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Penn gets New Mexico gaming board approval for acquisition
Wednesday April 16, 7:29 am ET
Penn National receives New Mexico Gaming Control Board OK for proposed acquisition
WYOMISSING, Pa. (AP) -- Racetrack and casino operator Penn National Gaming Inc. said it received New Mexico Gaming Control Board approval for its proposed acquisition by Fortress Investment Group LLC and Centerbridge Partners LP.
Fortress and Centerbridge's $67-per-share offer was accepted by Penn in June 2007.
The proposed transaction has already received approval from the Ohio Racing Commission, the New Jersey Racing Commission and the West Virginia Lottery Commission.
Penn shareholders approved the deal in December.
The transaction is still being reviewed by the New Mexico Racing Commission and the West Virginia Racing Commission, Penn said late Tuesday.
Penn is looking to complete the acquisition late in the second quarter.
Vineyard National Bancorp Shareholders Deliver Open Letter to Shareholders Claiming Victory In Consent Solicitation and Continuing Efforts to Elect an Alternate Board of Directors
Tuesday April 15, 9:06 am ET
NEW YORK, April 15 /PRNewswire/ -- Jon Salmanson and Norman Morales, longtime shareholders of Vineyard National Bancorp ("Vineyard" or the "Company") (Nasdaq: VNBC - News), issued the following statement today in an open letter to shareholders of the Company:
"April 15, 2008
Dear Shareholders of Vineyard National Bancorp:
Over the course of the past several weeks, Norm Morales and I initiated a Consent Solicitation in which we have asked the shareholders of Vineyard National Bancorp (the "Company or Vineyard") to approve three Bylaw Amendments which we believed would ensure an alternative voice to the direction of the Company. As a financial institution, we are operating in a challenging environment; one that we have not experienced in many decades.
The Company's future, as successful as it has been in the past, can be rebuilt with a solid and consistent plan designed to meet and to overcome the challenges in the economy today. As with all successful organizations, the Company has relied on its shareholders, employees, and individual and business relationships which have been fostered and have grown over the past seven years.
We have attempted to present our strategic vision, and an intended slate of nominees for the Board of Directors should our efforts be successful. The diversity in skills and talents of this group will provide support and governance for the Company.
The entrenched Board of Directors of the Company originally stated that the differences between both parties was in the execution of a plan that was developed, reviewed and adopted with proper due process over the past several years (Annual report of operations conference call on January 30, 2008, and March 13, 2008 Consent Revocation Statement). The Board then stated that these same plans were rejected before Mr. Morales' resignation on January 23, 2008 (Letter to Shareholders dated March 25, 2008). The Board has not identified the strategic differences nor has it constructively focused on outlining and emphasizing the alternate plan that the Board desires to pursue.
In light of the favorable response to the Consent Solicitation, we expect that the Company will instead intensify what has already been a negative campaign. We believe that at this time, rather than engage in the Board's negative campaign, it is critical that we remain focused on the merits of the proposals at hand. The only motives behind our campaign are to complete the mission in building a well-balanced regional community bank, to restore shareholder value, and to execute on the seven broad initiatives previously announced.
To date, the shareholders of Vineyard have been highly responsive to our efforts, and we wish to thank you for that trust. We also ask you to assist us with the next leg of our mission by supporting the candidates that we will present for the Board of Directors. Both Norm and I, together with the hundreds of investors to date who have supported our efforts, wish to complete our mission at hand. We thank you for your continuing support.
Sincerely,
Jon Salmanson"
The Consent Solicitation
The Consent Solicitation is being made to allow for three amendments to Vineyard's Bylaws which will afford all shareholders, if approved, an alternative option in choosing a board of directors to represent their interests and ultimately the direction of the Company. In order to effect the Bylaw changes, Vineyard shareholders are being asked to sign and date the WHITE Consent Card immediately upon receipt and return it using the postage-paid envelope provided. The Bylaw amendments will become effective automatically once the holders of a majority of shares consent to these actions and the consents are delivered to Vineyard.
Questions should be referred to:
Jon Salmanson
212-607-5412
j2salman@yahoo.com
Questions regarding the Consent Solicitation Statement and the requisite process for consenting, the Consent Card or receiving a Consent Solicitation Statement should be directed to:
Georgeson Inc.
Shareholders call toll-free: 866-391-7001
Banks and Brokers call collect: 212-440-9800
This press release may be deemed to be solicitation material with respect to support for the proposed amendments by Messrs. Salmanson and Morales to Vineyard's Bylaws (the "Proposed Bylaw Amendments") or the candidates to be proposed by Messrs. Salmanson and Morales for Vineyard's Board of Directors at the 2008 Annual Meeting of Shareholders of Vineyard (the "Proposed Nominees"). In connection with the Proposed Bylaw Amendments, Messrs. Salmanson and Morales have filed a Definitive Consent Solicitation Statement with the Securities and Exchange Commission (the "SEC") and in connection with the Proposed Nominees, Messrs. Salmanson and Morales intend to file a proxy statement with the SEC, to be distributed to the shareholders of Vineyard. SHAREHOLDERS OF VINEYARD ARE ENCOURAGED TO READ THE CONSENT SOLICITATION STATEMENT FILED WITH THE SEC BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE PROPOSED BYLAW AMENDMENTS, AND THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS WHEN FILED WITH THE SEC BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BYLAW AMENDMENTS AND THE PROPOSED NOMINEES. The Consent Solicitation Statement has been mailed and the proxy statement will be mailed to shareholders of Vineyard and shareholders will be able to obtain documents free of charge at the SEC's website, www.sec.gov. In addition, investors may obtain free copies of the documents filed with the SEC by contacting: Jon Salmanson, c/o Northeast Securities, 8th Floor, 100 Wall Street, New York, New York 10005 telephone: 212-607-5412 or by emailing Mr. Salmanson at j2salman@yahoo.com.
Source: Jon Salmanson
iBox update .. added content
Great news... !
Monday April 14, 8:00 AM EDT
PAOLI, Pa., Apr 14, 2008 (BUSINESS WIRE) -- AMETEK, Inc. (AME) announced the acquisition of Reading Alloys, a privately held, niche specialty metals producer. With annual sales of approximately $80 million, Robesonia, PA-based, Reading Alloys is a global leader in specialty titanium master alloys and highly engineered metal powders used in the aerospace, medical implant, military and electronics markets.
"Reading Alloys is an excellent acquisition. Its titanium master alloys are experiencing outstanding growth driven by increasing demand for titanium in the commercial aerospace, military aerospace and power generation markets," comments Frank S. Hermance, AMETEK Chairman and Chief Executive Officer.
"Reading Alloys' titanium powders expand our position in customized titanium products, adding to our capabilities in strip and foil products used in medical devices, electronic components and aerospace instruments. As well, Reading Alloys' metal powder production techniques complement our existing gas and water atomization capabilities," adds Mr. Hermance.
"Reading Alloys is another example of our strategy to pursue attractive growth opportunities in highly engineered materials within our Electromechanical Group. These highly differentiated businesses offer excellent growth and profitability and have been a key factor in our strong financial performance," noted Mr. Hermance.
Reading Alloys joins AMETEK as part of its Electromechanical Group (EMG). In addition to specialty metal products, EMG is a leader in electrical interconnects, microelectronic packaging, technical motors and systems, and electric motors for floor care and other applications. EMG had 2007 sales of approximately $937 million.
Corporate Profile
AMETEK is a leading global manufacturer of electronic instruments and electromechanical devices with 2007 sales of more than $2.1 billion. AMETEK's Corporate Growth Plan is based on Four Key Strategies: Operational Excellence, Strategic Acquisitions & Alliances, Global & Market Expansion and New Products. AMETEK's objective is double-digit percentage growth in earnings per share over the business cycle and a superior return on total capital. The common stock of AMETEK is a component of the S&P MidCap 400 Index and the Russell 1000 Index.
Forward-looking Information
Statements in this news release relating to future events such as AMETEK's expected business and financial performance are "forward-looking statements". Forward-looking statements are subject to various factors and uncertainties that may cause actual results to differ significantly from expectations. These factors and uncertainties include our ability to consummate and successfully integrate future acquisitions; risks associated with international sales and operations; our ability to successfully develop new products, open new facilities or transfer product lines; the price and availability of raw materials; compliance with government regulations, including environmental regulations; changes in the competitive environment or the effects of competition in our markets; the ability to maintain adequate liquidity and financing sources; and general economic conditions affecting the industries we serve. A detailed discussion of these and other factors that may affect our future results is contained in AMETEK's filings with the Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q and 8-K. AMETEK disclaims any intention or obligation to update or revise any forward-looking statements.
SOURCE: AMETEK, Inc.
CONTACT: AMETEK, Inc.
William J. Burke, 610-889-5249
Chance of bankruptcy: 1 in 4
Fair value: $1.50 ~ $2.25/sh
all imho, dyodd, glta
Fremont to trade on the Pink Sheets following delisting
Tuesday April 15, 11:18 am ET
Fremont General's stock will trade on the Pink Sheets following delisting from NYSE
NEW YORK (AP) -- Fremont General Corp.'s shares will trade on the Pink Sheets after the New York Stock Exchange delists the company's stock from its exchange, Fremont said Tuesday.
The Big Board on Monday announced it will suspend Fremont's stock on Thursday because it breached the minimum $1 requirement to remain a listed company.
Fremont's shares have plummeted in the past year amid the collapse of the mortgage industry. Once an active mortgage lender and bank, Fremont has sold or agreed to sell its entire business, and its stock now trades at 35 cents.
Beginning Thursday, the company's shares will trade on the over-the-counter market.
The company on Wednesday will announce what symbol the stock will trade under.
The market value of Fremont General's stock is now about $28 million.
Dr. Reddy's Buys Italy Drug Distributor
Thursday April 3, 7:35 am ET
Dr. Reddy's Buys Italian Generics Distributor Jet Generici
NEW YORK (AP) -- Dr. Reddy's Laboratories Ltd., the India-based pharmaceuticals company, said Thursday it bought Italian distributor of generic drugs Jet Generici Srl.
Dr. Reddy's did not disclose financial terms of the deal.
The company hopes to expand its presence in Italy, where it operates Reddy Pharma Italia, SpA.
Air Industries Reschedules Conference Call to Discuss Fourth Quarter and Full Year 2007 Financial Results on April 16, 2008
Tuesday April 15, 7:37 am ET
BAY SHORE, N.Y.--(BUSINESS WIRE)--Air Industries Group, Inc. (OTCBB: AIRI - News) will conduct a conference call on Wednesday, April 16, 2008, at 9:00 a.m. Eastern Time to review the Company’s financial results for the fourth quarter and full year ended December 31, 2007. A press release detailing the Company’s results for the fourth quarter and full year will be issued earlier in the day on April 16. The Company’s annual report on Form 10-K with the U.S. Securities and Exchange Commission was filed on April 14, 2008.
Participating in the conference call will be Peter Rettaliata, President and Chief Executive Officer, and Louis Giusto, Vice Chairman and Chief Financial Officer. To access the conference call, please dial (866) 202-3109 (domestic) or (617) 213-8844 (international), and enter the passcode “61926467” when prompted. Please access the call approximately 10 minutes prior to the start time.
For those unable to listen to the live broadcast, a replay will be available by dialing (888) 286-8010 (domestic) or (617) 801-6888 (international), with playback access code “74957061”, starting approximately two hours after the conclusion of the call.
ABOUT AIR INDUSTRIES GROUP, INC.
Air Industries Group, Inc. (OTCBB: AIRI - News) is an integrated manufacturer of precision components and provider of supply chain services for the aerospace and defense industry. The Company has over 35 years of experience in the industry and has developed leading positions in several important markets that have significant barriers to entry. With embedded relationships with many leading aerospace and defense prime contractors, the Company designs and manufactures structural parts and assemblies that focus on flight safety, including landing gear, arresting gear, engine mounts and flight controls. Air Industries Group also provides sheet metal fabrication, tube bending, and welding services, as well as distributing specialty metals that are a critical component in the aerospace supply chain. Information on the Company and its products may be found online at www.airindustriesgroup.com.
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, firm backlog, projected backlog, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates, projections and forecasts made by management with respect to the Company's critical accounting policies, firm backlog, projected backlog, regulatory delays, government funding and budgets, matters pertaining to potential and pending acquisitions subject to and after closings, and other factors, including results of financial audits and general economic conditions, not within the Company’s control. Certain of the Company’s forward looking statements, with the projected backlog in particular, are formulated based on management’s extensive industry experience and understanding and assessment of industry trends, customer requirements, and related government spending. Projected backlog may be subject to variability and may increase or decrease at any time based on a variety of factors, including but not limited to modifications of previously released orders, acceleration of orders under general purchase agreements, etc. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Contact:
Darrow Associates, Inc.
Jordan M. Darrow, 631-367-1866
jdarrow@darrowir.com
Source: Air Industries Group, Inc.
INPLAY ... 8:03AM American Dairy appoints Jonathan H. Chou to chief financial officer (ADY) 11.00 : Co announces the appointment of Jonathan H. Chou as Chief Financial Officer of American Dairy. Effective April 15, 2008, Mr. Chou will succeed Roger (Hua) Liu, who has assumed the role of Vice-Chairman of the Board. Prior to joining ADY, he served as Asia Pacific Corporate Chief Financial Officer and Vice President of Mergers & Acquisitions of Honeywell.
University Bancorp Reports 2007 Results
Tuesday April 1, 9:00 am ET
ANN ARBOR, MI--(MARKET WIRE)--Apr 1, 2008 -- University Bancorp, Inc. (NasdaqCM:UNIB - News) reported audited net income of $645,000 versus a net loss of $402,000 in 2006. Basic and diluted earnings (loss) per share for 2007 and 2006 were $0.14 and $(0.10), respectively. For the fourth quarter the unaudited net loss in 2007 was $372,000 or ($0.09) per share versus net loss in 2006 of $52,000 or $(0.01) per share.
Significant progress during the year was made with the following key metrics:
-- Common stockholders' return on equity rose to 13.2% for the year
-- Portfolio loans and financings increased by 15.4% to $58.75 million
-- Net interest & financing income increased by 24.3% to $3.43 million
-- Custodial escrow deposits increased by 29.51% to $34.6 million
-- Total loans subserviced increased by 7.5% to $4.3 billion
-- Mortgages subserviced increased by 4.5% to 33,937
Fourth quarter 2007 earnings were negatively impacted by $333,000 in write-downs on mortgage servicing rights held by our Midwest Loan Services subsidiary due to the sharp drop in long term interest rates during the quarter. Also, Community Banking booked a $172,000 additional allowance for loan losses during the quarter to bolster its reserves. 2007 results were negatively impacted also by the loss of a key account at Midwest Loan Services in April, which reduced our mortgages subserviced by over 7,000 loans. This was the first loss of a major customer since the year 2000 and the first ever credit union customer relationship lost by Midwest.
2006 results were negatively impacted by one-time costs of $260,844 related to the restructuring of an agreement of our Islamic subsidiary to reduce future obligations under the original terms of that agreement.
At December 31, 2007, the Bank's Tier 1 leverage capital ratio was 9.7%, down from 10.2% at September 30, 2007 as the increased custodial escrow and Islamic deposits expanded the bank's balance sheet as planned.
President Stephen Lange Ranzini noted, "In the context of an ongoing Michigan recession, a 13% return on equity for the year for our bank is a very respectable result. Since we did not engage in any of the now criticized practices that have caused other financial institutions large financial losses and because we have been able to take advantage of recent turmoil in the financial markets to increase our income by sharply increasing the size of our AAA rated bond portfolio at excellent spreads, we are anticipating a record year in 2008 unless the economy declines more sharply than anticipated." ...continued
http://biz.yahoo.com/iw/080401/0382146.html
What's next for American Airlines after Delta, Northwest deal
07:25 AM CDT on Tuesday, April 15, 2008
By TERRY MAXON / The Dallas Morning News
tmaxon@dallasnews.com
American Airlines has several possible responses to the Delta-Northwest merger.
It could:
•Propose its own merger, either by finding a partner or trying to interrupt another announced deal. For example, American could make an offer for Northwest Airlines. Or it could propose a deal with Continental Airlines.
Downside: Delta and Northwest probably aren't interested in other suitors, having gotten this far. Continental already is rumored to be deep in discussions with United Airlines Inc., with that deal predicated on a Delta-Northwest deal. US Airways Group Inc. has a strong East Coast presence but is still struggling with its 2005 merger with America West Airlines.
•Find a smaller carrier to merge with, such as well-regarded Alaska Air.
Downside: American needs a partner with a strong Asian presence, and only Northwest or United would give it that. Alaska would just boost its western presence a bit.
•Try to upgrade its partnership with British Airways by getting antitrust immunity so the two airlines can set fares and schedules together and pool revenue.
Upside: A merger involving Delta and Northwest on this side of Atlantic, linked up with KLM Royal Dutch Airlines and Air France on the other, would make an American-British Air partnership less frightful to the Department of Justice.
•Snap up assets that merging carriers have to divest to make a merger palatable to antitrust regulators. That might let it increase its presence at major airports such as New York LaGuardia or Washington National.
Downside: Delta and Northwest aren't talking about giving up much, as opposed to US Airways' unsuccessful attempt to merge with Delta in 2007. US Airways planned to cut the two carriers' capacity by 15 percent.
•Pick up passengers and routes as merging airlines reduce their flights between some cities or cut back service in hub airports.
Downside: At today's fuel prices, more routes are becoming unprofitable, regardless of how many competitors are in the market.
http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-airmergeoptions_15bus.ART.State.Edition2.4604680.html
www.dallasnews.com
We are trading - last $0.361 - 10:01 EOM
Trading resumed EOM
Thanks. The company has been on a roll. They expanded a year or two ago and moved into a larger facility. Now they are seeing a return on investment - higher revs, increased profits. Nice to see the company thank sh's in the form of dividends. All imho, glta.
Haha. Everyone loves the ice cream sandwiches. They are big winners with consumers.
Yes, their products are very popular and quite tasty. Agree 100%.
Agree 100%. I wanted to have a board here on IH to discuss LTC and related industry topics. How long have you been following Linear?
Welcome.
Monday, April 7, 2008
California Pizza signs franchising deal in Dubai
Los Angeles Business from bizjournals
California Pizza Kitchen Inc. has signed a deal with the Gourmet Gulf Co. to open at least three California Pizza Kitchen restaurants in Dubai.
The first of the restaurants is slated to open in the fall of 2008.
Gourmet Gulf Co. is a joint venture between Daud Investments and Emirates International Investments Co. It is a restaurant holding group that owns and manages concept brands such as Gourmet Burger Kitchen, Morelli's Gelato, and Yo! Sushi.
Los Angeles' California Pizza Kitchen (NASDAQ: CPKI) has 234 restaurants, of which198 are company owned and 36 operate under franchise or license agreements.
The company currenty has 19 international restaurants in China, Japan, Philippines, Malaysia, Singapore, Mexico, South Korea and Indonesia.
California Pizza Kitchen Reports Preliminary First Quarter 2008 Results; Comparable Restaurant Sales Increase 0.4%; Increases First Quarter Earnings Guidance to $0.07-$0.08 Per Diluted Share
Tuesday April 8, 4:05 pm ET
LOS ANGELES--(BUSINESS WIRE)--California Pizza Kitchen, Inc. (Nasdaq:CPKI - News) announced today that revenues increased 10.2% to $164.7 million for the first quarter ended March 30, 2008 versus $149.4 million in the first quarter of 2007. Comparable restaurant sales increased approximately 0.4% compared to 4.7% in the first quarter a year ago.
During its February 14, 2008 fourth quarter conference call, the company forecasted a comparable sales range of negative 1.0% to 0.0% and first quarter earnings in the range of $0.04-$0.06 per diluted share. Based on first quarter revenues, comparable sales and operating efficiencies, the Company now expects earnings of $0.07-$0.08 per diluted share.
During the first quarter, the Company added five full service restaurants in Anaheim, California; Boca Raton, Florida; Philadelphia, Pennsylvania; Tukwila, Washington and Marietta, Georgia. In addition, the Company's international franchise partner Grupo Calpik, S.A. de C.V added one full service restaurant in the Santa Fe area of Mexico City, Mexico.
The Company intends to release its first quarter earnings on May 8, 2008 at approximately 4:00 pm ET with a conference call to follow on the same day at approximately 4:30 pm ET. A webcast of the conference call can be accessed at www.cpk.com.
California Pizza Kitchen, Inc., founded in 1985, is a leading casual dining chain. 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 average guest check is approximately $13.90. As of April 8, 2008 the company operates, licenses or franchises 237 locations, of which 198 are company-owned and 39 operate under franchise or license agreements. The Company also has a licensing agreement with Kraft Pizza Company which manufactures and distributes a line of California Pizza Kitchen premium frozen pizzas.
California Pizza Kitchen, Inc. can be found on the internet at www.cpk.com.
This release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include projections of earnings, revenue or other financial items, statements of the plans, strategies and objectives of management for future operations, statements concerning proposed new products or developments, statements regarding future economic conditions or performance, statements of belief and statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words "may," "will," "estimate," "intend," "continue," "believe," "expect," "anticipate" and similar words.
Investors are cautioned that forward-looking statements are not guarantees of future performance and, therefore, undue reliance should not be placed on them. Our actual results may and will likely differ materially from the expectations referred to herein. Among the key factors that may have a direct bearing on our operating results, performance and financial condition are changing consumer preferences and demands, the execution of our expansion strategy, the continued availability of qualified employees and our management team, the maintenance of reasonable food and supply costs, our relationships with our distributors and numerous other matters discussed in the Company's filings with the Securities and Exchange Commission. California Pizza Kitchen undertakes no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Contact:
California Pizza Kitchen, Inc.
Media: Sarah Grover
Investors: Sue Collyns
310-342-5000
Source: California Pizza Kitchen, Inc.
California Pizza Kitchen Slumps on Note
Tuesday April 8, 5:48 pm ET
California Pizza Kitchen Sinks As Analyst Predicts Sales Growth Slowed During 1st Quarter
NEW YORK (AP) -- Shares of California Pizza Kitchen Inc. slid Tuesday after an analyst said she expects sales at the casual dining chain worsened as the quarter progressed.
Same-store sales, or sales in stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.
In a research note, Lynne Collier of KeyBanc Capital Markets said California Pizza Kitchen, like its peers in the casual dining industry, faces continued challenges in states affected by the housing market downturn. Overall, the Los Angeles-based chain owns and franchises more than 200 restaurants worldwide.
"We believe that California Pizza Kitchen's same-store sales have remained strong in states such as Texas, Illinois and Colorado," she wrote. "However, we anticipate that the negative impact from the company's significant exposure to California and Florida (representing 45.5 percent of the store base) will skew same-store sales into negative territory."
The company in mid-February predicted its same-store sales would be flat to down 1 percent for the entire fiscal year.
Collier expects California Pizza Kitchen to post a 1 percent decline in first-quarter same-store sales with a profit of 5 cents per share and total revenue of $162.1 million. Analysts surveyed by Thomson Financial forecast, on average, earnings per share of 5 cents and revenue of $163.9 million.
The analyst maintained her "Hold" rating on the stock, adding that she expects same-store sales to turn positive in the second half of the year.
Shares of California Pizza Kitchen fell 65 cents, or 4.4 percent, to close at $14.28 Tuesday.
Congrats! Good luck with your other holdings. =)
Yes, I hope you are right. I do not know much about ACII but it would seem they are struggling financially. If the co can land some government contracts or increase revs and pay down the rising debt there could be a future for the co but it will certainly be an uphill climb imho. G/l
WSI Industries Net Income up 179%
Thursday April 3, 6:30 pm ET
Sales up 45%
MINNEAPOLIS--(BUSINESS WIRE)--WSI Industries, Inc. (Nasdaq: WSCI - News) today reported net sales of $6,422,000 for the second quarter of fiscal 2008 ended February 24, 2008, an increase of 45% as compared to the year-earlier quarter of $4,440,000. The Company posted net income of $433,000 or $.15 per share for the current quarter, compared to $155,000 or $.06 per share in the second quarter of fiscal 2007. Year-to-date sales in fiscal 2008 were also up 45% vs. the prior year as sales increased to $12,396,000 from $8,570,000 a year ago. Year-to-date earnings per share rose to $.29 vs. $.11 in the prior year.
Michael J. Pudil, president and chief executive officer, commented: “A year ago we were pleased to report sales growth of 24% in the quarter. With our top line growth in fiscal 2008, our quarterly sales are now 80% higher from where we were just two years ago. Our bottom line has also shown dramatic improvement as our quarterly earnings per share have risen from $.03 two years ago to $.15 in our current fiscal 2008 second quarter.”
Pudil concluded: “As we reported a few weeks ago, we have several new opportunities that have been awarded to us. With these new customers and programs, we have made substantial progress in the growth and diversification of our business. This was our number one challenge and we are pleased to report the progress we have made in this regard. Thanks go to the capable and committed people at WSI and we look forward to the challenge of implementing and delivering the new business.”
In keeping with its announced policy to reward its shareholders, the Company also announced today that its Board of Directors has declared a dividend of $.0375 per share. The dividend will be payable April 30, 2008 to holders of record on April 16, 2008.
WSI Industries, Inc. is a leading contract manufacturer that specializes in the machining of complex, high-precision parts for a wide range of industries, including avionics, aerospace and defense, energy, recreational vehicles, computers, small engines, marine, bioscience and instrumentation.
The statements included herein which are not historical or current facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. There are certain important factors which could cause actual results to differ materially from those anticipated by some of the statements made herein, including the Company’s ability to retain current programs and obtain additional manufacturing programs, and other factors detailed in the Company’s filings with the Securities and Exchange Commission.
http://biz.yahoo.com/bw/080403/20080403005849.html?.v=1
Thanks for the thoughtful analysis. AIRI reminds me of WSCI, similar processes. WSCI pays a dividend and the sp recently went from $2 to $13 (current level) over a period of a few years. The stock was an OTC listed equity just like AIRI a few years ago. There was no r/s in that case.
http://finance.yahoo.com/q/bc?s=WSCI&t=5y&l=off&z=m&q=l&c=
WSI Industries, Inc. engages in the precision contract metal machining business in the United States. It offers metal components in medium to high volumes requiring tolerances in accordance with customer specifications. WSI Industries offers its products and services primarily to the aerospace/avionics/defense industries, recreational vehicles markets, and computer components and bioscience industries. The company was founded in 1950 and is headquartered in Monticello, Minnesota.
The industry seems to be struggling mightily right now, but WSCI seems to do well - judging by sp. Perhaps AIRI will be another winner, we shall see.
Halted - pending conference call
CapitalSource to Acquire Bank Branches and Assume $5.6 Billion in Deposits
Monday April 14, 7:55 am ET
- Definitive asset purchase agreement signed to acquire 22 retail banking branches, certain assets and assume approximately $5.6 billion in deposits
- Bank deposit and asset purchase expected to close in 3Q '08
- Transaction secures attractive funding to support and grow core lending business in today's environment
CHEVY CHASE, Md., April 14 /PRNewswire-FirstCall/ -- CapitalSource Inc. (NYSE: CSE - News) today announced significant, positive developments in its depository strategy.
CapitalSource has entered into a definitive asset purchase agreement with Fremont Investment & Loan ("FIL"), a California industrial bank, to assume all of FIL's retail deposits (approximately $5.6 billion as of 3/31/08), and to operate its 22 retail banking branches. The transaction is subject to regulatory approval. The Company will file applications with the California Department of Financial Institutions (DFI) and with the Federal Deposit Insurance Corporation (FDIC) to form a de novo California-chartered industrial bank. CapitalSource has communicated its plans to the FDIC and DFI over recent months and expects to file the required applications within approximately two weeks. The Company further expects the transaction to close in the third quarter, following receipt of regulatory approvals.
"This acquisition of branches and assumption of deposits will give CapitalSource's new bank access to a significant base of deposits with strong growth prospects. Together with CapitalSource's valuable commercial finance lending franchise, this acquisition strengthens our business model and positions us to grow by taking advantage of the attractive lending opportunities now available in the market," commented John K. Delaney, CapitalSource Chairman and CEO.
As part of the asset purchase agreement, the Company's new bank (yet to be named) will acquire high quality assets approximately equal to the deposits assumed including, approximately $3.0 billion of cash and short-term investments and a commercial real estate loan participation interest with a 3/31/08 outstanding principal balance of approximately $2.7 billion.
CapitalSource is not acquiring FIL, Fremont General Corporation, any contingent liabilities, or business operations except the retail branch network.
"We have long sought deposit funding as a way to further diversify and strengthen our funding platform. This transaction will accomplish that objective in an optimal and expeditious way. Forming the new bank and acquiring branches with $5.6 billion in deposits will enhance CapitalSource's liquidity profile, increase our profitability and improve our capital efficiency," said Thomas A. Fink, CapitalSource CFO. "Our business plan envisions the sale of approximately $2.5 billion of CapitalSource loans to the new bank, making this transaction immediately accretive," Fink added.
CapitalSource is acquiring an "A" Participation Interest and is not acquiring the related "B" Participation Interest. The "A" Participation Interest receives 70% of the principal payments from a $5.5 billion pool of commercial real estate loans. As of 3/31/08, the "A" Participation Interest was 48.8% of the $5.5 billion pool. The loans are managed by a subsidiary of iStar Financial, Inc.
"We conducted extensive loan-level diligence on the "A" Participation Interest to be acquired. It is well secured by a diverse portfolio of high-quality commercial real estate assets and will continue to experience accelerated paydowns because it has a preferential principal amortization mechanism. In addition, we view iStar's role as asset manager to be a significant advantage, as we hold iStar in very high regard and view them as a "best-in-class" manager of commercial real estate debt and loan assets," added Delaney.
"We look forward to welcoming FIL's retail banking customers and employees to our new bank. CapitalSource will serve as a dependable source of financial strength for them," concluded CapitalSource CFO Fink.
Asset Purchase Transaction Overview
CapitalSource will assume:
-- All FIL deposits (approximately $5.6 billion in retail deposits as of
3/31/08)
CapitalSource will acquire:
-- Cash and short-term investments at fair value (approximately $3.0
billion at 3/31/08)
-- "A" Participation Interest in a diversified pool of commercial real
estate loans (principal balance of approximately $2.7 billion at
3/31/08)
-- Assets, facilities (22 California branches and a supporting data
center), the right to employ personnel related to the branches, systems
and other infrastructure necessary to operate the retail branch
network, each at net book value
CapitalSource will pay:
-- A cash premium of $58 million plus 2% of deposits
CapitalSource lending commitment:
-- If and only to the extent necessary to complete the transaction,
CapitalSource has committed to lend to FIL up to $200 million secured
by a first lien on FIL's servicing advances using a formula based
advance rate
Commercial Real Estate "A" Participation Interest Overview:
-- Principal balance of $2.7 billion (approximately 49% of the total
commercial real estate loan pool of $5.5 billion, with the remainder
held by the "B" Participation Interest holder). The "A" Participation
Interest has paid down from $4.2 billion to the current level of $2.7
billion.
-- Receives 70% of principal payments, without regard to the "A's" actual
percentage of the participation interest, resulting in accelerated
amortization. iStar is responsible to fund all unfunded commitments
on the loans. iStar FM Loans LLC, a subsidiary of iStar Financial, is
the "B" Participation Interest holder as well as the agent and servicer
for all loans
CapitalSource will hold an analyst and investor conference call with a simultaneous web cast April 14, 2008 at 11:00 a.m. (Eastern Time) to discuss the Company's plans to form a bank and acquire the FIL assets. To participate, analysts and investors may call (866) 510-0711 from within United States or (617) 597-5379 from outside the United States, utilizing the pass code 45433504. Other interested parties may access a web cast of the conference call at the Investor Relations section of the CapitalSource website at www.capitalsource.com.
A telephonic replay will be available from approximately 1:00 p.m. (Eastern Time) on April 14, 2008 through April 21, 2008. Please call (888) 286-8010 from the United States or (617) 801-6888 from outside the United States with the pass code 62627738. An audio replay will also be available on the Investor Relations section of the CapitalSource website.
An investor presentation pertaining to this transaction and a transcript of the conference call will also be posted to the Investor Relations section of the CapitalSource website.
About CapitalSource
CapitalSource (NYSE: CSE - News) is a leading commercial lending, investment and asset management business focused on the middle market. CapitalSource manages an asset portfolio which as of December 31, 2007 was approximately $20.9 billion. Headquartered in Chevy Chase, Maryland, the Company had approximately 562 employees at December 31, 2007 in offices across the U.S. and in Europe. For more information, visit http://www.capitalsource.com.
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, and including statements about the proposed bank formation and asset purchase and liability assumption transaction, which are subject to numerous assumptions, risks, and uncertainties. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "assume," "believe," "expect," "estimate," "plan," "will," and similar expressions are generally intended to identify forward-looking statements. All forward-looking statements (including statements regarding future financial and operating results) involve risks, uncertainties and contingencies, many of which are beyond our control which may cause actual results, performance, or achievements to differ materially from anticipated results, performance or achievements. Actual results could differ materially from those contained or implied by such statements for a variety of factors, including without limitation: the proposed transaction may not be approved by the regulators or completed on the proposed terms and schedule or at all; changes in economic conditions; continued disruptions in credit and other markets; movements in interest rates; competitive pressures on product pricing and services; success and timing of other business strategies; the nature, extent, and timing of governmental actions and reforms; extended disruption of vital infrastructure; and other factors described in CapitalSource's 2007 Annual Report on Form 10- K, and documents subsequently filed by CapitalSource with the Securities and Exchange Commission.. All forward-looking statements included in this news release are based on information available at the time of the release. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Source: CapitalSource Inc.
KQED
A California television show recently featured Buca...
http://blogs.kqed.org/food/2007/10/26/buca-di-beppo-reviews/
Name: Helen
Occupation: Consumer Services Manager and Sausage Maker
Location: San Francisco
Favorite Restaurant: Buca di Beppo
Reviewed Buca di Beppo: Wednesday May 30, 2007
The taxi ride from the Embarcadero to Buca di Beppo opened the door to my adventurous evening. Halfway there, the cab driver politely explained that he had just stolen the cab and told us not to worry about what the meter says, he’ll let us know how much money it would cost. We laughed, but he laughed even louder — uh, scary. He drove so fast, and he told us to hold on because he was checking out the tires. Boy, was I glad when we got out of that and stepped into the very lively reception area of Buca. The bar was even more animated, but we had reservations and only waited about three minutes to be seated. I don’t know what color the walls are in that place because every square inch of space is covered with pictures of everything Italian — I mean popes, Sophia Loren, Joe DiMaggio, beauty queens, and the Vatican. I feel absolutely at home at Buca, it’s like the inside of my head; just full of random stuff everywhere. Actually, the only thing that will distract you from the wacky, overwhelming, “Oh my God, will you please look over there” decor will be the food. It looks like an amusement park for food.
Let me tell you about the garlic bread: it’s the best “pizza” I’ve had in San Francisco. I mean, it’s thick and cheesy with fresh garlic and just wonderful. The bread arrived first with the antipasto salad, which was so scrumptious, I was thinking to myself, “If they can make a salad taste this good I’m gonna loose my mind when the real food comes out.” We had a choice of small and large dishes, so we choose the small, which turned out to be more than enough. I mean, they said “family style,” but they meant extended family servings; they were huge, I’d hate to see what a large plate looks like. There were quite a few of us, so we ordered manicotti, ravioli, stuffed shells, penne pasta, meatballs, shrimp and pasta, chicken cannelloni and chicken Marsala. The dishes with the cream sauces were excellent and the pasta with red sauce — like penne and shrimp fra diavolo — were exactly as described: robust and full of flavor. When our food arrived shortly after we ordered, we went to town. We were determined to conquer every dish, but there was so much food I was ready to hold up a white flag. And finally the meatballs came. Oh my God, where did they get the recipe? From the Flinstones? They were so huge, they were like the size of Cincinnati. We were so full from our multiple entrees that when they approached our table with four of those huge cannonball-looking meatballs, all we could do was scream, “Oh no, go away, they look like they could eat us.”
This is not the place for a quiet dinner, this is the place to go and celebrate anything and everything with lots of fun people. And the rules on dining etiquette were lost on the stairs leading to their top floor.
Marcia Kerwit
Name: Marcia
Occupation: Chi Gung and Tai Chi Instructor
Location: Oakland
Favorite Restaurant: Da Lian
Reviewed Buca di Beppo: Sunday, June 3, 2007
When I looked the place up online and saw it was a chain, I was somewhat apprehensive about both the food and the ambience. But that dissolved while I was still outside the front door and smelled the garlic and then stepped inside and saw the decor. The place is fun, and the food was great. The biggest problem was that I went with only one other person. The portions are gigantic, even the ones marked “small” and we couldn’t even finish the Caesar salad. We’d ordered the baked ravioli and a side of green beans, but when I saw the salad, I asked if I could cancel the string beans, which they graciously did. The ravioli were large, which I like, so there’s lots of filling in proportion to pasta, and the ricotta was offset by a wonderful tomato sauce that they somehow manage to make both foreground and background. We actually finished the ravioli, and I continued eating the sauce — very addictive. I could have left then, but decided I had to try the tiramisu, since they said I could take the leftovers home (there’s only one size…). The rum-soaked ladyfingers are really rummy…the whole thing works. Everything there is big, including the serving utensils, and the tiramisu comes with a serving spoon that could stir a stock pot full of sauce. I’ll enjoy bringing the rest of it to work tomorrow and wowing the staff.
I hadn’t made a reservation, thinking that dining early would mean a pretty empty restaurant. Au contraire. The place was filled. There was a high school graduation party with about 50 folks, and many tables of 10-12 people. We only had to wait about 10 minutes for a table. And, although parking on a Sunday downtown could be a challenge, there seemed to be a lot of coming and going, and we got a spot about a block away. It’s a great place to bring kids and grandma and grandpa. There’s a bar on the street level, and the two dining rooms are upstairs and in the basement (there’s an elevator).
The entire staff was in motion all the time, but no one seemed frazzled or grumpy while they were carrying loads of clean dishes, dirty dishes, waiting tables, etc. Our waitron was patient, attentive, and very kind.
I would love to go back with a group, so we could order the large platters I saw going by that had pasta, mussels, and who knows what else… I saw the stuffed pasta shells on another table and they looked wonderful. I recommend this place and I think everyone could find something they’d like. But anyone who has a hearing loss and depends on hearing aids might have a hard time with the noise level — it’s hard to have a conversation across the table. I felt happy the whole time I was there, which probably explains ordering the tiramisu.…And a man at the next table had a birthday and they brought a dessert plus a large (of course) candelabra with three big red candles to blow out. They just have a knack for making everything a little quirky and totally amusing. I’m also wondering if the other locales do it the same way.
Lou Kostura
Name: Lou
Occupation: Airplane Mechanic and Horse Enthusiast
Location: Belmont
Favorite Restaurant: The Mountain House Restaurant
Reviewed Buca di Beppo: Monday, May 21, 2007
Two companions and myself went to Buca Di Beppo in San Francisco for lunch. I was excited to try Buca’s, as I’d heard about it from a few people. The experience was terrible. It started with parking and deteriorated from there. $15.00 to park for one hour in a lot, as there was no street parking available at this time of day.
We entered the restaurant to find no one at the hostess station, waited five minutes to even see a person. The hostess showed up, asked the usual, “How many people?” We told her three. She asked if we wanted a table or booth. We specified table, she searched the computer for an available table. She took another 5 minutes to do this, which we found strange, since, when we were taken downstairs, we only saw two other people in the room. We were promptly seated at a booth and not at a table as requested.
The waiter was slow to arrive at our table, and was pretty scarce during the whole stay. Our order was taken. We ordered soft drinks, which were actually brought over fairly promptly and then ordered lunch. We started with the fried calamari that the menu said was a share item (one of my companions had never tried it before). It arrived, and I was totally disappointed as the calamari was overcooked, extremely greasy, and a very small portion for $11.00. I told my friend that this was not how calamari was supposed to be prepared.
I ordered a Caesar salad with my entrée, and I found that the amount of anchovies in the dressing to overpowered the whole salad. Plates were not cleared before the entrees were brought over.
My two companions ordered 1) spaghetti and meatballs, that turned out to be meatball (singular) and was told the pasta was dry and flavorless, and 2) fresh salmon with pesto. It was a very small portion of salmon that was overcooked with some overcooked vegetables on the side. I ordered the penne arrabbiata served with fennel sausage. The penne was also dry with little flavor. The pasta portions were good size, just not very good flavor.
The decor was kind of like being in a junkyard, not an inch of wall space uncovered. The Italian music in the background would have been nice if the gentleman sitting in the booth behind us using his cell phone to conduct business all during lunch would have not talked so loud that they could have probably heard him without the phone.
After another long wait just to get the check we left, all with the same comments. “Glad we didn’t pay the extra money for a dinner here to be this disappointed.” Lunch was expensive and not worth the money.
I said to my companions that I would not be returning, they concurred. There are too many other chain Italian restaurants around with better quality to go back to Buca’s if you want the products of a chain restaurant.
Agree 100% .. jmho glta
HALTED
FMT is halted ... last trade .5301 930 14 APR 2008 - Code T2 - News dissemination ... Should resume trading approx 1215-1400 Eastern imho (once the conference call is complete).
iBox update - added CapitalSource transaction.
CapitalSource to Acquire Bank Branches and Assume $5.6 Billion in Deposits
Scheduled to start Mon, Apr 14, 2008, 12:00 pm Eastern
http://biz.yahoo.com/cc/0/91850.html
CapitalSource to Acquire Bank Branches and Assume $5.6 Billion in Deposits
Monday April 14, 7:55 am ET
- Definitive asset purchase agreement signed to acquire 22 retail banking branches, certain assets and assume approximately $5.6 billion in deposits
- Bank deposit and asset purchase expected to close in 3Q '08
- Transaction secures attractive funding to support and grow core lending business in today's environment
CHEVY CHASE, Md., April 14 /PRNewswire-FirstCall/ -- CapitalSource Inc. (NYSE: CSE - News) today announced significant, positive developments in its depository strategy.
CapitalSource has entered into a definitive asset purchase agreement with Fremont Investment & Loan ("FIL"), a California industrial bank, to assume all of FIL's retail deposits (approximately $5.6 billion as of 3/31/08), and to operate its 22 retail banking branches. The transaction is subject to regulatory approval. The Company will file applications with the California Department of Financial Institutions (DFI) and with the Federal Deposit Insurance Corporation (FDIC) to form a de novo California-chartered industrial bank. CapitalSource has communicated its plans to the FDIC and DFI over recent months and expects to file the required applications within approximately two weeks. The Company further expects the transaction to close in the third quarter, following receipt of regulatory approvals.
"This acquisition of branches and assumption of deposits will give CapitalSource's new bank access to a significant base of deposits with strong growth prospects. Together with CapitalSource's valuable commercial finance lending franchise, this acquisition strengthens our business model and positions us to grow by taking advantage of the attractive lending opportunities now available in the market," commented John K. Delaney, CapitalSource Chairman and CEO.
As part of the asset purchase agreement, the Company's new bank (yet to be named) will acquire high quality assets approximately equal to the deposits assumed including, approximately $3.0 billion of cash and short-term investments and a commercial real estate loan participation interest with a 3/31/08 outstanding principal balance of approximately $2.7 billion.
CapitalSource is not acquiring FIL, Fremont General Corporation, any contingent liabilities, or business operations except the retail branch network.
"We have long sought deposit funding as a way to further diversify and strengthen our funding platform. This transaction will accomplish that objective in an optimal and expeditious way. Forming the new bank and acquiring branches with $5.6 billion in deposits will enhance CapitalSource's liquidity profile, increase our profitability and improve our capital efficiency," said Thomas A. Fink, CapitalSource CFO. "Our business plan envisions the sale of approximately $2.5 billion of CapitalSource loans to the new bank, making this transaction immediately accretive," Fink added.
CapitalSource is acquiring an "A" Participation Interest and is not acquiring the related "B" Participation Interest. The "A" Participation Interest receives 70% of the principal payments from a $5.5 billion pool of commercial real estate loans. As of 3/31/08, the "A" Participation Interest was 48.8% of the $5.5 billion pool. The loans are managed by a subsidiary of iStar Financial, Inc.
"We conducted extensive loan-level diligence on the "A" Participation Interest to be acquired. It is well secured by a diverse portfolio of high-quality commercial real estate assets and will continue to experience accelerated paydowns because it has a preferential principal amortization mechanism. In addition, we view iStar's role as asset manager to be a significant advantage, as we hold iStar in very high regard and view them as a "best-in-class" manager of commercial real estate debt and loan assets," added Delaney.
"We look forward to welcoming FIL's retail banking customers and employees to our new bank. CapitalSource will serve as a dependable source of financial strength for them," concluded CapitalSource CFO Fink.
Asset Purchase Transaction Overview
CapitalSource will assume:
-- All FIL deposits (approximately $5.6 billion in retail deposits as of
3/31/08)
CapitalSource will acquire:
-- Cash and short-term investments at fair value (approximately $3.0
billion at 3/31/08)
-- "A" Participation Interest in a diversified pool of commercial real
estate loans (principal balance of approximately $2.7 billion at
3/31/08)
-- Assets, facilities (22 California branches and a supporting data
center), the right to employ personnel related to the branches, systems
and other infrastructure necessary to operate the retail branch
network, each at net book value
CapitalSource will pay:
-- A cash premium of $58 million plus 2% of deposits
CapitalSource lending commitment:
-- If and only to the extent necessary to complete the transaction,
CapitalSource has committed to lend to FIL up to $200 million secured
by a first lien on FIL's servicing advances using a formula based
advance rate
Commercial Real Estate "A" Participation Interest Overview:
-- Principal balance of $2.7 billion (approximately 49% of the total
commercial real estate loan pool of $5.5 billion, with the remainder
held by the "B" Participation Interest holder). The "A" Participation
Interest has paid down from $4.2 billion to the current level of $2.7
billion.
-- Receives 70% of principal payments, without regard to the "A's" actual
percentage of the participation interest, resulting in accelerated
amortization. iStar is responsible to fund all unfunded commitments
on the loans. iStar FM Loans LLC, a subsidiary of iStar Financial, is
the "B" Participation Interest holder as well as the agent and servicer
for all loans
CapitalSource will hold an analyst and investor conference call with a simultaneous web cast April 14, 2008 at 11:00 a.m. (Eastern Time) to discuss the Company's plans to form a bank and acquire the FIL assets. To participate, analysts and investors may call (866) 510-0711 from within United States or (617) 597-5379 from outside the United States, utilizing the pass code 45433504. Other interested parties may access a web cast of the conference call at the Investor Relations section of the CapitalSource website at www.capitalsource.com.
A telephonic replay will be available from approximately 1:00 p.m. (Eastern Time) on April 14, 2008 through April 21, 2008. Please call (888) 286-8010 from the United States or (617) 801-6888 from outside the United States with the pass code 62627738. An audio replay will also be available on the Investor Relations section of the CapitalSource website.
An investor presentation pertaining to this transaction and a transcript of the conference call will also be posted to the Investor Relations section of the CapitalSource website.
About CapitalSource
CapitalSource (NYSE: CSE - News) is a leading commercial lending, investment and asset management business focused on the middle market. CapitalSource manages an asset portfolio which as of December 31, 2007 was approximately $20.9 billion. Headquartered in Chevy Chase, Maryland, the Company had approximately 562 employees at December 31, 2007 in offices across the U.S. and in Europe. For more information, visit http://www.capitalsource.com.
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals, and projections, and including statements about the proposed bank formation and asset purchase and liability assumption transaction, which are subject to numerous assumptions, risks, and uncertainties. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "assume," "believe," "expect," "estimate," "plan," "will," and similar expressions are generally intended to identify forward-looking statements. All forward-looking statements (including statements regarding future financial and operating results) involve risks, uncertainties and contingencies, many of which are beyond our control which may cause actual results, performance, or achievements to differ materially from anticipated results, performance or achievements. Actual results could differ materially from those contained or implied by such statements for a variety of factors, including without limitation: the proposed transaction may not be approved by the regulators or completed on the proposed terms and schedule or at all; changes in economic conditions; continued disruptions in credit and other markets; movements in interest rates; competitive pressures on product pricing and services; success and timing of other business strategies; the nature, extent, and timing of governmental actions and reforms; extended disruption of vital infrastructure; and other factors described in CapitalSource's 2007 Annual Report on Form 10- K, and documents subsequently filed by CapitalSource with the Securities and Exchange Commission.. All forward-looking statements included in this news release are based on information available at the time of the release. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
Source: CapitalSource Inc.
CapitalSource to Acquire Bank Branches and Assume $5.6 Billion in Deposits
Scheduled to start Mon, Apr 14, 2008, 12:00 pm Eastern
http://biz.yahoo.com/cc/0/91850.html
At December 31, 2007, the Company had $97.3 million in restricted cash. On October 30, 2007, the United States Bankruptcy Court for the District of Hawaii found that the Company had violated the terms of a Confidentiality Agreement with Hawaiian Airlines and awarded Hawaiian $80.0 million in damages and ordered the Company to pay Hawaiian’s cost of litigation, reasonable attorneys’ fees and interest. The Company filed a notice of appeal to this ruling in November 2007, however we were required to post a $90.0 million bond, which is included in noncurrent assets in the condensed consolidated balance sheet, as security for the judgment amount by placing such amount with a surety acceptable to the Bankruptcy Court pending the outcome of this litigation.
www.sec.gov
Wednesday, April 9, 2008 - 10:38 AM HAST
Mesa Air wants to issue $37.8M in shares
Pacific Business News (Honolulu)
Mesa Air Group is asking shareholders to approve a plan to issue up to $37.8 million in new stock in order to pay off debt.
In a filing with the Securities and Exchange Commission Tuesday, the company said the issuance of the common stock may be necessary to repurchase all of its outstanding senior convertible notes, which are due in 2023. The company had offered the notes in 2003 to raise $100.1 million, Mesa said.
Mesa stands to lose $20 million a month in revenue if its agreement with Delta Air Lines is terminated, the company said in the filing. Two weeks ago, Delta notified the company it wanted to terminate its Connection agreement because of Mesa's failure to maintain a specified completion rate through its subsidiary, Freedom Airlines.
The Phoenix-based airline is the parent company of go! airlines, an interisland carrier in Hawaii.
Shares of Mesa (Nasdaq: MESA) closed down 27 percent to 96 cents in afternoon trading Wednesday, below its 52-week low of $1.18.
Holders of the Company’s senior convertible notes due June 16, 2023 have the right to require the Company to repurchase the notes on June 16, 2008 at a price of $397.27 per $1,000 note plus any accrued and unpaid cash interest. While the Company cannot predict if some or all of the noteholders will exercise their right to require the Company to repurchase the notes, if all of the holders of the outstanding notes exercise their right to require the Company to repurchase the notes the Company will be required to repurchase the notes for approximately $37.8 million in cash, Common Stock, or a combination thereof. If the Company elects to use shares of Common Stock to satisfy its repurchase obligations, Nasdaq rules require that it not issue more than 20% of its Common Stock without shareholder approval. Without shareholder approval, the Company would only be able to issue up to 5,375,265 shares of Common Stock to satisfy its Note repurchase obligations. As an example, if the trading price of the Company’s Common Stock as calculated under the Indenture was $1.40 per share, the Company could only issue enough stock to satisfy approximately $7.5 million of its note repurchase obligations and would be forced to use $30.3 million in cash. The Company is seeking shareholder approval for the issuance of additional shares of Common Stock in the event it elects to use such additional shares to satisfy its repurchase obligations.
www.sec.gov
PerkinElmer Extends Its Leadership in Drug Candidate Detection Instrumentation
Monday April 7, 3:00 pm ET
Launch of VICTOR(TM) X Multilabel Plate Reader Platform Offers Improved Flexibility to Drug Discovery and Research Customers
ST. LOUIS--(BUSINESS WIRE)--PerkinElmer, Inc. (NYSE: PKI - News), a global leader in Health Sciences and Photonics, today announced the launch of its VICTOR™ X Multilabel Plate Reader platform at the Society for Biomolecular Sciences’ (SBS) 14th Annual Conference and Exhibition. The new VICTOR X platform will deliver to customers increased flexibility, while its enhanced versatility will enable support of new applications beyond primary screening, including quality control and therapeutic research.
The VICTOR X platform is the latest edition of PerkinElmer’s VICTOR series of best-in-class benchtop multilabel detection instruments, which are widely used by research labs of all sizes, including academic centers, pharmaceutical and biotech screening labs, drug discovery groups, and disease and therapeutic area research groups.
“Since the VICTOR platform was launched as one of the first fully-loaded multilabel plate readers on the market, PerkinElmer has remained committed to meeting customers’ demands for a range of reliable, easy-to-use and cost-effective solutions for drug discovery and research,” said Richard Eglen, Ph.D., president, Bio-discovery, PerkinElmer, Inc. “In developing VICTOR X we drew strongly from customer feedback, leading to an enhanced product featuring upgraded software that is customizable and open-ended for ease of integration with research applications. Our customers can now more easily create a new protocol or select and run one of several pre-set application-based protocols.”
The enhanced software package features: an improved “Start Wizard” for easier creation of new protocols; application-based example protocols for off-the-shelf use; and improved kinetics support for monitoring cellular and enzyme assays in real-time. The VICTOR X units are also designed to facilitate major accessory field upgrades, so users can add functionality as their needs evolve.
Factors Affecting Future Performance
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow, revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities. Words such as “believes,” “intends,” “anticipates,” “plans,” “expects,” “projects,” “forecasts,” “will” and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management’s current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) our failure to introduce new products in a timely manner; (2) our ability to execute acquisitions and license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable; (3) our failure to protect adequately our intellectual property; (4) the loss of any of our licenses or licensed rights; (5) our ability to compete effectively; (6) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (7) our ability to produce an adequate quantity of products to meet our customers’ demands; (8) our failure to maintain compliance with applicable government regulations; (9) regulatory changes; (10) our failure to comply with health care industry regulations; (11) economic, political and other risks associated with foreign operations; (12) our ability to retain key personnel; (13) restrictions in our credit agreements; (14) our ability to realize the full value of our intangible assets; and (15) other factors which we describe under the caption “Risk Factors” in our most recent annual report on Form 10-K and in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
PerkinElmer, Inc. is a global technology leader driving growth and innovation in Health Sciences and Photonics markets to improve the quality of life. The Company reported revenues of $1.8 billion in 2007, has 9,100 employees serving customers in more than 150 countries, and is a component of the S&P 500 Index. Additional information is available through www.perkinelmer.com or 1-877-PKI-NYSE.
Contact:
Investor Relations:
PerkinElmer, Inc.
Michael A. Lawless, 781-663-5659
or
Media Contact:
PerkinElmer, Inc.
Stephanie Wasco, 781-663-5701
Source: PerkinElmer, Inc.
At what price should the new shares be issued? TIA
Air Industries Announces New Contract Valued at Over $700,000 for Welding Metallurgy Subsidiary
Wednesday March 26, 9:54 am ET
Sets New Record for Contract Awards Received in a Quarter
BAY SHORE, N.Y.--(BUSINESS WIRE)--Air Industries Group, Inc. (OTCBB: AIRI - News), an integrated manufacturer of precision components and provider of supply chain services for the aerospace and defense industry, today announced that its Welding Metallurgy subsidiary has won a new contract valued at over $700,000. The new contract was received from a new customer, GKN Aerospace of Alabama, for helicopter welded assemblies over a multi-year period. Welding Metallurgy has reported new orders valued at nearly $2.5 million during the first quarter 2008, representing the largest aggregate amount of new contract awards in a quarter since Welding Metallurgy’s inception nearly 30 years ago.
To accommodate the elevated level of business activity and in anticipation of future growth opportunities, Welding Metallurgy announced today that it has relocated to a 25,000 square foot facility in Hauppauge, NY. Welding Metallurgy, acquired by Air Industries Group in August 2007, has received AS9100/ISO 9001 certifications for its new facility, and has completed its audit by the National Aerospace and Defense Contractors Accreditation Program (NADCAP). NADCAP is a global cooperative standards-setting program for aerospace engineering, defense and related industries.
“Welding Metallurgy, like all Air Industries Group subsidiaries, is benefiting from intense demand for commercial and military aircraft,” said Gary Settoducato, President of Welding Metallurgy, Inc. “While we are pleased with our strong relationship with Northrop Grumman Corp., which has traditionally been the largest customer for our division, we are gratified to note that approximately 95% of our record bookings in the first quarter were derived from other customers. This indicates that we have been successful in achieving improved customer and platform diversification. Moreover, with the added manufacturing capacity at our new facility, we are actively engaged in negotiations with numerous other customers for initial orders and long term agreements on large programs. We anticipate announcing new customer relationships and new contract wins in the near future.”
Founded in 1979, Welding Metallurgy stands as one of the premiere suppliers of welded assemblies for the aerospace and other industrial sectors. Although specialty welding is its primary service, the company also has manufactured components for various sub-sectors of the commercial and military aerospace industries for nearly 30 years. These components include manifold and torque tubes, tube and duct assemblies, tank assemblies, structural assemblies and acoustic muffler assemblies. Welding Metallurgy’s staff of 25 maintains a thorough knowledge of many aircraft platforms.