ Chicken Pizza, and a broad selection of distinctive pastas, salads, soups, appetizers and sandwiches. The company also has a licensing arrangement with Kraft Pizza Company, which manufactures and distributes a line of California Pizza Kitchen premium frozen pizzas. Children who dine at California Pizza Kitchen choose from an extensive menu, recently named "The Best Kids Menu in America" by Restaurant Hospitality Magazine. For more details, visit www.cpk.com.
Contact:
California Pizza Kitchen
Sarah Grover, 310-342-5000
Source: California Pizza Kitchen, Inc.
Agree 100%. 2007 was a great year for TTCM China. Profits soared! Way to go Dr. Choe, this one is a winner imho.
TTCM China Announces Full Year 2007 Results
TTCM China, Inc. (Pink Sheets:TTCH), a leading producer and supplier of glass-reinforced fiber plastic pipes, today announced 2007 earnings results. Revenue for the year ending December 31, 2007 was $8.59 million versus revenue of $7.51 million for the year ending December 31, 2006. Net profit after taxes for the full year 2007 was $526,614 versus a net profit of $134,549 in 2006.
Despite strong demands for the company’s products as evidenced by a growing backlog, the Company’s revenue growth in 2007 was approximately 14.5%, primarily due to a working capital shortage. The net profit growth after tax was approximately 292% higher than 2006.
Mr. Jiqun Wang, Founder and Chairman of TTCM China, said, “We are pleased by the demand for TTCM China’s products and are focused on fulfilling orders in 2008 and beyond. We are currently looking into several financing options including HePing Investment Company to enable us to realize higher revenue in 2008 and beyond.”
About TTCM China, Inc. http://www.ttcmchina.com
TTCM China, founded in 1995 and based in Tianjin China, is a leading producer of glass-reinforced composite plastic products including regular and high-pressure pipes, fittings related to the water supply and sewerage systems. TTCM developed an advanced technology employing micro-emulsification, which enables a reduction of the amount of resin used in the production process and at the same time raises the product compactness, strength and infiltration quality. These procedures make TTCM’s glass-reinforced plastic pipes superior in strength to plastic pipes while they only weigh one-fourth the weight of regular steel pipes.
Safe Harbor Forward-Looking Statements
Including historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Historical and forward-looking statements involve known and unknown risks and uncertainties that may cause the companies' actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, force d majeure, foreign currencies exchange-rate, customers’ financial conditions, the ability to successfully complete additional financings, shipping and other risks associated with the operations in China where certain governmental economic or political situation/polices might adversely affect outcome of the envisioned business.
TTCM China, Inc.
Won-Gil Choe, 650-960-1155
Fax: 650-960-1133
Source: Business Wire (April 17, 2008 - 10:01 AM EDT)
Beckman Coulter Earnings Conference Call (Q1 2008)
Scheduled to start Wed, Apr 30, 2008, 8:30 am Eastern
http://biz.yahoo.com/cc/1/91831.html
After the event has finished, the audio will be available
from this page until Fri, May 1, 2009
Microsemi Adds Lowest-Light Sensor to Its Patented Visible Light Sensor Portfolio
Wednesday April 16, 8:30 am ET
IRVINE, Calif., April 16, 2008 (PRIME NEWSWIRE) -- Microsemi Corporation (NasdaqGS:MSCC - News), a leading manufacturer of high performance analog mixed signal integrated circuits and high reliability semiconductors, has announced a new lowest-light addition to its patented visible light sensor portfolio.
Designated the LX1973B(tm), the new sensor features an innovative dome-lens package and dark-current cancellation technology optimized for lowest light levels, making it an ideal solution for automatic brightness control in automotive displays, auto-dimming mirrors and headlamps, as well as for targeted applications in computer notebooks, LCD monitors and TVs, handheld displays, cell phones, digital cameras, kiosks and outdoor lighting.
``We designed the LX1973B to provide the most accurate and controlled response even under very low ambient light conditions,'' said Steve Litchfield, Microsemi Executive Vice President and Analog Mixed Signal Group President. ``The LX1973B utilizes what we call Best Eye(tm) processing which provides a nearly perfect photopic light wavelength response curve.''
The sensor provides a current output with a 10% accuracy maintained over the full temperature range making it ideal for those applications where a frequency output would interfere with other electronics and where the tightest control is required.
When interfaced with an 8-bit ADC, the LX1973B can detect light as low as 0.001 lux and as high as 500 lux. An integrated dark current cancellation circuit enables accurate sensing at less than 0.0005 lux @ 25 degrees Celsius. In addition, internal thermal compensation provides high accuracy over an extended temperature range, from -40 to +85 degrees Celsius.
Unlike conventional light sensors, Microsemi's patented technology requires no optical filters for ultraviolet and infrared wavelengths that extend beyond human sight. These wavelengths can confuse conventional sensors, which must use infrared filters to avoid display lighting adjustments erroneous to the human eye.
The LX1973B is lead free and contains no cadmium, as is found in many conventional light sensors.
The LX1973B is available in an 8-pin MSOP surface mount package measuring only 3 millimeters square. Package orientations are offered for both standard board mounting (package suffix IPL) and for reverse mounting (package suffix IPR). If needed, two sensors can be mounted on opposite sides of the board -- an ideal solution for applications such as auto-dimming mirrors.
In 2.5K quantities the LX1973B sensor is unit priced at $2.46. Samples and production quantities are available immediately.
Complete technical information on all Microsemi visible light sensors is available on the Microsemi web site at http://www.microsemi.com. Samples and evaluation boards can be requested through this site, from Microsemi sales representatives, or from Microsemi's distribution channel.
About Microsemi Corporation
Microsemi Corporation, with corporate headquarters in Irvine, California, is a leading designer, manufacturer and marketer of high performance analog and mixed signal integrated circuits and high reliability semiconductors. The company's semiconductors manage and control or regulate power, protect against transient voltage spikes and transmit, receive and amplify signals.
Microsemi's products include individual components as well as integrated circuit solutions that enhance customer designs by improving performance, reliability and battery optimization, reducing size or protecting circuits. The principal markets the company serves include implantable medical, defense/aerospace and satellite, notebook computers, monitors and LCD TVs, automotive and mobile connectivity applications. More information may be obtained by contacting the company directly or by visiting its web site at http://www.microsemi.com.
The Microsemi Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=1233
PLEASE READ THE FOLLOWING FACTORS THAT CAN MATERIALLY AFFECT MICROSEMI'S FUTURE RESULTS.
``Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995: Any statements set forth in the news release that are not entirely historical and factual in nature are forward-looking statements, including without limitation statements concerning our expectations regarding our business outlook, our performance and competitive position during the coming year, visibility into our customer demand, and any other statements of belief or about our plans or expectations. These forward-looking statements are based on our current expectations and are inherently subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. The potential risks and uncertainties include, but are not limited to, such factors as changes in generally accepted accounting principles, the difficulties regarding the making of estimates and projections, the hiring and retention of qualified personnel in a competitive labor market, acquiring, managing and integrating new operations, businesses or assets, uncertainty as to the future profitability of acquired businesses, delays in the realization of any accretion from acquisition transactions, any circumstances that adversely impact the end markets of acquired businesses, difficulties in closing or disposing of operations or assets, difficulties in transferring work from one plant to another, rapidly changing technology and product obsolescence, difficulties predicting the timing and amount of plant closure costs, the potential inability to realize cost savings or productivity gains and to improve capacity utilization, potential cost increases, weakness or competitive pricing environment of the marketplace, uncertain demand for and acceptance of the company's products, adverse circumstances in any of our end markets, results of in-process or planned development or marketing and promotional campaigns, changes in demand for products, difficulties foreseeing future demand, effects of limited visibility of future sales, potential non-realization of expected orders or non-realization of backlog, product returns, product liability, and other potential unexpected business and economic conditions or adverse changes in current or expected industry conditions, business disruptions, epidemics, health advisories, disasters, national emergencies, wars or potential future effects of the tragic events of September 11, 2001, political instability, currency fluctuations, variations in customer order preferences, fluctuations in market prices of the company's common stock and potential unavailability of additional capital on favorable terms, difficulties in implementing company strategies, dealing with environmental or other regulatory matters or litigation, or any matters involving litigation, contingent liabilities or other claims, difficulties and costs imposed by law, including under the Sarbanes-Oxley Act of 2002, difficulties in determining the scope of, and procuring and maintaining, adequate insurance coverage, difficulties and costs of protecting patents and other proprietary rights, work stoppages, labor issues, inventory obsolescence and difficulties regarding customer qualification of products, manufacturing facilities and processes, and other difficulties managing consolidation or growth, including in the maintenance of internal controls, the implementation of information systems, and the training of personnel. In addition to these factors and any other factors mentioned elsewhere in this news release, the reader should refer as well to the factors, uncertainties or risks identified in the company's most recent Form 10-K and all subsequent Form 10-Q reports filed by Microsemi with the SEC. Additional risk factors may be identified from time to time in Microsemi's future filings. The forward-looking statements included in this release speak only as of the date hereof, and Microsemi does not undertake any obligation to update these forward-looking statements to reflect subsequent events or circumstances.
Investor Inquiries: Robert C. Adams, Microsemi Corporation, Irvine, CA (949) 221-7100.
Contact:
Microsemi Corporation
Financial Contact:
John W. Hohener, Vice President and CFO
(949) 221-7100
Investor Relations:
Robert C. Adams, Vice President Business Development &
Investor Relations
(949) 221-7100
Source: Microsemi Corporation
Microsemi Announces Webcast and Access Information for Second Quarter Earnings Conference Call
Thursday April 17, 8:30 am ET
IRVINE, Calif., April 17, 2008 (PRIME NEWSWIRE) -- Microsemi Corporation (NasdaqGS:MSCC - News) will conduct its Second Quarter Earnings Conference Call with management to discuss results.
Date: Thursday, April 24, 2008
Time: 4:45 pm Eastern Daylight Time (1:45 pm Pacific Daylight Time)
To access the webcast, please log on to: http://www.microsemi.com and go to Investors and then to Webcasts. To listen to the live webcast, please go to this website approximately fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live webcast, a replay will be available shortly after the call on the website for 30 days.
To participate in the conference call by telephone, please call: (877) 264-1110 or (706) 634-1357 at approximately 4:35 pm EDT (1:35 pm PDT). Please provide the following ID Number: 43033370.
A telephonic replay will be available from 6:00 pm EDT (3:00 pm PDT) on Thursday, April 24, 2008 through 11:59 pm EDT (8:59 pm PDT) on Thursday, May 1st. To access the replay, please call (800) 642-1687, or (706) 645-9291. Please enter the following ID Number: 43033370.
About Microsemi
Microsemi Corporation, with corporate headquarters in Irvine, California, is a leading designer, manufacturer and marketer of high performance analog and mixed signal integrated circuits and high reliability semiconductors. The company's semiconductors manage and control or regulate power, protect against transient voltage spikes and transmit, receive and amplify signals.
Microsemi's products include individual components as well as integrated circuit solutions that enhance customer designs by improving performance, reliability and battery optimization, reducing size or protecting circuits. The principal markets the company serves include implantable medical, defense/aerospace and satellite, notebook computers, monitors and LCD TVs, automotive and mobile connectivity applications. More information may be obtained by contacting the company directly or by visiting its web site at http://www.microsemi.com.
The Microsemi Corporation logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=1233
Contact:
Microsemi Corporation
Financial Contact:
John W. Hohener, Vice President and CFO
(949) 221-7100
Investor Relations:
Robert C. Adams, Vice President Business Development &
Investor Relations
(949) 221-7100
Source: Microsemi Corporation
Chembio Signs Exclusive DPP(TM) Development Agreement With Bio-Rad Laboratories, Inc.
Wednesday April 16, 8:30 am ET
MEDFORD, NY--(MARKET WIRE)--Apr 16, 2008 -- Chembio Diagnostics, Inc. (OTC BB:CEMI.OB - News) ("Chembio" or the "Company") announced today that it has signed an exclusive development agreement with Bio-Rad Laboratories, Inc. ("Bio-Rad") (AMEX:BIO - News) and (AMEX:BIO-B - News) to develop a multiplex test employing Chembio's patented DPP(TM) Dual Path Platform test system. The test would also employ certain proprietary reagents belonging to Bio-Rad. The agreement contemplates that the parties would enter into a limited exclusive license to the DPP(TM) technology. Bio-Rad would have exclusive marketing rights for the product.
According to Chembio Chief Executive Officer Larry Siebert, "This collaboration with a world market leader like Bio-Rad is a good fit for Chembio, as it allows us to leverage our DPP intellectual property with our experience in product development and regulated manufacturing to develop a product to be marketed by a leading diagnostics company."
ABOUT DPP
The Dual Path Platform immunoassay is a recent Chembio innovation in the field of rapid testing for which the company received a U.S. patent in 2007. DPP(TM) technology employs two separate and distinct membrane strips, one for the sample migration and one for the test reagents. This unique dual-flow design allows for improved control and management of the sample flow. As a result, the immunological reaction is more efficient than lateral flow tests based upon studies performed by Chembio.
ABOUT CHEMBIO
Chembio Diagnostics, Inc., a developer and manufacturer of proprietary rapid diagnostic tests, participates in the growing $5 billion point-of-care testing market. Chembio's two FDA PMA-approved, CLIA-waived, rapid HIV tests are marketed in the U.S. by a third-party company. Chembio markets its HIV STAT-PAK® line of rapid HIV tests internationally to government and donor-funded programs directly and through distributors. Chembio also has rapid tests for veterinary tuberculosis and chagas disease. In 2007 Chembio received a U.S. patent for its Dual Path Platform (DPP(TM)) technology which has significant advantages over lateral-flow technologies. This technology is providing Chembio with a significant pipeline of business opportunities for the development and manufacture of new products based on DPP(TM). Headquartered in Medford, NY, with approximately 100 employees, Chembio is licensed by the U.S. Food and Drug Administration (FDA) as well as the U.S. Department of Agriculture (USDA), and is certified for the global market under the International Standards Organization (ISO) directive 13.485.
FORWARD-LOOKING STATEMENTS
Statements contained herein that are not historical facts may be forward-looking statements within the meaning of the Securities Act of 1933, as amended. Forward-looking statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements are estimates only, as the Company has not completed the preparation of its financial statements for those periods, nor has its auditor completed the audit of those results. Actual revenue may differ materially from those anticipated in this press release. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to Chembio's ability to obtain additional financing, to obtain regulatory approvals in a timely manner, and the demand for Chembio's products. Chembio undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in Chembio's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact Chembio's success are more fully disclosed in Chembio's most recent public filings with the U.S. Securities and Exchange Commission.
Contact:
Company Contact:
Chembio Diagnostics, Inc.
Susan Norcott
(631) 924-1135, ext. 125
(http://www.chembio.com)
Source: Chembio Diagnostics, Inc.
Monolithic Power Systems, Inc. to Report First-Quarter Results on April 29, 2008
Tuesday April 15, 8:00 am ET
SAN JOSE, Calif., April 15 /PRNewswire-FirstCall/ -- Monolithic Power Systems (MPS) (Nasdaq: MPWR - News), a leading fabless manufacturer of high-performance analog and mixed-signal semiconductors, today announced plans to report its financial results for the first quarter ended March 31, 2008.
MPS will host its quarterly teleconference on:
Tuesday, April 29th at 2:00 p.m. PT / 5:00 p.m. ET
This call will be webcast live for all investors and archived on the company's website at http://www.monolithicpower.com.
To access the teleconference webcast, go to the Investor Relations page of the MPS website at http://ir.monolithicpower.com, and click on the webcast icon. From this site, you can listen to the teleconference, assuming that your computer system is configured properly. In addition to the webcast replay, a phone replay will be available for seven days after the live call at (617) 801-6888, code# 97039398.
About Monolithic Power Systems, Inc.
Monolithic Power Systems, Inc. (MPS) develops and markets proprietary, advanced analog and mixed-signal semiconductors. The company combines advanced process technology with its highly experienced analog designers to produce high-performance power management integrated circuits (ICs) for DC to DC converters, LED drivers, Cold Cathode Fluorescent Lamp (CCFL) backlight controllers, Class D audio amplifiers, and Linear ICs. MPS products are used extensively in computing and network communications products, LCD monitors and TVs, and a wide variety of consumer and portable electronics products. MPS partners with world-class manufacturing organizations to deliver top quality, ultra-compact, high-performance solutions through the most productive, cost- efficient channels. Founded in 1997 and headquartered in San Jose, California, the company has expanded its global presence with sales offices in Taiwan, China, Korea, Japan, and Europe, which operate under MPS International, Ltd.
Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.
Source: Monolithic Power Systems, Inc.
Eli Lilly looks to cut 500 jobs to streamline manufacturing of insulin products, Forteo drug
The Associated Press
Published: April 16, 2008
INDIANAPOLIS: Drug maker Eli Lilly and Co. plans to cut up to 500 jobs to streamline the manufacturing of some insulin products and the osteoporosis drug Forteo.
The Indianapolis-based company offered a "voluntary exit program" to about 2,000 employees in central Indiana on Wednesday with a goal of trimming its work force by up to 500 people, spokesman Phil Belt said. All the cuts will be made through the voluntary program, he said.
"There's no plan right now to supplement it with a layoff or anything like that," he said.
The voluntary program includes a severance package based on the employees' length of service. Belt declined to offer more details.
The actions come a month after the company ended its development program for inhaled insulin. But Belt said productivity improvements drove the cuts.
Today in Business with Reuters
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The cuts will affect sites that make ingredients for the insulin products Humalog and Humulin, as well as Forteo. Humalog ranked fourth among Lilly drugs with $1.5 billion (€950 million) in sales last year. Humulin notched $985 million (€622 million), while Forteo took in $709 million (€448 million).
Lilly must align manufacturing with customer demands "over a time period in which some products will lose patent protection while other new products are launched," company CEO John Lechleiter said in a statement.
Humalog is one of several Lilly drugs that will lose patent protection between 2011 and 2014. Others include top seller Zyprexa, an anti-psychotic that had $4.7 billion in sales last year.
Belt said Lilly expects about 430 manufacturing employees to take its offer and about 70 people in research and development. The cuts will be capped at 500. Lilly made its offer Wednesday morning, and employees will have until early next month to decide.
Lilly will record a second-quarter charge for the cuts. The amount will depend on how many employees take the offer.
The drug maker employs 12,600 people in central Indiana. Its worldwide employment stood at 40,300 as of March 31, down nearly 13 percent from 46,100 at the end of 2003.
Lilly shares rose $1 to close at $52.55 in trading Wednesday.
DNA tests available in a hurry - and cheaply
Joanne Laucius, Canwest News Service
Published: Sunday, April 13, 2008
OTTAWA-A worried mother with a feverish child arrives in the emergency room. The doctor suspects the child, who also complains of a headache, has bacterial meningitis. He orders a lumbar puncture, then starts the child on antibiotics.
The doctor also orders a Gram stain, a test first devised more than a century ago to identify bacteria. The stain suggests the doctor's assessment is correct, but the test is not infallible. More cerebrospinal fluid from the lumbar puncture is sent to the lab to culture it for bacteria.
A few days later, the results are in and it's negative for bacteria. Meanwhile, the patient isn't getting any better.
The doctor suspects the diagnosis is actually viral encephalitis and prescribes an antiviral. The patient improves, but suffers long-term neurological damage because of the delay.
This medical detective story has been simplified. But it illustrates a conundrum of modern medicine - doctors often have to prescribe "on spec."
It was this problem that diverted University of Ottawa medical graduate Dr. Paul Lem from infectious diseases to a new career in business, producing a machine that helps eliminate the guesswork.
Doctors often have to diagnose illnesses based on observation and wait until the lab confirms or denies the diagnosis, says Lem, who was doing a residency in infectious diseases in Toronto before he quit medicine to go into business.
"It's crude," said Lem, now CEO of Ottawa's Spartan Bioscience Inc., which has developed an inexpensive and portable "on demand" DNA analyzer as an alternative to the larger "batch" analyzers used in laboratories.
As it stands, only large laboratories have "batch" analyzers, which can test as many as 96 samples at a time. Lem's idea was small, relatively inexpensive DNA analyzer that could save both patient and doctor time and steps. The Spartan DX is priced at just under $10,000, which Lem believes is the "magic price point" to make the devices attractive to smaller hospitals and research facilities.
"Batch machines are incredible. They're like Ferraris," said Lem. "We're selling Toyota Corollas. But there's more of a market for Corollas."
Karam Ramotar, a microbiologist at Ottawa's General Hospital, says an on-demand analyzer is useful for doing a quick assessment on a very sick patient.
"The idea of using a machine like this is that you can do proper therapy very quickly," said Ramotar, who has been evaluating a Spartan analyzer in his lab.
Tim Karnauchow, a clinical virologist at the Children's Hospital of Eastern Ontario, has two Spartan DX machines in his lab, both donated by the company. He recently completed a series of tests that concluded that the DX is just as accurate as conventional instruments, which cost between $25,000 and $60,000.
"This instrument is a clever development," he says.
Karnauchow sees a use for it when a physician can't afford to wait a day or more for a sample to be tested with a large batch. To a clinical virologist, it's valuable to be able to do a quick test without having to tie up a batch machine, he says.
From the medical system's fiscal point of view, it also makes sense to treat a patient as soon as possible without wasted money or time on an incorrect diagnosis, says Karnauchow.
"If you can give them a definitive diagnosis, you can cut health-care costs," he says.
Spartan is not the first company to try to manufacture and market a "desktop" DNA analyzer, says Lem. But, despite millions in investments, none have succeeded. The difference is that the other analyzers used DNA chips, which are very expensive to fabricate unless they are produced by the millions, he says.
The Spartan analyzer requires a sample of purified DNA, derived from saliva, blood or other bodily fluid. An assay "amplifies" the building blocks of the target gene marker in the sample. The Spartan analyzer works by measuring the presence or absence of fluorescence in the sample.
The most complicated part of the device has been the optics, but being located in Ottawa was an advantage to Spartan, which was able to draw on experienced optical engineers from Nortel and JDS Uniphase, says Lem.
All the funding so far - the company won't say how much except that it is in the "low millions of dollars" - has come from angel investors, mostly in Ottawa and Toronto, says Mark Kershey, the company's vice president of corporate development.
Spartan started product development in June 2006 and spent almost $2 million in research and development, he says. To date, 15 analyzers have been sent to labs and universities to be evaluated.
Lem sees a day when every doctor's office will be able to afford an analyzer and offer more convenience to patients who now have to wait for lab results. He sees another potential market in veterinary medicine. On-demand analyzers might even have a place in combating antibiotic-resistant superbugs by reducing the widespread use of antibiotics when they are unnecessary.
SAN JOSE, Calif., April 15 /PRNewswire-FirstCall/ -- Atmel(R) Corporation today announced that the Company's Board of Directors has appointed Dr. Edward Ross as a new Independent Director. Mr. Ross brings a long history of experience in the semiconductor industry having served most recently as President Emeritus of TSMC North America, the US subsidiary of Taiwan Semiconductor Manufacturing Company Ltd., a Taiwanese semiconductor manufacturer.
Before becoming President Emeritus of TSMC in 2005, Mr. Ross was President of TSMC from 2000 to 2004. Previously, he was Senior Vice President of Synopsys, Inc., an electronic design automation supplier, from 1998 to 2000, and President of Technology and Manufacturing at Cirrus Logic, Inc., a semiconductor manufacturer, from 1995 to 1998. Dr. Ross is a director of California Micro Devices Corporation and Volterra Semiconductor, Inc. Dr. Ross holds a B.S.E.E. from Drexel University and an M.S.E.E., M.A. and Ph.D. from Princeton University.
"We are pleased to have Edward join our Board as a new Independent Director," stated Steven Laub, Atmel's President and Chief Executive Officer. "He brings extensive industry and leadership experience honed over a long and successful career in the semiconductor industry. We look forward to his contributions as we continue to position Atmel for sustainable, profitable growth."
The Board was also informed that, in order to devote more time to other interests, T. Peter Thomas and Dr. Chaiho Kim have decided to not seek re-election to the Board at the Company's 2008 Annual Meeting of Stockholders. Following these changes, Atmel's Board will consist of seven members, including five independent directors.
"On behalf of the Board, I want to thank Pete and Chaiho for their service and valuable contributions to Atmel," said Laub. "Their dedication and support have been deeply appreciated, and we wish them well."
About Atmel
Atmel is a worldwide leader in the design and manufacture of microcontrollers, advanced logic, mixed-signal, nonvolatile memory and radio frequency (RF) components. Leveraging one of the industry's broadest intellectual property (IP) technology portfolios, Atmel provides the electronics industry with complete system solutions focused on consumer, industrial, security, communications, computing and automotive markets.
Contact: Robert Pursel, Director of Investor Relations, 408-487-2677
Atmel Corporation
Juniper Networks Announces Release of Comprehensive Reference Guide ''JUNOS Enterprise Routing''
Thursday April 17, 8:00 am ET
A Practical Guide to JUNOS Software and Enterprise Certification
SUNNYVALE, Calif.--(BUSINESS WIRE)--Juniper Networks, Inc. (NASDAQ:JNPR - News), the leader in high-performance networking, today announced the recent release of “JUNOS Enterprise Routing: A Practical Guide to JUNOS Software and Enterprise Certification.” Co-authored by instructors and creators of the Juniper Networks Enterprise Routing certification exams, this guide includes complete coverage of all the services available to the JUNOS administrator, including a practical introduction to the recently available JUNOS software 9.0 with security services for implementation on the Juniper Networks J-series services routers.
“JUNOS Enterprise Routing” is the official study guide for all three Juniper Enterprise Routing certification exams and is used in working networks as a design, maintenance, and troubleshooting reference. The guide covers all key issues facing modern network environments, including but not limited to interface configurations, access security, interior and exterior routing protocol operation, configuration, and migration strategies. In addition, the guide provides extensive coverage of Application Service Provider based services and offers an introduction to JUNOS software through a migration based case study. The real-world networking scenarios provide extensive exposure to general characteristics and features of JUNOS software, making this an excellent guide for those that simply want to learn more about JUNOS.
“The continued growth of the enterprise routing market demands the need for certified engineers who can keep up with network developments in protocols and security,” said Scott Edwards, director, Education Services at Juniper Networks. “Our goal was to create a handbook for anyone who works with Juniper enterprise and edge routing environments and/or those seeking certification via the Juniper Networks Fast Track Program to not only prepare them for passing certification exams, but for the daily work with the technology as well. Offering in-depth knowledge, insight, and practical solutions, professionals will find this to be a truly valuable reference guide.”
Published by O'Reilly Media, “JUNOS Enterprise Routing” is available worldwide wherever technical books are sold. For more information or to read a sample chapter, visit www.juniper.net/books. For more information from O’Reilly Media, visit http://www.oreilly.com/catalog/9780596514426/.
About the Authors
Doug Marschke, a principal technologist at Strategic Networks Training, was heavily involved in the Juniper certification exams from the start, having contributed to test writing, and is the co-author of the current JNCIE Enterprise Exam. Harry Reynolds, senior test engineer in the JUNOS software core protocols group at Juniper Networks, has more than 25 years of experience in the networking industry and wrote the JNCIE and the JNCIP Juniper Networks Certification Study Guides.
About Juniper Networks
Juniper Networks, Inc. is the leader in high-performance networking. Juniper offers a high-performance network infrastructure that creates a responsive and trusted environment for accelerating the deployment of services and applications over a single network. This fuels high-performance businesses. Additional information can be found at www.juniper.net.
Juniper Networks and the Juniper Networks logo are registered trademarks of Juniper Networks, Inc. in the United States and other countries. JUNOS is a trademark of Juniper Networks, Inc. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.
Contact:
Juniper Networks, Inc.
Kim Markle, 408-936-7673 (Media Relations)
kmarkle@juniper.net
Amy Lee, 408-936-4259 (Media Relations)
amylee@juniper.net
Lisa Chiorello, 408-936-6123 (Investor Relations)
lisac@juniper.net
Source: Juniper Networks, Inc.
Ceradyne, Inc. to Release 2008 First-Quarter Financial Results On Friday, April 25, 2008
Thursday April 17, 7:30 am ET
COSTA MESA, Calif.--(BUSINESS WIRE)--Ceradyne, Inc. (Nasdaq: CRDN - News) will release financial results for its 2008 first-quarter ended March 31, 2008 before the market open on Friday, April 25, 2008. Management will also conduct a conference call to review the company’s financial results and outlook for the remainder of 2008.
Any investor or interested individual can listen to the teleconference, which is scheduled to begin at 8 a.m. PDT (11 a.m. EDT) on April 25. To participate in the teleconference, please call toll-free 877-717-3046 (or 706-634-6364 for international callers) approximately 10 minutes prior to the above start time and provide Conference ID 43635399.
You may also listen to the teleconference live via the Internet at www.ceradyne.com or www.earnings.com. For those unable to attend, these web sites will host an archive of the call.
A telephone playback will be available beginning at 11 a.m. PDT on April 25 through 9 p.m. PDT on April 29, 2008. The playback can be accessed by calling 800-642-1687 (or 706-645-9291 for international callers) and providing Conference ID 43635399.
Ceradyne develops, manufactures and markets advanced technical ceramic products and components for defense, industrial, automotive/diesel and commercial applications. Additional information about the Company can be found at www.ceradyne.com.
Contact:
Ceradyne, Inc.
Jerrold J. Pellizzon, Chief Financial Officer
714-549-0421, x8262
or
Silverman Heller Associates
Phil Bourdillon/Gene Heller
310-208-2550
Source: Ceradyne, Inc.
Honeywell, Harley-Davidson Draw a Rash of Bearish Bets
By Tennille Tracy
Word Count: 431 | Companies Featured in This Article: Honeywell International, General Electric, Wachovia, Zions Bancorp, Regions Financial, Harley-Davidson
Options traders took bearish bets on several companies expected to report earnings this week, including Honeywell International.
Trading in Honeywell jumped to an 11-month high on Monday, just days before the company is set to release first-quarter results on April 18.
Traders braced for Honeywell shares to slip after General Electric, another global conglomerate, missed its earnings expectations by a wide margin and said its net income dropped by 5.8%.
"People are betting that Honeywell and other diversified conglomerates might have some pain to bear as well," ...
Source: Wall Street Journal
Tyco Electronics Commences Registered Exchange Offer
Wednesday April 16, 8:30 am ET
PEMBROKE, Bermuda, April 16 /PRNewswire-FirstCall/ -- Tyco Electronics Ltd. (NYSE: TEL; BSX: TEL) and Tyco Electronics Group S.A. ("TEGSA") today announced that they have commenced a registered exchange offer to exchange up to $800,000,000 of TEGSA's newly registered 6.000% Senior Notes due 2012 (the "New 2012 Notes") for an equal amount of its privately placed 6.000% Senior Notes due 2012 (the "Outstanding 2012 Notes"), exchange up to $750,000,000 of TEGSA's newly registered 6.550% Senior Notes due 2017 (the "New 2017 Notes") for an equal amount of its privately placed 6.550% Senior Notes due 2017 (the "Outstanding 2017 Notes"), and exchange up to $500,000,000 of TEGSA's newly registered 7.125% Senior Notes due 2037 (the "New 2037 Notes" and, together with the New 2012 Notes and New 2017 Notes, the "New Notes") for an equal amount of its privately placed 7.125% Senior Notes due 2037 (the "Outstanding 2037 Notes" and, together with the Outstanding 2012 Notes and Outstanding 2017 Notes, the "Outstanding Notes"). The New Notes will be fully and unconditionally guaranteed by Tyco Electronics and are substantially identical to the Outstanding Notes, except that the New Notes have been registered under the Securities Act of 1933, as amended, and certain transfer restrictions, registration rights and additional interest provisions relating to the Outstanding Notes do not apply to the New Notes.
Tyco Electronics and TEGSA will accept for exchange any and all Outstanding Notes validly tendered and not withdrawn prior to the expiration of the exchange offer at 5:00 p.m., New York City time, on May 16, 2008, unless extended.
The terms of the exchange offer and other information relating to Tyco Electronics and TEGSA are set forth in a prospectus dated April 16, 2008. Copies of the prospectus and the related letters of transmittal may be obtained from Deutsche Bank Trust Company Americas, which is serving as the exchange agent for the exchange offer.
The address, email, telephone and facsimile number of Deutsche Bank Trust Company Americas are as follows:
Deutsche Bank Trust Company Americas
By Mail:
DB Services Tennessee, Inc.
Reorganization Unit
P.O. Box 305050
Nashville, TN 37230
By Overnight Mail or Courier:
DB Services Tennessee, Inc.
Trust and Securities Services
Reorganization Unit
648 Grassmere Park Road
Nashville, TN 37211
Email: SPU-Reorg.Operations@db.com
Information: (800) 735-7777
Fax: (615) 835-3701
This announcement does not constitute an offer to sell or the solicitation of offers to buy or exchange the New Notes or the Outstanding Notes. The exchange offer is made solely pursuant to the prospectus dated April 16, 2008, including any supplements thereto.
Source: Tyco Electronics Ltd.
SHANGHAI, April 14 (Reuters) - Hong Kong tycoon Li Ka-shing's Hutchison Whampoa (0013.HK: Quote, Profile, Research) will inject an extra 1 billion yuan ($143 million) into a venture with detergent and toothpaste maker Shanghai Whitecat Group to help revive the 60-year-old Chinese brand.
Hutchison's China unit said on Monday it had received a green light from China's Ministry of Commerce to increase its investment in Shanghai Hutchison Whitecat Co, although its 80 percent stake will remain unchanged. The venture plans to spend more than 3 billion yuan to promote the Whitecat brand.
A report in China's National Business Daily over the weekend that Hutchison was about to boost its investment in the venture and was likely to acquire control of Shanghai Whitecat Group had sparked a 10 percent surge in the shares of Whitecat's listed unit, Shanghai Whitecat Shareholding Co (600633.SS: Quote, Profile, Research).
"Our short-term goal is to boost market share and competitiveness of the Whitecat brand," Du Zhiqiang, chairman of the venture, said in a statement. "Our long-term goal is to make Whitecat a leading local brand that can compete with international giants."
Hutchison spokesman Jeremy Lau declined to comment on whether Hutchison had plans to invest in Whitecat Group or its listed unit.
Whitecat Group, whose namesake detergents and Zhonghua brand toothpaste are well known in the Shanghai area, has been struggling to survive in a market dominated by foreign consumer goods companies such as Unilever Plc/NV (ULVR.L: Quote, Profile, Research)(UNc.AS: Quote, Profile, Research) and Procter & Gamble Co (PG.N: Quote, Profile, Research).
Its Shanghai-listed unit posted a net loss last year and has forecast it will remain in the red in the first quarter of 2008 as its exports are hurt by yuan appreciation.
Shanghai Whitecat Shareholding's shares surged by their 10 percent daily limit on Monday for a second consecutive session, to 9.41 yuan, in stark contrast to a 5.6 percent tumble in the Shanghai benchmark index .SSEC. Continued...
Presstek 52DI(R) Acquired by Houston's Largest Independent, Family-owned Commercial Printer
Thursday April 10, 1:25 pm ET
Southwest Precision Printers, L.P. to improve efficiencies, add new capabilities and fill digital offset production gap
HUDSON, N.H., April 10 /PRNewswire-FirstCall/ -- Presstek Inc. (Nasdaq: PRST - News), the leading manufacturer and marketer of digital offset printing business solutions, today announced that Southwest Precision Printers, L.P. the largest independent, family-owned commercial printer in Houston, Texas, has acquired a Presstek 52DI digital offset press to augment its printing production portfolio, consisting of a high volume, ultra short-run digital press, five small presses and three 40-inch conventional offset sheetfed presses.
"By adding the Presstek 52DI to our operation, we will be able to more efficiently produce high quality four-color printing in the 2,000 to 10,000 quantity range," said Tim Tully, President of Southwest Precision Printers. "By moving this work from our 40-inch presses to the DI, we are adding capacity on the 40-inch presses for longer run, larger format projects that are more suited to those presses. At the same time, we see significant opportunity to solicit new work from our customers made possible by the DI press." Tully also plans to utilize the DI press to produce four-color letter-size envelope. "This is a growth market," he adds. "We have been outsourcing this product, and with the DI, will now be able to produce them ourselves."
Presstek DI presses offer a competitive advantage in the fastest growing segment of the short-run on-demand print market. Job profitability is 13 percent higher on a DI press compared to a conventional press, and compared to a production color toner-based digital device; the DI press saves 50 percent on average per letter-size page, according to research firm InfoTrends. Easy-to-use DI presses produce more jobs in less time with their highly automated functions, waterless press design, and operating speed of up to 20,000 letter-size pages per hour-offering all-digital workflow efficiency with offset printing versatility and quality.
"Southwest Precision Printers is a good example of the commercial printer who has adopted the business strategy for the future-hybrid print production," said Jeff Jacobson, Presstek's President and CEO. "Presstek DI presses, in conjunction with an ultra-short run digital device and conventional press, empower the printer to choose the right tool for the right job, which increases efficiency while delivering profitable results. I believe that all printers should evaluate the opportunity that DI presses can bring to their business."
As an environmentally responsible printer, Southwest Precision Printers was also attracted by the chemistry-free imaging and waterless printing process offered by the Presstek 52DI. "This capability is something we will be heavily promoting to our customers," said Tully. "Anything we can do to make our printing process more environmentally sustainable is good for our business, good for our customers and a competitive advantage for us in the marketplace."
For more information about Presstek, DI presses and environmentally friendly printing, visit www.presstek.com or email: info@presstek.com or call 1-800-524-0003, ext. 3599 (1-603-594-8585, ext. 3599 from outside the United States).
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 www.presstek.com, or call 603-595-7000 or email: info@presstek.com.
DI is a registered trademark of Presstek, Inc.
Contacts
Investor Relations Trade Relations
Kathleen Makrakis Betty LaBaugh
Director of Investor Relations Public Relations Manager
203-485-7534, ext. 1432 603-594-8585, ext. 3441
kmakrakis@presstek.com blabaugh@presstek.com
Source: Presstek Inc.
ITT Industries downgraded by Credit Suisse
Briefing.com (Wed 7:12am)
http://finance.yahoo.com/q/ud?s=ITT
First tanker docks at new Texas LNG port
Tue Apr 15, 2008 2:56pm EDT
HOUSTON (Reuters) - The first tanker load of liquefied natural gas arrived Tuesday at the new Freeport LNG import terminal on the Texas Gulf Coast, a spokeswoman said.
The tanker Excelsior, loaded in Nigeria, arrived at midday and will begin unloading LNG Thursday to prepare Freeport for commercial start-up by June 1, spokeswoman Janet Faz said.
The terminal is one of three new U.S. LNG import facilities receiving first cargoes this month.
Denver oilman Michael Smith owns 45 percent of the $1-billion terminal, which will be able to send up to 1.5 billion cubic feet of gas per day to market.
Cheniere Energy Inc owns 30 percent, Texas Holdings (owned by Dow Chemical Co) 15 percent and Japan's Osaka Gas Co Ltd 10 percent.
Conoco Phillips Inc has bought two-thirds of the plant's total capacity, with the remaining third committed to Dow.
Pipes, tanks and other equipment at new LNG terminals must be cooled gradually before full operation because of the frigid temperature of the energy-rich cargo handled.
LNG is gas cooled at overseas production facilities to -260 degrees Fahrenheit to liquefy it for shipment overseas beyond the reach of pipelines.
The other two new U.S. terminals nearing operation are Sabine Pass LNG, 100 miles northeast of Freeport in Louisiana, and Northeast Gateway offshore of Boston, Massachusetts. Continued...
http://www.reuters.com/article/marketsNews/idINN1552121420080415?rpc=44
Emerson Electric Earnings Conference Call (Q2 2008)
Scheduled to start Tue, May 6, 2008, 2:00 pm Eastern
http://biz.yahoo.com/cc/5/91745.html
After the event has finished, the audio will be available
from this page until Thu, May 7, 2009
Coherent Earnings Conference Call (Q2 2008)
Scheduled to start Thu, Apr 24, 2008, 4:30 pm Eastern
http://biz.yahoo.com/cc/7/91917.html
After the event has finished, the audio will be available
from this page until Sat, Apr 25, 2009
Greatbatch, Inc. to Host First Quarter Earnings Conference Call on May 7, 2008
Wednesday April 16, 8:49 am ET
CLARENCE, N.Y.--(BUSINESS WIRE)--Greatbatch, Inc. (NYSE: GB - News) announced today that it will host a conference call on Wednesday, May 7, 2008 at 8:30 a.m. E. T. to discuss its financial results for the first quarter ended March 28, 2008.
The earnings conference call can be accessed from the Greatbatch Web site at www.greatbatch.com. A press release detailing the financial results will be issued after the market closes on May 6, 2008.
About Greatbatch, Inc.
Greatbatch, Inc. (NYSE: GB - News) is a leading developer and manufacturer of critical products used in implantable medical devices for the cardiac rhythm management, neuromodulation, vascular and orthopedic markets. Additionally, Electrochem, a subsidiary of Greatbatch, is a world leader in the design and manufacture of technology solutions for some of the world’s most demanding and extreme applications. Additional information about the Company is available at greatbatch.com.
Contact:
Greatbatch, Inc.
Marco F. Benedetti, 716-759-5856
Corporate Controller
mbenedetti@greatbatch.com
Source: Greatbatch, Inc.
AMR Corporation Reports a First Quarter 2008 Net Loss of $328 Million as Record Fuel Prices Drove $665 Million in Added Cost Compared to a Year Ago
Wednesday April 16, 11:30 am ET
AMR TAKES STEPS TO ADDRESS CHALLENGES, INCLUDING: ADDITIONAL 2008 CAPACITY REDUCTIONS; ACCELERATION OF MD-80 REPLACEMENT WITH MORE EFFICIENT 737-800s; AND MANAGEMENT AND SUPPORT STAFF HIRING FREEZE
AMR ALSO ANNOUNCES DEFINITIVE AGREEMENT TO SELL AMERICAN BEACON ADVISORS, INC.
FORT WORTH, Texas, April 16 /PRNewswire-FirstCall/ -- AMR Corporation (NYSE: AMR - News), the parent company of American Airlines, Inc., today reported a net loss of $328 million for the first quarter of 2008, or $1.32 per share.
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The current quarter results compare to a net profit of $81 million for the first quarter of 2007, or $0.30 per diluted share.
Record jet fuel prices contributed significantly to the Company's loss in the first quarter of 2008. The Company paid $665 million more for fuel in the first quarter of 2008 than it would have paid at prevailing prices from the prior-year period. AMR paid $2.74 per gallon for jet fuel in the first quarter compared to $1.85 a gallon in the first quarter of 2007, a 48 percent increase.
"The first quarter proved yet again that fuel prices remain one of the biggest threats to our industry and our company, and we also can't ignore the ongoing concerns about the U.S. economy and the potential impact on travel demand. Clearly, it has been a challenging start to 2008, and I want to take this time to again apologize to our customers who were inconvenienced by our recent cancellations and also thank all of our employees who worked tirelessly through difficult weather and maintenance challenges to take care of our customers," said AMR Chairman and CEO Gerard Arpey. "While our first quarter financial results were disappointing, through our hard work in recent years to contain costs and strengthen our balance sheet and liquidity we are better positioned to withstand today's uncertainty. However, we also recognize that we have a lot more hard work ahead of us and that our efforts must be ongoing."
Arpey noted that the Company is taking numerous steps to address the challenging circumstances that it faces, including its recent hiring freeze for management and support staff and today's announcements that AMR is making additional reductions to its 2008 capacity plan and is accelerating the replacement of its MD-80 fleet with more efficient Boeing 737-800s. Arpey also reiterated AMR's commitment to continue to work with the FAA to demonstrate the Company's ongoing commitment to safety and compliance with the FAA's directives.
At the same time, Arpey added, the Company remains focused on other ongoing efforts to deliver value to its shareholders. As further evidence of those efforts, the Company announced today that it has reached a definitive agreement to sell American Beacon Advisors, Inc., its wholly owned asset-management subsidiary, to Lighthouse Holdings, Inc., which is owned by investment funds affiliated with Pharos Capital Group, LLC and TPG Capital, two leading private equity firms. AMR will receive total consideration of approximately $480 million. While primarily a cash transaction, AMR will retain a 10 percent equity stake in the business. AMR expects to close the sale this summer subject to satisfactory completion of customary closing conditions as well as the approval of the Board of Trustees of the American Beacon family of mutual funds and shareholders of the American Beacon family of mutual funds and consents from other American Beacon clients. A press release outlining the American Beacon announcement is available in the Press Releases section at http://www.aa.com.
AMR's planned divestiture of its regional carrier, American Eagle, also continues to move forward, Arpey said.
Operational Performance
AMR reported first quarter consolidated revenues of approximately $5.7 billion, an increase of 5.0 percent year over year. AMR estimates that weather and maintenance cancellations reduced first quarter consolidated revenue by approximately $75 million to $80 million.
American's mainline passenger revenue per available seat mile (unit revenue) increased by 6.5 percent in the first quarter compared to the year-ago quarter. (Please refer to the reconciliation tables at the end of this press release for a calculation of the impact of the recent reclassification of AAdvantage revenue received from the sale of third-party miles from Passenger Revenue to Other Revenue.)
Mainline capacity, or total available seat miles, in the first quarter decreased by 1.5 percent compared to the same period in 2007. The year-over-year decrease in capacity was largely the result of higher-than-anticipated weather cancellations, pilot early retirements, and maintenance cancellations.
American's mainline load factor -- or the percentage of total seats filled -- was a record 79.1 percent during the first quarter, compared to 78.1 percent in the first quarter of 2007. American's first-quarter yield, which represents average fares paid, increased 5.1 percent compared to the first quarter of 2007, its 12th consecutive quarter of year-over-year yield increases.
American's mainline cost per available seat mile (unit cost) in the first quarter increased 15.8 percent year over year. The largest contributor to the year-over-year increase in unit costs in the first quarter of 2008 was fuel. Excluding fuel, mainline unit costs in the first quarter of 2008 increased by 3.3 percent year over year.
As part of its efforts to improve the cost and fuel efficiency of its fleet, as well as lessen the Company's impact on the environment, AMR today provided an update on its plans to replace MD-80 aircraft with 737-800s. The Company expects to take delivery of a total of 34 737-800 aircraft in 2009 and 36 737s in 2010. Of these, the Company has firm commitments in place for 27 737s to be delivered in 2009 and three 737s to be delivered in 2010. This compares to the Company's fleet renewal update in January, when it said that it had firm commitments to take delivery of 23 737s in 2009.
Balance Sheet Update
Arpey noted that the Company's efforts to strengthen its balance sheet in recent years have better positioned AMR to face the current industry challenges.
AMR ended the first quarter with $4.9 billion in cash and short-term investments, including a restricted balance of $426 million, compared to a balance of $5.9 billion in cash and short-term investments, including a restricted balance of $471 million, at the end of the first quarter of 2007. The year-over-year decrease in the Company's cash and short-term investment balance is primarily related to AMR's total debt payments of approximately $2.3 billion in 2007, including prepayment of approximately $1 billion.
AMR's Total Debt, which it defines as the aggregate of its long-term debt, capital lease obligations, the principal amount of airport facility tax-exempt bonds, and the present value of aircraft operating lease obligations, was $15.2 billion at the end of the first quarter of 2008, compared to $17.5 billion at the end of the first quarter of 2007. AMR's Net Debt, which it defines as Total Debt less unrestricted cash and short-term investments, was $10.7 billion at the end of the first quarter of 2008, compared to $12.2 billion at the end of the first quarter of 2007.
As a result of scheduled principal payments as well as prepayments, refinancings and other efforts to strengthen its balance sheet, AMR's net interest expense in the first quarter of 2008 was $23 million lower than in the year-ago period, a 14 percent reduction.
AMR contributed $25 million to its employees' defined benefit pension plans in the first quarter and made an additional contribution of $50 million on April 15. AMR has contributed more than $2 billion to its employee defined benefit pension plans since the beginning of 2002.
First Quarter and Other Recent Highlights
-- American added convenience, flexibility and choice for customers by
offering them the option to pay by electronic check when buying
tickets on the airline's Web site, AA.com. This allows customers who
purchase tickets at AA.com to pay directly from any personal bank
account -- such as a checking account or savings account -- that is
funded in United States dollars.
-- American announced it will rotate six different menus throughout the
year according to the season, increasing food choice and variety for
First and Business Class customers.
-- American Airlines Cargo Division (AA Cargo) received the
"International Airline of the Year" award from the Express Delivery
and Logistics Association (XLA) at its annual AirCargo 2008 Conference
in Orlando, Fla.
-- American launched Travel Bag, a new application on the Facebook
Platform that makes it easy for users to share travel experiences with
friends in their network, offer and read reviews and comments on
topics such as restaurants and shops, and create countdowns for
upcoming events or trips.
-- American introduced a mobile version of AA.com, providing customers
access to even more AA.com services via Web-enabled cell phones or
other Web-enabled devices. American also introduced enhancements that
allow travelers to book flights, view fare specials, request upgrades,
enroll in the AAdvantage® program, purchase Admirals Club® one-day
passes, and change flights for many domestic reservations via the
mobile site.
-- Employees at American's Kansas City maintenance base completed the
first aircraft installation of the Aircell® Internet broadband
connectivity solution. In 2008, American plans to install and test the
technology on all 15 of its Boeing 767-200 aircraft that primarily fly
transcontinental routes. Installation has been completed on six
aircraft so far.
Guidance
Mainline and Consolidated Capacity
As a result of increased fuel prices and growing concerns about the economy, AMR today announced a reduction in its 2008 capacity plans. The Company now expects its full-year mainline capacity to decrease by 1.4 percent in 2008 compared to 2007, with a 3.6 percent reduction in domestic capacity and a 2.5 percent increase in international capacity. The biggest impact on mainline capacity is planned to occur in the fourth quarter, when mainline domestic capacity is expected to decline by 4.6 percent from fourth quarter 2007 levels.
On a consolidated basis, AMR expects full-year capacity to decrease by 1.5 percent in 2008 compared to 2007.
For comparison, in previous capacity guidance from February 2008 AMR said that it expected mainline capacity for the full year 2008 to increase 0.2 percent from 2007, with a 1.1 percent reduction in domestic capacity and a 2.5 percent increase in international capacity, and it expected consolidated capacity to be flat compared to 2007.
The Company's February guidance reflected a decline of 0.6 percent for regional affiliate capacity compared to 2007 levels. AMR now expects regional affiliate capacity for 2008 to decrease by 2.1 percent versus 2007, with the majority of the reduction relative to what was reflected in prior guidance occurring in the fourth quarter.
AMR expects mainline capacity in the second quarter of 2008 to decrease by 1.4 percent year over year. It expects consolidated capacity to decrease 1.6 percent in the second quarter of 2008 compared to the prior-year period.
Fuel Expense and Hedging
While the cost of jet fuel remains very volatile, AMR is planning for an average system price of $3.01 per gallon in the second quarter of 2008 and $2.98 a gallon for all of 2008. AMR has 36 percent of its anticipated second quarter 2008 fuel consumption capped at an average crude equivalent of $72 per barrel (jet fuel equivalent of $2.42 per gallon), with 29 percent of its anticipated full-year consumption capped at an average crude equivalent of $75 per barrel (jet fuel equivalent of $2.41 per gallon). Consolidated consumption for the second quarter is expected to be 771 million gallons of jet fuel.
Mainline and Consolidated Unit Costs
For the second quarter of 2008, mainline unit costs are expected to increase 17.7 percent compared to the second quarter of 2007, while second quarter consolidated unit costs are expected to increase 17.0 percent compared to the second quarter of 2007.
In the second quarter of 2008, mainline unit costs excluding fuel are expected to increase 5.9 percent year over year while consolidated unit costs excluding fuel are expected to increase 5.6 percent from the second quarter of 2007. These unit cost projections include the estimated impact of MD-80 cancellations in April.
Full-year mainline unit costs excluding special items are expected to increase 15.0 percent in 2008 compared to 2007, while full-year consolidated unit costs excluding special items are expected to increase 14.7 percent in 2008 compared to 2007.
AMR expects mainline unit costs excluding fuel and special items to be 3.9 percent higher in 2008 versus 2007, while 2008 consolidated unit costs excluding fuel and special items are expected to increase 3.9 percent year over year.
Statements in this release contain various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which represent the Company's expectations or beliefs concerning future events. When used in this release, the words "expects," "plans," "anticipates," "indicates," "believes," "forecast," "guidance," "outlook," "may," "will," "should," "seeks," "targets" and similar expressions are intended to identify forward-looking statements. Similarly, statements that describe the Company's objectives, plans or goals are forward-looking statements. Forward-looking statements include, without limitation, the Company's expectations concerning operations and financial conditions, including changes in capacity, revenues and costs; future financing plans and needs; fleet plans; overall economic and industry conditions; plans and objectives for future operations; and the impact on the Company of its results of operations in recent years and the sufficiency of its financial resources to absorb that impact. Other forward-looking statements include statements which do not relate solely to historical facts, such as, without limitation, statements which discuss the possible future effects of current known trends or uncertainties or which indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements in this release are based upon information available to the Company on the date of this release. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Forward-looking statements are subject to a number of factors that could cause the Company's actual results to differ materially from the Company's expectations. The following factors, in addition to other possible factors not listed, could cause the Company's actual results to differ materially from those expressed in forward-looking statements: the materially weakened financial condition of the Company, resulting from its significant losses in recent years; the ability of the Company to generate additional revenues and reduce its costs; changes in economic and other conditions beyond the Company's control, and the volatile results of the Company's operations; the Company's substantial indebtedness and other obligations; the ability of the Company to satisfy existing financial or other covenants in certain of its credit agreements; continued high and volatile fuel prices and further increases in the price of fuel, and the availability of fuel; the fiercely and increasingly competitive business environment faced by the Company; industry consolidation; competition with reorganized carriers; low fare levels by historical standards and the Company's reduced pricing power; the Company's need to raise additional funds and its ability to do so on acceptable terms; changes in the Company's corporate or business strategy; government regulation of the Company's business; conflicts overseas or terrorist attacks; uncertainties with respect to the Company's international operations; outbreaks of a disease (such as SARS or avian flu) that affects travel behavior; labor costs that are higher than those of the Company's competitors; uncertainties with respect to the Company's relationships with unionized and other employee work groups; increased insurance costs and potential reductions of available insurance coverage; the Company's ability to retain key management personnel; potential failures or disruptions of the Company's computer, communications or other technology systems; changes in the price of the Company's common stock; and the ability of the Company to reach acceptable agreements with third parties. Additional information concerning these and other factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2007.
http://biz.yahoo.com/prnews/080416/law509.html?.v=5
Reminder - conf call
iStar Financial Earnings Conference Call (Q1 2008)
Scheduled to start Fri, May 2, 2008, 10:00 am Eastern
http://biz.yahoo.com/cc/2/91462.html
After the event has finished, the audio will be available
from this page until Sun, May 3, 2009