Archive for July, 2010

Orient Paper (ONP) Announces Preliminary Second Quarter 2010 Financial Results

Orient Paper Announces Preliminary Second Quarter 2010 Financial Results

BAODING, China, July 29 /PRNewswire-Asia-FirstCall/ — Orient Paper, Inc. (AMEX: ONP) (“Orient Paper” or the “Company”), a leading manufacturer and distributor of diversified paper products in Hebei, China, today announced unaudited preliminary results for the three months ended June 30, 2010. The Company will release full financial results prior to filing its Form 10-Q on or before August 16, 2010 and will hold an earnings conference call to discuss those results.

For the three months ended June 30, 2010, the Company is expecting to report total unaudited revenue increased 70.8%, to approximately $38.3 million from approximately $22.4 million in the same period last year. The Company is also expecting unaudited net income to be approximately $5.0 million, or $0.28 per diluted share, up 102.5% from approximately $2.5 million, or $0.20 per diluted share, for the same period last year.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer, stated, “Our increased second quarter sales were mainly attributable to a combination of factors, including increased average selling prices in our corrugating medium paper and medium-grade offset printing paper products due to the general increase in paper and pulp pricing in the market during the second quarter of 2010, and the increased sales volume of our medium-grade offset printing paper product. In addition, we continued to grow our digital photo paper sales during the second quarter. Our net income growth was attributable to our strong sales growth and our ability to achieve higher gross and operating margins during the quarter. Overall, we are pleased with our preliminary second quarter sales and earnings results and look forward to reporting our full financial results next month.”

About Orient Paper, Inc.

Orient Paper, Inc., through its wholly owned subsidiaries, Shengde Holdings, Inc., controls and operates Baoding Shengde Paper Co., Ltd. (“Baoding Shengde”), and Hebei Baoding Orient Paper Milling Co., Ltd (“HBOP”). Founded in 1996, HBOP is engaged in the production and distribution of products such as corrugating medium paper, offset printing paper, writing paper, and other paper and packaging-related products in China. The Company uses recycled paper as its primary raw material. Baoding Shengde, founded in June 2009 located in Baoding, is engaged in the production and distribution of digital photo paper. As one of the largest paper producers in Hebei Province, China, HBOP is strategically located in Baoding, a city in close proximity to Beijing where the majority of publishing houses are based. Orient Paper is led by an experienced management team committed to diversifying the Company’s product offering and delivering tailored services to its customers. For more information, please visit http://www.orientalpapercorporation.com .

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, anticipated revenues from the digital photo paper business segment; the actions and initiatives of current and potential competitors; the Company’s ability to introduce new products; the Company’s ability to implement the planned capacity expansion of corrugated medium paper; market acceptance of new products; general economic and business conditions; the ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

    For more information, please contact:

    CCG Investor Relations
     Mr. Crocker Coulson, President
     Phone:   +1-646-213-1915
     Email:   crocker.coulson@ccgir.com
     Website: http://www.ccgirasia.com

    Orient Paper, Inc.
     Winston Yen, Chief Financial Officer
     Phone: +1-562-818-3817 (Los Angeles)
     Email: info@orientalpapercorporation.com

SOURCE Orient Paper, Inc.

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Central Virginia Bankshares (CVBK) Reports Solid Core Earnings in Second Quarter

POWHATAN, Va., July 30 /PRNewswire-FirstCall/ — Central Virginia Bankshares, Inc. (Nasdaq:CVBKNews) and Central Virginia Bank announce continuing solid “core earnings” in the second quarter 2010. Core earnings for the second quarter were $467.2 thousand, and for the year to date are $1.30 million. Core earnings represent a non-GAAP measure defined as GAAP pre-tax net income excluding loan loss and OREO expense, impairment charges, and securities gains and losses. It indicates that the basic or core earning capacity of the bank is producing positive revenue.

The Company’s financial performance reported for the second quarter 2010 was a net loss of $1.11 million, and after effective dividends of $160.6 thousand on preferred stock, resulting in a net loss available to common shareholders of $1.27 million or $(0.48) per basic and diluted share, compared to the second quarter of 2009’s loss of $96.4 thousand and after effective dividends of $160.6 thousand on preferred stock, a net loss available to common shareholders of $255.9 thousand or $(0.10) per basic and diluted share.

“We continued our efforts to maintain an adequate reserve for potential future loan losses by increasing our reserve by over $2.9 million during the second quarter, which obviously had a negative impact on our earnings. However, we are very pleased that our core earnings as well as our deposit base continue to show strength,” commented Herb Marth, Chief Operating Officer of Central Virginia Bank. He added, “We’re here to serve our customers, and every day we’re making loans and opening new deposit accounts. We fully intend to emerge from this, the most severe recession since the great depression, a stronger, more efficient, and even more customer oriented financial institution.”

At the end of the second quarter, the Bank’s tier 1 risk-based capital ratio and leverage ratio continue to be above the well capitalized minimum levels while the total risk based capital position remains above the minimum adequately capitalized level at quarter end. The Bank has recently completed a follow up regulatory examination and is well on its way towards satisfying many of the regulatory requirements. The company has also filed with the United States Securities and Exchange Commission a preliminary Form S-1 for registration of new common stock.

Chief Operating Officer, Herb Marth added:  “We are pleased with our Company’s performance, despite the reported loss for the second quarter, as we believe we are getting closer to having the worst behind us. We continue to experience growth in core deposits. Overall, we feel very positive about our future.”

Jim Napier, Chairman of the Board, added “We have a strong and solid franchise with extremely loyal customers. Our mission continues to be serving the needs of our customers; rewarding our shareholders; developing and supporting our employees; and giving back to the communities where we live and work. Customers of Central Virginia Bank can feel confident maintaining their relationship with the Bank. Our entire team is committed to successfully overcoming the challenges that lie ahead and emerging a stronger organization.”

Additional Financial Discussion

Average loan balances for the Bank declined by $13.7 million to $284.9 million, a decrease of 4.6 percent from the prior year’s comparable quarter. The investment securities portfolio averaged $124.4 million, a decrease of $42.4 million or 25.4 percent from $166.8 million in second quarter 2009. Total assets averaged $459.2 million, having declined by $40.6 million or 8.1 percent from $499.7 million in the prior year.

Total deposits averaged $375.7 million, an increase of $2.3 million from the second quarter 2009. Total borrowings averaged $53.6 million a decrease of $41.3 million or 43.5 percent from the prior year’s second quarter. The decline of $41.3 million in average total borrowings from $95.0 million to $53.6 million at quarter end reflects the Bank management’s strategy of reducing leverage of the balance sheet and improving liquidity by facilitating shrinkage of the investment portfolio.

The fully tax equivalent net interest income in the second quarter 2010 was $3.2 million. The continued low interest rate environment has helped the Bank’s net interest margin in the second quarter 2010, resulting in a net interest margin of 3.06 an increase from the preceding first quarter’s 2.90 percent and from the comparable quarter of 2009’s 2.93 percent. Total interest income for the quarter was $5.4 million while total interest expense was $2.3 million. Interest income of $5.4 million was lower by 17.5 percent from a year earlier due to lower volume of investment securities and the drag from non-performing assets. On the expense side, however, the Bank’s interest expense of $2.3 million also declined by 29.1 percent from the prior year’s second quarter due primarily to lower interest rates on deposits.

Non-interest income of $1.3 million was a decrease of 7.9 percent or $109.86 thousand from the prior year’s second quarter total of $1.4 million. The decrease was due primarily to:

  • a decline in the Bank’s realized gains on the sale of securities available for sale,
  • lower secondary market mortgage loan fees, and
  • lower deposit fees and charges, partially offset by increasing bank card fees.

Total non-interest expense for the second quarter 2010 was $3.67 million a decrease of 15.2 percent or $805 thousand as compared to $4.33 million last year. Second quarter non-interest expense included:

  • salaries and benefits totaled $1.51 million in the second quarter, a decrease of $148 thousand.
  • loss on devaluation of other real estate owned (“OREO”)  of $146 thousand compared to zero last year.
  • other than temporary impairment (“OTTI”) charges on the CDO debt securities in our investment portfolio of $11 thousand, a decrease of $1.04 million from last year.

The Bank remains committed to reducing all controllable or discretionary expenses as well as focusing on increasing non-interest income. Reducing growth in expenses will improve current and benefit future periods and is consistent with the goal of improving the efficiency ratio. This is evidenced by the improvement in this measure to 81.67 percent from 88.31 percent in the second quarter of the prior year.

Non-performing assets at the end of the second quarter increased modestly to $32.5 million compared to $31.2 million at the end of the preceding first quarter of 2010 and $15.4 million in the second quarter of the prior year. The directional growth in non-performing assets has declined for the second quarter in a row as the increase from March 31, 2010 was only 4.3 percent.

See chart below for additional financial information.

About Central Virginia Bankshares, Inc.

Central Virginia Bankshares, Inc. is the parent of Central Virginia Bank, a 36 year old $449 million community bank with its headquarters and main office in Powhatan County, and six additional branch offices; two branches in the adjacent County of Cumberland, three branches in western Chesterfield County, and one branch in western Henrico County. Central Virginia Bankshares, Inc. trades under the symbol CVBK (NASDAQ).

Cautionary Statement about Forward-Looking Information

In accordance with the Private Securities Litigation Reform Act of 1995, we caution you that this news release contains forward-looking statements about our future financial performance and business. We make forward-looking statements when we use words such as “believe,” “expect,” “anticipate,” “estimate,” “should,” “may,” “can,” “will,” “outlook,” “project,” “appears” or similar expressions.  Forward-looking statements in this news release may include, among others, statements about: (i) future credit quality and expected or estimated future loan losses in our loan portfolios, including our belief that quarterly provision expense and quarterly total credit losses have peaked and are expected to decline; the level and loss content of nonperforming assets and nonaccrual loans; (ii) and the adequacy of the allowance for loan losses; (iii) stabilization of OTTI charges on our investment security portfolio.

Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. Several factors could cause actual results to differ materially from expectations including: current and future economic and market conditions, including the effects of further declines in housing prices and high unemployment rates; our capital requirements and our ability to generate capital internally or raise capital on favorable terms; the terms of capital investments or other financial assistance provided by the U.S. government; financial services reform; recognition of other than-temporary impairment on securities held in our available-for-sale portfolio; the effect of changes in interest rates on our net interest margin; our ability to sell more products to our customers; the effect of the economic recession on the demand for our products and services; changes in our accounting policies or in accounting standards or in how accounting standards are to be applied; mergers and acquisitions; federal and state regulations; reputational damage from negative publicity, fines, penalties and other negative consequences from regulatory violations; the loss of checking and saving account deposits to other investments such as the stock market; and fiscal and monetary policies of the Federal Reserve Board. There is no assurance that our allowance for credit losses will be adequate to cover future credit losses, especially if credit markets, housing prices, and unemployment do not improve. Increases in loan charge-offs or in the allowance for credit losses and related provision expense could materially adversely affect our financial results and condition. For more information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2009, including the discussions under “Risk Factors” in that report, as filed with the SEC and available on the SEC’s website at www.sec.gov. Any factor described above or in our SEC reports could, by itself or together with one or more other factors, adversely affect our financial results and condition.

Central Virginia Bankshares, Inc.

Second Quarter (Unaudited)

Year to Date

June 30, 2010

June 30, 2009

June 30, 2010

June 30, 2009

Net Income (Loss)

(1,108,336)

(95,356)

(1,021,257)

165,780

Net Income Available to Common Shareholders

(1,268,923)

(255,943)

(1,342,431)

(103,447)

Interest & Fees on Loans

4,063,261

4,520,693

8,242,072

8,863,498

Interest on Investments

1,343,319

2,034,628

2,793,942

4,151,874

Interest on Funds Sold

5,779

2,840

14,226

9,200

Interest on Deposits

1,781,915

2,575,125

3,855,241

5,273,059

Interest on Borrowings

474,860

608,599

936,442

1,357,681

Interest Expense

2,256,775

3,183,724

4,791,683

6,630,740

Net Interest Income

3,155,585

3,374,438

6,258,557

6,393,832

Net Interest Income (FTE)

3,217,073

3,467,541

6,393,634

6,576,865

Non Interest Income

1,272,895

1,394,056

2,163,983

2,342,268

Loan Loss Provision

2,904,832

550,000

3,219,976

925,000

Non Interest Expense

3,671,943

4,330,557

7,279,101

7,563,643

Period End Balances:

Investment Securities

103,841,752

136,631,020

Fed Funds Sold

13,374,000

6,290,000

Loans (net of Unearned Discount)

281,093,546

298,927,976

Loan Loss Reserve

(10,308,079)

(4,005,228)

Non  Interest Bearing Deposits

39,439,966

39,127,191

Total Deposits

368,735,437

377,675,412

Borrowings

48,046,514

81,308,139

Assets

488,731,255

492,992,055

Period End Shareholders Equity

27,808,181

30,524,970

Average Balances:

Average Assets

459,151,888

499,730,644

499,730,644

504,570,627

Average Earning Assets

420,989,823

474,054,427

474,062,427

474,691,403

Investment Securities

124,429,900

166,828,278

127,241,353

167,070,266

Federal Funds Sold

10,279,253

6,880,648

12,844,105

9,747,254

Loans Held for Sale

1,415,621

1,784,952

1,184,549

1,343,366

Loans  (net of Unearned )

284,865,049

298,570,548

287,997,852

296,530,517

Non Interest Bearing Deposits

39,321,139

37,226,889

37,620,639

40,345,955

Total Deposits

375,738,632

373,435,141

378,697,890

371,930,249

FHLB Overnight Advances

5,450,549

11,725,275

7,712,707

13,104,972

FHLB Term Borrowings

40,000,000

41,923,077

40,000,000

43,453,039

Fed Funds Purchased & REPO

3,027,170

36,157,070

3,949,750

36,974,015

Long term debt, Capital Trust Preferred

5,155,000

5,155,000

5,155,000

5,155,000

Average Shareholders’ Equity

28,618,965

27,918,192

27,956,243

28,654,233

Average Shares Outstanding – Basic

2,620,762

2,603,188

2,619,752

2,600,246

Average Shares Outstanding – Fully Diluted

2,620,762

2,603,188

2,691,752

2,600,246

Asset Quality:

Charged Off Loans

3,240,944

420,769

3,887,621

741,294

Recoveries

151,073

4,342

162,116

25,064

Period End:                        Non -Accrual Loans

26,163,738

7,554,410

Loans Past Due 90 Days or More

355,273

3,832,043

Other Non Performing Assets

2,165,000

0

Other Real Estate

3,849,566

3,928,299

Total Non Performing Assets

32,533,577

15,314,752

Per Share Data & Ratios:

Net Income (loss) Per Share – Basic

$(0.48)

$(0.10)

$(0.51)

$(0.04)

Net Income (loss) Per Share – Diluted

$(0.48)

$(0.10)

$(0.51)

$(0.04)

Period End Book Value Per Share

$10.60

$11.70

$10.60

$11.70

Return on Average Assets

-0.97%

-0.08%

-0.44%

0.07%

Return on Average Equity

-15.53%

-1.37%

-7.32%

1.16%

Efficiency Ratio

81.78%

88.31%

85.06%

85.67%

Average Loans to Average Deposits

75.81%

79.95%

76.05%

79.73%

Reserve for Loan Losses / Loans EOP

3.67%

1.34%

Net Interest Margin (FTE)

3.06%

2.93%

2.98%

2.77%

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Geron (GERN) to Proceed with First Human Clinical Trial of Embryonic Stem Cell-Based Therapy

MENLO PARK, Calif.–(BUSINESS WIRE)–Geron Corporation (Nasdaq:GERNNews) announced today that the U.S. Food and Drug Administration (FDA) has notified the company that the clinical hold placed on Geron’s Investigational New Drug (IND) application has been lifted and the company’s Phase I clinical trial of GRNOPC1 in patients with acute spinal cord injury may proceed.

The FDA notification enables Geron to move forward with the world’s first clinical trial of a human embryonic stem cell (hESC)-based therapy in man. The Phase I multi-center trial is designed to establish the safety of GRNOPC1 in patients with “complete” American Spinal Injury Association (ASIA) Impairment Scale grade A subacute thoracic spinal cord injuries.

“We are pleased with the FDA’s decision to allow our planned clinical trial of GRNOPC1 in spinal cord injury to proceed,” said Thomas B. Okarma, Ph.D., M.D., Geron’s president and CEO. “Our goals for the application of GRNOPC1 in subacute spinal cord injury are unchanged – to achieve restoration of spinal cord function by the injection of hESC-derived oligodendrocyte progenitor cells directly into the lesion site of the patient’s injured spinal cord. Additionally, we are now formally exploring the utility of GRNOPC1 in other degenerative CNS disorders including Alzheimer’s, multiple sclerosis and Canavan disease.”

The clinical hold was placed following results from a single preclinical animal study in which Geron observed a higher frequency of small cysts within the injury site in the spinal cord of animals injected with GRNOPC1 than had previously been noted in numerous foregoing studies. In response to those results, Geron developed new markers and assays as additional release specifications for GRNOPC1. The company completed an additional confirmatory preclinical animal study to test the new markers and assays, and subsequently submitted a request to the FDA for the clinical hold to be lifted.

GRNOPC1, Geron’s lead hESC-based therapeutic candidate, contains hESC-derived oligodendrocyte progenitor cells that have demonstrated remyelinating and nerve growth stimulating properties leading to restoration of function in animal models of acute spinal cord injury (Journal of Neuroscience, Vol. 25, 2005).

“The neurosurgical community is ready to begin the clinical testing of this new approach to treating devastating spinal cord injury,” said Richard Fessler, M.D., Ph.D., professor of neurological surgery at the Feinberg School of Medicine at Northwestern University. “We know that demyelination is central to the pathology of the injury, and its reversal by means of injecting oligodendrocyte progenitor cells would be revolutionary for the field. If found to be safe and effective, the therapy would provide a viable treatment option for thousands of patients who suffer severe spinal cord injuries each year.”

The GRNOPC1 Clinical Program

Patients eligible for the Phase I trial must have documented evidence of functionally complete spinal cord injury with a neurological level of T3 to T10 spinal segments and agree to have GRNOPC1 injected into the lesion sites between seven and 14 days after injury.

Although the primary endpoint of the trial is safety, the protocol includes secondary endpoints to assess efficacy, such as improved neuromuscular control or sensation in the trunk or lower extremities. Once safety in this patient population has been established, Geron plans to seek FDA approval to extend the study to increase the dose of GRNOPC1, enroll subjects with complete cervical injuries and expand the trial to include patients with severe incomplete (ASIA Impairment Scale grade B or C) injuries to enable access to the therapy for as broad a population of severe spinal cord-injured patients as is medically appropriate.

Geron has selected up to seven U.S. medical centers as candidates to participate in this study and in planned protocol extensions. The sites will be identified as they come online and are ready to enroll subjects into the study.

Other Potential Neurological Indications for GRNOPC1

In addition to spinal cord injury, GRNOPC1 may have therapeutic utility for other central nervous system indications. Geron has established a number of collaborations with academic groups to test GRNOPC1 in selected animal models of human disease for which there is a strong rationale for the approach.

Alzheimer’s Disease: Alzheimer’s disease is a progressive, fatal, degenerative disorder that attacks the neurons in the brain, resulting in loss of memory, cognitive function such as reasoning and language, and behavioral changes. According to the Alzheimer’s Association an estimated five million people in the United States have Alzheimer’s disease. GRNOPC1 is being evaluated in animal models of Alzheimer’s disease in collaboration with Professor Frank M. LaFerla, Director of the Institute for Memory Impairments and Neurological Disorders (UCI MIND) at the University of California, Irvine.

Multiple Sclerosis (MS): MS is an autoimmune disease that causes demyelination of nerve axons in the brain and spinal cord often progressing to physical and cognitive disability. There is currently no known cure for the disease. According to the National Multiple Sclerosis Society there are about 400,000 people in the United States with MS. GRNOPC1 is being tested in a non-human primate model of MS in collaboration with Professor Jeffery D. Kocsis of the Departments of Neurology and Neurobiology at Yale University School of Medicine and the Department of Veterans Affairs.

Canavan Disease: Canavan disease is a fatal neurological disorder that belongs to a group of genetic disorders called leukodystrophies, characterized by the abnormal development or degeneration of myelin. Symptoms of Canavan disease present in the first six months of life and death usually occurs at 3 – 10 years of age. GRNOPC1 is being tested in a rodent model of Canavan disease in collaboration with Dr. Paola Leone, Director of the Cell and Gene Therapy Center, at the University of Medicine and Dentistry of New Jersey.

Background on GRNOPC1

Additional information on Geron’s hESC programs and GRNOPC1 is available at Geron’s website www.geron.com.

About Geron

Geron is developing first-in-class biopharmaceuticals for the treatment of cancer and chronic degenerative diseases, including spinal cord injury, heart failure and diabetes. The company is advancing an anti-cancer drug and a cancer vaccine that target the enzyme telomerase through multiple clinical trials in different cancers. For more information, visit www.geron.com.

This news release may contain forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release regarding potential applications of Geron’s human embryonic stem cell technology constitute forward-looking statements that involve risks and uncertainties, including, without limitation, risks inherent in the development and commercialization of potential products, uncertainty of clinical trial results or regulatory approvals or clearances, need for future capital, dependence upon collaborators and protection of our intellectual property rights. Actual results may differ materially from the results anticipated in these forward-looking statements. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in Geron’s periodic reports, including the quarterly report on Form 10-Q for the quarter ended March 31, 2010.

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Bel Reports (BELFA) Second Quarter Net Earnings of $4.7 Million Versus a Loss of $1.3 Million

JERSEY CITY, N.J.–(BUSINESS WIRE)–Bel Fuse Inc. (NASDAQ:BELFANews)(NASDAQ:BELFBNews) today announced preliminary unaudited financial results for the second quarter of 2010, highlighted by a 73% increase in net sales and an increase in net earnings to $4.7 million compared to a net loss of $1.3 million for the second quarter of 2009.

Daniel Bernstein, Bel’s President and CEO, said, “We experienced solid growth in all of our product groups driven by strong demand from high-end telecom, computing and network applications. Robust business conditions currently appear likely to continue for the balance of the year. Substantial gains in gross margins are primarily the result of the improved productivity of our new associates in China. So far this year we have added approximately 2,483 new workers at our China facilities, which has allowed us to shorten our leadtimes.

“Cinch’s well-established lines of connectors and cable products represented 45% of the increase in sales and are a natural addition to Bel’s traditional product menu. And its extensive customer base has opened key aerospace and military markets to Bel for the first time, while creating new opportunities for long-term growth.”

Second Quarter Results

For the three months ended June 30, 2010, net sales increased 73% to $77,732,000 compared to $44,934,000 for the second quarter of 2009. This year’s second quarter net sales included $14,914,000 from Cinch Connectors, which was acquired on January 29, 2010. Excluding the Cinch Connector sales, net sales increased 40% for this year’s second quarter versus prior year, and increased 36% versus the first quarter of 2010.

Net earnings for the second quarter of 2010 were $4,695,000, which was net of severance and plant closure costs of $477,000 ($454,000 after tax). In comparison, the net loss for the second quarter of 2009 was $1,272,000, which included restructuring, severance and unauthorized stock issuance costs of $1,700,000 ($1,160,000 after tax), and an after-tax net gain on sale of investments of $671,000.

Adjusted to exclude severance and plant closure costs, non-GAAP net income for the second quarter of 2010 was $5,171,000. This compares to a non-GAAP net loss for the second quarter of 2009 of $775,000, adjusted to exclude restructuring, severance and unauthorized stock issuance costs and a gain on sale of investments. A reconciliation of non-GAAP to GAAP financial measures is provided in the table attached to this press release.

Net earnings per diluted Class A common share for the second quarter of 2010 were $0.38, compared to a net loss per diluted Class A common share of $0.11 for the second quarter of 2009. Adjusted to exclude severance and plant closure costs, non-GAAP net earnings per diluted Class A common share were $0.42 for this year’s second quarter, compared to a non-GAAP net loss per Class A common share of $0.07 for the second quarter of 2009, adjusted to exclude restructuring, severance and unauthorized stock issuance costs and a gain on sale of investments.

Net earnings per diluted Class B common share were $0.41 for the second quarter of 2010, compared to a net loss per diluted Class B common share of $0.11 for the second quarter of 2009. Adjusted to exclude severance and plant closure costs, non-GAAP net earnings per diluted Class B common share were $0.45 for the second quarter of 2010, compared to a non-GAAP net loss per Class B common share of $0.07 for the second quarter of 2009, adjusted to exclude restructuring, severance and unauthorized stock issuance costs and a gain on sale of investments.

Cost of sales decreased to 79.3% of sales for the second quarter of 2010, compared to 89.4% of sales for the second quarter of 2009.

Income from operations for this year’s second quarter was $5,738,000, including operating income of approximately $1,400,000 at Cinch Connectors. This compares to an operating loss of $2,872,000 for the second quarter of 2009. Adjusted to exclude severance and plant closure costs, non-GAAP income from operations for the second quarter of 2010 increased to $6,250,000, compared to a non-GAAP loss from operations of $1,159,000 for the second quarter of 2009, adjusted to exclude restructuring, severance and unauthorized stock issuance costs.

At June 30, 2010, Bel reported working capital of approximately $143,875,000, including cash, cash equivalents, short-term investments and marketable securities of approximately $75,658,000, a current ratio of 4.7, total long-term obligations of $9,730,000, and stockholders’ equity of $211,746,000. In comparison, at December 31, 2009, Bel reported working capital of approximately $167,800,000, including cash, cash equivalents, short-term investments and marketable securities of approximately $124,233,000, a current ratio of 7.0, total long-term obligations of $9,017,000, and stockholders’ equity of $208,932,000.

First Half Results

For the six months ended June 30, 2010, net sales increased 51% to $133,881,000 compared to $88,805,000 for 2009. Net income for the first six months of 2010 increased to $4,727,000, compared to a net loss of $456,000 for the first six months of 2009.

Net earnings per Class A common share for the first six months of 2010 were $0.38, compared to a net loss per Class A common share of $0.05 for the same period of 2009. Net earnings per Class B common share for the first six months of 2010 were $0.41, compared to a net loss per Class B common share of $0.04 for the first six months of 2009.

Conference Call

Bel has scheduled a conference call at 11:00 a.m. EDT today. To participate in the call, dial (720) 545-0088, conference ID #88718038. A simultaneous webcast is available from the Events and Presentations link of the Investor Info tab at www.belfuse.com. A replay will be available for 20 days at this same Internet address. For a telephone replay, dial (706) 645-9291, conference ID #88718038 after 2:00 p.m. EDT.

About Bel

Bel (www.belfuse.com) and its divisions are primarily engaged in the design, manufacture, and sale of products used in networking, telecommunications, high-speed data transmission, commercial aerospace, military, transportation, and consumer electronics. Products include magnetics (discrete components, power transformers and MagJack® connectors with integrated magnetics), modules (DC-DC converters, integrated analog front-end modules, custom designs), circuit protection (miniature, micro and surface mount fuses) and interconnect devices (micro, circular and filtered D-Sub connectors, passive jacks, plugs and high-speed cable assemblies). The Company operates facilities around the world.

Forward-Looking Statements

Except for historical information contained in this news release, the matters discussed in this press release (including statements regarding the likelihood of robust business conditions continuing in the future, opportunities for growth resulting from the Cinch Connector acquisition and future performance) are forward looking statements that involve risks and uncertainties. Among the factors that could cause actual results to differ materially from such statements are: the market concerns facing our customers, the continuing viability of sectors that rely on our products, the effect of business and economic conditions; capacity and supply constraints or difficulties; product development, commercializing or technological difficulties; the regulatory and trade environment; risks associated with integrating the Cinch Connectors business into the Company’s existing business; risks associated with foreign currencies; uncertainties associated with legal proceedings; the market’s acceptance of the Company’s new products and competitive responses to those new products and the risk factors detailed from time to time in the Company’s SEC reports. In light of the risks and uncertainties, there can be no assurance that any forward-looking statement will in fact prove to be correct. We undertake no obligation to update or revise any forward-looking statements.

BEL FUSE INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(000s omitted, except for per share data)
Three Months Ended Six Months Ended
June 30 June 30
2010 2009 2010 2009
(unaudited) (unaudited)
Net Sales
$
77,732
$
44,934
$
133,881
$
88,805
Costs and expenses:
Cost of sales
61,676
40,192
108,729
78,403
Selling, general and administrative
10,299
7,601
19,461
15,254
Restructuring charge
413
Loss (gain) on sale of property, plant and equipment
19
13
19
(4,652
)
71,994
47,806
128,209
89,418
Income (loss) from operations
5,738
(2,872
)
5,672
(613
)
Gain on sale of investment
1,081
1,083
Interest income and other, net
116
127
238
316
Earnings (loss) before provision (benefit) for income taxes
5,854
(1,664
)
5,910
786
Income tax provision (benefit)
1,159
(392
)
1,183
1,242
Net earnings (loss)
$
4,695
$
(1,272
)
$
4,727
$
(456
)
Earnings (loss) per Class A common share basic and diluted
$
0.38
$
(0.11
)
$
0.38
$
(0.05
)
Weighted average Class A common shares outstanding basic and diluted
2,175
2,175
2,175
2,176
Earnings (loss) per Class B common share basic and diluted
$
0.41
$
(0.11
)
$
0.41
$
(0.04
)
Weighted average Class B common shares outstanding basic and diluted
9,496
9,343
9,480
9,353
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(000s omitted)
Jun. 30,
Dec. 31,
Jun. 30,
Dec. 31,
ASSETS
2010
2009
LIABILITIES & EQUITY
2010
2009
(unaudited)
(audited)
(unaudited)
(audited)
Current assets
$
182,860
$
195,830
Current liabilities
$
38,985
$
27,997
Property, plant & equipment, net
47,835
35,943
Noncurrent liabilities
9,730
9,017
Goodwill
4,548
1,957
Intangibles & other assets
25,218
12,216
Stockholders’ equity
211,746
208,932
Total Assets
$
260,461
$
245,946
Total Liabilities & Equity
$
260,461
$
245,946
BEL FUSE INC. AND SUBSIDIARIES
NON-GAAP MEASURES (unaudited)
(000s omitted, except for per share data)
Three Months Ended June 30, 2010 Six Months Ended June 30, 2010
Incomefrom

Operations

Net earnings

(2)
Net earnings per Class A common

share – diluted(3)
Net earnings per Class B common

share – diluted(3)
Incomefrom

Operations

Net earnings

(2)
Net earnings per Class A common share – diluted(3)
Net earnings per Class B common

share – diluted(3)
GAAP measures $ 5,738 $ 4,695 $ 0.38 $ 0.41 $ 5,672 $ 4,727 $ 0.38 $ 0.41
Severance costs and plant closure expenses 477 454 0.04 0.04 1,052 956 0.08 0.08
Acquisition-related costs and inventory-related purchase accounting adjustments
16 10 0.00 0.00 1,094 678 0.06 0.06
Loss on sale of property, plant and equipment 19 12 0.00 0.00 19 12 0.00 0.00
Non-GAAP measures excluding severance and other one-time costs, acquisition-related costs, and inventory-related purchase accounting adjustments(1)
$ 6,250 $ 5,171 $ 0.42 $ 0.45 $ 7,837 $ 6,373 $ 0.51 $ 0.55
Three Months Ended June 30, 2009 Six Months Ended June 30, 2009
(Loss)from

Operations

Net

(Loss)(2)

Net (Loss) perClass A common

share – diluted(3)

Net (Loss) perClass B common

share – diluted(3)

(Loss)from

Operations

Net

(loss)(2)

Net (Loss) perClass A common

share – diluted(3)

Net (Loss) perClass B common

share – diluted(3)

GAAP measures $ (2,872 ) $ (1,272 ) $ (0.11 ) $ (0.11 ) $ (613 ) $ (456 ) $ (0.05 ) $ (0.04 )
Restructuring, severance, and unauthorized stock issuance costs
1,700 1,160 0.10 0.10 2,341 1,619 0.13 0.14
Loss (gain) on sale of property, plant and equipment
13 8 0.00 0.00 (4,652 ) (2,884 ) (0.24 ) (0.25 )
Gain on investments, net of income tax (671 ) (0.06 ) (0.06 ) (671 ) (0.06 ) (0.06 )
Non-GAAP measures excluding restructuring and other one-time costs, gain on investment, and gain on sale of property, plant and equipment (1)
$ (1,159 ) $ (775 ) $ (0.07 ) $ (0.07 ) $ (2,924 ) $ (2,392 ) $ (0.21 ) $ (0.21 )
(1) The non-GAAP measures presented above are not measures of performance under accounting principles generally accepted in the United States of America (“GAAP”). These measures should not be considered a substitute for, and the reader should also consider, income from operations, net earnings, earnings per share and other measures of performance as defined by GAAP as indicators of our performance or profitability. Our non-GAAP measures may not be comparable to other similarly-titled captions of other companies due to differences in the method of calculation.
Based upon discussions with investors and analysts, we believe that the reader’s understanding of Bel’s performance and profitability is enhanced by reference to these non-GAAP measures. Removal of gains and losses on investments and sales of real estate and charges for severance, plant closure, restructuring, and unauthorized stock issuance costs, inventory-related purchase accounting adjustments and acquisition-related costs facilitates comparisons of our results among reporting periods. We believe that such amounts are not reflective of the underlying business in the period in which the gain or charge is recorded for accounting purposes.
(2) Net of income tax at effective rate in the applicable tax jurisdiction.
(3) Individual amounts of earnings (loss) per share may not agree to the total due to rounding.
Friday, July 30th, 2010 Uncategorized Comments Off on Bel Reports (BELFA) Second Quarter Net Earnings of $4.7 Million Versus a Loss of $1.3 Million

American DG Energy (ADGE) Announces Exclusive Rights Agreement for Europe

WALTHAM, Mass., July 29 /PRNewswire-FirstCall/ — American DG Energy Inc. (NYSE Amex: ADGE), a leading OnSite Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, today announced that in addition to its rights in the United States, the Company’s European subsidiary, EuroSite Power Inc., now has exclusive rights in Europe to sell all current and future Tecogen Inc. products, deployed with the On-Site Utility business model.

Under the terms of the agreement, EuroSite Power has been granted exclusive representation rights in Europe to all products manufactured by Tecogen which are installed as an On-Site Utility.  Tecogen products covered by the agreement include:  combined heat and power or cogeneration systems, natural gas chiller cooling systems, ultra high-efficiency heating systems and enhanced emission control systems.

“To add to our promising growth in the United States, American DG Energy’s subsidiary, EuroSite Power, will now be able to take advantage of the current and future products developed by Tecogen for our On-Site Utility energy business,” said John N. Hatsopoulos, Chief Executive Officer of American DG Energy.

About American DG Energy

American DG Energy supplies low-cost energy to its customers through distributed power generating systems.  The Company is committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities – without any capital or start-up costs to the energy user – through its On-Site Utility energy solutions.  American DG Energy is headquartered in Waltham, Massachusetts.  More information can be found at www.americandg.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company’s website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Thursday, July 29th, 2010 Uncategorized Comments Off on American DG Energy (ADGE) Announces Exclusive Rights Agreement for Europe

Orient Paper (ONP) Announces Preliminary Second Quarter 2010 Financial Results

BAODING, China, July 29 /PRNewswire-Asia-FirstCall/ — Orient Paper, Inc. (AMEX:ONP.aNews) (“Orient Paper” or the “Company”), a leading manufacturer and distributor of diversified paper products in Hebei, China, today announced unaudited preliminary results for the three months ended June 30, 2010. The Company will release full financial results prior to filing its Form 10-Q on or before August 16, 2010 and will hold an earnings conference call to discuss those results.

For the three months ended June 30, 2010, the Company is expecting to report total unaudited revenue increased 70.8%, to approximately $38.3 million from approximately $22.4 million in the same period last year. The Company is also expecting unaudited net income to be approximately $5.0 million, or $0.28 per diluted share, up 102.5% from approximately $2.5 million, or $0.20 per diluted share, for the same period last year.

Mr. Zhenyong Liu, Chairman and Chief Executive Officer, stated, “Our increased second quarter sales were mainly attributable to a combination of factors, including increased average selling prices in our corrugating medium paper and medium-grade offset printing paper products due to the general increase in paper and pulp pricing in the market during the second quarter of 2010, and the increased sales volume of our medium-grade offset printing paper product. In addition, we continued to grow our digital photo paper sales during the second quarter. Our net income growth was attributable to our strong sales growth and our ability to achieve higher gross and operating margins during the quarter. Overall, we are pleased with our preliminary second quarter sales and earnings results and look forward to reporting our full financial results next month.”

About Orient Paper, Inc.

Orient Paper, Inc., through its wholly owned subsidiaries, Shengde Holdings, Inc., controls and operates Baoding Shengde Paper Co., Ltd. (“Baoding Shengde”), and Hebei Baoding Orient Paper Milling Co., Ltd (“HBOP”). Founded in 1996, HBOP is engaged in the production and distribution of products such as corrugating medium paper, offset printing paper, writing paper, and other paper and packaging-related products in China. The Company uses recycled paper as its primary raw material. Baoding Shengde, founded in June 2009 located in Baoding, is engaged in the production and distribution of digital photo paper. As one of the largest paper producers in Hebei Province, China, HBOP is strategically located in Baoding, a city in close proximity to Beijing where the majority of publishing houses are based. Orient Paper is led by an experienced management team committed to diversifying the Company’s product offering and delivering tailored services to its customers. For more information, please visit http://www.orientalpapercorporation.com .

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, anticipated revenues from the digital photo paper business segment; the actions and initiatives of current and potential competitors; the Company’s ability to introduce new products; the Company’s ability to implement the planned capacity expansion of corrugated medium paper; market acceptance of new products; general economic and business conditions; the ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

Thursday, July 29th, 2010 Uncategorized Comments Off on Orient Paper (ONP) Announces Preliminary Second Quarter 2010 Financial Results

China Armco Metals (CNAM) Commenced Shipments of Metal From Its Recycling Facility

SAN MATEO, CA–(Marketwire – 07/29/10) – China Armco Metals, Inc. (AMEX:CNAMNews), a distributor of imported metal ore and a metal recycler with a new state-of-the-art scrap metal recycling facility in China, today announced that Armet Renewable Resourced Co., Ltd., the Company’s wholly owned subsidiary, commenced shipments of metal from its recycling facility in June of 2010.

The second quarter shipments, totaling approximately 10,000 metric tons, represent the first quantity of end products produced and sold out of the new facility. The facility experienced a delay in ramping production in the second quarter due to power generation issues at the recently completed electric utility company in the Lianyangang enterprise zone which provides power to the area. As those issues have been resolved, management sees production at the facility ramping significantly in the third and fourth quarters as the company looks to deliver on its current supply contracts.

Commenting on the announcement, Mr. Kexuan Yao, CEO and Chairman of China Armco Metals, Inc., stated, “We are pleased to have reached this important milestone for our company. As we now ramp toward our goal of full production and the small startup issues are behind us, we believe the future for our company is brighter than ever. With the contracts, materials, manpower and equipment in place and operational, we now are in a position to realize our growth potential in the coming quarters and years for the benefit of our shareholders.”

About China Armco Metals, Inc.

China Armco Metals, Inc. is engaged in the sale and distribution of metal ore and non-ferrous metals throughout the PRC and has entered the recycling business with the recent launch of operations of a 1-million ton per year shredder and recycler of metals located on 32 acres of land acquired by China Armco. China Armco maintains customers throughout China which includes the fastest growing steel producing mills and foundries in the PRC. Raw materials are supplied from global suppliers in India, Hong Kong, Nigeria, Brazil, Turkey, and the Philippines. China Armco’s product lines include ferrous and non-ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper ore, manganese ore and steel billet. The recycling facility is expected to be capable of recycling one million metric tons of scrap metal per year which will position China Armco as one of the 10 largest recyclers of scrap metal in China. China Armco estimates the recycled metal market in China as 70 million metric tons. For more information about China Armco, please visit http://www.armcometals.com.

Safe Harbor Statement

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, China Armco Metals, Inc., is hereby providing cautionary statements identifying important factors that could cause our actual results to differ materially from those projected in forward-looking statements (as defined in such act). Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “intends,” “plans,” “believes” and “projects”) may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. These statements include, but are not limited to, our expectations regarding the ability of our suppliers to fulfill their delivery obligations and market prices and revenues related to the sale of processed scrap metal. In addition, any such statements are qualified in their entirety by reference to, and are accompanied by, the following key factors that have a direct bearing on our results of operations:

We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by our partner’s ability to complete its obligations to source various minerals and ores within acceptable specifications, demand and fluctuations in the prices of those minerals and ores, our ability to resell any sourced minerals and ores at current market prices and on favorable terms, our ability to finance the purchase price of any minerals and ores, and the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2009.

Thursday, July 29th, 2010 Uncategorized Comments Off on China Armco Metals (CNAM) Commenced Shipments of Metal From Its Recycling Facility

Interface (IFSIA) Declares Regular Quarterly Dividend

ATLANTA, July 29 /PRNewswire-FirstCall/ — Interface, Inc. (Nasdaq:IFSIANews), a worldwide floorcoverings company and global leader in sustainability, today announced that its Board of Directors has declared a regular quarterly cash dividend of $0.01 per share payable August 27, 2010 to shareholders of record as of August 13, 2010.

Interface, Inc. is the world’s largest manufacturer of modular carpet, which it markets under the InterfaceFLOR, FLOR, Heuga and Bentley Prince Street brands, and, through its Bentley Prince Street brand, enjoys a leading position in the designer quality segment of the broadloom carpet market.  The Company is committed to the goal of sustainability and doing business in ways that minimize the impact on the environment while enhancing shareholder value.

Thursday, July 29th, 2010 Uncategorized Comments Off on Interface (IFSIA) Declares Regular Quarterly Dividend

ACADIA Pharmaceuticals (ACAD) Announces Initiation of New Phase III Trial with Pimavanserin

SAN DIEGO–(BUSINESS WIRE)–ACADIA Pharmaceuticals Inc. (Nasdaq: ACADNews), a biopharmaceutical company utilizing innovative technology to fuel drug discovery and clinical development of novel treatments for central nervous system disorders, today announced that it has initiated a new Phase III trial designed to evaluate the efficacy, tolerability and safety of pimavanserin as a treatment for patients with Parkinson’s disease psychosis (PDP).

“This Phase III trial builds on the signals of efficacy observed in our earlier PDP studies and uses a refined study design that we expect will help mitigate the placebo response, reduce variability and enhance sensitivity in measuring the efficacy of pimavanserin in PDP patients,” said Uli Hacksell, Ph.D., Chief Executive Officer of ACADIA Pharmaceuticals. “We believe pimavanserin has an ideal profile to effectively treat PDP without impairing motor function and, therefore, provides the potential for an important advance in therapy for patients suffering from this large unmet medical need.”

Trial Design

The new Phase III trial (the -020 Study) is a multi-center, double-blind, placebo-controlled study designed to evaluate the efficacy, tolerability and safety of pimavanserin in patients with PDP. The -020 Study is expected to enroll about 200 patients at clinical sites located in North America. Patients in the trial will be randomized on a one-to-one basis to two study arms and will receive oral doses of either 40 mg of pimavanserin or placebo once-daily for six weeks. Patients also will continue to receive stable doses of their existing dopamine replacement therapy used to manage the motoric symptoms of Parkinson’s disease. The primary endpoint of the -020 Study is antipsychotic efficacy as measured using a group of nine items from the hallucinations and delusions domains of the Scale for the Assessment of Positive Symptoms (SAPS). The primary endpoint will be assessed using centralized ratings. Motoric tolerability will be a key secondary endpoint in the trial and will be measured using Parts II and III of the Unified Parkinson’s Disease Rating Scale (UPDRS).

In addition to the -020 Study, ACADIA is continuing to conduct an open-label safety extension study (the -015 Study) that enrolled patients who completed either of two earlier Phase III PDP trials. Patients who complete the -020 Study also will have the opportunity to enroll in the -015 Study if, in the opinion of the treating physician, the patient may benefit from continued treatment with pimavanserin.

About Pimavanserin

Pimavanserin is a 5-HT2A receptor inverse agonist in Phase III development as a treatment for Parkinson’s disease psychosis. This new chemical entity, which was discovered by ACADIA, is a small molecule that can be taken orally as a tablet once-a-day. ACADIA and Biovail Laboratories International SRL (Biovail), a subsidiary of Biovail Corporation, have formed a collaboration to develop and commercialize pimavanserin for neurological and psychiatric indications, including Parkinson’s disease psychosis, schizophrenia, and Alzheimer’s disease psychosis, in the United States and Canada. ACADIA retains rights to pimavanserin in the rest of the world.

About Parkinson’s Disease Psychosis

According to the National Parkinson Foundation, over 1.5 million people in the United States suffer from Parkinson’s disease. Up to 40 percent of patients with Parkinson’s disease may develop psychotic symptoms, commonly consisting of visual hallucinations and delusions. Currently, there is no therapy in the United States approved to treat PDP. The development of psychosis in patients with Parkinson’s disease often disrupts their ability to perform many of the activities of daily living and is associated with increased caregiver burden, nursing home placement, and increased mortality.

About ACADIA Pharmaceuticals

ACADIA is a biopharmaceutical company utilizing innovative technology to fuel drug discovery and clinical development of novel treatments for central nervous system disorders. ACADIA is developing a portfolio consisting of four product candidates including pimavanserin, which is being developed for three separate neurological and psychiatric indications in collaboration with Biovail. These indications are Parkinson’s disease psychosis, which is in Phase III development, co-therapy for schizophrenia, which is in Phase III planning, and Alzheimer’s disease psychosis, for which ACADIA is planning to initiate a Phase II feasibility study. In addition to pimavanserin, ACADIA has a product candidate in Phase II for chronic pain and a product candidate in Phase I for glaucoma, both in collaboration with Allergan, as well as a product candidate in IND-track development for schizophrenia in collaboration with Meiji Seika Kaisha. All of the product candidates in ACADIA’s product pipeline emanate from discoveries made using its proprietary drug discovery platform. ACADIA maintains a website at www.acadia-pharm.com to which ACADIA regularly posts copies of its press releases as well as additional information and through which interested parties can subscribe to receive e-mail alerts.

Forward-Looking Statements

Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements include but are not limited to statements related to the design, progress and timing of ACADIA’s drug discovery and development programs, including the -020 Study and ACADIA’s other clinical trials and the results therefrom, and the potential of and the benefits to be derived from clinical trials and product candidates, including pimavanserin. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks and uncertainties inherent in drug discovery, development and commercialization and collaborations with others, and the fact that past results of clinical trials may not be indicative of future trial results. For a discussion of these and other factors, please refer to ACADIA’s annual report on Form 10-K for the year ended December 31, 2009 as well as ACADIA’s subsequent filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are qualified in their entirety by this cautionary statement and ACADIA undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof, except as required by law.

Thursday, July 29th, 2010 Uncategorized Comments Off on ACADIA Pharmaceuticals (ACAD) Announces Initiation of New Phase III Trial with Pimavanserin

Exact Sciences (EXAS) Reports Second-Quarter 2010 Financial Results

MADISON, Wis.–(BUSINESS WIRE)–Exact Sciences Corp. (Nasdaq: EXASNews) today announced its financial results for the second quarter ended June 30, 2010.

Exact reported total revenues of $1.3 million for the second quarter of 2010, compared to total revenues of $1.3 million during the same period of 2009. Total revenues for the first six months of 2010 were $2.6 million, compared to total revenues of $2.3 million for the same period of 2009.

Exact reported a net loss of ($2.5) million, or ($0.06) a share, for the second quarter of 2010. The company had a net loss of ($2.4) million, or ($0.08) a share, for the same period of 2009. Exact’s net loss for the six-month period ended June 30, 2010, was ($4.6) million, or ($0.12) a share, compared to ($6.2) million, or ($0.21) a share, for the same period of 2009.

Operating expenses for the second quarter of 2010 were $3.8 million, compared to $3.7 million for the same period of 2009. Operating expenses for the first six months of 2010 were $7.2 million, compared to $8.6 million for the same period of 2009. Operating expenses for the six months ended June 30, 2010, were lower primarily due to one-time expenses incurred during the first quarter of 2009, associated with the company’s strategic transaction with Genzyme, and severance and stock option expense related to last year’s management change.

Exact ended the second quarter of 2010 with cash, cash equivalents and marketable securities of $37.3 million, compared to $24.3 million at Dec. 31, 2009. The company completed a $17.6 million common stock offering during the quarter.

“We remained focused on our key priorities during the second quarter, all of which are a part of our mission of making colon cancer eradication possible through an accurate, patient-friendly screening test,” said Kevin T. Conroy, the company’s president and chief executive. “We continue to make refinements to our test. These improvements include a new patient sampling kit, a biomarker panel that provides near universal coverage of cancer and precancer, and an improved DNA detection method that enables greater sensitivity and specificity.”

“Our validation study remains on track and we look forward to announcing the results of the study and discussing the performance of our test at the American Association of Cancer Research meeting in Philadelphia on October 29. In the meantime, we’re excited to be sharing new data today at the American Association of Clinical Chemistry meeting demonstrating that our quantitative detection chemistry detected 100 percent of colorectal cancers and precancers in a preliminary study with colorectal tissue,” Mr. Conroy said.

Conference Call & Webcast with PowerPoint Presentation

Company management will host a conference call and webcast on Wednesday, July 28, 2010, at 10 a.m. EDT to discuss second-quarter 2010 results. The webcast will include a PowerPoint slide presentation highlighting the company’s second-quarter accomplishments and ongoing corporate activities. The webcast will be available at www.exactsciences.com. Domestic callers should dial 877-212-6082 and international callers should dial 707-287-9332. The access code for both domestic and international callers is 89493587. Please dial in five to 10 minutes prior to the start of conference call. A replay of the conference call will be available at the company’s website. The conference call, webcast and replay are open to all interested parties.

About Exact Sciences Corp.

Exact Sciences Corp. is a molecular diagnostics company focused on colorectal cancer. The company has exclusive intellectual property protecting its non-invasive, molecular screening technology for the detection of colorectal cancer. Stool-based DNA technology is included in the colorectal cancer screening guidelines of the American Cancer Society and the U.S. Multi-Society Task Force on Colorectal Cancer. For more information, please visit the company’s website at www.exactsciences.com.

Certain statements made in this press contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or other comparable terms. Forward-looking statements in this press release may address the following subjects among others: statements regarding the sufficiency of our capital resources, expected operating losses, expected license fee revenues, expected research and development expenses, expected general and administrative expenses and our expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports of Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

EXACT SCIENCES CORPORATION
Selected Unaudited Financial Information
Condensed Consolidated Statements of Operation Data
(Amounts in thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
Revenue:
Product royalty fees $ 7 $ 11 $ 19 $ 18
License fees 1,307 1,247 2,594 2,240
1,314 1,258 2,613 2,258
Cost of revenue:
Product royalty fees 6 8 12 8
Gross profit: 1,308 1,250 2,601 2,250
Operating Expenses:
Research and development 2,123 2,015 3,918 2,123
General and administrative 1,339 1,638 2,851 6,406
Sales and marketing 330 40 439 40
Restructuring (3 )
3,792 3,693 7,208 8,566
Loss from operations (2,484 ) (2,443 ) (4,607 ) (6,316 )
Interest income 7 49 6 83
Net loss $ (2,477 ) $ (2,394 ) $ (4,601 ) $ (6,233 )
Net loss per share – basic and diluted $ (0.06 ) $ (0.08 ) $ (0.12 ) $ (0.21 )
Weighted average common shares
outstanding – basic and diluted 39,067 31,283 37,347 30,360
EXACT SCIENCES CORPORATION
Selected Unaudited Financial Information
Condensed Consolidated Balance Sheet Data
(Amounts in thousands)
June 30,
December 31,
2010 2009
Assets
Cash and cash equivalents $ 24,232 $ 21,924
Marketable securities 13,092 2,404
Prepaid expenses and other current assets 533 484
Restricted cash 500 500
Property and equipment, net 737 458
Total assets $ 39,094 $ 25,770
Liabilities and stockholders’ equity
Total current liabilities $ 7,584 $ 6,526
Third party royalty obligation, less current portion 988
Long term debt 1,000 1,000
Long term accrued interest 11 1
Deferred license fees, less current portion 9,964 11,161
Total stockholders’ equity 20,535 6,094
Total liabilities and stockholders’ equity $ 39,094 $ 25,770
Wednesday, July 28th, 2010 Uncategorized Comments Off on Exact Sciences (EXAS) Reports Second-Quarter 2010 Financial Results

Exact Sciences’ (EXAS) Methylation Detection Technology Achieves 100 Percent Sensitivity, Specificity

ANAHEIM, Calif.–(BUSINESS WIRE)–Exact Sciences Corp. (Nasdaq: EXASNews) today announced that data being presented this afternoon at the annual meeting of the American Association of Clinical Chemistry (AACC) demonstrates that its methylation specific technology, using a combination of DNA methylation markers, detected 100 percent of colorectal cancers and precancers at a specificity cutoff of 100 percent in a preliminary study with colorectal tissue.

The study data also showed that the methylation specific technology was able to detect fewer than 10 copies of methylated DNA. The technology also demonstrated the ability to discriminate 10 copies of methylated DNA target in an unmethylated target population of 100,000 copies.

“The data being presented today at AACC illustrates the groundbreaking approach Exact Sciences is taking to the detection of both colorectal cancers and precancers,” said Kevin T. Conroy, president and chief executive of Exact Sciences. “We believe our study is the first time that any set of markers has achieved 100 percent discrimination of both colorectal cancers and precancers from normal tissue. While we believe the performance of these markers will be diminished in stool samples, the 100 percent sensitivity and specificity they demonstrated in tissue samples gives us confidence about achieving our goal of greater than 85 percent and 50 percent cancer and precancer sensitivity, respectively, in our upcoming validation study, which will include approximately 1,650 stool samples.”

DNA methylation regulates gene expression, the process that converts the information in DNA into proteins. Scientific studies have shown that methylation markers are clinically relevant for the detection of colorectal cancers and precancers. Methylation markers are typically present more frequently than individual DNA mutation markers in colorectal cancers and precancers and, as a result, fewer methylation markers are required to detect them.

The data is being presented at the AACC meeting in a poster titled “Sensitive Quantification of Methylated Markers with a Novel Methylation Specific Technology.” The study was a collaboration of Exact Sciences and Mayo Clinic.

About Exact Sciences Corp.

Exact Sciences Corp. is a molecular diagnostics company focused on colorectal cancer. The company has exclusive intellectual property protecting its non-invasive, molecular screening technology for the detection of colorectal cancer. Stool-based DNA technology is included in the colorectal cancer screening guidelines of the American Cancer Society and the U.S. Multi-Society Task Force on Colorectal Cancer. For more information, please visit the company’s website at www.exactsciences.com.

Certain statements made in this press contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or other comparable terms. Forward-looking statements in this press release may address the following subjects among others: statements regarding the sufficiency of our capital resources, expected operating losses, expected license fee revenues, expected research and development expenses, expected general and administrative expenses and our expectations concerning our business strategy. Forward-looking statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our most recently filed Annual Report on Form 10-K and our subsequently filed Quarterly Reports of Form 10-Q. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

Wednesday, July 28th, 2010 Uncategorized Comments Off on Exact Sciences’ (EXAS) Methylation Detection Technology Achieves 100 Percent Sensitivity, Specificity

Dreams, Inc. (DRJ) Adds University of Texas Athletics to Syndication Portfolio

PLANTATION, Fla.–(BUSINESS WIRE)–Dreams, Inc. (NYSE Amex: DRJ), a vertically integrated leader in the licensed sports products industry, announced that it has signed a letter of intent to acquire Collegiate Marketing Services (CMS) of Overland Park, Kan. CMS has since 2005 managed the retail, game day and online merchandise operations for The University of Texas Athletics program. Terms of the deal were not disclosed. The acquisition, when completed, will include the management of Longhorns, LTD retail operations at Darrell K Royal-Texas Memorial Stadium and other UT sports venues, as well as the official online store LonghornsLTD.com. Dreams is launching the new official Longhorns store on its propriety ecommerce platform.

“The acquisition of CMS brings one of the nation’s most respected and largest college programs into our syndication portfolio,” stated Kevin Bates, President of Dreams Retail, a division of Dreams, Inc. “We are fully committed to the Longhorns brand and will work relentlessly to grow their business, enhance their customer experience, and represent Texas as the premier college in the country.”

Bates added, “This acquisition also marks our entrance into game day stadium operations, thus opening a whole new channel of business for us. Over the past few years, we have been strategically populating our roster with many game day stadium operations experts. We now have an experienced management staff with more than 80 years of collective experience running stadium operations, satellite stores and other team retail events for more than 20 different professional teams and colleges. This will allow us to deliver a comprehensive retail solution to current and prospective clients that are looking for a provider who excels both at e-commerce and in-stadium operations and merchandising.”

Steve Ballard, CEO of CMS stated, “Dreams’ acquisition of CMS will be a big win for both companies. The strength of CMS’s game day and retail management will now be merged with the top online merchandise platform in the business. The ability to maximize sales across all channels of business for our clients is exciting. We are thrilled to be joining such a successful and fast growing organization.”

Dreams anticipates a closing within 30 days, which is subject to execution of definitive documents, Board of Directors and Bank approvals.

DREAMS, INC. trades under the ticker symbol: NYSE Amex: DRJ

www.dreamscorp.com

Statements contained in this press release, which are not historical facts, are forward looking statements. The forward-looking statements in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements are indicated by words or phrases such as “anticipates,” “projects,” “management believes,” “Dreams believes,” “intends,” “expects,” and similar words or phrases. Such factors include, among others, the following: competition; seasonality; success of operating initiatives; new product development and introduction schedules; acceptance of new product offerings; franchise sales; advertising and promotional efforts; adverse publicity; expansion of the franchise chain; availability, locations and terms of sites for franchise development; changes in business strategy or development plans; availability and terms of capital including the continuing availability of our credit facility with Regions Bank or a similar facility with another financial institution; labor and employee benefit costs; changes in government regulations; and other factors particular to the Company.

Wednesday, July 28th, 2010 Uncategorized Comments Off on Dreams, Inc. (DRJ) Adds University of Texas Athletics to Syndication Portfolio

The Eastern Company (EML) Reports Results for the Second Quarter and Six Months of 2010

NAUGATUCK, Conn.–(BUSINESS WIRE)–The Eastern Company (NYSE Amex-EML) today announced the results of its operations for the second quarter and six months of 2010. Sales for the quarter were $32.6 million, compared to $28.1 million for the same period in 2009, a 16% increase, while net income was $1.4 million or $0.23 per diluted share, compared to the $842,000, or $0.13 per diluted share, reported in the second quarter of 2009, a 67% increase.

Net sales for the six months of 2010 were $63.5 million compared to $56.5 million for the first six months of 2009, a 12% increase. For the six month period ended July 3, 2010 net income was $2.4 million or $0.40 per diluted share, compared to a loss of ($240,000) or ($.04) per diluted share for the same period in 2009.

Mr. Leganza Chairman, President and CEO stated, “All three of our business segments experienced increased sales and earnings as compared to the second quarter and first six months of 2009, an upward trend which began in the first quarter of this year. While we have experienced our sales increase in almost all of the markets we serve, we believe it is yet too early to conclude whether or not the economy will continue to sustain itself and get stronger. However, we feel very positive and confident about our business plans and objectives for 2010 and continue to anticipate an overall improvement in sales and earnings for the year. The cost and expense reductions we implemented during 2009 have been important toward providing positive earnings results across all our business segments.”

Leonard F. Leganza, added, “The Metal Products Group has benefited from the strong demand for coal. The mining industry is, as a consequence, expected to remain robust in the foreseeable future. The $2.5 million production improvement plan we initiated is on schedule with the major installations to take place during the early part of August. No disruptions of customer service are anticipated.”

Mr. Leganza, continued, “The Industrial Hardware Group is benefiting from the demand for products utilizing our lightweight composite panels. Sales of those products are anticipated to improve because of the greater demand for Class 8 sleeper cabs as well as panels for delivery truck applications and the introduction of other new products. The Security Products Group continued to benefit from stronger demand for lock products in the majority of the markets we serve. The commercial laundry markets, which are also served by the Security Products Group, continued, however, to experience softness which we believe to be the result of general economic factors. New products which are targeted at the commercial laundry markets include advanced coin recognition systems and contactless and wireless cash payment systems. These products were introduced during the second quarter of 2010 and we anticipate several new market opportunities will open up for us in the coin vending and metering industry.”

Mr. Leganza concluded, “While we remain cautiously optimistic about the current state of the economy, we expect that all of our business segments will experience growth in sales and earnings for the full year compared to 2009. We also believe our liquidity plans will be sufficient to support our current dividend policy, meet our debt service requirements and replace or upgrade our capital equipment where needed. We will continue to take whatever measures are necessary to enhance our liquidity position during 2010, and as always, take whatever further action may be necessary to improve our operating results and pursue our strategic initiatives.”

The Eastern Company is a 152-year-old manufacturer of industrial hardware, security products and metal castings. It operates from nine locations in the U.S., Canada, Mexico, Taiwan and China. The diversity of the Company’s products helps it to respond to the changing requirements of a broad array of markets.

Forward-Looking Statements: Information in this news release contains statements which reflect the Company’s current expectations regarding its future operating performance and achievements. Actual results may differ due to the many economic uncertainties that affect the Company’s business environment. Further information about the potential factors which could affect the Company’s financial results is included in the Company’s reports and filings with the Securities and Exchange Commission. The Company is not obligated to update or revise the aforementioned statements for those new developments.

Statement of Consolidated Income (unaudited)
THE EASTERN COMPANY (NYSE Amex – EML)
THREE Months Ended SIX Months Ended
13 wks 13 wks 26 wks 26 wks
July 3, 2010 July 4, 2009 July 3, 2010 July 4, 2009
Net Sales $ 32,577,665 $ 28,087,629 $ 63,532,220 $ 56,520,102
Net Income $ 1,410,869 $ 842,382 $ 2,420,529 $ (240,148 )
Net Income Per Share:
Basic $ 0.23 $ 0.14 $ 0.40 $ (0.04 )
Diluted $ 0.23 $ 0.13 $ 0.39 $ (0.04 )
Weighted average shares outstandings:
Basic 6,074,700 5,967,826 6,069,977 5,966,787
Diluted 6,165,369 6,268,805 6,177,847 5,966,787
Wednesday, July 28th, 2010 Uncategorized Comments Off on The Eastern Company (EML) Reports Results for the Second Quarter and Six Months of 2010

Stream (SGS) Unveils Technology Strategy Designed to Maximize Operational Efficiency and Increase Customer Lifetime Value

BOSTON–(BUSINESS WIRE)–Stream Global Services, Inc. (NYSE AMEX: SGS), a premium, global business process outsource (BPO) service provider specializing in customer relationship management services for Fortune 1000 companies, today announced xStream Interactions, its comprehensive technology strategy and platform, designed specifically to improve operational efficiencies and drive long-term customer value for its clients. The xStream Interactions platform consists of three product or service “families” – Performance Studio, a collection of agent-productivity desktop solutions designed to enhance effectiveness and efficiency; Communications Services, hosted services for customer interactions; and Analytic Solutions, a suite of robust, real-time analytic solutions intended to enhance the customer experience and improve lifetime value. Stream’s technology platform will provide the ability to extend the contact center into enterprise, offer real-time analytics at point of interaction and deliver agent tools that provide timely feedback and knowledge. Stream is also announcing today the immediate availability of its first Performance Studio product, Navigator.

For each client program, Stream works with various external and proprietary client systems, each with its own set of applications and business processes. The result is complex user interfaces and workflows. Navigator automates these business process workflows that span disparate systems and applications within the contact center infrastructure. By utilizing Navigator, Stream is able to optimize service professional productivity, reduce handle times, improve cross-sell and up-sell performance and enhance overall customer satisfaction by driving brand loyalty for its clients.

As additional technology offerings are available from Stream, Navigator will seamlessly integrate with those as well, acting as a “portal” into Stream’s complete roster of available technology solutions. Navigator is currently in deployment for one of Stream’s Fortune 100 clients and is delivering enhanced service to its customers with reduced average handling times and improved first call resolution rates.

Specific Navigator features include:

  • Integrated Applications – provides single sign-on capability for multiple applications, thus improving overall service professional productivity
  • Automates Processes – eliminates the need for repetitive tasks, therefore increasing focus on the customer and reducing average handle time
  • Extends Functionality – becomes a portal into Stream’s technology offerings, aggregating multiple applications – including real-time analytics – into one, front-end interface
  • Builds Composite Applications – provides quick and easy access to direct links and lookups
  • Exposes Additional Services – predicts and launches revenue generating opportunities for the service professional following a technical support or customer care interaction

“At Stream, we understand companies operating in today’s volatile economy face an increasing demand to reduce their overall operating costs, while still driving customer loyalty and revenue,” said Bob Lyons, Chief Technology and Information Officer of Stream Global Services. “Navigator, and our entire technology platform, has been designed specifically to address this need. Our forward-thinking technology strategy ensures that we are positioned to offer our current and future clients the best platform and technology solutions possible for driving customer value up, while driving cost down. We look forward to unveiling additional technology services and solutions in the coming months that will help us deliver on our mission of continually providing innovative service solutions to our clients that create maximum value to their customers.”

For more information on the Navigator and Stream’s complete technology offering, please visit http://www.stream.com.

About Stream Global Services, Inc.

Stream Global Services is a premium business process outsource (BPO) service provider specializing in customer relationship management including sales, customer care and technical support for Fortune 1000 companies. Stream is a trusted partner to some of the world’s leading technology, computing, telecommunications, retail, entertainment/media, and financial services companies. Our service programs are delivered through a set of standardized best practices and sophisticated technologies by a highly skilled workforce of approximately 30,000 employees based out of 50 locations in 22 countries supporting more than 35 languages. Stream continues to expand its global presence and service offerings to increase revenue, improve operational efficiencies and drive brand loyalty for its clients. To learn more about the company and its complete service offering, please visit www.stream.com.

Wednesday, July 28th, 2010 Uncategorized Comments Off on Stream (SGS) Unveils Technology Strategy Designed to Maximize Operational Efficiency and Increase Customer Lifetime Value

Caraco Pharmaceutical Laboratories, Ltd. (CPD) Reports Results for the First Quarter of Fiscal Year 2011

DETROIT, July 27 /PRNewswire-FirstCall/ — Caraco Pharmaceutical Laboratories, Ltd. (NYSE Amex: CPD) recorded net sales of $130.0 million during the first quarter of Fiscal 2011 compared to $48.1 million during the first quarter of Fiscal 2010. During the first quarter of Fiscal 2011, the sales of Caraco-owned products were $2.9 million, as compared to $13.1 million during the corresponding period of Fiscal 2010, while the sales of distributed products during the first quarter of Fiscal 2011 were $127.1 million, as compared to $35.0 million during the corresponding period of Fiscal 2010. Caraco earned a gross profit of $9.5 million during the first quarter Fiscal 2011, as compared to incurring a gross loss of $3.6 million during the corresponding period of Fiscal 2010. The gross loss in the first quarter of Fiscal 2010 was, in large part, due to a reserve of $8.4 million created by the Company, for  the inventory seized by the FDA. The Company earned pre-tax income of $1.9 million during the first quarter of Fiscal 2011, as compared to incurring a pre-tax loss of $14.4 million during the corresponding period of Fiscal 2010. Pre-tax income in the first quarter of Fiscal 2011 is higher due to increased sales of certain distributed products. The sales of such products at these levels are not expected to continue in future periods. Caraco earned net income of $1.2 million during the first quarter of Fiscal 2011, as compared to incurring a net loss of $9.4 million during the corresponding period of Fiscal 2010. The Company generated cash from operations in the amount of $3.3 million during the first quarter of Fiscal 2011, as compared to generating cash from operations in the amount of $1.4 million during the corresponding period of Fiscal 2010.

Selling, general and administrative (“SG&A”) expenses during the first quarter of Fiscal 2011 were $5.8 million, as compared to $3.7 million during the corresponding period of Fiscal 2010, representing an increase of 60%. SG&A expenses were higher during Fiscal 2011 as the Company recorded additional expenses primarily related to professional consultation fees pertaining to FDA issues. SG&A expenses, as a percentage of net sales decreased to 4% for the first quarter of Fiscal 2011, as compared to 8% for the corresponding period of Fiscal 2010. The lower percentage of SG&A is mainly due to the higher sales in the current period versus the corresponding period last year.

Total R&D expenses incurred for the first quarter of Fiscal 2011 were $2.1 million, as compared to $7.1 million during the corresponding period of Fiscal 2010. Although R&D expenses have decreased in the current period due to the focus of the Company on remediating FDA concerns, they are likely to increase once the Company refocuses on new product filings and approvals with the FDA.

Caraco filed two ANDAs relating to two products with the FDA during the first quarter of Fiscal 2011. The total number of ANDAs pending approval by the FDA as of June 30, 2010 was 33 (including four tentative approvals) relating to 29 products.

The Company has been actively working with cGMP consultants towards the resumption of manufacturing activities at its Michigan facilities. These consultants were appointed by the Company in accordance with the previously disclosed Consent Decree, which the Company entered into with the FDA on September 29, 2009. The FDA approved the Company’s work plan on March 17, 2010, and the Company is in the process of implementing the corrective actions and remedial measures as stipulated in the work plan. On June 24, 2010, the FDA notified Caraco that its protocol for third party cGMP certification, detailing the activities to be conducted by the cGMP experts, was acceptable. Caraco’s cessation of manufacturing operations will continue until it receives written notification from independent experts and the FDA that it is in compliance with the Consent Decree and regulations and can resume operations. Caraco intends to continue to work with the FDA to resolve its concerns as effectively and expeditiously as possible. However, there is no assurance that the steps being taken will be successful or result in resolution of the FDA complaint.

On June 25, 2010 the FDA released certain previously seized raw materials which had been opened solely for the purpose of sampling.

This press release should be read in conjunction with Caraco’s annual report on Form 10-Q which will provide more detailed information on the results for the first quarter of Fiscal 2011.

Detroit-based Caraco Pharmaceutical Laboratories, Ltd., develops, manufactures, markets and distributes generic pharmaceuticals to the nation’s largest wholesalers, distributors, drugstore chains and managed care providers.

Safe Harbor: This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Without limitation, the words “believe” or “expect” and similar expressions are intended to identify forward-looking statements. Such statements are based on management’s current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are contained in the Corporation’s filings with the Securities and Exchange Commission, including Part I, Item 1A of our most recent Form 10-K, and include but are not limited to: information of a preliminary nature that may be subject to adjustment, potentially not obtaining or delay in obtaining FDA approval for new products, governmental restrictions on the sale of certain products, development by competitors of new or superior products or less expensive products or new technology for the production of products, the entry into the market of new competitors, market and customer acceptance and demand for new pharmaceutical products, availability of raw materials, timing and success of product development and launches, dependence on few products generating majority of sales, product liability claims for which the Company may be inadequately insured, material litigation from product recalls, the purported class action lawsuits alleging federal securities laws violations, delays in returning the Company’s products to market, including loss of market share, and other risks identified in this report and from time to time in our periodic reports and registration statements. These forward-looking statements represent our judgment as of the date of this report. We disclaim, however, any intent or obligation to update our forward-looking statements.

CARACO PHARMACEUTICAL LABORATORIES, LTD.

(A subsidiary of Sun Pharmaceutical Industries Limited)

STATEMENTS OF OPERATIONS (UNAUDITED)

Three months ended June 30,

2010

2009

Net sales

$        130,028,760

$         48,070,016

Cost of goods sold

120,487,714

51,679,584

Gross profit (loss)

9,541,046

(3,609,568)

Selling, general and administrative expenses

5,839,240

3,659,211

Research and development costs

2,119,099

7,085,135

Operating income (loss)

1,582,707

(14,353,914)

Other income (expense)
Interest expense

(198,264)

(130,950)

Interest income

498,607

104,455

Loss on sale of equipment

(114,272)

Other income

46,298

Other income (expense) – net

300,343

(94,469)

Income (loss) before income taxes

1,883,050

(14,448,383)

Income tax expense (benefit)

673,282

(5,025,332)

Net income (loss)

$            1,209,768

$          (9,423,051)

Net income (loss) per common share
Basic

$                      0.03

$                    (0.25)

Diluted

$                      0.03

$                    (0.25)

Weighted number of shares
Basic

39,090,194

37,547,864

Diluted

40,468,694

37,547,864

Tuesday, July 27th, 2010 Uncategorized Comments Off on Caraco Pharmaceutical Laboratories, Ltd. (CPD) Reports Results for the First Quarter of Fiscal Year 2011

Uranium Energy Corp (UEC) Issues Mid-Year Shareholder Report

Press Release Source: Uranium Energy Corp On Tuesday July 27, 2010, 8:30 am EDT

– Highlights Include Construction Status of Palangana ISR Project, and

– Initial Uranium Production Scheduled for the Fourth Quarter

NYSE Amex Equities Exchange Symbol – UEC

CORPUS CHRISTI, TX, July 27 /PRNewswire-FirstCall/ – Uranium Energy Corp (NYSE-AMEX: UEC, the ‘Company’) today issued a Mid-Year Shareholder Report and filed an 8-K statement advising on the progress of its Palangana in-situ recovery (ISR) project in South Texas, which is scheduled to commence production in the fourth quarter of this year. The report from CEO Amir Adnani follows in its complete form:

Dear Shareholder,

I am pleased to provide a mid-year report for Uranium Energy Corp. The first half of the year has truly been a breakthrough for the Company, as we demonstrate with a number of particulars in this letter. The second half of the year promises to bring all of our work to fruition with the start of initial uranium production at the Palangana ISR project, on track for the fourth quarter of this year. This will put UEC in a very elite class as one of only eight uranium producers in the world.

The Company’s Annual General Meeting was held last week on July 22, and I would like to express my gratitude to you, our shareholders, for your continued trust and support. The entire UEC team deserves a special acknowledgement for their dedication and hard work, as do our directors for their experienced leadership. Thank you!

Also, considering that the economy and investment markets continue to experience difficulties, I want to reassure you that the Company is well funded to execute its plans. Uranium Energy Corp has no debt and approximately $22 million in cash, funds that are in excess of the remaining development costs to start cash flow.

    Palangana Production Watch
    --------------------------

With the plans to initiate in-situ recovery of uranium at Palangana in South Texas in four months, I want to tell you – and show you – what to start to expect. This area is alive with rigs, trucks, pipes and roads going in for production. In addition, two rigs are actively drilling to the east, north and south of the first production area, Production Area One (PAA-1), generating additional uranium potential. We feel good about the prospects for growing our resource base in South Texas to feed our recently acquired Hobson processing plant, which is fully licensed and permitted and ready to process uranium immediately.

    To view the images and descriptions, please click on these links:
    -----------------------------------------------------------------

Wellfield Development:

http://uraniumenergy.com/projects/texas/palangana/index.php?&content_id=358

Drilling Disposal Well:

http://uraniumenergy.com/projects/texas/palangana/index.php?&content_id=359

Hobson Processing Plant:

http://uraniumenergy.com/projects/texas/hobson/index.php?&content_id=360

Management takes great pride in current photographs of these activities because Uranium Energy Corp is the only company in North America that is in the position to start major production of uranium in the near-term with all necessary permits secured.

We initiated wellfield development and construction early in June at PAA-1, with 110 injection and production wells to be drilled, cased and completed. Concurrently, we started drilling the disposal well for this first wellfield, which is now complete. Roads are going in, and the electricity is on. Shortly we will initiate construction of the on-site ion-exchange facility. The equipment, tanks and pipes for this facility have been purchased and tested, and are now ready for installation, anticipated in the next two months.

These activities are being supervised and coordinated under the watchful and experienced control of Chief Operating Officer, Harry Anthony – who earlier supervised ISR production at Palangana on behalf of Union Carbide in the 1970s – and Vice President of Production, Robert Underdown.

Meanwhile, approximately one hundred miles north at the Company’s Hobson central processing plant, all systems are ready to receive and process the first truckloads of resins from PAA-1 into uranium oxide (commonly referred to as U3O8 or yellowcake), with first deliveries expected by November this year.

    Additional Achievements in the First Half of 2010
    -------------------------------------------------

    -   Sale of non-core asset - In April the Company completed the sale of
        its 49% interest in the Cibola Resources LLC joint venture located in
        New Mexico for $11 million in cash, valuable non-dilutive funds
        ensuring that the Company's balance sheet is strong.

    -   Permitting advances - In January, the TCEQ approved the final permits
        for production at Palangana. In addition, at the Goliad ISR project,
        the crucial disposal well permits were received in May. Also, a
        public hearing was completed that was needed before the completion of
        final permits for production at Goliad, anticipated later this year.

    -   Increasing uranium resources - In February, the Company announced its
        first NI 43-101-qualified resource at Palangana. The independent
        Technical Report provides for a resource of 2.2 million pounds U3O8
        in all categories. Based on very successful drilling throughout the
        year on several zones at Palangana, the Company is confident of
        expanding this defined resource before the end of this year. This is
        in addition to 6.9 million pounds of in-situ uranium in all
        categories of resource at our Goliad ISR project, plus 1.3 million
        pounds at Nichols and a 1.5 million pound historical resource at the
        Company's Salvo project. All of these ISR uranium projects are in
        close proximity to the Company's Hobson processing plant, part of
        UEC's regional operating strategy in Texas.

    -   Media and analyst coverage - The Company gained excellent recognition
        from the media during this period as America's next uranium producer.
        We had a feature article in Forbes magazine in April. I was
        interviewed by Bloomberg and Reuters, and both interviews became the
        basis for articles, transmitted globally in each instance. In
        addition, six recognized analysts now track the developments of the
        Company in Canada and the U.S.

    -   Russell 2000 indexes - Uranium Energy Corp was reinstated to the
        Russell 2000 Index and the Russell 3000 Index as published on June 29
        by Russell Investment Group.

    Moving Forward: Near-Term Production and Cash Flow
    --------------------------------------------------

Our key objective is initial production and cash flow. With an engineering team comprised of many of the top pioneers of the ISR method of uranium mining, we are well positioned to benefit from this low cost production profile. Several additional targets are anticipated to complete this year that will add immeasurably to the Company’s near-future. Please keep an eye out for these developments later this year:

    -   An updated resource statement for Palangana
    -   Further and significant information regarding the Company's Salvo
        project
    -   Permitting advances for Goliad, which is targeted for initial
        production next year
    -   Additional expansion with highly prospective new leases

    Nuclear Power Industry Gaining Traction
    ---------------------------------------

President Obama got the industry off to a strong start in his State of the Union address in January by emphasizing that the country’s nuclear power capacity must increase because it is a key to America’s energy future. The Administration followed this up emphatically in February by earmarking approximately $54 billion for federal loan guarantees for new nuclear reactors. And they acted quickly to grant the first $8 billion in loan guarantees to Southern Co. for the construction of two reactors in Georgia.

Bloomberg recently reported that China is tying up large amounts of future uranium production in long-term contracts, perhaps signaling that uranium prices are headed higher in the second half of 2010, as indicated by this week’s jump of $4.25 to $46/lb in the spot price. This report follows several actions through the early months of the year by Chinese, Japanese, Korean and Russian utilities and traders that are buying uranium companies and projects globally. Not only do these actions tend to cause the price of uranium to rise, they clearly reduce the amount of uranium available for others, and most notably for the U.S. utilities, which operate nearly 25% of the world’s reactors, and plan to expand capacity by another 31% by 2020.

    Uranium Prices
    --------------

We are optimistic about the price of uranium. It has built a base above $40/lb for over a year, and is anticipated by a majority of analysts to rise later this year or next year. In fact, yesterday, spot uranium price moved up to $46/lb, a jump of $4.25. Throughout the industry, demand far exceeds supply on both a global and local-U.S. basis for now and the foreseeable future. The term, or long-term contract price, appears to be stable at $60/lb, a highly workable level for us.

The Company’s plan is to be THE low-cost leader using the state-of-the-art ISR method of production. The advantages of ISR include a very low capital expenditure to get into production; a projected low cost of production; a better profit margin and a friendlier relationship with the environment.

Uranium Energy Corp. is advancing at a rapid pace. With initial production this year, we anticipate this momentum to increase. We appreciate your trust in the progress of the company, and welcome your additional participation.

Please stay in touch with us by visiting www.uraniumenergy.com, emailing info@uraniumenergy.com or calling us any time at 1-866-748-1030.

    Yours sincerely,

    "Amir Adnani"

    Amir Adnani
    President and CEO
    Uranium Energy Corp

About Uranium Energy Corp

Uranium Energy Corp. (NYSE-AMEX: UEC) is a U.S.-based exploration and development company with the objective of near-term uranium production in the U.S. The Company’s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas, including the fully-permitted Palangana in-situ recovery project, and the Goliad in-situ recovery project which is in the final stages of mine permitting for production. The Company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining.

    Stock Exchange Information:
    NYSE-AMEX: UEC
    Frankfurt Stock Exchange Symbol: U6Z
    WKN: AØJDRR
    ISN: US916896103

Notice to U.S. Investors

The mineral resources referred to herein have been estimated in accordance with the definition standards on mineral resources of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and are not compliant with U.S. Securities and Exchange Commission (the “SEC”) Industry Guide 7 guidelines. In addition, measured mineral resources, indicated mineral resources and inferred mineral resources, while recognized and required by Canadian regulations, are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Accordingly, we have not reported them in the United States.

Investors are cautioned not to assume that any part or all of the mineral resources in these categories will ever be converted into mineral reserves. These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. In particular, it should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources or inferred mineral resources will ever be upgraded to a higher category. In accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources indicated mineral resources or inferred mineral resources referred to in this news release and in the Technical Report are economically or legally mineable.

Safe Harbor Statement

Except for the statements of historical fact contained herein, the information presented in this news release constitutes “forward-looking statements” as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.

Tuesday, July 27th, 2010 Uncategorized Comments Off on Uranium Energy Corp (UEC) Issues Mid-Year Shareholder Report

Hologic (HOLX) Announces Panel Date For Its Selenia Dimensions (3-D) Digital Mammography Tomosynthesis System

BEDFORD, Mass., July 27 /PRNewswire-FirstCall/ — Hologic, Inc. (Hologic or the Company) (Nasdaq:HOLXNews), a leading developer, manufacturer and supplier of premium diagnostics products, medical imaging systems and surgical products dedicated to serving the healthcare needs of women, today announced that the Company’s Selenia Dimensions three-dimensional (3-D) digital mammography tomosynthesis system has been scheduled to be reviewed by the Radiological Devices Panel (Panel) of the U.S. Food and Drug Administration (FDA) on September 24, 2010 as part of the Company’s pre-market approval (“PMA”) application. The PMA application being reviewed was originally filed in 2008 and subsequently updated with additional data, and seeks approval of the use of the system for both screening and diagnostics. In addition, the Company is conducting a number of additional clinical trials for a separate FDA submission expected to be filed at a later date. Hologic’s 3-D imaging technology, “Selenia Dimensions,” is available commercially in more than a dozen countries, including countries in Europe, the Middle East, South America, Asia and Australia. In North America, commercial Selenia Dimensions systems are installed in Canada and Mexico. In the United States, Selenia Dimensions is currently available as a two dimensional (2-D) only system that is upgradeable to do breast tomosynthesis (3-D) imaging when and if the product is approved by the FDA.

The Hologic Selenia Dimensions digital mammography tomosynthesis system is a new method for breast cancer screening and diagnosis. Unlike current mammography systems, which generate a 2-D image, breast tomosynthesis produces a 3-D image.

“Over the past several years, Hologic has been diligently working on new technologies, most notably the development of breast tomosynthesis,” said Rob Cascella, President and Chief Executive Officer. “This Panel review of our Selenia Dimensions breast tomosynthesis system is part of the FDA process of assessing this remarkable new technology. The system is specifically designed to address the primary limitation of 2-D digital mammography, namely the superposition of normal breast anatomy that may mask a breast cancer. We believe tomosynthesis represents the next phase in breast cancer detection – fast, high-quality 3-D imaging of the breast. We are thrilled to have a Panel date set for September as an important step in the review of our next-generation technology.”

Company management will discuss this Panel date in more detail during our scheduled conference call on Monday, August 2, 2010, at 5:00 p.m. (Eastern) for our third quarter fiscal 2010 operating results. Interested participants may listen to the call by dialing 888-503-8177 or 719-325-2318 for international callers and referencing access code 3392847 approximately 15 minutes prior to the call.

About Hologic, Inc.

Hologic, Inc. is a leading developer, manufacturer and supplier of premium diagnostics products, medical imaging systems and surgical products dedicated to serving the healthcare needs of women. Hologic’s core business units are focused on breast health, diagnostics, GYN surgical, and skeletal health. Hologic provides a comprehensive suite of technologies with products for mammography and breast biopsy, radiation treatment for early-stage breast cancer, cervical cancer screening, treatment for menorrhagia, permanent contraception, osteoporosis assessment, preterm birth risk assessment, mini C-arm for extremity imaging and molecular diagnostic products including HPV and reagents for a variety of DNA and RNA analysis applications. For more information, visit www.hologic.com.

Hologic, Dimensions and Selenia, and associated logos are trademarks and/or registered trademarks of Hologic, Inc. and/or its subsidiaries in the United States and/or other countries.

Forward Looking Disclaimer

This News Release contains forward-looking information that involves known and unknown risks and uncertainties, including statements about the expected timing of the Panel review of Hologic’s Selenia Dimensions digital breast tomosynthesis system, and the anticipated benefits of that system. The Panel review is only one step in the FDA’s review process and can be rescheduled or cancelled at any time. Hologic is unable to predict the outcome of the Panel review, and there can be no assurance that the Panel will recommend that the FDA approve Hologic’s system for either screening or diagnostics. Even if the Panel were to make such recommendation, there can be no assurance that the FDA would approve Hologic’s system for either use on a timely basis, if at all. In addition, even if approved, the FDA could impose conditions to such approval that would significantly limit the use or commercialization of the system. Moreover, there can be no assurance the system will achieve the anticipated benefits described herein, or that such benefits will be replicated in any particular manner with respect to an individual patient as the actual effect of the use of the system can only be determined on a case-by-case basis depending on the particular circumstances and patient in question. Among other things, newly introduced products may contain undetected errors or defects or otherwise not perform as anticipated. The risks and uncertainties included above are not exhaustive. Other factors that could adversely affect the Company’s business and prospects are described in the Company’s filings with the Securities and Exchange Commission. Hologic expressly disclaims any obligation or undertaking to release publicly any updates or revisions to the data or statements presented herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such data or statements are based.

Tuesday, July 27th, 2010 Uncategorized Comments Off on Hologic (HOLX) Announces Panel Date For Its Selenia Dimensions (3-D) Digital Mammography Tomosynthesis System

Firstbank Corporation (FBMI) Announces Second Quarter 2010 Results

Press Release Source: Firstbank Corporation On Tuesday July 27, 2010, 8:30 am EDT

Highlights Include:

  • Net income of $937,000 and net income available to common shareholders of $525,000 in the second quarter of 2010, compared to $62,000 net income and a negative earnings available to common of $351,000 for these measures in the second quarter of 2009
  • Earnings per share equaled $0.07 for the second quarter of 2010, up from $0.03 per share in the first quarter of 2010 and a loss of $0.04 in the second quarter of 2009
  • Provision expense of $3.1 million and net charge-offs of $2.6 million in the second quarter of 2010 decreased from $5.3 million of provision expense and $2.7 million of net charge-offs in the second quarter of 2009
  • Ratio of the allowance for loan losses to loans strengthened to 1.90% at June 30, 2010, compared to 1.70% at December 31, 2009, and 1.48% at June 30, 2009
  • Loan portfolio continues to shrink due to economic conditions and lack of demand
  • Equity ratios remain strong and all affiliate banks continue to exceed all regulatory well-capitalized requirements

ALMA, Mich., July 27, 2010 (GLOBE NEWSWIRE) — Thomas R. Sullivan, President and Chief Executive Officer of Firstbank Corporation (Nasdaq:FBMINews), announced net income of $937,000 for the second quarter of 2010, compared to $62,000 for the second quarter of 2009, with net income available to common shareholders of $525,000 in the second quarter of 2010 compared to negative $351,000 in the second quarter of 2009. Earnings per share were $0.07 in the second quarter of 2010 compared to a loss of $0.04 in the second quarter of 2009. Returns on average assets and average equity for the second quarter of 2010 were 0.26% and 2.7%, respectively, compared to 0.03% and 0.3% respectively in the second quarter of 2009.

Earnings comparisons to the year-ago quarterly period were impacted by a one-time FDIC insurance assessment expense in the second quarter of 2009. Ongoing FDIC insurance expense, provision expense, and other credit and collection expense continue at elevated levels. Provision expense in the second quarter of 2010 was $3,066,000, up 23.1% from the first quarter of 2010 but 41.9% lower than in the second quarter of 2009. The provision expense of $3,066,000 in the second quarter of 2010 exceeded net charge-offs in the quarter of $2,599,000 as management continued to build the level of reserves for loan losses.

For the first half of 2010, net income of $1,596,000 was 1.3% higher than in the first half of 2009, although net income available to common declined to $771,000 in the first six months of 2010 versus $887,000 for the same period in 2009. Earnings per share were $0.10 in the first half of 2010 compared to $0.12 in the year-ago first half. Provision expense of $5,557,000 in the first half of 2010 exceeded net charge-offs of $4,083,000, and the provision expense was 19% lower than in the first half of 2009.

Expense control efforts continued. Comparing the second quarter of 2010 with the second quarter of 2009, salaries and employee benefits expense decreased 5.4% and occupancy and equipment expense declined 10.5%. The sale of 1st Armored in the first quarter of 2010, while having little impact on net income, also helped to reduce expenses.

Firstbank’s net interest margin was 3.82% in the second quarter of 2010 compared to 3.77% in both the first quarter of 2010 and the second quarter of 2009. Some of Firstbank’s affiliate banks have begun to pay off higher rate Federal Home Loan Bank advances upon their maturities, helping to reduce funding costs. Core deposits have increased, providing a lower cost source of funding. Also, strategies employed during 2009 aimed at incorporating floors on variable rate loans and re-pricing deposits upon renewal at currently competitive rates, have resulted in the improvement in margin. The improvement in margin helped net interest income in the second quarter of 2010 increase 2.8% compared to the first quarter of 2010 and increase 6.8% from the second quarter of 2009.

Mortgage gains, particularly from refinances, were strong in 2009, but both refinance and purchase money mortgage business were very slow in the first quarter of 2010. However, the second quarter of 2010 saw some improvement. Gain on sale of mortgage loans increased to $726,000 in the second quarter of 2010, 96.2% above the level in the first quarter of 2010. In spite of this improvement in the quarter, for the first half of 2010, mortgage gains were 80% lower than in the first half of 2009.

The category of other non-interest income in the second quarter of 2010 showed decreases from both the first quarter of 2010 and from the second quarter of 2009. These decreases are more than explained by the absence of 1st Armored and 1st Title in the consolidated results.

Total assets of Firstbank Corporation at June 30, 2010, were $1.477 billion, an increase of 3.5% over the year-ago period. Total portfolio loans of $1.083 billion were 4.2% below the year-ago level. Commercial and commercial real estate loans decreased 2.5% over this twelve month period, and real estate construction loans decreased 11.2%. Residential mortgage and consumer loans also decreased. The strong mortgage refinance activity in 2009 resulted in loans being financed in the secondary market rather than on the balance sheet of the company. While Firstbank has ample capital and funding resources to increase loans on its balance sheet, demand for funds for new ventures by quality borrowers remains weak due to uncertainty about the economy. Total deposits as of June 30, 2010, were $1.162 billion, compared to $1.056 billion at June 30, 2009, an increase of 10.0%. Core deposits increased $107 million or 10.7% over the year-ago level.

Mr. Sullivan stated, “We continue to focus attention on managing credits and making adjustments in the operations of our company while we wait hopefully for improvement in economic activity. As many businesses and homeowners remain under economic stress, we saw an uptick in net charge-offs in the most recent quarter, although not to an amount above the year-ago level. There continues to be a lack of demand in our markets from borrowers with good credit credentials who are optimistically planning to invest in new projects that have good financial prospects. We continue to have abundant capacity and willingness to make good loans. However, the shrinkage of the loan portfolio results in increased holdings of cash and short term securities with very low investment yields.

“Our efforts to streamline our company by moving out of non-core activities, like title insurance and armored car services, are favorably impacting our expense levels and enabling management to focus on more significant issues. We are also capitalizing on opportunities, related to changes in our business volumes and technology, to reduce personnel and other operating expenses. While recognizing these opportunities, we also are mindful of the importance of our highly capable and motivated staff serving our customers, and our Compensation Committee continues to monitor and adjust compensation programs in accordance with its Compensation Philosophy.

“We continue to have success with our retail strategies and branch network, positioning ourselves well both currently and for the future. Core deposits continue to grow, increasing 0.5% in the second quarter and 10.7% over the past year. Construction is nearly complete on our new branch facility in DeWitt and we are beginning construction on a replacement facility for one of our high volume locations in Mt. Pleasant.”

At June 30, 2010, the ratio of the allowance for loan losses to loans increased to 1.90%, compared to 1.70% at December 31, 2009, and 1.48% at June 30, 2009. The ratio of allowance for loan loss to non-performing loans stood at 55% on June 30, 2010, compared to 47% at December 31, 2009, and 63% at June 30, 2009.

Net charge-offs were $2,599,000 in the second quarter of 2010, higher than the $1,484,000 in the first quarter of 2010, but reduced from the $2,736,000 amount in the second quarter of 2009. In the second quarter of 2010, net charge-offs annualized represented 0.95% of average loans. For the first half of 2010, net charge-offs annualized represented 0.74% of average loans, compared to 0.84% in the first half of 2009. The ratio of non-performing loans (including loans past due over 90 days) to loans stood at 3.43% on June 30, 2010, compared to 3.23% on March 31, 2010 and 3.66% as of December 31, 2009.

Total equity was slightly higher at June 30, 2010, compared to both the levels at December 31, 2009, and June 30, 2009. The ratio of average equity to average assets was 9.8% in both the first and second quarters of 2010, compared to 10.5% in the second quarter of 2009. All of Firstbank Corporation’s affiliate banks continue to meet regulatory well-capitalized requirements.

Firstbank Corporation, headquartered in Alma, Michigan, is a bank holding company using a multi-bank-charter format with assets of $1.5 billion and 51 banking offices serving Michigan’s Lower Peninsula. Bank subsidiaries include: Firstbank – Alma; Firstbank (Mt. Pleasant); Firstbank – West Branch; Firstbank – St. Johns; Keystone Community Bank; and Firstbank – West Michigan.

This press release contains certain forward-looking statements that involve risks and uncertainties. When used in this press release the words “anticipate,” “believe,” “expect,” “hopeful,” “potential,” “should,” and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning future business growth, changes in interest rates, loan charge-off rates, demand for new loans, the performance of restructured loans, and the resolution of problem loans. Such statements are subject to certain risks and uncertainties which could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services, interest rates and fees for services. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

FIRSTBANK CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands except per share data)
UNAUDITED
Three Months Ended: Six Months Ended:
Jun 30 Mar 31 Jun 30 Jun 30 Jun 30
2010 2010 2009 2010 2009
Interest income:
Interest and fees on loans $16,993 $17,021 $17,504 $34,014 $35,128
Investment securities
Taxable 910 716 648 1,626 1,394
Exempt from federal income tax 272 309 321 581 653
Short term investments 50 53 23 103 53
Total interest income 18,225 18,099 18,496 36,324 37,228
Interest expense:
Deposits 4,198 4,278 4,819 8,476 9,987
Notes payable and other borrowing 1,359 1,497 1,821 2,856 3,784
Total interest expense 5,557 5,775 6,640 11,332 13,771
Net interest income 12,668 12,324 11,856 24,992 23,457
Provision for loan losses 3,066 2,491 5,276 5,557 6,864
Net interest income after provision for loan losses 9,602 9,833 6,580 19,435 16,593
Noninterest income:
Gain on sale of mortgage loans 726 370 3,109 1,096 5,482
Service charges on deposit accounts 1,180 1,097 1,122 2,277 2,205
Gain (loss) on trading account securities 0 23 16 23 (113)
Gain (loss) on sale of AFS securities (46) 55 357 9 300
Mortgage servicing 63 126 (191) 189 (543)
Other 442 593 715 1,035 994
Total noninterest income 2,365 2,264 5,128 4,629 8,325
Noninterest expense:
Salaries and employee benefits 5,249 5,460 5,551 10,709 11,181
Occupancy and equipment 1,369 1,490 1,529 2,859 3,256
Amortization of intangibles 210 210 245 420 490
FDIC insurance premium 485 545 1,155 1,030 1,526
Other 3,406 3,722 3,460 7,128 6,714
Total noninterest expense 10,719 11,427 11,940 22,146 23,167
Income before federal income taxes 1,248 670 (232) 1,918 1,751
Federal income taxes 311 11 (294) 322 176
Net Income 937 659 62 1,596 1,575
Preferred Stock Dividends 412 413 413 825 688
Net Income available to Common Shareholders $525 $246 ($351) $771 $887
Fully Tax Equivalent Net Interest Income $12,860 $12,543 $12,071 $25,403 $23,900
Per Share Data:
Basic Earnings $0.07 $0.03 ($0.04) $0.10 $0.12
Diluted Earnings $0.07 $0.03 ($0.04) $0.10 $0.12
Dividends Paid $0.01 $0.05 $0.10 $0.06 $0.20
Performance Ratios:
Return on Average Assets (a) 0.26% 0.21% 0.03% 0.24% 0.24%
Return on Average Equity (a) 2.7% 2.2% 0.3% 2.4% 2.5%
Net Interest Margin (FTE) (a) 3.82% 3.77% 3.77% 3.80% 3.72%
Book Value Per Share (b) $14.86 $14.73 $15.02 $14.86 $15.02
Average Equity/Average Assets 9.8% 9.8% 10.5% 9.8% 9.9%
Net Charge-offs $2,599 $1,484 $2,736 $4,083 $4,790
Net Charge-offs as a % of Average Loans (c)(a) 0.95% 0.54% 0.96% 0.74% 0.84%
(a) Annualized
(b) Period End `
(c) Total loans less loans held for sale
FIRSTBANK CORPORATION
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
UNAUDITED
Jun 30 Mar 31 Dec 31 Jun 30
2010 2010 2009 2009
ASSETS
Cash and cash equivalents:
Cash and due from banks $25,752 $22,906 $27,254 $39,653
Short term investments 49,154 86,069 80,111 52,497
Total cash and cash equivalents 74,906 108,975 107,365 92,150
Securities available for sale 231,204 187,374 159,758 108,091
Federal Home Loan Bank stock 9,084 9,084 9,084 9,084
Loans:
Loans held for sale 108 1,098 578 2,676
Portfolio loans:
Commercial 182,773 188,983 192,096 183,287
Commercial real estate 381,216 388,324 397,862 395,227
Residential mortgage 374,901 375,000 376,683 390,318
Real estate construction 78,694 80,018 85,229 88,668
Consumer 65,127 66,318 69,736 72,482
Total portfolio loans 1,082,711 1,098,643 1,121,607 1,129,982
Less allowance for loan losses (20,588) (20,121) (19,114) (16,668)
Net portfolio loans 1,062,123 1,078,522 1,102,493 1,113,314
Premises and equipment, net 24,662 24,475 25,437 25,616
Goodwill 35,513 35,513 35,513 35,513
Other intangibles 2,520 2,730 2,940 3,384
Other assets 36,491 39,581 39,187 36,302
TOTAL ASSETS $1,476,611 $1,487,352 $1,482,356 $1,426,130
LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Deposits:
Noninterest bearing accounts $164,475 $155,896 $164,333 $165,574
Interest bearing accounts:
Demand 261,888 262,778 255,414 226,078
Savings 197,208 190,214 174,114 162,879
Time 522,205 531,667 532,370 480,954
Wholesale CD’s 16,452 15,848 22,832 20,700
Total deposits 1,162,228 1,156,403 1,149,063 1,056,185
Securities sold under agreements to
repurchase and overnight borrowings 36,601 43,750 39,409 44,163
FHLB Advances and notes payable 85,110 94,246 100,263 127,814
Subordinated Debt 36,084 36,084 36,084 36,084
Accrued interest and other liabilities 8,382 10,002 10,657 13,953
Total liabilities 1,328,405 1,340,485 1,335,476 1,278,199
SHAREHOLDERS’ EQUITY
Preferred stock; no par value, 300,000
shares authorized, 33,000 outstanding 32,748 32,741 32,734 32,707
Common stock; 20,000,000 shares authorized 115,034 114,907 114,773 114,253
Retained earnings (891) (1,338) (1,225) 50
Accumulated other comprehensive income/(loss) 1,315 557 598 921
Total shareholders’ equity 148,206 146,867 146,880 147,931
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $1,476,611 $1,487,352 $1,482,356 $1,426,130
Common stock shares issued and outstanding 7,771,105 7,750,159 7,730,241 7,669,227
Principal Balance of Loans Serviced for Others ($mil) $599.0 $597.8 $602.1 $575.1
Asset Quality Ratios:
Non-Performing Loans / Loans (a) 3.43% 3.23% 3.66% 2.34%
Non-Perf. Loans + OREO / Loans (a) + OREO 4.30% 3.99% 4.29% 3.14%
Non-Performing Assets / Total Assets 3.18% 2.97% 3.27% 2.51%
Allowance for Loan Loss as a % of Loans (a) 1.90% 1.83% 1.70% 1.48%
Allowance / Non-Performing Loans 55% 57% 47% 63%
Quarterly Average Balances:
Total Portfolio Loans (a) $1,090,129 $1,108,023 $1,124,361 $1,137,106
Total Earning Assets 1,349,637 1,343,224 1,318,027 1,283,676
Total Shareholders’ Equity 146,396 146,037 147,730 148,247
Total Assets 1,487,312 1,484,094 1,455,351 1,417,842
Diluted Shares Outstanding 7,757,387 7,736,621 7,712,814 7,643,929
(a) Total Loans less loans held for sale
Tuesday, July 27th, 2010 Uncategorized Comments Off on Firstbank Corporation (FBMI) Announces Second Quarter 2010 Results

Onyx Pharmaceuticals (ONXX) Announces Positive Top-Line Carfilzomib Data From Phase 2b Study

EMERYVILLE, Calif., July 26 /PRNewswire-FirstCall/ — Onyx Pharmaceuticals, Inc. (Nasdaq: ONXX) today announced positive top-line results from the Phase 2b 003-A1 study of single-agent carfilzomib, a selective, next generation proteasome inhibitor, in patients with relapsed and refractory multiple myeloma.  In an independent review of the data, carfilzomib achieved an overall response rate (partial response or greater) of 24 percent and a median duration of response of 7.4 months in patients who entered the study after receiving a median of five prior lines of therapy (corresponding to a median of 13 anti-myeloma agents) and whose disease was refractory to their last therapeutic regimen. The clinical benefit rate (minimal response or greater) in the study population was 36 percent.  Carfilzomib was well-tolerated and there were no new or unexpected toxicities observed.  Full results of the trial will be presented at an upcoming scientific meeting.  Based on these results, Onyx is continuing discussions with the U.S. Food and Drug Administration (FDA) regarding next steps in filing a new drug application (NDA) for carfilzomib, which the company expects to submit by year-end 2010 for potential accelerated approval in the U.S.

“Despite recent advances in treating multiple myeloma, all patients eventually relapse. The unmet medical need remains great, as the outlook for patients with relapsed and refractory disease is grim,” said Michael G. Kauffman, M.D., Ph.D., Chief Medical Officer of Onyx Pharmaceuticals. “According to a study from the International Myeloma Working Group, patients, such as those enrolled in the 003-A1 study, can expect to respond to therapy only 11 percent of the time and survive for only six to 10 months.(i) The single-agent activity with durable disease control and favorable tolerability observed in this study indicate that carfilzomib has the potential to alter the natural course of this deadly disease.”

“Carfilzomib has the potential to be an important therapy in multiple myeloma and exemplifies the Onyx vision to build a leading oncology company by developing innovative targeted therapies,” said N. Anthony Coles, M.D., President and Chief Executive Officer of Onyx Pharmaceuticals. “We are committed to bringing this promising treatment to patients as quickly as possible by pursuing an accelerated approval pathway in the U.S., while simultaneously moving forward with two Phase 3 studies. The first study, ASPIRE, is designed to support full carfilzomib registration in the U.S. in earlier-stage patients who have relapsed following initial lines of therapy, and the second study is designed to support approval in relapsed and refractory patients in Europe.”

Trial Design

The 003-A1 study was an open-label, single-arm Phase 2b trial. The trial evaluated 266 heavily-pretreated patients with relapsed and refractory multiple myeloma whose disease was refractory to their last treatment regimen and who had received at least two prior therapies, including bortezomib, either thalidomide or lenalidomide, an alkylating agent, glucocorticoids and an anthracycline. Refractory disease was defined as < 25% response or progression during therapy or within 60 days after completion of therapy.(ii) Patients enrolled in the 003-A1 trial had received a median of five prior therapeutic regimens, corresponding to a median of 13 anti-myeloma agents. Patients received carfilzomib at 20mg/m2 for the first cycle followed by 27mg/m2 thereafter for up to 12 cycles. Patients who completed the 12 cycles were eligible to enter an extension study. Responses and progression were determined according to the International Myeloma Working Group (IMWG) criteria. The trial was conducted in collaboration with the Multiple Myeloma Research Consortium (MMRC) and at additional sites in the U.S. and Canada.

“The patients in the 003-A1 trial represent an advanced population with significant unmet medical need who had received many lines of therapy and had limited options available to them outside of a clinical trial, strongly underscoring the need for new treatments. We are proud to have worked with the Onyx team that is developing carfilzomib and are encouraged by these results,” said Kathy Giusti, Founder and CEO of the MMRC and a multiple myeloma patient. The MMRC initiated a relationship with the company (then Proteolix) in 2006, which included the participation of 11 MMRC Member Institutions in the 003-A1 trial, representing 36 percent of the total trial centers and 60 percent of enrolled patients.

“There is a high unmet need for treatment options for patients with relapsed and refractory multiple myeloma who are no longer responding to available therapies,” said Brian G.M. Durie, M.D., Cofounder and Chair of the Board of Directors of the International Myeloma Foundation (IMF).

Investor Teleconference

Onyx will host a teleconference and webcast on Monday, July 26, 2010, at 8:00 a.m. Eastern Time (5:00 a.m. Pacific Time) to discuss the top-line data from the Phase 2b 003-A1 study of carfilzomib.

Interested parties may access a live webcast of the presentation on the company’s website at: http://www.onyx-pharm.com/view.cfm/32/Event-Calendar

or by dialing 847-619-6547 and using the passcode 27571112.  A replay of the presentation will be available on the Onyx website or by dialing 630-652-3044 and using the passcode 27571112# approximately one hour after the teleconference concludes.  The replay will be available through August 9, 2010.

About the Carfilzomib Development Program

Carfilzomib is a selective, next-generation proteasome inhibitor that has shown encouraging results in a broad clinical trial program in multiple myeloma.

As previously reported at the 46th American Society of Clinical Oncology (ASCO) Annual Meeting, an ongoing, companion Phase 2 study, known as the 004 study, demonstrated encouraging overall response rates, tolerability and durable disease control when carfilzomib was administered as a single-agent in patients with relapsed and/or refractory multiple myeloma.  In 53 evaluable patients who had not been previously treated with bortezomib, carfilzomib achieved an overall response rate of 55 percent and a median duration of response of 11.5 months at 27mg/m2.  Forty percent of patients were refractory to their most recent therapy prior to entering the trial.  In the overall 004 study population, treatment with carfilzomib was well-tolerated, and no new or unexpected adverse events occurred. The most common Grade 3 treatment-emergent adverse events included: pneumonia (11 percent), anemia (9.7 percent), neutropenia (9.7 percent) and thrombocytopenia (9 percent). Peripheral neuropathy of any grade was infrequent, and no Grade 4 adverse events were observed.

The company has also initiated a large randomized international Phase 3 clinical trial, known as the ASPIRE trial, studying the combination of lenalidomide and low dose dexamethasone with or without carfilzomib in patients with relapsed multiple myeloma. The company has an agreement with the U.S. FDA on a Special Protocol Assessment (SPA) and received Scientific Advice from the European Medicines Agency (EMA) on the design and planned analysis for the ASPIRE trial.  A second Phase 3 clinical trial, known as the FOCUS trial, is planned to evaluate carfilzomib in patients with advanced myeloma and serve as the basis for a European registration. Carfilzomib is also being studied in advanced solid tumors.

About Multiple Myeloma

Multiple myeloma is the second most common hematologic cancer and results from an abnormality of plasma cells, usually in the bone marrow.  In the United States, more than 50,000 people are living with multiple myeloma and approximately 20,000 new cases are diagnosed annually.(iii) Worldwide, more than 180,000 people are living with multiple myeloma and approximately 86,000 new cases are diagnosed annually.(iv)

About Onyx Pharmaceuticals, Inc.

Onyx Pharmaceuticals, Inc. is a biopharmaceutical company committed to improving the lives of people with cancer. The company, in collaboration with Bayer HealthCare Pharmaceuticals, Inc., is developing and marketing Nexavar® (sorafenib) tablets, a small molecule drug that is currently approved for the treatment of liver cancer and advanced kidney cancer. Additionally, Nexavar is being investigated in several ongoing trials in a variety of tumor types. Beyond Nexavar, Onyx has established a development pipeline of anticancer compounds at various stages of clinical testing, including carfilzomib, a next-generation proteasome inhibitor, that is currently being evaluated in multiple clinical trials for the treatment of patients with relapsed or relapsed/refractory multiple myeloma and solid tumors. ONX 0801, an alpha-folate receptor targeted inhibitor of the thymidylate synthase, and ONX 0912, an oral proteasome inhibitor, are currently in Phase 1 testing. For more information about Onyx, visit the company’s website at www.onyx-pharm.com.

Nexavar® (sorafenib) tablets is a registered trademark of Bayer HealthCare Pharmaceuticals.

Forward Looking Statements

This news release contains “forward-looking statements” of Onyx within the meaning of the federal securities laws. These forward-looking statements include without limitation, statements regarding the timing, progress and results of the clinical development, safety, regulatory processes, commercialization efforts or commercial potential of carfilzomib. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including the risk that Proteolix’s operations will not be integrated successfully into Onyx’s, the risk that Onyx may not realize the anticipated benefits of the acquisition and risks related to the development and commercialization of pharmaceutical products. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Reference should be made to Onyx’s Annual Report on Form 10-K for the year ended December 31, 2009, filed with the Securities and Exchange Commission under the heading “Risk Factors” and Onyx’s Quarterly Reports on Form 10-Q for a more detailed description of such factors. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release. Onyx undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.

(i) Kumar S, Crowley J, Lee J-H, Lahuerta JJ, Morgan G et al. “Outcome of Subjects with Myeloma Relapsing after IMiD and Bortezomib Therapy: A Multicenter Study from the International Myeloma Foundation Working Group.  Poster presentation: 15th Congress of the European Hematology Association, June 10-13, 2010, Barcelona, Spain.

(ii) Anderson et al. Clinically relevant end points and new drug approvals for myeloma. Leukemia. 2008. 22:231

(iii) National Cancer Institute, Surveillance Epidemiology and End Results, 2007 Facts and Figures

(iv) International Agency for Research on Cancer, GLOBOCAN 2002 database

SOURCE Onyx Pharmaceuticals, Inc.

Monday, July 26th, 2010 Uncategorized Comments Off on Onyx Pharmaceuticals (ONXX) Announces Positive Top-Line Carfilzomib Data From Phase 2b Study

Silicom (SILC) Reports Strong Q2 with Significant Growth across All Parameters

KFAR SAVA, Israel–(BUSINESS WIRE)–Silicom Ltd. (NASDAQ:SILC)(TASE:SILC) today reported financial results for the second quarter ended June 30, 2010.

Financial Results

Revenues for the second quarter of 2010 were $6.7 million, an increase of 66% compared with $4.0 million for the second quarter of 2009 and 5% compared with $6.4 million for the first quarter of 2010.

Operating income for the quarter was $1.4 million, a nine-fold increase compared with $152,000 in the second quarter of 2009. Net income for the quarter was $1.4 million, or $0.20 per share (basic and diluted), a five-fold increase compared with $256,000, or $0.04 per share (basic and diluted), for the second quarter of 2009.

For the six-month period, revenues were $13.1 million, a 45% increase compared with $9.1 million for the first half of 2009. Operating income for the first half of 2010 increased by 201% to $2.4 million from $801,000 in the prior-year period, and net income for the period increased by 107% to $2.3 million, or $0.33 per diluted share ($0.34 per basic share) compared with $1.1 million, or $0.16 per diluted share ($0.17 per basic share), for the first half of 2009.

As of June 30, 2010, the Company’s cash, cash equivalents, bank deposits and marketable securities totaled $43.9 million, or $6.44 per outstanding share.

Comments of Management

Commenting on the results, Shaike Orbach, President and CEO, said, “We are very pleased to report another strong quarter for Silicom – a period during which we achieved 66% growth in revenues, 84% increase in gross profit, 822% increase in operating income and 440% increase in net income as compared year-over-year to the second quarter of 2009.

“These satisfying results reflect the IT market’s bottomless need for faster response times and increased bandwidth in an era of cloud computing, virtualization and Internet-based applications, and the industry’s growing awareness of our products and technologies as effective solutions to bottleneck challenges. This reputation, combined with our continued investment in sales, marketing and R&D, is paying off with a steady increase in our sales and profits.”

Mr. Orbach continued, “The positive factors that have been driving our results for the last few quarters make us optimistic regarding our future potential. For our traditional product lines, our growth is being driven in three ways. First, many of our existing customers continue to increase the size of their ongoing orders. Second, some of our larger customers have begun integrating additional Silicom products into their product lines. Third, we continue to add new companies to our customer base, and this expands our platform for ongoing repeat orders. In parallel, we are also seeing the beginning of market traction for our External Bypass Switches, encryption products and Redirector cards, as demonstrated by an increased flow of orders within all of our growth areas.

“As to SETAC, the newest and an exciting part of our strategy, we are increasingly confident regarding the market need as well as our marketing approach. During the quarter, we announced another SETAC win with a very important customer, while also continuing to build out the pipeline of customers who are evaluating and/or considering it for their next generation appliances. The size and depth of this pipeline leads us to believe that the SETAC will succeed in generating significant, growing sales over the long term.”

Mr. Orbach concluded, “Taken as a whole, the results we have achieved so far, the strengthening of the growth factors driving our business and the potential of our new product lines make us feel well-positioned to generate additional growth as we enter the second half of 2010.”

Conference Call Details:

Silicom’s Management will host an interactive conference today, July 26th, at 9am EDT (6am Pacific Time, 4pm Israel Time) to review and discuss the results. To participate, please call one of the following teleconferencing numbers. Please begin placing your calls at least 10 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, try the international dial-in number.

US: 1 888 668 9141

UK: 0 800 917 5108

ISRAEL: 03 918 0609

INTERNATIONAL: +972 3 918 0609

At: 9:00am Eastern Time, 6:00am Pacific Time, 4:00pm Israel Time

For those unable to listen to the live call, a replay of the call will be available for three months from the day after the call under the investor relations section of Silicom’s website, at: www.silicom.co.il

About Silicom

Silicom Ltd. is an industry-leading provider of high-performance server/appliances networking solutions. The Company’s flagship products include a variety of multi-port Gigabit Ethernet, copper and fiber-optic, server adapters and innovative BYPASS adapters designed to increase throughput and availability of server-based systems, WAN Optimization and security appliances and other mission-critical gateway applications. For more information, please visit: www.silicom.co.il.

Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties, or other factors not under the Company’s control, which may cause actual results, performance, or achievements of the Company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company’s periodic filings with the Securities and Exchange Commission. The Company disclaims any duty to update such statements.

— FINANCIAL TABLES FOLLOW —

Silicom Ltd. Consolidated Balance Sheets
(US$ thousands)
June 30,
December 31,
2010
2009
Assets
Current assets
Cash and cash equivalents $7,487 $7,253
Short-term bank deposits 8,639 7,253
Marketable securities 11,722 10,425
Accounts receivables: Trade, net 5,175 5,172
Accounts receivables: Other 574 371
Inventories 7,472 4,677
Deferred tax assets 92 233
Total current assets 41,161 35,384
Marketable securities 16,041 18,308
Assets held for employees’ severance benefits
1,096
1,105
Deferred tax assets 227 192
Property, plant and equipment, net 563 602
Total assets $59,088 $55,591
Liabilities and shareholder’s equity
Current liabilities
Trade accounts payable $3,705 $2,261
Other accounts payable and accrued expenses
1,737
2,138
Total current liabilities
5,442 4,399
Liability for employees’ severance benefits
1,973
1,967
Total liabilities
7,415 6,366
Shareholders’ equity
Ordinary shares and additional paid-in capital
34,301
34,174
Treasury shares (38) (38)
Retained earnings 17,410 15,089
Total Shareholders’ equity
51,673 49,225
Total liabilities and shareholders equity
$59,088
$55,591
Silicom Ltd. Consolidated
Statements of Income
(US$ thousands, except for share and per share data)
Three-month period Six-month period
ended June 30, ended June 30,
2010 2009 2010 2009
Sales $6,739 $4,048 $13,139 $9,066
Cost of sales 3,778 2,438 7,476 5,516
Gross profit 2,961 1,610 5,663 3,550
Research and development expenses 693 698 1,530 1,335
Selling and marketing expenses 495 443 993 822
General and administrative expenses 372 317 732 592
Total operating expenses 1,560 1,458 3,255 2,749
Operating income 1,401 152 2,408 801
Financial income, net 225 192 366 536
Income before income taxes 1,626 344 2,774 1,337
Income taxes 243 88 453 214
Net income $1,383 $256 $2,321 $1,123
Basic income per ordinary share
$0.20
$0.04
$0.34
$0.17
Weighted average number of ordinary
shares used to compute basic income
per share (in thousands)
6,810 6,696 6,810 6,695
Diluted income per ordinary share
$0.20
$0.04
$0.33
$0.16
Weighted average number of ordinary
shares used to compute diluted income
per share (in thousands)
6,957 6,840 6,961 6,818
Monday, July 26th, 2010 Uncategorized Comments Off on Silicom (SILC) Reports Strong Q2 with Significant Growth across All Parameters