Archive for February, 2011

Institutional Financial Markets, Inc. (IFMI) Reports Fourth Quarter and Full Year 2010 Financial Results

Feb. 28, 2011 (Business Wire) — Institutional Financial Markets, Inc. (NYSE AMEX: IFMI), a leading investment firm specializing in credit-related fixed income investments, today reported financial results for the quarter and year ended December 31, 2010.

Financial Highlights

  • Adjusted operating income was $4.7 million, or $0.30 per diluted share, for the three months ended December 31, 2010, as compared to adjusted operating income of $0.6 million, or $0.06 per diluted share, for the three months ended December 31, 2009. Adjusted operating income was $25.4 million, or $1.62 per diluted share, for the year ended December 31, 2010, as compared to adjusted operating loss of ($2.0) million, or ($0.21) per diluted share, for the year ended December 31, 2009. Adjusted operating income is not a measure recognized under generally accepted accounting principles. See Note 1 on page 3.
  • Revenue was $24.9 million for the three months ended December 31, 2010, as compared to revenue of $22.2 million for the three months ended December 31, 2009. Revenue was $125.6 million for the year ended December 31, 2010, as compared to revenue of $84.1 million for the year ended December 31, 2009.
  • Net income was $3.6 million for the three months ended December 31, 2010, as compared to net loss of ($1.0) million for the three months ended December 31, 2009. Net income was $11.2 million for the year ended December 31, 2010, as compared to net loss of ($11.8) million for the year ended December 31, 2009.
  • Net income attributable to IFMI was $2.6 million, or $0.25 per diluted share, for the three months ended December 31, 2010, as compared to net loss of ($1.0) million, or ($0.10) per diluted share, for the three months ended December 31, 2009. Net income attributable to IFMI was $7.6 million, or $0.73 per diluted share, for the year ended December 31, 2010, as compared to net loss of ($11.7) million, or ($1.21) per diluted share, for the year ended December 31, 2009.

Total Equity and Dividend Declaration

  • At December 31, 2010, total equity was $89.5 million, as compared to $77.7 million as of December 31, 2009.
  • At December 31, 2010, diluted book value per share was $5.68, as compared to $4.98 as of December 31, 2009.
  • The Company’s Board of Directors has declared a dividend of $0.05 per share. The dividend will be payable on March 28, 2011 to stockholders of record on March 14, 2011.

“We are pleased with our results for the fourth quarter and full year, which included significant revenue and income growth and an increase in diluted book value per share,” said Daniel G. Cohen, Chairman and Chief Executive Officer of IFMI. “Our capital levels remain strong and we continue to maintain a healthy balance sheet, enabling us to once again provide tangible stockholder value through a dividend.”

Cohen continued, “2010 was a transformative year for our company in many respects. In September, we agreed to acquire JVB Financial, which specializes in the wholesale distribution of fixed income securities, expanding our registered representatives by 52 professionals. Following the successful completion of this transaction, we changed our name to Institutional Financial Markets, Inc. which we believe appropriately reflects the Company’s continued growth and broadening capabilities. Looking ahead, given our many accomplishments in 2010 and improving market conditions, we believe we are well positioned for continued growth and look forward to delivering increased value to our stockholders.”

Capital Markets

  • Net trading revenue increased 17% to $14.3 million for the three months ended December 31, 2010, up from $12.2 million for the three months ended December 31, 2009. Net trading revenue increased 60% to $70.8 million for the year ended December 31, 2010, up from $44.2 million for the year ended December 31, 2009. The increase was primarily the result of the Company’s continued expansion of its capital markets segment.
  • During the fourth quarter, the Company acted as a representative of the underwriters in the initial public offering of Australia Acquisition Corp. (NASDAQ:AACOU). Through the underwriting syndicate led by the Company, 6.4 million units were sold in an initial public offering at a price of $10.00 per unit generating gross proceeds of $64 million. The Company recognized $1.0 million in net new issue revenue from this engagement.
  • During the fourth quarter, the Company recognized additional new issue revenue from several different engagements including: (i) as an advisor to a hotel developer in Atlantic City, NJ, in a debt restructuring transaction; (ii) as an advisor to the Cayman Islands government in obtaining bank financing for a local project; and (iii) as underwriter to a special purpose acquisition company that completed its initial acquisition in the fourth quarter, which transaction resulted in deferred underwriting fees payable to the Company.

Asset Management

  • For the three months ended December 31, 2010, the Company earned $6.2 million of asset management revenue comprised of (i) $5.0 million in fees from managing securitized entities; (ii) $0.5 million in asset management fees from the Company’s Strategos Deep Value funds; and (iii) $0.7 million in other asset management fees primarily comprised of fees earned on separate account management arrangements.
  • For the year ended December 31, 2010, the Company earned $25.3 million of asset management revenue comprised of (i) $19.9 million in fees from managing securitized entities; (ii) $2.6 million in asset management fees from the Company’s investment funds primarily comprised of fees earned on the Strategos Deep Value funds; and (iii) $2.8 million in other asset management fees primarily comprised of fees earned on separate account management arrangements and from managing permanent capital vehicles.

Principal Investing & Other

  • For the three months ended December 31, 2010, the Company earned $2.7 million in principal transactions and other income which included $2.4 million in gains (net of foreign currency hedging losses) from its investment in Star Asia Finance, Ltd.
  • For the year ended December 31, 2010, the Company earned $25.7 million in principal transactions and other income which included $15.8 million in gains (net of foreign currency hedging losses) from its investment in Star Asia, $4.5 million of gains from its investment in the Strategos Deep Value funds, and $5.4 million in gains and income from its other investments.

Conference Call

Management will hold a conference call this morning at 10:00 AM EDT to discuss these results. The conference call will also be available via webcast. Interested parties can access the live webcast by clicking the webcast link on IFMI’s homepage at www.IFMI.com. Those wishing to listen to the conference call with operator assistance can dial (877) 686-9573 (domestic) or (706) 643-6983 (international), participant pass code 46052537, or request the IFMI earnings call. A recording of the call will be available for two weeks following the call by dialing (800) 642-1687 (domestic) or (706) 645-9291 (international), participant pass code 46052537.

About IFMI

IFMI is a leading investment firm specializing in credit-related fixed income investments. IFMI was founded in 1999 as an investment firm focused on small-cap banking institutions, but has grown over the past eleven years into a more diversified fixed income specialist. IFMI’s primary operating segments are Capital Markets and Asset Management. The Company’s Capital Markets segment consists of credit-related fixed income sales and trading as well as new issue placements in corporate and securitized products. IFMI’s Asset Management segment manages assets through listed and private companies, funds, managed accounts and collateralized debt obligations. As of December 31, 2010, we manage approximately $10.3 billion in credit-related fixed income assets in a variety of asset classes; including U.S. trust preferred securities, European hybrid capital securities, Asian commercial real estate debt, and mortgage- and asset-backed securities.

Note 1: Adjusted operating income (loss) and adjusted operating income (loss) per diluted share are non-GAAP measures of performance. Please see the discussion of non-GAAP measures of performance below. Also see the tables below for the reconciliations of non-GAAP measures of performance to their corresponding GAAP measures of performance.

Forward-looking Statements

This communication contains certain statements, estimates and forecasts with respect to future performance and events. These statements, estimates and forecasts are “forward-looking statements.” In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negatives thereof or variations thereon or similar terminology. All statements other than statements of historical fact included in this communication are forward-looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions, and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward-looking statements including, but not limited to, those discussed under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition” in our filings with the Securities and Exchange Commission (“SEC”), which are available at the SEC’s website at www.sec.gov and our website at www.IFMI.com/sec-filings. Such risk factors include the following: (a) a decline in general economic conditions or the global financial markets, (b) losses caused by financial or other problems experienced by third parties, (c) losses due to unidentified or unanticipated risks, (d) a lack of liquidity, i.e., ready access to funds for use in our businesses, (e) the ability to attract and retain personnel, (f) litigation and regulatory issues, (g) competitive pressure, and (h) a potential Ownership Change under Section 382 of the Internal Revenue Code. As a result, there can be no assurance that the forward-looking statements included in this communication will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this communication might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Cautionary Note Regarding Quarterly Financial Results

General

Due to the nature of our business, our revenue and operating results may fluctuate materially from quarter to quarter. Accordingly, revenue and net income in any particular quarter may not be indicative of future results. Further, our employee compensation arrangements are in large part incentive-based and therefore will fluctuate with revenue. The amount of compensation expense recognized in any one quarter may not be indicative of such expense in future periods. As a result, we suggest that annual results may be the most meaningful gauge for investors in evaluating our business performance.

INSTITUTIONAL FINANCIAL MARKETS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
12/31/10 12/31/09 12/31/10 12/31/09
Revenue
Net trading $ 14,326 $ 12,247 $ 70,809 $ 44,165
Asset management 6,231 7,364 25,281 31,148
New issue and advisory 1,675 591 3,778 1,816
Principal transactions and other income 2,672 1,950 25,684 6,957
Total revenue 24,904 22,152 125,552 84,086
Operating expenses
Compensation and benefits 13,256 17,662 77,446 70,519
Business development, occupancy, equipment 1,357 1,572 5,470 5,469
Professional services, subscriptions, and other operating 5,888 5,673 25,931 16,666
Depreciation and amortization 457 624 2,356 2,543
Impairment of goodwill 5,607
Total operating expenses 20,958 25,531 116,810 95,197
Operating income (loss) 3,946 (3,379 ) 8,742 (11,111 )
Non-operating income (expense)
Interest expense (1,519 ) (1,216 ) (7,686 ) (4,974 )
Gain on repurchase of debt 37 2,555
Gain on sale of management contracts 3,130 971 7,746
Income (loss) from equity method affiliates (120 ) 137 5,884 (3,455 )
Income (loss) before income taxes 2,344 (1,328 ) 10,466 (11,794 )
Income tax expense (benefit) (1,250 ) (291 ) (749 ) 9
Net income (loss) 3,594 (1,037 ) 11,215 (11,803 )
Less: Net income (loss) attributable to the noncontrolling interest 975 (87 ) 3,620 (98 )
Net income (loss) attributable to IFMI $ 2,619 $ (950 ) $ 7,595 $ (11,705 )
Earnings per share
Three Months Ended Twelve Months Ended
12/31/10 12/31/09 12/31/10 12/31/09
Basic
Net income (loss) attributable to IFMI $ 2,619 $ (950 ) $ 7,595 $ (11,705 )
Basic shares outstanding 10,441 9,723 10,404 9,639
Net income (loss) attributable to IFMI per share $ 0.25 $ (0.10 ) $ 0.73 $ (1.21 )
Diluted
Net income (loss) attributable to IFMI $ 2,619 $ (950 ) $ 7,595 $ (11,705 )
Plus: Net income attributable to the convertible noncontrolling interest 975 3,620
Less: Additional tax expense if convertible non controlling interest is converted 363 260
Enterprise net income (loss) $ 3,957 $ (950 ) $ 11,475 $ (11,705 )
Basic shares outstanding 10,441 9,723 10,404 9,639
Shares issuable if convertible non controlling interest is converted 5,284 5,284
Diluted shares outstanding 15,725 9,723 15,688 9,639
Diluted net income (loss) per share $ 0.25 $ (0.10 ) $ 0.73 $ (1.21 )
Reconciliation of adjusted operating income (loss) to operating income (loss) and calculation of per share amounts
Operating income (loss) $ 3,946 $ (3,379 ) $ 8,742 $ (11,111 )
Depreciation and amortization 457 624 2,356 2,543
Impairment of goodwill 5,607
Share-based compensation 91 3,321 2,505 6,556
IFMI share of incentive fees – equity method affiliates 189 6,154
Adjusted operating income (loss) $ 4,683 $ 566 $ 25,364 $ (2,012 )
Diluted shares outstanding 15,725 9,723 15,688 9,639
Adjusted operating income (loss) per share $ 0.30 $ 0.06 $ 1.62 $ (0.21 )
INSTITUTIONAL FINANCIAL MARKETS, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
December 31, 2010
(unaudited) December 31, 2009
Assets
Cash and cash equivalents $ 43,946 $ 69,692
Restricted cash 4,507 255
Receivables from related parties 966 1,255
Other receivables 6,033 4,268
Investments-trading 189,015 135,428
Other investments, at fair value 46,551 43,647
Receivables under resale agreements 20,357
Goodwill 3,231 8,838
Other assets 12,498 14,680
Total assets $ 306,747 $ 298,420
Liabilities
Payables to:
Brokers, dealers, and clearing agencies $ 45,469 $ 13,491
Related parties 34
Accounts payable and other liabilities 13,165 13,199
Accrued compensation 17,358 7,689
Trading securities sold, not yet purchased 17,820 114,712
Securities sold under agreements to repurchase 69,816
Deferred income taxes 8,889 9,717
Debt 44,688 61,961
Total liabilities 217,239 220,769
Equity
Series B voting non convertible preferred stock 5
Common stock 10 10
Additional paid-in capital 58,954 57,411
Accumulated other comprehensive loss (665 ) (582 )
Retained Earnings / (accumulated deficit) 6,382 (170 )
Treasury stock, at cost; 50,400 shares of common stock (328 ) (328 )
Total stockholders’ equity 64,358 56,341
Noncontrolling interest 25,150 21,310
Total equity 89,508 77,651
Total liabilities and equity $ 306,747 $ 298,420
CALCULATION OF DILUTED BOOK VALUE PER SHARE (1)
Total equity $ 89,508 $ 77,651
Common shares outstanding 10,483 10,293
IFMI, LLC convertible membership units outstanding 5,284 5,284
Total shares and units outstanding (2) 15,767 15,577
Diluted Book Value Per Share $ 5.68 $ 4.98
(1) Diluted book value per share assumes all units of IFMI, LLC not already owned by the Company are converted into Company shares.
(2) Shares and units outstanding are as of the last day of the relevant period and not a weighted average.

Non-GAAP Measures

Adjusted operating income (loss) and adjusted operating income (loss) per diluted share

Adjusted operating income (loss) is not a financial measure recognized by GAAP. Adjusted operating income (loss) represents operating income (loss), computed in accordance with GAAP, before depreciation and amortization, impairments of intangible assets, and share-based compensation expense plus the Company’s share of any incentive fees earned included in income from equity method affiliates. Depreciation, amortization, impairments, and share based compensation expenses that have been excluded from adjusted operating income (loss) are non-cash items. Incentive fees earned as a component of income from equity method affiliates is included so that all incentive fees earned are treated in a consistent manner as part of adjusted operating income. Adjusted operating income (loss) per diluted share is calculated, by dividing adjusted operating income (loss) by diluted shares outstanding calculated in accordance with GAAP.

We present adjusted operating income (loss) and related per diluted share amounts in this release because we consider them to be useful and appropriate supplemental measures of our performance. Adjusted operating income (loss) and related per diluted share amounts help us to evaluate our performance without the effects of certain GAAP calculations that may not have a direct cash impact on our current operating performance. In addition, our management uses adjusted operating income (loss) and related per diluted share amounts to evaluate the performance of our operations. Adjusted operating income (loss) and related per diluted share amounts, as we define them, are not necessarily comparable to similarly entitled measures of other companies and may not be appropriate measures for performance relative to other companies. Adjusted operating income (loss) should not be assessed in isolation from or construed as a substitute for operating income (loss) prepared in accordance with GAAP. Adjusted operating income (loss) is not intended to represent, and should not be considered to be a more meaningful measure than, or an alternative to, measures of operating performance as determined in accordance with GAAP.

Investors:

Institutional Financial Markets, Inc.

Joseph W. Pooler, Jr., 215-701-8952

Executive Vice President and Chief Financial Officer

investorrelations@ifmi.com

or

Media:

Joele Frank, Wilkinson Brimmer Katcher

James Golden, 212-355-4449

jgolden@joelefrank.com

Monday, February 28th, 2011 Uncategorized Comments Off on Institutional Financial Markets, Inc. (IFMI) Reports Fourth Quarter and Full Year 2010 Financial Results

NeoStem (NBS) to Launch New Service and Has Engaged Healthcare Personality Dr. Manny Alvarez

NEW YORK, Feb. 28, 2011 /PRNewswire/ — NeoStem, Inc. (NYSE Amex: NBS), an international biopharmaceutical company with operations in the U.S. and China, announced today that Dr. Manny Alvarez, an esteemed Obstetrician and Gynecologist and recognized television and online healthcare professional, will become the spokesperson and public representative of NeoStem’s adult stem cell banking and cord blood banking programs. These services have been bundled together as a multi-generational stem cell collection and storage service that the Company will call the “Family Plan”.

Dr. Manny Alvarez, known to audiences as “Dr. Manny”, runs a popular health website at www.askdrmanny.com. He is Adjunct Professor of Obstetrics and Gynecology at New York University School of Medicine in New York City. He has been Chairman of the Department of Obstetrics and Gynecology at Hackensack University Medical Center in Hackensack, New Jersey since 1996. He was previously a health science reporter for TELEMUNDO. Dr. Alvarez is a published author, with books including The Checklist: What You and Your Family Need to Know to Prevent Disease and Live a Long and Healthy Life and The Hot Latin Diet: The Fast-Track Plan to a Bombshell Body.

The Company has entered into a three-year agreement with Dr. Alvarez’s Genesis Cell Therapy LLC with an option to extend, whereby Dr. Alvarez will exclusively publicly promote NeoStem’s consumer services through endorsements, print and online marketing, and more. This provides NeoStem’s stem cell banking products with the validation of a highly respected health news personality.

“I have chosen to support NeoStem because its processing and storage subsidiary, Progenitor Cell Therapy, manufactures and processes cells using the highest quality industry standards audited by the FDA (known as current good manufacturing practices or cGMP). They have bi-coastal facilities and have the most extensive transplantation experience among the over 35 private cord blood banks in the United States,” said Dr. Alvarez. “The Company has extensive experience and expertise in having processed over 30,000 cell therapy product procedures and shipped over 5,000 cell therapy products for transplantation.   Stem cells derived from cord blood have been used in more than 14,000 transplants worldwide to treat a wide range of blood diseases, genetic and metabolic disorders, immunodeficiency disorders and various forms of cancer and cord blood banks now exist in nearly every developed country, as well as several developing nations.  In the United States there are approximately 35 private banks and 30 public banks and between 1999 – 2009 the median annual growth rate for stem cell collections has increased 14.6%”.

Dr. Robin Smith, MD, MBA, CEO of NeoStem said, “Dr. Alvarez has years of experience communicating health information in a way that the general public can understand. He can now help parents understand the importance of cGMP cell banking and make an informed decision regarding which company to use for the storage of their newborn’s stem cells.  Dr. Alvarez will help us introduce and launch the ‘Family Plan’ offering stem cell security to a wide range of family members including newborns, college-age children, and parents.”

Dr. Andrew Pecora, Chief Medical Officer, said, “NeoStem has built great expertise in providing high-quality adult stem cell collection through a minimally-invasive process, as well as processing and storage of stem cells which is compliant not only with standards for today’s stem cell applications, such as bone marrow transplants for leukemias, lymphomas and other blood disorders, but with standards for future potential applications many of which are now in clinical trials and being manufactured in Progenitor Cell Therapy’s New Jersey and California cGMP compliant facilities. The NeoStem cGMP ‘Family Plan’ offering will be unique in the industry and raise the  quality standard, because the entire family will have access to cGMP cell processing and storage of their cells using industry standards (cGMP) that will allow the future use of their cells for today’s and tomorrow’s therapies. No other stem cell banking company has the cell therapy manufacturing experience of Progenitor Cell Therapy that is currently creating the cell therapies of tomorrow by manufacturing a broad variety of cell therapies for clinical testing to cGMP standards. I look forward to working with Dr. Alvarez to educate a much wider audience about the reality of stem cell banking as an option that exists today to prepare for the future potential of stem cells to treat heart disease, cancer, diabetes, immune diseases, and diseases of the eyes, bones and cartilage, and much more.”

NeoStem obtained its cord blood banking business through its January 20, 2011 acquisition of Progenitor Cell Therapy, LLC (PCT), a privately held cell therapy company with operations on the east and west coast of the U.S. serving the cell therapy community with cGMP state-of-the art cell therapy manufacturing facilities, and processing and storage facilities for stem cells. PCT’s cord blood banking business, under the name DomaniCell, has been in operation since 2006. NeoStem’s adult stem cell business began commercial collections in 2006 as well. cGMP-compliant cell processing and storage for these businesses are provided by PCT at its facilities in Mountain View, California, and Allendale, New Jersey.

About NeoStem, Inc.

NeoStem, Inc. is an international biopharmaceutical company with adult stem cell operations in the U.S., a network of adult stem cell therapeutic providers in China as well as a 51% ownership interest in a profitable Chinese generic pharmaceutical manufacturing company.  NeoStem is focused on accelerating the development of proprietary cellular therapies and becoming a single source for collection, storage, manufacturing, therapeutic development and transportation of cells for cell based medicine and regenerative science globally. The Company also has licensed various cellular therapy technologies, including worldwide exclusive licenses to a wound healing technology and to VSEL™ Technology which uses very small embryonic-like stem cells, which are adult stem cells that have been shown to have several physical characteristics that are generally found in embryonic stem cells.

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

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward looking statements include statements herein with respect to the ability of PCT’s business to complement NeoStem’s adult stem cell operations and successful execution of the Company’s strategy, as well as other advances in the Company’s business, about which no assurances can be given. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Factors that could cause future results to materially differ from the recent results or those projected in forward-looking statements include the “Risk Factors” described in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 31, 2010, its Form S-4/A filed with the Securities and Exchange Commission on December 3, 2010 as well as other periodic filings made with the Securities and Exchange Commission. The Company’s further development is highly dependent on future medical and research developments and market acceptance, which is outside its control.  NeoStem may experience difficulties in integrating PCT’s business and  could fail to realize potential benefits of the merger.  Acquisitions may entail numerous risks for NeoStem, including difficulties in assimilating acquired operations, technologies or products, including the loss of key employees from acquired businesses.

For more information, please contact:

NeoStem, Inc.

Robin Smith, CEO

Phone: +1-212-584-4174

Email: rsmith@neostem.com

Web:   http://www.neostem.com

Monday, February 28th, 2011 Uncategorized Comments Off on NeoStem (NBS) to Launch New Service and Has Engaged Healthcare Personality Dr. Manny Alvarez

Amerigon (ARGN) Announces Agreement to Acquire a Majority Interest in W.E.T. Automotive Systems

NORTHVILLE, Mich. and ODELZHAUSEN, Germany, Feb. 28, 2011 /PRNewswire/ — Amerigon Incorporated (Nasdaq: ARGN) (“Amerigon” or the “Company”) today announced that it had entered into a purchase agreement with shareholders representing 75.6 percent of the voting shares of W.E.T. Automotive Systems (W.E.T.), a publicly-traded German company located in Odelzhausen, Germany.  Under the terms of the agreement, Amerigon would purchase all of the shares held by such shareholders at a price of euro 40 per share (or $55 per share at a euro/$1.37 exchange rate).  Concurrent with such transaction, Amerigon intends to launch a tender offer for the remaining voting shares of W.E.T. at the same price.  Based on the 3,040,000 voting shares in W.E.T. presently outstanding, the transaction would value W.E.T. at euro 121.6 million (or $166.6 million at a euro/$1.37 exchange rate).  W.E.T.’s reported worldwide revenues for the year ended December 31, 2010 were approximately euro 227 million (or $311 million at a euro/$1.37 exchange rate).

The closing of the share acquisition under the purchase agreement is contingent upon, among other things, Amerigon securing all necessary financing, including with respect to the tender offer, and providing the German Financial Supervisory Authority with documentation of such financing, as required by German law.  The agreement is further contingent upon receiving all necessary approvals by the appropriate regulatory authorities in the countries where Amerigon and W.E.T. operate.  The euro 40 price for W.E.T. shares is a 52 percent premium over a volume-weighted average trading price of W.E.T.’s shares over the past three months of euro 26.  The purchase agreement and the planned tender offer have the approval of the Supervisory Board of W.E.T. and of its Management Board.

Amerigon and W.E.T. are presently engaged in lawsuits concerning intellectual property.  They have agreed to jointly apply to the applicable court for a temporary suspension of proceedings pending successful completion of the acquisition.

Daniel R. Coker, President and Chief Executive Officer of Amerigon, said, “W.E.T. is an outstanding company with a strong global presence.  We believe that the two companies, with their respective strengths and working together, will be an even more responsive supplier to their customers and an even more effective developer of new products incorporating their respective technologies.”

Caspar Baumhauer, Chief Executive Officer and Member of the Management Board of W.E.T., stated, “The Management Board and the Supervisory Board support the Amerigon tender offer as being in the best interests of W.E.T. and its shareholders.  The complementarity of the two companies’ business models and their respective business strengths will enable us to become an even more competitive supplier in the very demanding global automotive industry.”

The closings of the acquisitions under the purchase agreement and the tender offer are expected to take place at the beginning of the second quarter of 2011.  Assuming successful completion of such transactions, previous revenue and earnings guidance given by Amerigon is no longer applicable and no revised guidance can be offered at this time.

About Amerigon

Amerigon develops products based on its advanced, proprietary, efficient thermoelectric (TE) technologies for a wide range of global markets and heating and cooling applications. The Company’s current principal product is its proprietary Climate Control Seat® (CCS®) system, a solid-state, TE-based system that permits drivers and passengers of vehicles to individually and actively control the heating and cooling of their respective seats to ensure maximum year-round comfort. CCS, which is the only system of its type on the market today, uses no CFCs or other environmentally sensitive coolants. Amerigon maintains sales and technical support centers in Southern California, Southeast Michigan, Japan, Germany, England and Korea.  For more information, visit Amerigon’s website at www.amerigon.com.

About W.E.T.

W.E.T. is a global leader in the automotive industry, with a particular focus on thermal seat comfort. Established in 1968 and headquartered in Odelzhausen, near Munich, Germany, the company operates facilities in Europe, North America and Asia. For more information, please visit W.E.T.’s website at www.wet-group.com

Certain matters discussed in this release are forward-looking statements that involve risks and uncertainties, and actual results may be different.  Important factors that could cause the Company’s actual results to differ materially from its expectations in this release are risks that sales may not significantly increase, additional financing, if necessary, may not be available, new competitors may arise and adverse conditions in the automotive industry may negatively affect its results.  The liquidity and trading price of its common stock may be negatively affected by these and other factors.  Please also refer to Amerigon’s Securities and Exchange Commission filings and reports, including, but not limited to, its Form 10-K for the year ended December 31, 2010.

Contact:

Allen & Caron Inc

Jill Bertotti (investors)

jill@allencaron.com

Len Hall (media)

len@allencaron.com

(949) 474-4300

Monday, February 28th, 2011 Uncategorized Comments Off on Amerigon (ARGN) Announces Agreement to Acquire a Majority Interest in W.E.T. Automotive Systems

ClearOne (CLRO) Unveils New Chat Speakerphones for Microsoft Lync and Skype

SALT LAKE CITY, Feb. 28, 2011 /PRNewswire/ — ClearOne® (http://www.clearone.com Nasdaq: CLRO), a global communications and entertainment solutions company, today unveiled its two latest USB speakerphones designed for personal desktop use in organizations using Microsoft Lync or Skype for audio conferencing via Windows personal computers. In Orlando for the opening the Enterprise Connect industry conference, ClearOne introduced the CHAT® 70-U (for Lync) and CHAT® 60-U (for Skype), both featuring integrated call controls, including an end-call button, on the device.  The new models are also equipped with propriety ClearOne technologies enabling natural conversation without the clipping, echo, noise or tinny sound many people associate with speakerphone use.

(Photo: http://photos.prnewswire.com/prnh/20110228/LA55364)

Both new CHAT speakerphones, created expressly for VoIP applications using PCs or Unified Communications software, are designed for ease of use and superior voice quality.  They feature raised, push-button controls for speaker volume, mute, and call hook and include a blue LED, which lights when a call is in progress.  Just slightly larger than a typical computer mouse, the CHAT 70-U and CHAT 60-U incorporate ClearOne’s HDConference® technologies, which provide acoustic echo cancellation, noise cancellation, and automatic audio level control, all critical to allowing natural, free-flowing conversation and producing clear, rich sound quality.

“These new CHATs deliver corporate-quality audio and ease of control for common call features, and they plug-n-play with Windows PCs used in an enterprise or stand-alone setting,” said ClearOne’s Larry McCauley, Director of Product Line Management for Unified Communications. “With CHAT, users can answer and end calls without even interrupting their screen saver,” he said.

McCauley said the new two CHAT units are USB-powered and require no external power connection.  While specifically designed for Lync or Skype use, they also enhance the audio for other PC and web-based conferencing solutions.   Both models will be available at the beginning of Q2 2011.  The CHAT 70-U (for Lync) is priced at $159.99; the CHAT 60-U (for Skype) is priced at $149.99.

Contacts:

Richard Roher

Mary Mathis

Roher Public Relations

ClearOne

914-741-2256

801-303-3582

clearone@roherpr.com

mary.mathis@clearone.com

Monday, February 28th, 2011 Uncategorized Comments Off on ClearOne (CLRO) Unveils New Chat Speakerphones for Microsoft Lync and Skype

Cimatron (CIMT) Announces Approval of Dual Listing on the Tel Aviv Stock Exchange

GIVAT SHMUEL, Israel, February 28, 2011 /PRNewswire-FirstCall/ — Cimatron Limited (NASDAQ: CIMT), a leading provider of integrated CAD/CAM solutions for the toolmaking and manufacturing industries, today announced that the Tel-Aviv Stock Exchange (“TASE”) has approved the dual listing of Cimatron’s ordinary shares on the TASE beginning when trading commences on Wednesday, March 2, 2011, under the ticker symbol CIMT. Cimatron’s ordinary shares will continue to be listed on the NASDAQ Capital Market in the United States, and Cimatron will remain subject to the rules and regulations of NASDAQ and of the U.S. Securities and Exchange Commission.

“We are very pleased to welcome Cimatron to the Tel-Aviv Stock Exchange, where the company joins an increasing number of dual-listed high-tech companies,” said Ester Levanon, CEO of the Tel-Aviv Stock Exchange. “The TASE is the home of Israel’s innovative and growing companies. Cimatron joins some 140 high-tech listed companies, which reflects the strong position of the Tel-Aviv Stock Exchange in the high-tech and biotech industries. We are confident that the dual listing will enable Cimatron to increase its exposure to Israeli investors, enjoy expanded trading hours and facilitate quick and easy investor access to Cimatron’s shares.”

“We are pleased to join the TASE with this new dual listing,” said Yossi Ben-Shalom, Chairman of the Board of Directors of Cimatron. “As we stated earlier this month, when we announced our intention to register for dual listing, we believe that this step will expand our exposure to the Israeli investment community and will increase the interest in Cimatron among Israel’s large and sophisticated institutional investors, as well as provide trading access for European investors during regular European business hours.”

Trading on the TASE occurs Sunday through Thursday from 9:45 AM to 4:30 PM Israel time, except on TASE trading holidays. Through Israel’s Dual Listing Law that took effect in October 2000, U.S.-listed companies may dual-list on the TASE without any additional regulatory requirements. TASE links to the U.S. markets via a direct link to DTC, a subsidiary of the Depository Trust & Clearing Corporation, which facilitates the trading of dually-listed securities.

About Cimatron

With over 28 years of experience and more than 40,000 installations worldwide, Cimatron is a leading provider of integrated, CAD/CAM solutions for mold, tool and die makers as well as manufacturers of discrete parts. Cimatron is committed to providing comprehensive, cost-effective solutions that streamline manufacturing cycles and ultimately shorten product delivery time.

The Cimatron product line includes the CimatronE and GibbsCAM brands with solutions for mold design, die design, electrode design, 2.5 to 5 Axis milling, wire EDM, turn, Mill-turn, rotary milling, multi-task machining, and tombstone machining. Cimatron’s subsidiaries and extensive distribution network serve and support customers in the automotive, aerospace, medical, consumer plastics, electronics, and other industries in over 40 countries worldwide.

Cimatron’s shares are publicly traded on the NASDAQ exchange under the symbol CIMT. For more information, please visit Cimatron’s web site at: http://www.cimatron.com

Safe Harbor Statement

This press release includes forward looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risk and uncertainties that could cause actual results to differ materially from those anticipated. Such statements may relate to Cimatron’s plans, objectives and expected financial and operating results. The words “may,” “could,” “would,” “will,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” and similar expressions or variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Cimatron’s ability to control. The risks and uncertainties that may affect forward looking statements include, but are not limited to: currency fluctuations, global economic and political conditions, marketing demand for Cimatron products and services, long sales cycles, new product development, assimilating future acquisitions, maintaining relationships with customers and partners, and increased competition. For more details about the risks and uncertainties related to Cimatron’s business, refer to Cimatron’s filings with the Securities and Exchange Commission. Cimatron cannot assess the impact of or the extent to which any single factor or risk, or combination of them, may cause. Cimatron undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

    For More Information Contact:
    Ilan Erez
    Chief Financial Officer
    Cimatron Ltd.
    Phone: +972-73-237-0114
    Email: ilane@cimatron.com
Monday, February 28th, 2011 Uncategorized Comments Off on Cimatron (CIMT) Announces Approval of Dual Listing on the Tel Aviv Stock Exchange

Acacia Subsidiary (ACTG) Enters into License Agreement with ECI Telecom

Feb. 25, 2011 (Business Wire) — Acacia Research Corporation (Nasdaq:ACTG) announced today that its subsidiary, Lambda Optical Solutions LLC, has entered into a settlement agreement with ECI Telecom. This agreement resolves patent litigation that was pending in the United States District Court for the District of Delaware.

ABOUT ACACIA RESEARCH CORPORATION

Acacia Research’s subsidiaries partner with inventors and patent owners, license the patents to corporate users, and share the revenue. Acacia Research’s subsidiaries control over 170 patent portfolios, covering technologies used in a wide variety of industries.

Information about Acacia Research is available at www.acaciatechnologies.com and www.acaciaresearch.com.

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

This news release may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown affecting technology companies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory and competitive developments and general economic conditions. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Forms 8-K and 8-K/A, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Acacia Research Corporation

Rob Stewart

Investor Relations

Tel: 949-480-8300

Fax: 949-480-8301

or

Media Contact:

Lippert/Heilshorn&Associates

Adam Handelsman

Managing Director

212-201-6622

ahandelsman@lhai.com

Friday, February 25th, 2011 Uncategorized Comments Off on Acacia Subsidiary (ACTG) Enters into License Agreement with ECI Telecom

OmniVision (OVTI) Reports Record Revenues and Earnings

SANTA CLARA, Calif., Feb. 24, 2011 /PRNewswire/ — OmniVision Technologies, Inc. (Nasdaq: OVTI), a leading developer of advanced digital imaging solutions, today reported financial results for the fiscal third quarter ended January 31, 2011.

Revenues for the third quarter of fiscal 2011 were $265.7 million, as compared to $239.5 million in the second quarter of fiscal 2011, and $156.9 million in the third quarter of fiscal 2010. GAAP net income attributable to OmniVision Technologies, Inc. in the third quarter of fiscal 2011 was $44.7 million, or $0.75 per diluted share, as compared to net income attributable to OmniVision Technologies, Inc. of $28.9 million, or $0.50 per diluted share in the second quarter of fiscal 2011, and net income attributable to OmniVision Technologies, Inc. of $5.0 million, or $0.09 per diluted share in the third quarter of fiscal 2010.

Non-GAAP net income attributable to OmniVision Technologies, Inc. in the third quarter of fiscal 2011 was $51.0 million, or $0.84 per diluted share. Non-GAAP net income attributable to OmniVision Technologies, Inc. in the second quarter of fiscal 2011 was $34.2 million, or $0.58 per diluted share. Non-GAAP net income attributable to OmniVision Technologies, Inc. in the third quarter of fiscal 2010 was $10.8 million, or $0.20 per diluted share. Non-GAAP net income attributable to OmniVision Technologies, Inc. excludes stock-based compensation expenses and the related tax effects. Please refer to the attached schedule for a reconciliation of GAAP net income attributable to OmniVision Technologies, Inc. to non-GAAP net income attributable to OmniVision Technologies, Inc. for the three and nine months ended January 31, 2011 and 2010 and for the three months ended October 31, 2010.

Gross margin for the third quarter of fiscal 2011 was 29.8%, as compared to 28.2% for the second quarter of fiscal 2011 and 24.6% for the third quarter of fiscal 2010. Benefitting from record demand for its products, the sequential increase in the Company’s third quarter gross margin reflected the favorable impact of an increase in revenues recorded on the sale of previously written-down inventory combined with a reduction in inventory valuation allowances. The Company ended the period with cash, cash equivalents and short-term investments totaling $498.9  million, an increase of $102.2 million from the previous quarter.

“For the second consecutive quarter we achieved record revenues, which exceeded the high point of our guidance. This accomplishment underscores the best-in-class performance of our image sensor technology and the resultant demand,” stated Shaw Hong, chief executive officer of OmniVision Technologies, Inc. “With our recent announcement at the GSMA Mobile World Conference, we also delivered on our continuing commitment to drive industry-leading technology when we introduced our most advanced 8-megapixel image sensor built on our second-generation BSI technology, the OmniBSI-2™ architecture.”

Outlook

Based on current trends, the Company expects fiscal fourth quarter 2011 revenues will be in the range of $240 million to $260 million and GAAP net income per share attributable to OmniVision Technologies, Inc. common stockholders will be between $0.48 and $0.61 per diluted share. Excluding the estimated expense and related tax effects associated with stock-based compensation, the Company expects its non-GAAP net income per share attributable to OmniVision Technologies, Inc. common stockholders will be between $0.57 and $0.70 per diluted share. Refer to the table below for a reconciliation of GAAP to non-GAAP net income.

Conference Call

OmniVision Technologies will host a conference call today at 5:00 p.m. Eastern time to discuss these results further. This conference call can be accessed via a webcast at www.ovt.com. The call can also be accessed by dialing 866-730-5769 (domestic) or 857-350-1593 (international) and entering passcode 30380177.

A replay of the call will remain available at www.ovt.com for approximately twelve months. A replay of the call will also be available for one week beginning approximately one hour after the conclusion of the call. To access the replay, dial 888-286-8010 (domestic) or 617-801-6888 (international) and enter passcode 18896387.

About OmniVision

OmniVision Technologies, Inc. is a leading developer of advanced digital imaging solutions. Its CameraChip™ and CameraCube™ products using CameraCube™, OmniBSI™, OmniBSI-2™, OmniPixel®, OmniPixel2™, OmniPixel3™ and OmniPixel3-HS™ technologies are highly integrated, single-chip CMOS image sensors for consumer and commercial applications including mobile phones, notebooks and webcams, security and surveillance systems, digital still and video cameras, entertainment devices, automotive and medical imaging systems. Additional information is available at www.ovt.com.

Safe Harbor Statement

Certain statements in this press release, including statements relating to the Company’s expectations regarding revenues and earnings per share for the three months ending April 30, 2011 are forward-looking statements. These forward-looking statements are based on management’s current expectations, and certain factors could cause actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the impact of general economic conditions; the Company’s ability to accurately forecast customer demand for its products; fluctuations of wafer manufacturing yields, manufacturing capacity and other manufacturing processes; the potential loss of one or more key customers or distributors; the continued growth and development of current markets and the emergence of new markets in which the Company sells, or may sell, its products; competition in current and emerging markets for image sensor products, including pricing pressures that could result from competition; fluctuations in sales mix and average selling prices; the Company’s ability to obtain design wins from various image sensor device manufacturers including manufacturers of mobile phone, laptops and PCs, digital still cameras and automobile manufacturers; the market acceptance of products into which the Company’s products are designed; the development, production, introduction and marketing of new products and technology; the acceptance of the Company’s products in such current and new markets; the Company’s strategic investments and relationships, and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings and reports, including, but not limited to, the Company’s most recent Annual Report on Form 10-K and recent Quarterly Reports on Form 10-Q. The Company expressly disclaims any obligation to update information contained in any forward-looking statement.

Use of Non-GAAP Financial Information

To supplement the reader’s overall understanding both of its reported results presented in accordance with U.S. generally accepted accounting principles (“GAAP”) and its outlook, the Company also presents non-GAAP measures of net income and net income per share which are adjusted from results based on GAAP. In particular, the Company excludes stock-based compensation expense and the related tax effects. The non-GAAP financial measures which the Company discloses also exclude the effects of stock-based compensation on the number of basic and diluted common shares used in calculating non-GAAP basic and diluted net income per share. The Company provides these non-GAAP financial measures to enhance an investor’s overall understanding of its current financial performance and to assess its prospects for the future. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with its GAAP results and the accompanying reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting the Company’s business. The economic basis for the Company’s decision to use non-GAAP financial measures is that the adjustments to net income did not reflect the on-going relative strength of the Company’s performance. The Company’s objective is to minimize any confusion in the financial markets by providing non-GAAP net income and non-GAAP net income per share measurements and disclosing the related components. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with GAAP.

The Company uses non-GAAP financial measures for internal management purposes to conduct and evaluate its business, when publicly providing its business outlook and to facilitate period-to-period comparisons. The Company views non-GAAP net income per share as a primary indicator of the profitability of its underlying business. In addition, because stock-based compensation is a non-cash expense and is offset in full by a credit to paid-in capital, it has no effect on total stockholders’ equity. As the calculation of non-GAAP financial measures differ between companies, the non-GAAP financial measures used by the Company may not be comparable to similarly titled measures used by other companies. Other than stock-based compensation, these differences may cause the Company’s non-GAAP measures to not be directly comparable to other companies’ non-GAAP measures. Although these non-GAAP financial measures adjust cost, expenses and basic and diluted share items to exclude the accounting treatment of stock-based compensation, they should not be viewed as a non-GAAP presentation reflecting the elimination of the underlying stock-based compensation programs. Thus, the Company’s non-GAAP presentations are not intended to present, and should not be used, as a basis for assessing what its operating results might be if it were to eliminate its stock-based compensation programs. The Company compensates for these limitations by providing full disclosure of the net income attributable to OmniVision Technologies, Inc. and net income per share attributable to OmniVision Technologies, Inc. common stockholders on a basis prepared in accordance with GAAP to enable investors to consider net income attributable to OmniVision Technologies, Inc. and net income per share attributable to OmniVision Technologies, Inc. common stockholders determined under GAAP as well as on an adjusted basis, and perform their own analysis, as appropriate. As a result of the foregoing limitations, the Company does not use, nor does the Company intend to use, the non-GAAP financial measures when assessing the Company’s performance against that of other companies.

Estimating stock-based compensation expense and the related tax effects for a future period is subject to inherent risks and uncertainties, including but not limited to the price of the Company’s stock, stock market volatility, expected option life, risk-free interest rates, and the number of option exercises and sales during the quarter.

OMNIVISION TECHNOLOGIES, INC.

RECONCILIATION OF GUIDANCE FOR GAAP NET INCOME PER DILUTED SHARE

TO PROJECTED NON-GAAP NET INCOME PER DILUTED SHARE

(unaudited)

Three Months Ending April 30, 2011

GAAP

Range of Estimates

Non-GAAP

Range of Estimates

From

To

Adjustment

From

To

Net income per share attributable to OmniVision Technologies, Inc. common stockholders

$  0.48

$  0.61

$  0.09 (1)

$  0.57

$  0.70

(1) Reflects estimated adjustment for expense and related tax effects associated with stock-based compensation.

OMNIVISION TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

(unaudited)

January 31,

April 30,

2011

2010

ASSETS

Current assets:

Cash and cash equivalents

$  375,425

$  234,023

Short-term investments

123,470

99,555

Accounts receivable, net of allowances for doubtful accounts and sales returns

119,079

74,261

Inventories

93,569

133,993

Refundable and deferred income taxes

10,209

1,990

Prepaid expenses and other current assets

7,313

9,380

Total current assets

729,065

553,202

Property, plant and equipment, net

115,402

121,547

Long-term investments

101,688

92,121

Goodwill

1,122

439

Intangibles, net

6,268

4,891

Other long-term assets

18,218

25,493

Total assets

$  971,763

$  797,693

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$  98,333

$  85,487

Accrued expenses and other current liabilities

16,185

19,506

Deferred revenues, less cost of revenues

16,619

10,661

Current portion of long-term debt

4,312

4,286

Total current liabilities

135,449

119,940

Long-term liabilities:

Long-term income taxes payable

84,283

90,626

Non-current portion of long-term debt

42,584

45,428

Other long-term liabilities

13,464

4,727

Total long-term liabilities

140,331

140,781

Total liabilities

275,780

260,721

Equity:

OmniVision Technologies, Inc. stockholders’ equity:

Common stock, $0.001 par value; 100,000 shares authorized; 69,345 shares issued and 56,804 outstanding at January 31, 2011 and 64,616 shares issued and 52,075 outstanding at April 30, 2010, respectively

69

65

Additional paid-in capital

512,097

441,077

Accumulated other comprehensive income

1,724

870

Treasury stock, 12,541 shares at January 31, 2011 and April 30, 2010, respectively

(178,683)

(178,683)

Retained earnings

360,776

270,253

Total OmniVision Technologies, Inc. stockholders’ equity

695,983

533,582

Noncontrolling interest

3,390

Total equity

695,983

536,972

Total liabilities and equity

$  971,763

$  797,693

OMNIVISION TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

(unaudited)

Three Months Ended

Nine Months Ended

January 31,

January 31,

2011

2010

2011

2010

Revenues

$  265,677

$  156,935

$  698,208

$  445,839

Cost of revenues

186,464

118,396

499,593

339,668

Gross profit

79,213

38,539

198,615

106,171

Operating expenses:

Research, development and related

23,109

20,414

64,235

57,699

Selling, general and administrative

15,444

15,587

44,514

45,956

Total operating expenses

38,553

36,001

108,749

103,655

Income from operations

40,660

2,538

89,866

2,516

Interest expense, net

(318)

(145)

(952)

(593)

Other income, net

1,768

2,881

2,840

3,672

Income before income taxes

42,110

5,274

91,754

5,595

Provision for (benefit from) income taxes

(2,608)

467

1,263

2,616

Net income

44,718

4,807

90,491

2,979

Net loss attributable to noncontrolling interest

(143)

(32)

(199)

Net income attributable to OmniVision Technologies, Inc.

$  44,718

$  4,950

$  90,523

$  3,178

Net income per share attributable to OmniVision Technologies, Inc. common stockholders:

Basic

$  0.80

$  0.10

$  1.66

$  0.06

Diluted

$  0.75

$  0.09

$  1.56

$  0.06

Shares used in computing net income per share attributable to OmniVision Technologies, Inc. common stockholders:

Basic

56,174

51,273

54,541

50,870

Diluted

59,936

52,554

58,205

52,007

OMNIVISION TECHNOLOGIES, INC.

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME

(in thousands, except per share amounts)

(unaudited)

Three Months Ended

Nine Months Ended

Three Months Ended

January 31,

January 31,

October 31,

2011

2010

2011

2010

2010

GAAP net income attributable to OmniVision Technologies, Inc.

$  44,718

$   4,950

$  90,523

$  3,178

$  28,867

Add:

Stock-based compensation in cost of revenues

472

758

1,527

2,190

522

Stock-based compensation in research, development and related expenses

2,350

2,595

7,406

7,753

2,492

Stock-based compensation in selling, general and administrative expenses

2,015

2,671

6,161

8,282

2,108

(Increase) decrease in provision for income taxes without the effect of stock-based compensation

1,435

(134)

1,999

(152)

251

Non-GAAP net income attributable to OmniVision Technologies, Inc.

$  50,990

$  10,840

$  107,616

$  21,251

$  34,240

GAAP provision for income taxes

$  (2,608)

$  467

$  1,263

$  2,616

$  2,090

(Increase) decrease in provision for income taxes without the effect of stock-based compensation

1,435

(134)

1,999

(152)

251

Non-GAAP provision for (benefit from) income taxes

$  (4,043)

$  601

$  (736)

$  2,768

$  1,839

Non-GAAP net income per share attributable to OmniVision Technologies, Inc. common stockholders:

Basic

$  0.91

$  0.21

$  1.97

$  0.42

$  0.63

Diluted

$  0.84

$  0.20

$  1.83

$  0.40

$  0.58

Shares used in computing non-GAAP net income per share attributable to OmniVision Technologies, Inc. common stockholders:

Basic

56,174

51,273

54,541

50,870

54,235

Diluted

60,634

53,421

58,942

52,525

58,686

Friday, February 25th, 2011 Uncategorized Comments Off on OmniVision (OVTI) Reports Record Revenues and Earnings

Alanco (ALAN) Announces Definitive Agreement to Sell StarTrak Subsidiary

Feb. 24, 2011 (Business Wire) — Alanco Technologies, Inc. (NASDAQ: ALAN) today announced that it has entered into a definitive purchase agreement with ORBCOMM, Inc. (NASDAQ: ORBC) for the sale of its subsidiary StarTrak Systems, LLC (StarTrak), a leading provider of tracking, monitoring and control services for the refrigerated transport market. The total acquisition consideration is valued at approximately $19.7 million, comprised of cash, ORBCOMM stock and assumed debt, including a potential earn out of up to $1.2 million. The transaction is expected to close early in the second quarter of 2011, subject to customary closing conditions, including Alanco shareholder approval which will be solicited via proxy at the Company’s Annual Meeting, tentatively scheduled for April 27, 2011.

Robert R. Kauffman, Alanco Chairman and CEO, commented, “This ORBCOMM sale provides our shareholders a very favorable, risk-adjusted valuation for our StarTrak business, as well as resulting in Alanco receiving a significant shareholding in ORBCOMM, which we believe will be an excellent long term investment. A combined ORBCOMM/StarTrak, through operating scale and reduced SG&A expenses, should boost StarTrak profitability, providing a significant contribution to ORBCOMM’s future earnings and share value.

“The ORBCOMM transaction will also facilitate a capital restructuring of Alanco resulting in elimination of all interest-bearing debt, retirement of both our Series D and E Preferred Stock, and retirement of approximately 1.2 million common shares, reducing the total outstanding common stock to about 4.4 million shares. The resulting post-transaction Alanco will feature a relatively ‘clean’ balance sheet with $7-8 million of current assets consisting of cash and ORBCOMM stock.

“We are now actively pursuing new opportunities to create shareholder value by leveraging Alanco’s public listing, attractive balance sheet, and potentially valuable tax-loss carry forwards through a strategic merger or acquisition.”

Alanco was advised on the transaction by Oberon Securities, LLC, a New York City based investment bank.

Alanco Technologies, Inc. provides wireless monitoring and asset management solutions through its StarTrak Systems subsidiary. StarTrak Systems is the dominant provider of tracking, monitoring and control services to the refrigerated or “Reefer” segment of the transportation marketplace, enabling customers to increase efficiency and reduce costs of the refrigerated supply chain. For more information, visit the Alanco website at www.alanco.com or StarTrak Systems at www.startrak.com.

About ORBCOMM, Inc.: ORBCOMM is a leading global satellite data communications company, focused on Machine-to-Machine (M2M) communications. Its customers include Caterpillar Inc., Doosan Infracore America, Hitachi Construction Machinery, Hyundai Heavy Industries, Asset Intelligence a division of I.D. Systems, Inc., Komatsu Ltd., Manitowoc Crane Companies, Inc., and Volvo Construction Equipment among other industry leaders. By means of a global network of low-earth orbit (LEO) satellites and accompanying ground infrastructure, ORBCOMM’s low-cost and reliable two-way data communication services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. ORBCOMM based products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has its network control center in Dulles, Virginia. For more information, visit www.orbcomm.com.

EXCEPT FOR HISTORICAL INFORMATION, THE STATEMENTS CONTAINED IN THIS PRESS RELEASE ARE FORWARD-LOOKING STATEMENTS MADE PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL SUCH FORWARD-LOOKING STATEMENTS ARE SUBJECT TO, AND ARE QUALIFIED BY, RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY THOSE STATEMENTS. THESE RISKS AND UNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO, REDUCED DEMAND FOR INFORMATION TECHNOLOGY EQUIPMENT; COMPETITIVE PRICING AND DIFFICULTY MANAGING PRODUCT COSTS; DEVELOPMENT OF NEW TECHNOLOGIES THAT MAKE THE COMPANY’S PRODUCTS OBSOLETE; RAPID INDUSTRY CHANGES; FAILURE OF AN ACQUIRED BUSINESS TO FURTHER THE COMPANY’S STRATEGIES; THE ABILITY TO MAINTAIN SATISFACTORY RELATIONSHIPS WITH LENDERS AND REMAIN IN COMPLIANCE WITH FINANCIAL LOAN COVENANTS AND OTHER REQUIREMENTS UNDER CURRENT BANKING AGREEMENTS; AND THE ABILITY TO SECURE AND MAINTAIN KEY CONTRACTS AND RELATIONSHIPS. SPECIFIC TO THE PENDING SALE OF THE COMPANY’S SUBSIDIARY STARTRAK SYSTEMS, LLC, TO ORBCOMM, INC., THE COMPANY’S RISKS INCLUDE BUT ARE NOT LIMITED TO COSTS RELATED TO THE PROPOSED TRANSACTION; FAILURE TO OBTAIN THE REQUIRED APPROVAL OF THE ALANCO SHAREHOLDERS; RISKS THAT THE CLOSING OF THE TRANSACTION IS SUBSTANTIALLY DELAYED OR THAT THE TRANSACTION DOES NOT CLOSE, RISKS THAT THE STARTRAK BUSINESS IS NOT INTEGRATED SUCCESSFULLY; RISK THAT THE COMPANY COULD LOSE ITS NASDAQ LISTING; AND MARKET RISK ASSOCIATED WITH HOLDING THE ORBCOMM STOCK.

Corporate Contact:

John Carlson, 480-505-4869

Exec VP & CFO

or

Investor Relations Contact:

Institutional Marketing Services (IMS)

John Nesbett/Jennifer Belodeau, 203-972-9200

Friday, February 25th, 2011 Uncategorized Comments Off on Alanco (ALAN) Announces Definitive Agreement to Sell StarTrak Subsidiary

Banro (BAA) Announces Closing of C$56,875,000 Financing

TORONTO, Feb. 24 /PRNewswire-FirstCall/ – Banro Corporation  (“Banro” or the “Company”) (NYSE AMEX:BAA) (TSX:BAA.toNews) is pleased to announce the closing of its underwritten private placement of 17,500,000 special warrants of the Company (the “Special Warrants”) at a price of C$3.25 per Special Warrant for aggregate gross proceeds of C$56,875,000 (the “Offering”). The Offering was completed through a syndicate of investment dealers.

Each Special Warrant entitles the holder thereof to receive one common share of the Company (a “Common Share”). The Special Warrants are exercisable by the holders thereof at any time for no additional consideration, and all unexercised Special Warrants will be deemed to be exercised on the earlier of: (i) June 25, 2011; and (ii) the third business day after a receipt is issued for a (final) prospectus qualifying the distribution of the Common Shares by the securities regulatory authorities in each of the Provinces of Canada, except Quebec, where the Special Warrants have been sold.

The Company will use its reasonable best efforts to obtain such receipt by March 31, 2011. However, if the Company fails to qualify the distribution of the Common Shares underlying the Special Warrants, by March 31, 2011, then the holders of the Special Warrants will be entitled, subject to approval by the Toronto Stock Exchange, to receive 1.1 Common Shares in lieu of 1.0 Common Share upon the exercise or deemed exercise of the Special Warrants.

The Company intends to use the net proceeds to accelerate the ramp up of the mill at the Twangiza project to 1.7 million tonnes, to expand its exploration program and for general working capital purposes.

This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. These securities offered have not been and will not be 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 registration requirements.

Banro is a Canadian-based gold exploration and development company focused on the development of four major, wholly-owned gold projects, each with mining licenses, along the 210 kilometre-long Twangiza-Namoya gold belt in the South Kivu and Maniema provinces of the Democratic Republic of the Congo (the “DRC”). Led by a proven management team with extensive gold and African experience, the Company is constructing “Phase I” of its flagship Twangiza project.

Banro’s strategy is to unlock shareholder value by increasing and developing its significant gold assets in a socially and environmentally responsible manner.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding estimates and/or assumptions in respect of gold production, revenue, cash flow and costs, estimated project economics, mineral resource and reserve estimates, potential mineralization, potential mineral resources and reserves, projected timing of gold production and the Company’s exploration and development plans and objectives) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; the possibility that actual circumstances will differ from the estimates and assumptions used in the economic studies of the Company’s projects; failure to establish estimated mineral resources or reserves; fluctuations in gold prices and currency exchange rates; inflation; gold recoveries being less than those indicated by the metallurgical testwork carried out to date (there can be no assurance that gold recoveries in small scale laboratory tests will be duplicated in large tests under on-site conditions or during production); changes in equity markets; political developments in the DRC; lack of infrastructure; failure to procure or maintain, or delays in procuring or maintaining, permits and approvals; lack of availability at a reasonable cost or at all, of plants, equipment or labour; inability to attract and retain key management and personnel; changes to regulations affecting the Company’s activities; uncertainties relating to the availability and costs of financing needed in the future; the uncertainties involved in interpreting drilling results and other geological data; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s annual information form dated March 29, 2010 filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

Thursday, February 24th, 2011 Uncategorized Comments Off on Banro (BAA) Announces Closing of C$56,875,000 Financing

Chart Industries (GTLS) Reports 2010 Fourth Quarter and Year-End Results

CLEVELAND, Feb. 24, 2011 (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 fourth quarter and year ended December 31, 2010. Highlights include:

  • Sales up 22% over 4th quarter 2009
  • Backlog improves 28% compared to 12/31/09
  • 4th quarter 2010 orders improve 24% vs. 3rd quarter 2010 orders
  • Completed acquisition of SeQual during the quarter
  • Received NRU order in excess of $90 million in early 2011

Net income for the fourth quarter of 2010 was $9.8 million, or $0.33 per diluted share. This compares with $15.5 million, or $0.53 per diluted share, for the fourth quarter of 2009.  The fourth quarter of 2010 included $1.3 million or $0.03 per diluted share in restructuring costs associated with the announced shutdown of the Plainfield, Indiana facility acquired from Covidien in 2009, costs associated with the SeQual acquisition completed during the fourth quarter of 2010, and asset impairment charges. The fourth quarter of 2009 included several items that favorably impacted pre-tax income by $4.0 million, or $0.15 per diluted share, including a bargain purchase gain from the Covidien acquisition partially offset by restructuring and acquisition-related costs.

Fourth quarter 2010 earnings would have been $0.36 per diluted share excluding the $0.03 per share of restructuring, acquisition, and impairment related costs. Fourth quarter of 2009 earnings would have been $0.38 per share excluding the 2009 items mentioned above.

Net sales for the fourth quarter of 2010 increased 22% to $158.8 million from $130.3 million in the comparable period a year ago. Gross profit for the fourth quarter of 2010 was $50.6 million, or 32% of sales, versus $43.9 million, or 34% of sales, in the comparable quarter of 2009.

“2010 was a transitional year for Chart, with our financial performance improving each quarter as we expected, due to improving global markets across all our business segments,” stated Sam Thomas, Chart’s Chairman, President and Chief Executive Officer. “Fourth quarter orders were the strongest quarterly intake since the second quarter of 2008. In addition, fourth quarter orders improved 24% over a strong third quarter order level, and we finished the year with our best quarterly profit performance for 2010.”

Mr. Thomas continued, “The recently announced Nitrogen Rejection Unit (“NRU”) order in excess of $90 million signals the return of large project work in our Energy & Chemicals (“E&C”) business and is a strong validation of the significant quote activity we have seen over the last year. We remain optimistic about additional large project opportunities in the E&C business. In our BioMedical segment, the SeQual acquisition, completed in late December 2010, expands our respiratory product offering with a portable oxygen concentrator. This product is experiencing the highest growth rate among our respiratory products and takes advantage of Chart’s existing distribution network to drive incremental sales. We will continue to focus on acquisitions with above average growth potential going forward.”

Backlog at December 31, 2010 was $236.4 million, up 28% from the December 31, 2009 level of $185.1 million, and 11% higher than the backlog of $212.6 million at September 30, 2010. Orders for the fourth quarter of 2010 were $182.2 million compared with third quarter 2010 orders of $146.8 million, an improvement of $35.4 million or 24%.

“The order improvement was led by our E&C business, where natural gas processing and natural gas liquids recovery projects continue to provide order opportunities, particularly in North America,” said Mr. Thomas. “In addition, December monthly order intake in our Distribution & Storage (“D&S”) operations was the strongest in two and a half years, led by mobile equipment and engineered system products. With customer-owned inventory at Chart sites down to very low levels, we have started to see an increase in bulk and transportable equipment orders, which also contributed to the improvement during the quarter.”

Selling, general and administrative (“SG&A”) expenses for the fourth quarter of 2010 increased $3.9 million to $29.3 million, or 18% of sales compared with the same period in 2009. This was primarily due to acquisition and employee-related costs, as we continue to grow the business and target additional LNG growth opportunities.

Income tax expense was $4.3 million for the fourth quarter and represented an effective tax rate of 30% compared with $2.1 million for the prior year’s fourth quarter, or an effective tax rate of 12%. The full year effective tax rate for 2010 was 28%, the same as for 2009. The fourth quarter 2009 effective tax rate was lower primarily due to a permanent tax difference on the bargain purchase gain associated with the November 2009 Covidien acquisition. The 2009 effective tax rate, excluding the bargain purchase gain, would have been approximately 31% for the full year.

Cash and short-term investments were $165.1 million and net debt was $60 million at December 31, 2010. Major uses of cash during the quarter included $39 million for the acquisition of SeQual, which closed in late December 2010, and $5 million for capital expenditures, largely for the new BioMedical facility in Canton, Georgia.

SEGMENT HIGHLIGHTS

E&C segment sales declined 5% to $42.1 million for the fourth quarter of 2010, compared with $44.1 million for the same quarter in the prior year. Although fourth quarter orders in E&C were the strongest since the second quarter of 2008, given the longer term nature of its projects revenue recognition is delayed under percentage of completion accounting. E&C gross profit margin declined to 27% in the 2010 quarter compared with 37% in the same quarter in 2009. Improvements in Brazed Aluminum Heat Exchanger margins were more than offset by lower Systems margins due to project mix and successful completion of several large projects in the prior year quarter.  However, E&C’s gross profit margin of 27% for fourth quarter 2010 was an improvement over the profit margin in all prior quarters in 2010.

D&S segment sales improved by 29% to $77.2 million for the fourth quarter of 2010, compared with $59.8 million for the same quarter in the prior year. The increase in sales was largely due to improved volume across most product lines, especially in China. We continue to see strong order trends in all market segments led by our industrial gas customers. D&S gross profit margin declined to 28% in the quarter compared with 32% a year ago largely due to higher material costs and warranty expense.

BioMedical segment sales improved 50% to $39.6 million for the fourth quarter of 2010, compared with $26.4 million for the same quarter in the prior year. This increase is largely due to the acquisition of Covidien’s oxygen therapy business, which closed in late November 2009. BioMedical gross profit margin increased to 45% in the quarter compared with 33% for the same period in 2009. Favorable volume and mix in the current quarter and higher restructuring-related costs in the prior year quarter impacted margins including higher cost of sales due to the write-up of inventory to fair value in the Covidien transaction. BioMedical’s fourth quarter gross profit margin was higher than the profit margins in all prior quarters in 2010, as the prior quarters included significant restructuring and acquisition-related costs.

OUTLOOK

Global markets are expected to continue their recovery during 2011 with the return of significant project work in our E&C business and continued growth in LNG-related orders in our D&S business. Order rates improved throughout 2010, and this is expected to continue in 2011. Based on our current backlog and order expectations, 2011 net sales are expected to be in a range of $710 to $750 million. Diluted earnings per share for 2011 are expected to be in a range of $1.50 to $1.70 per share based on approximately 29.5 million weighted average shares outstanding. Included in our 2011 earnings estimates are approximately $0.20 per diluted share for anticipated restructuring charges for the recently completed SeQual acquisition and trailing costs associated with the shutdown of the Plainfield, Indiana facility acquired from Covidien. Excluding these charges, earnings would be expected to fall in a range of $1.70 to $1.90 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; a delay, significant reduction in or loss of purchases by large customers; fluctuations in energy prices and changes in government energy policy; uncertainties associated with pending legislative initiatives for the use of natural gas as a transportation fuel; competition; the negative impacts of downturns in economic and financial conditions on our business;  our ability to manage our fixed-price contract exposure; our reliance on key suppliers and potential supplier failures or defects; the modification or cancellation of orders in our backlog; 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 impact of the financial distress of third parties; the loss of key employees and deterioration of employee or labor relations; the pricing and availability of raw materials; 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 severe weather; litigation and disputes involving the Company, including product liability, contract, warranty, 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 fourth quarter and year 2010 results on a conference call on Thursday, February 24, 2011 at 10:30 a.m. ET.  Participants may join the conference call by dialing (877) 485-3104 in the U.S. or (201) 689-8579 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 366869.  The telephone replay will be available beginning approximately one hour after the end of the call until 11:59 p.m. ET, Thursday, March 10, 2011.

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
(Dollars and shares in thousands, except per share amounts)
Three Months Ended

December 31,

(Unaudited)

Year Ended

December 31,

2010 2009 2010 2009
Sales (1) $ 158,838 $ 130,306 $ 555,455 $ 597,458
Cost of sales (1) 108,191 86,388 390,156 395,577
Gross profit 50,647 43,918 165,299 201,881
Selling, general and administrative expenses 29,262 25,361 104,973 95,601
Amortization expense 2,822 2,704 11,049 10,716
Asset impairment 464 893 1,773 1,230
32,548 28,958 117,795 107,547
Operating income (2) 18,099 14,960 47,504 94,334
Other (income) expense:
Interest expense and financing cost amortization, net 4,205 4,463 19,259 17,433
Gain on acquisition of business (6,954) (1,124) (6,954)
Foreign currency (gain) loss (415) (252) 871 (687)
3,790 (2,743) 19,006 9,792
Income before income taxes and (3) noncontrolling interest 14,309 17,703 28,498 84,542
Income tax expense 4,346 2,131 7,993 23,386
Income before noncontrolling interest 9,963 15,572 20,505 61,156
Noncontrolling interest, net of taxes 161 47 345 145
Net income attributable to Chart Industries, Inc. $ 9,802 $ 15,525 $ 20,160 $ 61,011
Net income per common share – basic $ 0.34 $ 0.54 $ 0.71 $ 2.14
Net income per common share – diluted $ 0.33 $ 0.53 $ 0.69 $ 2.11
Weighted average number of common shares outstanding – basic 28,578 28,497 28,534 28,457
Weighted average number of common shares outstanding – diluted 29,417 29,101 29,255 28,981
(1) Shipping and handling costs of $1,456 and $5,942 for the three months and year ended December 31, 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 depreciation expense of $3,180 and $2,771 for the three months ended December 31, 2010 and 2009, respectively, and $12,528 and $10,696 for the years ended December 31, 2010 and 2009, respectively.
(3) Includes restructuring related costs of $1,314 ($0.03 per diluted share) and $8,743 ($0.22 per diluted share) for the three months and year ended December 31, 2010, respectively, and $3,042 ($0.09 per diluted share) and $8,726 ($0.22 per diluted share) for the three months and year ended December 31, 2009, respectively. 2010 restructuring charges include acquisition related costs associated with the shutdown of the Plainfield, Indiana facility, write up of inventory to fair value, as well as impairment charges and write-off of deferred financing fees with the Senior Credit Facility refinancing. 2009 restructuring charges include costs associated with planned work force reductions, the Denver, Colorado facility shutdown, as well as impairment charges and write up of inventory to fair value in the Covidien acquisition. This is partially offset by gains on acquisition of business from the Covidien acquisition of $1,124 ($0.04 per diluted share) and $6,954 ($0.24 per diluted share) for the years ended December 31, 2010 and 2009, respectively.
CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
Three Months Ended

December 31,

(Unaudited)

Year Ended

December 31,

2010 2009 2010 2009
Net Cash Provided by Operating Activities $ 1,489 $ 10,344 $ 38,574 $ 86,926
Investing Activities
Capital expenditures (5,154) (3,786) (16,939) (13,190)
Short term investments 30,229 32,264
Acquisition of business (38,700) (10,029) (47,865) (18,086)
Other investing activities 989 (2,139) 589 (1,790)
Net Cash Provided by (Used in) Investing Activities (42,865) 14,275 (64,215) (802)
Financing Activities
Principal payments on debt (1,625) (18,250)
Option exercise proceeds 1,019 8 1,063 746
Other financing activities 761 (85) (2,115) 30
Net Cash Provided by (Used in) Financing Activities 155 (77) (19,302) 776
Net increase (decrease) in cash and cash equivalents (41,221) 24,542 (44,943) 86,900
Effect of exchange rate changes on cash (2,313) (2,541) (1,113) 2,103
Cash and cash equivalents at beginning of period 208,646 189,167 211,168 122,165
Cash And Cash Equivalents At End of Period $ 165,112 $ 211,168 $ 165,112 $ 211,168
CHART INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
December 31,

2010

December 31,

2009

ASSETS
Cash and cash equivalents $ 165,112 $ 211,168
Current assets 240,984 203,236
Property, plant and equipment, net 116,158 111,153
Goodwill 275,252 264,532
Identifiable intangible assets, net 144,286 123,773
Other assets, net 13,047 12,641
TOTAL ASSETS $ 954,839 $ 926,503
LIABILITIES & SHAREHOLDERS’ EQUITY
Current liabilities $ 164,683 $ 143,937
Current portion of long-term debt 6,500
Long-term debt 218,425 243,175
Other long-term liabilities 63,857 62,145
Shareholders’ equity 501,374 477,246
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 954,839 $ 926,503
CHART INDUSTRIES, INC. AND SUBSIDIARIES
OPERATING SEGMENTS (UNAUDITED)
(Dollars in thousands)
Three Months Ended

December 31,

Year Ended

December 31,

2010 2009 2010 2009
Sales
Energy & Chemicals $ 42,089 $ 44,122 $ 137,801 $ 255,074
Distribution & Storage 77,156 59,828 269,293 252,197
BioMedical 39,593 26,356 148,361 90,187
Total $ 158,838 $ 130,306 $ 555,455 $ 597,458
Gross Profit
Energy & Chemicals $ 11,229 $ 16,172 $ 31,005 $ 94,652
Distribution & Storage 21,558 18,937 77,194 74,119
BioMedical 17,860 8,809 57,100 33,110
Total $ 50,647 $ 43,918 $ 165,299 $ 201,881
Gross Profit Margin
Energy & Chemicals 26.7% 36.7% 22.5% 37.1%
Distribution & Storage 27.9% 31.7% 28.7% 29.4%
BioMedical 45.1% 33.4% 38.5% 36.7%
Total 31.9% 33.7% 29.8% 33.8%
Operating Income
Energy & Chemicals $ 4,962 $ 7,720 $ 6,121 $ 61,852
Distribution & Storage 12,387 9,879 41,934 39,888
BioMedical 10,743 2,512 30,698 15,912
Corporate (9,993) (5,151) (31,249) (23,318)
Total $ 18,099 $ 14,960 $ 47,504 $ 94,334
CHART INDUSTRIES, INC. AND SUBSIDIARIES
ORDERS AND BACKLOG (UNAUDITED)
(Dollars in thousands)
Three Months Ended Year Ended
December 31, September 30, December 31,
2010 2010 2010 2009
Orders
Energy & Chemicals $ 57,686 $ 32,305 $ 165,827 $ 75,788
Distribution & Storage 86,579 74,285 287,819 208,851
BioMedical 37,925 40,186 150,864 92,746
Total $ 182,190 $ 146,776 $ 604,510 $ 377,385
Backlog
Energy & Chemicals $ 115,972 $ 100,369 $ 115,972 $ 87,816
Distribution & Storage 108,665 99,116 108,665 87,727
BioMedical 11,779 13,161 11,779 9,518
Total $ 236,416 $ 212,646 $ 236,416 $ 185,061
CONTACT: 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, February 24th, 2011 Uncategorized Comments Off on Chart Industries (GTLS) Reports 2010 Fourth Quarter and Year-End Results

Carrols Restaurant Group, Inc. (TAST) Reports Financial Results for the Fourth Quarter and Full Year 2010

Feb. 24, 2011 (Business Wire) — Carrols Restaurant Group, Inc. (Nasdaq: TAST), the parent company of Carrols Corporation, today announced financial results for the fourth quarter and full year ended January 2, 2011.

Carrols also announced its intention to pursue the splitting of the Company’s business into two separate, publicly traded companies through the tax-free spin-off of its Hispanic Brands to the Company’s stockholders. The company to be spun-off will own and operate the Pollo Tropical® and Taco Cabana® businesses which had combined revenues of $439.1 million in 2010. Carrols Restaurant Group, Inc. will continue to own and operate its more than 300 franchised Burger King® restaurants.

Alan Vituli, Chairman and Chief Executive Officer of Carrols Restaurant Group, Inc., commented, “The separation of our Hispanic Brand and Burger King restaurant businesses is a natural evolution for Carrols. We believe that the separation will enable each company to better focus on its respective opportunities as well as to pursue its own distinct plan and growth strategy. We also believe that a separation offers the potential for improving shareholder value as each publicly traded company will be better positioned to align its business with its respective shareholders’ objectives.”

The Company currently plans to refinance its existing debt and to separately finance the Burger King and Hispanic Brand businesses to facilitate the contemplated separation. The Company is also developing detailed plans for the proposed spin-off. The separation plan, including transaction structure, timing, composition of senior management and the Boards of Directors, capital structure and other matters, will be subject to approval by the Company’s Board of Directors, customary regulatory and other approvals and the receipt of a favorable IRS tax ruling, among other things. The Company expects to complete the spin-off by the end of 2011. Further details will be disclosed at a later date.

Highlights for the 13-week fourth quarter of 2010 versus the 14-week fourth quarter of 2009 include:

  • Total revenues were $194.9 million in the fourth quarter of 2010 compared to $209.7 million. One extra week in the 2009 fiscal year contributed $13.6 million in revenues;
  • Comparable restaurant sales (on a comparable 13 week basis) increased 10.7% at Pollo Tropical, increased 2.3% at Taco Cabana, but decreased 6.1% at Burger King; and
  • Net income for the fourth quarter of 2010 was $2.6 million, or $0.12 per diluted share, compared to net income of $4.1 million, or $0.19 per diluted share in the prior year. Earnings in the fourth quarter of 2010 were after impairment and other lease charges of $3.2 million, or $0.10 per diluted share after tax, and favorable adjustments to the Company’s tax provision of $0.6 million, or $0.03 per diluted share. Earnings in the fourth quarter of 2009 included impairment and other lease charges of $2.4 million, or $0.07 per diluted share after tax. The extra week in 2009 contributed net income of $0.07 per diluted share.

Highlights for the 52-week full year 2010 versus the 53-week full year 2009 include:

  • Total revenues were $796.1 million in 2010 compared to $816.1 million;
  • Comparable restaurant sales (on a comparable 52 week basis) increased 7.4% at Pollo Tropical, increased 0.3% at Taco Cabana, but decreased 4.3% at Burger King;
  • Net income for 2010 was $11.9 million, or $0.55 per diluted share, compared to net income of $21.8 million, or $1.00 per diluted share in 2009. Both years included non-recurring gains and impairment and other lease charges, which in the aggregate reduced earnings by $0.21 per diluted share in 2010 and $0.06 per diluted share in 2009; and
  • Total outstanding indebtedness was reduced $19.6 million to $263.5 million as of January 2, 2011.

As of January 2, 2011, the Company owned and operated 551 restaurants, including 305 Burger King, 91 Pollo Tropical and 155 Taco Cabana restaurants, and franchised 34 restaurants.

Mr. Vituli commented, “We were pleased with the continued momentum at both Pollo Tropical and Taco Cabana during the fourth quarter. We are clearly benefitting from the success of new menu additions along with our promotional activity. We are also gaining traction from the remodeling and elevation of more than 40 Hispanic Brand restaurants in certain markets. Our actions better align our dining experience with our food quality and have broadened our customer base. We believe that our initiatives to improve the positioning of Pollo Tropical and Taco Cabana will provide a solid foundation for sustainable long-term growth.”

Mr. Vituli continued, “During the fourth quarter, Burger King was negatively impacted by aggressive competition, discounting, harsh winter weather conditions, and higher beef costs, which led to both lower sales and restaurant-level profitability compared to last year. In 2011, Burger King Corporation, under new ownership and leadership, will be employing a ‘back to basics’ approach to regain lost market share, with a focus on core products and less discounting activity. We hope that these efforts help customers reconnect with the Burger King brand and favorably impact sales, margins and operating profits.”

Fourth Quarter 2010 Results

Total revenues decreased 7.1% to $194.9 million in the fourth quarter of 2010 from $209.7 million in the fourth quarter of 2009, while revenues from the Company’s Hispanic Brands decreased 0.5% to $109.3 million from $109.8 million. The fourth quarter of 2010 was a 13 week period, while the fourth quarter of 2009 was a 14 week period.

Pollo Tropical revenues increased 5.1% to $47.4 million during the fourth quarter of 2010 from $45.1 million in the fourth quarter of 2009. On a comparable 13 week basis, Pollo Tropical comparable restaurant sales increased 10.7% and total revenues increased 12.5%.

Taco Cabana revenues decreased 4.5% to $61.8 million during the fourth quarter of 2010 from $64.7 million in the fourth quarter of 2009. On a comparable 13 week basis, Taco Cabana comparable restaurant sales increased 2.3% and total revenues increased 2.3%.

Burger King revenues decreased 14.2% to $85.6 million during the fourth quarter of 2010 from $99.9 million in the fourth quarter of 2009. On a comparable 13 week basis, Burger King comparable restaurant sales decreased 6.1% and total revenues decreased 8.3%.

General and administrative expenses increased to $13.8 million during the fourth quarter of 2010 from $13.2 million in the fourth quarter of 2009, and as a percentage of total revenues, increased from 6.3% to 7.1%.

Income from operations decreased to $7.6 million during the fourth quarter of 2010 from $11.2 million in the fourth quarter of 2009, and as a percentage of total revenues, decreased from 5.4% to 3.9%.

Interest expense held steady at $4.7 million in both the fourth quarter of 2010 and 2009.

Impairment and other lease charges were $3.2 million in the fourth quarter of 2010. Impairment charges for Pollo Tropical were $2.2 million including charges related to two restaurants in Orlando, one of which was closed in January 2011, and $0.8 million related to a New Jersey restaurant. Lease termination charges were $0.7 million including charges related to one Pollo Tropical restaurant closed in the fourth quarter of 2010 and five other restaurants previously closed. There were also $0.3 million in impairment charges related to four Burger King restaurants.

Net income in the fourth quarter of 2010 was $2.6 million, or $0.12 per diluted share, compared to net income in the fourth quarter of 2009 of $4.1 million, or $0.19 per diluted share. The fourth quarter of 2010 included $3.2 million in impairment and other lease charges ($0.10 per diluted share, after tax) while the fourth quarter of 2009 included $2.4 million in impairment and other lease charges ($0.07 per diluted share, after tax).

Full Year 2010 Results

For 2010 (which included 52 weeks), total revenues decreased 2.5% to $796.1 million from $816.1 million in the same period last year (which included 53 weeks). Net income was $11.9 million in 2010, or $0.55 per diluted share, compared to $21.8 million, or $1.00 per diluted share, in 2009. Both years included non-recurring gains and impairment and other lease charges, which in the aggregate, reduced net earnings by $0.21 per diluted share in 2010 and $0.06 per diluted share in 2009.

Full Year 2011 Outlook

The Company is not providing specific earnings guidance for 2011. However, the Company is providing the following information which does not include any impact from the potential spin-off transaction or refinancing:

  • For the Company’s Hispanic Brands, comparable restaurant sales are expected to increase approximately 3% to 5% for Pollo Tropical and to increase approximately 1% to 2% for Taco Cabana. While there is less visibility with regards to Burger King, comparable sales are expected in improve from the 2010 levels;
  • Commodity costs are expected to increase 2.5% to 3.0% for the Hispanic Brands and to increase 5% to 6% for Burger King;
  • The Company plans to open five to ten new Hispanic Brand restaurants and to relocate one Burger King restaurant. It also anticipates the closing of one Pollo Tropical, one Taco Cabana and ten Burger King restaurants (excluding the relocated restaurant);
  • Total capital expenditures are estimated in the $45 million to $55 million range; and
  • The Company’s annual effective tax rate is estimated to be 35% to 36%.

Mr. Vituli added, “Separating Carrols Restaurant Group into two public companies is compelling despite some of the complexities which will be encountered. We believe that Pollo Tropical and Taco Cabana are well positioned for unit growth and expansion. Both brands have broad consumer appeal, serve differentiated food, offer an attractive value proposition and can win new customers from both conventional quick-serve and casual dining restaurants.”

“Carrols’ franchised Burger King restaurant business has the potential for higher sales and improved profitability as Burger King Corporation attempts to expand its market share. Moreover, given the number of restaurants comprising the Burger King system and Carrols’ historical success in acquiring and integrating franchised Burger King restaurants, we believe that there is considerable opportunity for growth through acquisition.”

Mr. Vituli concluded, “Our management team and our employees throughout the Company have all been instrumental in our success to this point and in helping shape the long-term strategic direction of our company. Day to day operations should not be affected by the spin-off nor do we expect such transaction to result in any work force reductions.”

Conference Call Today

The Company will host a conference call to discuss the fourth quarter and full year 2010 financial results today at 8:30 AM Eastern Time.

The conference call can be accessed live over the phone by dialing 877-941-8418 or for international callers by dialing 480-629-9809. A replay will be available one hour after the call and can be accessed by dialing 800-406-7325 or for international callers by dialing 303-590-3030; the passcode is 4414672. The replay will be available until Thursday, March 3, 2011. The call will be webcast live from the Company’s website at www.carrols.com, under the investor relations section.

About the Company

Carrols Restaurant Group, Inc., operating through its subsidiaries, including Carrols Corporation, is one of the largest restaurant companies in the United States. The Company operates three restaurant brands in the quick-casual and quick-service restaurant segments with 551 company-owned and operated restaurants in 17 states as of January 2, 2011, and 34 franchised restaurants in the United States, Puerto Rico, Ecuador, Honduras, Trinidad and the Bahamas. Carrols Restaurant Group owns and operates two Hispanic Brand restaurants, Pollo Tropical and Taco Cabana. It is also the largest Burger King franchisee, based on number of restaurants, and has operated Burger King restaurants since 1976.

Forward-Looking Statements

Except for the historical information contained in this news release, the matters addressed are forward-looking statements. Forward-looking statements, written, oral or otherwise made, represent the Company’s expectation or belief concerning future events. Without limiting the foregoing, these statements are often identified by the words “may,” “might,” “believes,” “thinks,” “anticipates,” “plans,” “expects”, “intends” or similar expressions. In addition, expressions of our strategies, intentions or plans, (including, without limitation, the Company’s consideration of a potential spin-off transaction) are also forward-looking statements. Such statements reflect management’s current views with respect to future events and are subject to risks and uncertainties, both known and unknown. You are cautioned not to place undue reliance on these forward-looking statements as there are important factors that could cause actual results to differ materially from those in forward-looking statements, many of which are beyond our control. Investors are referred to the full discussion of risks and uncertainties as included in the Company’s and Carrols Corporation’s filings with the Securities and Exchange Commission.

The Company currently does not intend to discuss further developments with respect to the potential separation of its Burger King and Hispanic Brand businesses unless and until a specific spin-off plan is further developed or circumstances warrant such disclosure.

Carrols Restaurant Group, Inc.

Consolidated Statements of Operations

(in thousands except share and per share amounts)

(unaudited)

Three Months Ended

December 31, (a)

(unaudited)

Twelve Months Ended

December 31, (a)

2010 2009 2010 2009
Revenues:
Restaurant sales $ 194,531 $ 209,208 $ 794,611 $ 814,534
Franchise royalty revenues and fees 368 489 1,533 1,606
Total revenues 194,899 209,697 796,144 816,140
Costs and expenses:
Cost of sales 58,375 62,162 240,635 237,446
Restaurant wages and related expenses (b) 57,303 62,657 235,075 239,553
Restaurant rent expense 11,955 12,492 48,578 49,709
Other restaurant operating expenses 27,657 29,220 114,643 117,761
Advertising expense 6,902 7,620 30,362 31,172
General and administrative expenses (b) 13,825 13,169 51,021 51,851
Depreciation and amortization 8,144 8,687 32,459 32,520
Impairment and other lease charges 3,231 2,371 7,323 2,771
Other income (c) ( 44 ) 79 (444 ) (720 )
Total costs and expenses 187,348 198,457 759,652 762,063
Income from operations 7,551 11,240 36,492 54,077
Interest expense 4,661 4,730 18,805 19,638
Income before income taxes 2,890 6,510 17,687 34,439
Provision for income taxes 316 2,363 5,771 12,604
Net income (d) $ 2,574 $ 4,147 $ 11,916 $ 21,835
Basic net income per share $ 0.12 $ 0.19 $ 0.55 $ 1.01
Diluted net income per share $ 0.12 $ 0.19 $ 0.55 $ 1.00
Basic weighted average common shares outstanding 21,626 21,598 21,621 21,594
Diluted weighted average common shares outstanding 21,883 21,846 21,835 21,769
(a) The Company uses a 52 or 53 week fiscal year that ends on the Sunday closest to December 31. The 2010 fiscal year is a 52 week fiscal period and the 2009 fiscal year was a 53 week fiscal period. For convenience, all references to the three and twelve months ended January 2, 2011 and January 3, 2010, respectively, are referred to as the three and twelve months ended December 31, 2010 and December 31, 2009, respectively. The three months ended December 31, 2010 included 13 weeks and the three months ended December 31, 2009 included 14 weeks.
(b) Restaurant wages and related expenses include stock-based compensation expense of $11 and $59 for the three months ended December 31, 2010 and 2009, respectively, and $50 and $215 for the twelve months ended December 31, 2010 and 2009, respectively. General and administrative expenses include stock-based compensation expense of $408 and $297 for the three months ended December 31, 2010 and 2009, respectively, and $1,601 and $1,196 for the twelve months ended December 31, 2010 and 2009, respectively.
(c) Other income in 2010 was due to a gain on an insurance recovery from a fire at a Burger King restaurant. Other income in 2009 included a gain of $579 from an insurance recovery for restaurants damaged during Hurricane Ike, a gain of $220 from the sale of a non-operating Taco Cabana property and a loss of $79 from the sale-leaseback of a Burger King property.
(d) The consolidated financial results for Carrols Corporation, the sole operating subsidiary of Carrols Restaurant Group, Inc., differ from the above by a slight difference in rent expense. Consolidated net income for Carrols Corporation for the three months ended December 31, 2010 and 2009 was $2,575 and $4,148, respectively, and $11,922 and $21,841 for the twelve months ended December 31, 2010 and 2009, respectively.
Carrols Restaurant Group, Inc.
The following table sets forth certain unaudited supplemental financial and other restaurant data for the periods indicated (in thousands, except number of restaurants):
(unaudited)

Three Months Ended

December 31,

(unaudited)

Twelve Months Ended

December 31,

2010 2009 2010 2009
Segment revenues:
Burger King $ 85,642 $ 99,857 $ 357,073 $ 384,020
Pollo Tropical 47,420 45,103 187,293 177,840
Taco Cabana 61,837 64,737 251,778 254,280
Total revenues $ 194,899 $ 209,697 $ 796,144 $ 816,140
Change in comparable restaurant sales: (a)
Burger King (6.1 )% (3.0 )% (4.3 )% (2.6 )%
Pollo Tropical 10.7 % 0.3 % 7.4 % (1.3 )%
Taco Cabana 2.3 % (4.5 )% 0.3 % (3.7 )%
Adjusted Segment EBITDA: (b)
Burger King $ 4,054 $ 7,931 $ 19,755 $ 32,825
Pollo Tropical 7,939 6,702 30,303 26,228
Taco Cabana 7,308 8,100 27,424 31,006
Average sales per restaurant: (c)
Burger King $ 282 $ 310 $ 1,162 $ 1,206
Pollo Tropical 517 459 2,053 1,911
Taco Cabana 397 388 1,616 1,607
New restaurant openings:
Burger King 1 1 2
Pollo Tropical 2 2 1
Taco Cabana 1 1 4
Total new restaurant openings 2 2 4 7
Restaurant closings:
Burger King (1 ) (3 ) (8 ) (5 )
Pollo Tropical (1 ) (2 ) (1 )
Taco Cabana (1 ) (2 ) (2 )
Net new restaurants (1 ) (1 ) (8 ) (1 )
Number of company owned restaurants:
Burger King 305 312
Pollo Tropical 91 91
Taco Cabana 155 156
Total company owned restaurants 551 559
At 12/31/10 At 12/31/09
Long-term debt (d) $ 263,513 $ 283,092
(a) Restaurants are included in comparable restaurant sales after they have been open for 12 months for Burger King restaurants and 18 months for Pollo Tropical and Taco Cabana restaurants. Comparable restaurant sales are presented on a comparable 13 week basis for the quarter and 52 weeks for the year.
(b) Adjusted Segment EBITDA is defined as earnings attributable to the applicable segment before interest, income taxes, depreciation and amortization, impairment and other lease charges, stock-based compensation expense, other loss (income) and gains and losses on extinguishment of debt. Adjusted Segment EBITDA is used because it is the measure of segment profit or loss reported to our chief operating decision maker for purposes of allocating resources to the segments and assessing each segment’s performance. This may not be necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. Adjusted Segment EBITDA for Burger King restaurants includes general and administrative expenses related directly to the Burger King segment as well as the expenses associated with administrative support to all three of the Company’s segments including executive management, information systems and certain accounting, legal and other administrative functions.
(c) Average sales for company-owned or operated restaurants are derived by dividing restaurant sales for such period for the applicable segment by the average number of restaurants for the applicable segment for such period. For comparative purposes, the calculation of average sales per restaurant is based on a comparable 13 week basis for the quarter and 52 weeks for the year, and in 2009 excludes restaurant sales for one extra week in the fourth quarter and the full year.
(d) Long-term debt (including current portion) at January 2, 2011 included $165,000 of the Company’s 9% senior subordinated notes, $87,250 of outstanding borrowings under its senior credit facility, $10,061 of lease financing obligations and $1,202 of capital lease obligations. Long-term debt at January 3, 2010 (including current portion) included $165,000 of the Company’s 9% senior subordinated notes, $106,900 of outstanding borrowings under its senior credit facility, $9,999 of lease financing obligations and $1,193 of capital lease obligations.
Thursday, February 24th, 2011 Uncategorized Comments Off on Carrols Restaurant Group, Inc. (TAST) Reports Financial Results for the Fourth Quarter and Full Year 2010

NII Holdings (NIHD) Delivers Outstanding Performance for 2010

NII Holdings, Inc. [Nasdaq: NIHD] today announced its consolidated financial results for the fourth quarter and full year 2010.  For the full year 2010, the Company added 1,641,000 net subscribers to its network, bringing its total year-end subscriber base to 9.0 million, a 22% increase over year-end 2009.  Financial results for the full year 2010 included consolidated operating revenues of $5.6 billion, a 27% increase compared to last year; consolidated operating income before depreciation and amortization, or OIBDA, of $1.43 billion, a 29% increase compared to last year; and consolidated operating income of $877 million, a 30% increase compared to last year. For the full year 2010, the Company generated net income of $341 million, or $2.03 per basic share.  Capital expenditures were $876 million for full year 2010.

For the fourth quarter of 2010, the Company added slightly more than 436,000 net subscribers to its network.  Financial results for the fourth quarter of 2010 included consolidated operating revenues of $1.52 billion, a 23% increase over the same period last year, consolidated OIBDA of $379 million, a 27% increase over the same period last year, and consolidated operating income of $229 million, a 31% increase over the same period last year. Consolidated OIBDA results for the fourth quarter of 2010 include an out of period adjustment of $26 million in additional expense resulting from a change in Brazilian tax law that reduced Nextel Brazil’s expected recovery relating to prepaid Value Added Taxes imposed on handset sales.  This out of period adjustment was offset by a benefit of $9 million relating to an operating tax credit in Brazil that was discussed on our third quarter results call but was subsequently excluded from the Company’s reported results for that period.  The net effect of these items is a $17 million reduction in the Company’s reported fourth quarter OIBDA.

“NII delivered strong growth and profitability in 2010, exceeding our goals for net subscriber additions, revenues, and OIBDA that we outlined for the year,” said Steve Dussek, NII Holdings’ Chief Executive Officer.  “In 2010, we grew our subscriber base by 22%, increased our revenues by 27% and increased our OIBDA by 29%.  During 2010, we also successfully bid for 3G spectrum in our largest markets, Mexico and Brazil.  We believe our plans to deploy 3G networks will position us to pursue more profitable growth in the future by enabling us to target additional customer segments and provide innovative broadband wireless services to our high value customer base.”

NII Holdings’ consolidated average monthly service revenue per subscriber (ARPU) increased to $48 for the full year 2010 from $45 in 2009, with the increase resulting primarily from higher average currency exchange rates. The Company also reported consolidated churn of 1.66% for the full year 2010, a 35 basis point decrease from the 2.01% churn rate for the full year 2009.  Consolidated churn of 1.60% in the fourth quarter was down 25 basis points relative to the same period last year.  Consolidated cost per gross add, or CPGA, was $286 for full year 2010, a $10 increase from 2009 levels, resulting primarily from higher average currency exchange rates.

“Our team delivered outstanding results in 2010, capitalizing on a solid rebound in economic activity and driving growth, while generating record levels of profitability,” said Gokul Hemmady, NII’s Executive Vice President and Chief Financial Officer.  “The strength of our underlying operations, combined with our plans to use our recently acquired spectrum to deploy new 3G networks, has positioned us to drive success as we compete in a broadband centric world. In 2011, we will commit substantial time and resources to capture this opportunity by building our planned 3G networks, but we will not lose focus on what brought us to where we are today — delivering high quality services that meet the needs of our customers.  We believe that our strong liquidity position and flexible capital structure puts us in a great position to execute on all of these opportunities, while maintaining our disciplined approach to capital that has enabled us to be successful in the past.”

The Company ended the year with $2.9 billion in total long-term debt, which includes $1.3 billion in senior notes; $1.1 billion in convertible notes; $194 million in syndicated loan facilities; and $302 million in local currency tower financing obligations, capital leases and other obligations. With year-end consolidated cash and cash equivalents and short-term investments of $2.3 billion, the Company’s net debt at the end of the year was approximately $600 million.

2011 Outlook

The Company announced the following outlook for 2011:

  • Total net subscriber additions of approximately 1.7 million.
  • Consolidated operating revenues of approximately $6.6 billion.
  • Consolidated OIBDA of approximately $1.6 billion, which includes the impact of approximately $50 million of non-cash equity compensation expense.  The OIBDA outlook also includes the impact of start up costs related to the development and launch of 3G networks and costs related to support the Company’s 3G initiatives, including marketing related costs and investment in I.T. and other systems to support the expansion of the customer segments targeted for 3G services.
  • Consolidated capital expenditures of approximately $1.6 billion, which includes investments relating to the development and launch of the Company’s 3G networks, costs related to the development of the technology to support high-performance push to talk services on W-CDMA, and the enhancement of the coverage and capacity of the Company’s iDEN networks to support customer growth.

The Company’s 2011 outlook is predicated on a number of assumptions including the assumption that foreign exchange rates and general economic conditions in its markets will remain relatively stable during the year.

In addition to the preliminary results prepared in accordance with accounting principles generally accepted in the United States (GAAP) provided throughout this press release, NII has presented consolidated OIBDA, ARPU, CPGA and Net Debt. These measures are non-GAAP financial measures and should be considered in addition to, but not as substitutes for, the information prepared in accordance with GAAP. Reconciliations from GAAP results to these non-GAAP financial measures are provided in the notes to the attached financial table. To view these and other reconciliations of non-GAAP financial measures that the Company uses and information about how to access the conference call discussing NII’s fourth quarter and full year 2010 results, visit the investor relations link at www.nii.com.

About NII Holdings, Inc.

NII Holdings, Inc., a publicly held company based in Reston, Va., is a leading provider of mobile communications for business customers in Latin America. NII Holdings, Inc. has operations in Brazil, Mexico, Argentina, Peru and Chile offering a fully integrated wireless communications tool with digital cellular voice services, data services, wireless Internet access and Nextel Direct Connect® and International Direct Connect(SM), a digital two-way radio feature. NII Holdings, Inc., a Fortune 500 company, trades on the NASDAQ market under the symbol NIHD and is a member of the NASDAQ 100 Index. Visit the Company’s website at www.nii.com.

Nextel, the Nextel logo, and Nextel Direct Connect are trademarks and/or service marks of Nextel Communications, Inc.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.  This news release includes “forward-looking statements” within the meaning of the securities laws. The statements in this news release regarding the business outlook, future performance and forward-looking guidance, as well as other statements that are not historical facts, are forward-looking statements.  The words “estimate,” “project,” “forecast,” “intend,” “expect,” “believe,” “target,”  “plan,” “providing guidance” and similar expressions are intended to identify forward-looking statements.  Forward-looking statements are estimates and projections reflecting management’s judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements.  With respect to these forward-looking statements, management has made assumptions regarding, among other things, network usage, customer growth and retention, pricing, operating costs, the timing of various events, the economic and regulatory environment and the foreign currency exchange rates that will prevail during 2011.  Future performance cannot be assured and actual results may differ materially from those in the forward-looking statements. Some factors that could cause actual results to differ include the risks and uncertainties relating to the impact of more intense competitive conditions and changes in economic conditions in the markets we serve; the impact on our financial results, and potential reductions in the recorded value of our assets, that may result from fluctuations in foreign currency exchange rates and, in particular, fluctuations in the relative values of the currencies of the countries in which we operate compared to the U.S. dollar; the risk that our network technologies will not perform properly or support the services our customers want or need, including the risk that technology developments to support our services will not be timely delivered; the risk that customers in the markets we serve will not find our services attractive; unexpected results of litigation;  and the additional risks and uncertainties that are described from in NII Holdings’ Annual Report on Form 10-K for the fiscal year ended December 31, 2009, and, when filed, our Annual Report on Form 10-K for the fiscal year ended December 31, 2010, as well as in other reports filed from time to time by NII Holdings with the Securities and Exchange Commission.  This press release speaks only as of its date, and NII Holdings disclaims any duty to update the information herein.

NII Holdings, Inc.

1875 Explorer Street, Suite 1000

Reston, VA. 20190

(703) 390-5100

www.nii.com

Investor Relations: Tim Perrott

(703) 390-5113

tim.perrott@nii.com

Media Relations: Claudia E. Restrepo

(786) 251-7020

claudia.restrepo@nii.com

NII HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEARS AND THREE MONTHS ENDED DECEMBER 31, 2010 AND 2009

(in millions, except per share amounts)

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

Operating revenues

Service and other revenues

$  5,347.7

$  4,153.5

$  1,490.0

$  1,172.7

Digital handset and accessory revenues

253.6

244.1

30.1

62.3

5,601.3

4,397.6

1,520.1

1,235.0

Operating expenses

Cost of service (exclusive of depreciation and amortization included below)

1,506.0

1,225.2

415.3

363.2

Cost of digital handset and accessory sales

723.1

623.7

181.4

151.0

Selling, general and administrative

1,941.8

1,438.5

544.8

422.6

Depreciation

518.8

404.1

138.8

115.1

Amortization

34.2

29.2

10.6

7.9

4,723.9

3,720.7

1,290.9

1,059.8

Operating income

877.4

676.9

229.2

175.2

Other income (expense)

Interest expense

(342.2)

(218.9)

(79.7)

(73.6)

Interest income

28.8

25.6

5.0

5.9

Foreign currency transaction gains, net

52.4

104.9

25.0

3.6

Other expense, net

(18.7)

(2.3)

(7.3)

(6.6)

(279.7)

(90.7)

(57.0)

(70.7)

Income before income tax provision

597.7

586.2

172.2

104.5

Income tax provision

(256.6)

(204.7)

(73.6)

(44.9)

Net income

$        341.1

$          381.5

$        98.6

$          59.6

Net income per common share, basic

$   2.03

$              2.30

$         0.58

$              0.36

Net income per common share, diluted

$   1.99

$              2.27

$         0.57

$              0.35

Weighted average number of common shares outstanding, basic

168.2

166.0

169.3

166.3

Weighted average number of common shares outstanding, diluted

175.7

174.0

172.2

169.0

CONSOLIDATED BALANCE SHEET DATA

(in millions)

December 31,

December 31,

2010

2009

Cash and cash equivalents

$  1,767.5

$  2,504.1

Short-term investments

537.5

116.3

Accounts receivable, less allowance for

doubtful accounts of $41.3 and $35.1

788.0

613.6

Property, plant and equipment, net

2,960.0

2,502.2

Intangible assets, net

433.2

337.2

Total assets

8,190.7

7,554.7

Long-term debt, including current portion

3,265.4

3,580.8

Total liabilities

4,871.1

4,807.9

Stockholders’ equity

3,319.6

2,746.8

NII HOLDINGS, INC. AND SUBSIDIARIES

OPERATING RESULTS AND METRICS

FOR THE YEAR AND THREE MONTHS ENDED DECEMBER 31, 2010 AND 2009

(UNAUDITED)

NII Holdings, Inc.

(subscribers in thousands)

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

Total digital subscribers (as of December 31)

9,027.5

7,384.5

9,027.5

7,384.5

Net subscriber additions

1,641.3

1,185.0

436.1

347.0

Churn (%)

1.66%

2.01%

1.60%

1.85%

Average monthly revenue per handset/unit in service (ARPU) (1)

$  48

$  45

$  50

$  48

Cost per gross add (CPGA) (1)

$  286

$  276

$  313

$  305

Nextel Brazil

(dollars in millions, except ARPU and CPGA, and subscribers in thousands)

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

Operating revenues

Service and other revenues

$  2,504.5

$  1,631.1

$  738.0

$  527.7

Digital handset and accessory revenues

86.8

103.5

(10.6)

27.1

2,591.3

1,734.6

727.4

554.8

Operating expenses

Cost of service (exclusive of depreciation and amortization included below)

822.3

588.1

216.2

187.9

Cost of digital handset and accessory sales

177.2

139.5

44.9

25.9

Selling, general and administrative

786.1

511.7

225.7

167.1

Segment earnings

805.7

495.3

240.6

173.9

Management fee and other

29.0

20.0

4.1

20.0

Depreciation and amortization

253.3

180.8

71.9

56.5

Operating income

$  523.4

$  294.5

$  164.6

$   97.4

Total digital subscribers (as of December 31)

3,319.1

2,482.7

3,319.1

2,482.7

Net subscriber additions

836.5

670.9

206.6

191.7

Churn (%)

1.35%

1.33%

1.37%

1.22%

ARPU (1)

$  63

$  55

$  67

$  64

CPGA (1)

$  250

$  234

$  292

$  267

Nextel Mexico

(dollars in millions, except ARPU and CPGA, and subscribers in thousands)

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

Operating revenues

Service and other revenues

$  2,023.1

$  1,785.2

$  529.1

$  456.5

Digital handset and accessory revenues

90.7

76.6

21.0

18.5

2,113.8

1,861.8

550.1

475.0

Operating expenses

Cost of service (exclusive of depreciation and amortization included below)

391.7

360.7

121.8

98.4

Cost of digital handset and accessory sales

402.7

359.4

98.8

92.2

Selling, general and administrative

574.2

488.6

156.3

129.6

Segment earnings

745.2

653.1

173.2

154.8

Management fee and other

119.7

48.7

40.9

24.9

Depreciation and amortization

190.6

168.7

48.4

44.8

Operating income

$  434.9

$  435.7

$  83.9

$  85.1

Total digital subscribers (as of December 31)

3,361.3

2,987.4

3,361.3

2,987.4

Net subscriber additions

373.9

261.1

89.4

77.7

Churn (%)

1.84%

2.38%

1.77%

2.18%

ARPU (1)

$  47

$  47

$  47

$  47

CPGA (1)

$  395

$  357

$  432

$  404

Nextel Argentina

(dollars in millions, except ARPU and CPGA, and subscribers in thousands)

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

Operating revenues

Service and other revenues

$  517.5

$  483.0

$  140.9

$  121.5

Digital handset and accessory revenues

46.0

36.7

11.7

9.4

563.5

519.7

152.6

130.9

Operating expenses

Cost of service (exclusive of depreciation and amortization included below)

178.3

176.0

46.7

46.2

Cost of digital handset and accessory sales

74.8

65.1

18.2

17.7

Selling, general and administrative

161.5

129.8

45.8

36.2

Segment earnings

148.9

148.8

41.9

30.8

Management fee and other

16.9

12.3

2.3

12.3

Depreciation and amortization

39.8

38.5

10.3

9.6

Operating income

$  92.2

$   98.0

$  29.3

$  8.9

Total digital subscribers (as of December 31)

1,153.9

1,030.1

1,153.9

1,030.1

Net subscriber additions

123.8

63.1

36.5

26.4

Churn (%)

1.61%

2.18%

1.42%

1.97%

ARPU (1)

$  34

$  35

$  36

$  34

CPGA (1)

$  217

$  207

$  235

$  215

Nextel Peru

(dollars in millions, except ARPU and CPGA, and subscribers in thousands)

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

Operating revenues

Service and other revenues

$  282.0

$  241.3

$  75.8

$   63.0

Digital handset and accessory revenues

30.0

27.1

8.0

7.2

312.0

268.4

83.8

70.2

Operating expenses

Cost of service (exclusive of depreciation and amortization included below)

100.0

92.0

25.5

27.5

Cost of digital handset and accessory sales

62.8

56.2

17.8

14.3

Selling, general and administrative

126.9

105.6

38.8

33.4

Segment earnings

22.3

14.6

1.7

(5.0)

Management fee and other

22.4

21.4

8.3

21.4

Depreciation and amortization

52.7

32.1

14.4

9.0

Operating loss

$  (52.8)

$  (38.9)

$  (21.0)

$  (35.4)

Total digital subscribers (as of December 31)

1,128.2

840.6

1,128.2

840.6

Net subscriber additions

285.8

171.9

99.4

45.0

Churn (%)

2.01%

2.26%

1.93%

2.35%

ARPU (1)

$  22

$  25

$  22

$  23

CPGA (1)

$  159

$  173

$  165

$  185

(1) For information regarding ARPU and CPGA, see “Non-GAAP Reconciliations for the Year and Three Months Ended December 31, 2010 and 2009” included in this release.

NON-GAAP RECONCILIATIONS

FOR THE YEAR AND THREE MONTHS ENDED DECEMBER 31, 2010 AND 2009

(UNAUDITED)

Operating Income Before Depreciation and Amortization

Consolidated operating income before depreciation and amortization, or OIBDA, represents operating income before depreciation and amortization expense.  Consolidated OIBDA is not a measurement under accounting principles generally accepted in the United States, may not be similar to consolidated OIBDA measures of other companies and should be considered in addition to, but not as a substitute for, the information contained in our statements of operations.  We believe that consolidated OIBDA provides useful information to investors because it is an indicator of operating performance, especially in a capital intensive industry such as ours, since it excludes items that are not directly attributable to ongoing business operations.  Our consolidated OIBDA calculations are commonly used as some of the bases for investors, analysts and credit rating agencies to evaluate and compare the periodic and future operating performance and value of companies within the wireless telecommunications industry.  Consolidated OIBDA can be reconciled to our consolidated statements of operations as follows (in millions):

NII Holdings, Inc.

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

Consolidated operating income

$         877.4

$           676.9

$            229.2

$            175.2

Consolidated depreciation

518.8

404.1

138.8

115.1

Consolidated amortization

34.2

29.2

10.6

7.9

Consolidated operating income before depreciation and amortization

$      1,430.4

$      1,110.2

$            378.6

$            298.2

NII Holdings, Inc.

Guidance Estimate*

Year Ending

December 31,

2011

Consolidated operating income

$                1,350.0

Consolidated depreciation

240.0

Consolidated amortization

10.0

Consolidated operating income before  depreciation and amortization

$                  1,600.0

* The Company’s guidance estimate for OIBDA for the year ending December 31, 2011 includes the impact of approximately $48 million of non-cash equity compensation expense. This estimate is predicated on a number of assumptions, including the assumption that foreign currency exchange rates and general economic conditions in its markets will remain relatively stable during the year. The information regarding the Company’s outlook and objectives for 2011, including its guidance estimate for OIBDA for the year ending December 31, 2011, is forward looking and is based upon management’s current beliefs, as well as a number of assumptions concerning future events, and as such, should be taken in the context of the risks and uncertainties identified in the “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995 included above and of the risks and uncertainties outlined in the SEC filings of NII Holdings, Inc., including the Company’s Annual Report on Form 10-K for the year ended December 31, 2009 and, when filed, its Annual Report on Form 10-K for the year ended December 31, 2010, as well as its other filings with the SEC.

Average Monthly Revenue Per Handset/Unit in Service (ARPU)

Average monthly revenue per handset/unit in service, or ARPU, is an industry term that measures service revenues, which we refer to as subscriber revenues, per period from our customers divided by the weighted average number of handsets in commercial service during that period.  ARPU is not a measurement under accounting principles generally accepted in the United States, may not be similar to ARPU measures of other companies and should be considered in addition, but not as a substitute for, the information contained in our statements of operations.  We believe that ARPU provides useful information concerning the appeal of our rate plans and service offerings and our performance in attracting and retaining high value customers.  Other revenue includes revenues for such services as roaming, handset maintenance, cancellation fees, analog and other.  ARPU can be calculated and reconciled to our consolidated statement of operations as follows (in millions, except ARPU):

NII Holdings, Inc.

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

(unaudited)

Consolidated service and other revenues

$  5,347.7

$  4,153.5

$  1,490.0

$  1,172.7

Less: consolidated analog revenues

(1.8)

(2.5)

(0.5)

(0.4)

Less: consolidated other revenues

(667.4)

(488.7)

(182.1)

(139.7)

Total consolidated subscriber revenues

$  4,678.5

$  3,662.3

$  1,307.4

$  1,032.6

ARPU calculated with subscriber revenues

$  48

$  45

$  50

$  48

ARPU calculated with service and other revenues

$  55

$  51

$  56

$  54

Nextel Brazil

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

(unaudited)

Service and other revenues

$  2,504.5

$  1,631.1

$  738.0

$  527.7

Less: analog revenues

(0.1)

(0.9)

Less: other revenues

(328.4)

(227.6)

(92.4)

(72.2)

Total subscriber revenues

$  2,176.0

$  1,402.6

$  645.6

$  455.5

ARPU calculated with subscriber revenues

$  63

$  55

$  67

$  64

ARPU calculated with service and other revenues

$  72

$  64

$  76

$  74

Nextel Mexico

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

(unaudited)

Service and other revenues

$  2,023.1

$  1,785.2

$    529.1

$    456.5

Less: analog revenues

(1.4)

(1.5)

(0.3)

(0.4)

Less: other revenues

(239.6)

(170.1)

(63.2)

(44.3)

Total subscriber revenues

$  1,782.1

$  1,613.6

$  465.6

$  411.8

ARPU calculated with subscriber revenues

$  47

$  47

$  47

$  47

ARPU calculated with service and other revenues

$  53

$  52

$  53

$  52

Nextel Argentina

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

(unaudited)

Service and other revenues

$              517.5

$              483.0

$  140.9

$  121.5

Less: other revenues

(73.8)

(69.6)

(19.7)

(17.5)

Total subscriber revenues

$  443.7

$  413.4

$  121.2

$  104.0

ARPU calculated with subscriber revenues

$  34

$  35

$  36

$  34

ARPU calculated with service and other revenues

$  40

$  41

$  41

$  40

Nextel Peru

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

(unaudited)

Service and other revenues

$  282.0

$  241.3

$   75.8

$   63.0

Less: other revenues

(23.1)

(20.2)

(6.1)

(5.3)

Total subscriber revenues

$  258.9

$  221.1

$  69.7

$  57.7

ARPU calculated with subscriber revenues

$  22

$  25

$  22

$  23

ARPU calculated with service and other revenues

$  24

$  27

$  24

$  26

Cost per Gross Add (CPGA)

Cost per gross add, or CPGA, is an industry term that is calculated by dividing our selling, marketing and handset and accessory subsidy costs, excluding costs unrelated to initial customer acquisition, by our new subscribers during the period, or gross adds.  CPGA is not a measurement under accounting principles generally accepted in the United States, may not be similar to CPGA measures of other companies and should be considered in addition, but not as a substitute for, the information contained in our statements of operations.  We believe CPGA is a measure of the relative cost of customer acquisition.  CPGA can be calculated and reconciled to our consolidated statements of operations as follows (in millions, except CPGA):

NII Holdings, Inc.

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

(unaudited)

Consolidated digital handset and accessory revenues

$  253.4

$  243.9

$  30.1

$  62.3

Less: consolidated uninsured replacement revenues

(18.8)

(16.1)

(5.4)

(4.6)

Consolidated digital handset and accessory revenues, net

234.6

227.8

24.7

57.7

Less: consolidated cost of handset and accessory sales

722.4

623.3

181.2

151.0

Consolidated handset subsidy costs

487.8

395.5

156.5

93.3

Consolidated selling and marketing

679.5

535.3

194.8

165.3

Costs per statement of operations

1,167.3

930.8

351.3

258.6

Less: consolidated costs unrelated to initial customer

Acquisition

(231.8)

(156.0)

(82.3)

(30.0)

Customer acquisition costs

$  935.5

$  774.8

$  269.0

$  228.6

Cost per Gross Add

$  286

$  276

$  313

$  305

Nextel Brazil

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

(unaudited)

Digital handset and accessory revenues

$   86.8

$   103.5

$  (10.6)

$   27.1

Less: uninsured replacement revenues

(9.5)

(7.3)

(2.6)

(2.3)

Digital handset and accessory revenues, net

77.3

96.2

(13.2)

24.8

Less: cost of handset and accessory sales

177.2

139.5

44.9

25.9

Handset subsidy costs

99.9

43.3

58.1

1.1

Selling and marketing

273.8

198.1

77.6

65.2

Costs per statement of operations

373.7

241.4

135.7

66.3

Less: costs unrelated to initial customer acquisition

(48.0)

(4.5)

(36.8)

8.2

Customer acquisition costs

$  325.7

$  236.9

$  98.9

$  74.5

Cost per Gross Add

$  250

$  234

$  292

$  267

Nextel Mexico

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

(unaudited)

Digital handset and accessory revenues

$  90.7

$  76.6

$    21.0

$    18.5

Less: uninsured replacement revenues

(9.2)

(8.8)

(2.8)

(2.3)

Digital handset and accessory revenues, net

81.5

67.8

18.2

16.2

Less: cost of handset and accessory sales

402.7

359.4

98.8

92.2

Handset subsidy costs

321.2

291.6

80.6

76.0

Selling and marketing

275.5

235.2

76.1

69.4

Costs per statement of operations

596.7

526.8

156.7

145.4

Less: costs unrelated to initial customer acquisition

(170.9)

(142.7)

(42.1)

(36.1)

Customer acquisition costs

$  425.8

$  384.1

$  114.6

$  109.3

Cost per Gross Add

$  395

$  357

$  432

$  404

Nextel Argentina

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

(unaudited)

Digital handset and accessory revenues, net

$  46.0

$  36.7

$  11.7

$  9.4

Less: cost of handset and accessory sales

74.8

65.1

18.2

17.7

Handset subsidy costs

28.8

28.4

6.5

8.3

Selling and marketing

51.3

43.4

15.0

11.7

Costs per statement of operations

80.1

71.8

21.5

20.0

Less: costs unrelated to initial customer acquisition

(7.9)

(5.2)

(1.6)

(1.4)

Customer acquisition costs

$   72.2

$   66.6

$   19.9

$   18.6

Cost per Gross Add

$            217

$            207

$  235

$  215

Nextel Peru

Year Ended

December 31,

Three Months Ended

December 31,

2010

2009

2010

2009

(unaudited)

Digital handset and accessory revenues, net

$  29.8

$  26.9

$  8.0

$  7.1

Less: cost of handset and accessory sales

62.1

55.8

17.6

14.1

Handset subsidy

32.3

28.9

9.6

7.0

Selling and marketing

55.0

40.0

18.3

13.1

Costs per statement of

87.3

68.9

27.9

20.1

Less: costs unrelated to initial customer acquisition

(4.4)

(3.6)

(1.3)

(0.8)

Customer acquisition costs

$   82.9

$   65.3

$  26.6

$  19.3

Cost per Gross Add

$            159

$            173

$            165

$            185

Net Debt

Net debt represents total long-term debt less cash, cash equivalents, short-term and long-term investments.  Net debt to consolidated operating income before depreciation and amortization represents net debt divided by consolidated operating income before depreciation and amortization. Prior to 2008, we calculated net debt as total long-term debt less cash and cash equivalents. In the second quarter of 2010, we extended the permissible investment maturity dates for cash investments, which resulted in the classification of some of our cash investments as long-term investments. As a result, we now include the cash in long-term investments to the items subtracted from long-term debt to calculate net debt. Net debt is not a measurement under accounting principles generally accepted in the United States, may not be similar to net debt measures of other companies and should be considered in addition to, but not as a substitute for, the information contained in our balance sheets.  We believe that net debt and net debt to consolidated operating income before depreciation and amortization provide useful information concerning our liquidity and leverage. Net debt as of December 31, 2010 can be calculated as follows (in millions):

NII Holdings, Inc.

Total long-term debt

$          2,818.4

Add:  reduction to long-term debt

pursuant to FSP APB 14-1

56.7

Add: debt discounts

20.5

Less: cash and cash equivalents

(1,767.5)

Less: short-term investments

(537.5)

Net debt

$           590.6

Thursday, February 24th, 2011 Uncategorized Comments Off on NII Holdings (NIHD) Delivers Outstanding Performance for 2010

iBio (IBIO) Announces Acquisition of Fabry Disease Orphan Drug Designation and Development Program

Feb. 23, 2011 (Business Wire) — iBio, Inc. (NYSE AMEX:IBIO) today announced it has acquired Orphan Drug Designation for plant-produced human alpha galactosidase A (“α-Gal A”) and related property rights from an affiliate of Kentucky Bioprocessing LLC (“KBP”) and has initiated a program, based on its iBioLaunch™ platform, to develop an improved version of the enzyme for therapy of Fabry disease. iBio will work with its regular research and development collaborator, Fraunhofer USA Center for Molecular Biotechnology, for product development, and with KBP for manufacture of clinical and commercial quantities of the new product for iBio or its licensees.

This Fabry disease therapeutic program will be part of iBio’s broader program to bring forward approximately ten more candidate proteins for commercialization as “biosimilar” or “biobetter” therapeutic products. iBio intends to advance these candidates to a point sufficient to demonstrate the advantages of making them using the iBioLaunch platform technology and then license them to industry partners. iBio already has demonstrated the applicability of its platform technology to most therapeutic protein classes, ranging from cytokines and growth factors to enzymes and antibodies.

Under its current program, iBio is selecting commercial targets that exemplify advantages of the iBioLaunch technology and meet apparent market needs. Selection of the Fabry disease candidate was influenced by: the current worldwide shortage of α-Gal A for enzyme replacement therapy for Fabry disease; the likelihood that the disease is significantly under-diagnosed; the opportunity to acquire Orphan Drug Designation for plant-produced α-Gal A (which can provide significant market protection and tax advantages); and iBio’s belief this will further demonstrate some of the advantages of our technology such as scalability for Orphan Drug applications, more rapid product development, and improved efficacy compared to other systems.

“We believe the unusual scalability, speed and efficiency of iBio’s plant-based protein expression platform technology can make important contributions to rapid development and availability of therapies against orphan diseases such as Fabry Disease,” said Robert Erwin, President of iBio.

Current estimates indicate a patient population affected by Fabry Disease of approximately 8,000 to 10,000. Current therapies are estimated to cost more than $200,000 per patient year. Symptoms usually begin in childhood. Unless continuously treated, Fabry Disease results in many severe health problems such as kidney failure, heart damage and cerebrovascular problems.

About Fabry Disease

Fabry disease is caused by the inherited deficiency of the enzyme, alpha galactosidase A, whose function is to break down a fatty substance called globotriaosylceramide. The defective gene is carried on the X chromosome, and men with the defect tend to experience worse symptoms than women who carry one copy of the defective gene. However, many women who are heterozygous for the defect are symptomatic and are frequently under-treated. Symptoms of the disease typically begin in childhood and include pain in the hands and feet, angiokeratomas, and changes in the cornea. The disease is progressive and symptoms of kidney, heart and neurological damage may occur in young adulthood. Enzyme replacement therapy with recombinant human alpha-galactosidase A has been proven clinically beneficial in the reduction of disease symptoms.

About iBio, Inc.

iBio, Inc. is a biotechnology company offering its proprietary, transformative iBioLaunch technology platform for the production of biologics including therapeutic proteins and vaccines. The iBioLaunch platform uses transient gene expression in green plants for superior efficiency in protein production. Advantages include significantly lower capital and process costs, and the technology is ideally suited for complex proteins and for applications where speed, scalability, and surge capacity are important. The iBioLaunch technology was developed for iBio by the not-for-profit Fraunhofer USA Center for Molecular Biotechnology (FCMB) during the past eight years to overcome the inadequacies of existing technologies. iBio owns the intellectual property and technology developed at FCMB, and continues to sponsor development and application of the technology for biological applications in human health. Further information is available at www.ibioinc.com.

About Fraunhofer USA Center for Molecular Biotechnology

Fraunhofer USA CMB, a division of Fraunhofer USA, Inc., is a not-for-profit research organization whose mission is to develop safe and effective vaccines targeting infectious diseases and autoimmune disorders. The technology CMB developed for iBio, Inc. provides a safe, rapid and economical alternative for both vaccine and therapeutic protein production. The Center conducts research in the area of plant biotechnology, utilizing new, cutting edge technologies applicable to the diagnosis, prevention and treatment of human and animal diseases. The Center houses individuals with expertise and excellence in plant virology, pathology, molecular biology, immunology, vaccinology, protein engineering, and biochemistry. Further information is available at www.fraunhofer-cmb.org.

Forward-Looking Statements

Statements included in this news release related to iBio, Inc. may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the Company’s ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects. Further information on potential risk factors that could affect the Company’s financial results can be found in the company’s Reports filed with the Securities and Exchange Commission.

iBio, Inc.

Corporate:

Robert Erwin, President

302-355-2335

rerwin@ibioinc.com

or

Investor Relations:

Laurie Roop

302-355-9452

ir@ibioinc.com

Wednesday, February 23rd, 2011 Uncategorized Comments Off on iBio (IBIO) Announces Acquisition of Fabry Disease Orphan Drug Designation and Development Program

Synovis Life Technologies (SYNO) Reports 28 Percent Revenue Growth for Fiscal 2011 First Quarter

Feb. 23, 2011 (Business Wire) — Synovis Life Technologies, Inc. (Nasdaq: SYNO), today reported its financial results for the fiscal 2011 first quarter ended Jan. 31, 2011.

For the quarter, net revenue rose to $19.5 million, a 28 percent increase over $15.2 million in the year-ago period. Net income for the fiscal 2011 first quarter was $1.8 million, or $0.16 per diluted share, compared to net income of $0.6 million, or $0.06 per diluted share, in the fiscal 2010 first quarter. Discrete income tax benefits recorded in the first quarter of fiscal 2011 contributed $0.02 to net income per diluted share.

“Synovis is off to a strong start in fiscal 2011, with record quarterly revenue in multiple product lines,” said Richard Kramp, Synovis Life Technologies president and chief executive officer. “In each area of focus, our products are gaining acceptance among physicians for their unique, differentiating features and superior clinical performance. Our specialized sales teams and distribution networks are expanding our customer base, developing solid relationships and becoming increasingly effective in our target markets. In fiscal 2011, we are investing in resources to support continued growth in our high-value product lines: Veritas®, Peri-Strips®, Microsurgical, and Orthopedic and Wound.”

Kramp added, “I am also proud to announce that Synovis was recently named ‘Manufacturer of the Year’ by the Manufacturers Alliance. This award recognizes Minnesota companies which are using lean manufacturing tools and techniques to reduce non-value added processes and improve efficiency, and then sharing their experience with others. Everyone at Synovis has participated in one or more activities supporting our overall lean program and thereby made this award possible. In our company’s culture, we encourage all of our employees to think about ways to improve what they do, and then we listen to their ideas and implement positive changes to benefit customers, shareholders and employees.”

First Quarter Fiscal 2011 Highlights

  • Revenue from Veritas rose to $4.2 million in the first quarter, a 38 percent increase over the comparable period last year. Veritas comprised 21 percent of overall net revenue, and is increasingly used by surgeons in the hernia and breast reconstruction markets.
  • Microsurgical products revenue totaled $3.4 million in the first quarter, up 37 percent over the same period last year, with sales of the Coupler and Flow Coupler® products up 48 percent. Late in the first quarter, two additional sales representatives were hired to bring the Microsurgical sales force to 11 professionals in the United States.
  • Peri-Strips Dry® (PSD) revenue totaled $5.4 million in the first quarter, a 20 percent increase from the year-ago period. The company believes the number of gastric sleeve procedures performed is on the rise as private insurance companies increasingly reimburse for this surgery. Surgeons are more likely to use a buttress in gastric sleeve procedures, compared to other bariatric surgeries, given the longer staple line.
  • Orthopedic and Wound product revenue totaled $883,000 for the first quarter, up from $159,000 a year ago. Orthopedic and Wound was established in July 2009 with the acquisition of substantially all of the assets of Pegasus Biologics, Inc. and its products were relaunched in January 2010. Orthopedic and Wound products include the OrthADAPT® Bioimplant for orthopedic applications and Unite® Biomatrix to treat chronic wounds.
  • The first quarter gross margin improved to 73 percent, up from 71 percent in the same period last fiscal year.
  • Selling, general and administrative expenses totaled $10.5 million in the first quarter, up 19 percent from $8.9 million in the year-ago quarter, primarily due to higher sales and marketing costs.
  • Research and development (R&D) expenses totaled $1.3 million in the first quarter, versus $1.1 million in the year-ago period. R&D investment in Orthopedic and Wound was higher in the current quarter due to the development and testing of the ProCUFF™ orthopedic product and the related anchoring system and instrumentation. In the fiscal 2011 second quarter, Synovis expects to file a 510(k) application with the FDA for the anchoring system and instrumentation for this arthroscopically delivered device to reinforce rotator cuff and other tendon repairs.
  • Operating income for the first quarter totaled $2.4 million, more than double operating income of $0.9 million in the year-ago period, chiefly due to higher revenue.
  • Income tax expense was recorded at an effective rate of 36 percent in the first quarter of fiscal 2011. In addition, discrete tax benefits accounted for $230,000, or $0.02 per diluted share, in the quarter due to reinstatement of the federal R&D credit for prior periods and an adjustment to the company’s deferred tax rate.

Balance Sheet and Cash Flow

  • Cash and investments totaled $61.5 million as of Jan. 31, 2011, or $5.43 per share, consistent with the $61.9 million at the end of fiscal 2010.
  • Operating activities used cash of approximately $0.6 million in the first quarter of fiscal 2011, versus $1.2 million used in the year-ago period. Cash is typically used in the first quarter for payment of year-end accruals.

Conference Call and Webcast

Synovis Life Technologies will host a live webcast of its fiscal 2011 first quarter conference call today, Feb. 23, at 10 a.m. CT to discuss the company’s results. To participate in the conference call, please dial (888) 679-8035 and enter pass code 99379149. Please dial in at least 10 minutes prior to the call.

To access the live webcast, go to the investor information section of the company’s website, www.synovislife.com, and click on the webcast icon. A webcast replay will be available beginning at noon CT, Wednesday, Feb. 23.

If you prefer to listen to an audio replay of the conference call, dial (888) 286-8010 and enter access number 52407312. The audio replay will be available beginning at 2 p.m. CT on Wednesday, Feb. 23, through 6 p.m. CT on Wednesday, March 9.

About Synovis Life Technologies

Synovis Life Technologies, Inc., a diversified medical device company based in St. Paul, Minn., develops, manufactures and markets biological and mechanical products used by several surgical specialties to facilitate the repair and reconstruction of soft tissue damaged or destroyed by disease or injury. The company’s products include implantable biomaterials for soft tissue repair, devices for microsurgery and surgical tools – all designed to reduce risks and/or facilitate critical surgeries, improve patient outcomes and reduce healthcare costs. For additional information on Synovis Life Technologies and its products, visit the company’s website at www.synovislife.com.

Forward-looking statements contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements can be identified by words such as “should”, “could”, “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “continue”, or other similar expressions. Certain important factors that could cause results to differ materially from those anticipated by the forward-looking statements made herein include the timing of product introductions, the ability of the sales force to grow and sustain revenues, the impact of increased competition in various markets Synovis serves, the ability to re-establish the Orthopedic and Wound products in the marketplace sufficiently to achieve profitability, outcomes of clinical and marketing studies as well as regulatory submissions, the number of certain surgical procedures performed, the ability to identify, acquire and successfully integrate suitable acquisition candidates, any operational or financial impact from the current global economic downturn, the impact of recently enacted healthcare reform legislation, as well as other factors found in the Company’s filings with the SEC, such as the “Risk Factors” section in Item 1A of our Annual Report on Form 10-K for the fiscal year ended October 31, 2010.

SYNOVIS LIFE TECHNOLOGIES, INC.
Consolidated Statements of Income (unaudited)
(In thousands, except per share data)
Three Months Ended
January 31
2011 2010
Net revenue $ 19,477 $ 15,212
Cost of revenue 5,292 4,360
Gross margin 14,185 10,852
Gross margin percentage 73% 71%
Selling, general and administrative expenses 10,509 8,857
Research and development expenses 1,300 1,075
Operating expenses 11,809 9,932
Operating income 2,376 920
Interest income 74 84
Income before provision for income taxes 2,450 1,004
Provision for income taxes 652 361
Net income $ 1,798 $ 643
Basic earnings per share $ 0.16 $ 0.06
Diluted earnings per share $ 0.16 $ 0.06
Weighted average shares
outstanding – basic 11,270 11,213
Weighted average shares
outstanding – diluted 11,456 11,386
SYNOVIS LIFE TECHNOLOGIES, INC.
Consolidated Revenues (unaudited)
(In thousands)
Three Months Ended
January 31
2011 2010
Veritas $ 4,159 $ 3,018
Peri-Strips 5,409 4,508
Tissue-Guard 4,225 3,759
Microsurgery 3,443 2,515
Orthopedic and Wound 883 159
Surgical tools and other 1,358 1,253
Total Revenue $ 19,477 $ 15,212
Domestic $ 16,735 $ 12,902
International 2,742 2,310
Total Revenue $ 19,477 $ 15,212
SYNOVIS LIFE TECHNOLOGIES, INC.
Consolidated Balance Sheets
As of January 31, 2011 (unaudited) and October 31, 2010
(In thousands, except share and per share data)
January 31, October 31,
2011 2010
ASSETS
Current assets:
Cash and cash equivalents $ 18,346 $ 12,951
Short-term investments 31,217 41,119
Accounts receivable, net 9,600 8,701
Inventories 9,146 9,433
Deferred income tax asset, net 367 367
Other current assets 2,515 1,715
Total current assets 71,191 74,286
Investments, net 11,958 7,854
Property, plant and equipment, net 3,636 3,401
Goodwill 3,620 3,620
Other intangible assets, net 6,058 6,182
Deferred income tax asset, net 2,095 2,139
Total assets $ 98,558 $ 97,482
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 1,810 $ 1,644
Accrued expenses 4,149 6,371
Total current liabilities 5,959 8,015
Total liabilities 5,959 8,015
Shareholders’ equity:
Preferred stock: authorized 5,000,000 shares of $.01 par
value; none issued or outstanding at both dates
Common stock: authorized 20,000,000 shares of $.01 par
value; issued and outstanding 11,336,920 and
11,228,654 at January 31, 2011 and October 31, 113 112
2010, respectively
Additional paid-in capital 63,150 61,780
Accumulated other comprehensive income (loss) (11 ) 26
Retained earnings 29,347 27,549
Total shareholders’ equity 92,599 89,467
Total liabilities and shareholders’ equity $ 98,558 $ 97,482
SYNOVIS LIFE TECHNOLOGIES, INC.
Consolidated Statements of Cash Flows (unaudited)
(In thousands)
For the three months ended January 31, 2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 1,798 $ 643
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation of property, plant and equipment 307 348
Amortization of intangible assets 191 204
Amortization of investment premium, net 101 426
Stock-based compensation 309 375
Tax benefit from stock option exercises 156
Deferred income taxes 44 (169 )
Changes in operating assets and liabilities:
Accounts receivable (899 ) (173 )
Inventories 287 (707 )
Other current assets (800 ) (1 )
Accounts payable 166 (680 )
Accrued expenses (2,222 ) (1,423 )
Net cash used in operating activities (562 ) (1,157 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (542 ) (128 )
Investments in patents and trademarks (67 ) (14 )
Purchases of investments (6,000 ) (19,273 )
Proceeds from the maturing or sale of investments 11,660 18,650
Other (2 )
Net cash provided by (used in) investing activities 5,051 (767 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds related to stock-based compensation plans 1,014 51
Repurchase of the Company’s common stock (126 ) (2,552 )
Excess tax benefit from stock option exercises 18 1
Net cash provided by (used in) financing activities 906 (2,500 )
Net change in cash and cash equivalents 5,395 (4,424 )
Cash and cash equivalents at beginning of period 12,951 15,863
Cash and cash equivalents at end of period $ 18,346 $ 11,439

Padilla Speer Beardsley Inc.

Nancy A. Johnson / Marian Briggs

612-455-1745 / 612-455-1742

or

Synovis Life Technologies, Inc.

Richard Kramp, President and CEO

Brett Reynolds, CFO

651-796-7300

Wednesday, February 23rd, 2011 Uncategorized Comments Off on Synovis Life Technologies (SYNO) Reports 28 Percent Revenue Growth for Fiscal 2011 First Quarter

Phase 3 Study of VX-770 Showed Profound and Sustained Improvements in Lung Function (FEV1)

Feb. 23, 2011 (Business Wire) — Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced positive results from the Phase 3 STRIVE study of VX-770, an oral medicine in development that targets the defective protein that causes cystic fibrosis (CF). STRIVE was designed to evaluate people with a mutation in the CF gene known as G551D. In this study, profound improvements in lung function (forced expiratory volume in one second, or FEV1) were observed through week 24, and sustained through week 48, among those who received VX-770 (n=83) compared to those treated with placebo (n=78). Significant improvements in all key secondary endpoints were also observed through week 48 among those who received VX-770.

Data from the study showed a mean absolute improvement in lung function from baseline compared to placebo through week 24 of 10.6 percent among those treated with VX-770 (p<0.0001). Mean absolute improvement in lung function among those treated with VX-770 was 10.5 percent through week 48 (p<0.0001).

The primary endpoint of the study was mean absolute change from baseline compared to placebo in percent predicted FEV1 (lung function) through week 24. Data from the study showed a mean absolute improvement in lung function from baseline compared to placebo through week 24 of 10.6 percent among those treated with VX-770. Mean absolute improvement in lung function among those treated with VX-770 was 10.5 percent through week 48.

Highly statistically significant improvements in key secondary endpoints in this study were also reported through week 48. Compared to those treated with placebo, people who received VX-770 were 55 percent less likely to experience a pulmonary exacerbation (periods of worsening in signs and symptoms of the disease requiring treatment with antibiotics) and, on average, gained nearly seven pounds (3.1 kilograms) through 48 weeks. There was a significant reduction in the amount of salt in the sweat (sweat chloride) among people treated with VX-770 in this study. Increased sweat chloride is a diagnostic hallmark of CF. Sweat chloride is a marker of CFTR protein dysfunction, which is the underlying molecular mechanism responsible for CF. People who received VX-770 also reported having fewer respiratory symptoms.

Adverse events that were 5 percent greater among those treated with VX-770 compared to placebo were headache, upper respiratory tract infections, nasal congestion, rash, dizziness and bacteria in the sputum. The most commonly reported serious adverse events included pulmonary exacerbation (13 percent in the VX-770 group compared to 33 percent in the placebo group) and hemoptysis (or bloody cough; 1 percent in the VX-770 group and 5 percent in the placebo group). Discontinuations through 48 weeks due to adverse events were less frequent in the VX-770 treatment group compared to placebo (1 percent compared to 5 percent).

“Treating the underlying cause of cystic fibrosis with VX-770 led to clinical improvements that were far beyond our expectations, providing support for an entirely new approach to the treatment of this disease,” said Peter Mueller, Ph.D., Executive Vice President, Global Research and Development, and Chief Scientific Officer for Vertex. “All primary and key secondary outcome measures in this study supported VX-770 over placebo. Patients’ lung function improved, they gained weight, experienced fewer respiratory symptoms and felt substantially better. Due to the significance of these data and the great need for new, more effective medicines, we will work with regulatory agencies to determine the fastest way to get VX-770 approved for people with this specific type of CF.”

“The results from STRIVE are highly encouraging for the CF community and provide scientific evidence supporting our long-standing belief that targeting the underlying defect of CF may have a profound effect on the disease,” said Robert J. Beall, Ph.D., president and CEO of the Cystic Fibrosis Foundation. “We have much more to do to eliminate this disease, but these data are extremely exciting, especially for people with the G551D mutation and their families. They also offer significant hope that a similar approach to treatment may help others living with CF.”

All patients who completed 48 weeks of treatment in STRIVE (n=144), including those in the placebo group, were eligible to receive VX-770 as part of an extension study called PERSIST. All patients (n=77) who completed dosing in the VX-770 arm and all but one patient (n=67) in the placebo arm chose to enroll in the extension study and receive VX-770 for up to an additional 96 weeks or until VX-770 is approved.

STRIVE is one of three studies in the VX-770 registration program. Vertex plans to submit data from STRIVE for presentation at an upcoming medical meeting. The registration program for VX-770 also includes two other studies, the Phase 2 DISCOVER study and Phase 3 ENVISION study. Data from DISCOVER were also reported today. Data from ENVISION are expected in mid-2011. Vertex plans to submit regulatory applications for approval in the United States and Europe in the second half of 2011.

Vertex’s medicines in development for CF were discovered as part of a collaboration with Cystic Fibrosis Foundation Therapeutics, Inc. (CFFT) to discover and develop novel CFTR modulators. CFFT is the nonprofit drug discovery and development affiliate of the Cystic Fibrosis Foundation. Vertex retains worldwide rights to develop and commercialize these potential medicines.

Summary of Key Data from STRIVE

In the STRIVE study, 161 people were enrolled and received at least one dose of either VX-770 as a single 150 mg tablet or placebo twice daily. The study was designed to evaluate VX-770 in people with at least one copy of the G551D CFTR mutation. The primary endpoint of the study was mean absolute change from baseline in predicted FEV1 (lung function) through week 24. Lung function was assessed using a standard test that measures the amount of air a person can exhale in one second (forced expiratory volume in one second, or FEV1).

Preliminary Efficacy Results

Lung Function: Absolute and relative changes in lung function are being reported in today’s announcement. The primary endpoint of STRIVE was mean absolute improvement from baseline. Phase 3 results and product labeling for currently available CF medicines generally describe relative improvements in lung function.

Baseline lung function in STRIVE was 63.5 percent predicted for patients in the VX-770 treatment group and 63.7 percent predicted among those in the placebo control group. Results of the STRIVE study showed that people treated with VX-770 achieved a mean absolute improvement from baseline compared to placebo of 10.6 percent through 24 weeks (p<0.0001). Mean absolute improvement in lung function achieved by people who received VX-770 was sustained through 48 weeks (10.5 percent; p<0.0001).

In addition, people treated with VX-770 experienced a 16.7 percent relative mean improvement in lung function from baseline compared to placebo (p<0.0001) through week 24, which was sustained through week 48 (16.9 percent; p<0.0001).

Additional secondary endpoints were measured to observe the effect of VX-770 through week 48. These secondary endpoints included:

Pulmonary Exacerbations: People treated with VX-770 in STRIVE were 55 percent less likely to experience a pulmonary exacerbation compared to those treated with placebo through week 48. Through 48 weeks, 67 percent of people treated with VX-770 were exacerbation free compared to 41 percent of people treated with placebo.

Weight: Many people with CF have a hard time gaining and maintaining weight due to factors such as nutrition, chronic infection and inflammation. In the STRIVE study, those who received VX-770 experienced an average weight gain of approximately 6.8 lbs (3.1 kilograms) at 48 weeks compared to baseline. Those in the placebo group gained approximately 0.9 lbs (0.4 kilograms).

Sweat Chloride: Elevated sweat chloride levels are a diagnostic hallmark that occur in all people with CF and result directly from defective CFTR activity in epithelial cells in the sweat duct. The amount of chloride in the sweat is measured using a standard test. People with CF typically have elevated sweat chloride levels in excess of 60 mmol/L, while normal values are less than 40 mmol/L. Reduction in sweat chloride is considered to be a marker of improved CFTR function.

In STRIVE, the baseline sweat chloride level for both treatment groups was approximately 100 mmol/L. Statistically significant decreases in measurements of sweat chloride were observed among those treated with VX-770 but not those treated with placebo. Through week 48, mean sweat chloride levels for patients treated with VX-770 were below 60 mmol/L.

Patient Reported Outcomes: The Cystic Fibrosis Questionnaire – Revised (CFQ-R) is a validated patient reported outcome tool that was used in this study to measure the impact of VX-770 on overall health, daily life, perceived well-being and symptoms. One aspect of the CFQ-R, referred to as the respiratory domain, addresses patient reported symptoms including things such as coughing, congestion, wheezing and other respiratory symptoms. In this study, statistically significant and clinically meaningful improvements in respiratory symptoms (a secondary endpoint of the study) were reported among patients who received VX-770.

DISCOVER Data

Vertex also announced today the results of the Phase 2 DISCOVER study, which was primarily designed to provide additional safety data for VX-770 and is part of the registration program. DISCOVER enrolled 140 people who had two copies of the F508del mutation, which prevents the CFTR protein from moving to its proper location at the cell surface. The majority of people with CF have at least one copy of the F508del mutation.

The primary endpoints of DISCOVER were safety and absolute change from baseline in lung function through 16 weeks. Adverse events were similar between the treatment groups. Adverse events that occurred more frequently (≥5 percent) in the VX-770 treatment group compared to placebo were cough, nausea, rash and contact dermatitis. None of these events were serious or led to discontinuation of VX-770. Data from the DISCOVER study will be submitted for presentation at an upcoming medical meeting.

Mean baseline lung function (FEV1) was 79.7 percent predicted for people who received VX-770 compared to 74.8 percent predicted for patients in the placebo group. Results of the DISCOVER study showed that people treated with VX-770 achieved a mean absolute improvement from baseline compared to placebo of 1.6 percent through 16 weeks (p=0.25). The improvement was not statistically significant and was not considered clinically meaningful. Data from the study also showed a mean relative improvement in lung function from baseline compared to placebo of 2 percent through week 16. A mean reduction in sweat chloride of 2.9 mmol/L compared to placebo through 16 weeks was observed among those treated with VX-770. This improvement was statistically significant but small (p<0.04).

“Based on the results of DISCOVER, we continue to believe the combination of a potentiator and corrector may be the best approach to treating people with two copies of the F508del mutation,” said Robert Kauffman, M.D., Ph.D., Senior Vice President and Chief Medical Officer for Vertex. “Data are anticipated later this year from the first study to evaluate the combination of VX-770 and VX-809 in this group of people with cystic fibrosis.”

ENVISION Study

In addition to the STRIVE and DISCOVER studies, a third study known as ENVISION is evaluating VX-770 in children 6 to 11 years old with CF who have at least one copy of the G551D mutation. Data from the ENVISION study are anticipated in mid-2011.

Combination Study of VX-770 and VX-809

Vertex is conducting a Phase 2a clinical trial to evaluate multiple combination regimens of VX-770 and VX-809 in people with two copies of the F508del mutation. The first part of the study is designed to evaluate VX-809 (200 mg), or placebo dosed alone for 14 days and in combination with VX-770 (150 mg or 250 mg), or placebo, for seven days. Vertex expects to obtain data from Part One of the trial in the first half of 2011.

About the Cystic Fibrosis Transmembrane Conductance Regulator Protein (CFTR)

CF is caused by defective or missing CFTR proteins, which result in poor ion flow across cell membranes, including in the lung, and the accumulation of abnormally thick, sticky mucus that leads to chronic lung infections and progressive lung damage. In people with the G551D mutation, CFTR proteins are present on the cell surface but do not function normally. VX-770, known as a potentiator, aims to increase the function of defective CFTR proteins by increasing the gating activity, or ability to transport ions across the cell membrane, of CFTR once it reaches the cell surface. In people with the F508del mutation, CFTR proteins do not reach the cell surface in normal amounts. VX-809, known as a CFTR corrector, aims to increase CFTR function by increasing the amount of CFTR at the cell surface.

About Cystic Fibrosis

CF is a life-threatening genetic disease affecting approximately 30,000 people in the United States and 70,000 people worldwide. Today, the median predicted age of survival for a person with CF is approximately 37 years. According to the 2008 Cystic Fibrosis Foundation Patient Registry Annual Data Report, approximately 4 percent of the total CF patient population in the U.S. have at least one copy of the G551D mutation, 48 percent of the total CF patient population in the U.S. have two copies of the F508del mutation and an additional 39 percent of the total CF patient population have one copy of the F508del mutation.

People interested in further information about clinical trials of VX-809 or VX-770 should visit www.clinicaltrials.gov or http://www.cff.org/clinicaltrials.

Collaborative History with Cystic Fibrosis Foundation Therapeutics, Inc. (CFFT)

Vertex initiated its CF research program in 1998 as a part of a collaboration with CFFT, the non-profit drug discovery and development affiliate of the Cystic Fibrosis Foundation. Vertex and CFFT expanded the agreement in 2000 and again in 2004, and in March 2006 entered into a collaboration for the accelerated development of VX-770. In addition to the development collaboration for VX-770, in January 2006 Vertex and CFFT entered into an expanded research collaboration to develop novel corrector compounds. Vertex has received approximately $75 million from CFFT to support CF research and development efforts.

About the Cystic Fibrosis Foundation

The Cystic Fibrosis Foundation is the world’s leader in the search for a cure for cystic fibrosis. The Foundation funds more CF research than any other organization and nearly every CF drug available today was made possible because of Foundation support. Based in Bethesda, Md., the Foundation also supports and accredits a national care center network that has been recognized by the National Institutes of Health as a model of care for a chronic disease.

About Vertex

Vertex creates new possibilities in medicine. Our team aims to discover, develop and commercialize innovative therapies so people with serious diseases can lead better lives.

Vertex scientists and our collaborators are working on new medicines to cure or significantly advance the treatment of hepatitis C, cystic fibrosis, epilepsy and other life-threatening diseases.

Founded more than 20 years ago in Cambridge, MA, we now have ongoing worldwide research programs and sites in the U.S., U.K. and Canada.

Special Note Regarding Forward-looking Statements

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding (i) Vertex’s plan to submit U.S. and European regulatory applications for approval in the second half of 2011; (ii) the support provided by this study for an entirely new approach to treating cystic fibrosis; (iii) the plan to work with regulatory agencies to determine the fastest way to get VX-770 approved; (iv) the hope that a similar approach to treatment, targeting CFTR protein dysfunction caused by mutations other than the G551D mutation, may help others living with CF; (v) the planned presentation of data from STRIVE and DISCOVER at upcoming medical meetings; (vi) the expectation that data from ENVISION will be available in mid-2011; and (vii) our belief that a combination of a potentiator and corrector may be the best approach to treating people with two copies of the F508del mutation and the expectation that data from the ongoing Phase 2a combination study of VX-770 and VX-809 will be available in the first half of 2011. While Vertex believes the forward-looking statements contained in this press release are accurate, there are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements. Those risks and uncertainties include, among other things, that Vertex could experience unforeseen delays, that future outcomes from ENVISION and from the various extension studies of VX-770 may not be favorable or may be less favorable than observed to date in STRIVE and other studies, that unexpected side effects may appear as VX-770 or VX-809 are more broadly dosed, that regulatory authorities may require more extensive data for VX-770 regulatory filings than currently expected; that future clinical, competitive and other factors may adversely affect the potential for VX-770; that the company may not be able to successfully develop VX-770 or combination therapies involving VX-770 and VX-809, and other risks listed under Risk Factors in Vertex’s annual report and quarterly reports filed with the Securities and Exchange Commission and available through the company’s website at www.vrtx.com. Vertex disclaims any obligation to update the information contained in this press release as new information becomes available.

Conference Call and Webcast

Vertex will host a conference call and webcast today, Wednesday, February 23, 2011 at 8:30 a.m. ET to review recent developments in cystic fibrosis. This call and webcast will be broadcast via the Internet at www.vrtx.com. It is suggested that webcast participants go to the web site at least 10 minutes in advance of the call to ensure that they can access the slides. The link to the webcast is available on the Events and Presentations button on the home page. To listen to the call on the telephone, dial 866-501-1537 (U.S. and Canada) or 720-545-0001 (International). Vertex is also providing a podcast MP3 file available for download on the Vertex website at www.vrtx.com. The conference ID number is 46977282. The call will be available for replay via telephone commencing February 23, 2011 at 12:00 p.m. ET running through 5:00 p.m. ET on March 1, 2011. The replay phone number for the U.S. and Canada is 800-642-1687. The international replay number is 706-645-9291. The conference ID number is 46977282. Following the live webcast, an archived version will be available on Vertex’s website until 5:00 p.m. ET on March 9, 2011.

Wednesday, February 23rd, 2011 Uncategorized Comments Off on Phase 3 Study of VX-770 Showed Profound and Sustained Improvements in Lung Function (FEV1)

Royale (ROYL) Begins Producing Goddard #2

SAN DIEGO, Feb. 23, 2011 /PRNewswire/ — Royale Energy, Inc. (Nasdaq: ROYL) today announced it has received regulatory approval to commence production on the Goddard #2 well. Pursuant to a public hearing before the Colusa County Board of Supervisors, Royale was granted a Final Major Use Permit, allowing the company to “open the spigot.”

The well was immediately placed into production and is currently producing at a rate of approximately 10,000 MCF per day.

The Goddard #1 has been on-line, producing approximately 5,000 MCF per day since 3rd quarter 2010. The wells together with the newly drilled Goddard #3, which is also expected to commence production later this week, will drive company production totals to the highest levels in over a decade.

“Our forthcoming announcement of profit in 2010 does not reflect production levels achieved with today’s announcement. We look forward to our future results as the new gas sales are reflected in the 2011 bottom-line,” said Stephen Hosmer.

The 2010 earnings are expected to be released in early March, reflecting an overall positive trend in the company’s results.

The construction of the pipeline from the recently drilled Magnum discovery will begin this month, allowing gas to flow from this well and from the Hubbard well if successful. The Hubbard is currently being drilled and total depth is expected to be reached next week.

About the Company

Headquartered in San Diego, Royale Energy, Inc. is an independent energy company. The company is focused on development, acquisition, exploration, and production of natural gas and oil in California, Texas and the Rocky Mountains. It has been a leading independent producer of oil and natural gas for over 20 years. The company’s strength is continually reaffirmed by investors who participate in funding over 50% of the company’s new projects. Additional information about Royale Energy, Inc. is available on its web site at www.royl.com.

Forward Looking Statements

In addition to historical information contained herein, this news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, subject to various risks and uncertainties that could cause the company’s actual results to differ materially from those in the “forward-looking” statements. While the company believes its forward looking statements are based upon reasonable assumptions, there are factors that are difficult to predict and that are influenced by economic and other conditions beyond the company’s control. Investors are directed to consider such risks and other uncertainties discussed in documents filed by the company with the Securities and Exchange Commission.

http://www.royl.com

SOURCE Royale Energy, Inc.

Wednesday, February 23rd, 2011 Uncategorized Comments Off on Royale (ROYL) Begins Producing Goddard #2

Innovaro, Inc. (INV) Enters into Agreement with Asian Telecom Leader

Feb. 22, 2011 (Business Wire) — Innovaro, Inc. (NYSE Amex: INV), a leading innovation services and IP licensing company, announced that it has entered into an agreement with a major Asian telecommunications company to provide it with additional consulting services through its Strategos consulting services division.

Under the agreement, Innovaro will assist the client in developing, selecting, and implementing new business ideas and opportunities within high-priority domains. This agreement represents the third project phase of Innovaro’s relationship with the client, which has been ongoing for the past year. During this phase, several new business models will be created and tested to validate the opportunities in the marketplace. In addition, the client’s processes, systems, and metrics will be evaluated and changes will be implemented to promote innovation. Open innovation techniques, like crowd sourcing and electronic marketplaces, will play a role in the identification of blockages and remedies as will an examination of best practices for key innovation value chain steps. In this phase, the joint client-Innovaro team will further extend the reach of the project within the employee population of the client; and by the end of this phase more than 2000 employees will have been involved directly in opportunity development workshops and projects.

This phase is planned for completion within the first half of 2011. The value of the agreement to Innovaro is approximately $3.35 million for the provision of its services under the agreement, which will bring the total value of the relationship with Innovaro in connection with the project to approximately $6 million.

Gary Getz, the Strategos Managing Director leading the effort, said, “We are very pleased to have the opportunity to take on this next phase of work, helping a major Asian company to continue its transformation from utility telecom operator to global innovation leader. It is particularly exciting to be working with such a large proportion of client employees in an active collaboration.”

About Innovaro, Inc.

Innovaro, Inc. is a comprehensive end-to-end innovation solution provider. With fully scalable solutions, whether for a global 1000 company or small R&D lab or university scientist, we help our clients create breakthrough innovation, realize latent value in their IP and accelerate their innovations to market. Leading companies trust us to create profitable growth, new revenue streams, enduring capabilities and lasting value through innovation. For more information about us, please visit our website at www.innovaro.com.

Forward-Looking Statements

Certain matters discussed in this press release are “forward-looking statements.” These forward-looking statements can generally be identified as such because the context of the statement will include words such as “expects,” “should,” “believes,” “anticipates” or words of similar import. Certain factors could cause actual results to differ materially from those projected in these forward looking statements and these factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release is available on Innovaro’s website www.innovaro.com.

Innovaro, Inc.

Tania Bernier, 813-754-4330 x223

media@innovaro.com

Tuesday, February 22nd, 2011 Uncategorized Comments Off on Innovaro, Inc. (INV) Enters into Agreement with Asian Telecom Leader

Gold Resource Corp. (GORO) Drilling Returns Highest Grade Intercepts to Date

DENVER, CO — (Marketwire) — 02/22/11 — Gold Resource Corporation’s (GORO) (NYSE Amex: GORO) development drilling returns highest grade intercepts to date including 11 meters down hole of 37.48 grams gold per tonne (1.20 ounce per tonne) and 2183 grams silver per tonne (70.20 ounce per tonne) within 28.6 meters of 21.64 grams gold per tonne (0.70 ounce per tonne) and 2178 grams silver per tonne (70.30 ounce per tonne) from its Arista deposit. The Company expects initial production from its high-grade Arista deposit, located at its El Aguila Project, in the next few weeks. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico.

From an underground drill station set up on level 2, above the Arista ore body, development drill holes were designed to test the character, grade and locations of the Arista and Baja veins to assist in mine development. In a fan hole drilled -45 degrees and approximately 50 meters ahead of drift development work on level 5, high-grade gold and silver were intercepted 85 meters down hole.

La Arista deposit development infill drill highlights include:

Hole # 5110004, drilled 45 degrees (lengths are not true width)

  • 11 meters of 37.48 g/t gold, 2183 g/t silver, 1.36% copper, 0.98% lead, 5.25% zinc

within,

  • 28.6 meters of 21.64 g/t gold, 2178 g/t silver, 1.84% copper, 1.79% lead, 4.94% zinc
----------------------------------------------------------------------------
La Arista mine development underground drill program
----------------------------------------------------------------------------
      Hole           Angle           From          Length           Au
                                     (m)            (m)            ppm
----------------------------------------------------------------------------
     5110004                -45          85.35           1.02           3.25
----------------------------------------------------------------------------
                                         86.37           1.02          52.30
----------------------------------------------------------------------------
                                         87.39           0.58          21.80
----------------------------------------------------------------------------
                                         87.97           0.90           8.50
----------------------------------------------------------------------------
                                         88.87           0.80           2.00
----------------------------------------------------------------------------
                                         89.67           1.10          25.00
----------------------------------------------------------------------------
                                         90.77           0.98          11.60
----------------------------------------------------------------------------
                                         91.75           0.95         101.45
----------------------------------------------------------------------------
                                         92.70           0.96         180.00
----------------------------------------------------------------------------
                                         93.66           1.12           8.40
----------------------------------------------------------------------------
                                         94.78           0.98          11.00
----------------------------------------------------------------------------
                                         95.76           1.11          12.55
----------------------------------------------------------------------------
                                         96.87           0.98          13.15
----------------------------------------------------------------------------
                                         97.85           1.14           5.30
----------------------------------------------------------------------------
                                         98.99           0.91           2.85
----------------------------------------------------------------------------
                                         99.90           0.96           7.65
----------------------------------------------------------------------------
                                        100.86           1.13          11.25
----------------------------------------------------------------------------
                                        101.99           1.00           9.30
----------------------------------------------------------------------------
                                        102.99           0.96          31.00
----------------------------------------------------------------------------
                                        103.95           0.72          27.80
----------------------------------------------------------------------------
                                        104.67           1.04          20.80
----------------------------------------------------------------------------
                                        105.71           0.68           4.95
----------------------------------------------------------------------------
                                        106.39           0.62           3.35
----------------------------------------------------------------------------
                                        107.01           0.59           8.35
----------------------------------------------------------------------------
                                        107.60           0.50          18.45
----------------------------------------------------------------------------
                                        108.10           0.52          19.50
----------------------------------------------------------------------------
                                        108.62           0.73           5.50
----------------------------------------------------------------------------
                                        109.35           0.66          10.50
----------------------------------------------------------------------------
                                        110.01           0.52           2.80
----------------------------------------------------------------------------
                                        110.53           0.56          24.60
----------------------------------------------------------------------------
                                        111.09           0.56           2.60
----------------------------------------------------------------------------
                                        111.65           0.56           4.90
----------------------------------------------------------------------------
                                        112.21           0.59           6.15
----------------------------------------------------------------------------
                                        112.80           0.56          17.25
----------------------------------------------------------------------------
                                        113.36           0.57           3.85
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                                                  Length            Au
                                                     (m)            ppm
----------------------------------------------------------------------------
Average                            Grams/tonne          11.48          37.48
----------------------------------------------------------------------------
                                   Ounce/tonne                          1.20
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Average                            Grams/tonne          28.58          21.64
----------------------------------------------------------------------------
                                   Ounce/tonne                          0.70
----------------------------------------------------------------------------

----------------------------------------------------------------------------
     5110004                -45         138.26           0.95           61.4
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Assays by Gold Resource Corporation's assay laboratory
----------------------------------------------------------------------------

----------------------------------------------------------------------------
La Arista mine development underground drill program
----------------------------------------------------------------------------
      Hole             Ag             Cu             Pb             Zn
                       ppm             %              %              %
----------------------------------------------------------------------------
     5110004              368.6           0.11           0.08           0.15
----------------------------------------------------------------------------
                         2784.5           0.40           0.39           0.84
----------------------------------------------------------------------------
                         1338.3           0.20           0.09           0.16
----------------------------------------------------------------------------
                          494.6           0.10           0.08           0.12
----------------------------------------------------------------------------
                          132.9           0.04           0.50           0.50
----------------------------------------------------------------------------
                         1602.4           0.29           0.26           0.37
----------------------------------------------------------------------------
                         1055.9           0.75           0.28           0.42
----------------------------------------------------------------------------
                         8018.5           1.54           1.51           3.29
----------------------------------------------------------------------------
                         6602.8           1.83           1.03           2.22
----------------------------------------------------------------------------
                          702.3           1.65           0.81          35.65
----------------------------------------------------------------------------
                         1355.6           3.00           2.88           5.90
----------------------------------------------------------------------------
                          680.9           3.23           2.59           4.85
----------------------------------------------------------------------------
                         1300.2           2.32           0.79           1.67
----------------------------------------------------------------------------
                         1216.4           2.57           2.15           5.10
----------------------------------------------------------------------------
                          545.5           3.90           2.11           2.36
----------------------------------------------------------------------------
                         4075.2           4.22           2.64           4.07
----------------------------------------------------------------------------
                         1365.4           2.98           1.22           2.21
----------------------------------------------------------------------------
                         7420.1           4.79           3.65           8.85
----------------------------------------------------------------------------
                          266.2           2.18           3.94          16.09
----------------------------------------------------------------------------
                          346.8           1.18          13.62          11.06
----------------------------------------------------------------------------
                          973.1           2.47           3.16           8.25
----------------------------------------------------------------------------
                          794.6           0.83           0.09           0.17
----------------------------------------------------------------------------
                          998.9           1.09           1.23           3.14
----------------------------------------------------------------------------
                          911.1           1.16           0.44           1.03
----------------------------------------------------------------------------
                         2644.7           3.09           1.60           3.90
----------------------------------------------------------------------------
                         2376.0           3.10           2.24           4.29
----------------------------------------------------------------------------
                         2406.4           1.38           2.27           6.39
----------------------------------------------------------------------------
                         1274.8           1.39           1.47           3.05
----------------------------------------------------------------------------
                          783.6           1.13           0.76           1.47
----------------------------------------------------------------------------
                         3311.4           1.33           0.83           1.34
----------------------------------------------------------------------------
                         1171.7           1.03           1.13           2.71
----------------------------------------------------------------------------
                         2210.3           1.27           1.37           3.51
----------------------------------------------------------------------------
                         4971.8           1.42           1.55           5.37
----------------------------------------------------------------------------
                        11359.5           3.08           3.66           6.47
----------------------------------------------------------------------------
                          414.1           0.74           0.15           0.52
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                       Ag             Cu             Pb             Zn
                       ppm             %              %              %
----------------------------------------------------------------------------
Average                    2183           1.36           0.98           5.25
----------------------------------------------------------------------------
                          70.20
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Average                    2178           1.84           1.79           4.94
----------------------------------------------------------------------------
                          70.03
----------------------------------------------------------------------------

----------------------------------------------------------------------------
     5110004             3744.2           0.87           1.18           1.52
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Assays by Gold Resource Corporation's assay laboratory
----------------------------------------------------------------------------

The La Arista vein system is made up of multiple en echelon veins with the two predominant veins being the Baja and the Arista veins. Previous detailed La Arista vein system drilling has demonstrated mineralization along 500 meters of strike and 500 meters of depth for both the Baja and Arista veins. The deposit remains open in both strike and depth.

Gold Resource Corporation’s President, Mr. Jason Reid, commented, “We continue to be impressed with the mineralization we are encountering, especially this best hole intercept drilled to date, during mine development drilling which is at the top of this high-grade epithermal deposit. To cut multiple meters of gold grades in ounces and silver grades in kilos continue to bolster our belief this is a very powerful epithermal system with world class grades. Equally exciting is the fact that the mineralization limits of the Arista vein system have yet to be defined on strike and depth as the deposit remains open. We recently began a step out exploration drill program of Arista and the El Aguila Project area which will soon utilize three surface core drill rigs and one underground core drill rig and we are optimistic this deposit will expand, based on similar geologic models in Mexico.”

The La Arista epithermal deposit is part of the El Aguila Project on which the Company completed a geophysical survey, called Titan 24, late in 2010 to identify geophysical targets. Multiple anomalies, both shallow and deep, were identified and currently the Company has one drill rig which began testing these anomalies.

Mr. Jason Reid continued, “Our deposits date approximately 10 to 15 million years old and are among the youngest deposits in Mexico. La Arista mineralization begins one hundred meters below the current surface, which is important in that it is intact and has not been eroded away nor previously discovered and mined. We believe we may have an entire geologic system on our property from low sulphidation epithermal open pit deposits to more intermediate polymetallic vein deposits like Arista that could potentially extend over 1,000 meters of depth based on geologic models. In addition, we have indications of replacement type deposits like skarn or porphyry at depth based on results of our previous drilling, geophysics and work done by various consulting geologists.”

Next week Gold Resource Corporation begins an in depth geochemical survey to be completed over its entire Alta Gracia, Las Margaritas and the balance of El Aguila Project not surveyed from a prior study. The previous geochemical survey showed significant anomalies associated with our deposits on El Aguila. The survey will also include the Company’s El Rey property. Gold Resource Corporation has 100% interest in all these properties.

The Company’s Alta Gracia property, located 16 kilometers to the northwest along the North 70 degrees West mineralized San Jose structural corridor, was a district mined historically on a small scale and as recently as the 1970s. Many geologic similarities exist between the Company’s Alta Gracia property (see map) and the Arista deposit located on the Company’s El Aguila Project. With surface samples as high as 17.8 grams gold and 2.95 kilograms of silver, the Company’s geologists have completed mapping a portion of the property and have defined multiple drill targets. A surface core drill rig is testing the Company’s first high-grade Alta Gracia gold target.

Mr. Jason Reid stated, “There is a high-grade value associated with our El Aguila Project deposits drilled to date; so we are excited to be testing the possible expansion not only of our known high-grade deposits and targets, but our new and deeper targets as well.”

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 has 52,998,303 shares outstanding, 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

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1520781
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1520779

Contact:
Greg Patterson
Corporate Development
303-320-7708

Tuesday, February 22nd, 2011 Uncategorized Comments Off on Gold Resource Corp. (GORO) Drilling Returns Highest Grade Intercepts to Date

China Mobile (NIV) Signs First Order with NIVS IntelliMedia

HUIZHOU, China, Feb. 22, 2011 /PRNewswire-Asia-FirstCall/ — NIVS IntelliMedia Technology Group, Inc. (“NIVS” or the “Company”) (NYSE Amex: NIV), a comprehensive consumer electronics company that designs, manufactures and sells intelligent audio and visual products and mobile phones, announced that it has won its first order from China Mobile Limited (NYSE: CHL), the largest mobile phone carrier in China.

(Logo: http://photos.prnewswire.com/prnh/20110210/CN46352 )

The order from China Mobile relates to the NIVS N61 model, which is a mobile phone designed for young children. It has distinctive security features that allow parents to track their children’s location through its built in GPS.  The phone will be sold as a NIVS branded device through China Mobile. According to Morningstar, as of 2010, China Mobile controls the vast majority of China’s domestic mobile services market, with 70% market share.  As of January 2011, China Mobile was estimated to have 589 million customers, the world’s largest mobile phone subscriber base.

“This contract-win from the largest mobile carrier in China is a milestone for NIVS and its shareholders,” said Tianfu Li, NIVS’ Chairman and CEO.  “With a subscriber base of over 500 million customers, we believe China Mobile represents a heavy-weight partner in China with sizable potential business opportunities, both in terms of order frequency and dollar value.  Indeed, after our first shipment of mobile phones to China Mobile stores, we have already received verbal confirmation of a follow-up order due to market demand for the N61 product.  This is a testament to our R&D team, which added considerable value to our mobile phone technology, design, quality and price.”

The N61 model mobile phone from NIVS has a 1 inch color TFT screen.  It works on the GSM 900 and DCS 1800 bands, has advanced and customizable family settings, and it has a kid-centric number pad with only six digits.  These numbers are designed for use as speed dial keys so young children can easily and safely call parents, relatives, and parent-approved friends, while being restricted from dialing unknown numbers. The phone is fully compliant with China mobile’s GSM network, which covers 97% of China’s population.

Mr. Li continued, “We have diligently pursued this relationship with China Mobile over the last six months, so we would like to recognize the dedication of the many NIVS employees that made this a reality.  We believe that this first contract with China Mobile successfully gets our foot in the door as we look to expand the number of branded phones we offer through China’s largest carrier, while simultaneously demonstrating NIVS’ growing presence in China’s rapidly expanding cell phone market.  With further developments in the works, we expect 2011 to be a highly successful year for our mobile business.”

NIVS is implementing various corporate growth initiatives for 2011, with a particular focus on its fast-growing mobile phone business, and is committed to establishing itself as China’s preeminent integrated consumer electronics company.  The Company will continue to focus on innovative research and development and expects to expand its product portfolio with the types of consumer electronics devices that are growing increasingly popular in China and in other high growth markets in Asia.

About NIVS IntelliMedia Technology Group, Inc.

NIVS IntelliMedia Technology Group (NYSE Amex: NIV) is an integrated consumer electronics company that designs, manufactures, markets and sells intelligent audio and video products and mobile phones in China, Greater Asia, Europe, and North America. The NIVS brand has received “Most Popular Brand” distinction in China’s acoustic industry for three consecutive years, among numerous other awards. NIVS has developed leading Chinese speech interactive technology, which forms a foundation for the Company’s intelligent audio and visual systems, including digital audio, LCD televisions, digital video broadcasting (“DVB”) set-top boxes, peripherals and more.

For comprehensive investor relations material, including fact sheets, research reports, presentations and video (as they become available), please follow the appropriate link: Investor Relations Portal and Investor Fact Sheet.

For additional information, please visit: www.nivsgroup.com/english

Safe Harbor Statement

This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements” including statements regarding: the Company’s business and operations; business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Company Contact:

Alex Chen

Chief Financial Officer

United States

646-380-2454

Email: achen@nivsgroup.com

Jason Wong

Vice President Investor Relations

Tel: +86-138-299-16919

Email: jason@nivsgroup.com

Investor Contact:

Trilogy Capital Partners – Asia

Darren Minton, President

Toll-free: 800-592-6067

info@trilogy-capital.com

SOURCE NIVS IntelliMedia Technology Group, Inc.

Source: PR Newswire (February 22, 2011 – 6:00 AM EST)

News by QuoteMedia

Tuesday, February 22nd, 2011 Uncategorized Comments Off on China Mobile (NIV) Signs First Order with NIVS IntelliMedia

UPS Contracts with Clean Energy (CLNE) to Fuel New UPS LNG Regional Truck Fleet in Las Vegas

Feb. 22, 2011 (Business Wire) — UPS, the world’s largest package delivery company, has contracted with Clean Energy Fuels Corp. (Nasdaq: CLNE) to fuel its new fleet of 48 liquefied natural gas (LNG) package transportation trucks at a new truck fueling station near UPS facilities in Las Vegas, Nevada. The agreement has a seven-year initial term with three one-year renewal options. Clean Energy will design, build, own and operate the station, which is set for opening in the first half of 2011.

“Investment in a fuel-efficient technology that helps reduce our carbon footprint and reduce our dependence on petroleum remains a key component of UPS’s transport strategy,” said Mike Britt, Director of Vehicle Engineering at UPS. “For our heavy-duty vehicles, LNG has proved successful in reducing emissions, keeping our maintenance and operating costs low, and significantly reducing our dependence on petroleum for these shipping lanes.”

The public access LNG fueling station will support the deployment of a new regional UPS fleet of 48 LNG delivery trucks used to transport packages between UPS facilities in Las Vegas and Ontario, Calif., as well as to other regional destinations. LNG fuel requirements are expected to exceed 1.2 million gallons annually for the UPS 48-truck fleet, which will be deployed during the first half of 2011. The station will also become a key link in the Southwest LNG truck fueling corridor being developed by Clean Energy.

James Harger, Chief Marketing Officer, Clean Energy, said, “We are delighted to have this opportunity to extend our relationship with UPS to support its efforts to curb harmful air pollution and global warming emissions. The new Las Vegas LNG truck fleet is part of continuing efforts by UPS to reduce its emissions from the use of fuels like gasoline and diesel, and to lower its carbon footprint.”

Harger added, “This UPS station project is a major step toward realizing our goal to create a Southwest LNG truck fueling corridor that will extend along major truck transport routes from San Diego to Salt Lake City.” The development of the Clean Energy LNG station infrastructure is in direct response to the increasing demand for natural gas fuel as major trucking companies secure and deploy LNG-powered trucks throughout the region.

To supply its Southwest regional LNG fuel customers, Clean Energy operates the largest LNG production plant in the Southwest, located in Boron, Calif. The facility includes a 1.8-million-gallon LNG storage tank as an important supply resource.

About Clean Energy Fuels — Clean Energy (Nasdaq: CLNE) is the largest provider of natural gas fuel for transportation in North America and a global leader in the expanding natural gas vehicle market. It has operations in CNG and LNG vehicle fueling, construction and operation of CNG and LNG fueling stations, biomethane production, vehicle conversion and compressor technology.

Clean Energy fuels over 19,900 vehicles at 211 strategic locations across the United States and Canada with a broad customer base in the refuse, transit, trucking, shuttle, taxi, airport and municipal fleet markets. It owns (70%) and operates a landfill gas facility in Dallas, Texas, that produces renewable methane gas, or biomethane, for delivery in the nation’s gas pipeline network. It owns and operates LNG production plants in Willis, Texas and Boron, Calif. with combined capacity of 260,000 LNG gallons per day and that are designed to expand to 340,000 LNG gallons per day as demand increases. Northstar, a wholly owned subsidiary, is the recognized leader in LNG/LCNG (liquefied to compressed natural gas) fueling system technologies and station construction and operations. BAF Technologies, Inc., a wholly owned subsidiary, is a leading provider of natural gas vehicle systems and conversions for taxis, limousines, vans, pick-up trucks and shuttle buses. IMW Industries, Ltd., a wholly owned subsidiary based in Canada, is a leading supplier of compressed natural gas equipment for vehicle fueling and industrial applications with more than 1,000 installations in 24 countries. www.cleanenergyfuels.com

Forward Looking Statements — This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including statements about UPS’s annual fuel consumption and the potential for a Southwest LNG truck fueling corridor. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors, including the demand for UPS’s services in the Southwest region, permitting or other delays encountered during the construction of the station, LNG truck availability and performance, the rate of LNG truck procurement by trucking fleets and the actual demand for LNG fuel at any LNG fueling facilities built and owned by Clean Energy. The forward-looking statements made herein speak only as of the date of this press release and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Clean Energy Fuels Corp.

News Media

Bruce Russell, 310-559-4955 x101

brussell@cleanenergyfuels.com

or

Investors

Ina McGuinness, 805-427-1372

ina@mcguinnessir.com

Tuesday, February 22nd, 2011 Uncategorized Comments Off on UPS Contracts with Clean Energy (CLNE) to Fuel New UPS LNG Regional Truck Fleet in Las Vegas

FONAR (FONR) Announces Second Quarter, Fiscal 2011, Financial Results

MELVILLE, NY — (Marketwire) — 02/22/11 — FONAR Corporation (NASDAQ: FONR) today announced its financial results for the second quarter of fiscal 2011, which ended December 31, 2010. During the quarter, net income and also income from operations, was $1.4 million. This compares to the second quarter of fiscal 2010, which ended December 31, 2009, when the net loss and also the loss from operations was $1.3 million. The Company has had three consecutive quarters of positive net income, and four consecutive quarters of positive income from operations.

A graph of the Net (Loss) Income for the past six quarters can be found at: www.fonar.com/news/022211.htm

For the first six months of fiscal 2011, which ended December 31, 2010, net income was $1.9 million as compared to a net loss of $2.7 million, one year earlier, for the six month period which ended December 31, 2009.

Total revenues for the second quarter of fiscal 2011 ended December 31, 2010, were $8.0 million as compared to $8.2 million for the same period last year which ended December 31, 2009. Total revenues for the six months ended December 31, 2010 were $16.7 million as compared to $15.7 million for the same period last year.

During the second quarter of fiscal 2011 for the period ended December 31, 2010, total product sales were $1.8 million, versus $3.0 million for the same period last year. Total service and repair net fees for the second fiscal quarter of 2011 for the period ended December 31, 2010 were $2.7 million versus $2.7 million for the same period last year. Management & other fees were at $3.5 million during the second quarter of fiscal 2011 for the period ended December 31, 2010 as compared to $2.6 million for the same period last year. As of December 31, 2010, FONAR had installed 149 UPRIGHT® Multi-Position™ MRI units worldwide.

As of December 31, 2010, total cash, cash equivalents and marketable securities were approximately $2.0 million, an approximate 50% increase from $1.3 million as of June 30, 2010. Total current assets were $15.2 million, total assets were $24.1 million, total current liabilities were $24.9 million, and total long-term liabilities were $2.8 million.

NASDAQ Continued Listing

On October 14, 2010, the Company received notice from the NASDAQ Listing Qualifications Staff that based upon the Company’s non-compliance with the $2.5 million stockholders’ equity requirement set forth in NASDAQ Listing Rule 5550(b), the Company’s securities were subject to delisting from The NASDAQ Capital Market. One day earlier, on October 13, 2010, the Company had reported its 10-K for the period ended June 30, 2010. The Company also did not meet the alternative requirements of $35 million in market capitalization for its listed securities (FONR), or net income from continuing operations of $500,000. Pursuant to the Listing Rules, the Company requested and was granted an extension, through January 7, 2011, to submit a plan of compliance. Subsequently, on January 11, 2011, the Company received a determination letter from the Listing Qualifications Staff of The NASDAQ Stock Market LLC (the “Staff Determination”) notifying the Company that, unless the Company requests a hearing before the NASDAQ Listing Qualifications Panel (the “NASDAQ Panel”), that the Company’s securities would be delisted.

The Company has requested a hearing before the NASDAQ Panel, which will stay any action with respect to the Staff Determination until the Panel renders a decision subsequent to the hearing. The hearing will be held on February 24, 2011. There can be no assurance that the Panel will grant the Company’s appeal for continued listing.

Raymond Damadian, president and founder of FONAR, said, “Hard work, difficult cut-backs and an outstanding product, the FONAR UPRIGHT® Multi-Position™ MRI are behind our record-setting quarterly net income of $1,363,000. The cut-backs have been particularly hard but have been offset by the enthusiasm in our recently enacted business strategy, which capitalizes on the scanning center management business. At each of the scanning centers that we manage, our UPRIGHT® Multi-Position™ MRI scanners had more patient throughput during the second quarter of fiscal 2011 than were scanned in the second quarter of fiscal 2010.”

                       FONAR CORPORATION AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                                (000's OMITTED)

ASSETS
                                                      December 31, June 30,
                                                          2010       2010
                                                      (UNAUDITED)
Current Assets:                                        ---------  ---------
  Cash and cash equivalents                            $   1,961  $   1,299
  Marketable securities                                       33         28
  Accounts receivable - net                                5,390      4,821
  Accounts receivable - related parties - net                118          -
  Medical receivables - net                                    4         25
  Management fee receivable - net                          2,428      2,569
  Management fee receivable - related medical
    practices - net                                        1,751      1,922

  Costs and estimated earnings in excess of
    billings on uncompleted contracts                        273        277
  Inventories                                              2,757      2,826
  Advances and notes to related
   medical practices - net                                     -         83
  Current portion of notes receivable                        190        272
  Prepaid expenses and other current assets                  294        553
                                                       ---------  ---------
        Total Current Assets                              15,199     14,675
                                                       ---------  ---------

Property and equipment - net                               3,827      2,109
Notes receivable - net                                       238          -
Other intangible assets - net                              4,137      4,291
Other assets                                                 673        554
                                                       ---------  ---------
        Total Assets                                   $  24,074  $  21,629
                                                       =========  =========

                        FONAR CORPORATION AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                                (000's OMITTED)

                                                     December 31,  June 30,
LIABILITIES AND STOCKHOLDERS' DEFICIENCY                 2010        2010
                                                     (UNAUDITED)
Current Liabilities:                                 -----------  ---------
  Current portion of long-term debt and
   capital leases                                    $     2,231   $    579
  Current portion of long-term debt-related party              -         88
  Accounts payable                                         2,425      3,192
  Other current liabilities                                8,683      8,065
  Unearned revenue on service contracts                    5,834      5,220
  Unearned revenue on service contracts - related
   parties                                                   110          -
  Customer advances                                        4,450      4,813
  Billings in excess of costs and estimated
   earnings on uncompleted contracts                       1,132      2,743
                                                       ---------  ---------
      Total Current Liabilities                           24,865     24,700

Long-Term Liabilities:
  Accounts payable                                           135         63
  Due to related medical practices                           231        528
  Long-term debt and capital leases,
   less current portion                                    1,906      1,567
  Long-term debt less current portion-related party            -         72
  Other liabilities                                          494        475
                                                       ---------  ---------
      Total Long-Term Liabilities                          2,766      2,705
                                                       ---------  ---------
      Total Liabilities                                   27,631     27,405
                                                       ---------  ---------

                        FONAR CORPORATION AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                       (000's OMITTED, except share data)

                                                    December 31,  June 30,
LIABILITIES AND STOCKHOLDERS' DEFICIENCY                2010        2010
  (continued)                                       (UNAUDITED)
                                                    -----------   --------
STOCKHOLDERS' DEFICIENCY:

Class A non-voting preferred stock $.0001 par value;
 453,000 and 1,600,000 shares authorized at
 December 31, 2010 and June 30, 2010, respectively;
 313,451 issued and outstanding
 at December 31, 2010 and June 30, 2010                       -          -

Preferred stock $.001 par value; 567,000 and
 2,000,000 shares authorized at December 31, 2010
 and June 30, 2010, respectively;
 issued and outstanding - none                                -          -

Common Stock $.0001 par value; 8,500,000 and
 30,000,000 shares authorized at December 31, 2010
 and June 30, 2010, respectively; 5,241,358 and
 4,985,850 issued at December 31, 2010 and June 30,
 2010, respectively; 5,229,715 and 4,974,207
 outstanding at December 31, 2010 and June 30,
 2010, respectively                                           1          1

Class B Common Stock $ .0001 par value; 227,000 and
 800,000 shares authorized at December 31, 2010 and
 June 30, 2010, respectively; (10 votes per share),
 158 issued and outstanding at December 31, 2010 and
 June 30, 2010                                                -          -

Class C Common Stock $.0001 par value; 567,000 and
 2,000,000 shares authorized at December 31, 2010
 and June 30, 2010, respectively; (25 votes per
 share), 382,513 issued and outstanding at
 December 31, 2010 and June 30, 2010                          -          -

Paid-in capital in excess of par value                   172,773   172,379
Accumulated other comprehensive loss                         (14)      (19)
Accumulated deficit                                     (175,523) (177,271)
Notes receivable from employee stockholders                 (119)     (191)
Treasury stock, at cost - 11,643 shares of common stock
 At December 31, 2010 and June 30, 2010                     (675)     (675)
                                                       ---------  --------
      Total Stockholders' Deficiency                      (3,557)   (5,776)
                                                       ---------  --------
      Total Liabilities and Stockholders' Deficiency   $  24,074  $ 21,629
                                                       =========  ========

                       FONAR CORPORATION AND SUBSIDIARIES
          CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                     (000's OMITTED, except per share data)

                                                      FOR THE THREE MONTHS
                                                              ENDED
                                                           DECEMBER 31,
                                                      --------------------
                                                         2010       2009
REVENUES                                              ---------  ---------
  Product sales - net                                 $   1,789  $   2,961
  Service and repair fees - net                           2,653      2,629
  Service and repair fees - related parties - net            55         55
  Management and other fees - net                         2,380      1,738
  Management and other fees - related medical
   practices - net                                        1,142        830
                                                      ---------  ---------
     Total Revenues - Net                                 8,019      8,213
                                                      ---------  ---------
COSTS AND EXPENSES
  Costs related to product sales                          1,368      2,279
  Costs related to service and repair fees                  700        978
  Costs related to service and repair
   fees - related parties                                    15         20
  Costs related to management and other fees              1,707      1,384
  Costs related to management and other
   fees - related medical practices                         633        745
  Research and development                                  153        777
  Selling, general and administrative                     1,745      3,100
  Provision for bad debts                                   255        197
                                                      ---------  ---------
     Total Costs and Expenses                             6,576      9,480
                                                      ---------  ---------
Income (Loss) From Operations                             1,443     (1,267)

Interest Expense                                           (137)       (90)
Interest Expense - Related Party                              -         (5)
Investment Income                                            58         66
Interest Income - Related Party                               -          3
Other (Expense) Income                                       (1)         1
                                                      ---------  ---------
NET INCOME (LOSS)                                     $   1,363  $  (1,292)
                                                      =========  =========
NET INCOME AVAILABLE TO CLASS C COMMON STOCKHOLDERS   $      25  $     N/A
                                                      =========  =========
Net Income (Loss) Available to Common Stockholders    $   1,261  $  (1,292)
                                                      =========  =========
Basic Net Income (Loss) Per Common Share              $    0.25   $  (0.26)
                                                      =========  =========
Diluted Net Income (Loss) Per Common Share            $    0.24   $  (0.26)
                                                      =========  =========
Basic and Diluted Income Per Share-Common C           $    0.06        N/A
                                                      =========  =========
Weighted Average Basis Shares Outstanding             5,149,499  4,916,275
                                                      =========  =========
Weighted Average Diluted Shares Outstanding           5,277,003  4,916,275
                                                      =========  =========

                       FONAR CORPORATION AND SUBSIDIARIES
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                     (000's OMITTED, except per share data)

                                                       FOR THE SIX MONTHS
                                                              ENDED
                                                           DECEMBER 31,
                                                      --------------------
                                                         2010       2009
REVENUES                                              ---------  ---------
  Product sales - net                                 $   4,448  $   4,524
  Service and repair fees - net                           5,342      5,386
  Service and repair fees - related parties - net           110        110
  Management and other fees - net                         4,469      3,473
  Management and other fees - related medical
   practices - net                                        2,335      1,625
  License fees and royalties                                  -        585
                                                      ---------  ---------
     Total Revenues - Net                                16,704     15,703
                                                      ---------  ---------
COSTS AND EXPENSES
  Costs related to product sales                          3,873      3,936
  Costs related to service and repair fees                1,366      1,919
  Costs related to service and repair
   fees - related parties                                    28         39
  Costs related to management and other fees              3,021      2,651
  Costs related to management and other
   fees - related medical practices                       1,372      1,505
  Research and development                                  607      1,631
  Selling, general and administrative                     4,128      6,333
  Provision for bad debts                                   431        377
                                                      ---------  ---------
     Total Costs and Expenses                            14,826     18,391
                                                      ---------  ---------
Income (Loss) From Operations                             1,878     (2,688)

Interest Expense                                           (231)      (169)
Interest Expense - Related Party                             (4)       (19)
Investment Income                                            96        153
Interest Income - Related Party                               1          6
Other Income                                                  8         34
Loss on Note Receivable                                       -       (350)
                                                      ---------  ---------
NET INCOME (LOSS)                                     $   1,748  $  (3,033)
                                                      =========  =========
NET INCOME AVAILABLE TO CLASS C COMMON STOCKHOLDERS   $      32  $     N/A
                                                      =========  =========
Net Income (Loss) Available to Common Stockholders    $   1,618  $  (3,033)
                                                      =========  =========
Basic Net Income (Loss) Per Common Share              $    0.32   $  (0.62)
                                                      =========  =========
Diluted Net Income (Loss) Per Common Share            $    0.31   $  (0.62)
                                                      =========  =========
Basic and Diluted Income Per Share-Common C           $    0.08        N/A
                                                      =========  =========
Weighted Average Basic Shares Outstanding             5,080,872  4,912,108
                                                      =========  =========
Weighted Average Diluted Shares Outstanding           5,208,376  4,912,108
                                                      =========  =========

For investor and other information visit: www.fonar.com.

UPRIGHT® and STAND-UP® are registered trademarks and The Inventor of MR Scanning™, Full Range of Motion™, pMRI™, Dynamic™, Multi- Position™, True Flow™, The Proof is in the Picture™, Spondylography™ Spondylometry™ and Upright Radiology™ are trademarks of FONAR Corporation.

This release may include forward-looking statements from the company that may or may not materialize. Additional information on factors that could potentially affect the company’s financial results may be found in the company’s filings with the Securities and Exchange Commission.

Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=1515956

Contact:
Daniel Culver
FONAR Corporation
Tel: 631-694-2929
Fax: 631-390-1709
http://www.fonar.com

Tuesday, February 22nd, 2011 Uncategorized Comments Off on FONAR (FONR) Announces Second Quarter, Fiscal 2011, Financial Results

Pluristem Therapeutics, Inc. (PSTI) is Commercializing Profound New Approach to Therapeutics

There are so many significant developments occurring in the medical industry on a regular basis that it’s almost impossible for an investor to separate out those that are truly profound and have long term implications. Some companies, however, are doing things that are clearly in that camp, developing therapeutic approaches that could revolutionize the treatment and prevention of whole classes of diseases.

Pluristem Therapeutics is a bio-therapeutic company working with what are called allogenic (unrelated donor-patient) cell therapy products. The company is creating a pipeline of products derived from human placenta, a non-controversial and non-embryonic adult stem cell source. These cells possess immunomodulatory properties, protecting the recipient from immunological reactions and requiring no histocompatibility matching.

Once produced, these PLX (PLacental eXpanded) cell products are stored and ready-to-use for the treatment of a variety of severe diseases where current therapies are unavailable or inadequate. Although Pluristem is currently focusing on a few specific but significant products and diseases, the potential range of applications is far greater.

PLX-PAD, Pluristem’s first product, targets an annual $4 billion market, and is intended to treat patients suffering from the critical stage of peripheral artery disease (PAD), where blood supply is restricted to organs or extremities.

PLX-BMT, Pluristem’s second product, targets an annual $2 billion market, and is intended to resolve the global shortfall of matched hematopoietic (blood forming) stem cells for bone marrow transplantation. (Approximately 60% of leukemia patients are unable to find suitable bone marrow donors.)

PLX-STROKE targets an annual $4 billion market, and shows potential to become a new treatment for the functional recovery from an ischemic stroke. This is the most common kind of stroke, and is caused by an interruption in the flow of blood to the brain (as from a clot blocking a blood vessel).

In addition, Pluristem already has animal data suggesting its PLX cells are of value in meeting an unmet need in the treatment of other disorders such as Multiple Sclerosis )MS) and Crohn’s Disease. Moreover, the company believes its PLX cells are also potentially useful for such things as organ transplantation, orthopedic injuries, and the prevention of radiation sickness.

For more information visit www.Pluristem.com

Friday, February 18th, 2011 Uncategorized Comments Off on Pluristem Therapeutics, Inc. (PSTI) is Commercializing Profound New Approach to Therapeutics

Cumulus Media Inc. (CMLS) Confirms Exclusive Merger Negotiations With Citadel Broadcasting Corporation

Feb. 18, 2011 (Business Wire) — Cumulus Media Inc. (NASDAQ: CMLS) today confirmed that Cumulus and Citadel Broadcasting Corporation (“Citadel”) have entered into an exclusivity agreement to negotiate a merger agreement under which Cumulus would acquire all of the outstanding common stock and warrants of Citadel at a price of $37.00 per share. Citadel owns and operates 225 radio stations in over 50 markets and also operates the Citadel Media business, which is among the largest radio networks in the US.

Under the terms of Cumulus’ proposal, the payment received by Citadel shareholders would consist of a combination of cash and Cumulus stock for each Citadel share and warrant, with a fixed exchange ratio. Based upon the proposed cash and stock election formula, the $37.00 per share consideration would, on average, be capped at a maximum of $30.00 per share in cash and a maximum of $14.00 per share in Cumulus stock. Based on actual elections made by Citadel shareholders and subject to proration, each Citadel shareholder could individually receive more or less cash or Cumulus stock than these amounts, up to the $37.00 per share total.

Cumulus expects to fund the cash portion of the purchase price with up to $500 million in equity financing from Crestview Partners and Macquarie Capital, and the remainder through debt financing to be led by UBS Investment Bank and Macquarie Capital. Cumulus, which previously announced the pending acquisition of the remaining equity interests that it does not currently own in Cumulus Media Partners LLC (“CMP”), also expects to complete a refinancing of all of the outstanding debt of Cumulus, CMP and Citadel as part of the proposed transaction.

Cumulus anticipates that the transaction, after giving effect to anticipated synergies, will be accretive relative to Cumulus’ current Adjusted EBITDA trading multiple.

After giving effect to the proposed acquisition, Cumulus would own 570 radio stations across approximately 120 US markets.

A combination of Cumulus and Citadel, together with CMP, would provide Cumulus with:

  • A truly national platform with approximately 120 US markets, including 8 of the top 10 markets;
  • A balance sheet with lower overall leverage and a simplified capital structure;
  • A significantly enhanced equity market capitalization for Cumulus, which would provide greater trading liquidity and strategic flexibility;
  • The scale necessary to effectively compete and invest in the local digital media marketplace; and
  • A network for the syndication of content and technology assets.

Execution of a definitive merger agreement with Citadel is subject, among other things, to completion of due diligence and financing arrangements. There can be no assurance the parties will reach a definitive agreement or, if an agreement is reached, that a transaction will be completed or on what terms. Any transaction would be subject to the approval of each company’s board of directors, as well as obtaining regulatory and shareholder approvals, and other customary conditions.

UBS Investment Bank and Macquarie Capital are acting as financial advisors, and Jones Day is acting as legal counsel, to Cumulus in the transaction. JPMorgan Securities LLC and Lazard are acting as financial advisors, and Weil Gotshal & Manges LLP is acting as legal advisor, to Citadel.

About Cumulus Media Inc.

Cumulus Media Inc. is the second largest radio broadcaster in the United States based on station count, controlling approximately 347 radio stations in 67 U.S. media markets. In combination with its affiliate, Cumulus Media Partners, LLC, the Company is the fourth largest radio broadcast company in the United States based on net revenues. The Company’s headquarters are in Atlanta, Georgia, and its web site is www.cumulus.com.

Forward-Looking Statements

This press release contains “forward-looking” statements regarding the potential combination of Cumulus Media Inc. and Citadel, which include expected earnings, revenues, cost savings, leverage, operations, business trends and other such items, that are based on current expectations and estimates or assumptions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those predicted in any such forward-looking statements. Such factors, include, but are not limited to, the possibility that a definitive agreement may not be entered into or that the transaction or the related financing is not consummated, the failure to obtain necessary regulatory or shareholder approvals or to satisfy any other conditions to the business combination, the failure to realize the expected benefits of the transaction, and general economic and business conditions that may affect the companies before or following the combination. For additional information regarding risks and uncertainties associated with Cumulus Media Inc., see Cumulus Media Inc.’s filings with the Securities and Exchange Commission (“SEC”), including its Form 10-K for the year ended December 31, 2009 and subsequently filed periodic reports. Cumulus Media Inc. assumes no responsibility to update the forward-looking statements contained in this release as a result of new information, future events or otherwise.

Additional Information

This press release is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of Citadel or Cumulus Media Inc. Subject to future developments, Cumulus Media may file a registration statement and/or tender offer documents, as well as a proxy statement, with the Securities and Exchange Commission (the “SEC”) in connection with the proposed business combination. INVESTORS ARE URGED TO READ THOSE FILINGS, AND ANY OTHER FILINGS MADE BY CUMULUS MEDIA WITH THE SEC IN CONNECTION WITH THE PROPOSED BUSINESS COMBINATION, WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION. Those documents, if and when filed, as well as Cumulus Media’s other public filings with the SEC, may be obtained without charge at the SEC’s website at www.sec.gov and at Cumulus Media’s website at www.cumulus.com.

Cumulus Media Inc.

J.P. Hannan, 404-260-6600

Senior Vice President, Treasurer & Chief Financial Officer

Source: Business Wire (February 18, 2011 – 8:53 AM EST)
Friday, February 18th, 2011 Uncategorized Comments Off on Cumulus Media Inc. (CMLS) Confirms Exclusive Merger Negotiations With Citadel Broadcasting Corporation

Fuwei Films (FFHL) Announces Results of US Antidumping Review

BEIJING, Feb. 18, 2011 /PRNewswire-Asia-FirstCall/ — Fuwei Films (Holdings) Co., Ltd. (Nasdaq: FFHL) (“Fuwei Films” or the “Company”), a manufacturer and distributor of high-quality BOPET plastic films in China, today announced the final results of the first round antidumping administrative review regarding BOPET films conducted by the US Department of Commerce (“USDOC”).

On January 23, 2010, the USDOC began the first round routine annual review of Chinese BOPET exporters, and Fuwei has been actively responding to this review. Fuwei receives the lowest anti-dumping duty (ADD) rate of 30.91% in this review, while the ADD rate of other four Chinese companies is more than 36.93%.

In accordance with relevant laws and regulations in the US, the ADD rate of final results will retroactively apply to those US companies which imported Chinese-exported BOPET films, including Fuwei Films USA, LLC, during the period of first review, so these US importers are obliged to pay a supplementary antidumping duty at this ADD rate.

In 2007, USDOC conducted an anti-dumping investigation of BOPET films manufactured in China. In September 2008, their final decision was released and Fuwei received the anti-dumping duty (ADD) rate of 3.49%. Since 2007, the percentage of Fuwei’s export business to the US has declined substantially. In 2010, sales to the US market represented less than 1% of Fuwei’s annual total sales volume.

About Fuwei Films

Fuwei Films conducts its business through its wholly owned subsidiary Shandong Fuwei Films Co., Ltd. (“Shandong Fuwei”). Shandong Fuwei develops, manufactures and distributes high-quality plastic films using the biaxial oriented stretch technique, otherwise known as BOPET film (biaxially oriented polyethylene terephthalate). Fuwei’s BOPET film is widely used to package food, medicine, cosmetics, tobacco and alcohol, as well as in the imaging, electronics, and magnetic products industries.

For more information about the Company, please visit the Company’s website at http://www.fuweiholdings.com.

Safe Harbor

This press release contains information that constitutes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements involve risk and uncertainties that could cause actual results to differ materially from any future results described by the forward-looking statements. Risk factors that could contribute to such differences include those matters more fully disclosed in the Company’s reports filed with the Securities and Exchange Commission. The forward-looking information provided herein represents the Company’s estimates as of the date of the press release, and subsequent events and developments may cause the Company’s estimates to change. The Company specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company’s estimates of its future financial performance as of any date subsequent to the date of this press release.

The forward-looking statements included in this press release are subject to risks, uncertainties and assumptions about our businesses and business environments. These statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual results of our operations may differ materially from information contained in the forward-looking statements as a result of risk factors some of which are include, among other things, competition in the BOPET film industry; growth of, and risks inherent in, the BOPET film industry in China; uncertainty as to future profitability and our ability to obtain adequate financing for our planned capital expenditure requirements; uncertainty as to our ability to continuously develop new BOPET film products and keep up with changes in BOPET film technology; risks associated with possible defects and errors in our products; uncertainty as to our ability to protect and enforce our intellectual property rights; uncertainty as to our ability to attract and retain qualified executives and personnel; and uncertainty in acquiring raw materials on time and on acceptable terms, particularly in view of the volatility in the prices of petroleum products in recent years.

For more information, please contact:

In China:

Ms. Amy Gao
Investor Relations Manager
Phone: +86-10-6852-2612
Email: fuweiIR@fuweifilms.com

In the U.S.:

Ms. Leslie Wolf-Creutzfeldt
Investor Relations
Grayling
Phone: +1-646-284-9472
Email: leslie.wolf-creutzfeldt@grayling.com

SOURCE Fuwei Films (Holdings) Co., Ltd.

Friday, February 18th, 2011 Uncategorized Comments Off on Fuwei Films (FFHL) Announces Results of US Antidumping Review

Dataram (DRAM) Successfully Executing Channel Strategy

Feb. 18, 2011 (Business Wire) — Dataram Corporation (NASDAQ: DRAM), a worldwide leader in the manufacture of high-quality computer memory, storage products, software and services, today reported solid results with its channel-centric partner strategy. Dataram’s worldwide partner programs have demonstrated strong momentum during its current fiscal year, with growth exceeding overall corporate objectives.

Channel program revenue growth in North America is tracking to a 40% increase over the last fiscal year. EMEA partners are growing at a rate similar to North America, with key partners in Switzerland, Germany and Belgium exhibiting exceptional growth. One particular VAR in Belgium cited their Dataram relationship as a critical factor in securing a large new client, specifically by using the cost savings advantage of Dataram memory to provide a clear financial advantage.

“Partners have allowed us to extend our sales operations into geographies where we do not have Dataram offices or staff,” said Phil Marino, VP of Worldwide Sales at Dataram. “These areas include Israel, Saudi Arabia, Greece, Russia, Belgium, Switzerland, Ireland and South Africa. Partners have also allowed us to further develop territories where we have Dataram offices including UK, France and Germany.”

Gavin Tobin, Managing Director of Ethos Technology Ltd Ireland said, “Essentially we have found Dataram 100% flawless since we started using their products in our own brand servers which gives us great confidence offering the RAM to our customers for 3rd party servers.”

The Premier Partner Program introduced in December 2009 focused on key partners who joined Dataram to support their new go-to-market strategy, organized around direct sales for strategic demand generation, while leveraging key partners to extend Dataram’s sales reach. Today, there are eight signed Premier Reseller Partners representing full geographic coverage across North America. Dataram and partners work closely to reduce their customers’ total cost of ownership by providing computing solutions that deliver superior price performance. Dataram’s focus on the growth of the Premier Channel will continue and revenue is expected to accelerate for the foreseeable future.

Dataram reports that Premier Partnerships have yielded material new customer relationships at marquis accounts and enables them to rapidly deploy campaigns targeted to specific market segments. Dataram provides the Premier Partners with programs to support their growth, including: market development funds, volume incentive rebates, and other best-in-class marketing services.

John Murphy, Executive VP, ASG said,Dataram is a trusted partner to ASG. The value and support they bring to ASG has been a contributing factor to our growth.”

Additional information about Dataram’s Partner Programs, including how to become one of the company’s strategic VAR/reseller partners, is available at www.dataram.com, via email at partner@dataram.com or by phone at 1-609-799-0071.

About Dataram

Founded in 1967, Dataram is a worldwide leader in the manufacture of high-quality computer memory, storage and software products. Our products and services deliver IT infrastructure optimization, dramatically increase application performance and deliver substantial cost savings. Dataram solutions are deployed in 70 Fortune 100 companies and in mission-critical government and defense applications around the world. For more information about Dataram, visit www.dataram.com.

Follow us on Facebook, YouTube, Twitter and LinkedIn®

All names are trademarks or registered trademarks of their respective owners.

Dataram Contact:

Lisa Silva

Dataram Marketing

609-240-7118

lsilva@dataram.com

Friday, February 18th, 2011 Uncategorized Comments Off on Dataram (DRAM) Successfully Executing Channel Strategy