Archive for April, 2010

Coinstar (CSTR) Centers Expanding Free Coin Counting Options for Music Lovers

BELLEVUE, Wash., April 30 /PRNewswire-FirstCall/ — Coinstar, Inc. (Nasdaq: CSTR) today announced it will be working with Amazon.com to offer another convenient way for consumers to use cash to purchase music downloads. The Coinstar and Amazon collaboration makes it possible for consumers to exchange coins at Coinstar Centers® – with no transaction fee – for a gift card redeemable for Amazon MP3 music downloads or millions of other items at www.amazon.com.

“Coinstar is constantly looking for offerings that make using coins for online or retail purchases easier for consumers,” said Engle Saez, vice president of product management and consumer experience at Coinstar.

To kick off the new offering, Coinstar and Amazon are hosting a promotion to help consumers get even more for their coins. Between now and May 31, consumers get a bonus code for Amazon MP3 music downloads when they redeem Amazon MP3-branded gift cards from Coinstar – the bonus code will be worth $1 for every $5 in Amazon MP3-branded gift cards redeemed, up to $5 in bonus code value. For promotion details visit http://www.coinstar.com/amazon.

“We are excited to be working with Coinstar to offer our customers more purchasing options,” said Kristin Smith, senior manager of digital music at Amazon. “We think Amazon MP3 customers will enjoy the ease at which they can turn loose change into songs for their music library.”

The average American household has an estimated $90 in loose change, that’s typically enough to fill your MP3 player with all of Amazon MP3’s top 10 bestselling albums and songs. For more information about Coinstar’s free coin counting program, which offers gift cards and eCertificates from a variety of national retailers, visit coinstar.com.

About Coinstar, Inc.

Coinstar, Inc. (NASDAQ: CSTR) is a leading provider of automated retail solutions offering convenient services that make life easier for consumers and drive incremental traffic and revenue for its retailers. The company’s core automated retail businesses are self-service coin counting and self-service DVD rental. Other Coinstar services include e-payment and money transfer services. The company’s services can be found at more than 95,000 points of presence including supermarkets, drug stores, mass merchants, financial institutions, convenience stores, restaurants, and money transfer agents. For more information, visit www.coinstar.com.

Coinstar is an authorized reseller of Amazon.com Gift Cards, which are issued exclusively by ACI Gift Cards, Inc.—an Amazon.com company.

Friday, April 30th, 2010 Uncategorized Comments Off on Coinstar (CSTR) Centers Expanding Free Coin Counting Options for Music Lovers

Acme Packet (APKT) Reports Record Results for First Quarter of 2010

Apr. 29, 2010 (Business Wire) — Acme Packet, Inc. (NASDAQ: APKT), the leader in session border control solutions, today announced record results for the first quarter ended March 31, 2010 and raised its business outlook for 2010.

Results for the First Quarter of 2010

Total revenue for the first quarter of 2010 was $51.1 million, compared to $31.0 million in the first quarter of 2009 and $41.3 million in the fourth quarter of 2009. Net income for the first quarter of 2010 was $8.3 million, or $0.13 per share on a diluted basis, compared to $2.8 million, or $0.05 per share on a diluted basis in the first quarter of 2009 and $9.1 million, or $0.14 per share on a diluted basis, in the fourth quarter of 2009. Net income on a non-GAAP basis for the first quarter of 2010 was $10.7 million, or $0.16 per share on a diluted basis, compared to $4.3 million, or $0.07 per share on a diluted basis, in the first quarter of last year, and $6.8 million, or $0.11 per share on a diluted basis, in the fourth quarter of 2009. A reconciliation of GAAP to non-GAAP results is included at the end of this press release.

Company Raises Business Outlook for 2010

The Company today raised its full year business outlook for 2010. The Company’s outlook is based on the current indications for its business, which may change at any time.

Business Outlook for Year Ended December 31, 2010
Revenue and Share Count in Millions Issued February 2, 2010 Issued April 29, 2010
Total revenue $182-$186 $204-$208
Total revenue growth rate Approximately 30% Approximately 45%
Non-GAAP diluted EPS $0.44-$0.47 $0.65-$0.70
Non-GAAP diluted EPS growth rate Approximately 30% Approximately 90%
Non-GAAP tax rate 37% 37%
Diluted share count 64.0 67.0

Company to Host Live Conference Call and Webcast

The Company’s management team plans to host a live conference call and webcast at 5:00 p.m. eastern daylight savings time today to discuss the financial results as well as management’s outlook for the business. The conference call may be accessed in the United States by dialing (800) 230-1092 and using access code “APKT”. The conference call may be accessed outside of the United States by dialing +1 612.332.0530 and using access code “APKT”. The conference call will be simultaneously webcast on the Company’s investor relations website, which can be accessed at www.ir.acmepacket.com. A replay of the conference call will be available approximately two hours after the call by dialing (800) 475-6701 and using access code 153011 or by accessing the webcast replay on the Company’s investor relations website.

__________________

1A reconciliation of GAAP to non-GAAP results is included at the end of this press release.

About Acme Packet, Inc.

Acme Packet, Inc. (NASDAQ: APKT), the leader in session border control solutions, enables the delivery of trusted, first-class interactive communications—voice, video and multimedia sessions—and data services across IP network borders. Our Net-Net family of session border controllers, multiservice security gateways and session routing proxies supports multiple applications in service provider, enterprise and contact center networks—from VoIP trunking to hosted enterprise and residential services to fixed-mobile convergence. They satisfy critical security, service assurance and regulatory requirements in wireline, cable and wireless networks; and support multiple protocols—SIP, H.323, MGCP/NCS, H.248 and RTSP—and multiple border points—service provider access and interconnect, and enterprise access and trunking. Over 10,000 Acme Packet systems have been deployed by more than 1,035 customers in 105 countries. They include 90 of the top 100 service providers in the world and 11 of the Fortune 25. For more information, contact us at +1 781.328.4400, or visit www.acmepacket.com.

Acme Packet, Inc. Safe Harbor Statement

Statements contained herein that are not historical fact (including those in the section “Company Raises Business Outlook for 2010”) may be 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. Such forward-looking statements may relate, among other things, to expected financial and operating results and to future business prospects and market conditions. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those anticipated. These include, but are not limited to: difficulties expanding the Company’s customer base; difficulties leveraging market opportunities; difficulties providing solutions that meet the needs of customers; poor product sales; long sales cycles; difficulty developing new products; difficulty in relationships with vendors and partners; higher risk in international operations; difficulty managing rapid growth; difficulty managing the Company’s financial performance; the ability to hire and retain employees and appropriately staff operations; the spending of the proceeds of its capital raising activities; the Company’s cash needs; and the impact of new accounting pronouncements and increased competition. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in the Company’s recent filings with the Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in such filings.

Acme Packet, Inc.

Condensed Consolidated Statements of Income

(in thousands, except share and per share data)

(unaudited)

Three Months Ended March 31,
2010 2009
Revenue:
Product $ 42,093 $ 23,051
Maintenance, support and service 8,957 7,936
Total revenue 51,050 30,987
Cost of revenue (a) (b):
Product 7,549 5,232
Maintenance, support and service 2,268 923
Total cost of revenue 9,817 6,155
Gross profit 41,233 24,832
Operating expenses (a) (b):
Sales and marketing 16,427 11,336
Research and development 8,693 6,164
General and administrative 3,284 3,133
Total operating expenses 28,404 20,633
Income from operations 12,829 4,199
Other (expense) income, net (11 ) 66
Income before provision for income taxes 12,818 4,265
Provision for income taxes 4,485 1,507
Net income $ 8,333 $ 2,758
Net income per share:
Basic $ 0.14 $ 0.05
Diluted $ 0.13 $ 0.05
Weighted average number of common shares used in net income per share:
Basic 59,821,379 54,744,550
Diluted 64,982,898 58,403,618
(a) Amounts include stock-based compensation expense, as follows:
Cost of product revenue $ 168 $ 126
Cost of maintenance, support and service revenue 228 121
Sales and marketing 1,556 1,086
Research and development 1,148 718
General and administrative 421 258
(b) Amounts include amortization of acquired intangible assets, as follows:
Cost of product revenue 379
Sales and marketing 30
Research and development 26

Acme Packet, Inc.

Reconciliation of Non-GAAP Net Income and Other Operational Data

(in thousands, except per share data)

(unaudited)

The Company uses the financial measures “non-GAAP net income” and “non-GAAP net income per share” to supplement its consolidated financial statements, which are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). The presentation of non-GAAP net income and non-GAAP net income per share is not meant to be a substitute for “net income” or “net income per share”, presented in accordance with GAAP, but rather should be evaluated in conjunction with net income and net income per share. The Company’s management believes that the presentation of non-GAAP net income and non-GAAP net income per share provides useful information to investors because this financial measure excludes stock-based compensation expense which is a non-cash charge, as well as amortization of acquired intangible assets associated with the Company’s acquisition of Covergence Inc. on April 30, 2009. Non-GAAP net income and non-GAAP net income per share for the three months ended December 31, 2009 also excludes a gain associated with the Company’s acquisition of Covergence on April 30, 2009. By excluding stock-based compensation expense, amortization of acquired intangible assets, and the gain associated with the Company’s acquisition of Covergence, management can compare the Company’s ongoing operations to prior periods and to the ongoing operations of other companies in its industry who may have materially different unusual charges. Management does not consider any of stock-based compensation expense, amortization of acquired intangible assets, and the gain associated with the Company’s acquisition of Covergence to be part of the Company’s ongoing operating activities or meaningful in evaluating the Company’s past financial performance or future prospects. Management believes that excluding these items is useful to investors because it is more representative of ongoing costs and therefore more comparable to historical operations. Non-GAAP net income and non-GAAP net income per share are primary financial indicators that the Company’s management uses to evaluate the Company’s financial results and forecast anticipated financial results for future periods, and the business outlook assumes the exclusion of stock-based compensation expense for future periods. Management also uses these non-GAAP figures to make financial and operational decisions as these numbers exclude non-operational activities. These non-GAAP measures should not be considered measures of the Company’s liquidity. The Company’s definition of “non-GAAP net income” and/or “non-GAAP net income per share” may differ from similar measures used by other companies and may differ from period to period. Management may make other adjustments for expenses and gains that it does not consider reflective of core operating performance in a particular period and may modify “non-GAAP net income” and/or “non-GAAP net income per share” by excluding these expenses and gains.

Three Months Ended
March 31,2010 December 31,2009 March 31,2009
Reconciliation of non-GAAP net income:
Net income $ 8,333 $ 9,075 $ 2,758
Adjustments:
Stock-based compensation expense, net of taxes 2,053 1,824 1,564
Amortization of acquired intangible assets 283 194
Gain on acquisition of business (4,293 )
Non-GAAP net income $ 10,669 $ 6,800 $ 4,322
Reconciliation of non-GAAP net income per share:
Net income per share, Basic $ 0.14 $ 0.16 $ 0.05
Adjustments:
Stock-based compensation expense, net of taxes 0.04 0.03 0.03
Amortization of acquired intangible assets
Gain on acquisition of business (0.07 )
Non-GAAP net income per share, Basic $ 0.18 $ 0.12 $ 0.08
Net income per share, Diluted $ 0.13 $ 0.14 $ 0.05
Adjustments:
Stock-based compensation expense, net of taxes 0.03 0.03 0.02
Amortization of acquired intangible assets
Gain on acquisition of business (0.06 )
Non-GAAP net income per share, Diluted $ 0.16 $ 0.11 $ 0.07
Other operational data:
Depreciation and amortization $ 1,853 $ 1,590 $ 927
Capital expenditures $ 2,767 $ 1,082 $ 1,109
Acme Packet, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

March 31,2010 December 31,2009
Assets
Current assets:
Cash and cash equivalents $ 80,570 $ 90,471
Short-term investments 108,000 39,990
Accounts receivable, net 29,540 25,604
Inventory 5,176 4,372
Deferred product costs 2,278 3,400
Deferred tax asset 1,567 1,567
Other current assets 4,015 2,710
Total current assets 231,146 168,114
Long-term investments 44,526
Property and equipment, net 7,786 6,437
Acquired intangible assets, net 10,793 11,228
Deferred tax asset, net 15,622 15,622
Other assets 793 799
Total assets $ 266,140 $ 246,726
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 3,484 $ 3,895
Accrued expenses and other current liabilities 8,465 9,261
Deferred revenue 31,737 31,506
Total current liabilities 43,686 44,662
Deferred revenue 1,622 1,841
Stockholders’ equity:
Common stock 67 65
Treasury stock, at cost (37,522 ) (37,522 )
Additional paid-in capital 201,157 188,871
Other comprehensive loss (14 ) (2 )
Retained earnings 57,144 48,811
Total stockholders’ equity 220,832 200,223
Total liabilities and stockholders’ equity $ 266,140 $ 246,726
Condensed Consolidated Statements of Cash Flow

(in thousands)

(unaudited)

Three Months Ended March 31,
2010 2009
Cash provided by operating activities $ 7,973 $ 11,019
Cash used in investing activities (26,641 ) (1,109 )
Cash provided by financing activities 8,767 274
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Power-One (PWER) Posts Strong First Quarter 2010 Results

Apr. 29, 2010 (Business Wire) — Power-One, Inc. (NASDAQ: PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, today announced financial results for the first quarter 2010. Power-One recorded net sales of $152 million for the first quarter ended April 4, 2010, an increase of 56% from the first quarter 2009. Net income attributable to common stockholders for the first quarter was $3.8 million, or $0.04 per diluted share, compared to a net loss of $61 million, or $0.70 per share for the same period last year.

Renewable energy products again recorded strong sequential revenue gains in the first quarter 2010, with positive demand trends continuing in 2010. The company’s renewable energy products posted a record $82 million in revenue for the first quarter 2010, equating to a year-over-year increase of 556% from $13 million in the first quarter 2009. For the first time, renewable energy products contributed the majority of the company’s revenue, at 54% of total sales in the quarter, versus 13% in the first quarter of 2009. Power-One’s power products generated revenue of $70 million in the first quarter 2010 versus $85 million in the same period of 2009, with the majority of the decline due to component shortages experienced in the industry. Total 90-day backlog showed extraordinary growth, as Power-One posted $205 million in 90-day backlog. The renewable energy products 90-day backlog rose to $142 million, while the power products backlog grew to $63 million.

Power-One expanded gross margin for the fourth consecutive quarter, improving to 30% in the first quarter of 2010, compared with 14% for the same period last year. Volume increases, a favorable product mix, improved processes and supply chain management contributed to the expansion. Gross margin was negatively affected by approximately $1.6 million in charges related to the closure of the Dominican Republic facility. Operating income for the first quarter 2010 was $21.1 million, or 14% of revenue, and was impacted by $2.6 million in total charges related to the closure of the Dominican Republic facility, slated to be completed by the end of the second quarter 2010. Net income included a $5.7 million dollar loss from the repurchase of $4.5 million in face value of Power-One’s 8% Senior Secured Convertible Notes due 2013.

“Renewable energy products once again showed considerable strength, driving sales and gross margin improvements for Power-One,” commented Richard Thompson, Chief Executive Officer. “With the growth in renewable energy and the restructuring of our power products, we are excited with our near-term opportunities. We are expanding capacity for our renewable energy inverters, signing new licensing agreements with marquee customers for our digital power technology and recording significant wins across most product lines.”

“Based on the strength and efficiency of our products and technology, we believe that we are taking market share,” continued Mr. Thompson. “Strategically, we are continuing to introduce new products and streamline manufacturing costs while expanding our global presence.”

Business Outlook

Consistent with prior quarters, the Company is not providing financial guidance for the quarter or the year.

Earnings Conference Call

Power-One will discuss its 2010 first quarter results today beginning at 2:00 p.m. Pacific Time. The call will be available over the Internet through the Company’s investor relations Web site at http://investor.power-one.com. To listen to the call, please go to the Web site at least 10 minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, the webcast will be available on the investor relations section of the Company’s Web site at http://investor.power-one.com throughout the current quarter.

About Power-One

Power-One designs and manufactures energy-efficient power conversion and power management solutions for alternative/renewable energy, routers, data storage and servers, wireless communications, optical networking, semiconductor test equipment, industrial markets and custom applications. Power-One, with headquarters in Camarillo, California, has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is a public company listed on NASDAQ under the ticker symbol PWER. For more information about the Company, please visit www.Power-One.com.

Safe Harbor Statement

Statements made in this press release which state the Company’s or management’s intentions, beliefs, expectations or predictions for the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and may include statements regarding anticipated future productivity. It is important to note that future performance and actual results could differ materially from those discussed in or underlying such forward-looking statements as a result of risks and uncertainties that cannot be predicted or quantified and that are beyond the Company’s control. Important factors that could cause actual results to differ materially include, but are not limited to: economic conditions in general and business conditions in the power supplies and renewable energy markets; foreign exchange rates; the Company’s ability to improve its operational and supply chain efficiencies; competitive factors such as pricing and technology; the timing and results achieved in completing product manufacturing transitions to Company facilities in China or other low-cost locations; the threat of a prolonged economic slowdown or a lengthy or severe recession; continued volatility of the financial markets, including fluctuations in interest rates and trading prices of the Company’s equity securities; the results of pending legal proceedings; the Company’s ability to secure market share in higher margin, high-growth markets; the market growth of product sectors targeted by the Company as sectors of focus; and the Company’s ability to increase working capital. Additional information concerning factors that could cause actual results to differ materially from expectations expressed in this press release are described in the Company’s reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 from time to time, which are also available through the Company’s Website at www.power-one.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Power-One undertakes no obligation to publicly update or revise any forward-looking statement.

POWER-ONE, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(UNAUDITED)
Three Months Ended
April 4, March 29,
2010 2009
NET SALES $ 152,377 $ 97,840
COST OF GOODS SOLD 106,649 83,975
GROSS PROFIT 45,728 13,865
GENERAL AND ADMINISTRATIVE
Selling, general and administrative 14,974 13,186
Research and development 8,378 7,508
Amortization of intangibles 377 402
Restructuring costs 929 1,131
Goodwill impairment 56,999
Total expenses 24,658 79,226
INCOME (LOSS) FROM OPERATIONS 21,070 (65,361 )
INTEREST AND OTHER INCOME (EXPENSE):
Interest income 205
Interest expense (2,019 ) (2,125 )
Other income (expense), net (4,858 ) 5,114
Total interest and other income (expense) (6,877 ) 3,194
INCOME (LOSS) BEFORE INCOME TAXES 14,193 (62,167 )
PROVISION (BENEFIT) FOR INCOME TAXES 9,700 (852 )
EQUITY IN EARNINGS FROM JOINT VENTURE 108 141
NET INCOME (LOSS) $ 4,601 $ (61,174 )
PREFERRED STOCK DIVIDEND AND ACCRETION 851
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 3,750 $ (61,174 )
BASIC INCOME (LOSS) PER SHARE $ 0.04 $ (0.70 )
DILUTED INCOME (LOSS) PER SHARE $ 0.04 $ (0.70 )
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING 88,300 87,865
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING 95,562 87,865
POWER-ONE, INC.
CONSOLIDATED BALANCE SHEET
(In thousands)
(UNAUDITED)
April 4, January 3,
2010 2010
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 101,114 $ 89,553
Accounts receivable:
Trade (net of allowance) 120,669 119,783
Other 2,583 2,763
Inventories 77,380 73,173
Prepaid expenses and other current assets 10,821 10,612
Total current assets 312,567 295,884
PROPERTY AND EQUIPMENT, net 47,312 48,906
INTANGIBLE ASSETS, net 17,868 18,602
OTHER ASSETS 8,141 7,943
TOTAL ASSETS $ 385,888 $ 371,335
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Bank credit facilities and notes payable $ $ 504
Accounts payable 101,387 89,074
Restructuring reserve 6,647 6,866
Long-term debt, current portion 1,257 1,269
Other accrued expenses and current liabilities 42,891 38,080
Total current liabilities 152,182 135,793
LONG-TERM DEBT, less current portion 73,174 78,146
OTHER LONG-TERM LIABILITIES 19,700 16,281
REDEEMABLE CONVERTIBLE PREFERRED STOCK 18,793 18,533
STOCKHOLDERS’ EQUITY:
Common stock 88 88
Additional paid-in capital 620,237 620,261
Accumulated other comprehensive income 34,147 39,267
Accumulated deficit (532,433 ) (537,034 )
Total stockholders’ equity 122,039 122,582
TOTAL LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS’ EQUITY $ 385,888 $ 371,335
POWER-ONE, INC.
FINANCIAL HIGHLIGHTS
(In thousands, except per share data)
(UNAUDITED)
Three Months Ended
April 4, March 29,
2010 2009
Orders $ 452,825 $ 76,854
Sales $ 152,377 $ 97,840
Operating Income (Loss) $ 21,070 $ (65,361 )
Net Income (Loss) Attributable to Common Stockholders $ 3,750 $ (61,174 )
Basic Income (Loss) Per Share $ 0.04 $ (0.70 )
Diluted Income (Loss) Per Share $ 0.04 $ (0.70 )
Basic Weighted Average Shares Outstanding 88,300 87,865
Diluted Weighted Average Shares Outstanding 95,562 87,865
Friday, April 30th, 2010 Uncategorized Comments Off on Power-One (PWER) Posts Strong First Quarter 2010 Results

CTI Industries Corp. (CTIB) First Quarter 2010 Financial Results

BARRINGTON, IL — (Marketwire) — 04/30/10 — CTI Industries Corporation (NASDAQ: CTIB), a manufacturer and marketer of flexible packaging and storage products, laminated films and novelty balloons, today announced its results of operations for the first quarter of 2010.

Consolidated net sales for the first quarter of 2010 were $12,411,000 compared to consolidated net sales of $9,603,000 for the first quarter of 2009, representing an increase of over 29%. The Company earned net income of $599,000 or $0.22 per share (basic) and $0.21 per share (diluted) for the first quarter of 2010 which is more than six times net income of $93,000 or $0.03 per share (basic and diluted) for the first quarter of 2009.

The Company will host a conference call to discuss first quarter results with investors. The conference call will be held on April 30, 2010 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). The dial-in telephone number for the call is 800-829-2707. The participant passcode is 5469991. A replay of the call will be available from April 30, 2010 through May 30, 2010 by dialing 888-203-1112. The replay passcode is 5469991.

Key Factors and Trends

First quarter 2010 results reflected strong sales in both the novelty balloon and pouch product lines.

Sales of pouch products were up 208% from $986,000 in the first quarter 2009 to $3,041,000 in the first quarter of 2010. Most of this increase was a reflection of strong continuing sales of zippered vacuumable pouches to a principal customer. Sales of CTI’s proprietary ZipVac™ line of vacuumable pouches also increased.

Novelty product revenues were up 18.6%, from $6,580,000 in the first quarter of 2009 to $7,804,000 in the first quarter of 2010. Sales of laminated films showed a modest decline from $1,876,000 in the first quarter of 2009 to $1,367,000 in the first quarter of 2010.

Gross margins increased to 24.5% in the first quarter of 2010 compared to 21.5% for the first quarter of 2009. This increase is the result of (i) increased production and sales volume during the first quarter of 2010 resulting in lower unit cost than in the same period of 2009 and (ii) a change in the mix of products sold to certain novelty and pouch products having a higher margin.

Bank Financing

On April 29, 2010, the Company entered into a Credit Agreement with Harris N.A. (the “Bank”) under which the Bank agreed to extend to the Company a credit facility in the aggregate amount of $14,417,000. The facility includes a Revolving Credit of up to $9,000,000, an Equipment Loan of up to $2,500,000, a Mortgage Loan of $2,333,350 and a Term Loan of $583,333. The maturity date on the loans is April 29, 2013. Closing of the Agreement and the loan transactions provided for in the Agreement is anticipated to be concluded on April 30, 2010. Proceeds of the loans will be utilized for the repayment of all outstanding loan and capital lease obligations of the Company to RBS Citizens N.A. and RBS Asset Finance in the aggregate amount of approximately $11,000,000, and for working capital purposes and for the purchase of capital equipment.

Statements made in this release that are not historical facts are “forward-looking” statement (as defined in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties and are subject to change at any time. These “forward-looking” statements may include, but are not limited to, statements containing words such as “may,” “should,” “could,” “would,” “expect,” “plan,” “goal,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or similar expressions. Factors that could cause results to differ are identified in the public filings of the Company with the Securities and Exchange Commission. More information on factors that could affect CTI’s business and financial results are included in its public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

— FINANCIAL HIGHLIGHTS FOLLOW —

CTI Industries Corporation and Subsidiaries
Condensed Consolidated Balance Sheets

                                      March 31, 2010      December 31, 2009

                                    ---------------------------------------
               Assets                  (Unaudited)
Current Assets:
   Cash and cash equivalents        $         678,517     $         870,446
   Accounts receivable, net                 8,694,793             7,320,181
   Inventories, net                        10,124,880             9,643,914
   Other current assets                     1,304,642             1,313,881
                                    ---------------------------------------
Total current assets                       20,802,832            19,148,422

Property, plant and equipment, net          9,231,630             9,533,411
Other assets                                1,790,315             1,713,476
                                    ---------------------------------------

Total Assets                        $      31,824,777     $      30,395,309
                                    =======================================

        Liabilities & Equity
Total current liabilities           $      18,414,732     $      16,734,520
Long term debt, less current
 maturities                                 3,641,674             4,881,568
Stockholders' equity                        9,711,245             8,762,663
Noncontrolling interest                        57,126                16,558
                                    ---------------------------------------

Total Liabilities & Equity          $      31,824,777     $      30,395,309
                                    =======================================

Consolidated Statements of Operations

                                          Three Months Ended March 31
                                           2010                  2009
                                    ---------------------------------------
                                       (Unaudited)           (Unaudited)

Net sales                           $      12,410,766     $       9,603,422
Cost of sales                               9,366,194             7,536,919
                                    ---------------------------------------

Gross profit                                3,044,572             2,066,503

Operating expenses                          2,084,516             1,604,755
                                    ---------------------------------------

Income from operations                        960,056               461,748

Other (expense) income:
   Net Interest expense                      (244,073)             (295,551)
   Other                                      (13,223)              (21,598)
                                    ---------------------------------------

Income before income taxes and
 noncontrolling interest                      702,760               144,599

Net Income                                    116,359                50,158
                                    ---------------------------------------

Income before noncontrolling
 interest                                     586,401                94,441

Less: Net income (loss)
 attributable to noncontrolling
 interest                                     (12,443)                1,234
                                    ---------------------------------------

      Net income attributable to
       CTI Industries Corporation   $         598,844     $          93,207
                                    =======================================

Income applicable to common shares  $         598,844     $          93,207
                                    =======================================

Basic income per common share       $            0.22     $            0.03
                                    =======================================

Diluted income per common share     $            0.21     $            0.03
                                    =======================================

Weighted average number of shares
 and equivalent shares of common
 stock outstanding:
    Basic                                   2,769,002             2,808,720
                                    =======================================

    Diluted                                 2,793,863             2,825,482
                                    =======================================
Friday, April 30th, 2010 Uncategorized Comments Off on CTI Industries Corp. (CTIB) First Quarter 2010 Financial Results

NetSol Technologies (NTWK) to Reveal On Demand smartOCI(TM) Search Engine at SAPPHIRE(R) NOW Conference

CALABASAS, Calif., April 29, 2010 (GLOBE NEWSWIRE) — NetSol Technologies, Inc. (“NetSol”) (Nasdaq:NTWKNews) (Nasdaq Dubai:NTWK), a U.S. corporation providing global business services and enterprise application solutions to private and public sector organizations worldwide, is set to reveal a Software-as-a-Service (SaaS) offering for its smartOCI(TM) search engine at SAP’s SAPPHIRE(R) NOW conference being held May 16-19, 2010 at the Orange County Convention Center in Orlando, Fla. Hosted by SAP AG, the SAPPHIRE NOW show brings together software industry leaders to share and demonstrate innovative solutions running on-premise, on-demand or on-device to enable real-time decision-making. NetSol Technologies will be exhibiting at Booth Number 3415b.

NetSol’s smartOCI(TM) 1.0 is a new search engine technology developed to provide corporate buyers and shoppers a simple and intuitive user interface to search multiple supplier catalogs simultaneously within the SAP SRM application. Designed for customers who currently run the SAP Supplier Relationship Management eProcurement platform, smartOCI(TM) is delivered through the SaaS distribution model, where software applications are remotely hosted and users can securely access them from anywhere with an Internet connection.

The beta program for smartOCI(TM) 1.0, now employed by six customers, is set to end May 10, and the solution is currently pending SAP certification. NetSol will offer special “QuickStart” pricing packages to SAP customers attending the SAPPHIRE NOW event.

Najeeb Ghauri, Chairman and CEO of NetSol, commented: “We wanted to provide our customers with a solution that drives immediate and real value to procurement organizations without upfront hardware, software license and maintenance costs. Deploying our smartOCI(TM) search engine as a SaaS offering allows us to achieve this goal.”

About NetSol Technologies, Inc.

NetSol Technologies, Inc. (Nasdaq:NTWKNews) (Nasdaq Dubai:NTWK) is a worldwide provider of global IT and enterprise application solutions. Since its inception in 1995, NetSol has used its BestShoring(TM) practices and highly experienced resources in analysis, development, quality assurance, and implementation to deliver high-quality, cost-effective solutions. Specialized by industry, these product and services offerings include credit and finance portfolio management systems, SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Leasing, Insurance, Energy, and Technology markets. NetSol’s commitment to quality is demonstrated by its achievement of the ISO 9001, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by fewer than 100 companies worldwide. NetSol Technologies’ clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. Headquartered in Calabasas, California, NetSol Technologies has operations and offices in Alameda, Adelaide, Bangkok, Beijing, Karachi, Lahore, London, and Riyadh.

To learn more about NetSol, visit http://www.netsoltech.com/.

The NetSol Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7396

NetSol Technologies, Inc. Forward-looking Statements

This press release may contain forward-looking statements relating to the development of the Company’s products and services and future operation results, including statements regarding the Company that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words “believe,” “expect,” “anticipate,” “intend,” variations of such words, and similar expressions, identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of the development of products and services and the timing of the market acceptance. The subject Companies expressly disclaim any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based.

Thursday, April 29th, 2010 Uncategorized Comments Off on NetSol Technologies (NTWK) to Reveal On Demand smartOCI(TM) Search Engine at SAPPHIRE(R) NOW Conference

Solitario Exploration & Royalty (XPL) Signs Major Agreement with Buenaventura

Press Release Source: Solitario Exploration & Royalty Corp. On Wednesday April 28, 2010, 11:22 am EDT

DENVER–(BUSINESS WIRE)–Solitario Exploration & Royalty Corp. (“Solitario;” NYSE Amex: XPL; TSX: SLR) is pleased to announce that it has signed a definitive Venture Agreement with COMPAÑÍA DE MINAS BUENAVENTURA S.A.A (“Buenaventura;” NYSE: BVN; Lima: BUE.LM), on Solitario’s Pachuca Real silver-gold project in central Mexico. Solitario’s 100%-owned Pachuca Real project encompasses approximately 31,300 hectares of mineral rights in and around the famed Pachuca silver-gold mining district. Historic production from the Pachuca district totals approximately 1.4 billion ounces of silver and over 7.0 million ounces of gold, making it the largest silver-gold district in the world. A map of the project area, can be viewed on Solitario’s website at http://www.solitarioxr.com/art/pachuca.pdf

Terms of the Venture Agreement

Overall, the Venture Agreement (“Agreement”) is structured very similarly to a Net Profit Interest (“NPI”) royalty, in that Solitario is essentially financed to production if Buenaventura elects to earn its ultimate potential interest of 70%. The Agreement calls for a firm work commitment by Buenaventura of $2.0 million over the first 18 months. Work commitments over the entire 4.5 years total $12.0 million.

Exploration Expenditures and Due Dates Amount Aggregate Amount
18 months from signing – firm commitment $2,000,000 $2,000,000
30 months from signing – optional commitment $2,300,000 $4,300,000
42 months from signing – optional commitment $3,500,000 $7,800,000
54 months from signing – optional commitment $4,200,000 $12,000,000

Buenaventura will earn a 51% interest in the project upon the completion of $12.0 million in expenditures. Buenaventura will have the right to earn an additional 14% (total 65%) by completing a positive feasibility study for the project. During the feasibility stage, Buenaventura is required to spend a minimum of $5.0 million annually until such time as the positive feasibility study is completed. Buenaventura has the right to terminate the agreement at anytime following its firm initial work commitment.

Upon completion of the feasibility study, Solitario will have the option to self-finance its 35%-participating interest in the project, or to have Buenaventura fund its portion of construction costs at Libor + 3%. If Solitario elects to have Buenaventura fund its portion of construction costs, then Solitario’s participating interest will be 30% and Buenaventura interest will be 70%.

Chris Herald, President and CEO of Solitario, stated, “With this important new agreement, Solitario now has four significant joint ventures or strategic alliances with major mining companies that are structured very similarly to Net Profit Interest Royalties, clearly making us the industry leader in this segment of the royalty business. Buenaventura, besides being the largest Latin America based precious metal producer, is also considered by many in the industry to be South America’s preeminent precious metal company. As this is Buenaventura’s first significant project in Mexico, we believe it confirms our belief that the Pachuca Real property contains an exceptional array of silver-gold targets. With Buenaventura’s extensive experience in precious metal vein exploration and underground mining, we have the right partner to move this project forward.”

Project History

The Pachuca Real land package encompasses parts of the old Pachuca district, but more importantly, covers the most prospective extensions of the district to the north, northwest, and east. Prior to Solitario’s acquisition of the mineral rights, the entire land package had been held by the Mexican government from 1947 to 1990, and then sold to a private Mexican company that controlled the claims until recently. During this 58-year period only a limited amount of exploration was conducted. Solitario acquired the majority of its land position in 2006 and had previously formed a joint venture with Newmont Mining from 2006-2009. Newmont identified 38 high-quality drill targets consisting of high-grade silver-gold veins that are distributed over a geographic area measuring 20 kilometers long and ten kilometers wide. Veins in the historic district were very continuous over long distances along strike and down dip. Buenaventura has indicated that its first 18-month work program will be focused upon testing a number of these already well-defined drill targets.

About Buenaventura

Buenaventura is the largest Latin American based precious metal producer with approximately 1.3 million ounces of gold and 17.0 million ounces of silver produced in 2009. It operates seven underground mines and one open pit mine in Peru. It is also a 43.65% owner in the Minera Yanacocha gold operation, the largest gold producer in South America, and a 19.26% owner in the Cerro Verde copper mine, both in Peru. Its shares (ADR’s) trade on the NYSE under the symbol BVN and on the Lima Exchange under the symbol BUE.LM.

About Solitario

Solitario is a gold, silver, platinum-palladium, and base metal exploration and royalty company actively exploring in Brazil, Mexico, and Peru. Besides Buenaventura, Solitario has significant business relationships with Votorantim Metais (third largest zinc producer in the world), Anglo Platinum (largest platinum producer in the world) and Newmont Mining (second largest gold producer in the world). Solitario has approximately US$20 million in cash and marketable securities and no debt. Solitario trades on the NYSE Amex (“XPL”) and on the Toronto Stock Exchange (“SLR”). Additional information about Solitario is available online at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.solitarioxr.com&esheet=6268599&lan=en_US&anchor=www.solitarioxr.com&index=2&md5=178aca31bcc4c09d8aa1924ceabac572

This press release includes certain “Forward-Looking Statements” within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Solitario, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Development of Solitario’s properties are subject to the success of exploration, completion and implementation of an economically viable mining plan, obtaining the necessary permits and approvals from various regulatory authorities, compliance with operating parameters established by such authorities and political risks such as higher tax and royalty rates, foreign ownership controls and our ability to finance in countries that may become politically unstable. Important factors that could cause actual results to differ materially from Solitario’s expectations are disclosed under the heading “Risk Factors” and elsewhere in Solitario’s documents filed from time to time with Canadian Securities Commissions, the United States Securities and Exchange Commission and other regulatory authorities. This release also contains information about adjacent properties on which Solitario has no right to explore or mine. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

Wednesday, April 28th, 2010 Uncategorized Comments Off on Solitario Exploration & Royalty (XPL) Signs Major Agreement with Buenaventura

PVF Capital Corp. (PVFC) Announces Quarterly Operating Results –

SOLON, Ohio, April 28, 2010 (GLOBE NEWSWIRE) —

  • Net income for the third quarter of fiscal 2010 of $1.3 million as a result of successfully completing previously announced trust preferred securities obligation cancellation resulting in pre-tax gain of $9.1 million.
  • PVF Capital Corp. successfully completed $30 million shareholder rights offering, improving its tangible common equity ratio to 9.59%.
  • $15 million of the offering proceeds was invested into Park View Federal Savings Bank improving its regulatory capital ratios to 8.23% tier one (core) and 12.19% total risk based, exceeding the requirements of the regulatory order.
  • Linked quarter decline in nonperforming assets of 5.2%.
  • Managed cost of deposits resulting in a 6 basis point expansion of net interest margin to 2.55% from 2.49% in the December 2009 quarter.
  • Provision for Loan Losses of $7.0 million during the quarter resulting in an allowance for loan losses of $30.3 million or 4.76% of loans.

PVF Capital Corp. (Nasdaq:PVFC), the parent company of Park View Federal Savings Bank, announced net income of $1.3 million or $0.14 basic and $0.13 diluted earnings per share for the quarter ended March 31, 2010, as compared to a loss of $8.6 million or $1.10 basic and diluted loss per share for the prior year comparable period. Net income for the current period resulted primarily from the completion of the previously entered exchange agreement whereby the Company paid $400,000 in cash, and issued $600,000 in common stock and warrants valued at $1.0 million in exchange for the cancellation of $10.0 million of Trust Preferred Securities Obligations. This transaction resulted in a pre-tax gain of $9.1 million, which included the elimination of $1.1 million in accrued interest due on this debt. The quarter was highlighted by the successful completion of the shareholders’ rights offering which was oversubscribed and resulted in the raising of $30 million in new capital. The additional capital improved the Company’s tangible common equity ratio to 9.59% at March 31, 2010 from 6.16% the prior quarter.

Robert J. King, Jr., President and Chief Executive Officer commented, “The completion of the trust preferred cancellation combined with the raising of $30 million in new common shares has recapitalized the Company and is a significant step forward in the turnaround plan for Park View. The participation and support of the board, management and shareholders was both critical and tremendous in raising capital in this market environment. I want to thank the shareholders, associates, customers and the community for the trust and confidence they placed in Park View throughout this process and as we continue to restore its core profitability and asset quality.”

Net Interest Margin

Net interest income was $5.1 million for the quarter ended March 31, 2010, an increase of $775,000 or 17.8% compared to $4.4 million for the same period of 2009, and was essentially unchanged from $5.1 million reported for the quarter ended December 31, 2009. The improvement compared with the prior year was fueled by significantly lower deposit costs and reflective of a slightly smaller but more profitable balance sheet. The net interest margin improved 51 basis points for the quarter to 2.55% compared with 2.04% for the prior year comparable period and improved 6 basis points compared with the prior quarter. The improvement of the margin compared with the prior year period was the result of the cost of deposits declining 122 basis points while the yield on interest-bearing assets declined only 47 basis points in this lower interest rate environment.

The slight improvement of the margin compared with the linked period was the result of reduced funding costs which were 29 basis points lower, driven by the lower re-pricing of maturing certificates of deposit. This decline in funding costs was substantially offset by an 18 basis point decline in the yield on earning assets due to the continued runoff of loans and securities not being replaced at market rates and reinvested into significantly lower yielding overnight funds.

Mr. King noted, “We are pleased with the stable net interest income and margin in light of the low interest rate environment, a shrinking loan portfolio and strongly improved liquidity position. At the same time, the Company reduced its risk profile while recapitalizing its balance sheet. We continued to make solid progress in reducing the Company’s funding cost and will look to seek opportunities to further enhance our margin. With the recapitalization complete and asset quality stabilized, we are looking forward to modest strategic loan growth and the development of new banking relationships.”

Asset Quality

The provision for loan losses of $7.0 million reflected a decrease of $8.7 million from the prior year comparable period and an increase of $4.8 million from the quarter ended December 31, 2009. It was driven largely by economic conditions in the markets in which the Company conducts its business and the ongoing review and evaluation of its loan portfolio. This assessment resulted in the Bank establishing a total allowance for loan losses of $30.3 million or 4.76% of loans at March 31, 2010, compared with $25.8 million or 3.57% of loans and $29.9 million or 4.56% of loans at March 31, 2009 and December 31, 2009, respectively.

Nonperforming loans totaled $70.0 million at March 31, 2010, down $3.3 million or 4.5% from $73.3 million at December 31, 2009 and slightly lower than nonperforming loans of $70.5 million reported at June 30, 2009. The Company also had real estate owned of $11.0 million at March 31, 2010 compared with $12.1 million and $11.6 million for December 31, 2009 and June 30, 2009, respectively.

Mr. King added, “While progress was made in the resolution of problem credits during the quarter, acceleration of these results to reduce our level of nonperforming assets and problem credits remains a top priority.”

Noninterest Income

Noninterest income totaled $10.0 million for the quarter ended March 31, 2010, an increase of $6.2 million compared to the prior year comparable period. As noted above, the increase was attributable to the $9.1 million gain on the cancellation of debt. Mortgage banking activities totaled $770,000 in the current quarter which was $2.9 million lower than the prior year. The prior year period experienced a surge in mortgage refinance activity associated with the low interest rate environment resulting in higher revenue. The prior year period also included the realization of $558,000 in securities gains for which there was no corresponding amount in the current period. During the quarter ended March 31, 2010, write-downs and losses on real estate owned, net, totaled $239,000 compared with $875,000 in the prior year period.

For the linked quarter ended December 31, 2009, mortgage banking activities totaled $1.5 million, which was $682,000 higher than the current quarter. The lower results in the current quarter are the result of lower mortgage volume reflective of reduced refinancing activity.

Noninterest Expense

Noninterest expense for the current quarter was $6.1 million compared with $5.4 million in the same period a year ago, an increase of $700,000 or 12.9%. Lower compensation and benefits, occupancy and equipment and outside services expenses were more than offset by higher FDIC insurance premiums, which increased by $351,000, and higher expenses associated with real estate owned of $410,000. Noninterest expense compared with the linked quarter ended December 31, 2009 was essentially flat, increasing only $18,000.

Balance Sheet

As of March 31, 2010, PVF Capital Corp. reported assets of $889.2 million, a decrease of $23.0 million, or 2.5%, from the prior year end period of June 30, 2009. The decline in assets was primarily attributable to lower net loans receivable which totaled $605.8 million at March 31, 2010 and was $62.7 million or 9.4% lower than the prior year end, along with fewer loans held for sale which declined $18.1 million or 66.7% due to timing differences between the funding and settlement of the warehouse mortgage portfolio coupled with lower volume. Very little new portfolio lending has occurred as the Company addresses its asset quality issues and works to reposition its balance sheet and strengthen its capital ratios. Compared with the linked quarter, total assets increased $19.9 million or 2.3% as a result of the proceeds from the rights offering.

Total deposits at March 31, 2010 were $689.6 million which was $35.4 million or 4.9% lower when compared with June 30, 2009 as the Company is not replacing its maturing brokered deposits and $6.7 million or 1.0% higher than December 31, 2009, as the Company’s retail deposits have remained stable.

Total stockholders’ equity of PVF Capital Corp. was $85.3 million at the end of the quarter and was $35.8 million higher than the prior year end primarily as a result of the completion of the shareholder rights offering coupled with the net earnings driven by the cancellation of debt.

During the quarter, PVF Capital Corp. invested $15.0 million of the $28.0 million net proceeds raised in the completed shareholder rights offering into Park View Federal. As a result, Park View Federal’s regulatory capital ratios significantly improved during the quarter and exceed the capital requirements of the order to cease and desist. Park View Federal’s tier-one (core) and risk-based capital ratios at March 31, 2010 were 8.23% and 12.19%, respectively.

Year-To-Date Results

For the nine-month period ended March 31, 2010, net income totaled $4.2 million or $0.50 basic and diluted earnings per share compared with a loss of $12.2 million or $1.57 loss per share for the same period of the prior year. The increase in earnings was primarily attributable to gains associated with the cancellation of debt which totaled $17.6 million.

Net interest income increased by $637,000 or 4.5% in the current year period as a result of lower interest expense declining more than the lower interest income as the Company managed a smaller but more profitable balance sheet. The net interest margin was 2.39% for the nine-month period ended March 31, 2010, compared with 2.24% for the same period of the prior year.

The provision for loan losses totaled $11.0 million for the nine months ending March 31, 2010, $9.0 million less than the provision of $20.0 million recorded for the nine-month period ended March 31, 2009.

In addition to the gain on the cancellation of debt noted earlier, net mortgage banking income was $1.3 million or 27.8% lower in 2010 versus 2009 as a result of the lower interest rate environment and the surge of refinancing activity in 2009. The 2009 results were negatively impacted from the inclusion of a $1.8 million charge relative to the Company’s investments in preferred stock issued by FHLMC and FNMA after these organizations were placed under conservatorship. The 2010 results included an improvement of $0.3 million related to losses on the sale or direct write-down of real estate owned compared to the prior year period, while the 2009 period included a $1.2 million gain on the sale of securities.

Noninterest expense totaled $18.4 million for the 2010 period compared with $16.4 million for the nine months of the 2009 period. Lower compensation and benefits expense of $1.0 million was more than offset by higher costs related to the utilization of outside services, FDIC insurance premiums and expenses associated with the carry of real estate owned which increased $448,000, $1.3 million and $1.1 million, respectively.

Park View Federal is a wholly-owned subsidiary of PVF Capital Corp. and operates 17 full-service offices located throughout the Greater Cleveland area. For additional information, visit our web site at www.myparkview.com.

This press release contains statements that are forward-looking, as that term is defined by the Private Securities Litigation Act of 1995 or the Securities and Exchange Commission in its rules, regulations and releases. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. All forward-looking statements are based on current expectation regarding important risk factors including, but not limited to, real estate values and the impact of interest rates on financing. Accordingly, actual results may differ from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by the Company or any other person that results expressed therein will be achieved.

PVF Capital Corp.’s common stock trades on the NASDAQ Capital Market under the symbol PVFC.

PVF CAPITAL CORP.
30000 Aurora Rd.

Solon, OH 44139

440-248-7171

FINANCIAL HIGHLIGHTS
At or for the three months ended
(dollars in thousands except per share data)

Balance Sheet Data:

March 31,

2010

December 31,

2009

September 30,

2009

June 30,

2009

March 31,

2009

Total assets $889,184 $869,297 $887,081 $912,209 $897,687
Loans receivable 636,042 656,351 685,048 699,943 723,301
Allowance for loan losses 30,272 29,913 31,824 31,483 25,803
Loans receivable held for sale, net 9,017 7,181 6,428 27,078 16,163
Mortgage-backed securities available for sale 52,217 57,433 60,630 64,178 67,259
Cash and cash equivalents 137,369 42,662 29,004 21,213 41,517
Securities held to maturity 5,000 55,000 57,000 50,000 0
Securities available for sale 9,978 87 137 102 48
Deposits 689,562 682,891 696,931 724,932 706,996
Borrowings 86,286 96,313 106,339 106,366 106,375
Stockholders’ equity 85,304 53,578 54,894 49,505 57,908
Nonperforming loans 69,983 73,343 75,249 70,491 69,555
Other nonperforming assets 10,991 12,090 11,569 11,608 12,327
Tangible common equity ratio 9.59% 6.16% 6.19% 5.43% 6.45%
Book value per share $3.36 $6.71 $6.88 $6.37 $7.45
Operating Data:
Interest income $9,380 $10,013 $9,997 $11,271 $10,967
Interest expense 4,248 4,871 5,521 6,070 6,580
Net interest income before provision for loan losses 5,132 5,142 4,477 5,201 4,357
Provision for loan losses 7,000 2,250 1,760 11,250 15,691
Net interest income after provision for loan losses (1,868) 2,892 2,717 (6,049) (11,334)
Noninterest income 9,955(1) 1,329 9,864(2) 874 3,787
Noninterest expense 6,124 6,027 6,236 6,621 5,430
Income (loss) before federal income taxes 1,963 (1,806) 6,344 (11,796) (12,977)
Federal income tax expense (benefit) 694 (525) 2,144 (3,884) (4,396)
Net income (loss) $1,269 ($1,281) $4,200 ($7,912) ($8,581)
Basic earnings (loss) per share $0.14 ($0.16) $0.54 ($1.02) ($1.10)
Diluted earnings (loss) per share $0.13 ($0.16) $0.54 ($1.02) ($1.10)
(1) Includes $9.1 million gain related to exchange of PVF Capital Trust II trust preferred securities.
(2) Includes $8.6 million gain related to exchange of PVF Capital Trust I trust preferred securities.
Performance Ratios:
Return on average assets 0.58 (0.58) 1.87 (3.50) (3.81)
Return on average equity 7.27 (9.45) 32.18 (58.93) (55.42)
Net interest margin 2.55 2.49 2.14 2.38 2.04
Interest rate spread 2.48 2.38 2.26 2.22 1.88
Efficiency ratio 97.83 85.59 106.25 75.99 60.20
Stockholders’ equity to total assets (all tangible) 9.59 6.16 6.19 5.43 6.45
Asset Quality Ratios:
Nonperforming assets to total assets 9.11 9.83 9.79 9.00 9.12
Nonperforming loans to total loans 11.00 11.17 10.98 10.07 9.62
Allowance for loan losses to total loans 4.76 4.56 4.65 4.50 3.57
Allowance for loan losses to nonperforming loans 43.26 40.79 42.29 44.66 37.10
Net charge-offs to average loans, annualized 4.05 2.54 0.84 3.08 0.47
Park View Federal Regulatory Capital Ratios:
Ratio of tangible capital to adjusted total assets 8.23 7.15 6.70 6.54 7.83
Ratio of tier one (core) capital to adjusted total assets 8.23 7.15 6.70 6.54 7.86
Ratio of tier one risk-based capital to risk-weighted assets 10.93 9.48 8.77 8.77 10.14
Ratio of total risk-based capital to risk-weighted assets 12.19 10.74 10.03 10.03 11.39
PVF CAPITAL CORP.
30000 Aurora Road

Solon, OH 44139

440-248-7171

SUMMARY OF FINANCIAL HIGHLIGHTS
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(Dollars in thousands) March 31,

2010

June 30,

2009

ASSETS
Cash and cash equivalents $137,369 $21,213
Securities 14,978 50,102
Loans receivable 605,770 668,460
Loans receivable held for sale 9,017 27,078
Mortgage-backed securities 52,216 64,178
Other assets 69,834 81,178
Total Assets $889,184 $912,209
LIABILITIES
Deposits $689,562 $724,932
Borrowed money 86,286 106,366
Other liabilities 28,032 31,406
Total Liabilities 803,880 862,704
Total Stockholders’ Equity 85,304 49,505
Total Liabilities and Stockholders’ Equity $889,184 $912,209
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(Dollars in thousands except per share data) Three Months Ended

March 31,

Nine Months Ended

March 31,

2010 2009 2010 2009
Loans $8,571 $9,972 $26,867 $32,313
Mortgage-backed securities 606 797 1,963 2,185
Investments 203 168 559 893
Interest income 9,380 10,937 29,389 35,391
Deposits 3,226 5,371 11,348 17,563
Borrowings 1,022 1,209 3,291 3,714
Interest expense 4,248 6,580 14,639 21,277
Net interest income 5,132 4,357 14,750 14,114
Provision for loan losses 7,000 15,691 11,010 20,023
Net interest income after provision for loan losses (1,868) (11,334) 3,740 (5,909)
Mortgage-banking activities 770 3,657 3,276 4,535
Impairment of securities 0 (1) 0 (1,842)
Gain on cancellation of subordinated debt 9,066 0 17,627 0
Gain (loss) on real estate owned (239) (875) (900) (1,197)
Gain on the sale of securities 24 559 24 1,224
Increase in cash surrender value of bank owned life insurance 75 (56) 174 (59)
Other, net 259 503 947 1,264
Total noninterest income 9,955 3,787 21,148 3,925
Compensation and benefits 2,317 2,386 6,931 7,960
Office occupancy and equipment 645 691 1,971 2,097
Federal deposit insurance premium 584 234 1,888 566
Outside services 535 576 1,880 0
Real estate owned expense 949 539 2,396 1,266
Other 1,094 1,004 3,321 4,491
Total noninterest expense 6,124 5,430 18,387 16,380
Income (loss) before federal income tax provision 1,963 (12,977) 6,501 (18,364)
Federal income tax provision (benefit) 694 (4,396) 2,313 (6,160)
Net income (loss) $1,269 ($8,581) $4,188 ($12,204)
Basic earnings (loss) per share $0.14 ($1.10) $0.50 ($1.57)
Diluted earnings (loss) per share $0.13 ($1.10) $0.50 ($1.57)
Wednesday, April 28th, 2010 Uncategorized Comments Off on PVF Capital Corp. (PVFC) Announces Quarterly Operating Results –

Cosi, Inc. (COSI) Announces New Franchisee for the D. C. Market

DEERFIELD, IL — (Marketwire) — 04/27/10 — Così, Inc. (NASDAQ: COSI), the premium convenience restaurant company, today announced that it has sold thirteen restaurants in the Washington D. C. market to Capitol C Restaurants LLC (“Capitol C”) for $8.4 million. The restaurants will be operated under a franchise agreement between the parties and Capitol C has entered into a development agreement to open six additional Così restaurants in the District of Columbia. Capitol C is led by Richard Pawlowski, Principal and Chief Executive Officer. Mr. Pawlowski is an experienced multi-unit restaurant operator and developer in the D. C. market.

Under the terms of the Asset Purchase and Sale Agreement, $6.4 million of the purchase price was paid in cash at closing, $1.4 million is to be paid pursuant to a three-year note and the balance of $0.6 million is being held in escrow subject to the satisfaction of certain conditions.

“We are pleased to have a franchisee of Richard’s caliber join the Così system,” said James Hyatt, Così’s President and Chief Executive Officer. “He is a seasoned operator and developer who fully understands the D. C. market. He aligns perfectly with the profile of our ideal franchisee. As we continue to operate 11 company-owned restaurants in the greater Washington D. C. area, we look forward to working together with Richard and his team to further develop the brand in this market.”

“Così is an exciting concept with delicious food, innovative menu offerings and a great casual ambience,” stated Pawlowski. “We look forward to working collaboratively with Così to expand the brand in the D. C. market.”

Mr. Hyatt further commented, “This transaction fits our strategic plan of expanding the brand by assembling experienced operators with proven abilities to develop new restaurants and providing them with quality development area opportunities. Capitol C’s joining the Così family demonstrates our ability to attract the finest quality franchisees and reinforces our conviction in the brand and its potential. In addition, this transaction will provide us with additional capital to stimulate revenue growth, support franchisee growth, selectively develop company-owned stores and otherwise enhance stockholder value.”

About Così, Inc.
Così (http://www.getcosi.com) is a national premium convenience restaurant chain that has developed featured foods built around a secret, generations-old recipe for crackly crust flatbread. This artisan bread is freshly baked in front of customers throughout the day in open flame stone hearth ovens prominently located in each of the restaurants. Così’s warm and urbane atmosphere is geared towards its sophisticated, upscale, urban and suburban guests. There are currently 99 Company-owned and 44 franchise restaurants operating in eighteen states, the District of Columbia and the United Arab Emirates. The Così vision is to become America’s favorite premium convenience restaurant by providing customers authentic, innovative, savory food while remaining an affordable luxury.

The Così menu features Così sandwiches, freshly-tossed salads, melts, soups, Così bagels, flatbread pizzas, S’mores, snacks and other desserts, and a wide range of coffee and coffee-based drinks and other specialty beverages. Così restaurants are designed to be welcoming and comfortable with an eclectic environment. Così’s sights, sounds, and spaces create a tasteful, relaxed ambience that provides a fresh and new dining experience.

“Così,” and “(Sun & Moon Design),” and related marks are registered trademarks of Così, Inc.

Copyright © 2010 Così, Inc. All rights reserved.

“SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. This press release contains statements that constitute forward-looking statements under the federal securities laws. Forward-looking statements are statements about future events and expectations and not statements of historical fact. The words “believe,” “may,” “will,” “should,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “plan,” “strive,” or similar words, or negatives of these words, identify forward-looking statements. We qualify any forward-looking statements entirely by these cautionary factors. Forward-looking statements are based on management’s beliefs, assumptions and expectations of our future economic performance, taking into account the information currently available to management. Forward-looking statements involve risks and uncertainties that may cause our actual results, performance or financial condition to differ materially from the expectations of future results, performance or financial condition we express or imply in any forward-looking statements. Factors that could contribute to these differences include, but are not limited to: the cost of our principal food products and supply and delivery shortages or interruptions; labor shortages or increased labor costs; changes in consumer preferences and demographic trends; expansion into new markets including foreign markets; our ability to locate suitable restaurant sites in new and existing markets and negotiate acceptable lease terms; competition in our markets, both in our business and in locating suitable restaurant sites; our operation and execution in new and existing markets; our ability to recruit, train and retain qualified corporate and restaurant personnel and management; cost effective and timely planning, design and build-out of restaurants; our ability to attract and retain qualified franchisees; the availability and cost of additional financing, both to fund our existing operations and to open new restaurants; the rate of our internal growth and our ability to generate increased revenue from our existing restaurants; our ability to generate positive cash flow from existing and new restaurants; the reliability of our customer and market studies; fluctuations in our quarterly results due to seasonality; increased government regulation and our ability to secure required governmental approvals and permits; our ability to create customer awareness of our restaurants in new markets; market saturation due to new restaurant openings; inadequate protection of our intellectual property; adverse weather conditions which impact customer traffic at our restaurants and adverse economic conditions. Further information regarding factors that could affect our results and the statements made herein are included in our filings with the Securities and Exchange Commission.

Wednesday, April 28th, 2010 Uncategorized Comments Off on Cosi, Inc. (COSI) Announces New Franchisee for the D. C. Market

BioCryst (BCRX) Reports First Quarter 2010 Financial Results and Provides Corporate Update

Apr. 28, 2010 (Business Wire) — BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) today announced financial results for the quarter ended March 31, 2010.

For the three months ended March 31, 2010, total revenues increased to $26.1 million compared to $4.4 million for the three months ended March 31, 2009. This $21.7 million increase was driven primarily by the recognition of a $7.0 million milestone payment from the Company’s partner, Shionogi & Co., Ltd. (Shionogi), related to its achievement in obtaining marketing and manufacturing approval of intravenous (i.v.) peramivir in Japan, a $7.0 million increase in revenue from the contract with the Department of Health & Human Services (HHS) for the continued development of i.v. peramivir as compared to last year, as well as the sale of $6.4 million of peramivir active pharmaceutical ingredient (API) to collaborators Shionogi and Green Cross Corporation. In accordance with the license agreement with Shionogi, BioCryst also recorded revenue from royalties of $0.7 million related to Shionogi’s sales of RAPIACTA® (peramivir) in Japan during the first quarter of 2010.

Research and development (R&D) expenses increased to $24.9 million for the first quarter of 2010 from $11.3 million in the same period of last year. The higher R&D expenses resulted primarily from a $4.9 million increase in clinical development costs associated with our peramivir program and $6.3 million of manufacturing costs associated with peramivir API production for Shionogi and Green Cross. During the current quarter, BioCryst also continued to incur expenses related to its ongoing studies of forodesine for the treatment in lymphoma and of BCX4208 for the treatment of gout.

General and administrative (G&A) expenses increased to $3.8 million for the first quarter of 2010 from $2.5 million for the first quarter of 2009. This increase was primarily due to higher consulting costs and operating expenses.

The Company’s net loss for the three months ended March 31, 2010 was $2.6 million, or $0.06 per share, compared to a net loss of $9.3 million, or $0.24 per share for the three months ended March 31, 2009.

As of March 31, 2010, the Company held cash, cash equivalents and securities of $89.4 million, a decrease of $4.8 million compared to December 31, 2009.

For 2010, BioCryst continues to expect cash use to be between $25 and $30 million. Cash use will vary depending on clinical outcomes.

“This quarter marked major milestones in the transformation of BioCryst—the first commercial launch of a BioCryst discovered product in any country, the final peramivir regulatory milestone payment and first royalty payment from Shionogi from the initial sales of RAPIACTA® in Japan,” said Jon P. Stonehouse, President and Chief Executive Officer of BioCryst Pharmaceuticals. “Additionally, we continue to advance BioCryst’s pipeline, as demonstrated by the rapid progress and positive outcome of the BCX4208 gout clinical data announced today. We remain on course towards building an enduring and successful biopharmaceutical company.”

Recent Program Highlights

Peramivir Program

  • The Phase 3 development program of i.v. peramivir is ongoing. Investigator sites in Argentina, Australia, Brazil, Chile, New Zealand, Peru and South Africa have recently been added to prepare for enrollment of hospitalized influenza patients during the upcoming Southern Hemisphere flu season, which typically starts in May or June.
  • Additional studies to provide further evidence of efficacy are under discussion with the U.S. Food & Drug Administration and HHS.

Forodesine Program

  • The pivotal Phase 2 study for forodesine in the treatment of cutaneous T-cell lymphoma (CTCL) achieved its protocol-specified objective of enrolling 100 late-stage patients (Stage IIB to IVA). The Company expects to report data from the study in the second half of 2010.
  • The Phase 2 single-arm, open-label study evaluating 200 mg of forodesine twice-daily in patients with chronic lymphocytic leukemia (CLL) has reached its enrollment target of 26 patients and is ongoing. The Company expects to report data from this study in the second half of 2010.

BCX4208 Program

  • In a separate press release issued today, BioCryst reported positive results from a planned interim analysis of its ongoing randomized, double-blind, placebo-controlled Phase 2a study to evaluate the efficacy and safety of BCX4208 in patients with gout. All three oral, once-daily doses of BCX4208 studied achieved a statistically significant reduction in serum uric acid levels from baseline compared to placebo at day 22. BCX4208 was generally safe and well-tolerated at the doses evaluated in this study.
  • BioCryst is finalizing plans for an additional blinded Phase 2 study to evaluate the efficacy and safety of BCX4208 as monotherapy and in combination with allopurinol, another urate-lowering treatment for gout. The Company intends to complete this study by the end of 2010.

Conference Call and Web Cast

BioCryst’s management team will host a conference call and Web cast on Wednesday, April 28, 2010 at 11:00 a.m. Eastern Time to discuss these financial results and recent corporate developments. To participate in the conference call, please dial 1-877-303-8027 (United States) or 1-760-536-5165 (International). No passcode is needed for the call. The Web cast can be accessed by logging onto http://www.biocryst.com. Please connect to the Web site at least 15 minutes prior to the start of the conference call to ensure adequate time for any software download that may be necessary.

About BioCryst

BioCryst Pharmaceuticals designs, optimizes and develops novel small-molecule pharmaceuticals that block key enzymes involved in infectious diseases, cancer and inflammatory diseases. BioCryst has progressed two novel compounds that are in late-stage pivotal clinical trials; peramivir, an anti-viral for influenza, and forodesine, a purine nucleoside phosphorylase (PNP) inhibitor for cutaneous T-cell lymphoma (CTCL). Additionally, BioCryst has a third product candidate, BCX4208—a next generation PNP inhibitor—in mid-stage trials for the treatment of gout. Utilizing crystallography and structure-based drug design, BioCryst continues to discover additional compounds and to progress others through pre-clinical and early development to address the unmet medical needs of patients and physicians. For more information, please visit the Company’s Web site at www.biocryst.com.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding future results, performance or achievements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. These statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Some of the factors that could affect the forward-looking statements contained herein include: that to the extent peramivir is used as a treatment for H1N1 flu (or other strains of flu), there can be no assurance that it will prove effective; that HHS may further condition, reduce or eliminate future funding of the peramivir program; that ongoing peramivir clinical trials or our peramivir program in general may not be successful; that the pivotal trial with forodesine in CTCL may not meet its endpoint; that development and commercialization of forodesine in CTCL may not be successful; that ongoing and future pre-clinical and clinical development of BCX4208 may not have positive results; that we or our licensees may not be able to enroll the required number of subjects in planned clinical trials of our product candidates and that such clinical trials may not be successfully completed; that BioCryst or its licensees may not commence as expected additional human clinical trials with our product candidates; that our product candidates may not receive required regulatory clearances from the FDA; that ongoing and future pre-clinical and clinical development may not have positive results; that we or our licensees may not be able to continue future development of our current and future development programs; that our development programs may never result in future product, license or royalty payments being received by BioCryst; that BioCryst may not be able to retain its current pharmaceutical and biotechnology partners for further development of its product candidates or it may not reach favorable agreements with potential pharmaceutical and biotechnology partners for further development of its product candidates; that our actual cash burn rate may not be consistent with our expectations; that BioCryst may not have sufficient cash to continue funding the development, manufacturing, marketing or distribution of its products and that additional funding, if necessary, may not be available at all or on terms acceptable to BioCryst. Please refer to the documents BioCryst files periodically with the Securities and Exchange Commission, specifically BioCryst’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and current reports on Form 8-K, all of which identify important factors that could cause the actual results to differ materially from those contained in our projections and forward-looking statements.

BCRXW

BIOCRYST PHARMACEUTICALS, INC.
FINANCIAL SUMMARY
Statements of Operations (Unaudited)
(in thousands, except per share)
Three Months Ended
March 31,
2010 2009
Revenues:
Product sales $ 325 $
Royalties 711
Collaborative and other research and development 25,035 4,359
Total revenues 26,071 4,359
Expenses:
Cost of products sold 86
Research and development 24,917 11,289
General and administrative 3,797 2,457
Total expenses 28,800 13,746
Loss from operations (2,729 ) (9,387 )
Interest and other income, net 134 95
Net loss $ (2,595 ) $ (9,292 )
Basic and diluted net loss per common share $ (0.06 ) $ (0.24 )
Weighted average shares outstanding 43,925 38,204
Balance Sheet Data (in thousands)
March 31, 2010 December 31, 2009
(Unaudited) (Note 1)
Cash, cash equivalents and securities $ 89,438 $ 94,259
Receivables from collaborations 26,627 33,722
Total assets 124,655 142,190
Accumulated deficit (265,315 ) (262,720 )
Stockholders’ equity 85,527 86,266
Wednesday, April 28th, 2010 Uncategorized Comments Off on BioCryst (BCRX) Reports First Quarter 2010 Financial Results and Provides Corporate Update

Leading Brands, Inc. (LBIX) Announces Results for Its 2009 Fiscal Year Ended February 28, 2010

VANCOUVER, British Columbia, April 28, 2010 (GLOBE NEWSWIRE) — Leading Brands, Inc. (Nasdaq:LBIX),North America’s only fully integrated healthy branded beverage company, announces results for its 2009 fiscal year ended February 28, 2010. All financial amounts are denominated in Canadian dollars.

Net income for the year was $1,178,000 ($0.30 per share) compared to a net loss of $5,667,000 ($1.42 per share, including write downs of intangible assets of $3,354,000) in fiscal 2008 (see below). That dramatic improvement in financial performance is a direct consequence of increasing gross margin in concert with reductions in fixed overheads and SG&A expenses.

Gross profit margin for the year was 44.9%, up from 32.4% in fiscal 2008.

Gross revenue for the year was $22,173,000, versus $32,498,000 last year, a decrease of 31.8%.   The decline in revenues is directly attributable to the Company’s decision to no longer distribute its low margin food and beverage products and instead focus on higher margin, fiscally sustainable, branded beverage sales. The Company ceased its food distribution business in mid-Q1 of fiscal 2009.

Discounts, rebates and slotting fees were reduced significantly to $1,646,000 from $4,302,000 the prior year. Non-cash stock based compensation expense for the year was $249,000. SG&A expenses were $6,355,000, down 35.7% from $9,892,000 the previous year. The Company also recorded non-cash income tax expense of $735,000 during the year.

As at February 28, 2010, the Company had only 3,923,275 shares outstanding and cash and available credit of $3,340,000. Cash flow from operations for the year was $4,433,000.

Gross revenue for Q4 of fiscal 2009 was $4,982,000, generating a net income of $100,000. This is the first time in its history that the Company has recorded net income in its last, and seasonally slowest, quarter. The Company also recorded non-cash income taxes of $119,000 in Q4.

In conjunction with the ongoing review of its financial statements, the Company has determined to write off the goodwill on its balance sheet as at February 28, 2009, due to its low market capitalization on that date. That transaction has no impact on the Company’s earnings for its 2009 fiscal year ended February 28, 2010, which are reported here, or on its tangible net worth.

About Leading Brands, Inc.

Leading Brands, Inc. (Nasdaq:LBIX) is North America’s only fully integrated healthy beverage company. Leading Brands creates, designs, bottles, distributes and markets its own proprietary premium beverage brands such as TrueBlue® Blueberry Juice, LiteBlue® Blueberry Juice, PureBlue®, PureRed®, PureBlack® SuperJuices and Caesar’s® Cocktails via its unique Integrated Distribution System (IDS)™ which involves the Company finding the best and most cost-effective route to market. The Company strives to use the best natural ingredients hence its mantra: Better Ingredients – Better Brands.

The Leading Brands, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2681

Non-GAAP Measures

Any non-GAAP financial measures referenced in this release do not have any standardized meaning prescribed by GAAP and are therefore unlikely to be comparable to similar measures presented by other issuers.

Forward Looking Statements

Certain information contained in this press release includes forward-looking statements. Words such as “believe”, “expect,” “will,” or comparable terms, are intended to identify forward-looking statements concerning the Company’s expectations, beliefs, intentions, plans, objectives, future events or performance and other developments. All forward-looking statements included in this press release are based on information available to the Company on the date hereof. Such statements speak only as of the date hereof. Important factors that could cause actual results to differ materially from the Company’s estimations and projections are disclosed in the Company’s securities filings and include, but are not limited to, the following: general economic conditions, weather conditions, changing beverage consumption trends, pricing, availability of raw materials, economic uncertainties (including currency exchange rates), government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other risk factors described from time to time in securities reports filed by Leading Brands, Inc.

Better Ingredients | Better Brands™

©2010 Leading Brands, Inc.

This news release is available at www.LBIX.com

LEADING BRANDS, INC.
CONSOLIDATED STATEMENT OF INCOME (LOSS)
(EXPRESSED IN CANADIAN DOLLARS)
February 28, 2010 February 28, 2009
(Restated)
Gross revenue $22,172,673 $32,497,912
Less: Discounts, rebates and slotting fees ( 1,646,440) (4,302,262)
Net revenue 20,526,233 28,195,650
Expenses (Income)
Cost of sales 11,317,750 19,071,688
Selling, general & administration expenses 6,354,825 9,892,150
Depreciation and amortization 728,993 767,798
Interest expense 229,557 464,569
Loss (gain) on sale of assets 8,515 (250,880)
Loss on contract settlements 308,280
Write down of goodwill 3,353,543
Foreign exchange gain (21,330)
Interest income (5,066) (33,545)
Total Expenses 18,613,244 33,573,603
Net income (loss) before taxes 1,912,989 (5,377,953)
Income tax expense (735,133) (289,285)
Net income (loss) 1,177,856 (5,667,238)
Income (loss) per share
Basic and diluted $ 0.30 $ (1.42)
Weighted average common shares outstanding 3,980,202 3,991,625
Wednesday, April 28th, 2010 Uncategorized Comments Off on Leading Brands, Inc. (LBIX) Announces Results for Its 2009 Fiscal Year Ended February 28, 2010

II-VI Inc. (IIVI) Reports Record Bookings and Revenues

PITTSBURGH, April 27, 2010 (GLOBE NEWSWIRE) — II-VI Incorporated (Nasdaq:IIVI) today reported results for its third quarter ended March 31, 2010.

On January 4, 2010, the Company completed its acquisition of Photop Technologies, Inc. (Photop). The initial consideration consisted of cash of $45.6 million and 1,145,852 shares of II-VI Incorporated common stock. In addition, the purchase agreement provided up to $12.0 million of additional cash earn-out opportunities based upon Photop achieving certain agreed-upon financial targets in calendar years 2010 and 2011. Company results for the three and nine months ended March 31, 2010 include three months of Photop operating results as well as acquisition-related expenses.

Bookings from continuing operations for the quarter increased 77% to a record $109,963,000 compared to $62,252,000 in the third quarter of last fiscal year. Bookings from continuing operations for the nine months ended March 31, 2010 increased 28% to $261,610,000 from $203,884,000 for the same period last fiscal year. Included in bookings for the three and nine months ended March 31, 2010 were approximately $26.5 million of bookings attributable to Photop. Bookings are defined as customer orders received that are expected to be converted into revenues during the next 12 months.

Revenues from continuing operations for the quarter increased 52% to a record $97,531,000 from $64,111,000 in the third quarter of last fiscal year.  Revenues from continuing operations for the nine months ended March 31, 2010 increased 3% to $231,854,000 from $226,155,000 for the same period last fiscal year. Included in revenues for the three and nine months ended March 31, 2010 were approximately $20.2 million of revenues attributable to Photop.

Net earnings attributable to II-VI Incorporated for the quarter ended March 31, 2010 were $10,313,000 or $0.33 per share-diluted compared with net earnings attributable to II-VI Incorporated of $4,810,000 or $0.16 per share-diluted in the third quarter of last fiscal year. Net earnings attributable to II-VI Incorporated for the nine months ended March 31, 2010 were $22,600,000 or $0.74 per share-diluted compared with net earnings attributable to II-VI Incorporated of $30,664,000 or $1.02 per share-diluted for the same period last fiscal year.

Francis J. Kramer, president and chief executive officer said, “We experienced strong customer demand across almost all our markets during the quarter. Infrared Optics demand was especially robust as bookings increased 69% from the same quarter last fiscal year and 17% from the December 31, 2009 quarter. For the third consecutive quarter total company bookings outpaced revenues. As a result, our order backlog was $144 million at March 31, 2010; of that amount, Photop contributed $17 million. Overall, our backlog is up 40% since June 30, 2009.”

Kramer continued, “During the quarter, we also completed the acquisition of Photop, which had a positive contribution to our record bookings and revenues. Photop’s operational and financial results exceeded our expectations for the quarter and, due to improved strength and visibility in the telecommunications markets they serve, we have increased our outlook for Photop’s revenue contribution for the quarter ending June 30, 2010. Our Military and Materials group continues to produce solid revenues and earnings.”

Kramer concluded, “Quarterly EBITDA performance and cash flow generation exceeded our expectations. EBITDA for the quarter was up 65% from the same quarter last fiscal year and 82% from the December 31, 2009 quarter. Our cash balance now exceeds the June 30, 2009 level and we expect cash to continue to increase as we complete the final quarter of fiscal year 2010. Because of current market strength and visibility, we are confident in increasing our guidance for the fourth quarter and fiscal year.”

Effective July 1, 2009, the Company adopted Noncontrolling Interest in Consolidated Financial Statements – an amendment of ARB No.51, which was retroactively applied to all periods presented. As announced on June 12, 2009, the Company sold its x-ray and gamma-ray radiation sensor business, eV PRODUCTS, Inc., which operated as a business within the Compound Semiconductor Group. Results for the three and nine month periods ended March 31, 2009 reflect the presentation of eV PRODUCTS as a discontinued operation.

Segment Information from Continuing Operations ($000’s)

The following segment information includes segment earnings from continuing operations (defined as earnings from continuing operations before income taxes, interest expense and other expense or income, net). Management believes segment earnings are a useful performance measure because they reflect the results of segment performance over which management has direct control.

Three Months Ended Nine Months Ended
March 31, March 31,
% %
Increase Increase
2010 2009 (Decrease) 2010 2009 (Decrease)
Bookings:
Infrared Optics $38,023 $22,530 69% $98,637 $96,184 3%
Near-Infrared Optics 35,097 10,063 249% 59,428 28,059 112%
Military & Materials 23,456 13,617 72% 60,947 38,072 60%
Compound Semiconductor Group 13,387 16,042 (17)% 42,598 41,569 2%
Total Bookings $109,963 $62,252 77% $261,610 $203,884 28%
Revenues:
Infrared Optics $36,139 $27,785 30% $96,492 $105,069 (8)%
Near-Infrared Optics 31,189 9,602 225% 50,370 35,505 42%
Military & Materials 15,847 14,068 13% 46,651 43,068 8%
Compound Semiconductor Group 14,356 12,656 13% 38,341 42,513 (10)%
Total Revenues $97,531 $64,111 52% $231,854 $226,155 3%
Segment Earnings:
Infrared Optics $6,851 $4,369 57% $16,891 $24,459 (31)%
Near-Infrared Optics 4,081 647 531% 5,189 5,803 (11)%
Military & Materials 1,965 1,224 61% 5,723 5,111 12%
Compound Semiconductor Group 1,632 1,281 27% 2,420 3,825 (37)%
Total Segment Earnings $14,529 $7,521 93% $30,223 $39,198 (23)%

Outlook

For the fourth fiscal quarter ending June 30, 2010, the Company currently forecasts revenues to range from $98.0 million to $102.0 million and earnings per share attributable to II-VI Incorporated to range from $0.34 to $0.38. Comparable results for the quarter ended June 30, 2009 were revenues from continuing operations of $66.1 million and earnings per share from continuing operations of $0.21. For the fiscal year ending June 30, 2010, the Company expects revenues to range from $330 million to $334 million and earnings per share to range from $1.08 to $1.12. Comparable results for the year ended June 30, 2009 were revenues from continuing operations of $292 million and earnings per share from continuing operations of $1.29. As discussed in more detail below, actual results may differ from these forecasts due to various factors including, but not limited to, changes in product demand, competition and general economic conditions.

Webcast Information

The Company will host a conference call at 9:00 a.m. Eastern Time on Tuesday, April 27, 2010 to discuss these results. The conference call will be broadcast live over the internet and can be accessed by all interested parties from the Company’s web site at www.ii-vi.com as well as at http://tinyurl.com/y7xvj9c. Please allow extra time prior to the call to visit the site and, if needed, to download the media software required to listen to the internet broadcast. A replay of the webcast will be available for 2 weeks following the call.

About II-VI Incorporated

II-VI Incorporated, the worldwide leader in crystal growth technology, is a vertically-integrated manufacturing company that creates and markets products for a diversified customer base including industrial manufacturing, military and aerospace, high-power electronics and telecommunications, and thermoelectronics applications. Headquartered in Saxonburg, Pennsylvania, with manufacturing, sales, and distribution facilities worldwide, the Company produces numerous crystalline compounds including zinc selenide for infrared laser optics, silicon carbide for high-power electronic and microwave applications, and bismuth telluride for thermoelectric coolers.

In the Company’s infrared optics business, II-VI Infrared manufactures optical and opto-electronic components for industrial laser and thermal imaging systems, and HIGHYAG Lasertechnologie GmbH (HIGHYAG) manufactures fiber-delivered beam delivery systems and processing tools for industrial lasers. In the Company’s near-infrared optics business, VLOC manufactures near-infrared and visible light products for industrial, scientific, military and medical instruments and laser gain materials and products for solid-state YAG and YLF lasers.  Photop Technologies, Inc. (Photop) manufactures crystal materials, optics, microchip lasers and opto-electronic modules for use in optical communication networks and other diverse consumer and commercial applications. In the Company’s military & materials business, Exotic Electro-Optics (EEO) manufactures infrared products for military applications, and Pacific Rare Specialty Metals & Chemicals (PRM) produces and refines selenium and tellurium materials. In the Company’s Compound Semiconductor Group, the Wide Bandgap Materials (WBG) group manufactures and markets single crystal silicon carbide substrates for use in the solid-state lighting, wireless infrastructure, RF electronics and power switching industries; Marlow Industries, Inc. (Marlow) designs and manufactures thermoelectric cooling and power generation solutions for use in defense, space, photonics, telecommunications, medical, consumer and industrial markets; and the Worldwide Materials Group (WMG) provides expertise in materials development, process development and manufacturing scale up.

This press release contains forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going-forward basis.

The forward-looking statements in this press release involve risks and uncertainties, which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this press release include, but are not limited to: (i) the failure of any one or more of the assumptions stated above to prove to be correct; (ii) the risks relating to forward-looking statements and other “Risk Factors” discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2009; (iii) the purchasing patterns from customers and end-users; (iv) the timely release of new products, and acceptance of such new products by the market; (v) the introduction of new products by competitors and other competitive responses; and/or (vi) the Company’s ability to devise and execute strategies to respond to market conditions.

II-VI Incorporated and Subsidiaries
Condensed Consolidated Statements of Earnings (Unaudited)
(000 except per share data)
Three Months Ended Nine Months Ended
March 31, March 31,
2010 2009 2010 2009
Revenues
Net sales:
Domestic $45,321 $35,506 $115,621 $116,676
International 49,387 26,339 109,645 102,431
94,708 61,845 225,266 219,107
Contract research and development 2,823 2,266 6,588 7,048
Total Revenues 97,531 64,111 231,854 226,155
Costs, Expenses, Other Expense (Income)
Cost of goods sold $58,697 $40,066 $138,340 $129,538
Contract research and development 2,082 1,358 4,486 5,199
Internal research and development 3,238 1,612 7,960 7,919
Selling, general and administrative 18,985 13,554 50,845 44,301
Interest expense 1 68 44 150
Other expense (income), net 82 (1,534) (50) 1,068
Total Costs, Expenses, Other Expense (Income) 83,085 55,124 201,625 188,175
Earnings from Continuing Operations Before Income Taxes 14,446 8,987 30,229 37,980
Income Taxes 4,208 2,177 7,708 5,240
Earnings from Continuing Operations 10,238 6,810 22,521 32,740
Loss from Discontinued Operation, Net of Income Taxes (1,926) (1,929)
Net Earnings 10,238 4,884 22,521 30,811
Less: Net Earnings (Loss) Attributable to Noncontrolling Interests (75) 74 (79) 147
Net Earnings Attributable to II-VI Incorporated $10,313 $4,810 $22,600 $30,664
Net Earnings Attributable to II-VI Incorporated: Diluted Earnings Per Share:
Continuing operations $0.33 $0.23 $0.74 $1.08
Discontinued operation $– $(0.06) $– $(0.06)
Consolidated $0.33 $0.16 $0.74 $1.02
Net Earnings Attributable to II-VI Incorporated: Basic Earnings Per Share:
Continuing operations $0.34 $0.23 $0.76 $1.10
Discontinued operation $– $(0.07) $– $(0.06)
Consolidated $0.34 $0.16 $0.76 $1.03
Average Shares Outstanding – Diluted 31,194 29,700 30,378 30,147
Average Shares Outstanding – Basic 30,666 29,520 29,930 29,714
II-VI Incorporated and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
($000)
March 31, June 30,
2010 2009
Assets
Current Assets
Cash and cash equivalents $97,203 $95,930
Accounts receivable 64,367 43,109
Inventories 79,702 76,620
Deferred income taxes 9,559 9,705
Prepaid and other current assets 9,656 4,943
Total Current Assets 260,487 230,307
Property, Plant & Equipment, net 120,259 86,413
Goodwill 62,308 26,141
Other Intangible Assets, net 21,674 12,271
Investments 15,574 9,548
Other Assets 3,138 3,602
Total Assets $483,440 $368,282
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable $18,997 $9,242
Accruals and other current liabilities 49,753 22,821
Total Current Liabilities 68,750 32,063
Long-Term Debt 3,224 3,665
Deferred Income Taxes 6,821 1,910
Other Liabilities 15,189 7,773
Total Liabilities 93,984 45,411
Shareholders’ Equity
Total II-VI Incorporated Shareholders’ Equity 389,185 322,376
Noncontrolling Interests 271 495
Total Shareholders’ Equity 389,456 322,871
Total Liabilities and Shareholders’ Equity $483,440 $368,282
II-VI Incorporated and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
($000)
Nine Months Ended
March 31,
2010 2009
Cash Flows from Operating Activities
Net cash provided by (used in):
Continuing operations $53,526 $35,039
Discontinued operation (69)
Net cash provided by operating activities 53,526 34,970
Cash Flows from Investing Activities
Purchase of business (45,600)
Cash acquired from purchased business due to selling shareholders 8,344
Additions to property, plant and equipment (9,384) (12,284)
Investment in unconsolidated businesses (4,752) (4,853)
Payments on deferred purchase price of businesses (1,141) (913)
Proceeds from sale of property, plant and equipment 180 72
Redemption of marketable securities 3,000
Net cash used in investing activities:
Continuing operations (52,353) (14,978)
Discontinued operation (229)
Net cash used in investing activities (52,353) (15,207)
Cash Flows from Financing Activities
Proceeds on long-term debt 7,000
Payments on long-term debt (558) (5,009)
Proceeds from exercise of stock options 879 1,673
Purchase of treasury stock (12,880)
Excess tax benefits from share-based compensation expense 318 1,252
Net cash provided by (used in) financing activities 639 (7,964)
Effect of exchange rate changes on cash and cash equivalents (539) 1,879
Net increase in cash and cash equivalents 1,273 13,678
Cash and Cash Equivalents at Beginning of Period 95,930 69,835
Cash and Cash Equivalents at End of Period $97,203 $83,513
II-VI Incorporated and Subsidiaries
Other Selected Financial Information
($000 except per share data)
The following other selected financial information for continuing operations includes earnings from continuing operations before interest, income taxes, depreciation and amortization (EBITDA). Management believes EBITDA from continuing operations is a useful performance measure because it reflects operating profitability before certain non-operating expenses and non-cash charges.
Other Selected Financial Information for Continuing Operations
Three Months Ended Nine Months Ended
March 31, March 31,
2010 2009 2010 2009
EBITDA $20,829 $12,588 $44,743 $49,365
Cash paid for capital expenditures $2,693 $3,029 $9,384 $12,284
Net payments (borrowings) on indebtedness $– $3,009 $558 $(1,991)
Share-based compensation expense, pre-tax $2,765 $1,242 $6,868 $3,799
Cash paid for shares repurchased through the Company’s stock repurchase program $– $– $– $12,880
Shares repurchased through the Company’s stock repurchase program 500,000
Reconciliation of Segment
Earnings and EBITDA to Earnings Three Months Ended Nine Months Ended
Before Income Taxes March 31, March 31,
2010 2009 2010 2009
Total Segment Earnings $14,529 $7,521 $30,223 $39,198
Interest expense 1 68 44 150
Other (income) expense, net 82 (1,534) (50) 1,068
Earnings before income taxes $14,446 $8,987 $30,229 $37,980
EBITDA $20,829 $12,588 $44,743 $49,365
Interest expense 1 68 44 150
Depreciation and amortization 6,382 3,533 14,470 11,235
Earnings before income taxes $14,446 $8,987 $30,229 $37,980
Tuesday, April 27th, 2010 Uncategorized Comments Off on II-VI Inc. (IIVI) Reports Record Bookings and Revenues

Rent-A-Center, Inc. (RCII) Reports First Quarter 2010 Results

Apr. 26, 2010 (Business Wire) — Rent-A-Center, Inc. (the “Company”) (NASDAQ/NGS: RCII), the nation’s largest rent-to-own operator, today announced revenues and earnings for the quarter ended March 31, 2010.

First Quarter 2010 Results

Total revenues for the quarter ended March 31, 2010 were $718.4 million, a decrease of $9.8 million from total revenues of $728.2 million for the same period in the prior year. This decrease in revenues was primarily attributable to the November 2009 divestiture of our subsidiary engaged in the prepaid telecommunications and energy business, which had contributed approximately $14.0 million in merchandise sales for the quarter ended March 31, 2009. Same store sales for the quarter ended March 31, 2010 were down 0.5%.

Net earnings and net earnings per diluted share for the quarter ended March 31, 2010 were $51.5 million and $0.77, respectively, as compared to $45.4 million and $0.68, respectively, for the same period in the prior year. Net earnings and net earnings per diluted share for the quarter ended March 31, 2009 increased as a result of $3.0 million in pre-tax litigation credits, or approximately $0.03 per share, related to the Hilda Perez matter as discussed below.

Net earnings per diluted share for the quarter ended March 31, 2010 were $0.77, as compared to adjusted net earnings per diluted share of $0.65, when excluding the pre-tax litigation credit above, for the quarter ended March 31, 2009, an increase of 18.5%.

“We are pleased to report another quarter of outstanding results, as we exceeded our total revenues and earnings guidance,” commented Mark E. Speese, the Company’s Chairman and Chief Executive Officer. “This was primarily due to continued strong customer demand while maintaining a strong cost discipline,” Speese stated. “Due to the strong trends in our customer traffic, our continued focus on the customer’s in-store experience as well as our expense management initiatives,” continued Mr. Speese, “we are pleased to announce increased earnings expectations for 2010 of between $2.60 and $2.80 per diluted share for 2010.”

Through the three month period ended March 31, 2010, the Company generated cash flow from operations of approximately $71.9 million, while ending the quarter with approximately $84.5 million of cash on hand. In addition, during the three month period ended March 31, 2010, the Company reduced its outstanding indebtedness by approximately $74.9 million, which consisted of approximately $6.4 million in mandatory payments as well as previously outstanding amounts of approximately $68.5 million under its revolving lines of credit as of December 31, 2009.

Operations Highlights

During the three month period ended March 31, 2010, the company-owned stores and financial services locations changed as follows:

Three Months EndedMarch 31, 2010
Company-Owned Stores
Stores at beginning of period 3,007
New store openings 4
Acquired stores remaining open
Closed stores
Merged with existing stores 10
Sold or closed with no surviving store 4
Stores at end of period 2,997
Acquired stores closed and accountsmerged with existing stores 3
Financial Services
Stores at beginning of period 353
New store openings 3
Acquired stores remaining open
Closed stores
Merged with existing stores
Sold or closed with no surviving store 36
Stores at end of period 320
Acquired stores closed and accountsmerged with existing stores

Since March 31, 2010, the Company has added financial services to three existing rent-to-own store locations.

2009 Significant Item

Hilda Perez Matter. In connection with the court approved settlement of the Hilda Perez v. Rent-A-Center, Inc. matter in New Jersey, the Company previously recorded during the first quarter of 2009 a pre-tax credit in the amount of $3.0 million to account for cash payments to the Company representing undistributed monies in the settlement fund to which the Company is entitled pursuant to the terms of the settlement, as well as a refund of costs to administer the settlement previously paid by the Company which were not expended during the administration of the settlement. The $3.0 million pre-tax litigation credit increased net earnings per diluted share for the three month period ended March 31, 2009 by approximately $0.03.

Rent-A-Center, Inc. will host a conference call to discuss the first quarter results, guidance and other operational matters on Tuesday morning, April 27, 2010, at 10:45 a.m. EDT. For a live webcast of the call, visit http://investor.rentacenter.com. Certain financial and other statistical information that will be discussed during the conference call will also be provided on the same website.

Rent-A-Center, Inc., headquartered in Plano, Texas, currently operates approximately 3,000 company-owned stores nationwide and in Canada and Puerto Rico. The stores generally offer high-quality, durable goods such as major consumer electronics, appliances, computers and furniture and accessories under flexible rental purchase agreements that generally allow the customer to obtain ownership of the merchandise at the conclusion of an agreed upon rental period. ColorTyme, Inc., a wholly owned subsidiary of the Company, is a national franchiser of approximately 210 rent-to-own stores operating under the trade name of “ColorTyme.”

The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. These statements do not include the potential impact of any repurchases of common stock the Company may make, changes in outstanding indebtedness, or the potential impact of acquisitions or dispositions that may be completed after April 26, 2010.

SECOND QUARTER 2010 GUIDANCE:

Revenues

  • The Company expects total revenues to be in the range of $670 million to $685 million.
  • Store rental and fee revenues are expected to be between $588 million and $598 million.
  • Total store revenues are expected to be in the range of $662 million to $677 million.
  • Same store sales are expected to be approximately 1.0%.
  • The Company expects to open 5 to 10 new company-owned store locations.
  • The Company expects to add financial services to approximately 20 rent-to-own store locations.

Expenses

  • The Company expects cost of rental and fees to be between 22.1% and 22.5% of store rental and fee revenue and cost of merchandise sold to be between 73% and 77% of store merchandise sales.
  • Store salaries and other expenses are expected to be in the range of 57.2% to 58.7% of total store revenue.
  • General and administrative expenses are expected to be approximately 4.8% of total revenue.
  • Net interest expense is expected to be approximately $6 million and depreciation of property assets is expected to be approximately $16 million.
  • The effective tax rate is expected to be in the range of 37.5% to 38.0% of pre-tax income.
  • Diluted earnings per share are estimated to be in the range of $0.64 to $0.70.
  • Diluted shares outstanding are estimated to be between 66.4 million and 67.2 million.

FISCAL 2010 GUIDANCE:

Revenues

  • The Company expects total revenues to be in the range of $2.725 billion and $2.780 billion.
  • Store rental and fee revenues are expected to be between $2.335 billion and $2.380 billion.
  • Total store revenues are expected to be in the range of $2.693 billion and $2.748 billion.
  • Same store sales are expected to be in the 1.0% to 2.0% range.
  • The Company expects to open 25 to 35 new company-owned store locations.
  • The Company expects to add financial services to approximately 70 rent-to-own store locations.

Expenses

  • The Company expects cost of rental and fees to be between 22.2% and 22.6% of store rental and fee revenue and cost of merchandise sold to be between 72% and 76% of store merchandise sales.
  • Store salaries and other expenses are expected to be in the range of 56.7% to 58.2% of total store revenue.
  • General and administrative expenses are expected to be approximately 4.6% of total revenue.
  • Net interest expense is expected to be approximately $25 million and depreciation of property assets is expected to be approximately $64 million.
  • The effective tax rate is expected to be in the range of 37.5% to 38.0% of pre-tax income.
  • Diluted earnings per share are estimated to be in the range of $2.60 to $2.80.
  • Diluted shares outstanding are estimated to be between 66.5 million and 67.3 million.

This press release and the guidance above contain forward-looking statements that involve risks and uncertainties. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “could,” “estimate,” “should,” “anticipate,” or “believe,” or the negative thereof or variations thereon or similar terminology. Although the Company believes that the expectations reflected in such forward-looking statements will prove to be correct, the Company can give no assurance that such expectations will prove to have been correct. The actual future performance of the Company could differ materially from such statements. Factors that could cause or contribute to such differences include, but are not limited to: uncertainties regarding the ability to open new rent-to-own stores; the Company’s ability to acquire additional rent-to-own stores or customer accounts on favorable terms; the Company’s ability to control costs and increase profitability; the Company’s ability to successfully add financial services locations within its existing rent-to-own stores; the Company’s ability to identify and successfully enter new lines of business offering products and services that appeal to its customer demographic; the Company’s ability to enhance the performance of acquired stores; the Company’s ability to retain the revenue associated with acquired customer accounts; the Company’s ability to identify and successfully market products and services that appeal to its customer demographic; the Company’s ability to enter into new and collect on its rental purchase agreements; the Company’s ability to enter into new and collect on its short-term loans; the passage of legislation adversely affecting the rent-to-own or financial services industries; the Company’s failure to comply with statutes or regulations governing the rent-to-own or financial services industries; interest rates; increases in the unemployment rate; economic pressures, such as high fuel and utility costs, affecting the disposable income available to the Company’s targeted consumers; changes in the Company’s stock price and the number of shares of common stock that it may or may not repurchase; changes in estimates relating to self-insurance liabilities and income tax and litigation reserves; changes in the Company’s effective tax rate; the Company’s ability to maintain an effective system of internal controls; changes in the number of share-based compensation grants, methods used to value future share-based payments and changes in estimated forfeiture rates with respect to share-based compensation; the resolution of material litigation; and the other risks detailed from time to time in the Company’s SEC reports, including but not limited to, its annual report on Form 10-K for the year ended December 31, 2009. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Rent-A-Center, Inc. and Subsidiaries

STATEMENT OF EARNINGS HIGHLIGHTS

(In Thousands of Dollars, except per share data) Three Months Ended March 31,
2010 2009 2009
(GAAP Earnings) Before Significant Items

(Non-GAAP Earnings)

After Significant Items

(GAAP Earnings)

Total Revenue $ 718,419 $ 728,183 $ 728,183
Operating Profit 88,703 79,092 82,092 (1)
Net Earnings 51,461 43,515 45,376 (1)
Diluted Earnings per Common Share $ 0.77 $ 0.65 $ 0.68 (1)
Adjusted EBITDA $ 105,475 $ 97,005 $ 97,005
Reconciliation to Adjusted EBITDA:
Earnings Before Income Taxes $ 82,788 $ 70,129 $ 73,129
Add back:
Litigation Expense (Credit) (3,000 )
Interest Expense, net 5,915 8,963 8,963
Depreciation of Property Assets 15,721 17,576 17,576
Amortization and Write-down of Intangibles 1,051 337 337
Adjusted EBITDA $ 105,475 $ 97,005 $ 97,005

(1) Includes the effects of $3.0 million pre-tax litigation credit in the first quarter of 2009 related to the Hilda Perez matter. The litigation credit increased diluted earnings per share by approximately $0.03 for the three months ended March 31, 2009.

SELECTED BALANCE SHEET HIGHLIGHTS
Selected Balance Sheet Data: (in Thousands of Dollars) March 31, 2010 March 31, 2009
Cash and Cash Equivalents $ 84,498 $ 195,948
Accounts Receivable 59,601 49,381
Prepaid Expenses and Other Assets 49,388 57,507
Rental Merchandise, net
On Rent 586,855 604,558
Held for Rent 181,984 166,703
Total Assets 2,439,868 2,548,071
Senior Debt 636,296 704,958
Subordinated Notes Payable 225,375
Total Liabilities 1,137,262 1,420,483
Stockholders’ Equity 1,302,606 1,127,588
Rent-A-Center, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF EARNINGS
(In Thousands of Dollars, except per share data) Three Months Ended March 31,
2010 2009
Unaudited
Store Revenue
Rentals and Fees $ 583,848 $ 597,607
Merchandise Sales 89,397 95,782
Installment Sales 15,137 12,426
Other 20,336 13,139
708,718 718,954
Franchise Revenue
Franchise Merchandise Sales 8,425 7,958
Royalty Income and Fees 1,276 1,271
Total Revenue 718,419 728,183
Operating Expenses
Direct Store Expenses
Cost of Rentals and Fees 130,114 135,139
Cost of Merchandise Sold 61,811 65,767
Cost of Installment Sales 5,426 4,431
Salaries and Other Expenses 391,471 401,508
Franchise Cost of Merchandise Sold 8,068 7,634
596,890 614,479
General and Administrative Expenses 31,775 34,275
Amortization and Write-down of Intangibles 1,051 337
Litigation Expense (Credit) (3,000 )
Total Operating Expenses 629,716 646,091
Operating Profit 88,703 82,092
Interest Expense 6,083 9,232
Interest Income (168 ) (269 )
Earnings Before Income Taxes 82,788 73,129
Income Tax Expense 31,327 27,753
NET EARNINGS 51,461 45,376
BASIC WEIGHTED AVERAGE SHARES 65,699 65,995
BASIC EARNINGS PER COMMON SHARE $ 0.78 $ 0.69
DILUTED WEIGHTED AVERAGE SHARES 66,517 66,495
DILUTED EARNINGS PER COMMON SHARE $ 0.77 $ 0.68
Tuesday, April 27th, 2010 Uncategorized Comments Off on Rent-A-Center, Inc. (RCII) Reports First Quarter 2010 Results

Biostar Pharmaceuticals, Inc. (BSPM) Receives New Advertising Approval from Shaanxi SFDA

XIANYANG, China, April 27 /PRNewswire-Asia-FirstCall/ — Biostar Pharmaceuticals, Inc. (Nasdaq: BSPM) (“Biostar” or “the Company”), the Xianyang-based manufacturer of a leading over-the-counter Hepatitis B medicine, Xin Aoxing Oleanolic Acid Capsule (“Xin Aoxing”), and other pharmaceutical products, announced today it has received new advertising approval from Shaanxi State Food and Drug Administration (“SFDA”) for marketing Xin Aoxing Oleanolic Acid Capsules (“Xin Aoxing”).

On April 22, 2010 the Shaanxi SFDA published on its website a notification stating that the marketing language used in connection with several pharmaceutical products sold in the province are not within approved parameters. Biostar Pharmaceuticals’ flagship Hepatitis B medicine Xin Aoxing was included in that notification which cited Xin Aoxing for non-compliance of pre-approved adverting content, use of patient images to denote product efficiency, and use of absolute language to suggest efficacy.

The Company has made proper modifications to its sales and marketing materials and has accordingly received a new advertising approval for its Xin Aoxing from the Shaanxi SFDA on April 27, 2010.

The notification has not disrupted production or sales of Xin Aoxing and is not expected to have any impact on previously announced fiscal 2010 revenue and net income guidance.

About Biostar Pharmaceuticals, Inc.

Biostar Pharmaceuticals, Inc., through its wholly-owned subsidiary in China, develops, manufactures and markets pharmaceutical products for a variety of diseases and conditions. The Company’s most popular product is its Xin Ao Xing Oleanolic Acid Capsule, an over-the-counter (“OTC”) medicine for chronic hepatitis B, a disease affecting approximately 10% of the Chinese population. In addition to its hepatitis product, Biostar currently manufactures two broad-based OTC products and two prescription-based pharmaceuticals. The Company has adopted international standards, holds one patent and is in the process of applying for two patents.

Safe Harbor

Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to sustain our previous levels of profitability including on account of our ability to manage growth, intense competition, wage increases in China, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, our ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts and legal restrictions on raising capital or acquiring companies outside China. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our S-1 dated June 27, 2008, our 10-K for the year ended December 31, 2009, and other recent filings. These filings are available at http://www.sec.gov . We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by or on our behalf.

Tuesday, April 27th, 2010 Uncategorized Comments Off on Biostar Pharmaceuticals, Inc. (BSPM) Receives New Advertising Approval from Shaanxi SFDA

Cirrus Logic (CRUS) Reports Annual Revenue Growth of 27 Percent

Apr. 27, 2010 (Business Wire) — Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today announced financial results for the fourth quarter and fiscal year of 2010, which ended March 27, 2010.

Revenue for the quarter was $62.6 million, up 87 percent compared to $33.5 million during the fourth quarter of fiscal year 2009 and down slightly from $65.2 million in the previous quarter. Revenue for fiscal year 2010 totaled $221 million, a 27 percent increase compared to $174.6 million in fiscal year 2009. Gross margin for the quarter was 56 percent, up from 55 percent in the fourth quarter a year ago and up from 54 percent for the previous quarter. Gross margin for fiscal year 2010 was 54 percent compared to 56 percent in fiscal year 2009.

Total GAAP operating expenses for the quarter were approximately $27 million, up from $24 million in the previous quarter. Research and Development (R&D) investment for the quarter was $13.7 million, and Selling, General and Administrative (SG&A) expenses totaled $12.7 million. These expenses include charges of $1.1 million for stock-based compensation and $400,000 in acquisition-related amortization of intangibles. Additionally, the company recognized a separate facilities restructuring charge of $600,000. Income from operations on a GAAP basis was approximately $8.3 million, or a 13 percent operating margin.

Non-GAAP operating expenses for the quarter were approximately $24.9 million, compared to $22.9 million for the December quarter, with non-GAAP income from operations of $10.5 million, or a 17 percent operating margin.

GAAP net income for the quarter was approximately $20.4 million or $0.31 per share based on 66.6 million average diluted shares outstanding. This income includes the realization of a deferred tax asset of approximately $11.8 million. Excluding the items noted previously, as well as the credit for the deferred tax asset, non-GAAP net income was $10.7 million, or $0.16 per diluted share.

“Fiscal 2010 was an outstanding year for Cirrus Logic as we grew annual revenue by 27 percent and made significant progress toward our operating profit goal,” said Jason Rhode, president and chief executive officer, Cirrus Logic. “Our lineup of new products allows us to expand our business with our current customers, and also opens up opportunities with new customers. As our Q1 guidance implies, we expect that Fiscal 2011 will be an even stronger year for Cirrus.”

Outlook for First Quarter FY 2011 (ending June 26, 2010):

  • Revenue is expected to range between $78 million and $84 million;
  • Gross margin is expected to be between 54 percent and 56 percent; and
  • Combined R&D and SG&A expenses are expected to range between $27 million and $29 million, which include approximately $1.7 million in share-based compensation and amortization of acquisition-related intangibles expenses.

Conference Call

Cirrus Logic management will hold a conference call to discuss the company’s results for the fourth quarter and fiscal year of 2010, on April 27, 2010 at 10:30 a.m. EDT. Those wishing to join should call 480-629-9723, or toll-free at 877-941-2333 (Conference ID: 4281912) by 10:20 a.m. on April 27, 2010. A replay of the conference call will also be available beginning one hour after the completion of the call, until May 4, 2010. To access the recording, dial 303-590-3030, or toll-free at 800-406-7325 (Conference ID: 4281912). A live and an archived webcast of the conference call will also be available via the Investor section of the company’s website at www.cirrus.com.

Shareholders who would like to submit a question to be addressed during the call are requested to submit the question to investor.relations@cirrus.com.

Cirrus Logic, Inc.

Cirrus Logic develops high-precision, analog and mixed-signal integrated circuits for a broad range of innovative customers. Building on its diverse analog and signal-processing patent portfolio, Cirrus Logic delivers highly optimized products for a variety of audio and energy-related applications. The company operates from headquarters in Austin, Texas, with offices in Tucson, Ariz., Europe, Japan and Asia. More information about Cirrus Logic is available at www.cirrus.com.

Use of non-GAAP Financial Information

To supplement Cirrus Logic’s financial statements presented on a GAAP basis, Cirrus has provided non-GAAP financial information, including non-GAAP operating expenses, non-GAAP net income, non-GAAP net income from operations, non-GAAP operating margin and non-GAAP diluted earnings per share. A reconciliation of the adjustments to GAAP results is included in the tables below. Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements, including our estimates of first quarter fiscal year 2011 revenue, year-over-year revenue growth, gross margin, combined research and development and selling, general and administrative expense levels, share-based compensation expense, and amortization of acquired intangible expenses. In some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” “intend,” and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, the following: overall economic pressures and general market and economic conditions; overall conditions in the semiconductor market; the level of orders and shipments during the first quarter of fiscal year 2011, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; the loss of a key customer; pricing pressures; and the risk factors listed in our Form 10-K for the year ended March 28, 2009, and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc.

Summary financial data follows:

CIRRUS LOGIC, INC.
CONSOLIDATED CONDENSED STATEMENT OF OPERATIONS
(unaudited)
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
Mar. 27, Dec. 26, Mar. 28, Mar. 27, Mar. 28,
2010 2009 2009 2010 2009
Q4’10 Q3’10 Q4’09 Q4’10 Q4’09
Audio products $ 40,540 $ 47,063 $ 18,789 $ 153,661 $ 97,293
Energy products 22,099 18,099 14,731 67,328 77,349
Net revenue 62,639 65,162 33,520 220,989 174,642
Cost of sales 27,355 30,276 15,051 102,258 77,458
Gross Profit 35,284 34,886 18,469 118,731 97,184
Operating expenses:
Research and development 13,724 12,834 10,950 51,421 44,315
Selling, general and administrative 12,678 11,428 10,649 45,923 45,304
Restructuring and other costs 572 86 493
Proceeds from non-marketable securities (500 ) 2,144 (500 ) 2,144
Provision for litigation expenses and settlements 135 434 (2,610 ) 2,205
Patent agreement, net (1,400 )
Total operating expenses 26,974 23,983 24,177 93,327 93,968
Operating income (loss) 8,310 10,903 (5,708 ) 25,404 3,216
Interest income, net 237 269 525 1,345 2,777
Other income (expense), net (20 ) (7 ) 11 (66 ) 164
Income (loss) before income taxes 8,527 11,165 (5,172 ) 26,683 6,157
Provision (benefit) for income taxes (11,831 ) 110 2,596 (11,715 ) 2,682
Net income (loss) $ 20,358 $ 11,055 $ (7,768 ) $ 38,398 $ 3,475
Basic income (loss) per share: $ 0.31 $ 0.17 $ (0.12 ) $ 0.59 $ 0.05
Diluted income (loss) per share: $ 0.31 $ 0.17 $ (0.12 ) $ 0.59 $ 0.05
Weighted average number of shares:
Basic 65,517 65,302 65,241 65,338 65,530
Diluted 66,595 65,632 65,241 65,626 65,711
See notes to Consolidated Condensed Statement of Operations
Prepared in accordance with Generally Accepted Accounting Principles
CIRRUS LOGIC, INC.
RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL INFORMATION
(unaudited, in thousands, except per share data)
(not prepared in accordance with GAAP)
We use these Non-GAAP financial numbers to assist us in the management of the Company because we believe that this information provides a more consistent and complete understanding of the underlying results and trends of the ongoing business due to the uniqueness of these charges.
Three Months Ended Twelve Months Ended
Mar. 27, Dec. 26, Mar. 28, Mar. 27, Mar. 28,
2010 2009 2009 2010 2009
Net Income Reconciliation Q4’10 Q3’10 Q4’09 Q4’10 Q4’09
GAAP Net Income (Loss) $ 20,358 $ 11,055 $ (7,768 ) $ 38,398 $ 3,475
Acquisition related items 404 404 404 1,616 804
Stock based compensation expense 1,181 1,397 1,089 5,314 5,299
Facility and other related adjustments, net (375 ) 115 (397 ) 295
Provision (benefit) for litigation expenses & settlements 135 434 (2,610 ) 2,205
Restructuring and other costs, net 572 86 493
Proceeds (charge) from marketable securities & other (500 ) 2,144 (500 ) 2,155
Patent agreement, net (1,400 )
Provision (benefit) for income taxes (11,838 ) 2,683 (11,838 ) 2,683
Non-GAAP Net Income (Loss) $ 10,677 $ 12,202 $ (899 ) $ 29,076 $ 16,916
Earnings Per Share reconciliation
GAAP Diluted income (loss) per share $ 0.31 $ 0.17 $ (0.12 ) $ 0.59 $ 0.05
Effect of Acquisition related items 0.01 0.01 0.02 0.01
Effect of Stock based compensation expense 0.02 0.02 0.02 0.08 0.08
Effect of Facility and other related adjustments, net (0.01 ) 0.01
Effect of Provision (benefit) for litigation expenses & settlements 0.01 (0.04 ) 0.04
Effect of Restructuring and other costs, net 0.01 0.01
Effect of Proceeds (charge) from marketable securities & other (0.01 ) 0.03 (0.01 ) 0.03
Effect of Patent agreement, net (0.02 )
Effect of Provision (benefit) for income taxes (0.18 ) 0.04 (0.18 ) 0.04
Non-GAAP Net income (loss) per share $ 0.16 $ 0.19 $ (0.01 ) $ 0.44 $ 0.26
Operating Income Reconciliation
GAAP Operating Income (Loss) $ 8,310 $ 10,903 $ (5,708 ) $ 25,404 $ 3,216
Stock compensation expense – COGS 61 55 44 211 344
Stock compensation expense – R&D 501 438 378 1,881 1,923
Stock compensation expense – SG&A 619 904 667 3,222 3,032
Acquisition related intangibles and other 404 404 404 1,616 804
Facility and other related adjustments, net (375 ) 115 (397 ) 295
Provision (benefit) for litigation expenses & settlements 135 434 (2,610 ) 2,205
Restructuring and other costs, net 572 86 493
Proceeds (charge) from marketable securities & other (500 ) 2,144 (500 ) 2,155
Patent agreement, net (1,400 )
Non-GAAP Operating Income (Loss) $ 10,467 $ 12,050 $ (1,522 ) $ 27,920 $ 13,974
Operating Expense Reconciliation
GAAP Operating Expenses $ 26,974 $ 23,983 $ 24,177 $ 93,327 $ 93,968
Stock compensation expense – R&D (501 ) (438 ) (378 ) (1,881 ) (1,923 )
Stock compensation expense – SG&A (619 ) (904 ) (667 ) (3,222 ) (3,032 )
Amortization of acquisition intangibles (404 ) (404 ) (404 ) (1,616 ) (1,496 )
Facility and other related adjustments, net 375 (115 ) 397 (295 )
Provision (benefit) for litigation expenses & settlements (135 ) (434 ) 2,610 (2,205 )
Restructuring and other costs, net (572 ) (86 ) (493 )
Proceeds (charge) from marketable securities & other 500 (2,144 ) 500 (2,155 )
Patent agreement, net 1,400
Non-GAAP Operating Expenses $ 24,878 $ 22,891 $ 20,035 $ 91,022 $ 82,862
CIRRUS LOGIC, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(in thousands)
Mar. 27, Dec. 26, Mar. 28,
2010 2009 2009
ASSETS (unaudited)
Current assets
Cash and cash equivalents $ 16,109 $ 24,831 $ 31,504
Restricted investments 5,855 5,755 5,755
Marketable securities 85,384 77,636 79,346
Accounts receivable, net 23,963 25,131 10,814
Inventories 35,396 30,408 19,878
Other current assets 18,148 6,318 5,359
Total Current Assets 184,855 170,079 152,656
Long-term marketable securities 34,278 25,235 3,627
Property and equipment, net 18,674 18,499 19,367
Intangibles, net 21,896 22,654 23,309
Goodwill 6,027 6,027 6,027
Other assets 1,880 1,906 2,018
Total Assets $ 267,610 $ 244,400 $ 207,004
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable $ 20,340 $ 25,172 $ 9,886
Accrued salaries and benefits 9,962 7,609 6,432
Other accrued liabilities 5,100 5,047 6,004
Deferred income on shipments to distributors 6,488 4,033 3,426
Total Current Liabilities 41,890 41,861 25,748
Long-term restructuring accrual 596 492 931
Other long-term obligations 6,523 6,555 7,397
Stockholders’ equity:
Capital stock 952,803 950,023 945,455
Accumulated deficit (733,553 ) (753,911 ) (771,951 )
Accumulated other comprehensive loss (649 ) (620 ) (576 )
Total Stockholders’ Equity 218,601 195,492 172,928
Total Liabilities and Stockholders’ Equity $ 267,610 $ 244,400 $ 207,004
Prepared in accordance with Generally Accepted Accounting Principles
Tuesday, April 27th, 2010 Uncategorized Comments Off on Cirrus Logic (CRUS) Reports Annual Revenue Growth of 27 Percent

Aoxing Pharmaceutical Company (AXN) Announces Joint Venture

Press Release Source: Aoxing Pharmaceutical Co., Inc. On Monday April 26, 2010, 8:30 am EDT

NEW YORK, NY–(Marketwire – 04/26/10) – Aoxing Pharmaceutical Company Inc. (AMEX:AXNNews) (“Aoxing Pharma”) today announced that Aoxing Pharma and Johnson Matthey Plc have entered into an agreement to establish a joint venture through affiliated companies focused on research, development, manufacturing and marketing of active pharmaceutical ingredients (“API’) for narcotics and neurological drugs for the China market. The joint venture represents a significant new opportunity for both companies to expand their business in the rapidly growing pharmaceutical market in China.

Under the terms of the agreement, Macfarlan Smith Ltd, a wholly owned subsidiary of Johnson Matthey Plc, headquartered in the United Kingdom, will contribute technology expertise and capital to the joint venture. Hebei Aoxing Pharmaceutical Group Company, Ltd (“Hebei Aoxing”), the operating subsidiary of Aoxing Pharma, will contribute capital, fixed assets and related API manufacturing licenses. The joint venture company will be called Hebei Aoxing API Pharmaceutical Company, Ltd. Hebei Aoxing will have a 51% stake in the Company, while Macfarlan Smith (Hong Kong) Ltd (a wholly owned subsidiary of Johnson Matthey Pacific Ltd) will hold 49%. Each company will have equal representation on a board of directors that will oversee a management team responsible for corporate strategies and operations.

The new joint venture will be located on the Hebei Aoxing campus in Xinle City, 200 kilometers southwest of Beijing. The total capital investment is projected to be approximately $15 million during the first five years. The joint venture will seek cGMP approval by the China SFDA for a dedicated manufacturing facility by the end of 2010 and plans to begin manufacturing in the first quarter of 2011. It will initially develop eight narcotic API products for the China market but its product range could potentially exceed 30 products.

“We take great pride in this joint venture with Macfarlan Smith Ltd, a world leader in narcotic and controlled active pharmaceutical ingredients,” said Mr. Zhenjiang Yue, Chairman and CEO of Aoxing Pharma. “This collaboration represents a landmark to our business as well as the greater pharmaceutical narcotics and pain management industry in China. China is expected to emerge as the third largest pharmaceutical market in the world over the next two years, yet the medical use of narcotic pain relief and related products is far behind the rest of world. The business of finished dosage narcotics in China has been significantly hindered by the difficulty in accessing the appropriate quality and quantities of APIs. We believe the time is right for both companies to take this innovative step to embrace this significant market opportunity. Furthermore, this joint venture will strengthen our finished dosage product business and has the potential to more than double our current product pipeline while also adding to our bottom line in 2011 with the initial manufacturing of API in the dedicated facility, for which we intend to rapidly seek China SFDA approval. We intend to continue seeking international business collaborations to expand our pipeline and product opportunities with companies seeking to access the China markets.”

Commenting on the joint venture, Roger Kilburn, Managing Director of Macfarlan Smith Ltd said:

“We are very pleased to be entering into this joint venture with Hebei Aoxing Pharmaceutical Group Ltd. China presents significant growth opportunities for narcotic active pharmaceutical ingredients, a field in which Macfarlan Smith has world leading technology and has accumulated many years of manufacturing know how. We look forward to working in partnership with Hebei Aoxing to develop a range of high quality, high technology API products to serve the growing market for pain management and other narcotic based medicines in China.”

Closing of the transaction is subject to various conditions, including approval of the Chinese regulators.

About Pharmaceutical Narcotics API and Pharmaceutical Narcotics Market

Based on reports from the International Narcotics Control Board, the production and consumption of narcotics API products experienced steady growth over the last decade. A preliminary estimate indicates that the API market size of the top twelve pharmaceutical narcotics was over $1 billion USD worldwide in 2008, while the entire market in China was valued at $20 million USD during the same period. On the other hand, the market size of finished dosage narcotics pharmaceutical products was estimated over $10 billion USD in 2007, and the China market was estimated at $420 million USD in 2007 with a CAGR of 28.5% from 2002-07.

Conference Call

The Company will hold a conference call in May to discuss more details of the joint venture, when both Aoxing Pharma and Johnson Matthey PLC host a public signing ceremony in China. A separate press release will be announced in due course.

About Aoxing Pharmaceutical Company, Inc.

Aoxing Pharmaceutical Company, Inc is a US incorporated specialty pharmaceutical company with its main operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing has the largest and most advanced manufacturing facility for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the China State Food and Drug Administration (SFDA). It has strategic alliance partnership with QRxPharma and American Oriental Bioengineering, Inc. For more information: http://www.aoxingpharma.com/.

About Macfarlan Smith Limited

Macfarlan Smith Limited, a wholly owned subsidiary of Johnson Matthey Plc, is a world leader in the production of alkaloid opiates and other controlled active pharmaceutical ingredients. As one of the world’s oldest pharmaceutical companies, Macfarlan Smith has manufactured and developed active pharmaceutical ingredients and intermediates for almost 200 years, and today the company operates a state-of-the-art plant to the highest level of cGMP. For more information: http://www.macsmith.com/.

About Johnson Matthey Public Limited Company

Johnson Matthey is a specialty chemicals company, publicly traded in London Stock Exchange, focused on its core skills in catalysis, precious metals, fine chemicals and process technology. Johnson Matthey’s principal activities are the manufacture of auto catalysts, heavy duty diesel catalysts and pollution control systems, catalysts and components for fuel cells, catalysts and technologies for chemical processes, fine chemicals, chemical catalysts and active pharmaceutical ingredients and the marketing, refining, and fabrication of precious metals. It reported revenue of £7,848 million for the fiscal year ended in March 31, 2009. For more information: http://www.matthey.com/

Safe Harbor Statement from Aoxing Pharmaceutical Company, Inc

Statements made in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. The economic, competitive, governmental, technological and other risk factors identified in the Company’s filings with the Securities and Exchange Commission, including the Form 10-K for the year ended June 30, 2009, may cause actual results or events to differ materially from those described in the forward looking statements in this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

Monday, April 26th, 2010 Uncategorized Comments Off on Aoxing Pharmaceutical Company (AXN) Announces Joint Venture

Ladenburg Thalmann (LTS) to Acquire Premier Trust

Press Release Source: Ladenburg Thalmann Financial Services Inc. On Monday April 26, 2010, 8:30 am EDT

MIAMI–(BUSINESS WIRE)–Ladenburg Thalmann Financial Services Inc. (NYSE Amex: LTS) today announced it has reached a definitive agreement to acquire Premier Trust, Inc. (“Premier”), a provider of wealth management services, including trust administration, estate and financial planning, custody and investment services, from Western Alliance Bancorporation (NYSE: WALNews). Terms of the transaction were not disclosed.

Founded in 2001, Premier is a Nevada-chartered trust company headquartered in Las Vegas, Nevada, with assets under administration in excess of $520 million. Working in combination with a client’s other legal and professional advisors, Premier professionals assist with every aspect of planning, including retirement, income and estate taxes, succession of the family business, transferring assets to future generations and asset protection.

Upon completion of the transaction, Mark Dreschler, Premier’s President and Chief Executive Officer, and the rest of Premier’s management team will continue to operate Premier out of its Las Vegas, Nevada headquarters. Robert Bruderman, a member of Ladenburg’s Management Committee and one of the founders of Ladenburg’s Triad Advisors subsidiary, will serve as Chairman of the Board of Premier.

“The addition of Premier will allow Ladenburg’s network of independent financial advisors to have unparalleled access to a broad array of trust services,” said Dr. Phillip Frost, Chairman of the Board of Ladenburg. “This transaction demonstrates Ladenburg’s ongoing commitment to expanding its independent broker-dealer platform and increasing the products and services we offer our growing client base.”

Richard Lampen, President and Chief Executive Officer of Ladenburg, said, “This transaction is an important strategic step as our independent brokers seek to become the ‘go to’ advisor for their clients on all financial matters. Premier is widely recognized as a leading provider of trust services and we believe that giving our network of independent advisors the unique ability to offer these services seamlessly to their clients will give them a competitive advantage and raise the level of service they can provide their clients. We are excited about this opportunity and are pleased to welcome Mark Dreschler and his team to Ladenburg.”

“We are thrilled to become part of Ladenburg,” added Mr. Dreschler. “This transaction will significantly enhance the opportunities to expand Premier’s business while continuing to allow us to provide our customers with the highest level of personal attention and service.”

The transaction, expected to close in the second quarter of 2010, is subject to customary closing conditions, including regulatory approval. Approval by Ladenburg’s shareholders is not required.

About Ladenburg

Ladenburg Thalmann Financial Services is engaged in investment banking, equity research, institutional sales and trading, independent brokerage and advisory services and asset management services through its principal subsidiaries, Ladenburg Thalmann & Co. Inc., Investacorp, Inc. and Triad Advisors, Inc. Founded in 1876 and a New York Stock Exchange member since 1879, Ladenburg Thalmann & Co. is a full service investment banking and brokerage firm providing services principally for middle market and emerging growth companies and high net worth individuals. Investacorp, Inc., a leading independent broker-dealer headquartered in Miami Lakes, Florida, has been serving the independent registered representative community since 1978 and has approximately 460 independent financial advisors nationwide. Founded in 1998, Triad Advisors, Inc. is a leading independent broker-dealer and registered investment advisor headquartered in Norcross, Georgia that offers a broad menu of products, services and total wealth management solutions to approximately 540 independent financial advisors nationwide. Ladenburg Thalmann Financial Services is based in Miami, Florida. Ladenburg Thalmann & Co. is based in New York City, with regional offices in Miami and Boca Raton, Florida; Melville, New York; Lincolnshire, Illinois; Los Angeles, California; and Princeton, New Jersey. For more information or to sign up to receive timely e-mail news alerts from Ladenburg Thalmann Financial Services, please visit http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ladenburg.com%2Finfo&esheet=6262827&lan=en_US&anchor=www.ladenburg.com%2Finfo&index=1&md5=245a26ab430789264a1cbf438470fe37.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements concerning future growth of the Company, its network of independent financial advisors and its client base and future growth of Premier. These statements are based on management’s current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of the Company or arising from the acquisition of Triad. These risks, uncertainties and contingencies include those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and other factors detailed from time to time in its other filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.

Monday, April 26th, 2010 Uncategorized Comments Off on Ladenburg Thalmann (LTS) to Acquire Premier Trust

AspenBio (APPY) Continues to Strengthen Leadership Adding Steve Lundy as CEO

CASTLE ROCK, CO — (Marketwire) — 03/25/10 — AspenBio Pharma, Inc. (NASDAQ: APPY) reported that Steve Lundy has joined the company as Chief Executive Officer and will become a member of the Board of Directors. The addition of Mr. Lundy is part of succession and organizational planning that was initiated in the latter half of 2009. Daryl Faulkner, who served as Interim CEO in 2009 will relinquish that role but will continue as Executive Chairman of the company and will focus more on strategic matters.

Mr. Lundy brings over twenty years’ experience in the medical device and diagnostic industry. He has successfully led the commercial launch of several novel diagnostic assays including the first molecular test for Methicillin-resistant Staphylococcus aureus. He has also been instrumental in transactions involving the sale or merger of several diagnostic companies to larger life sciences entities. Most recently Mr. Lundy served as CEO of MicroPhage, Inc. Previously, he has held senior executive roles at Vermillion, Inc. and GeneOhm which was acquired by Becton Dickinson.

The company recently reported completion of patient enrollment for its AppyScore™ pivotal clinical trial. AppyScore is the company’s blood test to help evaluate patients suspected of having acute appendicitis. The company plans to file a 510(k) application for AppyScore in the second quarter of 2010.

“This is an important time in the life of the company as we are moving quickly towards commercialization. The appointment of Steve Lundy follows an extensive executive search, and I am truly pleased to have someone with Steve’s proven leadership record and IVD experience driving the day-to-day execution of the company’s objectives during this critical next phase in the company’s development,” stated Daryl Faulkner, Executive Chairman of the Board.

Lundy commented, “I am excited about AspenBio’s opportunities in both the diagnostic and animal health development programs. My due diligence, including discussions with AspenBio board members and industry thought leaders have convinced me that AppyScore has the potential to make a major impact on patient care. I believe the company has positioned itself with technology, an intellectual property estate and a leadership team that are essential for success and I am very enthused to be joining the company in this important leadership role.”

About AspenBio Pharma, Inc.
AspenBio Pharma, Inc. (NASDAQ: APPY) is developing and commercializing innovative products that address unmet diagnostic and therapeutic needs. The company’s lead product candidate, AppyScore, is a novel, blood-based diagnostic test that evaluates patients suspected of having acute appendicitis and addresses the difficult challenge of properly diagnosing appendicitis in the hospital emergency department setting. For more information, please visit www.aspenbiopharma.com.

Forward-Looking Statements
This news release includes “forward-looking statements” of AspenBio Pharma, Inc. (“APPY”) as defined by the Securities and Exchange Commission (“SEC”). All statements, other than statements of historical fact, included in the press release that address activities, events or developments that APPY believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors APPY believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of APPY. Investors are cautioned that any such statements are not guarantees of future performance. Actual results or developments may differ materially from those projected in the forward-looking statements as a result of many factors, including statements regarding actual trial results, the ability to successfully complete the clinical trial data assessments required for FDA submission, obtain FDA approval for, cost effectively manufacture and generate revenues from the appendicitis test and other new products, including its animal health drugs, execute agreements required to successfully advance the company’s objectives, retain the scientific management team to advance the products, overcome adverse changes in market conditions and the regulatory environment, fluctuations in sales volumes, obtain and enforce intellectual property rights, and realization of intangible assets. Furthermore, APPY does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this news release should be considered in conjunction with the warnings and cautionary statements contained in APPY’s recent filings with the SEC.

For more information contact:
AspenBio Pharma, Inc.
Gregory Pusey, Vice President and Vice Chairman
Tel 303-722-4008

Investor Relations:
Liolios Group, Inc.
Geoffrey Plank or Ron Both
Tel 949-574-3860

Monday, April 26th, 2010 Uncategorized Comments Off on AspenBio (APPY) Continues to Strengthen Leadership Adding Steve Lundy as CEO

PokerTek (PTEK) Signs Exclusive Heads-Up Challenge Distributor in South Africa

Apr. 23, 2010 (Business Wire) — PokerTek, Inc. (NASDAQ: PTEK) today announced that it has signed an exclusive distributor for Heads-Up Challenge World Series of Poker Edition tables in South Africa. PokerTek has already shipped 82 units based on initial orders, and anticipates continued growth in the region. This is the first time Heads-Up Challenge has been placed in the country.

“We are excited to enter the South African market with Heads-Up Challenge,” said James Crawford, PokerTek’s President. “And we are looking forward to introducing players and bar owners in the region to this fun and popular game.”

Heads-Up Challenge World Series of Poker Edition is a two-seat, cocktail height table that allows players to compete in games of Texas Hold’em and Bocce for amusement only. The tables accept cash and coins, and are typically placed in Bars and Pubs. The games attract new patrons into bars and earn revenue for the establishment owners. The tables facilitate large scale tournaments, allowing one to eight players to compete for fun and bragging rights.

About PokerTek:

PokerTek, Inc. (NASDAQ: PTEK), headquartered in Matthews, NC, develops and markets products for the casino and amusement industries. PokerTek developed PokerPro automated poker tables and related software applications to increase casino revenue, reduce expenses and attract new players into poker rooms by offering interactive poker that is fast, fun and mistake-free. Heads-Up Challenge is a two-player table that allows bars and restaurant patrons to compete head-to-head in various games for amusement purposes, increases earnings for game operators and provides patrons unique and challenging on-site entertainment. Both products are installed worldwide. For more information, please visit the company’s website at www.PokerTek.com or contact Tracy Egan at 704.849.0860 x106.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are made in accordance with the Private Securities Litigation Reform Act of 1995. The forward-looking statements herein include, but are not limited to, the expected adoption of the PokerPro systems by casinos and other customers and the expected acceptance of the PokerPro systems by players. Our actual results may differ materially from those implied in these forward-looking statements as a result of many factors, including, but not limited to, overall industry environment, customer acceptance of our products, delay in the introduction of new products, further approvals of regulatory authorities, adverse court rulings, production and/or quality control problems, the denial, suspension or revocation of permits or licenses by regulatory or governmental authorities, termination or non-renewal of customer contracts, competitive pressures and general economic conditions, and our financial condition. These and other risks and uncertainties are described in more detail in our most recent annual report on Form 10-K and other reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by applicable laws, and you are urged to review and consider disclosures that we make in the reports that we file with the Securities and Exchange Commission that discuss other factors germane to our business.

Monday, April 26th, 2010 Uncategorized Comments Off on PokerTek (PTEK) Signs Exclusive Heads-Up Challenge Distributor in South Africa

Stifel Financial (SF) and Thomas Weisel (TWPG) Partners Announce Strategic Merger

ST. LOUIS, MO and SAN FRANCISCO, CA — (Marketwire) — 04/26/10 — Stifel Financial Corp. (NYSE: SF) and Thomas Weisel Partners Group, Inc. (NASDAQ: TWPG) today announced that they have entered into a definitive agreement to build the premier middle-market investment bank with significantly enhanced investment banking, research and wealth management capabilities. An investor and analyst conference call has been scheduled for today, April 26, at 6:00 a.m. (Pacific) and 9:00 a.m. (Eastern).

The terms of the agreement, approved by the boards of both companies, call for each TWPG share to be exchanged for 0.1364 shares of SF common stock. Thomas Weisel Partners has approximately 32.8 million shares outstanding as of March 31, 2010. The deal is valued at more than $300 million, which includes the outstanding shares and restricted stock units and warrants.

Estimated annual revenues for the combined company are approximately $1.6 billion, derived from consensus estimates, with a pro forma market capitalization of approximately $2.0 billion and $1.0 billion in pro forma equity capital. Thomas Weisel Partners will be merged into a subsidiary of Stifel and become a wholly-owned subsidiary of Stifel. The merger is subject to approval by Thomas Weisel Partners shareholders and customary regulatory approvals. The transaction is expected to close on or about June 30, 2010.

“I am very pleased to announce Stifel’s strategic merger with Thomas Weisel Partners. We expect the combined firm to benefit from the investment banking, research, and sales and trading platforms of both firms, as well as the brokerage services offered by Stifel’s Global Wealth Management Division and the strong venture capital relationships and expertise in growth companies of Thomas Weisel Partners. With the merger, Stifel’s revenue mix remains balanced between its Institutional Group and Global Wealth Management segments,” said Ronald J. Kruszewski, Chairman, President and CEO of Stifel Financial Corp.

Thomas W. Weisel, Chairman and CEO of Thomas Weisel Partners added, “There is virtually no overlap in investment banking and less than a 10% overlap in research coverage. Our platform adds key growth sectors to Stifel’s investment banking business, particularly in technology, healthcare and energy. Stifel has one of the largest global wealth management groups with nearly $100 billion in client assets, which is a great complement to the combined investment bank.”

Mr. Kruszewski concluded, “Both Stifel and Thomas Weisel Partners have very strong, highly entrepreneurial associates, and both firms’ areas of expertise will be quite complementary. Together we expect to continue to grow the core businesses, expand our offerings and add depth to our focus sectors to increase our market share.”

Upon the completion of the merger, Mr. Kruszewski and Mr. Weisel will be Co-Chairmen of the Board and Mr. Kruszewski will remain President and CEO of Stifel Financial Corp. Stifel Financial Corp. will remain headquartered in St. Louis, MO with significant presence in Baltimore, New York, San Francisco and Toronto.

Stifel was advised by its own wholly-owned subsidiary, Stifel, Nicolaus & Company, Incorporated and was represented by Bryan Cave LLP. Sandler O’Neill + Partners, L.P. rendered a fairness opinion to the Board of Directors of Stifel Financial Corp. Thomas Weisel Partners was advised by its own wholly-owned subsidiary, Thomas Weisel Partners LLC and was represented by Sullivan & Cromwell. Houlihan Lokey Howard & Zukin Financial Advisors, Inc. rendered a fairness opinion to the Board of Directors of Thomas Weisel Partners.

Conference Call Information
Stifel and Thomas Weisel Partners will host a joint conference call today, April 26, at 6:00 a.m. (Pacific) and 9:00 a.m. (Eastern). The conference call may include forward-looking statements.

All interested parties are invited to listen to Stifel’s Chairman, President and CEO, Ronald J. Kruszewski, and Thomas Weisel Partners’ Chairman and CEO, Thomas W. Weisel; by dialing (866) 465-5545 (domestic) or (212) 457-9864 (international).

A live audio webcast of the call will be available through both companies’ Investor Relations/Webcasts section of their websites. Stifel’s can be accessed at www.stifel.com and Thomas Weisel Partners’ can be accessed at www.tweisel.com. To listen to the live audio webcast of the call, please go to the website at least 15 minutes early to register, download and install any necessary audio software.

For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced website beginning one hour following the completion of the call through May 10, 2010.

Earnings Announcements
On Wednesday, April 28th, Thomas Weisel Partners will issue its financial results for the first quarter 2010, ended March 31, 2010, after the close of the market. As a result of this transaction, Thomas Weisel Partners no longer plans on hosting a conference call after the market close on that same day.

On Thursday, April 29th, Stifel will issue its financial results for the first quarter 2010, ended March 31, 2010, before the market opens. Stifel will also hold a conference call to review the results at 6:00 a.m. (Pacific) and 9:00 a.m. (Eastern) that same day. Interested parties can join a conference call to review financial results of the quarter by dialing (888) 676 – 3684. The confirmation code is: 71678906.

A live audio webcast of the call, as well as the Stifel’s results, will be available through Stifel’s Investor Relations/Webcasts section of their website, which can be accessed at www.stifel.com. To listen to the live audio webcast of the call, please go to the website at least 15 minutes early to register, download and install any necessary audio software.

For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced website beginning one hour following the completion of the call.

Company Information
Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri. Stifel Financial has approximately 4,600 associates in 294 offices in 42 states and the District of Columbia through its principal subsidiary, Stifel, Nicolaus & Company, Incorporated, and three European offices through Stifel Nicolaus Limited. Stifel Nicolaus provides securities brokerage, investment banking, trading, investment advisory, and related financial services, primarily to individual investors, professional money managers, businesses, and municipalities. Stifel Bank & Trust offers a full range of consumer and commercial lending solutions. To learn more about Stifel Financial, please visit the Company’s web site at www.stifel.com.

Thomas Weisel Partners Group, Inc. is an investment bank, founded in 1998, focused principally on the growth sectors of the economy. Thomas Weisel Partners generates revenues from three principal sources: investment banking, brokerage and asset management. The investment banking group is composed of two disciplines: corporate finance and strategic advisory. The brokerage group provides equity and convertible debt securities sales and trading services to institutional investors, and offers brokerage, advisory and cash management services to high-net-worth individuals and corporate clients. The asset management group consists of: private equity, public equity and distribution management. Thomas Weisel Partners is headquartered in San Francisco with additional offices in Baltimore, Boston, Calgary, Chicago, Dallas, Denver, New York, Portland, Toronto, London and Zurich. For more information, please visit www.tweisel.com.

Cautionary Note Regarding Forward-Looking Statements
Statements in this press release that relate to Stifel or Thomas Weisel Partners’ future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Future events, risks and uncertainties, individually or in the aggregate, could cause our actual results to differ materially from those expressed or implied in these forward-looking statements. The material factors and assumptions that could cause actual results to differ materially from current expectations include, without limitation, the following: (1) the inability to close the merger in a timely manner; (2) the inability to complete the merger due to the failure to obtain stockholder approval and adoption of the merger agreement and approval of the merger or the failure to satisfy other conditions to completion of the merger, including required regulatory and court approvals; (3) the failure of the transaction to close for any other reason; (4) the possibility that the integration of Thomas Weisel Partners’ business and operations with those of Stifel may be more difficult and/or take longer than anticipated, may be more costly than anticipated and may have unanticipated adverse results relating to Thomas Weisel Partners’ or Stifel’s existing businesses; (5) the challenges of integrating and retaining key employees; (6) the effect of the announcement of the transaction on Stifel’s, Thomas Weisel Partners’ or the combined company’s respective business relationships, operating results and business generally; (7) the possibility that the anticipated synergies and cost savings of the merger will not be realized, or will not be realized within the expected time period; (8) the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (9) the challenges of maintaining and increasing revenues on a combined company basis following the close of the merger; (10) diversion of management’s attention from ongoing business concerns; (11) general competitive, economic, political and market conditions and fluctuations; (12) actions taken or conditions imposed by the United States and foreign governments; (13) adverse outcomes of pending or threatened litigation or government investigations; (14) the impact of competition in the industries and in the specific markets in which Stifel and Thomas Weisel Partners, respectively, operate; and (15) other factors that may affect future results of the combined company described in the section entitled “Risk Factors” in the proxy statement/prospectus to be mailed to Thomas Weisel Partners’ shareholders and in Stifel’s and Thomas Weisel Partners’ respective filings with the U.S. Securities and Exchange Commission (“SEC”) that are available on the SEC’s web site located at www.sec.gov, including the sections entitled “Risk Factors” in Stifel’s Form 10-K for the fiscal year ended December 31, 2009, and “Risk Factors” in Thomas Weisel Partners’ Form 10-K for the fiscal year ended December 31, 2009. Readers are strongly urged to read the full cautionary statements contained in those materials. We assume no obligation to update any forward-looking statements to reflect events that occur or circumstances that exist after the date on which they were made.

Additional Information
In connection with the proposed merger, Stifel will be filing a registration statement on Form S-4 that will include a proxy statement of Thomas Weisel Partners that also constitutes a prospectus of Stifel and other relevant documents relating to the acquisition of Thomas Weisel Partners with the Securities and Exchange Commission (the “SEC”). Stifel and Thomas Weisel Partners shareholders are urged to read the registration statement and any other relevant documents filed with the SEC, including the proxy statement/prospectus that will be part of the registration statement, because they will contain important information about Stifel, Thomas Weisel Partners and the proposed transaction. The final proxy statement/prospectus will be mailed to shareholders of Thomas Weisel Partners. Investors and security holders will be able to obtain free copies of the registration statement and proxy statement/prospectus (when available) as well as other filed documents containing information about Stifel and Thomas Weisel Partners, without charge, at the SEC’s website (www.sec.gov). Free copies of Stifel’s SEC filings are also available on Stifel’s website (www.stifel.com), and free copies of Thomas Weisel Partners’ SEC filings are available on Thomas Weisel Partners’ website (www.tweisel.com). Free copies of Stifel’s filings also may be obtained by directing a request to Stifel’s Investor Relations by phone to (314) 342-2000 or in writing to Stifel Financial Corp., Attention: Investor Relations, 501 North Broadway, St. Louis, Missouri 63102. Free copies of Thomas Weisel Partners’ filings also may be obtained by directing a request to Thomas Weisel Partners’ Investor Relations by phone to 415-364-2500, in writing to Thomas Weisel Partners Group, Inc., Attention: Investor Relations, One Montgomery Street, San Francisco, CA 94104, or by email to investorrelations@tweisel.com.

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

Proxy Solicitation
Stifel, Thomas Weisel Partners and their respective directors and executive officers may be deemed, under SEC rules, to be participants in the solicitation of proxies from the shareholders of Thomas Weisel Partners with respect to the proposed transaction. More detailed information regarding the identity of the potential participants, and their direct or indirect interests, by securities holdings or otherwise, will be set forth in the registration statement and proxy statement/prospectus and other materials to be filed with the SEC in connection with the proposed transaction. Information regarding Stifel’s directors and executive officers is also available in Stifel’s definitive proxy statement for its 2010 Annual Meeting of Shareholders filed with the SEC on February 26, 2010. Information regarding Thomas Weisel Partners’ directors and executive officers is also available in Thomas Weisel Partners’ definitive proxy statement for its 2009 Annual Meeting of Shareholders filed with the SEC on April 16, 2009. These documents are available free of charge at the SEC’s web site at www.sec.gov and from Investor Relations at Thomas Weisel Partners and Stifel Financial.

Monday, April 26th, 2010 Uncategorized Comments Off on Stifel Financial (SF) and Thomas Weisel (TWPG) Partners Announce Strategic Merger

Misonix (MSON) Announces New Distribution Agreement for Venezuela

FARMINGDALE, N.Y., April 23 /PRNewswire-FirstCall/ — Misonix, Inc. (Nasdaq: MSON), a developer of minimally invasive ultrasonic medical device technology, which in Europe is used for the ablation of tumors and worldwide for other acute health conditions, has entered into a new, three year, exclusive distribution agreement with Suministros Medicos Multimedicas, based in Caracas, Venezuela, for the distribution of the SonaStar™ Ultrasonic Surgical Aspirator, the BoneScalpel™ Ultrasonic Bone Cutter, and the SonicOne® Ultrasonic Wound Debrider. The agreement provides Suministros with the rights to sell and distribute in Venezuela, and includes minimum purchase requirements.

Suministros, well known in Venezuela for their customer service orientation, has built a reputation as a distributor of state-of-the-art medical devices and capital equipment, with special emphasis on Neurosurgery, Spinal Surgery, and General Surgery.

The SonaStar is used by Neuro and General Surgeons for quick and efficient removal of both hard and soft tumors while sparing most vessels.  In addition, OsteoSculpt™ bone sculpting technology can be employed with the SonaStar to safely remove osseous structures, thus providing access to the surgical site.

The BoneScalpel is a tissue specific osteotomy device capable of making precise cuts through bone and hard tissue while largely preserving delicate soft tissue structures.  It offers the convenience and speed of a power instrument without the danger associated with rotary sharps.

The SonicOne is an innovative, ultrasonic wound care system that offers tissue specific debridement and cleansing for effective removal of devitalized tissue and fibrin deposits while sparing viable cellular structures.  The SonicOne establishes a new standard in advanced wound care and ensures progress towards patient healing.

“Misonix is pleased to add Suministros Medicos Multimedica to our rapidly expanding family of Latin American specialty distributors.  Their reputation as a high-profile distributor of advanced medical equipment in Venezuela is well known to us,” said Michael A. McManus, Jr., President and Chief Executive Officer of Misonix. “We are particularly pleased that they will be selling three of our key products through their well established distribution pipeline.”

About Misonix:

Misonix, Inc. designs, develops, manufactures and markets therapeutic ultrasonic medical devices and laboratory equipment.  Misonix’s therapeutic ultrasonic platform is the basis for several innovative medical technologies.  Addressing a combined market estimated to be in excess of $3 billion annually; Misonix’s proprietary ultrasonic medical devices are used for wound debridement, cosmetic surgery, neurosurgery, laparoscopic surgery, and other surgical and medical applications.  Additional information is available on the Company’s Web site at www.misonix.com.

With the exception of historical information contained in this press release, content herein may contain “forward looking statements” that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.  These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances.  Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include general economic conditions, delays and risks associated with the performance of contracts, risks associated with international sales and currency fluctuations, uncertainties as a result of research and development, acceptable results from clinical studies, including publication of results and patient/procedure data with varying levels of statistical relevancy, risks involved in introducing and marketing new products, potential acquisitions, consumer and industry acceptance, litigation and/or court proceedings, including the timing and monetary requirements of such activities, the timing of finding strategic partners and implementing such relationships,  regulatory risks including approval of pending and/or contemplated 510(k) filings, the ability to achieve and maintain profitability in the Company’s business lines, and other factors discussed in the Company’s Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.  The Company disclaims any obligation to update its forward-looking relationships.

Friday, April 23rd, 2010 Uncategorized Comments Off on Misonix (MSON) Announces New Distribution Agreement for Venezuela

Community Bankers Trust Corp. (BTC) Reports Year End Results

Press Release Source: Community Bankers Trust Corporation On Thursday April 22, 2010, 6:27 pm EDT

GLEN ALLEN, Va.–(BUSINESS WIRE)–Community Bankers Trust Corporation (the “Company”) (NYSE Amex: BTC), the holding company for Essex Bank (the “Bank”), reported a net loss available to common stockholders for the quarter ended December 31, 2009 of $14.4 million, or $0.67 per diluted common share, compared with a loss of $128,000, or $0.01 per diluted common share, for the same period in 2008.

The loss incurred during the fourth quarter of 2009 was primarily the result of two factors:

  • First, the Company incurred an impairment of goodwill charge of $7.4 million. This charge is a non-cash adjustment that has no effect on the Company’s tangible equity ratio, regulatory capital ratios, cash flows or liquidity position.
  • Second, the Company recorded a provision for loan losses of $7.8 million. This increase reflects management’s prudent recognition of additions to the allowance for loan losses on specific credits coupled with overall weak economic conditions. The allowance for loan losses with respect to loans not covered by the shared-loss agreements with the FDIC was 3.14% at December 31, 2009 versus 2.85% at September 30, 2009 and 1.33% at December 31, 2008.

For the year ended December 31, 2009, net loss available to common stockholders was $30.3 million, or $1.41 per common share on a fully diluted basis compared to net income of $1.2 million, or $0.07 per common share on a fully diluted basis in 2008. Net loss for the year of 2009 was primarily driven by goodwill impairment charges of $31.5 million and year-to-date loan loss provisions of $19.1 million, offset in part by the after-tax gain in connection with the SFSB transaction of $13.4 million (for an explanation on adjustments related to the SFSB transaction, see “Update on the SFSB transaction” below).

Excluding the non-cash impairment charges to goodwill of $31.5 million, the dividends and accretion of discount on preferred stock of $1.0 million, and the core deposit intangible amortization net of tax of $1.5 million, net income available to common stockholders for 2009 would have been $3.6 million, or $0.17 per common share on a fully diluted basis. Excluding the core deposit intangible amortization net of tax of $0.7 million, net income available to common stockholders for 2008 would have been $1.9 million or $0.11 per common share on a fully diluted basis. There were no charges to goodwill or any dividends and accretion of discount on preferred stock in 2008.

George M. Longest, Jr., the Company’s President and Chief Executive Officer, stated, “2009 was a disappointing and challenging year in terms of operating results. However, we successfully integrated the operating platforms of two banks acquired from the FDIC, while navigating the bank through one of the most prolific economic downturns in this nation’s history. We remain well capitalized with strong liquidity and have bolstered our loan loss reserves.”

Mr. Longest continued, “Our focus for 2010 is to continually monitor problem assets, sufficiently make provision for such credits, seek opportunities to gain efficiencies, expand our loan portfolio where prudent, and bring resolution to non-performing assets. While there are some positive signs of recovery, the economy is far from strong and it will take more positive news both for and from consumers and small businesses for the economic recovery to gain traction. We expect 2010 to continue to be a very challenging economic and banking environment.”

Net interest income before provisions for loan losses was $10.9 million for the three months ended December 31, 2009, compared with $6.2 million for the same period in 2008. The following table portrays net interest income for all four quarters of 2009, as to be reported in pending amended filings with the Securities and Exchange Commission regarding the application of accounting related to loans acquired in the SFSB transaction:

(dollars in thousands) 3/31/2009 6/30/2009 9/30/2009 12/31/2009 Total
Total interest income $ 15,191 $ 16,757 $ 16,019 $ 16,553 $ 64,520
Total interest expense 6,465 6,689 6,366 5,614 25,134
Net interest income $ 8,726 $ 10,068 $ 9,653 $ 10,939 $ 39,386

On a linked quarter basis, net interest income improved $1.3 million for the fourth quarter of 2009. Management has proactively managed excess deposits related to the transaction for The Community Bank (TCB) in 2008 and the SFSB transaction in 2009 and allowed higher priced time deposits to run-off without adversely compromising the Bank’s liquidity position. Management has been successful in repricing the existing time deposit base at rates much lower than prior years, yet remaining competitive within the local markets. As a result, interest expense declined $752,000 during the fourth quarter of 2009.

For the three months ended December 31, 2009, noninterest income was $1.3 million, compared with $727,000 for the same period of 2008. This increase of $590,000, or 81.1%, was primarily attributable to additional service charges and accretion of yield on the FDIC indemnification asset.

For the fourth quarter of 2009, noninterest expenses were $21.6 million compared with $6.0 million for the same period in 2008. As mentioned above, the Company recorded a non-cash goodwill impairment charge of $7.4 million. Salaries and employee benefits were $7.7 million and represented 54.0% of all noninterest expenses, excluding the goodwill impairment charge, for the quarter. Salaries and wages increased $5.0 million, or 190.5%, from the same quarter in 2008. Salaries and wages increases were the direct result of increased staffing related to the two FDIC assisted bank transactions, which added 11 banking offices and two loan production offices to the Company, corporate staff hires for positions required for a significantly larger financial institution, and transaction-based bonus awards.

In February 2010, the Company approved two transaction-based bonus awards in the aggregate amount of $3.0 million to Gary A. Simanson who was the Company’s chief strategic officer until April 2010. This approval was made pursuant to a provision in Mr. Simanson’s employment agreement that provides for a cash bonus for financial advisory and other services that Mr. Simanson renders in connection with the negotiation and consummation of a merger or other business combination or the acquisition of a substantial portion of the assets or deposits of another financial institution. The awards related to Simanson’s services with respect to the Bank’s acquisition of certain assets and assumption of all deposit liabilities of four former branch offices of TCB in November 2008 and the Bank’s acquisition of certain assets and assumption of all deposit liabilities of seven former branch offices of SFSB in January 2009. The amounts of the bonuses are based on, with respect to the TCB transaction, the total amount of non-brokered deposits that the Bank assumed in that transaction and, with respect to the SFSB transaction, the total amount of loans and other assets that the Bank acquired in that transaction. The Company looked closely at a number of factors, including the value that each of the transactions provided the Company, in approving the awards. In accordance with generally accepted accounting principles, the Company has reflected these awards in the financial statements for the year and three months ended December 31, 2009. Accordingly, the Company has determined to file its Annual Report on Form 10-K for the year ended December 31, 2009 following the issuance of this release. As previously reported, however, the Company continues to actively discuss with its regulators the regulatory, legal and related concerns with respect to the payment of these bonus awards. The Company is working diligently to resolve these concerns.

Due to a special assessment coupled with more deposits, FDIC expenses were $1.6 million for the fourth quarter of 2009 compared to $163,000 in the fourth quarter of 2008. Other noninterest expenses for the fourth quarter 2009 included the following: other operating expenses of $1.7 million, occupancy expenses of $776,000, data processing fees of $620,000, amortization of intangibles of $566,000, equipment expense of $397,000, legal fees of $230,000, and other professional fees of $671,000.

For the year ended December 31, 2009, net interest income was $39.4 million ($41.1 million on a tax equivalent basis), which generated a net interest margin of 3.83%. The Bank’s net interest margin improved 22 basis points during 2009 from 3.61% in 2008 primarily from improved yields on earning assets. Most notably, the yields related to the fair market value of loans from the SFSB transaction enhanced the margin. Concurrently, management proactively managed the deposit base in three states, lowering the overall cost of funds from 2.62% reported for 2008, to 2.46% in 2009.

Noninterest income equaled $26.2 million during 2009 and excluding the first quarter pre-tax gain on the SFSB transaction of $20.3 million would have equaled $6.0 million. Service charges on deposit accounts were $2.5 million, other noninterest income was $2.0 million, securities gains were $856,000, and gains on other real estate totaled $656,000.

During 2009, noninterest expenses were $75.5 million, inclusive of the aforementioned $31.5 million in goodwill impairment charges. Salaries and employee benefits were $22.0 million and represented 49.91% of noninterest expenses, exclusive of the goodwill impairment charge. Salaries and employee benefits for 2009 reflect staffing related to the two FDIC assisted bank transactions, corporate staff hires for positions required for a significantly larger financial institution, and the transaction-based bonus awards mentioned previously. The Company anticipates less staffing increases in 2010 relative to 2009 as its current staffing level has a greater capacity to effectively manage the Company through current and anticipated opportunities and challenges.

Other noninterest expenses included other operating expenses of $6.8 million, data processing fees of $2.8 million, occupancy expenses of $2.7 million, FDIC assessments of $2.9 million, amortization of core deposit intangibles of $2.2 million, professional fees of $2.0 million, equipment expense of $1.6 million, and legal fees of $1.0 million.

Update on the SFSB transaction

On January 30, 2009, the Bank entered into a purchase and assumption agreement with the FDIC, as receiver, for SFSB. The Bank assumed all deposit and certain other liabilities and purchased substantially all assets of SFSB. In connection with the SFSB transaction, the Bank entered into two shared-loss agreements with the FDIC with respect to the loans and foreclosed real estate purchased. One agreement relates to losses arising from single family one-to-four residential mortgage loans, and one agreement relates to losses arising from other loans and foreclosed real estate.

Under the shared-loss agreements, the FDIC will reimburse the Bank for 80% of all losses, including expenses associated with liquidating and maintaining properties arising from covered loan assets, on the first $118 million of losses on such covered loans, and for 95% of losses on covered loans thereafter. Under the shared-loss agreements, a “loss” on a covered loan is defined generally as a realized loss incurred through a permitted disposition, foreclosure, short-sale or restructuring of the covered asset. The reimbursable losses from the FDIC are based on the book value of the relevant loan as determined by the FDIC at the date of the SFSB transaction, January 30, 2009. New loans made after that date are not covered by the shared-loss agreements.

The Company is restating net income, under the applicable accounting rules, in the first, second and third quarters of 2009 to reflect the impact of accounting adjustments related to the SFSB transaction. The cumulative impact through September 30, 2009 is an increase in net income of $810,000. The changes result from recasting loan valuation assumptions, a change in methodology for valuing the FDIC indemnification asset, and a more detailed breakout on the balance sheet of assets covered by the transaction. Accordingly, as required by relevant accounting rules, management adjusted the gain recorded in the first quarter of 2009 from $21.3 million to $20.3 million while also recording additional income for periods following the SFSB transaction.

Fair values and further refinement of the initial assumptions used in recording the gain are subject to change up to one year following the transaction date. Accordingly, the Company has now completed its fair value analysis for the SFSB transaction. The Company will amend its Form 10-Qs for the periods ended March 31, June 30, and September 30, 2009 with the Securities and Exchange Commission.

For more detail regarding the changes to key line items in the previously disclosed quarterly income statements and balance sheets please see the schedule titled “COMMUNITY BANKERS TRUST CORPORATION UNAUDITED HIGHLIGHTS OF CHANGES IN KEY BALANCE SHEET AND INCOME STATEMENT LINE ITEMS” at the end of this press release.

Balance Sheet

Total assets were $1.23 billion at December 31, 2009, increasing $196.5 million, or 19.1%, since December 31, 2008. Asset growth during 2009 was centered in loan growth related to the SFSB transaction. Total loans, including FDIC covered loans, at December 31, 2009 were $729.6 million, an increase of $206.3 million, or 39.4%, compared with $523.3 million at December 31, 2008. Total loan growth excluding FDIC covered loans was $55.3 million, or 10.6%, for the year ended December 31, 2009. Of this amount, $20.8 million were loans purchased during the first quarter of 2009 under the FDIC agreement related to the TCB transaction.

On a linked quarter basis, the FDIC covered loans decreased by $15.1 million, or 9.1%, from $166.1 million at September 30, 2009 to $150.9 million at December 31, 2009. Concurrently, the non-covered loans increased $9.1 million during the quarter from $569.5 million at September 30, 2009 to $578.6 million at year end. The decline in FDIC covered loans was the result of the resolution and disposition of problem assets, loan payoffs and a migration of loans to other real estate owned.

The following table shows the composition of the non-covered loan portfolio:

(dollars in thousands) December 31
2009 2008
Non-covered loans Total Loans
Mortgage loans on real estate
Residential 1-4 family $ 146,141 25.22 % $ 129,607 24.73 %
Commercial 188,991 32.62 % 158,062 30.16 %
Construction and land development 144,297 24.91 % 139,515 26.62 %
Second mortgages 13,935 2.41 % 15,599 2.98 %
Multifamily 11,995 2.07 % 9,370 1.79 %
Agriculture 5,516 0.95 % 5,143 0.98 %
Total real estate loans 510,875 88.18 % 457,296 87.26 %
Commercial loans 42,157 7.28 % 45,320 8.65 %
Consumer installment loans
Personal 14,145 2.44 % 14,457 2.76 %
All other loans 12,205 2.10 % 7,005 1.33 %
Gross loans 579,382 100.00 % 524,078 100.00 %
Less unearned income on loans (753 ) (780 )
Loans, net of unearned income $ 578,629 $ 523,298

The following table provides additional detail to the loan portfolio including both non-covered and loans covered by the shared-loss agreements (“covered loans”) at December 31, 2009.

(dollars in thousands) December 31, 2009
Non-covered loans Covered loans Total
Mortgage loans on real estate
Residential 1-4 family $ 146,141 25.22 % $ 119,065 78.88 % $ 265,206 36.31 %
Commercial 188,991 32.62 % 5,835 3.87 % 194,826 26.68 %
Construction and land development 144,297 24.91 % 17,020 11.28 % 161,317 22.09 %
Second mortgages 13,935 2.41 % 8,194 5.43 % 22,129 3.03 %
Multifamily 11,995 2.07 % 0.00 % 11,995 1.64 %
Agriculture 5,516 0.95 % 627 0.41 % 6,143 0.84 %
Total real estate loans 510,875 88.18 % 150,741 99.87 % 661,616 90.59 %
Commercial loans 42,157 7.28 % 0.00 % 42,157 5.77 %
Consumer installment loans
Personal 14,145 2.44 % 194 0.13 % 14,339 1.97 %
All other loans 12,205 2.10 % 0.00 % 12,205 1.67 %
Gross loans 579,382 100.00 % 150,935 100.00 % 730,317 100.00 %
Less unearned income on loans (753 ) (753 )
Total Loans
578,629 150,935 729,564
Allowance for loan losses (18,169 ) (18,169 )
Net Loans $ 560,460 $ 150,935 $ 711,395

Total deposits at December 31, 2009 aggregated $1.03 billion, an increase of $225.1 million, or 27.9%, compared with $806.3 million at December 31, 2008. This increase was primarily due to the SFSB transaction. Total deposits increased on a linked quarter basis by $3.9 million, or 0.4%. The most significant dollar increase by deposit category was in NOW and money market demand accounts, which increased $9.4 million or 4.7% during the fourth quarter. Correspondingly, time deposits declined $3.2 million during the quarter as management continued to price these deposits at rates that enhanced the net interest margin without sacrificing liquidity.

The Company’s total loan-to-deposit ratio, including FDIC covered loans, was 70.74% at December 31, 2009 and 71.58% at September 30, 2009.

The following table details interest-bearing deposit totals by category as of December 31, 2009 and 2008.

(dollars in thousands)
2009 2008
$ change
% change
NOW $ 94,711 $ 76,575 $ 18,136 23.68 %
MMDA 113,071 55,200 57,871 104.84 %
Savings 58,373 34,688 23,685 68.28 %
Time deposits less than $100,000 423,902 303,424 120,478 39.71 %
Time deposits $100,000 and over 279,147 276,762 2,385 0.86 %
Total interest-bearing deposits $ 969,204 $ 746,649 $ 222,555 29.81 %

Capital

At December 31, 2009, the Company’s total risk-based capital ratio was 16.03%. The Tier 1 risk-based capital ratio was 14.82%, and the leverage ratio (Tier 1 capital to average adjusted total assets) was 8.93%. All three ratios exceed capital adequacy guidelines outlined by its primary regulator, and the Company is considered “well-capitalized”. The Company has trust preferred subordinated debt that qualifies as regulatory capital.

Following the payment of its cash dividend in February 2010, the Company determined to suspend the payment of its quarterly dividend to holders of common stock. While the Company believes that its capital and liquidity levels remain above the averages of its peers, the Company incurred a net loss to common stockholders for the 2009 year and remains concerned over asset quality and the uncertainty of the real estate markets and general economy in the central Virginia region. Due to these factors, the Company has determined that it is currently prudent to retain capital until such time as the Company experiences a return to consistent quarterly profitability.

Asset Quality

Nonperforming assets, excluding FDIC covered assets, totaled $21.8 million, or 3.77%, of loans and other real estate at December 31, 2009, compared with $23.2 million, or 4.07%, of loans and other real estate at September 30, 2009. The allowance for loans losses was 3.14% of total loans, excluding FDIC covered loans, at December 31, 2009, compared with 1.33% at December 31, 2008, and 2.85% at September 30, 2009. Allowance for loan losses increased from 69.85% of nonperforming assets at September 30, 2009 to 83.18% at December 31, 2009, and from 78.80% of nonaccrual loans at September 30, 2009 to 90.80% at December 31, 2009 (all excluding FDIC covered assets).

The following table provides asset quality ratios, excluding FDIC covered assets as of and for each quarter ended during 2009 and December 31, 2008.

Asset quality ratios
(dollars in thousands)
(excluding FDIC covered assets) 12/31/2009 9/30/2009 6/30/2009 3/31/2009 12/31/2008
Nonaccrual loans $ 20,011 $ 20,572 $ 24,482 $ 9,870 $ 4,534
Loans past due over 90 days 247 1,462 514 1,195 397
Other real estate owned 1,586 1,175 864 412 223
Total nonperforming assets $ 21,844 $ 23,209 $ 25,860 $ 11,477 $ 5,154
Balances
Allowance for loan losses $ 18,169 $ 16,211 $ 12,185 $ 11,543 $ 6,939
Average loans during quarter, net of unearned income 563,151 559,547 548,577 534,566 509,403
Loans, net of unearned income 578,629 569,452 551,799 542,191 523,298
Ratios
Allowance for loan losses to loans 3.14 % 2.85 % 2.21 % 2.13 % 1.33 %
Allowance for loan losses to nonperforming assets 83.18 % 69.85 % 47.12 % 100.58 % 134.63 %
Allowance for loan losses to nonaccrual loans 90.80 % 78.80 % 49.77 % 116.95 % 153.04 %
Nonperforming assets to loans and other real estate 3.77 % 4.07 % 4.68 % 2.12 % 0.98 %
Net charge-offs for quarter to average loans, annualized
4.16 % 0.86 % 0.25 % 0.26 % 0.66 %

The following table presents nonaccrual loans by type for the non-covered loan portfolio at December 31, 2009.

(dollars in thousands) Number Percent of Percent of total
Non-covered loans, by type
of loans
Amount
non-accrual loans
non-covered loans
1-4 family first liens 10 $ 4,750 23.74 % 0.82 %
Owner occupied nonfarm nonresidential 2 1,415 7.07 % 0.24 %
Construction and land development 13 10,115 50.55 % 1.75 %
1-4 family junior liens 3 194 0.97 % 0.03 %
Commercial and industrial loans 6 174 0.87 % 0.03 %
Other consumer loans 4 910 4.55 % 0.16 %
Other loans 2 7 0.03 % 0.00 %
Non owner occupied nonfarm nonresidential 6 2,446 12.22 % 0.42 %
Total 46 $ 20,011 100.00 % 3.45 %

The following table shows a reconciliation of the allowance for loan losses for the three and 12 months ended December 31, 2009.

Allowance for loan losses
Quarter ending Year ending
(dollars in thousands) 12/31/2009 12/31/2009
Beginning balance $ 16,211 $ 6,939
Provision for loan losses 7,818 19,089
Recoveries of loans charged off 436 742
Loans charged off (6,296 ) (8,601 )
Balance at end of period $ 18,169 $ 18,169

The following table presents charge-offs and recoveries by loan type for all non-covered loans for the year ended December 31, 2009 and the quarter ended December 31, 2009.

(dollars in thousands) Three months ended December 31, 2009 Twelve months ended December 31, 2009
Net Net
Charge-offs Recoveries Charge-offs Charge-offs Recoveries Charge-offs
Construction and land development 4,606 364 4,242 5,258 563 4,695
Farmland 13 13
Open end 1-4 family 168 168
1-4 family first liens 502 502 610 610
1-4 family junior liens 214 1 213 248 1 247
Owner Occupied nonfarm nonresidential 814 814
Other nonfarm nonresidential properties 642 50 592 642 50 592
Commercial and industrial 116 2 114 434 22 412
Revolving credit plans and other consumer 170 74 96
Other 216 19 197 244 32 212
Total $ 6,296 $ 436 $ 5,860 $ 8,601 $ 742 $ 7,859

For the three months ended December 31, 2009, the Company’s provision for loan losses was $7.8 million compared with $1.2 million in the same period in 2008. For the year ended December 31, 2009, loan loss provisions were $19.1 million versus $2.6 million for the seven months ended December 31, 2008.

Increases were made to the loan loss reserve each quarter of 2009 as economic conditions continued to show signs of deterioration for classified assets. The most notable impetus for the provision was evidenced in one borrowing relationship that was previously impaired and on the Bank’s watch list. Current information related to unwinding the credit necessitated further impairment that amounted to over 50% of the provision during the third quarter and subsequent charge-off in the fourth quarter. The remaining balance of the provision during the third and fourth quarters of the year was attributable to downgraded credits and further insulation from the economic downturn. Management continues to monitor the loan portfolio closely and make appropriate adjustments using the Company’s internal risk rating system.

Securities

The Company’s securities portfolio remains solid and a viable source of liquidity. The following two tables show the amortized costs and fair values of securities for the investment portfolio at December 31, 2009.

Available for Sale
(dollars in thousands) Amortized

Cost

Gross Unrealized
Gains Losses Fair Value
U.S. Treasury issue and other
U.S. Government agencies
$ 17,393 434 $ (1 ) $ 17,826
State, county and municipal 104,831 1,864 (557 ) 106,138
Corporates and other bonds 1,511 93 1,604
Mortgage backed securities 51,434 1,573 (3 ) 53,004
Other securities 1,192 113 (437 ) 868
Total securities available for sale $ 176,361 $ 4,077 $ (998 ) $ 179,440
Held to Maturity
(dollars in thousands) Amortized

Cost

Gross Unrealized
Gains Losses Fair Value
U.S. Treasury issue and other
U.S. Government agencies $ 748 $ 2 $ $ 750
State, county and municipal 13,097 516 (4 ) 13,609
Corporates and other bonds 1,024 29 1,053
Mortgage backed securities 98,296 3,308 (8 ) 101,596
Total securities held to maturity $ 113,165 $ 3,855 $ (12 ) $ 117,008

At December 31, 2009, there were $2.6 million of available-for-sale securities that were in a continuous loss position for more than 12 months with unrealized losses of $50,000 consisting mostly of municipal obligations. Management continually monitors the fair value and credit quality of the Company’s investment portfolio and determined there were no investments considered other than temporarily impaired at December 31, 2009.

The Company does not hold any trust preferred securities, private label CMOs, or other esoteric instruments that have evidenced credit deterioration throughout the financial industry.

Non-GAAP Financial Measures

This press release contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America (GAAP). Common book value equals total stockholders’ equity less preferred stock and common book value per share is computed by dividing common book value by the number of common shares outstanding. Common tangible book value equals total stockholders’ equity less preferred stock, goodwill and identifiable intangible assets and common tangible book value per share is computed by dividing common tangible stockholders’ equity by the number of common shares outstanding. Common tangible assets equals total assets less preferred stock, goodwill and identifiable intangible assets.

Management believes that common book value, common tangible book value, and the ratio of common tangible book value to common tangible assets are meaningful because they are some of the measures that the Company and investors use to assess capital adequacy. Management believes that presenting the change in common book value and common tangible book value per share, the change in stock price to common book value and to common tangible book value per share, and the change in the ratio of common tangible book value to common tangible assets provides meaningful period-to-period comparisons of these measures.

These measures are a supplement to GAAP used to prepare the Company’s financial statements and should not be viewed as a substitute for GAAP measures. In addition, the Company’s non-GAAP measures may not be comparable to non-GAAP measures of other companies.

The following tables reconcile these non-GAAP measures from their respective GAAP basis measures for the periods ended December 31.

(dollars in thousands, except per common share data)
2009 2008
Common book value
Total stockholder’s equity $ 131,594 $ 164,403
Less: preferred stock (net) 17,863 17,686
Common book value $ 113,731 $ 146,717
Common book value per common share $ 5.30 $ 6.83
Common tangible book value
Total stockholder’s equity $ 131,594 $ 164,403
Less: preferred stock (net)
17,863 17,686
Less: goodwill 5,727 37,184
Less: core deposit intangible 17,080 17,163
Common tangible book value $ 90,924 $ 92,370
Common tangible book value per common share $ 4.24 $ 4.30
Common Tangible Assets
Total assets $ 1,226,723 $ 1,030,240
Less: preferred stock (net) 17,863 17,686
Less: goodwill 5,727 37,184
Less: core deposit intangible 17,080 17,163
Common tangible assets $ 1,186,053 $ 958,207
Common shares outstanding 21,468 21,468
Common stock price $ 3.21 $ 3.00
Price/common book value 60.6 % 43.9 %
Price/common tangible book value 75.7 % 69.8 %
Common tangible book value to common tangible assets
7.7 % 9.6 %

About Community Bankers Trust Corporation

The Company is the holding company for Essex Bank, a Virginia state bank with 25 full-service offices, 14 of which are in Virginia, seven of which are in Maryland and four of which are in Georgia. The Company also operates two loan production offices. Additional information is available on the Company’s website at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fus.lrd.yahoo.com%2F_ylt%3DAq8vUndv7UeIjtfb_x4G_3GvMncA%2FSIG%3D15614k8vs%2F**http%253A%2Fcts.businesswire.com%2Fct%2FCT%253Fid%3Dsmartlink%2526url%3Dhttp%25253A%25252F%25252Fwww.cbtrustcorp.com%2526esheet%3D5960463%2526lan%3Den_US%2526anchor%3Dwww.cbtrustcorp.com%2526index%3D1&esheet=6260829&lan=en_US&anchor=www.cbtrustcorp.com&index=1&md5=4fe101c99ef54d7cff1c7b182b3cbd1f.

Forward-Looking Statements

This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are subject to risks and uncertainties. These forward-looking statements include, without limitation, statements with respect to the Company’s operations, growth strategy and goals. Actual results may differ materially from those included in the forward-looking statements due to a number of factors, including, without limitation, the effects of and changes in the following: the ultimate resolution of regulatory, legal and related issues relating to the 2010 transaction-based bonus awards to the Company’s chief strategic officer; general economic and market conditions, either nationally or locally; the interest rate environment; competitive pressures among banks and financial institutions or from companies outside the banking industry; real estate values; the quality or composition of the Company’s loan or investment portfolios; the demand for deposit, loan, and investment products and other financial services; the demand, development and acceptance of new products and services; the timing of future reimbursements from the FDIC to the Company under the shared-loss agreements; consumer profiles and spending and savings habits; the securities and credit markets; costs associated with the integration of banking and other internal operations; management’s evaluation of goodwill and other assets on a periodic basis, and any resulting impairment charges, under applicable accounting standards; the soundness of other financial institutions with which the Company does business; inflation; technology; and legislative and regulatory requirements. Many of these factors and additional risks and uncertainties are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008 and other reports filed from time to time by the Company with the Securities and Exchange Commission. This press release speaks only as of its date, and the Company disclaims any duty to update the information in it.

COMMUNITY BANKERS TRUST CORPORATION
AUDITED CONSOLIDATED BALANCE SHEETS
At December 31, 2009 and 2008
2009 2008
(Dollars in thousands)
ASSETS
Cash and due from banks $ 13,575 $ 10,864
Interest bearing bank deposits 18,660 107,376
Federal funds sold 10,193
Total cash and cash equivalents 32,235 128,433
Securities available for sale, at fair value 179,440 193,992
Securities held to maturity, at cost (fair value of $117,008 and $94,965, respectively) 113,165 94,865
Equity securities, restricted, at cost 8,346 3,612
Total securities 300,951 292,469
Loans held for sale 200
Loans not covered by FDIC shared-loss agreement 578,629 523,298
Allowance for loan losses on non-covered loans (18,169 ) (6,939 )
Net non-covered loans 560,460 516,359
Loans covered by FDIC shared-loss agreement 150,935
Net loans 711,395 516,359
FDIC indemnification asset 76,107
Bank premises and equipment 37,105 24,111
Other real estate owned, covered by FDIC shared-loss agreement 12,822
Other real estate owned, non covered 1,586 223
Bank owned life insurance 6,534 6,300
FDIC receivable under shared loss agreement 7,950
Core deposit intangibles, net 17,080 17,163
Goodwill 5,727 37,184
Other assets 17,231 7,798
Total assets $ 1,226,723 $ 1,030,240
LIABILITIES
Deposits:
Noninterest bearing $ 62,198 $ 59,699
Interest bearing 969,204 746,649
Total deposits 1,031,402 806,348
Federal funds purchased 8,999
Federal Home Loan Bank advances 37,000 37,900
Trust preferred capital notes 4,124 4,124
Other liabilities 13,604 17,465
Total liabilities 1,095,129 865,837
STOCKHOLDERS’ EQUITY
Preferred stock (5,000,000 shares authorized $0.01 par value; 17,680 shares issued and outstanding) 17,680 17,680
Warrants on preferred stock 1,037 1,037
Discount on preferred stock (854 ) (1,031 )
Common stock (200,000,000 and 50,000,000 shares authorized at December 31, 2009, and December 31, 2008, respectively, $0.01 par value) 21,468,455 shares issued and outstanding 215 215
Additional paid in capital 143,999 146,076
Retained (deficit) earnings
(32,019 ) 1,691
Accumulated other comprehensive income (loss) 1,536 (1,265 )
Total stockholders’ equity 131,594 164,403
Total liabilities and stockholders’ equity $ 1,226,723 $ 1,030,240
COMMUNITY BANKERS TRUST CORPORATION
AUDITED CONSOLIDATED STATEMENT OF OPERATIONS
For the Years Ended December 31, 2009 and 2008
(dollars in thousands except per common share data)
December 31, 2009 December 31, 2008
Interest and dividend income
Interest and fees on non covered loans $ 36,019 $ 19,694
Interest and fees on FDIC covered loans 15,139
Interest on federal funds sold 37 90
Interest on deposits in other banks 296 356
Interest and dividends on securities
Taxable 9,635 2,297
Nontaxable 3,394 898
Total interest income 64,520 23,335
Interest expense
Interest on deposits 23,717 7,695
Interest on federal funds purchased 8 131
Interest on other borrowed funds 1,409 734
Total interest expense 25,134 8,560
Net interest income 39,386 14,775
Provision for loan losses 19,089 2,572
Net interest income after provision for loan losses 20,297 12,203
Noninterest income
Service charges on deposit accounts 2,506 1,185
Gain on SFSB transaction 20,255
Gain on securities transactions, net 856
Gain on sale of other real estate 656 (34 )
Other 1,967 629
Total noninterest income 26,240 1,780
Noninterest expense
Salaries and employee benefits 21,967 5,590
Occupancy expenses 2,662 884
Equipment expenses 1,595 665
Legal fees 1,002 429
Professional fees 2,012 226
FDIC assessment 2.904 239
Data processing fees 2,837 499
Amortization of intangibles 2,241 975
Impairment of goodwill 31,457
Other operating expenses 6,791 3,120
Total noninterest expense 75,468 12,627
Net income (loss) before income tax expense (28,931 ) 1,356
Income tax expense
404 133
Net income (loss) (29,335 ) 1,223
Dividends accrued on preferred stock 800
Accretion of discount on preferred stock 177
Net income(loss) available to common stockholders
$ (30,312 ) $
1,223
Net income (loss) per common share — basic $ (1.41 ) $ 0.07
Net income (loss) per common share — diluted $ (1.41 ) $ 0.07
Weighted average number of common shares outstanding
Basic 21,468 16,430
Diluted 21,468 17,518

The results of operations for 2009 reflect a full twelve months of consolidated operations for the holding company and the banking subsidiary, while 2008 reflects five months of “holding company only“ results and seven months of consolidated operations for the holding company and the banking subsidiary.

COMMUNITY BANKERS TRUST CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months ended December 31, 2009 and 2008
(dollars in thousands except per common share data)
December 31, 2009 December 31, 2008
Interest and dividend income
Interest and fees on loans $ 9,783 $ 8,493
Interest and fees on FDIC covered loans 3,759
Interest on federal funds sold 1 22
Interest on deposits in other banks 34 273
Interest and dividends on securities
Taxable 2,055 1,071
Nontaxable 921 455
Total interest income $ 16,553 $ 10,314
Interest expense
Interest on deposits $ 5,274 $ 3,760
Interest on federal funds purchased 2 17
Interest on other borrowed funds 338 377
Total interest expense $ 5,614 $ 4,154
Net interest income $ 10,939 $ 6,160
Provision for loan losses $ 7,818 $ 1,238
Net interest income after provision for loan losses $ 3,121 $ 4,922
Noninterest income
Service charges on deposit accounts $ 643 $ 489
Other 674 238
Total noninterest income $ 1,317 $ 727
Noninterest expense
Salaries and employee benefits $ 7,673 $ 2,641
Occupancy expenses 776 426
Equipment expenses 397 265
Legal fees 230 163
Professional fees 671 93
FDIC assessment 1,594 163
Data processing fees 620 110
Amortization of intangibles 566 421
Impairment of goodwill 7,425
Other operating expenses 1,673 1,754
Total noninterest expense $ 21,625 $ 6,036
Net (loss) before income taxes
$ (17,187 ) $ (387 )
Income tax (benefit)
(2,976 ) (259 )
Net (loss)
$ (14,211 ) $ (128 )
Dividends accrued on preferred stock 139
Accretion of discount on preferred stock 42
Net (loss) available to common stockholders
(14,392 ) (128 )
Net (loss) per common share – basic
$ (0.67 ) $ (0.01 )
Net (loss) per common share – diluted
$ (0.67 ) $ (0.01 )
Weighted average number of common shares outstanding
Basic 21,468 21,468
Diluted 21,468 21,482
COMMUNITY BANKERS TRUST CORPORATION
UNAUDITED HIGHLIGHTS OF CHANGES IN KEY
BALANCE SHEET AND INCOME STATEMENT LINE ITEMS
At and for the quarters ended March 31, June 30 and September 30, 2009
(dollars in thousands)
The Company will amend its Form 10-Qs for the periods ended March 31, June 30, and September 30, 2009 to reflect the amounts shown below as “Amended”.
Quarter Ended
Net income available to common stockholders 3/31/2009
6/30/2009 (1)
9/30/2009
As reported $ 10,673 $ (24,384 ) $ (3,019 )
Amended 9,869 (23,617 ) (2,172 )
Change $ (804 ) $ 767 $ 847
Net loans
As reported $ 798,486 $ 539,614 $ 798,318
Amended 719,918 717,926 719,326
Change $ (78,568 ) $ 178,312 $ (78,992 )
FDIC indemnification asset
As reported $ $ $
Amended 84,980 83,591 83,909
Change $ 84,980 $ 83,591 $ 83,909
Other real estate owned (2)
As reported $ 22,672 $ 864 $ 1,175
Amended 412 864 1,175
Change $ (22,260 ) $ $
Other real estate owned, covered by FDIC shared-loss agreement
As reported $ $ $ 16,823
Amended 12,267 12,521 11,105
Change $ 12,267 $ 12,521 $ (5,718 )
FDIC receivable under shared-loss agreement
As reported $ $ $ 3,560
Amended 1,173 3,560
Change $ $ 1,173 $
(1) At June 30, 2009, the Company reported $278.4 million as “FDIC covered assets” and is now retrospectively reporting these assets, as adjusted based on the changes mentioned previously, in the separately identified categories in the table above.
(2) Included covered and noncovered other real estate owned at March 31, 2009, after which time these components were separated.
COMMUNITY BANKERS TRUST CORPORATION
NET INTEREST MARGIN ANALYSIS
AVERAGE BALANCE SHEETS
(dollars in thousands)
Twelve months ended December 31, 2009 Twelve months ended December 31, 2008
Average Average
Average Interest Rates Average Interest Rates
Balance Income/ Earned/ Balance Income/ Earned/
Sheet Expense Paid Sheet Expense Paid
ASSETS:
Loans, including fees $ 554,875 $ 36,019 6.49 % $ 291,819 $ 19,694 6.75 %
Loans covered by FDIC loss share 161,243 15,139 9.39 %
Total loans
716,118 51,158 7.14 % 291,819 19,694 6.75 %
Interest bearing bank balances 21,542
296
1.38
% 40,927 356 0.87 %
Federal funds sold 16,567 37 0.22 % 4,895 90 1.84 %
Investments (taxable) 228,871 9,635 4.21 % 60,451 2,297 3.80 %
Investments (tax exempt)1
90,209 5,142 5.70 % 23,791 1,360 5.72 %
Total earning assets 1,073,307
66,268
6.17 % 421,883 23,797 5.64 %
Allowance for loan losses (12,022 ) (3,360 )
Non-earning assets 199,245 65,682
Total assets $ 1,260,530 $ 484,205
LIABILITIES AND STOCKHOLDERS’ EQUITY
Demand – interest bearing $ 196,259 $ 1,933 0.98 % $ 55,811 $ 845 1.51 %
Savings 55,626 468 0.84 % 18,109 229 1.26 %
Time deposits 727,085 21,316 2.93 % 231,756 6,621 2.86 %
Total deposits 978,970 23,717 2.42 % 305,676 7,695 2.52 %
Fed funds purchased 971 8 0.82 % 5,436 131 2.41 %
FHLB and other borrowings 43,048 1,409 3.27 % 15,861 734 4.63 %
Total interest-bearing liabilities 1,022,989 25,134 2.46 % 326,973 8,560 2.62 %
Non-interest bearing deposits 62,034 52,945
Other liabilities 21,012 23,935
Total liabilities 1,106,035 403,853
Stockholders’ equity 154,495 80,352
Total liabilities and stockholders’ equity
$ 1,260,530 $ 484,205
Net interest earnings $
41,134
$ 15,237
Interest spread 3.71 % 3.02 %
Net interest margin 3.83 % 3.61 %
(1) Income and yields are reported on a tax equivalent basis assuming a federal tax rate of 34%.
Friday, April 23rd, 2010 Uncategorized Comments Off on Community Bankers Trust Corp. (BTC) Reports Year End Results

Delta Apparel (DLA) Reports Third Quarter Fiscal 2010 Results

Press Release Source: Delta Apparel, Inc. On Friday April 23, 2010, 7:00 am EDT

GREENVILLE, S.C.–(BUSINESS WIRE)–Delta Apparel, Inc. (NYSE Amex: DLA) today reported sales growth of 26.0% and a per share earnings increase of 143% for its third quarter ended March 27, 2010 compared to the prior year third quarter.

Third Quarter Results

Net sales for the three months ended March 27, 2010 were a record $107.9 million, an increase of $22.3 million from the prior year third quarter. Both of the Company’s business segments achieved double-digit sales growth compared to the prior year quarter. Gross margins increased 370 basis points to 23.3% compared to 19.6% in the prior year third quarter. The gross margins in both business segments improved in the third quarter from the first half of fiscal year 2010. However, the higher mix of activewear segment sales in the third quarter lowered the overall gross margins by 60 basis points from the 23.9% gross margin in the first half of fiscal year 2010. Net income for the quarter ended March 27, 2010 was $3.0 million, or $0.34 per diluted share, compared to $0.14 per diluted share in the prior year third quarter.

Fiscal 2010 Year to Date Results

Net sales for the nine months ended March 27, 2010 were $298.2 million, an increase of $47.8 million, or 19.1%, from the prior year nine month period. The sales expansion included organic growth of 11.2% and the net sales contributed by To The Game, LLC, the Company’s headwear business, which was acquired during the fourth quarter of fiscal year 2009. Net income for the nine months ended March 27, 2010 was $6.5 million, or $0.76 per diluted share, a 162.0% increase from the earnings of $0.29 per diluted share in the first nine months of fiscal year 2009.

Robert W. Humphreys, Chairman and Chief Executive Officer, commented, “The strong sales and earnings we delivered in the third quarter resulted from the dedicated focus of our management team to successfully capitalize on the Company’s many growth opportunities. We believe the ability to achieve 26.0% sales growth on top of a 13.7% sales gain in the prior year quarter, especially in today’s marketplace, validates our strategy of having diversified distribution channels, broad product offerings, a portfolio of brands and extensive license agreements. Our flexible manufacturing platform supports our business growth by providing consistent, high quality products to our customers at competitive prices. We continue to improve our manufacturing process and have completed speed-to-market initiatives that allow us to fulfill retail orders with shorter lead times while continuing to lower our investments in inventory.”

Fiscal 2010 Guidance

On March 2, 2010, the Company raised its guidance for the 2010 fiscal year ending July 3, 2010, expecting net sales in the range of $395 to $400 million and earnings of $1.20 to $1.30 per diluted share. Based on the stronger than anticipated third quarter sales, the Company now raises its expectations for net sales to be in the range of $400 million to $405 million for the 2010 fiscal year. This compares to fiscal year 2009 net sales of $355.2 million. The Company reiterates its expectations for earnings to be in the range of $1.20 to $1.30 per diluted share compared to $0.76 per diluted share in fiscal year 2009.

Mr. Humphreys added, “Throughout fiscal year 2010 we have been successful in growing market share and improving our bottom line, despite less than ideal conditions. While there is still uncertainty and risk regarding the recovery of the general economy, we believe we are well positioned for continued sales growth and earnings expansion in the years ahead.”

Retail-Ready Apparel

The retail-ready segment, comprised of the Soffe, Junkfood, To The Game and Art Gun businesses, had sales of $46.3 million, a 42.9% increase from the prior year third quarter. Excluding sales of the businesses the Company has owned for less than a year, sales grew organically by 17.9% in the third quarter of fiscal year 2010. The sales increase was driven by a 69.7% sales growth at Junkfood compared with the prior year quarter. Soffe also had sales growth over the prior year third quarter, driven from strong sales in the department store channel as retailers stocked with expectations of a spring selling season stronger than in the prior year. Sales in the other businesses within the retail-ready segment totaled $8.1 million and were on target with the Company’s expectations.

Gross margins in the retail-ready segment increased 50 basis points compared to the prior year third quarter and increased 90 basis points from the first half of fiscal year 2010. Operating income in the retail-ready segment was $3.5 million for the third fiscal quarter of 2010, an increase of $0.7 million from the prior year third quarter.

Activewear Apparel

The activewear segment, comprised of Delta Catalog and FunTees, had sales of $61.7 million for the quarter ended March 27, 2010, an increase of 15.7% compared to the prior year third quarter. Sales growth in the Delta Catalog business was partially offset by sales declines at FunTees. Delta Catalog shipped approximately 32% more units in the third quarter compared to the prior year quarter. This compares to an overall tee shirt market that grew approximately 3.5%. We believe the gains in market share were the result of Delta Catalog’s new merchandising strategies and high service level to its customers. The sales decline at FunTees was driven from lower unit sales, partially offset by an increase in average revenue per unit.

Gross margins in the activewear segment in the third quarter improved 350 basis points from the prior year third quarter and improved 280 basis points from the first half of fiscal year 2010. The activewear segment returned to profitability in the third quarter with an operating profit of $1.4 million, an improvement of $1.9 million from the $0.5 million loss in the prior year third quarter. The Company now expects the activewear segment to be profitable both for the fourth fiscal quarter and the full fiscal year 2010.

Conference Call

The Company will hold a conference call with senior management to discuss the financial results at 9:00 a.m. ET today. The Company invites you to join the call by dialing (913) 312-1467. A live webcast of the conference call will be available at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.deltaapparelinc.com&esheet=6261439&lan=en_US&anchor=www.deltaapparelinc.com&index=1&md5=283eb02906960b431fb3508affeed8ec. Please visit the website at least 15 minutes early to register for the teleconference webcast and download any necessary software. A replay of the call will be available from April 23, 2010 through May 21, 2010. To access the telephone replay, participants should dial (719) 457-0820. The access code for the replay is: 6394892.

About Delta Apparel, Inc.

Delta Apparel, Inc., along with its operating subsidiaries, M. J. Soffe, LLC, Junkfood Clothing Company, To The Game, LLC, and Art Gun, LLC, is an international design, marketing, manufacturing, and sourcing company that features a diverse portfolio of high quality branded and private label activewear apparel and headwear. The Company specializes in selling a variety of casual and athletic products through most distribution channels for these types of goods. Its products are sold to specialty and boutique shops, upscale and traditional department stores, mid-tier retailers, sporting goods stores, screen printers, and private label accounts. In addition, certain products are sold to college bookstores and to the U.S. military. Through its newest acquisition, Art Gun, LLC, the Company provides shoppers a “virtual art studio” to create customized graphics on apparel products. Many of the Company’s products are available direct to consumers on its websites at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.soffe.com&esheet=6261439&lan=en_US&anchor=www.soffe.com&index=2&md5=3b274ca70d7f5144e396d4a30326c179, http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.junkfoodclothing.com&esheet=6261439&lan=en_US&anchor=www.junkfoodclothing.com&index=3&md5=7b5999a5a7d278887d35344ee9bfcbca, and http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.deltaapparel.com&esheet=6261439&lan=en_US&anchor=www.deltaapparel.com&index=4&md5=074df4ba5479cd67a0dec9b47cb937e8. The headwear products can be viewed at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.2thegame.com&esheet=6261439&lan=en_US&anchor=www.2thegame.com&index=5&md5=c32dbf6b61806bf4424b17b244bff3ee. The Company’s operations are located throughout the United States, Honduras, El Salvador, and Mexico, and it employs approximately 6,800 people worldwide. Additional information about the Company is available at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.deltaapparelinc.com&esheet=6261439&lan=en_US&anchor=www.deltaapparelinc.com&index=6&md5=eb6ad6831db5de49ad158bf5f6ecfb6d.

Statements and other information in this press release that are not reported financial results or other historical information are forward-looking statements. These are based on our expectations and are necessarily dependent upon assumptions, estimates and data that we believe are reasonable and accurate but may be incorrect, incomplete or imprecise. Forward-looking statements are also subject to a number of business risks and uncertainties, any of which could cause actual results to differ materially from those set forth in or implied by the forward-looking statements. The risks and uncertainties include, among others, the general U.S. and international economic conditions; the ability to grow, achieve synergies and realize the expected profitability of recent acquisitions; changes in consumer confidence, consumer spending, and demand for apparel products; the ability of our brands and products to meet consumer preferences within the prevailing retail environment; the financial difficulties encountered by our customers and higher credit risk exposure; the competitive conditions in the apparel and textile industries; changes in environmental, tax, trade, employment and other laws and regulations; the uncertainty of raw material and energy prices; changes in the economic, political and social stability of our offshore locations; the relative strength of the United States dollar as against other currencies; and other risks described from time to time in our reports filed with the Securities and Exchange Commission. Accordingly, any forward-looking statements do not purport to be predictions of future events or circumstances and may not be realized. We do not undertake publicly to update or revise the forward-looking statements even if it becomes clear that any projected results will not be realized.

SELECTED FINANCIAL DATA:
(In thousands, except per share amounts)
Three Months Ended Nine Months Ended
Mar 27, 2010 Mar 28, 2009 Mar 27, 2010 Mar 28, 2009
Net Sales $ 107,942 $ 85,685 $ 298,224 $ 250,458
Cost of Goods Sold 82,739 68,915 227,600 198,327
Gross Profit 25,203 16,770 70,624 52,131
Selling, General and Administrative 20,345 14,450 59,164 45,850
Other Income (Expense), Net 56 (34 ) 189 (49 )
Operating Income 4,914 2,286 11,649 6,232
Interest Expense, Net 948 1,028 2,805 3,669
Income Before Provision for Income Taxes 3,966 1,258 8,844 2,563
Provision for Income Taxes 1,008 95 2,324 131
Net Income $ 2,958 $ 1,163 $ 6,520 $ 2,432
Weighted Average Shares Outstanding
Basic 8,516 8,503 8,513 8,501
Diluted 8,731 8,505 8,578 8,502
Net Income per Common Share
Basic $ 0.35 $ 0.14 $ 0.77 $ 0.29
Diluted $ 0.34 $ 0.14 $ 0.76 $ 0.29
Mar 27, 2010
June 27, 2009
Mar 28, 2009
Current Assets
Cash $ 555 $ 654 $ 1,162
Receivables, Net 62,258 57,884 49,702
Income Tax Receivable 1,755 2,440
Inventories, Net 125,871 125,887 136,469
Deferred Income Taxes 3,492 3,475 3,402
Other Assets 3,474 3,387 3,014
Total Current Assets 195,650 193,042 196,189
Noncurrent Assets
Property, Plant & Equipment, Net 36,142 36,480 37,650
Goodwill and Other Intangibles, Net 25,618 23,928 24,049
Other Noncurrent Assets 3,312 3,543 3,330
Total Noncurrent Assets 65,072 63,951 65,029
Total Assets $ 260,722 $ 256,993 $ 261,218
Current Liabilities
Accounts Payable and Accrued Expenses $ 56,000 $ 51,955 $ 52,039
Income Tax Payable 211
Current Portion of Long Term Debt 5,718 5,718 5,718
Total Current Liabilities 61,929 57,673 57,757
Noncurrent Liabilities
Long-Term Debt 77,045 85,936 93,650
Deferred Income Taxes 1,566 1,223 985
Other Noncurrent Liabilities 336 16 1,070
Total Noncurrent Liabilities 78,947 87,175 95,705
Stockholders’ Equity 119,846 112,145 107,756
Total Liabilities and Stockholders’ Equity $ 260,722 $ 256,993 $ 261,218
Friday, April 23rd, 2010 Uncategorized Comments Off on Delta Apparel (DLA) Reports Third Quarter Fiscal 2010 Results

Miller Retires From FNB United Corp. (FNBN)

Press Release Source: FNB United Corp. On Friday April 23, 2010, 11:52 am EDT

ASHEBORO, N.C.–(BUSINESS WIRE)–FNB United Corp. (NASDAQ: FNBNNews), the holding company for CommunityONE Bank, National Association, announced today that Michael C. Miller has retired effective Thursday, April 22, 2010. Mr. Miller served as President and Chief Executive Officer and Director of both the holding company and the bank from 1991 until the present. James Campbell, Chairman of the Board, offered thanks and appreciation to Mr. Miller for his 25 years of service to the Company.

The Board of Directors has appointed R. Larry Campbell, Executive Vice President and Chief Operating Officer of FNB United and CommunityONE Bank, to serve as the interim President and Chief Executive Officer. A committee has been appointed to begin the search for a replacement.

Commenting on the changes, he observed, “We believe the Company is in good hands with Larry Campbell. He has ably served the Company for the past 10 years and we have every confidence in his ability to lead us forward during these difficult economic times.”

FNB United Corp. is the Asheboro, North Carolina-based bank holding company for CommunityONE Bank, N.A., and the bank’s subsidiary, Dover Mortgage Company. Opened in 1907, CommunityONE Bank (MyYesBank.com) operates 45 offices in 38 communities throughout central, southern and western North Carolina. Through these subsidiaries, FNB United offers a complete line of consumer, mortgage and business banking services, including loan, deposit, cash management, wealth management and internet banking services.

This news release may contain forward-looking statements regarding future events. Forward-looking statements often address our expected future business and financial performance, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” or “will.” These statements are only predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include risks of managing our growth, changes in financial markets, changes in real estate markets, regulatory changes, changes in interest rates, changes in economic conditions being less favorable than anticipated, and loss of deposits and loan demand to other financial institutions. Additional information concerning factors that could cause actual results to be materially different from those in the forward-looking statements is contained in FNB United’s filings with the Securities and Exchange Commission. FNB United does not assume any obligation to update these forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

Friday, April 23rd, 2010 Uncategorized Comments Off on Miller Retires From FNB United Corp. (FNBN)

Nanophase Technologies (NANX) Announces First Quarter 2010 Investor Conference Call

Press Release Source: Nanophase Technologies Corporation On Friday April 23, 2010, 2:46 pm

ROMEOVILLE, Ill., April 23, 2010 (GLOBE NEWSWIRE) — Nanophase Technologies Corporation (Nasdaq:NANXNews), a technology leader in nanomaterials and advanced nanoengineered products, today announced the Company will disseminate a financial news release for the first quarter of 2010 on April 28, 2010, at 3:00 p.m. CDT, 4:00 p.m. EDT. The news release will be followed by the year end financial conference call at 4:00 p.m. CDT, 5:00 p.m. EDT.

Year End 2009 Conference Call

The Nanophase conference call, to be hosted by Jess Jankowski, the Company’s President & CEO, is scheduled for April 28, 2010, at 4:00 p.m. CDT, 5:00 p.m. EDT. The conference call dial-in number for U.S. callers is 877-312-8776 and for international callers is 408-774-4007. The conference ID is 71519249. Please dial in to the conference at least five minutes before the call is scheduled to begin.

The call may also be accessed through the company’s website, at http://www.nanophase.com/, by clicking on the link under News Center and Calendar of Events to listen to a webcast of the event.

About Nanophase Technologies

Nanophase Technologies Corporation (NANX), http://www.nanophase.com/, is a leader in nanomaterials technologies and provides nanoengineered products and solutions for multiple industrial product applications. Using a platform of patented and proprietary integrated nanomaterial technologies, the Company creates products with unique performance attributes from two ISO 9001:2000 and ISO 14001 facilities. Nanophase delivers commercial quantity and quality nanoparticles, coated nanoparticles, and nanoparticle dispersions in a variety of media.

Friday, April 23rd, 2010 Uncategorized Comments Off on Nanophase Technologies (NANX) Announces First Quarter 2010 Investor Conference Call

Quaterra (QMM) Completes In-Fill Drilling Program at Nieves

Press Release Source: Quaterra Resources Inc. On Tuesday April 20, 2010, 8:30 am EDT

VANCOUVER, BRITISH COLUMBIA–(Marketwire – 04/20/10) – Quaterra Resources Inc. (TSX-V:QTANews)(AMEX:QMMNews) and 50% joint-venture partner Blackberry Ventures 1, LLC, today announced that results from the last 16 core holes of an in-fill drilling program further confirm the continuity of both high-grade and bulk mineable mineralization at the La Quinta deposit on its Nieves silver property in Zacatecas, Mexico. The results are very similar to the first 13 holes announced on February 17, 2010.

All 29 holes of the in-fill program were drilled within the La Quinta stockwork veinlet deposit, a series of veins and veinlets located along the Concordia-Gregorio Vein. The purpose of the 6,118.7-meter drill program was to in-fill the core area of the known deposit for 200 meters along strike and up to 200 vertical meters below surface. Holes were drilled on 25-meter centers between existing holes drilled on 50-meter centers. The La Quinta stockwork deposit remains open along strike and at depth.

“Every hole we have drilled in the La Quinta stockwork zone so far has been mineralized,” says Quaterra President and CEO Thomas Patton. “The extensive and consistent silver values have given us the confidence to expedite metallurgical testing and to explore the possibility of open pit mining.”

Highlights of today’s results

 

--  QTA-97: 48.95 meters averaging 135 g/t silver (3.9 oz/ton) starting at a
down hole depth of 72 meters, including 7.28 meters averaging 519 g/t
silver (15.2 oz/ton). This hole is on the western edge of the in-fill
area.
--  QTA-100: 62.2 meters averaging 101 g/t silver (2.9 oz/ton) starting at a
down hole depth of 70 meters, including 14.8 meters averaging 226 g/t
silver (6.6 oz/ton).
--  QTA-108: 48.1 meters averaging 92 g/t silver (2.7 oz/ton) starting at a
down hole depth of 84 meters, including 17.25 meters averaging 199 g/t
silver (5.8 oz/ton). This hole is on the eastern edge of the in-fill
area.

Discussion

Holes QTA-96 through QTA-108 all intersected relatively shallow zones of continuous silver mineralization ranging between 30 and 70 meters in thickness and between one and three ounces in grade. Eight of these holes contain narrower intervals of higher grade silver mineralization ranging between 15 and 38 meters in thickness and 3.2 to 9.5 ounces in grade.

Two holes (QTA-109 and QTA-110) were drilled to test for shallow mineralization in the La Quinta and Arroyo Gregorio zones respectively. Hole QTA-111, drilled almost 200 meters east of the nearest in-fill hole, did not intersect an eastward extension of the stockwork zone. The location of the eastern extension of the La Quinta zone beyond the area of current drilling is unknown. Possibilities include a pinch out, or narrowing of the zone or a chance that it has been offset to the north into the San Gregorio area by faulting. The IP survey discussed below may be useful in resolving this question.

La Quinta stockwork mineralization has now been traced by drilling for almost 1,000 meters along strike and has been tested by close-spaced drilling for over 200 meters of this distance. The shallow and uniform nature of mineralization makes it attractive for possible open pit mining. Recommendations forthcoming from the programs outlined below will be used to guide additional work.

Future Plans

During the next two months, the following activities will be completed:

 

--  Induced Polarization (IP) Survey. Work will begin within two weeks to
delineate the extent of the stockwork zone to the east and west.
--  Preliminary metallurgical tests. Work will include flotation testing,
ore hardness and bulk mineralogical analysis.
--  Resource estimate. An updated NI43-101 report incorporating the new
drill hole data will be completed by Caracle Creek International
Consulting Inc.

Exploration maps illustrating all of these features are posted on the Quaterra website. A table of drill-hole results is attached to this news release and posted on the Company’s website. All holes were drilled at an azimuth/inclination of 340 degrees/-60 degrees except QTA-109 (160/-50) and QTA-110 (120/-60). The approximate location of each drill hole at the mid-point of its intersection with the stockwork veinlet zone is shown in the long section. True thicknesses are about 80% of intercept widths reported, except for holes 109 and 110 where true thicknesses are approximately 65% of intercept widths.

Core samples were prepped and analyzed by ALS Chemex in Guadalajara, Mexico, and Vancouver, B.C., respectively. Property-specific standards were routinely submitted with each batch of samples. Samples were initially run using a conventional 35-element ICP analysis with an aqua regia digestion process. A 30-gram fire assay with gravimetric finish for gold and silver was run on all samples. ICP results are reported for silver values up to 100g/t; fire assay results are reported for silver assays greater than 100g/t. Samples containing more than 1% lead, copper or zinc were analyzed using AA with aqua regia digestion.

Dr. Thomas Patton is the qualified person responsible for the preparation of this news release.

Quaterra Resources Inc. (TSX-V:QTANews)(AMEX:QMMNews) is a junior exploration company focused on making significant mineral discoveries in North America. The Company uses in-house expertise and its network of consultants, prospectors and industry contacts to identify, acquire and evaluate prospects in mining-friendly jurisdictions with the potential to host large and/or high-grade base and precious metal deposits.

On behalf of the Board of Directors,

Dr. Thomas Patton, President and CEO, Quaterra Resources Inc.

Some statements contained in this news release are forward-looking statements within the safe harbor of the Private Securities Litigation Reform Act of 1995. These statements generally are identified by words such as the Company “believes”, “expects”, and similar language, or convey estimates and statements that describe the Company’s future plans, objectives or goals. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further information regarding risks and uncertainties which may cause results to differ materially from those projected in forward-looking statements, are included in filings by the Company with securities regulatory authorities. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Company does not undertake to update any forward-looking statement that may be made from time to time except in accordance with applicable securities laws. References may be made in this press release to historic mineral resource estimates. None of these are NI 43-101 compliant and a qualified person has not done sufficient work to classify these historic estimates as a current mineral resource. They should not be relied upon and Quaterra does not treat them as current mineral resources.

Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website (or press release), such as “measured”, “indicated”, and “inferred” “resources”, which the SEC guidelines generally prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 40-F which can be requested from us, and is available on our website at http://www.quaterra.com/ and at www.sec.gov/edgar.shtml.

Expanded information on the Company’s projects is described on our website at http://www.quaterra.com/.

 

----------------------------------------------------------------------------
APRIL 20, 2010 - NIEVES DRILLING RESULTS - HOLE QTA96 - HOLE QTA111
----------------------------------------------------------------------------
Interval      Au      Ag      Ag
Hole              From      To     (m) g/tonne g/tonne  oz/ton Pb (%) Zn (%)
----------------------------------------------------------------------------
QTA96            62.00  120.48   58.48    0.06      42     1.2   0.07   0.08
----------------------------------------------------------------------------
including  80.00   94.60   14.60    0.07      81     2.4   0.16   0.19
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA97            48.00   96.95   48.95    0.08     135     3.9   0.11   0.15
----------------------------------------------------------------------------
including  63.50   88.95   25.45    0.13     240     7.0   0.21   0.26
----------------------------------------------------------------------------
including  66.40   82.35   15.95    0.18     327     9.5   0.27   0.35
----------------------------------------------------------------------------
including  68.17   75.45    7.28    0.26     519    15.2   0.35   0.52
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA98            41.00   73.35   32.35    0.07      23     0.7   0.01   0.02
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA99            50.65  106.00   55.35    0.08      62     1.8   0.05   0.08
----------------------------------------------------------------------------
56.00   58.00    2.00    0.10     387    11.3   0.13   0.05
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA100           70.00  132.20   62.20    0.06     101     2.9   0.10   0.11
----------------------------------------------------------------------------
including  82.00  108.00   26.00    0.07     179     5.2   0.15   0.18
----------------------------------------------------------------------------
including  93.20  108.00   14.80    0.08     226     6.6   0.21   0.27
----------------------------------------------------------------------------
including  93.20   98.60    5.40    0.07     330     9.6   0.32   0.36
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA101           76.00  144.85   68.85    0.05      61     1.8   0.07   0.09
----------------------------------------------------------------------------
including  98.00  121.10   23.10    0.06     111     3.2   0.12   0.16
----------------------------------------------------------------------------
including 108.00  109.20    1.20    0.32     442    12.9   0.30   0.38
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA102          100.00  151.90   51.90    0.10      81     2.4   0.07   0.10
----------------------------------------------------------------------------
114.00  132.60   18.60    0.14     161     4.7   0.12   0.18
----------------------------------------------------------------------------
including 118.00  122.50    4.50    0.30     399    11.6   0.26   0.37
----------------------------------------------------------------------------
including 118.00  120.50    2.50    0.41     454    13.3   0.29   0.40
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA103          110.00  175.60   65.60    0.08      62     1.8   0.06   0.08
----------------------------------------------------------------------------
including 131.40  148.00   16.60    0.12     154     4.5   0.14   0.19
----------------------------------------------------------------------------
including 146.40  146.75    0.35    0.28    1110    32.4   1.53   1.51
----------------------------------------------------------------------------
including 174.93  175.60    0.67    0.21     413    12.1   0.24   0.36
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA104           89.00  162.00   73.00    0.09      47     1.4   0.05   0.09
----------------------------------------------------------------------------
including 130.00  137.05    7.05    0.06     163     4.8   0.18   0.22
----------------------------------------------------------------------------
including 133.60  135.00    1.40    0.07     364    10.6   0.39   0.48
----------------------------------------------------------------------------
including 158.15  158.85    0.70    0.56     569    16.6   0.54   2.61
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA105           98.00  163.00   65.00    0.10      75     2.2   0.06   0.09
----------------------------------------------------------------------------
including 120.85  159.00   38.15    0.09     110     3.2   0.09   0.13
----------------------------------------------------------------------------
including 128.00  129.25    1.25    0.15    1189    34.7   0.62   1.03
----------------------------------------------------------------------------
including 129.15  129.25    0.10    0.72   13345   389.7   7.30  12.45
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA106           90.25  128.00   37.75    0.05      68     2.0   0.07   0.09
----------------------------------------------------------------------------
including 103.60  120.00   16.40    0.08     110     3.2   0.12   0.15
----------------------------------------------------------------------------
including 111.50  120.00    8.50    0.11     173     5.1   0.19   0.23
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA107          116.00  179.30   63.30    0.04      65     1.9   0.06   0.08
----------------------------------------------------------------------------
including 131.60  138.00    6.40    0.04     177     5.2   0.28   0.26
----------------------------------------------------------------------------
including 177.00  178.70    1.70    0.58     612    17.9   0.09   0.34
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA108           84.00  132.10   48.10    0.06      92     2.7   0.09   0.13
----------------------------------------------------------------------------
including 101.95  119.20   17.25    0.11     199     5.8   0.22   0.30
----------------------------------------------------------------------------
140.90  145.00    4.10    0.18     300     8.8   0.07   0.27
----------------------------------------------------------------------------
including 144.00  144.35    0.35    1.45    2610    76.2   0.39   2.25
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA109           12.00   26.00   14.00    0.16      12     0.3   0.00   0.01
----------------------------------------------------------------------------
46.00   47.95    1.95    0.07      45     1.3   0.02   0.04
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA110          153.00  180.00   27.00    0.23      11     0.3   0.00   0.01
----------------------------------------------------------------------------

----------------------------------------------------------------------------
QTA111          270.00  272.15    2.15    0.24     114     3.3   0.06   0.10
----------------------------------------------------------------------------
278.00  281.00    3.00    0.37      56     1.6   0.05   0.14
----------------------------------------------------------------------------
including 279.25  279.70    0.45    1.37     317     9.3   0.31   0.87
----------------------------------------------------------------------------

Neither the TSX Venture Exchange nor its Regulation Services Provider or the NYSE Amex have not reviewed and do not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

Tuesday, April 20th, 2010 Uncategorized Comments Off on Quaterra (QMM) Completes In-Fill Drilling Program at Nieves