Archive for October, 2010

General Moly (GMO) Announces Third Quarter Results

LAKEWOOD, Colo.–(BUSINESS WIRE)– General Moly (NYSE Amex: GMO) (TSX:GMO.toNews) announced its unaudited financial results for the third quarter ended September 30, 2010. Net loss for the three month period ended September 30, 2010 was approximately $6.3 million ($0.09 per share), compared to a loss of $2.4 million ($0.03 per share) for the year ago period. Net loss for the nine month period ended September 30, 2010 was approximately $12.4 million ($0.17 per share), compared to a loss of $8.1 million ($0.11 per share) for the year ago period. Net loss for the third quarter was impacted by the previously-announced $5 million ($4 million attributable to General Moly) write down associated with the release of the Eureka Canyon Subdivision Lease.

Consolidated cash balance at the end of the third quarter was approximately $17 million compared to approximately $23 million at the end of the second quarter and approximately $49 million at the end of 2009. During the third quarter, cash use of approximately $6 million was the result of $4 million in development and milling equipment deposit costs and approximately $2 million in General and Administrative costs. The Company anticipates receiving $40 million from the closing of Tranche 1 of the Hanlong equity financing on December 20, 2010, as announced in a separate release on October 26, 2010.

The Company anticipates spending approximately $2 million on previously contracted long-lead milling equipment and associated freight and tax payments in the fourth quarter, in addition to ongoing administrative costs of approximately $3 million. Financial information is included at the end of this release.

FINANCING UPDATE

As announced on October 8, Hanlong received formal approval for the equity investment from the Chinese National Development and Reform Commission. On October 12, Hanlong received the Certificate of Overseas Investment as approval from the Chinese Ministry of Commerce and has filed that Certificate with the State Administration of Foreign Exchange, thus substantially satisfying Hanlong’s Tranche 1 investment conditions. As previously announced, Hanlong will close its purchase of the first $40 million equity tranche in General Moly, representing a 12.5% fully diluted stake and approximately 12 million shares, on December 20, 2010.

PERMITTING UPDATE

The Preliminary Draft Environmental Impact Statement (PDEIS) was completed and provided to Cooperating Agencies on August 18, 2010. These Agencies, in addition to the Company and the Environmental Protection Agency, provided comments on the PDEIS to the Bureau of Land Management (BLM) on September 23, 2010. The BLM and its independent EIS contractor are currently in the process of reviewing and incorporating the comments into a Draft EIS (DEIS). Once the DEIS is complete, the BLM will advance the DEIS through the Notice of Availability process, which is the procedural step to publishing the document in the Federal Register. The Company continues to expect the DEIS to be published later this year, but the time requirement for the BLM to assess comments and to revise the PDEIS, which the Company does not control, could push DEIS publication into early-2011. Following publication of the DEIS, the general public will review and comment on the DEIS and these comments will be considered by the BLM in preparing a Final EIS prior to the issuance of the Record of Decision, which the Company continues to anticipate receiving in mid-2011.

In June 2010, the Company filed change applications with the State Engineer’s office requesting permits to withdraw water at well locations matching those incorporated in the Company’s final hydrology models now approved by the BLM. These change applications went through a publication and protest period, which ended August 23, 2010. The State Engineer has set a hearing date for December 6, 2010, where protests to the Company’s water applications will be heard. Following the hearing, the State Engineer will issue a ruling with respect to the Company’s water applications. The Company remains confident that the State Engineer will rule favorably, and it will be granted required water permits for the Mt. Hope Project in sufficient time to maintain the Company’s current project development timeline.

Following the creation of the Agricultural Sustainability Trust and the Eureka Producer’s Cooperative’s withdrawal of all protests and appeals with respect to the Company’s water applications, the Company has focused on working with the Commissioners of Eureka County to find a solution to the County’s opposition of the Company’s water applications. The Company’s scientific studies continue to indicate that Mt. Hope’s water pumping in Kobeh Valley will have virtually no impact to water in Diamond Valley.

ENGINEERING AND EQUIPMENT PROCUREMENT UPDATE

The Company will restart engineering efforts, which had been paused in March 2009 to conserve cash, following the publication of the Draft EIS. Equipment procurement efforts, which had also been paused, will resume later in the year or early next year. Although the Company has secured orders for most of the long-lead milling equipment, firm orders for much of the mobile mine fleet and other process equipment must still be placed.

MOLYBDENUM MARKET UPDATE

Over the third quarter of 2010, according to Platts Metals Week, spot molybdenum prices peaked at $16.03 per pound at the beginning of September after trading up from a low of $13.88 per pound in mid-July. The market ended the third quarter with a price of $15.35. Price weakness in July was attributed to seasonal summer slowdown due to the European holiday season while higher prices later in the quarter were attributed to a resumption of normal market activities after the summer slowdown. At present, the market seems relatively balanced with prices hovering around the $15 per pound level.

China remains a net importer of molybdenum through August, importing approximately 5.5 million net pounds year-to-date. Low levels of raw exports from China continue to force Korean and Japanese steel producers to source molybdenum from the West.

Additional information on the Company’s third quarter 2010 results will be available in General Moly’s 2010 Form 10-Q, which will be filed with the Securities and Exchange Commission and posted on the Company’s website.

GENERAL MOLY, INC.

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED BALANCE SHEETS

(Unaudited – In thousands except per share amounts)

September 30,
2010
December 31,
2009
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 17,275 $ 48,614
Deposits, prepaid expenses and other current assets 72 179
Total Current Assets
17,347 48,793
Mining properties, land and water rights 107,279 101,190
Deposits on project property, plant and equipment 67,553 42,648
Restricted cash held for electricity transmission 12,286 12,286
Restricted cash held for reclamation bonds 1,133 1,133
Non-mining property and equipment, net 401 553
Other assets 2,994 2,994
TOTAL ASSETS $ 208,993 $ 209,597
LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST AND EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 4,475 $ 3,799
Current portion of long term debt 139 163
Total Current Liabilities 4,614 3,962
Provision for post closure reclamation and remediation costs 561 586
Deferred gain 200 100
Long term debt, net of current portion 10,267 268
Total Liabilities 15,642 4,916
COMMITMENTS AND CONTINGENCIES
CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST
98,754 99,761
EQUITY
Common stock, $0.001 par value; 200,000,000 shares authorized, 72,592,538
and 72,437,538 shares issued and outstanding, respectively
73 72
Additional paid-in capital 189,332 187,290
Accumulated deficit before exploration stage (213 ) (213 )
Accumulated deficit during exploration and development stage (94,595 ) (82,229 )
Total Equity 94,597 104,920
TOTAL LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST AND EQUITY
$ 208,993 $ 209,597
GENERAL MOLY, INC.

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited – In thousands, except per share amounts)

Three Months Ended
Nine Months Ended
January 1, 2002
(Inception of
Exploration
Stage) to
September 30,
2010
September

30, 2010

September

30, 2009

September

30, 2010

September

30, 2009

REVENUES $ $ $ $ $
OPERATING EXPENSES:
Exploration and evaluation 191 273 499 638 38,009
Writedowns of development and deposits
5,038 378 5,038 378 5,416
General and administrative expense
2,037 1,705 7,741 7,341 56,349
TOTAL OPERATING EXPENSES
7,266 2,356 13,278 8,357 99,774
LOSS FROM OPERATIONS (7,266 ) (2,356 ) (13,278 ) (8,357 ) (99,774 )
OTHER INCOME AND EXPENSE
Interest and dividend income 3 6 9 15 3,972
Interest expense
(63 ) (104 ) (104 )
Other income 65
TOTAL OTHER INCOME AND EXPENSE
(60 ) 6 (95 ) 15 3,933
LOSS BEFORE TAXES (7,326 ) (2,350 ) (13,373 ) (8,342 ) (95,841 )
Income Taxes
NET LOSS $ (7,326 ) $ (2,350 ) $ (13,373 ) $ (8,342 ) $ (95,841 )
Less: Net loss attributable to contingently redeemable noncontrolling interest
1,007 1,007 239 1,246
NET LOSS ATTRIBUTABLE TO GENERAL MOLY, INC.
$ (6,319 ) $ (2,350 ) $ (12,366 ) $ (8,103 ) $ (94,595 )
Basic and diluted net loss attributable to General Moly per share of common stock $ (0.09 ) $ (0.03 ) $ (0.17 ) $ (0.11 )
Weighted average number of shares outstanding – basic and diluted 72,571 72,393 72,562 72,154
GENERAL MOLY, INC.
(A DEVELOPMENT STAGE COMPANY)
CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited – In thousands)

Nine Months Ended
January 1, 2002
(Inception of
Exploration
Stage) to
September 30,
2010
September 30,
2010
September 30,

2009
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss $ (13,373 ) $ (8,342 ) $ (95,841 )
Adjustments to reconcile net loss to net cash used by operating activities:
Services and expenses paid with common stock 1,990
Repricing of warrants 585 585
Writedowns of development and deposits 5,038 378 5,416
Depreciation and amortization 273 259 1,170
Interest expense 104 104
Equity compensation for employees and directors 940 1,330 14,398
Decrease in deposits, prepaid expenses and other 107 112 20
Decrease in restricted cash held for electricity transmission 259 (12,286 )
Increase (decrease) in accounts payable and accrued liabilities 424 (1,027 ) 3,789
(Decrease) increase in post closure reclamation and remediation costs (25 ) (145 ) 352
Net cash used by operating activities (5,927 ) (7,176 ) (80,303 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for the purchase of equipment (7 ) (1,424 )
Purchase of securities (137 )
Purchase and development of mining properties, land and water rights (10,534 ) (17,520 ) (105,167 )
Deposits on property, plant and equipment (24,905 ) (9,093 ) (67,931 )
Proceeds from option to purchase agreement 100 100 200
Increase in restricted cash held for reclamation bonds (642 )
Cash provided by sale of marketable securities 246
Net cash used by investing activities (35,339 ) (26,520 ) (174,855 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of stock, net of issuance costs 56 99 165,260
Proceeds from debt 10,000 10,000
Cash proceeds from POS-Minerals Corporation 100,000
Cash paid to POS-Minerals Corporation for purchase price adjustment (2,994 )
Decrease in restricted cash – Eureka Moly, LLC 13,878
Net (decrease) increase in leased assets (129 ) (97 ) 121
Net cash provided by financing activities 9,927 13,880 272,387
Net (decrease) increase in cash and cash equivalents (31,339 ) (19,816 ) 17,229
Cash and cash equivalents, beginning of period 48,614 78,462 46
Cash and cash equivalents, end of period $ 17,275 $ 58,646 $ 17,275
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Equity compensation capitalized as development $ 714 $ 714 $ 5,793
Restricted cash held for reclamation bond acquired in an acquisition 491
Post closure reclamation and remediation costs and accounts payable assumed in an acquisition 263
Common stock and warrants issued for property and equipment 1,586

General Moly is a U.S.-based molybdenum mineral development, exploration and mining company listed on the NYSE Amex (formerly the American Stock Exchange) and the Toronto Stock Exchange under the symbol GMO. Our primary asset, our interest in the Mt. Hope project located in central Nevada, is considered one of the world’s largest and highest grade molybdenum deposits. Combined with our second molybdenum property, the Liberty project that is also located in central Nevada, our goal is to become the largest primary molybdenum producer by the middle of the decade. For more information on the Company, please visit our website at http://www.generalmoly.com.

Forward-Looking Statements

Statements herein that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor created by such sections. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected, or implied by the Company. These risks and uncertainties include, but are not limited to, metals price and production volatility, global economic conditions, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, exploration risks and results, political, operational and project development risks, including the Company’s ability to obtain required permits to commence production and its ability to raise required financing, adverse governmental regulation and judicial outcomes. The closing of the Hanlong transaction and obtaining bank financing are subject to a number of conditions precedent that may not be fulfilled. For a detailed discussion of risks and other factors that may impact these forward-looking statements, please refer to the Risk Factors and other discussion contained in the Company’s quarterly and annual periodic reports on Forms 10-Q and 10-K, on file with the SEC. The Company undertakes no obligation to update forward-looking statements.

Contact:

General Moly
Investors:
Seth Foreman, 303-928-8591
sforeman@generalmoly.com
or
Business Development:
Greg McClain, 303-928-8601
gmcclain@generalmoly.com
info@generalmoly.com
http://www.generalmoly.com
Friday, October 29th, 2010 Uncategorized Comments Off on General Moly (GMO) Announces Third Quarter Results

Graham Corp. (GHM) Reports 10% Net Margin on Sales of $15.7 Million

BATAVIA, N.Y.–(BUSINESS WIRE)– Graham Corporation (NYSE Amex: GHM), a designer and manufacturer of critical equipment for the oil refining, petrochemical and power industries, today reported its financial position and results of operations for its second quarter and six-month period ended September 30, 2010. Graham’s current fiscal year ends March 31, 2011, and is referred to as “fiscal 2011.”

Net sales were $15.7 million in the second quarter of fiscal 2011, slightly below net sales of $16.1 million in the prior year’s second quarter, but 18% above net sales of $13.4 million in the trailing first quarter of fiscal 2011. Net income in the second quarter was $1.6 million, or $0.16 per diluted share. Net income in the second quarter of fiscal 2011 was up 6% from net income of $1.5 million, or $0.15 per diluted share, in the same period last year and was 77% above net income in the trailing first quarter of fiscal 2011 on higher volume. Net income and earnings per diluted share in the second quarter of the prior fiscal year were negatively impacted by $0.5 million and $0.05, respectively, due to a tax charge and restructuring expenses.

Mr. James R. Lines, Graham’s President and Chief Executive Officer, commented, “The quick action to align costs with our revenue and the productivity gains realized from our continuous improvement program that we have implemented over the past four years enabled us to remain profitable through the trough of the cycle these past four quarters. During this past quarter revenue expanded as we began converting our large backlog into sales. We anticipate that modest revenue expansion will continue in the third quarter and accelerate somewhat in the fourth quarter of FY11.”

Continued Improvement in International Markets

International sales, which represented 52% of total sales in the second quarter of fiscal 2011 compared with 50% of total sales in fiscal 2010’s second quarter, were $8.2 million. The slight increase from $8.0 million during the same quarter of fiscal 2010 helped to offset declines in domestic sales. Sales to South America, Mexico and Africa grew while sales to Asia and the Middle East declined. U.S. sales in the second quarter of fiscal 2011 were $7.5 million, compared with $8.1 million in the prior year’s second quarter, a decline of 7%. U.S. sales comprised 48% of total sales in the current quarter compared with 50% in last year’s second quarter. The decline in U.S. sales, both on a dollar and relative basis, was the result of the continued slowdown in the U.S. refining industry, driven by an uncertain regulatory environment and a decline in demand for petroleum products and gasoline related to the weak economy, sustained high levels of unemployment and increased conservation efforts.

Thirty-four percent of Graham’s sales in the second quarter of fiscal 2011 were to the refining industry compared with 44% of sales in the same period of the prior fiscal year. Approximately 32% of sales were to the chemical/petrochemical industry during the second quarter of fiscal 2011 compared with 33% in the prior year’s second quarter, while sales to other commercial and industrial applications accounted for 34% of sales, approximately half of which were to the renewable energy markets, up from 23% in last year’s second quarter.

Fluctuations in Graham’s sales among geographic locations and industries can vary measurably from quarter to quarter based on the timing and magnitude of projects. Graham does not believe that such quarter-to-quarter fluctuations are indicative of business trends, which it believes are more apparent on at least a trailing 12-month basis. Nevertheless, Graham expects that international sales will continue to comprise a larger portion of future revenue in fiscal 2011 and beyond.

Solid Operating Performance During Bottom of Cycle

Gross profit was $5.3 million, or 34% of sales, in the second quarter of fiscal 2011. Gross profit was $5.9 million, or 36% of sales, in the same period of the prior fiscal year. However, gross profit margin was up from 29% in the trailing first quarter of fiscal 2011. Improvements in gross profit margin were based on increased volume and favorable product and geographic mix.

Selling, general and administrative (“SG&A”) expenses in the second quarter were $3.0 million, approximately the same as in the same prior year period. As a percentage of sales, SG&A was approximately 19% in both periods and was consistent with the level of SG&A spending in the first quarter of fiscal 2011.

Operating profit in the second quarter of fiscal 2011 was $2.3 million, down from operating profit of $2.7 million in the second quarter of fiscal 2010. The decrease was primarily a result of more competitive pricing environment. Operating margin was 15% in the current quarter compared with 17% in the prior year’s second fiscal quarter, but measurably improved over operating margin of 10% in the trailing first quarter of fiscal 2011.

Interest income in the second quarter of fiscal 2011 increased to $18 thousand compared with $15 thousand in the same period of the prior fiscal year primarily as a result of a higher level of invested cash.

Graham’s effective tax rate in the second quarter of fiscal 2011 was 33%. The effective tax rate for the second quarter of fiscal 2010 was 46% and included a charge for unrecognized tax benefits related to the Company’s previously claimed research and development tax credits.

First Half Fiscal 2011 Review

Net sales for the first six months of fiscal 2011 were $29.1 million, a decline of $7.2 million, or 20%, compared with net sales of $36.2 million in the first six months of fiscal 2010. Such decline largely resulted from a significant decline in demand, as order flow stalled 12 to 18 months ago due to very weak economic conditions globally. International sales increased to 55% of sales during the first six months of fiscal 2011 compared with 49% in fiscal 2010. U.S. sales were down to 45% of sales for the six-month period, compared with 51% in the fiscal 2010 six-month period.

Sales to the refining industry accounted for 30% of revenue in the first six months of fiscal 2011, down from 45% in same period of fiscal 2010. Chemical/petrochemical sales were 35% of revenue compared with 28% in the prior year and sales to other commercial and industrial applications represented 35% of sales in the fiscal 2011 six-month period compared with 27% in the six-month period of fiscal 2010.

Gross profit for the fiscal 2011 six-month period was $9.2 million, or 32% of sales, compared with $14.1 million, or 39% of sales, in the prior year period. The decline was primarily related to lower sales, somewhat offset by cost reduction activities, purchasing discipline and improvements in operating efficiencies achieved as part of Graham’s continuous improvement program.

SG&A expenses declined to $5.6 million in the fiscal 2011 six-month period compared with $6.3 million in the first six months of fiscal 2010. The decrease was due primarily to a combination of cost reductions related to fiscal 2010 restructuring initiatives and reduced commissions on lower sales. As a percentage of sales, SG&A was 19% in the first half of fiscal 2011 compared with 17% in the same period the prior year. The increase on a percentage basis was primarily a result of the decline in sales.

Net income in the first six months of fiscal 2011 was $2.4 million, or $0.24 per diluted share, compared with net income of $5.0 million, or $0.50 per diluted share, in the same six-month period of fiscal 2010.

Mr. Jeffrey F. Glajch, Chief Financial Officer, commented, “We believe that this last quarter was the end of a 12-month trough in our business. Although we expect revenue for the second half of fiscal 2011 to continue to trend higher, our margins are not expected to keep pace as we are working through orders won in the highly competitive environment over the past year.”

Balance Sheet Remains Strong with Significant Cash Position

Cash, cash equivalents and investments at September 30, 2010 were $70.8 million compared with $71.2 million at June 30, 2010 and $74.6 million at March 31, 2010. Included in cash and equivalents is a significant amount of negotiated customer deposits which we received near the end of fiscal 2010, approximately $4 million of which has been utilized as planned through the first six months of fiscal 2011 to purchase materials for the related projects. The balance of these remaining deposits is approximately $10 to $12 million and will be used to procure materials for the related projects through fiscal 2013. At September 30, 2010, approximately $64.1 million was invested in U.S. Treasury notes with maturity periods of 91 to 120 days. Graham had no borrowings outstanding at the end of the quarter, excluding $12.4 million in outstanding letters of credit, against its $30.0 million revolving line of credit facility. Graham’s cash and cash equivalents balance at the end of last year’s second quarter was $54.7 million. The notably higher cash balance in the current period when compared with last year resulted both from cash generated from operations during the 12 months ended September 30, 2010, and, as discussed previously, increased customer deposits.

Net cash provided by operating activities for the second quarter of fiscal 2011 was $0.6 million compared with $9.8 million generated in the prior year’s second quarter and $2.8 million used in operations in the fiscal first quarter of 2011. The improvement in cash generated from operations compared with the first quarter was primarily due to higher net income in the current quarter. For the first six months of fiscal 2011, cash used in operations was $2.2 million compared with cash generated from operations of $9.3 million during the same period last year. Graham expects that it will use cash in its operations for the remainder of fiscal 2011 as it continues to utilize customer deposits to purchase inventory for the related customer projects as they enter production.

Capital expenditures were $164 thousand in the second quarter and $689 thousand in the first half of fiscal 2011, compared with $202 thousand for the second quarter and $282 thousand in the first half of fiscal 2010. Capital expenditures in fiscal 2011 are expected to be approximately $2.8 million to $3.3 million, above Graham’s historic annual level of capital spending of $1.5 to $2.0 million. Approximately $1.5 million in equipment will be purchased in order to complete the large U.S. Navy program order that Graham won in the third quarter of fiscal 2010. Approximately 80% of capital spending is expected to be for machinery and equipment. Information technology and other anticipated expenditures are each expected to account for approximately 10% of estimated capital spending.

Outlook

Orders during the second quarter of fiscal 2011 were $10.5 million, above orders of $8.1 million in the first quarter of fiscal 2011, but below orders of $29.6 million in the prior fiscal year’s second quarter. Orders from international customers were 67% of total orders during the second quarter of fiscal 2011, while U.S. customers accounted for 33% of total orders. International orders comprised 47% and 79% of total orders in the first quarter of fiscal 2011 and the second quarter of last year, respectively, while U.S. orders were 53% and 21% of total orders in the respective periods. Graham expects an increasing percentage of orders to come from International customers in fiscal 2011 and beyond.

Mr. Lines commented, “We expect order levels in the second half of fiscal 2011 to improve compared with the first half. We have seen improvements in the Middle East, Asia and recently, South America, and the quality and quantity of inquiries we are receiving is measurably improved. Nonetheless, there remains some hesitation by our customers to commit to projects due to uncertainty in the global outlook.”

Graham’s backlog was $83.3 million at September 30, 2010 compared with $89.1 million at June 30, 2010 and $50.5 million at September 30, 2009. At September 30, 2010, there were two orders in backlog with a value of approximately $2.1 million which remained on hold. An order valued at $3.3 million that was previously on hold was re-activated and is now in production. No orders were cancelled during the second quarter of fiscal 2011. Graham believes it is well-positioned to convert existing backlog to meet customer demand.

Approximately 40% of projects in Graham’s backlog as of the end of the second quarter are for refinery projects, 10% for chemical and petrochemical projects and 50% for power and other markets, compared with 55%, 33% and 12%, respectively, at September 30, 2009. Included in Graham’s backlog are several large orders, including the U.S. Navy’s carrier program order, that are not expected to begin to be delivered until late in fiscal 2011 and beyond. Consequently, Graham expects only about 60% to 70% of its current backlog to ship in the next twelve months, as opposed to the 85% to 90% of backlog that would normally ship in a twelve-month period.

Graham is reaffirming its previous revenue guidance for fiscal 2011 in the range of $65 million to $72 million, an improvement of 5% to 15% over fiscal 2010. However, with 32% gross margin year to date, Graham now expects gross margin for fiscal 2011 will be in the range of 28% to 30%, narrowed from its previous estimate of 27% to 31%. The backlog expected to ship during the latter half of the fiscal year was won in a more competitive pricing environment and, therefore, higher volume and improved capacity utilization will be offset by lower margin opportunity. We expect margins in the third quarter of fiscal 2011 to be particularly affected by the competitive pricing environment of late last year.

Estimated SG&A expense for fiscal 2011 has been lowered slightly, to a range of $11.8 to $12.3 million. The expected annual effective tax rate for fiscal 2011 remains between 30% and 33%.

Mr. Lines concluded, “As we have previously mentioned, we expect the second half of this fiscal year will be stronger than the six-months we just completed, although our margins will be pressured coming out of the pricing environment of the last year. We are looking well beyond fiscal 2011, and are focused on winning opportunities in a very rich pipeline. We see the Middle East, Asia and South America as the regions where order activity will likely be strongest during the next business cycle, albeit spotty, as recent fluctuations have demonstrated. In addition, we expect opportunities to surface occasionally in other regions, such as Africa and Canada, which are also showing signs of renewed strength. On the other hand, although the U.S. market, particularly in oil refining, is expected to remain weak for the foreseeable future, we will continue to work with our U.S. customers as we lay the groundwork for an eventual rebound.”

”We have also begun to see more realistic valuations on the acquisition front, as many relatively smaller private companies that are likely acquisition candidates align their expectations with the realities of the downcycle. Our focus is on businesses that provide an opportunity for geographic expansion into stronger markets or product expansion where we can leverage our existing sales channels. In all cases, we are looking for companies with strong management teams offering value-based products that will complement the well-established brand name Graham has built over the last seventy-plus years,” Mr. Lines concluded.

Stock Buyback Program

Graham maintains a stock repurchase program which permits it to repurchase up to one million shares of its common stock through July 29, 2011. Since the initiation of the program in January 2009, Graham has repurchased 351,000 shares at a cost of $3.2 million, including 48,000 shares of common stock repurchased during the second quarter of fiscal 2011 at a cost of $0.7 million.

Webcast and Conference Call

Graham will host a conference call and live webcast today at 11:00 a.m. Eastern Time. During the conference call and webcast, James R. Lines, President and Chief Executive Officer, and Jeffrey F. Glajch, Vice President – Finance & Administration and Chief Financial Officer, will review Graham’s financial condition and operating results for the second quarter of fiscal 2011, as well as Graham’s strategy and outlook. Their review will be accompanied by a slide presentation which will be available on Graham’s Web site at www.graham-mfg.com. A question and answer session will follow the formal discussion.

Graham’s conference call can be accessed by dialing 1-201-689-8560 and requesting conference ID number 358700. The webcast can be monitored on Graham’s Web site at www.graham-mfg.com.

To listen to the archived call, dial 1-858-384-5517, and enter conference ID number 358700. A telephonic replay will be available from 2:00 p.m. Eastern Time on the day of release through November 5, 2010. A transcript will also be available on Graham’s Web site, once available.

ABOUT GRAHAM CORPORATION

With world-renowned engineering expertise in vacuum and heat transfer technology, Graham Corporation is a global designer, manufacturer and supplier of custom-engineered ejectors, pumps, condensers, vacuum systems and heat exchangers. For over 70 years, Graham has built a reputation for top quality, reliable products and high-standards of customer service. Sold either as components or complete system solutions, the principal markets for Graham’s equipment are energy, including oil and gas refining and electrical power generation, chemical/petrochemical and other process industries. In addition, Graham’s equipment can be found in diverse applications, such as metal refining, pulp and paper processing, shipbuilding, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning.

Graham Corporation’s reach spans the globe. Its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East. Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation can be found.

Safe Harbor Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.

Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “projects,” “anticipates,” “believes,” “could,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, statements relating to anticipated revenue, the timing of conversion of backlog to sales, profit margins, foreign sales operations, its ability to improve cost competitiveness, customer preferences, changes in market conditions in the industries in which it operates, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, and its acquisition strategy are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled “Risk Factors.”

Should one or more of these risks or uncertainties materialize, or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this press release.

Graham Corporation Second Quarter Fiscal 2011

Condensed Consolidated Statements of Operations and Retained Earnings

(Amounts in thousands, except per share data)

(Unaudited)

Three Months Ended Six Months Ended
September 30, % September 30, %
2010 2009 Change 2010 2009 Change
Net sales $ 15,723 $ 16,108 (2.4 %) $ 29,074 $ 36,246 (19.8 %)
Cost of products sold 10,376 10,254 1.2 % 19,877 22,114 (10.1 %)
Gross profit 5,347 5,854 (8.7 %) 9,197 14,132 (34.9 %)
Gross profit margin 34.0 % 36.3 % 31.6 % 39.0 %
Expenses and other income:
Selling, general and administrative 3,019 3,032 (0.4 %) 5,586 6,280 (11.1 %)
Other expense 96 (100.0 %) 96 (100.0 %)
Operating profit 2,328 2,726 (14.6 %) 3,611 7,756 (53.4 %)
Operating profit margin
14.8 % 16.9 % 12.4 % 21.4 %
Interest income (18 ) (15 ) 20.0 % (34 ) (33 ) 3.0 %
Interest expense 9 33 (72.7 %) 16 34 (52.9 %)
Income before income taxes 2,337 2,708 (13.7 %) 3,629 7,755 (53.2 %)
Provision for income taxes 780 1,240 (37.1 %) 1,194 2,769 (56.9 %)
Net income $ 1,557 $ 1,468 6.1 % $ 2,435 $ 4,986 (51.2 %)
Per share data
Basic
Net income $ 0.16 $ 0.15 6.7 % $ 0.25 $ 0.50 (50.0 %)
Diluted
Net income $ 0.16 $ 0.15 6.7 % $ 0.24 $ 0.50 (52.0 %)
Weighted average common shares outstanding:
Basic 9,937 9,903 9,929 9,894
Diluted 9,977 9,937 9,970 9,926
Dividends declared per share $ 0.02 $ 0.02 $ 0.04 $ 0.04
Graham Corporation Second Quarter Fiscal 2011

Condensed Consolidated Balance Sheets

(Amounts in thousands, except per share data)

(Unaudited)

September 30,
2010
March 31,
2010
Assets
Current assets:
Cash and cash equivalents $ 6,740 $ 4,530
Investments 64,060 70,060
Trade accounts receivable, net of allowances ($13 and $17 at
September 30, and March 31, 2010, respectively)
9,184
7,294
Unbilled revenue 4,022 3,039
Inventories 3,993 6,098
Income taxes receivable 288
Prepaid expenses and other current assets 1,092 651
Total current assets 89,379 91,672
Property, plant and equipment, net 9,900 9,769
Prepaid pension asset 7,723 7,335
Other assets 46 203
Total assets $ 107,048 $ 108,979
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of capital lease obligations $ 54 $ 66
Accounts payable 6,808 6,623
Accrued compensation 2,912 4,010
Accrued expenses and other liabilities 2,240 2,041
Customer deposits 18,796 22,022
Income taxes payable 68
Deferred income tax liability 141 138
Total current liabilities 30,951 34,968
Capital lease obligations 123 144
Accrued compensation 308 292
Deferred income tax liability 3,164 2,930
Accrued pension liability 240 246
Accrued postretirement benefits 901 880
Other long-term liabilities 491 445
Total liabilities 36,178 39,905
Commitments and Contingencies
Stockholders’ equity:
Preferred stock, $1.00 par value
Authorized, 500 shares
Common stock, $.10 par value
Authorized, 25,500 shares
Issued, 10,198 and 10,155 shares at September 30 and March 31, 2010, respectively
1,020
1,016
Capital in excess of par value 15,794 15,459
Retained earnings 61,578 59,539
Accumulated other comprehensive loss (4,247 ) (4,386 )
Treasury stock (353 and 305 shares at September 30 and March 31, 2010, respectively)
(3,275
)
(2,554
)
Total stockholders’ equity 70,870 69,074
Total liabilities and stockholders’ equity $ 107,048 $ 108,979
Graham Corporation Second Quarter Fiscal 2011

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

Six Months Ended

September 30,
2010
2009
Operating activities:
Net income
$2,435
$4,986
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 582 501
Amortization of unrecognized prior service cost and actuarial losses 145 339
Discount accretion on investments (32 ) (30 )
Stock-based compensation expense 184 198
(Gain) loss on disposal of property, plant and equipment (10 ) 3
Deferred income taxes 156 98
(Increase) decrease in operating assets:
Accounts receivable (1,847 ) (1,212 )
Unbilled revenue (972 ) 4,892
Inventories 2,109 1,018
Income taxes receivable/payable (357 ) 2,185
Prepaid expenses and other current and non-current assets (259 ) (281 )
Prepaid pension asset (388 ) (122 )
Increase (decrease) in operating liabilities:
Accounts payable 121 (134 )
Accrued compensation, accrued expenses and other current and non-current liabilities
(864
)
(1,323
)
Customer deposits (3,231 ) (1,838 )
Long-term portion of accrued compensation, accrued pension liability
and accrued postretirement benefits
33
34
Net cash (used) provided by operating activities
(2,195
)
9,314
Investing activities:
Purchase of property, plant and equipment (689 ) (282 )
Proceeds from sale of property, plant and equipment 14 7
Purchase of investments (114,888 ) (86,613 )
Redemption of investments at maturity
120,920
77,640
Net cash provided (used) by investing activities
5,357
(9,248
)
Financing activities:
Proceeds from issuance of long-term debt 198
Principal repayments on long-term debt (33 ) (211 )
Issuance of common stock 104 34
Dividends paid (396 ) (394 )
Purchase of treasury stock (721 ) (229 )
Excess tax deduction on stock awards 52 21
Other 2
Net cash used by financing activities (994 ) (579 )
Effect of exchange rate changes on cash 42 3
Net increase (decrease) in cash and cash equivalents 2,210 (510 )
Cash and cash equivalents at beginning of period 4,530 5,150
Cash and cash equivalents at end of period
$6,740
$4,640
Graham Corporation Second Quarter Fiscal 2011

Additional Information

ORDER & BACKLOG TREND
(Amounts in millions)
Q110 Q210 Q310 Q410 FY2010 Q111 Q211
6/30/09 9/30/09 12/31/09 3/31/10 3/31/10 6/30/10 9/30/10
Orders $ 8.8 $ 29.6 $ 51.6 $ 18.3 $ 108.3 $ 8.1 $ 10.5
Backlog $ 37.0 $ 50.5 $ 89.8 $ 94.3 $ 94.3 $ 89.1 $ 83.3
SALES BY INDUSTRY
(Amounts in millions)
FY 2011 Q111 % Q211 %
6/30/10 Total 9/30/10 Total
Refining $ 3.3 25% $ 5.3 34%
Chemical/ Petrochemical $ 5.3 40% $ 5.0 32%
Power $ 1.1 8% $ 2.4 15%
Other $ 3.7 27% $ 3.0 19%
Total $ 13.4 $ 15.7
FY 2010 Q110 % Q210 % Q310 % Q410 % FY2010 %
6/30/09 Total 9/30/09 Total 12/31/09 Total
3/31/10
Total 3/31/10 Total
Refining $ 9.2 46% $ 7.1 44% $ 4.4 36% $ 4.7 34% $ 25.5 41%
Chemical/ Petrochem $ 4.7 23% $ 5.3 33% $ 5.3 44% $ 6.3 45% $ 21.5 35%
Power $ 0.1 N/A $ 0.1 1% $ 0.2 2% $ 0.5 4% $ 0.9 1%
Other $ 6.1 31% $ 3.6 22% $ 2.3 18% $ 2.3 17% $ 14.3 23%
Total $ 20.1 $ 16.1 $ 12.2 $ 13.8 $ 62.2
SALES BY REGION

(Amounts in millions)

FY 2011 Q111 % Q211 %
6/30/10 Total 9/30/10 Total
United States $ 5.5 41% $ 7.5 48%
Middle East $ 0.8 6% $ 1.6 10%
Asia $ 4.5 34% $ 3.5 22%
Other $ 2.6 19% $ 3.1 20%
Total $ 13.4 $ 15.7
FY 2010 Q110 % Q210 % Q310 % Q410 % FY2010 %
6/30/09 Total 9/30/09 Total 12/31/09 Total 3/31/10 Total 3/31/10 Total
United States $ 10.2 51% $ 8.1 50% $ 5.1 42% $ 4.5 33% $ 27.9 45%
Middle East $ 0.4 2% $ 2.9 18% $ 1.8 15% $ 1.4 10% $ 6.4 10%
Asia $ 8.2 41% $ 4.0 25% $ 2.8 23% $ 5.4 39% $ 20.3 33%
Other $ 1.3 6% $ 1.1 7% $ 2.5 20% $ 2.5 18% $ 7.6 12%
Total $ 20.1 $ 16.1 $ 12.2 $ 13.8 $ 62.2

Contact:

Graham Corporation
Jeffrey Glajch, 585-343-2216
Vice President - Finance and CFO
jglajch@graham-mfg.com
or
Kei Advisors LLC
Deborah K. Pawlowski, 716-843-3908
dpawlowski@keiadvisors.com
Friday, October 29th, 2010 Uncategorized Comments Off on Graham Corp. (GHM) Reports 10% Net Margin on Sales of $15.7 Million

Gold Resource Corp. (GORO.OB) Declares Fourth Special Cash Dividend

DENVER, CO–(Marketwire – 10/29/10) – Gold Resource Corporation (GORO) (AMEX:GORONews) is pleased to announce it has declared its fourth 2010 Special Cash Dividend of $0.03 per common share to its shareholders of record November 12th, payable November 24th, 2010. Gold Resource Corporation is a low-cost gold producer with operations in southern Mexico.

Gold Resource Corporation commenced Commercial Production July 1, 2010 from its El Aguila Project’s operations in the southern state of Oaxaca, Mexico. The Company continues to be pleased with the Project’s performance and by using cash flow generated from operations the Board of Directors declared another Special Cash Dividend increasing the year-to-date dividend payment to $0.12.

Gold Resource Corporation’s President, Mr. Jason Reid, stated, “We continue optimizing, ramping up production and zeroing in on our targets at the mill. Though not fully optimized yet, we are pleased with its performance and announce our fourth special cash dividend in as many months.”

About GRC:
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in five potential high-grade gold and silver properties in Mexico’s southern state of Oaxaca. The company will have 52,998,303 shares outstanding after the close of this transaction, no warrants and no debt. For more information, please visit GRC’s website, located at www.Goldresourcecorp.com and read the Company’s 10-K for an understanding of the risk factors involved.

This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words “plan”, “target”, “anticipate,” “believe,” “estimate,” “intend” and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation’s strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company’s actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company’s 10-K filed with the Securities and Exchange Commission.

Friday, October 29th, 2010 Uncategorized Comments Off on Gold Resource Corp. (GORO.OB) Declares Fourth Special Cash Dividend

RADVISION (RVSN) Reports Better Than Forecasted Results for Third Quarter of 2010

Oct. 28, 2010 (Business Wire) — RADVISION® (Nasdaq: RVSN) reported today that revenues for the third quarter of 2010 were $24.5 million, an increase of 20% from $20.4 million in the third quarter of 2009 and above the Company’s forecast.

For the third quarter of 2010, the Company recorded operating income of $0.5 million on a GAAP basis and $1.6 million on a non-GAAP basis, which excludes amortization of purchased intangibles and stock-based compensation expense. For the third quarter of 2009, operating income was $1.4 million on a GAAP basis and $2.5 million on a non-GAAP basis excluding stock-based compensation expense.

Net income for the third quarter of 2010 was $0.3 million, or $0.02 per diluted share. On a non-GAAP basis, net income was $1.6 million, or $0.08 per diluted share. This excludes $0.5 million of expense for amortization of purchased intangibles related to the acquisition of certain assets of Aethra group, $0.6 million for the effects of stock-based compensation expense in accordance with ASC 718 (previously SFAS 123R) and a loss of $0.2 million due to the other than temporary impairment of certain Auction Rate Securities. The total amount excluded for non-GAAP purposes was $1.3 million, equivalent to $0.06 per diluted share.

For the third quarter of 2009, net income was $1.2 million, or $0.06 per diluted share, on a GAAP basis, and $2.5 million, or $0.13 per diluted share, on non-GAAP basis. This excludes stock-based compensation expense of $1.0 million and a loss of $0.3 million due to the other than temporary impairment of certain Auction Rate Securities, with the total of $1.3 million equivalent to $0.07 per diluted share.

For the third quarter of 2010, total revenues consisted of $20.7 million for the Video Business Unit or VBU (formerly the Networking Business Unit or NBU) and $3.9 million for the Technology Business Unit (TBU). This compares with $15.6 million for the VBU and $4.8 million for the TBU reported in the third quarter of 2009.

The Company’s forecast for the third quarter of 2010, presented on August 4, was for revenues of $24.0 million (consisting of VBU revenues of $20.0 million and TBU revenues of $4.0 million), non-GAAP operating income of $0.6 million and non-GAAP net income of $0.5 million or $0.02 per diluted share.

For the first nine months of 2010, revenues were $68.6 million, the operating loss was $4.3 million and the net loss was $4.8 million, or $0.25 per diluted share. This compares with revenues of $58.3 million, operating income of $0.5 million and net income of $0.8 million, or $0.04 per diluted share, in the first nine months of 2009.

On a non-GAAP basis, the Company had operating income of $1.7 million and net income of $1.5 million or $0.07 per diluted share for the first nine months of 2010. This compares with operating income of $3.8 million and net income of $4.6 million or $0.24 per diluted share for the first nine months of 2009. Non-GAAP amounts in the first nine months of 2010 exclude $2.8 million of one-time expenses and $1.3 million of amortization expense related to the acquisition of the Aethra assets, $1.8 million for the effects of stock-based compensation expense and a loss of $0.3 million due to the other than temporary impairment of certain Auction Rate Securities. The total amount excluded for non-GAAP purposes in the first nine of 2010 was $6.2 million, equivalent to $0.32 per diluted share. Non-GAAP amounts in the first nine months of 2009 exclude the effect of stock-based compensation expense of $3.3 million and a loss of $0.6 million due to the write-down of certain Auction Rate Securities, with the total of $3.8 million equivalent to $0.20 per diluted share.

The reconciliation between GAAP net income and Non-GAAP net income is provided in the tables at the end of this release.

The Company ended the third quarter of 2010 with approximately $115.5 million in cash and liquid investments, equivalent to $5.99 per basic share, a decrease of $6.8 million from June 30, 2010. The decrease reflects the use of $7.1 million for a cash self-tender offer for 5% of the company’s shares, completed September 7, 2010, and $0.7 million used for capital expenditures offsetting $1.0 million generated by operating activities and $0.1 million received from the exercise of options.

Boaz Raviv, Chief Executive Officer, commented: “Our third quarter results were better than expected due to the very strong performance of our Video Business Unit. Our VBU revenues grew 32% over the third quarter of 2009, more than overcoming the as-expected 21% step-down in revenues from Cisco.

“Driving our VBU growth was the continued market success of our SCOPIA infrastructure platform, which we continue to advance, combined with our successful introduction of endpoints at the beginning of this year, which has transformed RADVISION into an end-to-end video solution provider.

“Our third quarter revenues from endpoints were double those of the second quarter of 2010 as we benefited from the first full quarter of sales of our SCOPIA XT1000 high definition room conferencing system. When combined with sales of our SCOPIA VC240 all-in-one desktop solution, our total endpoint revenues reached 21% of VBU revenues in the third quarter. Our Technology Business Unit played a critical role in the development of our endpoints.

“Our new position as an end-to-end video solution provider has enabled us to deepen our relationships with current reseller partners as well as expand and diversify our channel in both developed and emerging markets globally.

Mr. Raviv concluded: “The continued execution of our strategy in the third quarter of 2010 produced important and tangible results. This is a time of enormous opportunity in the video market. We remain fully focused on moving quickly to seize it.”

Guidance

The following statements are forward-looking, and actual results may differ materially.

The Company expects to report revenues for the fourth quarter of 2010 of approximately $26.0 million and net income of approximately $1.2 million or $0.06 per diluted share. This includes stock-based compensation expense in accordance with ASC 718 of $0.6 million and amortization of purchased intangible assets of $0.5 million. Excluding these items, non-GAAP net income for the fourth quarter of 2010 is expected to be $2.2 million or $0.12 per diluted share. That compares to revenues in the fourth quarter of 2009 of $22.7 million and a net loss of $1.5 million, or $0.08 per diluted share. This included stock-based compensation expense of $1.0 million, a deferred tax asset write-down of $4.3 million and acquisition-related costs of $0.6 million. Excluding the effect of these items, non-GAAP net income for the fourth quarter of 2009 was $4.4 million, or $0.23 per diluted share. (Full details of the Company’s forecast are available on the Company’s web site at www.radvision.com.)

GAAP versus NON-GAAP Presentation

To supplement the consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company uses non-GAAP measures of operating results, net income and earnings per share, which are adjusted from results based on GAAP to exclude net profit and loss from other than temporary impairment of available-for-sale marketable securities, the expenses recorded for stock compensation in accordance with ASC 718, amortization of purchased intangibles, acquisition-related costs and acquisition-related restructuring expenses, net. These non-GAAP financial measures are provided to enhance overall understanding of the current financial performance and prospects for the future. Specifically, the Company believes the non-GAAP results provide useful information to both management, and investors as these non-GAAP results exclude other than temporary impairment of available-for-sale marketable securities, the expenses recorded for stock compensation in accordance with ASC 718, amortization of purchased intangibles, acquisition-related costs and acquisition-related restructuring expenses, net that the Company believes are not indicative of the core operating results. Further, these non-GAAP results are one of the primary indicators management uses for assessing the Company’s performance, allocating resources and planning and forecasting future periods. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. These non-GAAP measures may be different from the non-GAAP measures used by other companies.

Third Quarter 2010 Earnings Conference Call/Webcast

RADVISION will hold a conference call to discuss its third quarter 2010 results and fourth quarter outlook, today, Thursday, October 28, at 9:00 a.m. (Eastern). To access the conference call, please dial 1-877-601-3546 (International dialers may call +1-210-839-8500) by 8:45 a.m. (Eastern). The passcode “RADVISION” will be required to access the live conference call. A live webcast of the conference call also will be available on the Company’s website and archived on the site until the next quarter. Simply click on the following link or copy it onto your browser: www.radvision.com/Corporate/Investors/FinancialReports/. A replay of the call will be available beginning approximately one hour after the conclusion of the call through 11:00 p.m. (Eastern) on November 4th. To access the replay, please dial 1-800-216-3057 (International dialers may call +1-402-220-3763).

The PowerPoint presentation highlighting key financial metrics as well as the fourth quarter 2010 estimate also will be available in the Investor Relations section of the company’s website. The presentation will be available beginning at 8:00 a.m. (Eastern) on October 28th and will be archived on the website until the end of the third quarter.

About RADVISION

RADVISION (Nasdaq: RVSN) is the industry’s leading provider of market-proven products and technologies for unified visual communications over IP, 3G and IMS networks. With its complete set of standards-based video communications solutions and developer toolkits for voice, video, data and wireless communications, RADVISION is driving the unified communications evolution by combining the power of video, voice, data and wireless – for high definition video conferencing systems, innovative converged mobile services, and highly scalable video-enabled desktop platforms on IP, 3G and emerging next-generation IMS networks. To gain additional insights into our products, technology and opinions, visit blog.radvision.com. For more information about RADVISION, visit www.radvision.com.

This press release contains forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, our ability to integrate the Aethra video assets into our product offerings, general business conditions in the industry, changes in demand for products, the timing and amount or cancellation of orders and other risks detailed from time to time in RADVISION’s filings with the Securities Exchange Commission, including its Annual Report on Form 20-F. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.

RADVISION LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
U.S. dollars in thousands, except share and per share data
Three months endedSeptember 30, Nine months endedSeptember 30,
2010 2009 2010 2009
Unaudited
Revenues $ 24,541 $ 20,429 $ 68,622 $ 58,310
Cost of revenues 6,811 4,304 18,098 12,639
Gross profit 17,730 16,125 50,524 45,671
Operating costs and expenses:
Research and development 7,665 6,611 23,118 20,428
Marketing and selling 7,428 6,699 23,150 20,695
General and administrative 1,566 1,369 4,436 4,048
Amortization of purchased intangibles 522 1,306
Acquisition-related costs 364
Acquisition-related restructuring expenses , net 2,460
Total operating costs and expenses 17,181 14,679 54,834 45,171
Operating income (loss) 549 1,446 (4,310 ) 500
Financial income, net 329 122 827 1,126
Income (loss) before taxes on income 878 1,568 (3,483 ) 1,626
Taxes on income (577 ) (408 ) (1,308 ) (867 )
Net income (loss) $ 301 $ 1,160 $ (4,791 ) $ 759
Basic net earnings (loss) per Ordinary share $ 0.02 $ 0.06 $ (0.25 ) $ 0.04
Weighted Average Number of Shares Outstanding During the Period – Basic 19,286,941 19,431,880 19,440,209 19,475,093
Diluted net earnings (loss) per Ordinary share $ 0.02 $ 0.06 $ (0.25 ) $ 0.04
Weighted Average Number of Shares Outstanding During the Period – Diluted 19,358,577 19,666,380 19, 440,209 19,584,769
RADVISION LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Cont.)
U.S. dollars in thousands, except per share data
Reconciliation of GAAP to NON-GAAP Operating Results
To supplement the consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company uses non-GAAP measures of operating results, net income and earnings per share, which are adjusted from results based on GAAP to exclude net profit or loss from other than temporary impairment of available for sale marketable securities, the expenses recorded for stock compensation in accordance with ASC 718, amortization of purchased intangibles, acquisition-related costs and acquisition-related restructuring expenses, net. These non-GAAP financial measures are provided to enhance overall understanding of the current financial performance and prospects for the future. Specifically, the Company believes the non-GAAP results provide useful information to both management, and investors as these non-GAAP results exclude other than temporary impairment of available for sale marketable securities, the expenses recorded for stock compensation in accordance with ASC 718, amortization of purchased intangibles, acquisition-related costs and acquisition-related restructuring expenses, net that the Company believes are not indicative of the core operating results. Further, these non-GAAP results are one of the primary indicators management uses for assessing the Company’s performance, allocating resources and planning and forecasting future periods. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. These non-GAAP measures may be different than the non-GAAP measures used by other companies.
The following table reconciles the GAAP to non-GAAP operating results:
Three months ended
September 30, 2010 September 30, 2009
(Unaudited)
GAAP results(as reported) Non-GAAP Adjustment(*) Non-GAAP

results

GAAP results(as reported) Non-GAAPAdjustment (*) Non-GAAP

results

Gross profit $ 17,730 $ 22 $ 17,752 $ 16,125 $ 82 $ 16,207
Total operating costs and expenses $ 17,181 $ (1,071 ) $ 16,110 $ 14,679 $ (923 ) $ 13,756
Operating income $ 549 $ 1,093 $ 1,642 $ 1,446 $ 1,005 $ 2,451
Income before taxes on income $ 878 $ 1,316 $ 2,194 $ 1,568 $ 1,301 $ 2,869
Net income $ 301 $ 1,316 $ 1,617 $ 1,160 $ 1,301 $ 2,461
Basic net earnings per Ordinary share $ 0.02 $ 0.06 $ 0.08 $ 0.06 $ 0.07 $ 0.13
Diluted net earnings per Ordinary share $ 0.02 $ 0.06 $ 0.08 $ 0.06 $ 0.07 $ 0.13

(*) Reconciliation of GAAP to Non-GAAP measures (Unaudited)

Three months endedSeptember 30,
2010 2009
Unaudited
GAAP net income $ 301 $ 1,160
Share-based compensation 571 1,005
Amortization of purchased intangibles 522
Other than temporary impairment of available for sale marketable securities 223 296
Non-GAAP net income $ 1,617 $ 2,461
Non-GAAP diluted net income per Ordinary share $ 0.08 $ 0.13
RADVISION LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Cont.)
U.S. dollars in thousands, except per share data
Nine months ended
September 30, 2010 September 30, 2009
(Unaudited)
GAAP results(as reported) Non-GAAP

Adjustment

(*)

Non-GAAP

results

GAAP results(as reported) Non-GAAP

Adjustment

(*)

Non-GAAP

results

Gross profit $ 50,524 $ 108 $ 50,632 $ 45,671 $ 260 $ 45,931
Total operating costs and expenses $ 54,834 $ (5,864 ) $ 48,970 $ 45,171 $ (3,030 ) $ 42,141
Operating income (loss) $ (4,310 ) $ 5,972 $ 1,662 $ 500 $ 3,290 $ 3,790
Income (loss) before taxes on income $ (3,483 ) $ 6,243 $ 2,760 $ 1,626 $ 3,845 $ 5,471
Net income (loss) $ (4,791 ) $ 6,243 $ 1,452 $ 759 $ 3,845 $ 4,604
Basic net earnings (loss) per Ordinary share $ (0.25 ) $ 0.32 $ 0.07 $ 0.04 $ 0.20 $ 0.24
Diluted net earnings (loss) per Ordinary share $ (0.25 ) $ 0.32 $ 0.07 $ 0.04 $ 0.20 $ 0.24

(*) Reconciliation of GAAP to Non-GAAP measures (Unaudited)

Nine months endedSeptember 30,
2010 2009
Unaudited
GAAP net income (loss) $ (4,791 ) $ 759
Share-based compensation 1,842 3,290
Amortization of purchased intangibles 1,306
Acquisition-related costs 364
Acquisition-related restructuring expenses, net 2,460
Other than temporary impairment of available for sale marketable securities 271 555
Non-GAAP net income $ 1,452 $ 4,604
Non-GAAP diluted net income per Ordinary share $ 0.07 $ 0.24
RADVISION LTD. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands, except per share data
September 30, December 31,
2010 2009
Unaudited Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents *) $ 18,581 $ 40,289
Short-term bank deposits *) 50,228 55,352
Short-term marketable securities *) 14,262 4,713
Trade receivables 11,824 11,712
Other accounts receivable and prepaid expenses 6,923 5,552
Inventories 2,218 980
Total current assets 104,036 118,598
LONG-TERM INVESTMENTS AND RECEIVABLES:
Long-term marketable securities *) 32,381 25,699
Long-term prepaid expenses 2,055 2,310
Severance pay fund 7,029 6,242
Long-term deferred tax asset 1,533 1,533
Total long-term investments and receivables 42,998 35,784
Property and equipment, net 4,472 4,649
Goodwill 4,748 2,966
Other intangible assets, net 5,404
Total assets $ 161,658 $ 161,997
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables $ 4,131 $ 1,475
Deferred revenues 7,117 8,064
Accrued expenses and other accounts payable 18,469 12,146
Total current liabilities 29,717 21,685
Accrued severance pay 8,117 7,299
Total liabilities 37,834 28,984
SHAREHOLDERS’ EQUITY:
Ordinary shares of NIS 0.1 par value 234 234
Additional paid-in capital 148,273 145,998
Treasury stock (39,794 ) (32,970 )
Accumulated other comprehensive income (547 ) (842 )
Retained earnings 15,658 20,593
Total shareholders’ equity 123,824 133,013
Total liabilities and shareholders’ equity $ 161,658 $ 161,997
*) Total cash and liquid investments $ 115,452 $ 126,053
RADVISION LTD. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Nine months endedSeptember 30,
2010 2009
Unaudited
Cash flows from operating activities:
Net income (loss) $ (4,791 ) $ 759
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 3,532 2,415
Accrued interest, amortization of premium and accretion of discount on marketable securities and bank deposits, net (413 ) (19 )
Amortization of deferred stock compensation 1,842 3,290
Tax benefit relating to loss carryforwards resulting from exercise of stock options (432 ) (402 )
Gain on sale of property and equipment (1 )
Decrease (increase) in trade receivables, net (112 ) 1,642
Increase in other accounts receivable and prepaid expenses (1,164 ) (3,923 )
Increase in inventories (1,138 ) (265 )
Decrease in long-term prepaid expenses 255 255
Decrease (increase) in deferred tax asset (134 ) 239
Increase in trade payables 2,656 (723 )
Increase (decrease) in deferred revenues (947 ) 658
Increase (decrease) in accrued expenses and other accounts payable 5,147 (2,792 )
Accrued severance pay, net 31 (356 )
Net cash provided by operating activities 4,332 777
Cash flows from investing activities:
Proceeds from redemption of marketable securities 22,640 23,235
Purchase of marketable securities (38,335 ) (22,901 )
Proceeds from withdrawal of bank deposits 36,984 72,556
Purchase of bank deposits (31,759 ) (92,106 )
Purchase of property and equipment (2,049 ) (1,511 )
Payment for the acquisition of Aethra (6,984 )
Proceeds from sale of property and equipment 2
Net cash used in investing activities (19,503 ) (20,725 )
Cash flows from financing activities:
Purchase of treasury stock (7,131 ) (1,142 )
Exercise of options by employees 162 29
Tax benefit related to exercise of stock options 432 402
Net cash used in financing activities (6,537 ) (711 )
Decrease in cash and cash equivalents (21,708 ) (20,659 )
Cash and cash equivalents at beginning of period 40,289 37,872
Cash and cash equivalents at end of period $ 18,581 $ 17,213
Supplemental disclosure of non-cash flows from investing and financing activities:
Receivables on account of shares $ 2 $

Corporate Contacts:

RADVISION

Adi Sfadia, +1 201-689-6340

Chief Financial Officer

cfo@radvision.com

or

Investor Relations:

Comm-Partners LLC

June Filingeri, +1 203-972-0186

junefil@optonline.net

Thursday, October 28th, 2010 Uncategorized Comments Off on RADVISION (RVSN) Reports Better Than Forecasted Results for Third Quarter of 2010

Arctic Cat (ACAT) Reports Fiscal 2011 Second Quarter Results

Oct. 28, 2010 (Business Wire) — Arctic Cat Inc. (NASDAQ: ACAT) today reported net earnings of $17.8 million, or $0.97 per diluted share, on net sales of $175.8 million for the fiscal 2011 second quarter ended September 30, 2010. Arctic Cat reported net earnings in the prior-year second quarter of $14.8 million, or $0.81 per diluted share, on net sales of $166.3 million.

For the six months ended September 30, 2010, Arctic Cat’s net earnings were $13.3 million, or $0.72 per diluted share, on net sales of $239.2 million. In the first six months of last fiscal year, the company reported net earnings of $8.8 million, or $0.48 per diluted share, on net sales of $235.7 million.

Commented Arctic Cat’s chairman and chief executive officer Christopher A. Twomey: “We are very pleased to report double-digit earnings gains on increased snowmobile and all-terrain vehicle sales in the second quarter. We made further progress on our goal to improve the company’s profitability and strengthen the balance sheet.”

Among the highlights of Arctic Cat’s 2011 second quarter financial results versus the same quarter last year:

  • Gross margins improved 200 basis points in the quarter and 350 basis points year to date;
  • Operating profit rose 25 percent to $27.4 million from $21.9 million;
  • Factory inventory declined 28 percent to $95.9 million from $133.6 million;
  • Total cash and short-term investments at quarter end rose to $80.9 million from $11.2 million; and
  • The company has no short- or long-term debt.

“Year to date, we have continued to execute against our objectives to improve gross margins, keep operating expenses flat as a percent of sales, while increasing market share and reducing dealer and factory inventory,” said Twomey. “Our improved sales and earnings results in the fiscal 2011 first half demonstrate the traction we are gaining.”

Business Line Results

Snowmobile sales grew 7 percent to $91.5 million in the second quarter compared to $85.7 million in the prior-year quarter, led by higher international sales to distributors. Year-to-date snowmobile sales increased 5 percent to $108.6 million versus $103.7 million in the same period last year.

All-terrain vehicle (ATV) sales rose 9 percent to $56.6 million in the second quarter versus $51.7 million in the prior-year quarter, chiefly driven by sales of the company’s new Prowler HDX utility vehicle. Year to date ATV sales increased 1 percent to $84.5 million compared to $83.9 million in the first six months of fiscal 2010.

Sales of parts, garments and accessories (PG&A) in the second quarter declined 4 percent to $27.6 million versus $28.8 million in the prior-year quarter, primarily due to the timing of shipments. Year to date, PG&A sales totaled $46.1 million compared to $48.1 million in the year-ago period.

Outlook

“We remain on track to deliver improved operating results and increased profitability again this fiscal year,” Twomey said. “Longer-term, Arctic Cat continues to be well-positioned for further growth when the retail power sports market recovers.”

Arctic Cat is focused on improving its profitability in a continued low-demand recreational vehicle market. The company’s fiscal 2011 outlook includes the following assumptions: ATV industry retail sales declining approximately 15 to 20 percent; snowmobile industry retail sales in a range of up or down approximately 5 percent; Arctic Cat dealer inventories declining 20 to 30 percent; improving gross margins between 200 to 300 basis points; achieving flat operating expense levels as a percent of sales; increasing cash flow from operations; and ending the year with more cash on the balance sheet.

Based on its year-to-date results and expectations of future performance, Arctic Cat is raising its full-year sales and earnings guidance for the current fiscal year ending March 31, 2011. Arctic Cat now estimates fiscal 2011 net sales in the range of $453 million to $463 million. The company now anticipates that fiscal 2011 earnings will be in the range of $0.40 to $0.55 per diluted share, driven by increased international revenue, as well as increased gross margins resulting from favorable commodity costs and lower sales incentives than planned. The company’s previous guidance anticipated fiscal 2011 earnings of $0.18 to $0.33 per diluted share on net sales of $447 million to $460 million.

Conference Call

A conference call is scheduled for 10:30 a.m. CT (11:30 a.m. ET) today. To listen to the live webcast or replay of this call via the Internet, go to the corporate portion of the company’s website at www.arcticcat.com. To listen to a telephone replay of the conference call, dial 800-406-7325 and enter conference call passcode 4379096. The telephone replay will be available through Wednesday, November 3, 2010.

About Arctic Cat

Arctic Cat Inc. designs, engineers, manufactures and markets all-terrain vehicles (ATVs) and snowmobiles under the Arctic Cat® brand name, as well as related parts, garments and accessories. Its common stock is traded on the Nasdaq Global Select Market under the ticker symbol “ACAT.” More information about Arctic Cat and its products is available at www.arcticcat.com.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for certain forward-looking statements. The Company’s Annual Report, as well as the Report on Form 10-K and future filings with the Securities and Exchange Commission, the Company’s press releases and oral statements made with the approval of an authorized executive officer, contain forward-looking statements that reflect the Company’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 actual results to differ materially from historical results or those anticipated. The words “aim,” “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions that indicate future events and trends identify forward-looking statements. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors, including, but not limited to: product mix and volume; competitive pressure on sales and pricing; cost and availability of financing for the Company, our dealers and our suppliers; increase in material or production cost which cannot be recouped in product pricing; changes in the sourcing of snowmobile engines from Suzuki; warranty expenses; foreign currency exchange rate fluctuations; product liability claims and other legal proceedings in excess of insured amounts; environmental and product safety regulatory activity; effects of the weather; overall economic conditions; and consumer demand and confidence. The Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

ARCTIC CAT INC.
Financial Highlights
(000s omitted, except per share amounts) (Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
2010 2009 2010 2009
Net Sales
Snowmobile & ATV Units $ 148,166 $ 137,466 $ 193,104 $ 187,554
Parts, Garments & Accessories 27,646 28,834 46,114 48,116
Total Net Sales 175,812 166,300 239,218 235,670
Cost of Goods Sold
Snowmobile & ATV Units 107,280 103,748 149,529 154,090
Parts, Garments & Accessories 17,274 17,341 27,672 28,821
Total Cost of Goods Sold 124,554 121,089 177,201 182,911
Gross Profit 51,258 45,211 62,017 52,759
Operating Expenses
Selling & Marketing 10,405 9,619 16,471 16,041
Research & Development 3,185 3,028 6,410 6,198
General & Administrative 10,287 10,652 18,660 17,286
Total Operating Expenses 23,877 23,299 41,541 39,525
Operating Profit 27,381 21,912 20,476 13,234
Other Income (Expense)
Interest Income 26 44 4
Interest Expense (7 ) (175 ) (10 ) (247 )
Total Other Income (Expense) 19 (175 ) 34 (243 )
Earnings Before Income Taxes 27,400 21,737 20,510 12,991
Income Taxes 9,591 6,957 7,179 4,158
Net Earnings $ 17,809 $ 14,780 $ 13,331 $ 8,833
Net Earnings Per Share
Basic $ 0.98 $ 0.81 $ 0.73 $ 0.49
Diluted $ 0.97 $ 0.81 $ 0.72 $ 0.48
Weighted Average Shares Outstanding:
Basic 18,214 18,227 18,202 18,212
Diluted 18,320 18,252 18,404 18,225
September 30,
Selected Balance Sheet Data: 2010 2009
Cash and Short-term Investments $ 80,867 $ 11,160
Accounts Receivable, net 70,502 68,286
Inventories 95,894 133,605
Total Assets 306,686 287,099
Short-term Bank Borrowings 0 0
Total Current Liabilities 121,770 103,999
Long-term Debt 0 0
Shareholders’ Equity 182,062 177,426
Three Months Ended Six Months Ended
September 30, September 30,
Product Line Data: 2010 2009 Change 2010 2009 Change
Snowmobiles $ 91,525 $ 85,739 7 % $ 108,630 $ 103,656 5 %
All-terrain Vehicles 56,641 51,727 9 % 84,474 83,898 1 %
Parts, Garments & Accessories 27,646 28,834 -4 % 46,114 48,116 -4 %
Total Sales $ 175,812 $ 166,300 6 % $ 239,218 $ 235,670 2 %

Note to Editors: In a separate news release, Arctic Cat today announced its leadership succession plans.

Arctic Cat Inc.

Timothy C. Delmore, 763-354-18001

Chief Financial Officer

or

Padilla Speer Beardsley Inc.

Shawn Brumbaugh, 612-455-1754

Thursday, October 28th, 2010 Uncategorized Comments Off on Arctic Cat (ACAT) Reports Fiscal 2011 Second Quarter Results

Chart Industries (GTLS) Reports 2010 Third Quarter Results

CLEVELAND, Oct. 28, 2010 (GLOBE NEWSWIRE) — Chart Industries, Inc. (Nasdaq:GTLS), a leading independent global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases, today reported results for the third quarter ended September 30, 2010. Highlights include:

  • Strongest quarterly order intake in two years
  • Earnings guidance revised upward
  • Energy & Chemicals margin performance improves over 1st half 2010
  • Completed acquisition of Cryotech International

Net income for the third quarter of 2010 was $6.6 million, or $0.23 per diluted share. This compares with $8.2 million, or $0.28 per diluted share, for the third quarter of 2009. The third quarter of 2010 included $1.5 million or $0.04 per diluted share, of restructuring costs associated with the announced shutdown of the Plainfield, Indiana facility acquired from Covidien and acquisition related costs associated with the Cryotech acquisition. The third quarter of 2009 also included restructuring costs of $1.2 million, or $0.03 per diluted share, primarily related to planned workforce reductions as part of the Company’s cost reduction initiatives.

Third quarter 2010 earnings would have been $0.27 per diluted share excluding the $0.04 per share of restructuring and acquisition related costs. Third quarter of 2009 earnings would have been $0.31 per diluted share excluding the $0.03 per share of restructuring costs in that period.

Net sales for the third quarter of 2010 increased 8% to $139.2 million from $128.8 million in the comparable period a year ago. Gross profit for the third quarter of 2010 was $42.8 million, or 30.7% of sales, versus $39.4 million, or 30.6% of sales, in the comparable quarter of 2009.

Backlog at September 30, 2010 was $212.6 million, up 6% from the June 30, 2010 level of $199.9 million. Orders for the third quarter of 2010 were $146.8 million compared with second quarter 2010 orders of $136.2 million.

“Our financial results for the quarter reflect the improving global market we’re seeing for all of our business segments,” stated Sam Thomas, Chart’s Chairman, President and Chief Executive Officer. “Our strong order intake included equipment for LNG ‘virtual pipeline’ and LNG vehicle fueling projects as this part of our business continues to grow. We are excited about the potential for a range of new LNG opportunities including marine and mining applications, resulting from the push for new sources of cleaner and lower cost energy.”

During the third quarter, the Company announced the acquisition of the Cryotech International business. Cryotech designs, manufactures, sells and services cryogenic injectors, vacuum insulated piping systems, and manifolds, and also repairs liquid cylinders. Cryotech sells its products globally and industry applications include food and beverage packaging, aerospace and defense, semiconductor, pharmaceutical, biotechnology, solar and electronics. Combining Cryotech’s direct to end user sales and existing sales and service capability with Chart’s sales and distribution network should drive incremental sales volume.

“Our liquidity and strong balance sheet position us for accretive growth opportunities such as Cryotech as well as future acquisitions,” stated Mr. Thomas. “We will continue to seek high growth opportunities, including new product applications, as we continue to expand our business. We are excited about Chart being named as a participant in a recent U.S. Department of Energy project award to help develop and test membrane reactors to improve the efficiency of hydrogen production from coal-derived synthesis gas utilizing our core braze manufacturing, plus heat and mass transfer process expertise. This technology has broad application potential to improve the efficiency and cost in the area of hydrogen production, gas to liquids production for stranded natural gas monetization, petrochemical feedstock production from coal in the U.S., China and India, and ultimately production of biofuels.”

Selling, general and administrative (“SG&A”) expenses for the third quarter of 2010 compared to the same period in 2009, increased $5.4 million to $26.2 million. This was primarily due to higher employee-related costs and sales commissions due to acquisitions and improving business conditions.

Income tax expense was $2.3 million for the third quarter of 2010 and represented an effective tax rate of 25.4% compared with $3.5 million in the prior year quarter, or an effective tax rate of 29.9%. The decline in the third quarter 2010 effective tax rate was primarily due to a decrease in domestic earnings, which are taxed at a higher rate than our foreign earnings.

Cash and short-term investments were $208.6 million at September 30, 2010, which is approximately $20 million higher than balances at June 30, 2010 due to strong operating cash flow.

SEGMENT HIGHLIGHTS

Energy & Chemicals (“E&C”) segment sales declined 23% to $38.2 million for the third quarter of 2010 compared with $49.7 million for the same quarter in the prior year as we completed several large higher margin projects during 2009. As expected, E&C gross profit margin declined in the 2010 quarter to 23.4% compared with 29.1% in the same quarter in 2009. However, third quarter margins did improve by about 4% from the first half of 2010 due to several expedited orders in our brazed aluminum heat exchanger product line. In addition, margins are beginning to improve in the systems product line as we ramp up production on several projects.

Distribution and Storage (“D&S”) segment sales increased by 14% to $65.0 million for the third quarter of 2010, compared with $57.1 million for the same quarter in the prior year. The increase in sales was largely due to improved volume in China and in packaged gas systems in the U.S. as well as the recently completed Cryotech acquisition. D&S gross profit margin improved to 30.2% in the quarter compared with 27.7% a year ago largely due to improved volume and mix.

BioMedical segment sales improved 64% to $36.0 million for the third quarter of 2010, compared with $21.9 million for the same quarter in the prior year. The increase was largely due to the acquisition of Covidien’s oxygen therapy business, which closed in fourth quarter 2009. BioMedical gross profit margin declined to 39.5% compared with 41.4% for the same period in 2009 largely due to a stronger euro in the 2009 period. Restructuring charges associated with the announced Plainfield, Indiana facility shutdown during 2010 and the Denver, Colorado facility shutdown during 2009 impacted margins in both periods by about 2%.

OUTLOOK

We continue to see an improving global market in all of our business segments. Bid activity remains very strong, especially in our E&C business, as demonstrated by a $22 million order received by the E&C Systems business for a natural gas liquids project in the Middle East during October 2010, which will be reflected in fourth quarter orders.

Based on year to date results, current order backlog, and business expectations, the Company is revising upward its full year earnings guidance. Sales for 2010 are expected to be in the range of $540 to $555 million, which is within the upper end of the previously provided sales range of $530 to $560 million. Diluted earnings per share are now expected to be in a range of $0.60 to $0.70 per share due to improving margin performance, as compared with the Company’s prior guidance of $0.40 to $0.60 per diluted share, based on approximately 29.2 million weighted average shares outstanding. This revised guidance includes the impact of approximately $0.15 per diluted share for restructuring and acquisition related costs, as well as the write-off of deferred financing costs associated with the refinancing of our Senior Credit Facility. Excluding these charges, full year 2010 earnings would be expected to fall in a range of $0.75 to $0.85 per share.

FORWARD-LOOKING STATEMENTS

Certain statements made in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the Company’s plans, objectives, future orders, revenues, earnings or performance, liquidity and cash flow, capital expenditures, business trends, and other information that is not historical in nature. Forward-looking statements may be identified by terminology such as “may,” “will,” “should,” “expects,” “anticipates,” “believes,” “projects,” “forecasts,” “outlook,” “guidance”, “continue,” or the negative of such terms or comparable terminology. Forward-looking statements contained in this news release or in other statements made by the Company are made based on management’s expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors relating to the Company’s operations and business environment, all of which are difficult to predict and many of which are beyond the Company’s control, that could cause the Company’s actual results to differ materially from those matters expressed or implied by forward-looking statements. These factors and uncertainties include, among others, the following: the cyclicality of the markets that the Company serves and the vulnerability of those markets to downturns; the negative impacts of the recent global economic and financial crisis; a delay, significant reduction in or loss of purchases by large customers; fluctuations in energy prices and changes in government energy policy; competition, including enhanced competitive pressures resulting from the economic downturn; our reliance on key suppliers and potential supplier failures or defects; the modification or cancellation of orders in our backlog; the impact of the financial distress of third parties; changes in government healthcare regulations and reimbursement policies; general economic, political, business and market risks associated with the Company’s global operations; fluctuations in foreign currency exchange and interest rates; the Company’s ability to successfully manage its costs and growth, including its ability to successfully manage operational expansions and the challenges associated with efforts to acquire and integrate new product lines or businesses; the loss of key employees and deterioration of employee relations; the pricing and availability of raw materials; the Company’s ability to manage its fixed-price contract exposure; the regulation of our products by the U.S. Food & Drug Administration and other governmental authorities; potential future charges to income associated with potential impairment of the Company’s significant goodwill and other intangibles; the cost of compliance with environmental, health and safety laws; additional liabilities related to taxes; the impact of hurricanes and other severe weather; litigation and disputes involving the Company, including product liability, contract, warranty, pension, intellectual property and employment claims; and volatility and fluctuations in the price of the Company’s stock. For a discussion of these and additional factors that could cause actual results to differ from those described in the forward-looking statements, see the Company’s filings with the Securities and Exchange Commission, including Item 1A (Risk Factors) in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which should be reviewed carefully. The Company undertakes no obligation to update or revise any forward-looking statement.

Chart is a leading global manufacturer of highly engineered equipment used in the production, storage and end-use of hydrocarbon and industrial gases. The majority of Chart’s products are used throughout the liquid gas supply chain for purification, liquefaction, distribution, storage and end-use applications, the largest portion of which are energy-related. Chart has domestic operations located across the United States and an international presence in Asia, Australia and Europe. For more information, visit: http://www.chart-ind.com.

As previously announced, the Company will discuss its third quarter 2010 results on a conference call on Thursday, October 28, 2010 at 10:30 a.m. ET. Participants may join the conference call by dialing (877) 407-4134 in the U.S. or (201) 689-8430 from outside the U.S. A live webcast presentation will also be accessible at 10:30 a.m. ET at http://www.chart-ind.com. Please log-in or dial-in at least five minutes prior to the start time.

A taped replay of the conference call will be archived on the Company’s website, www.chart-ind.com, approximately one hour after the call concludes. You may also listen to a taped replay of the conference call by dialing (877) 660-6853 in the U.S. or (201) 612-7415 outside the U.S. and entering Account Code 356 and Pass Code 358267. The telephone replay will be available beginning approximately one hour after the end of the call until 11:59 p.m. ET, Wednesday, November 10, 2010.

For more information, click here: http://www.b2i.us/irpass.asp?BzID=1444&to=ea&Nav=0&S=0&L=1

CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Dollars and shares in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
Sales (1) $ 139,205 $ 128,766 $ 396,617 $ 467,152
Cost of sales (1) 96,404 89,392 281,965 309,189
Gross profit 42,801 39,374 114,652 157,963
Selling, general and administrative expenses 26,225 20,831 75,711 70,242
Amortization expense 2,728 2,745 8,227 8,012
Asset impairment charge 609 (166) 1,309 334
29,562 23,410 85,247 78,588
Operating income (2) (3) 13,239 15,964 29,405 79,375
Other expense (income):
Interest expense and financing cost amortization, net (4) 4,447 4,352 15,054 12,970
Gain on acquisition of business (1,124)
Foreign currency loss (gain) (143) (128) 1,286 (435)
4,304 4,224 15,216 12,535
Income before income taxes and noncontrolling interest 8,935 11,740 14,189 66,840
Income tax expense 2,270 3,513 3,647 21,255
Income before noncontrolling interest 6,665 8,227 10,542 45,585
Noncontrolling interest, net of taxes 90 (21) 184 98
Net income $ 6,575 $ 8,248 $ 10,358 $ 45,487
Net income per common share — diluted $ 0.23 $ 0.28 $ 0.35 $ 1.57
Weighted average number of common

shares outstanding — diluted

29,172 29,105 29,196 28,932
(1) Shipping and handling costs of $1,594 and $4,487 for the three and nine months ended September 30, 2009 which were previously netted in sales have been reclassified to cost of sales. The reclassification has no impact on gross profit, operating income or net income for the periods presented.
(2) Includes restructuring, impairment and acquisition related costs for the three months ended September 30, 2010 and 2009 of $1,475 and $1,222, respectively, and for the nine months ended September 30, 2010 and 2009 of $4,542 and $6,111, respectively.
(3) Includes depreciation expense for the three months ended September 30, 2010 and 2009 of $3,217 and $2,655, respectively, and for the nine months ended September 30, 2010 and 2009 of $9,348 and $7,925, respectively.
(4) Includes amortization expense for the nine months ended September 30, 2010 of $1,706 for the write-off of the remaining deferred financing fees related to the senior secured credit facility that was refinanced in May 2010.
CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
Net Cash Provided by Operating Activities $ 22,405 $ 17,695 $ 37,085 $ 76,582
Investing Activities
Capital expenditures (3,887) (4,035) (11,785) (9,094)
Acquisition of businesses, net of cash acquired (4,052) (2,810) (9,165) (8,057)
Other investing activities (400) 39 (400) 2,074
Net Cash Used In Investing Activities (8,339) (6,806) (21,350) (15,077)
Financing Activities
Principal payments on long term debt (1,625) (16,625)
Other financing activities (298) 466 (2,832) 853
Net Cash (Used In) Provided By Financing Activities (1,923) 466 (19,457) 853
Net increase (decrease) in cash and cash equivalents 12,143 11,355 (3,722) 62,358
Effect of exchange rate changes on cash 7,813 2,771 1,200 4,644
Cash and cash equivalents at beginning of period 188,690 175,041 211,168 122,165
Cash And Cash Equivalents At End of Period $ 208,646 $ 189,167 $ 208,646 $ 189,167
CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
September 30,
2010 December 31,
(Unaudited) 2009
ASSETS
Cash and cash equivalents $ 208,646 $ 211,168
Current assets 214,388 203,236
Property, plant and equipment, net 115,108 111,153
Goodwill 267,857 264,532
Identifiable intangible assets, net 115,832 123,773
Other assets, net 14,651 12,641
TOTAL ASSETS $ 936,482 $ 926,503
LIABILITIES & SHAREHOLDERS’ EQUITY
Current liabilities $ 158,146 $ 143,937
Current portion of long-term debt 6,500
Long-term debt 220,050 243,175
Other long-term liabilities 58,956 62,145
Shareholders’ equity 492,830 477,246
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 936,482 $ 926,503
CHART INDUSTRIES, INC. AND SUBSIDIARIES
OPERATING SEGMENTS (UNAUDITED)
(Dollars in thousands)
Three Months Ended Nine Months Ended
September 30, September 30,
2010 2009 2010 2009
Sales
Energy & Chemicals $ 38,150 $ 49,714 $ 95,712 $ 210,952
Distribution & Storage 65,024 57,116 192,137 192,369
BioMedical 36,031 21,936 108,768 63,831
Total $ 139,205 $ 128,766 $ 396,617 $ 467,152
Gross Profit
Energy & Chemicals $ 8,911 $ 14,460 $ 19,776 $ 78,480
Distribution & Storage 19,658 15,843 55,636 55,182
BioMedical 14,232 9,071 39,240 24,301
Total $ 42,801 $ 39,374 $ 114,652 $ 157,963
Gross Profit Margin
Energy & Chemicals 23.4% 29.1% 20.7% 37.2%
Distribution & Storage 30.2% 27.7% 29.0% 28.7%
BioMedical 39.5% 41.4% 36.1% 38.1%
Total 30.7% 30.6% 28.9% 33.8%
Operating Income
Energy & Chemicals $ 2,289 $ 7,527 $ 1,159 $ 54,132
Distribution & Storage 10,222 8,523 29,547 30,009
BioMedical 7,855 5,664 19,955 13,400
Corporate (7,127) (5,750) (21,256) (18,166)
Total $ 13,239 $ 15,964 $ 29,405 $ 79,375
CHART INDUSTRIES, INC. AND SUBSIDIARIES
ORDERS AND BACKLOG (UNAUDITED)
(Dollars in thousands)
Three Months Ended
September 30, June 30,
2010 2010
Orders
Energy & Chemicals $ 32,305 $ 29,875
Distribution & Storage 74,285 69,615
BioMedical 40,186 36,703
Total $ 146,776 $ 136,193
Backlog
Energy & Chemicals $ 100,369 $ 106,193
Distribution & Storage 99,116 84,038
BioMedical 13,161 9,629
Total $ 212,646 $ 199,860
CONTACT:  Chart Industries, Inc.
          Michael F. Biehl, Executive Vice President, Chief Financial
           Officer and Treasurer
            216-626-1216
            michael.biehl@chart-ind.com
          Kenneth J. Webster, Vice President, Chief Accounting Officer
           and Controller
            216-626-1216
            ken.webster@chart-ind.com
Thursday, October 28th, 2010 Uncategorized Comments Off on Chart Industries (GTLS) Reports 2010 Third Quarter Results

3D Systems (TDSC) Earns 23 Cents Per Share for Third Quarter

ROCK HILL, S.C., Oct. 28, 2010 (GLOBE NEWSWIRE) — 3D Systems Corporation (Nasdaq:TDSC) announced today that it earned 23 cents per share during the third quarter on a 50% revenue increase and a 90 basis point gross profit margin expansion compared to the third quarter of 2009.

The company generated $18.5 million of cash from operations during the first nine months of 2010. After using $10.3 million to fund strategic investing activities, the company ended with $33.8 million of available cash compared to $24.9 million at December 31, 2009.

“Our improved performance and record third quarter results are closing in on our long term operating model,” said Abe Reichental, 3D Systems’ President and Chief Executive Officer.

The table below summarizes the company’s key financial results.

($ in millions) Third Quarter First Nine Months
% %
Change Change
Favorable Favorable
Operating Highlights 2010 2009 (Unfavorable) 2010 2009 (Unfavorable)
Revenue $41.5 $27.7 50% $108.30 $76.4 42%
Gross profit $18.8 $12.3 $49.1 $33.6
% of revenue 45% 45% 53% 45% 44% 46%
Operating expenses $13.7 $11.2 $37.9 $35.0
% of revenue 33% 41% (22%) 35% 46% (8%)
Operating income (loss) $5.2 $1.1 373% $11.2 ($1.4) NM
Net income (loss) $5.4 $0.9 495% $10.1 ($2.5) NM
Diluted earnings (loss) per share $0.23 $0.04 475% $0.43 ($0.11) NM
Available cash $33.8 $24.0 41% $33.8 $24.0 41%
Depreciation & amortization $1.9 $1.3 $5.4 $4.3
% of revenue 5% 5% (46%) 5% 6% (23%)
**Percents are rounded to nearest whole number
NM: Not meaningful

Systems revenue increased by $7.7 million compared to the 2009 quarter and by $16.4 million for the first nine months of 2010 driven by strong demand for the company’s production systems.  3D Printers quarterly revenue grew by 74% over the 2009 quarter and 23% sequentially. Materials sales increased $1.1 million and $6.4 million over the third quarter and first nine months of 2009.  Healthcare solutions third quarter revenue increased 33% sequentially and sales from service activities including 3Dproparts grew to $12.8 million for the quarter.

“We are very pleased with our results and believe that our focus on delivering value through 3D parts, printers and production systems is providing significant value to our customers and stockholders,” concluded Reichental.

Conference Call and Audio Webcast Details

3D Systems will hold a conference call and audio webcast to discuss its operating results for the third quarter of 2010 on Thursday, October 28, 2010 at 11:30 a.m., Eastern Time.

  • To access this Conference Call, dial 1-(888) 626-7452 from in the U.S. or (201) 604-5102 from outside the U.S.
  • To access the audio webcast, log onto 3D Systems’ Web site at www.3dsystems.com/ir. To ensure timely participation and technical capability, we recommend logging on a few minutes prior to the conference call to activate your participation. The webcast will be available for replay beginning approximately three hours after completion of the call at: www.3dsystems.com/ir.

Forward-Looking Statements

Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results expressed or implied by such forward-looking statements.  In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that include terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking.  Forward-looking statements may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings “Forward-Looking Statements,” “Cautionary Statements and Risk Factors,” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements.

About 3D Systems Corporation

3D Systems is a leading provider of 3-D Printing, Rapid Prototyping and Manufacturing systems and parts solutions. Its expertly integrated solutions reduce the time and cost of designing products and facilitate direct and indirect manufacturing by creating actual parts directly from digital input. These solutions are used for design communication and prototyping as well as for production of functional end-use parts: our customers Create With Confidence.

More information on the company is available at www.3DSystems.com, www.Printin3D.com, www.3Dproparts.com, www.toptobottomdental.com, www.dpt-fast.com, www.bitsfrombytes.com, www.mqast.com, blog.3Dsystems.com, or via email at moreinfo@3Dsystems.com.

The 3D Systems Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4537

3D SYSTEMS CORPORATION
Condensed Consolidated Statements of Operations
Quarters and Nine Months Ended September 30, 2010 and 2009
(Unaudited)
Quarters Ended September 30, Nine Months Ended September 30,
(in thousands, except per share amounts) 2010 2009 2010 2009
Revenue:
Products $ 28,742 $ 19,948 $ 75,783 $ 53,021
Services 12,761 7,719 32,490 23,382
Total revenue 41,503 27,667 108,273 76,403
Cost of sales:
Products 14,765 11,309 38,381 28,689
Services 7,910 4,039 20,787 14,086
Total cost of sales 22,675 15,348 59,168 42,775
Gross profit 18,828 12,319 49,105 33,628
Operating expenses:
Selling, general and administrative 10,960 8,362 29,894 26,368
Research and development 2,708 2,865 7,979 8,618
Total operating expenses 13,668 11,227 37,873 34,986
Operating income (loss) 5,160 1,092 11,232 (1,358)
Interest and other income (expense), net 492 (59) (342) (546)
Income (loss) before provision for income taxes 5,652 1,033 10,890 (1,904)
Provision for income taxes 284 106 767 566
Net income (loss) 5,368 927 10,123 (2,470)
Net income attributable to noncontrolling interest 25 29
Net income (loss) attributable to 3D Systems $ 5,368 $ 902 $ 10,123 $ (2,499)
Shares used to calculate diluted earnings (loss) per share 23,441 22,694 23,302 22,504
Diluted earnings (loss) per share (1) $ 0.23 $ 0.04 $ 0.43 $ (0.11)
(1) See Schedule 1 for the calculation of basic and diluted earnings (loss) per share.
3D SYSTEMS CORPORATION
Condensed Consolidated Balance Sheets
September 30, 2010 and December 31, 2009
(Unaudited)
September 30, December 31,
(in thousands) 2010 2009
ASSETS
Current assets:
Cash and cash equivalents $ 33,811 $ 24,913
Accounts receivable, net 26,620 23,759
Inventories, net 20,750 18,378
Prepaid expenses and other current assets 1,684 2,415
Deferred income tax assets 405 634
Restricted cash 54 54
Total current assets 83,324 70,153
Property and equipment, net 26,796 24,789
Other intangible assets, net 7,852 3,634
Goodwill 49,961 48,730
Other assets, net 2,916 3,097
Total assets $ 170,849 $ 150,403
LIABILITIES AND EQUITY
Current liabilities:
Current portion of capitalized lease obligations $ 226 $ 213
Accounts payable 13,998 12,994
Accrued and other liabilities 12,615 11,114
Customer deposits 2,601 627
Deferred revenue 8,792 8,487
Total current liabilities 38,232 33,435
Long-term portion of capitalized lease obligations 8,084 8,254
Other liabilities 3,928 3,944
Total liabilities 50,244 45,633
Commitments and contingencies
3D Systems stockholders’ equity:
Preferred stock, authorized 5,000 shares, none issued
Common stock, authorized 60,000 shares, issued and outstanding 23,261 (2010) and 22,774 shares (2009) 23 23
Additional paid-in capital 182,936 177,682
Treasury stock, at cost; 95 shares (2010) and 74 shares (2009) (154) (134)
Accumulated deficit (67,368) (77,491)
Accumulated other comprehensive income 5,168 4,617
Total 3D Systems stockholders’ equity 120,605 104,697
Noncontrolling interest 73
Total equity 120,605 104,770
Total liabilities and equity $ 170,849 $ 150,403
3D SYSTEMS CORPORATION
Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2010 and 2009
(Unaudited)
Nine Months Ended September 30,
(in thousands) 2010 2009
Cash flows from operating activities:
Net income (loss) $ 10,123 $ (2,470)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes 212 153
Depreciation and amortization 5,355 4,341
Provision (benefit) for bad debts (118) 941
Stock-based compensation 1,057 936
Loss on the disposition of property and equipment 49 151
Changes in operating accounts:
Accounts receivable (155) 5,316
Inventories (2,160) 744
Prepaid expenses and other current assets 920 (468)
Accounts payable (1,308) (4,367)
Accrued liabilities 1,892 (1,041)
Customer deposits 1,973 (116)
Deferred revenue 317 (2,180)
Other operating assets and liabilities 315 295
Net cash provided by operating activities 18,472 2,235
Cash flows used in investing activities:
Purchases of property and equipment (1,019) (634)
Additions to license and patent costs (243) (149)
Proceeds from disposition of property and equipment 6 34
Acquisition of businesses, net of cash acquired (9,086)
Net cash used in investing activities (10,342) (749)
Cash flows provided by financing activities:
Restricted stock proceeds and stock options 262 242
Repayment of long-term debt (159) (145)
Repayment of short-term borrowings (3,085)
Restricted cash 3,216
Net cash provided by financing activities 103 228
Effect of exchange rate changes on cash 665 103
Net increase in cash and cash equivalents 8,898 1,817
Cash and cash equivalents at the beginning of the period 24,913 22,164
Cash and cash equivalents at the end of the period $ 33,811 $ 23,981
Supplemental Cash Flow Information:
Interest payments $ 442 $ 474
Income tax payments (receipts) 274 (208)
Non-cash items:
Transfer of equipment from inventory to property and equipment, net 1,419 461
Transfer of equipment to inventory from property and equipment, net 392 341
Issuance of stock for acquisition of businesses 3,915
3D SYSTEMS CORPORATION
Schedule 1
(Unaudited)
Following is a reconciliation of the numerator and denominator of the basic and diluted net earnings (loss) per share computations:
Quarter Ended September 30, Nine Months Ended September 30,
(in thousands, except per share amounts) 2010 2009 2010 2009
Basic and diluted earnings (loss) per share:
Basic earnings (loss) per share:
Numerator:
Net income (loss) $ 5,368 $ 902 $ 10,123 $ (2,499)
Denominator:
Weighted average common shares outstanding 23,147 22,627 23,010 22,504
Basic earnings (loss) per share $ 0.23 $ 0.04 $ 0.44 $ (0.11)
Diluted earnings (loss) per share:
Numerator:
Net income (loss) $ 5,368 $ 902 $ 10,123 $ (2,499)
Denominator:
Weighted average common shares outstanding 23,147 22,627 23,010 22,504
Effect of dilutive securities:
Stock options and restricted stock awards 294 67 292
Diluted weighted average shares outstanding 23,441 22,694 23,302 22,504
Diluted earnings (loss) per share $ 0.23 $ 0.04 $ 0.43 $ (0.11)
CONTACT:  3D Systems Corporation
          Investor Contact:
          Stacey Witten
            803-326-4010
            WittenS@3dsystems.com
          Media Contact:
          Katharina Hayes
            803-326-3941
            HayesK@3dsystems.com
Thursday, October 28th, 2010 Uncategorized Comments Off on 3D Systems (TDSC) Earns 23 Cents Per Share for Third Quarter

Sanofi-aventis (SNY) to Acquire BMP Sunstone (BJGP) Creating a Strong Consumer Healthcare Platform in China

PARIS and NEW YORK — Sanofi-aventis (EURONEXT: SAN and NYSE: SNY) and BMP Sunstone Corporation (Nasdaq: BJGP) announced today that they have entered into a definitive agreement under which sanofi-aventis is to acquire all outstanding shares of BMP Sunstone for cash consideration of USD 10 per share, or a total of approximately USD 520.6 million on a fully diluted basis. The acquisition is to be structured as a merger of BMP Sunstone and a wholly-owned subsidiary of sanofi-aventis.

The price per share represents a 30% premium above the closing price of BMP Sunstone’s shares on October 27, 2010. BMP Sunstone’s board of directors has unanimously approved the transaction.

BMP Sunstone achieved sales of approximately $147 million in 2009. Almost 60% of these sales were realized in the consumer healthcare segment, where BMP Sunstone has access to retailers, county hospitals and community clinics in Tier III and Tier IV markets. In this segment, BMP Sunstone has established two of China’s most recognized brands: “Hao Wa Wa” (GoodBaby), recently recognized as the number one paediatric Cough & Cold brand in China, and “Kang Fu Te” (Confort) a hygiene brand for women’s healthcare.

Following the recent establishment of the Hangzhou Sanofi Minsheng Consumer Healthcare joint venture, the acquisition of BMP Sunstone will make sanofi-aventis a leading consumer healthcare company in China, with a strong position in both Vitamins & Minerals Supplements and Cough & Cold, the two largest categories of this market.

“The acquisition of BMP Sunstone will not only leverage our consumer healthcare business in China, but will also bring us unique access to new expanding distribution channels which are expected to account for a third of the pharmaceutical market in China in the coming years,” said Christopher A. Viehbacher, Chief Executive Officer of sanofi-aventis. “This transaction represents another strategic move for sanofi-aventis to reinforce its leadership position in China.”

“This transaction offers immediate and significant value for BMP Sunstone stockholders and important benefits to our employees and customers,” said Mr. David (Xiao Ying) Gao, Chief Executive Officer of BMP Sunstone. “I am excited to work with the sanofi-aventis team to capture the significant growth opportunities this new combination will create in the consumer healthcare market in China.”

Under the terms of the merger agreement, completion of the transaction is subject to the approval of the merger by BMP Sunstone stockholder’s meeting, as well as the receipt of certain regulatory approvals in China and other customary conditions. Stockholders controlling 23% of BMP Sunstone’s shares on a fully diluted basis have committed to vote in favour of the transaction.

Consumer Healthcare is one of the core growth platforms identified in sanofi-aventis’ strategy for achieving sustainable growth. Sanofi-aventis is currently the 5th largest consumer healthcare company worldwide, and continues to expand its presence in this area through organic and external growth.

The Consumer Healthcare market in China is the second largest in the world after the United States, with an estimated size of EUR 12 bn in 2010. It has grown at a CAGR of approximately 11% since 2005, and this trend is expected to continue over the coming years driven by continued urbanization and improvement of patients’ affordability, increasing trend of self-medication and the development of pharmacy chains and expanded retail offerings of consumer healthcare products.

About sanofi-aventis China

Sanofi-aventis was the first foreign pharmaceutical company to open offices in China. It is today one of the fastest growing healthcare companies in China, with 5,000 people in more than 200 cities across China. From prevention to treatment, sanofi-aventis is uniquely positioned to address public health needs in China. Sanofi Pasteur, the vaccines division of sanofi-aventis, is a leading vaccines company in China. In October 2010, sanofi-aventis entered the consumer healthcare market in China, with the establishment of Hangzhou Sanofi Minsheng Consumer Healthcare Co., Ltd.

Sanofi-aventis currently has three manufacturing facilities in Beijing, Hangzhou, and Shenzhen. In addition, the company is building three new facilities, all scheduled to begin commercial production in 2012, in order to meet the increasing demand of the Chinese market. Sanofi-aventis is engaged in integrated R&D in China from drug target identification to late stage clinical studies. Its China R&D Center and Asia Pacific R&D Center are based in Shanghai.

About sanofi-aventis

Sanofi-aventis, a leading global pharmaceutical company, discovers, develops and distributes therapeutic solutions to improve the lives of everyone. Sanofi-aventis is listed in Paris (EURONEXT: SAN) and in New York (NYSE: SNY).

About BMP Sunstone

BMP Sunstone Corporation is a specialty pharmaceutical company that is building a proprietary portfolio of branded pharmaceutical and healthcare products in China. Through Sunstone the Company manufactures leading pediatric and women’s health products sold in pharmacies throughout the country. The Company also markets a portfolio of products under exclusive multi-year licenses into China, primarily focused on women’s health and pediatrics, as well as provides pharmaceutical distribution services through subsidiaries in Beijing and Shanghai. BMP Sunstone’s main office is in Beijing, with a U.S. office in Plymouth Meeting, PA.

Important Additional Information for Investors and Stockholders of BMP Sunstone Corporation

In connection with the proposed merger, BMP Sunstone Corporation (“BMP”) intends to file a proxy statement and other related documents with the Securities and Exchange Commission (the “SEC”). BMP 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 merger. Information concerning BMP participants will be set forth in the proxy statement and related documents to be filed with the SEC. Stockholders of BMP are advised to read these documents and any other documents relating to the merger that are filed with the SEC when they become available because they contain important information. Stockholders of BMP may obtain copies of these documents for free, when available, at the SEC’s website at http://www.sec.gov . These and such other documents may also be obtained for free from BMP at: 600 W. Germantown Pike, Suite 400, Plymouth Meeting, Pennsylvania.

Forward-Looking Statements for sanofi-aventis

This press release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. These statements include projections and estimates and their underlying assumptions, statements regarding plans, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans” and similar expressions. Although sanofi-aventis’ management believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of sanofi-aventis, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include among other things, the uncertainties inherent in research and development, future clinical data and analysis, including post marketing, decisions by regulatory authorities, such as the FDA or the EMA, regarding whether and when to approve any drug, device or biological application that may be filed for any such product candidates as well as their decisions regarding labeling and other matters that could affect the availability or commercial potential of such products candidates, the absence of guarantee that the products candidates if approved will be commercially successful, the future approval and commercial success of therapeutic alternatives, the Group’s ability to benefit from external growth opportunities as well as those discussed or identified in the public filings with the SEC and the AMF made by sanofi-aventis, including those listed under “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in sanofi-aventis’ annual report on Form 20-F for the year ended December 31, 2009. Other than as required by applicable law, sanofi-aventis does not undertake any obligation to update or revise any forward-looking information or statements.

Forward-Looking Statements for BMP Sunstone

This news release contains forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the impact from the Company’s recent organizational changes, changes in the Company’s sales, marketing and distribution plans, changes in the Company’s operating performance, general financial, economic, and political conditions affecting the biotechnology and pharmaceutical industries and the Chinese pharmaceutical market, the ability to timely manufacture and distribute the Company’s products and other risks contained in reports filed by the Company with the Securities and Exchange Commission. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Morgan Stanley is acting as financial advisor and Shearman & Sterling LLP as legal advisor to sanofi-aventis. Stephens Inc. and E.J. McKay & Co., Inc. are acting as financial advisors and Morgan, Lewis & Bockius LLP as legal advisor to BMP Sunstone. Philadelphia Brokerage Corporation also provided an additional fairness opinion to BMP Sunstone.

    Contacts for sanofi-aventis

     Media: Jean-Marc Podvin
     Corporate Communications
     Tel: +33 (1) 53 77 44 50

     Investors: Sebastien Martel
     Corporate Investor Relations
     Tel: +33 (1) 53 77 45 45

    Contacts for BMP Sunstone

     Fred M. Powell
     Chief Financial Officer
     Tel: +1-610-940-1675
     Email: fpowell@bmpsunstone.com

     ICR, LLC (Investor Relations)
     Ashley M. Ammon
     Tel: +1-646-277-1227
     Christine Duan
     Tel: +1-203-682-8200
Thursday, October 28th, 2010 Uncategorized Comments Off on Sanofi-aventis (SNY) to Acquire BMP Sunstone (BJGP) Creating a Strong Consumer Healthcare Platform in China

Comstock Mining Inc. (LODE)

A Nevada-based precious metals mining company with extensive, contiguous property, Comstock Mining Inc. has amassed the single largest known repository of historical and current geological data on the Comstock region, secured permits, built an infrastructure and brought the exploration project into test mining production. In addition to capitalizing on its current portfolio, the company continues to pursue additional properties in the district.

Comstock Mining has carefully organized a management team committed to governance, effectiveness and transparency. The senior team retains exceptional geological, geo-statistical, engineering, regulatory, environmental, financial and operating competencies that are being leveraged to exploit the company’s full potential. The company has also strengthened its operations through agreements and relationships with their closest trading partners.

Recently, Comstock Mining announced that it raised $35.75 million of new equity, exchanging all previously defaulted senior secured debt and related obligations for new equity. The funding enabled the company to secure exclusive rights of production and exploration concerning extensive mining properties integral to the company’s nearly 6,000-acre land position. This builds on the success of the recent NI 43-101 technical report which validated the company’s total measured, indicated, inferred, and historic resources of over 1.6 million gold equivalent ounces.

As stated by CEO Corrado De Gasperis, securing these rights in a long-term and safely capitalized manner completes the consolidation of the Comstock Lode District and enables tremendous exploration potential. Comstock Mining is well on its way to reaching its objective of validating qualified resources and reserves (probable and proven) of 3,250,000 gold equivalent ounces by 2013, and commencing commercial mining and processing operations next year, with annual production rates of 20,000 gold equivalent ounces.

Recent News

Thursday, October 28th, 2010 Uncategorized Comments Off on Comstock Mining Inc. (LODE)

F5 (FFIV) Introduces Self-Service Support Capabilities and Diagnostic Tools

Oct. 27, 2010 (Business Wire) — F5 Networks, Inc. (NASDAQ: FFIV), the global leader in Application Delivery Networking (ADN), today announced the F5® iHealth system, an exclusive online support service available to F5 customers and partners designed to proactively improve the performance of application delivery infrastructures. iHealth is a web-based application that provides insight into BIG-IP® product deployments through performance monitoring and automated analysis. It empowers administrators to identify performance issues, access data for troubleshooting and remediation, and exchange information with F5 Support teams for analysis.

“With iHealth, customers and partners can take a comprehensive snapshot of their current infrastructure, and use it to proactively identify opportunities for performance improvement or preempt potential challenges,” said Julian Eames, SVP of Business Operations at F5. “This new offering represents F5’s continued commitment to exceeding customer and partner expectations for service excellence and providing an enhanced portfolio of self-service options for our extensive installed base.”

Details

Offered as a free web-based service for customers and partners with a current services maintenance agreement, iHealth comprehensively analyzes BIG-IP solution performance and provides recommendations for improving performance. After gathering configuration information, iHealth gives users a succinct description of identified issues along with F5’s recommendations for addressing them. This comprehensive analysis validates current product configurations against best practices, and displays heuristics data in an easy-to-understand format based on the familiar BIG-IP interface. In offering a proactive approach to troubleshooting, iHealth significantly decreases the time and effort necessary to diagnose and address technical issues.

Key benefits of the iHealth system include:

  • Self-Service Capabilities for Quick Remediation of Performance Issues

Administrators can upload specific product configurations any time, aiding troubleshooting efforts on a flexible schedule. The iHealth service analyzes configuration and performance data, and prioritizes existing performance challenges. This automated capability leverages F5’s years of experience working with global organizations to provide convenient diagnostic and remediation information and offer detailed recommendations to address any issues. These recommendations also include links to the Ask F5 Knowledge Base for detailed solutions and procedures.

  • Proactive Identification of Potential Application Delivery Challenges

In addition to providing tips for addressing current challenges, iHealth offers detailed performance statistics and helps proactively identify potential trouble spots before they create issues.

By taking a holistic view of the infrastructure, iHealth quickly identifies opportunities for performance improvement so action can be taken. It can also alert users to available upgrades that optimize performance and help assess the impact of industry or regulatory changes, such as the effect on SSL performance when migrating from 1024-bit keys to 2048-bit keys.

  • More Efficient Collaboration with F5 Support Professionals

With iHealth, users have a convenient, accurate method for sharing deployment configuration data with F5 professionals, should opening a support case with F5 be necessary. iHealth’s ability to capture specific details of a particular deployment significantly reduces the chance of redundancy or human error in performing diagnostic tasks. iHealth can quickly gather all relevant information and provide a concise snapshot for support professionals to work with, helping improve interactions between F5 and its customers and partners, ultimately leading to a swifter resolution.

Supporting Quotes

“With the introduction of iHealth, F5 is expanding on its top-notch support capabilities,” said Stuart Lyons, Security Engineer at Human Kinetics. “Now, we can run self-diagnostics to proactively identify any application delivery issues—without needing to take systems offline or put a call in to the help desk. The iHealth interface is very intuitive, and we can view and track the capacity of our BIG-IP solutions over time, helping us be better prepared for future application deployments and other IT projects. iHealth goes far beyond what we’ve seen in the industry in terms of customer empowerment, and really demonstrates F5’s commitment to supporting its users with tools to maximize the value of Application Delivery Networking.”

“Early adoption of F5’s iHealth has been a real time-saver for Milestone Systems,” said Bruce Hampton, Director of Engineering at Milestone Systems. “Whether we’re using the iHealth Viewer to look at performance graphs and network statistics, or using iHealth Diagnostics to examine our software and configuration, it’s all here—displayed in an easy-to-read format. This complete view of a system gives us hard data about our BIG-IP system’s overall performance, letting us know when it’s operating outside normal limits. We can take immediate steps to improve performance and enforce best practices. This is a real productivity tool and will further enhance the customer experience when dealing with F5.”

“The growing range of intelligent networking devices in the application delivery infrastructure calls for equally sophisticated service offerings,” said Matt Healey, Research Manager for IDC. “Specifically, the ability to proactively offer performance data and prescriptive advice for improving performance has become critical for IT organizations. IDC believes that all networking vendors need to provide their customers with tools that empower administrators, network engineers, and architects, to get the most out of their IT investments.”

“As a leading international IT security solutions provider for numerous blue-chip companies, proactive and rapid customer service is critical to our success. iHealth gives our team the visibility we need to efficiently scale and maintain application delivery infrastructures,” said Charlotte Manley, Technical Support Center director for Integralis Global Services. “It displays at a glance how network conditions are impacting BIG-IP solutions’ performance, enabling swift remediation if any challenges are encountered. In addition to its diagnostic capabilities, iHealth provides information about upgrades that might be available for BIG-IP products, helping ensure that systems are always up to date. Simply put, iHealth enables our support teams to be more self-sufficient. And with its ability to quickly examine the deployment details, it enables our customers to be more proactive.”

Availability

iHealth services are now available worldwide at no charge for all F5 customers and partners with a current services maintenance agreement. iHealth services can be accessed directly at http://iHealth.f5.com.

Additional Resources

  • iHealth Datasheet
  • iHealth SlideShare presentation
  • F5 Services Brochure

About F5 Networks

F5 Networks is the global leader in Application Delivery Networking (ADN), focused on ensuring the secure, reliable, and fast delivery of applications. F5’s flexible architectural framework enables community-driven innovation that helps organizations enhance IT agility and dynamically deliver services that generate true business value. F5’s vision of unified application and data delivery offers customers an unprecedented level of choice in how they deploy ADN solutions. It redefines the management of application, server, storage, and network resources, streamlining application delivery and reducing costs. Global enterprise organizations, service and cloud providers, and Web 2.0 content providers trust F5 to keep their business moving forward. For more information, go to www.f5.com.

You can also follow @f5networks on Twitter or visit us on Facebook for more information about F5, its partners and technology. For a complete listing of F5 community sites, please visit http://www.f5.com/news-press-events/web-media/community.html.

F5, Ask F5, BIG-IP, and iHealth are trademarks or service marks of F5 Networks, Inc., in the U.S. and other countries. All other product and company names herein may be trademarks of their respective owners.

This press release may contain forward-looking statements relating to future events or future financial performance that involve risks and uncertainties. Such statements can be identified by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms or comparable terms. These statements are only predictions and actual results could differ materially from those anticipated in these statements based upon a number of factors including those identified in the company’s filings with the SEC.

F5 Networks, Inc.

Alane Moran, 206-272-6850

a.moran@f5.com

or

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Wednesday, October 27th, 2010 Uncategorized Comments Off on F5 (FFIV) Introduces Self-Service Support Capabilities and Diagnostic Tools

LoJack Corp. (LOJN) Reports Third Quarter 2010 Results

WESTWOOD, Mass. — LoJack Corporation (Nasdaq: LOJN) today reported that consolidated revenue for the third quarter ended September 30, 2010 increased 7% to $38.5 million, from $36.1 million in the same quarter of the prior year. Revenue in the company’s North America segment declined 7% to $24.4 million for the quarter compared to $26.2 million for the same period in 2009, when the U.S. government’s Cash for Clunkers program resulted in a temporary surge in auto sales. Third quarter revenue in the company’s North America segment reflected a 6% decline in unit volume in the U.S. market.  Revenue in the company’s international segment increased 47% to $13.4 million for the third quarter, from $9.1 million in 2009, driven by unit volume growth of 61% from the licensee business and continued expansion of the subscriber base in Italy.

(Logo:  http://photos.prnewswire.com/prnh/20080512/NEM054LOGO )

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Richard T. Riley, Chairman and Chief Executive Officer said, “The increase in consolidated revenue for the third quarter was consistent with our expectations. Our international licensees have returned to normal buying patterns, which more than offset the overall U.S. retail auto market decline in the third quarter.

“LoJack unit volume trends in the U.S. have consistently tracked the retail trends in the broader domestic auto market for the year. We continue to maintain our leadership position in the domestic consumer market and demonstrate that the LoJack technology is the standard for the stolen vehicle recovery. Our business performance in the U.S. for the quarter reflects the uneven turn around in the broader domestic auto industry. Despite the growth in total auto sales recorded in the third quarter, actual retail auto sales declined.  The industry-wide increase in total auto sales during the third quarter was fueled entirely by fleet sales, which rose 24%.  Consumer purchases continue to be impacted by the restrictive credit environment, continued high unemployment and fewer incentives offered by auto manufacturers.

“Our international business delivered strong revenue growth for the third quarter as orders from our licenses in Latin America and South Africa returned to historical levels. Additionally, we continued to add subscribers at our operation in Italy, increasing the subscriber base to approximately 11,000 at the end of the third quarter.”

Consolidated gross margin for the third quarter declined 6% to $19.4 million from $20.6 million in 2009. Gross margin as a percentage of revenue for the third quarter was 50%, compared to 57% in the same quarter in the prior year. The gross margin for the third quarter of 2010 reflects a significant increase in bulk installations in the U.S., warranty expenses related to the Boomerang technology in Canada, the discontinuation of a non-core GPS product and an unmatched Canadian sales tax benefit in 2009.

Operating expense, adjusted for the items reflected in Table 4, declined $4.6 million or 22% for the third quarter, as a result of the company’s continued cost management initiatives. Operating expense for the third quarter of 2009 included $19.9 million of expense related to the settlement with the company’s former licensee in China.

Mr. Riley said, “During the third quarter, we continued to effectively manage our cost structure while investing in our core stolen vehicle recovery business, the SafetyNet business and our growing operation in Italy. Our aggressive steps to control expenses had a dramatic impact on our underlying cost structure and we are confident that our operating expenses are now at an appropriate level to allow us to invest in our business and drive profitable revenue growth in the future.”

Adjusted EBITDA, which includes the items reflected in Table 1, for the third quarter of 2010 was $4.9 million, compared to adjusted EBITDA of $1.9 million in the same period of the prior year, reflecting the company’s overall revenue growth and tight cost control. Operating income, which includes the items reflected in Table 2, for the third quarter of 2010 was $3.0 million, compared to an operating loss of $20.3 million in the third quarter of 2009. The operating loss in the prior year reflects a charge of approximately $19.9 million related to the settlement with the company’s former licensee in China.

Net income attributable to LoJack Corporation, which includes the items reflected in Table 3, for the third quarter was $2.7 million or $0.15 per diluted share, compared to a net loss of $13.4 million, or $0.78 per diluted share, for the same quarter of the prior year. The net loss in the prior year reflects an after tax charge of approximately $14.6 million related to the settlement with the company’s former licensee in China.

The company generated positive operating cash flow of $5.4 million in the third quarter of 2010, compared to negative operating cash flow of $13.6 million in the third quarter of 2009, and

ended the quarter with a cash balance of $37.5 million.

Mr. Riley said, “Based on the improvement in our international business and the continued stabilization of the U.S. auto business, we remain encouraged by our prospects for the remainder of the year. While we remain focused on delivering positive adjusted EBITDA and maintaining our liquidity, we will continue to make investments in our core business, as well as strategic programs to build our business in Italy and to further develop our SafetyNet business. Based on a moderate year over year increase in revenue, we continue to expect to deliver positive adjusted EBITDA, positive operating cash flow and healthy margins for 2010. For 2011, we expect our domestic business to follow the expected gradual recovery of the overall auto market in the U.S.”

During the third quarter of 2010, the company did not repurchase any shares under its stock repurchase plan. As of September 30, 2010, the company had an outstanding authority to repurchase 1,681,778 shares.

About LoJack

LoJack Corporation, the company that invented the stolen vehicle recovery market more than two decades ago, is the global leader in finding and recovering a wide range of mobile assets including cars, construction equipment and motorcycles – having recovered more than $5 billion in stolen assets worldwide. In today’s rapidly changing world, LoJack’s core competencies are more valuable and more relevant than ever as they are now being applied into new areas, such as the prevention, detection and recovery of stolen cargo and finding and rescuing people with cognitive conditions such as autism and Alzheimer’s. LoJack has the proven processes, ultimate technology for recovery – Radio Frequency – and unique integration with law enforcement agencies, making its offerings the most effective solutions that not only deliver a wide range of recoveries, but also enhance the safety of the public on a global level. LoJack’s Stolen Vehicle Recovery System operates in 28 states and the District of Columbia, and in more than 30 countries throughout North America, South America, Europe, Africa and Asia. For more information, visit http://www.lojack.com.

To access the webcast of the company’s conference call to be held at 9:00 AM ET, October 27, 2010, log onto www.lojack.com (click “About Us,” “Investor Relations,” and then click “Quarterly Results Conference Call Webcast”). An archive of the webcast will be available through http://www.lojack.com until superseded by the next quarter’s earnings release and related webcast.

From time to time, information provided by the company or statements made by its employees may contain “forward-looking” information, which involve risks and uncertainties. Any statements in this news release that are not statements of historical fact are forward-looking statements (including, but not limited to, statements concerning the characteristics and growth of the company’s market and customers, the company’s objectives and plans for future operations and products and the company’s expected liquidity, revenue, profit and capital resources). Such forward-looking statements are based on a number of assumptions and involve a number of risks and uncertainties, and accordingly, actual results could differ materially. Factors that may cause such differences include, but are not limited to: (i) the continued and future acceptance of the company’s products and services; (ii) our ability to obtain financing from lenders; (iii) the outcome of ongoing litigation involving the company; (iv) the rate of growth in the industries of the company’s customers; (v) the presence of competitors with greater technical, marketing, and financial resources; (vi) the company’s customers’ ability to access the credit markets; (vii) the company’s ability to promptly and effectively respond to technological change to meet evolving customer needs; (viii) the company’s ability to successfully expand its operations; and (ix) changes in general economic or geopolitical conditions. For a further discussion of these and other significant factors to consider in connection with forward-looking statements concerning the company, reference is made to the company’s Annual Report on Form 10-K for the year ended December 31, 2009.

The company undertakes no obligation to release publicly the result of any revision to the forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release also contains the non-GAAP financial measure, adjusted EBITDA.  The company believes that the inclusion of this non-GAAP financial measure in this press release helps investors to gain a meaningful understanding of changes in the company’s core operating results, and can also help investors who wish to make comparisons between LoJack and other companies on both a GAAP and a non-GAAP basis. LoJack management uses this non-GAAP measure, in addition to GAAP financial measures, as the basis for measuring our core operating performance and comparing such performance to that of prior periods and to the performance of our competitors. These measures are also used by management to assist with their financial and operating decision making.

The non-GAAP financial measures included in this press release are not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this press release may be different from, and therefore may not be comparable to, similar measures used by other companies.  Reconciliations of the non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measures are set forth in the text of, and the accompanying tables to, this press release.

Table 1 – Adjusted EBITDA Computation

GAAP to Pro Forma Non-GAAP Reconciliation

(in millions)

Three Months ended

September 30, 2010

Three Months ended

September 30, 2009

$

$

Operating income (loss), as reported

$      3.0

$      (20.3)

Adjusted for:

Depreciation and amortization

1.7

1.5

Legal settlement and associated charges

19.9

Stock compensation expense

0.2

0.8

Adjusted EBITDA

$        4.9

$               1.9

Nine Months ended

September 30, 2010

Nine Months ended

September 30, 2009

$

$

Operating loss, as reported

$       (4.4)

$     (42.5)

Adjusted for:

Depreciation and amortization

5.8

5.5

Impairment of intangible assets and goodwill

14.0

Legal settlement and associated charges

21.3

Stock compensation expense

2.5

2.3

Adjusted EBITDA

$       3.9

$         0.6

Table 2 – Items Affecting Operating Income (Loss) Comparability

GAAP to Pro Forma Non GAAP Reconciliation – Operating Income (Loss)

(in millions)

Three Months ended

September 30, 2010

Three Months ended

September 30, 2009

$

$

Operating income (loss), as reported

$           3.0

$      (20.3)

Legal Settlement and associated charges

19.9

Pro Forma operating income (loss)

$           3.0

$        (0.4)

Nine Months ended

September 30, 2010

Nine Months ended

September 30, 2009

$

$

Operating loss, as reported

$      (4.4)

$      (42.5)

Legal Settlement and associated charges

21.3

Impairment of goodwill and intangible assets

14.0

Pro Forma operating loss

$      (4.4)

$      (7.2)

Table 3 – Items Affecting Net Income (Loss) and Fully Diluted Earnings (Loss) per Share Comparability

GAAP to Pro Forma Non GAAP Reconciliation

(in millions, except per share amount)

Three Months ended

September 30, 2010

Three  Months ended

September 30, 2009

$

EPS

Impact

$

EPS

Impact

Net income (loss) attributable to LoJack Corporation, as reported

$         2.7

$       0.15

$     (13.4)

$     (0.78)

Legal Settlement and associated charges

14.6

0.85

Pro Forma net income attributable to LoJack Corporation

$         2.7

$       0.15

$         1.2

$      0.07

Nine Months ended

September 30, 2010

Nine Months ended

September  30, 2009

$

EPS

Impact

$

EPS

Impact

Net loss attributable to LoJack Corporation, as reported

$      (21.0)

$     (1.21)

$      (32.4)

$     (1.89)

Impairment of goodwill and intangible assets

14.0

0.82

Legal Settlement and associated charges

15.8

0.92

Valuation allowance on U.S. deferred tax assets

15.1

0.87

Pro Forma net loss attributable to LoJack Corporation

$        (5.9)

$     (0.34)

$        (2.6)

$     (0.15)

Table 4 – Items Affecting Operating Expenses Comparability

GAAP to Pro Forma Non GAAP Reconciliation – Operating Expenses

(in millions)

Three Months ended

September 30, 2010

Three Months ended

September 30, 2009

$

$

Operating expenses, as reported

$         16.4

$        40.9

Legal Settlement and associated charges

(19.9)

Pro Forma operating expenses

$         16.4

$      21.0

Nine Months ended

September 30, 2010

Nine Months ended

September 30, 2009

$

$

Operating expenses, as reported

$      57.7

$       95.3

Legal Settlement and associated charges

(21.3)

Impairment of goodwill and intangible assets

(14.0)

Pro Forma operating expenses

$      57.7

$      60.0

LoJack Corporation and Subsidiaries

Condensed Consolidated Statement of Operations

(in millions, except share and per share amounts)

Three Months Ended September 30,

2010

2009

(unaudited)

Revenue

$38.5

$36.1

Cost of goods sold

19.1

15.5

Gross profit

19.4

20.6

Costs and expenses:

Product development

1.2

1.9

Sales and marketing

6.9

8.7

General and administrative

6.6

10.6

Legal settlement

18.3

Depreciation and amortization

1.7

1.4

Total

16.4

40.9

Operating income (loss)

3.0

(20.3)

Other income (expense):

Interest income

0.5

Interest expense

(0.2)

(0.1)

Other, net

0.3

0.2

Total

0.1

0.6

Income (loss) before provision (benefit) for income taxes

3.1

(19.7)

Provision (benefit) for income taxes

0.4

(6.1)

Net income (loss)

2.7

(13.6)

Less: Net loss attributable to the noncontrolling interest

(0.2)

Net income (loss) attributable to LoJack Corporation

$2.7

$(13.4)

Diluted net income (loss) per share attributable to LoJack Corporation

$0.15

$(0.78)

Weighted average diluted common shares outstanding

17,738,093

17,228,083

LoJack Corporation and Subsidiaries

Condensed Consolidated Statement of Operations

(in millions, except share and per share amounts)

Nine Months Ended September 30,

2010

2009

(unaudited)

Revenue

$106.6

$99.4

Cost of goods sold

53.3

46.6

Gross profit

53.3

52.8

Costs and expenses:

Product development

4.9

5.3

Sales and marketing

22.7

24.3

General and administrative

24.7

28.6

Legal settlement

18.3

Depreciation and amortization

5.4

4.8

Loss on impairment of intangible assets and goodwill

14.0

Total

57.7

95.3

Operating loss

(4.4)

(42.5)

Other income (expense):

Interest income

0.2

1.1

Interest expense

(0.4)

(0.3)

Other, net

(0.1)

0.6

Total

(0.3)

1.4

Loss before provision (benefit) for income taxes

(4.7)

(41.1)

Provision (benefit) for income taxes

16.6

(8.2)

Net loss

(21.3)

(32.9)

Less: Net loss attributable to the noncontrolling interest

(0.3)

(0.5)

Net loss attributable to LoJack Corporation

$(21.0)

$(32.4)

Diluted net loss per share attributable to  LoJack Corporation

$(1.21)

$(1.89)

Weighted average diluted common shares outstanding

17,330,533

17,148,463

LoJack Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(in millions)

September 30, 2010

December 31, 2009

(unaudited)

Assets

Current Assets:

Cash and cash equivalents

$  37.5

$  36.5

Restricted cash

0.3

0.6

Marketable securities at fair value

1.4

1.8

Accounts receivable, net

27.2

34.2

Inventories

11.1

10.7

Prepaid expenses and other

3.2

3.1

Prepaid and receivable income taxes

7.8

9.1

Deferred income taxes

6.7

Total current assets

88.5

102.7

Property and equipment, net

16.4

19.0

Deferred income taxes

0.1

8.8

Intangible assets, net

0.4

0.7

Goodwill

1.7

1.7

Other assets, net

11.9

14.6

Total assets

$119.0

$147.5

Liabilities and equity

Current Liabilities:

Accounts payable

$   4.7

$   7.1

Accrued and other liabilities

10.7

9.3

Current portion of deferred revenue

22.6

24.4

Accrued compensation

5.8

3.0

Total current liabilities

43.8

43.8

Long term debt

8.1

13.4

Deferred revenue

30.5

33.5

Other accrued liabilities

2.4

2.3

Accrued compensation

1.5

2.5

Total liabilities

86.3

95.5

Commitments and Contingent Liabilities

Equity:

Common stock

0.2

0.2

Additional paid-in capital

20.4

18.1

Accumulated other comprehensive income

7.4

7.5

Retained earnings

4.9

26.0

Total LoJack Corporation equity

32.9

51.8

Noncontrolling interest in subsidiary

(0.2)

0.2

Total equity

32.7

52.0

Total liabilities and equity

$119.0

$147.5

NOTE: The full text of this news release can be accessed for 30 days at www.prnewswire.com. This news release as well as current financial statements may also be accessed on the Internet at www.lojack.com. Each quarter’s release is archived on the LoJack website under “Investor Relations” during the fiscal year (click “About Us “, then, click “Investor Relations”, click “Quarterly Financial Releases”). The company’s Annual Report, Form 10-Q and Form 10-K filings are also available on its website. Copies of the company’s financial information, including news releases, may also be obtained by contacting Swanson Communications, Inc. at (217) 285-4967.

Contact:

Paul McMahon

Vice President

Corporate and Marketing Communications

(781) 251-4130

John Swanson

Swanson Communications, Inc.

(217) 285-4967

Wednesday, October 27th, 2010 Uncategorized Comments Off on LoJack Corp. (LOJN) Reports Third Quarter 2010 Results

RF Micro Devices (RFMD) Awarded $1.5 Million Navy Contract for GaN RF Power Technology

GREENSBORO, N.C., Oct. 27, 2010 (GLOBE NEWSWIRE) — RF Micro Devices (Nasdaq:RFMD), a global leader in the design and manufacture of high-performance radio frequency components and compound semiconductor technologies, announced today that it has been awarded a $1.5 million R&D contract by the Office of Naval Research (ONR) related to gallium nitride (GaN) microelectronics, including the development of materials, device fabrication and high power circuits.

The $1.5 million R&D contract award expands RFMD’s contract backlog over the next six quarters to approximately $5 million. Since calendar 2004, RFMD has been awarded over $14.5 million in R&D contracts by the U.S. Government for development of its GaN high power RF technology.

Jeff Shealy, VP and general manager of RFMD’s Defense and Power business unit, said, “GaN technology offers unprecedented performance advantages to advanced military applications, including radar, mobile communication and electronic warfare (EW) systems. Our partnership with ONR is mutually beneficial, and we are very enthusiastic about our shared mission to deploy GaN technology broadly across multiple high performance RF power applications.”

Bob Bruggeworth, president and CEO of RFMD, said, “RFMD is leveraging the world’s largest compound semiconductor wafer fab and captive assembly and test facilities to deliver an industry-leading supply chain for the design, packaging and test of GaN high power devices. Importantly, we utilize our scale manufacturing assets used to manufacture and ship approximately three million RF components per day, enhancing our competitive position in the high power amplifier (HPA) marketplace and increasing our ability to improve upon RFMD’s return on invested capital (ROIC).”

In addition to military systems, RFMD’s GaN RF power technology delivers enhanced performance to a growing number of commercial power amplifier applications, including private mobile radio (PMR), 3G/LTE wireless infrastructure and CATV transmission networks.

About RFMD

RF Micro Devices, Inc. (Nasdaq:RFMD) is a global leader in the design and manufacture of high-performance semiconductor components. RFMD’s products enable worldwide mobility, provide enhanced connectivity and support advanced functionality in the cellular handset, wireless infrastructure, wireless local area network (WLAN), CATV/broadband and aerospace and defense markets. RFMD is recognized for its diverse portfolio of semiconductor technologies and RF systems expertise and is a preferred supplier to the world’s leading mobile device, customer premises and communications equipment providers.

Headquartered in Greensboro, N.C., RFMD is an ISO 9001- and ISO 14001-certified manufacturer with worldwide engineering, design, sales and service facilities. RFMD is traded on the NASDAQ Global Select Market under the symbol RFMD. For more information, please visit RFMD’s web site at www.rfmd.com.

The RF Micro Devices, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6436

This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under the federal securities laws. RF Micro Devices’ business is subject to numerous risks and uncertainties, including variability in operating results, risks associated with the impact of global macroeconomic and credit conditions on our business and the business of our suppliers and customers, our reliance on a few large customers for a substantial portion of our revenue, the rate of growth and development of wireless markets, our ability to bring new products to market, our reliance on inclusion in third party reference designs for a portion of our revenue, our ability to manage channel partner and customer relationships, risks associated with the operation of our wafer fabrication, molecular beam epitaxy, assembly and test and tape and reel facilities, our ability to complete acquisitions and integrate acquired companies, including the risk that we may not realize expected synergies from our business combinations, our ability to attract and retain skilled personnel and develop leaders, variability in production yields, raw material costs and availability, our ability to reduce costs and improve margins in response to declining average selling prices, our ability to adjust production capacity in a timely fashion in response to changes in demand for our products, dependence on gallium arsenide (GaAs) for the majority of our products, dependence on third parties, and substantial reliance on international sales and operations. These and other risks and uncertainties, which are described in more detail in RF Micro Devices’ most recent Annual Report on Form 10-K and other reports and statements filed with the Securities and Exchange Commission, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

RF MICRO DEVICES® and RFMD® are trademarks of RFMD, LLC. All other trade names, trademarks and registered trademarks are the property of their respective owners.

CONTACT:  RF Micro Devices
          Douglas DeLieto, VP of Investor Relations
          336-678-7088
Wednesday, October 27th, 2010 Uncategorized Comments Off on RF Micro Devices (RFMD) Awarded $1.5 Million Navy Contract for GaN RF Power Technology

Silicon Image (SIMG) Continues Revenue and Earnings Growth in the Third Quarter

Oct. 26, 2010 (Business Wire) — Silicon Image, Inc. (NASDAQ:SIMG), a leader in advanced, interoperable HD connectivity solutions for consumer electronics, today reported financial results for its third quarter ended September 30, 2010.

Revenue for the third quarter of 2010 was $60.5 million, compared to $44.6 million for the second quarter of 2010 and $37.2 million for the third quarter of 2009. Revenue for the third quarter of 2010 includes the benefit of a $7.5 million royalty revenue catch-up. Excluding the royalty revenue catch-up, our revenue for the quarter would have been $53.0 million.

GAAP net income for the third quarter of 2010 was $9.5 million, or $0.12 per diluted share, compared to net income of $1.8 million, or $0.02 per diluted share, for the second quarter of 2010 and net loss of $15.5 million, or $0.21 per diluted share, for the third quarter of 2009.

Non-GAAP net income for the third quarter of 2010 was $13.7 million, or $0.18 per diluted share, compared to non-GAAP net income of $2.0 million, or $0.03 per diluted share, for the second quarter of 2010 and non-GAAP net loss of $3.4 million, or $0.04 per diluted share, for the third quarter of 2009. Non-GAAP net income (loss) for these periods exclude stock-based compensation expense, amortization of intangible assets, restructuring charges, certain professional fees, and net tax adjustments. A reconciliation of GAAP and non-GAAP items is provided in a table following the Condensed Consolidated Statements of Operations.

“Silicon Image experienced another positive quarter,” said Camillo Martino, chief executive officer of Silicon Image, Inc. “Our standards-plus product strategy continues to drive sales in our core DTV and Home Theater segments, in particular our revenue in Japan grew 38% quarter over quarter. We continue to make progress with the MHL standard as demonstrated by the recent announcement of our first MHL-enabled products. We are currently sampling products with customers and are on track to achieve our design-win goals for 2011.”

The following are Silicon Image’s financial performance estimates for the fourth quarter of 2010:

Revenue: $46 million – $48 million

Gross margin: 55% – 56%

GAAP operating expenses: approximately $26 million

Non-GAAP operating expenses: approximately $24 million

Interest income: approximately $0.5 million

Diluted shares outstanding: approximately 78.5 million

Non-GAAP tax rate: approximately 2% of revenue

Use of Non-GAAP Financial Information

Silicon Image presents and discusses gross margin, operating expenses, net income (loss) and basic and diluted net income (loss) per share in accordance with Generally Accepted Accounting Principles (GAAP), and on a non-GAAP basis for informational purposes only. Silicon Image believes that non-GAAP reporting, giving effect to the adjustments shown in the attached reconciliation, provides meaningful information and therefore uses non-GAAP reporting to supplement its GAAP reporting and internally in evaluating operations, managing and monitoring performance, and determining bonus compensation. Further, Silicon Image uses non-GAAP information as certain non-cash charges such as amortization of intangibles, stock based compensation and goodwill impairment do not reflect the cash operating results of the business. Silicon Image has chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of its operating results and to illustrate the results of operations giving effect to such non-GAAP adjustments. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Conference Call

Silicon Image will host an investor conference call today to discuss its third quarter 2010 results at 2:00 p.m. Pacific Daylight Time and will webcast the event. To access the conference call, dial 800-741-8620 or 212-231-2901. The webcast will be accessible on Silicon Image’s investor relations website at http://ir.SiliconImage.com. A replay of the conference call will be available within two hours of the conclusion of the conference call through Sunday, October 31, 2010. To access the replay, please dial 800-633-8625 or 402-977-9141 and enter pass code 21483865.

About Silicon Image, Inc.

Silicon Image is a leading provider of advanced, interoperable connectivity solutions that enable the reliable distribution and presentation of high-definition (HD) content for consumer electronics, mobile, and PC markets. The company delivers its technology via semiconductor and intellectual property (IP) products that are compliant with global industry standards and also feature industry leading Silicon Image innovations such as InstaPort™. Silicon Image’s products are deployed by the world’s leading electronics manufacturers in devices such as desktop and notebook PCs, DTVs, Blu-Ray Disc™ players, audio-video receivers, as well as mobile phones, tablets and digital cameras. Silicon Image has driven the creation of the highly successful HDMI® and DVI™ industry standards, as well as the latest standards for mobile devices – SPMT™ (Serial Port Memory Technology) and MHL™ (Mobile High-Definition Link). Via its wholly-owned subsidiary, Simplay Labs, Silicon Image offers manufacturers comprehensive standards interoperability and compliance testing services. For more information, visit us at http://www.SiliconImage.com/.

NOTE: Silicon Image and the Silicon Image logo are trademarks, registered trademarks or service marks of Silicon Image, Inc. in the United States and/or other countries. All other trademarks and registered trademarks are the property of their respective owners in the Unites States and/or other countries.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements include, but are not limited to, statements related to Silicon Image’s future operating results, including revenue, gross margin, operating expenses, interest income, and tax rate for the fourth quarter 2010, and new product strategies, introductions and design wins. These forward-looking statements involve risks and uncertainties, including the risks of uncertain economic conditions, competition in our markets, market acceptance of the Company’s new technologies and products, the Company’s ability to improve its operating infrastructure and deliver financial performance in-line with its stated goals and other risks and uncertainties described from time to time in Silicon Image’s filings with the Securities and Exchange Commission. These risks and uncertainties could cause the actual results to differ materially from those anticipated by these forward-looking statements. In addition, see the Risk Factors section of the most recent Form 10-K and Form 10-Q filed by Silicon Image with the U.S. Securities and Exchange Commission. These forward-looking statements are made on the date of this press release, and Silicon Image assumes no obligation to update any such forward-looking information.

SILICON IMAGE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, 2010 June 30, 2010 September 30, 2009 September 30, 2010 September 30, 2009
Revenue:
Product $ 46,117 $ 38,364 $ 30,716 $ 110,774 $ 94,747
Licensing 14,387 6,186 6,440 28,589 20,257
Total revenue 60,504 44,550 37,156 139,363 115,004
Cost of revenue and operating expenses:
Cost of product revenue (1) 22,587 19,489 16,801 56,898 52,284
Cost of licensing revenue 67 13 156 103 626
Research and development (2) 13,583 13,659 17,807 40,379 53,160
Selling, general and administrative (3) 11,691 11,141 17,222 34,862 43,615
Restructuring expense 99 268 348 952 8,205
Amortization of intangible assets 37 38 1,473 112 4,419
Impairment of goodwill 19,210
Total cost of revenue and operating expenses 48,064 44,608 53,807 133,306 181,519
Income (loss) from operations 12,440 (58 ) (16,651 ) 6,057 (66,515 )
Interest income and other, net 556 630 696 1,790 2,233
Income (loss) before provision for income taxes 12,996 572 (15,955 ) 7,847 (64,282 )
Income tax expense (benefit) 3,531 (1,203 ) (444 ) 3,849 (2,113 )
Net income (loss) $ 9,465 $ 1,775 $ (15,511 ) $ 3,998 $ (62,169 )
Net income (loss) per share – basic and diluted $0.12 $0.02 $(0.21 ) $0.05 $(0.83 )
Weighted average shares – basic 77,210 76,718 75,053 76,649 74,763
Weighted average shares – diluted 78,124 77,511 75,053 77,665 74,763
(1) Includes stock-based compensation expense $ 127 $ 145 $ 363 $ 456 $ 806
(2) Includes stock-based compensation expense $ 687 $ 725 $ 2,374 $ 2,057 $ 5,365
(3) Includes stock-based compensation expense $ 936 $ 1,115 $ 4,911 $ 3,382 $ 9,255
SILICON IMAGE, INC.
GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS) RECONCILIATION
(In thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, 2010 June 30, 2010 September 30, 2009 September 30, 2010 September 30, 2009
GAAP net income (loss) $ 9,465 $ 1,775 $ (15,511 ) $ 3,998 $ (62,169 )
Non-GAAP adjustments:
Stock-based compensation expense (1) 1,750 1,985 7,648 5,895 15,426
Restructuring expense (4) 99 268 348 952 8,205
Amortization of intangible assets (2) 37 38 1,473 112 4,419
Professional fees (3) 2,015 2,015
Impairment of goodwill (4) 19,210
Non-GAAP net income (loss) before tax adjustments 11,351 4,066 (4,027 ) 10,957 (12,894 )
Tax adjustments (5) 2,321 (2,094 ) 674 1,062 1,639
Non-GAAP net income (loss) $ 13,672 $ 1,972 $ (3,353 ) $ 12,019 $ (11,255 )
Non-GAAP net income (loss) per share — basic $ 0.18 $ 0.03 $ (0.04 ) $ 0.16 $ (0.15 )
Non-GAAP net income (loss) per share — diluted $ 0.18 $ 0.03 $ (0.04 ) $ 0.15 $ (0.15 )
Weighted average shares — basic 77,210 76,718 75,053 76,649 74,763
Weighted average shares — diluted 78,124 77,511 75,053 77,665 74,763
Stock-based compensation expense is composed of the following:
Cost of Revenue $ 127 $ 145 $ 363 $ 456 $ 806
Research and Development 687 725 2,374 2,057 5,365
Selling, General and Administrative 936 1,115 4,911 3,382 9,255
Total $ 1,750 $ 1,985 $ 7,648 $ 5,895 $ 15,426
Discussion of Non-GAAP Financial Measures
(1) Stock-Based Compensation Related Items: We provide non-GAAP information relative to our expense for stock-based compensation. We began to include stock-based compensation expense in our GAAP financial measures in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718, Compensation – Stock Compensation (“FASB ASC Topic 718”) since January 2006. Because of varying available valuation methodologies, subjective assumptions and the variety of award types, which affect the calculations of stock-based compensation, we believe that the exclusion of stock-based compensation allows for more accurate comparisons of our operating results to our peer companies. Stock-based compensation is very different from other forms of compensation. The expense associated with granting an employee a stock option is spread over multiple years unlike other compensation expenses which are more proximate to the time of award or payment. For example, we may recognize expense on a stock option in a year in which the stock option is significantly underwater and typically would not be exercised or would not generate any compensation for the employee. The expense associated with an award of a stock option for 1,000 shares of stock by us in one quarter, for example, may have a very different expense than an award of an identical number of shares in a different quarter. Further, the expense recognized by us for such an option may be very different than the expense recognized by other companies for the award of a comparable option. This makes it difficult to assess our operating performance relative to our competitors. Because of these unique characteristics of stock-based compensation, management excludes these expenses when analyzing the organization’s business performance.
(2) Amortization of Intangible Assets: We exclude the amortization of purchased intangible assets associated with our acquisitions. Such amortization results in our recording expenses in our GAAP financial statements that were already expensed by the acquired company before the acquisition. Moreover, had we internally developed the products acquired, the amortization of intangible assets, and the expenses of uncompleted research and development would have been expensed in prior periods. Accordingly, we analyze the performance of our operations in each period without regard to such expenses. In addition, acquisitions result in non-continuing operating expenses, which would not otherwise have been incurred by us in the normal course of our business operations. We believe that providing non-GAAP information for this item in addition to the corresponding GAAP information allows the users of our financial statements to better review and understand the historic and current results of our continuing operations, and also facilitates comparisons to less acquisitive peer companies.
(3) This adjustment represents the professional fees we incurred during the three months ended September 30, 2009 associated with a potential strategic acquisition which we evaluated and decided not to pursue. As this was a one-time expense and that this unique transaction limits the comparability of our on-going operations with prior and future periods, we believe that this expense does not accurately reflect the underlying performance of our continuing operations in the period in which this expense was incurred. We believe that providing non-GAAP information for this item in addition to the corresponding GAAP information allows the users of our financial statements to better review and understand the historic and current results of our continuing operations.
(4) Other Items: We exclude certain other items that are the result of either unique or unplanned events including the following, when applicable: (i) restructuring and related costs and (ii) impairment charges. It is difficult to estimate the amount or timing of these items in advance. Restructuring and impairment charges result from events which arise from unforeseen circumstances, which often occur outside of the ordinary course of continuing operations. Although these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods. As such, we believe that these expenses do not accurately reflect the underlying performance of our continuing operations for the period in which they are incurred. We assess our operating performance both with these amounts included and excluded, and by providing this information, we believe the users of our financial statements are better able to understand the financial results of what we consider our continuing operations.
(5) Tax adjustments: For fiscal year 2010, we expect our Non-GAAP tax rate to approximate 2% of revenue. For the three and nine months ended September 30, 2010, and the three months ended June 30, 2010, we used a non-GAAP tax rate of 2% of revenue. For the three and nine months ended September 30, 2009, we used a non-GAAP tax rate of 25% of non-GAAP pretax income. Our non-GAAP tax rate is primarily based on our net expected cash flow for taxes.
SILICON IMAGE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Unaudited
September 30, 2010 December 31, 2009
ASSETS
Current Assets:
Cash and cash equivalents $ 33,635 $ 29,756
Short-term investments 150,932 120,866
Accounts receivable, net 24,174 21,664
Inventories 11,595 7,746
Prepaid expenses and other current assets 5,624 27,512
Deferred income taxes 168 284
Total current assets 226,128 207,828
Property and equipment, net 11,729 14,449
Deferred income taxes, non-current 2,644 2,336
Intangible and other assets, net 666 825
Total assets $ 241,167 $ 225,438
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable $ 16,242 $ 10,141
Accrued and other current liabilities 15,559 28,150
Deferred margin on sales to distributors 10,303 2,944
Deferred license revenue 4,610 3,111
Total current liabilities 46,714 44,346
Other long-term liabilities 10,810 9,573
Total liabilities 57,524 53,919
Stockholders’ Equity:
Total stockholders’ equity 183,643 171,519
Total liabilities and stockholders’ equity $ 241,167 $ 225,438
SILICON IMAGE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS
(In thousands)
Unaudited
Nine Months Ended
September 30, 2010 September 30, 2009
Cash flows from operating activities:
Net income (loss) $ 3,998 $ (62,169)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Stock-based compensation expense 5,895 15,426
Depreciation 5,872 6,814
Amortization of investment premium 2,170 2,351
Provision for doubtful accounts 32 42
Asset impairment due to restructuring 184 226
Amortization of intangible assets 112 4,419
Loss on disposal and retirement of property and equipment 18 178
Realized gain on sale of short-term investments (130)
Impairment of goodwill 19,210
Deferred income taxes 5,536
Tax deficiency from employee stock-based compensation plans (1,711)
Gain on derivative transactions (211)
Excess tax benefits from employee stock-based transactions (32)
Changes in assets and liabilities:
Accounts receivable (2,506) (18,543)
Inventories (3,849) 237
Prepaid expenses and other assets 22,747 (1,437)
Accounts payable 7,492 7,403
Accrued and other liabilities (12,908) (3,669)
Deferred margin on sales to distributors 7,359 (4,253)
Deferred license revenue 2,997 1,951
Cash provided by (used in) operating activities 39,483 (28,232)
Cash flows from investing activities:
Proceeds from sales of short-term investments 95,784 110,716
Purchases of short-term investments (128,003) (148,592)
Purchases of property and equipment (3,570) (2,855)
Other investing activities (749)
Proceeds from sale of property and equipment 120
Cash used in investing activities (36,538) (40,611)
Cash flows from financing activities:
Proceeds from issuances of common stock, net 2,932 2,543
Payments for vendor financed purchases of software and intangibles (1,250) (1,250)
Repurchase of restricted stock units for income tax withholding (1,169) (280)
Excess tax benefits from employee stock-based transactions 32
Cash provided by financing activities 513 1,045
Effect of exchange rate changes on cash and cash equivalents 421 267
Net increase (decrease) in cash and cash equivalents 3,879 (67,531)
Cash and cash equivalents — beginning of period 29,756 95,414
Cash and cash equivalents — end of period $ 33,635 $ 27,883
Supplemental cash flow information:
Net refund for income taxes $ 18,725 $ 4,766
Restricted stock units vested $ 3,246 $ 780
Property and equipment purchased but not paid for $ 502 $ 167
Unrealized net gain (loss) on short-term investments $ (113) $ 220

MEDIA CONTACT:

Silicon Image, Inc.

Gabriele Collier, 408-616-4088

gcollier@siliconimage.com

or

INVESTOR CONTACT:

Investor Relations – The Blueshirt Group

Mike Bishop, 415-217-4968

mike@blueshirtgroup.com

Wednesday, October 27th, 2010 Uncategorized Comments Off on Silicon Image (SIMG) Continues Revenue and Earnings Growth in the Third Quarter

Uranium Energy Corp. (UEC) Completes $27.5 Million Financing

CORPUS CHRISTI, TX – Uranium Energy Corp (NYSE-AMEX: UEC, the “Company”) announces that, effective after the close on October 26, 2010, it has completed its previously announced private placement financing (the “Financing”) involving the sale of an aggregate of 8,111,313 units of the Company (each a “Unit”), at a price of $3.40 per Unit, for gross proceeds of $27,578,464.20.

Each Unit is comprised of one common share of common stock (each a “Unit Share”) and one-half of one transferable common stock purchase warrant (each a “Warrant”) of the Company, with each such whole Warrant being exercisable for one additional common share of the Company (each a “Warrant Share”) at an exercise price of $3.95 per Warrant Share for a period of one year from closing.

The Company is required to use reasonable commercial efforts to file a resale registration statement with the SEC within 21 days following the closing of the Private Placement that covers the resale by the purchasers of the Unit Shares and the Warrant Shares issuable upon exercise of the Warrants.

Commenting on the completion of the Financing, Amir Adnani, President and CEO stated, “We are pleased to complete this financing. We have a number of expansion and production opportunities to address. But first, the Company’s focus is on achieving initial production at the Palangana ISR project in the coming weeks.”

Rodman & Renshaw LLC, Haywood Securities Inc., together with a number of other registered dealers, acted as non-exclusive placement agents for the Company’s Financing.

The Unit Shares, the Warrants and the Warrant Shares have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

About Uranium Energy Corp

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

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

Safe Harbor Statement

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

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.  Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission. For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.  ‘This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.  The securities offered and sold in the private placement Offering have not been registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.

SOURCE Uranium Energy Corp

Contact North America: Investor Relations, Uranium Energy Corp:
Toll Free: (866) 748-1030
Fax: (361) 888-5041
E-mail: info@uraniumenergy.com

Wednesday, October 27th, 2010 Uncategorized Comments Off on Uranium Energy Corp. (UEC) Completes $27.5 Million Financing

Vringo (VRNG) Expands Agreement With Bango to Support Broadened UK Commercial Launch

NEW YORK, Oct. 26, 2010 (GLOBE NEWSWIRE) — Vringo, Inc. (NYSE Amex:VRNG), a provider of video ringtones and personalization solutions for mobile devices, today announced that it has expanded its agreement with Bango, a mobile billing services provider, to allow subscribers from all UK mobile operators to get paid access to the Vringo video ringtone platform. Vringo will now be able to broadly launch a commercial video ringtone service in the UK where all UK mobile subscribers can pay for the service directly via their mobile phone bill, irrespective of the carrier that they use. This Bango-provided direct billing functionality will be implemented in connection with the launch of Vringo’s co-branded service with Orange UK scheduled for later this quarter.

Andrew Perlman, Vringo’s President, said, “Bango provides us with the flexibility to target virtually all mobile users in the UK. This ability will maximize the addressable market when we launch our commercial service in the UK later this quarter. Bango is an excellent service enhancement for Vringo’s app so that we can totally unlock Vringo’s social and viral potential.”

Ray Anderson, CEO of Bango said, “I have carried Vringo on my phone and have really enjoyed the application. I am now delighted that Bango will enable Vringo to reach all UK mobile subscribers so they can also enjoy the new experience of video ringtones.”

Vringo’s fully-hosted carrier platform is currently deployed for international mobile partners in five markets with several new launches anticipated this quarter. Vringo’s scalable, cloud-based distributed application architecture enables a carrier’s subscribers to browse and download mobile videos, set them as video ringtones and instantly share them with friends. In addition to carrier partners, Vringo has content partnerships with major artists, celebrities and content providers including T-Pain, Muhammad Ali, Tiesto, Turner, Marvel, Hungama Mobile, RTL and Ingrooves.

About Bango

Bango provides the technology that powers commerce for businesses targeting the growing market of internet enabled mobile phone users. Bango’s products collect payment from mobile users for online content and services and provide accurate analytics for mobile marketing campaigns and sites. The world’s leading brands plus thousands of smaller content providers and developers use Bango products to run their mobile businesses.

For more information, visit http://bango.com

About Vringo

Founded in 2006, Vringo (NYSE Amex:VRNG) is bringing about the evolution of ringtones. With its award-winning video ringtone application and mobile software platform, Vringo transforms the basic act of making and receiving mobile phone calls into a highly visual, social experience. By installing Vringo’s application, which is compatible with more than 200 handsets, users can create or take video, images and slideshows from virtually anywhere and make it into their personal call signature. Vringo’s patented VringForward(TM) technology allows users to share video clips with friends with a simple call. Vringo has launched its service with various international mobile operators and dozens of content partners, and maintains a library of more than 5,000 video ringtones. For more information, visit http://ir.vringo.com.

For more information about how video ringtones work, visit www.vringo.com/p_video_ringtones.html

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Vringo expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a results of new information, future events or otherwise, except as required by law.

Contact:

Vringo, Inc.
Jonathan Medved, CEO
+1 646-525-4319 x 2501
jon@vringo.com
Crescendo Communications, LLC
Investor Relations Firm:
John J. Quirk
David K. Waldman
+1 212-671-1020
Tuesday, October 26th, 2010 Uncategorized Comments Off on Vringo (VRNG) Expands Agreement With Bango to Support Broadened UK Commercial Launch

Stratasys (SSYS) Reports Third Quarter Financial Results

Oct. 26, 2010 (Business Wire) — Stratasys, Inc. (NASDAQ:SSYS) today announced third quarter financial results.

The company reported revenue of $30.3 million for the third quarter ended September 30, 2010, a 24% increase over the $24.3 million reported for the same period in 2009. System shipments for the third quarter totaled a record 631 units, a 39% increase over the 454 for the same period last year.

The company reported net income of $3.2 million for the third quarter, or $0.15 per share, compared to net income of $1.6 million, or $0.08 per share, for the same period last year.

Non-GAAP net income, which excludes stock-based compensation expense, was $3.4 million, or $0.16 per share, for the third quarter of 2010 compared to $1.8 million, or $0.09 per share, for the same period last year.

Revenue was $83.3 million for the nine-month period ended September 30, 2010, compared to $72.1 million reported for the same period in 2009. System shipments totaled a record 1,923 units for the nine-month period, a 29% increase over the 1,487 units shipped during the same period last year.

The nine-month period in 2010 included a $5.0 million one-time non-cash charge against revenue. The charge against revenue was taken in the first quarter, and represents the fair value of a warrant issued to HP (NYSE: HPQ) for 500,000 shares of Stratasys, Inc. common stock, in connection with the distribution agreement signed in January 2010.

Non-GAAP revenue for the nine-month period, which excludes the warrant charge, was $88.3 million, a 22% increase over the $72.1 million reported for the same period in 2009.

Net income was $5.1 million for the nine-month period, or $0.24 per share, compared to net income of $1.7 million, or $0.09 per share for the same period last year.

Non-GAAP net income, which excludes the warrant charge, certain discrete items and stock-based compensation expense, was $8.9 million, or $0.42 per share, for the nine-month period of 2010 compared to $2.8 million, or $0.14 per share, for the same period last year.

Appropriate reconciliations between GAAP and non-GAAP financial measures are provided in a table at the end of this press release. The table provides itemized detail of the non-GAAP financial measures.

“The third quarter results represent the continuation of an improvement in business conditions within our core markets,” said Scott Crump, chairman and chief executive officer of Stratasys. “In addition, the third quarter represents a building of positive momentum within our business when you consider the seasonal weakness that is typical during the period. Reflecting this momentum, our 3D printer and Fortus system revenue grew by 26% and 39%, respectively. We are very pleased with our financial performance.

“Our game-changing collaboration with HP continues to generate positive results. HP orders remained strong during the third quarter and end-customer demand for their new Designjet 3D printer continued to build. The unit sales of Designjet in markets served by HP were more than double the comparable uPrint sales generated within those markets last year, an impressive achievement. Within HP markets, total 3D printer unit volume, which includes the Designjet, expanded by 88% over 2009.

“We believe HP’s distribution capabilities can significantly expand the unit system sales of our 3D printers over the long term. The HP brand and marketing muscle have the potential to drive increased awareness and product adoption. Although HP is using its initial launch in Europe to refine a go-to-market strategy and better understand the 3D printing market, it has an deep understanding of the end customer and the market’s potential. HP has communicated its desire to move into additional markets, and we are optimistic about expanding the collaboration in the future.

“Our consumable revenue grew by 34% during the third quarter over 2009, the fastest quarterly growth rate within the past three years. The growth is being driven by a rebound in customer usage, as well as the positive impact from our growing installed base of systems. We believe this positive momentum can be sustained, as channel surveys suggest consumable usage is accelerating, and reseller inventories remain relatively tight. In addition, the 39% growth in system units for the third quarter bodes well for future growth in consumable revenue.

“Fortus system sales growth during the third quarter was driven by the ongoing economic recovery, as well as the incremental demand created by emerging direct digital manufacturing, or DDM, applications. The aerospace industry remains a leading innovator in using our technology for DDM. We recently worked with Delta Airlines to provide a DDM solution to address a priority maintenance issue on approximately 200 of their aircraft. This unique application will include several hundred end-use parts made on Fortus systems using our high-temperature ULTEM material.

“We enter the fourth quarter with positive sales momentum in nearly all aspects of our business and a strong pipeline of opportunities. We have leveraged our growth with a distribution strategy that limits the expansion of operating expenses, while continuing to invest aggressively for the future. We believe these investments will yield evolutionary new platforms developed from our proprietary technologies that can further accelerate the adoption of our products.

“We are well positioned competitively and our financial health is the strongest in our company’s history. We generated nearly $12 million in cash from operations during the third quarter alone, and now maintain approximately $84 million in cash and investments on our balance sheet. Most importantly, we look forward to expanding our distribution agreement with HP and realizing the full potential of that collaboration. We are excited about our future,” Crump concluded.

Stratasys plans to hold a conference call to discuss its third quarter financial results on Tuesday, October 26, 2010 at 8:30 a.m. (ET). The investor conference call will be available via live webcast on the Stratasys Web site at www.stratasys.com under the “Investors” tab; or directly at the following web address: http://phx.corporate-ir.net/playerlink.zhtml?c=61402&s=wm&e=3415299. To participate by telephone, the domestic dial-in number is 866-543-6405, and the international dial-in is 617-213-8897. The access code is 22325390. Investors are advised to dial into the call at least ten minutes prior to the call to register. The webcast will be available for 90 days on the “Investors” page of the Stratasys Web site or by accessing the provided web address.

(Financial tables follow)

Stratasys, Inc., Minneapolis, is a maker of additive manufacturing machines for prototyping and producing plastic parts. The company markets under the brands Dimension 3D Printers and Fortus 3D Production Systems. The company also operates RedEye On Demand, a digital manufacturing service for prototypes and production parts. According to Wohlers Report 2010, Stratasys supplied more additive manufacturing systems in 2009 than any other manufacturer, making it the unit market leader for the eighth consecutive year. Stratasys patented and owns the process known as FDM.® The process creates functional prototypes and manufactured goods directly from any 3D CAD program, using high-performance industrial thermoplastics. The company holds more than 285 granted or pending additive manufacturing patents globally. Stratasys products are used in the aerospace, defense, automotive, medical, business & industrial equipment, education, architecture, and consumer-product industries. Online at: www.Stratasys.com.

*ULTEM is a trademark of SABIC Innovative Plastics IP BV. Stratasys, FDM, Dimension, RedeyeRPM, and Fortus are registered trademarks of Stratasys, Inc.

Forward Looking Statements

All statements herein that are not historical facts or that include such words as “expects,” “anticipates,” “projects,” “estimates,” “vision,” “could,” “potential,” “planning”, “intends”, “desires” or “believes” or similar words constitute forward-looking statements covered by the safe harbor protection of the Private Securities Litigation Reform Act of 1995. Except for the historical information herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties. These include statements regarding projected revenue and income in future quarters; the size of the 3D printing market; our objectives for the marketing and sale of our Dimension® and uPrint 3D Printers; our WaveWash support removal system; and our FortusTM 3D Production Systems, particularly for use in direct digital manufacturing (DDM); the demand for our proprietary consumables; the expansion of our paid parts service; and our beliefs with respect to the growth in the demand for our products. Other risks and uncertainties that may affect our business include our ability to penetrate the 3D printing market; the success of our distribution agreement with HP; our ability to achieve the growth rates experienced in preceding quarters; our ability to introduce, produce and market new materials, such as ABSplus and ABS-M30, and the market acceptance of these and other materials; the impact of competitive products and pricing; our timely development of new products and materials and market acceptance of those products and materials; the success of our recent R&D initiative to expand the DDM capabilities of our core FDM technology; and the success of our RedEyeOnDemandTM and other paid parts services. Actual results may differ from those expressed or implied in our forward-looking statements. These statements represent beliefs and expectations only as of the date they were made. We may elect to update forward-looking statements, but we expressly disclaim any obligation to do so, even if our beliefs and expectations change. In addition to the statements described above, such forward-looking statements are subject to the risks and uncertainties described more fully in our reports filed or to be filed with the Securities and Exchange Commission, including our annual reports on Form 10-K and quarterly reports on Form 10-Q.

Financial Tables & Non-GAAP Discussion

The information discussed within this release includes financial results that are in accordance with accounting principles generally accepted in the United States (GAAP). In addition, certain non-GAAP financial measures have been provided that exclude certain charges and expenses. The non-GAAP measures should be read in conjunction with the corresponding GAAP measures and should be considered in addition to, and not as an alternative or substitute for, the measures prepared in accordance with GAAP. The non-GAAP financial measures are provided in an effort to provide information that investors may deem relevant to evaluate results from the company’s core business operations and to compare the company’s performance with prior periods. The non-GAAP financial measures primarily identify and exclude certain discrete items, such as the warrant charge, restructuring expenses, and expenses associated with stock-based compensation required under ASC 718. The company uses these non-GAAP financial measures for evaluating comparable financial performance against prior periods.

This release is also available on the Stratasys Web site at www.Stratasys.com.

STRATASYS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended September 30, Nine Months Ended September 30,
2010

(unaudited)

2009

(unaudited)

2010

(unaudited)

2009

(unaudited)

Net sales
Product $ 23,966,937 $ 18,046,184 $ 69,526,507 $ 53,197,716
Services 6,291,609 6,283,212 18,785,660 18,924,759
Fair value of warrant related to OEM agreement (4,987,806 )
30,258,546 24,329,396 83,324,361 72,122,475
Cost of sales
Product 12,695,679 9,918,263 35,805,842 30,883,158
Services 2,853,879 2,542,879 8,627,451 8,225,489
15,549,558 12,461,142 44,433,293 39,108,647
Gross profit 14,708,988 11,868,254 38,891,068 33,013,828
Operating expenses
Research and development 2,242,263 1,983,420 7,191,594 5,510,385
Selling, general and administrative 8,403,902 7,481,311 24,385,683 25,257,138
10,646,165 9,464,731 31,577,277 30,767,523
Operating income 4,062,823 2,403,523 7,313,791 2,246,305
Other income (expense)
Interest income, net 217,651 230,429 596,541 754,695
Foreign currency transaction losses, net 227,623 (5,930 ) (570,184 ) (169,148 )
Other 48,078 (9,021 ) 42,093 16,780
493,352 215,478 68,450 602,327
Income before income taxes 4,556,175 2,619,001 7,382,241 2,848,632
Income taxes 1,380,625 1,040,201 2,317,635 1,124,191
Net income $ 3,175,550 $ 1,578,800 $ 5,064,606 $ 1,724,441
Earnings per common share
Basic $ 0.15 $ 0.08 $ 0.25 $ 0.09
Diluted $ 0.15 $ 0.08 $ 0.24 $ 0.09
Weighted average number of common shares outstanding
Basic 20,586,695 20,229,357 20,519,189 20,224,889
Diluted 21,000,804 20,231,033 21,035,559 20,233,234
STRATASYS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30,

2010

December 31,

2009

(unaudited)
ASSETS
Current assets
Cash and cash equivalents $ 22,731,928 $ 48,315,926
Short-term investments – held to maturity 14,424,152 16,073,718
Accounts receivable, less allowance for doubtful accounts of $1,199,523 at September 30, 2010 and $903,101 at December 31, 2009 19,726,401 19,249,813
Inventories 18,719,342 14,608,014
Net investment in sales-type leases, less allowance for doubtful accounts of $197,421 at June 30, 2010 and $222,011 at December 31, 2009 3,285,795 3,618,876
Prepaid expenses and other current assets 2,444,239 2,247,612
Deferred income taxes 2,277,000 2,277,000
Total current assets 83,608,857 106,390,959
Property and equipment, net 25,225,896 26,326,012
Other assets
Intangible assets, net 6,766,557 7,653,269
Net investment in sales-type leases 2,872,144 3,477,039
Deferred income taxes 688,000 688,000
Long-term investments – available for sale 1,030,750 1,055,750
Long-term investments – held to maturity 45,791,189 5,467,318
Other non-current assets 1,229,761 2,078,165
Total other assets 58,378,401 20,419,541
Total assets $ 167,213,154 $ 153,136,512
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and other current liabilities $ 13,514,422 $ 12,874,798
Unearned revenues 10,883,944 10,678,427
Total current liabilities 24,398,366 23,553,225
Commitments and contingencies
Stockholders’ equity
Common stock, $.01 par value, authorized 30,000,000 shares; 26,346,068 and 26,053,318 issued as of 2010 and 2009, respectively 263,461 260,533
Capital in excess of par value 102,568,773 94,329,398
Retained earnings 79,080,546 74,015,940
Accumulated other comprehensive loss (93,567 ) (18,159 )
Less cost of treasury stock, 5,687,631 shares in 2010 and 2009 (39,004,425 ) (39,004,425 )
Total stockholders’ equity 142,814,788 129,583,287
Total liabilities and stockholders’ equity $ 167,213,154 $ 153,136,512
STRATASYS, INC. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS
Non-GAAP Adjustments for the Three Months Ended September 30, 2010 Non-GAAP Adjustments for the Three Months Ended September 30, 2009
Consolidated

(unaudited)

As Reported

Stock-Based

Compensation (1)

Consolidated

(unaudited)

Non-GAAP

Consolidated

(unaudited)

As Reported

Stock-Based

Compensation (1)

Consolidated

(unaudited)

Non-GAAP

Selling, general and administrative expenses $ 8,403,902 $ (310,544 ) $ 8,093,358 $ 7,481,311 $ (238,032 ) $ 7,243,279
Total operating expenses 10,646,165 (310,544 ) 10,335,621 9,464,731 (238,032 ) 9,226,699
Operating income 4,062,823 310,544 4,373,367 2,403,523 238,032 2,641,555
Income before income taxes 4,556,175 310,544 4,866,719 2,619,001 238,032 2,857,033
Income taxes 1,380,625 48,288 1,428,913 1,040,201 28,000 1,068,201
Net income $ 3,175,550 $ 262,256 $ 3,437,806 $ 1,578,800 $ 210,032 $ 1,788,832
Earnings per common share
Basic $ 0.15 $ 0.01 $ 0.17 $ 0.08 $ 0.01 $ 0.09
Diluted $ 0.15 $ 0.01 $ 0.16 $ 0.08 $ 0.01 $ 0.09
Weighted average number of common shares outstanding
Basic 20,586,695 20,586,695 20,229,357 20,229,357
Diluted 21,000,804 21,000,804 20,231,033 20,231,033
Non-GAAP Adjustments for the Nine Months Ended September 30, 2010 Non-GAAP Adjustments for the Nine Months Ended September 30, 2009
Consolidated

(unaudited)

As Reported

Stock-Based

Compensation (2)

Fair Value

of Warrant (3)

Consolidated

(unaudited)

Non-GAAP

Consolidated

(unaudited)

As Reported

Stock-Based

Compensation (1)

Restructuring (4) Consolidated

(unaudited)

Non-GAAP

Net sales $ 83,324,361 $ $ 4,987,806 $ 88,312,167 $ 72,122,475 $ $ $ 72,122,475
Gross profit 38,891,068 4,987,806 43,878,874 33,013,828 33,013,828
Selling, general and administrative expenses 24,385,683 (931,632 ) 23,454,051 25,257,138 (670,959 ) (778,840 ) 23,807,339
Total operating expenses 31,577,277 (931,632 ) 30,645,645 30,767,523 (670,959 ) (778,840 ) 29,317,724
Operating income 7,313,791 931,632 4,987,806 13,233,229 2,246,305 670,959 778,840 3,696,104
Income before income taxes 7,382,241 931,632 4,987,806 13,301,679 2,848,632 670,959 778,840 4,298,431
Income taxes 2,317,635 257,408 1,796,510 4,371,553 1,124,191 102,000 266,907 1,493,098
Net income $ 5,064,606 $ 674,224 $ 3,191,296 $ 8,930,126 $ 1,724,441 $ 568,959 $ 511,933 $ 2,805,333
Earnings per common share
Basic $ 0.25 $ 0.03 $ 0.16 $ 0.44 $ 0.09 $ 0.03 $ 0.03 $ 0.14
Diluted $ 0.24 $ 0.03 $ 0.15 $ 0.42 $ 0.09 $ 0.03 $ 0.03 $ 0.14
Weighted average number of common shares outstanding
Basic 20,519,189 20,519,189 20,224,889 20,224,889
Diluted 21,035,559 21,035,559 20,233,234 20,233,234
These adjustments reconcile the Company’s GAAP results of operations to its non-GAAP results of operations.  The Company believes that presentation of results adjusted for the non-GAAP items described below provides meaningful supplemental information to both management and investors.
(1) – Represents non-cash stock-based compensation expense.
(2) – Represents non-cash stock-based compensation expense and an additional tax benefit realized from disqualifying dispositions of stock options.
(3) – Represents the fair value of a warrant issued during the first quarter of 2010 in connection with the Hewlett-Packard Company OEM agreement.
(4) – Represents severance and other related costs associated with the Company’s restructuring in the first quarter of 2009.
The Company considers these non-GAAP measures to be indicative of its core operating results and facilitates a comparison of operating results across reporting periods.  The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes, however these measures should not be viewed as a substitute for the Company’s GAAP results.
Tuesday, October 26th, 2010 Uncategorized Comments Off on Stratasys (SSYS) Reports Third Quarter Financial Results

Entegris (ENTG) Reports Strong Third Quarter Results

BILLERICA, Mass., Oct. 26, 2010 (GLOBE NEWSWIRE) — Entegris, Inc. (Nasdaq:ENTG) today reported its financial results for the Company’s third quarter ended October 2, 2010.

The Company recorded third-quarter sales of $178.2 million, an increase of 61 percent over the prior year, and 6 percent sequentially.   Net income was $22.4 million, or $0.17 per diluted share.   These results included amortization of intangible assets of $2.8 million.

Non-GAAP earnings per share of $0.18 in the third quarter of 2010 compared to a loss per share of $0.02 in the third quarter a year ago and earnings per diluted share of $0.16 in the second quarter of 2010. A reconciliation table of GAAP to non-GAAP earnings (loss) per share is contained in this press release.

For the first nine months of fiscal 2010, sales were $506.3 million, up 101 percent from the first nine months of 2009. Non-GAAP earnings per diluted share for the first nine months of 2010 were $0.48 versus a loss per share of $0.43 for the same period a year ago.

Gideon Argov, president and chief executive officer, said: “Our third-quarter results marked another quarter of growth and strong operating performance, as we continue to execute our growth strategies and build shareholder value. Sales to our core semiconductor market were strong, as our liquid filtration and gas filtration businesses achieved record-level quarters.  Across our portfolio of technologies, we are capitalizing on an increasing number of opportunities with our advanced filtration and microenvironment solutions to help fab customers implement advanced sub-32 nanometer processes.

“Our adjusted operating margin was 18.0 percent, consistent with our target operating model. This translated into another quarter of strong cash flow, resulting in $45 million in cash from operations and $39 million of adjusted EBITDA in the third quarter. Our net cash position is now approaching $100 million, well ahead of expectations. Thus far in the fourth quarter, demand from our customers is stable, despite the uncertain outlook for global economic recovery. Regardless of how this current industry cycle unfolds, we believe we have the opportunity to outpace our markets,” Argov said.

For the fiscal fourth quarter ending December 31, 2010, the Company expects sales to range from approximately $173 million to $183 million. Based on the Company’s target model, non-GAAP net earnings per diluted share are expected to range from $0.17 to $0.19.

Third-Quarter Results Conference Call Details

Entegris will hold a conference call to discuss its results for the third quarter on Tuesday, October 26, 2010, at 10:00 a.m. Eastern Time.  Participants should dial 1-888-211-7451 (domestic callers) or 1-913-312-9323 (for callers outside of the U.S.), referencing confirmation code #9800564. A live and on-demand webcast of the call can also be accessed from the investor relations section of Entegris’ website at www.entegris.com.

About Entegris

Entegris is a leading provider of a wide range of products for purifying, protecting and transporting critical materials used in processing and manufacturing in the semiconductor and other high-tech industries. Entegris is ISO 9001 certified and has manufacturing, customer service and/or research facilities in the United States, China, France, Germany, Israel, Japan, Malaysia, Singapore, South Korea and Taiwan. Additional information can be found at www.entegris.com.

The Entegris, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3700

Non-GAAP Information

The Company’s consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (GAAP). Adjusted EBITDA and Adjusted Operating Income together with related measures thereof, and non-GAAP EPS, are considered “Non-GAAP financial measures” under the rules and regulations of the SEC. These financial measures are provided as a complement to financial measures provided in accordance with GAAP. We provide non-GAAP financial measures in order to better assess and reflect operating performance. Management believes the non-GAAP measures help indicate our baseline performance before certain gains, losses or other charges that may not be indicative of our business or future outlook. We believe these non-GAAP measures will aid investors’ overall understanding of our results by providing a higher degree of transparency for certain expenses and providing a level of disclosure that will help investors understand how we plan and measure our business. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP. The calculations of Adjusted EBITDA margin, Adjusted Operating Income, and non-GAAP EPS are included elsewhere in this release.

Forward-Looking Statements

Certain information contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current management expectations only as of the date of this press release, and involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Statements that include such words as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “may,” “will,” “should” or the negative thereof and similar expressions as they relate to Entegris or our management are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These risks include, but are not limited to, fluctuations in the market price of Entegris’ stock, Entegris’ future operating results, other acquisition and investment opportunities available to Entegris, general business and market conditions and other factors. Additional information concerning these and other risk factors may be found in previous financial press releases issued by Entegris and Entegris’ periodic public filings with the Securities and Exchange Commission, including discussions appearing under the headings “Risks Relating to our Business and Industry,” “Risks Related to our Borrowings,” “Manufacturing Risks,” “International Risks,” and “Risks Related to Owning Our Securities” in Item 1A of our Annual Report on Form 10–K for the fiscal year ended December 31, 2009, as well as other matters and important factors disclosed previously and from time to time in the filings of Entegris with the U.S. Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update publicly any forward-looking statements contained herein.

Entegris, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three months ended
October 2,

2010

July 3,

2010

September 26,

2009

Net sales $178,230 $167,575 $110,706
Cost of sales 98,374 90,448 65,878
Charge for fair value mark up of acquired inventory 51
Gross profit 79,856 77,127 44,777
Selling, general and administrative expenses 36,478 36,592 29,175
Engineering, research and development expenses 11,381 10,736 8,575
Amortization of intangible assets 2,823 3,364 4,723
Restructuring charges 2,368
Operating income (loss) 29,174 26,435 (64)
Interest expense, net 342 1,662 2,681
Other expense, net 1,283 711 4,114
Income (loss) before income taxes 27,549 24,062 (6,859)
Income tax expense 5,000 5,393 623
Equity in net (earnings) loss of affiliates (217) (77) 132
Net income (loss) 22,766 18,746 (7,614)
Net income (loss) attributable to noncontrolling interest 348 361 (6)
Net income (loss) attributable to Entegris, Inc. $22,418 $18,385 $(7,608)
Amounts attributable to Entegris, Inc.:
Basic net income (loss) per common share: $0.17 $0.14 $(0.07)
Diluted net income (loss) per common share: $0.17 $0.14 $(0.07)
Weighted average shares outstanding:
Basic 131,903 131,568 115,023
Diluted 133,071 132,870 115,023
Entegris, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Nine months ended
October 2,

2010

September 26,

2009

Net sales $506,316 $252,320
Cost of sales 276,182 174,679
Charge for fair value mark up of acquired inventory 4,116
Gross profit 230,134 73,525
Selling, general and administrative expenses 108,852 84,581
Engineering, research and development expenses 32,937 25,322
Amortization of intangible assets 10,459 14,635
Restructuring charges 12,454
Operating income (loss) 77,886 (63,467)
Interest expense, net 3,210 7,105
Other expense, net 1,701 429
Income (loss) before income taxes 72,975 (71,001)
Income tax expense (benefit) 15,202 (4,226)
Equity in net (earnings) loss of affiliates (485) 1,076
Net income (loss) 58,258 (67,851)
Net income (loss) attributable to noncontrolling interest 905 (6)
Net income (loss) attributable to Entegris, Inc. $57,353 $ (67,845)
Amounts attributable to Entegris, Inc.:
Basic net income (loss) per common share: $0.44 $ (0.60)
Diluted net income (loss) per common share: $0.43 $ (0.60)
Weighted average shares outstanding:
Basic 131,475 113,355
Diluted 132,908 113,355
Entegris, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
October 2, 2010 December 31, 2009
ASSETS
Cash and cash equivalents $98,814 $68,700
Accounts receivable, net 123,789 91,122
Inventories 97,625 83,233
Deferred tax assets, deferred tax charges and refundable income taxes 11,917 11,085
Other current assets and assets held for sale 11,982 13,318
Total current assets 344,127 267,458
Property, plant and equipment, net 131,738 135,431
Intangible assets 67,863 78,470
Deferred tax assets – non-current 8,064 9,670
Other assets 13,500 13,643
Total assets $565,292 $504,672
LIABILITIES AND EQUITY
Current maturities of long-term debt $6,077 $11,257
Short-term borrowings 8,039
Accounts payable 35,914 23,553
Accrued liabilities 55,813 29,832
Income tax payable and deferred tax liabilities 13,323 1,229
Total current liabilities 111,127 73,910
Long-term debt, less current maturities 52,492
Other liabilities 26,245 28,613
Equity 427,920 349,657
Total liabilities and equity $565,292 $504,672
Entegris, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three months ended Nine months ended
October 2,

2010

September 26,

2009

October 2,

2010

September 26,

2009

Operating activities:
Net income (loss) $22,766 $(7,614) $58,258 $(67,851)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation 6,755 7,455 20,645 23,628
Amortization 2,823 4,723 10,459 14,635
Stock-based compensation expense 1,752 2,120 5,434 6,299
Charge for fair value mark-up of acquired inventory 51 4,116
Other 1,305 2,097 1,859 4,884
Changes in operating assets and liabilities
Trade accounts and notes receivable (1,786) (17,272) (27,760) (7,486)
Inventories (4,635) (735) (11,229) 10,715
Accounts payable and accrued liabilities 14,707 6,212 32,351 1,783
Income taxes payable and refundable income taxes 1,982 (1,803) 8,430 2,037
Other (567) 3,973 2,467 115
Net cash provided by (used in) operating activities 45,102 (793) 100,914 (7,125)
Investing activities:
Acquisition of property and equipment (4,502) (1,122) (12,159) (11,521)
Other 480 2,807 4,492 3,043
Net cash (used in) provided by investing activities (4,022) 1,685 (7,667) (8,478)
Financing activities:
Payments on short-term borrowings and long-term debt (22,811) (221,165) (252,954) (528,116)
Proceeds from short-term and long-term borrowings 2,291 156,212 186,649 452,722
Proceeds from stock offering, net of offering costs 56,687 56,687
Issuance of common stock 6 491 1,663 1,061
Payments for debt issuance costs (1) (138) (149) (3,638)
Other 44 64
Net cash used in financing activities (20,471) (7,913) (64,727) (21,284)
Effect of exchange rate changes on cash 2,892 1,331 1,594 230
Increase (decrease) in cash and cash equivalents 23,501 (5,690) 30,114 (36,657)
Cash and cash equivalents at beginning of period 75,313 84,066 68,700 115,033
Cash and cash equivalents at end of period $98,814 $78,376 $98,814 $78,376
Entegris, Inc. and Subsidiaries
Segment Information
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
Net sales October 2,

2010

July 3,

2010

September

26, 2009

October 2,

2010

September

26, 2009

Contamination Control Solutions $113,350 $103,660 $65,649 $317,752 $147,477
Microenvironments 47,383 47,388 32,445 136,698 73,303
Specialty Materials 17,497 16,527 12,612 51,866 31,540
Total net sales $178,230 $167,575 $110,706 $506,316 $252,320
Three Months Ended Nine Months Ended
Segment profit (loss) October 2,

2010

July 3,

2010

September

26, 2009

October 2,

2010

September

26, 2009

Contamination Control Solutions $31,434 $28,614 $11,832 $88,282 $ 5,991
Microenvironments 11,664 12,165 5,054 32,808 (5,414)
Specialty Materials 2,349 2,061 1,369 6,752 939
Total segment profit 45,447 42,840 18,255 127,842 1,516
Amortization of intangibles, charge for fair value mark-up of acquired inventory and restructuring charges (2,823) (3,364) (7,142) (10,459) (31,205)
Unallocated expenses (13,450) (13,041) (11,177) (39,497) (33,778)
Total operating income (loss) $29,174 $26,435 $ (64) $77,886 $(63,467)
Entegris, Inc. and Subsidiaries
Reconciliation of GAAP to Adjusted Operating Income (Loss) and Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
October 2,

2010

July 3,

2010

September

26, 2009

October 2,

2010

September

26, 2009

Net sales $178,230 $167,575 $110,706 $506,316 $252,320
GAAP – Operating income (loss) $29,174 $26,435 $(64) $77,886 $(63,467)
Restructuring charges 2,368 12,454
Charge for fair value mark-up of acquired inventory 51 4,116
Amortization of intangible assets 2,823 3,364 4,723 10,459 14,635
Adjusted operating income (loss) 31,997 29,799 7,078 88,345 (32,262)
Depreciation 6,755 7,166 7,455 20,645 23,628
Adjusted EBITDA $38,752 $36,965 $14,533 $108,990 $(8,634)
Adjusted operating margin 18.0% 17.8% 6.4% 17.4% (12.8)%
Adjusted EBITDA – as a % of net sales 21.7% 22.1% 13.1% 21.5% (3.4)%
Entegris, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Earnings (Loss) per Share
(In thousands)
(Unaudited)
Three Months Ended Nine Months Ended
October 2,

2010

July 3,

2010

September

26, 2009

October 2,

2010

September

26, 2009

GAAP net income (loss) attributable to Entegris, Inc. $22,418 $18,385 $(7,608) $57,353 $(67,845)
Adjustments to net income (loss) attributable to Entegris, Inc.:
Amortization of intangible assets 2,823 3,364 4,723 10,459 14,635
Charge for fair value mark-up of acquired inventory 51 4,116
Accelerated write-off of debt issuance costs 890 890 343
Gain on sale of equity investment (500) (392) (892)
Tax effect of adjustments to net income (loss) attributable to Entegris, Inc. (854) (1,428) (3,849)
Non-GAAP net income (loss) attributable to Entegris, Inc. $23,887 $20,819 $(2,834) $63,961 $(48,751)
Diluted earnings (loss) per common share attributable to Entegris, Inc.: $0.17 $0.14 $(0.07) $0.43 $(0.60)
Effect of adjustments to net income (loss) attributable to Entegris, Inc. 0.01 0.02 (0.04) $0.05 0.17
Diluted non-GAAP earnings (loss) per common share attributable to Entegris, Inc.: $0.18 $0.16 $(0.02) $0.48 $(0.43)
CONTACT:  Entegris, Inc.
          Steve Cantor, VP of Corporate Relations
          978-436-6750
          irelations@entegris.com
Tuesday, October 26th, 2010 Uncategorized Comments Off on Entegris (ENTG) Reports Strong Third Quarter Results

Mecox Lane Limited (MCOX) Announces Pricing of Initial Public Offering on the NASDAQ Global Market

SHANGHAI, China, Oct. 26, 2010 (GLOBE NEWSWIRE) — Mecox Lane Limited (“Mecox Lane” or the “Company”) (Nasdaq:MCOX), which operates China’s leading online platform for apparel and accessories as measured by revenues in 2009, today announced that its initial public offering of 11,742,857 American depositary shares (“ADSs”), each representing seven ordinary shares of the Company, was priced at $11.00 per ADS. Of the 11,742,857 ADSs being offered, 9,714,286 ADSs are offered by Mecox Lane, and 2,028,571 ADSs are offered by the selling shareholders. The Company will not receive any proceeds from the ADSs sold by the selling shareholders. The underwriters have been granted a 30-day option to purchase up to an additional 1,761,429 ADSs from Mecox Lane and certain selling shareholders. The ADSs will begin trading on the NASDAQ Global Market on October 26, 2010 under the symbol “MCOX.”

Credit Suisse Securities (USA) LLC and UBS AG acted as joint bookrunners for the offering. Oppenheimer & Co. Inc. and Roth Capital Partners, LLC acted as co-managers for the offering.

Mecox Lane’s registration statement relating to these securities has been declared effective by the United States Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of the securities is made only by means of a prospectus forming a part of the effective registration statement. A copy of the prospectus relating to the offering may be obtained by contacting Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 11 Madison Avenue, New York, NY 10010, United States of America; phone: +1-800-221-1037; or by contacting UBS Investment Bank, Attention: Prospectus Department, 299 Park Avenue, New York, NY 10171, United States of America; phone: +1-888-827-7275.

The Mecox Lane Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8200

For investor and media inquiries please contact:

In China:

Phili Xu
Mecox Lane Limited
Tel: +86-21-6495-0500 or +86-21-5464-9900 Ext. 8161
Email: xushen@m18.com

Justin Knapp
Ogilvy Financial, Beijing
Tel: +86-10-8520-6556
Email: mcox@ogilvy.com

In the U.S:

Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
Email: mcox@ogilvy.com
Tuesday, October 26th, 2010 Uncategorized Comments Off on Mecox Lane Limited (MCOX) Announces Pricing of Initial Public Offering on the NASDAQ Global Market

Community Bank System, Inc. (CBU) and The Wilber Corporation Announce Signing of Definitive Merger Agreement

SYRACUSE, N.Y. & ONEONTA, N.Y.–(BUSINESS WIRE)– Community Bank System, Inc. (NYSE:CBUNews) and The Wilber Corporation (NYSE Amex: GIW) today announced the signing of a definitive agreement pursuant to which Community Bank System, Inc. will acquire The Wilber Corporation, parent company of Wilber National Bank in Oneonta, NY, for $101.8 million in Community Bank System stock and cash, or $9.50 per share. The merger agreement has been unanimously approved by the board of directors of both companies.

The merger will combine two institutions with a strong history of localized customer service, and expands the Community Bank service footprint into seven new counties covering the Central Leatherstocking, Greater Capital District, and Catskills regions of Upstate New York. At June 30, 2010, The Wilber Corporation had total assets of $929 million, net loans of $553 million, and deposits of $778 million. The transaction is expected to be accretive to CBU earnings per share in 2011, exclusive of one-time acquisition related charges.

“We are excited to be partnering with Wilber National Bank to extend our Upstate New York service area. Wilber has a significant market presence and attractive deposit share in contiguous regions, with demographic characteristics very similar to our current markets,” said President and Chief Executive Officer Mark E. Tryniski. “Just as important to us, Wilber Bank has an impressive history of service to its customers and its communities, a tradition that aligns well with that of Community Bank.” Tryniski continued, “Wilber has historically strong earnings and operating results and a footprint that lies predominantly within the Marcellus Shale gas region, providing tremendous future growth potential.”

“This is an ideal opportunity for Wilber to partner with a true community bank that has been nationally recognized for providing outstanding customer service,” said Alfred Whittet, President and Chief Executive Officer of The Wilber Corporation. “Their focus on local communities and local decision-making is identical to our model, and our customers will benefit from expanded product and service offerings and a broader network of branch locations and ATM’s.”

Brian Wright, Chairman of the Board of The Wilber Corporation, said, “We are pleased to be partnering with Community Bank System, which will provide enhanced opportunities for our shareholders, customers, and employees. We are pleased with the attractive market premium for our shareholders, in addition to a significantly improved dividend and substantial market liquidity. Community Bank System also has an impressive history of creating shareholder value through both earnings and dividend growth.”

The merger agreement provides for two Wilber Corporation Directors to be added to the Board of Directors of Community Bank System, Inc. The merger transaction is expected to close in early 2011, subject to approval by the shareholders of The Wilber Corporation, as well as completion of the regulatory review and approval process.

Janney Montgomery Scott LLC served as financial advisor to Community Bank System; Sandler O’Neill + Partners, LP served as financial advisor to The Wilber Corporation with Austin Associates, LLC providing a fairness opinion. Legal counsel for Community Bank System was Bond, Schoeneck & King, PLLC, and for Wilber was Hinman, Howard & Kattell, LLP.

Conference Call Scheduled

Community Bank System management will discuss the transaction during its third quarter earnings conference call scheduled for Wednesday, October 27, 2010 at 11:00 a.m. Eastern Time. The conference call can be accessed at 1-877-551-8082 (1-904-520-5770 if outside United States and Canada). An audio recording will be available one hour after the call until December 31, 2010, and may be accessed at 1-888-284-7564 (1-904-596-3174 if outside the United States and Canada) and entering access code 255258. Investors may also listen live via the Internet at: http://www.videonewswire.com/event.asp?id=73418

Additional Information About the Merger

Community Bank System, Inc. and The Wilber Corporation will file a proxy statement/prospectus and other relevant documents with the SEC in connection with the merger. Shareholders of The Wilber Corporation are advised to read the proxy statement/prospectus when it becomes available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information.

The proxy statement/prospectus and other relevant materials (when they become available), and any other documents Community Bank System, Inc. has filed with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, investors and security holders may obtain free copies of the documents Community Bank System, Inc. has filed with the SEC by contacting Josie Rurka, Investor Relations, Community Bank System, Inc., 5790 Widewaters Parkway, DeWitt, NY 13214, telephone: (315) 445-7300 and by The Wilber Corporation by contacting Joseph E. Sutaris, 245 Main Street, Oneonta, NY 13820, telephone: (607) 432-1700.

The Wilber Corporation 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 shareholders in connection with the proposed merger. Information concerning such participants’ ownership of The Wilber Corporation common stock will be set forth in the proxy statement/prospectus relating to the merger when it becomes available. This communication does not constitute an offer of any securities for sale.

Community Bank System, Inc. – Profile

Headquartered in DeWitt, NY, Community Bank System, Inc. has $5.5 billion in assets and approximately 150 customer facilities across Upstate New York, where it operates as Community Bank, N.A., and Northeastern Pennsylvania, where it is known as First Liberty Bank & Trust. Its other subsidiaries include: Benefit Plans Administrative Services, Inc., an employee benefits administration and consulting firm with offices in Upstate New York, Pittsburgh and Philadelphia, PA, and Houston, TX; the CBNA Insurance Agency, with offices in three northern New York communities; Community Investment Services, a broker-dealer delivering financial products throughout the company’s branch network; and Nottingham Advisors, a wealth management and advisory firm with offices in Buffalo, NY, and North Palm Beach, FL. For more information, visit: www.communitybankna.com or www.firstlibertybank.com.

About The Wilber Corporation and Wilber National Bank

The Wilber Corporation is a single bank holding company headquartered in Oneonta, New York, and its common stock trades under the symbol “GIW” on the NYSE Amex.

Wilber National Bank operates as a traditional commercial bank in the central New York market with 22 branch offices located in Otsego, Delaware, Schoharie, Ulster, Chenango, Onondaga, Saratoga, and Broome Counties, along with a loan production office located in Saratoga County. Additional information about Wilber National Bank can be found at its website: www.wilberbank.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The following factors, among others, could cause the actual results of CBU and GIW operations to differ materially from expectations: the successful integration of operations of its acquisitions; competition; changes in economic conditions, interest rates and financial markets; and changes in legislation or regulatory requirements. CBU and GIW assume no duty to update forward-looking statements.

Wilber Corporation Acquisition Highlights
Franchise:
  • Offers significant size in new markets and is a natural market extension into an adjacent region with similar
    demographic profile.
This transaction makes CBU a $6.4 billion institution operating in nearly every market in Upstate New York.
Wilber is currently number one in deposit market share in the Oneonta MSA, an area where CBU currently has no branches.
Wilber operates in markets similar to where CBU has historically performed well, including those areas within the Marcellus Shale formation.
  • Wilber’s current branch network will provide an attractive platform for CBU’s existing product suite.
Accretion:
  • The deal is expected to be accretive to EPS (excl. one-time costs) by 2 – 4% in 2011 and 2012 with an IRR
    of approximately 12%.
Capital:
  • 80/20% stock/cash mix provides capital support to remain substantially above well-capitalized.
Overview of Wilber Corp.
  • Wilber is a $929 million asset bank headquartered in Oneonta, NY (Otsego County)
  • Wilber operates 22 branches in Otsego (10), Delaware (5), Chenango (2), Broome (1), Onondaga (1), Saratoga (1), Schoharie (1) and Ulster (1) Counties, NY
  • At or for the six months ended June 30, 2010
Total Assets: $929.3 million
Total Net Loans: $553.0 million
Total Deposits: $778.5 million
NPAs/Total Assets: 2.59%
Net Income: $2.9 million
ROAA: 0.62%
ROAE: 7.73%
NIM: 3.60%
Terms and Pricing
Consideration:
$9.50 per share in stock or cash (80% stock / 20% cash subject to
election). Price is fixed, subject to collars.
Deal Value:
$101.8 million
Pricing Metrics:
1.32x book value, 1.41x tangible book value, 13.4x LTM EPS
Detailed Due Diligence:
Completed; utilized third-party credit review firm. Assumed $21.5 –
$26.5 million credit mark.
Estimated One-time Costs:
$7.7 million (pre-tax)
Estimated Cost Savings:
$5.1 million (pre-tax), approximately 19% of Wilber’s estimated 2011
non-interest expenses
Earnings Accretion:
2% – 4% in 2011
Estimated Pro Forma
Capital Ratios at Closing:
7.40%+ Tier 1 Leverage Ratio

12.19% Tier 1, Risk-based Ratio

13.23% Total Capital Ratio

5.82% TCE/TA

Monday, October 25th, 2010 Uncategorized Comments Off on Community Bank System, Inc. (CBU) and The Wilber Corporation Announce Signing of Definitive Merger Agreement

Pegasystems (PEGA) Helps Mortgage Lenders Avoid Future Buybacks

CAMBRIDGE, MA — (Marketwire) — 10/25/10 — Pegasystems Inc. (NASDAQ: PEGA), the leader in business process management (BPM) and a leading provider of customer relationship management (CRM) solutions, today launched a new solution that allows lenders to automatically eliminate errors and improve productivity in mortgage origination. The Consumer Lending Solution is the first commercially available multi-channel solution built expressly for loan origination that also offers advanced business process management capabilities. It introduces consistent, end-to-end quality controls that range from the point of sale through post-closing.

The new solution debuts at a time when the market need is rampant: government-backed mortgage investors Fannie Mae and Freddie Mac continue to scrutinize mortgages and require banks to re-purchase, or “buy back,” thousands upon thousands of mortgages written with missing, false or inaccurate data and documentation. Analysts estimate that major lenders stand to lose as much as $180 billion, and some say it has already cost the four largest US-based lenders approximately more than $19 billion.

The Consumer Lending Solution gives lenders the ability to originate defect-free mortgages at the outset and avoid many of the reasons for triggering buy backs. The solution enables more transparency, 100-percent quality control and higher rates of automation. For example, a major, US-based lender already leveraging Pega technology for loan origination has increased productivity three-fold.

The solution, which works with existing loan origination systems, is designed to automate the complex inner-workings of a paper-intensive process by eliminating risks that arise from manual errors, lag time and time-consuming data entry.

Highlights / Key Product Facts:

Pegasystems’ Consumer Lending Solution provides a myriad of features that dynamically support defect-free mortgage origination:

  • Process automation ensures that all documentation elements are in sync.
  • Guided processes dictate each step of the way to eliminate manual work-arounds and gaps between loan officers, loan processors and originators.
  • Powerful business rules automate cross-validation of documents and elimination of errors.

Quotes & Commentary:

Craig Focardi, Senior Research Director at TowerGroup
“The next generation of mortgage lending automation will require a BPM framework that focuses on managing the process oversight to increase productivity and create error-free loans. Many other lines of business in financial services already benefit from BPM technology and now the mortgage lending division should adopt BPM to derive the same level of benefits, compete more effectively and delivery better customer service.”

Tony Young, Principal, Financial Services Industry Solutions at Pegasystems
“Existing practices and systems have produced error-laden loans that are now being repurchased at growing rates. Lenders that do not find ways to achieve 100-percent, defect-free loans will suffer increased servicing costs and some may not survive. Quality control is of paramount concern, and Pega’s solution delivers this crucial capability for mortgage lenders.”

Supporting resources:

To learn more about the solution, visit: http://www.pega.com/Industries/financial-services/loan-origination.asp

To hear a podcast with Tony Young, visit: http://www.pega.com/content/rss/podcast/bfcd/?a=44

About Pegasystems
Pegasystems, the leader in business process management and a leading provider of CRM solutions, helps organizations enhance customer loyalty, generate new business, and improve productivity. Our patented Build for Change® technology speeds the delivery of critical business solutions by directly capturing business objectives and eliminating manual programming. Pegasystems enables clients to quickly adapt to changing business conditions in order to outperform the competition. For more information, please visit us at www.pega.com.

RSS Feeds for Pegasystems Press Releases, Pegasystems Media Coverage, Pegasystems Webcasts, and Pegasystems Events

All trademarks are the property of their respective owners.

The information contained in this press release is not a commitment, promise, or legal obligation to deliver any material, code or functionality. The development, release and timing of any features or functionality described remains at the sole discretion of Pegasystems, Pegasystems specifically disclaims any liability with respect to this information.

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Media Contacts:
Brian Callahan
Pegasystems
brian.callahan@pega.com
(617) 866-6364
Twitter: http://twitter.com/pegasystems

Kim Baker
PAN Communications
pega@pancomm.com
(978) 474-1900

Monday, October 25th, 2010 Uncategorized Comments Off on Pegasystems (PEGA) Helps Mortgage Lenders Avoid Future Buybacks

Sohu.com (SOHU) Reports Third Quarter 2010 Unaudited Financial Results

BEIJING — Sohu.com Inc. (Nasdaq: SOHU), China’s leading online media, communications, search, online games and wireless value-added services group, today reported unaudited financial results for the third quarter ended September 30, 2010.

Third Quarter 2010 Highlights (1)

  • Record high total revenues and record high revenues for brand advertising, search and online games. All such operating parameters exceeded high end of Group guidance.
  • Total revenues were US$164.1 million, up 20% year-on-year, and 12% quarter-over-quarter.
  • Brand advertising revenues were US$59.1 million, up 22% year-over-year and 11% quarter-over-quarter.
  • Search revenues reached US$5.4 million, up 134% year-over-year and 38% quarter-over-quarter.
  • Online game revenues reached US$85.6 million, up 25% year-over-year and 10% quarter-over-quarter.
  • Before deducting the share of net income pertaining to the Non-Controlling Interest, GAAP net income for the third quarter of 2010 was US$54.0 million, up 15% year-over-year and 19% quarter-over-quarter. Non-GAAP net income was US$61.3 million, up 19 % year-over-year and up 17% quarter-over-quarter, exceeding high end of Group guidance.
  • After deducting the share of net income pertaining to the Non-Controlling Interest, GAAP net income was US$38.7 million, up 12%  year-over-year and 24% quarter-over-quarter,  or US$1.01 per fully diluted share, and non-GAAP net income was US$45.2 million, up 21% year-over-year and quarter-over-quarter, or US$ 1.16 per fully diluted share, exceeding high end of Group guidance.

(Logo:  http://photos.prnewswire.com/prnh/20100201/CNM013LOGO)

(Logo:  http://www.newscom.com/cgi-bin/prnh/20100201/CNM013LOGO)

Dr. Charles Zhang, Chairman and CEO of Sohu.com, commented, “I’m pleased to report that we had a record quarter, with strong growth in each of our major business segments.  Online video, our potential future revenue driver, is gaining significant traction as we add high-definition content and leverage the synergies of the Sohu platform to make our video products even more attractive to both users and advertisers. Also we believed that the introduction of strategic investors to our Sogou search business leaves our search business in a more competitive position and offers great promise for future collaboration and services with China’s largest e-commerce website.”

“Our largest business segment, online games, powered by the successful release of new expansion packs for our proprietary flagship product and the launch of new licensed games, once again achieved solid results. The results also demonstrated the merits of using feedback to direct research and development efforts in our games. We continue to invest in employee recruitment and training. We are positive on the outlook of the industry and look to bring more proprietary games to market with an expanded team of talented engineers.”

Commenting on Sohu’s brand advertising business, Ms. Belinda Wang, Co-President and COO, said, “Our brand advertising business also set new records in the third quarter. Our expanding group of advertising partners is taking advantage of strong economic conditions in China along with particular strength in each of their end markets.  More specifically, they are looking to us to help maximize their advertising spending based on our significant investments in our online platform and other value-added solutions.

Third Quarter Financial Results

Revenues

Total revenues for the third quarter ended September 30, 2010 were US$164.1 million, up 20% year-over-year and 12% quarter-over-quarter.

Brand advertising revenues for the third quarter of 2010 totaled a record high of US$59.1 million, up 22% year-over-year and 11% quarter-over-quarter.

Search revenues for the third quarter of 2010 were US$5.4 million, up 134% year-over-year and 38% quarter-over-quarter.

Online game revenues for the third quarter of 2010 were US$85.6 million, up 25% year-over-year and 10% quarter-over-quarter.

Wireless revenues for the third quarter of 2010 were US$13.6 million, down 19% year-over-year and up 23% quarter-over-quarter.

Gross Margin

Gross margin was 74% for the third quarter of 2010, compared with 73% in the second quarter of 2010 and 76% in the third quarter of 2009. Non-GAAP gross margin for the third quarter of 2010 was 74%, compared with 74% in the second quarter of 2010 and 76% in the third quarter of 2009.

Brand advertising gross margin for the third quarter of 2010 was 61%, compared with 58% in the second quarter of 2010 and 68% in the third quarter of 2009. Non-GAAP brand advertising gross margin for the third quarter of 2010 was 62 %, compared with 60% in the second quarter of 2010 and 69% in the third quarter of 2009.

Online game gross margin for the third quarter of 2010 was 90%, compared with 91% in the second quarter of 2010 and 93% in the third quarter of 2009. Non-GAAP online game gross margin for the third quarter of 2010 was 90%, compared with 91% in the second quarter of 2010 and 93% in the third quarter of 2009.

Wireless gross margin for the third quarter of 2010 was 46%, compared with 48% in the second quarter of 2010 and 43% in the third quarter of 2009. Non-GAAP wireless gross margin for the third quarter of 2010 was 46%, compared with 48% in the second quarter of 2010 and 43% in the third quarter of 2009.

Operating Expenses

For the third quarter of 2010, Sohu’s operating expenses totaled US$55.6 million. Non-GAAP operating expenses totaled US$50.1 million, down 1% sequentially from US$50.8 million and up 7% year-over-year.

Operating Margin

Operating margin was 40% for the third quarter of 2010, compared with 35% in the second quarter of 2010 and 39% in the third quarter of 2009. Non-GAAP operating margin was 44% for the third quarter of 2010, compared with 39% in the previous quarter and 42% in the third quarter of 2009.

Income Tax Expense

For the third quarter of 2010, excluding non-cash income tax expense of US$0.7 million recorded for tax benefits from share-based awards, non-GAAP income tax expense was US$10.6 million, compared with US$5.7 million in the previous quarter.

Net Income

Before deducting the share of net income pertaining to the Non-Controlling Interest, GAAP net income for the third quarter of 2010 was US$54.0 million, up 15% year-over-year and 19% quarter-over-quarter. Non-GAAP net income for the third quarter of 2010 was US$61.3 million, up 19% year-over-year and 17% quarter-over-quarter, exceeding Group guidance by US$4.8 million.

After deducting the share of net income pertaining to the Non-Controlling Interest, GAAP net income for the third quarter of 2010 was US$38.7 million, or US$1.01 per fully diluted share. Non-GAAP net income for the third quarter of 2010 was US$45.2 million, or US$1.16 per fully diluted share, an increase of 21% quarter-over-quarter, exceeding Group guidance.

Cash Balance

Sohu group continued to maintain a debt-free balance sheet and a strong cash position of US$534.7 million as of September 30, 2010.

Ms. Carol Yu, Co-President and CFO of Sohu, commented, “We achieved a strong third quarter with record revenues in each of our major business categories, and strong growth in our operations.  The strategic investment from Alibaba gives our search business a great opportunity to compete and capture market share.  The financing proceeds would fund the future development of Sogou business. And Sohu Group’s healthy operating cash flows, strong balance sheet, and growing platform point the way for us to further expand and deliver long-term value to our shareholders.”

Supplementary Information for Online Game Business

Operational Results

Aggregate registered accounts for Changyou’s games(2) as of September 30, 2010 increased 7% quarter-over-quarter and 40% year-over-year to 105.2 million.

Aggregate peak concurrent users (“PCU”) for Changyou’s games was approximately 980,000, a decrease of 14% quarter-over-quarter and an increase of 14% year-over-year.

Aggregate active paying accounts (“APA”) for Changyou’s games was approximately 2.61 million, a decrease of 6% quarter-over-quarter and an increase of 9% year-over-year.

ARPU for Changyou’s games increased 16% quarter-over-quarter and 13% year-over-year to RMB214, which is consistent with Changyou’s intention to have ARPU within a range that keeps Changyou’s games affordable for the majority of game players in China.

Revenues

Total revenues for the third quarter of 2010 increased 10% quarter-over-quarter and 25% year-over-year to US$85.6 million.

Revenues from game operations for the third quarter of 2010 increased 11% quarter-over-quarter and 25% year-over-year to US$83.6 million. The increases were mainly due to the continued popularity of TLBB, in China and higher spending from game players.

Overseas licensing revenues for the third quarter of 2010 decreased 7% quarter-over-quarter and increased 11% year-over-year to US$2.0 million. The sequential decrease was mainly the result of greater competition in mature online game markets abroad. The year-over-year increase was largely due to increased momentum of TLBB in Vietnam and Malaysia.

Recent Business Developments

Closing of Minority Strategic Investment in Sogou

On October 22, 2010, Sohu’s online search subsidiary Sogou Inc. completed the sale of newly-issued Series A Preferred Shares to Alibaba Investment Limited, a private investment subsidiary of Alibaba Group Holding Limited, China Web Search (HK) Limited, an investment vehicle of Yunfeng Fund, LP, and Photon Group Limited, the investment fund of Sohu’s Chairman and Chief Executive Officer Dr. Charles Zhang, for $15 million, $9 million, and $24 million, respectively, that represent approximately 10%, 6% and 16%, respectively, of the outstanding share capital of Sogou on a fully-diluted basis. Sohu and Sogou have established a share incentive program for Sogou management and key employees as well as certain members of Sohu’s executive management. Sohu will retain approximately 53% of Sogou on a fully-diluted basis, and intends in any event to retain a majority of the outstanding share capital of Sogou on a fully-diluted basis.

Open Beta Testing of Immortal Faith

On September 9, 2010, Changyou began open beta testing of Immortal Faith, Changyou’s first 2D mythical massively multi-player online role-playing game (“MMORPG”). Set against a backdrop of a number of ancient Chinese myths and folk tales, the game allows players to battle demons and assist deities in the conquest of various fairy kingdoms found in Chinese mythology. The game allows users to experience the life journey of becoming immortal by participating in the specially designed fighting modes and utilizing the game’s featured dynamic fighting moves.

Business Outlook

For the fourth quarter of 2010, Sohu estimates:

  • Total revenues to be between US$163 million and US$168 million, with advertising revenues of US$64 million to US$66 million.
  • Brand advertising revenues to be between US$58 million and US$60 million.
  • Online game revenues to be between US$86 million and US$89 million.
  • Non-GAAP net income before deducting the share of non-GAAP net income pertaining to the Non-Controlling Interest to be between US$59 million and US$61.5 million.
  • Non-GAAP net income after deducting the share of non-GAAP net income pertaining to the Non-Controlling Interest to be between US$43 million and US$45 million
  • Non-GAAP fully diluted earnings per share to be between US$1.10 and US$1.15.
  • Compensation expense and income tax expense related to share-based awards, assuming no new grants of share-based awards, to be between US$7.5 million and US$8.5 million, which includes Changyou’s share-based compensation expense for the fourth quarter of 2010, which is expected to be between US$1.5 million and US$2.0 million. Considering Sohu’s share in Changyou, the estimated impact of this expense under US GAAP is expected to reduce Sohu’s fully diluted earnings per share for the fourth quarter of 2010 by 19 US cents to 22 US cents.

(1)  Explanation of the Group’s non-GAAP financial measures and related reconciliations to GAAP financial measures are included in the accompanying “Non-GAAP Disclosure” and the “Reconciliation to Unaudited Condensed Consolidated Statements of Operations.”

(2)  Comprises the following games operated in China: Tian Long Ba Bu (“TLBB”), Blade Online, Blade Hero 2, Da Hua Shui Hu, Zhong Hua Ying Xiong and Immortal Faith.

Non-GAAP Disclosure

To supplement the unaudited consolidated financial statements presented in accordance with United States Generally Accepted Accounting Principles (“GAAP”), Sohu’s management uses non-GAAP measures of cost of revenues, operating expenses, income tax expense, net income and net income per share, which are adjusted from results based on GAAP to exclude the impact of share-based awards granted to employees in the consolidated statements of operations, which consists mainly of share-based compensation expense and non-cash tax benefits from excess tax deductions related to share-based awards. These measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results.

Sohu’s management believes excluding the impact of share-based awards from its non-GAAP financial measure is useful for itself and investors. Further, the impact of share-based awards cannot be anticipated by management and business line leaders and these expenses were not built into the annual budgets and quarterly forecasts, which have been the basis for information Sohu provides to analysts and investors as guidance for future operating performance. As the impact of share-based awards does not involve any upfront or subsequent cash outflow, Sohu does not factor this in when evaluating and approving expenditures or when determining the allocation of its resources to its business segments. As a result, in general, the monthly financial results for internal reporting and any performance measure for commissions and bonuses are based on non-GAAP financial measures that exclude the impact of share-based awards.

The non-GAAP financial measures are provided to enhance investors’ overall understanding of Sohu’s current financial performance and prospects for the future. A limitation of using non-GAAP cost of revenues, operating expenses, net income and net income per share, excluding the impact of share-based awards, is that the impact of share-based awards has been and will continue to be a significant recurring expense in Sohu’s business for the foreseeable future. In order to mitigate these limitations Sohu has provided specific information regarding the GAAP amounts excluded from each non-GAAP measure. The accompanying tables include details on the reconciliation between the GAAP financial measures that are most directly comparable to the non-GAAP financial measures that have been presented.

Notes to Financial Information

Financial information in this press release other than the information indicated as being non-GAAP is derived from Sohu’s unaudited interim financial statements prepared in accordance with GAAP.

Safe Harbor Statement

This announcement contains forward-looking statements. It is currently expected that the Business Outlook will not be updated until release of Sohu’s next quarterly earnings announcement; however, Sohu reserves right to update its Business Outlook at any time for any reason. Statements that are not historical facts, including statements about Sohu’s beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the current global financial and credit markets crisis and its potential impact on the Chinese economy, the slower growth the Chinese economy experienced during the latter half of 2008 and in 2009, which could recur in the future, the uncertain regulatory landscape in the People’s Republic of China, fluctuations in Sohu’s quarterly operating results, and Sohu’s reliance on online advertising sales, online games and wireless services (most wireless revenues are collected from a few mobile network operators) for its revenues. Further information regarding these and other risks is included in Sohu’s annual report on Form 10-K for the year ended December 31, 2009, and other filings with the Securities and Exchange Commission.

Conference Call and Webcast

Sohu’s management team will host a conference call on October 25, 2010 (8:30 p.m. Beijing/Hong Kong time, October 25, 2010) at 8:30 a.m. U.S. Eastern Time.

The dial-in details for the live conference call are:

US Toll-Free:

+1-877-941-2927

International:

+1-480-629-9722

Hong Kong:

+852-3009-5027

Passcode:

SOHU

Please dial in 10 minutes before the call is scheduled to begin and provide the pass code to join the call.

A telephone replay of the call will be available after the conclusion of the conference call at 11:00 a.m. Eastern Time on October 25 through November 8, 2010. The dial-in details for the telephone replay are:

International:

+852-3056-2777

Passcode:

4374336

The live webcast and archive of the conference call will be available on the Investor Relations section of Sohu’s website at http://corp.sohu.com/.

About Sohu.com

Sohu.com Inc. (Nasdaq: SOHU) is China’s premier online brand and indispensable to the daily life of millions of Chinese, providing a network of web properties and community based/web 2.0 products which offer the vast Sohu user community a broad array of choices regarding information, entertainment and communication. Sohu has built one of the most comprehensive matrices of Chinese language web properties and proprietary search engines, consisting of the mass portal and leading online media destination www.sohu.com; interactive search engine www.sogou.com; #1 games information portal www.17173.com; the top real estate website www.focus.cn; #1 online alumni club www.chinaren.com; wireless value-added services provider www.goodfeel.com.cn; leading online mapping service provider www.go2map.com; and developer and operator of online games www.changyou.com.

Sohu corporate services consist of brand advertising on its matrix of websites as well as paid listing and bid listing on its in-house developed search directory and engine. Sohu also offers wireless value-added services such as news, information, music, ringtone and picture content sent over mobile phones. The Company’s massively multiplayer online role-playing game (MMORPG) subsidiary, Changyou.com (Nasdaq: CYOU), currently operates six online games, including Tian Long Ba Bu, one of the most popular online games in China, and the licensed Blade Online, Blade Hero 2, Da Hua Shui Hu, Zhong Hua Ying Xiong and Immortal Faith. Sohu.com, established by Dr. Charles Zhang, one of China’s internet pioneers, is in its fourteenth year of operation.

For investor and media inquiries, please contact:

In China:

Ms. Li Mei

Sohu.com Inc.

Tel:+86 (10) 6272-6596

E-mail: ir@contact.sohu.com

Mr. Chen Yuan Yuan

Christensen

Tel:+86 (10) 5971-2001

E-mail: ychen@ChristensenIR.com

In the United States:

Mr. Jeff Bloker

Christensen

Tel: +1 (480) 614-3003

E-mail: jbloker@ChristensenIR.com

SOHU.COM INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

Three Months Ended

Nine Months Ended

Sep. 30,
2010

Jun. 30,
2010

Sep. 30,
2009

Sep. 30,
2010

Sep. 30,
2009

Revenues:

Advertising

Brand advertising

$

59,083

$

53,162

$

48,502

$

151,757

$

131,197

Sponsored search

5,367

3,891

2,292

12,092

5,623

Subtotal of advertising revenues

64,450

57,053

50,794

163,849

136,820

Online games

85,623

77,721

68,684

235,416

196,887

Wireless and others

13,991

11,323

17,107

40,350

45,701

Total revenues

164,064

146,097

136,585

439,615

379,408

Cost of revenues:

Advertising

Brand advertising  (includes share-based compensation expense of $1,022, $1,204, $149, $3,193 and $646, respectively)

23,256

22,256

15,418

62,795

43,213

Sponsored search (includes share-based compensation expense of $1, $1, $19, $3 and $25, respectively)

3,803

3,507

2,728

10,223

7,291

Subtotal of cost of advertising revenues

27,059

25,763

18,146

73,018

50,504

Online games (includes share-based compensation expense of $40, $43, $169, $150 and $267, respectively)

8,537

7,008

4,713

20,929

12,086

Wireless and others (includes share-based compensation expense of $0, $0, $11, $0 and $12, respectively)

7,580

6,150

10,331

20,976

26,972

Total cost of revenues

43,176

38,921

33,190

114,923

89,562

Gross profit

120,888

107,176

103,395

324,692

289,846

Operating expenses:

Product development  (includes  share-based compensation expense of  $2,238, $2,218, $2,204, $6,901 and $6,777, respectively)

19,454

16,881

14,531

51,853

42,482

Sales and marketing (includes share-based compensation expense of $1,271, $1,176, $152, $3,402 and $651, respectively)

25,410

29,606

25,457

78,025

68,093

General and administrative (includes share-based compensation expense of $1,989, $1,811, $1,780, $5,893 and $5,007, respectively)

10,619

9,384

10,721

29,886

27,823

Amortization of intangible assets

163

139

93

410

295

Total operating expenses

55,646

56,010

50,802

160,174

138,693

Operating profit

65,242

51,166

52,593

164,518

151,153

Other (expense) / income

(939)

(330)

40

(1,294)

103

Interest income and exchange difference

1,050

958

1,469

3,207

3,865

Income before income tax expense

65,353

51,794

54,102

166,431

155,121

Income tax expense

11,340

6,329

7,022

25,632

21,577

Income from continuing operations

54,013

45,465

47,080

140,799

133,544

Gain from discontinued e-commerce operations

446

Net income

54,013

45,465

47,080

140,799

133,990

Less: Net income attributable to the noncontrolling interest

13,004

12,012

9,726

36,146

18,506

Net income attributable to Sohu.com Inc.

41,009

33,453

37,354

104,653

115,484

Basic net income per share attributable to Sohu.com Inc.

$

1.08

$

0.88

$

0.97

$

2.77

$

3.02

Shares used in computing basic net income per share attributable to Sohu.com Inc.

37,896

37,822

38,410

37,832

38,286

Diluted net income per share attributable to Sohu.com Inc.

$

1.01

$

0.82

$

0.88

$

2.55

$

2.82

Shares used in computing diluted net income per share attributable to Sohu.com Inc.

38,377

38,289

39,082

38,370

38,985

SOHU.COM INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED, IN THOUSANDS)

As of
Sep. 30, 2010

As of
Dec. 31, 2009

ASSETS

Current assets:

Cash and cash equivalents

$

534,662

$

563,782

Investment in debt securities

74,615

Accounts receivable, net

70,102

46,610

Prepaid and other current assets

19,866

10,781

Total current assets

699,245

621,173

Fixed assets, net

119,207

115,088

Goodwill

67,736

55,555

Intangible assets, net

13,478

7,933

Restricted cash

Prepaid non-current assets

138,992

26,207

Other assets, net

7,963

2,317

Total assets

$

1,046,621

$

828,273

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

7,475

$

4,602

Accrued liabilities to suppliers and agents

57,907

41,103

Receipts in advance and deferred revenue

49,555

36,944

Accrued salary and benefits

31,258

28,860

Tax payables

24,044

21,953

Other accrued liabilities

22,986

17,035

Total current liabilities

$

193,225

$

150,497

Contingent consideration

1,343

Total liabilities

$

194,568

$

150,497

Commitments and contingencies

Shareholders’ equity:

Sohu.com Inc. shareholders’ equity

738,236

609,781

Noncontrolling interest

113,817

67,995

Total shareholders’ equity

$

852,053

$

677,776

Total liabilities and shareholders’ equity

$

1,046,621

$

828,273

SOHU.COM INC.

RECONCILIATIONS TO UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

NON-GAAP NET INCOME EXCLUDING IMPACT OF SHARE-BASED AWARDS

Three Months Ended Sep. 30, 2010

Three Months Ended Jun. 30, 2010

Three Months Ended Sep. 30, 2009

GAAP

Non-GAAP Adjustments

(a)

Non-GAAP

GAAP

Non-GAAP Adjustments

(a)

Non-GAAP

GAAP

Non-GAAP Adjustments

(a)

Non-GAAP

Advertising revenues

$

64,450

64,450

$

57,053

$

$

57,053

$

50,794

$

$

50,794

Less: Cost of advertising revenues

27,059

(1,023)

26,036

25,763

(1,205)

24,558

18,146

(168)

17,978

Advertising gross profit

$

37,391

1,023

38,414

$

31,290

$

1,205

$

32,495

$

32,648

$

168

$

32,816

Advertising gross margin

58%

60%

55%

57%

64%

65%

Online games revenues

$

85,623

85,623

$

77,721

$

$

77,721

$

68,684

$

$

68,684

Less: Cost of online games revenues

8,537

(40)

8,497

7,008

(43)

6,965

4,713

(169)

4,544

Online games gross profit

$

77,086

40

77,126

$

70,713

$

43

$

70,756

$

63,971

$

169

$

64,140

Online games gross margin

90%

90%

91%

91%

93%

93%

Wireless and others revenues

$

13,991

13,991

$

11,323

$

$

11,323

$

17,107

$

$

17,107

Less: Cost of wireless and others revenues

7,580

7,580

6,150

6,150

10,331

(11)

10,320

Wireless and others gross profit

$

6,411

6,411

$

5,173

$

$

5,173

$

6,776

$

11

$

6,787

Wireless and others gross margin

46%

46%

46%

46%

40%

40%

Total revenues

$

164,064

164,064

$

146,097

$

$

146,097

$

136,585

$

$

136,585

Less: Total cost of revenues

43,176

(1,063)

42,113

38,921

(1,248)

37,673

33,190

(348)

32,842

Gross profit

$

120,888

1,063

121,951

$

107,176

$

1,248

$

108,424

$

103,395

$

348

$

103,743

Gross margin

74%

74%

73%

74%

76%

76%

Operating expenses

$

55,646

(5,498)

50,148

$

56,010

$

(5,205)

$

50,805

$

50,802

$

(4,136)

$

46,666

Operating profit

$

65,242

6,561

71,803

$

51,166

$

6,453

$

57,619

$

52,593

4,484

57,077

Operating margin

40%

44%

35%

39%

39%

42%

Income tax expense / (benefit)

$

11,340

(733)

10,607

$

6,329

$

(624)

$

5,705

$

7,022

7,022

Net income before Non-Controlling Interest

$

54,013

7,294

61,307

$

45,465

$

7,077

$

52,542

$

47,080

4,484

51,564

Net income attributable to Sohu.com Inc. for basic net  income per share

$

41,009

6,780

47,789

$

33,453

$

6,511

$

39,964

$

37,354

$

3,567

$

40,921

Net income attributable to Sohu.com Inc. for diluted  net income per share  (b)

$

38,654

6,498

45,152

$

31,265

$

6,187

$

37,452

$

34,405

$

3,001

$

37,406

Diluted net income per share attributable to Sohu.com Inc.

$

1.01

1.16

$

0.82

$

0.96

$

0.88

0.96

Shares used in computing diluted net income per share attributable to Sohu.com Inc.

38,377

39,019

38,289

39,037

39,082

39,129

Note:

(a) To eliminate the impact of share-based awards as measured using the fair value method.

(b) To adjust Sohu’s economic interest in Changyou under the treasury stock method.

SOHU.COM INC.

RECONCILIATIONS TO UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED IN THOUSANDS EXCEPT PER SHARE AMOUNTS)

NON-GAAP NET INCOME EXCLUDING IMPACT OF SHARE-BASED AWARDS

Nine Months Ended Sep. 30, 2010

Nine Months Ended Sep. 30, 2009

GAAP

Non-GAAP Adjustments

(a)

Non-GAAP

GAAP

Non-GAAP Adjustments

(a)

Non-GAAP

Advertising revenues

$

163,849

163,849

$

136,820

$

$

136,820

Less: Cost of advertising revenues

73,018

(3,196)

69,822

50,504

(671)

49,833

Advertising gross profit

$

90,831

3,196

94,027

$

86,316

$

671

$

86,987

Advertising gross margin

55%

57%

63%

64%

Online games revenues

$

235,416

235,416

$

196,887

$

$

196,887

Less: Cost of online games revenues

20,929

(150)

20,779

12,086

(267)

11,819

Online games gross profit

$

214,487

150

214,637

$

184,801

$

267

$

185,068

Online games gross margin

91%

91%

94%

94%

Wireless and others revenues

$

40,350

40,350

$

45,701

$

$

45,701

Less: Cost of wireless and others revenues

20,976

20,976

26,972

(12)

26,960

wireless and others gross profit

$

19,374

19,374

$

18,729

$

12

$

18,741

wireless and others gross margin

48%

48%

41%

41%

Total revenues

$

439,615

439,615

$

379,408

$

$

379,408

Less: Total cost of revenues

114,923

(3,346)

111,577

89,562

(950)

88,612

Gross profit

$

324,692

3,346

328,038

$

289,846

$

950

$

290,796

Gross margin

74%

75%

76%

77%

Operating expenses

$

160,174

(16,196)

143,978

$

138,693

$

(12,435)

$

126,258

Operating profit

$

164,518

19,542

184,060

$

151,153

13,385

164,538

Operating margin

37%

42%

40%

43%

Income tax expense

$

25,632

(1,888)

23,744

$

21,577

21,577

Net income before Non-Controlling Interest

$

140,799

21,430

162,229

$

133,990

13,385

147,375

Net income attributable to Sohu.com Inc. for basic net  income per share

$

104,653

19,515

124,168

$

115,484

11,016

126,500

Net income attributable to Sohu.com Inc. for diluted  net income per share  (b)

$

97,846

18,527

116,373

$

109,876

9,611

119,487

Diluted net income per share attributable to Sohu.com Inc.

$

2.55

2.98

$

2.82

3.06

Shares used in computing diluted net income per share attributable to Sohu.com Inc.

38,370

39,045

38,985

39,082

Note:
(a)To eliminate the impact of share-based awards as measured using the fair value method.
(b)To adjust Sohu’s economic interest in Changyou under the treasury stock method.
(c)Certain amounts from  prior periods have been reclassified to conform with current period presentation.

Monday, October 25th, 2010 Uncategorized Comments Off on Sohu.com (SOHU) Reports Third Quarter 2010 Unaudited Financial Results

Clean Diesel Technologies (CDTID) Awarded $1.3M Funding for Ferry Emission Reduction Program

VENTURA, Calif., Oct. 25, 2010 (GLOBE NEWSWIRE) — Clean Diesel Technologies, Inc. (“CDT”) (Nasdaq:CDTID), a cleantech emissions reduction company, confirmed today that it has been awarded $1.3M in funding by the New York State Energy and Research Development Authority (“NYSERDA”), to supply diesel emission control technology as part of a New York City ferry emission reduction program. The agreement follows a successful demonstration phase in which test vessels were fitted with diesel oxidation catalysts (DOC’s) and proven to reduce diesel particulate matter and other harmful emissions significantly. Over the next several months, CDT will supply and manage the installation of the emission control technology. Each vessel will then be subject to an evaluation period simulating normal passenger operation prior to being released for normal use.

The program will implement emissions control technologies on private ferries operating in New York Harbor. Marine engines are responsible for the emission of many tons of nitrogen oxide (NOx), an ozone-forming compound, as well as particulate emissions (soot) into the New York airshed. As these emission sources are mostly unregulated, the city and state are attempting to develop an incentive program to produce the desired emissions reductions from marine sources. The benefits to the public and the state include the reduction of tons of NOx emissions as well as the reduction of particulates which impact upon the residences located in the vicinity of existing and future landings, as well as passengers and crew on boats.

Extended CARB verification

In addition, CDT is pleased to announce that the California Air Resources Board (CARB) has expanded its approval (verification) of the ECS Purifilter® Plus as a Level 3+ device to include exhaust gas recirculation (EGR) heavy duty on-road vehicles.

The innovative ECS Purifilter® Plus emissions reduction product, is the first and only hybrid diesel particulate filter (DPF) system employing both passive and active regeneration that has been verified by both the Environmental Protection Agency (EPA) and CARB for a wide variety of heavy duty diesel on-road engines.

ECS Purifilter®Plus combines a passive ECS Purifilter® and the active regeneration components of an ECS Combifilter® which result in a hybrid diesel particulate filter which has no minimum exhaust temperature requirement and is easily maintained through active regeneration by periodically plugging the system into a 240V single-phase or 480V three-phase regeneration control panel that may be shared between several vehicles. This approach greatly reduces the maintenance requirements when compared to traditional passive DPF solutions.

The ECS Purifilter Plus™ is ideal for a wide variety of small and large fleet operators for fleets including school buses, shuttle buses, urban buses, municipal vehicles, utility vehicles, refuse trucks and urban delivery vehicles.

“The NYSERDA award, as well as the extension of the CARB verification, demonstrates the potential for our new company which was formed following the business combination of Clean Diesel Technologies and Catalytic Solutions, Inc. They underscore the breadth of our combined product portfolios and the ability to address diesel emissions in a variety of on-road, off-road and marine applications,” said Charles Call, Chief Executive Officer of CDT. “We are extremely pleased with the CARB approval which bolsters our ability to offer one of the broadest portfolios of verified engine retrofit devices which meet our customers’ needs while benefiting the global environment.”

The NYSERDA award announcement may be found  at www.nyserda.org.  The applicable executive order covering the Purifilter® Plus may be found on the CARB website at http://www.arb.ca.gov/diesel/verdev/pdf/executive_orders/de-08-010-02.pdf.

About the Company

Clean Diesel Technologies, Inc. (Nasdaq:CDTID), “Clean Diesel”, “CDT” or the “Company” is, with the recent business combination with Catalytic Solutions, Inc. (“CSI”), a vertically integrated global manufacturer and distributor of emissions control systems and products, focused in the heavy duty diesel (HDD) and light duty vehicle (LDV) markets. As a cleantech company, CDT utilizes its proprietary patented Mixed Phase Catalyst (MPC®) technology, as well as its ARIS® selective catalytic reduction; Platinum Plus® Fuel-Borne Catalyst (FBC), and other technologies to provide high-value sustainable solutions to reduce emissions, increase energy efficiency and lower the carbon intensity of on- and off-road engine applications. CDT is headquartered in Ventura, California, along with its wholly-owned subsidiary, CSI, and currently has operations in the U.S., Canada, U.K., France, Japan and Sweden as well as an Asian joint venture. For more information, please visit www.cdti.com and www.catsolns.com.

The Clean Diesel Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5742

CONTACT:  Clean Diesel Technologies, Inc.
          Kristi Cushing, Investor Relations Manager
          +1 (805) 639-9458
Monday, October 25th, 2010 Uncategorized Comments Off on Clean Diesel Technologies (CDTID) Awarded $1.3M Funding for Ferry Emission Reduction Program

World-Leading Telecommunications Solutions Provider Selects Astea (ATEA)

HORSHAM, Pa. — Astea International Inc. (Nasdaq: ATEA), the leader in service lifecycle management, mobility and workforce optimization solutions, announces that a world-leading provider of telecommunications network solutions has selected the Astea Alliance solution suite to automate, mobilize and optimize their global field service operations. As telecommunication organizations continue to expand their service offerings for increased revenue and differentiation, they are quickly recognizing that a solution that can support the full spectrum of service lifecycle management (SLM) is mission-critical.

The Company is already implementing Astea Alliance in two countries with planned expansion to other regions. Once implemented, they will be leveraging Astea Alliance to enable their personnel to immediately take action on service requests, increasing first-call resolution, decreasing call times and call center operating costs, and improving the customers’ experience for increased retention. The Company is deploying Astea’s dynamic scheduling optimization solution to provide a real-time, graphical scheduling console that will enable their dispatchers to “dispatch by exception” and proactively offer “just-in-time” service.  By equipping their field technicians with Astea’s industry leading mobility solution, technicians will benefit from access to real-time work orders, automated workflow, equipment and site history, parts and customer information, automatic time and expense tracking, signature capture and email messaging to drive productivity improvements. Customer service representatives will have the ability to significantly improve response time and faster resolutions through real-time access to a comprehensive view of all information required to support customers. Information regarding customer-specific contract, warranty and service-level information, as well as up-to-date field service status, will ensure a consistent customer experience.

“When it comes to scheduling field technicians in the telecommunications industry it can be an extremely complex and demanding environment due to the infinite number of variables, constraints and possible solutions that are typical in field service organizations. Every time a customer calls, call center dispatchers must base their scheduling decisions on a variety of variables such as, technician skills & availability, travel time, parts, customer service level agreements (SLAs), location, priority, customer expectations, and many more,” said Zack Bergreen, Chairman and CEO of Astea International. “Without the most advanced algorithms and latest technology, performance suffers, putting a mission-critical part of a company’s business at risk. Our robust solutions address the specific challenges of field service scheduling optimization and mobility, while simultaneously increasing efficiency, accuracy and profitability to help companies sustain a competitive advantage in today’s volatile environment. With our dynamic scheduling engine and mobility solution the Company can now ensure that the right person with the right parts arrives at the right place at the right time. We are extremely proud that this Company has selected Astea to automate, mobilize and optimize their global field service operations to deliver a consistent level of service delivery around the world.”

Astea is the only solution provider that offers all cornerstones of service lifecycle management: customer management; service management; asset management; forward and reverse logistics management; mobile workforce management; and scheduling optimization. Astea’s solutions are seamlessly orchestrated to share and leverage information throughout the service lifecycle — removing the traditional barriers between the field and back office. With Astea’s solution modularity, companies can introduce one module at a time or deploy a seamless information backbone across the entire service lifecycle continuum, thereby eliminating the patchwork of disparate systems that can hamper a company’s ability to provide best-in-class service.

About Astea International

Astea International (Nasdaq: ATEA) is a global provider of software solutions that offer all the cornerstones of service lifecycle management, including customer management, service management, asset management, forward and reverse logistics management, mobile workforce management and optimization. Astea’s solutions link processes, people, parts, and data to empower companies and provide the agility they need to achieve sustainable value in less time, and successfully compete in a global economy. Since 1979, Astea has been helping more than 400 companies drive even higher levels of customer satisfaction with faster response times and proactive communication, creating a seamless, consistent and highly personalized experience at every customer relationship touch point.

www.astea.com.   Service Smart.  Enterprise Proven.

Astea and Astea Alliance are trademarks of Astea International Inc.  All other company and product names contained herein are trademarks of the respective holders.

SOURCE Astea International Inc.

Debbie Geiger, Astea International, Vice President, Marketing, +1-215-682-2500, dgeiger@astea.com

Source: PR Newswire (October 25, 2010 – 9:00 AM EDT)
Monday, October 25th, 2010 Uncategorized Comments Off on World-Leading Telecommunications Solutions Provider Selects Astea (ATEA)

Vista Gold Corp. (VGZ) Announces Closing of Private Placement Financing

DENVER, Oct. 22 /PRNewswire-FirstCall/ — Vista Gold Corp. (TSX & NYSE Amex Equities: VGZ) (“Vista” or the “Corporation“) announces that it has closed its previously announced private placement of special warrants (“Special Warrants“).  The Corporation issued an aggregate of 14,666,739 Special Warrants, for gross proceeds of U.S.$33,733,500.  The proceeds from the financing have been placed into an escrow account with a Canadian financial institution and upon receipt of Shareholders’ Approval (as defined below), the proceeds will be released to the Corporation and used for the following purposes: (i) to repurchase the U.S.$23 million principal amount of outstanding 10% senior secured convertible notes due March 4, 2011, (ii) the advancement of the Mt. Todd project, and (iii) for general corporate purposes.

The Special Warrants will automatically be exercised, for no additional consideration, for one common share of the Corporation (a “Common Share“) and one common share purchase warrant (a “Warrant“) upon receipt of Vista’s shareholders’ approval of the private placement (the “Shareholders’ Approval“). Each Warrant will be exercisable over a five-year period from the closing of the private placement, to purchase one Common Share (a “Warrant Share“) at a purchase price of U.S.$3.50 during the first year, U.S.$4.00 during the second year, U.S.$4.50 during the third year and U.S.$5.00 thereafter until the expiry of the Warrant. If the closing price of the Common Shares on the NYSE Amex Equities Stock Exchange is at least 35% above the current Exercise Price of the Warrants for a period of 15 consecutive trading days, then the Corporation will have the option to request that the Warrants be exercised. If the Warrants are not exercised within 25 business days following this request, they will be cancelled.  The Corporation anticipates requesting the Shareholders’ Approval at a Special Shareholders’ Meeting to be held prior to the end of this year.

In addition, Vista issued a total of 652,175 Special Warrants and 652,175 compensation warrants (each compensation warrant being exercisable for two years from the closing of the private placement, to acquire one Common Share at a price of U.S.$2.30) to the agents and finders that provided services in connection with the financing.

The above-described securities have not been registered under the U.S. Securities Act of 1933, as amended, (the “U.S. Securities Act“) or any state securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, a U.S. person (as defined in Regulation S under the U.S. Securities Act) or a person in the United States absent registration under the U.S. Securities Act or an applicable exemption from such registration requirements and in accordance with all applicable state securities laws of any state of the United States.  This press release shall not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of the above described securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Vista Gold Corp.

Vista is focused on the development of the Concordia gold project in Baja California Sur, Mexico, and the Mt. Todd gold project in Northern Territory, Australia, to achieve its goal of becoming a gold producer. Vista’s other holdings include the Guadalupe de los Reyes gold project in Mexico, the Yellow Pine gold project in Idaho, the Awak Mas gold project in Indonesia, and the Long Valley gold project in California.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and the U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws.  All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Vista expects or anticipates will or may occur in the future, including such things as Vista’s plans to conduct the private placement offering as described in this press release; Vista’s future business strategy, competitive strengths, goals, operations, plans, and potential project development; and other such matters are forward-looking statements and forward-looking information.  When used in this press release, the words “intends”, “plans”, “anticipates”, “will”, and similar expressions are intended to identify forward-looking statements and forward-looking information.  These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Vista to be materially different from any future results, performance or achievements expressed or implied by such statements.  Such factors include, among others, uncertainty concerning Vista’s ability to raise capital on favorable terms or at all; uncertainty concerning Vista’s ability to obtain shareholder approval for the private placement offering; risks associated with financings; risks relating to fluctuations in the price of gold; risks related to repayment of debt; risks related to increased leverage; risks of shortages of equipment or supplies; risks that Vista’s acquisition, exploration and property advancement efforts will not be successful; the inherently hazardous nature of mining-related activities; uncertainty concerning reserve and resource estimates; uncertainty concerning estimates of results based on such reserve and resource estimates; risks relating to completing metallurgical testing; uncertainty of future feasibility study results; risks relating to cost increases for capital and operating costs including the cost of power; potential effects on Vista’s operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; and risks relating to political and economic instability in certain countries in which it operates; as well as those factors discussed under the headings “Uncertainty of Forward Looking Statements” and “Risk Factors” in Vista’s latest Annual Report on Form 10-K, as filed on March 16, 2010, and Quarterly Report on Form 10-Q, as filed on August 6, 2010, and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities commissions.  Although Vista has attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, 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. Except as required by law, Vista assumes no obligation to publicly update any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.

For further information, please contact Connie Martinez at (720) 981-1185.

Friday, October 22nd, 2010 Uncategorized Comments Off on Vista Gold Corp. (VGZ) Announces Closing of Private Placement Financing

Denison Mines Corp. (DML.TO) Third Quarter 2010 Results

TORONTO, ONTARIO–(Marketwire – 10/22/10) – Denison Mines Corp. (“Denison” or the “Company”) (TSX:DMLNews)(AMEX:DNNNews) announces that the Company will hold a telephone conference with a webcast presentation at 10:00 am Eastern Daylight Time on Friday, November 5, 2010 to discuss financial results for the nine months ending September 30, 2010.

Please call in 5-10 minutes before the conference starts and stay on the line (an operator will be available to assist you). The Call in number is (416) 340-2218.

To view the live presentation, please log on at www.denisonmines.com 10 minutes prior to the call.

 

Approximately two hours after the call:

--  a replay of the telephone conference will be available at (416) 695-5800
    and the passcode is 8054524; and
--  the presentation will be available at www.denisonmines.com.

About Denison

Denison Mines Corp. is mid-sized uranium producer in North America, with mining assets in the Athabasca Basin region of Saskatchewan, Canada and the southwest United States including Colorado, Utah, and Arizona. The Company has ownership interests in two conventional uranium mills in North America. Denison also has a strong exploration and development portfolio including the Phoenix discovery in the Athabasca basin as well as large land positions in the United States, Canada, Mongolia and Zambia.

Friday, October 22nd, 2010 Uncategorized Comments Off on Denison Mines Corp. (DML.TO) Third Quarter 2010 Results