Replies to post #66 on After Hours and Pre-Market Movers

[JoeHall]

CAE news AH, also like DEPO here

[JoeHall]

CPQQ earnings

China Power Equipment Reports Higher Revenues and Net Income
Last update: 3/31/2010 7:30:00 AM
XI'AN, China, March 31, 2010 /PRNewswire via COMTEX/ -- China Power Equipment, Inc. ("China Power Equipment" or the "Company") (CPQQ), the manufacturer of a new generation of energy saving electric transformers and transformer cores in the People's Republic of China, today reported higher revenues and net income for the year ended December 31, 2009.

Year 2009 Highlights -- Net revenues increased 154.0% to $23.87 million in 2009 from $9.39 million in 2008. -- Gross profit increased 143.1% to $5.70 million in 2009 from $2.34 million in 2008. -- Net income increased 190.0% to $4.22 million in 2009 from $1.46 million in 2008. -- Diluted earnings per common share decreased 357.1% to $(0.32) per share in 2009 from $(0.07) per share in 2008, mainly due to a deemed dividend from the beneficial conversion feature of preferred stock and higher average common shares outstanding.

Net revenues increased $14.47 million or 154.0 percent to $23.87 million for the year ended December 31, 2009 from $9.39 million in the year 2008, mainly due to higher volumes of amorphous alloy cores and transformers sold. Net income increased $2.76 million or 190.0 percent to $4.22 million in 2009 from $1.46 million in 2008, mainly due to the higher revenues and continuing good control of expenses. Diluted earnings per share decreased 357.1 percent to $(0.32) per common share in 2009 from $(0.07) per share in 2008, mainly due to a deemed dividend from the beneficial conversion feature of preferred stock and higher average common shares outstanding that increased 35.1 percent in 2009 from 2008.
Mr. Yong Xing Song, Chairman of the Board of China Power Equipment, said, "Our strong increases in revenues and net income for the year 2009 reflect the high demand in the Chinese market for our energy-efficient amorphous alloy electric transformer equipment."
Looking at the company's products, revenues from amorphous alloy cores were up $10.84 million or 202.1 percent to $16.21 million in 2009 from $5.37 million in 2008. Revenues from amorphous alloy transformers were up $4.05 million or 115.4 percent to $7.56 million in 2009 from $3.51 million in 2008. Revenues from traditional silicon steel transformers and cores were down $0.42 million or (81.1) percent to $0.10 million in 2009 from $0.52 million in 2008 because the Company exited that business entirely in 2009.
To help fulfill the large increase in customers' orders for amorphous alloy transformers and cores, the Company subcontracted out some of the production to another manufacturer in 2009.
Operating expenses remained under good control, with its gross profit margin declining just 1 percentage point to 23.9 percent in 2009 from 24.9 percent in 2008 on somewhat higher prices for its primary raw material. The Company's operating profit margin increased to 18.9 percent in 2009 from 16.7 percent in 2008.
Total other income increased $0.32 million or 197.4 percent to $0.48 million in 2009 from $0.16 million in 2008, mainly due to higher consulting income for technical support work performed in 2009 that was not offered in 2008 and due to lower interest expense on lower average borrowings in 2009 compared with 2008. The Company's effective income tax rate was down a little to 15.3 percent in 2009 from 15.7 percent in 2008.
As a result, China Power Equipment's net income increased $2.76 million or 190.0 percent to $4.22 million in 2009 from $1.46 million in 2008. Its net profit margin improved to 17.68 percent in 2009 from 15.50 percent in 2008.
Net cash flow provided by operating activities was $5.38 million in 2009, net cash flow used in investing activities was $(2.51) million, mostly in support of capacity expansion, and net cash flow provided from financing activities was $4.94 million, with nearly all of that provided by the net proceeds the Company received from issuing preferred stock in 2009. Adding in a small cash flow benefit due to foreign currency exchange rate changes, China Power Equipment's net cash flow in 2009 resulted in a net increase in cash of $7.81 million. The Company's cash outstanding on December 31, 2009 was $8.88 million.
The Company's debt leverage at yearend 2009 was very modest at 0.3 percent, since it had only one small interest-bearing note payable.
Mr. Song continued, "I believe our results in 2009 represent a very good performance in a very high growth year. With our good cash position, internal cash generation, modest debt leverage, and financing flexibility, we believe we have sufficient financial strength to continue to invest in new product development, capacity expansion, and working capital to support good sales growth in our amorphous alloy cores and amorphous alloy transformers."
Mr. Song continued, "We expect that a new source of amorphous alloy strip will soon be available from Beijing Advanced Technology & Science Materials Co., Ltd. ("AT&M"). We have signed an agreement with AT&M in which we have been given priority to purchase amorphous alloy strip products.
"In September 2009, AT&M completed their test production of amorphous alloy strip, using their facility that has an annual capacity of 10,000 metric tons. We have used some of AT&M's test strip to manufacture test cores and transformers and are pleased to be the first company to do so. Our test cores and transformers are permitting electric power grid organizations and other transformer makers to test and to validate that our cores and transformers using AT&M's amorphous alloy will perform as expected, are essentially equivalent in quality and performance to production that uses Hitachi's amorphous alloy, and are qualified for production purchases. We believe that this second source for amorphous alloy strip, when approved for production, is likely to help alleviate the raw material constraint that has been a concern in the global transformer industry. AT&M's alloy is likely to be quite cost competitive and may accelerate the use of amorphous alloy transformers by China's electric power grid companies."
Mr. Song concluded, "China's economic outlook continues to be encouraging, and China's adoption of amorphous alloy electric transformers in both urban and rural areas appears to be increasing at an increasing rate. As a result, we believe that the high demand for amorphous alloy cores and transformers should continue for several years."

Financial statements follow. China Power Equipment, Inc. Consolidated Statements of Operations Year Ended December 31, 2009 2008 Revenue, net $23,866,239 $9,394,491 Cost of goods sold (18,167,768) (7,050,739) Gross profit 5,698,471 2,343,752 Operating expenses: Selling, general, and administrative expenses 1,170,932 779,350 Stock-based compensation 25,697 -- Total operating expenses 1,196,629 779,350 Net income from operations 4,501,842 1,564,402 Other income (expenses) Gain on investment 89,755 67,505 Other income 393,224 279,436 Interest income 12,902 3,119 Interest expense (14,268) (188,110) Total other income 481,613 161,950 Net income before income taxes 4,983,455 1,726,352 Income taxes 763,455 270,559 Net income $4,220,000 $1,455,793 Deemed dividend from beneficial conversion feature of preferred stocks (9,045,005) (2,193,483) Net loss applicable to common shareholders $(4,825,005) $(737,690) Loss per share - basic $(0.32) $(0.07) Loss per share - diluted $(0.32) $(0.07) Weighted average common shares outstanding: Basic 14,908,313 11,036,692 Diluted 14,908,313 11,036,692 The accompanying notes are an integral part of these consolidated financial statements. China Power Equipment, Inc. Consolidated Balance Sheets December 31, December 31, 2009 2008 Assets Current Assets Cash $8,883,188 $1,071,038 Accounts receivable, net 1,949,818 2,013,305 Advance to suppliers -- 771,407 Inventory, net (Note 3) 363,312 461,634 Prepaid expenses and other receivables 220,939 257,700 Total Current Assets 11,417,257 4,575,084 Related party receivables (Note 11) 731 97,248 Property, plant and equipment, net (Note 4) 4,593,068 3,116,422 Intangible assets, net (Note 6) 391,513 220,742 Long-term investment (Note 5) 282,897 236,384 Deposit on contract rights (Note 12) 1,316,328 1,313,064 Deposit for purchase of equipment 767,858 -- Prepaid capital lease (Note 9) 111,482 116,694 Total Assets $18,881,134 $9,675,638 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $549,065 $710,480 Accrued liabilities and other payables 395,486 409,040 Advance from customers 32,760 142,156 Lease payable - current portion (Note 9) 2,156 1,944 Note payable (Note 8) 58,503 58,358 Value-added tax payable 219,398 64,686 Income taxes payable (Note 7) 365,751 235,262 Related party payable (Note 11) 1,170 1,167 Total Current Liabilities 1,624,289 1,623,093 Long-term Liabilities Lease payable - non current portion (Note 9) 115,463 117,327 Total Long-term Liabilities 115,463 117,327 Stockholders' Equity Series B convertible preferred stock, $0.001 par value, 5,000,000 shares authorized, 4,166,667 shares and Nil issued and outstanding at December 31, 2009 and 2008 4,167 -- Common stock: par value $0.001 per share, 100,000,000 shares authorized; 14,908,313 shares issued and outstanding at December 31, 2009 and 2008 14,908 14,908 Additional paid-in capital 21,182,026 7,176,041 Statutory surplus reserve fund (Note 10) 642,819 202,665 Retained earnings (Accumulated deficit) (5,728,130) (462,971) Accumulated other comprehensive income 1,025,592 1,004,575 Total stockholders' equity 17,141,382 7,935,218 Total Liabilities and Stockholders' Equity $18,881,134 $9,675,638 The accompanying notes are an integral part of these consolidated financial statements. China Power Equipment, Inc. Consolidated Statements of Cash Flows Year Ended December 31, 2009 2008 Cash Flows from Operating Activities Net income $4,220,000 $1,455,793 Adjustments to reconcile net income to net cash: Depreciation and amortization expense 249,592 232,607 Stock-based compensation 25,697 -- Provision of bad debts 90,594 40,467 Provision of impairment loss of advance to suppliers -- 107,885 Gain on investment (89,755) (67,505) Changes in operating assets and liabilities: Accounts receivable (22,138) (210,710) Advance to suppliers 772,909 83,518 Inventory 99,416 (92,297) Prepaid expenses and other receivables 37,380 17,051 Accounts payable (163,094) (442,875) Accrued expenses and other payables (14,558) (39,973) VAT tax payable 154,468 (36,449) Income taxes payable 129,834 105,293 Advance from customers (109,690) (17,473) Net cash provided by (used in) operating activities 5,380,655 1,135,332 Cash Flows from Investing Activities Acquisitions of property, plant, and equipment (18,422) (49,266) Addition in construction in progress (1,620,844) -- Acquisitions of intangible assets (219,270) -- Deposit for purchase of equipment (767,445) -- Repayment from related parties 72,913 65,724 Dividend from equity interest subsidiary 43,854 71,816 Net cash provided by (used in) investing activities (2,509,214) 88,274 Cash Flows from Financing Activities Principal payments on capital lease (1,948) (1,731) Repayment to related parties -- (186,575) Proceeds from issuing preferred stock 4,939,450 -- Repayment to short-term loans -- (1,098,783) Net cash provided by (used in) financing activities 4,937,502 (1,287,089) Effect of exchange rate changes on cash and cash equivalents: 3,207 60,626 Increase (decrease) in cash and cash equivalents 7,812,150 (2,857) Cash and cash equivalents, beginning of period 1,071,038 1,073,895 Cash and cash equivalents, end of period $8,883,188 $1,071,038 Supplemental disclosure of cash flow information Interest paid in cash $14,268 $188,110 Income taxes paid in cash $633,621 $165,265 Non-cash investing and financing activities: Issuance of stocks for advance from investor $-- $100,000 Reclass long-term investment to advance to suppliers $-- $706,823 Conversion of preferred stock to common stock $-- $93 Construction in progress in lieu of repayment from related party $23,794 $-- The accompanying notes are an integral part of these consolidated financial statements." China Power Equipment, Inc. Consolidated Statements Of Stockholders' Equity Additional Preferred Stock Capital Stock Paid-in Shares Amount Shares Amount Capital BALANCE, JANUARY 1, 2008 92,500 $93 10,451,613 $10,452 $4,886,921 Conversion of Series A preferred stock (92,500) (93) 4,021,900 4,022 (3,929) Deemed dividend on preferred stock -- -- -- -- 2,193,483 Issuance of common stock -- -- 434,800 434 99,566 Transfer to statutory reserve -- -- -- -- -- Comprehensive income: Net income -- -- -- -- -- Foreign currency translation adjustment -- -- -- -- -- Total comprehensive income BALANCE, DECEMBER 31, 2008 -- -- 14,908,313 14,908 7,176,041 Issuance of preferred stock 4,166,667 4,167 -- -- 4,935,283 Deemed dividend on preferred stock -- -- -- -- 9,045,005 Stock-Based Compensation -- -- -- -- 25,697 Transfer to statutory reserve -- -- -- -- -- Comprehensive income: Net income -- -- -- -- -- Foreign currency translation adjustment -- -- -- -- -- Total comprehensive income BALANCE, DECEMBER 31, 2009 4,166,667 $4,167 14,908,313 $14,908 $21,182,026 China Power Equipment, Inc. Consolidated Statements Of Stockholders' Equity Accumulated Retained Other Statutory Earnings Compre- Total Surplus (Accumulated hensive Stockholders' Reserve deficit) Income (Loss) Equity BALANCE, JANUARY 1, 2008 $38,629 $438,755 $585,381 $5,960,231 Conversion of Series A preferred stock -- -- -- -- Deemed dividend on preferred stock -- (2,193,483) -- -- Issuance of common stock -- -- -- 100,000 Transfer to statutory reserve 164,036 (164,036) -- -- Comprehensive income: Net income -- 1,455,793 -- 1,455,793 Foreign currency translation adjustment -- -- 419,194 419,194 Total comprehensive income 1,874,987 BALANCE, DECEMBER 31, 2008 202,665 (462,971) 1,004,575 7,935,218 Issuance of preferred stock -- -- -- 4,939,450 Deemed dividend on preferred stock -- (9,045,005) -- -- Stock-Based Compensation -- -- -- 25,697 Transfer to statutory reserve 440,154 (440,154) -- -- Comprehensive income: Net income -- 4,220,000 -- 4,220,000 Foreign currency translation adjustment -- -- 21,017 21,017 Total comprehensive income 4,241,017 BALANCE, DECEMBER 31, 2009 $642,819 $(5,728,130) $1,025,592 $17,141,382 The accompanying notes are an integral part of these consolidated financial statements.

About China Power Equipment, Inc.
China Power Equipment, Inc., is a U.S. corporation, which through its wholly-owned subsidiary, An Sen (Xi'an) Power Science & Technology Co., Ltd. and its affiliated operating company, Xi'an Amorphous Zhongxi Co., Ltd., designs, manufactures, and distributes amorphous alloy transformer cores and amorphous alloy core electricity transformers in the People's Republic of China. The company currently manufactures 59 different products, primarily amorphous alloy cores and amorphous alloy core transformers.
Safe harbor
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.
The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to sustain our previous levels of profitability including on account of our ability to manage growth, intense competition, wage increases in China, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, our ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts and legal restrictions on raising capital or acquiring companies outside China.
Additional risks that could affect our future operating results are more fully described in our filings with United States Securities and Exchange Commission. These filings are available at .
We may, from time to time, make additional written and oral forward- looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by or on our behalf.
For more information on China Power Equipment please visit our website at .

For more information, please contact: China Power Equipment, Inc. Phone: [phone] in the USA Email: [e-mail] or Christensen Mr. Yuanyuan Chen (English and Chinese) Mobile: [phone] in Beijing Email: [e-mail] Mr. Tom Myers (English) Mobile: [phone] in Beijing Email: [e-mail] Ms. Kathy Li (English and Chinese) Telephone [phone] in the USA Email: [e-mail]

SOURCE China Power Equipment, Inc.
Copyright (C) 2010 PR Newswire. All rights reserved

[JoeHall]

Rite Aid Reports 0.1 Percent Same Store Sales Decrease for March

CAMP HILL, Pa.--(BUSINESS WIRE)--Rite Aid Corporation (NYSE: RAD) today announced sales results for March.

Monthly Sales

For the four weeks ended March 27, 2010, same store sales decreased 0.1 percent over the prior-year period. Front end same store sales increased 1.8 percent, positively impacted by an earlier Easter (April 4, 2010 versus April 12, 2009). Pharmacy same store sales, which included an approximate 189 basis points negative impact from new generic introductions, declined 1.0 percent. Prescriptions filled at comparable stores decreased 1.3 percent over the prior-year period.

Total drugstore sales for the four-week period decreased 1.4 percent to $1.968 billion compared to $1.996 billion for the same period last year. Prescription revenue accounted for 68.7 percent of drugstore sales, and third party prescription revenue represented 96.3 percent of pharmacy sales.

Rite Aid is one of the nation’s largest drugstore chains. On March 27, 2010, the company operated 4,777 stores compared to 4,882 stores in the like period a year ago. Information about Rite Aid, including corporate background and press releases, is available through the company’s website at http://www.riteaid.com.

Contacts

Rite Aid Corporation
INVESTORS:
Matt Schroeder
[phone]
or [e-mail]
or
MEDIA:
Karen Rugen
[phone]

[JoeHall]

RGDX news AH

Response Genetics, Inc. Reports Full Year 2009 and Fourth Quarter Financial Results

Fourth Quarter ResponseDX™ Revenue Increases 81 Percent from Third Quarter 2009

LOS ANGELES--(BUSINESS WIRE)--Response Genetics, Inc. (Nasdaq: RGDX), a company focused on the development and sale of molecular diagnostic tests for cancer, today announced consolidated financial results for the fourth quarter and year ended December 31, 2009, as well as an update on the Company’s ResponseDX™ sales activities.

“2009 was a very exciting year for Response Genetics as we saw significant growth and acceptance of our ResponseDX™ diagnostic tests. This trend has continued into 2010, with approximately 800 tests sold in March alone”

“2009 was a very exciting year for Response Genetics as we saw significant growth and acceptance of our ResponseDX™ diagnostic tests. This trend has continued into 2010, with approximately 800 tests sold in March alone,” said Kathleen Danenberg, Response Genetics president and CEO. “We continue to execute on our successful growth strategy; expanding our sales force, strengthening our balance sheet and establishing an international distribution network. For the coming year, we look forward to building on the momentum we have gained to further increase sales of our diagnostic tests and to advance our pipeline of products.”

Corporate Development Highlights

* ResponseDX™ Test Sales Continue to Ramp – Approximately 1,700 ResponseDX™ genetic tests were ordered in the fourth quarter of 2009. Revenue recorded from ResponseDX™ products increased 81 percent to $1.7 million in the fourth quarter of 2009, compared to $0.9 million in the third quarter of 2009. The Company continues to record revenues primarily on a cash basis from certain insurance providers until collection patterns are better determined. Cash collections continue to increase and we expect the cash associated with the majority of the tests processed during the fourth quarter of 2009 will be collected during the first quarter of 2010.
* Expanded Sales and Distribution – Response Genetics continued to expand its national sales force to meet demand for its Response DX™ tests, from three sales people in January 2009 to 15 currently. Company operations have seamlessly kept pace with the increased volume of ResponseDX™ tests to maintain the Company’s five-to-seven-day turnaround time. Response Genetics also established an international presence through a distribution partnership with Genetic Technologies, the largest private laboratory in Australia. ResponseDX™ tests are now available in Australia and certain Asian countries.

* Increased Reimbursement Due to Expanded ResponseDX™ Panels – With the addition of epidermal growth factor receptor (EGFR) mutational analysis, reimbursement of the Company’s ResponseDX: Lung™ panel increased from approximately $1,000 to $1,950, and ResponseDX: Colon™ test from approximately $950 to $1,100 with the addition of EGFR mutational analysis and BRAF mutational analysis. Approximately 50 percent of our ResponseDX™ revenue in 2009 was derived from our expanded ResponseDX: Lung™ panel. Response Genetics’ flexible technology allows the addition of new analytic capabilities as genes associated with therapeutic benefit to chemotherapy agents are identified.
* New ResponseDX™ Panel Launched Nationally – In September 2009, Response Genetics announced the nation-wide availability of its newest test panel, ResponseDX: Gastric™, a proprietary PCR-based diagnostic test that quantitatively analyzes three key genes – ERCC1, TS and HER2 – in tumors to help physicians make treatment decisions for patients with gastric cancer and gastroesophageal (GE) junction cancer. This new ResponseDX™ test is a product of the Company’s R&D pipeline and underscores its product development capabilities.
* $4 Million Private Placement – On March 5, 2010, Response Genetics entered into an agreement with funds managed by Lansdowne Partners Limited Partnership, Greenway Capital Partners and Paragon Associates whereby approximately $4 million was raised from a private placement of approximately 3 million newly issued shares of its common stock. Additionally, the Company announced two separate purchase agreements in 2009 with certain new and existing investors and raised a total of approximately $6 million. These funds are to be used by the Company to facilitate its sales goals and to expand its ResponseDX™ product offerings.
* Data Presented at ASCO and WCLC – At the annual meeting of the American Society of Clinical Oncology in Orlando, Response Genetics announced the results of studies identifying genes associated with positive chemotherapy outcome and tumor recurrence. And at the 13th World Conference on Lung Cancer in San Francisco, Response Genetics announced the results of separate analyses of KRAS gene mutations and TS and RRM1 gene expression in non-small cell lung cancer (NSCLC). These results, which were presented by Dr. David R. Gandara, University of California, Davis Cancer Center, and Dr. Philip Mack, University of California, Davis, provided insights into which patients are most likely to benefit from the commonly prescribed chemotherapies.

Financial Results for the Fourth Quarter Ended December 31, 2009

Total revenue increased by 134 percent to $3.4 million for the fourth quarter ended December 31, 2009, compared to $1.4 million for the same period last year. Revenue from our ResponseDX™ genetic tests, which we started to sell in the third quarter of 2008, increased to $1.7 million for the fourth quarter ended December 31, 2009, compared to $0.2 million for the same period in 2008. Our pharmaceutical client revenue increased 38 percent to $1.7 million, compared to $1.3 million in the fourth quarter of 2008.

Cost of revenue for the fourth quarter ended December 31, 2009 was $1.8 million, compared with $0.9 million for the same period ended 2008. Research and development expenses were $0.6 million for the fourth quarter of 2009, compared with $0.4 million for the same period in the prior year. General and administrative expenses were $1.6 million for the fourth quarter ended December 31, 2009, compared with $1.8 million for the same period in 2008. Selling and marketing costs primarily related to the expansion of our ResponseDX™ tests totaled $1.1 million compared with $0.4 million for the same period in the prior year. Total operating expenses for the fourth quarter of 2009 were $5.1 million, compared with $4.9 million for the same period last year. Included in total operating expenses were costs related to the continued expansion of the Company’s ResponseDX™ tests, and its costs related to marketing and its sales force additions, which totaled $1.1 million for the fourth quarter. The increase in total operating expenses in the fourth quarter of 2009 were offset by lower costs of $1.4 million for the operations of our United Kingdom laboratory due to the closure of that facility in March 2009.

Response Genetics’ net loss for the fourth quarter ended December 31, 2009 was $1.7 million, or $0.11 per share, compared with a net loss of $3.4 million, or $0.33 per share, for the same period last year.

Financial Results for the Year Ended December 31, 2009

Total revenue was $9.1 million for the year ended December 31, 2009, compared to $7.1 million for the year ended December 31, 2008, an increase of 28 percent. Revenue from our ResponseDX™ genetic tests totaled approximately $3.3 million. Our pharmaceutical client revenue decreased 16 percent to $5.8 million. As previously announced, this decrease was primarily due to a delay in the receipt of clinical samples from one of our major pharmaceutical clients, which the Company anticipates receiving in subsequent quarters through 2010.

Cost of revenue for the year ended December 31, 2009 was $5.7 million, compared with $4.0 million for the year ended December 31, 2008. Research and development expenses were $2.3 million for the year ended December 31, 2009, compared with $2.1 million for the year ended December 31, 2008. General and administrative expenses were $6.1 million for the year ended December 31, 2009, compared with $6.7 million for the year ended December 31, 2008. Selling and marketing costs primarily related to the expansion of our ResponseDX™ tests totaled $3.6 million for the year ended December 31, 2009 compared with $0.9 million for the same period in the prior year. Total costs for our now closed United Kingdom laboratory decreased to $0.7 million for the year ended December 31, 2009 compared to $3.4 million for the same period in 2008. Total operating expenses for the year ended December 31, 2009 were $18.5 million, compared with $17.0 million for the year ended December 31, 2008. The primary reasons for the increase in total operating expenses were costs related to the continued expansion of the Company’s ResponseDX™ tests and its sales force additions, which totaled $3.6 million for the year ended December 31, 2009. These expenses were offset by lower costs of 2.6 million for the operations of our United Kingdom lab due to the closure of that facility.

Response Genetics’ net loss for the twelve months ended December 31, 2009 was $9.3 million or $0.70 per share, compared with a net loss of $9.5 million, or $0.93 per share, for the same period last year.

Cash and Cash Equivalents

Cash and cash equivalents at December 31, 2009, were $7.1 million, compared to $9.5 million at December 31, 2008. As previously announced, Response Genetics completed a private placement of approximately 3.0 million newly issued common shares at a per-share price of $1.31. The Company received net proceeds of approximately $4.0 million from this private placement on March 5, 2010.

Reclassifications

Prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation. Reclassified amounts had no impact on the Company’s net operating results.

About Response Genetics, Inc.

Response Genetics, Inc. (“RGI”) (the “Company”) (Nasdaq: RGDX) is engaged in the research and development of pharmacogenomic cancer diagnostic tests based on its proprietary and patented technologies. RGI’s technologies enable extraction and analysis of genetic information from genes derived from tumor samples stored as formalin-fixed and paraffin-embedded specimens. In addition to diagnostic testing services, RGI generates revenue from the sales of its proprietary analytical pharmacogenomic testing services of clinical trial specimens to the pharmaceutical industry. The Company was founded in 1999 and its principal headquarters are located in Los Angeles, California. For more information, please visit www.responsegenetics.com.

Forward-Looking Statement Notice

Except for the historical information contained herein, this press release and the statements of representatives of RGI related thereto contain or may contain, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.

Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions, such as the ability of the Company to analyze cancer samples, the potential for using the results of this research to develop diagnostic tests for cancer, the usefulness of genetic information to tailor treatment to patients, the ability of the Company to expand its ResponseDX: Lung™ and ResponseDX: Colon™ test availability, the ability of the Company to continue to offer its ResponseDX Gastric™ tests, the ability of the Company to maintain or receive increased reimbursement of its tests, the ability of the Company to expand its sales force, the ability to continue to ramp the sales of ResponseDX and other statements identified by words such as “projects,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans” or similar expressions.

These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results, including, without limitation, actual sales results, if any, or the application of funds, may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise, except as required by law.

RESPONSE GENETICS, INC.


CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS



Three Months Ended

December 31,
Year Ended

December 31,



2008


2009
2008 2009


(Unaudited)


(Unaudited)

Net revenue $ 1,441,362 $ 3,371,695 $ 7,124,771 $ 9,066,683
Operating expenses:
Cost of revenue 867,518 1,822,696 3,965,888 5,720,825
Selling and marketing 352,623 1,113,693 878,706 3,621,030
General and administrative 1,811,552 1,632,424 6,679,992 6,085,628
UK operating expenses 1,431,685 18,617 3,371,513 752,901
Research and development 433,044 559,080 2,088,832 2,293,303
Total operating expenses 4,896,422 5,146,510 16,984,931 18,473,687
Operating loss (3,455,060 ) (1,774,815 ) (9,860,160 ) (9,407,004 )
Other income (expense):
Interest expense (848 ) (2,623 ) (3,875 ) (10,822 )
Interest income 55,276 108 374,659 22,265
Other (5,219 ) 49,718 (8,911 ) 49,718
Loss before income taxes (3,405,851 ) (1,727,612 ) (9,498,287 ) (9,345,843 )
Provision for income taxes (12,749 ) (4,788) (12,749 ) (4,788)
Net loss $ (3,393,102 ) $ (1,722,824 ) $ (9,485,538 ) $ (9,341,055 )
Unrealized loss on foreign currency translation - 10,642 - 46,350
Total comprehensive loss $ (3,393,102 ) $ (1,712,182 ) $ (9,485,538 ) $ (9,294,705 )
Net loss per share — basic and diluted $ (0.33 ) $ (0.11 ) $ (0.93 ) $

(0.70
)
Weighted-average common shares — basic and diluted

10,239,276
15,297,183 10,239,276 13,276,095


Contacts

Trout Group
Investor Relations:
Peter Rahmer, 646-272-8526
or
Fleishman-Hillard
Media Relations:
Barry Sudbeck, 415-318-4261

[JoeHall]

COIN news out 10-k

Converted Organics Inc. Announces over $2.6 Million in Revenue

Shareholder Conference Call Scheduled to Review Business Developments

BOSTON--(BUSINESS WIRE)--Converted Organics Inc. (NASDAQ:COIN) announced today that the Company has filed its Form 10-K annual report with the Securities and Exchange Commission (SEC), announcing revenue of $2,634,000 for the year ended December 31, 2009.

“Converted Organics continues to be pleased with the progress of the Company”

"Converted Organics continues to be pleased with the progress of the Company," said Edward J. Gildea, President of Converted Organics. "We look forward to updating shareholders about the status of the business, including our recent acquisition activities."

Converted Organics' management will update shareholders on recent business developments in a conference call scheduled for 10:00 a.m. ET on Tuesday, April 6, 2010. Shareholders who wish to participate in the conference call may telephone [phone] from the U.S. or [phone] from international locations, approximately 15 minutes prior to the call. A digital replay will be available by telephone for two weeks and may be accessed by dialing [phone] using digital replay code 47169167. The call will also be broadcasted simultaneously via a live webcast on the Converted Organics website at www.convertedorganics.com under the tab Investors and submenu Events & Presentations.

About Converted Organics Inc.

Converted Organics (NASDAQ: COIN, www.convertedorganics.com), based in Boston, MA, is dedicated to producing high-quality, all-natural, organic fertilizer products through food waste recycling.

This press release contains forward-looking statements that are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. In some cases, you may identify forward-looking statements by words such as "may," "should," "plan," "intend," "potential," "continue," "believe," "expect," "predict," "anticipate" and "estimate," the negative of these words or other comparable words. These statements are only predictions. One should not place undue reliance on these forward-looking statements. The forward-looking statements are qualified by their terms and/or important factors, many of which are outside the company's control, involve a number of risks, uncertainties and other factors that could cause actual results and events to differ materially from the statements made. The forward-looking statements are based on the company's beliefs, assumptions and expectations of our future performance, taking into account information currently available to the company. These beliefs, assumptions and expectations can change as a result of many possible events or factors, including those events and factors, not all of which are known to the company, described in the "Risk Factors" section in the company's most recently filed annual report on Form 10-K, as updated in the company's quarterly reports on Form 10-Q filed since the annual report and most recently in the registration statement filed in relation to this offering. Neither the company nor any other person assumes responsibility for the accuracy or completeness of these statements. The company will update the information in this press release only to the extent required under applicable securities laws. If a change occurs, the company's business, financial condition, liquidity and results of operations may vary materially from those expressed in the aforementioned forward-looking statements.

COIN-G

Contacts

PR Financial Marketing
Investor Contact:
Jim Blackman, 713-256-0369
[e-mail]
or
Sterling Communications
Public Relations Contact:
Pat Fiaschetti, 908-996-7945
[e-mail]

[JoeHall]

COIN bid UT .87 x .92