Archive for August, 2010

Golden Minerals (AUMN) Announces a Significant Increase in the El Quevar Project Resource Estimate

GOLDEN, CO–(Marketwire – 08/19/10) – Golden Minerals Company (AMEX:AUMNNews) (TSX:AUMNews) (“Golden Minerals” or “the Company”) is pleased to provide an updated resource estimate for the Yaxtché deposit of its 100% controlled El Quevar project located in the Salta Province of northwestern Argentina. The new resource estimate shows an increase of 42% from the January 2010 resource estimate. The new resource estimate is based on a Canadian National Instrument 43-101 (“NI 43-101”) compliant technical report prepared by Micon International Limited (“Micon”) dated August 10, 2010.

Presented in the table below is the current resource estimate for the Yaxtché deposit at the El Quevar Project, at a 100 gram per tonne silver cut-off grade:

 
           ==========================================================
                                      Avg. Silver
           Category       Tonnage     Grade (g/t)      Silver Ounces
           ----------------------------------------------------------
           Indicated      902,000         310             8,991,000
           ----------------------------------------------------------
           Inferred      4,768,000        336            51,514,000
           ==========================================================

This latest estimate is an update to the previous report issued by Chlumsky, Armbrust and Meyer (“CAM”) in a NI 43-101 Technical Report dated January 2010. The major differences in the two estimates include the use in the Micon estimate of data from 12 drill holes that was not available when the CAM estimate was prepared and the geostatistical method by which the resource was estimated. In addition, the Micon resource estimate assumes a three meter minimum mining width, which results in a partially diluted resource grade, while the CAM resource estimate used the entire mineralized envelope and did not assume a minimum mining width. The Micon resource estimate also capped the grade at 3,000 grams per tonne of silver for the entire deposit. The CAM resource estimate did not cap the grade. This capping technique tends to reduce the overall grade and contained ounces. In addition, the Micon resource estimate uses an updated specific gravity (density) value, which is higher than the density value used in the CAM estimate and has resulted in an increase in total tonnes and contained ounces of silver.

Over 245 diamond drill holes have been completed to date at the El Quevar project, including 185 holes drilled on the Yaxtché deposit. Micon used data from 168 drill holes (through Hole QVD-204) from the Yaxtché deposit in the new resource estimate. The Yaxtché deposit remains open along strike and both up and down dip.

Previous drilling established that mineralization extends under a post mineral cover on the western extension of the Yaxtché zone. Hole QVD-195, drilled through the post mineral cover, included approximately seven meters of greater than 1,000 grams silver per tonne. Preparations are now underway to drill on the west side of the post mineral cover in order to test the potential extension of the Yaxtché deposit through the post mineral cover. If the mineralized zone is established on the west side of the post mineral cover, the Yaxtché deposit could more than double in length from the current 2.4 kilometer strike length.

The Company controls mineral and surface rights to approximately 64,000 hectares at the El Quevar project. Drilling to date has primarily been focused on the Yaxtché deposit, which is one of at least13 targets in the El Quevar project area. An initial six hole drill program was previously completed at the Quevar Norte target located approximately three kilometers north of the Yaxtché zone, with three of the six holes intersecting silver mineralization of greater than 100 grams per tonne, including Hole QND-002, which averaged 1,289 grams per tonne over an intercept of 28 meters.

Construction of the underground decline at the Yaxtché deposit has advanced approximately 85 of the 225 meters required to access ore and remains on schedule, with completion of the feasibility study anticipated at the end of 2010. The production sized decline will be used to confirm the mine model and mining methods, take bulk samples for metallurgical testing, and to support the feasibility study currently underway.

A drill hole location map and listing of all drill intercepts for the holes at El Quevar for which the Company has received and verified results are available at http://www.goldenminerals.com/.

Review by Qualified Person, Quality Control and Reports

The new resource estimation was performed by William J. Lewis, BSc., P.Geo, and Ing. Alan J. San Martin, MAusIMM, Qualified Persons as defined by NI 43-101, who are independent of Golden Minerals. The mineral resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions and Guidelines, prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council on December 11, 2005.

Results of the Company’s drilling program have been reviewed, verified, and compiled under the direction of the Company’s Senior Vice President of Exploration, Robert Blakestad, M.Sc., P.Geo, L.P.G., a Qualified Person for the purpose of NI 43-101. Mr. Blakestad has over 35 years of mineral exploration experience, is a Professional Geoscientist registered in Nova Scotia and a Licensed Professional Geologist in the state of Washington.

To ensure reliable sample results, Golden Minerals uses a quality assurance/quality control program that monitors the chain-of-custody of samples and includes the insertion of blanks, duplicates, and certified reference standards in each batch of samples. Core is photographed and sawn in half with one half retained in a secured facility for verification purposes. Sample preparation (crushing and pulverizing) is performed at an independent ISO 9001:2001 certified laboratory in Mendoza, Argentina. Prepared samples are direct-shipped to ISO 9001:2001 certified laboratories in Santiago, Chile or Vancouver, B.C. Pulp splits of mineralized intervals are re-assayed at certified independent referee laboratories in Chile and Canada.

The independent NI 43-101 technical reports and related information are available on the Company’s website, http://www.goldenminerals.com/.

About Golden Minerals

Golden Minerals is a Delaware corporation based in Golden, Colorado, primarily engaged in the advancement of its pipeline of exploration projects in Mexico and South America. The Company has a portfolio of 30 exploration projects, including the feasibility stage El Quevar project in the Salta Province of northwestern Argentina and advanced stage drilling projects in Mexico and Peru. The Company’s experienced management team has proven in house ability to explore, develop and operate mining projects.

Cautionary Note to U.S. Investors concerning Estimates of Indicated and Inferred Resources: This press release uses the terms “indicated resources” and “inferred resources” which are defined in, and required to be disclosed by, NI 43-101. We advise U.S. investors that these terms are not recognized by the United States Securities and Exchange Commission (the “SEC”). The estimation of indicated resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that indicated mineral resources will be converted into reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of inferred mineral resources exist, are economically minable, or will be upgraded into measured or indicated mineral resources. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations, however the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures. Accordingly, the information contained in this press release may not be comparable to similar information made public by U.S. companies that are not subject NI 43-101.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, including statements regarding indicated and inferred resource estimates at the El Quevar project; the exploration results and programs at the El Quevar project; results of exploration activities; planned exploration activities; planned feasibility work, the schedule for the construction of the underground decline at the Yaxtché deposit and completion of the planned feasibility study, and planned uses of the underground decline. These statements are subject to risks and uncertainties, including results of exploration and whether the results support engineering and other feasibility work on El Quevar; changes in geological, geostatistical and other interpretations of the Yaxtché deposit including the interpretations regarding the westward extension, continuity and strike length of the Yaxtché deposit, which may include changes resulting from additional drilling, exploration and feasibility work; availability of drills; unexpected variations in ore grade, types and metallurgy; whether the resources reported will be converted to reserves and whether the resources reported, including information regarding contained ounces, will be reduced as additional exploration and feasibility work is completed, including feasibility work on processing alternatives, projected recovery rates and costs including capital costs, operating costs and taxes; results of El Quevar feasibility work and uncertainties regarding whether El Quevar project feasibility will be supported; financial market conditions; unexpected increases in costs of materials, supplies and personnel used in exploration or mining activities; fluctuations in silver and other metal prices; technical and permitting issues; changes in applicable law that might increase the cost or otherwise negatively affect the Company in advancing the El Quevar project; and the ability and success of the Company in raising adequate capital and implementing its plans. Golden Minerals Company assumes no obligation to update this information. Additional risks relating to Golden Minerals Company may be found in the periodic and current reports filed with the Securities Exchange Commission by Golden Minerals Company, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2009.

For additional information please visit http://www.goldenminerals.com/

Thursday, August 19th, 2010 Uncategorized Comments Off on Golden Minerals (AUMN) Announces a Significant Increase in the El Quevar Project Resource Estimate

QlikTech (QLIK) Announces Second Quarter 2010 Financial Results

RADNOR, Pa.–(BUSINESS WIRE)–Qlik Technologies Inc. (“QlikTech”) (NASDAQ:QLIKNews), a provider of business intelligence software, today announced financial results for the three month period ended June 30, 2010.

Lars Björk, chief executive officer of QlikTech, stated, “We are pleased with QlikTech’s business momentum during the second quarter, which was highlighted by revenue growth of 56% compared to the second quarter of 2009. We saw strong demand across each of our major global regions, and business was well balanced across both new and existing customers as we executed against our land and expand strategy. This performance also contributed to a strong increase in our company’s operating profitability and margin.”

Björk added, “We are excited to have completed our company’s initial public offering, which marked a major milestone in QlikTech’s history. We believe our expanded resources and market awareness will further enhance our ability to realize the company’s long-term potential. QlikTech is redefining the business intelligence market, and creating a market opportunity with QlikView that we believe is much larger than that served by traditional BI vendors. Our ability to meet a previously unmet need in the market place is the result of the disruptive benefits of our product offering, which is faster to deploy, much easier to use, lower cost, and ultimately helps customers gain real-time insights into their critical business data that is not possible with alternative solutions.”

Financial Highlights for the Second Quarter Ended June 30, 2010

Total revenue for the second quarter of 2010 was $51.1 million, an increase of 56% from $32.8 million in the second quarter of 2009. License revenue was $32.5 million, an increase of 62% from $20.0 million in the second quarter of 2009. Maintenance revenue was $13.5 million, an increase of 43% from $9.5 million in the second quarter of 2009. Professional services revenue was $5.1 million, an increase of 53% from $3.3 million in the second quarter of 2009.

GAAP operating income for the second quarter of 2010 was $5.8 million, or 11.4% of revenue, an increase compared to a GAAP operating loss of ($2.7 million) for the second quarter of 2009. GAAP net income was $3.5 million, or $0.02 per common share on a diluted basis, an increase compared to a GAAP net loss of ($2.7 million), or ($0.17) per common share on a diluted basis, in the second quarter of 2009. GAAP net income (loss) includes a charge for the change in the fair value of warrants of $1.4 million for the second quarter of 2010 and $0.1 million for the second quarter of 2009. Beginning in the third quarter of 2010, QlikTech will no longer incur these charges due to the conversion of these preferred stock warrants to common stock warrants upon the effectiveness of its initial public offering.

Non-GAAP operating income, which excludes stock-based compensation, was $6.4 million, or 12.5% of revenue, for the second quarter of 2010, compared to a non-GAAP operating loss of ($2.3 million) for the second quarter of 2009. Non-GAAP net income was $3.9 million for the second quarter of 2010, compared to a non-GAAP net loss of ($2.3 million) for the second quarter of 2009. After accounting for the automatic conversion of QlikTech’s then outstanding shares of convertible preferred stock into 46.7 million shares of common stock and the issuance of 12.9 million shares of common stock as though the completion of the company’s initial public offering had occurred at the beginning of the period, non-GAAP income per common share on a diluted basis for the second quarter of 2010 was $0.05, compared to a non-GAAP loss per common share of ($0.03) on a diluted basis for the second quarter of 2009. Non-GAAP net income (loss) includes a charge for a change in the fair value of warrants of $1.4 million for the second quarter of 2010 and $0.1 million for the second quarter of 2009. Beginning in the third quarter of 2010, QlikTech will no longer incur these charges due to the conversion of these preferred stock warrants to common stock warrants upon the effectiveness of its initial public offering.

The tables at the end of this press release include a reconciliation of GAAP to non-GAAP income from operations and net income for the three and six months ended June 30, 2009 and 2010. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Cash and cash equivalents were $35.8 million on June 30, 2010, compared to $37.4 million on March 31, 2010. The cash balance on June 30, 2010 does not include approximately $120 million in net proceeds that were raised through the company’s initial public offering, which was completed on July 21, 2010.

Other Second Quarter and Recent Business Highlights:

  • Added over 1,400 new customers during the quarter to bring total customer count to over 15,000, up from over 11,000 customers at the end of the second quarter of 2009.
  • Revenue in the Americas was $15.8 million, up 84% over the prior year period and representing 31% of total revenue. European countries generated $31.9 million in revenue, up 46% over the prior year period and representing 62% of total revenue. Rest of World revenue was $3.4 million, up 45% over the prior year period and representing 7% of total revenue.
  • Launched QlikView Labs to capture ideas and focus research initiatives in a creative “sandbox” environment. QlikView Labs allows internal, partner and customer developers to prototype ideas as the preliminary phase of our product development process. In this environment, QlikTech will leverage both a hands-on development center and its virtual community organized through Qlik Community.
  • Announced the immediate availability of QlikView for iPad. This mobile, interactive enterprise business intelligence solution provides mobile professionals access to decision-critical information through Apple iPads’s native multi-touch interface. QlikView for iPad takes mobile business intelligence to a new level of touch-based interactivity, enabling freeform exploration of business data without the limits of static reporting.

Business Outlook

Based on information available as of August 19, 2010, QlikTech is issuing guidance for the third quarter and full year 2010 as follows:

Third Quarter 2010: The company expects total revenue for the third quarter to be in the range of $44.0 million to $47.0 million, non-GAAP operating income to be in the range of $4.0 million to $4.5 million and non-GAAP net income per diluted share to be in the range of $0.02 to $0.03. QlikTech’s expectations of non-GAAP net income per diluted share for the third quarter exclude stock-based compensation expense and assume a tax rate of 28% and weighted average shares outstanding of approximately 86 million.

Full Year 2010: The company expects 2010 total revenue to be in the range of $204.0 million to $207.0 million, non-GAAP operating income to be in the range of $29.0 million to $31.0 million and non-GAAP net income per diluted share to be in the range of $0.21 to $0.23. QlikTech’s expectations of non-GAAP net income per diluted share for the full year exclude stock-based compensation expense and assume a tax rate of 28% and weighted average shares outstanding of approximately 85 million.

Conference Call and Webcast Information

QlikTech will host a conference call on August 19, 2010, at 8:00 a.m. Eastern Time (ET) to discuss the company’s second quarter financial results and its business outlook. To access this call, dial 877-312-5507 (domestic) or 253-237-1134 (international). A replay of this conference call will be available until August 26, 2010 at 800-642-1687 (domestic) or 706-645-9291 (international). The replay pass code is 93016312. A live web cast of this conference call will also be available under the “Events & Presentations” section on the company’s investor relations website at http://investor.qlikview.com/, and a replay will be archived on the website as well.

Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with generally accepted accounting principles, or GAAP, QlikTech uses measures of non-GAAP operating income, non-GAAP net income and non-GAAP income or loss per share. A reconciliation of these non-GAAP financial measures to the closest GAAP financial measure, is presented in the financial tables below under the heading “Reconciliation of Non-GAAP Measures to GAAP” QlikTech believes that the non-GAAP financial information provided in this release can assist investors in understanding and assessing QlikTech’s on-going core operations and prospects for the future and provides an additional tool for investors to use in comparing QlikTech’s financial results with other companies in QlikTech’s industry, many of which present similar non-GAAP financial measures to investors.

Non-GAAP operating income (loss) is determined by taking income or loss from operations and adding back non-cash stock-based compensation expense. Non-GAAP net income (loss) is determined by taking pretax income or loss and adding back non-cash stock-based compensation expense, and the result is tax affected at an estimated 28% tax rate. QlikTech believes this adjustment provides useful information to both management and investors. Non-GAAP income or loss per share is determined by taking Non-GAAP net income and adjusting the weighted average outstanding common share calculations for the automatic conversion of the convertible preferred stock and issuance of common stock in connection with the company’s initial public offering as if the offering had occurred at the beginning of each respective period.

This press release includes forward-looking non-GAAP financial measures under the heading “Business Outlook”. These non-GAAP financial measures include adjustments as discussed above. We are unable to reconcile this non-GAAP guidance to GAAP because it is difficult to predict the future impact of these adjustments.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant elements that are required by GAAP to be recorded in QlikTech’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management in determining these non-GAAP financial measures. In order to compensate for these limitations, management of QlikTech presents its non-GAAP financial measures in connection with its GAAP results. Investors are encouraged to review the reconciliation of our non-GAAP financial measures to their most directly comparable GAAP financial measure. As previously mentioned, a reconciliation of our historic non-GAAP financial measures to their most directly comparable GAAP measures has been provided below.

About QlikTech

QlikTech’s powerful, accessible business intelligence solution enables organizations to make better and faster decisions. Its QlikView product delivers enterprise-class analytics and search with the simplicity and ease of use of office productivity software. The in-memory associative search technology it pioneered makes calculations in real-time enabling business professionals to gain insight through intuitive data exploration. Unlike traditional business intelligence products, QlikView can deliver value in days or weeks rather than months, years, or not at all. It can be deployed on premise, in the cloud, or on a laptop or mobile device—from a single user to large global enterprises. QlikTech is headquartered in Radnor, Pennsylvania, with offices around the world and a network of over 1,100 partners to serve more than 15,000 customers in over 100 countries worldwide.

Safe Harbor for Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to, statements regarding the value and effectiveness of QlikTech’s products, the introduction of product enhancements or additional products and QlikTech’s growth, expansion and market leadership, that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause QlikTech’s results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “plan,” “expects,” “anticipates,” “believes,” “goal,” “estimate,” “potential,” “may”, “will,” “might,” “could,” and similar words. QlikTech intends all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in such statements due to various factors, including but not limited to: risks and uncertainties inherent in our business; our ability to attract new customers and retain existing customers; our ability to effectively sell, service and support our products; our ability to manage our international operations; our ability to compete effectively; our ability to develop and introduce new products and add-ons or enhancements to existing products; our ability to continue to promote and maintain our brand in a cost-effective manner; our ability to manage growth; our ability to attract and retain key personnel; the scope and validity of intellectual property rights applicable to our products; adverse economic conditions in general and adverse economic conditions specifically affecting the markets in which we operate; and other risks more fully described in QlikTech’s publicly available filings with the Securities and Exchange Commission. Past performance is not necessarily indicative of future results. The forward-looking statements included in this press release represent QlikTech’s views as of the date of this press release. QlikTech anticipates that subsequent events and developments will cause its views to change. QlikTech undertakes no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. These forward-looking statements should not be relied upon as representing QlikTech’s views as of any date subsequent to the date of this press release.

Qlik and QlikView are trademarks or registered trademarks of QlikTech or its subsidiaries in the U.S. and other countries. iPad is a trademark of Apple, Inc. in the U.S. and other countries around the world.

Qlik Technologies Inc.
Consolidated Statements of Operations
(in thousands, except for share and per share data)
Three Months Ended June 30, Six Months Ended June 30,
2009 2010 2009 2010
(unaudited) (unaudited)
Revenue:
License revenue $ 20,045 $ 32,544 $ 34,804 $ 58,766
Maintenance revenue 9,478 13,519 17,447 26,588
Professional services revenue 3,322 5,067 6,998 9,541
Total revenue 32,845 51,130 59,249 94,895
Cost of revenue:
License revenue 614 1,178 1,201 1,857
Maintenance revenue 455 1,013 831 1,708
Professional services revenue 2,589 3,554 5,406 6,466
Total cost of revenue 3,658 5,745 7,438 10,031
Gross profit 29,187 45,385 51,811 84,864
Operating expenses:
Sales and marketing 23,214 27,751 42,776 53,164
Research and development 2,152 2,980 4,375 5,644
General and administrative 6,530 8,813 13,749 18,206
Total operating expenses 31,896 39,544 60,900 77,014
Income (loss) from operations (2,709 ) 5,841 (9,089 ) 7,850
Other income (expense):
Interest expense, net (218 ) (185 ) (381 ) (443 )
Change in fair value of warrants (145 ) (1,408 ) (290 ) (1,962 )
Foreign exchange gain (loss) and other income, net (508 ) 664 470 (698 )
Total other expense, net (871 ) (929 ) (201 ) (3,103 )
Income (loss) before benefit for income taxes (3,580 ) 4,912 (9,290 ) 4,747
Benefit (provision) for income taxes 884 (1,374 ) 2,293 (1,328 )
Net income (loss) $ (2,696 ) $ 3,538 $ (6,997 ) $ 3,419
Net income (loss) per common share
Basic $ (0.17 ) $ 0.02 $ (0.44 ) $ 0.02
Diluted $ (0.17 ) $ 0.02 $ (0.44 ) $ 0.02
Weighted average number of common shares outstanding
Basic 16,118,189 17,222,001 16,055,753 17,035,083
Diluted 16,118,189 24,711,969 16,055,753 24,150,670
Stock-based compensation expense for the three and six months ended June 30, 2009 and 2010 is included in the Consolidated Statements of
Operations as follows (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2009 2010 2009 2010
(unaudited) (unaudited)
Cost of revenue $ 19 $ 26 $ 38 $ 52
Sales and marketing 196 308 353 568
Research and development 23 21 31 42
General and administrative 168 194 324 387
$ 406 $ 549 $ 746 $ 1,049
Qlik Technologies Inc.
Reconciliation of Non-GAAP Measures to GAAP
(in thousands, except share and per share data)
Three months ended June 30, Six months ended June 30,
2009 2010 2009 2010
(unaudited) (unaudited)
Reconciliation of Non-GAAP income (loss) from operations:
GAAP income (loss) from operations $ (2,709 ) $ 5,841 $ (9,089 ) $ 7,850
Stock-based compensation expense 406 549 746 1,049
Non-GAAP income (loss) from operations $ (2,303 ) $ 6,390 $ (8,343 ) $ 8,899
Non-GAAP income (loss) from operations as a percentage of total revenue (7.0 %) 12.5 % (14.1 %) 9.4 %
GAAP income (loss) from operations as a percentage of total revenue (8.3 %) 11.4 % (15.3 %) 8.3 %
Reconciliation of Non-GAAP net income (loss):
GAAP net income (loss) $ (2,696 ) $ 3,538 $ (6,997 ) $ 3,419
Stock-based compensation expense 406 549 746 1,049
Income tax adjustment* 5 (154 ) 99 (293 )
Non-GAAP net income (loss) $ (2,285 ) $ 3,933 $ (6,152 ) $ 4,175
Non-GAAP net income (loss) per common share – basic $ (0.03 ) $ 0.05 $ (0.08 ) $ 0.05
Non-GAAP net income (loss) per common share – diluted $ (0.03 ) $ 0.05 $ (0.08 ) $ 0.05
GAAP net income (loss) per common share – basic $ (0.17 ) $ 0.02 $ (0.44 ) $ 0.02
GAAP net income (loss) per common share – diluted $ (0.17 ) $ 0.02 $ (0.44 ) $ 0.02
Non-GAAP weighted average number of common shares outstanding – basic** 75,719,613 76,823,425 75,657,177 76,636,507
Non-GAAP weighted average number of common shares outstanding – diluted** 75,719,613 84,313,393 75,657,177 83,752,094
GAAP weighted average number of common shares outstanding – basic 16,118,189 17,222,001 16,055,753 17,035,083
GAAP weighted average number of common shares outstanding – diluted 16,118,189 24,711,969 16,055,753 24,150,670
* Income tax adjustment is used to adjust the GAAP provision (benefit) for income taxes to a non-GAAP provision for income taxes utilizing an estimated tax rate of 28%.
** Reflects (a) the automatic conversion of the then outstanding shares of convertible preferred stock into 46,721,424 shares of common stock and (b) the issuance of 12,880,000 shares of common stock as though the completion of the initial public offering had occurred at the beginning of the respective periods, which result in the Company not applying the two-class method of Earnings Per Share as required under GAAP.
Qlik Technologies Inc.
Consolidated Balance Sheets
(in thousands)
December 31, June 30,
2009 2010
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 24,852 $ 35,840
Accounts receivable, net 63,729 49,037
Prepaid expenses and other current assets 3,970 6,531
Deferred income taxes 810 810
Total current assets 93,361 92,218
Property and equipment, net 3,244 3,384
Intangible assets, net 417 458
Goodwill 1,308 2,648
Deferred income taxes 4,207 4,207
Deposits and other noncurrent assets 430 656
Total assets $ 102,967 $ 103,571
Liabilities, convertible preferred stock, and stockholders’ deficit
Current liabilities:
Current portion of long-term debt $ 3,022 $ 2,774
Line of credit 242
Income taxes payable 3,203 2,667
Accounts payable 5,232 4,253
Deferred revenue 35,575 35,524
Accrued payroll and other related costs 18,818 14,751
Accrued expenses 10,015 10,967
Stock warrant liability 2,425 2,042
Total current liabilities 78,532 72,978
Long-term liabilities
Long-term debt 3,777 2,081
Deferred taxes 326 383
Other long-term liabilities 3,322 3,100
Stock warrant liability 2,212 4,174
Total liabilities 88,169 82,716
Commitments and contingencies
Convertible preferred stock:
Series A convertible preferred stock 12,082 12,082
Series AA convertible preferred stock 11,819 11,819
Total convertible preferred stock 23,901 23,901
Stockholders’ equity deficit:
Common stock 2 2
Additional paid-in capital 5,743 9,021
Accumulated deficit (13,383 ) (9,964 )
Accumulated other comprehensive loss (1,465 ) (2,105 )
Total stockholders’ deficit (9,103 ) (3,046 )
Total liabilities, convertible preferred stock and stockholders’ deficit $ 102,967 $ 103,571
Qlik Technologies Inc.
Consolidated Statements of Cash Flows
(in thousands)
Six Months Ended June 30,
2009 2010
(unaudited)
Cash flows from operating activities
Net income (loss) $ (6,997 ) $ 3,419
Adjustments to reconcile net income (loss) to net cash provided by operating
activities:
Non-cash interest expense, including amortization of debt discount 350 27
Depreciation and amortization 479 739
Stock-based compensation expense 746 1,049
Excess tax benefit from stock-based compensation (656 )
Provision for bad debts 585 273
Change in fair value of warrants 290 1,962
Unrealized foreign currency gain (loss), net (90 ) 1,169
Changes in assets and liabilities:
Accounts receivable 6,912 10,148
Prepaid expenses and other assets (4,983 ) (1,068 )
Other noncurrent assets (19 ) (277 )
Accounts payable (86 ) (582 )
Deferred revenues 2,030 2,932
Accrued expenses and other liabilities 2,264 (1,748 )
Net cash provided by operating activities 1,481 17,387
Cash flows from investing activities
Acquisitions, net of cash acquired 193
Purchase of property and equipment (721 ) (1,074 )
Net cash used in investing activities (721 ) (881 )
Cash flows from financing activities
Borrowings (payments) on line of credit, net 510 (236 )
Payments on long-term debt (966 ) (2,074 )
Excess tax benefit from stock-based compensation 656
Payments for deferred offering costs (1,769 )
(Repurchase) proceeds from issuance of stock options (439 ) 79
Proceeds from exercise of common stock options 263 872
Net cash used in financing activities (632 ) (2,472 )
Effect of exchange rate on cash 364 (3,046 )
Net increase in cash and cash equivalents 492 10,988
Cash and cash equivalents, beginning of period 14,800 24,852
Cash and cash equivalents, end of period $ 15,292 $ 35,840
Supplemental cash flow information:
Cash paid during the period for interest $ 44 $ 329
Cash paid during the period for income taxes $ 212 $ 786
Non-cash investing activities:
Common stock issued for acquisition of business $ $ 622
Thursday, August 19th, 2010 Uncategorized Comments Off on QlikTech (QLIK) Announces Second Quarter 2010 Financial Results

Casual Male Retail Group, Inc. (CMRG) Reports Second Quarter Results

CANTON, Mass., Aug. 19 /PRNewswire-FirstCall/ — Casual Male Retail Group, Inc. (Nasdaq:CMRGNews), the largest retailer of big & tall men’s apparel and accessories, today reported operating results for the second quarter and six month period ended July 31, 2010.

Second Quarter Highlights (2010 vs. 2009)

  • Net income increased 56% to $5.6 million, or $0.12 per diluted share, from $3.6 million, or $0.09 per diluted share
  • Comparable sales  increased  0.8% and total sales decreased 1.0% to $97.3 million
  • Gross margin increased 180 basis points to 46.4%

Six Month Highlights (2010 vs. 2009)

  • Net income increased 145% to $9.8 million, or $0.21 per diluted share, from a net income of $4.0 million, or $0.10 per diluted share
  • Comparable sales increased 0.1% and total sales decreased 1.8% to $192.2 million
  • Gross margin increased 250 basis points to 46.1%

David Levin, President and CEO, stated, “We are pleased with our results for the second quarter and continuing progress toward our immediate initiatives to expand operating margin and drive free cash flow. In the quarter, strong inventory control as well as lower occupancy and merchandise costs combined to drive a 180 basis point improvement in gross margin. At the same time, we continued to see a slow but steady improvement in sales – as comparable sales trends flattened in the quarter.”

Levin continued, “We are very excited about the opening of our first three DXL stores and the early customer feedback. While only opened for a few weeks and with no marketing events, these stores appear to be attracting a diverse target customer from a wide geographic area. In addition, higher average transaction values suggest customers like what they see and are cross-shopping the store as we intended.”

Sales

For the second quarter of fiscal 2010, comparable sales increased 0.8% while total sales declined 1.0% to $97.3 million as compared to the prior year’s second quarter. During the second quarter of fiscal 2010, comparable sales for our Casual Male XL business increased 0.3% to last year while comparable sales from our Rochester business decreased by 2.2%. Sales across our direct businesses increased by 5.2% while comparable sales from the Company’s retail stores decreased 0.2% for the second quarter of fiscal 2010 as compared to the prior year’s second quarter.

For the first six months of fiscal 2010, comparable sales increased 0.1% while total sales declined 1.8% to $192.2 million as compared to the prior year’s first six months.  For the first six months of fiscal 2010, comparable sales from our Rochester business increased 1.2% while comparable sales from our Casual Male XL business decreased 1.0%.  Sales from our direct businesses increased by 2.9% while sales from the Company’s retail stores dropped by 0.6% for the first six months of fiscal 2010 as compared to the first six months of the prior year.

Gross Profit Margin

For the second quarter of fiscal 2010, gross margin increased 180 basis points to 46.4%.  The increase was the result of a 100 basis point improvement in merchandise margin and an 80 basis point improvement in occupancy costs.  For the first six months of fiscal 2010, gross margin increased 250 basis points to 46.1%.  The increase was the result of a 190 basis point improvement in merchandise margin and a 60 basis point improvement in occupancy costs.

SG&A

On a dollar basis, SG&A expenses were relatively flat for the second quarter of fiscal 2010 as compared to last year’s second quarter. As a percentage of sales, SG&A expenses for the second quarter of fiscal 2010 were 36.4% of sales as compared to 36.1% of sales in the second quarter of fiscal 2009.

For the first six months of fiscal 2010, on a dollar basis, SG&A expenses decreased 2.2% as compared to the first six months of fiscal 2009.  As a percentage of sales, SG&A expenses for the first six months were 37.0% of sales as compared to 37.1% of sales for the first six months of fiscal 2009.

During the first six months of fiscal 2010, we continued to benefit from the cost reductions that we took during fiscal 2009.  Approximately two-thirds of the savings were the result of store payroll reductions and store operating efficiencies with the remaining cost savings resulting from reduced marketing costs.

Interest Expense

Net interest expense for the second quarter of fiscal 2010 decreased by $0.1 million to $0.2 million from $0.3 million in the prior year.  For the first six months of fiscal 2010, net interest expense decreased by $0.3 million to $0.3 million from $0.6 million for the first six months of the prior year.  This decrease was primarily the result of a decrease in total indebtedness over the prior year.

Cash Flow

Free cash flow from operations improved by $3.1 million to $9.0 million for the first six months of fiscal 2010 as compared to $5.9 million for the first six months of fiscal 2009.

Balance Sheet & Liquidity

Total debt decreased 88.8%, or $40.8 million, to $5.1 million at the end of the second quarter of fiscal 2010 from $45.9 million at the end of the second quarter of fiscal 2009. At July 31, 2010, the Company had $64.9 million available under its credit line facility.

Inventory levels of $94.2 million at the end of the second quarter of fiscal 2010 are flat to the $94.3 million at the end of the second quarter of fiscal 2009.

Destination XL

During the second quarter of fiscal 2010, the Company opened its first Destination XL™ store in Schaumburg, Illinois. Subsequent to the end of the second quarter, the Company opened two additional Destination XL stores in Memphis, Tennessee on August 5, 2010 and in Las Vegas, Nevada on August 14, 2010.   The Company plans to open one additional Destination XL store during fiscal 2010 in Houston, Texas by the middle of the third quarter.

Updated Fiscal 2010 Outlook

Based on the Company’s performance during the first six months of fiscal 2010, the Company has revised its earnings guidance to $0.29-$0.32 per diluted share.  As of August 19, 2010, the Company is projecting the following for the fiscal year ending January 29, 2011:

  • Comparable sales flat to +1% with total sales of $390 – $395 million (slightly up from a low of $385 million)
  • Gross profit margin of 45.3% to 45.6% (previous range 44.9% to 45.4%)
  • SG&A expenses to decline by approximately 2.0% (unchanged)
  • Diluted earnings per share of $0.29 – $0.32 (previous range $0.26-$0.29)
  • On a quarterly basis, expect to see improvements in earnings in the third and fourth quarters of fiscal 2010, consistent with the expected 2010 annual improvement to 2009
  • Free cash flow of approximately $24 million, which is based on operating cash flow of approximately $34 million less capital expenditures of approximately $10 million (previous estimate of free cash flow was $20 million)
  • The company’s cash balances at the end of the year are expected to approximate between $15-$20 million

Non-GAAP Measures

In addition to the financial measures prepared in accordance with generally accepted accounting principles (GAAP), the above discussion also refers to non-GAAP free cash flow of $9.0 million and $5.9 million for the six months ended July 31, 2010 and August 1, 2009, respectively, and estimated non-GAAP free cash flow of $24.0 million for fiscal 2010.  The presentation of non-GAAP free cash flow is not a measure determined by GAAP and should not be considered superior to or as a substitute for net income or cash flows from operating activities or any other measure of performance derived in accordance with GAAP. In addition, all companies do not calculate non-GAAP financial measures in the same manner and, accordingly, “free cash flows” presented in this release may not be comparable to similar measures used by other companies. The Company calculates free cash flows as cash flow from operating activities less capital expenditures and less discretionary store asset acquisitions.

For the six months ended

Projected Cash Flow

(in millions)

July 31, 2010

August 1, 2009

Fiscal 2010

Cash flow from operating activities

$   12.6

$   8.1

$   34.0

Less: Capital expenditures

(3.6)

(2.2)

(10.0)

Less: Discretionary store asset acquisitions

Estimated Free Cash Flow

$   9.0

$    5.9

$   24.0

Investors are invited to listen to a broadcast of the Company’s conference call to discuss its earnings results for the second quarter and first six months of fiscal 2010.  The conference call will be broadcast live today, Thursday, August 19, 2010 at 9:00 a.m. Eastern Daylight Time and can be accessed at www.casualmalexl.com and then clicking on the investor relations icon.  The call will be archived online within one hour after its completion.  Participating in the call will be David Levin, President and Chief Executive Officer, and Dennis Hernreich, Executive Vice President, Chief Operating Officer and Chief Financial Officer.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends.  The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

Casual Male Retail Group, Inc., the largest retailer of big and tall men’s apparel with operations throughout the United States, Canada and Europe, operates 451 Casual Male XL retail and outlet stores, 3 Destination XL stores, 18 Rochester Clothing stores, and direct to consumer businesses which include several catalogs and e-commerce sites. The Company is headquartered in Canton, Massachusetts, and its common stock is listed on the NASDAQ Global Market under the symbol “CMRG.”

Certain information contained in this press release, including the Company’s expectations regarding fiscal 2010, constitutes forward-looking statements under the federal securities laws. The discussion of forward-looking information requires management of the Company to make certain estimates and assumptions regarding the Company’s strategic direction and the effect of such plans on the Company’s financial results. The Company’s actual results and the implementation of its plans and operations may differ materially from forward-looking statements made by the Company. The Company encourages readers of forward-looking information concerning the Company to refer to its prior filings with the Securities and Exchange Commission, including without limitation, its Annual Report on Form 10-K filed on March 19, 2010, that set forth certain risks and uncertainties that may have an impact on future results and direction of the Company.

Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The Company undertakes no obligation and expressly disclaims any duty to update such statements.

[tables to follow]

CASUAL MALE RETAIL GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

For the three months ended

For the six months ended

July 31,
2010

August 1,
2009

July 31,
2010

August 1,
2009

Sales

$           97,251

$              98,252

$           192,235

$        195,813

Cost of goods sold, including occupancy

52,142

54,427

103,558

110,430

Gross profit

45,109

43,825

88,677

85,383

Expenses:
Selling, general and administrative

35,431

35,513

71,062

72,664

Depreciation and amortization

3,364

3,980

6,688

7,777

Total expenses

38,795

39,493

77,750

80,441

Operating income

6,314

4,332

10,927

4,942

Other income, net

105

93

208

186

Interest expense, net

(153)

(295)

(308)

(625)

Income before income taxes

6,266

4,130

10,827

4,503

Provision for income taxes

670

504

1,077

541

Net income

$             5,596

$                3,626

$               9,750

$            3,962

Net income per share – basic

$0.12

$0.09

$0.21

$0.10

Net income per share – diluted

$0.12

$0.09

$0.21

$0.10

Weighted-average number of common shares outstanding:
Basic

46,983

41,450

46,821

41,450

Diluted

47,494

41,926

47,384

41,638

CASUAL MALE RETAIL GROUP, INC.

CONSOLIDATED BALANCE SHEETS

July 31, 2010 and January 30, 2010

(In thousands)

July 31,

January 30,

2010

2010

ASSETS
Cash and investments

$                  7,912

$                     4,302

Inventories

94,241

89,977

Other current assets

12,215

10,874

Property and equipment, net

39,023

41,888

Intangibles

32,553

32,809

Other assets

1,143

1,189

Total assets

$              187,087

$                 181,039

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable, accrued expenses
and other liabilities

$                53,850

$                   52,550

Deferred taxes

1,153

769

Deferred gain on sale-leaseback

22,714

23,446

Notes payable

3,475

Long-term debt, including current portion

5,139

7,576

Stockholders’ equity

104,231

93,223

Total liabilities and stockholders’ equity

$              187,087

$                 181,039

Thursday, August 19th, 2010 Uncategorized Comments Off on Casual Male Retail Group, Inc. (CMRG) Reports Second Quarter Results

ShopNBC (VVTV) Q2 Net Sales Rise 6% to $126.2 Million and Adjusted EBITDA Loss Reduced

ShopNBC (NASDAQ:VVTVNews), the premium lifestyle brand in multi-media retailing, today announced improved financial results for its fiscal second quarter ended July 31, 2010. The company will host a conference call to review its results today at 11:00 a.m. ET; details below.

 
SUMMARY RESULTS AND KEY OPERATING METRICS
($ Millions, except average price points)

                            Q2                            YTD
               For the three months ending     For the six months ending
              -----------------------------  -----------------------------
              7/31/2010  8/1/2009   Change   7/31/2010  8/1/2009   Change
              ---------  ---------  -------  ---------  ---------  -------
Net Sales     $   126.2  $   119.3      5.7% $   251.2  $   253.1     -0.8%
EBITDA        $    (1.9) $    (5.7)    66.1% $    (6.2) $   (12.5)    50.2%
as adjusted
Net Loss      $    (7.7) $    (8.2)     6.6% $   (18.7) $   (20.2)     7.8%

Homes            75,571     73,410      2.9%    75,715     73,183      3.5%
(Average 000s)
Net Shipped       1,195        980     21.9%     2,273      1,857     22.4%
 Units (000s)
Average Price $      97  $     112    -13.2% $     103  $     127    -19.2%

Return Rate %      20.6%      21.8% -120bps       19.9%      21.7% -180bps
Gross Margin %     37.4%      34.8% 260 bps       37.0%      33.1% 390 bps
Internet Net       39.4%      30.8% 860 bps       39.5%      30.4% 910 bps
Sales %
New Customers   573,545    411,029     39.5%       N/A        N/A
 12 month
 rolling
Active
 Customers    1,089,682    861,080     26.5%       N/A        N/A
 12 month
 rolling

“We are pleased with our second quarter progress, reflecting another consecutive quarter of overall improved performance,” said Keith Stewart, CEO of ShopNBC. “Positive customer activity trends and strong gross margin rates, along with disciplined execution in merchandising and financial planning, helped drive the business on the top- and bottom-line. Going forward, we recognize there is still much work to be done. We continue to prudently manage our working capital while focusing on increasing the top line through improved merchandising strategies, aligning price points with consumer demand, and refining our customer outreach initiatives during the second half of the year.”

Second Quarter 2010 Results

Second quarter revenues rose 5.7% to $126.2 million vs. Q2 of last year. As part of its on-going strategic initiatives, the company further lowered its net average selling price to $97 from $112 in the year-ago quarter, while increasing net shipped units by 22%. E-commerce sales penetration represented 39.4% of total company sales in the quarter, up 860 basis points from the prior-year period.

Customer trends continued to improve with new and active customers increasing 39.5% and 26.5%, respectively, on a 12-month rolling basis vs. same period last year. Return rates for the quarter declined to 20.6% vs. 21.8% in the year-ago quarter, reflecting improvements in overall customer satisfaction and the benefit of strategic pricing changes.

Gross profit increased 13% to $47.2 million and gross profit margin improved 260 basis points to 37.4% vs. 34.8% last year, largely driven by merchandise margin rate improvements across several key categories.

Adjusted EBITDA was a loss of ($1.9) million compared to an Adjusted EBITDA loss of ($5.7) million in the year-ago period, driven by improvements in sales and gross margin.

Operating expenses in the second quarter increased approximately 2% to $53.4 million, as a result of the company’s net sales growth.

Net loss for the second quarter declined to ($7.7) million compared to a net loss of ($8.2) million for the same quarter last year.

Liquidity and Capital Resources

Second quarter cash and cash equivalents balance ended at $22.9 million, including $5.0 million of restricted cash. The cash and cash equivalents balance declined $3.0 million from Q1 driven by increased capital expenditures to support the company’s sales growth. On a year-to-date basis, cash and cash equivalents has increased by $0.9 million. Additionally, the company currently has up to $20 million available to it under a 3-year revolving credit facility, of which $12 million of such availability is subject to meeting certain future financial objectives to finance working capital investment and fund other company growth initiatives. To date, the company has no outstanding borrowings on the facility.

Management Update

The company recently announced the appointment of Mr. William J. McGrath as Senior Vice President and Chief Financial Officer of ShopNBC. Mr. McGrath has over 20 years of multi-channel industry expertise as well as global operations and financial leadership experience. Prior to joining ShopNBC, Mr. McGrath served as Vice President Global Sourcing Operations and Finance at QVC.

In addition, the company today announced that Ms. Kris Kulesza, Senior Vice President of Merchandising, is leaving the company effective August 20 to pursue other interests. The company currently does not plan to fill this position, and instead will spread the responsibilities across its current team of seasoned multi-channel executives.

The company also recently appointed multi-channel retailing veterans Stephanie Juaire as Director of Consumer Electronics, and Tom Long as Director of Quality Assurance in the second quarter. Ms. Juaire brings 14 years of consumer electronics experience to the company, previously having held merchandising and business development roles at Imation, ShopKo, Circuit City, and Best Buy. Mr. Long brings 25 years of industry experience to ShopNBC, having held a variety of distribution and manufacturing leadership roles at QVC, Bentley-Harrison Manufacturing, and Kiwi Brands.

Conference Call Information

To participate in the conference call at 11:00 a.m. ET, please dial 1-800-369-2063 (pass code: 7467622; keypad: SHOPNBC) five to ten minutes prior to the call time. If you are unable to participate live in the conference call, a replay will be available for 30 days. To access the replay, please dial 1-800-294-7483 with pass code 81810.

You also may participate via live audio stream by logging on to https://e-meetings.verizonbusiness.com. To access the audio stream, please use conference number 3811097 with pass code: SHOPNBC. A rebroadcast of the audio stream will be available using the same access information for 30 days after the initial broadcast.

About ShopNBC

ShopNBC is a multi-media retailer operating with a premium lifestyle brand. Over 1 million customers benefit from ShopNBC as an authority and destination in the categories of home, electronics, beauty, health, fitness, fashion, jewelry and watches. As part of the company’s “ShopNBC Anywhere” initiative, customers can interact and shop via cable and satellite TV in 76 million homes (DISH Network channels 134 and 228; DIRECTV channel 316); mobile devices including iPhone, BlackBerry and Droid; online at www.ShopNBC.com live streaming at www.ShopNBC.TV and social networking sites Facebook, Twitter and YouTube. ShopNBC is owned and operated by ValueVision Media (NASDAQ:VVTVNews). For more information, please visit www.ShopNBC.com/IR.

EBITDA and EBITDA, as adjusted

EBITDA represents net loss for the respective periods excluding depreciation and amortization expense, interest income (expense) and income taxes. The company defines Adjusted EBITDA as EBITDA excluding non-operating gains (losses); non-cash impairment charges and write-downs; restructuring and chief executive officer transition costs; and non-cash share-based compensation expense. The company has included the term “Adjusted EBITDA” in our EBITDA reconciliation in order to adequately assess the operating performance of our “core” television and internet businesses and in order to maintain comparability to our analyst’s coverage and financial guidance, when given. Management believes that Adjusted EBITDA allows investors to make a more meaningful comparison between our core business operating results over different periods of time with those of other similar companies. In addition, management uses Adjusted EBITDA as a metric measure to evaluate operating performance under its management and executive incentive compensation programs. Adjusted EBITDA should not be construed as an alternative to operating income (loss) or to cash flows from operating activities as determined in accordance with generally accepted accounting principles and should not be construed as a measure of liquidity. Adjusted EBITDA may not be comparable to similarly entitled measures reported by other companies.

Forward-Looking Information

This release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and accordingly are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein due to various important factors, including (but not limited to): consumer spending and debt levels; interest rates; competitive pressures on sales, pricing and gross profit margins; the level of cable and satellite distribution for the company’s programming and the fees associated therewith; the success of the company’s e-commerce and new sales initiatives; the success of its strategic alliances and relationships; the ability of the company to manage its operating expenses successfully; the ability of the Company to establish and maintain acceptable commercial terms with third party vendors and other third parties with whom the Company has contractual relationships; changes in governmental or regulatory requirements; litigation or governmental proceedings affecting the company’s operations; and the ability of the company to obtain and retain key executives and employees. More detailed information about those factors is set forth in the company’s filings with the Securities and Exchange Commission, including the company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. The company is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

 
                          VALUEVISION MEDIA, INC.
                             AND SUBSIDIARIES
                       CONSOLIDATED BALANCE SHEETS
              (In thousands except share and per share data)

                                                   July 31,    January 30,
                                                     2010         2010
                                                  -----------  -----------
                                                  (Unaudited)

                             ASSETS
Current assets:
   Cash and cash equivalents                      $    17,952  $    17,000
   Restricted cash and investments                      4,961        5,060
   Accounts receivable, net                            52,382       68,891
   Inventories                                         47,156       44,077
   Prepaid expenses and other                           4,545        4,333
                                                  -----------  -----------
     Total current assets                             126,996      139,361
Property and equipment, net                            27,443       28,342
FCC broadcasting license                               23,111       23,111
NBC Trademark License Agreement, net                    2,541        4,154
Other Assets                                            1,262        1,246
                                                  -----------  -----------
                                                  $   181,353  $   196,214
                                                  ===========  ===========

           LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
   Accounts payable                               $    50,695  $    58,777
   Accrued liabilities                                 38,591       26,487
   Deferred revenue                                       728          728
                                                  -----------  -----------
     Total current liabilities                         90,014       85,992

Deferred revenue                                          789        1,153
Long Term Payable                                           -        4,841
Accrued Dividends - Series B Preferred Stock            7,454        4,681
Series B Mandatorily Redeemable Preferred Stock        11,954       11,243
   $.01 par value, 4,929,266 shares authorized;
    4,929,266 shares issued and outstanding
                                                  -----------  -----------
     Total liabilities                                110,211      107,910

Commitments and Contingencies

Shareholders' equity:
   Common stock, $.01 par value, 100,000,000
    shares authorized; 32,726,077 and 32,672,735
    shares issued and outstanding                         327          327
   Warrants to purchase 6,022,115 shares of
    common stock                                          637          637
   Additional paid-in capital                         318,223      316,721
   Accumulated deficit                               (248,045)    (229,381)
                                                  -----------  -----------
     Total shareholders' equity                        71,142       88,304
                                                  -----------  -----------
                                                  $   181,353  $   196,214
                                                  ===========  ===========

                          VALUEVISION MEDIA, INC.
                             AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF OPERATIONS
             (In thousands, except share and per share data)
                               (Unaudited)

                              For the Three Month     For the Six Month
                                 Periods Ended          Periods Ended
                            ----------------------  ----------------------

                             July 31,    August 1,   July 31,    August 1,
                               2010        2009        2010        2009
                            ----------  ----------  ----------  ----------
Net sales                   $  126,177  $  119,345  $  251,154  $  253,147
Cost of sales                   79,021      77,785     158,261     169,398
  (exclusive of depreciation
   and amortization shown
   below)
Operating expense:
  Distribution and selling      45,021      43,885      91,063      89,124
  General and
   administrative                4,795       4,309       9,562       8,936
  Depreciation and
   amortization                  3,527       3,427       7,218       7,216
  Restructuring costs               50         485         426         589
  CEO transition costs               -         223           -         300
                            ----------  ----------  ----------  ----------
    Total operating expense     53,393      52,329     108,269     106,165
                            ----------  ----------  ----------  ----------
Operating loss                  (6,237)    (10,769)    (15,376)    (22,416)
                            ----------  ----------  ----------  ----------
Other income (expense):
  Interest income                    9         146          51         363
  Interest expense              (2,095)     (1,235)     (3,945)     (1,978)
  Gain on sale of
   investments                       -       3,628           -       3,628
                            ----------  ----------  ----------  ----------
   Total other income
    (expense)                   (2,086)      2,539      (3,894)      2,013
                            ----------  ----------  ----------  ----------
Loss before income taxes        (8,323)     (8,230)    (19,270)    (20,403)
Income tax (provision)
 benefit                           630          (5)        606         157
                            ----------  ----------  ----------  ----------

Net loss                        (7,693)     (8,235)    (18,664)    (20,246)

Excess of preferred stock
 carrying value over
 redemption value                    -           -           -      27,362

Accretion of redeemable
 Series A preferred stock            -           -           -         (62)
                            ----------  ----------  ----------  ----------
Net income (loss) available
 to common shareholders     $   (7,693) $   (8,235) $  (18,664) $    7,054
                            ==========  ==========  ==========  ==========

Net income (loss) per
 common share               $    (0.24) $    (0.26) $    (0.57) $     0.22
                            ==========  ==========  ==========  ==========

Net income (loss) per
 common share
 ---assuming dilution       $    (0.24) $    (0.26) $    (0.57) $     0.21
                            ==========  ==========  ==========  ==========

Weighted average number of
 common shares outstanding:
     Basic                  32,703,164  32,272,841  32,691,334  32,688,289
                            ==========  ==========  ==========  ==========
     Diluted                32,703,164  32,272,841  32,691,334  33,391,279
                            ==========  ==========  ==========  ==========

                          VALUEVISION MEDIA, INC.
                             AND SUBSIDIARIES

            Reconciliation of EBITDA, as adjusted, to Net Loss:

                                 For the Three Month    For the Six Month
                                    Periods Ended         Periods Ended
                                --------------------  --------------------

                                July 31,   August 1,  July 31,   August 1,
                                  2010       2009       2010       2009
                                ---------  ---------  ---------  ---------

EBITDA, as adjusted (000's)     $  (1,943) $  (5,733) $  (6,234) $ (12,521)
Less:
     Non-operating gain on sale
      of investments                    -      3,628          -      3,628
     Restructuring costs              (50)      (485)      (426)      (589)
     CEO transition costs               -       (223)         -       (300)
     Non-cash share-based
      compensation                   (717)      (901)    (1,498)    (1,790)
                                ---------  ---------  ---------  ---------
EBITDA (as defined) (a)            (2,710)    (3,714)    (8,158)   (11,572)
                                ---------  ---------  ---------  ---------

A reconciliation of EBITDA to
 net loss is as follows:

EBITDA, as defined                 (2,710)    (3,714)    (8,158)   (11,572)
Adjustments:
Depreciation and amortization      (3,527)    (3,427)    (7,218)    (7,216)
Interest income                         9        146         51        363
Interest expense                   (2,095)    (1,235)    (3,945)    (1,978)
Income taxes                          630         (5)       606        157
                                ---------  ---------  ---------  ---------
     Net loss                   $  (7,693) $  (8,235) $ (18,664) $ (20,246)
                                =========  =========  =========  =========

(a) EBITDA as defined for this statistical presentation represents net income (loss) for the respective periods excluding depreciation and amortization expense, interest income (expense) and income taxes. The Company defines EBITDA, as adjusted, as EBITDA excluding non-operating gains (losses); non-cash impairment charges and writedowns, restructuring and CEO transition costs; and non-cash share-based compensation expense.

Management has included the term EBITDA, as adjusted, in its EBITDA reconciliation in order to adequately assess the operating performance of the Company’s “core” television and Internet businesses and in order to maintain comparability to its analyst’s coverage and financial guidance when given. Management believes that EBITDA, as adjusted, allows investors to make a more meaningful comparison between our core business operating results over different periods of time with those of other similar companies. In addition, management uses EBITDA, as adjusted, as a metric measure to evaluate operating performance under its management and executive incentive compensation programs. EBITDA, as adjusted, should not be construed as an alternative to operating income (loss) or to cash flows from operating activities as determined in accordance with GAAP and should not be construed as a measure of liquidity. EBITDA, as adjusted, may not be comparable to similarly entitled measures reported by other companies.

Wednesday, August 18th, 2010 Uncategorized Comments Off on ShopNBC (VVTV) Q2 Net Sales Rise 6% to $126.2 Million and Adjusted EBITDA Loss Reduced

Patrick Industries, Inc. (PATK) Signs Definitive Agreement to Acquire Wiring and Electrical Products Distribution Business

ELKHART, Ind., Aug. 18 /PRNewswire-FirstCall/ — Patrick Industries, Inc. (Nasdaq:PATKNews) (the “Company”), a major manufacturer and distributor of building and component products for the recreational vehicle (RV), manufactured housing (MH) and industrial markets, announced today that it has signed a definitive agreement to acquire certain assets of Blazon International Group (“Blazon”), a distributor of various wiring, electrical, lighting, plumbing and other building products to the RV and MH industries. The transaction is expected to be completed by the end of August 2010.

“This acquisition fits within the scope of our strategic plan by adding new products that will expand our existing RV and MH distribution presence, and further demonstrates our continued commitment to serve these industries,” stated Todd Cleveland,  President and Chief Executive Officer. “We are excited about establishing long-term relationships with Blazon’s supplier base, and believe we possess the financial resources and geographic footprint to further grow these relationships and product lines through our existing established distribution channels.”

“We also look forward to enhancing our customer relationships by supplying our customers with the solid product lines brought over from Blazon and with the expertise that Blazon’s associates and product managers possess,” Cleveland further added.

About Patrick Industries

Patrick Industries, Inc. (www.patrickind.com) is a major manufacturer of component products and distributor of building products serving the recreational vehicle, manufactured housing, kitchen cabinet, household furniture, fixtures and commercial furnishings, marine, and other industrial markets and operates coast-to-coast through locations in 12 states.  Patrick’s major manufactured products include decorative vinyl and paper panels, wrapped mouldings, cabinet doors and components, interior passage doors, slotwall and slotwall components, and countertops.  The Company also distributes drywall and drywall finishing products, electronics, adhesives, cement siding, interior passage doors, roofing products, laminate flooring, and other miscellaneous products.

Forward-Looking Statements

This press release contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995.  These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors.  Potential factors that could impact results include:  pricing pressures due to competition, costs and availability of raw materials, availability of commercial credit, availability of retail and wholesale financing for residential and manufactured homes, availability and costs of labor, inventory levels of retailers and manufacturers, levels of repossessed residential and manufactured homes, the financial condition of our customers, the ability to generate cash flow or obtain financing to fund growth, future growth rates in the Company’s core businesses, interest rates, oil and gasoline prices, the outcome of litigation, adverse weather conditions impacting retail sales, our ability to remain in compliance with our credit agreement covenants, and our ability to refinance or replace our credit facility.  In addition, national and regional economic conditions and consumer confidence may affect the retail sale of recreational vehicles and residential and manufactured homes.  The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.  Further information regarding these and other risks, uncertainties and factors is contained in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2009, and in the Company’s Form 10-Qs for subsequent quarterly periods, which are filed with the Securities and Exchange Commission (“SEC”) and are available on the SEC’s website at www.sec.gov.

Wednesday, August 18th, 2010 Uncategorized Comments Off on Patrick Industries, Inc. (PATK) Signs Definitive Agreement to Acquire Wiring and Electrical Products Distribution Business

BSD Medical (BSDM) Receives FDA 510(k) Clearance to Market the MicroThermX Microwave Ablation System

SALT LAKE CITY–(BUSINESS WIRE)–BSD Medical Corporation (NASDAQ:BSDMNews) (Company or BSD) today announced that the U.S. Food and Drug Administration (FDA) has granted the Company a 510(k) clearance to market its MicroThermX Microwave Ablation System (MTX-180) for ablation of soft tissue. Clearance from the FDA of BSD’s 510(k) Premarket Notification submission authorizes the commercial sale of the MTX-180 in the United States. The MTX-180 was designed to provide a higher power, optimized system targeted to the growing therapeutic interventional and surgical oncology market.

The MTX-180 utilizes innovative synchronous phased array technology that was developed and patented by BSD to deliver targeted microwave energy to ablate (destroy) soft tissue. BSD employed its extensive 32-year background in developing thermal therapy systems in the design of the MTX-180. BSD’s patented and patents pending technology allows the MTX-180 to provide larger and more uniform zones of ablation during a single procedure. Third party independent testing was conducted at a U.S. university medical center that is a world leader in ablation treatments. The testing data demonstrated that the MTX-180 is a user-friendly system that delivers larger, more uniform ablation zones in shorter periods of time.

The MTX-180 is a compact, mobile, state-of-the-art, proprietary system that includes a microwave generator, single-patient-use disposable antennas, and a thermistor-based temperature monitoring system. The innovative design of the MTX-180 is the first of its kind that allows delivery of higher power levels using a single generator. The delivery of microwave energy is controlled utilizing an interactive, touch screen monitor that allows the operator to quickly and easily control the treatment.

“The MTX-180 represents a significant advance in our strategy to diversify BSD’s products and increase revenue,” said Harold Wolcott, BSD President. “The MTX-180 introduces into the Company’s product line an innovative, high-end disposable that is used in each ablation treatment, and will provide a significant ongoing revenue stream. The soft tissue ablation world market potential is estimated to exceed $2 billion. We believe that the MicroThermX System provides significant advantages over currently available devices that will allow us to capitalize on this rapidly expanding market.”

Currently, radiofrequency (RF) energy is utilized most frequently in the interventional oncology ablation market. Published studies have demonstrated that the use of microwave energy has numerous advantages over RF energy for the delivery of ablation therapy, including faster set-up, shorter ablation times, larger ablation zones, and higher intratumoral temperatures. For these reasons, interventional oncology key opinion leaders regard microwave as the future of soft tissue ablation therapy. The MTX-180 has been designed to provide optimized microwave ablation therapy.

The MTX-180 provides minimally invasive access to the target tissue and can be used in open surgical as well as in percutaneous ablation procedures, which will allow the MTX-180 to be used by both surgeons and interventional radiologists.

CE Marking approval for the MTX-180 System is imminent and will allow BSD to initiate a European market launch.

About BSD Medical Corporation

BSD Medical Corporation develops, manufactures, markets and services systems to treat cancer and benign diseases using heat therapy delivered using focused radiofrequency (RF) and microwave energy. BSD’s product lines include both hyperthermia and ablation treatment systems. BSD’s hyperthermia cancer treatment systems, which have been in use for several years in the United States, Europe and Asia, are used to treat certain tumors with heat (hyperthermia) while increasing the effectiveness of other therapies such as radiation therapy. BSD’s microwave ablation system has been developed as a stand-alone therapy to ablate and destroy soft tissue. The Company has developed extensive intellectual property, multiple products in the market and well established distribution in the United States, Europe and Asia. Certain of the Company’s products have received regulatory approvals in the United States, Europe and China. For further information visit BSD Medical’s website at www.BSDMedical.com.

Statements contained in this press release that are not historical facts are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties detailed in the Company’s filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date on which such statements are made, and the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date.

Wednesday, August 18th, 2010 Uncategorized Comments Off on BSD Medical (BSDM) Receives FDA 510(k) Clearance to Market the MicroThermX Microwave Ablation System

Fronteer Gold Inc. (FRG) Drilling Along Northern Extension Intersects 44.2 Metres of 10.14 g/t Gold

VANCOUVER, BRITISH COLUMBIA–(Marketwire – 08/18/10) – Fronteer Gold Inc. (TSX:FRGNews)(AMEX:FRGNews) provides an update on exploration and development activities at its Long Canyon gold project, including the reporting of significant intervals of high-grade oxide gold intersected northeast and southwest of the current resource area.

Long Canyon, Sandman and Northumberland gold projects comprise Fronteer Gold’s development platform in Nevada. Long Canyon’s 2010 program is multidisciplinary and focused on resource definition and expansion, as well as metallurgical, engineering, and environmental work necessary to advance the project toward production in the near-term.

EXPLORATION UPDATE

Drilling in 2010 is largely focused in the northern half of the deposit. Five drill rigs are currently operating on the property and more than 40,000 metres of the year’s originally planned 45,000 metres have been drilled to date (an additional 15,000 metres of drilling is forecasted through November).

Drill result highlights from the northern part of the deposit include:

 

--  10.14 grams per tonne gold (0.296 ounces per ton) over 44.2 metres,
    including 15.39 g/t (0.449 oz/ton) over 24.7 metres in LC529C;
--  6.51 g/t (0.190 oz/ton) over 41.8 metres, including 20.00 g/t (0.584
    oz/ton) over 11.0 metres in LC515C;
--  8.48 g/t (0.248 oz/ton) over 20.3 metres in LC537C(i);
--  5.75 g/t (0.168 oz/ton) over 29.0 metres, including 13.54 g/t (0.395
    oz/ton) over 9.1 metres in LC518.
--  4.72 g/t (0.138 oz/ton) over 24.4 metres, including 14.32 g/t (0.418
    oz/ton) over 2.7 metres in LC506C.

(i)Hole abandoned in mineralization due to poor ground conditions. Assays from successful re-drill pending.

In addition, new results indicate the deposit’s growth potential to the southwest. Drilling 300 metres to the southwest of the resource area along trend returned several shallow intercepts, including:

 

--  3.10 g/t (0.091 oz/ton) over 9.1 metres and 1.66 g/t (0.049 oz/ton) over
    16.8 metres in LC560.

The deposit is now 2.7-km long and remains open for expansion. For a map highlighting recent drilling, please click: http://www.fronteergold.com/sites/files/fronteer_admin/LongCanyonDrillMap1027.pdf.

Five out of nine planned monitoring wells have also been installed at the project, with the remaining four to be completed by the end of August.

Four, 15-ton surface bulk samples and one three-ton large-diametre core sample have also been collected for large-column metallurgical testing. Run-of-mine, heap-leach conditions will be simulated.

Drill highlights

 

---------------------------------------------------------------------------
                                          Intercept
Hole ID                From          To      Length          Au          Au
                    (metres)    (metres)    (metres)       (g/t)     oz/ton
---------------------------------------------------------------------------
LC368C                 18.2        45.4        27.2        4.29       0.125
---------------------------------------------------------------------------
LC484C                148.7       180.7        32.0        3.24       0.095
---------------------------------------------------------------------------
LC485C                212.4       215.5         3.1        1.71       0.050
---------------------------------------------------------------------------
and                   241.7       247.5         5.8        2.53       0.074
---------------------------------------------------------------------------
LC491C                138.1       141.1         3.1        1.80       0.052
---------------------------------------------------------------------------
and                   147.2       167.9        20.7        5.18       0.151
---------------------------------------------------------------------------
including             157.9       164.0         6.1       12.64       0.369
---------------------------------------------------------------------------
LC493C                125.3       153.9        28.7        3.65       0.107
---------------------------------------------------------------------------
including             137.8       142.6         4.9        9.28       0.271
---------------------------------------------------------------------------
LC498C                110.3       117.7         7.3        1.50       0.044
---------------------------------------------------------------------------
and                   136.2       146.3        10.1        3.53       0.103
---------------------------------------------------------------------------
including             139.3       141.9         2.6       10.94       0.319
---------------------------------------------------------------------------
LC502                  57.9        62.5         4.6        1.13       0.033
---------------------------------------------------------------------------
LC506C                102.7       127.1        24.4        4.72       0.138
---------------------------------------------------------------------------
including             107.0       109.7         2.7       14.32       0.418
---------------------------------------------------------------------------
LC515                  85.0       126.8        41.8        6.51       0.190
---------------------------------------------------------------------------
including             101.8       112.8        11.0       20.00       0.584
---------------------------------------------------------------------------
and                   135.0       137.0         2.0        2.49       0.073
---------------------------------------------------------------------------
LC518                 163.1       192.0        29.0        5.75       0.168
---------------------------------------------------------------------------
including             175.3       184.4         9.1       13.54       0.395
---------------------------------------------------------------------------
LC519C                109.4       114.9         5.5        2.28       0.067
---------------------------------------------------------------------------
LC521CB               130.1       140.8        10.7        2.74       0.080
---------------------------------------------------------------------------
LC523                   9.1        12.2         3.1        4.56       0.133
---------------------------------------------------------------------------
LC524C                197.2       201.6         4.4        1.75       0.051
---------------------------------------------------------------------------
LC525                 239.3       280.4        41.2        2.17       0.063
---------------------------------------------------------------------------
including             257.6       265.2         7.6        5.52       0.161
---------------------------------------------------------------------------
LC526C                 91.6       114.3        22.7        2.79       0.081
---------------------------------------------------------------------------
LC529C                159.4       203.6        44.2       10.14       0.296
---------------------------------------------------------------------------
including             174.7       199.3        24.7       15.39       0.449
---------------------------------------------------------------------------
LC537C                112.2       132.4        20.3        8.48       0.248
---------------------------------------------------------------------------
LC538                 269.7       271.3         1.5        1.28       0.037
---------------------------------------------------------------------------
LC539C                266.2       269.1         2.9        1.38       0.040
---------------------------------------------------------------------------
and                   282.9       295.4        12.5        6.27       0.183
---------------------------------------------------------------------------
including             286.1       288.3         2.3       14.82       0.433
---------------------------------------------------------------------------
LC558                  27.4        38.1        10.7        2.87       0.084
---------------------------------------------------------------------------
LC560                   9.1        18.3         9.1        3.10       0.091
---------------------------------------------------------------------------
and                    74.7        91.4        16.8        1.66       0.049
---------------------------------------------------------------------------

Primary drill composites were calculated using a cut-off of 0.30 g/t, with variably higher cut-offs for the sub-intervals. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-100% of the reported lengths. Intervals less than 1 g/t are not reported in this press-release table. “C” indicates a core hole. For a PDF of comprehensive drill results, including non-reportable intercepts, please click: http://www.fronteergold.com/sites/files/fronteer_admin/LongCanyonDrillResults1027.pdf

Fronteer Gold is majority owner (51%) and operator of Long Canyon in joint venture with AuEx Ventures (49%).

Moira Smith, P. Geo., Nevada Chief Geologist for Fronteer Gold, is the company’s designated Qualified Person for this news release and has reviewed and validated that the information contained in the release accurate. Drill composites were calculated using a cut-off of 0.30 g/t. Drill intersections are reported as drilled thicknesses. True widths of the mineralized intervals are interpreted to be between 30-100% of the reported lengths. Reverse circulation cuttings were sampled on 5.0 feet (1.52 metre) intervals and core was sampled at geologically selected intervals. Drill samples were assayed by ALS Chemex (ISO9001:2000) in Reno, Nevada for gold by Fire Assay of a 30 gram (1 assay ton) charge with an AA finish, or if over 5.0 g/t were re-assayed and completed with a gravimetric finish. For these samples, the gravimetric data were utilized in calculating gold intersections. QA/QC included the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at random intervals within each batch. Selected holes are also analyzed for a 72-element geochemical suite by ICP-MS.

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. For further information on Fronteer Gold visit www.fronteergold.com.

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 18th, 2010 Uncategorized Comments Off on Fronteer Gold Inc. (FRG) Drilling Along Northern Extension Intersects 44.2 Metres of 10.14 g/t Gold

High-grade gold intercepts continue at Rubicon’s (RBY) F2 Core Zone, Red Lake, Ontario

VANCOUVER, Aug. 18 /PRNewswire-FirstCall/ – Rubicon Minerals Corporation (RMX:TSX: / RBY:NYSE-AMEX) is pleased to provide an update of the latest diamond drill results at its 100% owned Phoenix Gold Project, located in the heart of the prolific Red Lake Gold District of Ontario. All new drill results are shown in Table 1 and Figures 1 and 2. Emerging gold zone outlines of the F2 Gold System are shown in Figure 3.

Deep drilling in target area 8 confirms gold mineralizing system continues to depth

Recent drilling of deep target area 8 from both underground and surface has returned positive gold results in the southwestern part of the F2 Gold System at depth (Figure 1 and 2). Underground drill hole 305-06 intersected 0.54 oz/ton gold over 14.8 feet (18.6 g/t gold over 4.5 metres), and is part of a wider intercept grading 0.32 oz/ton gold over 29.5 feet (10.9 g/t gold over 9.0 metres) at a vertical depth of 4580 feet (1396 metres) below surface. Surface holes F2-100A and F2-100A-W1, testing target areas 5 and 8 intersected multiple gold zones including a bonanza hit of 22.0 oz/ton gold over 1.6 feet (754.2 g/t gold over 0.5 metres) at a vertical depth of 4331 feet (1320 metres) below surface in drill hole F2-100A and 4.16 oz/t gold over 1.6 feet (142.6 g/t gold over 0.5m) within a broader zone grading 0.27 oz/t gold over 31.5 feet (9.2 g/t gold over 9.6 metres) at a vertical depth of 3563 feet (1086 metres) below surface in drill hole F2-100A-W1 (Table 1 and Figure 2).

These results begin to fill in the deep target areas and demonstrate that the robust F2 Gold System, as documented by over 492,000 feet (150,000 metres) of drilling to date, continues to depth.

Drilling in target area 5 expands the 122-10 Zone to depth

The F2 Gold System is comprised of several zones identified to date: the F2 Core Zone, the Crown Zone, the 102 Zone in the Northern Extension Area, the Hanging Wall Zone, the 122-40 Zone and the 122-10 Zone (Figure 3). Drill hole 122-67 was designed to test approximately 820 feet (250 metres) below the 122-10 Zone (named after the discovery hole announced September 14, 2009 that intersected 0.40 oz/ton gold over 147.3 feet (13.7 g/t gold over 44.9 metres) including a higher grade section of 0.83 oz/t gold over 59.0 feet (28.4 g/t gold over 18.0 metres)). Drill hole 122-67 intersected 0.48 oz/ton gold over 16.7 feet (16.3 g/t gold over 5.1 metres) including 1.16 oz/t gold over 3.3 feet (39.9 g/t gold over 1.0 metres) at a vertical depth of 3087 feet (941 metres) below surface (Table 1 and Figures 1 and 2) and further extends the 122-10 Zone to depth.

Underground drift on the 305 metre level at halfway point – on target to reach F2 Core Zone in October

The 305 metre level drift (1001 feet) is designed to provide access for both definition drilling and bulk sampling of the F2 Core Zone. As of July 31, the drift reached the halfway point and is on schedule to access the F2 Core Zone by October 2010. A new drill station was set-up at the halfway point and three drills are now turning on the 305 metre level. This latest drill station allows for more cost-efficient drilling due to its closer proximity to the gold bearing zones discovered to date in the central F2 Gold System. Upon completion of the drift in October, Rubicon plans to establish a cross drift and up to four drill stations to be used for the definition drilling of the F2 Core Zone.

Rubicon plans to commence in August, 2010 the excavation of a second egress (a second underground exit to surface) from the 305 metre level as this is a Provincial regulatory requirement to permit mining from underground. The Company has also secured an option to purchase a larger hoist than currently on site, to allow for the project’s potential mining capacity to be increased up to 2000 tonnes per day.

Rubicon Minerals Corporation is a well-funded exploration and development company, focused on exploring and developing its high-grade gold discovery at its Phoenix project in Red Lake, Ontario. Rubicon controls over 65,000 acres (100 square miles) of prime exploration ground in the prolific Red Lake gold district of Ontario which hosts Goldcorp’s high-grade, world class Red Lake Mine. Rob McEwen, President and CEO of McEwen Capital and former Chairman and CEO of Goldcorp, owns 21.4% of the issued shares of the Company.

RUBICON MINERALS CORPORATION

“David W. Adamson”

President & CEO

                           Table 1: Assay Results
    -------------------------------------------------------------------------
    Hole     Depth to Centre  Gold       Width       Gold      Width     9X
              of Intercept    (g/t)       (m)       (oz/t)      (ft)   Target
                   (m)                                                  Area
    -------------------------------------------------------------------------
    F2-100        Anomalous - Auto-wedged and hole continued as F2-100A
    -------------------------------------------------------------------------
    F2-100A       1085         7.3        1.8        0.21        5.9       5
    -------------------------------------------------------------------------
    F2-100A       1129         3.1       14.0        0.09       45.9       5
    -------------------------------------------------------------------------
        Incl.     1127         6.8        5.0        0.20       16.4       5
    -------------------------------------------------------------------------
        Incl.     1129        17.4        1.0        0.51        3.3       5
    -------------------------------------------------------------------------
    F2-100A       1174         4.9        2.5        0.14        8.2       8
    -------------------------------------------------------------------------
    F2-100A       1276         4.6        8.0        0.13       26.2       8
    -------------------------------------------------------------------------
        Incl.     1275        15.1        1.0        0.44        3.3       8
    -------------------------------------------------------------------------
    And Incl.     1279        16.6        1.0        0.48        3.3       8
    -------------------------------------------------------------------------
    F2-100A       1320       754.2        0.5       22.00        1.6       8
    -------------------------------------------------------------------------
    F2-100A       1453        13.3        1.4        0.39        4.6       8
    -------------------------------------------------------------------------
    F2-100A-W1    1082         9.2        9.6        0.27       31.5       5
    -------------------------------------------------------------------------
        Incl.     1086       142.6        0.5        4.16        1.6       5
    -------------------------------------------------------------------------
    F2-100A-W1    1327         6.4        3.0        0.19        9.8       8
    -------------------------------------------------------------------------
    F2-102         515        24.8        1.0        0.72        3.3       4
    -------------------------------------------------------------------------
    F2-102         552         3.2        8.0        0.09       26.2       6
    -------------------------------------------------------------------------
        Incl.      555        11.9        1.0        0.35        3.3       6
    -------------------------------------------------------------------------
    F2-103          69       373.8        0.5       10.90        1.6       4
    -------------------------------------------------------------------------
    F2-103A        376        12.4        1.5        0.36        4.8       4
    -------------------------------------------------------------------------
    F2-103A        395         3.5        5.0        0.10       16.4       4
    -------------------------------------------------------------------------
    F2-103A        407        27.4        0.5        0.80        1.6       4
    -------------------------------------------------------------------------
    F2-103A        414         6.2        2.5        0.18        8.2       4
    -------------------------------------------------------------------------
    F2-104         486         3.2       12.4        0.09       40.7       4
    -------------------------------------------------------------------------
        Incl.      481         9.9        2.0        0.29        6.6       4
    -------------------------------------------------------------------------
    F2-104         582        40.0        1.0        1.17        3.3       6
    -------------------------------------------------------------------------
    122-67         824         3.0        6.0        0.09       19.7       5
    -------------------------------------------------------------------------
        Incl.      825        11.0        1.0        0.32        3.3       5
    -------------------------------------------------------------------------
    122-67         941        16.3        5.1        0.48       16.7       5
    -------------------------------------------------------------------------
        Incl.      940        21.8        3.6        0.64       12.0       5
    -------------------------------------------------------------------------
        Incl.      940        39.9        1.0        1.16        3.3       5
    -------------------------------------------------------------------------
    122-69         430        23.7        1.0        0.69        3.3       1
    -------------------------------------------------------------------------
    122-70         167       170.9        1.0        4.98        3.3       3
    -------------------------------------------------------------------------
    122-70         817        34.3        1.0        1.00        3.3       5
    -------------------------------------------------------------------------
    122-70         847         3.3        4.0        0.10       13.1       5
    -------------------------------------------------------------------------
    305-05         310         5.2        3.4        0.15       11.2       1
    -------------------------------------------------------------------------
        Incl.      310        11.6        1.2        0.34        3.9       1
    -------------------------------------------------------------------------
    305-05         311         3.1        7.5        0.09       24.6       1
    -------------------------------------------------------------------------
        Incl.      311        24.2        0.5        0.71        1.6       1
    -------------------------------------------------------------------------
    305-05-W1      310         3.9        6.0        0.11       19.7       1
    -------------------------------------------------------------------------
    305-05-W1      363         3.5        7.0        0.10       23.0       1
    -------------------------------------------------------------------------
        Incl.      362         6.0        3.0        0.18        9.8       1
    -------------------------------------------------------------------------
    305-05-W1      370         3.4        8.0        0.10       26.2       1
    -------------------------------------------------------------------------
    305-06        1398        10.9        9.0        0.32       29.5       8
    -------------------------------------------------------------------------
        Incl.     1396        18.6        4.5        0.54       14.8       8
    -------------------------------------------------------------------------
        Incl.     1394       104.7        0.5        3.05        1.6       8
    -------------------------------------------------------------------------
    305-10                           Anomalous
    -------------------------------------------------------------------------
    305-11         292         8.3        3.6        0.24       11.8       1
    -------------------------------------------------------------------------
        Incl.      292        25.7        1.1        0.75        3.6       1
    -------------------------------------------------------------------------
    Holes with the prefix '122' and '305' were drilled from underground.
    Assays are uncut. Reported results satisfy the following criteria:
    greater than 10.0 gram gold x metre product and greater than 3.0 g/t
    gold. Anomalous holes satisfy the following criteria: greater than 2.5
    gram gold x metre product and less than 10.0 gram gold x metre product
    and greater than 2 g/t gold. A complete listing of results to date for
    the F2 Zone is available at www.rubiconminerals.com.

To view Figure 1: F2 Gold System Plan Map, Figure 2: Composite Long Section Looking Northwest and 9X Target Outlines and Figure 3: F2 Gold System Plan Map with Emerging Outlines of Gold Zones, please visit: http://files.newswire.ca/617/rubiconfig123.pdf

    Assaying and Qualified Person
    -----------------------------

Assays were conducted on sawn NQ-sized half core sections. Unless stated, reported intercept widths are core lengths. Further drilling is required in such cases before the true widths of reported intercepts can be determined. The saw blade is routinely cleaned between samples when visible gold is noted during logging and sampling of the drill core. Assays were conducted by SGS Minerals Services using standard fire assay on a 30 gram (1 assay ton) sample with a gravimetric finish procedure. Assays are uncut as is standard practice in Red Lake. Standards, blanks and check assays were included at regular intervals in each sample batch. Check assays on 5% of samples are carried out at a third party independent laboratory. Gold standards were prepared by CDN Resource Laboratories Ltd. Work programs in this release were supervised by Terry Bursey, P.Geo. Regional Manager for Rubicon and the project Qualified Person under the definition of NI 43-101.

    Forward Looking Statements
    --------------------------

This news release contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934 and “forward looking information” within the meaning of applicable Canadian provincial securities legislation (collectively, “forward-looking statements”). Forward-looking statements often, but not always, are identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “targeting” and “intend” and statements that an event or result “may”, “will”, “should”, “could”, or “might” occur or be achieved and other similar expressions. Forward-looking statements in this document include statements regarding the timing and nature of future exploration programs which are dependent on projections which may change as drilling continues, or if unexpected ground conditions are encountered. In addition, areas of exploration potential are identified which will require substantial drilling to determine whether or not they contain similar mineralization to areas which have been explored in more detail. The description of the extent of mineralized zones is not intended to imply that any economically mineable estimate of reserves or resources exists on the Phoenix project. Similarly, although geological features of the F2 Gold System are interpreted to show similarities to nearby gold producing mines owned by third parties, this should not be interpreted to mean that the F2Gold System has, or that it will, generate similar reserves or resources. Significant additional drilling is required at F2 to fully understand system size before a meaningful resource calculation can be completed.

The forward-looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results might differ materially from results forecast or suggested in these forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that 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 the forward-looking statements. Factors that could cause the actual results to differ include market prices, results of exploration, availability of capital and financing on acceptable terms, inability to obtain required regulatory approvals, unanticipated difficulties or costs in any rehabilitation which may be necessary, market conditions and general business, economic, competitive, political and social conditions. These statements are based on a number of assumptions, including assumptions regarding general market conditions, timing and receipt of regulatory approvals, the ability of the Company and other relevant parties to satisfy regulatory requirements, the availability of financing for proposed transactions and programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements, there may be other factors which cause actual results to differ.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking 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.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Wednesday, August 18th, 2010 Uncategorized Comments Off on High-grade gold intercepts continue at Rubicon’s (RBY) F2 Core Zone, Red Lake, Ontario

Medtronic (MDT) Signs Agreement to Acquire Osteotech (OSTE)

MEMPHIS, Tenn., Aug. 17 /PRNewswire-FirstCall/ — Medtronic Inc., (NYSE:MDTNews) and Osteotech, Inc., (Nasdaq:OSTENews) today announced that the companies have signed a definitive agreement under which Medtronic will acquire Osteotech for $6.50 per share in cash for each share of Osteotech common stock.  The total value of the transaction is expected to be approximately $123 million.

Osteotech is a leader in the growing field of biologic products for regenerative healing, and has pioneered several innovative technology platforms including Grafton® demineralized bone matrix, a family of products which has a large and growing body of evidence supporting its best-in-class bone generating capabilities.  Osteotech’s differentiated portfolio of biologics also includes MagniFuse™ Bone Grafts and Plexur® Biocomposites, which are utilized in a broad range of musculoskeletal surgical procedures.  In addition, Osteotech is in the midst of seeking U.S. Food & Drug Administration clearance for the first product based upon its first-in-class HCT™ (Human Collagen Technology) platform, an engineered human collagen biomaterial.

The acquisition of Osteotech will complement the Medtronic Biologics business’ bone healing portfolio and expand its current presence in spine, orthopedic trauma, and dental into several additional new treatment areas including joint reconstruction, foot and ankle, and sports medicine.   In addition, the combined technical and product capabilities will create opportunities to develop breakthrough next-generation products.

“This acquisition represents a key step in Medtronic’s strategy to build a broader business in regenerative biologics,” said Chris O’Connell, Medtronic executive vice president and Restorative Therapies Group president.  “Osteotech’s products and capabilities will better position Medtronic in today’s competitive musculoskeletal biologics market, and also position the company more broadly for the opportunity we see in the future.”

Tom McGuinness, general manager of Medtronic’s Biologics business said, “We see substantial opportunities during the next five to 10 years to help more patients with biologics and regenerative therapies.  The combination of our two organizations will only accelerate our innovation and progress against our goals in helping to alleviate pain, restore health, and extend life for our patients.”

“Our mission is to develop leading-edge regenerative biologics that will positively impact the lives of patients, enhance physicians’ capabilities to deliver superior surgical outcomes and enhance the gift of life to promote healing,” said Sam Owusu-Akyaw, president and chief executive officer of Osteotech.  “Through the efforts of all our stakeholders, we have created a pipeline of biologics platforms unprecedented in the emerging biologics industry.  We believe Medtronic’s global scale and scope across geographies and functions and its commitment to innovation make them an ideal partner to carry forward our mission.”

“With a unanimous vote, the board of directors of Osteotech approved this transaction because the board believes it offers significant value to our stockholders,” said Kenneth P. Fallon, III, chairman of the board of directors of Osteotech.  “We believe this is the best path forward for the Osteotech organization and products, and we look forward to finalizing this transaction smoothly and quickly.”

The transaction is subject to customary closing conditions, including approval by Osteotech’s stockholders and U.S. and foreign regulatory clearances.

About Medtronic and Medtronic Biologics

Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology – alleviating pain, restoring health, and extending life for millions of people around the world.

Medtronic Biologics, based in Memphis, Tenn., is the global leader in biologics regeneration and pain therapies across a variety of musculoskeletal and other applications.  The business markets breakthrough innovations such as INFUSE™ Bone Graft, which received the prestigious Prix Galien USA Award for Best Biotechnology Product in 2008.  Medtronic Biologics also has a robust pipeline of other products, including sciatica and post-op pain therapies, all of which complement its focus on applications for the spine, orthopedic trauma, and dental.

About Osteotech

Osteotech, Inc., headquartered in Eatontown, New Jersey, is a global leader in providing biologic solutions for regenerative medicine to support surgeons and their patients in the repair of the musculoskeletal system through the development of innovative therapy-driven products that alleviate pain, promote biologic healing and restore function.  For further information regarding Osteotech, please go to Osteotech’s website at www.Osteotech.com.

Additional Information about the Proposed Transaction and Where You Can Find It

Osteotech intends to file with the Securities and Exchange Commission (the “SEC”) preliminary and definitive proxy statements and other relevant materials in connection with the proposed acquisition of Osteotech by Medtronic.  The definitive proxy statement will be mailed to Osteotech stockholders.  Before making any voting or investment decisions with respect to the transaction, investors and security holders of Osteotech are urged to read the proxy statement and the other relevant materials when they become available because they will contain important information about the transaction, Osteotech and Medtronic.  Investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the SEC at the SEC’s web site at www.sec.gov.  In addition, investors and security holders may obtain free copies of the documents filed with the SEC by accessing Osteotech’s website at www.osteotech.com or by writing Osteotech at 51 James Way, Eatontown, New Jersey, 07724.

Information Regarding Participants

Osteotech, Medtronic and their respective directors, executive officers and certain other members of management and employees may be soliciting proxies from Osteotech stockholders in favor of the merger. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Osteotech stockholders in connection with the proposed merger will be set forth in the proxy statement when it is filed with the SEC. You can find information about Medtronic’s executive officers and directors in its definitive proxy statement filed with the SEC on July 16, 2010.  You can obtain a free copy of this document at the SEC’s web site at www.sec.gov, or by accessing Medtronics’s website at www.Medtronic.com and clicking on the Investors link.  You can find information about Osteotech’s executive officers and directors in its definitive proxy statement filed with the SEC August 3, 2010. You can obtain a free copy of this document at the SEC’s web site at www.sec.gov or by accessing Osteotech’s website at www.osteotech.com or by writing Osteotech at 51 James Way, Eatontown, New Jersey, 07724.

Safe Harbor

This Press Release contains forward-looking statements that may include statements regarding the intent, belief or current expectations of Osteotech, Medtronic and their respective management.  Forward looking statements include statements about the benefits and advantages of the acquisition for Osteotech and its stockholders, and the benefits of the acquisition for Medtronic post-transaction, such as product development opportunities and operating synergies.  Actual results could differ materially from those projected in the forward-looking statements as a result of a number of important factors, including but not limited to the risk that the acquisition of Osteotech by Medtronic will not close as the transaction is subject to certain closing conditions, such as the ability to obtain regulatory approvals of the proposed acquisition, including antitrust approval, and the approval of the transaction by Osteotech’s stockholders.  In addition, if and when the transaction is closed, there will be risks and uncertainties related to Medtronic’s ability to integrate Osteotech successfully, the risk that the cost savings and any other synergies from the acquisition may not be fully realized or may take longer to realize than expected; disruption from the acquisition making it more difficult to maintain relationships with customers, employees or suppliers; and competition and its effect on pricing, spending, third-party relationships and revenues. Additional factors that may affect future results are contained in the SEC filings for Medtronic and Osteotech, including but not limited to Medtronic’s Annual Report on Form 10-K for the year ended April 30, 2010 and Osteotech’s Annual Report on Form 10-K for the year ended December 31, 2009.  Medtronic and Osteotech each disclaim any obligation to update and revise statements contained in this release based on new information or otherwise.

Tuesday, August 17th, 2010 Uncategorized Comments Off on Medtronic (MDT) Signs Agreement to Acquire Osteotech (OSTE)

Molecular Insight (MIPI) Receives Seventh Extension of Waiver Agreement With Bond Holders

CAMBRIDGE, MA–(Marketwire – 08/17/10) – Molecular Insight Pharmaceuticals, Inc. (NASDAQ:MIPINews), a biopharmaceutical company discovering and developing targeted therapeutic and imaging radiopharmaceuticals for use in oncology, today announced that the Company has received a seventh extension of its waiver agreement with its Bond holders, allowing debt restructuring discussions to progress.

Earlier this year, Molecular Insight executed the waiver agreement and subsequent amendments with holders of the Company’s outstanding Senior Secured Bonds and the Bond Indenture trustee and announced ongoing discussions with the Bond holders concerning a restructuring of its outstanding debt. Under terms of the seventh extension announced today, the Bond holders and Bond Indenture trustee agreed to extend the waiver of a default arising from the inclusion of a going concern explanatory paragraph in the independent auditor’s report on the Company’s financial statements for the year ended December 31, 2009 and other technical defaults under the Bond Indenture. The term of the waiver is extended until 11:59 PM Eastern Standard Time on August 31, 2010. During this waiver extension period, the Company will continue to discuss with its Bond holders various proposals which generally contemplate, among other things, a deleveraging of the Company through a debt for equity exchange. There are no assurances, however, that such discussions will be successful.

The waiver continues to be subject to a number of terms and conditions relating to the provision of certain information to the Bond holders, among other conditions and matters. In the event that the waiver expires or terminates prior to the successful conclusion of the Company’s negotiations with its Bond holders regarding the restructuring of its outstanding debt, the Company will be in default of its obligations under the Indenture and the Bond holders may choose to accelerate the debt obligations under the Indenture and demand immediate repayment in full and seek to foreclose on the collateral supporting such obligations. If the Company’s debt obligations are accelerated or are not restructured on acceptable terms, it is likely the Company will be unable to repay such obligations and may seek protection under the U.S. Bankruptcy Code or similar relief.

About Molecular Insight Pharmaceuticals, Inc.
Molecular Insight Pharmaceuticals is a clinical-stage biopharmaceutical company and pioneer in molecular medicine. The Company is focused on the discovery and development of targeted therapeutic and imaging radiopharmaceuticals for use in oncology. Molecular Insight has five clinical-stage candidates in development. For further information on Molecular Insight Pharmaceuticals, please visit www.molecularinsight.com.

Forward-Looking Statements
Statements in this release that are not strictly historical in nature are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about our continued negotiations with our Bond holders regarding debt restructuring, including a contemplated deleveraging of the Company through a debt for equity exchange, and the consequences of the failure to reach agreement with the Bond holders in regard to restructuring our debt on acceptable terms, our inability to meet our obligations under the Bond Indenture, and our potential filing for bankruptcy. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results of Molecular Insight to be materially different from historical results or from any results expressed or implied by such forward-looking statements. Such factors include, but are not limited to, risks and uncertainties related to the progress, timing, and results of our negotiations with the Bond holders regarding the debt restructuring, and the additional risks discussed in filings with the Securities and Exchange Commission (SEC). The Company’s SEC filings are available through the SEC’s Electronic Data Gathering Analysis and Retrieval system (EDGAR) at http://www.sec.gov. Press releases for Molecular Insight Pharmaceuticals, Inc. are available on our website: http://www.molecularinsight.com. If you would like to receive press releases via e-mail, please contact: investor@molecularinsight.com. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.

Tuesday, August 17th, 2010 Uncategorized Comments Off on Molecular Insight (MIPI) Receives Seventh Extension of Waiver Agreement With Bond Holders

Skystar Bio-Pharmaceutical (SKBI) Reports 33% Growth in Revenue From Continuing Operations

XI’AN, CHINA–(Marketwire – 08/17/10) – Skystar Bio-Pharmaceutical Company (NASDAQ:SKBINews) (“Skystar” or the “Company”), a China-based manufacturer and distributor of veterinary medicines, vaccines, micro-organisms and feed additives, today reported unaudited second quarter fiscal year 2010 earnings, for the period ended June 30, 2010.

Second Quarter 2010 Highlights

  • Revenue increases 33% YoY to $8.3 million
    • Veterinary vaccines totaled $0.4 million, up 21% YoY
    • Veterinary medicines totaled $5.5 million, up 41% YoY
    • Feed additives totaled $0.4 million, up 31% YoY
    • Micro-organism products totaled $2.0 million, up 14% YoY
  • Gross margin of 53% for the second quarter of fiscal 2010 as compared to 53% in the year ago period
  • GAAP net income of $2.4 million or $0.33 per fully diluted share, compared with a loss of $0.1 million or ($0.03) per fully diluted share in the year ago period
  • Fiscal 2010 top line revenue guidance range remains at $45.5 million to $47.5 million

First Half 2010 Financial Highlights

  • First half fiscal 2010 revenue increases 30% YoY to 13.1 million
  • Gross margin of 53% for the first half of fiscal 2010 as compared to 51% in the year ago period
  • GAAP net income of $3.5 million or $0.49 per fully diluted share, compared with GAAP net income of $0.9 million or $0.25 per fully diluted share in the year ago period

Mr. Weibing Lu, Skystar Bio-Pharmaceutical’s chairman and chief executive officer, commented, “Skystar’s performance in the second quarter of fiscal 2010 positions the Company well for the second half of the fiscal year which is seasonally our strongest half. The second quarter’s performance can be attributed to improved sales effort and increased utilization of production capacity at our Huxian plant, including the expanded micro-organism facility completed in 2009 and came online in June of this year, as well as increased product variety. We currently produce over 248 products as compared to over 195 products in the first quarter of 2010.

“Overall outlook for the industry remains promising despite severe flood damage in many of the agricultural regions of China. The Company anticipates meeting its financial goals and metrics for the year. During the quarter, the Company filed an S-1 registration which was subsequently withdrawn. The intention was not to raise capital at any price or level of dilution to shareholders but in preparation of strengthening our balance sheet should an opportunistic moment arise. The Company does not intend to raise capital at current price levels and is looking into alternative sources of funding such as low interest debt at the local level. Our current income from operations and cash on hand are at adequate levels to maintain daily operations.

“Skystar is committed to continue its efforts to expand manufacturing capacity to meet market demands for our products. In addition, the Company has negotiated with some of our raw material suppliers to receive favorable pricing while obtaining the necessary materials to supply seasonal production ramp up in the third quarter. Subsequently, we have lowered our cash advances to suppliers as compared to the same period last year, improving our cash flow position and will continue to manage this process closely.

“In preparation for the fiscal third quarter, historically the Company’s strongest quarter, the Company build up the inventory levels in anticipation of the upcoming demand. Accounts receivable and inventories increased significantly in the second quarter as part of the Company’s strategy to expand market share. Historically, we have collected nearly all of our accounts receivable, and management expects our collection rate to normalize in the third quarter. To be prudent, however, we have made provisions by increasing our allowance for bad debt.

“R&D for the period has decreased relative to the prior year as projects have entered late stage developments and required less cash outlays. General and administrative expenses for our Chinese operating entity have increased with expanded operations and added acquisition related expenses, plus increased allowance for accounts receivable.

“With regard to Skystar’s construction projects, the construction of the vaccine facility at our Huxian plant was completed as of June 30, 2010. We expect to release a thorough update to shareholders regarding the facility shortly.

“We expect our sales and growth trajectory to continue through the remainder of the year as we reiterate fiscal guidance for the full year. The Company is positioning itself to be able to meet anticipated market demand for its products, and have sufficient cash resources on hand to maintain on-going operations. We hope to continue to maximize the Company’s performance for our shareholders,” concluded Mr. Lu.

Financial Summary
Gross profit for second quarter 2010 was $4.4 million, up 33% from second quarter 2009. Gross margin for the period was 53%, in line with historical year over year comparables.

Operating expenses for second quarter 2010 were $1.6 million, or 20% of total revenue, compared with $1.6 million or 25% of total revenue in the year ago period. Increased G&A expenses were offset by declines in R&D and selling expenses resulting in a slight increase in total operating expenses. Total operating expense increased 3% year over year.

Research and development (R&D) costs were $0.19 million, or less than 3% of revenue in the second quarter 2010, down from $0.3 million, or 6% of revenue during second quarter 2009. Most of the company’s existing research projects were in the later phases, and required less cash outlays as compared to the early stages of the projects in the same period last year where we had large scale testing and clinical trials.

Selling expenses totaled $0.4 million, or 5% of revenue, for the second quarter 2010, compared with $0.6 million, or 9% of revenue, in the second quarter 2009. General and administrative expenses were $1.0 million, or 12% of revenue, in second quarter 2010, compared with $0.6 million, or 10% of revenue, in second quarter 2009. General and administrative expenses have increased due to acquisition related costs and costs related to the expansion of existing operations, and the increased allowance for accounts receivable.

Operating income increased by 60% year over year to $2.7 million in the second quarter of fiscal year 2010, compared with $1.7 million in the same quarter a year ago, and operating margin increased to 33% from 27% in the same period a year ago.

Net income for the second quarter of 2010 was $2.45 million, or $0.33 per fully diluted share. This compares to a net loss of $0.1 million or a loss of $0.03 per fully diluted share in the same quarter of 2009. Skystar’s adjusted net income for the second quarter of 2010 was $2.2 million, or $0.31 per fully diluted share, compared with $1.36 million, or $0.36 per fully diluted share, in the second quarter of 2009 (See “About Non-GAAP Financial Measures” toward the end of this release.)

As of June 30, 2010, Skystar had approximately $3.5 million in cash and restricted cash, current assets of $29.4 million and current liabilities of $5.0 million.

China Floods
On July 21, 2010, Xinhua news agency, reported China’s worst flood in over a decade, displacing over 110 million people and affecting over 17 million acres of farmland. Additionally, as reported by Xinhua news agency on August 6, 2010, China’s Ministry of Agriculture urged local authorities to resume agricultural production as soon as possible and create favorable conditions for the fall harvest.

To date Skystar’s business lines have not been affected by the acts of nature; however, the Company will closely monitor the situation and react accordingly.

Fiscal 2010 Guidance
Taking into consideration the vast flooding and severity of the conditions across China’s farming communities and any potential impact on the Company’s business, we are taking a conservative approach and will maintain current guidance of $45.5 million to $47.5 million for the full fiscal 2010 year. We will re-evaluate the situation as visibility improves.

Conference Call & Webcast Information
Skystar will host a conference call at 8:00 a.m. ET on Tuesday, August 17, 2010 to review the Company’s second quarter financial and operational performance. Mr. Weibing Lu, Skystar Bio-Pharmaceutical chairman and chief executive officer, will host the call, which will be webcast live.

The webcast will be made available on the investor relations section of the Skystar corporate website at http://www.skystarbio-pharmaceutical.com. Telephone access to the conference call will also be available in North America by dialing +1 (877) 407-9210 or internationally by dialing +1 (201) 689-8049.

An audio replay of the conference call will be available approximately two hours following the conclusion of the call and for the following 30 day period. To access the replay in North America, dial +1 (877) 660-6853 or, when calling internationally, dial +1 (201) 612-7415, using replay account code # 286 and conference ID # 355460. An archived replay of the conference webcast will also be available on investor relations section of the Skystar corporate website at http://www.skystarbio-pharmaceutical.com.

To be added to the Company’s email distribution for future news releases, please send your request to skystar@grayling.com.

About Skystar Bio-Pharmaceutical Company
Skystar is a China-based developer and distributor of veterinary healthcare and medical care products. Skystar has four product lines (veterinary medicines, micro-organisms, vaccines and feed additives) and over 170 products. Skystar has formed strategic sales distribution networks covering 29 provinces throughout China. For additional information, please visit http://www.skystarbio-pharmaceutical.com.

About Non-GAAP Financial Measures
This press release contains non-GAAP financial measures for the change in the fair value of the Company’s warrants. The Company believes that these non-GAAP financial measures are useful to investors because they exclude non-cash charges that our management excludes when it internally evaluates the performance of the Company’s business and makes operating decisions, including internal budgeting, and performance measurement, because these measures provide a consistent method of comparison to historical periods. Moreover, management believes these non-GAAP measures reflect the essential operating activities of Skystar. Accordingly, management excludes the change in the fair value of the Company’s warrants when making operational decisions. The Company believes that providing the non-GAAP measures that management uses to its investors is useful to investors for a number of reasons. The non-GAAP measures provide a consistent basis for investors to understand the Company’s financial performance in comparison to historical periods. In addition, it allows investors to evaluate the Company’s performance using the same methodology and information as that used by our management. Non-GAAP measures are subject to inherent limitations because they do not include all of the expenses included under GAAP and because they involve the exercise of judgment of which charges are excluded from the non-GAAP financial measure. However, our management compensates for these limitations by providing the relevant disclosure of the items excluded.

The following table provides the non-GAAP financial measure and the related GAAP measure and provides a reconciliation of the non-GAAP measure to the equivalent GAAP measure.

 

SKBI- Adjusted Net Income
                                               For the Three  For the Three
                                               Months Ending  Months Ending
                                               June 30, 2010  June 30, 2009
                                               -------------  -------------

GAAP Net Income                                $   2,378,395  $    (116,797)
GAAP Basic Earnings Per Share                           0.33          (0.03)
GAAP Diluted Earnings Per Share                         0.33          (0.03)

Additions
Change in fair value of warrants                    (158,054)     1,480,484
                                               -------------  -------------
Addition (subtraction)                              (158,054)     1,480,484

Non GAAP Net Income                            $   2,220,341  $   1,363,687

Non GAAP Basic Earnings Per Share                       0.31           0.36
Non GAAP Diluted Earnings Per Share                     0.31           0.36

Shares used in computing net income per basic
 share                                             7,104,606      3,739,024
Shares used in computing net income per diluted
 share                                             7,140,518      3,739,024

            SKYSTAR BIO-PHARMACEUTICAL COMPANY AND SUBSIDIARIES

 CONSOLIDATED STATEMENTS OF OPERATION AND OTHER COMPREHENSIVE INCOME (LOSS)
                                (UNAUDITED)

                          For Three Months Ended     For Six Months Ended
                                 June 30,                  June 30,
                         ------------------------  ------------------------
                             2010         2009         2010         2009
                         -----------  -----------  -----------  -----------

REVENUE, NET             $ 8,264,541  $ 6,243,438  $13,133,784  $10,067,004

COST OF REVENUE            3,905,063    2,958,837    6,196,282    4,905,195
                         -----------  -----------  -----------  -----------

GROSS PROFIT               4,359,478    3,284,601    6,937,502    5,161,809
                         -----------  -----------  -----------  -----------

OPERATING EXPENSES:
  Research and
   development               192,088      366,695      236,083      484,047
  Selling expenses           431,810      585,207      602,944      792,602
  General and
   administrative            998,034      625,359    1,617,584      940,054
                         -----------  -----------  -----------  -----------
    Total operating
     expenses              1,621,932    1,577,261    2,456,611    2,216,703
                         -----------  -----------  -----------  -----------

INCOME FROM OPERATIONS     2,737,546    1,707,340    4,480,891    2,945,106
                         -----------  -----------  -----------  -----------

OTHER INCOME (EXPENSE):
  Other income
   (expense), net             36,257         (310)      36,674         (542)
  Interest income
   (expense), net            (12,976)        (788)     (17,792)        (486)
  Change in fair value
   of warrant liability      158,054   (1,480,484)    (159,326)  (1,442,156)
                         -----------  -----------  -----------  -----------
    Total other income
     (expense), net          181,335   (1,481,582)    (140,444)  (1,443,184)
                         -----------  -----------  -----------  -----------

INCOME BEFORE PROVISION
 FOR INCOME TAXES          2,918,881      225,758    4,340,447    1,501,922

PROVISION FOR INCOME
 TAXES                       540,486      342,555      865,805      554,075
                         -----------  -----------  -----------  -----------

NET INCOME (LOSS)          2,378,395     (116,797)   3,474,642      947,847

OTHER COMPREHENSIVE
 INCOME (LOSS):
  Foreign currency
   translation
   adjustment                280,998      (16,233)     240,182      (54,681)
                         -----------  -----------  -----------  -----------

COMPREHENSIVE INCOME
 (LOSS)                  $ 2,659,393  $  (133,030) $ 3,714,824  $   893,166
                         ===========  ===========  ===========  ===========

EARNINGS PER SHARE:
  Basic                  $      0.33  $     (0.03) $      0.49  $      0.25
                         ===========  ===========  ===========  ===========
  Diluted                $      0.33  $     (0.03) $      0.49  $      0.25
                         ===========  ===========  ===========  ===========

WEIGHTED AVERAGE NUMBER
 OF COMMON SHARES:
  Basic                    7,104,606    3,739,024    7,083,149    3,737,708
                         ===========  ===========  ===========  ===========
  Diluted                  7,140,518    3,739,024    7,119,846    3,824,432
                         ===========  ===========  ===========  ===========

             SKYSTAR BIO-PHARMACEUTICAL COMPANY AND SUBSIDIARIES

                         CONSOLIDATED BALANCE SHEETS

                                                    June 30,    December 31,
                     ASSETS                           2010          2009
                                                 ------------- -------------
                                                   Unaudited
                                                 -------------
CURRENT ASSETS:
  Cash                                           $   3,482,558 $  11,699,398
  Accounts receivable, net of allowance for
   doubtful accounts of $617,955 and $327,857 as
   of June 30, 2010 and December 31, 2009,
   respectively                                      7,711,719     4,383,187
  Inventories, net of allowance of $263,539 and
   $199,460 as of June 30, 2010 and December 31,
   2009, respectively                               13,318,742     4,074,645
  Deposits and prepaid expenses                      4,348,910    11,900,314
  Other receivables                                    549,043       490,712
                                                 ------------- -------------
    Total current assets                            29,410,972    32,548,256
                                                 ------------- -------------

PLANT AND EQUIPMENT, NET                            11,786,671     8,829,058

CONSTRUCTION-IN-PROGRESS                             8,777,066     9,389,120

OTHER ASSETS:
  Long-term prepayments                              1,341,031     1,173,427
  Long-term prepayments for acquisitions            12,376,146     6,806,880
  Intangible assets, net                             1,790,327     1,860,172
                                                 ------------- -------------
    Total other assets                              15,507,504     9,840,479
                                                 ------------- -------------
      Total assets                               $  65,482,213 $  60,606,913
                                                 ============= =============

       LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accounts payable                               $     553,404 $     297,567
  Other payables and accrued expenses                  832,816       917,284
  Short-term loans                                           -       220,050
  Short-term loans from shareholders                         -       110,025
  Deposits from customers                            1,632,581     1,275,958
  Taxes payable                                      1,481,748       722,106
  Shares to be issued to related parties               372,739       327,374
  Due to related parties                               137,503       185,024
                                                 ------------- -------------
    Total current liabilities                        5,010,791     4,055,388
                                                 ------------- -------------

OTHER LIABILITIES:
  Deferred government grant                          1,104,750     1,100,250
  Derivative liability                                 966,082     1,538,686
                                                 ------------- -------------
    Total other liabilities                          2,070,832     2,638,936
                                                 ------------- -------------
      Total liabilities                              7,081,623     6,694,324
                                                 ------------- -------------

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
  Preferred stock, $0.001 par value, 50,000,000
   shares authorized, Nil Series "A" shares
   authorized as of June 30, 2010 and December
   31, 2009 48,000,000 Series "B" shares
   authorized, Nil Series "B" shares issued and
   outstanding as of June 30, 2010 and December
   31, 2009, respectively                                    -             -
  Common stock, $0.001 par value, 40,000,000
   shares authorized, 7,106,705 and 6,989,640
   shares issued and outstanding as of June 30,
   2010 and December 31, 2009, respectively              7,106         6,989
  Paid-in capital                                   35,353,156    34,580,096
  Statutory reserves                                 3,879,077     3,879,077
  Retained earnings                                 16,049,548    12,574,906
  Accumulated other comprehensive income             3,111,703     2,871,521
                                                 ------------- -------------
    Total shareholders' equity                      58,400,590    53,912,589
                                                 ------------- -------------
      Total liabilities and shareholders' equity $  65,482,213 $  60,606,913
                                                 ============= =============

            SKYSTAR BIO-PHARMACEUTICAL COMPANY AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE SIX MONTHS ENDED JUNE 30, 2010 AND 2009
                                (UNAUDITED)

                                                 Six months ended June 30,
                                               ----------------------------
                                                    2010           2009
                                               -------------  -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                   $   3,474,642  $     947,847
  Adjustments to reconcile net income to net
   cash provided by operating activities:
      Depreciation                                   299,848        225,953
      Amortization                                    77,133         77,070
      Bad debt expense                               287,561              -
      Allowance for slow moving inventories           63,001              -
      Common stock issued for services                16,245         30,521
      Common stock to be issued to related
       parties for compensation                       70,367         78,024
      Change in fair value of warrant
       liability                                     159,326      1,442,156
    Change in operating assets and liabilities
      Accounts receivable                         (3,584,456)    (1,412,505)
      Inventories                                 (9,252,221)    (5,164,998)
      Deposits and prepaid expenses                7,729,174      2,158,970
      Other receivables                              (56,090)       (43,532)
      Accounts payable                               253,565       (197,071)
      Other payables and accrued expenses            (88,372)      (189,065)
      Deposits from customers                        349,949       (164,796)
      Taxes payable                                  753,555      2,386,654
                                               -------------  -------------
        Net cash provided by operating
         activities                                  553,227        175,228
                                               -------------  -------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Refunds of prepayments for potentital
   acquistions                                             -      2,711,545
  Proceeds from short-term investments                     -         43,971
  Prepayment for acquisitions                     (5,518,478)             -
  Loans to third parties                                   -     (1,685,555)
  Purchases of plant and equipment                (2,136,531)             -
  Payments on construction-in-progress              (748,449)    (1,792,941)
                                               -------------  -------------
        Net cash used in investing activities     (8,403,458)      (722,980)
                                               -------------  -------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Decrease in restricted cash                              -         80,662
  Proceeds from short-term loans                           -        205,198
  Repayment of short-term loans                     (220,035)      (307,798)
  Repayment to shareholders and directors           (110,018)             -
  Proceeds from shareholders and directors                 -              -
  Due (from) to related parties                      (47,874)       420,038
                                               -------------  -------------
        Net cash (used in) provided by
         financing activities                       (377,927)       398,100
                                               -------------  -------------

EFFECT OF EXCHANGE RATE CHANGES ON CASH               11,318        (16,203)
                                               -------------  -------------

DECREASE IN CASH                                  (8,216,840)      (165,855)

CASH, beginning of period                         11,699,398        576,409
                                               -------------  -------------

CASH, end of period                            $   3,482,558  $     410,554
                                               =============  =============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
 INFORMATION:
  Cash paid for interest                       $       7,435  $      40,448
                                               =============  =============
  Cash paid for income taxes                   $     578,055  $           -
                                               =============  =============
  Non-cash investing and financing activities
    Long-term prepayment transferred to
     construction-in-progress                  $           -  $   1,025,257
                                               =============  =============
    Long-term prepayment transferred to plant
     and equipment                             $     439,897  $           -
                                               =============  =============
    Construction-in-progress transferred to
     plant and equipment                       $   1,396,211  $           -
                                               =============  =============
    Interest expense capitalized as
     construction-in-progress                  $              $      40,050
                                               =============  =============
    Cashless exercise of warrants              $   1,511,604  $           -
                                               =============  =============
    Issuance of common stock accrued in
     previous year                             $      25,002  $           -
                                               -------------  -------------

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain of the statements made in the press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology. Such statements typically involve risks and uncertainties and may include financial projections or information regarding the progress of new product development. Actual results could differ materially from the expectations reflected in such forward-looking statements as a result of a variety of factors, including the risks associated with the effect of changing economic conditions in The People’s Republic of China, variations in cash flow, reliance on collaborative retail partners and on new product development, variations in new product development, risks associated with rapid technological change, and the potential of introduced or undetected flaws and defects in products, and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time.

Tuesday, August 17th, 2010 Uncategorized Comments Off on Skystar Bio-Pharmaceutical (SKBI) Reports 33% Growth in Revenue From Continuing Operations

Resource America’s (REXI) Leasing Subsidiary Announces Securitization of Approximately $175 Million of Leasing Assets

PHILADELPHIA, PA–(Marketwire – 08/17/10) – LEAF Financial Corporation (“LEAF”), the commercial finance subsidiary of Resource America, Inc. (NASDAQ:REXINews), announced today the closing of a new securitization transaction: LEAF 2010-3, which was completed on August 17, 2010.

Through LEAF 2010-3, LEAF securitized approximately $175 million of leases, term funded by the issuance of Contract Backed Notes on behalf of LEAF Equipment Finance Fund 4, LP (“LEAF 4”), one of the investment partnerships it manages. Guggenheim Securities, LLC was the arranger of the notes and LEAF will continue to be the servicer for the assets. In connection with LEAF 2010-3, LEAF 4 will reduce outstanding debt on its warehouse credit facilities to provide capacity for future originations.

Crit DeMent, Chairman and CEO of LEAF Financial, said, “We are very pleased to have completed our third securitization so far this year. Most encouraging was the fact that the bonds in this transaction were sold to a wide variety of institutional investors, which not only demonstrates continued confidence in our business but in equipment leasing as an asset class. An active securitization market is integral to our business model as it allows us to finance assets with long term, match funding rather than through short-term warehouse facilities. LEAF will continue to access this market for financing of leases for itself and its managed entities.”

Resource America, Inc. is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the real estate, commercial finance, and financial fund management sectors. For more information please visit our website at www.resourceamerica.com or contact Marketing and Investor Relations at pkamdar@resourceamerica.com.

Tuesday, August 17th, 2010 Uncategorized Comments Off on Resource America’s (REXI) Leasing Subsidiary Announces Securitization of Approximately $175 Million of Leasing Assets

Orient Paper Inc. (ONP) Announces Second Quarter 2010 Results

BAODING, Hebei, China, Aug. 16 /PRNewswire-Asia-FirstCall/ — Orient Paper, Inc. (Amex:ONP.aNews) (“Orient Paper” or the “Company”), a leading manufacturer and distributor of diversified paper products in Hebei, China, today announced its financial results for the three and six months ended June 30, 2010.

    Second Quarter 2010 Highlights and Recent Events
    -- Revenue increased 70.8% to $38.3 million
    -- Gross profit increased 129.9% to $9.1 million
    -- Gross margin increased 610 basis points to 23.9%
    -- Operating income increased 100.5% to $7.4 million
    -- Excluding the $1.1 million non-cash charge related to the disposal
       of property, plant and equipment, non-GAAP operating income
       increased 129.8% to $8.5 million, or 22.2% of sales (*)
    -- Net income increased 116.3% to $5.4 million, or $0.30 per share
    -- Excluding the $1.1 million non-cash charge related to the disposal
       of property, plant and equipment, non-GAAP net income increased
       160.0% to $6.4 million, or $0.36 per share (*)
    -- Digital photo paper sales quantity reached 102 tons during the month
       of June 2010

“We achieved strong revenue and earnings growth during the second quarter,” commented Mr. Zhenyong Liu, Chief Executive Officer. “Our performance was driven by increased pricing in both our medium-grade offset printing and corrugating medium paper businesses, a significantly higher volume of sales in our medium-grade offset printing paper business, and the contribution made by our new digital photo paper business. We are also very pleased with our bottom line performance, which benefited from our strong sales growth, and the contribution of our higher margin digital photo paper business.”

Second Quarter 2010 Financial Results

For the three months ended June 30, 2010, revenue was $38.3 million, a 70.8% increase from $22.4 million for the same period last year. The increase was attributable to the growth in overall sales quantities and higher average selling prices (ASP) for the Company’s products, which was driven by strong market demand and the rise in global and domestic paper and pulp pricing during the second quarter.

Sales of white paper increased 130.3% to $25.6 million, compared to $11.1 million in the comparable period in 2009. (The Company produced only medium- grade offset printing paper under this category in the second quarter of 2010 and produced no high-grade offset printing paper or writing paper.) The Company sold 34,365 tons of white paper, up 104.4% from 16,816 tons in the prior year period. To meet the strong market demand for medium-grade offset printing paper, which is driven by high wood pulp prices, the Company ramped- up production utilization at its second white paper production line, which was converted to produce medium-grade offset printing paper in the third quarter of 2009.

Revenue from corrugating medium paper increased 2.2% year-over-year to $11.5 million compared to $11.3 million in the same period last year. The Company sold 35,599 tons of corrugating medium paper, as compared to 39,455 tons in the same period last year. The decline in quantity sold was mainly due to the disposal of a 34,000 tons annual capacity corrugating medium paper production line to accommodate the Company’s new 360,000 tons annual capacity corrugating medium paper production line. The Company’s average selling price for corrugating medium paper increased by 13.2% year-over-year, an increase driven by global and domestic paper and pulp pricing, and was high enough to offset for the drop in sales volume.

Orient Paper also reported revenue of $1.1 million, or 3.0% of total revenue, from its new digital photo paper segment. The Company aggressively reduced the ASPs of its digital photo paper products in May and June 2010. The reduction in price was well received by the Company’s customers, who purchased a total of 102 tons of high-gloss and semi-matte digital photo paper in the month of June. As of June 30, 2010, the Company has been running two shifts of production at its digital photo paper production lines.

Gross profit was $9.1 million, an increase of 129.9% from $4.0 million for the same period last year. Gross profit margin was 23.9%, up 610 basis points from 17.7% for the same period last year. The increase in gross margin was mainly due to higher prices for the Company’s offset printing paper and corrugating medium paper, and contribution from the Company’s high-margin digital photo paper products. On a sequential basis, gross margin improved 560 basis points from 18.3% in the first quarter of 2010.

Selling, general and administrative expenses were $0.6 million, an increase of 131.5% from $0.3 million in the second quarter of 2009. The increase was primarily attributable to the increase in expenses related to the Company’s status as a public company, including professional fees related to legal, accounting, consulting, investor relations and road show activity.

Operating income increased 100.5% to $7.4 million from $3.7 million in the second quarter of 2009. Excluding the $1.1 million non-cash charge related to the disposal of property, plant and equipment, non-GAAP operating income was $8.5 million, or 22.2% of sales, up 129.8% from $3.7 million, or 16.5% of sales, in the prior year period. (*)

Net income increased 116.3% to $5.4 million, or $0.30 per share, compared to $2.5 million, or $0.22 per share, for the three months ended June 30, 2009. Excluding the $1.1 million non-cash charge related to the disposal of property, plant and equipment, non-GAAP net income increased 160.0 % to $6.4 million, or $0.36 per share, from $2.5 million, or $0.22 per share, in the prior year period.(*)

Six months ended June 30, 2010 Results

Revenue for the first six months of 2010 was $64.7 million, up 60.8% from the first six months of 2009. Gross profit was $14.0 million, up 91.2% from gross profit of $7.3 million in the comparable period a year ago. Gross margin was 21.6%, up 340 basis points from 18.2% in the prior year period. Operating income was $11.8 million, up 72.9% from $6.8 million in the first six months of 2009. Excluding the $1.1 million non-cash charge related to the disposal of property, plant and equipment, non-GAAP operating income was $12.9 million up 88.7% from $6.8 million in the prior year period. Net income was $8.5 million, up 77.6% from approximately $4.8 million in the first six months of 2009. Excluding the non-cash charge related to the disposal of property, plant and equipment, non-GAAP net income was $9.6 million up 100.3% from $4.8 million in the prior year period. Earnings per share was $0.51 for the first six months of 2010 compared to $0.42 in the first six months of 2009. Excluding the loss related to disposal of property, plant and equipment, non-GAAP earnings per share was $0.58, up 38.0% from $0.42 in the prior year period.(*)

    (*) See table at the end of this press release for a reconciliation of
        operating income, net income and EPS to exclude the non-cash charge
        related to the disposal of property, plant and equipment.

Financial Condition

As of June 30, 2010, Orient Paper had $22.1 million in cash and cash equivalents. Working capital was $25.4 million with a current ratio of 3.5. The Company had $1.9 million in short-term bank loans (down from $4.3 million of short-term bank loan six months ago) and $6.1 million in long term debt. As of June 30, 2010, shareholders’ equity totaled $91.6 million compared to $56.3 million at the end of 2009.

During the first half of 2010, Orient Paper generated net cash flow from operating activities of approximately $10.7 million.

The Company incurred $19.9 million in capital expenditures in the first half of 2010, which included installment payments in the total amount of $8.5 million for the construction of a new corrugating medium paper production line and an $11.1 million investment for the first phase of the acquisition of a parcel of roughly 667,000 square meters of land across the street from its current manufacturing facilities for the Company’s future expansion over the next five years. The remaining $19.4 million of the purchase price of the 360,000 tons annual capacity corrugating medium paper production line will be made in additional installments throughout 2010 in conjunction with progress made on equipment installation. The Company will finance the estimated capital expenditure requirement for the next six-to-twelve months in the amount of $30 million, which includes $20 million for the new production line and $10 million for the second phase of the land acquisition, with (i) net cash proceeds from the April 2010 public offering, (ii) cash flow from operating activities, and/or (iii) additional bank loans.

    Recent Developments
    -- In July 2010, the Company's Audit Committee retained the
       international law firm, Loeb & Loeb LLP ("Loeb & Loeb"), to conduct
       an independent investigation into the issues raised by Muddy Waters,
       LLC ("Muddy Waters").  In August 2010, the Company announced that
       Loeb & Loeb retained Deloitte & Touche Financial Advisory Services
       Limited ("Deloitte") to assist with the investigation.  Deloitte
       will provide support to Loeb & Loeb, which is working with the
       Company's Audit Committee, in connection with the independent review
       of the accounting aspects of the issues raised and the investigation
       of the relevant financial transactions and customer relationships.

Business Outlook

Mr. Liu added, “Due to the rapidly increasing prices of wood pulp and the government’s environmental protection initiatives, the demand for medium-grade offset printing paper as a substitute for the high-grade printing paper that consumes wood pulp continues to exhibit robust growth. We are confident that the strong market demand, partly caused by the government-mandated elimination of inefficient capacities, may continue into the second half of the year.”

“We expect some minor delays in the installation of our new 360,000 tons annual capacity corrugating medium paper production line, which was expected to be completed in October 2010. Our current expectation is that trial production will begin at the end of the year. We expect this new facility will ramp up to achieve an annualized utilization rate of approximately 60%-70% by the end of fiscal year 2011.

“In connection with the government’s approval of our new corrugating medium paper production line, the Baoding City Environmental Protection Agency requires that we replace two of our four steam boilers with new more energy- efficient models. We removed the two old boilers in July 2010. Our production in the third quarter may be lower until the new boilers are installed and inspected possibly in the fourth quarter. As a result of all of the above mentioned factors, we now expect fiscal year 2010 adjusted net income of $16.2 million compared to our previously provided guidance of $18.0 million.”

Use of Non-GAAP Financial Measures

GAAP results for the three months and six months ended June 30, 2010 include a non-cash charge related to the disposal of property, plant and equipment. To supplement the Company’s condensed consolidated financial statements presented on a GAAP basis, the Company has provided non-GAAP financial information excluding the impact of these items in this release. It is a departure of U.S. GAAP; however, the Company’s management believes that this non-GAAP measure provides investors with a better understanding of how the results relate to the Company’s historical performance. A reconciliation of the adjustments to GAAP results appears in the table accompanying this press release. This additional non-GAAP information is not meant to be considered in isolation or as a substitute for GAAP financials. The non-GAAP financial information that the Company provides also may differ from the non-GAAP information provided by other companies.

Conference Call

The Company will host a conference call at 9:00 a.m. Eastern Time on Monday, August 16, 2010, to discuss the 2010 second quarter financial results.

To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: +1 877-410-4789. International callers should dial +1 706-679-8006. The conference call passcode is 937 602 01.

If you are unable to participate in the call at this time, a replay will be available starting on Monday, August 16, 2010 at 12:00 noon Eastern Time, through Monday, August 30, 2010. To access the replay, dial 800-642-1687. International callers should dial +1 706-645-9291. The conference call passcode is 937 602 01.

This conference call will be broadcast live over the Internet and can be accessed by all interested parties by clicking on http://www.orientalpapercorporation.com/ . Please access the link at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software. For those unable to participate during the live broadcast, a 90-day replay will be available shortly after the call by accessing the same link.

About Orient Paper, Inc.

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

Safe Harbor Statement

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

                              ORIENT PAPER, INC.
     CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
          FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 2010 AND 2009
                                 (Unaudited)

                              Three Months Ended         Six Months Ended
                                   June 30,                   June 30,
                              2010           2009        2010         2009

    Revenues:             $38,257,140    $22,400,383 $64,715,328  $40,237,862

    Cost of Sales         (29,130,668)   (18,431,400)(50,748,327) (32,932,440)
    Gross Profit            9,126,472      3,968,983  13,967,001    7,305,422
    Selling, General and
     Administrative
    Expenses                 (638,361)      (275,808) (1,077,699)    (474,561)
    Loss from disposal of
     property, plant
     and equipment         (1,082,454)            --  (1,082,454)          --
    Income from Operations  7,405,657      3,693,175  11,806,848    6,830,861
    Other Income
     (Expense):
       Interest income         62,286          6,964      89,474       31,942
       Interest expense      (169,929)      (326,231)   (333,246)    (416,080)
    Income before Income
     Taxes                  7,298,014      3,373,908  11,563,076    6,446,723
    Provision for Income
     Taxes                 (1,946,159)      (899,250) (3,085,127)  (1,673,463)
    Net Income              5,351,855      2,474,658   8,477,949    4,773,260
    Other Comprehensive
     Income:
       Foreign currency
       translation
       adjustment             318,553        (99,632)    327,496     (146,268)

    Total Comprehensive
     Income                $5,670,408     $2,375,026  $8,805,445   $4,626,992

    Earnings Per Share:
    Basic Earning per
     Share                      $0.30          $0.22       $0.51        $0.42
    Fully Diluted Earning
     per Share                  $0.30          $0.22       $0.51        $0.42

    Weighted Average
     Number of Shares
       Outstanding -
        Basic              18,113,740     11,277,324  16,510,549   11,276,415
       Outstanding -
        Fully Diluted      18,113,740     11,277,324  16,512,621   11,276,415

                                ORIENT PAPER, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                    AS OF JUNE 30, 2010, AND DECEMBER 31, 2009
                                   (Unaudited)

                                               June 30,          December 31,
                                                  2010               2009
    Current Assets:
      Cash and cash equivalents               $22,089,907         $6,949,953
      Restricted cash                                  --             29,105
      Accounts receivable (net of
       allowance for doubtful
       accounts of $73,562 and
       $41,977 as of June 30,
       2010 and December 31, 2009,
       respectively)                            3,604,543          2,056,858
      Inventories                               9,328,868          6,926,392
      Prepayment and other current
       assets                                     383,575            434,093
      Total current assets                     35,406,893         16,396,401
    Prepayment on property, plant and
     equipment                                 19,901,301                 --
    Property, plant and equipment, net         52,462,805         55,303,753
    Total Assets                             $107,770,999        $71,700,154

                       LIABILITIES AND STOCKHOLDERS' EQUITY
    Current Liabilities
      Short-term bank loans                    $1,909,350         $4,273,750
      Accounts payable                          3,648,021          1,819,448
      Accrued payroll and employee
       benefits                                   276,655            271,208
      Other payables and accrued
       liabilities                              2,179,209          1,662,673
      Income taxes payable                      2,042,775          1,345,069
      Total current liabilities                10,056,010          9,372,148
    Loan from credit union                      1,950,474          1,942,315
    Loan from related parties                   4,128,002          4,110,735
      Total liabilities                        16,134,486         15,425,198
    Commitments and Contingencies                      --                 --

    Stockholders' Equity:
      Common stock, 500,000,000 shares
       authorized, $0.001 par value per
       share, 18,344,811 and 14,875,715
       shares issued and outstanding as
       of June 30, 2010 and December 31,
       2009, respectively                          18,345             14,876
      Additional paid-in capital               45,727,657         19,169,469
      Statutory earnings reserve                4,442,450          4,442,450
      Accumulated other comprehensive
       income                                   4,306,256          3,984,305
      Retained earnings                        37,141,805         28,663,856
      Total stockholders' equity               91,636,513         56,274,956
    Total Liabilities and Stockholders'
     Equity                                  $107,770,999        $71,700,154

                                ORIENT PAPER, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                 FOR THE SIX MONTHS ENDED JUNE 30, 2010 AND 2009
                                   (Unaudited)

                                                  Six Months Ended June 30,
                                                     2010            2009
    Cash Flows from Operating Activities:
      Net income                                  $8,477,949      $4,773,260
      Adjustments to reconcile net income to net
      cash provided by operating activities:
          Depreciation and amortization            2,022,597       1,702,861
          Loss on disposal of property, plant
           and equipment                           1,082,454              --
          Impairment on accounts receivable           31,289          55,587
          Stock-based expense for service
           received                                  101,046          27,300
      Changes in operating assets and
      liabilities:
          Accounts receivable                     (1,564,445)     (1,372,180)
          Prepayment and other receivable            (58,243)             --
          Inventories                             (2,364,301)     (2,855,060)
                                                                    2,779,16
          Accounts payable                         1,813,964
            Accrued payroll and employee
            benefits                                   4,291              --
          Other payables and accrued liabilities     507,642         375,695
          Income taxes payable                       689,408        (410,919)
    Net Cash Provided by Operating Activities    $10,743,651       5,075,708

    Cash Flows from Investing Activities:
      Purchases of property, plant, and
      equipment                                     (263,022)             --
      Prepayment for purchases of equipment       (8,486,045)             --
      Prepayment for Purchases of land use right (11,119,646)             --
    Net Cash Used in
    Investing Activities                         (19,868,713)             --

    Cash Flows from Financing Activities:

      Proceeds from related party loans              200,000          (8,017)
      Repayment of related party loans              (200,000)             --
      Repayments on short term loans              (2,373,237)     (1,265,845)
      Proceeds from public offering of common
       stock                                      26,570,162              --
      Restricted cash                                 29,105        (430,000)
    Net Cash Provided by Financing Activities     24,226,030      (1,703,862)

    Effect of Exchange Rate Changes on Cash and
     Cash
    Equivalents                                       38,986          57,973
    Net Increase in Cash and Cash Equivalents     15,139,954       3,429,819
    Cash and Cash Equivalents - Beginning of
     Period                                        6,949,953       3,234,419
    Cash and Cash Equivalents - End of Period    $22,089,907      $6,664,238

                              ORIENT PAPER, INC.
                 Reconciliation of Non-GAAP to GAAP Measures

                          For the quarter ended         Six months ended
                       June 30, 2010 June 30, 2009 June 30, 2009 June 30, 2010

    Operating Income as   7,405,657     3,693,175    11,806,848     6,830,861
    reported under GAAP
    Add: Loss on
     Disposal of
      property, plant
      and equipment       (1,082,454)           0    (1,082,454)            0
    Non-GAAP Operating
     Income                8,488,111    3,693,175    12,889,302     6,830,861

    Net Income as
     reported under GAAP   5,351,855    2,474,658     8,477,949     4,773,260
    Add: Loss on
     disposal
    of property, plant
    and equipment         (1,082,454)           0    (1,082,454)            0
    Non-GAAP Net Income    6,434,309    2,474,658     9,560,403     4,773,260

    Diluted Earnings
     Per Share reported
     under GAAP                $0.30        $0.22          0.51          0.42
    Add: Loss on
     disposal of
     property, plant
     and equipment            ($0.06)       $0.00        ($0.07)        $0.00
    Non-GAAP Diluted
     Earnings Per Share        $0.36        $0.22         $0.58         $0.42

    Diluted weighted
     average number of
     common stock
     outstanding          18,113,740   11,277,324    16,512,621    11,276,415

    For more information, please contact:

    CCG Investor Relations
     Crocker Coulson, President
     Phone: +1-646-213-1915
     Email: crocker.coulson@ccgir.com

    Orient Paper, Inc.
     Winston Yen, CFO
     Phone: +1-562-818-3817
     Email: info@orientalpapercorporation.com
Monday, August 16th, 2010 Uncategorized Comments Off on Orient Paper Inc. (ONP) Announces Second Quarter 2010 Results

FieldPoint Petroleum Corporation (FPP) Announces Another Stock Buy-Back

AUSTIN, Texas, Aug. 16 /PRNewswire-FirstCall/ — FieldPoint Petroleum Corporation (NYSE Amex: FPP) announced today that its Board of Directors has authorized the Company to continue the repurchase of shares of its Common Stock at a cost not to exceed $250,000.  Stock purchases may be made in open market or privately-negotiated transactions, if and when management determines to effect purchases.  Repurchases shall occur subject to prevailing market conditions and will be funded from available cash.  Repurchases will also be subject to compliance with applicable federal securities laws, including Rule 10b-18 under the Securities Exchange Act of 1934, as amended.

About FieldPoint Petroleum Corp. www.fppcorp.com

FieldPoint Petroleum Corporation is engaged in oil and natural gas exploration, production and acquisition, primarily in Louisiana, New Mexico, Oklahoma, Texas and Wyoming.

This press release may contain projection and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Any such projections or statement reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. A discussion of important factors that could cause actual results to differ from those projected, such as decreases in oil and gas prices and unexpected decreases in oil and gas production is included in the company’s periodic reports filed with the Securities and Exchange Commission (at www.sec.gov).

Monday, August 16th, 2010 Uncategorized Comments Off on FieldPoint Petroleum Corporation (FPP) Announces Another Stock Buy-Back

Houston American Energy (HUSA) Announces Second Quarter 2010 Financial Results

HOUSTON, Aug. 16 /PRNewswire-FirstCall/ — Houston American Energy Corp. (NYSE Amex: HUSA) today reported its financial results for the quarter and six months ended June 30, 2010.

The Company reported net income for the three months ended June 30, 2010 of $990,134, or $0.03 per share, on revenues of $7,629,274, as compared to net income of $112,107, or $0.00 per share, on revenues of $1,134,118 for the three months ended June 30, 2009.  For the six months ended June 30, 2010, the company reported net income of $1,798,851, or $0.06 per share, on revenues of $11,870,669, as compared to a net loss of $1,366,212, or $0.05 per share, on revenues of $1,579,260 for the six months ended June 30, 2009.

The increase in revenue and profitability for the 2010 quarter and six month periods was attributable to higher prices realized from oil and gas sales during the 2010 periods coupled with increased volumes resulting from new wells brought onto production in Colombia and production from our Colombian properties for the full 2010 periods as compared to the 2009 periods when production from our principal Colombian properties was shut-in, due to market conditions, for a total of 52 days spanning the first and second quarters.

Mr. John F. Terwilliger, President and Chairman of Houston American Energy, stated, “Houston American Energy has continued to benefit from strong results in our Colombian operations together with a more favorable pricing environment.  Our operations have recovered nicely from the difficult operating environment that prevailed during the first half of 2009, with revenues growing 572% for the 2010 second quarter compared to the 2009 quarter and 651% for the 2010 six month period compared to the 2009 six month period.  Our revenue growth reflects increases in production volumes of 441% for the current quarter and 406% for the six month period, which, in turn, reflects our drilling successes, adding five new producing wells since June 2009, and production from our Colombian wells for the full 2010 periods while 2009 production volumes reflected the temporary cessation of production due to a severely depressed pricing environment.

We continue to be very bullish on Colombia, in general, and our Colombian holdings, in particular.  We are moving forward on pace with our plans to drill our Serrania and CPO 4 prospects and, since quarter end, have increased our interest in the CPO 4 prospect to 37.5%.  We continue to enjoy a strong balance sheet with no debt and with ample cash balances and operating cash flows to fund our anticipated drilling costs on each of our Colombian prospects.  As previously announced, we continue in our efforts to market selected older prospects in Colombia with a view to monetizing a portion of our holdings and utilization of funds from such efforts to support our most attractive prospects.  With our higher interest in CPO 4 and other recent prospects acquired in Colombia, we continue to focus on growing our reserves and production as our newer prospects are drilled over the next year.”

About Houston American Energy Corp.

Based in Houston, Texas, Houston American Energy Corp. is an independent energy company with interests in oil and natural gas wells and prospects. The company’s business strategy includes a property mix of producing and non-producing assets with a focus on Colombia, Texas and Louisiana. Additional information can be accessed by reviewing our Form 10-Q and other periodic reports filed with the Securities and Exchange Commission which can be found on our website at www.houstonamericanenergy.com.

Forward-Looking Statements

The information in this release includes certain forward-looking statements that are based on assumptions that in the future may prove not to have been accurate, including statements regarding the company’s ability to increase its reserves, production sales volumes, revenues and profitability in future periods, its ability to identify, finance, acquire and operate assets and operations on favorable terms, or at all, and the ultimate proceeds, if any, that may be received from current efforts to sell a portion of the company’s Colombian assets. Those statements, and Houston American Energy Corp., are subject to a number of risks, including the potential changes in price based on operations and fluctuations in oil prices, changes in market conditions and other factors, effects of government regulation, and the ultimate results derived from our projects and our efforts to identify, finance and consummate the acquisition of assets and operations. These and other risks are described in the company’s documents and reports that are available from the company and the United States Securities and Exchange Commission.

For additional information, view the company’s website at www.houstonamericanenergy.com or contact the Houston American Energy Corp. at (713) 222-6966.

Monday, August 16th, 2010 Uncategorized Comments Off on Houston American Energy (HUSA) Announces Second Quarter 2010 Financial Results

THQ, Inc. (THQI) Announces Distinguished Lineup of World Wrestling Entertainment® Superstars

AGOURA HILLS, Calif.–(BUSINESS WIRE)–THQ Inc. (NASDAQ:THQINews) today announced eight World Wrestling Entertainment® Superstars will be featured across multiple front covers of WWE® SmackDown® vs. Raw® 2011, the latest edition to the renowned simulation-based cornerstone of the company’s WWE videogame portfolio. WWE Superstars John Cena®, Big Show® and The Miz® are slated to appear on the front cover in the United States, Australia, New Zealand, Singapore, Hong Kong, Taiwan and India, while WWE Superstars Randy Orton®, Undertaker® and Sheamus® will appear on the front cover available throughout Europe. Additional regional covers are expected to be announced later this year. WWE SmackDown vs. Raw 2011 will mark one of the few times in franchise history that multiple variations of cover artwork will be available around the world.

“John Cena, Undertaker, Randy Orton, Big Show, The Miz and Sheamus are incredibly talented WWE Superstars who took part in some of the biggest moments ever witnessed in WWE,” said Danny Bilson, Executive Vice President, Core Games, THQ. “We look forward to delivering an unparalleled WWE simulation experience with WWE SmackDown vs. Raw 2011, including best-in-class creative tools and decision-making abilities for players to define their own virtual WWE moments.”

About WWE SmackDown vs. Raw 2011

Having shipped more than 50 million units worldwide, the renowned WWE simulation experience and annual centerpiece in THQ’s expanding WWE videogame portfolio returns to define the ultimate WWE moments and give players even greater creative and decision-making freedom throughout their storied journeys within WWE.

WWE SmackDown vs. Raw 2011 will empower players more than ever to define their gameplay experiences in a dynamic and ever-changing WWE. Along the way, gameplay scenarios will change based on player decisions, allowing for more spontaneous WWE action in and out of the ring. Players will also enjoy a greater level of interactivity and have increased control of their destinies in the game’s popular Road to WrestleMania story-driven mode.

A hallmark of the franchise, WWE SmackDown vs. Raw 2011 will deliver its largest offering to date of best-in-class creation and customization features. Players will have more creative tools than ever to customize their WWE Superstars, finishing moves and story designs. In addition, searching and sharing content will be greatly simplified with improvements to the highly regarded WWE Community Creations feature, which generated nearly 10 million downloads, including more than 7.5 million Created WWE Superstars, 500,000 story designs and 500,000 finishing moves in its franchise debut.

WWE SmackDown vs. Raw 2011 will also boast one of the largest rosters in franchise history with more than 70 of today’s prominent WWE Superstars and WWE Divas. Each in-game model will feature new skin textures and movement technology, delivering the most authentic looking and moving WWE Superstars and WWE Divas ever seen in a videogame. In addition, a new physics system will ensure all matches and object interactions look and feel unique, dynamic and unpredictable to capture the full essence of the WWE experience.

WWE SmackDown vs. Raw 2011 is currently in development for the Xbox 360® video game and entertainment system from Microsoft, PlayStation®3 computer entertainment system, PlayStation®2 computer entertainment system, PSP® (PlayStation®Portable) system and Wii video game system, with a scheduled release date of October 26, 2010. For more information, please visit wwe.thq.com, facebook.com/WWEgames and twitter.com/WWEgames.

About World Wrestling Entertainment, Inc.

World Wrestling Entertainment, Inc., a publicly traded company (NYSE:WWENews), is an integrated media organization and recognized leader in global entertainment. The company consists of a portfolio of businesses that create and deliver original content 52 weeks a year to a global audience. WWE is committed to family-friendly, PG content across all of its platforms including television programming, pay-per-view, digital media and publishing. WWE programming is broadcast in more than 145 countries and 30 languages and reaches more than 500 million homes worldwide. The company is headquartered in Stamford, Conn., with offices in New York, Los Angeles, Chicago, London, Shanghai, Tokyo and Toronto. Additional information on World Wrestling Entertainment, Inc. (NYSE:WWENews) can be found at corporate.wwe.com. For information on global activities, go to http://www.wwe.com/worldwide/.

About THQ Inc.

THQ Inc. (NASDAQ:THQINews) is a leading worldwide developer and publisher of interactive entertainment software. The company develops its products for all popular game systems, personal computers and wireless devices. Headquartered in Los Angeles County, California, THQ sells product through its global network of offices located throughout North America, Europe and Asia Pacific. More information about THQ and its products may be found at www.thq.com. THQ and the THQ logo are trademarks and/or registered trademarks of THQ Inc.

Microsoft, Xbox, Xbox 360, Xbox Live, the Xbox logos, and the Xbox Live logo are either registered trademarks or trademarks of Microsoft Corporation in the U.S. and/or other countries.

“PlayStation” is a registered trademark of Sony Computer Entertainment Inc.

Wii is a registered trademark of Nintendo.

THQ Forward-Looking Statements: The statements contained in this press release that are not historical facts may be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the business of THQ Inc. and its subsidiaries (collectively referred to as “THQ”), including, but not limited to, expectations and projections related to the release of the WWE SmackDown vs. Raw 2011 videogame, and are based upon management’s current beliefs and certain assumptions made by management. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, business, competitive, economic, legal, political and technological factors affecting our industry, operations, markets, products or pricing. Readers should carefully review the risk factors and the information that could materially affect THQ’s financial results, described in other documents that THQ files from time to time with the Securities and Exchange Commission, including its Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for the fiscal period ended March 31, 2010, and particularly the discussion of risk factors set forth therein. Unless otherwise required by law, THQ disclaims any obligation to update its view on any such risks or uncertainties or to revise or publicly release the results of any revision to these forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Trademarks: All WWE programming, talent names, images, likenesses, slogans, wrestling moves, trademarks, copyrights and logos are the exclusive property of World Wrestling Entertainment, Inc. and its subsidiaries. All other trademarks, logos and copyrights are the property of their respective owners.

WWE Forward-Looking Statements: This news release contains forward-looking statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties. These risks and uncertainties include risks relating to maintaining and renewing key agreements, including television distribution agreements; the need for continually developing creative and entertaining programming; the continued importance of key performers and the services of Vincent McMahon; the conditions of the markets in which we compete; acceptance of the Company’s brands, media and merchandise within those markets; uncertainties relating to regulatory and litigation matters; risks resulting from the highly competitive nature of our markets; the importance of protecting our intellectual property and complying with the intellectual property rights of others; risks associated with producing live events both domestically and internationally; uncertainties associated with international markets; risks relating to our film business and any new business initiative which we may undertake; risks relating to the large number of shares of common stock controlled by members of the McMahon family; and other risks and factors set forth from time to time in Company filings with the Securities and Exchange Commission. Actual results could differ materially from those currently expected or anticipated. In addition, our dividend is significant and is dependent on a number of factors, including, among other things, our liquidity and historical and projected cash flow, strategic plan (including alternative uses of capital), our financial results and condition, contractual and legal restrictions on the payment of dividends, general economic and competitive conditions and such other factors as our Board of Directors may consider relevant, including a waiver by the McMahon family of a portion of the dividends.

Monday, August 16th, 2010 Uncategorized Comments Off on THQ, Inc. (THQI) Announces Distinguished Lineup of World Wrestling Entertainment® Superstars

ICx Technologies (ICXT) Reports First-Half 2010 Results

ARLINGTON, Va.–(BUSINESS WIRE)–ICx Technologies, Inc. (Nasdaq GM: ICXT), a developer of advanced sensor technologies for homeland security, force protection and commercial applications, announced today its operating and financial results for the first six months and second-quarter ended June 30, 2010.

First-Half Financials

For the first six months ended June 30, 2010, ICx reported revenues of $77 million, compared to $92 million for the same six months last year. The Company also reported an increase in funded backlog, up 38% to $73 million from the beginning of the year. In addition, adjusted EBITDA remained positive at $1.5 million for the first six months of 2010 compared to adjusted EBITDA of $3.7 million for the same period last year.

Second-Quarter

For the second quarter of 2010, revenue was $36 million and adjusted EBITDA was a loss of ($0.6) million. Last year, the Company reported revenue of $45 million and adjusted EBITDA of $2.9 million.

Merger Agreement Announcement

As reported in a separate press release today, ICx has entered into a definitive merger agreement with FLIR Systems, Inc. pursuant to which ICx would be acquired through a cash tender offer, followed by a merger with a subsidiary of FLIR, for a price of $7.55 per share in cash, subject to the terms and conditions of the merger agreement.

ICx has cancelled the previously scheduled August 16 call to discuss its earnings.

About ICx® Technologies

ICx Technologies is a leader in the development and integration of advanced sensor technologies for homeland security, force protection and commercial applications. Our proprietary sensors detect and identify chemical, biological, radiological, nuclear and explosive threats, and deliver superior awareness and actionable intelligence for wide-area surveillance, intrusion detection and facility security. We then leverage our unparalleled technical expertise and government funding to address other emerging challenges of our time, ranging from a cleaner environment and alternative energy to life science.

Safe-Harbor Statement

All forward-looking statements contained in this release are made within the meaning of and pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are all statements other than statements of historical facts, including but not limited to statements concerning the outlook for the Company’s revenues and EPS for fiscal 2010; and all other statements concerning the plans, intentions, expectations, projections, hopes, beliefs, objectives, goals and strategies of management. Forward-looking statements are not guarantees of future performance or events and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed, projected or implied by such forward-looking statements. Important risks, uncertainties and other factors include, but are not limited to, demand for the Company’s products and services; the ability of the Company to successfully develop and expand its products, services, technologies and markets; the ability of the Company to effectively assimilate acquired businesses and achieve the anticipated benefits of its acquisitions; changes in U.S. government funding levels to purchase the Company’s products and services; the ability of the Company to sell its products to original equipment manufacturers, prime contractors and system integrators; seasonality; competition; the ability of the Company to develop innovative products; the ability of the Company to attract, retain and motivate key personnel; the ability of the Company to secure and maintain key contracts and relationships, including contracts with the U.S. government; general economic, market and business conditions, uncertainties and other factors identified from time to time in the Company’s filings with the Securities and Exchange Commission. Accordingly, there can be no assurance that the results expressed, projected or implied by any forward-looking statements will be achieved, and readers are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements in this press release speak only as of the date hereof and are based on the current plans, goals, objectives, strategies, intentions, expectations and assumptions of, and the information currently available to, management. The Company assumes no duty or obligation to update or revise any forward-looking statements for any reason, whether as the result of changes in expectations, new information, future events, conditions or circumstances or otherwise.

Use of Non-GAAP Financial Measures

In evaluating its business, ICx considers and uses Adjusted EBITDA as a supplemental measure of its operating performance. The Company defines Adjusted EBITDA as earnings from continuing operations before interest, taxes, depreciation and amortization, plus non-cash equity compensation. The Company also presents Adjusted EBITDA because it believes it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance. The term Adjusted EBITDA is not defined under U.S. generally accepted accounting principles, or U.S. GAAP, and is not a measure of operating income, operating performance or liquidity presented in accordance with U.S. GAAP. Adjusted EBITDA has limitations as an analytical tool, and when assessing the Company’s operating performance, investors should not consider Adjusted EBITDA in isolation, or as a substitute for net income (loss) or other consolidated income statement data prepared in accordance with U.S. GAAP. Among other things, Adjusted EBITDA does not reflect the Company’s actual cash expenditures. Other companies may calculate similar measures differently than ICx, limiting their usefulness as comparative tools. ICx compensates for these limitations by relying primarily on its GAAP results and using Adjusted EBITDA only supplementally.

ICx TECHNOLOGIES, INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Net Loss
(Unaudited)
(dollars in thousands, except per share amounts)
Unaudited Unaudited
Three Months Ended June 30, Six Months Ended June 30,
2010 2009 2010 2009
Revenues:
Product revenues $ 19,584 $ 22,122 $ 41,299 $ 38,443
Contract research and development revenues 10,147 12,692 22,308 23,974
Service and other revenue 6,248 10,173 12,942 29,961
Total revenues 35,979 44,987
76,549
92,378
Cost of revenues:
Cost of product revenues 8,633 10,837 16,998 18,937
Cost of contract research and development revenues 7,441 9,565 16,394 17,879
Cost of service and other revenues 4,031 7,335 8,852 21,529
Total cost of revenue 20,105 27,737 42,244 58,345
Gross profit 15,874 17,250 34,305 34,033
Operating expenses:
General and administrative 7,248 6,717 14,288 13,906
Sales and marketing 6,281 5,840 12,589 12,194
Research and development 4,228 3,105 7,988 6,621
Depreciation and amortization 1,872 2,996 3,825 6,019
Total operating expenses 19,629 18,658 38,690 38,740
Operating loss (3,755 ) (1,408 ) (4,385 ) (4,707 )
Other income (expense):
Interest income 15 39 27 91
Interest expense (17 ) (37 ) (45 ) (55 )
Other, net 587 344 834 401
Total other income 585 346 816 437
Loss before income taxes (3,170 ) (1,062 ) (3,569 ) (4,270 )
Income tax expense 509 122 789 235
Loss from continuing operations $ (3,679 ) $ (1,184 ) $ (4,358 ) $ (4,505 )
Loss on discontinued operations, net of tax (9 ) (87 ) (322 ) (241 )
Loss on sale of discontinued operations, net of tax (29 ) (29 )
Net loss $ (3,717 ) $ (1,271 ) $ (4,709 ) $ (4,746 )
Other comprehensive income
Foreign currency translation adjustment, net of tax (768 ) (136 ) (1,041 ) (915 )
Comprehensive loss $ (4,485 ) $ (1,407 ) $ (5,750 ) $ (5,661 )
Net loss per common share
Basic and diluted $ (0.11 ) $ (0.04 ) $ (0.13 ) $ (0.14 )
Reconciliation of Non-GAAP Measure:
Net loss $ (3,717 ) $ (1,271 ) $ (4,709 ) $ (4,746 )
Add (subtract)
Loss from discontinued operations 38 87 351 241
Income tax expense (benefit) 509 122 789 235
Interest income (15 ) (39 ) (27 ) (91 )
Interest expense 17 37 45 55
Depreciation and amortization 1,872 2,996 3,825 6,019
Stock-based compensation expense 655 955 1,185 1,985
Adjusted EBITDA $ (641 ) $ 2,887 $ 1,459 $ 3,698
ICx TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Balance Sheets
(Unaudited)
(dollars in thousands)
June 30, December 31,
Assets 2010 2009
Current assets:
Cash and cash equivalents $ 37,739 $ 22,257
Restricted cash 3,866 8,465
Trade accounts receivable, net 20,737 36,751
Unbilled revenue 9,268 8,957
Inventories 28,929 22,491
Other current assets 5,519 4,553
Current assets of discontinued operations 1,065
Total current assets 106,058 104,539
Property, plant and equipment, net 9,432 9,673
Goodwill and intangibles, net 77,802 80,176
Other noncurrent assets 4,307 3,671
Noncurrent assets of discontinued operations 365
Total assets $ 197,599 $ 198,424
Liabilities and Stockholders’ Equity
Current liabilities $ 30,568 $ 26,142
Current liabilities of discontinued operations 879
Noncurrent liabilities 513 966
Total liabilities 31,081 27,987
Total stockholders’ equity 166,518 170,437
Total liabilities and stockholders’ equity $ 197,599 $ 198,424
ICx TECHNOLOGIES, INC. AND SUBSIDIARIES
Selected Segment Information
(Unaudited)
(dollars in thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2010 2009 2010 2009
Detection
Product revenue $ 11,912 $ 10,886 $ 26,321 $ 20,181
Contract research and development revenue 9,706 12,573 21,296 23,657
Service and other revenue 1,300 864 2,459 1,683
Total revenue $ 22,918 $ 24,323 $ 50,076 $ 45,521
Gross profit % 42.1 % 40.2 % 44.6 % 40.2 %
Surveillance
Product revenue $ 5,912 $ 9,415 $ 11,955 $ 14,526
Contract research and development revenue 441 119 1,012 317
Service and other revenue 610 3,855 1,272 14,625
Total revenue(1) $ 6,963 $ 13,389 $ 14,239 $ 29,468
Gross profit % 57.0 % 35.8 % 55.5 % 34.1 %
Solutions
Product revenue $ 1,746 $ 1,831 $ 3,027 $ 3,769
Contract research and development revenue 59 121 96 156
Service and other revenue 4,516 5,624 9,428 13,915
Total revenue(2) $ 6,321 $ 7,576 $ 12,551 $ 17,840
Gross profit % 35.7 % 35.4 % 32.4 % 31.7 %

(1) Includes $0 and $8 of intersegment revenue that has been eliminated in the Consolidated Statement of Operations and Net Loss for the three and six months ended June 30, 2010 and 2009, respectively

(2) Includes $223 and $293 of intersegment revenue that has been eliminated in the Consolidated Statement of Operations and Net Loss for the three months ended June 30, 2010 and 2009, respectively; and $317 and $443 of intersegment revenue that has been eliminated in the Consolidated Statement of Operations and Net Loss for the six months ended June 30, 2010 and 2009, respectively

Monday, August 16th, 2010 Uncategorized Comments Off on ICx Technologies (ICXT) Reports First-Half 2010 Results

Rescare (RSCR) Receives Acquisition Proposal From Onex Corporation

LOUISVILLE, Ky., Aug. 16, 2010 (GLOBE NEWSWIRE) — ResCare, Inc. (Nasdaq:RSCR – News) announced today that it has received a proposal from Onex Corporation (“Onex”) to acquire all of the outstanding shares of common stock of ResCare not owned by affiliates of Onex for $12.60 per share. The written proposal, which includes several terms and conditions, is attached to this release.

Affiliates of Onex, the Toronto-based investment firm, currently hold common stock and preferred stock of ResCare representing 24.9% of the voting power of ResCare stock. The preferred stock held by Onex votes on an as-converted basis with common stock. Onex acquired its position in ResCare in 2004.

The board of directors of ResCare has formed a special committee of independent directors to evaluate the offer with the committee’s independent financial and legal advisors. The members of the committee are;

Ronald G. Geary, current Chairman of the Board and ResCare CEO until 2006;
James H. Bloem, Chief Financial Officer of Humana, Inc.;
Olivia F. Kirtley, ResCare audit committee chair; and
Steven S. Reed, former U.S. attorney and former Chair of the Board of Trustees of the University of Kentucky.

The special committee has engaged Goldman Sachs & Co. to serve as its financial advisor and Frost Brown Todd LLC as its legal counsel.

The board of directors cautions ResCare’s shareholders that no decisions have been made by the board with respect to a response to the proposal. There can be no assurance that any agreement will be executed or that this or any other transaction will be approved or consummated. Pending completion of the evaluation of the proposal by the special committee and the board of directors, neither ResCare nor the special committee will have any further comment with respect to the proposal.

From time to time, ResCare makes forward-looking statements in its public disclosures, including statements relating to expected financial results, revenues that might be expected from new or acquired programs and facilities, its development and acquisition activities, reimbursement under federal and state programs, financing plans, compliance with debt covenants and other risk factors, and various trends favoring privatization of government programs. In ResCare’s filings under the federal securities laws, including its annual, periodic and current reports, the Company identifies important factors that could cause its actual results to differ materially from those anticipated in forward-looking statements. Please refer to the discussion of those factors in the Company’s filed reports. Statements related to expected financial results are as of this date only, and ResCare does not assume any responsibility to update these statements.

Onex Corporation

161 Bay Street

Toronto, Ontario M5J 2S1

Canada

August 14, 2010

Board of Directors

Res-Care, Inc.

9901 Linn Station Road

Louisville, KY 40223

Gentlemen:

We are writing to set forth our proposal for a transaction in which a newly formed affiliate of Onex Corporation would acquire all of the outstanding shares of common stock, no par value, of ResCare, Inc. (the “Company”) not owned by our affiliates for a price of $12.60 per share (the “Transaction”). Our proposal is subject to the approval of the Board of Directors of the Company, participation in the investment by key members of the Company’s management, the negotiation, execution and delivery of a mutually satisfactory definitive agreement providing for the Transaction and the satisfaction of the conditions to be set forth therein.

The definitive agreement for the Transaction would provide for a “go-shop” period of 30 days during which the Company could solicit alternative offers, and a termination fee equal to 3% of the fully-diluted equity of the Company valued at the higher of our offer price or the price to be paid in an alternative transaction, which would be payable by the Company if the Board of Directors chose to support an alternative transaction and under other customary circumstances. We contemplate a financing structure with debt not exceeding 3.5x EBITDA upon consummation of the Transaction and that the definitive agreement for the Transaction would not be subject to a financing condition.

We look forward to working with you and your advisors with a view to achieving a definitive agreement as soon as practicable. This proposal will expire if a definitive agreement for the Transaction is not entered into on or before September 1, 2010.

Very truly yours,

Onex Corporation

Monday, August 16th, 2010 Uncategorized Comments Off on Rescare (RSCR) Receives Acquisition Proposal From Onex Corporation

Synutra (SYUT) Announces Ministry of Health Testing Results

QINGDAO, China and ROCKVILLE, Md., Aug. 16 /PRNewswire-Asia/ — Synutra International, Inc. (Nasdaq:SYUT – News), a leading infant formula company in China and a producer, marketer and seller of nutritional products for infants, children and adults, today announced that the Ministry of Health (“MOH”) has found no link between Synutra’s infant milk powder and premature development in infants.

The MOH announced on August 15th, after investigating claims that Synutra’s infant milk formula was linked to premature development in three infants, that no banned hormones were found in the 42 samples of Synutra infant milk formula, including samples from the affected families’ homes and 31 samples from 14 other Chinese and foreign infant formula producers. The MOH believes that the three claims of premature development cannot be linked to Synutra’s infant milk powder.

Mr. Liang Zhang, Chairman and CEO of Synutra stated, “We are very pleased with the test results issued by China’s top health authority, which support Synutra’s steadfast commitment to product quality and consumer safety. As a trusted provider of infant formula in China, Synutra has always made quality assurance a top priority. We are devoted to promoting the health of children in China and will continue to invest heavily in research, quality control, formulation and ingredients to maintain our industry-leading standards.”

About Synutra International, Inc.

Synutra International Inc. (Nasdaq:SYUT – News) is a leading infant formula company in China. It principally produces, markets and sells its products under the “Shengyuan” or “Synutra” name, together with other complementary brands. It focuses on selling premium infant formula products, which are supplemented by more affordable infant formulas targeting the mass market as well as other nutritional products and ingredients. It sells its products through an extensive nationwide sales and distribution network covering 30 provinces and provincial-level municipalities in China. As of June 30, 2010, this network comprised over 560 independent distributors and over 1,000 independent sub-distributors who sell Synutra products in over 74,000 retail outlets.

Forward-looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on our current expectations, assumptions, estimates and projections about Synutra International Inc. and its industry. All statements other than statements of historical fact in this release are forward-looking statements. In some cases, these forward-looking statements can be identified by words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “will,” “aim,” “potential,” “continue,” or other similar expressions. The forward-looking statements included in this press release relate to, among others, Synutra’s goals and strategies; its future business development, financial condition and results of operations; the expected growth of the nutritional products and infant formula markets in China; market acceptance of the Company’s products; adverse effects associated with the melamine contamination incident; Synutra’s expectations regarding demand for its products; Synutra’s ability to stay abreast of market trends and technological advances; competition in the infant formula industry in China; PRC governmental policies and regulations relating to the nutritional products and infant formula industries, and general economic and business conditions in China. These forward-looking statements involve various risks and uncertainties. Although Synutra believes that the expectations expressed in these forward-looking statements are reasonable, these expectations may turn out to be incorrect. Synutra’s actual results could be materially different from the expectations. Important risks and factors that could cause actual results to be materially different from expectations are generally set forth in the “Item 1. Business,” “Item 1A. Risk Factors,” “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and other sections in Synutra’s Form 10-K filed with the Securities and Exchange Commission on June 9, 2010. The forward- looking statements are made as of the date of this press release. Synutra International Inc. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

For further information, please contact: Synutra International, Inc. Investor Relations Department Phone: +1-301-840-3881 Email: ir@synutra.com

Monday, August 16th, 2010 Uncategorized Comments Off on Synutra (SYUT) Announces Ministry of Health Testing Results

Uranium Energy Corp. (UEC)

Uranium Energy Corp. (AMEX:UEC) is a U.S.-based exploration and development company focused on near-term uranium production in the U.S. The company’s operations are managed by professionals who have earned a reputable profile through many decades of hands-on experience in the key facets of uranium exploration, development and mining.

Uranium Energy controls one of the largest databases of historic uranium exploration and development in the nation. Using this knowledge base, the company has acquired and is advancing exploration properties of merit throughout the southwestern U.S., a region known as being the most concentrated area for uranium mining in the United States.

The Company’s fully licensed and permitted Hobson processing facility is central to all of its projects in South Texas. Well financed to execute on its key programs, Uranium Energy’s Palangana is-situ recovery project is fully permitted, and its Goliad in-situ recovery project is in the final stages of mine permitting for production.

The company’s strategy of acquiring exploration databases and leveraging those databases to generate acquisition targets has proven to be effective thus far. With plans to continue aggressively pursuing this strategy, Uranium Energy Corp is well positioned to capitalize on the world’s first significant alternative energy boom.

Key statistics (12/10/10):

Market cap: $361.43 Million
Current Ratio: 4.2 versus industry average of 2.8
Quick Ratio: N/A versus industry average of 1.7
Institutional Holding Percentage: 33.30%

Cash and Equivalents: $25.9 Million
Total Assets: $52.2 Million
Total Shares Outstanding: 69,749,378
Debt/Equity Ratio: 0.0 versus industry average of 0.37


Friday, August 13th, 2010 Uncategorized Comments Off on Uranium Energy Corp. (UEC)

IncrediMail (MAIL) Reports $7.2 Million Revenues, $3.6 Million EBITDA and $2.3 Million Net Profit

TEL AVIV, Israel–(BUSINESS WIRE)–IncrediMail Ltd. (NASDAQ: MAILNews), an Internet company, today reported financial results for the second quarter ended June 30, 2010.

Revenues for the second quarter of 2010 rose 7% to $7.2 million, up from $6.7 million in the same quarter last year. EBITDA was $3.6 million, or 50% of sales, compared to $3.4 million in the second quarter of 2009 and net profit in the second quarter of 2010 was $2.3 million or $0.23 per diluted share, compared to $2.4 million, or $0.26 per diluted share in the second quarter of 2009.

In the first half of 2010, revenues were $14.2 million, increasing over 8%, compared to $13.1 million in first half of 2009, and net profit was $4.4 million, up 16%, compared to $3.8 million in the first half of 2009.

Total operating expenses in the second quarter of 2010 were $3.6 million, which while lower than the previous quarter, increased 12% compared to the second quarter of 2009, primarily due to higher compensation costs.

Commenting on the results, Mr. Ofer Adler, said, “I am very pleased with the results, as revenues and profits in the second quarter of 2010 surpassed our expectations and continued to grow despite seasonality. We achieved this while investing a significant part of our attention to finalizing our strategy of revenue diversification for the latter part of 2010 and beyond. These results provide for a perfect backdrop as we engage Josef Mandelbaum as our CEO. Josef’s Internet experience together with his corporate and M&A accomplishments are just what we need to drive us even further.”

Mr. Josef Mandelbaum, IncrediMail’s newly appointed CEO commented, “I am very excited to join IncrediMail at this time and look forward to continuing the momentum demonstrated by these very positive results.”

Conference Call

IncrediMail will host a conference call to discuss the results, as well as introduce Mr. Josef Mandelbaum, IncrediMail’s newly appointed CEO, today, August 12th at 10:00 AM EDT (17:00 PM Israel Time). We invite all those interested in participating in the call to dial 1-(866)-229-7198. Callers from Israel may access the call by dialing (03) 918-0685. Participants may also access a live webcast of the conference call through the Investor Relations section of IncrediMail’s website at www.incredimail-corp.com. The webcast will be archived on the company’s website for seven days.

About IncrediMail Ltd.

IncrediMail Ltd. (NASDAQ: MAIL, www.incredimail-corp.com) is an internet company that develops customized, downloadable graphic consumer applications used to generate search related revenues and designs, markets and delivers high end personal desktop software. The company’s award winning e-mail client product, IncrediMail Premium, is sold in over 100 countries in 10 different languages. Other products include, HiYo a graphic add-on to instant messaging software, Magentic, a wallpaper and screensaver software, and PhotoJoy, software for presenting digital personal photos.

Non-GAAP measures

Use of Non-GAAP Financial Information – In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, IncrediMail uses EBITDA as a non-GAAP financial performance measurement. EBITDA is calculated by adding back to net income; interest, taxes, stock-based compensation and depreciation and amortization. IncrediMail’s management believes the non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of IncrediMail’s on-going core operations and prospects for the future. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. Management uses both GAAP and non-GAAP information as presented in this press release in evaluating and operating business internally and as such deemed it important to provide all this information to investors. These non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and non-GAAP basis is provided in tables immediately following IncrediMail’s Statement of Operations in this press release.

Forward Looking Statements

This press release contains historical information and forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 with respect to the business, financial condition and results of operations of the Company. The words “believe,” “expect,” “intend,” “plan,” “should” and similar expressions are intended to identify forward-looking statements. Such statements reflect the current views, assumptions and expectations of the Company with respect to future events and are subject to risks and uncertainties. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in the markets in which the Company operates and in general economic and business conditions, loss of key customers and unpredictable sales cycles, competitive pressures, market acceptance of new products, inability to meet efficiency and cost reduction objectives, changes in business strategy and various other factors, both referenced and not referenced in this press release. Various risks and uncertainties may affect the Company and its results of operations, as described in reports filed by the Company with the Securities and Exchange Commission from time to time. The Company does not assume any obligation to update these forward-looking statements.

INCREDIMAIL LTD.
CONDENSED BALANCE SHEETS
U.S. dollars in thousands (except share data)
June 30,
2010
December 31,
2009
Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 11,316 $ 24,368
Marketable securities 15,765 5,225
Trade receivables 2,562 2,320
Other receivables and prepaid expenses 5,667 4,819
Total current assets 35,310 36,732
LONG-TERM ASSETS:
Severance pay fund 1,109 1,104
Deferred taxes 101 63
Other long-term assets 476 495
Property and equipment, net 1,205 1,366
Other intangible assets, net 206 134
Total long-term assets 3,097 3,162
Total assets $ 38,407 $ 39,894
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables $ 810 $ 1,039
Deferred revenues 2,024 2,270
Accrued expenses and other liabilities 4,722 6,577
Total current liabilities 7,556 9,886
LONG-TERM LIABILITIES:
Deferred revenues 1,529 1,616
Accrued severance pay 1,451 1,390
Total long-term liabilities 2,980 3,006
SHAREHOLDERS’ EQUITY

Shares issued and outstanding: 9,627,572 and 9,527,821 at June 30, 2010 and December 31, 2009, respectively
27,871 27,002
Total liabilities and shareholders’ equity $ 38,407 $ 39,894
INCREDIMAIL LTD.
CONDENSED STATEMENTS OF OPERATIONS
U.S. dollars and number of shares in thousands (except per share data), unaudited
Quarter ended June 30, Six months ended June 30,
2010 2009 2010 2009
Revenues $ 7,213 $ 6,746 $ 14,208 $ 13,122
Cost of revenues 391 367 764 754
Gross profit 6,822 6,379 13,444 12,368
Operating expenses:
Research and development 1,501 1,336 3,083 2,694
Selling and marketing 1,303 1,150 2,705 2,319
General and administrative 821 747 1,687 1,746
Total operating expenses 3,625 3,233 7,475 6,759
Operating income 3,197 3,146 5,969 5,609
Financial income (expense), net (63 ) 274 89 (124 )
Income before taxes on income 3,134 3,420 6,058 5,485
Taxes on income 846 1,003 1,634 1,645
Net profit $ 2,288 $ 2,417 $ 4,424 $ 3,840
Net earnings per Ordinary share:
Basic $ 0.24 $ 0.26 $ 0.46 $ 0.41
Diluted $ 0.23 $ 0.26 $ 0.45 $ 0.41
Diluted weighted number of shares 9,761 9,378 9,815 9,830
RECONCILIATION OF GAAP TO NON-GAAP RESULTS:
GAAP net income $ 2,288 $ 2,417 $ 4,424 $ 3,840
Income tax expense 846 1,003 1,634 1,645
Interest (income) expense, net 63 (274 ) (89 ) 124
Depreciation, Amortization and Stock-based Compensation 412 265 747 672
EBITDA $ 3,609 $ 3,411 $ 6,716 $ 6,281
Thursday, August 12th, 2010 Uncategorized Comments Off on IncrediMail (MAIL) Reports $7.2 Million Revenues, $3.6 Million EBITDA and $2.3 Million Net Profit

Energy Focus, Inc. (EFOI) Reports Second Quarter 2010 Results

SOLON, Ohio, Aug. 12, 2010 (GLOBE NEWSWIRE) — Energy Focus, Inc. (Nasdaq:EFOINews) today announced financial results for the second quarter ended June 30, 2010 and forecast for third quarter 2010 sales and cash projections.

Financial and operating highlights for the second quarter of 2010 include the following:

  • Net sales from continuing operations increased in the second quarter of 2010 to $9.0 million, compared to $3.3 million for the second quarter of 2009, with 55% of net sales from continuing operations, for the quarter, attributable to the new Stones River Companies, LLC (“SRC”) solutions business unit.
  • The company finished the quarter with a balance sheet showing cash in the amount of $2.1 million and total shareholders’ equity of $8.7 million. Cash generation for the second quarter of 2010 was $0.3 million, compared to cash utilization of $1.2 million in the second quarter of 2009. Excluding net proceeds from financing activities, the company had a cash usage of $28,000 in the second quarter 2010.
  • Excluding a one-time non-cash charge of $0.3 million related to the revaluation of warrants to purchase shares of our common stock, operating expenses were flat compared to the second quarter of 2009.
  • An additional $2.5 million, for a total of $19.0 million, in lighting retrofit contracts secured for work expected to be substantially completed in 2010.

The forecast for Q3 and 2010 include the following:

  • Net sales from continuing operations to exceed $9.0 million in the third quarter 2010 versus $3.0 million in the third quarter 2009, with an estimated 50% to 60% of the net sales attributable to the new SRC solutions business unit. Sales of $35 million are anticipated for 2010.
  • Net cash outflow from continuing operations for the third quarter 2010 is expected to be cash neutral compared to a net cash outflow from continuing operations of $2.3 million in the third quarter 2009. The company expects to be net cash flow positive from operations in 2010.
  • An additional $2.8 million, for a total of $21.8 million, in lighting retrofit contracts secured by the end of the third quarter for work expected to be substantially completed in 2010.

“We continue to be delighted with the performance of our SRC solutions and U.S. products businesses in the second quarter,” said Joe Kaveski, CEO of Energy Focus, Inc. “Rob Wilson, Steve Gasperson and their teams have helped sustain our first quarter’s sales momentum by securing $19.0 million in lighting solutions contracts which we expect to mostly complete in 2010 and $9.0 million in total sales recorded for the second quarter 2010. We expect to see continued good performance from both our solutions and product groups in the third quarter as further solutions contracts are secured and more customers choose EFOI’s energy efficient LED products.”

Energy Focus management will host a conference call on Thursday, August 12, 2010 at 4:30 p.m. EDT (1:30 p.m. PDT) to review the second quarter 2010 financial results and other corporate events, followed by a Q & A session. Dialing 1-888-206-4893 (U.S./Canada) or 1-913-312-0862 (International/Local), participants can access the conference call. The conference ID number is 6561948. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins.

The conference call will also be available over the Internet at http://www.energyfocusinc.com in the Investor Relations area of the site. A replay of the conference call will be available two hours after the call for the following 7 days by dialing 1-888-206-4893 (U.S./Canada) or 1-913-312-0862 (international/local) and entering the following pass code: 6561948. Also, a replay of the conference call will be available over the Internet at http://www.energyfocusinc.com on August 12th, 2010 and will remain available for one year in the Investor Relations area of the site.

About Energy Focus, Inc.

Energy Focus, Inc. is a leading provider of energy efficient LED lighting products and turnkey energy efficient lighting solutions, holding 69 relevant lighting patents. Our 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. 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.

ENERGY FOCUS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands except share and per share data)
June 30, December 31,
2010 2009
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $2,099 $1,062
Accounts receivable, net 6,023 2,922
Inventories, net 2,948 3,770
Prepaid and other current assets 944 509
Total current assets 12,014 8,263
Property and equipment, net 2,730 3,091
Goodwill 672 672
Intangible assets, net 2,213 2,750
Collateralized assets 2,500 2,500
Other assets 64 102
Total assets $20,193 $17,378
LIABILITIES
Current liabilities:
Accounts payable $5,820 $1,677
Accrued liabilities 2,210 1,854
Deferred revenue 788 295
Total current liabilities 8,818 3,826
Other deferred liabilities 7 149
Acquisition-related contingent liabilities 971 1,183
Long-term borrowings 1,711 715
Total liabilities 11,507 5,873
SHAREHOLDERS’ EQUITY
Preferred stock, par value $0.0001 per share:
Authorized: 2,000,000 shares in 2010 and 2009
Issued and outstanding: no shares in 2010 and 2009
_ _
Common stock, par value $0.0001 per share:
Authorized: 60,000,000 shares at June 30, 2010 and
30,000,000 at December 31, 2009
Issued and outstanding: 23,299,000 at June 30, 2010 and
21,250,000 at December 31, 2009
1 1
Additional paid-in capital 74,034 71,373
Accumulated other comprehensive income 376 474
Accumulated deficit (65,725) (60,343)
Total shareholders’ equity 8,686 11,505
Total liabilities and shareholders’ equity $20,193 $17,378
ENERGY FOCUS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands except per share amounts)
(unaudited)
Three months ended Six months ended
June 30, June 30,
2010 2009 2010 2009
Net sales $8,958 $3,325 $17,315 $5,848
Cost of sales 7,390 2,513 14,352 4,808
Gross profit 1,568 812 2,963 1,040
Operating expenses:
Research and development (134) 175 (79) 331
Sales and marketing 1,518 1,575 3,137 3,121
General and administrative 1,516 1,172 3,195 2,436
Revaluation of equity instruments 329 1,750
Restructuring expense 26
Total operating expenses 3,229 2,922 8,029 5,888
Loss from operations (1,661) (2,110) (5,066) (4,848)
Other income (expense):
Other (expense) income (1) 149 (66) 168
Interest expense (148) (21) (247) (41)
Loss from continuing operations before income taxes (1,810) (1,982) (5,379) (4,721)
Provision for income taxes (2) (3)
Loss from continuing operations $(1,812) $(1,982) $(5,382) $(4,721)
Discontinued operations:
Loss from discontinued operations before income taxes (367) (669)
Provision for income taxes
Loss from discontinued operations (367) (669)
Net loss $(1,812) $(2,349) $(5,382) $(5,390)
Net loss per share – basic and diluted $(0.08) $(0.16) $(0.25) $(0.36)
Shares used in computing net loss per share —
basic and diluted 22,582 14,915 21,953 14,877
Thursday, August 12th, 2010 Uncategorized Comments Off on Energy Focus, Inc. (EFOI) Reports Second Quarter 2010 Results

China Agritech, Inc. (CAGC) Reports Record Quarterly Net Revenue and Gross Profit for 2Q of 2010

BEIJING, Aug. 12 /PRNewswire-Asia-FirstCall/ — China Agritech, Inc. (Nasdaq: CAGC) (“China Agritech”, or the “Company”), a leading organic compound fertilizer manufacturer and distributor in the People’s Republic of China, today announced its unaudited financial results for the second quarter and six months ended June 30, 2010.

    Second Quarter Financial Highlights
    -- Net revenue increased 63% year-over-year to a quarterly record of $34.3
       million;
    -- Gross profit increased 33% year-over-year to $11.9 million with a 34.7%
       gross margin;
    -- Net income was $21 million, or Diluted EPS $1.05;
    -- Cash and cash equivalents were $51.7 million with no debt.

Mr. Yu Chang, Chief Executive Officer of China Agritech, commented, “We are very pleased with our second quarter performance as our granular products sales are experiencing accelerating growth. We are not only increasing our customer base and broadening geographic penetration, but also receiving more inquiries from farmers and distributors on the functionalities of our product, as more and more agricultural regions are affected by climate change and deteriorating soil conditions. As China is facing challenges of both food safety and food shortage, the organic food market is becoming an important sector due to its sustainable volume growth and high-quality nutritional standard. More farmers are willing to grow organic grains, fruits and vegetables because the end market is paying higher prices for quality products. We will continue to increase our R&D investment and roll out more products to meet the growing demand in China. Our goals of extending our market leadership and maximizing our long-term shareholders’ value remain unchanged.”

Mr. Chang continued, “Compared with liquid organic fertilizer, granular organic fertilizer has only emerged in the recent few years. However, due to its efficacy in plant growth, nutrient preservation, ease for transportation and favorable pricing, granular organic fertilizer has been well received by farmers. Moreover, the growing adoption of granular fertilizer also boosts the demand of liquid organic fertilizer as their different functions for different stages of farming. After over 2 years’ preparation of technology upgrades and production facility constructions, we are now one of the largest commercial producers of granular organic fertilizer with a number of mature products and well established production capacity, and we are moving full speed on market share acquisition.”

Second Quarter 2010 Results

Net revenue grew 63% year-over-year to a quarterly record of $34.3 million from $21.0 million in the second quarter last year. Liquid fertilizer sales increased year-over-year by 46% to approximately $20.0 million, while granular fertilizer sales posted a year-over-year 95% increase to reach approximately $14.3 million. Organic granular fertilizer continued to gain traction among farmers during the quarter, while the sales of organic liquid fertilizer is expected to further accelerate during the growing season starting from May. The increase of organic liquid fertilizer sales also reflected the expansion of the Company’s customer base to newly established markets in the central and southern regions of China.

Gross profit increased 33% year-over-year to a quarterly record of $11.9 million from $9.0 million for the same quarter last year. Blended gross margin for the second quarter was 34.7% compared with 42.7% for the same period in 2009. The decrease was primarily due to the ongoing shift in the product mix as the Company increases its share of the comparatively lower-margined organic granular products. Specifically, organic granular fertilizer recorded a gross profit margin of 20.3%, in line with the same period of 2009. Organic liquid fertilizer products had a gross profit margin of 45.1% compared with 53.2% for the same period in 2009. The decrease in gross margin for the organic liquid fertilizer was due to the changed composition of organic liquid fertilizer products, in which more raw materials lowered the profit margin.

Selling expenses were $1.3 million, or 3.8% of revenue, compared with $0.6 million, or 3.0% in the second quarter of 2009. The increase in both absolute value and as percentage of revenue in selling expenses was mainly due to increased promotion expenses and handling charges proportional to the increase in sales.

General and administrative expenses were $3.1 million, or 8.9% of revenue, compared with $0.9 million, or 4.2% of revenue, for the same period in 2009. The increase in administrative expenses was mainly due to increased research and development costs and share-based compensation. During the second quarter of 2010, the share-based compensation was $1.3 million as compared with $2,700 in the same period of 2009.

Income from operations was $7.5 million, in line with the same quarter of 2009.

Excluding the non-deductible charge for the change in fair value of warrants of $13.3 million and gain on extinguishment of warrants classified as derivatives of $1.6 million, our effective tax rate for the second quarter of 2010 would have been 19.2%, as compared to 21.5% for the same period in 2009. The decrease in effective tax rate was due to one of the operating subsidiary in China that generated net operating profit for the quarter still enjoying the tax rate reduction and subject to the income tax rate of 12.5%.

GAAP net income for the second quarter of 2010 was $21.0 million compared with $5.6 million in the same period of 2009. Diluted earnings per share of $1.05 on a substantially greater number of shares outstanding, compared with diluted earnings per share of $0.44 in the previous year’s same quarter.

Excluding the non-cash gain in the fair value of warrants, gain on extinguishment of warrants, and share-based compensation, non-GAAP net income attributable to common stockholders for the second quarter of 2010 was $7.1 million, up 27.1% from $5.6 million in the same period last year. Non-GAAP diluted earnings per share were $0.36 versus $0.44 for the same quarter in 2009, but on substantially greater number of shares outstanding in the 2010 period. Diluted weighted average number of shares outstanding for the second quarter of 2010 was 19.7 million compared with 12.7 million shares in the second quarter of 2009.

Six Month Results

Total revenue for the first six months of 2010 increased 91.2% year-over-year to $54.1 million from $28.3 million for the first six months last year. Gross profit for the first six months of 2010 was $18.4 million, up 49.2% from $12.3 million in the comparable period a year ago. Gross margin was 33.9% for the first six months of 2010, lower than the 43.5% for the same period in 2009 as the result of increased sales of the lower-margin granular products. Income from operations was $11.1 million, up 17.2% from $9.4 million in the first six months of 2009. GAAP net income was $13.9 million, with fully diluted earnings per share of $0.72, compared with $6.6 million, or diluted earnings per share of $0.53 in the first six months of 2009.

Financial Conditions

As of June 30, 2010, total cash and cash equivalents were $51.7 million as compared to $20.3 million on December 31, 2009. Stockholders’ equity increased to $140.9 million as of June 30, 2010 from $77.3 million as of December 31, 2009.

Recent Events

In May, 2010 the Company closed its previously announced public offering of 1,243,000 shares of common stock. Total gross proceeds from the offering and over-allotment were approximately $23.0 million. The Company intends to use the net proceeds from this offering to establish branded large-scale distribution centers and the remainder of the net proceeds, if any, for working capital and general corporate purposes.

In May, 2010, the Company signed a renewal contract with Sinochem for the sale of the Company’s “Green Vitality” organic liquid fertilizers. Pursuant to the agreement, China Agritech will supply Green Vitality liquid fertilizer worth an estimated value of RMB 61 million (approximately US$9 million). This contract is in effect through April 2011. The Company will continue to supply Sinochem with “Green Vitality” granular fertilizer under another existing contract.

In June, 2010, the Company received $10 million as a result of the exercise of common stock warrants held by Carlyle Asia Growth Partners IV, L.P. and CAGP IV Co-Investment, L.P., two affiliates of The Carlyle Group. The Carlyle Group affiliates originally acquired the warrants in connection with the Company’s private placement, consummated in October 2009.

Business Outlook

The Company reiterates its guidance for the year ending December 31, 2010 with revenues expected to reach approximately $114 million and non-GAAP net income, which excludes the change in the fair value of warrants issued, gain on extinguishment of warrant liability, and stock-based compensation, of approximately $23.5 million, representing a year-over-year growth of 50% and 45% on revenues and non-GAAP net income, respectively. These targets are based upon the Company’s current views on operating and market conditions, which are subject to change. This guidance follows 68.3% revenue growth since 2009.

“While we are encouraged by our solid performance in the first half of the year, we expect that the second half will be stronger as the peak farming season is unfolding and our products are gaining traction. Our balance sheet is now strengthened and we expect that our cash flow will continue to improve. With our product portfolio, growing R&D capability, nationwide distribution footprint and strong financial standing, we believe that we are well positioned to capture the wave of the organic food market growth in China,” Mr. Yu Chang, Chairman and Chief Executive Officer of China Agritech, concluded.

Conference Call

The Company will host a conference call, to be simultaneously webcast on Thursday, August 12, 2010 at 9:00 a.m. Eastern Daylight Time, or 9:00 p.m. Beijing Time.

    To participate, please call the following phone numbers:

    United States            1-866-519-4004 or 1-718-354-1231
    China, Domestic          800-819-0121-Landline or 400-620-8038 - Mobile
    Hong Kong                852-2475-0994 or 800-930-346
    Canada                   866-386-1016
    International Toll Dial-In Number:  +656-723-9381

    Conference ID # 89992339

A live web cast of the conference call will be available on China Agritech’s website at http://www.chinaagritechinc.com. Please visit the website at least 15 minutes early to register for the web cast and download any necessary audio software.

A web cast replay will be available on the Company’s website, and the call replay will be available through Wednesday, August 18, 2010 at 11:59 p.m. EDT. To access the replay, please call the following phone numbers:

    United States Dial-In #: 1-866-214-5335
    Canada Dial-In #:        1-800-301-5423
    China North Dial-In #:   10-800-714-0386
    China South Dial-In #:   10-800-140-0386
    Hong Kong Dial-In #:     800-901-596
    International Dial-In #: +61 2 8235 5000

    Conference ID # 89992339

About China Agritech, Inc.

China Agritech, Inc. is engaged in the development, manufacture and distribution of liquid and granular organic compound fertilizers and related products in China. The Company has developed proprietary formulas that provide a continuous supply of high-quality agricultural products while maintaining soil fertility. The Company sells its products to farmers located in 28 provinces of China. For more information, please visit http://www.chinaagritechinc.com .

Safe Harbor Statement

This press release contains certain statements that may be deemed to be “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 the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements about its business or growth strategy, general industry conditions, future operating results of the Company, capital expenditures, expansion and growth opportunities, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this press release are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements. Certain of these risks and uncertainties are or will be described in greater detail in our filings with the SEC. Except as required by law, China Agritech is under no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

The non-GAAP adjusted net income and earnings per share information should not be considered an alternative to, or more meaningful than, net income and earnings per share as determined in accordance with GAAP, since it omits the impact of the change in fair value of warrants. Management believes that the presentation of this non-GAAP financial measure is warranted and useful to its stockholders because it provides an additional analytical tool for understanding the Company’s financial performance by excluding certain items that may obscure trends in the core operating performance of the Company’s business.

    For more information, please contact:

    In China:
     Gareth Tang
     Chief Financial Officer
     China Agritech, Inc.
     Email: gareth@chinaagritech.com

    In the U.S.:
     Shiwei Yin/Kevin Theiss
     Investor Relations
     Grayling
     Phone: +1-646-284-9474
     Email: shiwei.yin@grayling.com

                             - Tables to follow -

                   CHINA AGRITECH, INC. AND SUBSIDIARIES
                        CONSOLIDATED BALANCE SHEETS
                              (Unaudited, US$)

                                                 June 30,        December 31,
                                                   2010              2009
                  ASSETS                       (Unaudited)
    Current Assets
    Cash and cash equivalents                  $51,738,535       $20,313,089
    Accounts receivable, net                    51,203,710        39,256,098
    Inventories                                 18,424,145         6,606,095
    Advances to suppliers                       13,800,659        25,348,687
    Prepayments and other receivables            5,175,062         2,287,220
      Total Current Assets                     140,342,111        93,811,189

    Property, plant and equipment, net           6,117,778         5,980,696
    Construction in progress                       493,433           424,006
    Intangible assets, net                         368,421           397,507

    Total Assets                              $147,321,743      $100,613,398

      LIABILITIES AND STOCKHOLDERS'
                  EQUITY
    Current Liabilities
    Accounts payable                            $1,532,487           $62,616
    Accrued expenses and other payables          2,554,517         1,394,357
    Warrant liabilities                                 --        20,157,869
    Taxes payable                                2,293,808         1,695,665
      Total Current Liabilities                  6,380,812        23,310,507

    Stockholders' Equity
    Preferred stock: $0.001 par value,
     10,000,000 shares authorized,
     none issued                                        --                --
    Common stock: $0.001 par value;
     100,000,000 shares authorized,
     20,766,243 and 17,002,542* shares
     issued and outstanding as of June
     30, 2010 and December 31, 2009,
     respectively                                   20,766            17,003
    Additional paid in capital                  83,784,969        34,698,079
    Statutory reserves                           2,195,818         2,195,818
    Accumulated other comprehensive
     income                                      6,402,728         5,723,265
    Retained earnings                           48,536,650        34,668,726
      Total Equity                             140,940,931        77,302,891

    Total Liabilities and
     Stockholders' Equity                     $147,321,743      $100,613,398

    *as retroactively adjusted for the 1-for-4 reverse stock split on
    September 8, 2009 and the 2-for-1 forward stock split on February 1, 2010.

                      CHINA AGRITECH, INC. AND SUBSIDIARIES
                   UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
                         FOR THE PERIODS ENDING JUNE 30,
                                 (Unaudited, US$)

                         For the Three Months Ended   For the Six Months ended
                                   June 30,                    June 30,
                              2010          2009          2010         2009
    Net revenue           $34,268,842   $20,988,611   $54,182,722  $28,335,987
    Cost of revenue       (22,384,633)  (12,033,792)  (35,799,677) (16,012,477)
    Gross profit           11,884,209     8,954,819    18,383,045   12,323,510
    Operating expenses:
    Selling expenses       (1,286,505)     (624,993)   (1,846,274)  (1,030,712)
    General and
     administrative
     expenses              (3,057,466)     (871,838)   (5,474,192)  (1,855,513)
      Total operating
       expenses            (4,343,971)   (1,496,831)   (7,320,466)  (2,886,225)

    Income from
     operations             7,540,238     7,457,988    11,062,579    9,437,285
    Other income
     (expense)
    Interest income            17,095         3,451        28,441        6,024
    Exchange gain
     (loss)                     1,231        (2,609)        1,066       (3,056)
    Gain on
     extinguishment of
     warrant liability      1,629,465            --     1,629,465           --
    Changes in fair
     value of warrants
     classified as
     derivatives           13,307,462            --     3,829,985           --
    Other income              (18,024)           --       (18,024)          --
    Total other
     income (expense)      14,937,229           842     5,470,933        2,968

    Income before
     income taxes          22,477,467     7,458,830    16,533,512    9,440,253
    Provision for
     income taxes          (1,689,490)   (1,601,958)   (2,665,588)  (2,316,236)

    Net income             20,787,977     5,856,872    13,867,924    7,124,017
    Net income
     attributable to
     non-controlling
     interest in a
     subsidiary                    --      (267,169)           --     (481,452)
    Net income
     attributable to
     China Agritech's
     common
     stockholders          20,787,977     5,589,703    13,867,924    6,642,565
    Other
     comprehensive
     income:
    Foreign currency
     translation
     adjustment              624,896        (22,528)      679,463     (124,341)
    Comprehensive
     income               21,412,873      5,567,175    14,547,387    6,518,224
    Comprehensive
     income
     attributable to
     non-controlling
     interest
     in a subsidiary              --         (8,814)           --        8,403
    Comprehensive
     income
     attributable to
     China Agritech's
     common
     stockholders        $21,412,873     $5,558,361   $14,547,386   $6,526,627

    Net income per
     share:
      - Basic                  $1.12         $0.44*         $0.77       $0.53*
      - Diluted                $1.05         $0.44*         $0.72       $0.53*

    Weighted average
     number of shares
     outstanding:

      - Basic             18,594,916    12,656,621*    17,952,950  12,504,062*
      - Diluted           19,749,122    12,656,621*    19,306,827  12,504,062*

    *as retroactively adjusted for the 1-for-4 reverse stock split on
    September 8, 2009 and the 2-for-1 forward stock split on February 1, 2010.

                        CHINA AGRITECH, INC. AND SUBSIDIARIES
          UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR SIX MONTHS
                            ENDED JUNE 30, 2010 AND 2009
                                   (Unaudited, US$)

                                              For the Six Months Ended June 30,
                                                    2010             2009
    Cash flows from operating activities:
    Net income                                  $13,867,924       $7,124,017
    Adjustments to reconcile net income
     to cash provided by operating
     activities:
    Share-based compensation                      2,146,754            2,703
    Changes in fair value of warrants
     classified as derivatives                   (3,829,985)              --
    Gain on extinguishment of warrant
     liability                                   (1,629,465)              --
    Depreciation and amortization of
     property, plant and equipment                  348,240          320,109
    Amortization of intangible assets                31,393               --
    Reversal of allowance for doubtful
     debts                                             (659)              --
    Decrease / (Increase) in current
     assets:
    Accounts receivable                         (11,647,188)      (8,937,538)
    Inventories                                 (11,712,387)      (4,967,706)
    Advances to suppliers                        13,088,615        3,601,066
    Prepayments and other receivable             (1,675,598)         276,024
    Increase in current liabilities:
    Accounts payable                              1,462,049        7,467,145
    Tax payables                                    581,076        1,038,862
    Accrued expenses and other payables              17,390        2,114,634
    Net cash provided by operating
     activities                                   1,048,159        8,039,316

    Cash flows from investing activities:
    Acquisition of 10% interest of
     Pacific Dragon                                      --       (1,000,000)
    Acquisition of property, plant and
     equipment                                     (449,954)      (2,200,669)
    Construction in progress                        (66,601)         163,161
    Net cash used in investing
     activities                                    (516,555)      (3,037,508)

    Cash flows from financing activities:
    Issuance of shares for cash in
     public offering                             20,828,197               --
    Proceeds from exercise of warrants           10,000,074               --
    Net cash provided by financing
     activities                                  30,828,271               --

    Net increase in cash and cash
     equivalents                                 31,359,875        5,001,808
    Effect of exchange rate change on
     cash and cash equivalents                       65,571         (438,639)
    Cash and cash equivalents, beginning
     of period                                   20,313,089       11,952,235

    Cash and cash equivalents, end of
     period                                     $51,738,535      $16,515,404

    Supplement disclosure of cash flow
     information:
    Cash paid for interest                               --               --
    Cash paid for income tax                    $$2,271,296       $2,316,236
Thursday, August 12th, 2010 Uncategorized Comments Off on China Agritech, Inc. (CAGC) Reports Record Quarterly Net Revenue and Gross Profit for 2Q of 2010

GlobalOptions Group (GLOI) Agrees to Sell its Forensic DNA Solutions and Products Unit

NEW YORK–(BUSINESS WIRE)–GlobalOptions Group, Inc. (NASDAQ: GLOINews), a leading provider of domestic and international risk management services, has entered into a definitive agreement to sell the stock of Bode Technology Group, its Forensic DNA Solutions and Products subsidiary and reporting segment to LSR Acquisition Corp. for a total consideration of up to $30.5 million.

The total aggregate consideration consists of (i) a $24.5 million fixed portion in cash at closing, (ii) contingent consideration based on 30% of revenues in excess of $27.0 million recognized for a period of one year from the closing, with total contingent consideration not to exceed $5.5 million, and (iii) $0.5 million in the event that the buyer makes a certain tax election. LSR Acquisition Corp. is a privately-held company based in New York that will operate three business segments: Security and Intelligence, Identity Solutions, and Situational Awareness. The transaction, which is subject to shareholder approval, is expected to close in the fourth quarter.

Selling the Forensic DNA Solutions and Products unit, known as Bode Technology Group completes the process of unlocking value at GlobalOptions Group and caps the evaluation of strategic and financial alternatives that we have been conducting for the past several months in order to maximize shareholder value,” said Dr. Harvey W. Schiller, Chairman and CEO of GlobalOptions Group. “As previously stated, subject to satisfaction of and compliance with existing contractual and banking obligations, and appropriate reserves, we currently intend to return the net proceeds from the sales of the SafirRosetti, Preparedness Services and Fraud and Special Investigations divisions and now the Forensic DNA Solutions and Products unit to our stockholders.”

On behalf of LSR Acquisition Corp, Bart M. Schwartz stated, “We are delighted to enter into a definitive agreement with GlobalOptions Group to acquire Bode Technology Group as we build out our client centric businesses. Bode met or exceeded all of our criteria including being excellent in what they do, providing a profitable platform for growth, possessing a capable and experienced staff and enjoying established and trusted relationships with significant clients.”

Needham & Company, LLC served as financial advisor to GlobalOptions Group on this transaction.

GlobalOptions Group

GlobalOptions Group (NASDAQ: GLOINews), with headquarters in New York City, is an integrated provider of risk mitigation and management services to government entities, FORTUNE 1000 corporations and high net-worth and high-profile individuals throughout the world. We enable clients to identify, assess and prevent natural and man-made threats to the well-being of individuals and the operations of governments and corporations. In addition, we assist our clients in recovering from the damages or losses resulting from the occurrence of acts of terror, natural disasters, fraud and other risks. Additional information is available at www.globaloptionsgroup.com.

Bode Technology Group

Bode Technology Group serves the U.S. and international law enforcement and identification markets and is unique in providing both state-of-the-art human DNA analysis and innovative DNA collection products. The range of Bode’s services include diverse offerings such as high-throughput DNA testing services, case work analysis, missing person identification, CODIS databanking of convicted offenders or arrestees, private databanking, as well as paternity and non-forensic identification. Our patented DNA collection systems are in use worldwide for collections of DNA from convicted offenders and arrestees, from crime scenes, as well as from parents and children for genealogy and identification services. Our analysts and our research and development teams are constantly looking for better ways to bring previously unused approaches and technologies into the labs for routine use for analysis of challenging samples – be it bones or aged, decayed tissue. On the strength and experience of our research and development teams and casework analysts, Bode is able to offer worldwide DNA analysis services, consulting, training, and validation services on a customized basis. Additional information is available at www.bodetech.com.

LSR Acquisition Corp.

LSR Acquisition Corp. is a privately-held company based in New York that was founded by Anthony Lanza, whose father Frank Lanza was a founder of L-3 Communications. LSR, upon the closing of the Bode acquisition, intends to operate three business segments serving commercial and government clients: Security and Intelligence (through Guidepost Solutions LLC), Identity Solutions (through The Bode Technology Group), and Situational Awareness. (through 3DRS International, Inc.). Guidepost Solutions LLC, which purchased SafirRosetti in April 2010, is currently headed by Bart Schwartz, the founder of Decision Strategies and former Chief of the Criminal Division of the Southern District of New York, and Joe Rosetti , the cofounder of SafirRosetti and former Vice Chairman of Kroll Associates. It is expected that upon the consummation of the Bode acquisition, Mr. Schwartz will serve as LSR’s Chairman of the Board and CEO while Mr. Rosetti will be a Vice Chairman of LSR.

Statements in this press release regarding the company’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. The company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1994, and as such, speak only as of the date made. To the extent the content of this press release includes forward-looking statements, they involve various risks and uncertainties including the successful integration of acquired businesses and revenue run rates.

Certain of these risks and uncertainties will be described in greater detail in GlobalOptions Group’s filings with the Securities and Exchange Commission. GlobalOptions Group is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

In connection with the proposed transaction, the Company will file a proxy statement with the SEC. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the proxy statement (when available) and other documents filed by the Company at the SEC’s website at www.sec.gov. The proxy statement and such other documents may also be obtained for free from the Company by directing such request to the Company at 75 Rockefeller Plaza, 27th Floor, New York, New York 10019, Attention: Chief Financial Officer, or by telephone at (212) 445-6262.

The Company and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its stockholders in connection with the proposed transaction. Certain executive officers and directors of the Company have interests in the transaction that may differ from the interests of shareholders generally, including without limitation acceleration of vesting of stock options, restricted stock and restricted stock units, and other benefits conferred under employment agreements. These interests will be described in the proxy statement when it becomes available. Information concerning the interests of the Company’s participants in the solicitation is set forth in the Company’s proxy statements and Annual Reports on Form 10-K, previously filed with the SEC, and in the proxy statement relating to the transaction when it becomes available.

Thursday, August 12th, 2010 Uncategorized Comments Off on GlobalOptions Group (GLOI) Agrees to Sell its Forensic DNA Solutions and Products Unit

CAMAC Energy Inc. (CAK) is “One to Watch”

CAMAC Energy Inc. is a dynamic, independent energy company that targets high return, early cash flow global energy projects. Maintaining a balanced portfolio which includes upstream operations and downstream opportunities in Asia and West Africa, the company is committed to building success through strategic vision, unparalleled experience, and responsible corporate governance.

The company’s principal assets include interests in the Oyo Oilfield, an offshore oil asset in deepwater Nigeria that started production in December 2009; a 100% interest in the Zijinshan CBM gas asset located in the Shanxi Province, China; and the Enhanced Oil Recovery and Production (EORP) business in Northern China. Headquartered in Hartsdale, New York, CAMAC Energy has additional offices in Houston, Texas; Beijing, China; and Lagos, Nigeria.

CAMAC Energy strives to maximize shareholder value by actively identifying and managing high-return global energy projects. The company reduces exposure and risks through diversification and a balanced portfolio of assets that offer both short-term cash flow and long-term growth potential. As part of their business strategy, CAMAC Energy actively manages its investments and on-going operations by forming strategic partnerships and alliances.

Earlier this week the company announced its financial results for the second quarter ended June 30, 2010. In the news release, CAMAC Energy noted a “transformation in the cash flow story” as second quarter cash flow from operations increased to a positive $15.6 million from a negative $2.6 million for the same period in 2009. Also notable, the company reported no short-term or long-term debt, other than $6.8 million related to the Oyo Oilfield acquisition which has since then been paid in full.

In other recent news, CAMAC Energy signed a memorandum of understanding (“MOU”) with CAMAC Energy Holdings Limited, CAMAC International (Nigeria) Limited, and Allied Energy Resources Nigeria Limited to acquire full interest in Oil Mining Leases 120 and 121 located offshore Nigeria. The companies intend to finalize negotiations and related due diligence with a goal of entering into a definitive agreement on or before October 15, 2010.

Commenting on the MOU, CEO Mr. Bill Dozier, stated the following, “We are very excited about the growth opportunities this acquisition could bring to our Company. This builds upon the successful movement by the Company to a cash flow positive position which we announced yesterday in our second quarter results and which is further elaborated in my Letter to Shareholders which was posted on our Company website today (www.camacenergy.com).”

With a strong track record of rapid success and a hard working management team actively pursuing additional growth opportunities, CAMAC Energy is a company investors will want to keep an eye on.

Thursday, August 12th, 2010 Ones to Watch Comments Off on CAMAC Energy Inc. (CAK) is “One to Watch”

Supreme Industries (STS) Reports Second-Quarter and First-Half 2010 Financial Results

GOSHEN, Ind.–(BUSINESS WIRE)–Supreme Industries, Inc. (NYSE Amex: STS), a leading manufacturer of specialized commercial vehicles, including truck bodies, shuttle buses, armored vehicles and homeland response vehicles, today announced financial results for its second quarter and first half ended June 26, 2010.

During the second quarter, the Company experienced improved demand for all major product lines including truck, bus and armored vehicles. Sales order backlog at June 26, 2010, was up 35% to $91.7 million, versus $68.1 million at year-end 2009, and up 50% from $61.2 million a year ago.

Net sales for the 2010 second quarter increased 27% to $60.5 million, compared with $47.6 million in the prior-year quarter. For the first six months of 2010, net sales increased 13% to $109.0 million, versus $96.2 million in 2009’s first half.

Compared with last year’s second quarter, sales in Supreme’s core dry-freight and armored vehicle divisions improved 39% and 52%, respectively. The Company’s bus division posted a 5% sales increase versus the prior-year period. Net sales also improved in each of the Company’s primary product lines during the first half of 2010, with dry-freight and armored vehicles reporting 10% and 11% gains, respectively. Bus sales increased 24% versus the first six months of 2009.

The second-quarter loss from continuing operations before income taxes was $18,000, compared with the pre-tax loss of $1.5 million for the year-ago quarter. For the first half of 2010, the Company reported a loss from continuing operations before income taxes of $2.4 million, versus the 2009 pre-tax loss of $4.4 million. The Company did not record an income tax benefit for the three and six months ended June 26, 2010, due to having fully utilized its loss carryback benefits in 2009. This resulted in a valuation allowance for the potential future tax benefits of the net operating loss. Accordingly, the after-tax loss from continuing operations was $18,000, or breakeven on a per-share basis, compared with an after-tax loss of $0.9 million, or $0.07 per share, in 2009’s second quarter. For the first six months of 2010, the after-tax loss from continuing operations was $2.4 million, or $0.17 per share, compared with an after-tax loss of $2.1 million, or $0.15 per share, in 2009’s comparable period.

Supreme’s President and Chief Operating Officer Robert W. Wilson commented: “Improving truck markets allowed Supreme to realize revenue growth in its major truck product categories, but such growth has to be viewed in the context of the severely depressed levels of truck sales in 2009. We believe that, as a result of the above-average fleet age, an increasing freight tonnage index and our improving performance, as well as other economic indicators, the market for our core truck products should continue to gradually recover.”

Second-quarter gross profit increased 55%, or more than $2.1 million, to $5.9 million, up from $3.8 million last year. Gross profit margin as a percentage of net sales improved to 9.7% for the 2010 second quarter and 8.6% for the first half of 2010. That compares with 8.1% in the second quarter of 2009 and 7.0% in the first half of 2009. The year-over-year gross margin increases for both periods were primarily the result of higher unit volume.

Selling, general and administrative expenses increased $0.5 million, or 10%, to $5.7 million for the second quarter and, for the first half, were up 5% to $11.3 million. This compares with SG&A of $5.2 million and $10.8 million for the respective periods in 2009. The increases were primarily attributable to higher selling expenses as a result of increased sales volumes. As a percentage of net sales, SG&A declined to 9%, compared with 11% of sales in the second quarter of 2009. For the first half, SG&A expense was 10% of sales, versus 11% in last year’s first half.

Interest expense was $0.4 million and $0.9 million for the second quarter and first half of 2010, respectively, compared with $0.5 million and $1.0 million for the corresponding periods in 2009.

Net cash used for operating activities during the first half of 2010 totaled $2.2 million and primarily reflected increased inventory to support higher sales levels and backlog. Working capital was $21.1 million at June 26, 2010, compared with $21.5 million at year-end 2009, and the working capital ratio was 1.4 to 1 versus 1.5 to 1. Total debt was relatively flat at $28.8 million at June 26, 2010, and as a percentage of total assets, stood at 25.2%, versus 25.0% at Dec. 26, 2009. Stockholders’ equity was $60.5 million, or $4.23 per share, at the end of the second quarter, compared with $62.6 million, or $4.40 per share, at Dec. 26, 2009.

Wilson concluded: “Actions taken during the economic downturn contributed to meaningful improvements in our second-quarter operating performance. Our efforts have positioned us to benefit from a gradually recovering economic environment, as pent-up demand is starting to translate into orders. Although certain signals point to an improving market for our products, we remain cautious and continue to focus on managing costs, enhancing revenue opportunities at higher margins and further reducing debt as we restore profitability.”

A live webcast of Supreme Industries’ earnings conference call can be heard Thursday, Aug. 12, 2010, at 9 a.m. Eastern Time at http://www.SupremeInd.com. Those unable to participate in the live conference call may access a replay, which will be available on the Company’s website for approximately 30 days.

To be added to Supreme Industries’ e-mail distribution list, please click on the link below:

http://www.clearperspectivegroup.com/clearsite/sts/emailoptin.html

News releases and other information on the Company are available on the Internet at:

http://www.SupremeInd.com or http://www.b2i.us/irpass.asp?BzID=1482&to=ea&s=0

About Supreme Industries

Supreme Industries, Inc. (NYSE Amex: STS), is a nationwide manufacturer of specialized truck bodies produced to the specifications of its customers. Supreme also manufactures special-purpose “shuttle-type” buses, armored vehicles and homeland response vehicles. The Company’s transportation equipment products are used by a wide variety of industrial, commercial, law enforcement and homeland security customers.

This report contains forward-looking statements, other than historical facts, which reflect the view of management with respect to future events. When used in this report, words such as “believe,” “expect,” “anticipate,” “estimate,” “intend,” and similar expressions, as they relate to the Company or its plans or operations, identify forward-looking statements. Such forward-looking statements are based on assumptions made by, and information currently available to, management. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that the expectations reflected in such forward-looking statements are reasonable, and it can give no assurance that such expectations will prove to be correct. Important factors that could cause actual results to differ materially from such expectations include, without limitation, an economic slowdown in the specialized vehicle industry, limitations on the availability of chassis on which the Company’s product is dependent, availability of raw materials, raw material cost increases and severe interest rate increases. Furthermore, the Company can provide no assurance that such raw material cost increases can be passed on to its customers through implementation of price increases for the Company’s products. The forward-looking statements contained herein reflect the current view of management with respect to future events and are subject to those factors and other risks, uncertainties, and assumptions relating to the operations, results of operations, cash flows and financial position of the Company. The Company assumes no obligation to update the forward-looking statements or to update the reasons actual results could differ from those contemplated by such forward-looking statements.

─FINANCIAL TABLES FOLLOW─

Supreme Industries, Inc. and Subsidiaries

Consolidated Statements of Operations

Three Months Ended Six Months Ended
June 26, June 27, June 26, June 27,
2010 2009 2010 2009
Revenue:
Net sales $ 60,544,185 $ 47,582,740 $ 109,041,002 $ 96,204,729
Cost of sales 54,665,742 43,740,823 99,654,089 89,458,736
Gross profit 5,878,443 3,841,917 9,386,913 6,745,993
Selling, general and administrative expenses 5,716,945 5,196,414 11,336,875 10,842,867
Other income (179,837 ) (374,548 ) (397,005 ) (674,287 )
Operating income (loss) 341,335 (979,949 ) (1,552,957 ) (3,422,587 )
Interest expense 359,430 519,552 878,750 976,878
Loss from continuing operations before income taxes (18,095 ) (1,499,501 ) (2,431,707 ) (4,399,465 )
Income tax benefit (573,416 ) (2,288,622 )
Loss from continuing operations (18,095 ) (926,085 ) (2,431,707 ) (2,110,843 )
Discontinued operations
Operating loss of discontinued
motorhome operations (143,970 ) (180,961 ) (138,766 ) (394,180 )
Net Loss
$ (162,065 ) $ (1,107,046 ) $ (2,570,473 ) $ (2,505,023 )
Loss Per Share
Loss from continuing operations $ (0.00 ) $ (0.07 ) $ (0.17 ) $ (0.15 )
Loss from discontinued operations (0.01 ) (0.01 ) (0.01 ) (0.03 )
Net Loss $ (0.01 ) $ (0.08 ) $ (0.18 ) $ (0.18 )
Shares used in the computation of loss per share:
Basic 14,292,955 14,185,065 14,274,747 14,165,215
Diluted 14,292,955 14,185,065 14,274,747 14,165,215
Supreme Industries, Inc. and Subsidiaries

Consolidated Condensed Balance Sheets
June 26, Dec. 26,
2010 2009
Assets
Current assets $ 72,716,432 $ 66,002,138
Property, plant and equipment, net 41,074,669 42,237,084
Other assets 567,712 1,181,357
Total assets $114,358,813 $109,420,579
Liabilities
Current liabilities $ 51,618,705 $ 44,508,269
Long-term debt 991,308 1,115,410
Deferred income taxes 1,211,262 1,211,262
Total liabilities 53,821,275 46,834,941
Total stockholders’ equity 60,537,538 62,585,638
Total liabilities and stockholders’ equity $114,358,813 $109,420,579
Wednesday, August 11th, 2010 Uncategorized Comments Off on Supreme Industries (STS) Reports Second-Quarter and First-Half 2010 Financial Results

PHC, Inc.’s (PHC) Seven Hills Behavioral Institute Receives CMS Approval

PEABODY, Mass., Aug. 11 /PRNewswire-FirstCall/ — PHC, Inc., d/b/a Pioneer Behavioral Health (NYSE Amex: PHC), a leading provider of inpatient and outpatient behavioral health services, today announced that its Seven Hills Behavioral Institute, located in Henderson, Nevada, has obtained Centers for Medicare and Medicaid services (CMS) approval and the facility can immediately accept patients enrolled in the Medicare program.

“We are pleased to achieve this important approval, as we will now be able to provide our important treatment services to a wider population of potential patients,” commented Bruce A. Shear, Pioneer’s President and CEO. “The census at this facility has been increasing steadily, and we continue to see consistently strong demand in the region. The recently opened 10-bed adolescent unit has added to this demand and reinforced our confidence that this facility can contribute significantly to our profitability in the near term. With this certification, the Seven Hills Behavioral Institute has the potential to add as much as five cents per year to the Company’s earnings per share.”

About PHC d/b/a Pioneer Behavioral Health

PHC, Inc., d/b/a Pioneer Behavioral Health, is a national healthcare company providing behavioral health services in five states, including substance abuse treatment facilities in Utah and Virginia, and inpatient and outpatient psychiatric facilities in Michigan, Pennsylvania, and Nevada. The Company also offers internet and telephonic-based referral services that includes employee assistance programs and critical incident services. Contracted services with government agencies, national insurance companies, and major transportation and gaming companies cover more than one million individuals. Pioneer helps people gain and maintain physical, spiritual and emotional health through delivering the highest quality, most culturally responsive and compassionate behavioral health care programs and services. For more information, visit www.phc-inc.com.

Statement under the Private Securities Litigation Reform Act of 1995

This press release may include “forward-looking statements” that are subject to risks and uncertainties. Forward-looking statements include information about possible or assumed future results of the operations or the performance of the Company and its future plans and objectives. Various future events or factors may cause the actual results to vary materially from those expressed in any forward-looking statements made in this press release. For a discussion of these factors and risks, see the Company’s annual report on Form 10-K for the most recently ended fiscal year.

Wednesday, August 11th, 2010 Uncategorized Comments Off on PHC, Inc.’s (PHC) Seven Hills Behavioral Institute Receives CMS Approval

Universal Power Group (UPG) Reports Record Second Quarter Net Income

CARROLLTON, Texas–(BUSINESS WIRE)–Universal Power Group, Inc. (NYSE Amex: UPG), a Texas-based distributor and supplier of batteries and related power accessories and a third-party logistics provider, today announced financial results for the second quarter and six months ended June 30, 2010.

For the second quarter, UPG reported record net income of $0.8 million, or $0.17 per share, on net sales of $28.4 million. These results compare with net income of $0.6 million, or $0.12 per share, on net sales of $27.9 million reported in the second quarter of 2009.

“We are very pleased with the 38 percent growth in our bottom line results in the second quarter,” stated UPG’s President and Chief Executive Officer, Ian Edmonds. “While our revenues continued to be affected by weakness in consumer confidence and employment in the broader economy, the actions we’ve taken over the past few quarters, such as the changes to our sales force made at the end of 2009, have yielded positive results. In the second quarter, our sales of batteries, related power accessories and other products posted solid and broad-based gains across new and existing customers. We continued to carefully manage our operating expenses in order to lower our costs, and improve operating efficiency while remaining responsive to the demands of our customers.”

Second Quarter and Six Month Overview

Net sales for the second quarter rose 1.6 percent, to $28.4 million, from $27.9 million in the second quarter of 2009. Net sales of batteries, related power accessories and other products to customers other than Broadview Security and its authorized dealers grew 18.1 percent, to $17.7 million in the second quarter of 2010, compared to $15.0 million for the second quarter of 2009. Net sales to Broadview Security and its authorized dealers in the second quarter were $10.7 million, a decrease of 17.5 percent from $12.9 million in the same quarter of 2009. Net sales to Broadview Security and its authorized dealers accounted for 37.6 percent of total net sales in the second quarter of 2010, compared to 46.3 percent of total net sales in the second quarter of 2009.

Higher net sales, continued cost control and better sourcing efficiency – partially offset by UPG’s decision to employ more aggressive pricing in the current competitive environment – resulted in 17.8 percent gross margins for the quarter, compared to 17.7 percent for the second quarter of 2009. UPG reported gross profit of $5.1 million in the quarter, compared to gross profit of $5.0 million in the second quarter of 2009. Operating expenses decreased by $0.1 million, or 3.4 percent, to $3.7 million in the second quarter, compared to $3.8 million in the second quarter of 2009, due mainly to the Company’s continued efforts to control operating costs and improved operating efficiency.

For the second quarter of 2010, UPG reported operating income of $1.4 million and pre-tax income of $1.2 million, compared to operating income of $1.2 million and pre-tax income of $0.9 million in the second quarter of 2009. At the bottom line, UPG reported net income of $0.8 million, or $0.17 per share, compared to net income of $0.6 million, or $0.12 per share, in the second quarter of 2009.

For the first six months of 2010, net sales fell 2.2 percent, to $54.4 million, from $55.6 million in the comparable period of 2009. Net sales of batteries, related power accessories and other products to customers other than Broadview Securities and its authorized dealers grew 8.4 percent, to $32.7 million in the first six months of 2010, compared to $30.2 million for the comparable period of 2009. Net sales to Broadview Security and its authorized dealers in the first six months of 2010 were $21.7 million, a decrease of 14.7 percent from $25.4 million in the same period of 2009. Net sales to Broadview Security and its authorized dealers accounted for 39.9 percent of total net sales in the first six months of 2010, compared to 45.8 percent of total net sales in the first six months of 2009.

Lower net sales combined with increased inventory reserves and tooling costs contributed to lower gross profit of $9.5 million, or 17.4 percent of sales, compared to $9.9 million, or 17.8 percent of sales for the first six months of 2009. Total operating expenses decreased $2.8 million, or 28.3 percent to $7.1 million, from $10.0 million in the prior year. However, the 2009 amount includes settlement expenses of $2.5 million relating to the departure of the Company’s former chief executive officer and the cancellation of the Company’s relationship with its principal purchasing agent. Excluding the settlement costs, operating expenses improved by approximately $0.3 million.

For the first six months of 2010, UPG reported operating income of $2.4 million and pre-tax income of $2.0 million, compared to an operating loss of $39,000 and a pre-tax loss of $0.5 million in the comparable period of 2009. Excluding the settlement expenses incurred in the first quarter of 2009, UPG’s non-GAAP operating income for the 2009 period was $2.5 million, and non-GAAP pre-tax income was $2.0 million. The reduction in operating income in 2010 compared to non-GAAP operating income in 2009 was due primarily to decreases in net sales and associated gross profit, partially offset by reductions in operating expenses. UPG reported net income for the first six months of 2010 of $1.3 million, or $0.27 per share, compared to a net loss of $1.1 million, or $0.23 per share, in the first six months of 2009.

Balance Sheet and Financial Position

In the second quarter, inventory was reduced by $1.7 million, to $27.2 million, from $28.9 million at the end of the first quarter, continuing management’s objective of maintaining inventory levels to meet current levels of demand. Accounts receivable increased by $1.6 million from last quarter, while accounts payable increased by $1.8 million during the quarter. The outstanding balance on UPG’s line of credit was reduced to $11.7 million, compared to $17.2 million last quarter and $15.2 million at the end of 2009.

UPG generated operating cash flow of $2.1 million in the six months ended June 30, 2010, compared to operating cash flow of $0.6 million in the same period of 2009, reflecting the significant improvement in net income and continued efforts to control working capital. Given the considerable repayment of debt in the period, the Company ended the quarter with $0.7 million in cash and cash equivalents, down from $2.1 million at year-end.

Logistics Center Realignment

UPG also announced a number of changes to its network of logistics centers as part of its effort to reduce costs and enhance productivity without sacrificing customer service. UPG will consolidate its Oklahoma City logistics center with its main facility in Carrollton, Texas. UPG expects this move will result in improved capacity utilization and lower cost of operations.

In addition to this consolidation, UPG announced that it will move its current logistics center in Columbus, Ga. to Atlanta. The Company believes this relocation will result in better service to its customers on the East Coast who will benefit from closer proximity to air and ground transportation hubs in Atlanta. The move is expected to be completed by the expiration of the current lease at the end of the third quarter.

Edmonds concluded: “The positive results posted for the second quarter illustrate the impact of our effort to grow revenue and control costs. Despite lingering softness in the broad economy, we have taken appropriate steps to further enhance the efficiency of our operations and continue serving the needs of our customers. Over the long term, we see significant growth opportunities within the United States and internationally, but we will maintain a disciplined approach to ensure that our growth is sustainable and supported by the strength of UPG’s balance sheet and operating results.”

Reconciliation of GAAP Operating Income (Loss) and Income (Loss) Before Provision for Income Taxes to Non-GAAP Operating Income and Income Before Provision for Income Taxes (Unaudited)

The following table reconciles GAAP operating income (loss) and GAAP income (loss) before provision for income taxes, as reported, to non-GAAP operating income and non-GAAP income before provision for income taxes. We believe that non-GAAP operating income, which is generally operating income less costs related to settlement agreements, represents our operating efficiency. Non-GAAP operating income and non-GAAP income before provision for income taxes, which are non-GAAP financial measures, should not be considered alternatives to, or more meaningful than, net income prepared on a GAAP basis. Additionally, non-GAAP operating income and non-GAAP income before provision for income taxes may not be comparable to similar metrics used by others in the industry.

Financial Summary (Non-GAAP)
(unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2010 2009 2010 2009
Operating income (loss) and income (loss) before provision for income taxes as reported:
Operating expenses $ 3,657,219 $ 3,786,800 $ 7,130,494 $ 7,421,691
Settlement expenses 2,529,345
Total operating expenses 3,657,219 3,786,800 7,130,494 9,951,036
Operating income (loss) 1,403,503 1,167,653 2,363,201 (38,819)
Interest expense (236,936) (233,246) (398,296) (480,796)
Income (loss) before provision for income taxes 1,166,573 934,407 1,964,905 (519,615)
Non-GAAP measures to exclude settlement expenses from operating expenses:
Settlement expenses 2,529,345
Non-GAAP operating income $ 1,403,503 $ 1,167,653 $ 2,363,201 $ 2,490,526
Non-GAAP income before provision for income taxes $ 1,166,573 $ 934,407 $ 1,964,905 $ 2,009,730

Conference Call Information

Universal Power Group will host an investor conference call today, Wednesday, Aug. 11, 2010 at 11:30 a.m. EDT (10:30 a.m. CDT) to discuss the Company’s financial results for the quarter and six months ended June 30, 2010.

Interested parties may access the conference call by dialing 1.866.730.5768, passcode 40860835. The conference call will also be broadcast live on www.upgi.com and through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson’s individual investor portal. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site.

A replay of the conference call will be made available through Aug. 18, 2010 by calling 1.888.286.8010, passcode 54898566, and an archived webcast will be available at www.upgi.com.

About Universal Power Group, Inc.

Universal Power Group, Inc. (NYSE Amex: UPG) is a leading supplier and distributor of batteries and power accessories, and a provider of supply chain and other value-added services. UPG’s product offerings include proprietary brands of industrial and consumer batteries of all chemistries, chargers, jump-starters, 12-volt accessories, and solar and security products. UPG’s supply chain services include procurement, warehousing, inventory management, distribution, fulfillment and value-added services such as sourcing, battery pack assembly and coordinating battery recycling efforts, as well as product development. For more information, please visit the UPG website at www.upgi.com.

Forward-Looking Statements

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company’s actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “believes,” “belief,” “expects,” “expect,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with Securities and Exchange Commission. Historical financial results are not necessarily indicative of future performance.

UNIVERSAL POWER GROUP, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

ASSETS

June 30,

2010
December 31,

2009
CURRENT ASSETS
Cash and cash equivalents $ 662,277 $ 2,059,475
Accounts receivable:
Trade, net of allowance for doubtful accounts of $628,518 (unaudited) and $452,200 12,255,142 11,440,179
Other 292,102 13,561
Inventories – finished goods, net of allowance for obsolescence of $1,150,137 (unaudited) and $756,671 27,169,530 30,977,213
Current deferred tax asset 1,383,520 1,151,635
Prepaid expenses and other current assets 1,084,970 1,064,152
Total current assets 42,847,541 46,706,215
PROPERTY AND EQUIPMENT
Logistics and distribution systems 1,812,379 1,807,069
Machinery and equipment 991,261 984,918
Furniture and fixtures 394,660 385,940
Leasehold improvements 402,849 388,334
Vehicles 199,992 222,549
Total property and equipment 3,801,141 3,788,810
Less accumulated depreciation and amortization (2,241,940) (1,940,715)
Net property and equipment 1,559,201 1,848,095
OTHER ASSETS 270,335 313,754
NON-CURRENT DEFERRED TAX ASSET 470,242 771,490
TOTAL ASSETS $ 45,147,319 $ 49,639,554
UNIVERSAL POWER GROUP, INC.

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (CONTINUED)

LIABILITIES AND SHAREHOLDERS’ EQUITY

June 30,

2010
December 31,

2009
CURRENT LIABILITIES
Line of credit $ 11,689,710 $ 15,174,305
Accounts payable 10,341,952 11,971,502
Income taxes payable 698,654
Accrued liabilities 819,432 384,976
Current portion of settlement expenses 861,155 955,730
Current portion of capital lease and note obligations 25,952 25,535
Current portion of deferred rent 82,210 92,040
Total current liabilities 23,820,409 29,302,742
LONG-TERM LIABILITIES
Settlement expenses, less current portion 599,894 985,027
Capital lease and note obligations, less current portion 37,764 50,606
Deferred rent, less current portion 36,103
Non-current deferred tax liability 214,009 233,654
Total long term liabilities 851,667 1,305,390
TOTAL LIABILITIES 24,672,076 30,608,132
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Common stock – $0.01 par value, 50,000,000 shares authorized, 5,000,000 shares issued and outstanding 50,000 50,000
Additional paid-in capital 15,983,236 15,951,626
Retained earnings 4,664,125 3,314,887
Accumulated other comprehensive loss (222,118) (285,091)
Total shareholders’ equity 20,475,243 19,031,422
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 45,147,319 $ 49,639,554
UNIVERSAL POWER GROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended June 30, Six Months Ended June 30,
2010 2009 2010 2009
Net sales $ 28,393,923 $ 27,947,335 $ 54,428,718 $ 55,636,258
Cost of sales 23,333,195 22,992,882 44,935,023 45,724,041
Gross profit 5,060,728 4,954,453 9,493,695 9,912,217
Operating expenses 3,657,219 3,786,800 7,130,494 7,421,691
Settlement expenses 2,529,345
Total operating expenses 3,657,219 3,786,800 7,130,494 9,951,036
Operating income (loss) 1,403,509 1,167,653 2,363,201 (38,819)
Interest expense (including $0, $71,102, $0 and $146,831 to Zunicom, Inc.) (236,936) (233,246) (398,296) (480,796)
Income (loss) before provision for income taxes 1,166,573 934,407 1,964,905 (519,615)
Provision for income taxes (323,044) (322,066) (615,667) (617,997)
Net income (loss) $ 843,529 $ 612,341 $ 1,349,238 $ (1,137,612)
Net income (loss) per share
Basic $ 0.17 $ 0.12 $ 0.27 $ (0.23)
Diluted $ 0.17 $ 0.12 $ 0.27 $ (0.23)
Weighted average shares outstanding
Basic 5,000,000 5,000,000 5,000,000 5,000,000
Diluted 5,008,976 5,000,000 5,008,976 5,000,000
UNIVERSAL POWER GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended June 30,
2010 2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ 1,349,238 $ (1,137,612)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 381,965 392,036
Provision for bad debts 168,341 230,000
Provision for obsolete inventory 420,000 170,000
Deferred income taxes 49,718 (53,994)
Gain on disposal of property (2,000)
Stock-based compensation 31,610 (18,230)
Changes in operating assets and liabilities:
Accounts receivable – trade (983,304) (1,604,746)
Accounts receivable – other (278,541) 5,764
Inventories 3,387,683 7,110,306
Prepaid expenses and other current assets (20,818) (184,886)
Income tax receivable/payable (698,654) 193,386
Accounts payable (1,629,551) (7,602,920)
Accrued liabilities 497,429 772,439
Settlement expenses (479,709) 2,390,776
Deferred rent (45,933) (31,382)
Net cash provided by operating activities 2,147,474 630,937
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment (34,889) (31,105)
Proceeds from sales of equipment 2,000
Net cash paid in Monarch acquisition (892,000)
Change in restricted cash 900,000
Net cash used in investing activities (32,889) (23,105)
CASH FLOWS FROM FINANCING ACTIVITIES
Net activity on line of credit (3,484,595) 146,163
Payments on capital lease and note obligations (27,188) (3,400)
Payment on notes payable to Zunicom, Inc. (731,250)
Net cash used in financing activities (3,511,783) (588,487)
Net increase (decrease) in cash and cash equivalents (1,397,198) 19,345
Cash and cash equivalents at beginning of period 2,059,475 326,194
Cash and cash equivalents at end of period $ 662,277 $ 345,539
SUPPLEMENTAL DISCLOSURES
Income taxes paid $ 1,579,341 $ 276,080
Interest paid $ 197,061 $ 480,796
NONCASH FINANCING AND INVESTING ACTIVITIES
Purchase of equipment with a note payable $ $ 38,556
Wednesday, August 11th, 2010 Uncategorized Comments Off on Universal Power Group (UPG) Reports Record Second Quarter Net Income

B.O.S. Better Online Solutions (BOSC) Announces Net Profit for the Second Quarter of 2010

RISHON LEZION, Israel, Aug. 11, 2010 (GLOBE NEWSWIRE) — B.O.S. Better Online Solutions Ltd. (the “Company”, “BOS”) (Nasdaq:BOSCNews), a leading Israeli provider of RFID and supply chain solutions to global enterprises, today reported its financial results for the second quarter, ended June 30, 2010.

Revenues for the second quarter of 2010 amounted to $10.4 million, which reflects 10% growth over the previous quarter, and 30% growth as compared to the second quarter last year.

Backlog as of June 30, 2010, continued to remain at the relatively high level of $12.3 million.

Operating profit for the second quarter amounted to $563,000 compared to an operating loss of $2.1 million in the comparable quarter last year.

Operating profit for the first six months of 2010 amounted to $778,000 compared to an operating loss of $2.4 million in the comparable six month period last year.

Financial expenses for the first six months of 2010 increased to $671,000 from $262,000 in the comparable six months period last year. The increase was attributed mainly to (a) stock based compensation of $139,000, and $100,000 of interest expenses related to the convertible debt raised in July 2009 and (b) expenses related to currency differences in the amount of $71,000 in the first six months of 2010, compared to currency differences income of $70,000 in the comparable six month period last year.

Net profit for the second quarter amounted to $115,000 compared to a net loss of $2.4 million dollars in the comparable quarter last year.

Net profit for the first six months of 2010 amounted to $15,000 compared to a net loss of $3.1 million in the comparable six month period last year.

Excluding the amortization of intangible assets and stock based compensation, BOS’ net profit was $362,000 in the second quarter of 2010, and $488,000 for the first half of 2010, compared to a net loss of $857,000 and of $1.45 million in the comparable periods last year.

Edouard Cukierman, Chairman of the Board, stated, “We are very pleased with these results, which prove that the company has turned itself around. These results reflect the successful execution of our cost-reduction plan. In parallel, we are continuing to expand our RFID activities, and we expect these positive trends to continue in the future.”

Yuval Viner, BOS CEO, stated, “For the first time in many years, we are pleased to report a net profit, as well as two consecutive quarters of operating profit. We are revising our original outlook for 2010: we reiterate our target of $35 million in revenues, and now believe we will end the year with net profit, not only an operating profit. We expect to make several new customer-related announcements in the near future.”

Conference Call

BOS will host a conference call on Wednesday, August 11, 2010 at 10:30 a.m. Eastern Daylight Time/17:30 p.m. Israel Time. A question-and-answer session will follow management’s presentation. Interested parties may participate in the conference call by dialing the following numbers approximately five to ten minutes before the call start time:

North America +1-8662297198
International +972-3-9180688

For those unable to listen to the live call, a replay of the call will be available from the day after the call on the BOS website, at: http://www.boscorporate.com

About BOS

B.O.S. Better Online Solutions Ltd. (Nasdaq:BOSCNews) is a leading Israeli provider of RFID and Supply Chain solutions to global enterprises. BOS’ RFID and supply chain offerings are helping over 2,000 customers worldwide improve the efficiency of enterprise logistics and organizational monitoring and control. BOS’ RFID and mobile division (Israel) offers both turnkey integration services as well as stand-alone products, including best-of-breed RFID and AIDC hardware and communications equipment, BOS middleware, and industry-specific software applications. The Company’s supply chain divisions (Israel and US) provide RFID and electronic components consolidation services to the aerospace, defense, medical, telecommunications industries as well as to enterprise customers worldwide.

For more information, please visit: http://www.boscorporate.com

Use of Non-GAAP Financial Information

BOS reports financial results in accordance with U.S. GAAP and herein provides some non-GAAP measures. These non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. These non-GAAP measures are intended to supplement the Company’s presentation of its financial results that are prepared in accordance with GAAP. The Company uses the non-GAAP measures presented to evaluate and manage the Company’s operations internally. The Company is also providing this information to assist investors in performing additional financial analysis that is consistent with financial models developed by research analysts who follow the Company. The reconciliation set forth below is provided in accordance with Regulation G and reconciles the non-GAAP financial measures with the most directly comparable GAAP financial measures.

Safe Harbor Regarding Forward-Looking Statements

The forward-looking statements contained herein reflect management’s current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results to differ materially from those in the forward-looking statements, all of which are difficult to predict and many of which are beyond the control of BOS. These risk factors and uncertainties include, amongst others, the dependency of sales being generated from one or few major customers, the uncertainty of our being able to maintain current gross profit margins, inability to keep up or ahead of technology and to succeed in a highly competitive industry, inability to maintain marketing and distribution arrangements and to expand our overseas markets, uncertainty with respect to the prospects of legal claims against BOS, the effect of exchange rate fluctuations and general worldwide economic conditions; and additional risks and uncertainties detailed in BOS’s periodic reports and registration statements filed with the U.S. Securities Exchange Commission. BOS undertakes no obligation to publicly update or revise any such forward-looking statements to reflect any change in its expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(U.S. dollars in thousands, except per share amounts)
Six months ended
June 30,
Three months ended
June 30,
2010 2009 2010 2009
(Unaudited) (Unaudited)
Revenues $ 19,857 $ 17,053 $ 10,411 $ 8,009
Inventory allowance and write off (155) (56) (73) (89)
Cost of revenues 15,298 12,989 7,997 6,247
Gross profit 4,714 4,120 2,487 1,851
Operating costs and expenses:
Research and development 182 361 62 153
Sales and marketing 2,736 4,216 1,308 2,201
General and administrative 1,018 784 554 402
Impairment of goodwill 1,218 1,218
Total operating costs and expenses 3,936 6,579 1,924 3,974
Operatingprofit (loss) 778 (2,459) 563 (2,123)
Financial expenses, net (671) (262) (366) (172)
Other expenses, net (88) (219) (81) (52)
Income (loss) before taxes on income 19 (2,940) 116 (2,347)
Taxes on income (4) (192) (1) (41)
Net income (loss) $ 15 $ (3,132) $ 115 $ (2,388)
Basic net income (loss) per share (*) $ 0.01 $ (1.30) $ 0.04 $ (0.95)
Diluted net income (loss) per share (*) $ 0.01 $ (1.30) $ 0.04 $ (0.95)
Weighted average number of shares used in
computing basic net earnings per share (*)
2,627,055 2,395,844 2,626,760 2,475,932
Weighted average number of shares used in
computing diluted net earnings per share (*)
2,753,356 2,395,844 2,753,036 2,475,932
(*) All earnings (loss) per share data are reported after the effect of the 1 for 5 reverse split that occurred on January 12, 2010.
CONDENSED CONSOLIDATED BALANCE SHEET
(U.S. dollars in thousands)
June 30, 2010 December 31, 2009
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $369 $597
Trade receivables, net 10,184 8,685
Other accounts receivable and prepaid expenses 835 1,043
Inventories 7,420 8,776
Investment in other company 361
Total current assets 18,808 19,462
LONG-TERM ASSETS:
Severance pay fund 601 652
Investment in other companies 117 218
Other assets 197 123
Total long-term assets 915 993
PROPERTY, PLANT AND EQUIPMENT, NET 1,179 1,278
OTHER INTANGIBLE ASSETS, NET 1,766 1,999
GOODWILL 4,065 4,172
Total assets $26,733 $27,904
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short-term bank loans and current maturities $11,397 $11,787
Trade payables 4,774 5,097
Employees and payroll accruals 670 652
Deferred revenues 584 731
Accrued expenses and other liabilities 1,171 1,226
Total Current Liabilities 18,596 19,493
LONG-TERM LIABILITIES:
Long-term bank loans, net of current maturities 578 816
Deferred taxes and income tax accruals 365 377
Accrued severance pay 711 770
Convertible notes 2,229 1,886
Other long-term liabilities 625 919
Total long-term liabilities 4,508 4,768
SHAREHOLDERS’ EQUITY 3,629 3,643
Total liabilities and shareholder’s equity $26,733 $27,904
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
Six months ended
June 30,
Three months ended
June 30,
2010 2009 2010 2009
(Unaudited) (Unaudited)
Cash flows provided by (used in) operating activities 297 (1,564) 293 (306)
Net cash provided by (used in) investing activities 21 (1,049) (13) (126)
Net cash provided by (used in) financing activities (546) 1,787 (722) 108
Decrease in cash and cash equivalents (228) (826) (442) (324)
Cash and equivalents at the beginning of the period 597 1,637 $ 811 1,135
Cash and cash equivalents at the end of the period $ 369 $ 811 $ 369 $ 811
CONDENSED CONSOLIDATED EBITDA
(U.S. dollars in thousands)
Six months ended
June 30,
Three months ended
June 30,
2010 2009 2010 2009
(Unaudited) (Unaudited)
Operating Profit (loss) $ 778 $ (2,459) $ 563 $ (2,123)
Add:
Amortization of intangible assets 214 181 117 83
Stock based compensation 120 278 61 230
Depreciation 134 101 66 53
Impairment of goodwill 1,218 1,218
EBITDA $ 1,246 $ (681) $ 807 $ (539)
CONDENSED CONSOLIDATED SALES BY GEOGRAPHIC AREA
(U.S. dollars in thousands)
Six months ended
June 30,
Three months ended
June 30,
2010 2009 2010 2009
(Unaudited) (Unaudited)
America $ 3,485 $ 2,558 $ 1,791 $ 1,362
Far East 907 512 621 240
Europe 2,146 2,387 1,040 1,281
Israel and others 13,319 11,596 6,959 4,896
Total $ 19,857 $ 17,053 $ 10,411 $ 8,009
Wednesday, August 11th, 2010 Uncategorized Comments Off on B.O.S. Better Online Solutions (BOSC) Announces Net Profit for the Second Quarter of 2010

Ameristar Casinos (ASCA) Confirms It is Evaluating Strategic Alternatives

LAS VEGAS–(BUSINESS WIRE)–Ameristar Casinos, Inc. (NASDAQ-GS: ASCA) today confirmed that the Transaction Committee of its Board of Directors is evaluating strategic alternatives to enhance stockholder value, including a possible sale of the Company.

The Company has engaged Lazard and Bank of America Merrill Lynch as its financial advisors and Gibson, Dunn & Crutcher LLP as its legal advisor to assist the Transaction Committee in its evaluation.

The Company noted that there can be no assurance that the exploration of strategic alternatives will result in any transaction. The Company does not intend to disclose developments regarding these matters unless and until its Board of Directors determines that there is a material need to update the market.

About Ameristar

Ameristar Casinos, Inc. is a leading Las Vegas-based gaming and entertainment company known for its premier properties characterized by state-of-the-art casino floors and superior dining, lodging and entertainment offerings. Ameristar’s focus on the total entertainment experience and the highest quality guest service has earned it leading positions in the markets in which it operates. Founded in 1954 in Jackpot, Nev., Ameristar has been a public company since November 1993. The Company has a portfolio of eight casinos in seven markets: Ameristar Casino Resort Spa St. Charles (greater St. Louis); Ameristar Casino Hotel East Chicago (Chicagoland area); Ameristar Casino Hotel Kansas City; Ameristar Casino Hotel Council Bluffs (Omaha, Neb. and southwestern Iowa); Ameristar Casino Hotel Vicksburg (Jackson, Miss. and Monroe, La.); Ameristar Casino Resort Spa Black Hawk (Denver metropolitan area); and Cactus Petes and The Horseshu in Jackpot, Nev. (Idaho and the Pacific Northwest).

Visit Ameristar Casinos’ website at www.ameristar.com (which shall not be deemed to be incorporated in or a part of this news release).

Forward-Looking Information

This release contains certain forward-looking information that generally can be identified by the context of the statement or the use of forward-looking terminology, such as “believes,” “estimates,” “anticipates,” “intends,” “expects,” “plans,” “is confident that,” “should” or words of similar meaning, with reference to Ameristar or our management. Similarly, statements that describe our future plans, objectives, strategies, financial results or position, operational expectations or goals are forward-looking statements. It is possible that our expectations may not be met due to various factors, many of which are beyond our control, and we therefore cannot give any assurance that such expectations will prove to be correct. For a discussion of relevant factors, risks and uncertainties that could materially affect our future results, attention is directed to “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2009, and “Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2010. As noted above, there can be no assurance that the exploration of strategic alternatives will result in any transaction.

Wednesday, August 11th, 2010 Uncategorized Comments Off on Ameristar Casinos (ASCA) Confirms It is Evaluating Strategic Alternatives
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