Archive for November, 2009

Taseko (TGB) to Receive $180 Million to Joint Venture 25% of Gibraltar Mine

Nov. 30, 2009 (PR Newswire) — VANCOUVER, Nov. 30 /PRNewswire-FirstCall/ – Taseko Mines Limited (TSX: TKO; NYSE AMEX: TGB) (“Taseko” or the “Company”) announces that it has signed a letter of intent with Sojitz Corporation (“Sojitz”) to establish by early 2010 a joint venture over Taseko’s Gibraltar copper/molybdenum mine in which Taseko will hold 75% and Sojitz 25%. Sojitz will pay approximately $180 million to Taseko for its 25% interest. Taseko will continue to be the operator of Gibraltar.

Russell Hallbauer, President and Chief Executive Officer of Taseko commented, “The formation of this joint venture with a prominent Japanese company is an important step for Taseko, advancing our business plan that includes establishing strategic alliances. As well, it confirms the value that Taseko management has created over the past few years at Gibraltar and underscores the importance of having this long life asset.

This transaction also represents a major advancement of plans to develop our 100% owned Prosperity gold/copper project. With the closing of this transaction, we will have a significant portion of the equity requirement for the construction of a new mine at the Prosperity property.

We are very pleased to have attracted a world class partner in Sojitz. Their historical investments in the British Columbia mining industry and their global trade capabilities position them as an ideal partner for Taseko.”

Sojitz Corporation is a Japanese-based diversified trading company with interests in the machinery, energy and metals, chemicals and consumer products sectors. Sojitz has also made a number of equity investments in the British Columbia mining industry.

The completion of this transaction is subject to ongoing Sojitz due diligence activities, the negotiation and execution of mutually acceptable definitive binding agreements and customary closing deliveries. The letter of intent provides for exclusivity of negotiations and a break fee payable by Taseko.

No regulatory authority has approved or disapproved of the information contained in this news release.

Forward Looking Statements

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address intended future agreements, future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include capital market conditions, commodities market prices, exploitation and exploration successes, lack of continuity of mineralization, completion of the mill upgrade on time estimated and at scheduled cost, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward looking statements. For more information on the Company, Investors should review the Company’s annual Form 40-F filing with the United States Securities and Exchange Commission or the Company’s home jurisdiction filings at www.sedar.com.

Monday, November 30th, 2009 Uncategorized Comments Off on Taseko (TGB) to Receive $180 Million to Joint Venture 25% of Gibraltar Mine

Invitel Holdings A/S (IHO) Announces Financial Results for the Quarter and Nine Months Ended September 30, 2009

Nov. 30, 2009 (Business Wire) — Invitel Holdings A/S (NYSE Amex U.S.: IHO) announced today its financial results for the quarter and nine months ended September 30, 2009.

The results for the quarter and nine months (as successor) ended September 30, 2009 reflect the results of Invitel Holdings A/S and its subsidiaries. The results for the quarter and nine months ended September 30, 2008 are the results of Invitel Holdings’ predecessor, Hungarian Telephone and Cable Corp.

The reporting currency has changed from U.S. dollars to euro. Following the reorganization as a Danish company in February 2009, Invitel Holdings, as a foreign registrant with the SEC, is permitted to report its results in euro. Reporting results in euro is more relevant given that the primary markets of Invitel Holdings’ businesses are in Europe and its debt is primarily euro denominated.

THIRD QUARTER 2009 RESULTS

Please note that when comparing the financial results for the quarter ended September 30, 2009 to the financial results for the quarter ended September 30, 2008, the reported results in euros have been affected by the difference between the average EUR/HUF exchange rates. The Hungarian forint (“HUF”) depreciated against the euro (“EUR”) by 15% with an average EUR/HUF exchange rate of 271.36 during the quarter ended September 30, 2009 compared to the average EUR/HUF exchange rate of 236.11 during the quarter ended September 30, 2008. This change in exchange rates had a negative impact on our Hungarian forint denominated earnings when converted into euro.

Invitel Holdings’ revenue was EUR 80.7 million for the quarter ended September 30, 2009, which represents a 21% decrease compared to the quarter ended September 30, 2008. Segment gross margin decreased by 16% from EUR 72.8 million for the quarter ended September 30, 2008 to EUR 60.8 million for the quarter ended September 30, 2009. Segment selling, general and administrative expenses decreased by 26% from EUR 31.3 million for the quarter ended September 30, 2008 to EUR 23.3 million for the quarter ended September 30, 2009. Income from operations decreased slightly by 2% to EUR 18.5 million for the quarter ended September 30, 2009 Invitel Holdings’ net loss attributable to ordinary shareholders for the quarter ended September 30, 2009 was EUR 0.7 million, or EUR 0.04 per ordinary share, compared to a net loss attributable to common shareholders of EUR 13.4 million, or EUR 0.82 per common share for the quarter ended September 30, 2008.

This decrease in net loss was principally due to EUR 1.9 million of foreign exchange gains recorded during the quarter ended September 30, 2009 while EUR 7.4 million of foreign exchange losses were recorded in the third quarter of 2008, and a decrease in income tax expense of EUR 12.3 million offset by an increase in loss on derivatives of EUR 10.0 million.

Mass Market Voice – Invitel Holdings’ Mass Market Voice segment gross margin was EUR 16.2 million for the quarter ended September 30, 2009, representing a decrease of 27% compared to the quarter ended September 30, 2008. The decrease was mainly due to the devaluation of the Hungarian forint against the euro and a 7% decrease in the number of subscribers inside the historical concession areas, as well as a 27% decrease in the number of low margin carrier select customers outside the historical concession areas. In functional currency terms, Mass Market Voice segment gross margin decreased by 16%.

Mass Market Internet – Invitel Holdings’ Mass Market Internet segment gross margin was EUR 6.8 million for the quarter ended September 30, 2009, representing a decrease of 17% compared to the quarter ended September 30, 2008. The decrease was primarily due to the devaluation of the Hungarian forint against the euro during the period. In functional currency terms, Mass Market Internet segment gross margin for the quarter ended September 30, 2009 decreased by 5%, which was due to the overall slow down of subscriber growth in the fixed line broadband market.

Business – Invitel Holdings’ Business segment gross margin was EUR 16.4 million for the quarter ended September 30, 2009, representing a decrease of 21% compared to the quarter ended September 30, 2008. The decrease was principally attributable to the devaluation of the Hungarian forint against the euro and the renegotiation and retention of a certain major contract. In functional currency terms, Business segment gross margin decreased by 9%.

Wholesale – Invitel Holdings’ Wholesale segment gross margin was EUR 21.4 million for the quarter ended September 30, 2009, representing a decrease of 1% compared to the quarter ended September 30, 2008. This segment was not as affected by the exchange rate fluctuations between the Hungarian forint and the euro since most of the Wholesale business is in euro.

Segment gross margin is a non-GAAP financial measure, which is used by management to evaluate the performance of the business segments. The following table represents the reconciliation of segment gross margin to income from operations:

Three Months Ended September 30,
(euros in millions) 2009 2008
Mass Market Voice 16.2 22.3
Business 16.4 20.7
Mass Market Internet 6.8 8.2
Wholesale 21.4 21.6
Segment Gross Margin 60.8 72.8
Backbone rental expenses (3.3 ) (4.2 )
Network operating expenses (4.8 ) (4.3 )
Direct personnel expenses (3.3 ) (3.7 )
Selling, general and administrative (11.8 ) (19.1 )
Depreciation and amortization (19.1 ) (22.7 )
Income from operations 18.5 18.8

Invitel Holdings’ net cash provided by operations, which includes interest paid but excludes capital expenditure and debt repayments, was EUR 25.1 million for the quarter ended September 30, 2009.

RESULTS FOR NINE MONTHS

The results for the nine months ended September 30, 2009 reflect the inclusion of the results attributable to the Memorex acquisition for the full nine months compared to the nine months ended September 30, 2008, which only included the results from the Memorex acquisition for seven months.

Please note that when comparing the financial results for the nine months ended September 30, 2009 to the financial results for the nine months ended September 30, 2008, the reported results in euro have been affected by the difference between the average EUR/HUF exchange rates. The Hungarian forint depreciated against the euro by 15% with an average EUR/HUF exchange rate of 283.82 during the nine months ended September 30, 2009 compared to the average EUR/HUF exchange rate of 247.69 during the nine months ended September 30, 2008. This change in exchange rates had an impact on Hungarian forint denominated earnings when converted into euro.

Invitel Holdings’ revenue was EUR 242.7 million for the nine months ended September 30, 2009, which represents a 15% decrease compared to the nine months ended September 30, 2008. Segment gross margin decreased by 10% from EUR 201.9 million for the nine months ended September 30, 2008 to EUR 181.9 million for the nine months ended September 30, 2009. Segment selling, general and administrative expenses decreased by 14% from EUR 93.2 million for the nine months ended September 30, 2008 to EUR 80.1 million for the nine months ended September 30, 2009. Income from operations decreased by 2% compared to the nine months ended September 30, 2008 and was EUR 46.5 million for the nine months ended September 30, 2009. Invitel Holdings’ net loss attributable to ordinary shareholders for the nine months ended September 30, 2009 was EUR 41.6 million, or EUR 2.50 per ordinary share, compared to a net loss attributable to common shareholders of EUR 28.9 million, or EUR 1.76 per common share for the nine months ended September 30, 2008. This increase in net loss was principally due to foreign exchange losses of EUR 14.3 million during the nine months ended September 30, 2009 compared to foreign exchange gains of EUR 14.9 million during the nine months ended September 30, 2008, and an increase in interest expense of EUR 7.5 million. These changes being offset by a decrease in loss on derivatives of EUR 6.4 million and a decrease in income tax expense of EUR 17.6 million.

Mass Market Voice – Invitel Holdings’ Mass Market Voice segment gross margin was EUR 48.4 million for the nine months ended September 30, 2009, representing a decrease of 27% compared to the nine months ended September 30, 2008. The decrease was mainly due to the devaluation of the Hungarian forint against the euro and a 7% decrease in the number of subscribers inside the historical concession areas, as well as a 27% decrease in the number of low margin carrier select customers outside the historical concession areas. In functional currency terms, Mass Market Voice segment gross margin decreased by 16%.

Mass Market Internet – Invitel Holdings’ Mass Market Internet segment gross margin was EUR 20.0 million for the nine months ended September 30, 2009, representing a decrease of 15% compared to the nine months ended September 30, 2008. The decrease was primarily due to the devaluation of the Hungarian forint against the euro during the period. In functional currency terms, Mass Market Internet segment gross margin for the nine months ended September 30, 2009 decreased by 2%. The lower growth reflects the overall slow down in the fixed line broadband market.

Business – Invitel Holdings’ Business segment gross margin was EUR 47.7 million for the nine months ended September 30, 2009, representing a decrease of 19% compared to the nine months ended September 30, 2008. The decrease was attributable to the devaluation of the Hungarian forint against the euro and the renegotiation and retention of a certain major contract. In functional currency terms, Business segment gross margin decreased by 7%.

Wholesale – Invitel Holdings’ Wholesale segment gross margin was EUR 65.8 million for the nine months ended September 30, 2009, representing an increase of 23% compared to the nine months ended September 30, 2008. The increase was primarily due to the inclusion of the operations attributable to the Memorex Acquisition, which had an impact of EUR 10.3 million. This segment was not as affected by the exchange rate fluctuations between the Hungarian forint and the euro since most of the Wholesale business is in euro.

Segment gross margin is a non-GAAP financial measure, which is used by management to evaluate the performance of the business segments. The following table represents the reconciliation of segment gross margin to income from operations:

Nine Months Ended September 30,
(euros in millions) 2009 2008
Mass Market Voice 48.4 66.4
Business 47.7 58.6
Mass Market Internet 20.0 23.5
Wholesale 65.8 53.4
Segment Gross Margin 181.9 201.9
Backbone rental expenses (10.1 ) (11.2 )
Network operating expenses (13.3 ) (12.5 )
Direct personnel expenses (9.9 ) (10.3 )
Selling, general and administrative (46.8 ) (59.2 )
Depreciation and amortization (55.3 ) (61.1 )
Income from operations 46.5 47.6

Invitel Holdings’ net cash provided by operations, which includes interest paid but excludes capital expenditure and debt repayments, was EUR 57.1 million for the nine months ended September 30, 2009.

COMMENTS FROM MARTIN LEA

Commenting on the financial results, Invitel Holdings’ President and CEO Martin Lea said, “We continue to face challenging conditions in our Hungarian domestic market as a result of the macroeconomic conditions highlighted by a year on year reduction in GDP of (7.2%) in the third quarter and unemployment rising to 10.4%. This, in particular, is impacting our Mass Market business. We are experiencing a higher rate of reduction in our Mass Market Voice revenue, and we have also seen virtually all the growth go out of the fixed line broadband market in Hungary. We are, however, pleased to note that although the overall fixed line broadband market has stopped growing, as a result of the recession, we at Invitel are continuing to grow our subscriber base. The Business segment has also clearly been impacted by the recession, however notwithstanding that, we are very encouraged that we have been able to maintain consistent gross margin from this activity over the course of the year and that we continue to increase our market share. We are also pleased with the increasing demand for our outsourced server hosting services. Our international Wholesale business has continued to perform well in large part driven by the continuing increase in demand for capacity across the region. Management continues to focus on managing our operating costs base and capital expenditures during this more challenging trading period and this is reflected in the significant year on year reduction in capital expenditure as well as the reduction in operating expenses, contributing to stability in our overall income from operations. Even though the conditions are tough, we believe that the company is performing well relative to the market, and is well positioned to take advantage of the enhanced growth opportunities once we start to see economic recovery.”

CONFERENCE CALL

On November 30, 2009 (at 14:00 UK time, 15:00 CET, 9:00 AM ET) the CEO and CFO of Invitel Holdings will host a conference call to discuss Invitel Holdings’ third quarter and nine months 2009 financial results. You can participate in the conference call by dialling 800-224-62666 (UK toll free), +1-201-689-8567 (International) or +1-877-407-0782 (U.S. toll free) and referencing “Invitel Holdings”.

A webcast of the call and the presentation materials will be available on the Invitel Holdings web site at www.invitel.hu under “Investor Relations”. The webcast will be archived for 30 days.

In addition, a replay of the call will be available two hours after the call has ended and through December 14, 2009. To access the replay of the call, please dial +1-877-660-6853 (U.S. toll free) or internationally dial +1-201-612-7415 and enter the account (286) followed by the replay access code (338575).

A copy of the presentation materials will also be filed with the U.S. Securities and Exchange Commission prior to the call.

ABOUT INVITEL HOLDINGS A/S

Invitel Holdings A/S is the number one alternative and the third-largest fixed line telecommunications and broadband Internet Services Provider in the Republic of Hungary. In addition to delivering voice, data and Internet services in Hungary, it is also a leading player in the Central and Eastern European wholesale telecommunications market.

Forward-Looking Statements

The information above includes forward-looking statements about Invitel Holdings and its subsidiaries. These and all forward-looking statements are only predictions of current plans that are constantly under review by Invitel Holdings. Such statements are qualified by important factors that may cause actual results to differ from those contemplated, including those risk factors detailed from time to time in Invitel Holdings Securities and Exchange Commission (“SEC”) filings, which may not be exhaustive. For a discussion of such risk factors, see Invitel Holdings filings with the SEC including, but not limited to, its 2008 Annual Report on Form 20-F. Invitel Holdings operates in a continually changing business environment, and new risk factors emerge from time to time. Invitel Holdings cannot predict such new risk factors, nor can it assess the impact, if any, of such new risk factors on its business or events described in any forward-looking statements. Invitel Holdings has no obligation to publicly update or revise any forward-looking statements to reflect the occurrence of future events or circumstances.

Invitel Holdings A/S

Financial Highlights

(in millions of euro, except per share data)

Statements of Operations
Nine Months Ended

September 30, 2009

(unaudited)

Nine Months Ended

September 30, 2008

(unaudited)

Mass Market Voice 58.3 83.8
Business 61.8 76.8
Mass Market Internet 24.5 28.4
Wholesale 98.1 95.4
Total Revenue 242.7 284.4
Segment Cost of Sales (60.9 ) (82.4 )
Income (loss) from Operations 46.5 47.6
Interest Expense (65.2 ) (57.7 )
Foreign exchange gains (losses), net (14.3 ) 14.9
Gains (losses) on derivative financial instruments (14.2 ) (20.6 )
Net income (loss) attributable to shareholders (41.6 ) (28.9 )
Net income (loss) per share (2.50 ) (1.76 )
Invitel Holdings A/S

Financial Highlights

(in millions of euro, except per share data)

Statements of Operations
Three Months Ended

September 30, 2009

(unaudited)

Three Months Ended

September 30, 2008

(unaudited)

Mass Market Voice 19.4 27.8
Business 21.2 26.9
Mass Market Internet 8.3 10.0
Wholesale 31.8 37.1
Total Revenue 80.7 101.8
Segment Cost of Sales (19.9 ) (28.9 )
Income (loss) from Operations 18.5 18.8
Interest Expense (18.2 ) (19.8 )
Foreign exchange gains (losses), net 1.9 (7.4 )
Gains (losses) on derivative financial instruments (6.0 ) 4.0
Net income (loss) attributable to shareholders (0.7 ) (13.4 )
Net income (loss) per share (0.04 ) (0.82 )
Invitel Holdings A/S

Financial Highlights

(in millions of EUR, except per share data)

Balance Sheets
September 30, December 31,
2009 2008
(unaudited)
Current Assets 82.6 100.3
Property, Plant and Equipment, net 523.9 547.7
Total Assets 827.2 890.6
Total Current Liabilities 159.6 181.2
Long Term Debt 678.7 665.3
Total Shareholders Equity (84.6 ) (39.7 )
Total Liabilities and
Shareholders Equity 827.2 890.6
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CSG Systems (CSGS) Extends Customer Care and Billing Contract with DISH Network Through 2012

Nov. 30, 2009 (Business Wire) — CSG Systems International, Inc. (NASDAQ:CSGS), a leading provider of customer interaction management and billing solutions, today announced that it has entered into a new multi-year agreement for DISH’s nearly 14 million customers that includes a 3-year commitment for customer care and billing services through December 31, 2012, and a 5-year commitment for print and mail services through December 31, 2014. The agreement also includes an option to extend these services through December 31, 2015, and migrate to CSG’s next generation ACP platform, which currently supports CSG’s other 32 million plus customer accounts processed today.

“We are pleased to have earned the right to continue to provide business critical services to DISH into the future,” said Peter Kalan, president and chief executive officer of CSG Systems. “We understand and support DISH’s needs to provide a superior customer experience. We will continue to invest in our people, our products and our relationship so that we can help DISH achieve its longer-term business objectives.”

Additional details regarding the terms of this agreement are included in CSG’s Form 8-K dated November 30, 2009. A copy of the agreement (with confidential information redacted) will be filed as an exhibit to CSG’s Form 10-K for the year ended December 31, 2009.

Conference Call

CSG will host a conference call on November 30, 2009 at 4 p.m. ET to discuss the DISH agreement in more detail. The call will be carried live and archived on the Internet at www.csgsystems.com. In addition, to reach the conference by phone, dial (877) 941-6010 and ask the operator for the CSG Systems conference call, Liz Bauer chairperson.

About CSG Systems

Headquartered in Englewood, Colorado, CSG Systems International, Inc. (NASDAQ: CSGS) is a customer interaction management company that provides software- and services-based solutions that help clients engage and transact with their customers. With a 25-year heritage in providing customer management and billing solutions to North American cable and direct broadcast satellite companies, CSG has broadened its customer interaction management capabilities to proudly serve this client base as well as new, highly competitive industries including financial services, healthcare, utilities and more. Today, CSG’s solutions reach more than half of all US households each month and manage over $36 billion in transactions annually on its clients’ behalf. For more information, visit our website at www.csgsystems.com.

Forward-Looking Statements

This news release contains forward-looking statements as defined under the Securities Act of 1933, as amended that are based on assumptions about a number of important factors and involve risks and uncertainties that could cause actual results to differ materially from what appears in this news release. These factors include, but are not limited to: 1) the concentration of approximately two-thirds of CSG’s revenues with four clients; as a result, the loss of business from any one of those clients could potentially have a material adverse impact to CSG’s financial results; 2) CSG’s dependency on a variety of computing environments and communications networks, as well as risks inherent to transitioning data centers, thus subjecting CSG to the risks of extended interruptions, outages, unauthorized access and corruption of data; 3) the timing, duration, and degree of an economic turnaround are uncertain; thus there can be no assurances regarding the performance of our business, and the potential impact to our clients and key vendors, resulting from the current economic conditions; 4) continued market acceptance of CSG’s Advanced Convergent Platform (ACP) and related products and services; 5) CSG’s ability to continuously develop and enhance products in a timely, cost-effective, technically advanced and competitive manner; 6) CSG’s ability to implement new solutions, and migrate or convert clients to our solutions in a timely and effective manner; 7) CSG’s dependency on the North American communications industry; as a result, key market factors such as further industry consolidation, new market entrants that may not be clients of CSG, macroeconomic conditions affecting the credit and equity markets generally, and/or the financial status of CSG clients may affect CSG’s ability to maintain and expand market share; 8) increasing competition in our market from companies of greater size and with broader presence in the communications sector, thus exerting greater influence over client buying decisions; 9) CSG’s ability to successfully integrate and manage acquired businesses, technology or assets to achieve the expected strategic, operating and financial goals established for such acquisitions; and 10) CSG’s continued ability to protect its intellectual property rights. This list is not exhaustive and readers are encouraged to review the additional risks and important factors described in CSG’s reports on Forms 10-K and 10-Q and other filings made with the SEC.

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MoSys (MOSY) Announces Availability of Silicon Proven 40nm DDR3 and DDR3/2 Combo PHYs

Nov. 30, 2009 (Business Wire) — MoSys, Inc., a leading supplier of high-density embedded memory and high-datarate parallel and serial interface IP, today announced the availability of its silicon-proven DDR3 and DDR3/2 combo PHYs. MoSys’ fully-integrated solution complies with the latest DFI specification and provides the physical layer (PHY) interface between the controller logic and DDR3/2 DRAM devices. The DDR3/2 PHYs can achieve datarates up to 1600Mbps in a wirebond package and 2133Mbps in flip chip packaging, making them well-suited for both high -performance and cost-sensitive designs.

“Our high-performance memory controllers and predictable protocol verification portfolio are the industry’s most widely used, silicon-proven solutions,” said David Lin, Vice President of Marketing at Denali Software, Inc. “MoSys’ DDR3/2 Combo PHY extends our ability to provide best-in-class, end-to-end memory interconnect solutions to our mutual customers.”

“DDR3 is rapidly gaining adoption as the next generation of the DDR memory interface,” said David DeMaria, Vice President of Business Operations at MoSys. “The availability of our DDR3/2 Combo PHY and its seamless interoperability with Denali’s Memory Controller ensures speedy time-to-market for our customers’ chip designs.”

“The high speed interface requirements for our ASICs are demanding,” said Anil Mankar, Senior Vice President of VLSI Engineering for Mindspeed Technologies. “We selected the DDR3 solution from MoSys because it precisely met our requirements.”

MoSys’ DFI 2.1 compliant DDR 3/2 PHY product is available to chip designers using 40nm and 65nm processes. MoSys’s DDR 3/2 Combo PHY solution is available in both wirebond and flipchip configurations. Offering a choice of 1.8V or 2.5V IO FETs, the DDR PHYs support datarates up to 2133Mbps.

About MoSys, Inc.

Founded in 1991, MoSys® (NASDAQ: MOSY), develops, markets and licenses differentiated embedded memory and high speed parallel and serial interface IP for advanced SoC designs. MoSys’ patented 1T-SRAM® and 1T-Flash® memory technologies offer a combination of high density, low power consumption, high speed and low cost advantages that are unmatched by other available memory technologies for a variety of networking, computing, storage and consumer/graphics applications.

MoSys’ silicon-proven interface IP portfolio includes DDR3/2 Combo PHYs, as well as SerDes IP that support data rates from 1 Gigabit per second (Gbps) to 11Gbps, across a wide range of standards, including PCI-Express, XAUI, SATA and 10G KR. MoSys IP has been production-proven in more than 190 million devices.

MoSys is headquartered in Sunnyvale, California. More information is available on MoSys’ website at www.mosys.com.

MoSys, 1T-SRAM and 1T-Flash are registered trademarks of MoSys, Inc. All other trademarks mentioned herein are the intellectual property of their respective owners.

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GSI Technology, Inc. (GSIT) Introduces Revolutionary Next Generation SRAM Architecture

Nov. 30, 2009 (Business Wire) — GSI Technology (Nasdaq: GSIT) announces the availability of SigmaQuad-IIIe™ and SigmaDDR-IIIe™, two new SRAM products whose revolutionary architecture provides the ultimate in system performance, reliability, and flexibility for applications that require a high random address rate. They are specifically designed to meet the growing memory requirements of networking systems—the backbone of the Internet.

“To most of the world, ‘fast memory’ means high bandwidth data, while in SRAM circles it has typically meant low latency,” said David Chapman, Vice President of Marketing and Applications Engineering for GSI Technology. “But today, networking system designers need something more. The IIIe family delivers more, including the first memory product ever that can sustain continuous fully random read and write transactions every single nanosecond.

“This sort of capability is terribly important to those wishing to measurably enhance the performance of networking systems,” noted Chapman. “And because these parts allow designers to solve problems directly rather than through increasing architectural complexity, these SRAMs help cut development costs and improve our customer’s time-to-market. Although improvement in random address rate — the measure of how often a new fully random access can be executed in a memory device — is sure to be seen as the biggest contribution of this product family, the series also includes the highest bandwidth SRAMs available on the open market and the most complete set of signal integrity improvement tools SRAM users have ever had.”

Performance

At 625 MHz, the new 72Mbit Type–IIIe products feature the market’s fastest available Burst of 4 operation, which is 14% faster than the nearest competitor, and the market’s fastest Burst of 2 operation, which is 50% faster than the nearest competitor. Packaged in a 260 BGA with checkerboard power and ground pin out, these devices deliver both high transaction rate operations and very high data bandwidth with dramatically improved signal integrity to control system noise. Additionally, new features have been added to ease host memory controller design and reduce Soft Error Rate (SER).

GSI’s SigmaQuad/SigmaDDR-IIIe devices offer both obvious and subtle improvements over previous generations of Quad and DDR SRAM products. An improved input clocking scheme provides the ability to optimize input setup and hold times in a variety of board layout schemes and an improved output clocking scheme provides a more consistent and therefore a wider data output valid window. In addition, user-configurable output echo clocks can be centered or edge-aligned. There is also a selectable read pipeline length to maximize input clock frequency. Another feature is highly robust input termination available on all synchronous inputs to minimize signal reflections.

Availability

GSI Technology’s 72Mbit SigmaQuad/SigmaDDR-IIIe products are sampling now. Multiple application notes and a white paper are available. For more information on GSI’s 72Mbit SigmaQuad/SigmaDDR-IIIe products go to http://www.gsitechnology.com/SigmaIIIe.htm or contact your local sales representative at http://www.gsitechnology.com/sales.htm.

About GSI Technology

Founded in 1995, GSI Technology, Inc. is a leading provider of high performance SRAMs primarily incorporated in networking and telecommunications equipment. Headquartered in Santa Clara, California, GSI Technology is ISO 9001 certified and has world-wide factory and sales locations. For more information, please visit http://www.gsitechnology.com/.

Forward-Looking Statements

The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding GSI Technology’s expectations, beliefs, intentions, or strategies regarding the future. All forward-looking statements included in this press release are based upon information available to GSI Technology as of the date hereof, and GSI Technology assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a variety of risks and uncertainties, which could cause actual results to differ materially from those projected. These risks include those associated with fluctuations in GSI Technology’s operating results; GSI Technology’s historical dependence on sales to a limited number of customers and fluctuations in the mix of customers and products in any period; the rapidly evolving markets for GSI Technology’s products and uncertainty regarding the development of these markets; the need to develop and introduce new products to offset the historical decline in the average unit selling price of GSI Technology’s products; the challenges of rapid growth followed by periods of contraction; and intensive competition. Further information regarding these and other risks relating to GSI Technology’s business is contained in the Company’s filings with the Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in such filings.

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Cubic Energy, Inc. (QBC) Acquires $30,952,810 in Drilling Credits

DALLAS, Nov. 24, 2009 (GLOBE NEWSWIRE) — Cubic Energy, Inc. (NYSE Amex:QBC) (“Cubic” or the “Company”) announces that it has entered into transactions with Tauren Exploration, Inc. (“Tauren”) and an affiliate of Tauren, both of which are entities controlled by Calvin Wallen III, the Chief Executive Officer of the Company, under which Cubic has acquired $30,952,810 in pre-paid drilling credits (the “Drilling Credits”) applicable towards the development of its Haynesville Shale rights in Northwest Louisiana. These Drilling Credits were previously acquired by Tauren in connection with the sale of a majority of its Haynesville Shale rights in Northwest Louisiana. Cubic will use the Drilling Credits to fund $30,952,810 of its share of the drilling and completion costs for those horizontal Haynesville Shale wells drilled in sections previously operated by an affiliate of the Company which are now operated by a third party with significant Haynesville Shale operations experience.

As consideration for the Drilling Credits, the Company, (I). has conveyed to Tauren a net overriding royalty interest of approximately 2% in its leasehold rights below the Taylor Sand formation of the Cotton Valley; and (II). has agreed to issue to an affiliate of Tauren 10,350,000 Company common shares and preferred stock in the amount of $10,350,000, convertible into Company common shares at $1.20 per common share, five year conversion term, with such issuance of the common shares and the preferred stock dependent upon the approval of the Company’s additional listing application with the NYSE Amex.

As a result of the transactions between the Company and Tauren, Wells Fargo Energy Capital (“WFEC”) has provided the Company an additional extension until January 1, 2010 to allow for continued negotiations as to a potential Credit Facility amendment.

Calvin Wallen III states, “The breadth of the Drilling Credits and its potential impact on reserves and cash flow, coupled with the new operator’s capabilities, is a major step in taking Cubic to the next level.”

Cubic Energy, Inc. is an independent company engaged in the development and production of, and exploration for, crude oil and natural gas. The Company’s oil and gas assets and activity are concentrated primarily in the Haynesville Shale Play located in Northwest Louisiana. Additional information can be found on Cubic’s website at: www.cubicenergyinc.com.

The Cubic Energy logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1243

This press release includes statements, which may constitute “forward-looking” statements, usually containing the words “believe”, “estimate”, “project”, “expect”, or similar expressions. These statements are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, future trends in mineral prices, the availability of capital for development of mineral projects and other projects, obtaining the necessary financing for the general operations of the Company, the Company’s ability to negotiate and finalize an amendment to its current Credit Facility, dependency on pipelines in which to sell the Company’s natural gas it produces, reliance on third party operators and contractors to drill wells, develop the production infrastructure and in the performance of well completion work, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revision or changes after the date of this release. There can be no assurance that any future activities and/or transactions mentioned in this press release will occur as planned. Cubic can not guarantee any level of production from its wells.

Wednesday, November 25th, 2009 Uncategorized Comments Off on Cubic Energy, Inc. (QBC) Acquires $30,952,810 in Drilling Credits

QAD (QADI) Announces Fiscal 2010 Third Quarter Financial Results

Nov. 24, 2009 (Business Wire) — QAD Inc. (Nasdaq:QADI), a global provider of enterprise software and services, today reported financial results for the fiscal 2010 third quarter ended October 31, 2009.

Total revenue equaled $56.2 million for the fiscal 2010 third quarter, compared with $67.8 million for the same period last year and $51.3 million for the fiscal 2010 second quarter. License revenue equaled $8.4 million, versus $13.1 million for the fiscal 2009 third quarter and $6.7 million for the fiscal 2010 second quarter. Maintenance and other revenue totaled $33.8 million, compared with $32.7 million for the third quarter of fiscal 2009 and $32.1 million for the second quarter of fiscal 2010. Services revenue was $14.1 million, versus $22.0 million for last year’s fiscal third quarter and $12.5 million for the prior sequential quarter.

Net income for the fiscal 2010 third quarter was $4.8 million, or $0.15 per fully diluted share, including stock compensation expense of $0.03 per fully diluted share net of tax. In the fiscal 2009 third quarter, the company reported a net loss of $1.8 million, or $0.06 per share, including stock compensation expense of $0.03 per fully diluted share net of tax.

“We are successfully managing our business through this tough economic environment,” said Karl Lopker chief executive officer of QAD. “Continued prudent expense management contributed to an increased cash balance year-to-date, as well as meaningful profitability in the recent quarter. While many global economic indicators are still mixed, some of our customers are starting to show increased confidence. As signs of a global recovery begin to emerge, we believe we are well positioned to take advantage of improvements in the manufacturing sector, and look forward to continuing to work closely with our customers as their businesses grow.”

Gross margin for the fiscal 2010 third quarter was 60 percent, compared with 54 percent for the fiscal 2009 third quarter, mainly reflecting a change in revenue mix.

Total operating expenses were $28.1 million, or 50 percent of total revenue, for the fiscal 2010 third quarter, versus $37.1 million, or 55 percent of total revenue, for the third quarter of fiscal 2009.

Operating income for the fiscal 2010 third quarter totaled $5.6 million, including $1.2 million in stock compensation expense, compared with an operating loss of $533,000, including $1.3 million in stock compensation expense, for the third quarter of the prior fiscal year.

For the first nine months of fiscal 2010, revenue totaled $162.5 million, versus $204.1 million for the first nine months of fiscal 2009. Net income for the fiscal 2010 year-to-date period was $0.7 million, or $0.02 per fully diluted share, including stock compensation expense of $0.08 per fully diluted share net of tax. This compares with a net loss of $4.0 million, or $0.13 per share, for the fiscal 2009 year-to-date period including stock compensation expense of $0.10 per fully diluted share net of tax.

QAD’s cash and cash equivalents balance at October 31, 2009 grew to $43.7 million, compared with $31.5 million at January 31, 2009. Cash flow provided by operations was $3.3 million for the third quarter of fiscal 2010, versus $2.5 million for the third quarter of fiscal 2009. For the first nine months of fiscal 2010, cash flow provided by operations was $15.6 million, compared with $9.6 million in the prior year period.

Fiscal 2010 Third Quarter Highlights:

  • Received orders from 15 customers representing more than $500,000 each in combined license, support and services billings, including six orders in excess of $1.0 million;
  • Received license orders from companies across QAD’s six vertical markets including, among others: Coca-Cola Enterprises; Gemalto; GS Yuasa Corporation; Groupe Danone; Halberg Emboutissage et Mécanisme; Hubbell Inc.; International Paper; Invacare France Operations SAS, SADAFCO; and Tower Automotive.
  • QAD Enterprise Applications 2009.1 is the latest release of QAD’s Enterprise Suite, featuring significant new functionality and usability enhancements in the areas of Customer Relationship Management, Visual Scheduling, Operational Metrics, User Interface, Business Reporting and Forms Management and Enterprise Asset Management.

Business Outlook

For the fiscal 2010 fourth quarter, the company currently expects total revenue of approximately $57 million, and profit of about $0.13 per fully diluted share. For the fiscal 2010 full year, the company currently expects total revenue of approximately $220 million and profit of about $0.15 per fully diluted share.

Investor Conference Call

QAD management will host an investor conference call today at 2:00 p.m. PT (5:00 p.m. ET) to review the company’s financial results and operations for the fiscal 2010 third quarter. The conference call will be webcast live and is accessible through the investor relations section of QAD’s Web site at www.qad.com, where it will be available for approximately one year.

About QAD

QAD is a leading provider of enterprise applications for global manufacturing companies specializing in automotive, consumer products, electronics, food and beverage, industrial and life science products. QAD applications provide critical functionality for managing manufacturing resources and operations within and beyond the enterprise, enabling global manufacturers to collaborate with their customers, suppliers and partners to make and deliver the right product, at the right cost and at the right time. For more information about QAD, telephone +1 805-566-6000, or visit the QAD Web site at www.qad.com.

“QAD” is a registered trademark of QAD Inc. All other products or company names herein may be trademarks of their respective owners.

Note to Investors: This press release contains certain forward-looking statements made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. A number of risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements. These risks include, but are not limited to, evolving demand for the company’s software products and products that operate with the company’s products; the company’s ability to sustain license and service demand; the company’s ability to leverage changes in technology; the company’s ability to sustain customer renewal rates at current levels; the publication of opinions by industry and financial analysts about the company, its products and technology; the reliability of estimates of transaction and integration costs and benefits; the entry of new competitors or new offerings by existing competitors and the associated announcement of new products and technological advances by them; delays in localizing the company’s products for new or existing markets; the ability to recruit and retain key personnel; delays in sales as a result of lengthy sales cycles; changes in operating expenses, pricing, timing of new product releases, the method of product distribution or product mix; timely and effective integration of newly acquired businesses; general economic conditions; exchange rate fluctuations; and, the global political environment. In addition, revenue and earnings in the enterprise resource planning (ERP) software industry are subject to fluctuations. Software license revenue, in particular, is subject to variability with a significant proportion of revenue earned in the last month of each quarter. Given the high margins associated with license revenue, modest fluctuations can have a substantial impact on net income. Investors should not use any one quarter’s results as a benchmark for future performance. For a more detailed description of the risk factors associated with the company and the industries in which it operates, please refer to the company’s Annual Report on Form 10-K for fiscal 2009 ended January 31, 2009.

QAD Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
Three Months EndedOctober 31, Nine Months EndedOctober 31,
2009 2008 2009 2008
Revenue:
License fees $ 8,409 $ 13,055 $ 21,318 $ 36,448
Maintenance and other 33,779 32,687 98,732 101,341
Services 14,052 22,025 42,498 66,329
Total revenue 56,240 67,767 162,548 204,118
Cost of revenue:
Cost of license fees 1,813 2,689 5,351 7,474
Cost of maintenance, service and other revenue 20,719 28,548 65,179 86,200
Total cost of revenue 22,532 31,237 70,530 93,674
Gross profit 33,708 36,530 92,018 110,444
Operating expenses:
Sales and marketing 12,168 17,825 38,731 55,938
Research and development 8,678 10,794 28,349 33,165
General and administrative 7,101 8,260 23,492 25,180
Amortization of intangibles from acquisitions 121 184 468 559
Total operating expenses 28,068 37,063 91,040 114,842
Operating income (loss) 5,640 (533 ) 978 (4,398 )
Other (income) expense:
Interest income (132 ) (366 ) (440 ) (1,213 )
Interest expense 321 309 948 948
Other (income) expense, net (511 ) 20 (609 ) 456
Total other (income) expense (322 ) (37 ) (101 ) 191
Income (loss) before income taxes 5,962 (496 ) 1,079 (4,589 )
Income tax expense (benefit) 1,208 1,325 415 (605 )
Net income (loss) $ 4,754 $ (1,821 ) $ 664 $ (3,984 )
Basic net income (loss) per share $ 0.15 $ (0.06 ) $ 0.02 $ (0.13 )
Diluted net income (loss) per share $ 0.15 $ (0.06 ) $ 0.02 $ (0.13 )
Basic weighted shares 31,120 30,671 30,925 30,656
Diluted weighted shares 32,429 30,671 31,901 30,656
QAD Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(unaudited)
October 31, January 31,
2009 2009
Assets
Current assets:
Cash and equivalents $ 43,727 $ 31,467
Accounts receivable, net 40,225 70,954
Other current assets 18,780 19,164
Total current assets 102,732 121,585
Property and equipment, net 38,575 41,438
Capitalized software costs, net 3,054 5,699
Goodwill 6,338 6,237
Other assets, net 18,035 18,786
Total assets $ 168,734 $ 193,745
Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt $ 280 $ 266
Accounts payable and other current liabilities 30,964 43,575
Deferred revenue 68,665 81,392
Total current liabilities 99,909 125,233
Long-term debt 16,511 16,717
Other liabilities 4,395 4,324
Stockholders’ equity:
Common stock 35 35
Additional paid-in capital 142,446 139,930
Treasury stock (33,031 ) (36,614 )
Accumulated deficit (52,050 ) (49,103 )
Accumulated other comprehensive loss (9,481 ) (6,777 )
Total stockholders’ equity 47,919 47,471
Total liabilities and stockholders’ equity $ 168,734 $ 193,745
QAD Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(unaudited)
Nine Months Ended
October 31,
2009 2008
Net cash provided by operating activities $ 15,604 $ 9,606
Cash flows from investing activities:
Purchase of property and equipment (645 ) (4,810 )
Capitalized software costs (314 ) (821 )
Acquisitions of businesses, net of cash acquired (14 ) (6,235 )
Proceeds from sale of marketable securities 275
Proceeds from sale of property and equipment 41 3
Net cash used in investing activities (932 ) (11,588 )
Cash flows from financing activities:
Repayments of debt (192 ) (221 )
Proceeds from issuance of common stock 56 456
Changes in book overdraft (2,476 ) (1,015 )
Repurchase of common stock (2,219 )
Dividends paid (1,227 ) (2,300 )
Net cash used in financing activities (3,839 ) (5,299 )
Effect of exchange rates on cash and equivalents 1,427 (2,104 )
Net increase (decrease) in cash and equivalents 12,260 (9,385 )
Cash and equivalents at beginning of period 31,467 45,613
Cash and equivalents at end of period $ 43,727 $ 36,228
Wednesday, November 25th, 2009 Uncategorized Comments Off on QAD (QADI) Announces Fiscal 2010 Third Quarter Financial Results

Kingstone Companies, Inc. (KINS) – Gain of $5.4 Million to Be Reflected in Q3 Filing

Nov. 25, 2009 (Business Wire) — Kingstone Companies, Inc. (NASDAQ: KINS) filed a Form 8-K on November 24, 2009, announcing its engagement of Amper, Politziner & Mattia (“Amper”) as its new independent auditors. Barry Goldstein, Kingstone’s Chairman and CEO, said “With the acquisition of Kingstone Insurance Company on July 1, 2009 we’ve transitioned our company to the underwriting segment of the property and casualty insurance industry. We need an experienced auditor with a depth of knowledge on the carrier side of the business, something that Amper is able to fulfill.”

Current status

On July 1, 2009 Commercial Mutual Insurance Company (“CMIC”) converted from a policyholder-owned entity to a stock company, now named Kingstone Insurance Company (“KICO”). Pursuant to the plan of conversion, KICO became a wholly-owned subsidiary of Kingstone. For insurance regulatory purposes, the historical financial statements of CMIC were audited every year on a statutory accounting basis. In order to conform to our SEC regulatory filing requirements, we engaged Amper to prepare GAAP standard audits for 2007 and 2008. It was a long process, but it has now been concluded. Earlier this month, we filed Form 8-Ks which included these audited statements as well as pro forma financial statements, that gave effect to the acquisition. Each of the Form 8-K filings is posted on our website at www.kingstonecompanies.com. We are now in the process of completing our September 30, 2009 Form 10-Q filing and anticipate its submission after the Thanksgiving holiday.

Gain on conversion

Included in the pro forma statements and to be included in the September 30, 2009 Form 10-Q is a gain of $5,401,860. This amount represents the excess of the fair market value of the assets received over the consideration given. At June 30, 2009 the carrying amount of the CMIC surplus notes on our books was $5,996,461. This included the original purchase price of the notes acquired on January 31, 2006, as well as accrued but unpaid interest and discount accreted to June 30, 2009. In exchange for our receiving all the common stock of KICO, we released KICO from its indebtedness to us.

We received net assets with a fair value of $13,145,555. This resulted in a pre-tax gain of $7,149,094. After applying taxes at a 34% rate, the net gain to be recorded is $5,401,860.

Quarter ended September 30, 2009

Our September 30, 2009 Form 10-Q has been delayed due to the retention of Amper as our new auditors, the first time inclusion of KICO results, and the significant effort involved in converting KICO’s historical financial results from statutory accounting to GAAP. The following table summarizes our estimate for Q3 results (000’s omitted, except share and per share amounts):

Item Insurance(KICO) Other Consolidated
Pre-tax operating income $655 $(230 ) $425
Gain on acquisition 5,401 5,401
Income tax (241 ) 57 (184 )
Income from continuing operations 414 5,228 5,642
Loss from discontinued operations (net of tax) (57 ) (57 )
Net Income 414 5,171 5,585
Unrealized gains (net of tax) 197 197
Comprehensive Income 611 5,171 5,782
Stockholders Equity 10,681
Earnings per share-primary-2,997,501 shares 1.87
Book value per share-primary 3.59

Forward Looking Statements

Statements in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those included in forward-looking statements due to a variety of factors. More information about these factors can be found in Kingstone’s filings with the Securities and Exchange Commission, including its latest Annual Report filed with the Securities and Exchange Commission on Form 10-K. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Wednesday, November 25th, 2009 Uncategorized Comments Off on Kingstone Companies, Inc. (KINS) – Gain of $5.4 Million to Be Reflected in Q3 Filing

Gulfstream International (GIA) Airlines Celebrates its First Full Year of Service at Cleveland Hopkins International Airport

CLEVELAND, Nov. 24, 2009 (GLOBE NEWSWIRE) — Gulfstream International Airlines (AMEX:GIA) recently celebrated its first full year of service at Cleveland Hopkins International Airport. Gulfstream commenced service in September of 2008 with flights to DuBois, PA; Franklin/Oil City, PA and Lewisburg/Greenbrier, WV. It expanded its service in October of 2008 adding flights to Bradford/Warren, PA and Jamestown, NY. These flights are operated under Gulfstream’s “Continental Connection” affiliation with Continental Airlines. Under this arrangement, Gulfstream coordinates pricing and schedules with Continental Airlines. Gulfstream passengers enjoy a seamless travel experience as through ticketing and baggage transfer is offered. Gulfstream passengers may participate in the Continental OnePass Frequent Flyer program and may book their flights and select their seats via Continental’s website, Continental.com.

“The establishment of service at Continental’s Cleveland hub has been a critical part of Gulfstream International’s route realignment. By adding service to these Essential Air Service points, we have successfully redeployed our aircraft in a way that has benefited these communities and our airline,” said Mickey Bowman, Gulfstream’s Vice President of Corporate Development.

Gulfstream currently operates 23 aircraft with over 150 daily system departures throughout Florida, the Bahamas and now with service at Cleveland, OH. Gulfstream operates as Continental Connection, under contractual agreement with Continental Airlines. Additionally Gulfstream has codeshare relationships with United Airlines and Copa Airlines of Panama. The Company, with its headquarters in Ft. Lauderdale, has approximately 500 employees, the bulk of which are Florida based. Gulfstream is a member of the Regional Airline Association.

Tuesday, November 24th, 2009 Uncategorized Comments Off on Gulfstream International (GIA) Airlines Celebrates its First Full Year of Service at Cleveland Hopkins International Airport

Dataram (DRAM) Reports Fiscal 2010 Second Quarter Financial Results

Nov. 24, 2009 (Business Wire) — Dataram Corporation (NASDAQ: DRAM) today reported its financial results for its fiscal second quarter ended October 31, 2009. Revenues for the second quarter were $10.7 million, which compares to $7.1 million for the comparable prior year period. Revenues for the first six months of the current fiscal year were $19.9 million, which compares to $14.6 million for the comparable prior year period. The Company’s recently acquired Micro Memory Bank business unit generated approximately $3.6 million and $6.5 million in revenues, respectively, in the second quarter and first six months of the current fiscal year versus nil in the prior fiscal year.

John H. Freeman, Dataram’s president and CEO, commented, “During our fiscal second quarter, we have seen demand increase as the economy recovers from the worldwide financial crises. Our memory solutions business has improved performance to the point where it is operating at a near cash break even level. I am confident that our sales and marketing strategy will drive further profitable growth. The price of memory has been volatile and we are seeing significant price increases. The upward pricing was based on consolidation of manufacturers, reduced production by manufacturers and increased demand. We expect that memory pricing will continue to increase at a slower pace and in a less volatile manner.”

Mr. Freeman continued, “We recently announced at the Storage Networking World trade show, a unique intelligent SAN optimization solution, XcelaSAN ®. XcelaSAN is the industry’s first solution to deliver substantive application performance improvement to existing applications such as Oracle, SQL, Exchange and VMware. XcelaSAN augments existing storage systems by transparently applying intelligent caching algorithms that serve the most active block-level data from high-speed solid state storage, creating an intelligent, virtual solid state SAN. This breakthrough solution allows organizations to dramatically increase the performance of their existing business-critical applications without the costly hardware upgrades or over-provisioning of storage typically found in current solutions for increased performance. This product launch supports our corporate strategy to deliver data center solutions that optimize performance, leverage existing IT investments, and make measurable reductions in the total cost of ownership associated with these assets. On a limited basis this product is currently being shipped in our fiscal third quarter to select early install clients. We expect the product to be generally available early in 2010. Over the past 18 months, the Company has made significant investments in research and development, primarily associated with the development of this product. In the second quarter and first six months of the current fiscal year, we incurred approximately $1.6 million and $2.5 million, respectively of total expense in that area which compares to approximately $254,000 and $466,000 in the comparable prior year periods. Current year second quarter expenditures include approximately $402,000 of non-recurring expense related to the development of this product. We anticipate our third quarter research and development costs to be less than $1.0 million.”

The Company incurred a net loss for the second quarter of the current fiscal year of $1.6 million, or $0.18 per diluted share, which compares to a net loss of $393,000, or $0.04 per diluted share for the comparable prior year period. Current fiscal year six months net loss totaled approximately $2.6 million, or $0.29 per diluted share, which compares to an approximate net loss of $999,000, or $0.11 per diluted share in same prior year period. Last fiscal year’s six months net loss included a charge to selling, general and administrative expense of approximately $716,000 related to a retirement agreement entered into with the Company’s former chief executive officer.

Mr. Freeman concluded, “Our financial condition remains strong. Our current ratio is 3.8 and our book value is $2.13 per share. I look forward to reporting on our progress next quarter.”

ABOUT DATARAM CORPORATION

Founded in 1967, Dataram is a worldwide leader in the manufacture of high-quality computer memory, storage and software products. Our products and services deliver IT infrastructure optimization, dramatically increase application performance and deliver substantial cost savings. Dataram solutions are deployed in 70 Fortune 100 companies and in mission-critical government and defense applications around the world. For more information about Dataram, visit www.dataram.com.

The information provided in this press release may include forward-looking statements relating to future events, such as the development of new products, pricing and availability of raw materials or the future financial performance of the Company. Actual results may differ from such projections and are subject to certain risks including, without limitation, risks arising from: changes in the price of memory chips, changes in the demand for memory systems, increased competition in the memory systems industry, order cancellations, delays in developing and commercializing new products and other factors described in the Company’s most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission, which can be reviewed at http://www.sec.gov.

DATARAM CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

Second Quarter EndedOctober 31, Six Months EndedOctober 31,
2009 2008 2009 2008
Revenues $ 10,673 $ 7,059 $ 19,863 $ 14,622
Costs and expenses:
Cost of sales 7,937 4,660 14,592 9,595
Engineering and development 259 302 512 634
Research and development 1,621 254 2,495 466
Selling, general and administrative 3,113 2,370 5,842 5,428
Stock-based compensation expense* 225 130 380 256
Intangible asset amortization 164 328
13,319 7,716 24,149 16,379
Loss from operations (2,646 ) (657 ) (4,286 ) (1,757 )
Other income (expense) (12 ) 16 22 125
Loss before income taxes (2,658 ) (641 ) (4,264 ) (1,632 )
Income tax benefit (1,042 ) (248 ) (1,670 ) (633 )
Net loss $ (1,616 ) $ (393 ) $ (2,594 ) $ (999 )
Net loss per share:
Basic $ (0.18 ) $ (0.04 ) $ (0.29 ) $ (0.11 )
Diluted $ (0.18 ) $ (0.04 ) $ (0.29 ) $ (0.11 )
Weighted average number of shares
outstanding:
Basic 8,869 8,869 8,869 8,869
Diluted 8,869 8,869 8,869 8,869

* Stock-based compensation expense is recorded as a component of selling, general and administrative expenses in the Company’s financial statements filed with the Securities and Exchange Commission on Form 10-Q.

DATARAM CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

October 31, 2009 April 30, 2009
ASSETS
Current assets
Cash and cash equivalents $ 4,120 $ 12,525
Accounts receivable, net 5,434 3,381
Inventories 5,587 2,201
Deferred income taxes 511 300
Other current assets 213 126
Total current assets 15,865 18,533
Deferred income taxes 4,730 3,282
Property and equipment, net 1,305 1,100
Intangible assets, net 1,176 1,504
Other assets 118 136
Total assets $ 23,194 $ 24,555
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable $ 2,497 $ 1,386
Accrued liabilities 1,624 1,689
Total current liabilities 4,121 3,075
Accrued liabilities 219 381
Stockholders’ equity 18,854 21,099
Total liabilities and stockholders’ equity $ 23,194 $ 24,555
Tuesday, November 24th, 2009 Uncategorized Comments Off on Dataram (DRAM) Reports Fiscal 2010 Second Quarter Financial Results

Clean Diesel Technologies, Inc. (CDTI) Reports $528,000 Order From Metroline and Other London Low Emissions Zone Milestones

BRIDGEPORT, Conn., Nov. 23, 2009 (GLOBE NEWSWIRE) — Clean Diesel Technologies, Inc. (Nasdaq:CDTI), the cleantech emissions reduction company providing sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road engine applications, today reported on a series of strategic developments consistent with its new product strategy, including an order from Metroline, a leading London bus operator, valued at approximately $528,000.

Following the decision to implement a strategic course change earlier this year, Clean Diesel has made significant progress in implementing its new product-related focus for the global retrofit market. Today, the Company reported the achievement of several milestones in its effort to further develop its Purifier e4 product technology for more widespread use within the United Kingdom (UK) and the London Low Emission Zone (LEZ).

First, Clean Diesel entered into a supply agreement with Hug Engineering to provide Diesel Particulate Filter (DPF) substrates and related technology to the UK bus market. The agreement is a result of the complementary nature of their respective technologies and represents a key enabler for Clean Diesel’s penetration of new market segments such as London bus operators.

Second, after successful completion of the Millbrook London Transport Bus Cycle testing, Clean Diesel’s DPF technology was accepted for use on London’s bus vehicles. Subsequent trials at Metroline demonstrated improved reliability and durability resulting in significant cost savings. Clean Diesel successfully demonstrated how its Purifier e4 technology reduced NO2 emissions, when compared to those observed with the alternative technology in London bus applications. Simultaneously it cut particulates by over 95% thereby reducing the impact of bus emissions on air quality and removing emissions of black carbon, which increasingly are seen as a major contributor to global warming.

Third, the Clean Diesel Purifier system featuring Hug’s filter technology was granted reduced pollution certification, allowing for a reduction in the amount of vehicle excise duty payable by an operator. This, together with the acceptance for London’s buses, increases commercialization prospects for Clean Diesel, as UK bus operators who use the technology can benefit from the annual reduction in vehicle excise duties, reduced operational costs and improved emissions.

Finally, based on the results of the extensive test program and fleet trials, Metroline, a member of ComforDelGro, the world’s second largest land transport group, selected Clean Diesel’s Purifier e4 technology for integration into their London fleet beginning November 2009. The contract is valued at approximately $528,000.

Ian Foster, Engineering Director of Metroline Travel Ltd., commenting on the contract, said, “Metroline has been working with CDT towards an alternative solution on exhaust filtration for the last 18 months. Clean Diesel’s Platinum Plus and Purifier particulate filter technology was the most efficient and effective solution for our inner city operating conditions. Metroline’s technical expectations have been exceeded by employing Clean Diesel’s technology. We’ve also observed the additional benefits of extending the longevity of particulate filtration components and offering a significant maintenance and running cost reduction.”

Michael Asmussen, President and CEO of Clean Diesel said, “These agreements and certifications validate our new business strategy of focusing on the development of differentiated products based on proven intellectual property that provide value to the global marketplace. While this approach is time and resource intensive, our team can take pride in their effective execution of the strategy by winning the business. It’s a strategy we will continue to use both in the UK and throughout the global markets.”

About Clean Diesel Technologies

Clean Diesel Technologies (Nasdaq:CDTI) is a cleantech company providing sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road engine applications. Clean Diesel’s patented technologies and products allow manufacturers and operators to comply with increasingly strict regulatory emissions and air quality standards, while also improving fuel economy and power.

The company’s solutions significantly reduce emissions formed by the combustion of fossil fuels and biofuels (without increasing secondary emissions such as nitrogen dioxide, NO2), including particulate matter (PM), nitrogen oxides (NOx), carbon monoxide (CO) and hydrocarbons (HC). As a result, they are effective for: OEMs, Tier 1 suppliers and retrofit providers; businesses entering the emissions control market seeking solutions and expertise; operators requiring compliant emissions solutions; fuel, biofuels and additive suppliers seeking low emissions and energy efficient products; and regulators creating public policy. Clean Diesel’s solutions, therefore, are ideal for such markets as: on-road vehicles, construction, mining, agriculture, port/freight handling, locomotive, marine, and power generation.

Clean Diesel develops and manages intellectual property from original concept to full-scale commercial deployment. Building on its almost 300 granted and pending patents, its offerings include ARIS(R) selective catalytic reduction (SCR); the patented combination of SCR and exhaust gas recirculation (EGR); hydrocarbon injection for emissions control applications; Platinum Plus(R) Fuel-Borne Catalyst (FBC); the Purifier(TM) family of particulate filter systems; and its wire mesh filter particulate filter technologies. The company was founded in 1995 and is headquartered in Bridgeport, Connecticut. A wholly-owned subsidiary, Clean Diesel International, LLC is based in London, England. For more information, please visit www.cdti.com.

The Clean Diesel Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5742

Safe Harbor

Certain statements in this news release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known or unknown risks, including those detailed in the company’s filings with the U.S. Securities and Exchange Commission, uncertainties and other factors which may cause the actual results, performance or achievements of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

Monday, November 23rd, 2009 Uncategorized Comments Off on Clean Diesel Technologies, Inc. (CDTI) Reports $528,000 Order From Metroline and Other London Low Emissions Zone Milestones

KPN and iBasis (IBAS) Reach Agreement on Tender Offer

Nov. 23, 2009 (Business Wire) — KPN B.V. (“KPN”) and iBasis, Inc. (NASDAQ: IBAS) (“iBasis”) today announced that they have entered into a settlement agreement under which KPN will make a last and final increase of its offer for the outstanding shares in iBasis not otherwise held by KPN to $3.00 per share in cash. The Special Committee of iBasis’s Board of Directors has unanimously approved the agreement and recommends that iBasis stockholders tender their shares in KPN’s tender offer.

The last and final offer price of $3.00 per share represents a premium of 130.8% over the $1.30 closing price of iBasis shares on July 10, 2009 (the last trading day prior to the announcement of KPN’s tender offer) and 158.5% over the $1.16 average closing price during the three months prior to the announcement of the tender offer, and a 32.7% premium over the closing price of $2.26 on Friday, November 20, 2009. KPN currently owns a stake of approximately 56% in iBasis. The minority stake of approximately 44% not owned by KPN would be valued at $93.3 million at the $3.00 per share last and final offer price. KPN believes the transaction represents a unique opportunity for iBasis stockholders to realize liquidity at a meaningful premium to recent trading prices of iBasis shares.

In connection with the settlement agreement, KPN and iBasis also have agreed to the dismissal with prejudice of all claims in the litigation pending between the parties in the Delaware Court of Chancery and the United States District Court for the Southern District of New York. In addition, iBasis has agreed to terminate its July 30, 2009 stockholder rights plan.

KPN’s acquisition of the remaining publicly held interests in iBasis will enable iBasis to continue to execute on its business plans and strategies with the full support of KPN’s management and resources. KPN believes that the transaction represents an exciting opportunity for KPN and iBasis’s customers, partners and employees. KPN’s management team looks forward to working together with iBasis’s employees to reach iBasis’s operational and strategic objectives. iBasis’s operations will continue to be located in Burlington, Massachusetts.

KPN will amend its existing tender offer to reflect the last and final price of $3.00 per share, extend the expiration of the tender offer to midnight, New York City time, on Tuesday, December 8, 2009, and reflect the other terms of the settlement agreement. The tender offer remains subject, among other things, to the condition that a majority of the public stockholders tender their shares. If the tender offer is completed and KPN owns at least 90% of the outstanding shares of iBasis following such completion, KPN will promptly consummate a second-step merger in which all remaining public stockholders will, without the need for further action by any public stockholder, receive $3.00 per share for their shares. As of midnight on Friday, November 20, 2009, approximately 491,707 shares have been tendered in and not withdrawn from the tender offer.

About KPN’s Tender Offer

On July 28, 2009, KPN commenced a cash tender offer for all of the outstanding shares of common stock of iBasis not already owned by KPN, subject to the terms and conditions set forth in the Offer to Purchase dated as of July 28, 2009, as amended and supplemented (the “Offer to Purchase”). The purchase price to be paid upon the successful closing of the cash tender offer is $3.00 per share in cash, without interest and less any required withholding tax, subject to the terms and conditions set forth in the Offer to Purchase, as amended. KPN currently owns a stake of approximately 56% in iBasis. The offer was previously extended to November 20, 2009, and is now scheduled to expire at midnight, New York City time, on Tuesday, December 8, 2009, unless further extended in the manner set forth in the Offer to Purchase.

IMPORTANT INFORMATION

This press release is for informational purposes only and does not constitute an offer to purchase or a solicitation of an offer to sell iBasis stock. The tender offer is being made pursuant to a Tender Offer Statement and Rule 13e-3 Transaction Statement on Schedule TO (including the Offer to Purchase, a related letter of transmittal and other offer materials) filed by KPN with the SEC on July 28, 2009, as amended and supplemented (the “Schedule TO”). Stockholders of iBasis are advised to carefully read the Schedule TO, the Offer to Purchase and any other documents relating to the tender offer that are filed with the SEC, as each may be amended and supplemented, because they contain important information that iBasis stockholders should consider before any decision is made with respect to the Offer. Stockholders of iBasis can obtain copies of these documents for free at the SEC’s website at www.sec.gov or by calling Okapi Partners LLC, the Information Agent for the Offer, at 1-877-869-0171. Additionally, iBasis stockholders are urged to review the amendment to iBasis’ Solicitation/Recommendation Statement on Schedule 14D-9 to be filed today with the SEC.

About KPN

KPN is the leading telecommunications and ICT service provider in The Netherlands, offering wireline and wireless telephony, internet and TV to consumers, end-to-end telecommunications and ICT services to business customers. KPN’s subsidiary Getronics operates a global ICT services company with a market-leading position in the Benelux, offering end-to-end solutions in infrastructure and network-related IT. In Germany and Belgium, KPN pursues a multi-brand strategy in its mobile operations and holds number three market positions through E-Plus and BASE. KPN provides wholesale network services to third parties and operates an efficient IP-based infrastructure with global scale in international wholesale through iBasis.

About iBasis

Founded in 1996, iBasis (NASDAQ: IBAS) is a leading wholesale carrier of international long distance telephone calls and a provider of retail prepaid calling services and enhanced services for mobile operators. iBasis customers include KPN, KPN Mobile, E-Plus, BASE, TDC and many other large telecommunications carriers such as Verizon, Vodafone, China Mobile, China Unicom, IDT, Qwest, Skype, Telecom Italia, and Telefonica. In October 2007, iBasis acquired KPN Global Carrier Services to create one of the three largest carriers of international voice traffic in the world, and KPN became a majority stockholder of iBasis. The company carried approximately 24 billion minutes of international voice traffic in 20081. The Company can be reached at its worldwide headquarters in Burlington, Mass., USA at +1 781-505-7500 or on the Internet at www.ibasis.com.

Monday, November 23rd, 2009 Uncategorized Comments Off on KPN and iBasis (IBAS) Reach Agreement on Tender Offer

ARCA biopharma (ABIO) Receives FDA Fast Track Designation for GencaroTM Development in Genotype-Defined Heart Failure Population

Nov. 23, 2009 (Business Wire) — ARCA biopharma, Inc. (Nasdaq:ABIO) today announced that the U.S. Food and Drug Administration (FDA) has designated as a Fast Track development program the investigation of GencaroTM, the Company’s investigational, pharmacologically unique beta-blocker and mild vasodilator, for the reduction of cardiovascular mortality and cardiovascular hospitalizations in a genotype-defined heart failure population. The Company intends to submit a study protocol for review under the FDA’s Special Protocol Assessment (SPA) process for the design of a clinical trial to assess the safety and efficacy of Gencaro in approximately 3,000 patients with chronic heart failure who have the genotype that appears to respond most favorably to Gencaro.

According to the FDA’s Fast Track Guidance document, Fast Track programs are designed to facilitate the development and expedite the review of new drugs that are intended to treat serious or life-threatening conditions and that demonstrate the potential to address unmet medical needs.

“Fast Track designation for the Gencaro development program is an important acknowledgement of the need for advancements in the treatment of patients with chronic heart failure, a disease afflicting approximately 6 million people in the United States with approximately 550,000 new cases diagnosed each year,” said Michael R. Bristow, President and Chief Executive Officer of ARCA. “If the SPA is approved by the FDA and the Company is able to obtain financing, this proposed clinical trial would be the first full sized cardiovascular trial performed in a genetically defined subpopulation to predict efficacy enhancement by the tested drug. As such, the proposed trial would be a landmark undertaking in pharmacogenetic drug development.”

ARCA anticipates that the proposed trial protocol will be a superiority comparison to the beta-blocker metoprolol CR/XL, which is approved for heart failure and other indications. The Company believes that the proposed trial protocol will involve an interim data analysis at a pre-specified number of primary endpoints, which could serve as the clinical effectiveness basis for FDA approval if the results meet certain predefined criteria. If agreed to by the FDA, the Company anticipates that the proposed trial could reach the specified number of endpoint events as soon as approximately two years after the trial begins. The Company expects that the SPA submission will propose that a composite of cardiovascular mortality and cardiovascular hospitalization serve as the primary endpoint of the trial. Any proposed trial protocol must be reviewed and agreed on by the FDA and the final trial protocol may be significantly different from the Company’s initial SPA submission.

The Company anticipates that it will submit the study protocol for review under the SPA process in the fourth quarter of 2009. Subject to the timing and outcome of the FDA’s review of the SPA submission, and subject to the Company’s ability to obtain sufficient funding, the Company currently expects it could begin the proposed trial in late 2010 or the first half of 2011.

Fast Track drug development designation is included in the FDA Modernization Act of 1997 (FDAMA) as a formal process to enhance interactions with the FDA during drug development. A drug development program with Fast Track designation would be eligible for consideration for some or all of the following programs for expediting development and review: scheduled meetings to seek FDA input into development plans, priority review of the New Drug Application (NDA), the option of submitting portions of an NDA prior to submission of the complete application and potential accelerated approval.

About GencaroTM

GencaroTM (bucindolol hydrochloride) is a pharmacologically unique beta-blocker and mild vasodilator being developed for the treatment of chronic heart failure (HF). Gencaro is an oral tablet formulation, dosed twice daily. Gencaro is considered part of the beta-blocker class because of its property of blocking beta-1 as well as beta-2 receptors in the heart, preventing these receptors from binding with other molecules that would otherwise activate the receptor. Because of its mild vasodilator effects, the Company believes Gencaro is well-tolerated in patients with advanced HF.

The active pharmaceutical ingredient in Gencaro, bucindolol hydrochloride, has been tested clinically in approximately 3,000 patients. Gencaro was the subject of a Phase 3 heart failure mortality trial of over 2,700 patients, mostly in the U.S., known as the “BEST” trial. The BEST trial included a DNA bank of over 1,000 patients, which was used to evaluate the effect of genetic variation on patients’ response to Gencaro. In this study, Gencaro appeared to produce enhanced clinical outcomes in the 47% of patients who were homozygous for the amino acid position 389 arginine polymorphism of the beta-1 adrenergic receptor, a variant with higher functional activity and higher affinity for norepinephrine, which the Company believes is the most favorable genotype for a positive response to Gencaro. Gencaro is the only beta blocker that has been shown to lead to inactivation of human myocardial constitutively active beta-1 receptors, which the Company believes is important because this potentially adverse signaling state is more prevalent in the Arg 389 beta-1 receptor variant.

In addition, ARCA and its scientific collaborators have recently identified and published evidence that an additional genetic variant, a deletion/insertion polymorphism of the alpha-2C adrenergic receptor may also influence patient responses to Gencaro. Subject to approval by the FDA, ARCA’s collaborator, Laboratory Corporation of America anticipates introducing a test for these genetic markers concurrent with the potential market launch of Gencaro, potentially making Gencaro the first genetically-personalized cardiovascular drug.

About Heart Failure

Heart failure, or HF, is a chronic, progressive condition in which a problem with the structure or function of the heart impairs its ability to supply sufficient blood flow to the meet the body’s needs for blood and oxygen. Common causes of heart failure include myocardial infarction and other forms of ischemic heart disease, hypertension, valvular heart disease and cardiomyopathy. Heart failure is one of the largest health care problems in the United States and the rest of the world. Industry sources estimate that about 6 million Americans have HF and nearly 550,000 new patients are diagnosed annually. In addition, HF is the underlying reason for approximately 12 to 15 million annual visits to physicians, 6.5 million annual hospital days and over $34 billion in direct and indirect annual healthcare costs.

Beta-blockers are part of the current standard of care for HF, and are considered to be among the most effective drug classes for the disease. However, a significant percentage of eligible patients in the United States is not being treated with, or does not tolerate or respond well to, the beta-blockers currently approved for the treatment of HF. ARCA believes that new therapies for which patient response can be predicted before a drug is prescribed can help improve the current standard of practice in the treatment of HF.

About Pharmacogenomics

Pharmacogenomics is the study of genetic polymorphisms that underlie individual differences in responses to therapeutics drugs. Pharmacogenomics includes identifying candidate genes and polymorphisms, correlating these polymorphisms with possible therapies, predicting drug response and clinical outcomes, reducing adverse events and selection, and selecting dosing of therapeutic drugs on the basis of genotype. One goal of pharmacogenomics is to customize drugs for defined sub-populations of patients.

A DNA sub-study of patients from the BEST Phase 3 heart failure mortality trial of bucindolol, the active pharmaceutical ingredient in Gencaro, indicated that the combinations of beta-1 389 and alpha-2C polymorphisms in individual patients in the trial appeared to influence the response to bucindolol. As a result, ARCA believes heart failure patients may be categorized into three groups for potential patient response to Gencaro:

  • The group with the genotype the Company believes is most favorable to Gencaro, constituting an estimated 47%-50% of the US population. These patients are homozygous arginine at the amino acid position 389 beta-1 adrenergic receptor polymorphism.
  • A second “favorable” group, constituting an estimated 40% of the US population, which may benefit therapeutically from Gencaro, although potentially not as much of a benefit as the most favorable group.
  • A third “unfavorable” group, constituting an estimated 10%-13% of the US population, which the Company believes should not receive Gencaro.

About ARCA biopharma

ARCA biopharma is dedicated to developing genetically targeted therapies for heart failure and other cardiovascular disease. The Company’s lead product candidate, GencaroTM (bucindolol hydrochloride), is an investigational, pharmacologically unique beta-blocker and mild vasodilator being developed for heart failure. ARCA has identified common genetic variations that it believes predict individual patient response to Gencaro, giving it the potential to be the first genetically-targeted heart failure treatment. ARCA is collaborating with Laboratory Corporation of America to develop the companion genetic test for Gencaro. For more information please visit www.arcabiopharma.com.

Safe Harbor Statement

This press release contains “forward-looking statements” for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the significance of Fast Track designation; the timing and outcome of the Company’s proposed SPA submission, regulatory review and potential approval of the Company’s New Drug Application for Gencaro; the prospects for ARCA’s providing sufficient information in a timely manner as requested in the FDA’s Complete Response Letter; and, the Company’s ability to fund future operations. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the risks and uncertainties associated with: the Company’s financial resources and whether they will be sufficient to meet the Company’s business objectives and operational requirements; the Company’s ability to complete a strategic transaction to support the continued development Gencaro, and/or obtain additional financing; the Company’s ability to identify, develop and achieve commercial success for products and technologies; risks related to the drug discovery and the regulatory approval process; and, the impact of competitive products and technological changes. These and other factors are identified and described in more detail in ARCA’s filings with the SEC, including without limitation the Company’s annual report on Form 10-K for the year ended December 31, 2008, the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2009 and subsequent filings. The Company disclaims any intent or obligation to update these forward-looking statements.

Monday, November 23rd, 2009 Uncategorized Comments Off on ARCA biopharma (ABIO) Receives FDA Fast Track Designation for GencaroTM Development in Genotype-Defined Heart Failure Population

Origin Agritech (SEED) Announces Final Approval of World’s First Genetically Modified Phytase Corn

Nov. 21, 2009 (Business Wire) — Origin Agritech Limited (NASDAQ GS: SEED) (“Origin”), a leading technology-focused supplier of crop seeds and agri-biotech research in China, today announced it has received the Bio-safety Certificate from the Ministry of Agriculture as a final approval for commercial approval of the world’s first genetically modified phytase corn. Origin’s phytase corn is the first transgenic corn to officially introduce the next generation of corn product approved and sold commercially into the domestic marketplace.

Genetically modified seed products in China must undergo five separate stages of approval beginning with a phase one laboratory approval to the final receipt of the Bio-safety Certificate in phase five. Currently, this GM seed approval process is restricted only to domestic seed producers such as Origin Agritech.

Phytase is currently used as an additive in animal feed to breakdown phytic acid in corn, which holds 60% of the phosphorus in corn. Phytase increases phosphorus absorption in animals by 60%. Phosphorus is an essential element for the growth and development of all animals, and plays key roles in skeletal structure and in vital metabolic pathways. Phytase, as an additive for animal feed, is mandatory in Europe, Southeast Asia, South Korea, Japan, and other regions for environmental purposes.

Phytase transgenic corn, developed by and licensed from Chinese Academy of Agricultural Science (CAAS) after 7 years of study, will allow animal feed producers the ability to eliminate purchasing phytase and corn separately. It will eliminate the need for mixing the two ingredients together, saving time, machinery, and labor for the animal feed producers.

Origin’s GMO phytase-producing corn is expected to reduce the need for inorganic phosphate supplements as animals will directly absorb more phosphate from their feed, reducing animal feed’s high cost. Inorganic phosphates may be contaminated with fluorin and heavy metal residues created in the manufacturing process. These fluorin and heavy metal residues in the feedstuff are toxic to animals, and dangerous to humans. Origin plans to release further details of the development of their phytase product line as this develops.

Dr. Gengchen Han, Origin’s Chairman said, “With this landmark seed approval, we are not only own the first GM corn seed product in China, but we are actively leading the new genetically modified generation of agricultural products for China, and will continue to do so for the future.”

Forward Looking Statement

This release contains forward-looking statements. All forward-looking statements included in this release are based on information available to us on the date hereof. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “targets,” “goals,” “projects,” “continue,” or variations of such words, similar expressions, or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Neither we nor any other person can assume responsibility for the accuracy and completeness of forward-looking statements. Important factors that may cause actual results to differ from expectations include, but are not limited to, those risk factors discussed in Origin’s filings with the SEC including its annual report on Form 20-F filed with the SEC on March 23, 2009. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Monday, November 23rd, 2009 Uncategorized Comments Off on Origin Agritech (SEED) Announces Final Approval of World’s First Genetically Modified Phytase Corn

Lannett (LCI) Reauthorizes Stock Repurchase Program

Nov. 20, 2009 (Business Wire) — Lannett Company, Inc. (NYSE AMEX: LCI) today announced that its Board of Directors has approved a reauthorization of the stock repurchase program. Under the program, the company is authorized to repurchase up to $5 million of Lannett’s outstanding common stock from time to time in open market and privately negotiated transactions.

“The repurchase program reflects the board’s optimism and confidence in the future of our company and the belief that at current prices Lannett shares represent an attractive long term investment for the company and its shareholders,” said Arthur Bedrosian, president and chief executive officer of Lannett.

About Lannett Company, Inc.:

Lannett Company, founded in 1942, develops, manufactures, packages, markets and distributes generic pharmaceutical products for a wide range of indications. For more information, visit the company’s website at www.lannett.com.

This news release contains certain statements of a forward-looking nature relating to future events or future business performance. Any such statements, including, but not limited to, investing in R&D to add to the company’s growing product offering and further diversify its portfolio, whether expressed or implied, are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated due to a number of factors which include, but are not limited to, the difficulty in predicting the timing or outcome of FDA or other regulatory approvals or actions, the ability to successfully commercialize products upon approval, Lannett’s estimated or anticipated future financial results, future inventory levels, future competition or pricing, future levels of operating expenses, product development efforts or performance, and other risk factors discussed in the company’s Form 10-K and other documents filed with the Securities and Exchange Commission from time to time. These forward-looking statements represent the company’s judgment as of the date of this news release. The company disclaims any intent or obligation to update these forward-looking statements.

Friday, November 20th, 2009 Uncategorized Comments Off on Lannett (LCI) Reauthorizes Stock Repurchase Program

Inovio Biomedical (INO) Universal Flu Vaccines Demonstrate Broadly Protective Immune Responses Against Multiple Seasonal & Pandemic Influenza Viruses in Pre-Clinical Studies

Nov. 20, 2009 (Business Wire) — Inovio Biomedical Corporation (NYSE Amex:INO), a leader in DNA vaccine design, development and delivery, announced today that a combination of its synthetic consensus H1N1, H2N2, H3N2, and H5N1 influenza vaccine candidates achieved protective antibody responses against several different influenza sub-types and strains in ferrets. In addition, ferrets immunized with Inovio’s SynConTM universal flu vaccine combinations were 100% protected against death and sickness in a challenge with the A/H1N1 (2009) swine-origin influenza. Dr. Niranjan Y. Sardesai, Inovio’s SVP, Research and Development, presented this data at the Influenza Congress USA 2009 in Washington, DC, in a presentation titled, “Development of Universal SynCon™ DNA Vaccines for Pandemic and Seasonal Influenza.”

Inovio previously reported that its consensus H5N1 and H1N1 vaccine candidates induced protective immune responses in ferrets and other animal models against multiple strains of H5N1 (clade 1 and 2) and H1N1 viruses with pandemic potential. The studies reported here mark one of the first demonstrations of a vaccine formulation proving effective against a broad panel of influenza viruses representing seasonal and pandemic influenza strains.

Dr. J. Joseph Kim, Inovio’s President and CEO, said, “Inovio is proud to be one of the first organizations to demonstrate a vaccine capable of providing protection against a broad set of unmatched influenza sub-types and strains, both seasonal and pandemic. If we can achieve similar outcomes in humans, this universal vaccine concept would have the potential to shift the current reactive paradigm of influenza vaccine design, manufacturing, and inoculation – a paradigm unrealistically challenged every year to correctly match key emerging strains, manufacture the vaccine, and inoculate people in an eight to 12 month cycle – to one that preemptively provides broader protection without having to match the minor and major changes in influenza that create new seasonal and pandemic strains. Such a shift would provide tremendous health and economic benefits worldwide.”

In these studies the researchers immunized ferrets with either a vaccine formulation targeting only H1N1 viruses (seasonal and pandemic) or a universal vaccine formulation targeting H1N1, H2N2, H3N2, and H5N1 viruses. Ferrets are considered to be the most relevant animal model for influenza vaccine development. The first test was a measurement of hemagglutination inhibition (HI) responses: blood taken from vaccinated animals was tested against different influenza strains for the level of anti-HA (e.g. H1, H2, etc.) protective antibodies in the blood serum. A measured “antibody titer” of 1:20 is generally regarded as a positive vaccine response; 1:40 is generally associated with protection against influenza in humans.

Mean HI titers for both the H1N1 and universal vaccine groups were measured to be significantly greater than 1:40 against 2009 H1N1 pandemic strains and seasonal H1N1 strains (ranging from 1:104 to 1:747). Moreover, the universal vaccine group also generated strong mean HI titers against the H3N2 strains (> 1:80). Testing of HI titers against H2N2 viruses is on-going.

Both sets of ferrets were subsequently challenged with the A/H1N1 Mexico/InDRE/4487/2009 virus. 100% of the vaccinated ferrets in both the H1N1 and universal vaccine groups survived the swine flu A/H1N1 challenge. In contrast, 75% of the animals in an unvaccinated control group died by day 10 following the challenge. The vaccinated animals were also protected from morbidity, as judged by their negligible average loss in body weight of less than 7% through the challenge period, whereas the unvaccinated animals lost as much as 17% of their body weight.

Dr. Sardesai stated in his presentation, “We continue to build an impressive and compelling set of evidence validating our universal influenza vaccine concept. This data showing broadly cross-protective antibody titers against multiple sub-types and unmatched strains of seasonal and pandemic influenza adds to our previously announced H5N1 avian flu and H1N1 pandemic flu virus data that highlighted similarly compelling protective results in mice, ferrets, and non-human primates. The consistently positive test results we are achieving with our consensus influenza vaccines are very encouraging.”

About Inovio’s SynConTM Universal Influenza Vaccines

Conventional influenza vaccines can only provide protection if they substantially match the genetic makeup of the circulating virus strain(s). They have limited ability to protect against genetic shifts of the virus. As a result, a new vaccine is created each year in anticipation of the next flu season’s new strain(s). If a significantly different new strain emerges, such as the current swine-origin pandemic strain, then the current vaccine will provide little or no protective capability.

Inovio is developing DNA-based influenza vaccines intended to provide broad protection against known as well as newly emerging, unknown seasonal and pandemic influenza strains. Using its SynCon™ process, Inovio’s scientists designed DNA constructs representing an optimal consensus of HA, NA, and NP proteins derived from multiple strains of the sub-types H1N1, H2N2, H3N2, and H5N1. These virus sub-types have been responsible for the majority of the last century’s seasonal and pandemic influenza outbreaks. Animal data is showing that Inovio’s synthetically-derived consensus DNA constructs, which do not match specific influenza strains, provide protection against viruses sharing genetic roots within sub-types. By formulating a single vaccine with constructs from some or all of the key sub-types, protection may be achieved against seasonal as well as pandemic strains such as swine flu or pandemic-potential strains such as avian influenza.

About Inovio Biomedical Corporation

Inovio Biomedical is focused on the design, development, and delivery of a new generation of vaccines, called DNA vaccines, to prevent and treat cancers and infectious diseases. The company’s SynCon™ technology enables the design of “universal” vaccines capable of protecting against multiple – including newly emergent, unknown – strains of pathogens such as influenza. Inovio’s proprietary electroporation-based DNA vaccine delivery technology has been shown by initial human data to safely and significantly increase gene expression and immune responses. Inovio’s clinical programs include HPV/cervical cancer (therapeutic) and HIV vaccines. An IND has been filed for an avian influenza vaccine. Inovio is developing its universal and avian influenza vaccines in collaboration with scientists from the University of Pennsylvania, the National Microbiology Laboratory of the Public Health Agency of Canada, and the NIH’s Vaccine Research Center. Other partners and collaborators include Merck, Tripep, University of Southampton, National Cancer Institute, and HIV Vaccines Trial Network. More information is available at www.inovio.com.

This press release contains, in addition to historical information, forward-looking statements. Such statements are based on management’s current estimates and expectations and are subject to a number of uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Inovio is providing this information as of the date of this press release, and expressly disclaims any duty to update information contained in this press release.

Forward-looking statements in this press release include, without limitation, express and implied statements relating to Inovio’s business, plans to develop electroporation-based drug and gene delivery technologies and DNA vaccines and pre-clinical and clinical studies. Actual events or results may differ from the expectations set forth herein as a result of a number of risks, uncertainties and other factors, including but not limited to: Inovio has a history of losses; all of Inovio’s potential human products are in research and development phases; no revenues have been generated from the sale of any such products, nor are any such revenues expected for at least the next several years; Inovio’s product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing; uncertainties inherent in clinical trials and product development programs, including but not limited to the fact that pre-clinical and clinical results may not be indicative of results achievable in other trials or for other indications, that results from one study may not necessarily be reflected or supported by the results of other similar studies, that results from an animal study may not be indicative of results achievable in human studies, that clinical testing is expensive and can take many years to complete, that the outcome of any clinical trial is uncertain and failure can occur at any time during the clinical trial process, and that Inovio’s electroporation technology and DNA vaccines may fail to show the desired safety and efficacy traits in clinical trials; all product candidates that Inovio advances to clinical testing will require regulatory approval prior to commercial use, and will require significant costs for commercialization; the availability of funding; the ability to manufacture vaccine candidates; the availability or potential availability of alternative therapies or treatments for the conditions targeted by Inovio or its collaborators, including alternatives that may be more efficacious or cost-effective than any therapy or treatment that Inovio and its collaborators hope to develop; whether Inovio’s proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of others or can withstand claims of invalidity; and the impact of government healthcare proposals. Readers are also referred to Inovio’s Annual Report on Form 10-K for the year ended December 31, 2008 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2009 filed with the Securities and Exchange Commission which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements.

Friday, November 20th, 2009 Uncategorized Comments Off on Inovio Biomedical (INO) Universal Flu Vaccines Demonstrate Broadly Protective Immune Responses Against Multiple Seasonal & Pandemic Influenza Viruses in Pre-Clinical Studies

Archipelago Learning, Inc. (ARCL) Prices Its Initial Public Offering

DALLAS, Nov. 20, 2009 (GLOBE NEWSWIRE) — Archipelago Learning, Inc. (Nasdaq:ARCL), a leading subscription-based online education company, today announced that the initial public offering of 6,250,000 shares of its common stock has been priced at $16.50 per share. The shares will begin trading on November 20, 2009 on The NASDAQ Global Market under the ticker symbol “ARCL.” The closing of the offering is expected to take place on November 25, 2009. Of the shares being sold, 3,125,000 are being offered by the Company and 3,125,000 shares are being offered by selling stockholders. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 937,500 shares at the initial public offering price to cover over-allotments, if any. The Company will not receive any of the proceeds from the sale of shares by the selling stockholders.

BofA Merrill Lynch and William Blair & Company acted as joint book-running managers for the offering. Robert W. Baird & Co., Piper Jaffray and Stifel Nicolaus acted as co-managers of the offering. The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Preliminary Prospectus Department or email Prospectus.Requests@ml.com; or William Blair & Company, Attention: Mailroom, 222 West Adams, Chicago, Illinois 60606 or email printshoprequests@williamblair.com.

A registration statement relating to these securities has been filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Archipelago Learning

Archipelago Learning is a leading subscription-based online education company. Archipelago Learning provides standards-based instruction, practice, assessments and reporting tools that improve the performance of educators and students via proprietary web-based platforms.

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Kirkland’s (KIRK) Reports Third Quarter Results

Nov. 20, 2009 (PR Newswire) — NASHVILLE, Tenn., Nov. 20 /PRNewswire-FirstCall/ —

Highlights:

--  Comparable store sales increase 11.3%
--  Reports EPS of $0.27 versus loss of $0.07 a year ago
--  Total sales increased 7.6% despite 30 fewer stores from a year ago

--  Raises guidance assumptions for fiscal 2009

Kirkland’s, Inc. (Nasdaq: KIRK) today reported financial results for the 13-week and 39-week periods ended October 31, 2009.

Net sales for the 13-week period ended October 31, 2009, increased 7.6% to $92.4 million compared with $85.9 million for the 13-week period ended November 1, 2008. Comparable store sales for the third quarter of fiscal 2009 increased 11.3% compared with an increase of 1.2% in the prior year period. Comparable store sales in off-mall stores increased 11.2% for the quarter, and comparable store sales in mall stores increased 11.7%. The Company opened 7 stores and closed 2 stores during the quarter to end the period with 296 stores.

Net sales for the 39-week period ended October 31, 2009, increased 2.2% to $263.4 million compared with $257.6 million for the 39-week period ended November 1, 2008. Comparable store sales for the 39 weeks ended October 31, 2009 increased 7.6% compared with an increase of 2.7% in the prior year period. Comparable store sales in off-mall stores increased 7.3% for the period, and comparable store sales in mall stores increased 8.4%. The Company opened 15 stores and closed 18 stores during the 39-week period.

The Company reported net income of $5.6 million, or $0.27 per diluted share, for the 13-week period ended October 31, 2009, compared with a net loss of $1.5 million, or $0.07 per diluted share, for the 13-week period ended November 1, 2008. For the 39-week period, the Company reported net income of $12.5 million, or $0.62 per diluted share, compared with a net loss of $5.7 million, or $0.29 per diluted share in the prior-year period.

As discussed in previous quarters, over the course of fiscal 2009 the Company has been reversing the valuation allowance established in prior years against its deferred tax assets. The Company believes that presenting adjusted net income and earnings per share for its 2009 periods to reflect more normalized tax rates is instrumental in judging the Company’s performance for future periods when the Company is expected to incur a higher effective tax rate. Excluding adjustments to the valuation allowance for deferred tax assets and the recognition in the current period of certain income tax credits related to prior periods, adjusted net income was $4.6 million, or $0.23 per diluted share (adjusted), for the 13-week period, and $9.9 million, or $0.49 per diluted share (adjusted), for the 39-week period.

Robert Alderson, Kirkland’s President and Chief Executive Officer, said, “This was an exceptional quarter for Kirkland’s. The execution of our merchandise and store operating plans yielded strong sales and margin improvement due to improved conversion and reduced markdown activity. Our inventory has remained on-plan, clean, and fresh with an increasing percentage of new and replenished items, contributing to increased traffic throughout the quarter. The strong sell-through of our seasonal merchandise also complemented the year-long momentum in our core merchandise categories.

“Our operating performance through the first three quarters provides greater confidence in our outlook for the fourth quarter. New store openings are in place for the quarter, and inventory is well positioned for the holiday selling season. However, the deteriorating unemployment situation and its potential impact on consumer spending remains a concern despite the supposed end to the 2008-2009 recession. The fourth quarter is always our most important quarter of the year. We have planned for the tougher comparisons from a year ago that start in mid-December and supplemented our offerings to respond to expected challenges. With earnings through the first three quarters already exceeding full year fiscal 2008 earnings, we are well on our way to a record year for Kirkland’s.”

Mr. Alderson continued, “As we look ahead to fiscal 2010, our plan is to return to net store growth and a more normalized number of annual store closings. We plan to open 30 to 40 new stores and close 15 to 20 stores. However, year-over-year sales comparisons from this ramp-up in growth will be somewhat muted until 2011 due to the impact of net sales lost from store closings during fiscal 2009 and the timing of 2010 new store openings. We will continue to focus on achieving incremental gains in operating results from our key item merchandise strategy, merchandise productivity, higher sales volumes and lower operating costs in off-mall locations, continued occupancy cost reductions from renegotiating existing leases, operating expense control, and continued leverage of our distribution infrastructure.

“With the completion of the reversal of our valuation allowance on deferred tax assets during fiscal 2009, we expect to incur an effective tax rate of 39.5% in fiscal 2010 versus approximately 26.1% in fiscal 2009, which will impact year-over-year earnings comparisons in fiscal 2010. We expect to again generate positive cash flow in 2010 while fully funding all store growth and other capital needs from operations.”

Fiscal 2009 Outlook Raised

Based on the Company’s continued strong performance, the Company has revised its assumptions for several key metrics as noted below. These assumptions discount the likelihood of a return to the severe economic conditions of last fall, but do consider continued adverse trends in unemployment rates, job creation, and housing recovery that could negatively impact the holiday selling season.

Store Base: The Company started fiscal 2009 with 299 stores compared with 335 stores a year ago. For fiscal 2009, the store base is expected to average approximately 30 stores less per quarter than the comparable quarters of fiscal 2008. In accordance with the Company’s plan to reposition its store base, closings from natural lease expirations are expected to be approximately 35 stores. New store openings are expected to be 18 stores in fiscal 2009.

Net Sales: Full year sales are expected to be slightly above fiscal 2008.

Margins: Full year merchandise and operating margins are expected to be significantly above fiscal 2008 levels with fiscal 2009 operating margin expected to be in the very high single-digit range, approaching 10%. The margin assumptions are based upon the lack of a heavy promotional environment and a comparable store sales increase in the fourth quarter of approximately 3% to 5%.

Earnings: Full year pre-tax earnings, which will continue to be the most relevant measurement of business performance in fiscal 2009, are expected to be significantly above the $10.1 million in pre-tax earnings achieved in fiscal 2008. The magnitude of the improvement will be largely determined by the comparable sales growth and margin trends in the fourth quarter. The Company’s income tax rate will remain difficult to model in fiscal 2009 due to the remaining valuation allowance on deferred tax assets and the accounting rules that govern the timing of any changes to the amount of the valuation allowance. Our current expectation is for a full year effective tax rate of approximately 26.1%.

Cash Flow: The Company expects to generate positive cash flow for the year with no borrowings expected on its revolving line of credit. Through the first three quarters of fiscal 2009, the Company has generated $8.3 million in cash flow from operations and raised its cash balance from $2.0 million at November 1, 2008, to $37.0 million as of October 31, 2009. Fiscal 2009 capital expenditures are estimated to range between $10 and $12 million, primarily to fund new store construction and information technology projects. Through the first three quarters of fiscal 2009, capital expenditures have totaled $8.0 million. We expect to continue to fund all capital investments through cash generated from operations.

Investor Conference Call and Web Simulcast

Kirkland’s will host a conference call today, at 11:00 a.m. ET to discuss its results of operations for the third quarter of fiscal 2009. The number to call for this interactive teleconference is (212) 231-2921. A replay of the conference call will be available through November 27, 2009, by dialing (402) 977-9140 and entering the confirmation number, 21440712.

The live broadcast of Kirkland’s quarterly conference call will be available online at the Company’s website, www.kirklands.com, or at http://www.videonewswire.com/event.asp?id=63578 on November 27, 2009, beginning at 11:00 a.m. ET. The online replay will follow shortly after the call and continue for one year.

Reconciliation of non-GAAP information

This release includes certain financial information not derived in accordance with generally accepted accounting principles (“GAAP”). The non-GAAP measures are “adjusted net income” and “adjusted earnings per share” and are equal to net income, and earnings per share excluding adjustments to the Company’s valuation allowance for deferred tax assets and certain income tax credits related to prior periods. Management uses these measures to focus on on-going operations, and believes that it is useful to investors because it enables them to perform more meaningful comparisons of past, present and future operating results. The Company believes that using this information, along with the corresponding GAAP measures, provides for a more complete analysis of the results of operations by quarter. Net income and earnings per share are the most directly comparable GAAP measures. Below is a reconciliation of the non-GAAP measures to their most comparable GAAP measures:

Reconciliation of Non-GAAP Financial Information

13 Weeks Ended      39 Weeks Ended
------------------- -------------------
Oct. 31,    Nov. 1,  Oct. 31,   Nov. 1,
(dollars in thousands,             --------    -------  --------   -------
except per share amounts)           2009       2008     2009       2008
----       ----     ----       ----
Net income

Net income in accordance
with GAAP                         $5,570   ($1,471)   $12,492    ($5,717)

Adjustments to the valuation
allowance for deferred
tax assets and certain
income tax credits related
to prior periods                   ($954)     $618    ($2,562)    $2,258

Adjusted net income                $4,616     ($853)    $9,930    ($3,459)

Diluted earnings per share

Diluted EPS in accordance
with GAAP                          $0.27    ($0.07)     $0.62     ($0.29)

Adjustments to the valuation
allowance for deferred tax assets
and certain income tax credits
related to prior periods          ($0.04)    $0.03     ($0.13)     $0.11

Adjusted diluted earnings per
share                              $0.23    ($0.04)     $0.49     ($0.18)

Kirkland’s, Inc. was founded in 1966 and is a specialty retailer of home decor in the United States. Although originally focused in the Southeast, the Company has grown beyond that region and currently operates 298 stores in 32 states. The Company’s stores present a broad selection of distinctive merchandise, including framed art, mirrors, candles, lamps, picture frames, accent rugs, garden accessories and artificial floral products. The Company’s stores also offer an extensive assortment of gifts, as well as seasonal merchandise. More information can be found at www.kirklands.com.

Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause Kirkland’s actual results to differ materially from forecasted results. Those risks and uncertainties include, among other things, the competitive environment in the home décor industry in general and in Kirkland’s specific market areas, inflation, product availability and growth opportunities, seasonal fluctuations, and economic conditions in general. Those and other risks are more fully described in Kirkland’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K filed on April 20, 2009. Kirkland’s disclaims any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

KIRKLAND'S, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share amounts)

13 Weeks Ended  13 Weeks Ended
October 31,     November 1,
2009            2008
--------------   --------------
Net sales                                     $92,389         $85,878
Cost of sales                                  54,247          57,253
--------------   --------------
Gross profit                               38,142          28,625

Operating expenses:
Other operating expenses                     26,968          25,461
Depreciation and amortization                 3,531           4,685
--------------   --------------
Operating income (loss)                         7,643          (1,521)

Interest expense                                   43              34
Interest income                                     -             (16)
Other income                                      (50)             45
--------------   --------------
Income (loss) before income taxes               7,650          (1,584)
Income tax provision (benefit)                  2,080            (113)
--------------   --------------
Net income (loss)                          $5,570         $(1,471)
==============   ==============

Earnings (loss) per share:
Basic                                         $0.28          $(0.07)
==============   ==============
Diluted                                       $0.27          $(0.07)
==============   ==============
Shares used to calculate earnings
(loss) per share:
Basic                                        19,708          19,634
==============   ==============
Diluted                                      20,333          19,634
==============   ==============

KIRKLAND'S, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share amounts)

39 Weeks Ended   39 Weeks Ended
October 31,      November 1,
2009            2008
--------------   --------------
Net sales                                    $263,397        $257,639
Cost of sales                                 159,512         174,237
--------------   --------------
Gross profit                              103,885          83,402

Operating expenses:
Other operating expenses                     76,421          75,644
Depreciation and amortization                11,017          13,840
--------------   --------------
Operating income (loss)                        16,447          (6,082)

Interest expense                               111              93
Interest income                                  -             (63)
Other income                                  (184)           (291)
--------------   --------------
Income (loss) before income taxes          16,520          (5,821)
Income tax provision (benefit)                  4,028            (104)
--------------   --------------
Net income (loss)                         $12,492         $(5,717)
==============   ==============
Earnings (loss) per share:
Basic                                         $0.63          $(0.29)
==============   ==============
Diluted                                         $0.62          $(0.29)
==============   ==============
Shares used to calculate earnings
(loss) per share:
Basic                                        19,684          19,621
==============   ==============
Diluted                                      20,181          19,621
==============   ==============
KIRKLAND'S, INC.
UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEETS
(dollars in thousands)

October 31, 2009  January 31, 2009   November 1, 2008
----------------  ----------------   ----------------
ASSETS
Current assets:
Cash and cash
equivalents             $37,017          $36,445           $2,020
Inventories, net          53,701           38,686           58,773
Prepaid expenses
and other
current assets           10,143            6,191            5,645
--------         --------         --------
Total current
assets             100,861           81,322           66,438
Property and
equipment, net             38,505           41,826           46,726
Other assets                 3,604            3,616              827
--------         --------         --------

Total assets              $142,970         $126,764         $113,991
========         ========         ========

LIABILITIES AND
SHAREHOLDERS' EQUITY

Accounts payable           $24,899          $13,501          $21,826
Accrued expenses and other  22,619           30,330           22,197
--------         --------         --------
Total current
liabilities           47,518           43,831           44,023

Deferred rent               26,590           27,534           30,075
Other long-term
liabilities                 2,891            3,048            2,715
--------         --------         --------
Total liabilities      76,999           74,413           76,813
Net shareholders' equity    65,971           52,351           37,178
--------         --------         --------
Total
liabilities and
shareholders'
equity                   $142,970         $126,764         $113,991
========         ========         ========

KIRKLAND'S, INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(dollars in thousands)

39 Week Period Ended
------------------------------
October 31,     November 1,
2009            2008
--------------   --------------
Net cash provided by (used in):

Operating activities                $8,332         $(5,442)
Investing activities                (7,946)          1,573
Financing activities                   186              69
--------------   --------------
Cash and cash equivalents:
Net increase (decrease)               $572         $(3,800)
Beginning of the period             36,445           5,820
--------------   --------------
End of the period                  $37,017          $2,020
==============   ==============
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SeraCare (SRLS) Reports Fourth Quarter and Fiscal Year 2009 Results

Nov. 19, 2009 (Business Wire) — SeraCare Life Sciences, Inc. (NASDAQ: SRLS), a global life sciences company providing vital products and services to facilitate the discovery, development and production of human diagnostics and therapeutics, today reported operational and financial results for its fourth quarter and fiscal year ended September 30, 2009.

“SeraCare met its most significant operating objective for the year—the achievement of profitability in both the third and fourth quarters,” said Susan Vogt, President and Chief Executive Officer. “Over the course of the year, we introduced several new products including a very promising portfolio of genetic controls, expanded our distribution channels in the United States and overseas, added more than 250 new customers worldwide and were awarded multiple new or expanded contracts for our BioServices business.

These growth initiatives contributed to a 9% increase in revenue over the fourth quarter of 2008. We are confident that we will continue this momentum in 2010, focusing our resources on initiatives that reinforce SeraCare’s status as the provider of choice for customers across each of our business segments.”

SeraCare delivered revenue of $12.5 million for the quarter ended September 30, 2009 compared to $11.4 million for the same quarter of the prior year, reflecting 9% growth. Gross margins increased to 41% for the quarter compared to 23% for the same quarter of the prior year. The Company earned net income of $1.4 million and earnings per share on a basic and diluted basis of $0.08 for the quarter ended September 30, 2009 compared to a net loss of $10.4 million (which included an $8.0 million impairment charge) and a loss per share on a basic and diluted basis of $0.56 during the same period in 2008.

The Company had revenue of $44.4 million for the year ended September 30, 2009 compared to $49.0 million for the year ended September 30, 2008. Gross margins increased to 35% compared to 31% for the prior year. The Company had a net loss of $15.4 million (which included $15.7 million of impairment charges) and a loss per share on a basic and diluted basis of $0.83 for the year ended September 30, 2009 compared to a net loss of $12.0 million (which included an $8.0 million impairment charge) and a loss per share on a basic and diluted basis of $0.64 during fiscal 2008.

Fiscal 2009 and Recent Corporate Highlights:

  • Generated $3.0 million in cash from operations during the quarter ended September 30, 2009 and $4.0 million for fiscal year 2009
  • Ended fiscal year 2009 with $6.2 million in cash
  • Achieved operating profitability of $0.6 million for fiscal year 2009, excluding impairment charges of $15.7 million related to goodwill and the declining value of a real estate asset held for sale
  • Increased Diagnostic & Biopharmaceutical Products revenue by $0.6 million or 8% and BioServices revenue by $0.4 million or 15% for the quarter ended September 30, 2009 compared to the same quarter in the prior year
  • Grew international sales 15% in fiscal 2009 over the prior fiscal year through a combination of new products and expanded sales channels
  • Launched a new genetic controls business line to support the growing demand for personalized medicine
  • Introduced six new product offerings including cellular products for immune response monitoring, quality controls for sexually transmitted diseases and controls for genetic testing

“Since achieving positive operating cash flow in the second quarter of fiscal year 2009, we have continued to make measurable progress across a number of key financial indicators, achieving profitability in the third and fourth quarters of fiscal year 2009 and generating $4.0 million in cash flow from operations for the year,” said Gregory Gould, Chief Financial Officer. “SeraCare’s 2009 operating initiatives resulted in a strong financial position at the end of the year and we anticipate sustained and profitable growth in 2010.”

About SeraCare Life Sciences, Inc.:

SeraCare serves the global life sciences industry by providing vital products and services to facilitate the discovery, development and production of human diagnostics and therapeutics. The Company’s innovative portfolio includes diagnostic controls, plasma-derived reagents and molecular biomarkers, biobanking and contract research services. SeraCare’s quality systems, scientific expertise and state-of-the-art facilities support its customers in meeting the stringent requirements of the highly regulated life sciences industry.

Forward-Looking Statements:

This press release contains disclosures that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about SeraCare Life Sciences, Inc. (“SeraCare” or the “Company”). All statements regarding our expected future financial position, results of operations, cash flows, dividends, financing plans, business strategy, budget, projected costs or cost savings, capital expenditures, competitive positions, growth opportunities for existing products or products under development, plans and objectives of management for future operations and markets for stock are forward-looking statements. In addition, forward-looking statements include statements in which we use words such as “expect,” “believe,” “anticipate,” “intend,” or similar expressions. Although we believe the expectations reflected in such forward-looking statements are based on reasonable assumptions, we cannot assure you that these expectations will prove to have been correct, and actual results may differ materially from those reflected in the forward-looking statements. Factors that could cause our actual results to differ from the expectations reflected in the forward-looking statements in this press release include, but are not limited to, failure to maintain proper inventory levels, availability of financing, reductions or terminations of government or other contracts, interruption in our supply of products or raw materials, actions of SeraCare’s competitors and changes in the regulatory environment. Many of these factors are beyond our ability to control or predict.

SERACARE LIFE SCIENCES, INC.
STATEMENTS OF OPERATIONS — UNAUDITED
For the Three Months Ended For the Year Ended
September 30, September 30,
2009 2008 2009 2008
Revenue $ 12,521,818 $ 11,436,091 $ 44,434,171 $ 48,966,648
Cost of revenue 7,354,655 8,85
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Digital Power Corp. (DPW), Through Its Subsidiary Gresham, Wins Major Defense Contract in Australia

FREMONT, Calif., Nov. 19 /PRNewswire-FirstCall/ — Digital Power Corporation (DPC) announced that its wholly-owned Salisbury, UK subsidiary, Digital Power Limited (DPL), has been awarded a major contract for the Australian Navy. DPL operates under the name Gresham Power Electronics (Gresham).

Gresham has been selected to supply helicopter starting rectifiers and DC power distribution systems for the new Air Warfare Destroyer (AWD), which will be built by Australia’s largest specialized defense shipbuilding organization. The AWD is based on the existing F100 frigate platform, and already is in service with the Spanish navy. It is a baseline design that requires minimal modifications for Australian use. The AWD incorporates a modified version of the power system models that Gresham has provided to Spain in support of its F-100 program.

The primary role of an air warfare destroyer (AWD) is to control air, surface and subsurface environments. To do so, its missions will involve providing air defense for accompanying ships, land forces and nearby coastal infrastructure. Other missions will include collecting and evaluating of intelligence, performing law enforcement operations, assisting in evacuations and performing diplomatic operations. Once deployed, an AWD is capable of operating in all weather conditions and can launch helicopters from its deck.

This Australian contract will be in effect over the next three years.

Jake Moir, managing director of Gresham Power Electronics, says, “This effort is one of the most significant shipbuilding projects to be undertaken in Australia. In these challenging times, we are delighted to have been awarded this major contract. It is continuing evidence of the quality and reliability of our world-class power conversion and distribution systems and our ongoing commitment to produce innovative and cost-effective solutions for these challenging defense applications.”

Amos Kohn, president and CEO of DPC, comments, “We are extremely pleased with the growth of DPC’s subsidiary Gresham in the international defense market as Gresham continues to expand its power technology to AWDs worldwide.

Gresham also is in discussions with a shipbuilder for the Indian navy to provide specialized charging systems to be installed in the Indian navy’s submarines.

About Digital Power Limited

Digital Power Limited is based in Salisbury, England, and operates under the name Gresham Power Electronics. The company is a wholly-owned subsidiary of Digital Power Corporation, a publicly traded corporation (NYSE AMEX: DPW) with corporate offices at Fremont, California.

Gresham Power Electronics has been involved in power conversion for almost 60 years. Its facility in Salisbury, England has fully-approved design and manufacturing capabilities for commercial and military power products. Gresham Power also provides European sales and application support for its partner companies, Digital Power Corporation and Telkoor Power, which provide cutting-edge, high efficiency, and high power system solutions to diverse industries. Gresham Power has a thriving European distribution business, which enables it to offer a “one stop shop” for power conversion products. The company’s website is www.greshampower.com

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