Archive for August, 2010

Energy Conversion Devices (ENER) Reports Fourth Quarter and Fiscal Year 2010 Financial Results

ROCHESTER HILLS, Mich., Aug. 31, 2010 (GLOBE NEWSWIRE) — Energy Conversion Devices, Inc. (ECD) (Nasdaq:ENER), a leading global provider of thin-film flexible solar laminate products and systems for the building integrated and commercial rooftop markets, today announced financial results for its fourth quarter and fiscal year ended June 30, 2010.

Total consolidated revenues for the quarter were $86.2 million, compared to $51.4 million in the fourth quarter of fiscal 2009, a 68% increase, and $72.4 million in the third quarter of fiscal 2010, a 19% increase. Solar product and system sales for the quarter were $81.3 million, compared to $46.0 million in the same quarter last year, a 77% increase, and $65.1 million in the third quarter of fiscal 2010, a 25% increase.

For the fourth quarter, the company reported a loss of $20.4 million or $0.48 per fully diluted share compared to a net loss of $17.6 million or $0.42 per fully diluted share in the year-ago period. This compares to a net loss of $26.8 million or $0.63 per fully diluted share in the third quarter of fiscal 2010, which excluded a non-cash impairment charge of $358.0 million or $8.46 per share.

The company reported an increase in cash, cash-equivalents and short-term investments of $7.4 million during the quarter, compared to a decrease of $38.3 million in the fourth quarter of fiscal 2009 and a decrease of $19.6 million in the third quarter of fiscal 2010. The company’s total reported cash position at the end of the fiscal year stood at $204.7 million, which includes $11.7 million of restricted cash.

Fourth quarter net results were negatively affected by the following items, which had an aggregate effect of $11.0 million: under-absorption of factory overhead costs of $6.2 million, a restructuring charge of $1.3 million, inventory reserves of $2.4 million and a net foreign currency transaction loss of $1.1 million. In addition, the company recognized a non-cash gain on the early extinguishment of debt of $4.3 million due to the exchange of $23 million par value of the company’s outstanding convertible notes for common stock. The net impact of these items was an increase of the quarter’s net loss by $6.7 million, or $0.16 per fully diluted share.

Mark Morelli, ECD’s President and Chief Executive Officer said, “Our fourth quarter results demonstrate solid progress. We have expanded shipments, reduced inventory, improved cash flow and increased revenue on a sequential basis. We remain aggressively focused on improving sales and margins and bringing our overall costs down. Our demand creation activities continue to gain traction as we have added 150 megawatts to our project pipeline.”

For the fiscal year ended June 30, 2010, total consolidated revenues were $254.4 million compared to $316.3 million in the prior year. Solar product and system sales were $230.2 million for fiscal 2010 compared to solar product sales of $295.0 million in the prior year. Net loss for fiscal year 2010 was $456.0 million or $10.72 per fully diluted share versus net income of $8.5 million or $0.20 per fully diluted share in the year-ago period, as adjusted due to the implementation of FASB ASC 470-20. Fiscal year 2010’s net loss was impacted by several items including non-cash impairment charges of $359.2 million, restructuring charges of $4.7 million, transaction costs from the acquisition of Solar Integrated Technologies of $3.0 million, non-cash losses on asset disposals of $1.1 million, net foreign currency transaction losses of $2.4 million and the $4.3 million non-cash gain on the early extinguishment of debt described above. When taken collectively, these items increased fiscal year 2010’s net loss by $366.1 million or $8.61 per share.

The company also provided guidance for fiscal year 2011 as follows:

Q1’11 FY 2011
Shipments (MW) 28-33 120-140
Production (MW) ~33 120-140
Consolidated Revenue ($M) 63-68 280-330
Consolidated Gross Margin (%) 15-18% 15-18%
SG&A and R&D Expense ($M) ~19 75-80
Interest Expense ($M) ~7 ~28
Restructuring Charges ($M) 1-2 2-5
Other Operating Expense ($M) ~2 2-5
Capital Expenditures ($M) 7-8 30-35

Morelli added, “We expect to grow our business substantially in fiscal 2011, although our quarterly results may show unevenness due to project timing uncertainties and the relative growth in our systems business, for which revenue recognition can be delayed by several quarters following initial product shipments. For example, we expect to nearly double shipments year over year in the first quarter, but will not recognize the revenue for many of these shipments until later in the fiscal year. As a greater proportion of our business is generated from projects, we will see continued revenue growth, enhanced system-derived margin, and increased visibility moving forward.”

“Building on our improvement in fiscal 2010, I am confident that we are achieving operating cash flow breakeven, as we begin realizing the benefits of our recent cost reduction activities, which in concert with increased production, will lead to a dramatic improvement in our cost per watt as the year progresses. We are also establishing the foundation to achieve sustainable profitability by running our factories at or above nameplate capacity, taking additional cost out of our business, launching new and innovative products, growing our systems business, and following our technology roadmap,” concluded Morelli.

Conference Call / Webcast Details

Management of Energy Conversion Devices will review these financial results on a conference call on Tuesday, August 31, 2010, at 10:00 a.m. ET. To participate in the conference call, please dial (877) 858-2512 or (706) 634-6076 (international) at least 10 minutes prior to the start of the call. Callers will need to reference conference ID number 95081245.The conference call will be webcast live over the Internet and can be accessed in the Investor Relations – Events section of the company’s website at www.energyconversiondevices.com.

An audio replay of the call will be available approximately two hours after the conclusion of the call. The replay will remain available until 11:59 p.m. EDT September 2, 2010 and can be accessed by dialing (800) 642-1687 or (706) 645-9291 (international) and entering conference ID number 95081245. The webcast will also be archived on the Company’s website.

About Energy Conversion Devices

Energy Conversion Devices is a leading global provider of thin-film flexible solar laminate products and systems for the building integrated and commercial rooftop markets. The company manufactures, sells and installs thin-film solar laminates that convert sunlight to energy using proprietary technology. ECD’s UNI-SOLAR® brand products are unique because of their flexibility, light weight, ease of installation, durability, and real-world efficiency. Through its Solar Integrated Technologies business, the company also designs, manufactures and installs rooftop photovoltaic systems which enable customers to transform unused space on the rooftop into a value-generating asset. In addition, ECD’s Ovonic Materials Division is the pioneer in NiMH battery technology, and is developing low cost fuel cells, hydrogen production from bioreformation, and hydrogen storage technologies. For more information, please visit www.energyconversiondevices.com.

This release may contain forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future net sales or performance, capital expenditures, financing needs, plans or intentions relating to expansions, business trends and other information that is not historical information. All forward-looking statements are based upon information available to us on the date of this release and are subject to risks, uncertainties and other factors, many of which are outside of our control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Risks that could cause such results to differ include: our ability to maintain our customer relationships; the worldwide demand for electricity and the market for solar energy; the supply and price of components and raw materials for our products; and our customers’ ability to access the capital needed to finance the purchase of our product. The risk factors identified in the ECD filings with the Securities and Exchange Commission, including the company’s most recent Annual Report on Form 10-K and most recent Quarterly Report on Form 10-Q, could impact any forward-looking statements contained in this release. Energy Conversion Devices, Inc. assumes no responsibility to update any forward-looking statements contained herein.

ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Quarter Ended June 30, Year Ended June 30,
2010 2009(1) 2010 2009(1)
Revenues
Product sales $ 66,889 $ 46,014 $ 200,451 $ 294,992
System sales 14,362 29,781
Royalties 1,852 1,991 7,984 6,355
Revenues from product development agreements 2,187 3,094 11,765 13,409
License and other revenues 864 316 4,435 1,537
Total Revenues 86,154 51,415 254,416 316,293
Expenses
Cost of product sales 67,756 41,028 203,510 208,375
Cost of system sales 13,645 33,087
Cost of revenues from product development agreements 1,775 2,533 9,399 9,507
Product development and research 2,530 2,418 11,347 8,986
Preproduction costs 223 276 305 5,409
Selling, general and administrative 16,645 14,915 66,797 58,902
Net (gain) loss on disposal of property, plant and equipment (188) 1,610 1,108 2,287
Impairment loss 359,228
Restructuring charges 1,276 1,657 4,736 2,231
Total Expenses 103,662 64,437 689,517 295,697
Operating (Loss) Income (17,508) (13,022) (435,101) 20,596
Other Income (Expense)
Interest income 371 443 1,331 5,226
Interest expense (6,740) (4,778) (27,510) (14,682)
Gain on debt extinguishment 4,294 4,294
Distribution from joint venture 1,309
Other nonoperating income (expense), net (988) 437 (2,321) (1,118)
Total Other Income (Expense) (3,063) (3,898) (22,897) (10,574)
(Loss) Income before Income Taxes and Equity Loss (20,571) (16,920) (457,998) 10,022
Income tax (benefit) expense (293) 653 (2,248) 1,475
(Loss) Income before Equity Loss (20,278) (17,573) (455,750) 8,547
Equity loss (74) (259)
Net (Loss) Income (20,352) (17,573) (456,009) 8,547
Net Loss Attributable to Noncontrolling Interest (73) (113)
Net (Loss) Income Attributable to ECD Shareholders $ (20,279) $ (17,573) $  (455,896) $ 8,547
Earnings (Loss) Per Share $ (0.48) $   (0.42) $   (10.72) $ 0.20
Diluted Earnings (Loss) Per Share $ (0.48) $   (0.41) $  (10.72) $ 0.20
Basic weighted average shares outstanding 42,544 42,314 42,533 42,277
Diluted weighted average shares outstanding 42,544 42,355 42,533 42,711
(1) As adjusted due to implementation of FASB ASC 470-20 (See Note 1 of our most recent 10-K).
ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30,
2010 2009 (1)
ASSETS
Current Assets:
Cash and cash equivalents $   79,158 $   56,379
Short-term investments 113,771 245,182
Accounts receivable, net 72,021 69,382
Inventories, net 61,495 74,266
Other current assets 27,237 4,897
Total Current Assets 353,682 450,106
Property, Plant and Equipment, net 301,056 614,330
Other Assets:
Restricted cash 11,749
Lease receivable, net 10,854
Other assets 10,980 11,661
Total Other Assets 33,583 11,661
Total Assets $  688,321 $ 1,076,097
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued expenses $ 56,035 $ 50,238
Current portion of warranty liability 12,125 5,917
Other current liabilities 9,130 3,506
Total Current Liabilities 77,290 59,661
Long-Term Liabilities:
Convertible senior notes 243,654 247,974
Capital lease obligations 20,296 21,412
Warranty liability 29,210
Other liabilities 19,872 9,701
Total Long-Term Liabilities 313,032 279,087
Commitments and Contingencies (Note 15)
Stockholders’ Equity
Common stock, $0.01 par value, 100 million shares authorized, 48,554,812

and  45,754,652 issued at June 30, 2010 and 2009, respectively

486 458
Additional paid-in capital 1,074,410 1,055,705
Treasury stock (700) (700)
Accumulated deficit (772,514) (316,618)
Accumulated other comprehensive loss, net (3,570) (1,496)
Total ECD stockholders’ equity 298,112 737,349
Accumulated deficit – noncontrolling interest (113)
Total Stockholders’ Equity 297,999 737,349
Total Liabilities and Stockholders’ Equity $ 688,321 $ 1,076,097
(1) As adjusted due to implementation of FASB ASC 470-20 (See Note 1 of our most recent 10-K).
ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended June 30,
2010 2009(1) 2008
Cash flows from operating activities:
Net (loss) income $ (456,009) $ 8,547 $ 3,853
Adjustments to reconcile net (loss) income to net cash (used in) provided by

operating activities:

Impairment loss 359,228
Depreciation and amortization 32,708 33,605 21,917
Amortization of debt discount and deferred financing fees 15,991 14,672
Share-based compensation 4,428 5,273 2,010
Gain on debt extinguishment (4,294)
Other-than-temporary impairment of investment 1,002
Net loss on disposal of property, plant and equipment 1,258 2,287 1,116
Equity loss 259
Other (180) (597) 1,649
Changes in operating assets and liabilities, net of foreign exchange:
Accounts receivable (8,538) (17,376) (16,947)
Inventories 35,283 (43,054) 7,582
Other assets (8,634) (7,054) (1,168)
Accounts payable and accrued expenses (7,201) 13,714 8,298
Other liabilities 1,525 70 200
Net cash (used in) provided by operating activities (34,176) 11,089 28,510
Cash flows from investing activities:
Purchases of property, plant and equipment (31,992) (242,257) (117,335)
Acquisition of business, net of cash acquired (2,088)
Investment in joint ventures (1,000)
Purchases of investments (102,657) (203,355) (62,250)
Proceeds from maturities of investments 202,209 3,400 22,591
Proceeds from sale of investments 29,671 2,750 115,038
Proceeds from sale of property, plant and equipment 48 288
Development loans (14,155)
Increase in restricted cash (10,186)
Net cash provided by (used in) investing activities 70,850 (440,462) (41,668)
Cash flows from financing activities:
Proceeds from convertible senior notes 306,762
Payments for deferred financing costs (1,258)
Proceeds from common stock issuance 98,998
Principal payments under capitalized lease obligations and other debt (1,549) (1,054) (1,144)
Repayment of revolving credit facility (5,705)
Repayment of convertible notes (8,000)
Increase in long-term customer deposits 680
Decrease in restricted investments (273)
Proceeds from sale of stock and share-based compensation, net of expenses 1,966 13,482
Net cash (used in) provided by financing activities (15,254) 912 417,247
Effect of exchange rate changes on cash and cash equivalents 1,359 348 (367)
Net increase (decrease) in cash and cash equivalents 22,779 (428,113) 403,722
Cash and cash equivalents at beginning of period 56,379 484,492 80,770
Cash and cash equivalents at end of period $ 79,158 $ 56,379 $ 484,492
(1) As adjusted due to implementation of FASB ASC 470-20 (See Note 1 of our most recent 10-K).
ENERGY CONVERSION DEVICES, INC. and SUBSIDIARIES
RECONCILIATION OF GAAP MEASURES to NON-GAAP MEASURES (Unaudited)
(In thousands, except per share data)
Three Months Ended March 31, 2010 Year ended June 30, 2010
Net Loss EPS Net Loss EPS
Net Loss Attributable to ECD Shareholders $ (384,846) $ (9.10) $ (455,896) $ (10.72)
Less: Impairment Loss 357,975 8.46 359,228 8.45
Net Loss Attributable to ECD Shareholders $ (26,871) $ (0.64) $ (96,668) $ (2.27)
Tuesday, August 31st, 2010 Uncategorized Comments Off on Energy Conversion Devices (ENER) Reports Fourth Quarter and Fiscal Year 2010 Financial Results

pSivida (PSDV) Announces Iluvien® Receives FDA Priority Review for Treatment of Diabetic Macular Edema

WATERTOWN, Mass.–(BUSINESS WIRE)–pSivida Corp. (NASDAQ:PSDVNews) (ASX:PVANews), a leader in the development of sustained release back of the eye drug delivery systems for difficult-to-treat conditions, today announced that its licensee, Alimera Sciences (NASDAQ:ALIMNews) has been notified that the U.S. Food and Drug Administration (FDA) has granted Priority Review status for the New Drug Application (NDA) filed for Iluvien for the treatment diabetic macular edema (DME).

FDA Priority Review status is given to therapies that offer major advances in treatment, or provide a treatment where no adequate therapy exists. This status reduces the review time goal from 10 months to six months.

Dr. Paul Ashton, President and CEO of pSivida said, “With priority review a response from the FDA regarding Iluvien could be received in the fourth quarter of this year. Approval of Iluvien would trigger a $25 million milestone payment to pSivida from Alimera. Under the license agreement pSivida is also to receive 20 percent of net profits on sales by Alimera.”

The news regarding priority review follows the submission last month of the Marketing Authorization Application to the Medicines and Healthcare products Regulatory Agency in the United Kingdom. Applications have also been submitted to regulatory agencies in Austria, France, Germany, Italy, Portugal and Spain. Filing in Canada is expected to take place in September. pSivida has joint ownership and reference rights to these regulatory filings.

pSivida continues to work to develop new products for the sustained release of drugs and proteins based on its existing and new technologies. Additionally, Pfizer and pSivida are collaborating to develop ophthalmic products based on pSivida technology. While the Company remains primarily focused in ophthalmology, pSivida is exploring other therapeutic areas.

About pSivida Corp.

pSivida Corp. is a world leader in the development of tiny, sustained release, drug delivery products and technologies that are administered by implantation, insertion or injection. The Company uses these systems to develop treatments for serious, unmet, medical needs. pSivida’s intellectual property portfolio consists of over 50 patent families, more than 100 granted patents, including patents accepted for issuance, and more than 150 patent applications. pSivida conducts its operations from Boston in the United States and Malvern in the United Kingdom.

SAFE HARBOR STATEMENTS UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Various statements made in this release are forward-looking, and are inherently subject to risks, uncertainties and potentially inaccurate assumptions. All statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking statements. The following are some of the factors that could cause actual results to differ materially from the anticipated results or other expectations expressed, anticipated or implied in our forward-looking statements: maintaining collaboration agreements with Alimera and Pfizer; modifications of existing terms of collaboration agreements with Alimera and Pfizer; achievement of milestones and other contingent contractual events; ability to prove safety and efficacy of, and achieve regulatory approvals for, and successfully commercialize Iluvien, BrachySil and other products;; ability to raise capital; ability to achieve profitability; ability to derive revenues from Retisert; ability to develop new products; impairment of intangibles; fluctuations in the fair values of certain outstanding warrants; fluctuations in operating results; termination of license agreements; ability to obtain partners to develop and market products; competition; extent of third-party reimbursement for products; product liability; ability to protect intellectual property or infringement of others’ intellectual property; retention of key personnel; consolidation in the pharmaceutical and biotechnology industries; compliance with laws; maintaining effective internal control over financial reporting; manufacturing risks; risks and costs of international business operations; volatility of stock price; possible dilution through exercise of outstanding warrants and stock options or future stock issuances; possible influence by Pfizer; ability to pay any registration penalties; and other factors described in our filings with the Securities and Exchange Commission. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Our forward-looking statements speak only as of the dates on which they are made. We do not undertake any obligation to publicly update or revise our forward-looking statements even if experience or future changes makes it clear that any projected results expressed or implied in such statements will not be realized.

Tuesday, August 31st, 2010 Uncategorized Comments Off on pSivida (PSDV) Announces Iluvien® Receives FDA Priority Review for Treatment of Diabetic Macular Edema

iCAD (ICAD) to Ring Nasdaq Closing Bell in Recognition of Prostate Cancer Awareness Month

NASHUA, N.H., Aug. 31 /PRNewswire/ — iCAD, Inc. (Nasdaq:ICADNews), an industry-leading provider of advanced image analysis and workflow solutions for the early identification of cancer, today announced that the executive management team, including President and CEO Ken Ferry, will ring the closing bell at the NASDAQ MarketSite in New York City‘s Times Square on September 2, 2010 at 4:00 PM ET in recognition of Prostate Cancer Awareness month.  Faina Shtern, MD, President and CEO of Admetech, a nonprofit organization dedicated to ending the prostate cancer crisis by supporting the development of accurate diagnostic tools for early detection and minimally-invasive treatment, will also be in attendance along with other physicians and prostate cancer survivors.

To view the multimedia assets associated with this release, please click: http://multivu.prnewswire.com/mnr/icad/45942/

(Photo: http://photos.prnewswire.com/prnh/20100831/MM57178 )

(Photo: http://www.newscom.com/cgi-bin/prnh/20100831/MM57178 )

“I am honored to ring the NASDAQ closing bell, and pleased to be provided the opportunity to raise awareness about prostate cancer,” said Ken Ferry, President and CEO of iCAD. “Early detection is a first-line defense in the journey towards beating cancer, and iCAD is proud to provide advanced image analysis solutions that help clinicians make a more accurate diagnosis in conjunction with available screening tools.”

One in six men will be affected by prostate cancer over the course of their lifetime, and MRI plays an important role in the accurate diagnosis and treatment decisions facing prostate cancer patients. VividLook®, iCAD’s Prostate MRI advanced image analysis solution, helps radiologists determine malignant from benign tissues and pinpoint tumor location and size. Additionally, VividLook provides enhanced diagnostic information by utilizing data from all available time points, creating colorized image maps based on signal changes defined by tumor physiology. With advanced diagnostic imaging tools, physicians can more accurately determine the extent of the prostate cancer, minimize a patient’s exposure to unnecessary and painful biopsies and provide more detailed information for men who choose active surveillance versus surgical or therapeutic treatment.

About iCAD, Inc.

iCAD, Inc. is an industry-leading provider of advanced image analysis and workflow solutions that enable healthcare professionals to better serve patients by identifying pathologies and pinpointing cancer earlier. iCAD offers a comprehensive range of high-performance, upgradeable Computer-Aided Detection (CAD) systems and workflow solutions for mammography (film-based, digital radiography and computed radiography), Magnetic Resonance Imaging (MRI) and Computed Tomography (CT). Since receiving FDA approval for the Company’s first breast cancer detection product in 2002, more than 3,800 iCAD systems have been placed in healthcare practices worldwide. iCAD’s solutions aid in the early detection of the most prevalent cancers including breast, prostate, colon and in the future lung cancer.  For more information, call (877) iCADnow or visit www.icadmed.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:

Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of 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 factors include, but are not limited to, the risks of uncertainty of patent protection, the impact of supply and manufacturing constraints or difficulties, product market acceptance, possible technological obsolescence, increased competition, customer concentration and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe”, “demonstrate”, “intend”, “expect”, “estimate”, “anticipate”, “likely”, and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to any information contained in this release.

Tuesday, August 31st, 2010 Uncategorized Comments Off on iCAD (ICAD) to Ring Nasdaq Closing Bell in Recognition of Prostate Cancer Awareness Month

Energy Focus, Inc. (EFOI) Announces an Additional $410,000 in Department of Defense Funding

SOLON, Ohio, Aug. 31, 2010 (GLOBE NEWSWIRE) — Energy Focus, Inc. (Nasdaq:EFOINews), a leader in providing energy efficient lighting solutions, today announced that its research and development team has recently been selected to receive funding on three projects: a Phase I Department of Defense (DoD) Small Business Innovation Research (SBIR) Grant to develop additional LED lighting fixtures based on its proprietary Intellitube(TM) technology for the Naval Air Systems Command (NAVAIR); increased VHESC funding to accelerate the development of advanced coatings; and a grant for the development of advanced optical designs totaling about $410,000.

Roger Buelow, Energy Focus CTO, commented, “We’re especially excited about this additional funding since the work on all three projects directly contributes to the development of our LED Intellitube technology. The result will be products that can offer both significant energy savings and longer life over fluorescent bulb alternatives for commercial as well as military applications. We believe that our award of the Phase I SBIR can be attributed to our success in the $1.4 Million NAVSEA contract and the huge potential of our LED Intellitube technology”

Joseph Kaveski, CEO, Energy Focus, added: “We are pleased to announce the additional $0.4 million in funding landed by Roger and his team. This brings external funding of R&D projects announced in 2010 to $3 Million. We’re especially pleased that the work aligns well with our current efforts to develop our next generation Intellitube energy efficient lighting system.”

About Energy Focus, Inc.

Energy Focus, Inc. is a leading provider of turnkey energy efficient lighting solutions. These solutions provide energy savings, aesthetics, safety and maintenance cost benefits over conventional lighting. Our long-standing relationship with the U.S. Government includes numerous research and development projects for the DOE and DARPA, creating energy efficient LED lighting systems for the U.S. Navy Fleet and the next generation Very High Efficiency Solar Cell. Customers include supermarket chains, the U.S. government, state and local governmental agencies, retail stores, museums, theme parks and casinos, hotels, swimming pool builders and many others. Company headquarters are located in Solon, OH, with additional offices in Nashville, TN, Pleasanton, CA, and the United Kingdom. For more information, see www.energyfocusinc.com.

The Energy Focus, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6633

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding our future business outlook, our products, our solutions, and our work with leading customers including governmental agencies. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Actual results may differ materially from the results predicted. For more information about potential factors that could affect Energy Focus financial results, please refer to the Company’s SEC reports, including its Annual Reports on Form 10-K and its quarterly reports on Form 10-Q. These forward-looking statements speak only as of the date hereof. Energy Focus disclaims any intention or obligation to update or revise any forward-looking statements.

Tuesday, August 31st, 2010 Uncategorized Comments Off on Energy Focus, Inc. (EFOI) Announces an Additional $410,000 in Department of Defense Funding

Protalix BioTherapeutics (PLX) to Dual List on Tel Aviv Stock Exchange

CARMIEL, Israel, Aug. 30 /PRNewswire-FirstCall/ — Protalix BioTherapeutics, Inc., (NYSE Amex: PLX), a biopharmaceutical company focused on the development and commercialization of recombinant therapeutic proteins expressed through its proprietary plant cell based expression system, today announced that the Company’s common stock has been approved for listing on the Tel Aviv Stock Exchange in addition to its current listing on the NYSE Amex. Trading of the Company’s common stock on the Tel Aviv Stock Exchange will commence on September 6, 2010. The Company also announced today that, based upon the Company’s current market capitalization, it expects its common stock to be included in the TA-75, TA-100, Tel-Tech, Tel-Tech 15 and Biomed indexes beginning October 10, 2010.

“We decided to have our common stock listed on the Tel Aviv Stock Exchange, in addition to the current listing on the NYSE Amex, after experiencing significant interest regarding our company from Israeli investors.  We believe that the dual listing will result in a larger, more diverse group of investors in our shares,” said David Aviezer, Ph.D., Protalix’s President and Chief Executive Officer. “We expect that the listing on the Tel Aviv Stock Exchange will result in increased investor interest in our shares without affecting the rules and regulations of the U.S. Securities and Exchange Commission and the NYSE Amex to which we are currently subject.”

“We are very pleased to welcome Protalix to the Tel Aviv Stock Exchange,” said Ester Levanon, CEO of the Tel Aviv Stock Exchange.  “The TASE is home to Israel‘s most innovative companies among them over 50 biotechnology companies and 51 dual-listed companies.  The listing of Protalix, a leading company in the biotechnology sector, reflects the international leading position of the Tel Aviv Stock Exchange in the Hi-Tech and biotech industries”

The Company will continue to be subject to the rules and regulations of the NYSE Amex and the U.S. Securities and Exchange Commission.   Dual listing on the Tel Aviv Stock Exchange is allowed under Israeli law without any additional regulatory requirements for companies whose shares are listed on certain exchanges outside of Israel, including the NYSE Amex.

Trading on the Tel Aviv Stock Exchange occurs Sunday through Thursday from 9:45 am to 4:30 pm Israel time, except on trading holidays recognized by the Tel Aviv Stock Exchange.   The TASE Clearing House is electronically linked to the Depository Trust Company, a subsidiary of the Depository Trust & Clearing Corporation, to automate the cross-border settlement of shares listed on both the TASE and a U.S. stock exchange.

ABOUT PROTALIX

Protalix is a biopharmaceutical company focused on the development and commercialization of recombinant therapeutic proteins expressed through its proprietary plant cell based expression system.  Protalix’s ProCellEx (TM) presents a proprietary method for the expression of recombinant proteins that Protalix believes will allow for the cost-effective, industrial-scale production of recombinant therapeutic proteins in an environment free of mammalian components and viruses. Protalix is also advancing additional recombinant biopharmaceutical drug development programs.  Taliglucerase alfa is an enzyme replacement therapy in development under a Special Protocol Assessment with the FDA for Gaucher disease.  Protalix’s new drug application (NDA) for taliglucerase alfa has been accepted by the U.S. Food and Drug Administration (FDA) and granted a Prescription Drug User Fee Act (PDUFA) action date of February 25, 2011.   For more information on Protalix, visit http://www.protalix.com.

Safe Harbor Statement

To the extent that statements in this press release are not strictly historical, all such statements are forward-looking, and are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements, including statements relating to the perceived effects of dual listing on the market for our common stock, are subject to known and unknown risks and uncertainties that may cause actual future experience and results to differ materially from the statements made.  These statements are based on our current beliefs and expectations as to such future outcomes.  Factors that might cause material differences include, among others, risks relating to the trading of our common stock on the Tel Aviv Stock Exchange or the NYSE Amex, risks relating to our continued compliance with the rules of the Tel Aviv Stock Exchange and the NYSE Amex and other factors described in our filings with the U.S. Securities and Exchange Commission.  The statements in this release are valid only as of the date hereof and we disclaim any obligation to update this information.

Monday, August 30th, 2010 Uncategorized Comments Off on Protalix BioTherapeutics (PLX) to Dual List on Tel Aviv Stock Exchange

Fossil (FOSL) Announces $750 Million Share Repurchase Program

RICHARDSON, Texas, Aug. 30, 2010 (GLOBE NEWSWIRE) — Fossil, Inc. (Nasdaq:FOSLNews) (the “Company”) today announced that its Board of Directors has approved a stock repurchase program. Under the program, the Company is authorized to repurchase up to $750 million of its outstanding shares of common stock from time to time, depending on market conditions, share price and other factors. The authorization expires on December 31, 2013 and repurchases may be made on the open market, in block trades or otherwise. The program may be suspended or discontinued at any time.

“We are pleased to be able to initiate this share repurchase program while maintaining operational flexibility to invest appropriately in our global business to meet our strategic goal of doubling the size of the Company over the next five years,” said Mike Kovar, Executive Vice-President and Chief Financial Officer. “We believe utilizing our strong balance sheet, including $435 million in cash and cash equivalents at the end of the second quarter of fiscal 2010, and future cash flows will be sufficient to fund this program as well as future investments to support the Company’s long-term growth objectives.”

As of August 9, 2010, Fossil had approximately 67,122,724 common shares outstanding.

Safe Harbor

Certain statements contained herein that are not historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are changes in economic trends and financial performance, changes in consumer demands, tastes and fashion trends, lower levels of consumer spending resulting from a general economic downturn, shifts in market demand resulting in inventory risks, changes in foreign currency rates, and the outcome of current and possible future litigation, as well as the risks and uncertainties set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2010 and its Form 10-Q reports filed with the Securities and Exchange Commission (the “SEC”).

About Fossil

Fossil is a global design, marketing and distribution company that specializes in consumer fashion accessories. The Company’s principal offerings include an extensive line of men’s and women’s fashion watches and jewelry sold under proprietary and licensed brands, handbags, small leather goods, belts, sunglasses, cold weather products, footwear, and apparel. In the watch and jewelry product category, the Company’s offerings include a diverse portfolio of globally recognized proprietary and licensed brand names under which its products are marketed. The Company’s extensive range of accessories products, brands, distribution channels and price points allows it to target style-conscious consumers across a wide age spectrum on a global basis. The Company’s products are sold to department stores, specialty retail stores, and specialty watch and jewelry stores in the U.S. and in over 100 countries worldwide through 23 company-owned foreign sales subsidiaries and a network of over 60 independent distributors. The Company also distributes its products in 354 company owned and operated retail stores and through international e-commerce websites and the Company’s U.S. e-commerce website at www.fossil.com, where certain product, press release and SEC filing information concerning the Company is also available.

Monday, August 30th, 2010 Uncategorized Comments Off on Fossil (FOSL) Announces $750 Million Share Repurchase Program

China ACM (CADC) Announces Preliminary Fourth Quarter of FY-10 Results

BEIJING–(Marketwire – 08/30/10) – China Advanced Construction Materials Group, Inc. (NASDAQ:CADCNews) (“China ACM”), a leading provider of ready-mix concrete and related technical services in China, today announced that based on preliminary estimates it expects revenue for the fourth quarter of Fiscal Year 2010, ended June 30, to be in the range of $30 million to $31 million, or double the year-ago quarter’s revenue of $14.5 million.

Accelerating fourth quarter sales growth spanned all three primary business segments. Manufacturing Services revenue, which includes the Company’s high speed rail (HSR) business, will approximately triple from $1.7 million a year ago; the Company previously announced it targets gross margins of 40 to 60 percent for this segment. Technical Service Consulting revenue will approximately quadruple from $425,000 a year ago; the Company targets gross margins of 80 to 90 percent. Concrete Sales will approximately double from $11.7 million a year ago; the Company targets gross margins of about ten percent. Margins in the Company’s three primary segments’ margins are expected to be within or near its targets in the fourth quarter of Fiscal Year 2010.

Based on its preliminary estimated financial results, the Company expects to report 2010 fourth quarter adjusted net income available to common shareholders (non GAAP) of $5.1 million to $5.5 million, or corresponding EPS of $0.28 to $0.30. The non-GAAP adjusted net income available to common shareholders estimate is before non-cash change in fair value of warrants, option and equity-based compensation as well as non-cash accretion discount (but after cash dividends paid) on the Company’s redeemable convertible preferred stock issue which matured on June 11, 2010.

Adjusted net income available to common shareholders (non GAAP) compares with $5.55 million of non GAAP adjusted net income available to common shareholders in the year-ago quarter. The fourth quarter of 2009 included an anomalous fixed-plant Concrete Sales segment gross margin of 28 percent reflecting the completion of Beijing Olympics era projects, such as the Beijing South Railway Station, which held unusually high pricing and margins due to an RMC supply imbalance. In that year-ago quarter, Concrete Sales were 81 percent of revenue; since that time the growth in Manufacturing Services revenue has greatly outpaced that of Concrete Sales shifting the revenue and, particularly the earnings mix, toward Manufacturing Services. Beginning with the first quarter of Fiscal Year 2010, the Concrete Sales gross margin has increased sequentially each quarter of the year to current levels which are about double the industry average. China ACM expects that trend will continue into this fourth quarter as the business scales.

Additionally, the 2009 fourth quarter included an extraordinary windfall Bad Debt Recovery income credit of $800,000, for the full year’s accounts receivable, which was recorded in SG&A and had a substantial impact on that quarter’s earnings.

China ACM plans to announce the details of its audited Fiscal Year 2010 results in September. It will host an investor teleconference, with a full Q&A session, in conjunction with that report.

The projected and unaudited financial results discussed in this news release are preliminary only and are subject to change as a result of the completion of the Company’s annual full year audit. GAAP results are anticipated to be different than projected non-GAAP results and those differences may be material.

About China ACM
China ACM is a leading producer of advanced, certified eco-friendly ready-mix concrete (RMC) and related technical services for large scale, high-speed rail (HSR) and other complex infrastructure projects. Leveraging its proprietary technology and value add services model, the Company has won work on numerous high profile projects including the 30,000 km China HSR expansion, the Olympic Stadium Birds’ Nest, Beijing South Railway Station, Beijing International Airport, National Centre for Performing Arts, CCTV Headquarters, Beijing YinTai Building which houses the trendy Beijing Hyatt and U.S. and French embassies.

Founded in 2002, Beijing-based China ACM provides its materials and services through its network of five ready-mix concrete plants covering the Beijing metropolitan area. Of those five plants, it owns one and leases four. It also has technical services and preferred procurement agreements with five other independently owned plants across China. Additionally, the Company presently owns 16 portable plants deployed in 10 provinces across China. Currently, its total RMC production designed capacity is in excess of 11 million cubic meters annually. Additional information about the Company is available at www.china-acm.com.

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

Monday, August 30th, 2010 Uncategorized Comments Off on China ACM (CADC) Announces Preliminary Fourth Quarter of FY-10 Results

Ceragon (CRNT) Receives Orders for Mobile Backhaul Equipment from One of India’s Leading Operators

PARAMUS, New Jersey, August 30, 2010 /PRNewswire-FirstCall/ — Ceragon Networks Ltd. (NASDAQ:CRNTNews), the provider of high-capacity, 4G/LTE-Ready wireless backhaul networks, today announced that it has received new orders for its advanced FibeAir(R) platforms from a leading Indian operator. Ceragon’s equipment will be deployed in a number of circles to facilitate the operator’s network expansion.

“We are very happy to see that the regulatory process related to security considerations in India is in place and orders are beginning to be released by operators as they receive clearance from the Indian government,” said Ira Palti, President and Chief Executive Officer of Ceragon. “We expect revenue from the current orders to be recognized during 2011, while continuing to target revenue growth in the range of 30-35% for 2010.”

With more than 110 million users added in the first half of 2010, India’s mobile subscriber-base has grown to over 635 million. According the Telecom Regulatory Authority of India (TRAI) more than 94% of telephony services in India are passed over wireless networks.

Ceragon is an important player in India’s expanding wireless backhaul market. The company’s advanced hybrid (IP/TDM) and all-IP solutions are used by most of India’s leading mobile operators to provide vital, high quality and high-capacity connectivity.

About Ceragon Networks Ltd.

Ceragon Networks Ltd. (NASDAQ:CRNTNews) is a leading provider of high capacity LTE/4G ready wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services, such as Internet browsing, music and video applications. Our wireless backhaul solutions use microwave technology to transfer large amounts of telecommunication traffic between base stations and the core of the service provider’s network. Designed to enable risk-free migration from legacy to next-generation backhaul networks, our solutions provide fiber-like connectivity for circuit-switched, or SONET/SDH, networks, next generation Ethernet/Internet Protocol, or IP-based, networks, and hybrid networks that combine circuit-switched and IP-based networks. Our solutions support all wireless access technologies, including GSM, CDMA, EV-DO, HSPA, LTE and WiMAX. These solutions allow wireless service providers to cost-effectively and seamlessly evolve their network from circuit-switched and hybrid concepts to all IP thereby meeting the increasing demands by the growing numbers of subscribers and the increasing demand for mobile data services. We also provide our solutions to businesses and public institutions that operate their own private communications networks. Our solutions are deployed by more than 200 service providers of all sizes, as well as in hundreds of private networks, in more than 130 countries. More information is available at http://www.ceragon.com.

Ceragon Networks(R), CeraView(R), FibeAir(R), the FibeAir(R) design mark and Native2(R) are registered trademarks, and Ceragon(TM), PolyView(TM), ConfigAir(TM), CeraMon(TM), EtherAir(TM), QuickAir(TM), QuickAir Partner Program(TM), QuickAir Partner Certification Program(TM), QuickAir Partner Zone(TM), EncryptAir(TM) and Microwave Fiber(TM) are trademarks of Ceragon Networks Ltd.

This press release may contain statements concerning Ceragon’s future prospects that are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and projections that involve a number of risks and uncertainties. There can be no assurance that future results will be achieved, and actual results could differ materially from forecasts and estimates. These are important factors that could cause actual results to differ materially from forecasts and estimates. These risks and uncertainties, as well as others, are discussed in greater detail in Ceragon’s Annual Report on Form 20-F and Ceragon’s other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and Ceragon undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made.

Monday, August 30th, 2010 Uncategorized Comments Off on Ceragon (CRNT) Receives Orders for Mobile Backhaul Equipment from One of India’s Leading Operators

Uranium Energy Corp (UEC) Completes Phase One of Wellfield Development at Palangana in South Texas

CORPUS CHRISTI, TX, Aug. 30 /PRNewswire-FirstCall/ – Uranium Energy Corp (NYSE-AMEX: UEC, the “Company”) is pleased to announce that the Company has now completed the first of three phases of wellfield development at Production Area One (“PAA-1”) at the Palangana ISR uranium project located in South Texas.

The Company has completed 40 injection and production wells thus far, which completed Phase One in the development of PAA-1. The wells will be brought on-stream in three approximately equivalent phases as part of the build-up to initial sustainable levels of production. Construction of Palangana’s ion-exchange satellite facility is also underway with pumps and tanks to be installed in mid-September.

Harry Anthony, Chief Operating Officer, stated, “The development progress at Palangana is on-track, on-schedule and on-budget for initial production starting in November this year. We are continuing the drilling, electrical build-out and wellfield piping, and are pleased with the pace and testing to date.”

The Company has also completed drilling and flow-testing the Class 1 non-hazardous waste disposal well, known as WDW 419, that is needed for the Palangana project. WDW 419 is permitted for injection of by-product solutions generated during in-situ recovery of uranium and during restoration of the field. The well was drilled and cased to a depth of 6,950 feet in June and July. It was perforated in early August with two perforation intervals.

The well has now been flow-tested using filtered brine at several rates ranging between 42 and 176 gallons per minute at wellhead pressures ranging from 0, or a vacuum, up to 300 pounds per square inch, and was successful from applying just these modest wellhead pressures. WDW 419 is in the top 99 percentile of all Class I uranium wells based on superb flow rates at modest injection pressures.

About In-Situ Recovery (ISR) Mining

Uranium Energy Corp will be employing in-situ recovery or ISR mining technology at the Palangana uranium project. ISR is injected-solution mining that reverses the natural process that deposited the uranium in the sandstones. On-site ground water is fortified with gaseous oxygen and is introduced to the uranium ore body through a pattern of injection wells. The solution dissolves the uranium in the sandstone uranium host. The uranium-bearing solution is brought back to surface through production wells where the uranium is concentrated on resins for trucking to the Company’s Hobson processing plant to be concentrated further and dried into yellowcake for market. This pattern of injection and recovery wells is called a wellfield. For more information, including photographs and detailed captions, please read the President’s Mid-Year Report to Shareholders dated July 27, 2010 at www.uraniumenergy.com.

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

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.

Monday, August 30th, 2010 Uncategorized Comments Off on Uranium Energy Corp (UEC) Completes Phase One of Wellfield Development at Palangana in South Texas

Peerless Systems Corp. (PRLS) Announces Self Tender of up to $45 Million of Its Outstanding Shares at $3.25 Per Share

EL SEGUNDO, Calif., Aug. 27 /PRNewswire-FirstCall/ — Peerless Systems Corporation (Nasdaq:PRLSNews), a provider of imaging and networking technologies to the digital document market, announced today that it intends to commence a public tender offer to repurchase from its stockholders up to $45 million (or approximately 13.85 million shares) of its common stock at a price of $3.25 per share in cash.

Two years ago, the Company’s Board of Directors was reconstituted in order to ensure that Peerless was focused on enhancing stockholder value.  At that time, Peerless’ common stock was trading at approximately $1.80 per share and the then current CEO presented the Board with a proposed budget that projected an operating LOSS in fiscal year 2009 of approximately $9 million.

Since then management, with significant oversight by Timothy Brog, the Chairman of the Board, and the other directors, refocused the Company and was able to preserve, and then increase, capital, and maximize stockholder value for Peerless’ stockholders.

These results were achieved through initiatives such as:

  • Terminating money losing projects that would have consumed a significant amount of Peerless’ cash;
  • Negotiating an exit from a 10 year lease that was costing the Company approximately $1.5 million per year;
  • Reducing office space from over 50,000 square feet to approximately 2,000 square feet;
  • Slashing the head count from 27 to 4;
  • Generating a pre-tax profit in excess of $10 million on our investment in Highbury Financial;
  • Reducing accrued liabilities by restructuring licenses with third parties;
  • Executing perpetual licenses with customers;
  • Negotiating the early release of escrowed funds from the sale of our assets to Kyocera Mita Corporation;
  • Adding a new customer for the first time in many years; and
  • Eliminating unnecessary expenses and generating significant free cash flow in each of the past two years.

Timothy E. Brog, Chairman of Peerless’ Board of Directors, said, “Peerless will continue to execute its publicly announced strategy.  However, we are pleased to be able to offer the opportunity for liquidity to stockholders who desire to sell some or all of their shares.”  As for the future of Peerless, Mr. Brog added, “For those stockholders that decide to retain some or all of their shares, we intend to continue to focus on delivering value by seeking acquisitions and maximizing the value of our historical licensing business.”

The tender offer will afford tendering stockholders liquidity for some or all of their shares and will permit them to have their shares repurchased at a 14.4% premium over the closing price per share of $2.84 on August 26, 2010, the last full trading day before the date of this announcement. Stockholders who elect not to tender their shares in the offer will increase their relative percentage ownership in Peerless following completion of the offer.

Mr. Brog has informed the Company that he does not intend to tender any of his shares.  Bandera Partners and Caburn Management, which beneficially own approximately 22.5% and 2.0% of the Company’s outstanding shares, respectively, have agreed to tender all of their shares in the offer.

At the closing of the tender offer, Gregory Bylinsky, a representative of Bandera, and Eddie Ramsden, a representative of Caburn, will resign as directors of the Company and Eric Kuby, a representative of North Star Investment Management Corporation, which beneficially owns 351,547 shares of Peerless common stock, will be appointed as a new a director.  North Star does not intend to tender any of its shares.  If Bandera owns less than 450,000 shares following the closing of the tender offer, Robert Frankfurt will be appointed to the Board.  Jefferson Gramm, Bandera’s other Board representative, will resign if Bandera owns less than 360,000 shares following the closing of the tender offer. Background information regarding Messrs. Kuby and Frankfurt is included in the Company’s Form 8-K filed with the Securities and Exchange Commission today.

The Company intends to commence the tender offer as soon as practicable and it will remain open for at least 20 business days.  Under the terms of the offer, stockholders may tender all or a portion of their shares.  Neither Peerless nor its Board of Directors anticipates making any recommendation to stockholders as to whether to tender or, if so, how many shares to tender.  The tender offer is subject to market, economic and business conditions affecting the Company and other customary conditions set forth in the Offer to Purchase and related Letter of Transmittal documents to be sent to the stockholders.  Tenders of shares must be made on or prior to the expiration of the tender offer and shares may be withdrawn at any time on or prior to the expiration of the tender offer.  If the offer is oversubscribed by stockholders, the Company will purchase shares on a pro rata basis in accordance with the number of shares tendered.

Further information regarding these matters is included in the filings made by the Company with the Securities and Exchange Commission today, including the Current Report on Form 8-K.

The Company has not commenced the tender offer and the description of the tender offer included in this press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any of the Company’s common stock. There can be no assurance that any tender offer will be commenced or if commenced that it will be consummated. The offer to purchase and the solicitation of the Company’s common stock will be made only pursuant to the Offer to Purchase, the related Letter of Transmittal and other related materials that the Company expects to mail to its stockholders promptly after commencement of the offer, at no expense to stockholders. Stockholders should read those materials and the documents incorporated therein by reference carefully when they become available because they will include important information, including the various terms of, and conditions to, the tender offer. The Company will file a Tender Offer Statement on Schedule TO with the SEC in connection with the tender offer, which will include as exhibits the Offer to Purchase and the related Letter of Transmittal, as well as any amendments or supplements to the Tender Offer Statement when they become available. The Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and other related materials) when filed will be available to stockholders at no charge at the SEC’s website at www.sec.gov, or the Investor Relations section of the Company’s website located at www.peerless.com. Stockholders are urged to read those materials carefully prior to making any decisions with respect to the tender offer.

About Peerless Systems Corporation

Founded in 1982, Peerless Systems Corporation historically licensed imaging and networking technologies to the digital document markets, which include manufacturers of color, monochrome and multifunction office products and digital appliances.  Effective April 30, 2008, Peerless sold its imaging and networking technologies and certain other assets to Kyocera Mita Corporation.  Peerless retains the rights to continue licensing these technologies to customers in the digital document markets.  Peerless intends to use its cash on hand to explore investment opportunities that it believes will enhance stockholder value.

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995

Some statements included in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, therefore, involve uncertainties or risks that could cause actual results to differ materially there from.  These statements may contain words such as “desires,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “estimates” or similar expressions.  These statements are not guarantees of the Company’s future performance and are subject to risks, uncertainties and other important factors that could cause actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements. Such statements include, but are not limited to, the Company’s ability to find one or more suitable investment opportunities and to successfully complete any such investment, the Company’s current licensing business, the effects of the Company’s downsizing, the ability of the Company to commence and complete the tender offer, and the ability of the Company to achieve the benefits contemplated by the tender offer.  Additional information regarding factors that could cause results to differ materially from management’s expectations is found in the section entitled “Risk Factors” in the Company’s 2010 Annual Report on Form 10-K.  The Company intends that the forward-looking statements included herein be subject to the above-mentioned statutory safe harbors. Investors are cautioned not to rely on forward-looking statements.  The Company does not undertake, and expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Friday, August 27th, 2010 Uncategorized Comments Off on Peerless Systems Corp. (PRLS) Announces Self Tender of up to $45 Million of Its Outstanding Shares at $3.25 Per Share

Travelzoo (TZOO) Surpasses 1 Million Subscriber Milestone in Germany

MUNICH–(BUSINESS WIRE)–Travelzoo (NASDAQ: TZOONews), a global Internet media company, announced today that it now has more than 1 million unduplicated subscribers to its German publications, including the Travelzoo Top 20® and Newsflash™ email alert service. The number of German subscribers has grown by 385,964 over the past 12 months, an annual increase of 62%.

As its audience has grown in Germany, subscribers have become increasingly responsive to Travelzoo’s recommendations. In the first six months of 2010, average weekly clicks to the German edition of the Top 20 were 303,572, up 112% over the prior year period and almost twice the rate of new subscribers. The single biggest week so far this year, in terms of click volume, was 28 July, when Travelzoo’s German subscribers clicked a record 423,492 times on deals recommended in the Top 20.

“With 1 million highly-committed, quality subscribers, Travelzoo has established itself as one of the most trusted publishers of travel and entertainment deals,” says Carsten Schwecke, general manager of Travelzoo Germany. “We attribute our continued success to an unwavering focus on quality. We really do check every deal we publish for outstanding value and availability. We see ourselves as a trusted friend that our subscribers can turn to with confidence, for honest, informed advice about deals.”

About Travelzoo
Travelzoo Inc. is a global Internet media company. With more than 21 million subscribers in North America, Europe and Asia Pacific, and 22 offices worldwide, Travelzoo® publishes deals from more than 2,000 travel and entertainment companies. Travelzoo’s deal experts research, evaluate and test offers to find the best deals and confirm their true value. In Asia Pacific, Travelzoo is independently owned and operated by Travelzoo (Asia) Ltd. and Travelzoo Japan K.K. under a license agreement with Travelzoo Inc.

Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect”, “predict”, “project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”, “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release. Travelzoo and Top 20 are registered trademarks of Travelzoo. All other names are trademarks and/or registered trademarks of their respective owners.

Friday, August 27th, 2010 Uncategorized Comments Off on Travelzoo (TZOO) Surpasses 1 Million Subscriber Milestone in Germany

Tel-Instrument Electronics Corp (TIK) Announces Results for First Quarter of 2011 Fiscal Year

CARLSTADT, N.J.–(BUSINESS WIRE)– Tel Instrument Electronics Corp. (“Tel” or “Company”) announced today that it sustained a net loss of approximately $275,000 in the first quarter of fiscal year 2011.

Sales in the first quarter increased to $2,455,280, an increase of $113,081 (4.8%) over the same period in the prior fiscal year. Further sales increases for this quarter were held back by production delays and the timing of the receipt of export licenses. However, the units not shipped in the first quarter are expected to be shipped in the balance of this fiscal year in addition to the units originally scheduled for shipment later in the year.

As predicted, operating expenses in the first quarter declined by approximately $240,000, or 14%, over the same period in the prior year primarily as a result of lower engineering costs due to two of the three key Company products nearing the completion of development. Both of these key new products are currently undergoing evaluation by the U.S. Navy. The Company believes that both products will be successfully evaluated and that upon successful completion of the evaluation, the Navy will exercise the remaining production options for the CRAFT AN/USM-708, and will allow the Company to begin production of the order for 102 units of the ITATS AN/ARM-206 already received.

The Company has also received a total of $17 million of delivery orders from the U.S. Army for the TS-4530A program, and the Company expects to begin shipping the qualification units by the end of the calendar year, which the Army will use for testing and evaluation.

Also in July 2010, the Company received an additional order for 160 AN/USM-708 pilot production units with a contract value of $3.6 million. Shipment of these units is scheduled to begin in September 2010.

As a result of the foregoing, as well as projected sales of other products, the Company anticipates a substantial increase in revenues and solid profits in this fiscal year ending March 31, 2011.

At June 30, 2010 the Company’s backlog was approximately $25.4 million as compared to approximately $14.7 million at June 30, 2009. The backlog at June 30, 2010 includes only the amount of currently exercised delivery orders on open IDIQ contracts, and the Company’s backlog is expected to materially increase when the large volume production orders for the AN/USM-708 and AN/USM-719 units are received.

The Company’s working capital and cash flow have substantially declined. The Company had raised approximately $800,000 in additional equity and debt financing, in addition to its borrowings from the bank on its line of credit, in the last fiscal year to support its operations. However, the Company requires additional capital to support its aggressive growth plans. As a result, on June 24, 2010 the Company entered into a non-binding term sheet with a private lender, providing that the Company and the Lender finish negotiating an agreement for a five year loan to the Company for $2.5 million at an interest rate of 14% per year. The nonbinding term sheet provides for additional terms to be included in the agreement, customary to these kinds of agreements, including a provision for warrants to the lender to purchase common shares at an exercise price equal to the closing price of the common shares on the NYSE-Amex at the date of the closing of the loan agreement. In the event of certain major corporate events, the lender would have the right to require the Company to purchase the warrant or warrant shares at prices related to the market price of the shares or related to Company operating income. Any final agreement will have other provisions negotiated by the parties. Although no assurance can be given, the Company is reasonably confident that an acceptable agreement can be concluded by the end of August 2010.

This press release includes statements that are not historical in nature and may be characterized as “forward-looking statements,” including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company’s outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are: changes in the general economy; changes in demand for the Company’s products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company’s previous filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets. Tel-Instrument provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. For further information please visit our website at www.telinstrument.com.

The Company’s stock is traded in the American Stock Exchange under the symbol TIK.

Thursday, August 26th, 2010 Uncategorized Comments Off on Tel-Instrument Electronics Corp (TIK) Announces Results for First Quarter of 2011 Fiscal Year

Radient Pharmaceuticals (RPC) Provides Domestic and International Target Market Details for Its Onko-Sure(R) IVD Cancer Diagnostic Test

TUSTIN, CA–(Marketwire – August 11, 2010) –   Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today it will present its Onko-Sure in vitro diagnostic (IVD) cancer test to distribution partners at the annual Vietnam International Medical, Hospital and Pharmaceutical exhibition — Vietnam Medi-Pharm Expo, held August 18-21 at the Tan Binh International Exhibition & Convention Center in Ho Chi Minh City, Vietnam. RPC will present at Booth 112 in Hall 3 of the exhibition and convention center.

“The Vietnam Medi Pharm Expo in Ho Chi Minh City is the most prestigious specialized exhibition in Vietnam, with participation from hundreds of local and foreign organizations, groups and enterprises,” commented Dr. Nguyen Quoc Trieu, Minister of Health for Vietnam. “The exhibition offers a premier venue for the medical circle to showcase their latest advancements, achievements, modern technologies, new medicines and healthcare and treatment services.”

Douglas MacLellan, Chairman and CEO of RPC, also commented saying, “We are committed to expanding commercialization efforts for Onko-Sure® in Asia and ASEAN partner countries healthcare markets. Vietnam is an important growth market for RPC and our goal is to leverage this event to increase product sales and distribution in Asia and other ASEAN member states this year.”

Target ASEAN states for RPC include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam. The total population for ASEAN is approximately 580 million people or 8.7% of the world population. In 2009, this region’s combined nominal gross domestic product (GDP) exceeded more than USD $1.5 trillion, and as a single country, ASEAN ranks as the 9th largest economy worldwide in terms of GDP.

RPC’s Onko-Sure IVD cancer test is a simple, non-invasive, patent-pending and regulatory-approved in vitro diagnostic (IVD) test used for the detection and monitoring of the treatment and/or recurrence of various types of cancer. The test enables physicians and healthcare professionals to effectively detect and/or monitor certain types of cancers by measuring the accumulation of Fibrin and Fibrinogen Degradation Products (FDP) in the blood. FDP levels rise dramatically with the progression of cancer. Onko-Sure® is cleared by the US FDA for the treatment and/or recurrence monitoring of colorectal cancer and by Health Canada for the detection, treatment and/or recurrence monitoring of lung cancer. For more information visit www.onko-sure.com.

RPC Contact Information:
For additional information on Radient Pharmaceuticals, ADI and its portfolio of products visit the Company’s corporate website at www.Radient-Pharma.com. For Investor Relations information contact Kristine Szarkowitz at IR@Radient-Pharma.com or 1.206.310.5323.

About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals is dedicated to saving lives and money for patients and global healthcare systems through the deployment of its Onko-Sure® In Vitro Diagnostic cancer test. The company’s focus is on the discovery, development and commercialization of unique high-value diagnostic tests that help physicians answer important clinical questions related to early disease detection; treatment strategy; and the monitoring of disease progression, prognosis, and diagnosis to ultimately improve patient outcomes. Radient Pharmaceutical’s current Onko-Sure cancer test is used to guide decisions regarding patient treatment, which may include decisions to refer patients to specialists, perform additional testing, or assist in the selection of therapy. To learn more about our company, people and potentially life-saving cancer test, visit www.radient-pharma.com.

Forward-Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company’s operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.

Thursday, August 26th, 2010 Uncategorized Comments Off on Radient Pharmaceuticals (RPC) Provides Domestic and International Target Market Details for Its Onko-Sure(R) IVD Cancer Diagnostic Test

Geokinetics (GOK) Announces Project Award Valued in Excess of $110 Million

HOUSTON, Aug. 26 /PRNewswire-FirstCall/ — Geokinetics Inc. (NYSE Amex: GOK) today announced that Petroleos Mexicanos (PEMEX) has awarded its Mexican subsidiary a seismic acquisition contract valued in excess of $110 million for work in Mexico.  The project will be for a seamless Ocean Bottom Cable, Transition Zone and land seismic data acquisition survey that is scheduled to commence late in the fourth quarter 2010 and last through early 2012.

Richard F. Miles, President and Chief Executive Officer, commented, “We are especially pleased to have been chosen for this project as this award highlights the strategic rationale behind our recent acquisition of PGS Onshore.

“Sustained solid bidding activity gives us confidence that our backlog will continue to grow and that Geokinetics is well positioned to benefit as the industry continues to recover.”

About Geokinetics Inc.

Geokinetics Inc. is a leading provider of seismic data acquisition, seismic data processing services and multi-client seismic data to the oil and gas industry worldwide. Headquartered in Houston, Texas, Geokinetics is the largest Western contractor acquiring seismic data onshore and in transition zones in oil and gas basins around the world. Geokinetics has the crews, experience and capacity to provide cost-effective world class data to our international and North American clients. For more information on Geokinetics, visit www.geokinetics.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Geokinetics expects, believes or anticipates will or may occur in the future are forward-looking statements.  These statements include but are not limited to statements about the business outlook for the year, backlog and bid activity, future contract awards, financial performance and statements with respect to future events. These statements are based on certain assumptions made by Geokinetics based on management’s experience and perception of historical trends, industry conditions, market position, future operations, profitability, liquidity, backlog, capital resources and other factors believed to be appropriate.  Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Geokinetics, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to general economic conditions and conditions in the oil and gas industry, financial performance and results, job delays or cancellations, reductions in oil and gas prices, impact from severe weather conditions and other important factors that could cause actual results to differ materially from those projected, or backlog not to be completed, as described in the Company’s reports filed with the Securities and Exchange Commission. Backlog consists of written orders and estimates of Geokinetics’ services which it believes to be firm, however, in many instances, the contracts are cancelable by customers so Geokinetics may never realize some or all of its backlog which may lead to lower than expected financial performance.

Although Geokinetics believes that the expectations reflected in such statements are reasonable, it can give no assurance that such expectations will be correct.  All of Geokinetics’ forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements.  Any forward-looking statement speaks only as of the date on which such statement is made and Geokinetics undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact: Scott M. Zuehlke
Director of Investor Relations
Geokinetics Inc.
(713) 850-7600
Thursday, August 26th, 2010 Uncategorized Comments Off on Geokinetics (GOK) Announces Project Award Valued in Excess of $110 Million

Shengkai Innovations (VALV) Wins Contract from Hong Kong’s Power Generation Industry

TIANJIN, China, Aug. 26 /PRNewswire-Asia-FirstCall/ — Shengkai Innovations, Inc. (Nasdaq: VALV; “Shengkai Innovations” or the “Company”), a leading ceramic valve manufacturer with operations in the People’s Republic of China (the “PRC”), today announced that it has won its first key contract in Hong Kong.

After one year of testing and stringent selection procedures, Shengkai Innovations’ valve products have been well received by Hong Kong power generation companies due to its products’ long durability and high quality under both high temperature and high pressure. Shengkai’s V-shape ceramic ball valves can serve as direct replacements for its Indian counterparts, which its new Hong Kong customers previously used. As of August 16, 2010, Shengkai Innovations has filled 3 commercial orders under the new contract from major power generator in Hong Kong.

Mr. Chen Wang, Chairman and Chief Executive Officer of Shengkai Innovations, remarked, “We are excited about our entrance in Hong Kong as this represents a key milestone: our entry into another important market with high quality standards. With over 7 million residents, massive tourist traffic and some of world’s most active ports, Hong Kong’s power generators are under tremendous pressure to ensure ongoing electricity supplies and to avoid power outages. The selection of our valves by Hong Kong power company is an encouraging endorsement on the reliability of our ceramic products’ quality.”

About Shengkai Innovations, Inc.

Shengkai Innovations is engaged in the design, manufacture and sale of ceramic valves, high-tech ceramic materials and the provision of technical consultation and related services. The Company’s industrial valve products are used by companies in the electric power, petrochemical, metallurgy, and environmental protection industries as high-performance, more durable alternatives to traditional metal valves. The Company was founded in 1994 and is headquartered in Tianjin, the PRC.

The Company is one of the few ceramic valve manufacturers in the world with research and development, engineering, and production capacity for structural ceramics and is the only valve manufacturer in China that is able to produce large-sized ceramic valves with calibers of 6″ or more. The Company’s product portfolio includes a broad range of valves that are sold throughout the PRC, to Europe, North America, United Arab Emirates, and other countries in the Asia-Pacific region. The Company has over 400 customers, and is the only ceramic valve supplier qualified to supply SINOPEC. The Company also became a member of the PetroChina supply network in 2006.

Safe Harbor Statements

Under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the effect of political, economic, and market conditions and geopolitical events, legislative and regulatory changes, the Company’s ability to expand and upgrade its production capacity, the actions and initiatives of current and potential competitors, and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission and other regulatory authorities. All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    For more information, please contact:

    Shengkai Innovations, Inc.
     David Ming He
     Chief Financial Officer
     Phone: +86-22-2858-8899
     Email: ir@shengkai.com
     Web:   http://www.shengkaiinnovations.com
Thursday, August 26th, 2010 Uncategorized Comments Off on Shengkai Innovations (VALV) Wins Contract from Hong Kong’s Power Generation Industry

Deltron (DTRO) Secures International Patent Rights for Breathing Valve Technology

GARDEN GROVE, Calif.–(BUSINESS WIRE)–Deltron, Inc. (OTCBB: DTRONews) is pleased to announce that on August 4, 2010 the Company signed an agreement to secure both domestic and international patent rights for integral components of its highly innovative rebreather technology. Deltron’s Blu Vu division designs and develops components as well as complete systems for closed-circuit rebreathers, underwater life support systems that recirculate breathing gases to enable deeper, longer and more productive commercial and recreational dives.

Deltron has acquired the marketing and development rights to a highly innovative breathing valve and mouthpiece design comprised of a bailout valve, mouthpiece and valve unit for its leading edge rebreather systems. The acquisition gives its Blu Vu division the rights to develop new products based on the technology and to license the technology to other manufacturers of rebreathers and rebreather components throughout the United States, Europe and Australia. Patent applications for the technology have been filed and are awaiting approval.

Henry Larrucea, Deltron CEO, commented: “Securing international and domestic patent rights for these critical designs puts Blu Vu on firm footing for growth and leadership in the rebreather sector. We are proud of the design and development of these components and believe they add significantly to the value of Deltron’s intellectual property portfolio.”

Blu Vu designs and develops proprietary closed-circuit rebreathers and components for deep sea oil & gas exploration, mining, search and rescue, fire, building safety and hazardous materials applications as well as for recreational diving. Rebreathers are highly efficient breathing systems that recirculate the gas a diver breathes, removing the carbon dioxide generated by human metabolism and adding oxygen and other gases to replace what is consumed. Rebreathers are more efficient and less limiting than conventional scuba systems, enabling commercial and recreational divers to go deeper, stay underwater longer, increase productivity during dives, and minimize decompression obligations.

About Deltron, Inc. (DTRO.OB)

Deltron acquires profitable businesses with strong management teams, substantial revenue and established market positions. Wholly owned Elasco is a proven innovator in product manufacturing with a 31-year operating history, diverse customer base and vertically integrated manufacturing facility in Garden Grove, California. Blu Vu, a division of Deltron, is a developer of proprietary closed circuit rebreather technology and components that go beyond conventional scuba systems to enable commercial and recreational divers to go deeper, stay underwater longer and recover faster.

This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. DTRO has tried, whenever possible, to identify these forward-looking statements using words such as “anticipates”, “believes”, “estimates”, “expects”, “plans”, “intends”, “potential” and similar expressions. These statements reflect DTRO’s current beliefs and are based upon information currently available to it.

Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause DTRO’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. DTRO undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.

Wednesday, August 25th, 2010 Uncategorized Comments Off on Deltron (DTRO) Secures International Patent Rights for Breathing Valve Technology

Fronteer Gold Inc. (FRG) Emerging Copper-Gold Porphyry Returns 646.50 Metres of Continuous Copper-Gold Mineralization

VANCOUVER, BRITISH COLUMBIA–(Marketwire – 08/25/10) – Fronteer Gold (TSX:FRGNews)(AMEX:FRGNews) announces that a new drill hole has returned the longest interval of continuous copper-gold mineralization ever intersected at the early-stage Halilaga porphyry project in northwestern Turkey.

Assay highlights from HD-54, drilled within Halilaga’s Central Zone, are as follows:

 

--  0.26 g/t gold and 0.33% copper over 646.50 metres starting from surface
    and including:
    --  0.65 g/t gold and 0.89% copper over 106.80 metres, including 0.63
        g/t gold and 1.50% copper over 33.0 metres; and,
    --  a deeper zone averaging 0.23 g/t gold and 0.24% copper over 143.70
        metres.

Based on the success of this significant hole, the drill plan has been modified and an additional rig has been added to the program, for a total of four rigs.

“Halilaga’s Central Zone and the surrounding prospective district have seen relatively minimal exploration. This drill hole demonstrates the continuation of the deposit to the north, well beyond what was previously thought to be the edge of the system,” says Fronteer Gold President and CEO, Mark O’Dea. “Halilaga provides Fronteer Gold with excellent upside exposure to an exciting new deposit. Porphyry copper-gold deposits are an increasingly important part of global gold production because of their size, long mine life and strong cash-flow potential.”

The Halilaga project is accessible by road; situated in favourable terrain; and surrounded by excellent infrastructure.

HD-54 cored mineralized porphyry for its entire length, including two zones of moderate- to higher grade copper-gold mineralization. The hole cored the main zone of copper-gold porphyry mineralization and supergene enrichment before passing through a prominent east-west near-vertical fault and then intersecting a postulated down-dropped block of porphyry mineralization under younger volcanic cover on the northern portion of the property.

Teck Resources Limited’s Turkish subsidiary, (“TMST”) is Fronteer Gold’s 60% joint venture partner and project operator. There are currently three core rigs and one RC rig operating as part of a $2.7 million drill program, funded 60%/40% by TMST and Fronteer Gold. The program includes 10,000 metres of core drilling, with 8,500 metres of drilling planned for the Central Zone, and the remainder planned for regional porphyry targets through the property. This program is currently one-third complete.

Fronteer Gold anticipates completing the first resource estimate for the project by Q1-2011, dependent on sufficient drilling being completed.

 

Drill highlights
---------------------------------------------------------------------------
                       From               Intercept
Hole ID             (metres) To (metres)    (metres)    Au (g/t)      Cu (%)
---------------------------------------------------------------------------
HD-54                  0.00      646.50      646.50        0.26        0.33
---------------------------------------------------------------------------
Including              0.00      392.80      392.80        0.32        0.41
---------------------------------------------------------------------------
Including              4.50      111.30      106.80        0.65        0.89
---------------------------------------------------------------------------
Including             17.00       50.00       33.00        0.63        1.50
---------------------------------------------------------------------------
and
including            502.80      646.50      143.70        0.21        0.23
---------------------------------------------------------------------------
All true widths are 80-90% of reported widths unless otherwise stated.
All intervals of no sampling have been assigned zero grade for the purposes
of compositing.

For a cross-section highlighting HD-54, please clickhttp://www.fronteergold.com/sites/files/fronteer_admin/HalilagaCrossSection1028.pdf

Drill samples and analytical data for Halilaga are collected under the supervision of TMST, Fronteer Gold’s joint venture partner and project operator, using industry standard QA-QC protocols. Ian Cunningham-Dunlop, P. Eng, Vice President Exploration for Fronteer Gold, who is the QP responsible for compiling the data contained in this release, has not verified all the data; however, the grades and widths reported here agree well with the company’s past results on the project and correspondence with TMST has given him no reason to doubt their authenticity. For further details on Halilaga, please view the NI 43-101 technical report entitled “NI 43-101 Technical Report on the Halilaga Exploration Property, Canakkale, Western Turkey”, dated March 30, 2009, prepared by Peter Grieve, of Geology and Resource Solutions Limited, on SEDAR at http://www.sedar.com.

ABOUT FRONTEER GOLD

We intend to become a significant gold producer. Our solid financial position and strong operational team give us the ability to advance our key gold projects through to production. Our future potential production platform includes our Long Canyon, Sandman and Northumberland projects – all located in Nevada, one of the friendliest gold-mining jurisdictions in the world.

Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including but not limited to, those with respect to potential expansion of mineralization, potential size of mineralized zone, and size of exploration program involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Fronteer Gold to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to international operations and joint ventures , the actual results of current exploration activities, conclusions of economic evaluations, uncertainty in the estimation of ore reserves and mineral resources, changes in project parameters as plans continue to be refined, future prices of gold and silver, environmental risks and hazards, increased infrastructure and/or operating costs, labor and employment matters, and government regulation and permitting requirements as well as those factors discussed in the section entitled “Risk Factors” in Fronteer Gold’s Annual Information form and Fronteer Gold’s latest Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although Fronteer Gold has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause 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. Fronteer Gold disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements.

Wednesday, August 25th, 2010 Uncategorized Comments Off on Fronteer Gold Inc. (FRG) Emerging Copper-Gold Porphyry Returns 646.50 Metres of Continuous Copper-Gold Mineralization

Occam Networks (OCNW) Provides PSC with FTTH Solutions for Santa Claus, Indiana Network

Aug. 25, 2010 (Business Wire) — Occam Networks (NASDAQ:OCNW) today announced that Perry-Spencer Rural Telephone Cooperative, Inc. (d/b/a PSC), has deployed the Occam BLC 6000 multiservice access platform (MSAP) in a FTTH project serving Christmas Lake Village in Santa Claus, Indiana. PSC selected Occam to provide equipment for an ILEC fiber overbuild as PSC looks to enhance its broadband service. This FTTH upgrade of PSC’s network, which also provides broadband services throughout a three county region of southern Indiana, is further enhancing the voice, video and data needs of the community.

“It has always been PSC’s goal to assist in the economic development of our rural community by providing quality and affordable telecommunications services,” said Daren Brown, Plant Manager of PSC. “In working with Occam over the past six years, their outstanding operational support has allowed us to improve our service offerings with ease. Now, we have once again improved the user experience with new and more video services and more Internet bandwidth.”

As a customer since 2004, PSC experienced success with its deployment of Occam’s copper solutions and 10Gigabit Ethernet. Prior to selecting Occam, PSC was delivering DSL at low speed with limited video capabilities. When it became necessary to provide its customers with more service options, PSC began work on a new infrastructure that would provide capacity for high-bandwidth services today and in the future. Over the last six months, PSC has installed a mix of Active Ethernet and GPON technologies from the BLC 6000 MSAP and transitioned some of their ILEC customers from copper and added new CLEC customers to a fiber-based network.

“Since PSC first partnered with Occam on their copper deployment, we have helped them branch into competitive service areas and now support them through their fiber overbuild,” said Juan Vela, Director, Solutions Marketing and Strategy for Occam Networks. “Because PSC made a future-looking commitment to its network and service offerings, they are able to target new revenue streams and grow their business into competitive communities. We are very pleased to align with PSC’s commitment to develop advanced broadband services in rural and underserved areas.”

In addition to the new fiber deployment in Santa Claus, Indiana, earlier this year PSC added Active Ethernet to serve business customers from its existing 10Gigabit Ethernet ring. The network was initially deployed for fixed wireless backhaul and has facilitated the convergence of wireless and business Ethernet traffic. PSC is currently in the process of connecting hospitals and small to medium businesses (SMBs) with high-speed voice, video and data over copper, fiber and native Ethernet services. Occam currently supports over 2,000 total access lines throughout PSC’s service network.

About Occam Networks, Inc.

Occam Networks’ broadband access solutions empower service providers to offer profitable new voice, data and video services over copper and fiber. Occam systems deliver flexibility and scalability in a Triple Play world. Over 3 million BLC 6000 ports are currently deployed at over 380 service providers worldwide. For more information, please visit www.occamnetworks.com.

Cautionary Note About Forward-Looking Statements

Portions of this press release may contain forward-looking statements regarding future events or the future performance of Occam Networks, including statements predicting increased adoption of products and technologies offered by Occam and the willingness and ability of our customers to purchase additional Occam products and upgrade their product offerings. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from any future performance suggested in such statements. In particular, rapidly changing technologies and market conditions may require changes to Occam’s products, and the willingness of our customers to purchase upgraded products such as Triple Play will depend in part on customers’ existing network configurations and any incremental costs associated with implementing upgrades. Occam does not undertake any obligation to publicly update any forward-looking statements as a result of new information, future events or otherwise. Please also refer to the company’s most recent quarterly report on Form 10-Q, annual report on Form 10-K and other filings with the SEC. These filings contain and identify other important factors that could cause actual results to differ materially from those contained in any forward-looking statements.

Occam Networks and Occam BLC 6000 are either registered trademarks or trademarks of Occam Networks, Inc. in the United States and/or other countries.

All other trademarks mentioned are the property of their respective owners.

Wednesday, August 25th, 2010 Uncategorized Comments Off on Occam Networks (OCNW) Provides PSC with FTTH Solutions for Santa Claus, Indiana Network

Somaxon Pharmaceuticals (SOMX) Announces Silenor(R) Co-Promotion Agreement with Procter & Gamble

Aug. 25, 2010 (Business Wire) — Somaxon Pharmaceuticals, Inc. (Nasdaq:SOMX) today announced that Somaxon and Procter & Gamble (NYSE:PG) have entered into a co-promotion agreement for Silenor® (doxepin), a newly-approved treatment for insomnia characterized by difficulty with sleep maintenance.

Under the terms of the agreement, Somaxon and Procter & Gamble will co-promote Silenor with a combined 215 sales representatives in the U.S. market. Procter & Gamble’s professional health care sales force will promote Silenor to targeted primary care and other high-prescribing physicians. Somaxon’s focus will be on specialists and other top-decile physicians who treat insomnia. In addition, Procter & Gamble will promote Silenor to targeted pharmacies and will provide supplemental managed care support services for Silenor. Somaxon has also granted Procter & Gamble a right of first negotiation relating to rights to develop and market Silenor as an over-the-counter medication in the U.S.

“We are extremely excited to add Procter & Gamble’s highly regarded and tenured professional sales force to our commercialization effort for Silenor,” said Richard W. Pascoe, Somaxon’s President and Chief Executive Officer. “With the combined effort of both sales forces, we will target 35,000 of the highest prescribers of insomnia products as well as 25,000 pharmacies, which we believe will allow us to be highly competitive in the insomnia market. In addition, we are excited about the potential to partner with Procter & Gamble for the OTC rights to Silenor as a future life cycle management opportunity.”

“We are thrilled to partner with Somaxon to co-promote Silenor,” said Thomas M. Finn, President, Global Health Care at Procter & Gamble. “This opportunity is an excellent fit with P&G Health Care’s current and future business interests, and we are confident P&G’s professional sales force will help Silenor deliver both for patients and in the marketplace.”

Somaxon will record all sales of Silenor and will pay Procter & Gamble a combination of fixed fees and a royalty based on U.S. net sales. Each party will be responsible for the costs of maintaining and operating its own sales force, and Somaxon is responsible for all other costs pertaining to the commercialization of Silenor. The term of the agreement runs through December 31, 2012, renewable thereafter, and Somaxon will pay Procter & Gamble a reduced royalty based on U.S. net sales of Silenor for one year after the expiration of the agreement or its earlier termination under certain circumstances. Governance of the collaboration will occur through a joint commercialization committee.

Conference Call Information and Forward-Looking Statements

On Wednesday, August 25, 2010, Somaxon will conduct a conference call with interested parties beginning at 9:00 a.m. ET (6:00 a.m. PT) to discuss the contents of this press release. The conference call will be available to interested parties through a live audio Internet broadcast at http://investors.somaxon.com/eventdetail.cfm. The call will also be archived and accessible for approximately two weeks. Alternatively, callers may participate in the conference call by dialing (480) 629-9822. A telephonic replay will be available for approximately one week following the conclusion of the call by dialing (303) 590-3030, and entering passcode 4356913.

Discussion during the conference call may include forward-looking statements regarding such topics as, but not limited to, commercialization plans for Silenor®, Somaxon’s financial status and performance and any comments Somaxon may make about its future plans or prospects in response to questions from participants on the conference call.

About Silenor®

Silenor is a low-dose (3 mg, 6 mg) oral tablet formulation of doxepin that is patent protected for use in insomnia. The Silenor NDA was approved in March 2010 for the treatment of insomnia characterized by difficulties with sleep maintenance. The NDA included all of the data from the company’s development program, including data from Somaxon’s clinical trial program that evaluated 1,017 subjects exposed to Silenor from 12 studies.

Important Safety Information

A doctor should be consulted if insomnia worsens or is not better within 7 to 10 days. This may mean that there is another condition causing the sleep problem.

Patients should be sure that they are able to devote 7 to 8 hours to sleep before being active again. Silenor should be taken within 30 minutes of bedtime. Patients should not take Silenor with alcohol or with other medicines that can cause drowsiness. Silenor should not be taken with or within two weeks after taking a monoamine oxidase inhibitor (MAOI). Patients should not take Silenor if they have untreated narrow angle glaucoma, if they have severe urinary retention, if they have severe sleep apnea or if they are allergic to any of the ingredients in Silenor. Until patients know how they will react to Silenor, they should not drive or operate machinery at night after taking Silenor, and they should be careful in performing such activities during the day following taking Silenor. Before taking Silenor, patients should tell their doctors if they have a history of depression, mental illness or suicidal thoughts. Patients should call their doctors right away if after taking Silenor they walk, drive, eat or engage in other activities while asleep. Drowsiness was the most common adverse event observed in clinical trials.

For more information, please see the complete Prescribing Information, including the Medication Guide, at www.silenor.com or www.somaxon.com.

About Somaxon Pharmaceuticals, Inc.

Headquartered in San Diego, CA, Somaxon Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the in-licensing, development and commercialization of proprietary branded pharmaceutical products and late-stage product candidates for the treatment of diseases and disorders in the central nervous system therapeutic area. Somaxon’s product Silenor® (doxepin) has been approved by the FDA for the treatment of insomnia characterized by difficulty with sleep maintenance.

For more information, please visit the company’s web site at www.somaxon.com.

Somaxon cautions readers that statements included in this press release and the conference call that are not a description of historical facts are forward-looking statements. For example, statements regarding the commercialization of Silenor, including the number of sales representatives to be deployed and the numbers of physicians and pharmacies to be targeted, the potential to license over-the-counter rights to Silenor to Procter & Gamble, and Somaxon’s operating expense guidance are forward-looking statements. The inclusion of forward-looking statements should not be regarded as a representation by Somaxon that its plans will be achieved. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in Somaxon’s business, including, without limitation, Somaxon’s ability to successfully commercialize Silenor; Somaxon’s reliance on third parties, Procter & Gamble and Publicis, for critical aspects of the commercial sales process for Silenor; the performance of Procter & Gamble and Publicis and their adherence to the terms of their contracts with Somaxon; the ability of Somaxon’s sales management personnel to effectively manage the sales representatives employed by Publicis; the ability of Somaxon to ensure adequate and continued supply of Silenor to successfully launch commercial sales or meet anticipated market demand; the scope, validity and duration of patent protection and other intellectual property rights for Silenor; whether the approved label for Silenor is sufficiently consistent with such patent protection to provide exclusivity for Silenor; Somaxon’s ability to operate its business without infringing the intellectual property rights of others; the market potential for insomnia treatments, and Somaxon’s ability to compete within that market; inadequate therapeutic efficacy or unexpected adverse side effects relating to Silenor that could delay or prevent commercialization, or that could result in recalls or product liability claims; other difficulties or delays in development, testing, manufacturing and marketing of Silenor; the timing and results of post-approval regulatory requirements for Silenor, and the FDA’s agreement with Somaxon’s interpretation of such results; Somaxon’s ability to raise sufficient capital to fund its operations, and the impact of any such financing activity on the level of its stock price; the impact of any inability to raise sufficient capital to fund ongoing operations; and other risks detailed in Somaxon’s prior press releases as well as in its periodic filings with the Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Somaxon undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934.

Wednesday, August 25th, 2010 Uncategorized Comments Off on Somaxon Pharmaceuticals (SOMX) Announces Silenor(R) Co-Promotion Agreement with Procter & Gamble

Coldwater Creek (CWTR) Announces Second Quarter 2010 Results

SANDPOINT, Idaho — Coldwater Creek Inc. (Nasdaq: CWTR) today reported financial results for the three- and six-month periods ended July 31, 2010.

Second Quarter 2010 Operating Results

  • Net sales were $253.5 million, compared with $225.2 million in the fiscal 2009 second quarter. Sales from the retail segment, which includes the Company’s premium retail stores, outlet stores and day spa locations, were $195.4 million versus $183.4 million in the fiscal 2009 second quarter. Comparable premium store sales increased 4.8 percent in the second quarter versus the second quarter of fiscal 2009.  Direct sales (internet and phone) increased 39.0% to $58.1 million from $41.8 million in the same period last year.
  • Gross profit for the fiscal 2010 second quarter was $84.7 million, or 33.4 percent of net sales, compared with $75.7 million, or 33.6 percent of net sales, for the fiscal 2009 second quarter. The 20 basis point decrease in gross profit margin was primarily due to increased promotional activity as compared to last year, which was partially offset by improvements in IMU and occupancy leverage.
  • Selling, general and administrative expenses (“SG&A”) for the fiscal 2010 second quarter were $82.5 million, or 32.6 percent of net sales, compared with $82.8 million, or 36.8 percent of net sales, for the fiscal 2009 second quarter. The decline in SG&A as a percentage of net sales was driven primarily by leveraging of employee-related expenses, partially offset by a planned increase in marketing expense as compared to last year.
  • Net income for the three-month period was $1.5 million, or $0.02 per diluted share, compared with a net loss of $4.9 million, or $0.05 per share, for the three-month period ended August 1, 2009.

“During the second quarter, we generated our fourth consecutive quarter of positive comparable premium store sales and a 39% increase in Direct sales, while maintaining disciplined cost controls resulting in our lowest ever quarterly SG&A rate as a public company, all of which contributed to our second straight quarter of profitability,” stated Dennis Pence, Chairman and Chief Executive Officer of Coldwater Creek. “In addition, we made considerable progress toward achieving our inventory goals. Most encouraging is that the initiatives we implemented at the start of the year are bringing back a level of predictability and consistency to our business despite the challenges of the difficult economy.”

“I am confident in our merchandising and creative direction for fall, which shows further progress to return our offerings and aesthetic to the eclectic and natural fashion sensibility that our customers look to us for,” Mr. Pence continued.  “In the second half of 2010, we expect to realize increased merchandise margins due to more conservative inventory plans, which, combined with our continued focus on expense control, position us well to meet our profitability expectations for the fall and holiday seasons.”

First Six Months Operating Results

  • Net sales were $496.6 million, compared with $453.6 million in the first six months of fiscal 2009. Sales from the retail segment were $371.4 million versus $354.1 million in the first half of fiscal 2009. Direct sales (internet and phone) were $125.2 million, compared with $99.5 million in the same period last year.
  • Gross profit for the first half of fiscal 2010 was $175.6 million, or 35.4 percent of net sales, compared with $146.8 million, or 32.4 percent of net sales, for the first half of fiscal 2009. The increase in gross profit was primarily due to higher merchandise margins as well as leveraging of occupancy expenses.
  • Selling, general and administrative expenses for the first six months of fiscal 2010 were $169.0 million, or 34.0 percent of net sales, compared with $165.5 million, or 36.5 percent of net sales, for the first half of fiscal 2009. The decline in SG&A as a percentage of sales was primarily related to leveraging of employee-related costs, partially offset by increased marketing expenses.
  • Net income for the six-month period was $3.8 million, or $0.04 per diluted share, compared with a net loss of $12.5 million, or $0.14 per share, for the first half of fiscal 2009.

Balance Sheet

At July 31, 2010, cash totaled $72.3 million, as compared with $85.4 million in cash at August 1, 2009.  Premium retail store inventory per square foot, including retail inventory in the distribution center, decreased by approximately 4.0 percent. Total inventory increased 17.7% to $166.4 million from $141.3 million at the end of the second quarter of 2009. Working capital increased by $16.0 million to $114.6 million from $98.6 million at August 1, 2009.

Store Openings

The Company opened five new premium retail stores during the three-month period ended July 31, 2010, ending the quarter with 364 premium retail stores.  The Company remains on track to open approximately 20 new premium retail stores in fiscal 2010.

Outlook

For the third quarter of fiscal 2010, the Company expects to report earnings per share in the range of $0.01 to $0.04, which compares to actual third quarter fiscal 2009 net loss per share of $0.37, which included approximately $0.33 per share in charges related to a valuation allowance against net deferred tax assets and separation agreement charges.  Our expected results for the third quarter assume, among other things, a low single digit year-over-year increase in total net sales.

For fiscal 2010, the Company continues to expect to report earnings per share between $0.08 and $0.12.  This compares to actual fiscal 2009 net loss per share of $0.61, which included approximately $0.33 per share in charges related to a valuation allowance against net deferred tax assets, separation agreement charges, and non-cash asset impairment charges.

Conference Call Information

Coldwater Creek will host a conference call on Wednesday, August 25, 2010, at 8:30 a.m. (Eastern) to discuss fiscal 2010 second quarter results. To listen to the live Web cast, log on to the Investor Relations section of the Company’s Web site at http://www.coldwatercreek.com/. The call will be archived from approximately one hour after the conference call until Wednesday, September 8, 2010. The replay can be accessed by dialing (877) 660-6853 and providing account number 3055 and conference ID 355008. A replay and transcript of the call will also be available in the investor relations section of the Company’s Web site.

Founded in 1984, and headquartered in Sandpoint, Idaho, Coldwater Creek is a leading specialty retailer of women’s apparel, gifts, jewelry, and accessories. The company sells its merchandise through premium retail stores across the country, online at coldwatercreek.com and through its catalogs.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release contains “forward-looking statements” within the meaning of the securities laws, including statements relating to our operating results for our third fiscal quarter and 2010 fiscal year; customer acceptance of our new merchandise offerings; future merchandise margins, expense and inventory levels; and new store openings.  These statements are based on management’s current expectations and are subject to a number of uncertainties, risks and assumptions that may not fully materialize or may prove incorrect. As a result, our actual results may differ materially from those expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, but are not limited to:

  • the inherent difficulty in forecasting consumer buying and retail traffic patterns and trends, which continue to be erratic and are affected by factors beyond our control, such as the current macroeconomic conditions, high unemployment, continuing heavy promotional activity in the specialty retail marketplace, and competitive conditions and the possibility that because of lower than expected customer response, or because of competitive pricing pressures, we may be required to sell merchandise at lower than expected margins, or at a loss;
  • difficulties in forecasting consumer demand as a result of changing fashion trends and consumer preferences;
  • the possibility that our sales and earnings expectations will not be realized, due to changing business and economic conditions;
  • our potential inability to recover the substantial fixed costs of our retail store base due to sluggish sales;
  • our potential inability to continue to fund our operations solely with operating cash as a result of either lower sales or higher than anticipated costs, or both;
  • delays we may encounter in sourcing merchandise from our foreign and domestic vendors, including the potential inability of our vendors to finance production of the goods we order or meet our production needs due to raw material or labor shortages; risks related to our foreign sourcing strategy; and the possibility that foreign sourcing may not lead to any reduction of our sourcing costs or improvement in our margins;
  • increasing competition from discount retailers and companies that have introduced concepts or products similar to ours;
  • difficulties encountered in anticipating and managing customer returns and the possibility that customer returns will be greater than expected;
  • the inherent difficulties in catalog management, for which we incur substantial costs prior to mailing that we may not be able to recover, and the possibility of unanticipated increases in mailing and printing costs;
  • unexpected costs or problems associated with our efforts to manage our expanding and increasingly complex business, including our current efforts to improve key management information systems and controls;
  • the risk that the benefits expected from our strategic initiatives will not be achieved or may take longer to achieve than we expect;

and such other factors as are discussed in our most recent Annual Report on Form 10-K and quarterly report on 10-Q filed with the U.S. Securities and Exchange Commission. You should not place undue reliance on forward-looking statements, which are based on current expectations and speak only as of the date of this release. We do not assume any obligation to publicly release any revisions to forward-looking statements to reflect events or changes in our expectations occurring after the date of this release.

Contact:
Lyn Walther, Divisional Vice President, Investor Relations
Phone: 208-265-7005
Web site:  www.coldwatercreek.com

COLDWATER CREEK INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND SUPPLEMENTAL DATA

(unaudited, in thousands except for per share data and store counts)

Three Months Ended

Six Months Ended

July 31,

August 1,

July 31,

August 1,

Statements of Operations:

2010

2009

2010

2009

Net sales

$             253,498

$    225,192

$            496,584

$       453,559

Cost of sales

168,762

149,464

320,943

306,731

Gross profit

84,736

75,728

175,641

146,828

Selling, general and administrative expenses

82,547

82,761

169,001

165,473

Income (Loss) from operations

2,189

(7,033)

6,640

(18,645)

Interest, net, and other

(189)

(151)

(436)

(310)

Income (Loss) before income taxes

2,000

(7,184)

6,204

(18,955)

Income tax provision (benefit)

531

(2,262)

2,413

(6,471)

Net income (loss)

$                1,469

$      (4,922)

$                3,791

$       (12,484)

Net income (loss) per share – Basic

$                  0.02

$        (0.05)

$                  0.04

$           (0.14)

Weighted average shares outstanding – Basic

92,265

91,376

92,224

91,332

Net income (loss) per share – Diluted

$                  0.02

$        (0.05)

$                  0.04

$           (0.14)

Weighted average shares outstanding – Diluted

92,635

91,376

92,687

91,332

Supplemental Data:

Three Months Ended

Six Months Ended

July 31,

August 1,

July 31,

August 1,

Operating Statistics:

2010

2009

2010

2009

Catalogs mailed

14,643

11,903

39,466

30,788

Premium retail store count

364

355

Spa store count

9

9

Outlet store count

36

36

Premium retail store square footage

2,148

2,101

Three Months Ended

Six Months Ended

July 31,

August 1,

July 31,

August 1,

Segment Net Sales:

2010

2009

2010

2009

Retail

$            195,399

$        183,394

$             371,409

$           354,104

Direct

58,099

41,798

125,175

99,455

Total

$            253,498

$        225,192

$             496,584

$           453,559

COLDWATER CREEK INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except for share data)

ASSETS

July 31,

January 30,

August 1,

2010

2010

2009

CURRENT ASSETS:
Cash and cash equivalents

$              72,279

$              84,650

$               85,414

Receivables

13,106

5,977

13,511

Inventories

166,392

161,546

141,317

Prepaid and other

9,131

9,385

18,844

Income taxes recoverable

13,668

12,074

5,077

Prepaid and deferred marketing costs

5,798

5,867

6,786

Deferred income taxes

6,464

6,938

10,466

Total current assets

286,838

286,437

281,415

Property and equipment, net

281,386

295,012

320,114

Deferred income taxes

13,792

Restricted cash

890

890

1,776

Other

1,252

1,184

1,689

Total assets

$            570,366

$            583,523

$             618,786

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:
Accounts payable

$            91,555

$            99,234

$             103,302

Accrued liabilities

76,033

83,103

73,876

Current deferred marketing fees and revenue sharing

4,688

5,215

5,671

Total current liabilities

172,276

187,552

182,849

Deferred rents

122,988

125,337

133,205

Capital lease and other financing obligations

11,616

11,454

12,408

Supplemental Employee Retirement Plan

9,551

9,202

8,003

Deferred marketing fees and revenue sharing

6,309

7,149

8,126

Deferred income taxes

6,147

6,621

Other

698

647

699

Total liabilities

329,585

347,962

345,290

Commitments and contingencies
STOCKHOLDERS’ EQUITY:
Preferred stock, $.01 par value, 1,000,000 shares authorized,
none issued and outstanding

Common stock, $.01 par value, 300,000,000 shares authorized,
92,324,893, 92,163,597 and 91,421,899 shares issued, respectively

923

922

914

Additional paid-in capital

125,552

124,148

119,254

Accumulated other comprehensive loss

(349)

(373)

(1,184)

Retained earnings

114,655

110,864

154,512

Total stockholders’ equity

240,781

235,561

273,496

Total liabilities and stockholders’ equity

$          570,366

$          583,523

$             618,786

COLDWATER CREEK INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

Six Months Ended

July 31,

August 1,

2010

2009

OPERATING ACTIVITIES:
Net income (loss)

$                  3,791

$                 (12,484)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization

31,247

31,563

Stock-based compensation expense

1,601

2,852

Supplemental Employee Retirement Plan expense

373

646

Deferred income taxes

(415)

Reduction in valuation allowance

(474)

Net loss on asset dispositions

181

227

Other

4

201

Net change in current assets and liabilities:
Receivables

(7,129)

2,480

Inventories

(4,846)

(5,941)

Prepaid and other and income taxes recoverable

(591)

1,138

Prepaid and deferred marketing costs

69

(1,425)

Accounts payable

(9,874)

10,216

Accrued liabilities

(7,005)

(9,049)

Change in deferred marketing fees and revenue sharing

(1,367)

3,056

Change in deferred rents

(1,670)

(3,634)

Other changes in non-current assets and liabilities

(480)

(920)

Net cash provided by operating activities

3,830

18,511

INVESTING ACTIVITIES:
Purchase of property and equipment

(15,151)

(13,306)

Proceeds from asset dispositions

10

Net cash used in investing activities

(15,141)

(13,306)

FINANCING ACTIVITIES:
Net proceeds from exercises of stock options and ESPP purchases

369

437

Payments on capital lease and other financing obligations

(1,336)

(840)

Tax withholding payments

(93)

Credit facility financing costs

(618)

Net cash used in financing activities

(1,060)

(1,021)

Net (decrease) increase in cash and cash equivalents

(12,371)

4,184

Cash and cash equivalents, beginning

84,650

81,230

Cash and cash equivalents, ending

$                72,279

$                   85,414

Wednesday, August 25th, 2010 Uncategorized Comments Off on Coldwater Creek (CWTR) Announces Second Quarter 2010 Results

PROLOR Biotech (PBTH) Receives FDA Clearance for a Phase II Trial of Its Long-Acting Human Growth Hormone

NES-ZIONA, Israel, Aug. 24 /PRNewswire-FirstCall/ — PROLOR Biotech, Inc. (NYSE Amex: PBTH), a company developing next generation biobetter therapeutic proteins, today announced that it has received regulatory clearance from the U.S. Food and Drug Administration (FDA) to conduct a Phase II clinical trial in the U.S. of its longer-acting version of human growth hormone, hGH-CTP.  The regulatory clearance followed PROLOR’s submission of an Investigational New Drug (IND) application for hGH-CTP that included preclinical and Phase I clinical data, as well as plans for additional animal studies that the company intends to complete prior to initiation of Phase III trials. The hGH-CTP Phase II clinical program is currently ongoing in various clinical centers in Europe.

“The FDA regulatory clearance for conducting a Phase II trial of hGH-CTP in the U.S. is an important milestone for PROLOR,” said Dr. Abraham Havron, CEO of PROLOR. “This Phase II trial, which is underway at centers in a number of European countries, is an integral part of a comprehensive and coordinated clinical development program that has been carefully designed to generate the data that we anticipate will be necessary to obtain future marketing authorization in the U.S. and Europe, as well as in other localities.  We currently do not plan to include sites in the U.S. in this Phase II trial, but the FDA clearance helps ensure that we will be fully in sync with regulatory requirements in key territories, including the U.S., allowing us to utilize the hGH-CTP European Phase II program as the basis for our anticipated submission of applications to conduct Phase III trials in both the U.S. and Europe.”

PROLOR is developing hGH-CTP to provide growth hormone deficient adults and children with growth hormone therapy that requires only once-weekly or bi-monthly injections, rather than the multiple injections per week required by current hGH regimens.  The hGH-CTP Phase II clinical program follows a successful Phase I trial that suggested that hGH-CTP, in addition to meeting all safety and tolerability endpoints, could potentially be effective when injected just twice per month.

The hGH-CTP Phase II trial is a randomized, open-label, dose-finding study to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamic properties of hGH-CTP injected either weekly or twice-monthly in patients with growth hormone deficiency who currently receive daily injections of growth hormone.  The trial is being conducted at up to 14 sites in six countries.

ABOUT PROLOR BIOTECH

PROLOR Biotech, Inc. is a biopharmaceutical company applying unique technologies, including its patented CTP technology, primarily to develop longer-acting, biobetter, proprietary versions of already-approved therapeutic proteins that currently generate billions of dollars in annual global sales.  The CTP technology is applicable to virtually all proteins, and PROLOR is currently developing long-acting versions of human growth hormone, which is in clinical development, and interferon beta, factor VII, factor IX and erythropoietin, which are in preclinical development, as well as GLP-1 and other therapeutic peptides.  For more information on PROLOR, visit www.prolor-biotech.com.

Safe Harbor Statement:  This press release contains forward-looking statements, which may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “would”, “intends,” “estimates,” “suggests” and other words of similar meaning, including statements regarding the results of current clinical studies and preclinical experiments and the effectiveness of PROLOR’s long-acting protein programs, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect PROLOR’s business and prospects, including the risks that PROLOR may not succeed in generating any revenues or developing any commercial products, including any long-acting versions of human growth hormone, erythropoietin, interferon beta, GLP-1 and other products; that the long-acting products in development may fail, may not achieve the expected results or effectiveness and/or may not generate data that would support the approval or marketing of these products for the indications being studied or for other indications; that ongoing studies may not continue to show substantial or any activity; that the actual dollar amount of any grants from Israel‘s Office of the Chief Scientist is uncertain and is subject to policy changes of the Israeli government, and that such grants may be insufficient to assist with product development; and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. The results of clinical trials in humans may produce results that differ significantly from the results of clinical and other trials in animals. The results of early-stage trials may differ significantly from the results of more developed, later-stage trials. The development of any products using the CTP platform technology could also be affected by a number of other factors, including unexpected safety, efficacy or manufacturing issues, additional time requirements for data analyses and decision making, the impact of pharmaceutical industry regulation, the impact of competitive products and pricing and the impact of patents and other proprietary rights held by competitors and other third parties.  In addition to the risk factors described above, investors should consider the economic, competitive, governmental, technological and other factors discussed in PROLOR’s filings with the Securities and Exchange Commission.  The forward-looking statements contained in this press release speak only as of the date the statements were made, and we do not undertake any obligation to update forward-looking statements, except as required under applicable law.

Tuesday, August 24th, 2010 Uncategorized Comments Off on PROLOR Biotech (PBTH) Receives FDA Clearance for a Phase II Trial of Its Long-Acting Human Growth Hormone

Prana (PRAN) Secures Key PBT2 Patents in the United States and Europe

MELBOURNE, AUSTRALIA–(Marketwire – 08/24/10) – Prana Biotechnology (NASDAQ:PRANNews) (ASX:PBTNews) today announced that it has secured key PBT2 patents in Europe and the United States.

The United States Patent and Trademark Office (USPTO) has Granted a composition of matter patent for selected 8-hydroxyquinoline compounds, including its lead clinical asset, PBT2, in the United States. The patent titled ‘8-Hydroxyquinoline derivatives’ also covers pharmaceutical compositions containing PBT2 and selected 8-hydroxyquinoline compounds.

The USPTO has additionally extended the term of this patent by approximately 2.5 years resulting in an expiry date calculated to be 21 December 2025. This expiry date may in the future be further extended by the application of pharmaceutical extension of term provisions in that country.

Since previously announcing the grant of the related European case, the company is also pleased to confirm the expiry of the mandatory 9 month post-grant opposition period whereby third parties can register objections. Absent any third party opposition, the European case has now been placed on the Register of European patents.

The European patent has a twenty year term expiring on 16 July 2023, with a possible extension of term of up to 5 years under supplementary protection provisions.

Prana has announced new results highlighting the therapeutic opportunity for PBT2 in Huntington’s disease in addition to Alzheimer’s disease. The announcement was made during a Hot Topic session at the ICAD meeting in Honolulu in July 2010.

Geoffrey Kempler, Prana’s Executive Chairman, said, “The grant and extension of PBT2 patent rights in the United States together with securing European patent rights marks a critical milestone in our commercialization plans, offering opportunity in both Huntington’s disease and Alzheimer’s disease.”

About Prana Biotechnology Limited
Prana Biotechnology was established to commercialise research into Alzheimer’s Disease and other major age-related neurodegenerative disorders. The Company was incorporated in 1997 and listed on the Australian Stock Exchange in March 2000 and listed on NASDAQ in September 2002. Researchers at prominent international institutions including The University of Melbourne, The Mental Health Research Institute (Melbourne) and Massachusetts General Hospital, a teaching hospital of Harvard Medical School, contributed to the discovery of Prana’s technology.

For further information please visit the Company’s web site at www.pranabio.com.

Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934. The Company has tried to identify such forward-looking statements by use of such words as “expects,” “intends,” “hopes,” “anticipates,” “believes,” “could,” “may,” “evidences” and “estimates,” and other similar expressions, but these words are not the exclusive means of identifying such statements. Such statements include, but are not limited to any statements relating to the Company’s drug development program, including, but not limited to the initiation, progress and outcomes of clinical trials of the Company’s drug development program, including, but not limited to, PBT2, and any other statements that are not historical facts. Such statements involve risks and uncertainties, including, but not limited to, those risks and uncertainties relating to the difficulties or delays in financing, development, testing, regulatory approval, production and marketing of the Company’s drug components, including, but not limited to, PBT2, the ability of the Company to procure additional future sources of financing, unexpected adverse side effects or inadequate therapeutic efficacy of the Company’s drug compounds, including, but not limited to, PBT2, that could slow or prevent products coming to market, the uncertainty of patent protection for the Company’s intellectual property or trade secrets, including, but not limited to, the intellectual property relating to PBT2, and other risks detailed from time to time in the filings the Company makes with Securities and Exchange Commission including its annual reports on Form 20-F and its reports on Form 6-K. Such statements are based on management’s current expectations, but actual results may differ materially due to various factions including those risks and uncertainties mentioned or referred to in this press release. Accordingly, you should not rely on those forward-looking statements as a prediction of actual future results.

Tuesday, August 24th, 2010 Uncategorized Comments Off on Prana (PRAN) Secures Key PBT2 Patents in the United States and Europe

TradeStation (TRAD) Now Offers Futures Trading on Eurex

PLANTATION, Fla., Aug. 24, 2010 (GLOBE NEWSWIRE) — TradeStation Securities, the award-winning broker-dealer for active traders, and a leading provider of custom analysis and trading solutions, today announced the launch of real-time trading in Eurex futures, competitively priced and seamlessly integrated into the TradeStation platform. Eurex is one of the world’s leading global derivatives exchanges, notably for futures, with a product suite comprising the world’s most actively traded and liquid market in EUR-denominated equity index derivatives.

The TradeStation platform can now be used to trade DAX and Euro Stoxx Index futures along with 19 other popular Eurex products. In addition, TradeStation‘s TradeManager Balances tab now displays non-U.S. dollar (USD) currency account ledgers. This means that futures traders now have the option of funding their accounts in one of the major local currencies (CAD, CHF, EUR, GBP and JPY), in addition to USD, and viewing their buying power, realized P&L and unrealized P&L in a USD-equivalent account.

“The ability to trade more futures markets around the world, and being able to fund accounts in foreign currencies, have been two of our most requested enhancements,” said Salomon Sredni, Chief Executive Officer of TradeStation Group, Inc., the parent company of TradeStation Securities. “For traders who trade CME, ICE and Eurex futures — and wish to fund their accounts in a major local currency of their choice — this represents a significant addition to TradeStation’s product offerings.”

To speak with a registered representative about TradeStation or opening an equities, futures or forex account with TradeStation Securities, a FINRA, NYSE, SIPC and NFA member firm, call 1-800-808-9336, or visit http://www.tradestation.com. Institutional traders should call 1-800-579-7616.

Please join TradeStation for a LiveOnTheWeb online seminar on September 14, 2010 at 4:30 p.m., Eastern Time, demonstrating our new Eurex offering. This event will be hosted by Stanley Dash, Vice President of Applied Technical Analysis, and special guest Paul Curtis, Vice President of Business Development at Eurex. To register for this event, please visit us at: https://www.tradestation.com/support/webinars/.

About TradeStation Group, Inc.

TradeStation Group, Inc. (Nasdaq:TRADNews), through its principal operating subsidiary, TradeStation Securities, Inc., offers the TradeStation platform to the active trader and certain institutional trader markets. TradeStation is an electronic trading platform that offers state-of-the-art electronic order execution and enables clients to design, test, optimize, monitor and automate their own custom Equities, Options, Futures and Forex trading strategies.

TradeStation Securities, Inc. (Member NYSE, FINRA, SIPC, DTCC, OCC & NFA) is a licensed securities broker-dealer and a registered futures commission merchant, and also a member of the Boston Options Exchange, Chicago Board Options Exchange, Chicago Stock Exchange, International Securities Exchange and NASDAQ OMX. Its TradeStation Prime Services division, based in New York, seeks to provide prime brokerage services to small and mid-sized hedge funds and other firms. The company’s technology subsidiary, TradeStation Technologies, Inc., develops and offers strategy trading software tools and subscription services. Its London-based subsidiary, TradeStation Europe Limited, an FSA-authorized brokerage firm, introduces UK and other European accounts to TradeStation Securities.

Forward-Looking Statements — Issues, Uncertainties and Risk Factors

This press release contains statements that are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “believe,” “will,” and similar expressions, if and to the extent used, are intended to identify forward-looking statements. All forward-looking statements are based largely on current expectations and beliefs concerning future events that are subject to substantial risks and uncertainties. Actual results and events may differ materially from those suggested herein. Factors that may cause or contribute to the potential differences include, but are not limited to, (i) unanticipated delays in the rollout of TradeStation’s new Eurex offering as a result of discoveries or comments made by or from brokerage clients and subscribers, or otherwise as a result of design flaws or other technical issues that may arise or become known, (ii) the company’s brokerage clients or the active or institutional trader markets not considering the quality or performance of TradeStation’s new Eurex offering to be as valuable or useful as the company believes they will, (iii) the size of the Eurex trader market not being as large as the company believes it is, and (iv) the issues, risks and uncertainties described in the company’s filings with the Securities and Exchange Commission including, but not limited to, the company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009, and other SEC filings, and company press releases, conference calls and public presentations or statements.

Tuesday, August 24th, 2010 Uncategorized Comments Off on TradeStation (TRAD) Now Offers Futures Trading on Eurex

Daktronics, Inc. (DAKT) Announces First Quarter Fiscal 2011 Results

BROOKINGS, S.D., Aug. 24, 2010 (GLOBE NEWSWIRE) — Daktronics, Inc. (Nasdaq:DAKT) today reported fiscal 2011 first quarter net sales of $100.5 million and net income of $2.4 million, or $0.06 per diluted share, compared to net sales of $113.5 million and net income of $1.4 million, or $0.03 per diluted share, for the first quarter of fiscal 2010. Backlog at the end of the 2011 first quarter was approximately $144 million, compared with a backlog of approximately $113 million a year earlier and $127 million at the end of the fourth quarter of fiscal 2010.

Free cash flow, defined as cash provided by operations, less net purchases of property and equipment, was $11.9 million in the first quarter of fiscal 2011, compared to $3.8 million in the first quarter of fiscal 2010. Cash on hand at the end of the first quarter of fiscal 2011 was $71.8 million.

“We were pleased with the order performance for the quarter,” said Jim Morgan, president and chief executive officer. “Although orders tend to be lumpy, especially for our large contract business, a look at orders over the most recent two fiscal quarters compared to the same quarters a year ago show increases in the Commercial, International and Transportation business units, while the Live Events and Schools and Theaters business units have declined over that time. It appears that the business units that turned down first with the economic decline are the first to show signs of recovery. Live Events is especially dependent on large contracts, which tend to have a longer sales cycle. The net result is that total orders for the company are up for the most recent two fiscal quarters compared to the same two fiscal quarters a year ago. Subject to the general uncertainties of the economy, it seems that we might be through the worst of the downturn for our business.”

Morgan continued, “We are pleased to report that we received a significant order from a major outdoor advertising company that had not placed significant orders with us during the previous 12 months. This is indicative of the fact that digital boards are providing an attractive return-on-investment for the outdoor advertising companies, which encourages them to continue to invest in digital. It also represents the positive response we have had to our new Series 4000 digital billboard technology, which we announced at the end of fiscal 2010. During the last six weeks, we also booked two orders for our architectural lighting technology – one for a new construction commercial project in Hong Kong and the other for an existing office building in Minneapolis. We are excited about the growth opportunities for this new technology. The order for Hong Kong was booked in our second quarter of fiscal 2011, as was the previously announced order for Miller Park, home of the Milwaukee Brewers. Therefore, these orders are not included in our reported backlog numbers, but they give us a nice start on orders for our second fiscal quarter. Orders in our Schools and Theaters business unit included a number of transactions over $500,000 each, which offset a decline in smaller standard product orders. A number of these larger orders were facilitated by our sports marketing group, which assists the schools in procuring the necessary funding through sponsorships.”

“Our operating expenses were down more than 26% from the first quarter of fiscal 2009, the quarter preceding the downturn in our business, and down 16% from the first quarter of fiscal 2010, as a result of our cost reduction efforts,” said Bill Retterath, chief financial officer. “We expect our non-manufacturing cost structure to remain generally flat, while our manufacturing costs will fluctuate with volumes. Operating expenses could be up slightly in the second quarter of fiscal 2011. This would be due to some unusually low costs in the first quarter of fiscal 2011 and the inherent variability quarter to quarter in the amount of engineering work applied to contracts, and hence cost of goods sold, as opposed to product development which gets applied to operating expenses.

“Gross profit percentage was higher as compared to the fourth quarter of fiscal 2010 as a result of lower warranty and reduced inventory write down costs, combined with better plant utilization due to higher sales,” continued Retterath. “Given the current pricing environment, and based on the orders in our backlog, we anticipate continued pressure on gross profit margins. We will continue our efforts at reducing our costs of delivering a high quality product to our customers on a timely basis. We are seeing some parts shortages in the industry, resulting in longer lead times from our suppliers, especially with electronic parts. This can cause higher costs due to expediting and rearranging manufacturing schedules. It could also negatively impact sales in the second quarter of fiscal 2011.”

Morgan concluded, “Looking forward, a significant portion of our backlog remains scheduled beyond our second quarter; however, we expect net sales to rise slightly in second quarter compared to the first quarter of fiscal 2011. Our focus remains the same and includes increasing order bookings, reducing costs throughout our value streams, improving reliability and quality, maintaining a high level of on-time delivery, and strengthening our after sales service delivery. This includes an increased focus on strategic sourcing initiatives by leveraging a global supply chain. We will continue to focus on free cash flow, with our priorities for cash being funding operations, including developing new and improved product offerings, expanding markets for existing products, and investing in business process improvement initiatives to create shareholder value over time.”

Webcast Information

The company will host a conference call and webcast to discuss its financial results today at 10:00 am (Central Time). This call will be broadcast live at http://investor.daktronics.com and available for replay shortly after the event.

About Daktronics

Daktronics has strong leadership positions in, and is the world’s largest supplier of, large screen video displays, electronic scoreboards, LED text and graphics displays, and related control systems. The company excels in the control of display systems, including those that require integration of multiple complex displays showing real-time information, graphics, animation and video. Daktronics designs, manufactures, markets and services display systems for customers around the world, in Sport, Business, Schools and Theaters and Transportation segments. For more information, visit the company’s World Wide Web site at: http://www.daktronics.com, e-mail the company at investor@daktronics.com, call (605) 692-0200 or toll-free (800) 843-5843 in the United States or write to the company at 201 Daktronics Dr., PO Box 5128 Brookings, S.D. 57006-5128.

The Daktronics logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5476

Safe Harbor Statement

Cautionary Notice: In addition to statements of historical fact, this news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to enjoy the protection of that Act. These forward-looking statements reflect the Company’s expectations or beliefs concerning future events. The Company cautions that these and similar statements involve risk and uncertainties which could cause actual results to differ materially from our expectation, including, but not limited to, changes in economic and market conditions, management of growth, timing and magnitude of future contracts, parts shortages and longer lead times, fluctuations in margins, the introduction of new products and technology, and other risks noted in the company’s SEC filings, including its Annual Report on Form 10-K for its 2010 fiscal year. Forward-looking statements are made in the context of information available as of the date stated. The Company undertakes no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

Daktronics, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
July 31, August 1,
2010 2009
Net sales $100,503 $113,453
Cost of goods sold 73,915 83,383
Gross profit 26,588 30,070
Operating expenses:
Selling 12,338 14,368
General and administrative 5,588 6,534
Product design and development 4,553 5,870
22,479 26,772
Operating income 4,109 3,298
Nonoperating income (expense):
Interest income 455 375
Interest expense (36) (47)
Other income (expense), net 95 (602)
Income before income taxes 4,623 3,024
Income tax expense 2,181 1,592
Net income $2,442 $1,432
Weighted average shares outstanding:
Basic 41,629 40,759
Diluted 41,861 41,073
Earnings per share:
Basic $0.06 $0.04
Diluted $0.06 $0.03
Cash dividend paid per share $0.10 $0.095
Daktronics, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands)
July 31,
2010 May 1,
(unaudited) 2010
ASSETS
CURRENT ASSETS:
Cash, cash equivalents and restricted cash $71,827 $64,867
Accounts receivable, less allowance for

doubtful accounts

49,917 45,018
Inventories 43,957 35,673
Costs and estimated earnings in excess of

billings

25,479 25,233
Current maturities of long-term receivables 7,787 6,232
Prepaid expenses and other 5,033 5,838
Deferred income taxes 12,580 12,578
Income tax receivables 588 7,444
Property and equipment available for sale 182 182
Total current assets 217,350 203,065
Advertising rights, net 1,139 1,348
Long-term receivables, less current

maturities

14,440 13,458
Goodwill 3,295 3,323
Intangible and other assets 3,400 3,710
Deferred income taxes 62 62
22,336 21,901
PROPERTY AND EQUIPMENT:
Land 1,471 1,471
Buildings 55,210 55,353
Machinery and equipment 54,789 54,058
Office furniture and equipment 53,403 53,831
Equipment held for rental 1,369 1,630
Demonstration equipment 8,639 8,969
Transportation equipment 3,748 4,256
178,629 179,568
Less accumulated depreciation 101,506 98,683
77,123 80,885
TOTAL ASSETS $316,809 $305,851
Daktronics, Inc. and Subsidiaries
Consolidated Balance Sheets (continued)
(in thousands)
July 31,
2010 May 1,
(unaudited) 2010
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $30,468 $23,149
Accrued expenses and warranty obligations 30,551 33,443
Current maturities of long-term debt and

marketing obligations

249 322
Billings in excess of costs and estimated earnings 15,136 13,105
Customer deposits 14,198 9,348
Deferred revenue (billed or collected) 7,023 7,766
Income taxes payable 640 361
Total current liabilities 98,265 87,494
Long-term marketing obligations, less current maturities 705 600
Long-term warranty obligations, less current maturities 4,015 4,229
Deferred income taxes 2,167 2,167
Long-term deferred revenue (billed or collected) 4,428 4,308
Total long-term liabilities 11,315 11,304
TOTAL LIABILITIES 109,580 98,798
SHAREHOLDERS’ EQUITY:
Common stock 30,961 29,936
Additional paid-in capital 18,568 17,731
Retained earnings 158,163 159,842
Treasury stock, at cost (9) (9)
Accumulated other comprehensive loss (454) (447)
TOTAL SHAREHOLDERS’ EQUITY 207,229 207,053
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $316,809 $305,851
Daktronics, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
July 31, August 1,
2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $2,442 $1,432
Adjustments to reconcile net income to net cash provided
by operating activities:
Depreciation 4,995 5,637
Amortization 79 79
Loss on sale of equity investment 231
Gain on sale of property and equipment (72) (25)
Stock-based compensation 827 880
Equity in losses of affiliate 714
Provision for doubtful accounts (10) (308)
Deferred income taxes, net (1) (66)
Change in operating assets and liabilities 5,347 (2,241)
Net cash provided by operating activities 13,607 6,333
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (1,670) (2,559)
Loans to related parties of equity investees, net (1,792)
Purchase of receivables from equity investees, net (306)
Proceeds from insurance recoveries of property

and equipment

114
Proceeds from sale of equity method investments 535
Proceeds from sale of property and equipment 145 61
Net cash used in investing activities (3,203) (2,269)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options 310 34
Excess tax benefits from stock-based compensation 10
Principal advances on long-term debt 2,775
Dividend paid (4,121) (3,873)
Net cash used in financing activities (3,801) (1,064)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS 29 (202)
INCREASE IN CASH AND CASH EQUIVALENTS 6,632 2,798
CASH AND CASH EQUIVALENTS BEGINNING OF PERIOD 63,603 36,501
CASH AND CASH EQUIVALENTS END OF PERIOD $70,235 $39,299
Daktronics, Inc. and Subsidiaries
Net Sales and Orders By Business Unit
(in thousands)
(unaudited)
Three Months Ended
July 31, August 1,
2010 2009
Net sales:
Commercial $23,133 $23,235
Live Events 40,683 53,894
Schools & Theatres 16,648 18,435
Transportation 7,545 12,630
International 12,494 5,259
Total net sales $100,503 $113,453
Orders:
Commercial $33,047 $21,117
Live Events 37,137 44,347
Schools & Theatres 21,571 21,624
Transportation 11,628 7,836
International 13,479 11,015
Total orders $116,862 $105,939
CONTACT:  Daktronics, Inc.
          Investor Relations:
          Bill Retterath, Chief Financial Officer
          (605) 692-0200
          Investor@daktronics.com
Tuesday, August 24th, 2010 Uncategorized Comments Off on Daktronics, Inc. (DAKT) Announces First Quarter Fiscal 2011 Results

PricewaterhouseCoopers LLP to Acquire Diamond Management & Technology Consultants, Inc. (DTPI) for $378 Million

NEW YORK AND CHICAGO — PricewaterhouseCoopers LLP and Diamond Management & Technology Consultants, Inc. (Nasdaq: DTPI), a strategic management consulting firm, today announced that they have entered into a definitive merger agreement whereby PricewaterhouseCoopers LLP will acquire all of the outstanding common shares of Diamond for $12.50 per share in cash. The transaction represents a premium of 31% to Diamond’s closing stock price of $9.54 on August 23, 2010, and values Diamond at $378 million. Diamond will join the PwC Advisory practice, which ranks among the largest providers of consulting services globally.

Robert Moritz, US Chairman and Senior Partner of PricewaterhouseCoopers LLP, said, “We are pleased to bring to PwC a group of highly talented professionals with a proven track record of consistently delivering world class service.  The acquisition reflects our long-standing commitment to provide the expertise and experience necessary to assist our clients in addressing their highest priority issues.”

Adam Gutstein, President and CEO of Diamond, said, “This is an attractive all cash opportunity for our stockholders, creates exciting prospects for our people, and will provide us new and enhanced capabilities to bring to our clients as we help to address their most critical challenges and important opportunities. There’s a clear strategic fit between PwC’s assets and aspirations and Diamond’s positioning. We have complementary cultures and very similar values, driven by a shared commitment to the highest levels of client service, objectivity, innovation, and impact.”

Diamond Management & Technology Consultants, Inc. provides strategic management consulting services to help companies grow, improve margins, and increase the productivity of their investments.  Diamond’s consultants are experienced in helping clients attract and retain customers, increase the value of their information, and plan and execute projects that turn strategy into measurable results.  Diamond employs more than 500 consultants worldwide and has offices in Chicago, Hartford, New York, Washington D.C., London, and Mumbai.

The transaction, which has been unanimously approved by both companies’ boards, is expected to close in the fourth quarter of calendar year 2010, subject to customary closing conditions, including the approval of Diamond’s stockholders and antitrust clearance.

Advisors

PricewaterhouseCoopers LLP was advised by Perella Weinberg Partners LP and Davis Polk & Wardwell LLP. Diamond was advised by Morgan Stanley & Co. Incorporated and Winston & Strawn LLP.

Conference Call

Diamond will host a conference call today at 8:00am CT to discuss the transaction. Investors may listen to the conference call live over the Internet by going to the investor relations section of Diamond’s Web site at www.diamondconsultants.com. The dial-in number is 800-757-8473 for North American callers and 212-231-2905 for international callers.

About PricewaterhouseCoopers

PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax, and advisory services to build public trust and enhance value for its clients and their stakeholders.  More than 163,000 people in 151 countries across its network share their thinking, experience, and solutions to develop fresh perspectives and practical advice.

“PricewaterhouseCoopers” or “PwC” refers to PricewaterhouseCoopers LLP (a Delaware limited liability partnership) or, as the context requires, the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.

© 2010 PricewaterhouseCoopers LLP. All rights reserved.

About Diamond Management & Technology Consultants, Inc.

Clients trust Diamond Management & Technology Consultants, Inc. (Nasdaq: DTPI) to help their companies grow, improve margins, and increase the productivity of their investments. Working together to design and execute business strategies that capitalize on changing market forces and technology, Diamond’s consultants are experts in helping clients attract and retain customers, increase the value of their information, and plan and execute projects that turn strategy into measurable results.

Diamond’s capabilities are rooted in deep strategy, technology, operations, and industry experience. The firm’s approach to client service is based on objectivity, collaboration, and an unwavering commitment to its clients’ best interests. Headquartered in Chicago, Diamond has offices in New York, Washington, D.C., Hartford, London, and Mumbai. To learn more, visit www.diamondconsultants.com.

Forward-Looking Statements

Statements in this Release that do not involve strictly historical or factual matters are forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws.  Forward-looking statements involve estimates, projections, assumptions, risks, and uncertainties and speak only as of the date of this Release based on information available to Diamond as of the date of this Release, and Diamond assumes no obligation to update any forward-looking statements.  Actual results may differ materially from the results projected in any forward-looking statement depending on a variety of factors.  Such factors include, without limitation: (i) the ability to gain regulatory approvals of the Merger on the proposed terms and schedule, (ii) the failure of Diamond stockholders to approve the Merger, (iii) the risk that the Merger may not be completed within the expected timeframe or at all, (iv) disruptions from the Merger making it more difficult to maintain relationships with customers, employees, partners or suppliers and (v) the additional risks and uncertainties identified in our other filings with the Securities and Exchange Commission (the “SEC”).

Additional Information

In connection with the proposed Merger and the required stockholder approval, Diamond intends to file with the SEC a preliminary proxy statement and a definitive proxy statement.  The definitive proxy statement will be mailed to the stockholders of Diamond.  DIAMOND’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND DIAMOND.  Investors and stockholders may obtain copies of these documents (when they are available) and other documents filed with the SEC at the SEC’s Web site at www.sec.gov.  In addition, investors and stockholders may also obtain, free of charge, copies of these documents filed with the SEC through the investor relations page on Diamond’s corporate Web site at www.diamondconsultants.com or by contacting Diamond Management & Technology Consultants, Inc. at John Hancock Center, 875 N. Michigan Ave. Suite 3000, Chicago, Illinois, 60611, Attention: Investor Relations.

Participants in Solicitation

Diamond and its executive officers and directors may be deemed to be participants in the solicitation of proxies from Diamond stockholders with respect to the proposed Merger.  Information about Diamond’s executive officers and directors and their ownership of Diamond Common Stock is set forth in Diamond’s Annual Report on Form 10-K/A filed with the SEC on July 29, 2010.  Investors and stockholders may obtain more detailed information regarding the direct and indirect interests of Diamond and its executive officers and directors in the proposed Merger by reading the preliminary and definitive proxy statements regarding the proposed Merger, which will be filed by Diamond with the SEC.  Copies of these documents may be obtained, free of charge, as described above.

SOURCE PricewaterhouseCoopers LLP

MEDIA: PricewaterhouseCoopers LLP, Caroline Nolan, +1-202-312-7510, Caroline.S.Nolan@us.pwc.com; or Diamond Management and Technology Consultants, Inc., David Moon, +1-312-255-4560, David.Moon@diamondconsultants.com; or INVESTORS: Diamond Management and Technology Consultants, Inc., Christian Sadlier, +1-312-255-5711, Christian.Sadlier@diamondconsultants.com

Tuesday, August 24th, 2010 Uncategorized Comments Off on PricewaterhouseCoopers LLP to Acquire Diamond Management & Technology Consultants, Inc. (DTPI) for $378 Million