Denison (DNN) Outlines 2011 Operating Plans and Releases Final 2010 Production and Sales Volumes

DEG Disburses American Lorain (ALN) the Second Tranche of $15 Million Loan

Sky-mobi (MOBI) and Leading Chinese Portal Tencent Form Strategic Partnership

HANGZHOU, China, Jan. 31, 2011 (GLOBE NEWSWIRE) — Sky-mobi Limited (Nasdaq:MOBI) (“Sky-mobi” or the “Company”), the leading mobile application store in China, today announced that the Company and Tencent, one of China’s most popular Internet portals, have formed a strategic partnership. This strategic partnership is to promote Tencent’s QQ Mobile Browser on Sky-mobi’s Maopao application store and make Sky-mobi a preferred partner for a series of Tencent’s mobile software, including mobile security software and Tencent miniblog.

Under the terms of the collaboration agreement between the two companies, Tencent will pay Sky-mobi a commission for each of its users that become an active Tencent QQ Mobile Browser user. Sky-mobi estimates that this partnership will make a meaningful contribution to its top- and bottom-line results in the quarters ahead, driven by Sky-mobi’s large user base and access to the Maopao application store.

“The collaboration we have announced today represents another step in establishing Maopao as the leading application store in China,” commented Michael Song, Chairman and CEO of Sky-Mobi. “Our large user base will have access to Tencent’s QQ browser, which adds to the range of fun and useful Tencent services available on Maopao. In return, Tencent will have the opportunity to introduce its services to mobile phone users across China. We look forward to a successful collaboration for both parties.”

Sky-mobi’s Maopao store is accessed by hundreds of millions of Chinese mobile phone users and includes a variety of utilities, games and entertainment options. Sky-mobi collaborates with mobile service providers and handset vendors who pre-install the Sky-mobi’s Maopao platform on their mobile phones. The Maopao store offers a large number of applications and content titles that extends the usability of low-to-mid range mobile phones, or feature phones, by giving them many of the capabilities of more expensive smart phones, with such features as leading-edge user interfaces and Internet access. The partnership with Tencent is another important step in extending the range of applications available to Maopao users to make their phones smarter.

About Tencent:

Tencent Holdings Limited (SEHK 700) was founded in November, 1998, and has since grown into one of China’s largest and most widely used Internet portal.  Presently, Tencent is providing value-added Internet, mobile and telecom services as well as online advertising with the goal of providing users with “one-stop online lifestyle services”. Tencent’s leading Internet platforms in China — QQ (QQ Instant Messenger), QQ.com, QQ Games, Qzone, 3g.QQ.com, SoSo, PaiPai and Tenpay — have brought together China’s largest Internet community, to meet the various needs of Internet users including communication, information, entertainment, e-commerce and others. As of September 30, 2010, active QQ user accounts for QQ IM totaled 636.6 million while peak concurrent users reached 118.7 million.

About Sky-mobi Limited:

Sky-mobi Limited (Nasdaq:MOBI) operates the leading mobile application store in China.  Sky-mobi works with handset companies to pre-install its Maopao mobile application store on handsets and with content developers to provide users with high quality applications and content titles.  Users of the Maopao store can browse, download and purchase a wide range of applications and content such as single-player games, mobile music and books. In addition, Sky-mobi has established a leading mobile social network community in China, the Maopao Community, where it offers popular localized mobile social games as well as applications and content with social network functions to its registered members. The Maopao store enables mobile applications and content to be downloaded and run on a variety of mobile handsets with different hardware and operating system configurations.

The Sky-mobi Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8458

Safe Harbor Statement

This press release contains forward-looking statements that reflect the Company’s current expectations and views of future events that involve known and unknown risks, uncertainties and other factors that may cause its actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. The Company has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs.  You should understand that the Company’s actual future results may be materially different from and worse than what  the Company expects. Information regarding these risks, uncertainties and other factors is included in the Company’s registration statement on Form F-1 and other filings with the SEC.

CONTACT: Sky-mobi Limited
         Mr. Carl Yeung, CFO
         Phone: +(86) 571-87770978 (Hangzhou)
         Email: ir@sky-mobi.com

         CCG Investor Relations
         Mr. Ed Job, Account Manager
         Phone: +(86) 21-3133-5075 (Shanghai)
         Email: ed.job@ccgir.com
         Ms. Kristin Knies, Sr. MI Executive (New York)
         Phone: + (1) 646-833-3401

GATTEX(R) (teduglutide) Meets Primary Efficacy Endpoint in Phase 3 Pivotal Study

Jan. 31, 2011 (Business Wire) — NPS Pharmaceuticals, Inc. (NASDAQ: NPSP), a specialty pharmaceutical company developing innovative therapeutics for rare gastrointestinal and endocrine disorders, today announced that its Phase 3 pivotal study of GATTEX^® (teduglutide) met the primary efficacy endpoint of reducing parenteral nutrition (PN) dependence in patients with adult short bowel syndrome (SBS). The 24-week randomized, double-blind study, known as STEPS, was designed to compare the efficacy, safety and tolerability of GATTEX to placebo.

The study reached statistical significance for the primary efficacy endpoint, defined as the percentage of patients who achieved a 20 percent or greater reduction in weekly PN volume at Weeks 20 and 24, compared to baseline. In an intent-to-treat analysis, 63 percent (27/43) of GATTEX-treated patients responded versus 30 percent (13/43) of placebo-treated patients (p=0.002). Patients treated with GATTEX for 24 weeks also achieved significantly greater reductions in weekly PN volume versus placebo. On average, patients who received GATTEX experienced a 4.4 liter reduction in weekly PN volume from a pre-treatment baseline of 12.9 liters; patients who received placebo experienced a 2.3 liter reduction from a pre-treatment baseline of 13.2 liters (p less than or equal to 0.001).

“SBS patients who receive their nutrients and fluids intravenously due to malabsorption and diarrhea are prone to a number of serious complications including life-threatening infections, blood clots and liver and kidney damage. The STEPS results suggest teduglutide helps restore normal intestinal function in patients with short bowel syndrome, thereby reducing dependence on parenteral nutrition and potentially improving their quality of life,” said Palle Bekker Jeppesen, M.D., associate professor, department of medical gastroenterology, Rigshospitalet, University Hospital of Copenhagen, Denmark. “These findings bring us closer to an important new therapeutic option for patients with this debilitating condition.”

The STEPS study showed that GATTEX was well tolerated. Four of the 86 randomized patients discontinued the study due to adverse events, of which one was GATTEX-treated and three were placebo-treated. Adverse events appear to be consistent with the pharmacological effects of the drug.

“We are very pleased with these findings as they confirm our belief that GATTEX provides meaningful clinical benefits to adult patients with short bowel syndrome,” said Francois Nader, MD, president and chief executive officer of NPS Pharmaceuticals. “Based on these results, we expect to file for FDA approval of GATTEX in the second half of this year as a first-in-class treatment for SBS. We thank the patients, clinical investigators, and study coordinators who participated in this landmark study, as well as our ex-North American partner Nycomed who co-managed and co-funded the study. We look forward to reporting additional results from the STEPS study at upcoming medical meetings.”

More than 97 percent of eligible patients who participated in STEPS elected to roll into STEPS 2, an open-label continuation study in which all participants receive up to an additional 24 months of GATTEX therapy.

STEPS study design

STEPS was an international, double-blind, placebo-controlled Phase 3 pivotal study designed to provide additional evidence of safety and efficacy of GATTEX in reducing PN dependence in adult SBS patients.

Twenty-nine centers in North America and Europe enrolled patients in the STEPS study. Eighty-six patients were randomized and analyzed for efficacy and safety. The trial included an initial PN optimization and stabilization period, after which patients were randomized 1:1 to compare daily subcutaneous dosing of 0.05 mg/kg of GATTEX to placebo over a 24-week treatment period. A total of 78 patients completed the study.

The primary efficacy endpoint was the percentage of patients who achieved a 20 percent or greater reduction in weekly PN volume at Week 20 and maintained that response at Week 24, compared to baseline. The study’s secondary endpoints included reductions in PN volume and the direct effects of improved intestinal absorption of fluid.

NPS conducted STEPS with the support of its partner, Nycomed, a global pharmaceutical company, headquartered in Switzerland, which holds the rights to develop and commercialize teduglutide outside of North America. Nycomed expects to submit a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) for teduglutide in the first half of 2011. The two companies share certain external costs for the teduglutide development program.

Conference Call Information

NPS will host a conference call today at 9:00 a.m. Eastern Time to discuss these findings. To participate in the conference call, dial (888) 396-2356 and use pass code 22757353. International callers may dial (617) 847-8709, using the same pass code. In addition, a live audio of the conference call will be available over the Internet. Interested parties can access the event through the NPS website, http://www.npsp.com.

For those unable to participate in the live call, a replay will be available at (888) 286-8010, with pass code 24296023, until midnight Eastern Time, February 14, 2011. International callers may access the replay by dialing (617) 801-6888, using the same pass code. The webcast will also be available through the NPS website for the same period.

About Short Bowel Syndrome

Short bowel syndrome, or SBS, is a highly disabling condition that can impair a patient’s quality-of-life and lead to serious life-threatening complications. SBS typically arises after extensive resection of the bowel due to Crohn’s disease, ischemia or other conditions. SBS patients often suffer from malnutrition, severe diarrhea, dehydration, fatigue, osteopenia, and weight loss due to the reduced intestinal capacity to absorb nutrients, water, and electrolytes. The usual treatment for short bowel syndrome is nutritional support, including parenteral nutrition (PN) or intravenous feeding to supplement and stabilize nutritional needs.

Although PN can provide nutritional support for short bowel syndrome patients, it does not improve the body’s own ability to absorb nutrients. PN is also associated with serious complications, such as infections, blood clots or liver damage, and the risks increase the longer patients are on PN. Patients on PN often experience a poor quality-of-life with difficulty sleeping, frequent urination and loss of independence.

There are an estimated 10,000 to 15,000 SBS patients in the U.S. who are dependent on PN, the direct cost of which can exceed $100,000 annually per patient.

About GATTEX^® (teduglutide)

GATTEX (teduglutide) is a novel, recombinant analog of human glucagon-like peptide 2, a protein involved in the rehabilitation of the intestinal lining. GATTEX is in Phase 3 development to reduce dependence on parenteral nutrition (PN) in adult patients with short bowel syndrome (SBS). NPS has reported findings from completed studies in which GATTEX demonstrated a favorable safety profile and reductions in mean PN volume from pretreatment baseline were observed. NPS is also advancing preclinical studies to evaluate teduglutide in additional intestinal failure related conditions.

Teduglutide has received orphan drug designation for the treatment of SBS from the U.S. Food and Drug Administration and the European Medicines Agency.

In 2007, NPS granted Nycomed the rights to develop and commercialize teduglutide outside the United States, Canada and Mexico. NPS retains all rights to teduglutide in North America.

About NPS Pharmaceuticals

NPS Pharmaceuticals is developing new treatment options for patients with rare gastrointestinal and endocrine disorders. The company is currently advancing two Phase 3 registration programs. Teduglutide, a proprietary analog of GLP-2, is in Phase 3 development for parenteral nutrition dependent adult short bowel syndrome and is in preclinical development for additional intestinal failure related conditions. NPSP558 (parathyroid hormone 1-84 [rDNA origin] injection) is in Phase 3 development as a hormone replacement therapy for hypoparathyroidism. NPS complements its proprietary programs with a royalty-based portfolio of products and product candidates that includes agreements with Amgen, Kyowa Hakko Kirin, Nycomed, and Ortho-McNeil Pharmaceutical.

“NPS”, “NPS Pharmaceuticals”, and “GATTEX” are the company’s registered trademarks. All other trademarks, trade names or service marks appearing in this press release are the property of their respective owners.

Statements made in this press release, which are not historical in nature, constitute forward-looking statements for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These statements are based on the company’s current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Risks associated to the company’s business include, but are not limited to, the risks associated with any failure by the company to successfully complete its preclinical and clinical studies within the projected time frames or not at all, the risk of not gaining marketing approvals for GATTEX and NPSP558, the risks associated with the company’s strategy, as well as other risk factors described in the company’s periodic filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Form 10-Qs. All information in this press release is as of the date of this release and NPS undertakes no duty to update this information.

NPS:

Susan M. Mesco

NPS Investor Relations

908-450-5516

smesco@npsp.com

or

Tony Plohoros

6 Degrees PR

908-591-2839

tplohoros@6degreespr.com

or

Nycomed:

Beatrix Benz

Nycomed Media Relations

+41 44 555 1508

beatrix.benz@nycomed.com

Material Sciences Corp. (MASC) Announces Stock Repurchase Program

Destination Maternity (DEST) Reports Q1 Earnings Significantly Higher Than Prior Guidance and Last Year

PHILADELPHIA, Jan. 27, 2011 /PRNewswire/ — Destination Maternity Corporation (Nasdaq: DEST), the world’s leading maternity apparel retailer, today announced operating results for the first quarter of fiscal 2011, which ended December 31, 2010, with its first quarter diluted earnings per share significantly exceeding both its prior earnings guidance and its prior year first quarter earnings results.  The Company also increased its earnings guidance for the full year fiscal 2011.  In addition, yesterday the Company announced that its Board of Directors has initiated a regular quarterly cash dividend and approved a two-for-one split of its common stock in the form of a stock dividend.

First Quarter Fiscal 2011 Financial Results

• GAAP net income for the first quarter of fiscal 2011 was $5.2 million, or $0.81 per share (diluted), a significant improvement compared to GAAP net income of $1.3 million, or $0.20 per share (diluted) for the first quarter of fiscal 2010.  This first quarter fiscal 2011 GAAP earnings performance was better than the Company’s guidance, provided in its November 18, 2010 press release, of GAAP diluted earnings per share of between $0.51 and $0.66.

• Non-GAAP adjusted net income (before restructuring and other charges, stock compensation expense, and loss on extinguishment of debt) for the first quarter of fiscal 2011 was $5.7 million, or $0.88 per share (diluted), an increase of 49% over the comparably adjusted non-GAAP net income for the first quarter of fiscal 2010 of $3.8 million, or $0.62 per share (diluted).  This first quarter fiscal 2011 non-GAAP adjusted earnings performance was better than the Company’s guidance, provided in its November 18, 2010 press release, of non-GAAP adjusted diluted earnings per share of between $0.56 and $0.71.

• Adjusted EBITDA was $13.3 million for the first quarter of fiscal 2011, an increase of 69% over the $7.9 million of Adjusted EBITDA for the first quarter of fiscal 2010.

• Adjusted EBITDA before restructuring and other charges was $13.3 million for the first quarter of fiscal 2011, an increase of 14% over the $11.6 million of Adjusted EBITDA before restructuring and other charges for the first quarter of fiscal 2010.

• Net sales for the first quarter of fiscal 2011 increased 1.2% to $135.4 million from $133.8 million for the first quarter of fiscal 2010 and were at the top end of the Company’s guidance range of $132.5 to $135.5 million provided in November.  The increase in sales for the first quarter of fiscal 2011 compared to fiscal 2010 resulted primarily from an increase in comparable store sales, increased sales due to the opening of an additional 217 Sears® and Kmart® leased department locations in September and October 2010, and increased Internet sales, partially offset by decreased sales related to the Company’s continued efforts to close underperforming stores and decreased sales from the Company’s licensed relationship.

• Comparable retail sales (which consists of comparable store sales and Internet sales) for the first quarter of fiscal 2011 increased 2.1% versus a comparable retail sales decrease of 4.4% for the first quarter of fiscal 2010.  During the first quarter of fiscal 2011, comparable store sales increased 1.2%, and Internet sales increased 17.9%.  The comparable store sales increase of 1.2% during the first quarter of fiscal 2011 exceeded the top end of the Company’s guidance range of down 1.5% to up 0.5% provided in November.

Cash Dividend and Stock Split

• Yesterday the Company announced that its Board of Directors has initiated a regular quarterly cash dividend and approved a two-for-one split of the Company’s common stock in the form of a stock dividend.  The first quarterly cash dividend of $0.35 per share pre-split (equivalent to $0.175 per share post-split) is payable March 11, 2011 to stockholders of record at the close of business on February 16, 2011.  As a result of the stock split, on March 1, 2011 stockholders of record at the close of business on February 16, 2011 will receive one additional common share for every share held.  Upon completion of the split, the number of common shares outstanding will be approximately 12.7 million.  All share and per share amounts included in this first quarter fiscal 2011 earnings release are presented on a pre-split basis unless otherwise specifically stated.

Restructuring and Other Charges

• Beginning in late fiscal 2008, the Company implemented a significant restructuring and cost reduction program, with the objectives of simplifying its merchandise brand and store nameplate structure, improving and simplifying critical processes, and reducing its expense structure.  The Company has substantially completed the planned activities of the initiative and incurred $3.9 million of pretax expense related to this initiative in fiscal 2010, of which $2.5 million was incurred in the first quarter of fiscal 2010.  This initiative resulted in pretax savings of approximately $12 million in fiscal 2009, with incremental pretax savings of approximately $11 million in fiscal 2010.  The Company projects total annualized pretax savings of approximately $27 to $30 million in fiscal 2011 as a result of this initiative, which includes the savings realized in fiscal 2009 and fiscal 2010.

• In addition, the Company recorded pretax charges of $1.3 million in the first quarter of fiscal 2010 associated with the retirement of the Company’s President and Chief Creative Officer in September 2010 and the retirement of the Company’s non-executive Chairman of the Board in January 2010.

Retail Locations

The table below summarizes store opening and closing activity for the first quarter of fiscal 2011 and 2010, as well as the Company’s store, total retail location and total international franchised location count at the end of each fiscal period.  The increase in leased department locations at December 31, 2010 versus December 31, 2009 predominantly reflects the opening of an additional 217 Sears and Kmart leased department locations in September and October 2010.

Commentary

Ed Krell, Chief Executive Officer and President of Destination Maternity Corporation, noted, “We are pleased with the continued increase in the profitability of our business, as well as the improvement of our sales performance for the first quarter of fiscal 2011.  Our GAAP diluted earnings per share of $0.81 for the first quarter exceeded the top end of our prior earnings guidance range of $0.51 to $0.66 per share that we provided in our November 18, 2010 press release, and was significantly higher than last year’s first quarter GAAP diluted earnings of $0.20 per share.  Our sales performance for the first quarter was at the high end of our sales guidance, with our comparable retail sales increasing 2.1% and our comparable store sales increasing 1.2% for the quarter.

“As we have indicated previously, we are keenly focused on initiatives to drive profitable sales growth, including increasing our comparable store sales, and we are pleased that our comparable store sales and comparable retail sales were positive for the first quarter.  Among our other initiatives, the significant expansion of our maternity apparel leased department relationship with Macy’s® will occur in February 2011, through which we will expand from our current 115 Macy’s locations to over 615 Macy’s locations throughout the United States, offering a mix of Motherhood Maternity® and A Pea in the Pod® branded merchandise.  This expansion with Macy’s will deepen our position as the leading maternity apparel retailer in the world.  In addition, we are focused on continuing to enhance our merchandise assortments, merchandise presentation and customer experience.”

Cash Dividend and Stock Split

“Yesterday we announced that our Board of Directors has initiated a regular quarterly cash dividend and approved a two-for-one split of our common stock.  Initiating a regular quarterly cash dividend demonstrates the Board’s confidence in our Company’s financial strength and our prospects for the future, and highlights our strong earnings and cash flow generation and our commitment to continue to drive shareholder value.  In addition, we believe that the stock split, combined with the regular quarterly cash dividend, will make our stock even more attractive to a broader range of investors and may increase the trading liquidity of our stock.

“Over the past several years, we have used our free cash flow predominantly to pre-pay debt and, as a result, we have significantly reduced our financial leverage and our interest expense, as reflected by our total debt decreasing from $128.9 million at the end of fiscal 2005 to $45.2 million at the end of fiscal 2010, and our interest expense decreasing from $15.3 million in fiscal 2005 to $3.3 million in fiscal 2010.  With this significant reduction in our financial leverage and interest expense, we believe it is now appropriate for us to use a portion of our earnings and cash flow to return cash to our stockholders through a regular quarterly cash dividend which can enhance the total return to our stockholders, while also potentially broadening our investor base.”

Guidance for Fiscal 2011

“Looking forward, we are confident that we can continue to drive significant growth in earnings, while also growing our sales and positioning our company for continued future growth, by continuing to improve our product and customer experience, and continuing to focus on our strategic plan as summarized in our five key goals and strategic objectives discussed later under “Company Strategy.”  For fiscal 2011, we look forward to:  the expansion into over 500 additional Macy’s locations in February 2011; the continued growth of our Internet and international sales; the continued rollout of our multi-brand Destination Maternity stores; and the continued enhancement of our merchandise assortments, merchandise presentation and customer experience.  Given the continued uncertainty as to the timing and extent of a recovery in consumer spending, we continue to plan our sales and inventory conservatively.

“Our financial guidance for the full year fiscal 2011 is as follows:

• Net sales in the $560 to $570 million range, representing a projected sales increase of between 5.4% and 7.3% versus fiscal 2010 net sales of $531.2 million.  The planned increase in net sales for fiscal 2011 versus fiscal 2010 is driven primarily from the expansion into over 500 additional Macy’s locations in February 2011; the expansion of the Sears and K-Mart relationships, with 217 additional Sears and K-Mart maternity locations added in September and October 2010; and the continued planned growth of our Internet and international sales.

• We are planning continued improvement in our comparable store sales performance, especially in the second half of fiscal 2011.  However, it is important to note that our comparable store sales and comparable retail sales will be negatively impacted by our significant Macy’s leased department expansion in February 2011.  The following table provides guidance for our projected full year fiscal 2011 comparable store sales and comparable retail sales, both before and after the projected impact of this leased department expansion.  Included in the guidance range for comparable retail sales (which consists of comparable store sales and Internet sales) is a projected increase in Internet sales of between 15% and 20% for fiscal 2011.

• Gross margin for fiscal 2011 is expected to increase modestly versus fiscal 2010, primarily driven by leveraging product overhead expenses over a larger planned sales volume, with product cost reductions expected to be recognized for much of the year being partially offset by the expected impact of upward product cost pressures for Summer 2011 and Fall 2011 merchandise to be recognized later in fiscal 2011.

• Total selling, general and administrative (SG&A) expenses are planned to be higher than fiscal 2010 in dollar terms and comparable to fiscal 2010 as a percentage of net sales.  The projected SG&A expense increase for the full year primarily results from additional operating expenses resulting from the Macy’s leased department expansion in February 2011 and certain other projected expense increases, including increased marketing expenses, partially offset by expense savings from the Company’s restructuring and cost reduction initiatives.

• Operating income in the $40.9 to $44.9 million range, a projected increase of between 30% and 43% compared to fiscal 2010 operating income of $31.4 million.  Operating income before restructuring and other charges is projected in the $41.2 to $45.2 million range, a projected increase of between 11% and 22% compared to fiscal 2010 operating income, before restructuring and other charges, of $37.1 million.

• GAAP diluted earnings per share of between $3.62 and $3.98 per share for fiscal 2011, a projected increase of between 37% and 50% compared to earnings of $2.65 per share (diluted) for fiscal 2010.  This guidance range for fiscal 2011 GAAP diluted earnings per share of $3.62 to $3.98 is higher than the prior guidance range of $3.52 to $3.87 provided by the Company in its November 18, 2010 press release.

• Non-GAAP adjusted diluted earnings per common share (before restructuring and other charges, stock compensation expense, and loss on extinguishment of debt) is projected to be between $3.89 and $4.24 per share for fiscal 2011, a projected increase of between 14% and 25% versus non-GAAP adjusted diluted earnings per share of $3.40 per share for fiscal 2010, and higher than the Company’s prior guidance range of $3.76 to $4.10.

• Adjusted EBITDA in the $58.0 to $62.0 million range, a projected increase of between 20% and 28% compared to the fiscal 2010 Adjusted EBITDA of $48.3 million.  Adjusted EBITDA before restructuring and other charges is projected in the $58.3 to $62.3 million range, a projected increase of between 8% and 15% versus the fiscal 2010 figure of $54.0 million.

• Open approximately 12 to 19 new stores during the year, including approximately 6 to 12 new multi-brand Destination Maternity stores, and close approximately 45 to 62 stores, with approximately 12 to 24 of these planned store closings related to openings of new Destination Maternity stores.

• Capital expenditures planned at between $15 and $18 million compared to fiscal 2010 capital expenditures of $10.4 million.  After deducting projected tenant construction allowance payments to us from store landlords, the Company expects net cash outlay for capital projects to be between $10 million and $12 million, compared to $7.4 million in fiscal 2010.

• Inventory at fiscal 2011 year end planned to be approximately 4-8% higher (approximately $3 to $6 million higher) than fiscal 2010 year end, primarily due to inventory increases related to the Macy’s expansion.

• Given these assumptions, the Company plans to generate free cash flow (defined as net cash provided by operating activities minus capital expenditures) of approximately $13 to $19 million for the full year fiscal 2011.

“We expect our comparable store sales for the full month of January to decrease between 0.5% and 3.0% on a reported basis, and to be between a decrease of 2.0% and an increase of 0.5% after adjusting for the “days adjustment calendar shift,” reflecting one less Friday in January 2011 compared to January 2010.  We expect our comparable retail sales for the full month of January to be between a decrease of 1.0% and an increase of 2.0% after adjusting for the “days adjustment calendar shift.”

“Our financial guidance for the second quarter of fiscal 2011 is as follows:

• Net sales in the $134 to $137 million range.

• Comparable store sales decrease of between 0.5% and 2.5% on a reported basis (including the projected cannibalization impact of the Macy’s leased department expansion) and an increase in Internet sales of between 15% and 20%.  Excluding the projected cannibalization impact of the Macy’s leased department expansion, comparable store sales are projected to be between a decrease of 1.0% and an increase of 1.0%, with comparable retail sales projected to be between flat and an increase of 2.0%.

• GAAP diluted earnings per common share of between $0.60 and $0.71 per share, a significant projected improvement versus GAAP diluted earnings per share of $0.42 for the second quarter of fiscal 2010.

• Non-GAAP adjusted diluted earnings per common share (before restructuring and other charges, stock compensation expense, and loss on extinguishment of debt) of between $0.64 and $0.75 per share, versus comparably adjusted non-GAAP diluted earnings per share of $0.61 for the second quarter of fiscal 2010.

Company Strategy

Mr. Krell added, “As we plan and execute our business for both the coming year and beyond, we continue to be guided by our five key goals and strategic objectives:

1. Be a profitable global leader in the maternity apparel business, treating all our partners and stakeholders with respect and fairness.
2. Increase the profitability of our U.S. business, focusing on the following:
   1. Increase comparable store sales, through continued improvement of merchandise assortments, merchandise presentation and customer experience, providing a more shoppable store environment for our customers, and through enhanced marketing and advertising.
   2. Reduce our expenditures and continue to be more efficient in operating our business—streamline, simplify and focus.
   3. Continue to expand our multi-brand Destination Maternity store chain where ROI hurdles are met, with the goal of operating fewer but larger stores over time.
   4. Continue to close underperforming stores.
3. In addition to achieving increased comparable store sales, we aim to grow our sales where we can do so profitably, including the following areas of focus:
   1. International expansion
   2. Potential growth of our leased department and licensed relationships
   3. Increased utilization of the Internet to drive sales, targeting both increased direct Internet sales and enhanced web marketing initiatives to drive store sales
   4. Selective new store openings and relocations in the U.S. and Canada
   5. Continued focus on enhancing our overall customer relationship, including our marketing partnership programs.
4. Focus on generating free cash flow to drive increased shareholder value.
5. Maintain and intensify our primary focus on delivering great maternity apparel product and service in each of our brands and store formats, to serve the maternity apparel customer like no one else can.”

Mr. Krell concluded, “We feel very good about our Company’s position and the actions we have taken to improve the profitability of our business and generate increased shareholder value, even in the face of a challenging sales environment, while also making investments and pursuing targeted initiatives for profitable future sales growth.  We are proud of what we have accomplished in the past two years to significantly improve our operating results, our financial position, and our outlook.  At the same time, we have not been satisfied with our sales performance, although we recognize that over the past two to three years we have faced the dual challenges of a deep recession and a 6.0% decrease in births in the United States.  We are focused on turning around our sales performance through initiatives to continue to enhance our merchandise assortments, merchandise presentation and customer experience, and we are cautiously optimistic that we may be starting to see some initial signs of this turnaround, as evidenced by our positive comparable store sales for the first quarter.  We are confident in our ability to continue to manage our business through this uncertain consumer environment and to continue to drive near term improvements while also making progress towards our longer term goals.”

Conference Call Information

As announced previously, the Company will hold a conference call today at 9:00 a.m. Eastern Time, regarding the Company’s first quarter fiscal 2011 earnings and future financial guidance.  You can participate in this conference call by calling (800) 901-5231.  Please call ten minutes prior to 9:00 a.m. Eastern Time.  The conference call (listen only) will also be available on the investor section of our website at http://investor.destinationmaternity.com.  The passcode for the conference call is “79373208.”  In the event that you are unable to participate in the call, a replay will be available through Thursday, February 10, 2011 by calling (888) 286-8010.  The passcode for the replay is “94896169.”

Destination Maternity Corporation is the world’s largest designer and retailer of maternity apparel.   In the United States and Canada, as of December 31, 2010, Destination Maternity operates 1,882 retail locations, including 690 stores, predominantly under the tradenames Motherhood Maternity®, A Pea in the Pod®, and Destination Maternity®, and sells on the web through its DestinationMaternity.com and brand-specific websites.  Destination Maternity also distributes its Oh Baby by Motherhood™ collection through a licensed arrangement at Kohl’s® stores throughout the United States and on Kohls.com.  In addition, Destination Maternity is expanding internationally and has exclusive store franchise and product supply relationships in India and the Middle East.

The Company cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this press release or made from time to time by management of the Company, including those regarding the continuation of the regular quarterly cash dividend, the trading liquidity of our common stock, earnings, net sales, comparable retail sales, comparable store sales, Internet sales, other results of operations, liquidity and financial condition, and various business initiatives, involve risks and uncertainties, and are subject to change based on various important factors.  The following factors, among others, in some cases have affected and in the future could affect the Company’s financial performance and actual results and could cause actual results to differ materially from those expressed or implied in any such forward-looking statements: the continuation of the economic recovery of the retail industry in general and on apparel purchases in particular, our ability to successfully manage our various business initiatives, our ability to successfully implement our merchandise brand and retail nameplate restructuring, the success of our international expansion, our ability to successfully manage and retain our leased department and licensed relationships and marketing partnerships, future sales trends in our existing store base, unusual weather patterns, changes in consumer preferences, raw material price increases, overall economic conditions and other factors affecting consumer confidence, demographics and other macroeconomic factors that may impact the level of spending for maternity apparel, expense savings initiatives, our ability to anticipate and respond to fashion trends and consumer preferences, anticipated fluctuations in our operating results, the impact of competition and fluctuations in the price, availability and quality of raw materials and contracted products, availability of suitable store locations, continued availability of capital and financing, our ability to hire and develop senior management and sales associates, our ability to develop and source merchandise, our ability to receive production from foreign sources on a timely basis, potential stock repurchases, potential debt prepayments, changes in market interest rates, war or acts of terrorism and other factors set forth in the Company’s periodic filings with the Securities and Exchange Commission, or in materials incorporated therein by reference.

Cirrus Logic (CRUS) Reports Fiscal Third Quarter Revenue of $95.6 Million

Jan. 27, 2011 (Business Wire) — Cirrus Logic, Inc. (Nasdaq: CRUS), a leader in high-precision analog and digital signal processing components, today announced financial results for the third quarter of fiscal year 2011, which ended Dec. 25, 2010.

Revenue for the quarter was $95.6 million, up 47 percent compared to the same quarter a year ago, and down five percent sequentially from the previous quarter. Gross margin for the quarter was 55 percent, up slightly from 54 percent in the third quarter a year ago, and down slightly from 56 percent for the previous quarter.

Total GAAP operating expenses for the quarter were approximately $29.4 million, compared to $27.7 million in the previous quarter. Non-GAAP operating expenses for the quarter were approximately $28.0 million compared to $27.6 million in the previous quarter.

Income from operations on a GAAP basis was approximately $23.1 million, representing an operating margin of 24 percent. Income from operations on a non-GAAP basis was $24.5 million, representing a non-GAAP operating margin of 26 percent

GAAP net income for the quarter was approximately $24.6 million, or $0.34 per share, based on 71.7 million average diluted shares outstanding. Non-GAAP net income was $24.2 million, or $0.34 per diluted share.

A reconciliation of the non-GAAP charges is included in a table below.

“Revenue from portable audio products exceeded our expectations, helping to drive overall Q3 revenue growth of 47 percent year over year,” said Jason Rhode, president and chief executive officer, Cirrus Logic. “Looking at both the fourth quarter and the next fiscal year, we believe we will continue to grow revenue at a faster rate than the semiconductor industry as a whole. With the production ramps continuing this next year in portable audio, new design wins in other audio markets, and ongoing design activity with our strategic energy initiatives, we are very excited about the opportunities ahead.”

Outlook for Fourth Quarter FY 2011 (ending Mar. 26, 2011):

• Revenue is expected to range between $88 million and $94 million;
• Gross margin is expected to be between 54 percent and 56 percent; and
• Combined R&D and SG&A expenses are expected to range between $31 million and $33 million, which include approximately $2.5 million in share-based compensation and amortization of acquisition-related intangibles expenses.

Other Highlights and Company News

• The company repurchased and retired approximately 1.76 million shares during the quarter, at an average price of $12.94, while cash and cash equivalents grew by approximately $8 million during the quarter.
• Total employee headcount during the quarter increased to 549 employees, a net increase of 15 employees.
• In January, the company began construction on its new headquarters facility at 800 W. Sixth Street in downtown Austin that is expected to be completed in the summer of 2012.
• Thurman Case, chief financial officer, will be presenting at the Stifel Nicolaus Technology Conference in San Francisco on February 11, at 11:00 a.m. ET. A live webcast will be available in the investor relations section of cirrus website.

Conference Call

Cirrus Logic management will hold a conference call to discuss the company’s results for the third quarter fiscal year 2011, on January 27, at 10:30 a.m. ET. The conference call will be simulcast over the internet in the investor relations section of the company website at http://investor.cirrus.com. A replay of the conference call will be available on the website listed above beginning one hour following the completion of the call, or by calling (303) 590-3030, or toll-free at (800) 406-7325 (Access Code: 4398706).

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

Cirrus Logic, Inc.

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

Use of non-GAAP Financial Information

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

Safe Harbor Statement

Except for historical information contained herein, the matters set forth in this news release contain forward-looking statements, including our estimates of fourth quarter fiscal year 2011 revenue, our future growth rate, gross margin, combined research and development and selling, general and administrative expense levels, share-based compensation expense, and amortization of acquired intangible expenses. In some cases, forward-looking statements are identified by words such as “expect,” “anticipate,” “target,” “project,” “believe,” “goals,” “opportunity,” “estimates,” “intend,” and variations of these types of words and similar expressions. In addition, any statements that refer to our plans, expectations, strategies or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, the following: the level of orders and shipments during the fourth quarter of fiscal year 2011, as well as customer cancellations of orders, or the failure to place orders consistent with forecasts; the loss of a key customer; and the risk factors listed in our Form 10-K for the year ended March 27, 2010, and in our other filings with the Securities and Exchange Commission, which are available at www.sec.gov. The foregoing information concerning our business outlook represents our outlook as of the date of this news release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.

Cirrus Logic and Cirrus are trademarks of Cirrus Logic Inc.

CRUS-F

Summary financial data follows:

Non-GAAP financial information is not meant as a substitute for GAAP results, but is included because management believes such information is useful to our investors for informational and comparative purposes. In addition, certain non-GAAP financial information is used internally by management to evaluate and manage the company. As a note, the non-GAAP financial information used by Cirrus Logic may differ from that used by other companies. These non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.

Cirrus Logic, Inc.

Thurman K. Case, 512-851-4125

Chief Financial Officer

Investor.Relations@cirrus.com

Arctic Cat (ACAT) Reports Fiscal 2011 Third Quarter Results

Jan. 27, 2011 (Business Wire) — Arctic Cat Inc. (NASDAQ:ACAT) today reported net earnings of $9.3 million, or $0.50 per diluted share, on net sales of $152.0 million for the fiscal 2011 third quarter ended December 31, 2010. Arctic Cat reported net earnings in the prior-year third quarter of $2.6 million, or $0.14 per diluted share, on net sales of $131.0 million.

For the nine months ended December 31, 2010, Arctic Cat’s net earnings were $22.6 million, or $1.22 per diluted share, on net sales of $391.2 million. In the first nine months of last fiscal year, the company reported net earnings of $11.4 million, or $0.63 per diluted share, on net sales of $366.7 million.

Commented Arctic Cat’s president and chief executive officer Claude Jordan: “We are very pleased with the company’s strong third-quarter and year-to-date performance. Our results were fueled by higher sales across all product lines, including double-digit gains in our snowmobile business. The combination of increased volume, product mix, product cost-reduction efforts, higher selling prices and a continued focus on efficiency led to another quarter of significantly improved gross margins and profitability.”

Among the highlights of Arctic Cat’s 2011 third quarter and year-to-date financial results versus the same periods last year:

• Gross margins improved 430 basis points in the quarter and 370 basis points year to date;
• Operating profit for the quarter rose to $12.2 million from $0.6 million, and year to date increased to $32.7 million from $13.9 million;
• Factory inventory declined 27 percent to $77.2 million from $106.3 million;
• Total cash and short-term investments rose to $107.1 million from $50.4 million; and
• The company has no short- or long-term debt.

“We are excited by the traction and momentum we’ve achieved year to date,” said Jordan. “We continued to successfully execute against our objectives to reduce dealer and factory inventory, improve gross margins and keep operating expenses flat as a percent of sales.”

Business Line Results

Snowmobile sales grew 33 percent to $77.8 million in the third quarter compared to $58.7 million in the prior-year quarter, led by increases in both North American dealer sales and international sales to distributors. Year-to-date snowmobile sales increased 15 percent to $186.5 million versus $162.3 million in the same period last year, led by higher international sales to distributors.

All-terrain vehicle (ATV) sales rose 1 percent to $48.6 million in the third quarter versus $48.2 million in the prior-year quarter, chiefly driven by sales of the company’s new Prowler HDX heavy duty utility vehicle. During the quarter, Arctic Cat announced the launch of three all-new 2011 ATV models: the full-featured, value-priced 350 4X4 automatic; the valued-priced 425 EFI 4X4 automatic; and the XC450i 4X4, a crossover model for consumers seeking four-wheel-drive capabilities in a sport ATV. Arctic Cat’s year-to-date ATV sales were up 1 percent to $133.0 million compared to $132.1 million in the first nine months of fiscal 2010.

Sales of parts, garments and accessories (PG&A) in the third quarter grew 6 percent to $25.6 million versus $24.2 million in the prior-year quarter, primarily driven by stronger garments sales including the new Drift garment line. Year-to-date PG&A sales totaled $71.7 million, down 1 percent from $72.3 million in the year-ago period.

Outlook

“We remain confident that the company is on track to deliver improved operating results, increased profitability and enhanced shareholder value again this fiscal year,” Jordan said.

Arctic Cat is focused on improving its profitability in a continued low-demand recreational vehicle market, which remains well below pre-recession industry sales levels. The company’s fiscal 2011 outlook includes the following assumptions: ATV industry retail sales declining approximately 15 to 20 percent; snowmobile industry retail sales increasing 5 to 10 percent; Arctic Cat dealer inventories declining 20 to 30 percent; improving gross margins between 200 to 300 basis points; achieving flat to slightly down 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 and narrowing its estimated full-year earnings for the current fiscal year ending March 31, 2011. The company now anticipates that fiscal 2011 earnings will be in the range of $0.57 to $0.65 per diluted share, driven by increased international revenue, as well as higher gross margins resulting from higher volume, product mix and cost reduction efforts. The company’s previous guidance anticipated fiscal 2011 earnings of $0.40 to $0.55 per diluted share. The company continues to estimate fiscal 2011 net sales of $453 million to $463 million.

Conference Call

A conference call is scheduled for 11:00 a.m. CT (12:00 p.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 4403970. The telephone replay will be available through Thursday, February 3, 2011.

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.

Timothy C. Delmore, 763-354-1800

Chief Financial Officer

or

Padilla Speer Beardsley Inc.

Shawn Brumbaugh, 612-455-1754

Hanmi Financial Corp. (HAFC) Fourth Quarter 2010 Nets First Quarterly Profit of $5.3 Million in Two Years

LOS ANGELES, Jan. 27, 2011 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (Nasdaq:HAFC), the holding company for Hanmi Bank, today reported a fourth quarter profit of $5.3 million or $0.04 per diluted share, with substantial improvement in credit metrics. In the fourth quarter of 2009, Hanmi’s net loss totaled $35.9 million, or $0.70 per share. For the full year in 2010, the net loss improved to $88.0 million, or $0.93 per share, compared to $122.3 million, or $2.57 per share in 2009.

“We believe that our continuing efforts to shed problem assets through credit workouts and asset sales has improved credit quality metrics and allowed us to return to profitability,” said Jay S. Yoo, President and Chief Executive Officer. “Our successful capital raise earlier in July 2010 was an additional factor in strengthening our capital position. Hanmi Bank continued to be categorized as ‘well-capitalized’ for regulatory purposes at December 31, 2010.”

2010 Highlights

• Hanmi’s fourth quarter results mark the first time in over two years that Hanmi Financial has earned a quarterly profit of $5.3 million.
• Credit metrics, which began to improve at the beginning of 2010, continued improving as the year progressed. Non-performing assets (NPA), which is non-performing loans (NPLs) and other real estate owned (OREO) assets, decreased by 20% to $173.1 million, or 5.95% of total assets, from $215.3 million or 7.25% of total assets in the third quarter and $245.4 million, or 7.76% a year ago. The coverage ratio of the allowance to non-performing loans increased to 86.4% at December 31, 2010 compared to 66.2% a year ago while slightly decreased compared to 90.4% in the prior quarter.
• During 2010, the successful deleveraging of the balance sheet reduced total assets by 8% or $256 million to $2.91 billion, with gross loans down 20%.
• Net interest margin (NIM) was stable at 3.48% in the fourth quarter of 2010, down one basis point from 3.49% in the third quarter of 2010 and up 2 basis points from the fourth quarter a year ago. For the full year, NIM increased 71 basis points to 3.55% from 2.84% at December 31, 2009.

Capital Management

“The successful rights offering and best efforts stock offerings in July 2010 have provided the necessary capital to return our balance sheet to ‘well capitalized’ regulatory status and provided us with the capital resources to assist us in achieving profitability in this most recently completed quarter,” Mr. Yoo stated. “We understand that Woori Finance continues to work closely with regulators to achieve approval for the previously announced transaction. While this transaction is no longer exclusive, we believe it is still quite viable. In addition, we are also considering alternative capital sources to further enhance our capital position and fund balance sheet growth.”

With the profit generated from operations along with the decrease in our total assets, the Bank’s Total Risk-Based Capital Ratio at year-end increased to 12.23% compared with 11.61% in the immediate prior quarter-end and 9.07% a year ago. At December 31, 2010, Tier 1 Risk-Based Capital Ratio was 10.91% compared to 10.28% at September 30, 2010, and 7.77% a year ago. Fourth quarter Tier 1 Leverage Ratio was 8.55% compared to 8.26% in the third quarter and 6.69% in the fourth quarter of 2009. The Bank’s Tangible Common Equity to Tangible Assets at year-end increased to 8.60% compared with 8.37% in the linked quarter and 7.13% a year ago.

Asset Quality

At December 31, 2010, the allowance for loan losses was $146.1 million, or 6.44% of gross loans, compared to $176.1 million, or 7.35% of gross loans, at September 30, 2010, and $145.0 million, or 5.14% of gross loans a year ago. The ratio of Hanmi’s loan loss allowance to non-performing loans at December 31, 2010, increased to 86.41%, up from 66.19% a year ago. Fourth quarter charge-offs, net of recoveries, were $35.2 million compared to $21.3 million in the third quarter and $57.3 million in the fourth quarter of 2009. For the full year in 2010, net charge-offs were $121.9 million compared to $122.6 million in 2009.

NPLs declined 13% to $169.0 million at December 31, 2010, from $194.7 million at September 30, 2010, and are down 23% from $219.1 million at December 31, 2009. Of the total $169.0 million NPLs, $43.0 million, or 25%, were current on payments. In addition, $69.4 million, or 41%, were marked to current market value with partial charge-offs. Out of the $69.4 million, $26.6 million were categorized as available for sale. We sold 29 NPLs with carrying value of $28.6 million in the fourth quarter, which contributed to the decline of NPLs in the quarter. Year-to-date, we sold 87 loans with carrying value of $156.8 million.

Sale of OREOs, real estate acquired through foreclosures, continued during the fourth quarter, with 5 properties sold for net proceeds of $17.1 million, resulting in a $115,000 net loss. In 2010, OREO sales generated $25.9 million in net proceeds on the sale of 18 properties, resulting in a $196,000 net loss. OREOs totaled $4.1 million at December 31, 2010, down from $20.6 million at September 30, 2010 and also down from $26.3 million a year ago. Hanmi actively manages its loan portfolio and regularly sells assets prior to foreclosure, which partially accounts for the reduction of OREO. The following table shows non-performing loans by loan category:

The proactive approach to resolving problematic credits in 2010 helped reduce delinquent loans on accrual status, which are not included in the NPL total. Delinquent loans on accrual status decreased to $21.5 million, or 0.95% of gross loans at December 31, 2010, from $41.2 million, or 1.46% of gross loans at December 31, 2009. On a sequential quarter basis, the amount of delinquent loans on accrual status decreased from $23.9 million at September 30, 2010 due to a decrease in delinquent construction loans on accrual status. This decrease was partially offset by a minor increase in Commercial & Industrial delinquent loans on an accrual status. The following table shows delinquent loans on accrual status by loan category:

Balance Sheet

We believe that our deleveraging strategy in the last two years has been successful in reducing portfolio risk and preserving capital. With our enhanced capital levels, we have begun to implement plans to grow our customer base, albeit at moderate levels. With loan demand still soft, we anticipate that any growth will come from attracting new customers and capitalizing on continuing disruption in the regional banking market.

Total assets decreased slightly at the end of the fourth quarter to $2.91 billion, from $2.97 billion at September 30, 2010, and down 8% from $3.16 billion at December 31, 2009. Gross loans, net of deferred loan fees, were $2.27 billion at December 31, 2010, down 5% from $2.39 billion at September 30, 2010, and down 20% from $2.82 billion at December 31, 2009.

Average gross loans decreased 20% to $2.35 billion for the fourth quarter of 2010 from $2.92 billion for the like quarter a year ago and declined 4% during the fourth quarter from $2.46 billion for the third quarter of 2010. Hanmi’s average investment securities portfolio increased 92% to $351.0 million for the fourth quarter of 2010 from $182.6 million for the fourth quarter of 2009 and increased 57% for the fourth quarter of 2010 from $223.7 million from the quarter ended September 30. 2010. The decreases in average gross loans over the past year were the direct result of the balance sheet deleveraging strategy. The Bank increased investment securities to enforce liquidity preservation strategy.

Consistent with the deleveraging strategy, average deposits also decreased 14% to $2.51 billion for the fourth quarter of 2010 from $2.91 billion for the like quarter in 2009 and declined 2% from $2.56 billion for the third quarter of 2010.

The deposit mix at year-end continues to reflect efforts to build core deposits and improve the Bank’s cost of funds. There are no brokered deposits in the deposit mix at year-end. Total deposits decreased 10% year-over-year and declined 2% from the prior quarter. The 10% year-over-year decrease in total deposits was primarily due to a $203 million decrease in brokered deposits. Total deposits were $2.47 billion at December 31, 2010, compared to $2.53 billion at September 30, 2010, and $2.75 billion at December 31, 2009.

Results of Operations

Net interest income, before the provision for credit losses, totaled $26.0 million for the fourth quarter of 2010 which was down 1% from $26.3 million in the linked quarter and down 9% from $28.4 million in the fourth quarter a year ago. Increased liquidity from the capital raise earlier in the year was deployed to cash and cash equivalent balances and investment securities which are generally lower yielding assets. The cost of funds also declined in the quarter reflecting reductions in high-cost time deposits and an increase in low-cost deposits. For the full year in 2010, net interest income before provision for credit losses increased 5% to $105.9 million compared to $101.2 million in 2009.

Loan yields increased and deposit costs decreased which benefited our net interest margin. These benefits were offset by higher balances of investment securities, which generate lower yields but allowing a strong liquidity position. The average yield on the loan portfolio increased 4 basis points to 5.48% from 5.44% from the prior quarter and decreased 6 basis points from the fourth quarter in 2009. For the full year 2010, the average yield on the loan portfolio decreased 9 basis points to 5.40% from 5.49% in 2009. In 2010, the reversal of previously recorded interest income due to the additional non-accrual loans was $3.2 million ($0.3 million in the fourth quarter), resulting in a negative impact on NIM by 11 basis points. The cost of average interest-bearing deposits in the fourth quarter was 1.55%, down 10 basis points from the prior quarter and 71 basis points from the fourth quarter of 2009. For the full year 2010, the cost of average interest bearing deposits was 1.70%, down 127 basis points from a year ago. As a result, Hanmi’s net interest margin was down just one basis point at 3.48% in the fourth quarter of 2010 from 3.49% in the third quarter and up 2 basis points compared to 3.46% in the fourth quarter of 2009. NIM improved 71 basis points to 3.55% for 2010 from 2.84% for 2009.

Despite the quarterly increase in net charge-offs, the provision for credit losses in the fourth quarter of 2010 decreased to $5.0 million, compared to $22.0 million in the prior quarter and $77.0 million in the fourth quarter a year ago, due to the decrease in classified assets, non-performing loans, and overall loan balance. For the full year, the provision for credit losses totaled $122.5 million, down from $196.4 million in 2009. The provision for loan losses has decreased steadily now for four consecutive quarters.

Total non-interest income in the fourth quarter of 2010 was $6.1 million, up 7% from $5.7 million in the third quarter of 2010 and down 23% from $7.8 million in the fourth quarter of 2009.  The year-over-year decrease in non-interest income is primarily attributable to decreases in service charges on deposit accounts and a decrease in net gain on sale of loans and securities.  Service charges on deposit accounts decreased to $3.3 million for the fourth quarter of 2010 from $3.4 million in the linked quarter and $4.0 million for the same quarter of 2009. The decrease in service charges on deposit accounts was associated with the reduction of the deposit portfolio reflecting the deleveraging strategy. The net gain on the sale of loans decreased 69% from the prior quarter and 80% from the fourth quarter a year ago. In the fourth quarter of 2009, the Bank sold accumulated inventory of SBA loans upon the recovery of the SBA secondary market.  For the year, non-interest income decreased 21%, or $6.7 million, to $25.4 million, compared to $32.1 million in 2009, primarily due to a $1.7 million decrease in net gain on sales of investment securities in addition to the aforementioned factors.

Total non-interest expense decreased 10% in the quarter and 4% year-over-year to $21.7 million for the fourth quarter, down from $24.1 million in the third quarter of 2010 and $22.7 million for the fourth quarter a year ago. The overall improvement of non-interest expense in general was across the board. For the year, non-interest expense increased 7.1%, or $6.5 million, to $96.8 million, compared to $90.4 million in 2009, primarily due to expenses related to managing and provisioning for OREO properties and the absence of reversal of a $2.5 million previously accrued liability on a post-retirement death benefit that was recognized in 2009.

Conference Call Information

Management will host a conference today at 1:30 p.m. PST (4.30 p.m. EST) to discuss these financial results. This call will also be broadcast live via the internet. Investment professionals and all others are invited to access the live call by dialing (866) 383-8108 or (617) 597-5343 for international callers at 1:30 p.m. (PST), using access code HANMI. To listen to the call online, either live or archived, visit the Investor Relations page of Hanmi Financial Corporation website at www.hanmi.com. Shortly after the call concludes, the replay will also be available at (888) 286-8010 or (617) 801-6888 for international callers, using access code #12399068 where it will be archived until February 14, 2011.

About Hanmi Financial Corporation

Headquartered in Los Angeles, Hanmi Bank, a wholly-owned subsidiary of Hanmi Financial Corporation, provides services to the multi-ethnic communities of California, with 27 full-service offices in Los Angeles, Orange, San Bernardino, San Francisco, Santa Clara and San Diego counties, and a loan production office in Washington State. Hanmi Bank specializes in commercial, SBA and trade finance lending, and is a recognized community leader. Hanmi Bank’s mission is to provide a full range of quality products and premier services to its customers and to maximize shareholder value. Additional information is available at www.hanmi.com.

Forward-Looking Statements

This press release contains forward-looking statements, which are included in accordance with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of such terms and other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. All statements other than statements of historical fact are “forward –looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about anticipated future operating and financial performance, financial position and liquidity, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, plans and objectives of management for future operations, developments regarding our securities purchase agreement with Woori Finance Holdings, and other similar forecasts and statements of expectation and statements of assumption underlying any of the foregoing. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ from those expressed or implied by the forward-looking statement. These factors include the following: inability to consummate the proposed transaction with Woori Finance Holdings on the terms contemplated in the Securities Purchase Agreement entered into with Woori on May 25, 2010, as amended (the “transaction”); failure to receive regulatory approval for the Transaction; inability to continue as a going concern; inability to raise additional capital on acceptable terms or at all; failure to maintain adequate levels of capital and liquidity to support our operations; the effect of regulatory orders we have entered into and potential future supervisory action against us or Hanmi Bank; general economic and business conditions internationally, nationally and in those areas in which we operate; volatility and deterioration in the credit and equity markets; changes in consumer spending, borrowing and savings habits; availability of capital from private and government sources; demographic changes; competition for loans and deposits and failure to attract or retain loans and deposits; fluctuations in interest rates and a decline in the level of our interest rate spread; risks of natural disasters related to our real estate portfolio; risks associated with Small Business Administration loans; failure to attract or retain key employees; changes in governmental regulation, including, but not limited to, any increase in FDIC insurance premiums; ability to receive regulatory approval for Hanmi Bank to declare dividends to the Company; adequacy of our allowance for loan losses, credit quality and the effect of credit quality on our provision for credit losses and allowance for loan losses; changes in the financial performance and/or condition of our borrowers and the ability of our borrowers to perform under the terms of their loans and other terms of credit agreements; our ability to successfully integrate acquisitions we may make; our ability to control expenses; and changes in securities markets. In addition, we set forth certain risks in our reports filed with the U.S. Securities and Exchange Commission (“SEC”), including attached as an Exhibit to a Current Report on Form 8-K filed with the SEC on June 18, 2010, and our most recent Quarterly Report on Form 10-Q, as well as current and periodic reports filed with the U.S. Securities and Exchange Commission hereafter, which could cause actual results to differ from those projected. We undertake no obligation to update such forward-looking statements except as required by law.

Cautionary Statements

Future issuance of any securities relating to the Woori transaction has not been and will not be registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction or state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or state.