Archive for January, 2010

Guaranty Bancorp (GBNK) Announces 2009 Fourth Quarter Financial Results

Press Release Source: Guaranty Bancorp On Thursday January 28, 2010, 11:01 am EST

DENVER, CO–(Marketwire – 01/28/10) – Guaranty Bancorp (NASDAQ:GBNKNews)

�
--  Quarterly loss narrowed from the prior quarter to $1.9 million
--  Non-performing loans declined by $21.5 million, or 26.5% from the end
    of the prior quarter, while the Allowance for Loan Losses to Loans
    increased to 3.42%
--  Delinquent loans declined by $39.8 million, or 64.5%
--  Total capital ratio increased to 13.80%, an all-time high
--  Low-cost deposits grew by $50.7 million in the fourth quarter

Guaranty Bancorp (NASDAQ:GBNKNews) today reported a fourth quarter 2009 net loss of $1.9 million, or $0.07 loss per basic and diluted common share, compared to a fourth quarter 2008 net income of $3.8 million, or $0.08 earnings per basic and diluted common share. Included in the basic and diluted common share computation for the fourth quarter 2009 is a $1.4 million preferred stock dividend paid in the form of additional shares of Series A convertible preferred stock. The primary reason for the decrease from the prior year period is an $8.8 million increase in the provision for loan losses. In addition, noninterest expense increased by $4.5 million from the prior year mostly due to greater other real estate owned expenses related to our aggressive disposition strategy and higher FDIC insurance assessments. These increases were partially offset by an increase in tax benefit primarily caused by a reversal of the valuation allowance established in the third quarter 2009 associated with deferred taxes.

Dan Quinn, Guaranty Bancorp President and CEO, stated, “While the results of a particular quarter do not constitute a trend, the results of the fourth quarter were significant as they gave further evidence of the overall improvement in loan quality that began in August of last year. During the fourth quarter, nonperforming loans were reduced by $21.5 million, or 26.5%. Of greater significance was the reduction in delinquent loans from $61.6 million at the end of the third quarter 2009 to $21.8 million at year end, as this suggests that the future inflow of nonperforming loans is slowing. Delinquent loans have declined from 3.9% of loans at September 30, 2009 to 1.4% of loans at December 31, 2009.”

Mr. Quinn continued, “We are also pleased with a $60.9 million increase in deposits during the fourth quarter 2009. Most of this deposit growth was related to overall transaction and savings deposits, which grew by $50.7 million during the fourth quarter 2009. Our net interest margin also increased during the fourth quarter 2009 to 3.26%, compared to 3.14% in the prior quarter. This increase in net interest margin is primarily attributable to an increase in loan yields and a decline in our cost of funds.”

The Company’s net loss for 2009 was $29.2 million, or $0.60 loss per basic and diluted common share, compared to a net loss of $256.7 million or $5.03 loss per basic and diluted common share for the same period in 2008. Included in the basic and diluted common share computation for 2009 is a $1.4 million preferred stock dividend paid in the form of additional shares of Series A convertible preferred stock. The primary cause for the decrease in net loss in 2009 as compared to 2008 is that there was no goodwill impairment charge in 2009 as compared to the $250.7 million goodwill impairment charge recorded during the third quarter 2008. Other differences for 2009 as compared to 2008 include a $16.8 million reduction in net interest income due to lower interest rates and a decrease in earning assets, as well as a $17.3 million increase to the provision for loan losses.

Key Financial Measures

Income Statement

�
                         Quarter Ended                   Year Ended
               ----------------------------------  ----------------------
                December   September    December    December    December
                31, 2009    30, 2009    31, 2008    31, 2009    31, 2008
               ----------  ----------  ----------  ----------  ----------

Earnings
 (loss) per
 share-basic
 & diluted     $    (0.07) $    (0.33) $     0.08  $    (0.60) $    (5.03)
Return on
 average
 assets             (0.35%)     (3.32%)      0.72%      (1.42%)    (11.19%)
Net Interest
 Margin              3.26%       3.14%       3.55%       3.26%       4.05%

Balance Sheet

�
               December 31, September 30,          December 31,
                   2009         2009    % Change       2008      % Change
                ----------  ----------  ---------   ----------  ---------
                       (Dollars in thousands, except per share amounts)
Cash and cash
 equivalents    $  234,483  $  148,194       58.2%  $   45,711      413.0%
Total
 investments       248,236     209,297       18.6%     144,264       72.1%
Total loans,
 net of
 unearned
 discount        1,519,608   1,587,265       (4.3%)  1,826,333      (16.8%)
Loans held for
 sale                9,862       5,500       79.3%       5,760       71.2%
Allowance for
 loan losses       (51,991)    (49,038)       6.0%     (44,988)      15.6%
Total assets     2,127,580   2,057,378        3.4%   2,102,741        1.2%
Average assets,
 quarter-to-
 date            2,117,257   2,022,679        4.7%   2,099,519        0.8%
Total deposits   1,693,290   1,632,436        3.7%   1,698,651       (0.3%)
Book value per
 common share         2.50        2.60       (3.8%)       3.07      (18.6%)
Tangible book
 value per
 common share         2.13        2.21       (3.6%)       2.58      (17.4%)
Tangible book
 value per
 common share
  (after giving
   effect to
   conversion of
   preferred
   stock)             2.00        2.05       (2.4%)       2.58      (22.5%)
Book value of
 preferred
 stock              59,227      57,883        2.3%        None        N/A
Liquidation
 value of
 preferred
 stock              60,434      59,053        2.3%        None        N/A
Equity ratio -
 GAAP                 9.05%       9.51%      (4.8%)       7.68%      17.8%
Tangible equity
 ratio                8.23%       8.59%      (4.2%)       6.55%      25.6%
Total
 risk-based
 capital ratio       13.80%      13.42%       3.1%       10.61%      30.3%

Net Interest Income and Margin

�
                          Quarter Ended                   Year Ended
                ----------------------------------  ----------------------
                 December   September    December    December    December
                 31, 2009    30, 2009    31, 2008    31, 2009    31, 2008
                ----------  ----------  ----------  ----------  ----------
                                  (Dollars in thousands)

Net interest
 income         $   16,284  $   14,911  $   17,679  $   62,773  $   79,562
Interest rate
 spread               2.81%       2.65%       2.92%       2.71%       3.35%
Net interest
 margin               3.26%       3.14%       3.55%       3.26%       4.05%
Net interest
 margin, fully
 tax equivalent       3.34%       3.23%       3.64%       3.34%       4.14%

Fourth quarter 2009 net interest income of $16.3 million increased by $1.4 million from the third quarter 2009, and decreased $1.4 million from the fourth quarter 2008. The Company’s net interest margin of 3.26% for the fourth quarter 2009 reflected an increase of 12 basis points from the third quarter 2009 and a decline of 29 basis points from the fourth quarter 2008. The increase in net interest margin and net interest spread in the fourth quarter 2009, as compared to the third quarter 2009, is primarily a result of an increase in loan yields and a reduction in the cost of funds during the fourth quarter 2009. The cost of funds was 2.00% for the fourth quarter 2009 as compared to 2.30% in the previous quarter, a decline of 30 basis points. The decrease in net interest margin in the fourth quarter 2009 as compared to the same quarter in 2008 is primarily due to the 11 basis point decrease in spread. The cost of funds declined by 70 basis points in the fourth quarter 2009 as compared to the same quarter in 2008 due mostly to the lower cost of time deposits and the yield on earning assets declined by 81 basis points over the same time period. The yield on earning assets declined from 5.62% in the fourth quarter 2008 to 4.81% for the same quarter in 2009, while loan yields declined from 5.67% to 5.44% over the same time period. The primary re

Thursday, January 28th, 2010 Uncategorized Comments Off on Guaranty Bancorp (GBNK) Announces 2009 Fourth Quarter Financial Results

Achillion (ACHN) Announces Nomination of ACH-2684 as Lead Clinical Candidate

Press Release Source: Achillion Pharmaceuticals, Inc. On Thursday January 28, 2010, 12:30 pm EST

NEW HAVEN, Conn., Jan. 28, 2010 (GLOBE NEWSWIRE) — Achillion Pharmaceuticals, Inc. (Nasdaq:ACHN) today announced the nomination of a lead clinical candidate in its third proprietary program against hepatitis C infection. The candidate, ACH-2684, demonstrates excellent potency in the low pico-molar range, as well as good pharmacokinetic and safety profiles in pre-clinical studies.

“The potency and virology profile of ACH-2684 demonstrates that it very effectively suppresses a broad range of natural variants of the hepatitis C virus, and may be effective in prevention and treatment of emerging resistant variants.  This compound also retains potent activity against all genotypes. The very high potency of ACH-2684 was achieved by optimizing its interactions against NS3 protease. We have demonstrated in vitro that ACH-2684 can be used in combination with other HCV inhibitors, and that it is synergistic with NS5B nucleoside polymerase inhibitors,” said Milind S. Deshpande, Ph.D., Executive Vice President and Chief Scientific Officer of Achillion. “We have leveraged our expertise in HCV drug discovery and structure-based design to create a set of compounds, including ACH-2684, that are part of a discrete intellectual property estate and to which we currently retain all commercial rights.”

Michael D. Kishbauch, Achillion’s President and CEO, stated, “We are quite pleased to announce a clinical candidate from our third proprietary HCV program, further demonstrating our robust drug discovery expertise in this important therapeutic area. The compound, with its potency–resistance profile and preliminary safety characteristics, has the potential to be highly complementary to both our Gilead-partnered NS4A antagonist compounds as well as our ACH-1625 protease inhibitor, which recently achieved strong proof-of-concept results. We expect to move to IND-enabling pre-clinical testing of ACH-2684, and initiate a Phase 1/1b study in 2011.”

The Company will provide additional information on ACH-2684 during its Corporate and Clinical Update conference call and simultaneous webcast on Monday, February 1, 2010 at 4:30 p.m. Eastern time. To participate in the conference call, please dial ( 866 ) 743 – 9944 in the U.S. or ( 720 ) 545 – 0058 for international callers. A live audio webcast of the call will be accessible at www.achillion.com, under the News Center section of the website. Please connect to Achillion’s Web site several minutes prior to the start of the broadcast to ensure adequate time for any software download that may be necessary.

About HCV

The hepatitis C virus (HCV) is the most common cause of viral hepatitis, which is an inflammation of the liver. It is currently estimated that more than 170 million people are infected with HCV worldwide and The American Association of Liver Disease estimates that up to 80% of individuals become chronically infected following exposure to the virus. If left untreated, chronic hepatitis can lead to permanent liver damage, which can result in the development of liver cancer, liver failure or death. Few therapeutic options currently exist for the treatment of HCV infection. The current standard of care is limited by its specificity for certain types of HCV, significant side-effect profile, and injectable route of administration.

About Achillion

Achillion is an innovative pharmaceutical company dedicated to bringing important new treatments to patients with infectious disease. Achillion’s proven discovery and development teams have advanced multiple product candidates with novel mechanisms of action. Achillion is focused on solutions for the most challenging problems in infectious disease – hepatitis C, resistant bacterial infections and HIV. For more information on Achillion Pharmaceuticals, please visit www.achillion.com or call 1-203-624-7000.

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks, uncertainties and other factors, including statements with respect to the potency, safety and other characteristics of ACH-1625, which may not be duplicated in future preclinical studies or in future clinical studies, if any; Achillion’s expectations regarding the timing of other preclinical and clinical trials. Among the factors that could cause actual results to differ materially from those indicated by such forward-looking statements are: uncertainties relating to results of clinical trials, unexpected regulatory actions or delays, and Achillion’s ability to obtain additional funding required to conduct its research, development and commercialization activities. These and other risks are described in the reports filed by Achillion with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2008.

All forward-looking statements reflect Achillion’s expectations only as of the date of this release and should not be relied upon as reflecting Achillion’s views, expectations or beliefs at any date subsequent to the date of this release. Achillion anticipates that subsequent events and developments may cause these views, expectations and beliefs to change. However, while Achillion may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so.   ACHN-G

Thursday, January 28th, 2010 Uncategorized Comments Off on Achillion (ACHN) Announces Nomination of ACH-2684 as Lead Clinical Candidate

Ebix (EBIX) Announces Strong Growth in Cash Flows for Q4 2009

Press Release Source: Ebix, Inc. On Thursday January 28, 2010, 8:30 am EST

ATLANTA–(BUSINESS WIRE)–Ebix, Inc. (NASDAQ: EBIXNews), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today announced that it will be reporting its fourth quarter and full year results around the 8th of March 2010.

The Company also announced strong growth in cash generated by operating activities during the fourth quarter of 2009 in the approximate amount of $10.3 million. After paying approximately $34.6 million in cash for two acquisitions (Peak and EZ Data) and the purchase of a new building in India in Q4 of 2009, the Company’s cash balance as of 31st December 2009 was approximately $19.1 million.

Furthermore, Ebix also announced that it intends to resume buy back of Ebix shares under the previously Board approved share repurchase program.

Robin Raina, president and CEO of Ebix, Inc. said, “In recent times, I have been asked about the decline in stock price and the rather high shorting numbers on our stock. As the CEO of Ebix and one of the largest stakeholders, I continue to believe in Ebix and the opportunity to make Ebix the largest insurance player globally. The Company continues to do well on all fronts and we expect Q4 results to be in line with our expectations. We have always believed in letting our numbers speak for themselves and towards that extent we will continue our efforts to create new benchmarks in terms of revenues, cash growth, earnings, and net margins for Ebix.”

Safe Harbor for Forward Looking Statements under the Private Securities Litigation Reform Act of 1995 — This press release contains various forward looking statements and information that are based on management’s beliefs, as well as assumptions made by, and information currently available to management, including statements regarding future economic performance and financial condition, liquidity and capital resources, acceptance of the Company’s products by the market and management’s plans and objectives. The Company has tried to identify such forward looking statements by use of words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “will,” “should,” and similar expressions, but these words are not the exclusive means of identifying such statements. Such statements are subject to various risks, uncertainties and other factors which could cause actual results to vary materially from those expressed in, or implied by, the forward looking statements. Such risks, uncertainties and other factors include the extent to which the Company’s new products and services can be successfully developed and marketed, the integration and other risks associated with recent and future acquisitions, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties, the Company’s ability to continue to develop new products to effectively address market needs in an industry characterized by rapid technological change, the Company’s dependence on the insurance industry (and in particular independent agents), the highly competitive and rapidly changing automation systems market, the Company’s ability to effectively protect its applications software and other proprietary information, the Company’s ability to attract and retain quality management, and software, technical sales and other personnel, the potential negative impact on the Company’s outsourcing business in India from adverse publicity and possible governmental regulation, the risks of disruption of the Company’s Internet connections or internal service problems, the possibly adverse effects of a substantial increase in volume of traffic on the Company’s website, mainframe and other servers, possible security breaches on the Company’s website and the possible effects of insurance regulation on the Company’s business. Certain of these, as well as other, risks, uncertainties and other factors, are described in more detail in Ebix’s periodic filings with the Securities and Exchange Commission, including the company’s annual report on form 10-K for the year ended December 31, 2008, included under “Item 1. Business—Risk Factors.” Except as expressly required by the federal securities laws, the Company undertakes no obligation to update any such factors or to publicly update any of the forward looking statements contained herein to reflect future events or developments or changed circumstances or for any other reason.

About Ebix

A leading international supplier of On-Demand software and E-commerce services to the insurance industry, Ebix, Inc., (NASDAQ:EBIXNews) provides end to end solutions ranging from infrastructure Exchanges, carrier systems, agency systems and BPO services to custom software development for all entities involved in the insurance industry.

With 30+ offices across Brazil, Singapore, Australia, the US, New Zealand, India, China, Japan and Canada, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance, while conducting in excess of $100 billion in insurance premiums on its platforms. Through its various SaaS based software platforms, Ebix employs hundreds of insurance and technology professionals that provide products, support and consultancy to thousands of customers on six continents. Ebix’s focus on quality has enabled it to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute’s Capability Maturity Model (CMM). Ebix has also earned ISO 9001:2000 certification for both its development and BPO units in India. For more information, visit the Company’s website at www.ebix.com.

Thursday, January 28th, 2010 Uncategorized Comments Off on Ebix (EBIX) Announces Strong Growth in Cash Flows for Q4 2009

China Integrated Energy, Inc. (CBEH) Announces Significant Increase in Petroleum Contract

Press Release Source: China Integrated Energy, Inc. On Thursday January 28, 2010, 7:00 am EST

XI’AN, China, Jan. 28 /PRNewswire-Asia-FirstCall/ — China Integrated Energy, Inc. (Nasdaq: CBEH; “the Company”), a leading non-state-owned integrated energy company in the People’s Republic of China, today announced that it has signed a contract with an existing wholesale distribution customer to deliver an estimated 160,000 tons of petroleum products in 2010, an increase of 62,000 tons over sales to this customer in 2009. The newly signed contract is expected to generate an additional $52 million in revenue from this customer in 2010.

This newly expanded contract demonstrates the Company’s ability to execute its growth strategy in its wholesale distribution of finished oil and heavy oil products by penetrating existing territories to meet increased demand from its current customers. The customer with whom the Company signed the contract is located in Sichuan Province, a province with limited refinery capacity. The Company is located in Xi’an City, where is ideally located between China’s oil production regions and oil importing regions to take advantage of China’s increasing demand for finished oil and heavy oil products and its supply imbalance. The Company is well-positioned to serve Sichuan and other oil consuming provinces in south-central and southeastern China given the location of its storage facilities adjacent to railway lines that provide distribution access throughout those regions. China’s demand for petroleum products has increased significantly over the past decade with domestic demand for diesel and gasoline growing at a compound annual growth rate of 9.2% and 8.4%, respectively, from 2001 to 2008.

China Integrated Energy is one of the leading distributors and wholesalers of finished petroleum products and one of only four non-state-owned distributors with a license to sell both finished oil and heavy oil products in Shaanxi Province. The Company currently sells its products through its distribution network covering 14 provinces and municipalities with an estimated population of 640 million people.

“We are pleased to enter into this expanded contract, as it is expected to add significantly to our revenue in 2010,” stated Mr. Gao Xincheng, Chief Executive Officer of China Integrated Energy, Inc. “To put this new contract into perspective, the increase is equal to the total amount of finished oil and heavy oil products we distributed in the third quarter of 2009. Wholesale distribution of petroleum products is our largest business segment today, and we plan to continue to grow this segment in 2010 through both existing and new customers. With our diversified supply base, large storage capacity and proximity to rail transportation, we believe we are well-positioned to achieve that goal as the demand for petroleum products continues to grow.”

Mr. Gao concluded, “We are on schedule in meeting our construction goals for our new 50,000 ton biodiesel manufacturing facility and expect to commence operations by the third quarter of 2010. We will continue scouting high traffic locations to expand our portfolio of retail gas stations to create additional sales and higher profitability for our overall distribution channels as we build on being one of the leading integrated energy companies in China.”

About China Integrated Energy, Inc.

The Company is a leading non-state-owned integrated energy company in the PRC and has engaged in three business segments: the wholesale distribution of finished oil and heavy oil products, the production and sale of biodiesel, and the operation of retail gas stations. The Company’s primary business segment is the wholesale distribution of finished oil and heavy oil products. The Company also operates a 100,000-ton biodiesel production plant and twelve retail gas stations in China.

Safe Harbor Statement

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. For example, statements about the future use of the proceeds are forward looking and subject to risks. China Integrated Energy, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on forms 10-K, 10-Q and 8-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, risks outlined in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Thursday, January 28th, 2010 Uncategorized Comments Off on China Integrated Energy, Inc. (CBEH) Announces Significant Increase in Petroleum Contract

Destination Maternity (DEST) Reports Q1 Earnings Significantly Higher Than Prior Guidance

Press Release Source: Destination Maternity Corporation On Thursday January 28, 2010, 6:00 am EST

PHILADELPHIA, Jan. 28 /PRNewswire-FirstCall/ — Destination Maternity Corporation (Nasdaq: DEST), the world’s leading maternity apparel retailer, today announced operating results for the first quarter of fiscal 2010, which ended December 31, 2009, with its first quarter diluted earnings per share significantly exceeding both its prior earnings guidance and its prior year first quarter earnings results.  The Company also increased its earnings guidance for the full year fiscal 2010.

First Quarter Fiscal 2010 Financial Results

  • Net income for the first quarter of fiscal 2010 was $1.3 million, or $0.20 per share (diluted), a significant improvement compared to adjusted net income before goodwill impairment expense of $0.1 million, or $0.01 per share (diluted) for the first quarter of fiscal 2009.  Net loss for the first quarter of fiscal 2009 was $(46.9) million, or $(7.86) per share (diluted), which included a $47.0 million non-cash goodwill impairment charge.  This first quarter fiscal 2010 earnings performance was significantly better than the Company’s guidance, provided in its November 18, 2009 press release, of a diluted loss per share of between $(0.19) and $(0.38).
  • Adjusted net income (before goodwill impairment expense, restructuring and other charges, stock compensation expense, and loss on extinguishment of debt) for the first quarter of fiscal 2010 was $3.8 million, or $0.62 per share (diluted), a significant improvement from the comparably adjusted net income for the first quarter of fiscal 2009 of $0.6 million, or $0.10 per share (diluted).
  • Adjusted EBITDA was $7.9 million for the first quarter of fiscal 2010, an increase of 28% over the $6.1 million of Adjusted EBITDA for the first quarter of fiscal 2009.  Adjusted EBITDA is defined in the financial tables at the end of this press release.
  • Adjusted EBITDA before restructuring and other charges was $11.6 million for the first quarter of fiscal 2010, an increase of 89% over the $6.2 million of Adjusted EBITDA before restructuring and other charges for the first quarter of fiscal 2009.
  • Net sales for the first quarter of fiscal 2010 decreased 0.8% to $133.8 million from $134.8 million for the first quarter of fiscal 2009 and were near the top end of the Company’s guidance range of $130.5 to $134.0 million provided in November.  The decrease in sales for the first quarter of fiscal 2010 compared to fiscal 2009 resulted primarily from a decrease in comparable store sales, partially offset by increased sales from the Company’s leased department relationships, increased Internet sales and increased sales from the Company’s international franchise relationships.
  • Comparable store sales decreased 5.9% during the first quarter of fiscal 2010 versus a comparable store sales decrease of 0.5% during the first quarter of fiscal 2009, and a guidance range of down 5.5% to 8.5% provided in November.

Restructuring and Other Charges

  • The Company continues to implement a significant restructuring and cost reduction program, with the objectives of continuing to improve and simplify critical processes and reduce its expense structure.  The Company projects approximately $3.3 million of pretax expense related to this initiative in fiscal 2010, of which $2.5 million was incurred in the first quarter.  These initiatives resulted in pretax savings of approximately $12 million in fiscal 2009, with incremental pretax savings of approximately $6 to $8 million projected for fiscal 2010.  The Company projects total annualized pretax savings of approximately $23 to $27 million in fiscal 2011 as a result of this initiative, which includes the savings realized in fiscal 2009 and the incremental projected savings for fiscal 2010.
  • In addition, the Company recorded pretax charges of $1.3 million in the first quarter of fiscal 2010 associated with the previously disclosed planned retirement of the Company’s President and Chief Creative Officer in September 2010 and the retirement of the Company’s non-executive Chairman of the Board in January 2010.

Retail Locations

The table below summarizes store opening and closing activity for the first quarter of fiscal 2010 and 2009, as well as the Company’s store and total retail location count at the end of each fiscal period.

                                             First Quarter Ended
                                           -----------------------
                                           12/31/09       12/31/08
                                           --------       --------

    Store Openings
    --------------
    Total                                      2              7
    Multi-Brand Store Openings                 1              2

    Store Closings
    --------------
    Total                                      5             11
    Closings Related to Multi-Brand Store
     Openings                                  2              3

    Period Ended Retail Location Count
    ----------------------------------
    Stores                                   721            750
    Leased Department Locations              980            283
                                           -----          -----
    Total Retail Locations                 1,701          1,033
                                           =====          =====

The increase in leased department locations at December 31, 2009 versus December 31, 2008 predominantly reflects the opening of 623 Sears® and Kmart® leased department locations in connection with the October 2009 re-launch of the Two Hearts Maternity® collection.

Commentary

Ed Krell, Chief Executive Officer of Destination Maternity Corporation, noted, “We continue to make significant progress in improving the profitability of our business, even in the face of a difficult sales environment, while also pursuing initiatives to drive profitable future growth in sales.  Our earnings for the first quarter exceeded the top end of our prior earnings guidance range and were significantly higher than last year, despite our comparable store sales decline.  Our improved earnings performance is driven primarily by our continued cost reduction initiatives and strong merchandise gross margin performance.

“Although we are not at all satisfied with our comparable store sales performance for the quarter, we believe it reflects:  (i) the continued difficult overall retail environment; and (ii) our relatively stronger comparable store sales performance for the first quarter of last year compared to most apparel retailers, with our comparable store sales only having decreased 0.5% for last year’s first quarter.  Our sales performance for the first quarter was within our expectations, with our comparable store sales decrease of 5.9% for the quarter within our guidance range of down 5.5% to 8.5% for the quarter.

“We continue to take aggressive actions to manage our business in this tough environment, and with our tight management of expenditures and inventory, we were able to continue to reduce expenses and were able to control markdown levels while operating the business with lower inventory levels versus last year, resulting in expenses lower than last year and plan, and gross margins higher than last year and plan.”

Strong Financial Condition

Mr. Krell further continued, “We are in a very strong financial position, we have significantly reduced our financial leverage, and we are very focused on continuing to generate free cash flow and deleveraging our balance sheet.”

  • The Company has reduced its total debt by $17.2 million in the past year and by $42.3 million over the past three years, bringing its total debt down to $51.1 million at December 31, 2009.  The Company’s net debt (defined as total debt minus cash and cash equivalents and short-term investments) is $36.9 million at December 31, 2009.
  • The Company has significantly reduced its annual net interest expense, from $14.5 million in fiscal 2006 to $4.7 million in fiscal 2009, to a projected fiscal 2010 interest expense of approximately $3.4 million.
  • The Company has minimal maturities of long-term debt prior to the March 13, 2013 maturity of its Term Loan.  The Term Loan represents $48.5 million of the Company’s total debt of $51.1 million as of December 31, 2009.
  • At December 31, 2009, the Company had no outstanding borrowings under its credit facility and the Company had approximately $34 million of availability under the credit facility, based on the facility’s borrowing base formula.  The Company’s credit facility is committed entirely by Bank of America and does not mature until March 13, 2012.
  • Although the Company may choose to repurchase its stock in the future, the Company’s priority remains continued deleveraging of its balance sheet.  The Company prepaid $6.0 million of its Term Loan during the first quarter of fiscal 2010, including the $5.8 million prepayment required under the excess cash flow provision of the Term Loan, and prepaid $16.0 million of its Term Loan in the past year.
  • The Company continues to be in full compliance with all covenants of its debt agreements.

Guidance for Fiscal 2010

“Looking forward, we feel very good about our Company’s position and the actions we are taking to continue to improve our profitability, both in the near term and the long term.  Given the continued weak economic environment and the uncertainty as to the timing of a recovery in consumer spending, we continue to plan our sales and inventory conservatively.  We continue to manage our expenditures tightly and we expect to achieve additional cost reductions as the year progresses.  Thus, we plan to generate strong earnings and significant free cash flow during fiscal 2010, with our projected earnings range significantly higher than both last year and our prior earnings guidance.

“Our financial guidance for the full year fiscal 2010 is as follows:

  • Net sales in the $536.0 to $546.5 million range, representing an increase in sales of between 0.9% and 2.9% versus fiscal 2009 net sales of $531.3 million.
  • Comparable store sales decrease of between 2.5% and 4.5%.
  • Gross margin for fiscal 2010 expected to increase modestly versus fiscal 2009.
  • Total selling, general and administrative (SG&A) expenses are planned to be slightly lower than fiscal 2009 in dollar terms and as a percentage of net sales, based on the planned range of projected fiscal 2010 sales.  Projected SG&A expense reductions are primarily resulting from the Company’s restructuring and cost reduction initiatives, partially offset by certain projected expense increases and additional operating expenses resulting from the Sears and Kmart business launch in October 2009.
  • Operating income in the $25.7 to $29.3 million range, compared to fiscal 2009 operating income, before goodwill impairment charges, of $21.1 million.  Operating income before restructuring and other charges is projected in the $30.5 to $34.1 million range, compared to fiscal 2009 operating income, before goodwill impairment charges and restructuring and other charges, of $22.7 million.
  • Diluted earnings per share, on a reported basis, of between $2.10 and $2.45 per share for fiscal 2010, a projected increase of between 31% and 53% compared to earnings, before goodwill impairment expense, of $1.60 per share for fiscal 2009.    Earnings per share, on a reported basis, for fiscal 2009 were a loss of $(6.79) per share, reflecting the goodwill impairment expense of $50.4 million or $8.39 per share.  This guidance range for fiscal 2010 diluted earnings per share of $2.10 to $2.45 is significantly higher than the prior guidance range of $1.58 to $2.11 provided by the Company in its November 18, 2009 press release.
  • Adjusted diluted earnings per common share (before goodwill impairment, restructuring and other charges, stock compensation expense, and loss on extinguishment of debt) are projected to be between $2.74 and $3.09 per share for fiscal 2010, a projected increase of between 38% and 56% versus adjusted diluted earnings per share of $1.98 per share for fiscal 2009, and a significant increase versus the Company’s prior guidance.
  • Adjusted EBITDA in the $43.1 to $46.7 million range, a projected increase of between 11% and 20% compared to the fiscal 2009 Adjusted EBITDA of $38.8 million.  Adjusted EBITDA before restructuring and other charges is projected in the $47.8 to $51.5 million range, a projected increase of between 19% and 28% versus the fiscal 2009 figure of $40.2 million.
  • Open approximately 12 to 17 new stores during the year, including approximately 9 to 13 new multi-brand stores, and close approximately 33 to 48 stores, with approximately 22 to 32 of these planned store closings related to openings of new multi-brand stores, including Destination Maternity Superstores.
  • Capital expenditures planned at between $14.0 and $16.5 million compared to fiscal 2009 capital expenditures of $12.6 million.  After deducting projected tenant construction allowance payments to us from store landlords, the Company expects net cash outlay for capital projects to be between $9.5 million and $11.5 million, compared to $8.6 million in fiscal 2009.
  • Inventory at fiscal 2010 year end planned to be slightly lower than fiscal 2009 year end.
  • Given these assumptions, the Company plans to generate free cash flow (defined as net cash provided by operating activities minus capital expenditures) of approximately $13 to $18 million for the full year fiscal 2010.  This projected free cash flow range for fiscal 2010 is lower than the fiscal 2009 free cash flow of approximately $30 million because of the significant non-recurring cash flow generated in fiscal 2009 from decreased working capital, primarily due to the significant inventory reduction and increase in accrued incentive compensation expense (earned based on fiscal 2009 financial results but paid in early fiscal 2010), compared to the extremely low level of incentive compensation payments made during fiscal 2009 (resulting from weak fiscal 2008 financial performance).

“Thus far in January, our sales results have been weaker than originally planned, reflecting:  (i) the continued difficult overall retail environment; (ii) reduced levels of deeply marked down inventory compared to a year ago; and (iii) our relatively strong comparable store sales last January (up approximately 1% on a days-adjusted basis), especially compared to most apparel retailers.  Based on our sales results thus far in January, we expect our comparable store sales for the full month of January to decrease between 6% and 9%.  It is important to note, though, that with our much cleaner inventory position versus a year ago, our merchandise gross margin this January is significantly higher than last January.

“Our financial guidance for the second quarter of fiscal 2010 is as follows:

  • Net sales in the $129.5 to $132.0 million range.
  • Comparable store sales decrease of between 5.0% and 7.5% for the quarter.
  • Diluted earnings per common share of between $0.18 and $0.31 per share.
  • Adjusted diluted earnings per common share (before goodwill impairment, restructuring and other charges, stock compensation expense, and loss on extinguishment of debt) of between $0.33 and $0.45 per share, versus comparably adjusted diluted earnings per share of $0.30 for the second quarter of fiscal 2009.”

Company Strategy

Mr. Krell added, “As we plan and execute our business for both the coming year and beyond, we continue to be guided by our five key goals and strategic objectives:

    1. Be a profitable global leader in the maternity apparel business,
       treating all our partners and stakeholders with respect and fairness.

    2. Increase the profitability of our U.S. business, focusing on the
       following:

         a. Increase comparable store sales, through continued improvement of
            merchandise assortments and lower SKU count, providing a more
            shoppable store environment for our customers, and through
            enhanced marketing and advertising.  

         b. Reduce our expenditures and continue to be more efficient in
            operating our business—streamline, simplify and focus.

         c. Continue to expand our multi-brand Destination Maternity store
            chain where ROI hurdles are met, with the goal of operating fewer
            but larger stores over time.

         d. Continue to close underperforming stores.

    3. In addition to achieving increased comparable store sales, we aim to
       grow our sales where we can do so profitably, including the following
       areas of focus:

         a. International expansion

         b. Potential growth of our leased department and licensed
            relationships

         c. Increased utilization of the Internet to drive sales, targeting
            both increased direct Internet sales and enhanced web marketing
            initiatives to drive store sales

         d. Selective new store openings and relocations in the U.S. and
            Canada

         e. Continued focus on enhancing our overall customer relationship,
            including our marketing partnership programs.

    4. Focus on generating free cash flow to drive increased shareholder
       value, and continue to deleverage our balance sheet.

    5. Maintain and intensify our primary focus on delivering great maternity
       apparel product and service in each of our brands and store formats, to
       serve the maternity apparel customer like no one else can.

Mr. Krell concluded, “We feel very good about our Company’s position and the actions we have taken and are continuing to take to improve the core profitability of our business and generate increased stockholder value, even in the face of a difficult sales environment.  We are very proud of what we have accomplished in the past year to significantly improve our operating results, our financial position, and our outlook.  However, by no means are we satisfied or complacent, especially with regard to our sales performance, and we are keenly focused on initiatives to drive profitable sales growth, including the re-launch of our business with Sears, the expansion of our international business, the increased focus on our Internet business, and the recent announcement of our collaboration with supermodel Heidi Klum for two new exclusive maternity apparel lines we will be introducing with her in mid-February.  We are confident in our ability to continue to manage our business through these challenging economic times and to continue to drive near term improvements while also making progress towards our longer term goals in order to emerge as an even stronger company when the economy recovers.”

Conference Call Information

As announced previously, the Company will hold a conference call today at 9:00 a.m. Eastern Time, regarding the Company’s first quarter fiscal 2010 earnings and future financial guidance.  You can participate in this conference call by calling (866) 713-8567.  Please call ten minutes prior to 9:00 a.m. Eastern Time.  The conference call (listen only) will also be available on the investor section of our website at http://investor.destinationmaternity.com.  The passcode for the conference call is “Destination Maternity.”  In the event that you are unable to participate in the call, a replay will be available through Thursday, February 11, 2010 by calling (888) 286-8010.

Destination Maternity Corporation is the world’s largest designer and retailer of maternity apparel, using its quick response replenishment system to “give the customer what she wants, when she wants it.”   In the United States and Canada, as of December 31, 2009,  Destination Maternity operates 1,701 retail locations, including 721 stores, predominantly under the tradenames Motherhood Maternity®, A Pea in the Pod®, and Destination Maternity®, and sells on the web through its DestinationMaternity.com and brand-specific websites.  Destination Maternity also distributes its Oh Baby by Motherhood™ collection through a licensed arrangement at Kohl’s® stores throughout the United States and on Kohls.com.  In addition, Destination Maternity is expanding internationally and has entered into exclusive store franchise and product supply relationships in India and in the Middle East.

The Company cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made from time to time by management of the Company, including those regarding earnings, net sales, comparable store sales, other results of operations, liquidity and financial condition, and various business initiatives, involve risks and uncertainties, and are subject to change based on various important factors.  The following factors, among others, in some cases have affected and in the future could affect the Company’s financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any such forward-looking statements: the impact of the current global economic slowdown on the retail industry in general and on apparel purchases in particular, our ability to successfully manage our various business initiatives, our ability to successfully implement our merchandise brand and retail nameplate restructuring, the success of our international expansion, our ability to successfully manage and retain our leased department and licensed relationships and marketing partnerships, future sales trends in our existing store base, unusual weather patterns, changes in consumer preferences, raw material price increases, overall economic conditions and other factors affecting consumer confidence, demographics and other macroeconomic factors that may impact the level of spending for maternity apparel, expense savings initiatives, our ability to anticipate and respond to fashion trends and consumer preferences, anticipated fluctuations in our operating results, the impact of competition and fluctuations in the price, availability and quality of raw materials and contracted products, availability of suitable store locations, continued availability of capital and financing, goodwill impairment charges, our ability to hire and develop senior management and sales associates, our ability to develop and source merchandise, our ability to receive production from foreign sources on a timely basis, potential stock repurchases, potential debt prepayments, changes in market interest rates, war or acts of terrorism and other factors set forth in the Company’s periodic filings with the Securities and Exchange Commission, or in materials incorporated therein by reference.

Thursday, January 28th, 2010 Uncategorized Comments Off on Destination Maternity (DEST) Reports Q1 Earnings Significantly Higher Than Prior Guidance

Provident Financial Holdings (PROV) Reports Second Quarter Results

Press Release Source: Provident Financial Holdings, Inc. On Thursday January 28, 2010, 6:00 am EST

Capital Raise and Net Income Boost Capital Ratios Which Remain Above “Well-Capitalized” Regulatory Thresholds

Core Deposits (Transaction Accounts) Increase by 31%
(Increase by 42% Sequential Quarter, Annualized)

Loans Originated For Sale Increase by 176%

275% Increase in Gain on Sale of Loans

RIVERSIDE, Calif., Jan. 28, 2010 (GLOBE NEWSWIRE) — Provident Financial Holdings, Inc. (“Company”) (Nasdaq:PROVNews), the holding company for Provident Savings Bank, F.S.B. (“Bank”), today announced second quarter results for the fiscal year ending June 30, 2010.

For the quarter ended December 31, 2009, the Company reported net income of $2.56 million, or $0.37 per diluted share (on 6.98 million average shares outstanding), compared to a net loss of $(6.51) million, or negative $(1.05) per diluted share (on 6.20 million average shares outstanding), in the comparable period a year ago. The second quarter income was primarily attributable to a decrease in the provision for loan losses and an increase in non-interest income, partly offset by a decrease in net interest income (before provision for loan losses) and an increase in operating expenses.

“I am pleased with the progress we are making as we endure the current credit cycle. The pace of the increase in non-performing assets has slowed considerably, real estate owned has been liquidated very quickly and restructured loans have performed remarkably well. However, we still have a negative predisposition regarding credit loss exposure but believe our level of allowance for loan losses gives us the coverage required to address any credit quality deterioration,” said Craig G. Blunden, Chairman, President and Chief Executive Officer of the Company. “Additionally, the current mortgage banking environment is favorable and we have successfully captured higher volumes of loans originated for sale which has led to improved mortgage banking operating results.”

As of December 31, 2009 the Bank exceeded all regulatory capital requirements and was deemed “well-capitalized” with Tangible Capital, Core Capital, Total Risk-Based Capital and Tier 1 Risk-Based Capital ratios of 8.41 percent, 8.41 percent, 15.06 percent and 13.79 percent, respectively. As of June 30, 2009 these ratios were 6.88 percent, 6.88 percent, 13.05 percent and 11.78 percent, respectively. For each period, the Bank’s capital ratios exceeded the minimum required ratios to be deemed “well-capitalized” (5.00 percent for Core Capital, 10.00 percent for Total Risk-Based Capital and 6.00 percent for Tier 1 Risk-Based Capital). The Company raised approximately $12.0 million of capital in December 2009 through a follow-on public offering, issuing 5.18 million shares of common stock at $2.50 per share. In connection with the offering, the Company contributed $12.0 million of capital to the Bank.

Return on average assets for the second quarter of fiscal 2010 was 0.70 percent, compared to negative (1.67) percent for the same period of fiscal 2009. Return on average stockholders’ equity for the second quarter of fiscal 2010 was 9.00 percent, compared to negative (21.44) percent for the comparable period of fiscal 2009.

On a sequential quarter basis, second quarter results reflect net income of $2.56 million in comparison to a net loss of $(5.02) million in the first quarter of fiscal 2010. The improvement was attributable to a decrease in the provision for loan losses, partly offset by a decrease in net interest income, a decrease in non-interest income and an increase in operating expenses. Diluted earnings per share improved by $1.19, to $0.37 per share from a loss of $(0.82) per share in the first quarter of fiscal 2010. Return on average assets improved to 0.70 percent for the second quarter of fiscal 2010 from negative (1.28) percent in the first quarter of fiscal 2010 and return on average equity for the second quarter of fiscal 2010 was 9.00 percent, compared to negative (17.68) percent for the first quarter of fiscal 2010.

For the six months ended December 31, 2009, the net loss was $(2.46) million, compared to a net loss of $(6.18) million in the comparable period ended December 31, 2008; and the diluted loss per share for the six months ended December 31, 2009 improved to $(0.38) from a loss of $(1.00) for the comparable period last year. The loss on average assets for the six months ended December 31, 2009 improved to negative (0.32) percent from negative (0.78) percent for the six-month period a year earlier. The loss on average stockholders’ equity for the six months ended December 31, 2009 was negative (4.33) percent, compared to negative (10.07) percent for the six-month period a year earlier.

Net interest income before provision for loan losses decreased $664,000, or six percent, to $9.58 million in the second quarter of fiscal 2010 from $10.24 million for the same period in fiscal 2009. Non-interest income increased $4.37 million, or 188 percent, to $6.69 million in the second quarter of fiscal 2010 from $2.32 million in the comparable period of fiscal 2009. Operating expense increased $2.33 million, or 32 percent, to $9.57 million in the second quarter of fiscal 2010 from $7.24 million in the comparable period in fiscal 2009.

The average balance of loans outstanding decreased by $106.5 million, or eight percent, to $1.22 billion in the second quarter of fiscal 2010 from $1.33 billion in the same quarter of fiscal 2009. The managed decline in the loan balance was consistent with the Company’s short-term deleveraging strategy of curtailing loan portfolio growth to further its goals of maintaining prudent capital ratios and reducing its credit risk profile in response to unfavorable economic conditions.  The average yield on loans receivable decreased by 31 basis points to 5.62 percent in the second quarter of fiscal 2010 from an average yield of 5.93 percent in the same quarter of fiscal 2009. The decrease in the average loan yield was primarily attributable to accrued interest income reversals on non-accrual loans, payoffs of loans which had a higher yield than the average yield of loans held for investment and adjustable rate loans re-pricing to lower interest rates. Total loans originated for investment in the second quarter of fiscal 2010 were $1.6 million, consisting primarily of commercial real estate loans. In the second quarter of fiscal 2009 total loans originated for investment were $3.8 million, which consisted primarily of multi-family loans. The outstanding balance of “preferred loans” (multi-family, commercial real estate, construction and commercial business loans) decreased by $46.0 million, or nine percent, to $482.5 million at December 31, 2009 from $528.5 million at December 31, 2008. Outstanding construction loans, net of undisbursed loan funds, declined $7.9 million, or 72 percent, to $3.1 million at December 31, 2009 from $11.0 million at December 31, 2008. The percentage of preferred loans to total loans held for investment at December 31, 2009 increased to 43 percent from 41 percent at December 31, 2008. Loan principal payments received in the second quarter of fiscal 2010 were $33.3 million, compared to $38.9 million in the same quarter of fiscal 2009.

The average balance of investment securities decreased by $97.7 million, or 65 percent, to $51.6 million in the second quarter of fiscal 2010 from $149.3 million in the same quarter of fiscal 2009. A total of $10.3 million of investment securities were sold for a net gain of $341,000, while the total principal paydowns of mortgage-backed securities were $3.6 million in the second quarter of fiscal 2010.  The average yield decreased 124 basis points to 3.59% in the second quarter of fiscal 2010 from 4.83% in the same quarter of fiscal 2009.  The decrease was primarily attributable to the downward repricing of the adjustable rate mortgage-backed securities, principal paydowns of higher yielding mortgage-backed securities and the sale of higher yielding mortgage-backed securities in the first six months of fiscal 2010.

The Federal Home Loan Bank (“FHLB”) – San Francisco did not declare a cash or stock dividend for the second quarter of fiscal 2010; and in the second quarter of fiscal 2009, the Bank reversed its dividend accrual as a result of the FHLB – San Francisco’s determination not to declare a stock dividend for the quarter ended December 31, 2008. The FHLB – San Francisco has not resumed its normally scheduled redemption of excess capital stock held by member banks nor have they announced when they intend to do so.

The average balance of excess liquidity, primarily cash with the Federal Reserve Bank of San Francisco, increased substantially to $104.8 million in the second quarter of fiscal 2010 from $9.6 million in the same quarter of fiscal 2009. The Bank maintained higher levels of cash and cash equivalents in the second quarter of fiscal 2010 in response to the uncertain operating environment. The average yield earned was 0.25% in the second quarter of fiscal 2010, much lower than the yield that could have been earned if the excess liquidity were deployed in loans or investment securities.

Average deposits remained virtually unchanged at $936.0 million while the average cost of deposits decreased by 94 basis points to 1.72 percent in the second quarter of fiscal 2010, compared to an average balance of $937.5 million and an average cost of 2.66 percent in the same quarter last year. Transaction account balances (core deposits) increased by $99.1 million, or 31 percent, to $416.0 million at December 31, 2009 from $316.9 million at December 31, 2008, primarily attributable to an increase in interest-bearing checking account and savings account balances. Time deposits decreased by $97.2 million, or 16 percent, to $520.7 million at December 31, 2009 compared to $617.9 million at December 31, 2008. Total time deposits at December 31, 2009 include brokered deposits of $19.6 million. There were no brokered deposits at December 31, 2008.

The average balance of borrowings, which primarily consists of FHLB – San Francisco advances, decreased $74.6 million, or 16 percent, to $401.8 million in the second quarter of fiscal 2010 while the average cost of advances decreased six basis points to 3.96 percent in the second quarter of fiscal 2010, compared to an average balance of $476.4 million and an average cost of 4.02 percent in the same quarter of fiscal 2009. In the second quarter of fiscal 2010, the Bank prepaid $57.0 million of advances with a net prepayment gain of $9,000 as part of the Bank’s efforts to deleverage its balance sheet.

The net interest margin during the second quarter of fiscal 2010 increased two basis points to 2.72 percent from 2.70 percent during the same quarter last year. On a sequential quarter basis, the net interest margin in the second quarter of fiscal 2010 increased three basis points from 2.69 percent in the first quarter of fiscal 2010. The increase in the net interest margin was primarily attributable to the decrease of deposit costs, particularly time deposit costs, partly offset by lower average yields on loans and investment securities and a higher level of excess liquidity with a nominal yield.

During the second quarter of fiscal 2010, the Company recorded a provision for loan losses of $2.32 million, substantially lower than the provision for loan losses of $16.54 million during the same period of fiscal 2009. The provision for loan losses in the second quarter of fiscal 2010 was primarily attributable to loan classification downgrades, including the small sequential quarter increase in non-performing loans ($3.11 million provision for loan losses), partly offset by a decline in loans held for investment ($797,000 loan loss provision recovery). The specific loan loss provision (included in the total provision for loan losses) in the second quarter of fiscal 2010 was $4.12 million, an improvement of 64 percent from $11.50 million in the same quarter last year; and an improvement of 48 percent from $7.96 million in the first quarter of fiscal 2010 (sequential quarter).

Non-performing assets, with underlying collateral primarily located in Southern California, increased to $100.7 million, or 7.12 percent of total assets, at December 31, 2009, compared to $88.3 million, or 5.59 percent of total assets, at June 30, 2009 and $57.0 million, or 3.67 percent of total assets, at December 31, 2008. The non-performing assets at December 31, 2009 were primarily comprised of 229 single-family loans ($76.0 million); nine multi-family loans ($7.9 million); seven commercial real estate loans ($3.5 million); 11 construction loans ($1.3 million, nine of which, or $24,000, are associated with the previously disclosed Coachella, California construction loan fraud); seven commercial business loans ($208,000); eight single-family loans repurchased from, or unable to sell to investors ($924,000); and real estate owned comprised of 34 single-family properties ($9.2 million), three multi-family properties ($789,000), one commercial real estate property ($407,000), one developed lot ($399,000) and 16 undeveloped lots acquired in the settlement of loans ($62,000, 14 of which, or $37,000, are associated with the Coachella, California construction loan fraud). As of December 31, 2009, 36 percent, or $32.2 million of non-performing loans have a current payment status. Net charge-offs for the quarter ended December 31, 2009 were $4.96 million or 1.63 percent (annualized) of average loans receivable, compared to $4.10 million or 1.24 percent (annualized) of average loans receivable for the quarter ended December 31, 2008 and to $4.64 million or 1.44 percent (annualized) of average loans receivable in the quarter ended September 30, 2009 (sequential quarter).

Classified assets at December 31, 2009 were $117.7 million, comprised of $15.6 million in the special mention category, $91.2 million in the substandard category and $10.9 million in real estate owned. Classified assets at June 30, 2009 were $116.1 million, consisting of $24.3 million in the special mention category, $75.4 million in the substandard category and $16.4 million in real estate owned. Classified assets increased slightly at December 31, 2009 from the June 30, 2009 level primarily as a result of additional loan classification downgrades.

For the quarter ended December 31, 2009, 42 loans for $19.5 million were modified from their original terms, were re-underwritten and were identified in our asset quality reports as Restructured Loans. As of December 31, 2009, the outstanding balance of Restructured Loans was $62.1 million: 53 loans are classified as pass, are not included in the classified asset totals described earlier and remain on accrual status ($22.3 million); two loans are classified as special mention and remain on accrual status ($2.0 million); 98 loans are classified as substandard on non-accrual status ($37.8 million); and five loans are classified as loss, fully reserved and on non-accrual status.  As of December 31, 2009, 83 percent, or $51.4 million of the Restructured Loans have a current payment status.

The allowance for loan losses was $55.4 million at December 31, 2009, or 4.92 percent of gross loans held for investment, compared to $45.4 million, or 3.75 percent of gross loans held for investment at June 30, 2009. The allowance for loan losses at December 31, 2009 includes $28.1 million of specific loan loss reserves and $27.3 million of general loan loss reserves, compared to $25.3 million of specific loan loss reserves and $20.1 million of general loan loss reserves at June 30, 2009. Management believes that, based on currently available information, the allowance for loan losses is sufficient to absorb potential losses inherent in loans held for investment.

Non-interest income increased to $6.69 million in the second quarter of fiscal 2010 compared to $2.32 million in the same period of fiscal 2009 and was primarily the result of an increase in the gain on sale of loans and to a lesser extent an increase in gain on sale of investment securities and smaller net loss on sale and operations of real estate owned acquired in the settlement of loans.

The gain on sale of loans increased to $5.23 million for the quarter ended December 31, 2009 from $1.39 million in the comparable quarter last year, reflecting increased loans originated for sale. The average loan sale margin for mortgage banking was 127 basis points for the quarter ended December 31, 2009, compared to 80 basis points in the comparable quarter last year. The gain on sale of loans for the second quarter of fiscal 2010 was partially reduced by a $1.87 million recourse provision on loans sold that are subject to repurchase, compared to a $1.55 million recourse provision in the comparable quarter last year. As of December 31, 2009, the total recourse reserve for loans sold that are subject to repurchase was $5.1 million, compared to $3.4 million at June 30, 2009 and $3.5 million at December 31, 2008. The mortgage banking environment has recently shown improvement as a result of the significant decline in mortgage interest rates but remains volatile.

The volume of loans originated for sale increased $296.3 million, or 176 percent, to $465.0 million in the second quarter of fiscal 2010 from $168.7 million during the same period last year. The increase is the result of better liquidity in the secondary mortgage markets particularly in FHA/VA, Fannie Mae and Freddie Mac loan products, less competition and an increase in activity resulting from lower mortgage interest rates. Total loans sold for the quarter ended December 31, 2009 were $454.8 million, an increase of 182 percent from $161.1 million for the same quarter last year. Total loan originations (including loans originated for investment and loans originated for sale) were $466.6 million in the second quarter of fiscal 2010, an increase of $294.1 million, or 170 percent, from $172.5 million in the same quarter of fiscal 2009.

A total of $10.3 million of investment securities, comprised of U.S. government agency mortgage-backed securities, were sold in the quarter ended December 31, 2009 for a net gain of $341,000 as a part of the Company’s short-term deleveraging strategy.

Forty-two real estate owned properties were sold for a net gain of $938,000 in the quarter ended December 31, 2009 compared to 22 real estate owned properties sold for a net gain of $572,000 in the same quarter last year. During the second quarter of fiscal 2010, 33 real estate owned properties were acquired in the settlement of loans, compared to 35 real estate owned properties acquired in the settlement of loans in the comparable period last year. As of December 31, 2009, the real estate owned balance was $10.9 million (55 properties), compared to $16.4 million (80 properties) at June 30, 2009.

Operating expense increased to $9.6 million in the second quarter of fiscal 2010 from $7.2 million in the same quarter last year, primarily as a result of increases in compensation and other expenses related to the increase in mortgage banking activity and an increase in the FDIC insurance premium.

The Company’s efficiency ratio increased slightly to 59 percent in the second quarter of fiscal 2010 from 58 percent in the second quarter of fiscal 2009. The increase was the net result of a decrease in net interest income (before provision for loan losses) and an increase in non-interest expense, partly offset by an increase in non-interest income.

The Company’s estimated tax provision is $1.82 million for the second quarter of fiscal 2010 in comparison to the estimated tax benefit of $(4.70) million in the same quarter last year. The Company believes that the estimated tax provision applied in the second quarter of fiscal 2010 reflects its current income tax obligations.

The Bank currently operates 14 retail/business banking offices in Riverside County and San Bernardino County (Inland Empire). Provident Bank Mortgage operates wholesale loan production offices in Pleasanton and Rancho Cucamonga, California and retail loan production offices in Escondido, Glendora and Riverside, California.

The Company will host a conference call for institutional investors and bank analysts on Friday, January 29, 2010 at 9:00 a.m. (Pacific Time) to discuss its financial results. The conference call can be accessed by dialing (800) 288-8976 and requesting the Provident Financial Holdings Earnings Release Conference Call. An audio replay of the conference call will be available through Friday, February 5, 2010 by dialing (800) 475-6701 and referencing access code number 143332.

For more financial information about the Company please visit the website at www.myprovident.com and click on the “Investor Relations” section.

Safe-Harbor Statement

This press release and the conference call noted above contain statements that the Company believes are “forward-looking statements.” These statements relate to the Company’s financial condition, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements, as they are subject to risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make.  Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company. There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors which could cause actual results to differ materially include, but are not limited to the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs and changes in our allowance for loan losses and provision for loan losses that may be impacted by deterioration in the housing and commercial real estate markets; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes, land and other properties and fluctuations in real estate values in our market areas; secondary market conditions for loans and our ability to sell loans in the secondary market; the accuracy of the results of our stress test; results of examinations of us by the Office of Thrift Supervision or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our reserve for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings; legislative or regulatory changes that adversely affect our business including changes in regulatory policies and principles, or the interpretation of regulatory capital or other rules; our ability to attract and retain deposits; further increases in premiums for deposit insurance; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risk associated with the loans on our balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our workforce and potential associated charges; computer systems on which we depend could fail or experience a security breach; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our branch expansion strategy; our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we have acquired or may in the future acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; our ability to pay dividends on our common stock; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; and other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2009.

Thursday, January 28th, 2010 Uncategorized Comments Off on Provident Financial Holdings (PROV) Reports Second Quarter Results

DSP Group, Inc. (DSPG) Reports Fourth Quarter and Year End 2009 Results

Press Release Source: DSP Group, Inc. On Wednesday January 27, 2010, 7:00 am EST

SAN JOSE, Calif., Jan. 27, 2010 (GLOBE NEWSWIRE) — DSP Group, Inc. (Nasdaq:DSPGNews), a leading global provider of wireless chipset solutions for converged communications at home announced today its results for the fourth quarter and year ended December 31, 2009.

Fourth Quarter Results:

Revenues for the fourth quarter of 2009 were $54,720,000, a decrease of 24% from revenues of $71,551,000 for the fourth quarter of 2008. Net loss for the fourth quarter of 2009 was $2,871,000, as compared to net loss of $194,405,000 for the fourth quarter of 2008. Loss per share for the fourth quarter of 2009 was $0.13, as compared to a loss per share of $7.23 for the fourth quarter of 2008.

Year End Results:

Revenues for the year ended December 31, 2009 were $212,186,000, a decrease of 31% over 2008 revenues of $305,800,000. Net loss for 2009 was $8,436,000, compared to a net loss of $212,394,000 for 2008. Loss per share for 2009 was $0.36, compared to a loss per share of $7.48 for 2008.

Non-GAAP Results:

Non-GAAP net income and diluted EPS for the fourth quarter of 2009 were $2,827,000 and $0.12, respectively; a decrease of 29% from the non-GAAP net income of $3,987,000 and a decrease of 20% from the non-GAAP diluted earnings per share (EPS) of $0.15 for the fourth quarter of 2008. Non-GAAP net income and diluted EPS for the fourth quarter of 2009 excluded the impact of amortization of acquired intangible assets of $3,081,000 associated with the acquisition of the Cordless and VoIP Terminals business of NXP B.V. and equity-based compensation expenses of $2,617,000. Non-GAAP net income and diluted EPS for the fourth quarter of 2008 excluded the impact of amortization of acquired intangible assets of $5,654,000, associated with the acquisition; equity-based compensation expenses of $3,188,000; impairment of goodwill and other intangible assets of $181,534,000; unrealized losses related to certain available-for-sale marketable securities of $2,290,000 and the net tax effect of all items cited above along with valuation allowance of deferred tax assets of $5,726,000.

Non-GAAP net income and diluted EPS for the year ended December 31, 2009 were $3,258,000 and $0.14, respectively, representing a decrease of 76% from the non-GAAP net income of $13,816,000 and a decrease of 71% from the non-GAAP diluted EPS of $0.49 for the year ended December 31, 2008. Non-GAAP net income and diluted EPS for the year ended December 31, 2009 excluded the impact of amortization of acquired intangible assets of $12,258,000 associated with the acquisition; equity-based compensation expenses of $11,100,000; gains from realization of previously impaired available-for-sale securities of $531,000; a tax benefit of $3,488,000 resulting from a settlement agreement with the tax authorities and a tax benefit of $7,645,000 resulting from the reversal of certain income tax contingency reserves that were determined to be no longer needed due to the expiration of applicable limitation statutes.

Non-GAAP net income and diluted EPS for the year ended December 31, 2008 excluded the impact of amortization of acquired intangible assets of $22,853,000 associated with the acquisition; equity-based compensation expenses of $13,938,000; impairment of goodwill and other intangible assets of $181,534,000; unrealized losses related to certain available-for-sale marketable securities of $2,961,000; restructuring expenses of $1,870,000 associated with our cost cutting measures at various operating sites and the net tax effect of all items cited above along with valuation allowance of deferred tax assets of $3,054,000.

Ofer Elyakim, CEO of DSP Group, stated: “Our fourth quarter financial results were solid, and our cash flow from operations reached approximately $13 million during the quarter. We ended the year with $123 million in cash and equivalents, taking into consideration $20 million expended in the repurchase of our common stock from NXP and a tough market environment, our ability to generate $26 million in cash from operations in 2009 is a major achievement.

“Moreover, the Consumer Electronics Show in January was a successful event for DSP Group. For the first time, several industry participants showed fully functional devices based on our XpandR product that supports DECT and Wi-Fi connectivity.

“As we look to 2010, we expect conditions in our major end markets, including Europe and the U.S., to improve. We project revenue growth of 10% for 2010 over 2009, reflecting a sharp recovery during the first quarter, as compared to the first quarter of 2009, and revenue generation from our new product categories throughout the year.”

The Company believes that the non-GAAP presentation of net income and diluted EPS presented in this press release is useful to investors in comparing results for the fourth quarter and year ended December 31, 2009 to the same period in 2008 because the exclusion of the above noted expenses may provide a more meaningful analysis of the Company’s core operating results. Further, the Company believes it is useful to investors to understand how the expenses associated with equity-based compensations expenses are reflected on its statements of income.

Forward Looking Statements

This press release contains statements that qualify as “forward-looking statements” under the Private Securities Litigation Reform Act of 1995, including Mr. Elyakim’s statements about the company’s objective to resume revenue growth in 2010, a sharp recovery during the first quarter and revenue generation from new product categories.  These forward-looking statements are based on current expectations and DSP Group assumes no obligation to update this information. In addition, the events described in these forward-looking statements may not actually arise as a result of various factors, including the timing and ability of the market to recover and the corresponding recovery of DSP Group’s customers; unexpected delays in the introduction of new products; especially the new generation of multimedia products; fluctuations in gross margins associated with the sale of existing products; the impact of reductions in lead times and inventory levels by DSP Group customers and their customers; slower than expected change in the nature of residential communications domain; DSP Group’s inability to develop and produce new products at competitive costs and in a timely manner or failure of such products to achieve broad market acceptance; and general market demand for products that incorporate DSP Group’s technology in the market. These factors and other factors which may affect future operating results or DSP Group’s stock price are discussed under “RISK FACTORS” in the Form 10‑K for fiscal 2008 as well as other reports DSP Group has filed with the Securities and Exchange Commission and which are available on DSP Group’s Web site (www.dspg.com) under Investor Relations.

About DSP Group

DSP Group, Inc. (Nasdaq:DSPGNews) is a leading global provider of wireless chipset solutions for converged communications at home. Delivering system solutions that combine semiconductors and software with reference designs, DSP Group enables consumer electronics (CE) manufacturers to cost-effectively develop new revenue-generating applications with fast time to market. At the forefront of semiconductor innovation and operational excellence for over two decades, and with a dominant share of the wireless home telephony market, DSP Group provides a broad portfolio of wireless chipsets integrating DECT, Wi-Fi, PSTN and VoIP technologies with state-of-the-art application processors. Enabling converged voice, audio, video and data connectivity across diverse consumer products — from cordless and VoIP phones to home gateways and connected multimedia screens — DSP Group proactively partners with CE manufacturers to shape the future of converged communications at home. For more information, visit www.dspg.com.

The DSP Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6171

Earnings conference call

DSP Group has scheduled a conference call for 8:30 a.m. EST today to discuss the financial results for the fourth quarter of 2009 and invites you to listen to a live broadcast over the Internet. The broadcast can be accessed by all interested parties through the Investor Relations section (investor message board) of DSP Group’s Web site at www.dspg.com or link to: http://ir.dspg.com./phoenix.zhtml?c=101665&p=irol-calendar.

If you cannot join the call, please listen to the replay, which will be available for one week after the call on DSP Group’s Web site or by calling the following numbers:

–U.S. Dial-In # 1-888-286-8010 (passcode: 89096148)

–International Dial-In # 1-617-801-6888 (passcode: 89096148)

Wednesday, January 27th, 2010 Uncategorized Comments Off on DSP Group, Inc. (DSPG) Reports Fourth Quarter and Year End 2009 Results

UTStarcom (UTSI) Announces Plan to Outsource Manufacturing Operations

Press Release Source: UTStarcom, Inc. On Wednesday January 27, 2010, 8:00 am EST

ALAMEDA, Calif., Jan. 27 /PRNewswire-FirstCall/ — UTStarcom, Inc. (Nasdaq: UTSI) today announced that it has selected San Jose-based Sanmina-SCI Corporation (Nasdaq: SANM) as its new outsourced electronics manufacturing service provider (EMS), a move that aligns with UTStarcom’s announced restructuring initiatives and expands the company’s cost savings efforts.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20051013/SFTH063LOGO)

Under the terms of the agreement, Sanmina-SCI will provide full electronics manufacturing services for UTStarcom’s system products currently being built in UTStarcom’s Hangzhou facility. These services include new product introduction (NPI) support, material sourcing and procurement, printed circuit board assembly, system integration and testing, final pack-out and delivery. Increasing UTStarcom’s ability to manage demand swings, the flexible cost structure of this outsourcing agreement matches UTStarcom’s volume of orders and allows for a faster cash flow cycle and lower working capital usage.

“As we referenced in our June and November 2009 public conference calls, UTStarcom is taking steps to change its operational approach,” said Zheng Min, UTStarcom’s vice president of global supply chain. “This new relationship with Sanmina-SCI will allow UTStarcom to continue delivering quality products while taking advantage of improved manufacturing efficiencies.”

Outsourcing UTStarcom’s manufacturing capabilities not only improves the company’s asset utilization, but it broadens the supply chain for increased velocity and coverage.

“We are very pleased that UTStarcom has selected Sanmina-SCI as their electronics manufacturing services provider. We look forward to utilizing our vertically integrated suite of services including NPI, material procurement, manufacturing, system integration, and direct order fulfillment to bring value to our relationship.  This strategic relationship allows us to grow in the networking market in the East China region,” said PK Chan, executive vice president of Sanmina-SCI Greater China Operations.

About Sanmina-SCI

Sanmina-SCI Corporation is a leading electronics contract manufacturer serving the fastest growing segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina-SCI provides end-to-end manufacturing solutions, delivering superior quality and support to OEMs primarily in the communications, defense and aerospace, industrial and medical instrumentation, multimedia, enterprise computing and storage, renewable energy and automotive technology sectors. Sanmina-SCI has facilities strategically located in key regions throughout the world. More information regarding the company is available at http://www.sanmina-sci.com.

About UTStarcom, Inc.

UTStarcom is a global leader in IP-based, end-to-end networking solutions and international service and support. The company sells its solutions to operators in both emerging and established telecommunications markets around the world. UTStarcom enables its customers to rapidly deploy revenue-generating access services using their existing infrastructure, while providing a migration path to cost-efficient, end-to-end IP networks. The company was founded in 1991 and is headquartered in Alameda, California. For more information about UTStarcom, visit the company’s Web site at http://www.utstar.com.

Forward-Looking Statements

This press release contains forward-looking statements regarding UTStarcom’s future strategy, including statements regarding the company’s plan to outsource manufacturing.  These statements are forward-looking in nature and subject to risks and uncertainties that may cause actual results to differ materially. Factors that could cause actual results to differ materially from those contained in our forward-looking statements include:  risks associated with delays in product development, manufacturing or customer acceptance and implementation of new products and technologies.  Please also refer to UTStarcom’s periodic reports that are filed from time to time with the Securities and Exchange commission, including our latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.  UTStarcom assumes no obligation to, and does not currently intend to, update these forward-looking statements.

Wednesday, January 27th, 2010 Uncategorized Comments Off on UTStarcom (UTSI) Announces Plan to Outsource Manufacturing Operations

Conolog (CNLG) Announces Start of Production of its “GlowWorm” Fiber Optic Detector

Press Release Source: Conolog Corporation On Wednesday January 27, 2010, 8:30 am EST

SOMERVILLE, N.J.–(BUSINESS WIRE)–Conolog Corporation (NASDAQ: CNLGNews), an engineering and design company that provides digital signal processing solutions to global electric utilities, announced today that it has completed field testing and started production/marketing of its “GlowWorm” fiber optic detector that may be used in any fiber optic line or network without the need to cut the cable.

President of Conolog Marc Benou stated, “Our ‘GlowWorm’ surpassed our expectations in field tests and demonstrated its capabilities in fiber optic networks as well as lines.

“This application of passive detection technology is unique to Conolog and will allow utilities and other customers to quickly determine the source of a fiber optic signal failure.”

Benou concluded, “Conolog products continue to demonstrate the global applications of our products, ease of installation and our commitment to low maintenance and long term security and reliability.”

About Conolog Corporation

Conolog Corporation is a provider of digital signal processing and digital security solutions to electric utilities worldwide. The Company designs and manufactures electromagnetic products to the military and provides engineering and design services to a variety of industries, government organizations and public utilities nationwide. The Company’s INIVEN division manufactures a line of digital signal processing systems, including transmitters, receivers and multiplexers.

Forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company’s products, increased levels of competition, new products introduced by competitors, and other risks detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.

Wednesday, January 27th, 2010 Uncategorized Comments Off on Conolog (CNLG) Announces Start of Production of its “GlowWorm” Fiber Optic Detector

China Biologic Products (CBPO) Responds to Allegations on Financial Websites

Press Release Source: China Biologic Products, Inc. On Wednesday January 27, 2010, 9:00 am EST

TAI’AN, China, Jan. 27 /PRNewswire-Asia-FirstCall/ — China Biologic Products, Inc. (Nasdaq: CBPO) (“China Biologic,” or the “Company”), one of the leading plasma-based biopharmaceutical companies in China, today responded to allegations regarding the Company, certain members of its Board of Directors and a significant employee in an article that appeared on several online financial websites.

The article, which was written by an investor who disclosed a short position in the Company, highlighted the circumstances surrounding a RMB20 million loan from one of the Company’s founding shareholders, Beijing Chen Da Scientific Investment Co, to Dr. Zuying Du, the transfer of Dr. Du’s 25% equity ownership of the Company’s predecessor, Shangdong Missile Biological Products Co., and allegations of fraud and criminal activity by Mr. Tung Lam, CEO of the Company’s primary operating subsidiary, Shandong Taibang, and by the husband of the Company’s director, Ms. Li Lin Ling, occurring prior to 2005. The article also included references to what are purported to be official documents supporting the allegations.

The circumstances surrounding the Company’s formation, including the various legal proceedings have been disclosed in the Company’s public filings with the US Securities and Exchange Commission (“SEC”). In particular, the legality of the equity transfer among the original founders has been confirmed by various PRC courts and has withstood several appeals by Dr. Du. Furthermore, in early 2007, the Company engaged Control Risks Group, a private risk consultancy firm specializing in investigative services, to conduct a general independent investigation into the background of the Company’s officers, directors and control persons, and no misconduct was found. The Company believes that this is an attempt to discredit the Company’s management and disrupt the Company’s business and operations.

After consultation with legal counsel and the members of the audit committee, the Board of Directors has established a special independent subcommittee comprised of audit committee chair, Mr. Sean Shao, and independent director, Dr. Tong Jun Lin, to investigate the additional allegations and report back to the Board of Directors. The subcommittee has also been authorized to seek out and retain a reputable international firm to assist in the investigation and report its findings to the subcommittee as soon as practicable.

“The Board takes these allegations seriously and plans to thoroughly investigate these issues using an independent third party,” said Mr. Sean Shao, Chairman of China Biologic’s audit committee. “We remain dedicated to providing the highest standards of oversight and governance to our shareholders and will work diligently to conclude the investigation in a timely manner.”

The article also speculates on the recent departure of one of the Company’s independent directors, Dr. Jie Gan, who resigned in mid January. As disclosed in the Company’s SEC filings, Dr. Gan’s resignation was not because of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Rather, Dr. Gan’s other professional activities occupied an increasing amount of her time and in the end, she decided that it would be in the best interest of the Company and its shareholders if she were to resign and have someone else appointed to her position. The Company is actively searching for candidates to fill the vacancy left by Dr. Gan’s departure.

About China Biologic Products, Inc.

China Biologic Products, Inc. (the “Company”), through its indirect majority-owned subsidiaries, Shandong Taibang Biological Products Co. Ltd. and Guiyang Dalin Biologic Technologies Co., Ltd, and its equity investment in Xi’an Huitian Blood Products Co., Ltd., is currently the largest non-state-owned plasma-based biopharmaceutical company in China. The Company is a fully integrated biologic products company with plasma collection, production and manufacturing, research and development, and commercial operations. The Company’s plasma-based biopharmaceutical products are irreplaceable during medical emergencies, and are used for the prevention and treatment of various diseases. The Company sells its products to hospitals and other healthcare facilities in China.

Safe Harbor Statement

This release may contain certain “forward-looking statements” relating to the business of China Biologic Products, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements,” including statements regarding: the outcome of the investigation by the special subcommittee of the board of directors; the ability of the Company to achieve its commercial objectives; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Wednesday, January 27th, 2010 Uncategorized Comments Off on China Biologic Products (CBPO) Responds to Allegations on Financial Websites

Great Florida Bank’s (GFLB) Common Stock Regains Compliance With NASDAQ Minimum Bid Price

Press Release Source: Great Florida Bank On Wednesday January 27, 2010, 12:45 pm EST

MIAMI LAKES, Fla., Jan. 27, 2010 (GLOBE NEWSWIRE) — Great Florida Bank (Nasdaq:GFLBNews), today announced it was notified on January 25, 2010 by The Nasdaq Stock Market (“NASDAQ”) that the Company’s common stock price is now in compliance with Listing Rule 5450 (a)(1). Great Florida Bank’s common stock (Nasdaq:GFLBNews) continues to trade on the NASDAQ Global Market.

ABOUT GREAT FLORIDA BANK

Great Florida Bank (Nasdaq:GFLBNews), headquartered in Miami Lakes, Florida was established on June 30, 2004 as a state-charted commercial bank. The Bank listed on the NASDAQ Global Market on December 5, 2007 and joined the prestigious American Bankers Association Community Bank Index in June 2008. On September 30, 2009, total assets were $1.7 billion, Tier 1 Capital was $114 million, and the Tier 1 Leverage ratio was 6.5%. The Bank operates twenty-eight (28) Solution Centers and two residential lending offices throughout Miami-Dade, Broward and Palm Beach Counties. Great Florida Bank is committed to providing ideas and solutions to its customers’ financial needs by conveniently delivering personalized, state-of-the-art products and services, such as GFB Mobile Banking for individual consumers and cash management clients and GFB Remote Deposit Capture for business customers, all in a relaxed environment. For more information, visit our website at www.greatfloridabank.com or call 305-514-6900 (toll-free 866). Member FDIC.

Wednesday, January 27th, 2010 Uncategorized Comments Off on Great Florida Bank’s (GFLB) Common Stock Regains Compliance With NASDAQ Minimum Bid Price

NIVS (NIV) to Offer GestureTek Mobile’s Award Winning Software for Mobile Phone Games

Press Release Source: NIVS IntelliMedia Technology Group, Inc. On Friday January 22, 2010, 8:00 am EST

HUIZHOU, Guangdong, China, Jan. 22 /PRNewswire-Asia-FirstCall/ — NIVS IntelliMedia Technology Group, Inc., (“NIVS” or the “Company”) (NYSE Amex: NIV), a consumer electronics company that designs, manufactures and sells intelligent audio and visual products, today announced that the Company has entered into an agreement with China Potevio Co., Ltd., GestureTek’s authorized technology agent in China, for the application of GestureTek’s mobile phone technologies on the NIVS operations platform for the benefit of it’s mobile phone customers.

GestureTek’s award-winning Eyemo(TM) software enables touch-free user interfaces on camera-enabled handsets. GestureTek’s Momo(TM) engine uses a mobile device’s camera to track specific movements and objects within the camera’s field of view. The software can be delivered over the air or embedded on a camera-enabled device. Turnkey motion-controlled games and applications are also available on multiple platforms.

Mr. Tianfu Li, Chairman and CEO of NIVS, commented, “On behalf of our mobile phone customers we’re delighted to be able to offer GestureTek’s mobile phone technologies to enhance their experience and interaction with the NIVS brand of mobile phones. We look forward to offering a broad suite of GestureTek’s offerings to our customers.”

About China Potevio Co., Ltd.

China Potevio Co., Ltd. is a China based leading IT equipment manufacturer and service provider. It was born out of China Posts and Telecommunications Industry Corporation, which has a long history in China’s telecommunication industry. As a key state-owned enterprise under direct leadership of State- owned Assets Supervision and Administration Commission of the State Council (SASAC), China Potevio’s main business covers manufacture and trade business of telecom products, relevant technical research and services. Its industrial scale and strength plays a leading role in many industrial fields, such as communication system, terminal, auxiliary equipment, industrial application and value-added service. China Potevio owns several first-class national certifications and qualifications, including telecom project programming and designing, telecom engineering surveying, project contracting and telecom construction bidding and bid invitation, providing clients with credible products and services.

About NIVS IntelliMedia Technology Group, Inc.

NIVS IntelliMedia Technology Group is an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products in China, Greater Asia, Europe, and North America. The NIVS brand has received “Most Popular Brand” distinction in China’s acoustic industry for three consecutive years, among numerous other awards. NIVS has developed leading Chinese speech interactive technology, which forms a foundation for the Company’s intelligent audio and visual systems, including digital audio, telecommunication, LCD televisions, digital video broadcasting (“DVB”) set-top boxes, peripherals and more.

Safe Harbor Statement

This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary companies. These forward looking statements are often identified by the use of forward looking terminology such as “believes, expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including, but not limited to the Company’s ability to effectively integrate the operations and management of acquisition targets; the Company’s ability to timely deliver products; the Company’s ability to timely develop and market new products; the Company’s ability to continue to borrow and raise additional capital to fund its operations; the Company’s ability to accurately forecast amounts of supplies needed to meet customer demand; exposure to market risk through sales in international markets; the market acceptance of the Company’s products; exposure to product liability and defect claims; fluctuations in the availability of raw materials and components needed for the Company’s products; protection of the Company’s intellectual property rights; and changes in the laws of the PRC that affect the Company’s operations. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the discussed above and in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume an obligation to update these forward-looking statements.

Tuesday, January 26th, 2010 Uncategorized Comments Off on NIVS (NIV) to Offer GestureTek Mobile’s Award Winning Software for Mobile Phone Games

MidSouth Bancorp, Inc. (MSL) Strategy Validated by Strength in Demand for Recent Common Stock Offering

Press Release Source: MidSouth Bancorp On Friday January 22, 2010, 9:00 am EST

LAFAYETTE, La., Jan. 22 /PRNewswire-FirstCall/ — MidSouth Bancorp, Inc.’s (“MidSouth”) (NYSE Amex: MSL) recent public offering of common stock, which was increased in size to accommodate strong investor demand, highlights the capital market’s interest in successful community banks such as MidSouth which are likely to play a more important industry role as Congress looks to reform the financial industry to address the causes of the current financial crisis uncovered by The Financial Crisis Inquiry Commission (“FCIC”) which held its first public hearings last week .

The net proceeds from the offering of $37.3 million will be used by MidSouth for ongoing and anticipated growth, which may include potential acquisition opportunities in Southeastern markets, as well as for general corporate purposes. “The overwhelming interest and successful results of this offering are very gratifying,” commented MidSouth’s President and Chief Executive Officer, C. R. “Rusty” Cloutier. “While our track record for sound banking got investors’ attention, it’s important to note that those savvy investors also see tremendous value in Louisiana’s and Texas’ economies compared with the rest of the nation.”

Mr. Cloutier, having previously addressed Congress on industry issues related to community banks, returned to Washington last week to speak with the FCIC on behalf of the Independent Community Bankers of America noted, “The work of the FCIC is important to help Congress pass meaningful financial reform to rein-in the financial behemoths and the shadow financial industry to ensure that a crisis like this will never happen again. There is a world of opportunity out there for community banks like MidSouth, who understand their customer’s needs and are working hard to ensure their access to credit.”

MidSouth will be reporting its financial results for the year ended December 31, 2009 on Thursday, January 28, 2010 after market hours.

About MidSouth Bancorp, Inc.

MidSouth Bancorp, Inc. is a bank holding company headquartered in Lafayette, Louisiana with assets of $948 million as of September 30, 2009. Through our wholly owned subsidiary, MidSouth Bank, N.A., we offer a full range of banking services to commercial and retail customers in south Louisiana and southeast Texas. MidSouth Bank has 35 locations in Louisiana and Texas and more than 50 ATMs.

Forward-Looking Statements Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. These statements include, among others, statements regarding proposed regulatory reforms, the impact of any such reforms on MidSouth, and potential acquisitions. Actual results may differ materially from the results anticipated in these forward-looking statements. Factors that might cause such a difference include, among other matters, the timing and terms of regulatory changes, if any, changes in the economies of MidSouth’s market areas, MidSouth’s ability to identify acquisition targets and successfully complete any such acquisition; and other factors discussed under the heading “Risk Factors” in MidSouth’s Registration Statement on Form S-1/A filed with the SEC on December 9, 2009 and in its other filings with the SEC. MidSouth does not undertake any obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or otherwise, except as required by law.

Tuesday, January 26th, 2010 Uncategorized Comments Off on MidSouth Bancorp, Inc. (MSL) Strategy Validated by Strength in Demand for Recent Common Stock Offering

China ACM (CADC) Wins Xi’an High-Speed Railway Concrete Service Contract

Press Release Source: China Advanced Construction Materials Group On Monday January 25, 2010, 9:26 am EST

BEIJING, Jan. 25 /PRNewswire-FirstCall/ — China Advanced Construction Materials Group, Inc. (Nasdaq: CADC), (“China ACM” or the “Company”) a leading provider of ready-mix concrete in China, today announced that the Company has signed a definitive contract to provide its ready-mix concrete service to the high-speed railway project between Xi’an and Ankang, the largest city in southern Shanxi Province.

China ACM will provide technical counseling for the production of 270,000 cubic meters of ready-mix concrete. Equipment for the portable mixers has arrived on site and production will commence in February 2010.  Duration of the project is estimated to be 20 months. Revenues for this contract are an estimated $3 million with an estimated $800,000 net income.

Among the 10 government-certified green concrete producers in China, only China ACM is gaining access to high-speed railway projects. The Company’s proprietary technologies and industrial byproduct recycling lowers cement consumption while providing high-quality, ready-mix concrete exceeding the industry standard for durability with greater salt-water resistance for environmentally friendly infrastructure materials.  The Company is currently involved in 11 on-going high-speed railway projects throughout the country including the highly anticipated high- speed railway from Beijing to Shanghai.

Mr. Xianfu Han, Chairman and Chief Executive Officer of China ACM, commented, “We believe the high-speed railway expansion, which enables the Chinese government’s plan to build out infrastructure in the interior of China, represents a $15 billion addressable market for concrete mixing services alone. ‘Green’ concrete products like ours will have sustainable growth, especially for government-sponsored projects, due to the government’s initiative and support to grow a low-carbon economy. Our track record in high-speed rail in many key locations and the signature architectures we have completed in Beijing, provide endorsements to help China ACM win more contracts in the Chinese high-speed rail market.”

The Company also announced that the preliminary unaudited revenues for the second quarter of fiscal year 2010, which ended on December 31, 2009, approximated $26 million, a 140% increase compared with the $10.8 million in the same quarter last year.

About China ACM

China ACM, founded in 2002 and based in Beijing, China, is a leading producer of advanced construction materials for large scale commercial, residential, and infrastructure developments. The company is primarily focused on producing and supplying a wide range of advanced ready-mix concrete materials for highly technical, large scale, and environmental construction projects. The company also aims to develop and produce new and innovative environmentally conscious construction materials.

China ACM provides materials and services through its six ready-mix concrete plant network covering Beijing metropolitan area. China ACM owns one plant, leases three plants and has technical services and preferred procurement agreements with two other independently-owned plants.  China ACM is ISO 9001 (product quality), ISO 14001 (environmental safety), and ISO 18001 (employment environment safety) certified.  Additional information about the company is available at www.china-acm.com.

This press release contains “forward-looking statements” within the meaning of the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including changes from anticipated levels of sales, future national or regional economic and competitive and regulatory conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, and other factors. Additional Information regarding risks can be found in the Company’s Annual Report on Form 10K and in the Company’s recent report on Form 8K filed with the SEC. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.

Tuesday, January 26th, 2010 Uncategorized Comments Off on China ACM (CADC) Wins Xi’an High-Speed Railway Concrete Service Contract

China ACM (CADC) Makes Addition to Management

Press Release Source: China Advanced Construction Materials Group On Monday January 25, 2010, 9:24 am EST

BEIJING, Jan. 25 /PRNewswire-FirstCall/ — China Advanced Construction Materials Group, Inc. (Nasdaq: CADC), (“China ACM” or the “Company”) a leading provider of ready-mix concrete in China, today announced the appointment of Jeremy Goodwin, to assume the newly created position as President of China ACM, effective immediately. Mr. Goodwin has been a member of China ACM’s Board of Directors since October 4, 2008.  His main responsibilities will include assisting the CEO in procuring and deploying domestic contracts, as well as expanding the Company’s involvement in international projects, and strategic and financial partnerships going forward. Mr. Goodwin will also oversee the public company activities.

Jeremy Goodwin has extensive experience in advising multi-national and Asian companies on key corporate initiatives such as business expansion including mergers & acquisitions, project management, cash flow monitoring, equity and debt financings and restructurings. Mr. Goodwin has experience working with Chinese government agencies and various financial institutions.

In 2004, Mr. Goodwin co-founded Global Capital Group and later 3G Capital Partners the former group which successfully negotiated the $20M control acquisition by Mueller Industries of their Chinese Joint Venture partner.  Beginning in 1995, he worked with the private equity finance team at Mees Pierson Investment Finance S.A. in Geneva, Switzerland.  He also joined ABN Amro Bank in Beijing where he established the Global Clients desk representing multinational clients, and in 1999 Mr. Goodwin joined the ING Beijing Investment arm of Baring Private Equity Partners in Hong Kong, a joint venture between ING and the Beijing Municipal Government presided over by former Chinese Premier Zhu Rong Ji.

Mr. Goodwin received his Bachelor of Science from Cornell University in 1996 in conjunction with the Institute of Higher International Studies in Geneva, Switzerland. He pursued an advanced degree in Chinese affairs at Princeton University which he completed at the prestigious Nanjing Chinese Studies Center of the Johns Hopkins School of Advanced International Studies. He is fluent in Mandarin Chinese and French and has working knowledge of other Asian Languages.

Mr. Jeremy Goodwin stated, “As a Board member, I’ve developed extensive knowledge on the Company’s capabilities and its outlook.  I am pleased to join a highly capable and environmentally responsible management team whose achievements have helped build the Company to the forefront of the industry. With our proprietary products and industry position, we are positioned to build on our past progress and create greater value for our shareholders and for the environment.”

Mr. Xianfu Han, Chairman and Chief Executive Officer of China ACM, commented, “We have been impressed with Jeremy’s contributions as a Board member and we look forward  to further leveraging Mr. Goodwin’s considerable management and financial experience as well as his contacts both in China as well as internationally to assist China ACM achieve its strategic goals. Jeremy’s tasks will include focusing and executing our strategy, and help us deliver sustainable results to build shareholder value.”

About China ACM

China ACM, founded in 2002 and based in Beijing, China, is a leading producer of advanced construction materials for large scale commercial, residential, and infrastructure developments. The company is primarily focused on producing and supplying a wide range of advanced ready-mix concrete materials for highly technical, large scale, and environmental construction projects. The company also aims to develop and produce new and innovative environmentally conscious construction materials.

China ACM provides materials and services through its six ready-mix concrete plant network covering Beijing metropolitan area. China ACM owns one plant, leases three plants and has technical services and preferred procurement agreements with two other independently-owned plants.  China ACM is ISO 9001 (product quality), ISO 14001 (environmental safety), and ISO 18001 (employment environment safety) certified.  Additional information about the company is available at www.china-acm.com.

This press release contains “forward-looking statements” within the meaning of the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including changes from anticipated levels of sales, future national or regional economic and competitive and regulatory conditions, changes in relationships with customers, access to capital, difficulties in developing and marketing new products, marketing existing products, customer acceptance of existing and new products, and other factors. Additional Information regarding risks can be found in the Company’s Annual Report on Form 10K and in the Company’s recent report on Form 8K filed with the SEC. Accordingly, although the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. The Company has no obligation to update the forward-looking information contained in this press release.

Tuesday, January 26th, 2010 Uncategorized Comments Off on China ACM (CADC) Makes Addition to Management

PowerSecure (POWR) Announces Strong Start to 2010 Sales

Press Release Source: PowerSecure International, Inc. On Monday January 25, 2010, 8:30 am EST

WAKE FOREST, N.C.–(BUSINESS WIRE)–PowerSecure International, Inc. (Nasdaq: POWRNews) today announced a strong start to 2010 sales, with new business awards in late December and early January totaling approximately $35 million. This new business includes $15 million of contracts to install its smart grid Interactive Distributed Generation® power systems at hospitals, data centers, retail sites, industrial facilities, and utilities, and $20 million of new business from major grocery and drug retailers for the Company’s EfficientLights® LED lighting technology. The new Interactive Distributed Generation orders represent a broad-based pickup in demand for these systems, and the new EfficientLights orders continue the strong pace of adoption of this new technology by major retail chains. These new business awards are in addition to the landfill gas power system award announced on December 16, 2009.

The $15 million of new Distributed Generation business includes $11 million of project-based business and $4 million of recurring revenue contracts. The project-based business is expected to be completed, and revenue recognized, primarily during the first three quarters of 2010. The systems for the recurring revenue contracts are expected to be installed primarily in the first half of 2010, with associated revenues recognized over the life of the contracts ranging from 5-15 years. The $20 million of new EfficientLights revenue is expected to be recognized ratably throughout 2010.

The new Interactive Distributed Generation business also includes strong demand for PowerSecure’s NexGear® switchgear, which is being utilized by a growing number of utility and industrial customers in an increasing number of electrical system applications because of its superior engineering and ability to be quickly deployed. Additionally, this new business includes the Company’s first major order for its PowerPackages medium speed engine technology (a capability the Company acquired in mid-2009), which provides a durable, efficient source of continuous power using natural gas as its primary fuel.

The new smart grid Interactive Distributed Generation power systems will be deployed in partnership with utilities to deliver more efficient power during peak electricity demand and provide standby power for the facilities they support. These systems will be electronically controlled by PowerSecure’s monitoring center 24×7, ensuring the delivery of more efficient power is optimized, and that standby power is always ready to support customers’ operations.

The EfficientLights LED-based lighting fixtures will be installed in refrigerated cases of grocery and drug store chains to improve the quality of light illuminating their products and reduce lighting energy costs by approximately 70%. The technology also reduces maintenance expense by extending light life five-fold over traditional lighting, lowers the stores’ carbon footprint, and eliminates mercury-containing fluorescent lights.

Sidney Hinton, CEO of PowerSecure, said, “We are extremely pleased with this strong start to the year. This accelerated pace of new business gives us confidence that the economy is beginning to improve, and business investment is beginning to increase. Importantly, the orders we received over the last several weeks provide us with a great foundation for 2010. We are energized, humbled, and eager to serve this fantastic group of customers investing in PowerSecure systems and efficiency products.”

About PowerSecure

PowerSecure International, Inc. is a leading provider of Energy and Smart Grid Solutions to electric utilities, and their commercial, institutional, and industrial customers, as well as Energy Services to the oil and natural gas industry. PowerSecure’s Energy and Smart Grid Solutions businesses provide products and services in the areas of Interactive Distributed Generation®, Utility Infrastructure, and Energy Efficiency. The Company is a pioneer in developing Interactive Distributed Generation® systems with sophisticated, proactive smart grid capabilities, including the ability to 1) forecast peak electricity demand and electronically deploy the systems to deliver more efficient, and environmentally friendly power, 2) provide utilities with dedicated electric power generation assets for their demand response needs, and 3) provide customers with the most dependable standby power in the industry. PowerSecure also provides utilities with regulatory consulting, power system and transmission engineering and construction, and provides businesses with energy efficiency products and services, including its state-of-the art EfficientLights lighting solution for refrigerated cases. The Company provides Energy Services to the oil and natural gas industry through its Southern Flow and WaterSecure business units. Additional information is available at www.powersecure.com.

All forward-looking statements contained in this release are made within the meaning of and pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are all statements other than statements of historical facts, including but not limited to statements concerning the outlook for the businesses discussed in this press release and the Company’s future revenues, earnings, margins, and other financial and operating information and data; the outlook for growing the Company through innovative energy management and conservation; business operations and prospects for the Company; the outlook for future gains in the Company’s revenues due to its business initiatives; the anticipated results of the Company’s products, solutions, and technologies; and all other statements concerning the plans, intentions, expectations, projections, hopes, beliefs, objectives, goals and strategies of management, including statements about other future financial and non-financial items, performance or events and about present and future products, services, technologies and businesses; and statements of assumptions underlying the foregoing. Forward-looking statements are not guarantees of future performance or events and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed, projected or implied by such forward-looking statements. Important risks, uncertainties and other factors include, but are not limited to, those risks, uncertainties and other factors identified from time to time in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008, as well as in subsequent filings with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. Accordingly, there can be no assurance that the results expressed, projected or implied by any forward-looking statements will be achieved, and readers are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements in this press release speak only as of the date hereof and are based on the current plans, goals, objectives, strategies, intentions, expectations and assumptions of, and the information currently available to, management. The Company assumes no duty or obligation to update or revise any forward-looking statements for any reason, whether as the result of changes in expectations, new information, future events, conditions or circumstances or otherwise.

Tuesday, January 26th, 2010 Uncategorized Comments Off on PowerSecure (POWR) Announces Strong Start to 2010 Sales

Libbey (LBY) Plans to Issue $400.0 Million of Senior Secured Notes to Refinance Existing Debt

TOLEDO, Ohio — Libbey Inc. (NYSE Amex: LBY) (“Libbey” or “Company”) announced today that its wholly owned subsidiary Libbey Glass Inc. (“Libbey Glass”) plans to issue $400.0 million aggregate principal amount of senior secured notes due 2015 (“Notes”) in a private placement. Libbey Glass intends to use the net proceeds from the sale of the Notes, together with cash on hand, to (i) repurchase its existing $306 million Floating Rate Senior Secured Notes due 2011 in a tender offer expected to launch on January 25, 2010, (ii) repay its $80.4 million Senior Subordinated Secured Payment-in-Kind Notes due 2021 and (iii) pay related fees and expenses.  The sale of the Notes is contingent upon the entry into a new $110 million senior secured asset-based revolving credit facility by Libbey Glass and its direct wholly owned subsidiary Libbey Europe B.V., as borrowers, and Libbey and certain of Libbey Glass’ existing and future subsidiaries as guarantors.

The Notes will be senior secured obligations of Libbey Glass and will be guaranteed by Libbey and all of Libbey Glass’ existing and future domestic subsidiaries that guarantee any of Libbey Glass’ indebtedness or any indebtedness of any subsidiary guarantor. The Notes and the guarantees of the Notes will be secured by first-priority liens on substantially all the owned property, plant and equipment in the United States of Libbey Glass, Libbey and the subsidiary guarantors and by second-priority liens on the tangible and intangible assets of Libbey Glass, Libbey and the domestic subsidiary guarantors that secure their obligations under the new credit facility described above, subject to certain exceptions.

The Notes, the Libbey guarantee of the Notes and the subsidiary guarantees of the Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements. The Notes will be offered only to qualified institutional buyers in accordance with Rule 144A under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Based in Toledo, Ohio, since 1888, the Company operates glass tableware manufacturing plants in the United States, Mexico, China, Portugal and the Netherlands.

This press release includes forward-looking statements as defined in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements only reflect the Company’s best assessment at this time and are indicated by words or phrases such as “goal,” “expects,” ” believes,” “will,” “estimates,” “anticipates,” or similar phrases.  Investors are cautioned that forward-looking statements involve risks and uncertainty, that actual results may differ materially from such statements, and that investors should not place undue reliance on such statements. These forward-looking statements may be affected by the risks and uncertainties in the Company’s business. This information is qualified in its entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, including the Company’s report on Form 10-K filed with the Commission on March 16, 2009. Important factors potentially affecting performance include but are not limited to increased competition from foreign suppliers endeavoring to sell glass tableware in the United States and Mexico; the impact of lower duties for imported products; global economic conditions and the related impact on consumer spending levels; major slowdowns in the retail, travel or entertainment industries in the United States, Canada, Mexico, Western Europe and Asia, caused by terrorist attacks or otherwise; significant increases in per-unit costs for natural gas, electricity, corrugated packaging, and other purchased materials; higher indebtedness related to the Crisa acquisition; higher interest rates that increase the Company’s borrowing costs or volatility in the financial markets that could constrain liquidity and credit availability; protracted work stoppages related to collective bargaining agreements; increases in expense associated with higher medical costs, increased pension expense associated with lower returns on pension investments and increased pension obligations; devaluations and other major currency fluctuations relative to the U.S. dollar and the Euro that could reduce the cost competitiveness of the Company’s products compared to foreign competition; the effect of high inflation in Mexico and exchange rate changes to the value of the Mexican peso and the earnings and cash flow of Crisa, expressed under U.S. GAAP; the inability to achieve savings and profit improvements at targeted levels in the Company’s operations or within the intended time periods; and whether the Company completes any significant acquisition and whether such acquisitions can operate profitably.  Any forward-looking statements speak only as of the date of this press release, and the Company assumes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date of this press release.

Friday, January 22nd, 2010 Uncategorized Comments Off on Libbey (LBY) Plans to Issue $400.0 Million of Senior Secured Notes to Refinance Existing Debt

Lodgian, Inc. (LGN) to be Acquired by Lone Star Funds

Jan. 22, 2010 (PR Newswire) —

ATLANTA — Lodgian, Inc. (NYSE Alternext US: LGN), one of the nation’s largest independent hotel owners and operators, today announced it has entered into a definitive agreement to be acquired by an affiliate of Lone Star Funds (“Lone Star”), in a transaction valued at approximately $270 million, including assumed debt.

Under the terms of the agreement, Lone Star will acquire all of the outstanding common stock of Lodgian for $2.50 per share in an all-cash transaction.  The price represents a premium of approximately 67.2 percent over Lodgian’s average closing share price during the trading period of one calendar month prior to January 15, 2010 and 64.3 percent over Lodgian’s average closing share price during the trading period of six calendar months prior to January 15, 2010.

Lodgian’s Board of Directors has unanimously approved the merger agreement and has recommended approval of the transaction by Lodgian shareholders.

“After careful consideration, and with the assistance of our advisors, Lodgian’s Board of Directors determined that a transaction with Lone Star will provide meaningful value and liquidity to our shareholders,” said Daniel E. Ellis, Lodgian president and chief executive officer.  “We believe that Lone Star brings considerable real estate experience and financial strength to our assets, and we look forward to working with Lone Star to transition the business as smoothly as possible.”

“We are pleased to welcome Lodgian to the Lone Star family and look forward to working with their talented team to integrate the business into our portfolio,” said Lone Star Funds’ Andre Collin, Senior Managing Director, Real Estate Americas.  “This is a diverse and well-managed hotel business that will complement our existing real estate assets.”

This transaction is not subject to a financing condition, and the purchase price is fully committed.  The transaction is expected to close during the second quarter of 2010, subject to approval of Lodgian shareholders at a special meeting and satisfaction of customary closing conditions.

Certain shareholders of Lodgian holding 26.8 percent of the total outstanding common shares have entered into voting agreements under which they have agreed to vote their shares in favor of the merger.

Genesis Capital LLC acted as a financial advisor to Lodgian, and Houlihan Lokey Howard & Zukin Financial Advisors, Inc. has provided a fairness opinion to the Board of Directors of Lodgian.  King & Spalding LLP is acting as legal counsel to Lodgian, and Hunton & Williams LLP is acting as legal counsel to Lone Star.  Dana Ciraldo, previously affiliated with Hodges Ward Elliott, is acting as financial advisor to Lone Star.

About Lone Star Funds

Lone Star is a global investment firm that acquires debt and equity assets including corporate, commercial real estate, single-family residential, and consumer debt products, as well as banks and asset-rich operating companies requiring rationalization.  Since the establishment of its first fund in 1995, the principals of Lone Star have organized private equity funds totaling approximately $24 billion of capital that has been invested globally through Lone Star’s worldwide network of affiliate offices.

About Lodgian

Lodgian is one of the nation’s largest independent hotel owners and operators.  The company currently owns and manages a portfolio of 34 hotels with 6,401 rooms located in 20 states.  Of the company’s 34-hotel portfolio, 16 are InterContinental Hotels Group brands (Crowne Plaza, Holiday Inn, and Holiday Inn Express), 12 are Marriott brands (Marriott, Courtyard by Marriott, SpringHill Suites by Marriott, Residence Inn by Marriott and Fairfield Inn by Marriott), two are Hilton brands, and four are affiliated with other nationally recognized franchisors including Starwood, Wyndham and Carlson.  For more information about Lodgian, visit the company’s website: www.lodgian.com.

Additional Information and Where to Find it

In connection with the proposed merger and required shareholder approval, Lodgian will file a proxy statement with the U.S. Securities and Exchange Commission (“SEC”).  INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT LODGIAN AND THE MERGER.  Investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the SEC at the SEC’s website at www.sec.gov.  In addition, the documents filed by Lodgian with the SEC may be obtained free of charge by contacting Lodgian, Inc., Attn: Investor Relations, 3445 Peachtree Rd. NE, Suite 700, Atlanta, Georgia, 30326.  Our filings with the SEC are also available on our website at www.lodgian.com.

Participants in the Solicitation

Lodgian and its officers and directors may be deemed to be participants in the solicitation of proxies from Lodgian’s shareholders with respect to the merger.  Information about Lodgian’s officers and directors and their ownership of Lodgian’s common shares is set forth in the proxy statement for Lodgian’s 2009 Annual Meeting of Shareholders, which was filed with the SEC on March 20, 2009.  Investors and security holders may obtain more detailed information regarding the direct and indirect interests of Lodgian and its respective officers and directors in the merger by reading the preliminary and definitive proxy statements regarding the merger, which will be filed with the SEC.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, including, among others, statements regarding the anticipated merger with Lone Star, Lodgian’s negotiations with special servicers and lenders, optional maturity extensions, property dispositions, future financial position, business strategy, projected performance and financing needs, are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Lodgian and members of its management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “should” or similar expressions.  Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the company’s ability to control or predict. Such factors include, but are not limited to, the effects of regional, national and international economic conditions, our ability to refinance or extend maturing mortgage indebtedness, competitive conditions in the lodging industry and increases in room supply, requirements of franchise agreements (including the right of franchisors to immediately terminate their respective agreements if we breach certain provisions), our ability to complete planned hotel dispositions, the effects of unpredictable weather events such as hurricanes, the financial condition of the airline industry and its impact on air travel, the effect of self-insured claims in excess of our reserves and our ability to obtain adequate insurance at reasonable rates, and other factors discussed under Item IA (Risk Factors) in Lodgian’s Form 10-K for the year ended December 31, 2008, and as updated in our Forms 10-Q for the quarters ended March 31 and June 30, 2009. We assume no duty to update these statements.

Management believes these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. All written and oral forward-looking statements attributable to Lodgian or persons acting on its behalf are qualified in their entirety by these cautionary statements. Further, forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law.

 Contact: Debi Neary Ethridge Vice President, Finance & Investor Relations dethridge@lodgian.com (404) 365-2719 Lone Star Funds Contact: Ed Trissel / Jim Shaughnessy Joele Frank, Wilkinson Brimmer Katcher etrissel@joelefrank.com / jshaughnessy@joelefrank.com (212) 335-4449

SOURCE Lodgian, Inc.

Friday, January 22nd, 2010 Uncategorized Comments Off on Lodgian, Inc. (LGN) to be Acquired by Lone Star Funds

Intuitive Surgical (ISRG) Announces Fourth Quarter Earnings

SUNNYVALE, Calif., Jan. 21, 2010 (GLOBE NEWSWIRE) — Intuitive Surgical, Inc. (Nasdaq:ISRG), the industry leader in surgical robotics, today reported fourth quarter of 2009 revenue of $323.0 million, up 40% compared with $231.5 million for the fourth quarter of 2008. Fourth quarter of 2009 revenue growth was driven by continued robotic procedure adoption and higher da Vinci Surgical System sales.

Fourth quarter of 2009 instruments and accessories revenue increased 39% to $113.3 million from $81.6 million in the fourth quarter of 2008. The growth in instruments and accessories revenue was primarily driven by growth in da Vinci surgical procedures of approximately 44%. Fourth quarter of 2009 systems revenue was $162.0 million, an increase of 42%, compared to $113.8 million during the fourth quarter of 2008. Fourth quarter of 2009 service revenue increased 32% to $47.8 million from $36.2 million during the fourth quarter of 2008, reflecting growth in the installed base of da Vinci Surgical Systems.

Fourth quarter of 2009 operating income increased to $128.4 million from $82.7 million during the fourth quarter of 2008. Operating results for the fourth quarter of 2009 included $25.0 million of non-cash stock-based compensation expense compared with $21.4 million for the fourth quarter of 2008.

Fourth quarter of 2009 net income was $77.6 million, or $1.95 per diluted share, compared with $50.8 million, or $1.27 per diluted share for the fourth quarter of 2008.

Revenue for the year ended December 31, 2009 totaled $1,052.2 million, increasing 20% from $874.9 million for the year ended December 31, 2008. Net income for the year ended December 31, 2009 was $232.6 million, or $5.93 per diluted share, compared to net income of $204.3 million, or $5.12 per diluted share for the year ended December 31, 2008.

Intuitive Surgical ended the fourth quarter of 2009 with cash, cash equivalents and investments of $1,172 million, up $148 million from the previous quarter.

Commenting on the announcement, Gary Guthart, President and CEO of Intuitive Surgical, said, “We are pleased with the performance of our team in the fourth quarter, our procedure growth, and as a consequence, our financial results. Led by outstanding patient outcomes, robotic surgery adoption with patients and the medical community at large continues to grow.”

The Company will also announce these results at a conference call today at 1:30 pm PST. The dial-in numbers for the call are 877-909-3508 for participants located in the United States and 517-645-6051 for participants located outside the United States. The passcode is ISRG and the meeting leader is Mr. Gary Guthart. To access financial information that will be discussed on the call, please visit Intuitive Surgical’s website at www.intuitivesurgical.com.

About Intuitive’s Products

Intuitive Surgical, Inc. (Nasdaq:ISRG), headquartered in Sunnyvale, California, is the global technology leader in robotic-assisted, minimally invasive surgery. Intuitive Surgical develops, manufactures, and markets robotic technologies designed to improve clinical outcomes and help patients return more quickly to active and productive lives. The Company’s mission is to extend the benefits of minimally invasive surgery to the broadest possible base of patients. Intuitive Surgical — Taking surgery beyond the limits of the human hand™.

About the da Vinci® Surgical System

The da Vinci® System is a breakthrough surgical platform designed to enable complex surgery using a minimally invasive approach. The da Vinci® System consists of an ergonomic surgeon console or consoles, a patient-side cart with four interactive robotic arms, a high-performance vision system and proprietary EndoWrist® instruments. Powered by state-of-the-art robotic and computer technology, the da Vinci® System is designed to scale, filter and seamlessly translate the surgeon’s hand movements into more precise movements of the EndoWrist® instruments. The net result is an intuitive interface with breakthrough surgical capabilities. By providing surgeons with superior visualization, enhanced dexterity, greater precision and ergonomic comfort, the da Vinci Surgical System makes it possible for more surgeons to perform minimally invasive procedures involving complex dissection or reconstruction. This ultimately has the potential to raise the standard of care for complex surgeries, translating into numerous potential patient benefits, including less pain, a shorter recovery and quicker return to normal daily activities.

Intuitive®, da Vinci®, da Vinci S®, da Vinci® Si™, InSite® and EndoWrist® are trademarks or registered trademarks of Intuitive Surgical, Inc.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are necessarily estimates reflecting the best judgment of our management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements should, therefore, be considered in light of various important factors, including the following: the impact of the global economic recession and tight credit market and related impact on health care spending; possible health care reform in the United States and its implications on hospital spending, reimbursement, and fees which may be levied on certain medical device companies; timing and success of product development and market acceptance of developed products; regulatory approvals, clearances and restrictions; guidelines and recommendations in the health care and patient communities; intellectual property positions and litigation; competition in the medical device industry and in the specific markets of surgery in which Intuitive Surgical operates; unanticipated manufacturing disruptions; delays in regulatory approvals of new manufacturing facilities or the inability to meet demand for products, the results of the year end audit, and the other factors under the heading “Risk Factors” in our report on Form 10-K for the year ended December 31, 2008, as updated from time to time by our quarterly reports on Form 10-Q and our other filings with the Securities and Exchange Commission. Statements concerning forecasts, revenue growth, procedure growth, future financial results, and statements using words such as “estimate”, “project”, “plan”, “intend”, “expect”, “anticipate”, “believe” and similar expressions are intended to identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

INTUITIVE SURGICAL, INC.
UNAUDITED QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Three months ended
December 31, September 30, December 31,
2009 2009 2008
Revenue:
Instruments & Accessories $113,268 $100,822 $81,575
Systems 161,956 135,459 113,752
Services 47,814 43,853 36,218
Total revenue (1) 323,038 280,134 231,545
Cost of revenue:
Products 71,418 65,336 51,669
Services 18,461 15,794 14,536
Total cost of revenue (2) 89,879 81,130 66,205
Gross profit 233,159 199,004 165,340
Operating expenses:
Selling, general and administrative 79,006 69,863 61,739
Research and development (3) 25,771 24,650 20,864
Total operating expenses (2) 104,777 94,513 82,603
Income from operations 128,382 104,491 82,737
Interest and other income, net 4,123 4,362 5,525
Income before income taxes 132,505 108,853 88,262
Provision for income taxes 54,953 44,329 37,504
Net lncome $77,552 $64,524 $50,758
Earnings per share:
Basic $2.02 $1.69 $1.30
Diluted (1) $1.95 $1.64 $1.27
Shares used in computing earnings per share:
Basic 38,329 38,083 39,138
Diluted 39,683 39,245 39,837
(1) The Company offered certain customers the opportunity to upgrade the da Vinci S Surgical Systems purchased during the first quarter of 2009 to the recently introduced da Vinci Si Surgical Systems, at a discount from the list price of the upgrade. These customers were also given the opportunity to return certain da Vinci S accessories in exchange for da Vinci Si accessories. The customers were given until June 30, 2009 to accept the offer. As of March 31, 2009, the Company had deferred $20.1 million associated with these offers.

In the second quarter of 2009, the Company recognized $13.8 million of revenue originally deferred in the first quarter and associated with offers declined, upgrades completed or accessories delivered. In the third quarter of 2009, the Company recognized the remaining $6.3 million of revenue originally deferred in the first quarter and associated with upgrades completed or accessories delivered. Excluding the $6.3 million of revenue recognized, the total revenue and diluted earnings per share during the three months ended September 30, 2009 was $273.9 million and $1.55, respectively.

(2) Includes stock compensation expense of $3.7 million, $3.7 million, and $3.1 million in total cost of revenue and $21.3 million, $20.9 million, and $18.3 million in total operating expenses for the three months ended December 31, 2009, September 30, 2009, and December 31, 2008, respectively.
(3) Includes amortization of purchased intellectual property of $3.6 million, $3.6 million and $3.2 million in research and development expenses for the three months ended December 31, 2009, September 30, 2009, and December 31, 2008, respectively.
INTUITIVE SURGICAL, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
Year Ended
December 31,
2009 2008
Revenue:
Instruments & Accessories $389,445 $292,989
Systems 490,456 455,336
Services 172,267 126,594
Total revenue 1,052,168 874,919
Cost of revenue:
Products 237,562 200,074
Services 63,554 54,068
Total cost of revenue (1) 301,116 254,142
Gross profit 751,052 620,777
Operating expenses:
Selling, general and administrative 278,511 230,570
Research and development (2) 95,102 79,372
Total operating expenses (1) 373,613 309,942
Income from operations 377,439 310,835
Interest and other income, net 18,672 24,368
Income before income taxes 396,111 335,203
Provision for income taxes 163,505 130,888
Net lncome $232,606 $204,315
Earnings per share:
Basic $6.07 $5.26
Diluted $5.93 $5.12
Shares used in computing earnings per share:
Basic 38,298 38,877
Diluted 39,205 39,943
(1) Includes stock compensation expense of $14.3 million and $11.4 million in total cost of revenue and $82.7 million and $65.3 million in total operating expenses for the years ended December 31, 2009 and 2008, respectively.
(2) Includes amortization of purchased intellectual property of $14.4 million and $9.1 million in research and development expenses for the years ended December 31, 2009 and 2008, respectively.
INTUITIVE SURGICAL, INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(IN THOUSANDS)

12/31/2009 9/30/2009 12/31/2008
Cash, cash equivalents, and investments $1,171,980 $1,023,984 $901,873
Accounts receivable, net 205,384 186,530 170,107
Inventory 57,600 56,646 63,460
Property and equipment, net 125,741 122,865 117,021
Goodwill 110,740 110,740 110,740
Deferred tax assets 60,680 60,257 45,357
Other assets 77,591 76,789 66,066
Total assets $1,809,716 $1,637,811 $1,474,624
Accounts payable and other accrued liabilities $171,916 $155,924 $128,606
Deferred revenue 100,517 91,625 79,252
Total liabilities 272,433 247,549 207,858
Stockholders’ equity 1,537,283 1,390,262 1,266,766
Total liabilities and stockholders’ equity $1,809,716 $1,637,811 $1,474,624
Friday, January 22nd, 2010 Uncategorized Comments Off on Intuitive Surgical (ISRG) Announces Fourth Quarter Earnings

Conexant (CNXT) Exceeds Guidance for First Quarter of Fiscal 2010

Jan. 21, 2010 (Business Wire) — Conexant Systems, Inc. (NASDAQ: CNXT) today announced that financial results for the first quarter of fiscal 2010 exceeded guidance provided at the beginning of the quarter. In addition, the company said that it delivered core gross margins of 61 percent of revenues, core operating margins of approximately 22 percent of revenues, and core earnings of $0.17 per share. Both margin rates were the highest in company history.

First Fiscal Quarter Financial Results

Conexant presents financial results based on Generally Accepted Accounting Principles (GAAP) as well as select non-GAAP financial measures intended to reflect its core results of operations. The company believes these core financial measures provide investors with additional insight into its underlying operating results. Core financial measures exclude certain non-cash and other non-core items as fully described in the GAAP to non-GAAP reconciliation in the accompanying financial data.

For the first quarter of fiscal 2010, Conexant’s revenues were $61.8 million. Core gross margins were 61 percent of revenues. Core operating expenses were $24.2 million, core operating income was $13.5 million, and core net income was $10.0 million, or $0.17 per share.

On a GAAP basis, net revenues for the first quarter of fiscal 2010 were $61.8 million. GAAP gross margins were 61 percent of revenues. GAAP operating expenses were $26.4 million. GAAP net income including discontinued operations was $8.3 million, or $0.14 per diluted share.

The company ended the quarter with $59.1 million in cash and cash equivalents, compared to $125.4 million in the previous quarter. During the first fiscal quarter, the company used approximately $62 million to retire the remainder of its senior secured notes due in November 2010, and $28.7 million to satisfy an expired accounts receivable credit facility. The company also strengthened its balance sheet during the quarter by exchanging equity for $17.6 million of convertible notes and established a new accounts receivable credit facility in the amount of $15 million.

Financial Performance and Business Perspective

“For the first fiscal quarter, the Conexant team again delivered performance that exceeded our expectations on all financial metrics,” said Scott Mercer, Conexant’s chairman and chief executive officer. “First fiscal quarter revenues of $61.8 million were better than the $60 million we anticipated entering the quarter and increased 10 percent from fourth fiscal quarter revenues of $56.2 million. First quarter core gross margin of 61 percent was better than the 60 percent we expected and 80 basis points higher than core gross margin of 60.2 percent in the previous quarter. Core operating expenses of $24.2 million were lower than the approximately $25 million we anticipated and compared to $25 million in the fourth fiscal quarter. Core operating income of $13.5 million was approximately 22 percent of revenues, was above the approximately $11 million we expected, and compared to $8.8 million in the prior quarter. Core net income was $10 million, or $0.17 per share, rather than the $0.11 per share we anticipated entering the quarter.

“As a percentage of revenue, our first fiscal quarter core gross margin and core operating margin were both the highest in company history,” Mercer said. “With stable core gross margin rates and our continuing focus on controlling core operating expenses, our bottom-line financial performance moving forward will be primarily determined by our ability to increase revenues. We plan to grow by capturing market share with existing designs and delivering new products for imaging, audio, embedded modem, and video surveillance applications. In addition, we plan to apply our core capabilities in analog and mixed-signal design and firmware and software development to capitalize on new opportunities in adjacent markets.”

Second Fiscal Quarter Business Outlook

Conexant expects revenues for the second quarter of fiscal 2010 to be $60 million to $61 million. Core gross margins are expected to be about 61 percent of revenues. The company anticipates that core operating expenses will be approximately $25 million. As a result, the company expects that second fiscal quarter core operating income will range between $11.6 million and $12.5 million, with core net income of $0.13 to $0.14 per share based on approximately 66 million shares outstanding.

Conference Call Today

Financial analysts, members of the media, and the public are invited to participate in a conference call that will take place today at 5:00 p.m. Eastern Time (ET)/ 2:00 p.m. Pacific Time (PT). Conexant senior management will discuss first quarter fiscal 2010 financial results and the company’s outlook. To listen to the conference call via telephone, dial (866) 650-4882 (in the U.S. and Canada) or (706) 679-7338 (from other international locations); participant pass code: Conexant; Conference ID number: 50399367.

To listen via the Internet, visit the Investor Relations section of Conexant’s Web site at http://ir.conexant.com. Shortly after the call concludes, a playback of the call will be accessible on Conexant’s Web site at www.conexant.com or by calling (800) 642-1687 (U.S. and Canada) or (706) 645-9291 (other international locations); conference ID: 50399367.

About Conexant

Conexant’s comprehensive portfolio of innovative semiconductor solutions includes products for imaging, audio, embedded-modem, and video applications. Conexant is a fabless semiconductor company headquartered in Newport Beach, Calif. For more information, visit www.conexant.com

Safe Harbor Statement

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Conexant or its management “believes,” “expects,” “anticipates,” “foresees,” “forecasts,” “estimates” or other words or phrases of similar import. Similarly, statements in this release that describe our business strategy, outlook, objectives, plans, intentions, or goals are also forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited to: the ability to cause our shelf registration to be declared effective by the SEC; the risk that capital needed for our business and to repay our indebtedness will not be available when needed; the cyclical nature of the semiconductor industry, which is subject to significant downturns that may negatively impact our business, financial condition, cash flow, and results of operations; the cyclical nature of the markets addressed by our products and our customers’ products; volatility in the technology sector and the semiconductor industry; the financial risks of default by tenants and subtenants in the space we own or lease; intellectual property; our successful development of new products; the timing of our new product introductions and our product quality; demand for and market acceptance of our new and existing products; our ability to anticipate trends and develop products for which there will be market demand; product obsolescence; changes in our product mix; pricing pressures and other competitive factors; our ability to timely develop and implement new technologies and to obtain protection for the related the ability of our customers to manage inventory; our ability to identify and execute acquisitions, divestitures, mergers or restructurings, as deemed appropriate by management; the availability of manufacturing capacity; the uncertainties of litigation, including claims of infringement of third-party intellectual property rights or demands that we license third-party technology, and the demands it may place on the time and attention of our management and the expense it may place on our company; general economic and political conditions and conditions in the markets we address; and possible disruptions in commerce related to terrorist activity or armed conflict, as well as other risks and uncertainties, including those detailed from time to time in our Securities and Exchange Commission filings.

GAAP Condensed Consolidated Statements of Operations
(unaudited, in thousands, except per share amounts)
Fiscal Quarter Ended
January 1,2010 October 2,2009 January 2,

2009

Net revenues $ 61,813 $ 56,155 $ 57,463
Cost of goods sold 24,204 22,265 24,946
Gross margin 37,609 33,890 32,517
Operating expenses:
Research and development 13,245 12,568 13,567
Selling, general and administrative 12,402 13,001 17,866
Amortization of intangible assets 396 429 517
Gain on sale of intellectual property (12,858 )
Asset impairments 5,629
Special charges (Note 1) 346 5,373 10,577
Total operating expenses 26,389 37,000 29,669
Operating income (loss) 11,220 (3,110 ) 2,848
Interest expense (Note 2) 9,503 8,985 8,626
Other (income) expense, net (7,204 ) (1,570 ) 1,927
Income (loss) from continuing operations before income tax (benefit) provision and loss on equity method investments 8,921 (10,525 ) (7,705 )
Income tax (benefit) provision (230 ) 52 468
Income (loss) from continuing operations before loss on equity method investments 9,151 (10,577 ) (8,173 )
Loss on equity method investments (454 ) (641 ) (846 )
Income (loss) from continuing operations 8,697 (11,218 ) (9,019 )
Gain on sale of discontinued operations, net of tax 39,170
Loss from discontinued operations, net of tax (363 ) (7,967 ) (11,973 )
Net income (loss) $ 8,334 $ 19,985 $ (20,992 )
Income (loss) per share from continuing operations — basic and diluted $ 0.14 $ (0.22 ) $ (0.18 )
Gain per share on sale of discontinued operations — basic and diluted $ 0.00 $ 0.78 $ 0.00
Loss per share from discontinued operations — basic and diluted $ 0.00 $ (0.16 ) $ (0.24 )
Net income (loss) per share — basic and diluted $ 0.14 $ 0.40 $ (0.42 )
Shares used in computing basic per-share computations 60,023 50,146 49,657
Shares used in computing diluted per-share computations 60,091 50,146 49,657

Note 1 – Special charges consist primarily of restructuring charges. Special charges in the fiscal quarter ended January 2, 2009 also include a $3.25 million charge related to a legal settlement.

Note 2 – Effective October 3, 2009 we adopted FSP APB 14-1, which changed the method of accounting for our convertible notes. In addition, as required, we revised our previously reported financial statements to retrospectively apply this change in accounting to prior periods. Under this new method of accounting, the debt and equity components of our convertible notes are bifurcated and accounted for separately. The equity components of our convertible notes are included in Stockholders’ equity in our Condensed Consolidated Balance Sheets with a corresponding reduction in the carrying values of our convertible notes as of the date of issuance or modification, as applicable. The reduced carrying values of our convertible notes are being accreted back to their principal amounts through the recognition of non-cash interest expense. This results in recognizing interest expense on these borrowings at effective rates approximating what we would have incurred had we issued nonconvertible debt with otherwise similar terms. In connection with applying this new accounting to current and prior periods, we recorded $3.4 million, $3.5 million and $3.3 million of additional non-cash interest expense in the fiscal quarters ended January 1, 2010, October 2, 2009 and January 2, 2009, respectively.

CONEXANT SYSTEMS, INC.
Reconciliation of GAAP Financial Measures to Non-GAAP Core Financial Measures
(unaudited, in thousands, except per share amounts)
Fiscal Quarter Ended
January 1,2010 October 2,2009 January 2,2009
GAAP and Core net revenues $ 61,813 $ 56,155 $ 57,463
GAAP cost of goods sold $ 24,204 $ 22,265 $ 24,946
Stock-based compensation (a) (58 ) (51 ) (37 )
Other (f) (55 ) 145 (586 )
Non-GAAP Core cost of goods sold $ 24,091 $ 22,359 $ 24,323
GAAP gross margin $ 37,609 $ 33,890 $ 32,517
Gross margin adjustments (a, f) 113 (94 ) 623
Non-GAAP Core gross margin $ 37,722 $ 33,796 $ 33,140
GAAP operating expenses $ 26,389 $ 37,000 $ 29,669
Stock-based compensation (a) (1,438 ) (449 ) (2,148 )
Amortization of intangible assets (b) (396 ) (429 ) (517 )
Gain on sale of intellectual property (c) 12,858
Asset impairments (d) (5,629 )
Special charges (e) (346 ) (5,466 ) (10,208 )
Non-GAAP Core operating expenses $ 24,209 $ 25,027 $ 29,654
GAAP operating income (loss) $ 11,220 $ (3,110 ) $ 2,848
Gross margin adjustments (a, f) 113 (94 ) 623
Operating expense adjustments (a-e) 2,180 11,973 15
Non-GAAP Core operating income $ 13,513 $ 8,769 $ 3,486
GAAP interest expense $ 9,503 $ 8,985 $ 8,626
Debt discount and debt issuance cost expense (m) (3,407 ) (3,471 ) (3,303 )
Interest expense adjustments (n) (2,400 ) (380 )
Non-GAAP Core interest expense $ 3,696 $ 5,134 $ 5,323
GAAP other (income) expense, net $ (7,204 ) $ (1,570 ) $ 1,927
Unrealized gain (loss) on Mindspeed warrant (g) 4,285 2,746 (482 )
Gain on sale of equity securities (h) 4,113 53
Loss on impairment of investments (i) (2,635 )
Losses on repurchase and exchange of debt (j) (1,123 )
Loss on termination of swap (k) (1,087 )
Non-GAAP Core other expense (income), net $ 71 $ 89 $ (1,137 )
GAAP income (loss) from continuing operations $ 8,697 $ (11,218 ) $ (9,019 )
Gross margin adjustments (a, f) 113 (94 ) 623
Operating expense adjustments (a-e) 2,180 11,973 15
Loss on equity method investments (l) 454 641 846
Other (income) expense adjustments (g-k) (7,275 ) (1,659 ) 3,064
Interest expense adjustments (m-n) 5,807 3,851 3,303
Non-GAAP Core income (loss) from continuing operations $ 9,976 $ 3,494 $ (1,168 )
Basic and Diluted income (loss) per share from continuing operations:
GAAP basic and diluted $ 0.14 $ (0.22 ) $ (0.18 )
Non-GAAP basic and diluted $ 0.17 $ 0.07 $ (0.02 )
Shares used in basic and diluted per-share computations:
Basic 60,023 50,146 49,657
Diluted 60,091 50,146 49,657
See “GAAP to Non-GAAP Core Adjustments” below

GAAP to Non-GAAP Core Adjustments:

(a) Stock-based compensation expense is based on the fair value of all stock options and employee stock purchase plan shares in accordance with SFAS No. 123(R).

(b) Amortization of intangible assets resulting from business combinations.

(c) Gain on sale of intellectual property which is not part of our core, on-going operations.

(d) Asset impairments in the fiscal quarter ended October 2, 2009 consist primarily of $5.0 million for impairment of a patent license with Freescale.

(e) Special charges consist primarily of restructuring charges. Special charges in the fiscal quarter ended January 2, 2009 also include a $3.25 million charge related to a legal settlement.

(f) The fiscal quarters ended January 1, 2010 and October 2, 2009 include the impact of environmental remediation charges. The fiscal quarter ended January 2, 2009 includes the impact of environmental remediation charges and a charge to inventory acquired through the purchase of the “SigmaTel” multifunction printer imaging product lines.

(g) Unrealized gain and loss associated with the change in the fair value of our warrant to purchase 6.1 million shares of Mindspeed Technologies, Inc. common stock, which is accounted for as a derivative instrument.

(h) Gain on sale of equity securities and on the liquidation of companies in which we held equity securities.

(i) Losses from other than temporary impairment of marketable securities and cost based investments.

(j) Consists of a $0.6 million loss incurred on extinguishment of our floating rate senior secured notes and a loss of $0.5 million on exchange of convertible subordinated notes with a face value of $17.6 million.

(k) Loss incurred upon termination of our interest rate swap in connection with repurchase of $80.0 million of floating rate senior secured notes.

(l) Loss on equity method investments.

(m) Consists of non-cash interest expense resulting from the amortization of debt discount and debt issuance costs of $3.4 million, $3.5 million and $3.3 million in the fiscal quarters ended January 1, 2010, October 2, 2009 and January 2, 2009, respectively.

(n) Other interest expense which is not part of our on-going operations. For the fiscal quarter ended January 1, 2010 the adjustment consists of $1.7 million expense from the termination of our interest rate swap, $0.6 million of accelerated amortization of debt issuance costs related to the repurchase of $61.4 million of floating rate senior notes and $0.1 million related to accelerated amortization of debt issuance costs related to the exchange of convertible subordinated notes. For the fiscal quarter ended October 2, 2009, the adjustment consists of the accelerated amortization of debt issuance costs related to the repurchase of $80.0 million of floating rate senior notes.

Non-GAAP Financial Measures:

We have presented non-GAAP net revenues, non-GAAP cost of goods sold, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP interest expense, non-GAAP other expense (income), non-GAAP income (loss) from continuing operations and non-GAAP basic and diluted income (loss) per share from continuing operations, on a basis consistent with our historical presentation to assist investors in understanding our core results of operations on an on-going basis. These non-GAAP financial measures also enhance comparisons of our core results of operations with historical periods. We are providing these non-GAAP financial measures to investors to enable them to perform additional financial analysis and because it is consistent with the financial models and estimates published by analysts who follow our company. Management believes that these are important measures in the evaluation of our results of operations. Investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by us may be different than non-GAAP financial measures presented by other companies.

GAAP Guidance:

We do not present GAAP guidance due to our inability to project (i) future market prices of the common stock of a third party underlying a derivative financial instrument, (ii) realized gains or losses from the sale of equity securities in third parties, and (iii) the financial results of investments accounted for using the equity method of accounting.

CONEXANT SYSTEMS, INC.
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
January 1,2010 October 2,2009
ASSETS
Current assets:
Cash and cash equivalents $ 59,084 $ 125,385
Restricted cash 8,500
Receivables, net 30,674 30,110
Inventories, net 9,184 9,216
Other current assets 20,582 26,148
Current assets held for sale 11,958
Total current assets 131,482 199,359
Property, plant and equipment, net 6,872 15,299
Goodwill 109,908 109,908
Other assets 25,485 25,635
Total assets $ 273,747 $ 350,201
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Current liabilities:
Current portion of long-term debt $ $ 61,400
Short-term debt 28,653
Accounts payable 20,661 24,553
Accrued compensation and benefits 8,621 8,728
Other current liabilities 36,430 33,978
Total current liabilities 65,712 157,312
Long-term debt, net of debt discount of $16,468 and $21,422 (Note 2) 215,902 228,578
Other liabilities 58,783 62,089
Total liabilities 340,397 447,979
Shareholders’ deficit (66,650 ) (97,778 )
Total liabilities and shareholders’ deficit $ 273,747 $ 350,201
Selected Other Data
(unaudited, in thousands)
Fiscal Quarter Ended
January 1,2010 October 2,2009 January 2,2009
Revenues By Region:
Americas $ 3,994 $ 2,011 $ 3,717
Asia-Pacific 56,805 53,693 52,745
Europe, Middle East and Africa 1,014 451 1,001
$ 61,813 $ 56,155 $ 57,463
Cash Flow Data:
Depreciation of PP&E $ 1,067 $ 1,603 $ 2,649
Capital expenditures $ 219 $ 131 $ 181
Cash provided by (used in) operations $ 8,955 $ 7,794 $ (5,463 )
Friday, January 22nd, 2010 Uncategorized Comments Off on Conexant (CNXT) Exceeds Guidance for First Quarter of Fiscal 2010

Data from TNFerade(TM) Esophageal Cancer Study Presented at 2010 ASCO Gastrointestinal Cancer Symposium

GAITHERSBURG, Md. — GenVec, Inc. (Nasdaq: GNVC) announced today that data from the Company’s trial in esophageal cancer were presented at the American Society of Clinical Oncology’s 2010 Gastrointestinal Cancer Symposium in Orlando, Florida on January 22, 2010.

The poster, titled, “Long term survival analysis of multicenter clinical trial using endoscopy (END) and endoscopic ultrasound (EUS) guided fine needle injection (FNI) of antitumor agent (TNFerade Biologic (TNF)) in patients with locally advanced esophageal cancer,” reports on updated efficacy and survival data. In the 24 patients receiving TNFerade in combination with chemoradiation, the median survival was 47.7 months.  Median survival from other historical clinical trials in similar stage disease ranged from 9.7 to 34 months.

Research presented in the poster received a prestigious ASCO Foundation Merit Award. In addition, the poster received focused attention at the oral review session on esophageal cancer on January 22, 2010.

“This symposium brings together the greatest thought leaders in this area of oncology and we are pleased to be presenting this analysis at this event,” stated Mark Thornton, Ph.D., GenVec’s Senior Vice President of Product Development. “The encouraging increases in survival versus historical controls will warrant additional evaluation.”

The presented poster is available on GenVec’s website, www.genvec.com. To view the poster, click on “Investor Relations” then “Webcasts and Data.”

About GenVec

GenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec’s lead product, TNFerade™, is currently in a pivotal clinical study (PACT) in locally advanced pancreatic cancer. TNFerade has also been and is currently being evaluated for its potential use in the treatment of several other cancers, including esophageal cancer, rectal cancer, and head and neck cancer. GenVec also uses its proprietary adenovector technology to develop vaccines for infectious diseases including influenza, HIV, malaria, foot-and-mouth disease, respiratory syncytial virus (RSV), and HSV-2. Additional information about GenVec is available at www.genvec.com and in the company’s various filings with the Securities and Exchange Commission.

Statements herein relating to future financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding future revenues and operating expenses, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act.  GenVec cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time.  Factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including the failure by GenVec to secure and maintain relationships with collaborators; risks relating to the early stage of GenVec’s product candidates under development; uncertainties relating to clinical trials; risks relating to the commercialization, if any, of GenVec’s proposed product candidates; dependence on the efforts of third parties; dependence on intellectual property; and risks that we may lack the financial resources and access to capital to fund our operations.  Further information on the factors and risks that could affect GenVec’s business, financial conditions and results of operations, are contained in GenVec’s filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov.  These forward-looking statements speak only as of the date of this press release, and GenVec assumes no duty to update forward-looking statements.

Investor Contact: Media Contact:
GenVec, Inc. Tiberend Strategic Advisors, Inc.
Danielle M. DiPirro Andrew Mielach
(301) 944-1877 (212) 827-0020
ddipirro@genvec.com amielach@tiberendstrategicadvisors.com
Friday, January 22nd, 2010 Uncategorized Comments Off on Data from TNFerade(TM) Esophageal Cancer Study Presented at 2010 ASCO Gastrointestinal Cancer Symposium

LightPath Technologies (LPTH) Announces Fiscal 2010 Preliminary Second Quarter Comments

ORLANDO, FL — (Marketwire) — 01/21/10 — LightPath Technologies, Inc. (NASDAQ: LPTH), manufacturer and integrator of families of precision molded aspheric optics, precision molded infrared optics, GRADIUM® glass products, and high-performance fiber-optic collimators and isolators, reported today that projected results for its second quarter of fiscal 2010 include:

Second Quarter Highlights:

--  Backlog scheduled to ship within the next 12 months is $4.0 million, an
    increase of $900,000 or 29% as compared to the backlog of $3.1 million on
    December 31, 2008 and an increase of $1.7 million or 74% as compared to the
    backlog on June 30, 2009.
--  Cash on hand as of December 31, 2009 was $906,000 as compared to $524,000
    on December 31, 2008 and $580,000 on June 30, 2009.
--  Revenue for the second quarter of fiscal 2010 was $2.2 million compared
    to $1.9 million for the same period in fiscal 2009 and up $600,000 or 38%
    from the previous quarter.

Jim Gaynor, President and Chief Executive Officer of LightPath, commented, “During the second quarter of fiscal 2010 we saw for the second consecutive quarter a significant increase in our backlog. We also experienced revenue growth of 38% over the previous quarter. The order strength continues to come from our work in the Asian markets in industrial laser tools and telecom applications.”

LightPath will host a conference call on Thursday, February 4, 2010 at 4:00 p.m. Eastern Standard Time to discuss the Company’s financial and operational results for the Second Quarter 2010.

Conference Call Details
Date: Thursday, February 4, 2010
Time: 4:00 p.m. (EST)
Dial-in Number: 1-877-407-8033
International Dial-in Number: 1-201-689-8033
It is recommended that participants phone-in approximately 5 to 10 minutes
prior to the start of the 4:00 p.m. call. A replay of the conference call
will be available approximately 3 hours after the completion of the call
until February 11, 2010. To listen to the replay, dial 1-877-660-6853 if
calling within the U.S. and 1-201-612-7415 if calling internationally and
enter the account # 286 and the conference ID 342881.

The call is also being webcast and may be accessed at the call organizer website of PrecisionIR at www.precisionir.com.

About LightPath Technologies

LightPath manufactures optical products including precision molded aspheric optics, GRADIUM® glass products, proprietary collimator assemblies, laser components utilizing proprietary automation technology, higher-level assemblies and packing solutions. LightPath has a strong patent portfolio that has been granted or licensed to us in these fields. LightPath common stock trades on the Nasdaq Capital Market under the stock symbol LPTH. For more information visit www.lightpath.com

This news release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise.

GRADIUM® is a registered trademark of LightPath Technologies

Thursday, January 21st, 2010 Uncategorized Comments Off on LightPath Technologies (LPTH) Announces Fiscal 2010 Preliminary Second Quarter Comments

Gastar Exploration (GST) Announces Results From First Marcellus Vertical Well

HOUSTON, Jan. 21 /PRNewswire-FirstCall/ — Gastar Exploration Ltd. (NYSE Amex: GST) is pleased to announce that its first vertical Marcellus well, the James Yoho #1, has been tested at a stabilized gross rate of 1.5 million cubic feet of natural gas per day and 120 barrels of condensate per day with no water production and approximately 1000 psi of flowing tubing pressure.  The well was drilled in the Green District of Wetzel County, West Virginia.  The well has been shut in pending the finalization of gas gathering and gas processing arrangements.  Gastar holds a 100% working interest (81.5% net revenue interest) in the well and has acquired a total of approximately 36,000 net acres in northern West Virginia and southwestern Pennsylvania.

J. Russell Porter, Gastar’s President and Chief Executive Officer, said, “These results are very encouraging and confirm Gastar’s belief that thinner portions of the Marcellus Shale are capable of yielding excellent results.  The James Yoho #1 encountered approximately 46 feet of Marcellus Shale and was completed with a single stage frac.  Our longer term development plan for Gastar’s Marcellus Shale assets will be orientated towards horizontal development, but this well demonstrates that excellent results can be achieved with vertical drilling in the Marcellus Shale.”

About Gastar Exploration

Gastar Exploration Ltd. is an exploration and production company focused on finding and developing natural gas assets in North America.  The Company pursues a strategy combining deep natural gas exploration and development with lower risk CBM and shale resource development.  The Company owns and operates exploration and development acreage in the deep Bossier gas play of East Texas and Marcellus Shale play in West Virginia and Pennsylvania.  Gastar’s CBM activities are conducted within the Powder River Basin of Wyoming.  For more information, visit our web site at www.gastar.com.

Thursday, January 21st, 2010 Uncategorized Comments Off on Gastar Exploration (GST) Announces Results From First Marcellus Vertical Well

Plexus (PLXS) Reports Fiscal First Quarter Revenue of $430 Million and EPS of $0.44

Jan. 20, 2010 (PR Newswire) —

NEENAH, Wis. — Plexus Corp. (Nasdaq: PLXS) today announced:

Q1 Fiscal 2010 Results (quarter ended January 2, 2010):

  • Revenue: $430 million, relative to guidance of $405 to $430 million.
  • Diluted EPS: $0.44, including $0.04 per share of stock-based compensation expense, relative to guidance of $0.31 to $0.36.

Q2 Fiscal 2010 Guidance:

  • Revenue: $470 to $495 million.
  • Diluted EPS: $0.44 to $0.52, excluding any restructuring charges and including approximately $0.07 per share of stock-based compensation expense.

Dean Foate, President and CEO, commented, “We are pleased to announce a strong start to fiscal 2010 with overall revenues growing ten percent sequentially to $430 million with EPS of $0.44, aided in part by a legal settlement.  Good margin performance in combination with disciplined working capital management delivered return on invested capital of 18.1%.  As anticipated, we experienced robust sequential revenue growth in both our Wireline/Networking and Medical sectors during the quarter.  While revenues were essentially flat in our Industrial/Commercial sector, this was an improvement over our earlier expectations.  Our Wireless Infrastructure and Defense/Security/Aerospace sectors were both down sequentially for the quarter.”

Mr. Foate continued, “Our pace of new business wins continues at a healthy level and is balanced nicely among our sectors.  During the first fiscal quarter we won 16 new manufacturing programs that we currently anticipate will generate approximately $108 million in annualized revenue when fully ramped into production over the coming quarters, subject to risks around the timing and ultimate realization of the forecasted revenues.  Due to our customer’s request for confidentiality of program revenue levels, we have excluded from the $108 million in program wins a substantial follow-on program with The Coca-Cola Company.  In addition to the Coca-Cola Freestyle™ product that we previously announced and currently manufacture, this new program is for the manufacture of the ‘crew-serve’ version of the technology.  While the Coca-Cola Freestyle™ product is designed for self-serve applications, the ‘crew-serve’ product is designed for applications behind the service counter.  This significant new win is another indication of the value of our service offerings in complex mechatronics design and manufacturing, a strategy we began pursuing in fiscal 2008.  We currently anticipate that we will ramp to production levels with the Coca-Cola Freestyle™ program and the ‘crew-serve’ program during fiscal 2011, subject to risks around the timing and ultimate realization of the forecasted revenues.   Final assembly of both products is planned at our mechatronics-focused facility in Appleton, Wisconsin with sub-assemblies manufactured at our facility in Juarez, Mexico.”

Ginger Jones, Vice President and CFO, commented, “Gross and operating margins were 10.3% and 4.7% respectively for the first fiscal quarter, better than our expectations when we set guidance for the quarter.  Our diluted EPS for the first fiscal quarter was favorably impacted by three items.  First, we received settlement funds for a legal matter in the amount of $3.2 million which was recorded as a reduction to cost of sales, benefiting gross profit by 0.7 percentage points.  Consequently, diluted EPS for the quarter reflects a $0.05 benefit associated with this settlement.  Second, our estimated tax rate is now 1% for the full year, lower than our earlier expectations of 5% for the full year.  As a result, diluted EPS for the quarter reflects a $0.02 benefit associated with the lower tax rate.  Finally, stock option expense was $0.01 less than expected.  The first fiscal quarter was strong from a working capital perspective, with cash cycle days up only one day from the fourth fiscal quarter.  This is a very good result considering the strong revenue growth in the first fiscal quarter, anticipated growth in the second fiscal quarter and the tightening supply-chain environment.”

Mr. Foate concluded, “Our current expectation is that our second fiscal quarter will be exceptional.  Improving end-market conditions in combination with new business wins that ramp during the quarter should result in strong revenue growth and earnings leverage.  We are establishing second fiscal quarter revenue guidance of $470 to $495 million with diluted EPS of $0.44 to $0.52, excluding any restructuring charges and including approximately $0.07 per share of stock-based compensation expense.  Looking further ahead, while we currently anticipate sequential revenue growth to continue in our third and fourth fiscal quarters, we expect the rate of revenue growth to moderate in comparison to the growth rate implied by the second quarter guidance.”

Plexus provides non-GAAP supplemental information.  Non-GAAP income statements exclude transactions such as restructuring costs that are not expected to have an effect on future operations.  Non-GAAP financial data is provided to facilitate meaningful period-to-period comparisons of underlying operational performance by eliminating infrequent or unusual charges. Similar non-GAAP financial measures, including return on invested capital (“ROIC”), are used for internal management assessments because such measures provide additional insight into ongoing financial performance.  In particular, we provide ROIC because we believe it offers insight into the metrics that are driving management decisions as well as management’s performance under the tests which it sets for itself.  Please refer to the attached reconciliations of non-GAAP supplemental data.

MARKET SECTOR BREAKOUT

Plexus reports revenue based on the market sector breakout set forth in the table below, which reflects the Company’s sales and marketing focus.

Market Sector

Q1 F10

Q4 F09

Wireline/Networking* $202 M 47% $168 M 43%
Wireless Infrastructure* $49 M 11% $51 M 13%
Medical* $79 M 18% $68 M 17%
Industrial/Commercial* $64 M 15% $64 M 16%
Defense/Security/Aerospace $36 M 9% $42 M 11%
Total Revenue $430 M $393 M
* Q4 F09 revenues in this table have been revised from the amounts disclosed in the fourth
fiscal quarter to reflect the movement of $2 million for one customer from the Wireless
Infrastructure sector to the Wireline/Networking sector and to reflect the movement of
$2 million for one customer from the Medical sector to the Industrial/Commercial sector.

FISCAL Q1 SUPPLEMENTAL INFORMATION

  • ROIC for the fiscal first quarter was 18.1%.  The Company defines first quarter ROIC as tax-effected annualized operating income divided by average invested capital over a rolling two-quarter period.  Invested capital is defined as equity plus debt, less cash and cash equivalents and short-term investments.  In periods where restructuring or non-cash goodwill impairment charges were incurred, such as the first fiscal quarter of 2009, we compute adjusted ROIC excluding these costs to better compare ongoing operations.
  • Cash flow used by operations was approximately $10 million for the quarter.  Capital expenditures for the quarter were $12 million.  Free cash flow was negative during the quarter, at approximately $22 million.  The Company defines free cash flow as cash flow provided by (or used in) operations less capital expenditures.
  • Top 10 customers comprised 62% of revenue during the quarter, up 6 percentage points from the previous quarter.
  • Juniper Networks, Inc., with 17% of revenue, was the only customer representing 10% or more of revenue for the quarter.
  • Cash Conversion Cycle:

Cash Conversion Cycle

Q1 F10

Q4 F09

Days in Accounts Receivable

50 Days

45 Days

Days in Inventory

88 Days

83 Days

Days in Accounts Payable

(69) Days

(60) Days

Annualized Cash Cycle

69 Days

68 Days

Conference Call/Webcast and Replay Information:

What: Plexus Corp.’s Fiscal Q1 Earnings Conference Call
When: Thursday, January 21st at 8:30 a.m. Eastern Time
Where: 888-693-3477 or 973-582-2710 with conference ID:  49017080

http://www.videonewswire.com/PLXS/012110

(requires Windows Media Player)

Replay:

The call will be archived until January 28, 2010 at midnight Eastern Time

http://www.videonewswire.com/PLXS/012110

or via telephone replay at 800-642-1687 or 706-645-9291

PIN: 49017080

About Plexus Corp. – The Product Realization Company

Plexus (www.plexus.com) is an award-winning participant in the Electronic Manufacturing Services (EMS) industry, providing product design, supply chain and materials management, manufacturing, test, fulfillment and aftermarket solutions to branded product companies in the Wireline/Networking, Wireless Infrastructure, Medical, Industrial/Commercial and Defense/Security/Aerospace market sectors.

The Company’s unique Focused Factory manufacturing model and global supply chain solutions are strategically enhanced by value-added product design and engineering services. Plexus specializes in mid- to low-volume, higher-mix customer programs that require flexibility, scalability, technology and quality.

Plexus provides award-winning customer service to more than 100 branded product companies in North America, Europe and the Asia Pacific region.

Coca-Cola Freestyle™ is a trademark of The Coca-Cola Company.

Safe Harbor and Fair Disclosure Statement

The statements contained in this release which are guidance or which are not historical facts (such as statements in the future tense and statements including “believe,” “expect,” “intend,” “plan,” “anticipate,” “goal,” “target” and similar terms and concepts), including all discussions of periods which are not yet completed, are forward-looking statements that involve risks and uncertainties.  These risks and uncertainties include, but are not limited to:  the economic performance of the industries, sectors and customers we serve; the risk of customer delays, changes or cancellations in both ongoing and new programs; the poor visibility of future orders, particularly in view of current economic conditions; the effects of the volume of revenue from certain sectors or programs on our margins in particular periods;  our ability to secure new customers, maintain our current customer base and deliver product on a timely basis; the risk that our revenue and/or profits with customers who have been recently acquired will be negatively affected; the risks relative to new customers, including our recently announced arrangements with The Coca-Cola Company, which risks include customer delays, start-up costs, potential inability to execute, the establishment of appropriate terms of agreement, and the lack of a track record of order volume and timing; the risks of concentration of work for certain customers; our ability to manage successfully a complex business model; the risk that new program wins and/or customer demand may not result in the expected revenue or profitability; the fact that customer orders may not lead to long-term relationships; the weakness of the global economy and the continuing instability of the global financial markets and banking system, including the potential inability on our part or that of our customers or suppliers to access cash investments and credit facilities; material cost fluctuations and the adequate availability of components and related parts for production, particularly due to sudden increases in customer demand; the effect of changes in the pricing and margins of products; the risk that inventory purchased on behalf of our customers may not be consumed or otherwise paid for by customers, resulting in an inventory write-off;  the effect of start-up costs of new programs and facilities, including our recent and planned expansions, such as our new facilities in Hangzhou, China and Oradea, Romania; the adequacy of restructuring and similar charges as compared to actual expenses;  the risk of unanticipated costs, unpaid duties and penalties related to an ongoing audit of our import compliance by U.S. Customs and Border Protection; possible unexpected costs and operating disruption in transitioning programs; the potential effect of world events (such as drug cartel-related  violence in Mexico, changes in oil prices, epidemics, terrorism and war in the Middle East); the impact of increased competition; and other risks detailed in the Company’s Securities and Exchange Commission filings (particularly in Part II, Item 1A of our annual report on Form 10-K for the year ended October 3, 2009).

(financial tables follow)

PLEXUS CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

Three Months Ended

January 2, 2010 January 3, 2009
Net sales

$  430,399

$  456,109

Cost of sales

385,858

409,559

Gross profit

44,541

46,550

Operating expenses:
Selling and administrative expenses

24,319

25,269

Restructuring costs

550

24,319

25,819

Operating income

20,222

20,731

Other income (expense):
Interest expense

(2,559)

(2,930)

Interest income

456

931

Miscellaneous income (expense)

(95)

198

Income before income taxes

18,024

18,930

Income tax expense

180

1,892

Net income

$  17,844

$  17,038

Earnings per share:
Basic

$  0.45

$  0.43

Diluted

$  0.44

$  0.43

Weighted average shares outstanding:
Basic

39,587

39,337

Diluted

40,252

39,472

PLEXUS CORP.

NON-GAAP SUPPLEMENTAL INFORMATION

(in thousands, except per share data)

(unaudited)

Statements of Operations

Three Months Ended

January 2, 2010 January 3, 2009
Net income – GAAP

$  17,844

$  17,038

Add: Income tax expense

180

1,892

Income before income taxes– GAAP

18,024

18,930

Add: Restructuring costs*

550

Income before income taxes and excluding restructuring costs – Non-GAAP

18,024

19,480

Income tax expense – Non-GAAP

180

1,947

Net income – Non-GAAP

$  17,844

$  17,533

Earnings per share – Non-GAAP:
Basic

$  0.45

$  0.45

Diluted

$  0.44

$  0.44

Weighted average shares outstanding:
Basic

39,587

39,337

Diluted

40,252

39,472

*Summary of restructuring costs
Severance costs

$                –

$           550

PLEXUS CORP.

NON-GAAP SUPPLEMENTAL INFORMATION

(in thousands, except per share data)

(unaudited)

ROIC Calculation

Three Months

Ended

January 2, 2010

Operating income

$  20,222

Add: Unusual (restructuring) charges

Operating income (excluding unusual charges)

20,222

x4

Annualized operating income

80,888

Tax rate (excluding unusual charges)

x1

%
Tax impact

809

Operating income (tax effected)

$      80,079

Average invested capital

$  441,564

ROIC

18.1

%

Average

Invested

Capital

Jan 2, 2010 Oct 3, 2009
Equity

$  549,618

$  527,446

Plus:
Debt –  current

21,626

16,907

Debt – non-current

125,908

133,936

Less:
Cash and cash equivalents

(233,931)

(258,382)

$  463,221

$  419,907

$  441,564

PLEXUS CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

(unaudited)

January 2, 2010 October 3, 2009
ASSETS
Current assets:
Cash and cash equivalents

$     233,931

$      258,382

Accounts receivable

233,904

193,222

Inventories

372,753

322,352

Deferred income taxes

14,955

15,057

Prepaid expenses and other

10,704

9,421

Total current assets

866,247

798,434

Property, plant and equipment, net

205,843

197,469

Deferred income taxes

10,209

10,305

Other

16,692

16,464

Total assets

$   1,098,991

$   1,022,672

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations

$      21,626

$      16,907

Accounts payable

290,498

233,061

Customer deposits

25,831

28,180

Accrued liabilities:
Salaries and wages

28,371

28,169

Other

35,758

33,004

Total current liabilities

402,084

339,321

Long-term debt and capital lease obligations, net of current portion

125,908

133,936

Other liabilities

21,381

21,969

Total non-current liabilities
Shareholders’ equity:

147,289

155,905

Common stock, $.01 par value, 200,000 shares authorized,

47,095 and 46,994 shares issued, respectively, and 39,649 and

39,548 shares outstanding, respectively

471

470

Additional paid-in-capital

370,254

366,371

Common stock held in treasury, at cost, 7,446 shares for both periods

(200,110)

(200,110)

Retained earnings

373,879

356,035

Accumulated other comprehensive income

5,124

4,680

Total shareholders’ equity

549,618

527,446

Total liabilities and shareholders’ equity

$   1,098,991

$   1,022,672

Thursday, January 21st, 2010 Uncategorized Comments Off on Plexus (PLXS) Reports Fiscal First Quarter Revenue of $430 Million and EPS of $0.44

OmniAmerican Bancorp (OABC) Celebrates First Day of Trading on NASDAQ

FORT WORTH, Texas, Jan. 21, 2010 (GLOBE NEWSWIRE) — OmniAmerican Bancorp (Nasdaq:OABC), the newly-created holding company for Fort Worth-based OmniAmerican Bank, announced today that it opened stock trading on the NASDAQ Global Market following the closure of an initial public offering that closed at the adjusted maximum of the offering range and generated gross proceeds of $119,025,000.

“The overwhelming response to our initial public offering has been very encouraging and, in light of the current economic conditions, is a testament to the faith that our members have in the OmniAmerican leadership team,” said Tim Carter, president and CEO of OmniAmerican Bank. “We are excited to provide our depositors a chance to share in the ownership of our institution and look forward to using this revenue to grow and create new opportunities for customers and employees.”

Members of OmniAmerican Bank approved a Plan of Conversion on January 15, 2010, allowing the Bank to proceed with the conversion and stock offering. OmniAmerican Bancorp’s initial subscription offering sold 11,902,500 shares of common stock at $10.00 per share to eligible account holders, depositors as of March 31, 2008, of OmniAmerican Bank.

The offering and conversion were managed by Keefe, Bruyette & Woods, Inc. Luse Gorman Pomerenk & Schick, P.C., Washington D.C., served as special counsel to OmniAmerican Bank.

OmniAmerican Bank’s financial advisor and marketing agent, Keefe, Bruyette & Woods, Inc., has reviewed all orders and has posted allocation information. Consistent with information on a subscriber’s Receipt of Order, allocation information can be obtained at https://allocations.kbw.com.

OmniAmerican Bank is a federally chartered savings bank headquartered in Fort Worth, Texas. Originally chartered in 1956 as a federal credit union serving the active and retired military personnel of Carswell Air Force Base, the institution completed its conversion from a credit union to a federal mutual savings bank on January 1, 2006 and completed its conversion from mutual to stock form on January 20, 2010.

About OmniAmerican Bancorp

OmniAmerican Bancorp is traded under the NASDAQ Global Market under the symbol “OABC” and is the holding company for OmniAmerican Bank, a full-service financial institution headquartered in Fort Worth, Texas. OmniAmerican Bank operates 16 full-service branches in the Dallas/Fort Worth Metroplex and offers a full array of consumer products and services plus business/commercial services, mortgages and retirement planning. Founded over 50 years ago, OmniAmerican has grown to manage assets over $1 billion, providing the highest level of personal service. Electronic banking and additional information are available at www.OmniAmerican.com.

The OmniAmerican Bancorp, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7008

This release contains certain “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of such words as “believe,” “expect,” “anticipate,” “should,” “planned,” “estimated,” and “potential.” Forward-looking statements are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to, general economic and market conditions, legislative and regulatory conditions, changes in interest rates that adversely affect OmniAmerican Bank’s interest rate spread, changes in deposit flows, loan demand or real estate values and other economic, governmental, competitive, regulatory and technological factors that may affect OmniAmerican Bank’s operations.

Thursday, January 21st, 2010 Uncategorized 1 Comment

Hanmi Financial Corp. (HAFC) to Release Fourth-Quarter Results on January 28, 2010

Jan. 21, 2010 (Business Wire) — Hanmi Financial Corporation (Nasdaq:HAFC) will release financial results for the fourth quarter and fiscal year ended December 31, 2009 before the market opening on Thursday, January 28, 2010.

The Company will also hold a teleconference beginning at 10:30 a.m. PST (1:30 p.m. EST) on January 28 to review the Company’s operating results. To participate in the teleconference, approximately 10 minutes before the start time dial toll-free 866-383-7989 (or 617-597-5328 for international callers) and provide the teleconference passcode 56962431.

You may also listen to the teleconference live via the Internet at www.hanmi.com or at www.earnings.com. For those unable to attend, these web sites will host an archive of the call.

A telephone playback will be available beginning at 1:30 p.m. PST on January 28 through 9:00 p.m. PST on February 4. The playback can be accessed by calling 888-286-8010 (or 617-801-6888 for international callers) and providing passcode 86268503.

About Hanmi Financial Corporation

Headquartered in Los Angeles, Hanmi Bank, a wholly owned subsidiary of Hanmi Financial Corporation, provides services to the multi-ethnic communities of California, with 27 full-service offices in Los Angeles, Orange, San Bernardino, San Francisco, Santa Clara and San Diego counties, and a loan production office in Washington state. Hanmi Bank specializes in commercial, Small Business Administration (“SBA”) and trade finance lending, and is a recognized community leader. Hanmi Bank’s mission is to provide a full range of quality products and premier services to its customers and to maximize shareholder value. Additional information is available at www.hanmi.com.

Thursday, January 21st, 2010 Uncategorized Comments Off on Hanmi Financial Corp. (HAFC) to Release Fourth-Quarter Results on January 28, 2010

CPI Aerostructures (CVU) 2009 New Contract Awards Approximated $23.4 Million

EDGEWOOD, N.Y.–(BUSINESS WIRE)–CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE Amex: CVU) today announced that 2009 new contract awards approximated $23.4 million. Of this amount, approximately $10.6 million, $6.9 million and $5.8 million were government prime contract awards, government subcontract awards and commercial subcontract awards, respectively.

As reported last month, CPI Aero received two contracts from Lockheed Martin Corporation to produce aircraft structural assemblies for the U.S. Navy’s P-3 “Orion” aircraft. With other orders and Spirit AeroSystems contract adjustments for the Gulfstream G650 business jet, fourth quarter awards added $8.4 million to the $15.0 million of new orders as of September 30, 2009.

Edward J. Fred, CPI Aero’s CEO & President, noted, “It is important to note that although the total new orders for 2009 as a whole, were down considerably from 2008’s record level of $55.4 million, orders in the fourth quarter were significantly higher compared to the previous quarters of the year, a trend which we hope continues in 2010. These orders include work on multi-year programs with significant option and follow-on potential.”

He went on to say, “We expect 2010 to be another year of growth and we plan to issue our guidance when we announce results for the 2009 fourth quarter and year.”

About CPI Aero

CPI Aero is engaged in the contract production of structural aircraft parts for leading prime defense contractors, the U.S. Air Force, and other branches of the armed forces. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the UH-60 BLACK HAWK helicopter, the Sikorsky S-92 helicopter, the MH-60S mine countermeasure helicopter, the E-2D Hawkeye, the Gulfstream G650, C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet, and the E-3 Sentry AWACS jet. CPI Aero is included in the Russell Microcap® Index.

The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero’s SEC reports, including CPI Aero’s Form 10-K for the year ended December 31, 2008, and Form 10-Q for the quarters ended March 31, 2009, June 30, 2009 and September 30, 2009.

CPI Aero® is a registered trademark of CPI Aerostructures, Inc.

Thursday, January 14th, 2010 Uncategorized Comments Off on CPI Aerostructures (CVU) 2009 New Contract Awards Approximated $23.4 Million

Conmed Healthcare Management (CONM) Signs $16 Million Multi-year Agreement

HANOVER, Md.–(BUSINESS WIRE)–Conmed Healthcare Management, Inc. (NYSE Amex: CONM), a leading full service provider of correctional facility healthcare services to county detention centers, today announced that it has signed an agreement with Clark County, Washington, a new customer, to provide medical services for individuals detained at three county facilities. The contract is for an initial two-year term and Clark County has the option to exercise four one-year extensions. The initial annual revenue of the contract is approximately $2.5 million and with anticipated price increases the contract is projected to generate approximately $16.0 million throughout the full six-year term. Services include staffing, pharmacy services, laboratory services, mental health services, and emergency room services.

“We are excited about the opportunity to serve Clark County as we continue to expand our footprint in the Pacific Northwest,” stated Richard Turner, Chairman and Chief Executive Officer of Conmed Healthcare Management. “Clark County represents a significant expansion for us within this region. Our reputation for quality, value, and reliability of services that we deliver to customers remains critical to our ability to compete for and win new contracts in each of the regional markets that we pursue. More and more, we believe county correctional facilities are recognizing us as the provider of choice for quality, fully-compliant healthcare services. This contract represents a wonderful start to this year for Conmed and the opportunity to serve another county in the state of Washington.”

The total inmate population is approximately 700, including approximately 50 juveniles in the (separate) Juvenile Detention Facility, and the contract is slated to go effective as of February 1, 2010.

Clark County

Named for Captain William Clark of Lewis and Clark Expedition fame, Clark County is one of the fastest growing regions in the state of Washington and in the Portland, Oregon, metropolitan region. Clark County is located in the southwestern part of the state of Washington across the Columbia River from Portland, Oregon. Today, more than 400,000 people live in Clark County. It was created by the provisional government of the Oregon Territory on August 20, 1845, and at that time covered the entire present-day state. Its county seat is Vancouver, which is also its largest city.

About Conmed Healthcare Management Inc.

Conmed has provided correctional healthcare services since 1984, beginning in the State of Maryland, and currently serves county and municipal correctional facilities in thirty-six counties in seven states, including Arizona, Kansas, Maryland, Oklahoma, Oregon, Virginia and Washington. Conmed’s services have expanded to include mental health, pharmacy and out-of-facility healthcare services.

Forward Looking Statements

This press release may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements with respect to the Company’s plans, objectives, expectations and intentions; and (ii) other statements that are not historical facts including statements which may be identified by words such as “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “projects,” “potentially,” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control) including, without limitation, the Company’s ability to increase revenue and to continue to obtain new contracts, contract renewals and extensions.; the ability to obtain bonds; decreases in occupancy levels or disturbances at detention centers; malpractice litigation; the ability to utilize third party administrators for out-of-facility care; compliance with laws and government regulations, including those relating to healthcare; competition; termination of contracts due to lack of government appropriations; material adverse changes in economic and industry conditions in the healthcare market; negative publicity regarding the provision of correctional healthcare services; dependence on key personnel and the ability to hire skilled personnel; increases in healthcare costs; insurance; completion and integration of future acquisitions; public company obligations; and stock price volatility. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission, including Amendment No. 1 to the Company’s Annual Report on Form 10-K/A filed with the SEC for the fiscal year ended December 31, 2008. Investors and security holders are urged to read this document free of charge on the SEC’s web site at www.sec.gov. The Company does not undertake to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Thursday, January 14th, 2010 Uncategorized Comments Off on Conmed Healthcare Management (CONM) Signs $16 Million Multi-year Agreement

FCC Grants TerreStar (TSTR) ATC Authority

RESTON, Va., Jan. 14 /PRNewswire/ — On January 13, 2010, the Federal Communications Commission (FCC) granted TerreStar Networks Inc. (TerreStar), a majority-owned subsidiary of TerreStar Corporation (Nasdaq: TSTR), authority to integrate terrestrial use of TerreStar’s 20 MHz S Band spectrum into its next generation mobile wireless network.  TerreStar plans to use this authority to enhance coverage, capacity and throughput in its integrated mobile satellite and terrestrial communications network that will provide ubiquitous North American access to voice and data services through conventional wireless devices.

In granting the ATC license, the FCC reaffirmed the value that integrated MSS/ATC networks bring by “facilitating increased network capacity, more efficient use of spectrum, extension of coverage for handset operation” as well as “improved emergency communications.”  The FCC also granted a number of technical waivers requested by TerreStar that will permit TerreStar to integrate ATC capability more efficiently.

“We thank the FCC for its ongoing support as we continue to execute on the vision of an integrated satellite and terrestrial mobile wireless network,” said Jeff Epstein, president, TerreStar.  “With the successful launch of TerreStar-1, the validation of our revolutionary TerreStar Genus™ smartphone and the FCC’s grant of ATC authority, we are on track to reshape mobile communications when we launch commercial service later this year.”

About TerreStar Networks Inc.

TerreStar Networks (www.terrestar.com), a majority owned subsidiary of TerreStar Corporation (Nasdaq: TSTR), plans to offer a reliable and secure satellite terrestrial mobile broadband network that will provide voice, data and video services dedicated to helping solve the critical communication and business continuity challenges faced by government, emergency responders, enterprise businesses and rural communities.   TerreStar expects to offer next generation mobile communications through a network of partners and service providers to users who need “anywhere” coverage throughout the United States and Canada.

Statement under the Private Securities Litigation Reform Act:

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, with respect to the strategy of TerreStar Corporation, its plans, and the transactions described in this press release. Such statements generally include words such as could, can, anticipate, believe, expect, seek, pursue, proposed, potential and similar words and terms in connection with future results. We assume no obligation to update or supplement such forward-looking statements.

Thursday, January 14th, 2010 Uncategorized Comments Off on FCC Grants TerreStar (TSTR) ATC Authority

Caliper Life Sciences (CALP) Announces Preliminary Results for the Fourth Quarter and 2009

HOPKINTON, Mass., Jan. 14 /PRNewswire-FirstCall/ — Caliper Life Sciences, Inc. (Nasdaq: CALP) today announced revenue results for the fourth quarter and full year ended December 31, 2009, and its expected year-end cash position, based upon management’s review of preliminary financial information.

Total revenue for the fourth quarter of 2009 is expected to be $37.6 million, which exceeded the Company’s revenue guidance of $33 to $35 million as a result of stronger than anticipated IVIS® and LabChip® product revenues and the benefit of license revenues from a recently announced microfluidic license grant to Becton, Dickinson and Company which occurred one quarter earlier than anticipated.  For the full year 2009, total revenue is expected to be $130.3 million on a GAAP-basis and $119.6 million on a non-GAAP basis, which excludes revenues of recently divested business operations.

The Company expects to report cash, cash equivalents and marketable securities of approximately $38 million and outstanding short-term borrowings of approximately $15 million as of December 31, 2009.  In addition, the Company announced that it expects to report positive operating cash flows on a full-year basis for 2009, one year ahead of previous guidance.

It should be noted that the financial results as of December 31, 2009, and for the quarter and year ended December 31, 2009 discussed above are preliminary and remain subject to audit by Caliper’s independent registered accounting firm.

Statement Regarding Use of Non-GAAP Financial Measures

Caliper supplements its GAAP financial reporting with certain non-GAAP financial measures.  Non-GAAP revenue in this press release excludes the impact of revenue from business operations which were divested in the fourth quarters of 2008 and 2009, respectively.  Caliper believes that providing this additional information enhances investors’ understanding of the financial performance of Caliper’s operations and increases the comparability of its current financial statements to prior periods.

Presentation at Today’s J.P. Morgan Conference

As announced in a separate press release issued by the company on January 5, Caliper will today make a presentation at the J.P. Morgan Healthcare Conference in San Francisco, California.  A live webcast of the presentation can be accessed by visiting Caliper’s website at www.caliperLS.com.  To access the webcast, select “Investors” and find the event under “Investor Events”.  An archived edition of the presentation will be available for 90 days.

About Caliper Life Sciences

Caliper Life Sciences is a premier provider of cutting-edge technologies enabling researchers in the life sciences industry to create life-saving and enhancing medicines and diagnostic tests more quickly and efficiently. Caliper is aggressively innovating new technology to bridge the gap between in vitro assays and in vivo results, enabling the translation of those results into cures for human disease. Caliper’s portfolio of offerings includes state-of-the-art microfluidics, lab automation & liquid handling, optical imaging technologies, and discovery & development outsourcing solutions. For more information please visit www.caliperLS.com.

The statements in this press release regarding Caliper’s anticipated total revenue for the fourth quarter of 2009 and for 2009, its expected cash and short-term borrowing position as of December 31, 2009, and Caliper’s expectation that it will report positive operating cash flows on a full-year basis for 2009 are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934.  These statements are subject to risks and uncertainties that could cause actual results to differ materially from those Caliper expects or projects, including the risks that unexpected information may be received, or adjustments may be made, in the course of finalizing and analyzing the financial results, which could cause the final results to differ from these preliminary results.  Finalization of the company’s financial results for 2009 could lead to revisions in the company’s current expectations regarding revenue for the quarter and year ended December 31, 2009, as well as achieving positive operating cash flows on a full-year basis for 2009.  Further information on risks faced by Caliper is included in risks discussed under the caption “Risk Factors” in Caliper’s annual report on Form 10-K for the year ended December 31, 2008, filed with the Securities and Exchange Commission on March 13, 2009, and in our other SEC reports and filings. These SEC reports and filings are available on a web site maintained by the SEC at http://www.sec.gov. Caliper expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Caliper’s expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based.

Thursday, January 14th, 2010 Uncategorized Comments Off on Caliper Life Sciences (CALP) Announces Preliminary Results for the Fourth Quarter and 2009