Archive for March, 2011

Great Panther (GPL) Silver Reports Annual Net Profit of $5 Million

VANCOUVER, BRITISH COLUMBIA–(Marketwire – 03/16/11) – GREAT PANTHER SILVER LIMITED (TSX:GPRNews)(AMEX:GPLNews) (the “Company”) is pleased to announce the audited financial results for the Company’s year ending December 31, 2010. The full version of the financial statements and the management discussion and analysis can be viewed on the Company’s web site at www.greatpanther.com or on SEDAR at www.sedar.com. To view the Company’s Annual Report on Form 20-F which includes the Company’s audited financial statements for the year ended December 31, 2010, please click on the following link http://sec.gov/edgar.shtml.

“Great Panther continued to achieve record revenue and earnings from mining operations in the fourth quarter of 2010, up 40% and 60% respectively, over 2009,” said Kaare Foy, Executive Chairman. “In addition, 2010 marks a significant milestone for the Company as we report our first year of net income.”

 

2010 ANNUAL AND FOURTH QUARTER HIGHLIGHTS

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                                    Change from                 Change from
                            Fourth       Fourth      Full Year    Full Year
Highlights            Quarter 2010 Quarter 2009           2010         2009
---------------------------------------------------------------------------

Revenue             $ 13.8 million       Up 40% $ 42.2 million       Up 33%
Earnings from
 mining operations
 (1)                $  6.8 million       Up 60% $ 18.7 million       Up 63%
Net income          $  0.8 million     Down 25% $  5.0 million      Up 673%
Earnings per share
 - basic and
   diluted          $         0.01    no change $         0.04      Up 500%
Silver ounces
 produced (excluding
 equivalent
 ounces of gold,
 zinc and lead)            385,022      Down 1%      1,534,958        Up 5%
Silver equivalent
 produced (2)              565,660      Down 9%      2,255,801        Up 2%
Silver payable
 ounces                    369,940        Up 2%      1,428,758        Up 4%
Total cash cost per
 silver ounce (3)   $         8.41       Up 75% $         7.43       Up 33%
Average revenue per
 silver ounce sold  $        28.01       Up 59% $        21.26       Up 42%
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--  33% increase in mineral sales revenues to $42.2 million for the year
    ended December 31, 2010 from $31.7 million for 2009.
--  40% increase in mineral sales revenues to $13.8 million for the three
    months ended December 31, 2010 from $9.9 million for the same period in
    2009.
--  63% increase in earnings from mining operations to $18.7 million for the
    year ended December 31, 2010 from $11.5 million for the same period in
    2009.
--  60% increase in earnings from mining operations to $6.8 million for the
    three months ended December 31, 2010 from $4.2 million for the same
    period in 2009.
--  212% increase in cash flows from operations to $4.2 million for the year
    ended December 31, 2010 from $1.4 million in 2009.
--  $5.8 million increase in net income to $5.0 million for the year ended
    December 31, 2010 from a net loss of $0.9 million for 2009.
--  Record annual metal production of 2,255,802 silver equivalent ounces
    ("Ag eq oz"), up 2% from 2,202,456 Ag eq oz in 2009.
--  Record silver production of 1,534,957 silver ounces, up 5% from
    1,456,830 in 2009.
--  Record metal recoveries of gold and silver at Guanajuato and silver,
    lead and zinc at Topia.
--  33% increase in cash cost per silver ounce, net of by-products, to
    US$7.43 in 2010 from US$5.58 in 2009. This increase in costs during 2010
    was primarily due to lower than forecasted production, lower ore grades,
    higher smelting and refining charges and development costs at
    Guanajuato, and lower ore grades and higher mining costs at Topia.
--  75% increase in cash cost per silver ounce, net of by-products, for the
    fourth quarter of 2010 to US$8.41 from US$4.80 for the fourth quarter of
    2009 primarily due to lower than forecast production and ore grades,
    general inflation and higher power costs.
--  Updated NI 43-101 compliant mineral resource/reserve estimate for the
    Los Pozos, Santa Margarita, and Cata Clavo at the Guanajuato Mine. The
    new Measured and Indicated mineral resource contains 5,455,650 silver
    equivalent ounces. Inferred mineral resources are estimated at 2,676,924
    Ag eq oz. The Measured and Indicated mineral resources include 4,372,000
    Ag eq oz categorized as Proven and Probable mineral reserves, using a
    cut-off grade of 185 g/t silver equivalent.
--  A successful surface drilling program at the San Ignacio mine property
    in Guanajuato commenced during the third quarter of 2010 and is
    continuing throughout 2011. A $2.8 million budget has been approved for
    2011 to drill approximately 24,000 metres and to prove up as many ounces
    as possible in the highly prospective San Ignacio area which has the
    potential to be a separate mine.

RECENT DEVELOPMENTS

 

--  On February 8, 2011, the Company's shares were listed on NYSE Amex stock
    exchange in the United States under the trading symbol "GPL".
--  On February 16, 2011, Minera Mexicana El Rosario S.A. de C.V., Great
    Panther's Mexican subsidiary, was awarded its first distinction as a
    "Socially Responsible Company" for the year 2010 by CEMEFI, Centro
    Mexicano para la Filantropia (Mexican Centre for Philanthropy). This
    annual award is a milestone for the Company and has been awarded for its
    commitment to sustainable environmental, social and economic
    development.
--  Issued an update on March 7, 2011 to the ongoing mineral resource
    development at the Topia mine. The 2011 mineral resource estimate
    increased Measured and Indicated mineral resources to 7,440,000 silver
    equivalent ounces, a 36.3% increase over the 2009 resource estimate, and
    Inferred resources to 11,910,000 silver equivalent ounces, a 109.3%
    increase over the previous estimate.
--  On March 8, 2011, the Company paid off $4.05 million in two outstanding
    8% unsecured convertible loan notes due on July 14, 2011 by the issuance
    of 1,800,000 fully paid common shares of the Company at the originally
    agreed upon conversion price of $2.25 per common share.

2011 OUTLOOK

Great Panther’s three-year strategy to accelerate production to 3.8 million Ag eq oz by 2012 is now commencing its second year. New equipment has been delivered to the mines, new production areas are being added, plant performance continues to excel, plant capacity is being increased, resources have been increased and reserves defined, and exploration drill programs have made significant new discoveries of high grade mineralization.

The combined production target for 2011 has been set at 2.87 million Ag eq oz, consisting of 1.94 million oz silver, 11,200 oz gold, 1,170 tonnes lead and 1,430 tonnes zinc. Silver equivalents for 2011 have been established using prices of US$1,200/oz Au, US$20/oz Ag, US$0.90/lb Pb and Zn.

Production from Guanajuato is planned to increase steadily throughout 2011 as output from the Los Pozos and Santa Margarita areas reach full capacity, Cata production returns to previous levels, and new production is added from the Guanajuatito area. Plant throughput is estimated to be 200,000 tonnes at grades of 240g/t silver and 1.80g/t gold for metal production of 1.38 million oz silver and 10,400 oz gold, equivalent to 2.0 million Ag eq oz.

Output from Topia is estimated to increase as new mine production is added as a result of development on existing and new veins and plant capacity is increased. Plant throughput is estimated to be 40,000 tonnes with metal production of 0.56 million oz silver, 800 oz gold, 1,170 tonnes lead and 1,430 tonnes zinc, equivalent to 0.87 million Ag eq oz.

No production from the new discoveries at the San Ignacio property is included in the 2011 target. However, as resources are estimated and mine plans are developed, it is anticipated that this project will positively impact the plans for 2012. Due to the proximity of San Ignacio to the Company’s main operations at Guanajuato, any ore extracted during the development phase can be trucked to the plant for processing.

Diamond drilling in 2010, from both surface and underground, totaled 30,730 metres at Guanajuato, San Ignacio and Topia. Due to the success of this program in delineating new resources and making new discoveries, the drilling budget for 2011 has been more than doubled to over 60,000 metres, including at least 24,000 metres at San Ignacio, and 30,000 metres from underground at Guanajuato. This compares favourably with the 65,000 metres of diamond drilling originally proposed for the Company’s overall three-year growth strategy.

Some highlights from the 2011 plan include:

 

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                         Guanajuato               Topia        Consolidated
               ------------------------------------------------------------

Tonnes milled               201,000              39,750             240,750

Silver ounces             1,376,000             562,700           1,938,700
Gold ounces                  10,400                 800              11,200
Lead tonnes                       -               1,170               1,170
Zinc tonnes                       -               1,430               1,430

Silver
 equivalent
 ounces                   1,997,000             873,000           2,870,000
Silver head
 grades
 (grams/tonne)                  240                 490
Silver
 recoveries                     88%                 90%
Production
 costs per ounce  US$5.00 - US$6.00 US$10.00 - US$12.50   US$6.50 - US$8.00
---------------------------------------------------------------------------

Operations produced 1,534,957 silver ounces and sold 1,428,758 ounces at a cash operating cost of US$7.43 per oz of silver, net of by-product credits, for the year 2010. As production increases over the next two years, unit costs will generally reduce due to efficiencies and the positive influence from higher gold production. Ranges in production costs are shown to allow for costs such as power, fuel and materials which are outside of our control and rising faster than average inflation. In addition, other costs, such as a portion of the smelting and refining costs, vary according to metal prices.

Cash flow generated from mining activities will be reinvested in operations for exploration and capital expenditures to increase resources and production. Surplus cash flow will be available for potential acquisitions as the Company continues to grow.

Both operations have demonstrated the ability to achieve higher silver production at a competitive cost per ounce and with a higher profit margin. The Company’s emphasis will be on maintaining positive operating cash flow while developing and exploring to continually increase metal production. The Company’s production strategy is to increase silver production by 20% year-on- year at continually decreasing unit costs.

“Great Panther delivered strong financial results during 2010, setting several new records,” said Robert Archer, President & CEO. “As we move into the second year of our three-year growth strategy, we expect to achieve a significant increase in production to 2.9 million silver equivalent ounces which will allow us to capitalize on the current strong precious metals prices.”

All shareholders have the ability to receive a hard copy of the Company’s complete audited financial statements free of charge upon request. Should you wish to receive Great Panther Silver’s Financial Statements or the Annual Report on Form 20-F in hard copy, please contact us at the Company toll free at 1-888-355-1766 or 604-608-1766, or e-mail info@greatpanther.com.

ON BEHALF OF THE BOARD

Robert A. Archer, President & CEO

Kaare G. Foy, Executive Chairman

This news release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of the Securities Act (Ontario) (together, “forward-looking statements”). Such forward-looking statements may include but are not limited to the Company’s plans for production at its Guanajuato and Topia Mines in Mexico, exploring its other properties in Mexico, the overall economic potential of its properties, the availability of adequate financing and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements expressed or implied by such forward-looking statements to be materially different. Such factors include, among others, risks and uncertainties relating to potential political risks involving the Company’s operations in a foreign jurisdiction, uncertainty of production and cost estimates and the potential for unexpected costs and expenses, physical risks inherent in mining operations, currency fluctuations, fluctuations in the price of silver, gold and base metals, completion of economic evaluations, changes in project parameters as plans continue to be refined, the inability or failure to obtain adequate financing on a timely basis, and other risks and uncertainties, including those described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2010 and reports on Form 6-K filed with the Securities and Exchange Commission and available at www.sec.gov and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com.

(1) “Earnings from mining operations” is a non-GAAP measure and is defined as mineral sales less cost of sales and amortization and depletion.

(2) Silver equivalent ounces in 2010 were established using prices of US$1,000/oz Au, US$16/oz Ag, US$0.80/lb Pb and US$0.80/lb Zn.

(3) The non-GAAP measure of cash cost per ounce of silver is used by the Company to manage and evaluate operating performance at each of the Company’s mines and is widely reported in the silver mining industry as a benchmark for performance, but does not have a standardized meaning.

 

GREAT PANTHER SILVER LIMITED

CONSOLIDATED BALANCE SHEETS

(Expressed in thousands of Canadian Dollars)

December 31, 2010 and 2009

---------------------------------------------------------------------------
                                                          2010        2009
---------------------------------------------------------------------------

Assets

Current assets:
  Cash and cash equivalents                        $    13,967 $    13,312
  Restricted cash                                          151           -
  Marketable securities                                    200          23
  Amounts receivable                                     9,635       5,539
  Income taxes recoverable                                 239         342
  Inventories                                            2,615       1,438
  Prepaid expenses, deposits and advances                1,240       1,585
  -------------------------------------------------------------------------
                                                        28,047      22,239

Mineral properties, plant and equipment                 17,538      14,935
---------------------------------------------------------------------------

                                                   $    45,585 $    37,174
---------------------------------------------------------------------------

Liabilities and Shareholders' Equity

Current liabilities:
  Accounts payable and accrued liabilities         $     4,724 $     2,658
  Current portion of capital lease obligations             369         801
  Current portion of promissory notes                      373         122
  Current portion of convertible loan notes              3,792           -
  Current portion of future income tax liability             -         506
  Liabilities under derivative instruments                  53           -
  -------------------------------------------------------------------------
                                                         9,311       4,087
Long-term liabilities:
  Capital lease obligations                                128          63
  Promissory notes                                          77         118
  Convertible loan notes                                     -       3,356
  Asset retirement obligations                             516       1,382
  Future income tax liability                                -       1,312
  -------------------------------------------------------------------------
                                                        10,032      10,318
Shareholders' equity:
  Share capital                                         83,470      75,910
  Contributed surplus                                    9,470      10,268
  Equity component of convertible loan notes             1,563       1,563
  Accumulated other comprehensive loss                  (3,058)        (23)
  Deficit                                              (55,892)    (60,862)
  -------------------------------------------------------------------------
                                                        35,553      26,856
Nature of operations
Commitments and contingencies
Subsequent events
---------------------------------------------------------------------------

                                                   $    45,585 $    37,174
---------------------------------------------------------------------------
---------------------------------------------------------------------------

GREAT PANTHER SILVER LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Expressed in thousands of Canadian Dollars, except shares data)

Years ended December 31, 2010, 2009 and 2008

---------------------------------------------------------------------------
                                          2010          2009          2008
---------------------------------------------------------------------------

Mineral sales                    $      42,206 $      31,732  $     22,445
Cost of sales                          (21,161)      (16,768)      (18,144)
Amortization and depletion of
 mineral properties, plant
 and equipment                          (2,362)       (3,494)       (4,183)
---------------------------------------------------------------------------
                                        18,683        11,470           118

Expenses:
  Amortization and depreciation             52            83           102
  Accretion on asset retirement
   obligation                              206           277           282
  Mineral property exploration
   expenditures                          7,110         1,582         6,328
  General and administrative             5,858         5,803         5,965
  Stock-based compensation                 869         2,378         1,608
  -------------------------------------------------------------------------
                                        14,095        10,123        14,285
---------------------------------------------------------------------------
                                         4,588         1,347       (14,167)

Income (expenses):
  Interest income                          116            59           241
  Interest expense                        (934)       (1,169)       (1,155)
  Debt settlement expense                    -           (51)            -
  Foreign exchange gain (loss)            (373)         (383)          113
  Gain (loss) on disposal of
   capital assets                          (16)           (2)           31
  Loss on derivative instruments          (148)            -             -
  -------------------------------------------------------------------------
                                        (1,355)       (1,546)         (770)
---------------------------------------------------------------------------

Income (loss) before provision
 for income taxes                        3,233          (199)      (14,937)

Recovery of (provision for)
 income taxes                            1,737          (668)        1,176
---------------------------------------------------------------------------

Income (loss) for the year               4,970          (867)      (13,761)

Other comprehensive income
 (loss), net of tax:
  Cumulative translation
   adjustment                           (3,025)            -             -
  Unrealized gain (loss) on
   marketable securities                   (10)           15           (43)
---------------------------------------------------------------------------

Comprehensive income (loss) for
 the year                        $       1,935 $        (852) $    (13,804)
---------------------------------------------------------------------------

Earnings (loss) per share
  Basic                          $        0.04 $       (0.01) $      (0.17)
  Diluted                        $        0.04 $       (0.01) $      (0.17)

Weighted average number of common
 shares
  Basic                            114,422,226    90,210,438    81,321,733
  Diluted                          118,932,620    90,210,438    81,321,733
---------------------------------------------------------------------------
---------------------------------------------------------------------------

GREAT PANTHER SILVER LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in thousands of Canadian Dollars)

Years ended December 31, 2010, 2009 and 2008

---------------------------------------------------------------------------
                                          2010          2009          2008
---------------------------------------------------------------------------

Cash flows provided by (used in)
 operating activities:
  Income (loss) for the year     $       4,970 $        (867) $    (13,761)
  Items not involving cash:
    Amortization and depletion of
     mineral properties, plant and
     equipment                           2,414         3,577         4,285
    Foreign exchange (gain) loss            51          (184)          135
    Stock-based compensation               869         2,378         1,608
    Shares issued for mineral
     exploration expenditures                -             -           191
    Future income taxes                 (1,853)          603        (1,045)
    Interest accretion on
     convertible loan notes                436           628           623
    Debt settlement expense                  -            51             -
    Accretion on asset retirement
     obligations                           206           277           282
    Write-down of inventory                  -             -           241
    Write-down of mineral
     properties                             68             -             -
    Loss on derivative
     instruments                            53             -             -
    Loss (gain) on disposal of
     capital assets                         16             2           (31)
    Other                                    -            (1)           25
    -----------------------------------------------------------------------
                                         7,230         6,464        (7,447)
  Changes in non-cash operating
   working capital:
           Amounts receivable           (4,286)       (1,801)        2,278
           Inventories                  (1,086)         (471)         (358)
           Prepaid expenses,
            deposits and advances          327        (1,090)          371
           Accounts payable and
            accrued liabilities          1,926        (1,840)        1,960
           Income taxes                    104            89           (68)
  -------------------------------------------------------------------------
  Net cash provided by (used in)
   operating activities                  4,215         1,351        (3,264)
  -------------------------------------------------------------------------

Cash flows provided by (used in)
 investing activities:
  Mineral properties, plant and
   equipment                            (8,036)       (1,762)       (1,928)
  Proceeds from disposal of
   capital assets                           37             5           101
  Restricted cash                         (151)            -             -
  -------------------------------------------------------------------------
  Net cash used in investing
   activities                           (8,150)       (1,757)       (1,827)
  -------------------------------------------------------------------------

Cash flows provided by (used in)
 financing activities:
  Repayment of long-term debt                -             -          (105)
  Repayment of capital lease
   obligations                            (938)         (364)         (181)
  Repayment of promissory note            (292)          (10)            -
  Proceeds from advances on share
   subscriptions                             -             -            85
  Proceeds from exercise of
   warrants                              3,054           519           143
  Proceeds from exercise of
   options                               2,871           731           398
  Issuance of shares for cash,
   net of issue costs                     (32)        12,288             -
  -------------------------------------------------------------------------
  Net cash provided by financing
   activities                            4,663        13,164           340
  -------------------------------------------------------------------------
                                           728        12,758        (4,751)
Effect of exchange rate changes on
 cash and cash equivalents                 (73)          (52)           (1)
---------------------------------------------------------------------------

Increase (decrease) in cash and
 cash equivalents                          655        12,706        (4,752)

Cash and cash equivalents,
 beginning of year                      13,312           606         5,358
---------------------------------------------------------------------------

Cash and cash equivalents, end of
 year                            $      13,967 $      13,312  $        606
---------------------------------------------------------------------------
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Wednesday, March 16th, 2011 Uncategorized Comments Off on Great Panther (GPL) Silver Reports Annual Net Profit of $5 Million

Sterling Construction Company, Inc. (STRL) Reports 2010 Fourth Quarter and Full Year Results

Mar. 16, 2011 (Business Wire) — Sterling Construction Company, Inc. (NasdaqGS: STRL) (“Sterling” or “the Company”) today announced results for the fourth quarter and year ended December 31, 2010.

$ in millions 3 Months Ended 12 Months Ended
(except per share data) 12/31/10** 12/31/09 % Change 12/31/10** 12/31/09 % Change
Revenues $138.0 $71.7 92.5% $459.9 $390.8 17.7%
Gross profit $28.8 $7.4 286.6% $62.7 $54.4 15.3%
Gross margin 20.8 % 10.4 % 100.0% 13.6 % 13.9 % (2.2)%
Operating income $19.5 $0.7 2,639.8% $35.9 $36.9 (2.8)%
Net income attributable to

common stockholders

$ 9.3 $0.8 1,129.9% $19.1 $23.7 (19.5)%
Diluted net income per

share attributable to

common stockholders *

$0.54 $0.03 1,700.0% $1.13 $1.71 (33.9)%
*Based on 16.6 million weighted-average diluted shares outstanding for both the three and twelve months ended December 31, 2010, respectively, which include 2.76 million shares of common stock sold in mid-December 2009; diluted net income per share for the three and twelve months ended December 31, 2009 are based upon 14.2 and 13.9 million weighted-average diluted shares outstanding, respectively.
**The consolidated results shown above include Sterling’s Utah-based subsidiary, Ralph L. Wadsworth Construction Company, LLC (“RLW”), since December 3, 2009, the effective date of the acquisition.

Commenting on the results, James H. Allen, Jr., Sterling’s Chief Financial Officer said, “We closed the year with a strong fourth quarter. The revenue increases for the 2010 fourth quarter and full year were due to the inclusion of our Utah operations in the consolidated results of operations for all of 2010, compared to one month in 2009. Partially offsetting the revenue increase from our Utah operations for the fiscal year 2010 were decreases in revenues of our Texas and Nevada operations due to market conditions that have continued since 2009 including increased competition and the consequent lower bid prices, lack of visibility on federal highway funding to states, and lower state gasoline and local sales and property taxes, which support infrastructure spending by states, counties and municipalities.”

Mr. Allen continued, “The increases in gross profit in the 2010 fiscal periods versus 2009 were primarily due to the inclusion of the gross profit on the revenues of our Utah operations and differences in the mix in the stage of completion and gross margins of contracts-in-progress at year-end, including the finalization of change orders and revision of total estimated gross profit due to better visibility of revenues and costs on certain projects. Also, better weather in Texas contributed to the improvement in the 2010 fourth quarter gross profit compared to the same period in 2009. For the year as a whole, the increase in gross profit of our Utah operations was partially offset by lower gross profits of our Texas and Nevada operations as a result of lower revenues and approximately $3.8 million under absorption of depreciation and other costs related to lower equipment utilization, both due to lower activity in those states. Management believes such equipment will be used when those markets return to a normalized level of activity and consequently believes there is no impairment in the value of such equipment.”

Mr. Allen added, “Operating income increased for the 2010 fourth quarter and was basically flat for the fiscal year as compared to 2009 as a result of the increase in gross profit in 2010 after taking into account the following matters. For the fiscal year 2010, general and administrative expenses and other operating expenses (“G&A”), increased by $9.4 million over 2009. The primary reasons for the increase in G&A were the G&A expense incurred by our Utah operations consolidated for a full year in 2010; professional fees associated with the appeal of a lawsuit and strategic and management planning activities; higher information technology expenses; and a write off of certain equipment with a net book value of $1.5 million that we no longer believe will be used on future project awards. The 2009 fourth quarter included charges of $1.2 million related to the acquisition of RLW and a $1.0 million provision for loss on a lawsuit which is being appealed. As a percent of revenues, G&A and other operating expenses were 5.4% in 2010 versus 4.5% in 2009 due to the above reasons.”

Mr. Allen also pointed out, “Our effective tax rate decreased from 32.5% in 2009 to 28.1% in 2010 due to higher net income attributable to noncontrolling interest owners which is taxed to those owners rather than Sterling and higher non-taxable interest income in 2010 than 2009.”

He went on to say, “Capital expenditures totaled $13.4 million for 2010, up from $5.3 million in 2009, with the increase primarily due to purchases of additional equipment to perform contracts, including a large joint venture project in Utah. We expect capital expenditures in 2011 to be higher than in 2010 primarily due to additional equipment required by the Utah joint venture project and a recent low bid on a large job in Texas; normal replacement of equipment which replacement was deferred in 2009 and 2010; and shop and office facilities being acquired by two of our offices in Texas.”

Patrick T. Manning, Sterling’s Chairman and Chief Executive Officer pointed out, “During the fourth quarter, we added $222 million in new contract awards, bringing new awards to $473 million for all of 2010. We are especially pleased with the $20 million construction project we secured in December in Baton Rouge, where we are installing 46,000 linear feet of sanitary sewer pipe. This marks our entry into construction in Louisiana. Our year-end backlog rose from $647 million at the end of 2009 to $660 million at December 31, 2010, which included approximately $138 million of expected revenues for which the contracts had not yet been officially awarded, including a project for $91 million on which the customer has deferred executing the contract until April 2011, pending the resolution of funding issues. In February 2011, a joint venture in which the Company has a 45% interest was selected as the best “value proposer” to design and build a section of a highway northeast of Austin, Texas, for a price of $207 million. The Company’s expected share of approximately $93 million related to this contract is not included in the amount of backlog outstanding at December 31, 2010. This is a good foundation to start the New Year.”

Joseph P. Harper, Sr., Sterling’s President and Chief Operating Officer added, “While we are naturally pleased with the results for 2010, we do not see market conditions improving any time soon. Continued deferral of new federal funding legislation or reductions in federal funding could negatively impact the states’ highway and bridge construction expenditures for fiscal years 2011 and beyond, particularly for two-to-four year construction projects, and we are unable to predict when or on what terms the federal government might enact legislation to give the states more visibility in funding projects. Our business is also affected by the nationwide decline in home sales and the increase in foreclosures that adversely affect property and other local tax collections which are key sources of funding for municipal road, bridge and water infrastructure construction.”

Mr. Harper added, “Working capital as of December 31, 2010 approximated $107 million, including cash, cash equivalents and short-term investments of $85 million. At year end, we had no outstanding borrowings under our $75.0 million Credit Facility. Therefore we are well positioned financially, geographically, and in terms of our diverse portfolio of skills and Company-owned equipment, to compete at acceptable profit margin levels for projects as they become available.”

Conference Call and Filings

Sterling’s management will hold a conference call to discuss these results and recent corporate developments, at 11:00 am ET/ 10:00 am CT today, Wednesday, March 16, 2011. Interested parties may participate in the call by dialing (201) 689-7817 ten minutes before the conference call is scheduled to begin, and asking for the Sterling Construction call.

To listen to a simultaneous webcast of the call, please go to the Company’s website at www.sterlingconstructionco.com at least 15 minutes early to download and install any necessary audio software. If you are unable to listen live, the conference call webcast will be archived on the Company’s website for 30 days. We suggest listeners use Microsoft Explorer as their web browser.

Sterling is a leading heavy civil construction company that specializes in the building and reconstruction of transportation and water infrastructure in large and growing markets in Texas, Nevada and Utah and other states where it sees opportunities. Its transportation infrastructure projects include highways, roads, bridges and light rail, and its water infrastructure projects include water, wastewater and storm drainage systems.

This press release includes certain statements that fall within the definition of “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties, including overall economic and market conditions, competitors’ and customers’ actions, and weather conditions, which could cause actual results to differ materially from those anticipated, including those risks identified in the Company’s filings with the Securities and Exchange Commission. Accordingly, such statements should be considered in light of these risks. Any prediction by the Company is only a statement of management’s belief at the time the prediction is made. There can be no assurance that any prediction once made will continue thereafter to reflect management’s belief, and the Company does not undertake to update publicly its predictions, whether as a result of new information, future events or otherwise.

The Company will file its 2010 Annual Report on Form 10-K with the U.S. Securities and Exchange Commission today, March 16, 2011.

(See Accompanying Tables)

STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except share and per share data)

Three months ended

December 31,

Twelve months ended

December 31,

2010 2009 2010 2009
Unaudited Unaudited Audited Audited
Revenues $ 137,997 $ 71,677 $ 459,893 $ 390,847
Cost of revenues 109,246 64,240 397,188 336,478
Gross profit 28,751 7,437 62,705 54,369
General and administrative expenses (7,413 ) (4,435 ) (24,895 ) (14,971 )
Direct costs of acquisition (1,211 ) (1,211 )
Provision for loss on lawsuit (1,000 ) (1,000 )
Other income (expense) (1,803 ) (78 ) (1,900 ) (249 )
Operating income 19,535 713 35,910 36,938
Gain (loss) on sale of securities (1,082 ) 378 (38 ) 519
Interest income 541 166 1,809 572
Interest expense (296 ) (80 ) (1,187 ) (234 )
Income before income taxes and earnings
attributable to non-controlling interests 18,698 1,177 36,494 37,795
Income tax expense (5,325 ) (113 ) (10,270 ) (12,267 )
Net income 13,373 1,064 26,224 25,528
Non-controlling owners’ interests in earnings
of subsidiaries and joint ventures (4,001 ) (302 ) (7,137 ) (1,824 )
Net income attributable to Sterling
common stockholders $ 9,372 $ 762 $ 19,087 $ 23,704
Net income per share attributable to Sterling

common stockholders:

Basic $ 0.55 $ 0.04 $ 1.15 $ 1.77
Diluted $ 0.54 $ 0.03 $ 1.13 $ 1.71
Weighted average number of common shares

outstanding used in computing earnings per

share amounts:

Basic 16,371,568 13,748,765 16,194,708 13,358,903
Diluted 16,582,171 14,236,561 16,563,169 13,855,709
STERLING CONSTRUCTION COMPANY, INC. & SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

As of December 31, 2010 and 2009

(Amounts in thousands, except share and per share data)

2010 2009
ASSETS
Current assets:
Cash and cash equivalents $ 49,441 $ 54,406
Short-term investments 35,752 39,319
Contracts receivable, including retainage 70,301 80,283
Costs and estimated earnings in excess of billings on

uncompleted contracts

10,058 5,973
Inventories 1,479 1,229
Deferred tax asset, net 82 127
Equity in construction joint ventures 6,744 2,341
Deposits and other current assets 2,472 5,510
Total current assets 176,329 189,188
Property and equipment, net 74,681 80,282
Goodwill 114,745 114,745
Other assets, net 1,376 1,526
Total assets $ 367,131 $ 385,741
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 35,432 $ 32,619
Billings in excess of costs and estimated earnings on

uncompleted contracts

17,807 31,132
Current maturities of long-term debt 73 73
Income taxes payable 1,493 351
Accrued compensation 6,920 4,311
Other accrued expenses 7,326 6,824
Total current liabilities 69,051 75,310
Long-term liabilities:
Long-term debt, net of current maturities 336 40,409
Deferred tax liability, net 18,591 15,369
Total long-term liabilities 18,927 55,778
Commitments and contingencies
Non-controlling owners’ interests in subsidiaries and joint

ventures

28,724 23,887
Stockholders’ equity:
Preferred stock, par value $0.01 per share; authorized
1,000,000 shares, none issued
Common stock, par value $0.01 per share; authorized
19,000,000 shares, 16,468,369 and 16,081,878 sharesissued 164 160
Treasury stock, 3,147 shares of common stock at no cost
Additional paid in capital 198,849 197,898
Retained earnings 51,553 32,466
Accumulated other comprehensive income (loss) (137 ) 242
Total Sterling common stockholders’ equity 250,429 230,766
Total liabilities and stockholders’ equity $ 367,131 $ 385,741

Sterling Construction Company, Inc.

James H. Allen, Jr., CFO

Joseph P. Harper, Sr., Pres. & COO

281-821-9091

or

Investor Relations Counsel

The Equity Group Inc.

Linda Latman 212-836-9609

Lena Cati 212-836-9611

Source: Business Wire (March 16, 2011 – 6:30 AM EDT)
Wednesday, March 16th, 2011 Uncategorized Comments Off on Sterling Construction Company, Inc. (STRL) Reports 2010 Fourth Quarter and Full Year Results

EPA Releases Air Toxics Rule Expected to Create Significant Growth for ADA-ES (ADES)

Mar. 16, 2011 (Business Wire) — ADA-ES, Inc. (NASDAQ:ADES) (“ADA” or the “Company”) today announced that it expects significant growth in markets for its products and services as a result of the proposed Mercury and Air Toxics Standards (the “Air Toxics Rule”) released by the Environmental Protection Agency today. The Air Toxics Rule will require over 1100 existing and new coal-fired electricity generating plants to reduce emissions of mercury and other hazardous air pollutants (“HAPs”). ADA provides three different control technologies for mercury emissions and also provides emissions control systems for two of the other four groups of HAPs covered by the rule: dioxin/furans and acid gases. The Air Toxics Rule is scheduled to be made final this November, and the power companies will be required to comply within 36 months.

The Air Toxics Rule is expected to create a significant new market for activated carbon injection (“ACI”) equipment provided by the Company. Activated carbon (“AC”) is effective for control of emissions of both mercury and dioxins/furans. ADA has been a market leader in providing nearly 50 of the 150 ACI systems sold to date to the power industry to meet mercury limits on new power plants and existing plants in 19 states where regulations are in effect. The Air Toxics Rule could create a demand for up to 500-700 new ACI systems over the next three years, which would be a market of approximately $500 million. These systems will require approximately 800 million to one billion pounds of AC to capture mercury. ADA provides AC for the industry through its joint venture ADA Carbon Solutions (“ACS”). The first ACS production plant started up in the summer of 2010 in Red River, Louisiana and has the capacity to produce 150 million pounds of AC per year. To prepare for the additional demand created by the Air Toxics Rule, ACS has permitted a second 150 million pound per year production line at the Red River plant and is pursuing permits for up to four additional AC production plants.

ADA also provides options for reducing mercury with coal treatment technologies. CyClean is a refined coal technology, provided though ADA’s joint venture, Clean Coal Solutions, LLC (“CCS”) that has reduced mercury emissions below the proposed limits for plants with cyclone boilers burning Powder River Basin Coal (“PRB”). CyClean also qualifies for IRS Section 45 tax credits of over $6 per ton of coal. A second technology was recently licensed by Arch Coal to modify its PRB coals at the mine resulting in lower mercury emissions. The licensing agreement provides ADA with a royalty of up to $1/ton from the premium Arch receives from sales of the enhanced coal. The proposed Air Toxics Rule could create a market for this product for a significant percentage of the greater than 100 million tons per year of PRB coal mined by Arch.

Dr. Michael Durham, President and CEO of ADA, stated, “We are enthusiastic about the significant opportunities for the Company expected to result from the proposed Air Toxics Rule. We believe that the Company is well positioned to take advantage of these opportunities with a number of low capital cost approaches to emissions reduction. Our goal is to help our customers comply with the challenges of the new regulation while keeping cleaner-burning coal a viable part of the country’s energy mix.”

Dr. Durham continued, “We are also pleased to welcome EPA Regional Administrator, Jim Martin at our Littleton, Colorado offices later this afternoon to discuss the Air Toxics Rule with the media. At that time, I will discuss ADA’s state-of-the-art air pollution control technologies, the markets they address and the economic benefits of the rule.”

A presentation highlighting the opportunities enhanced by the Air Toxics Rule will be filed in an 8K later today and posted on the Company’s website at www.adaes.com under “Investor Presentations.”

About ADA-ES

ADA-ES is a leader in clean coal technology and the associated specialty chemicals, serving the coal-fueled power plant industry. Our proprietary environmental technologies and specialty chemicals enable power plants to enhance existing air pollution control equipment, minimize mercury, CO2 and other emissions, maximize capacity, and improve operating efficiencies, to meet the challenges of existing and pending emission control regulations.

With respect to mercury emissions:

  • We supply ACI systems, mercury measurement instrumentation, and related services.
  • We are also a joint venture participant in ACS, which has commenced operations at its state-of-the-art AC production facility.
  • Under an exclusive development and licensing agreement with Arch Coal, we are developing and commercializing an enhanced PRB coal with reduced emissions of mercury and other metals.
  • Through our consolidated subsidiary, CCS, we provide our patented refined coal technology, CyClean, to enhance combustion of and reduce emissions from burning PRB coals in cyclone boilers.

In addition, we are developing CO2 emissions technologies under projects funded by the U.S. Department of Energy and industry participants.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a “safe harbor” for such statements in certain circumstances. The forward-looking statements include statements or expectations regarding the growth in markets for the Company’s products and services and expected growth of the Company as a result; changes in supply and demand; the expected timing, results and implementation of the Air Toxics Rule; anticipated opportunities that may result from the proposed Air Toxics Rule and the positioning of the Company to take advantage of those opportunities. These statements are based on current expectations, estimates, projections, beliefs and assumptions of our management. Such statements involve significant risks and uncertainties. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to, changes in laws and regulations and legal challenges to them; economic conditions and market demand; impact of competition; lack of working capital; availability, cost of and demand for alternative energy sources and other technologies; risks related to ACS including lack of continued funding, demand of payment on existing loans and other obligations, our lack of control and further dilution of our interest; additional risks related to CCS including failure of its leased facilities to continue to produce coal which qualifies for IRS Section 45 tax credits, termination of the leases for such facilities, decreases in the production of refined coal by the lessee, seasonality and failure to build new facilities to meet the placed-in-service date for IRS Section 45 tax credits; technical, start-up and operational difficulties at our plants and projects; inability to obtain permits; availability of raw materials and equipment for our businesses; loss of key personnel and other factors discussed in greater detail in our filings with the Securities and Exchange Commission (SEC). You are cautioned not to place undue reliance on our forward-looking statements and to consult filings we make with the SEC for additional risks and uncertainties that may apply to our business and the ownership of our securities. Our forward-looking statements are presented as of the date made, and we disclaim any duty to update such statements unless required by law to do so.

ADA-ES, Inc.

Michael D. Durham, Ph.D., MBA, President & CEO

Mark H. McKinnies, CFO

303-734-1727

www.adaes.com

or

Investor Relations Counsel

The Equity Group Inc.

Melissa Dixon, 212-836-9613

MDixon@equityny.com

Linda Latman, 212-836-9609

LLatman@equityny.com

www.theequitygroup.com

Wednesday, March 16th, 2011 Uncategorized Comments Off on EPA Releases Air Toxics Rule Expected to Create Significant Growth for ADA-ES (ADES)

Inovio Pharmaceuticals (INO) Licenses Non-DNA Vaccine Tumor Therapy Technology to OncoSec Medical

BLUE BELL, Pa., March 15, 2011 /PRNewswire/ — Inovio Pharmaceuticals, Inc. (NYSE Amex: INO), a leader in the development of therapeutic and preventive vaccines against cancers and infectious diseases, announced today that it has signed an agreement with OncoSec Medical Inc. providing for the sale to OncoSec of certain non-DNA vaccine technology and intellectual property relating to electroporation technology useful for electrochemical and cytokine based immune therapies for treating solid tumors. OncoSec will pay Inovio an undisclosed purchase price for the assigned assets and cash fees and a royalty on commercial product sales.

Dr. J. Joseph Kim, Inovio’s president and CEO, said: “As Inovio advances its leadership in the DNA vaccine field with several Phase II clinical studies for cervical dysplasia, leukemia, and hepatitis C virus therapies, we are pleased to enable third parties to commit their focus and resources to achieve the commercial potential of Inovio’s non-DNA vaccine assets. Prior clinical testing of our selective electrochemical tumor treatment and cytokine cancer therapies produced promising results and we are excited to monetize this electroporation asset for these applications and see its advancement by OncoSec. We wish the company every success in this endeavor.”

Mr. Punit Dhillon, OncoSec’s president and CEO, said: “We are excited to conclude this agreement with Inovio to acquire this promising technology for locally targeted cancer treatments, which have previously achieved important clinical outcomes, and immediately begin the implementation of our clinical development and commercialization plan. There are millions of people in the US alone who face detrimental cosmetic, functional and pain outcomes resulting from the invasive treatments used today for various skin and other cancers – in addition, the nature of current treatments results in high treatment and post-treatment costs to the medical system.”

The electroporation technology being sold and licensed to OncoSec is based on Inovio’s industry-leading electroporation technology platform that, in addition to DNA vaccines and immune therapeutics, can also be used to efficiently deliver a chemotherapeutic or cytokine agent for the treatment of cancer. When these chemotherapeutic or cytokine agents are injected into a selected treatment area such as a tumor and the predominantly healthy tissue in the margin surrounding a tumor, they have been shown to selectively and quickly destroy the tumor and cancer cells in the tumor margin. The chemotherapeutic agent acts by directly killing cancerous cells at the delivery site. Cytokine agents act by inducing broad, non-antigen specific immune responses that have been shown to kill cancerous cells. These therapies enable heightened concentrations of medicine to be directed to the cancer while reducing overall dosage and moderating or eliminating side effects associated with systemically-applied therapeutic approaches. This optimized delivery is enabled by Inovio’s proprietary electroporation process, which locally applies brief controlled electrical pulses to cells to temporarily and reversibly increase permeability of the cell membranes in selected tissue and dramatically increase cellular uptake of the previously injected agent as seen in previous animal studies and earlier human clinical trials.

About OncoSec Medical Inc.

OncoSec (OTC BB:ONCS.D.obNews), based in San Diego, California, designs, develops and commercializes innovative and proprietary medical approaches to treat solid tumor cancers with unmet medical needs or where currently approved therapies are inadequate based on their efficacy level or side effect profile. The company’s therapies are based on the use of electroporation delivery in combination with an approved chemotherapeutic drug or a cytokine agent to treat solid tumors. More information is available at www.oncosec.com.

About Inovio Pharmaceuticals, Inc.

Inovio is developing a new generation of vaccines, called DNA vaccines, to treat and prevent cancers and infectious diseases. These SynCon™ vaccines are designed to provide broad cross-strain protection against known as well as newly emergent strains of pathogens such as influenza. These vaccines, in combination with Inovio’s proprietary electroporation delivery devices, have been shown to be safe and generate significant immune responses. Inovio’s clinical programs include three separate programs in Phase II clinical studies, including VGX-3100 for treating cervical dysplasia and cancer. Other Inovio clinical programs include those for avian flu (preventive) and HIV vaccines (both preventive and therapeutic). Inovio is developing universal influenza and other vaccines in collaboration with scientists from the University of Pennsylvania. Other partners and collaborators include Merck, ChronTech, National Cancer Institute, U.S. Military HIV Research Program, NIH, HIV Vaccines Trial Network, University of Southampton, and PATH Malaria Vaccine Initiative. More information is available at www.inovio.com.

This press release contains certain forward-looking statements relating to our business, including our plans to develop electroporation-based drug and gene delivery technologies and DNA vaccines and our capital resources. Actual events or results may differ from the expectations set forth herein as a result of a number of factors, including uncertainties inherent in pre-clinical studies, clinical trials and product development programs (including, but not limited to, the fact that pre-clinical and clinical results referenced in this release may not be indicative of results achievable in other trials or for other indications, that the studies or trials may not be successful or achieve the results desired, that results from one study may not necessarily be reflected or supported by the results of other similar studies and that results from an animal study may not be indicative of results achievable in human studies), the availability of funding to support continuing research and studies in an effort to prove safety and efficacy of electroporation technology as a delivery mechanism or develop viable DNA vaccines, the adequacy of our capital resources, the availability or potential availability of alternative therapies or treatments for the conditions targeted by the company or its collaborators, including alternatives that may be more efficacious or cost-effective than any therapy or treatment that the company and its collaborators hope to develop, evaluation of potential opportunities, issues involving product liability, issues involving patents and whether they or licenses to them will provide the company with meaningful protection from others using the covered technologies, whether such proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of others or can withstand claims of invalidity and whether the company can finance or devote other significant resources that may be necessary to prosecute, protect or defend them, the level of corporate expenditures, assessments of the company’s technology by potential corporate or other partners or collaborators, capital market conditions, our ability to successfully integrate Inovio and VGX Pharmaceuticals, the impact of government healthcare proposals and other factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2009, our Form 10-Q for the nine months ended September 30, 2010, and other regulatory filings from time to time. There can be no assurance that any product in Inovio’s pipeline will be successfully developed or manufactured, that final results of clinical studies will be supportive of regulatory approvals required to market licensed products, or that any of the forward-looking information provided herein will be proven accurate.

Tuesday, March 15th, 2011 Uncategorized Comments Off on Inovio Pharmaceuticals (INO) Licenses Non-DNA Vaccine Tumor Therapy Technology to OncoSec Medical

Goldwind Selects Broadwind (BWEN) to Supply Towers for Shady Oaks Project

Mar. 15, 2011 (Business Wire) — When Goldwind USA, Inc. needed a local, experienced partner to produce its 85 meter wind turbine towers in North America it turned to Broadwind Energy, Inc. (NASDAQ: BWEN). Goldwind selected Broadwind to supply approximately 70 wind turbine towers for its Shady Oaks project in Lee County, Illinois, set for installation during the second half of 2011.

Tim Rosenzweig, chief executive officer of Goldwind USA, Inc. stated, “While proximity to the project and an ability to generate opportunity for the local wind industry certainly played a role in our decision, experience, high quality and a proven track record of success were key factors in selecting Broadwind as our tower partner for the Shady Oaks project.”

With almost 800 towers produced to date, Broadwind is a leading U.S. producer of multi-megawatt wind turbine towers. The first in the U.S. to manufacture 100-meter towers, Broadwind applies existing talent to a new American challenge, tapping deep roots in steel fabrication to create the tall steel towers that enable turbines to capture maximum wind energy. Broadwind will produce the wind turbine towers for Goldwind USA’s Shady Oaks project at its Manitowoc, Wisconsin facility, which employees about 275 people.

“We are delighted with Goldwind’s decision to select Broadwind to produce towers for its first utility-scale project in the Americas,” said Peter C. Duprey, president and chief executive officer of Broadwind Energy. “Flexibility, quality and customer focus have been a foundation of our tower business, which has enabled us to work with a diverse set of domestic and international customers. Our partnership on this project is an ideal example of how U.S. and Chinese companies can work together to make the wind industry stronger while creating economic opportunity locally.”

About Broadwind Energy, Inc.

Broadwind Energy (NASDAQ: BWEN) applies decades of deep industrial expertise to innovate integrated solutions for customers in the energy and infrastructure markets. From gears to wind towers, to comprehensive remanufacturing of gearboxes and blades, to operations and maintenance services, and heavy industries, we have solutions for the energy needs of the future. With facilities throughout the U.S., Broadwind Energy’s talented team of more than 800 employees is committed to helping customers maximize performance of their investments—quicker, easier and smarter. Find out more at www.bwen.com.

About Goldwind USA, Inc.

Chicago-based Goldwind USA was established in early 2010 and is a wholly owned subsidiary of Xinjiang Goldwind Science & Technology Co., Ltd. Goldwind USA leverages a global network of facilities and partnerships to offer a variety of wind power solutions including sales, manufacturing, operations and other services to customers throughout the Americas. With offices and facilities throughout Asia, Europe and the Americas, Xinjiang Goldwind Science & Technology Co., Ltd is ranked among the leading wind turbine manufacturers in the world.

Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 – that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. The Company’s forward looking statements may include or relate to the Company’s plans to grow its business and its expectations regarding its operations and the business of its customers; the sufficiency of the Company’s working capital; and the Company’s expectations regarding the state of the wind energy market generally, as well as the Company’s expectations relating to the economic downturn and the potential impact on its business and the business of its customers. For further discussion of risks and uncertainties, individuals should refer to the Company’s SEC filings. The Company undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Broadwind

John Segvich, 630.995.7137

john.segvich@bwen.com

or

Goldwind USA

Colin Mahoney, 617.970.4418

cmahoney_ext@goldwindamerica.com

Tuesday, March 15th, 2011 Uncategorized Comments Off on Goldwind Selects Broadwind (BWEN) to Supply Towers for Shady Oaks Project

Houston Wire & Cable Company (HWCC) Reports Results for the Fourth Quarter and Year Ended

HOUSTON, TX — (Marketwire) — 03/15/11 — Houston Wire & Cable Company (NASDAQ: HWCC) (the “Company”) announced operating results for the fourth quarter and fiscal year ended December 31, 2010.

Selected highlights for the quarter:

  • Record sales of $93.5 million
  • Gross margin up 110 basis points over the fourth quarter of 2009
  • Revenues increased 47.3% over the fourth quarter of 2009
  • Net income up 54.3% over fourth quarter of 2009
  • Fully diluted earnings per share (EPS) were $0.16
  • The Company declared a dividend of $0.085 per share
  • Increased market share with the addition of 98 new customers

Revenues in the fourth quarter of 2010 increased 47.3% when compared to the fourth quarter of 2009. The Company’s organic sales growth was 22.5%. The businesses acquired in late June contributed sales of $15.7 million, nearly all of which was Maintenance, Repair and Operations (MRO) sales.

Management estimates that commodity inflation favorably impacted sales by approximately 7% during the fourth quarter, as compared to 2009. As in prior quarters, previously committed futures for several major projects mitigated the effect of commodity inflation in the quarter. Management estimates that organic sales within the growth initiatives encompassing Utility Power Generation, Environmental Compliance, Engineering & Construction, Industrials and LifeGuard™, our proprietary private-label product, increased by 30 – 35% over the prior year quarter. MRO organic sales increased by an estimated 7 – 10% over the fourth quarter of 2009. Project bookings and backlog also remained solid due to previously funded backlog demand and continued penetration into our targeted markets. Sales from the acquired companies were within our expectations, as the fourth quarter is generally the slowest quarter of the year. In addition, business was negatively impacted by the status of the offshore drilling industry in the Gulf of Mexico.

During the quarter, gross profit increased 55.5% to $19.8 million from the fourth quarter of 2009. Gross margin increased by 110 basis points over the fourth quarter of 2009 and reached its highest level of the year at 21.1%.

Operating expenses increased by 56.8% from the fourth quarter of 2009, due to the businesses acquired in June 2010. The operating expenses of our historical company increased at a lesser rate than the sales activity expansion. Acquisition expenses for the quarter were $0.3 million. Interest expense of $0.4 million was significantly higher than the fourth quarter of 2009, as average debt levels rose from $16.2 million in 2009 to $54.9 million in 2010 as a result of the June 2010 acquisitions. Operating income of $5.1 million was 51.7% higher than 2009 and up 25.2% sequentially from the third quarter of 2010. Net income increased 54.3% over 2009 and was 30.0% higher than the third quarter of 2010. The effective tax rate for the quarter of 38.3% decreased from 40.4% in the third quarter, as the third quarter tax rate was impacted by non-deductible acquisition expenses.

Year-end Results

Sales for the year increased by 21.1% to $308.5 million, as the June 2010 acquisitions contributed 14.8% of the total increase. Gross profit increased 18.2% to $62.6 million in 2010 from $53.0 million in 2009. Operating income improved 9% from 2009, after absorbing acquisition expenses of $0.9 million. Net income increased 7.3% and fully diluted EPS increased from $0.45 to $0.49.

Chuck Sorrentino, President and Chief Executive Officer, commented, “During the fourth quarter, we were pleased to see continued indications of a broad market recovery, increased customer activity and improving demand. We are encouraged by this trend, but remain mindful that we are a later cycle business that lags macro market indicators and as such, must continue to exercise discipline with cost controls and revenue expectations as the business environment slowly improves. I was very pleased with our performance in the latter part of the year. Gross margins continue improving and we continue gaining market share with the addition of new customers. Project business was good in the fourth quarter and the outlook remains solid.

“Momentum appears to be building for 2011, as the rate of growth in our booked orders in the fourth quarter was greater than our sales. Integration of the two acquired companies is going well and we are on schedule. We expect 2011 to be an exciting year for our Company as we look forward to leveraging our combined national sales and distribution network to serve complementary end markets, including oil and gas, marine transportation, utilities, infrastructure and industrial.

“On behalf of the Board of Directors, I would like to thank our team for their commitment to our Company and their outstanding service to our customers. I would also like to thank our customers for their long-term relationships and our investors for their confidence and support.”

Conference Call

The Company will host a conference call to discuss fourth quarter and year-end results on Tuesday, March 15th at 10:00 am CT. Hosting the call will be Charles Sorrentino, President and Chief Executive Officer, and Nicol Graham, Vice President and Chief Financial Officer.

A live audio web cast of the call will be available on the Investor Relations section of the Company’s website, www.houwire.com.

Approximately two hours after the completion of the live call, a telephone replay will be available until March 22, 2010.

                 Replay Dial In:               888.203.1112
                 International Replay:         719.457.0820
                 Confirmation Code:            5990361

About the Company

With 35 years experience in the industry, Houston Wire & Cable Company is one of the largest providers of wire and cable in the U.S. end user market. Headquartered in Houston, Texas, HWCC has sales and distribution facilities strategically located throughout the nation.

Standard stock items available for immediate delivery include continuous and interlocked armor, instrumentation, medium voltage, high temperature, portable cord, power cables, private branded products, including LifeGuard™, a low-smoke, zero-halogen cable, mechanical wire and cable and related hardware, including wire rope, lifting products and synthetic rope and slings. HWCC’s comprehensive value-added services include same-day shipping, knowledgeable sales staff, inventory management programs, just-in-time delivery, logistics support, customized internet-based ordering capabilities and 24/7/365 service.

Forward-Looking Statements

This release contains comments concerning management’s view of the Company’s future expectations, plans and prospects that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain and projections about future events may and often do vary materially from actual results.

Other risk factors that may cause actual results to differ materially from statements made in this press release can be found in the Company’s Annual Report on Form 10-K and other documents filed with the SEC. These documents are available under the Investor Relations section of the Company’s website at www.houwire.com.

Any forward-looking statements speak only as of the date of this press release and the Company undertakes no obligation to publicly update such statements.

                        Houston Wire & Cable Company
                        Consolidated Balance Sheets

                                                          December 31,
                                                    -----------------------
                                                       2010         2009
                                                    ----------   ----------
                                                     (In thousands, except
                                                          share data)
Assets
Current assets:
  Accounts receivable, net                          $   67,838   $   46,859
  Inventories, net                                      67,503       61,325
  Deferred income taxes                                  2,399        1,776
  Prepaids                                                 763        3,649
                                                    ----------   ----------
Total current assets                                   138,503      113,609

Property and equipment, net                              6,255        3,169
Intangible assets, net                                  15,557           --
Goodwill                                                25,082        2,362
Deferred income taxes                                       --        2,855
Other assets                                                93           19
                                                    ----------   ----------
Total assets                                        $  185,490   $  122,014
                                                    ==========   ==========

Liabilities and stockholders' equity
Current liabilities:
  Book overdraft                                    $    3,055   $      907
  Trade accounts payable                                19,987       11,610
  Accrued and other current liabilities                 19,781       10,924
  Income taxes                                           1,036          281
                                                    ----------   ----------
Total current liabilities                               43,859       23,722

Debt                                                    54,825       17,479
Other long-term obligations                                141           --
Deferred income taxes                                      945           --
                                                    ----------   ----------
Total liabilities                                       99,770       41,201
                                                    ----------   ----------

Stockholders' equity:
  Preferred stock, $0.001 par value; 5,000,000
   shares authorized, none issued and outstanding           --           --
  Common stock, $0.001 par value; 100,000,000
   shares authorized: 20,988,952 shares issued:
   17,748,487 and 17,732,737 shares outstanding at
   December 31, 2010 and 2009, respectively                 21           21
  Additional paid-in capital                            58,642       56,609
  Retained earnings                                     80,187       77,571
  Treasury stock                                       (53,130)     (53,388)
                                                    ----------   ----------
Total stockholders' equity                              85,720       80,813
                                                    ----------   ----------

Total liabilities and stockholders' equity          $  185,490   $  122,014
                                                    ==========   ==========

                      Houston Wire & Cable Company
                    Consolidated Statements of Income

                             Three Months Ended            Year Ended
                                December 31,              December 31,
                          ------------------------  ------------------------
                              2010         2009         2010         2009
                          -----------  -----------  -----------  -----------

Sales                     $    93,549  $    63,526  $   308,522  $   254,819
Cost of sales                  73,793       50,819      245,932      201,865
                          -----------  -----------  -----------  -----------
Gross profit                   19,756       12,707       62,590       52,954

Operating expenses:
  Salaries and
   commissions                  7,800        4,714       25,281       20,596
  Other operating
   expenses                     6,102        4,496       20,565       18,023
  Depreciation and
   amortization                   766          142        1,738          563
                          -----------  -----------  -----------  -----------
Total operating expenses       14,668        9,352       47,584       39,182
                          -----------  -----------  -----------  -----------

Operating income                5,088        3,355       15,006       13,772
Interest expense                  378          117          844          520
                          -----------  -----------  -----------  -----------
Income before income
 taxes                          4,710        3,238       14,162       13,252
Income taxes                    1,806        1,356        5,543        5,220
                          -----------  -----------  -----------  -----------
Net income                $     2,904  $     1,882  $     8,619  $     8,032
                          ===========  ===========  ===========  ===========

Earnings per share:
  Basic                   $      0.16  $      0.11  $      0.49  $      0.46
                          ===========  ===========  ===========  ===========
  Diluted                 $      0.16  $      0.11  $      0.49  $      0.45
                          ===========  ===========  ===========  ===========
Weighted average common
 shares outstanding:
  Basic                    17,662,291   17,652,737   17,657,682   17,648,696
                          ===========  ===========  ===========  ===========
  Diluted                  17,731,157   17,683,349   17,710,123   17,665,924
                          ===========  ===========  ===========  ===========

Dividend declared per
 share                    $     0.085  $     0.085  $      0.34  $      0.34
                          ===========  ===========  ===========  ===========

                        Houston Wire & Cable Company
                    Consolidated Statements of Cash Flows

                                                    Year Ended December 31,
                                                    -----------------------
                                                       2010         2009
                                                    ----------   ----------
Operating activities
Net income                                          $    8,619   $    8,032

Adjustments to reconcile net income to net cash
 provided by operating activities:
   Depreciation and amortization                         1,738          563
   Amortization of capitalized loan costs                   46           99
   Amortization of unearned stock compensation           2,260        2,205
   Provision for doubtful accounts                          93           --
   Provision for returns and allowances                   (118)        (109)
   Provision for inventory obsolescence                    734          529
   (Gain) loss on disposals of property and
    equipment                                               26          (15)
   Deferred income taxes                                (1,603)        (741)
   Changes in operating assets and liabilities:
      Accounts receivable                               (9,785)       4,048
      Inventories                                        1,059       11,606
      Prepaids                                           2,954       (2,820)
      Other assets                                         354          (31)
      Book overdraft                                     1,668       (4,026)
      Trade accounts payable                             5,010        1,519
      Accrued and other current liabilities              5,466         (758)
      Long term liabilities                                 (3)          --
      Income taxes                                         755       (1,363)
                                                    ----------   ----------
Net cash provided by operating activities               19,273       18,738

Investing activities
   Expenditures for property and equipment                (459)        (462)
   Proceeds from disposals of property and
    equipment                                              956           19
   Cash paid for acquisition                           (51,162)          --
                                                    ----------   ----------
Net cash used in investing activities                  (50,665)        (443)

Financing activities
   Borrowings on revolver                              352,276      255,829
   Payments on revolver                               (314,930)    (268,158)
   Proceeds from exercise of stock options                  42           22
   Payment of dividends                                 (6,003)      (6,001)
   Excess tax benefit for options                            7           13
   Purchase of treasury stock                               --           --
                                                    ----------   ----------
Net cash provided by (used in) financing activities     31,392      (18,295)
                                                    ----------   ----------

Net change in cash                                          --           --
Cash at beginning of year                                   --           --
                                                    ----------   ----------

Cash at end of year                                 $       --   $       --
                                                    ==========   ==========

Supplemental disclosures
   Cash paid during the year for interest           $      743   $      514
                                                    ==========   ==========

   Cash paid during the year for income taxes       $    6,191   $    7,352
                                                    ==========   ==========

CONTACT:
Hope M. Novosad
Manager, Investor Relations
Direct: 713.609.2110
Fax: 713.609.2168
Email Contact

Tuesday, March 15th, 2011 Uncategorized Comments Off on Houston Wire & Cable Company (HWCC) Reports Results for the Fourth Quarter and Year Ended

QKL Stores Inc. (QKLS) to Participate in the Roth Conference; Announces Preliminary 4Q10 Financial Results

DAQING, China, March 15, 2011 /PRNewswire-Asia/ — QKL Stores Inc. (the “Company”) (Nasdaq: QKLS), a leading regional supermarket chain in Northeastern China, today announced its planned participation in the following investor conference and its preliminary financial results for the quarter ended December 31, 2010.

Upcoming Investor Conference

  • ROTH 23rd Annual Growth Stock Conference, to be held on March 13-16, 2011 at the Ritz Carlton in Laguna Niguel, California. Management is scheduled to present at 03:00-03:30 p.m. on March 15th, 2011, and meet with institutional investors during this conference.

Preliminary Fourth Quarter 2010 Financial Results

  • Revenue in the fourth quarter of 2010 to be in the range of $83-85 million compared to $71.7 million in the fourth quarter of 2009.
  • Gross margin to be in the range of 17.8%-17.9% compared to 17.4% for the third quarter of 2010 and 17.8% in the fourth quarter of 2009.
  • Net income margin to be in the range of 2.5%-2.7% compared to 1.5% in the third quarter of 2010.
  • Same-store sales increased 8% to approximately $72 million compared to the fourth quarter period of the prior year.

Mr. Zhuangyi Wang, Chairman and CEO, said, “We are pleased to have either met or exceeded the fourth quarter analyst consensus forecast for revenue, gross margin and net income margin.  This strong performance was driven by solid same store sales growth as well as from the new stores opened in recent months.  We look forward to providing our investors with further updates on our business when we report our official fourth quarter and full year financial results toward the end of March.”

About QKL Stores Inc.:

Based in Daqing, China, QKL Stores, Inc. is a leading regional supermarket chain company operating in Northeastern China. QKL Stores sells a broad selection of merchandise, including groceries, fresh food, and non-food items, through its retail supermarkets, hypermarkets and department stores; the company also has its own distribution centers that service its supermarkets. For more information, please access the Company’s website at: www.qklstoresinc.com.

Safe Harbor Statement

Certain statements in this release and other written or oral statements made by or on behalf of the Company are “forward looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The forward looking statements are subject to a number of risks and uncertainties including market acceptance of the Company’s services and projects and the Company’s continued access to capital and other risks and uncertainties. The actual results the Company achieves may differ materially from those contemplated by any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements.

Contact Information

QKL Stores, Inc.

In China:

ICR, Inc.

In U.S.:

Mike Li, Investor Relations

Bill Zima

+86-459-460-7987

+1-203-682-8233

SOURCE QKL Stores Inc.

Tuesday, March 15th, 2011 Uncategorized Comments Off on QKL Stores Inc. (QKLS) to Participate in the Roth Conference; Announces Preliminary 4Q10 Financial Results

ICO Global (ICOG) and DISH Networks Enter into Implementation and Restructuring Support Agreements

Mar. 15, 2011 (Business Wire) — ICO Global Communications (Holdings) Limited (NASDAQ: ICOG) (“ICO”) announced today that it has entered into a Restructuring Support Agreement and Implementation Agreement with DISH Network Corporation (NASDAQ: DISH) (“DISH”). Pursuant to these agreements, ICO has agreed to support a proposed amended Investment Agreement between DISH and ICO’s subsidiary, DBSD North America, Inc. (“DBSD”), has granted to DISH options to acquire certain ICO assets, and has agreed to grant to DBSD certain spectrum priority rights. These agreements do not diminish or otherwise alter ICO’s obligations to Jay & Jayendra (Pty) Ltd, nor do they affect in any manner ICO’s ongoing litigation with The Boeing Company and its subsidiary, Boeing Satellite Services, Inc. ICO retains all rights to such litigation.

As contemplated by these agreements, DISH will, later today, seek approval of the amended Investment Agreement by the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). Under the terms of the amended Investment Agreement and related plan of reorganization, DISH will offer to purchase all of the outstanding secured debt in DBSD and will agree to pay all outstanding unsecured creditor claims in full.

As consideration for ICO’s commitments under these agreements, DISH will pay ICO approximately $324.5 million, with $35 million paid within five days after Bankruptcy Court approval of the amended Investment Agreement, and all but $10 million of the remainder paid approximately thirty days after such approval.

If the Bankruptcy Court approves the amended Investment Agreement between DBSD and DISH, ICO will enter into a tax matters agreement with DISH that defines various tax‐related obligations and commitments. The tax matters agreement will not have any significant impact on ICO’s existing or future net operating losses. In addition, if DBSD emerges from bankruptcy pursuant to the terms of the related plan of reorganization, ICO will facilitate DBSD’s transition from bankruptcy by entering into a license and radio spectrum coordination agreement with DBSD and a transition services agreement with DBSD.

About ICO

ICO is based in Kirkland, Washington. For more information, visit www.ico.com. ICO’s common stock is publicly traded on NASDAQ under the ticker symbol ICOG.

ICO Global Communications

Christopher Doherty, 703-964-1414

Christopher.Doherty@ico.com

Tuesday, March 15th, 2011 Uncategorized Comments Off on ICO Global (ICOG) and DISH Networks Enter into Implementation and Restructuring Support Agreements

InfuSystem Holdings, Inc. (INFU) Reports $13.1 Million of Revenues and $3.7 Million of Adjusted EBITDA for the Fourth Quarter of 2010

MADISON HEIGHTS, Mich., March 10, 2011 (GLOBE NEWSWIRE) — InfuSystem Holdings, Inc. (NYSE Amex:INFU), the leading provider of infusion pumps and related services, today reported results for the fourth quarter and fiscal year ended December 31, 2010.

Fiscal 2010: Continued Growth in Revenues, Adjusted EBITDA and Cash from Operations

“We are pleased with the fourth quarter and fiscal year performance and the reporting of the thirteenth straight quarter of year over year growth for the company. With the continued steady growth of our core business and strategic initiatives to broaden our product and service offering, we are more confident than ever in the long-term outlook for the company and industry as InfuSystem continues to successfully execute its long-term business strategy. We are a healthcare growth company with healthy profits” said Sean McDevitt, Chairman and Chief Executive officer.

Revenues for fiscal 2010 were $47.2 million, up 21 percent from $39.0 million in the prior year. The increase in revenues is primarily related to obtaining business at new customer facilities, increases from existing customers and expansion into new product lines such as those associated the First Biomedical acquisition.

Gross profit for fiscal 2010 was $33.5 million, up 17 percent from $28.6 million in the prior year. It represented 71 percent of revenues for the latest year, compared with 73 percent in fiscal 2009. The decrease in the gross margin percentage was primarily related to higher pump depreciation and a higher mix of pump sales and services, as compared to third party billings.

Selling, general and administrative expenses (SG&A) were $34.5 million, 48 percent higher than fiscal 2009’s $23.3 million. As a percent of revenues, SGA was 73 percent for the latest year, compared to 60% in fiscal 2009. The increases were primarily related to an increase in stock based compensation, along with the pre/post acquisition expenses of acquired business. Excluding the one-time expenses, on a normalized basis SGA, as a percent of revenues, is approximately the same as the 60% in fiscal 2009.

Adjusted EBITDA was $14.0 million for the latest fiscal year, up 8 percent from $12.9 million a year ago. The company utilizes Adjusted EBITDA as a means to measure its operating performance. A reconciliation from Adjusted EBITDA, a non-GAAP measure, to net income can be found in the appendix.

Other loss for the latest year was $2.3 million versus $3.6 million other loss a year ago, reflecting reduced interest expense, gain on derivatives, and extinguishment of long-term debt. As a result, the fiscal 2010 net loss was $1.9 million, equal to $0.09 loss per diluted share, versus a $0.8 million net income, equal to $0.04 income per diluted share, a year earlier.

Fourth Quarter Growth in Revenues and Adjusted EBITDA

Revenues for the latest quarter were $13.1 million, up 23 percent from $10.7 million for the prior-year period. Gross profit increased to $9.0 million or 16% from $7.8 million in the fiscal 2009 fourth quarter. SG&A increased to $12.0 million from $6.4 million. Other expense of $0.4 million compared with $0.3 million of other income a year ago. The net loss for the most recent quarter was $2.2 million, equal to $0.11 per diluted share, versus the prior year quarter’s net income of $1.0 million, equal to $0.05 per diluted share. Adjusted EBITDA for the latest quarter was $3.7 million, up 15 percent from $3.2 million for the prior-year period.

Financial Condition

Net cash provided by operations for fiscal 2010 was $10.8 million, up 11 percent from $9.7 million for the prior year. The latest year’s results reflected higher levels of stock based compensation, depreciation and amortization of goodwill, accounts payable, inventory and amounts accrued. The company reduced capital expenditures from $4.6 million in fiscal 2009 to $2.4 million and paid $16.6 million in cash for acquisition of First Biomedical in June 2010. The cash balance decreased by $2.7 million and the company ended the year with a cash balance of $5.0 million with $26.6 million in long-term debt, net of current.

Conference Call

InfuSystem Holdings, Inc. will host a conference call to share the results of its fourth quarter and full-year fiscal 2010 results on Thursday, March 10, at 10:00 a.m. Eastern Time. Chairman and Chief Executive Officer Sean McDevitt and Jim Froisland, Chief Financial Officer, will discuss the company’s financial performance and answer questions from the financial community.

The company invites interested investors to listen to the presentation, which will be carried live on the company’s Web site: www.infusystem.com in the Investors section. To participate by telephone, the dial-in number is 800-446-1671 with confirmation number 29138075. Those who wish to listen should either dial in or go to the Web site several minutes prior to the call to register. A replay of the call can be accessed by dialing 888-843-7419, pass-code 29138075#. An online archive of the conference call will remain on the company’s Web site for the following 30 days.

About InfuSystem Holdings, Inc.

InfuSystem Holdings, Inc. is the leading national provider of infusion pumps and related services to hospitals, oncology practices and other alternate site healthcare providers.  Headquartered in Madison Heights, Michigan, the company delivers local, field-based customer support, and also operates Centers of Excellence in Michigan, Kansas, California, and Ontario, Canada. The company’s stock is traded on the NYSE Amex under the symbol INFU.

Forward-Looking Statements

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially form those predicted by such forward-looking statements. These risks and uncertainties include general economic conditions, as well as other risks, detailed from time to time in the company’s publicly filed documents.

Additional information about InfuSystem Holdings, Inc. is available at www.infusystem.com.

FINANCIAL TABLES FOLLOW

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data) December 31,

2010

December 31,

2009

ASSETS
Current Assets:
Cash and cash equivalents $ 5,014 $ 7,750
Accounts receivable, less allowance for doubtful accounts of $1,796 and $1,842 at December 31, 2010 and 2009, respectively 6,679 5,517
Inventory 1,699 925
Prepaid expenses and other current assets 750 395
Deferred income taxes 1,147 125
Total Current Assets 15,289 14,712
Property & equipment, net 16,672 13,499
Deferred debt issuance costs, net 658 781
Goodwill 64,092 56,580
Intangible assets, net 33,252 28,911
Other assets 401 207
Total Assets $ 130,364 $ 114,690
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable $ 2,016 $ 1,306
Other current liabilities 4,631 1,573
Derivative liabilities 183 2,670
Current portion of long-term debt 5,551 5,501
Total Current Liabilities 12,381 11,050
Long-term debt, net of current portion 26,646 18,640
Deferred income taxes 5,788 3,314
Other liabilities 406 221
Total Liabilities $ 45,221 $ 33,225
Stockholders’ Equity
Preferred stock, $.0001 par value: authorized 1,000,000 shares; none issued
Common stock, $.0001 par value; authorized 200,000,000 shares; issued 21,163,337 and 18,734,144, respectively; outstanding 21,117,516 and 18,734,144, respectively 2 2
Additional paid-in capital 87,004 81,410
Accumulated other comprehensive loss (64)
Retained (deficit) earnings (1,799) 53
Total Stockholders’ Equity 85,143 81,465
Total Liabilities and Stockholders’ Equity $ 130,364 $ 114,690
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended December 31, Year Ended December 31,
(in thousands, except per share data) 2010 2009 2010 2009
Net revenues 13,075 10,662 47,229 38,964
Cost of revenues:
Product and supply costs 2,206 1,753 7,730 6,200
Pump depreciation and disposals 1,860 1,121 5,945 4,127
Gross profit 9,009 7,788 33,545 28,637
Sales, general and administrative expenses:
Provision for doubtful accounts 1,061 1,272 4,515 4,006
Amortization of intangibles 644 457 2,259 1,827
Selling and marketing 2,348 1,509 7,087 5,258
General administrative 7,960 3,190 20,622 12,218
Total sales, general and administrative expenses 12,013 6,428 34,483 23,309
Operating (loss) income (3,004) 1,360 (938) 5,328
Other (loss) income:
Gain (loss) on derivatives and other income 417 1,122 207 (78)
Interest expense (571) (831) (3,352) (3,499)
Gain on extinguishment of long-term debt 1,118
Other expense (258) (258)
Total other (loss) income (412) 291 (2,285) (3,577)
(Loss) income before income taxes (3,416) 1,651 (3,223) 1,751
Income tax benefit (expense) 1,258 (685) 1,371 (977)
Net (loss) income (2,158) 966 (1,852) 774
Net (loss) income per share:
Basic (0.11) 0.05 (0.09) 0.04
Diluted (0.11) 0.05 (0.09) 0.04
Weighted average shares outstanding:
Basic 20,261,591 18,697,729 19,721,378 18,609,797
Diluted 20,261,591 18,956,690 19,721,378 18,931,356
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) Year Ended

December 31,

2010

Year Ended

December 31,

2009

Year Ended

December 31,

2008

OPERATING ACTIVITIES
Net (loss) Income $ (1,852) $ 774 $ 9,959
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
(Gain) loss on derivative liabilities (207) 78 (9,815)
(Gain) on extinguishment of long-term debt (1,118)
Provision for doubtful accounts 4,515 4,006 3,187
Depreciation 5,357 4,122 3,935
Loss on disposal of pumps 994 342 553
Amortization of intangible assets 2,259 1,827 1,827
Amortization of deferred debt issuance costs 980 495 642
Stock-based compensation 3,860 753 1,550
Deferred income taxes (1,236) 2,254 935
Changes in assets and liabilities, exclusive of effects of acquisitions:
(Increase) in accounts receivable, net of provision (3,948) (5,355) (1,835)
(Increase) decrease in other current assets (506) (253) 560
(Increase) in other assets (173) (207)
Increase (decrease) in accounts payable and other liabilities 2,252 872 (601)
(Decrease) in derivative liabilities from termination of interest rate swap (365)
NET CASH PROVIDED BY OPERATING ACTIVITIES 10,812 9,708 10,897
INVESTING ACTIVITIES
Capital expenditures (2,444) (4,612) (1,733)
Cash paid for acquisition, net of cash acquired (16,616)
Proceeds from sale of property 1 10
Payment of deferred acquisition costs (105)
Cash received for acquisition from I-Flow 784
NET CASH USED IN INVESTING ACTIVITIES (19,060) (4,611) (1,044)
FINANCING ACTIVITIES
Principal payments on term loan (22,623) (8,565) (2,044)
Cash proceeds from term loan 30,000
Capitalized debt issuance costs (808)
Common stock repurchased to satisfy minimum statutory withholding on stock-based compensation (167) (135) (195)
Treasury shares repurchased (68)
Principal payments on capital lease obligations (822) (160) (61)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 5,512 (8,860) (2,300)
Net change in cash and cash equivalents (2,736) (3,763) 7,553
Cash and cash equivalents, beginning of period 7,750 11,513 3,960
Cash and cash equivalents, end of period $ 5,014 $ 7,750 $ 11,513
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES
GAAP RECONCILIATION
Reconciliation from Net Income to Adjusted EBITDA:
Three Months Ended Year Ended
December 31, December 31,
2010 2009 2010 2009
Net (loss) income $ (2,158) $ 966 $  (1,852) $ 774
Adjustments:
Interest expense 571 831 3,352 3,499
Income tax (benefit) expense (1,259) 685 (1,371) 977
Depreciation — Pumps 1,376 1,058 4,960 3,785
Depreciation — Other 112 93 397 337
Amortization 644 457 2,259 1,827
EBITDA $ (714) $ 4,090 $  7,745 $ 11,199
Adjustments:
(Gain) loss on derivatives and other income (417) (1,122) (207) 78
Other expense 258 258
Stock based compensation 4,098 224 5,909 753
Acquisition costs 965
Termination Benefits 450 450 877
(Gain) on loan payoff discount (1,118)
Adj. EBITDA $ 3,675 $ 3,192 $ 14,002 $ 12,907
CONTACT: INVESTOR CONTACT:
         Pat LaVecchia
         Vice Chairman
         Info@InfuSystem.com
         800-962-9656
Thursday, March 10th, 2011 Uncategorized Comments Off on InfuSystem Holdings, Inc. (INFU) Reports $13.1 Million of Revenues and $3.7 Million of Adjusted EBITDA for the Fourth Quarter of 2010

Spectrum Pharmaceuticals (SPPI) Reports Profitable Fourth Quarter and Record Revenue Growth

Mar. 10, 2011 (Business Wire) — Spectrum Pharmaceuticals (NasdaqGS: SPPI), a biotechnology company with fully integrated commercial and drug development operations with a primary focus in oncology, today reported financial results for the three and 12-months ended December 31, 2010.

“We are proud of our many accomplishments in 2010, especially the record revenue growth of both of our proprietary, marketed, anti-cancer drugs, FUSILEV® and ZEVALIN®, and the licensing of belinostat, a late-stage, potentially best-in-class HDAC inhibitor for potentially multiple indications,” said Rajesh C. Shrotriya, MD, Chairman, Chief Executive Officer, and President of Spectrum Pharmaceuticals, Inc. “We remain committed to lymphoma. The cash generated by the record product sales provides us greater opportunity to help cancer patients by initiating additional studies for ZEVALIN, such as in Diffuse Large B-Cell Lymphoma, and for our other pipeline drugs.”

Fourth Quarter Results Ended December 31, 2010 (All #s are approximates)

Consolidated revenue of $34 million was comprised of product sales of $31 million ($8 million from ZEVALIN, $23 million from FUSILEV) and $3 million from licensing fees. This represents a more than three-fold increase over the $9 million in consolidated revenue in the fourth quarter of 2009, which was comprised of $5 million from product sales and the balance from licensing and milestone fees. The Company recorded net income of $4 million, or $0.09 per basic and $0.08 per diluted share, compared to net income of $10 million, which includes income of $20 million from the change in the fair value of common stock warrant liability, or $0.21 per basic and $0.20 per diluted share, in the fourth quarter of 2009. Total research and development expenses were $7 million, as compared to $4 million in the same period of 2009, primarily due to in-licensing of compounds and continued investment in clinical trials. Selling, general and administrative expenses were $13 million compared to $11 million in the same period in 2009, an increase primarily attributable to sales and marketing expenses, including payroll costs and non cash stock compensation costs incurred with the sales of ZEVALIN and FUSILEV.

12-Month Results Ended December 31, 2010 (All #s are approximates)

Consolidated revenue of $74 million was comprised of product sales of $61 million ($29 million from ZEVALIN, $32 million from FUSILEV) and $13 million from licensing fees. This represents a nearly two-fold increase from $38 million in consolidated revenue recorded in 2009, which was comprised of $28 million from product sales ($16 million from ZEVALIN, $12 million from FUSILEV) and $10 million from milestone and licensing fees. The Company recorded a net loss attributable to stockholders’ of $49 million, or ($0.99) per basic and diluted share, compared to a net loss attributable to stockholders’ of $19 million, or ($0.48) per basic and diluted share, in the same period of 2009. Total research and development expenses were $57 million, as compared to $21 million in the same period of 2009, primarily due to the $30 million upfront payment for the licensing of belinostat, and a one-time charge of $3 million, representing the fair value of 751,956 shares of our common stock issued as consideration for the acquisition and licensing of compounds. Selling, general and administrative expenses were $49 million compared to $34 million in the same period in 2009 an increase primarily due to the $14 million increase attributable to sales and marketing expenses, including payroll costs, incurred with the increase in sales of ZEVALIN and FUSILEV.

Cash, cash equivalents and investments as of December 31, 2010 aggregated $104 million, as compared to $125 million as of December 31, 2009, a net decrease of $21 million including the $30 million used for the in-licensing of belinostat.

There are approximately 51 million shares of common stock issued and outstanding at December 31, 2010. Approximately 7 million warrants expired unexercised in 2010.

2011/2012 Corporate Events and Potential Valuation Catalysts

FUSILEV®

  • FDA PDUFA Action date in metastatic colorectal cancer by April 29, 2011.

ZEVALIN®

  • Anticipate FDA decision on bioscan removal before the end of 2011;
  • Initiation of a Diffuse Large B-Cell Lymphoma trial in 2011.

Belinostat

  • Complete enrollment in registrational study and file rolling NDA for Peripheral T-Cell Lymphoma in 2011/2012.

Apaziquone

  • Anticipate filing NDA for bladder cancer in 2012.

Conference Call

Thursday, March 10, 2011 @ 1:30 p.m. Eastern/10:30 a.m. Pacific

Domestic: (877) 837 – 3910

International: (973) 796 – 5077

Webcast and replays: www.sppirx.com

Audio replays will be available through April 1, 2011

Domestic: (800) 642-1687, passcode 43097899

International: (706) 645-9291, passcode 43097899

About ZEVALIN® and the ZEVALIN Therapeutic Regimen

ZEVALIN (ibritumomab tiuxetan) is indicated for the treatment of patients with previously untreated follicular non-Hodgkin’s Lymphoma (NHL), who achieve a partial or complete response to first-line chemotherapy. ZEVALIN is also indicated for the treatment of patients with relapsed or refractory, low-grade or follicular B-cell non-Hodgkin’s lymphoma.

ZEVALIN is a CD20-directed radiotherapeutic antibody. The ZEVALIN therapeutic regimen consists of three components: rituximab, Indium-111 (In-111) radiolabeled ZEVALIN for imaging, and Yttrium-90 (Y-90) radiolabeled ZEVALIN for therapy. The ZEVALIN therapeutic regimen is a form of cancer therapy called radioimmunotherapy. Radioimmunotherapy (RIT) is an innovative form of cancer treatment with a mechanism of action that is different from traditional chemotherapy. RIT builds on the combined effect of a targeted biologic monoclonal antibody augmented with the therapeutic effects of a beta-emitting radioisotope.

Full prescribing information can be found at www.ZEVALIN.com.

About FUSILEV® (levoleucovorin) for Injection

FUSILEV, a novel folate analog, is available in vials for injection as freeze-dried powder. FUSILEV rescue is indicated after high-dose methotrexate therapy in osteosarcoma. FUSILEV is also indicated to diminish the toxicity and counteract the effects of impaired methotrexate elimination and of inadvertent overdosage of folic acid antagonists. FUSILEV (levoleucovorin or (6S)-leucovorin) is the only commercially available formulation containing only the pharmacologically active isomer of leucovorin.

Full prescribing information can be found at www.FUSILEV.com.

About Spectrum Pharmaceuticals, Inc.

Spectrum Pharmaceuticals is a biotechnology company with fully integrated commercial and drug development operations with a primary focus in oncology. The Company’s strategy is comprised of acquiring, developing and commercializing a broad and diverse pipeline of late-stage clinical and commercial products. The Company markets two oncology drugs, FUSILEV and ZEVALIN and has two drugs, apaziquone and belinostat, in late stage development along with a diversified pipeline of novel drug candidates. The Company has assembled an integrated in-house scientific team, including clinical development, medical research, regulatory affairs, biostatistics and data management, formulation development, and has established a commercial infrastructure for the marketing of its drug products. The Company also leverages the expertise of its worldwide partners to assist in the execution of its strategy. For more information, please visit the Company’s website at www.sppirx.com.

Forward-looking statement – This press release may contain forward-looking statements regarding future events and the future performance of Spectrum Pharmaceuticals that involve risks and uncertainties that could cause actual results to differ materially. These statements include but are not limited to statements that relate to our business and its future, including certain company milestones, Spectrum’s ability to identify, acquire, develop and commercialize a broad and diverse pipeline of late-stage clinical and commercial products, leveraging the expertise of partners and employees, around the world to assist us in the execution of our strategy, and any statements that relate to the intent, belief, plans or expectations of Spectrum or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include the possibility that our existing and new drug candidates, may not prove safe or effective, the possibility that our existing and new drug candidates may not receive approval from the FDA, and other regulatory agencies in a timely manner or at all, the possibility that our existing and new drug candidates, if approved, may not be more effective, safer or more cost efficient than competing drugs, the possibility that our efforts to acquire or in-license and develop additional drug candidates may fail, our lack of revenues, our limited marketing experience, our dependence on third parties for clinical trials, manufacturing, distribution and quality control and other risks that are described in further detail in the Company’s reports filed with the Securities and Exchange Commission. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law.

SPECTRUM PHARMACEUTICALS, INC. ®, ZEVALIN®, and FUSILEV® are registered trademarks of Spectrum Pharmaceuticals, Inc. REDEFINING CANCER CARE™ and the Spectrum Pharmaceutical logos are trademarks owned by Spectrum Pharmaceuticals, Inc.

© 2011 Spectrum Pharmaceuticals, Inc. All Rights Reserved.

SPECTRUM PHARMACEUTICALS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Three Months Ended Years Ended
December 31, December 31,
(unaudited)
2010 2009 2010 2009
Net revenues $ 33,946 $ 8,620 $ 74,113 $ 38,025
Operating expenses:
Cost of product sales(excludes amortization of purchased intangibles) 6,813 2,446 17,439 8,148
Selling, general and administrative 12,475 11,069 48,550 33,607
Research and development 6,986 3,525 57,301 21,058
Amortization of purchased intangibles 930 870 3,720 3,720
Total operating costs and expenses 27,204 17,910 127,010 66,533
Income (loss) from operations 6,742 (9,290 ) (52,897 ) (28,508 )
Change in fair value of common stock warrant liability (3,300 ) 19,834 2,731 8,075
Other Income, net 1,034 61 1,279 662
Income (loss) before provision for income taxes 4,476 10,605 (48,887 ) (19,771 )
Provision for income taxes (36 ) (421 ) 43 (421 )
Net loss attributable to non-controlling interest 1,146
Net income (loss) attributable to Spectrum Pharmaceuticals, Inc. stockholders $ 4,440 $ 10,184 $ (48,887 ) $ (19,046 )
Net income (loss) per share:
Basic $ 0.09 $ 0.21 $ (0.99 ) $ (0.48 )
Diluted $ 0.08 $ 0.20 $ (0.99 ) $ (0.48 )
Weighted average shares outstanding:
Basic 50,344,177 48,425,486 49,502,854 39,273,905
Diluted 52,268,739 49,704,126 49,502,854 39,273,905
SUMMARY CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31,
2010 2009
Cash, cash equivalents and investments $ 95,674 $ 113,341
Accounts receivable, net 21,051 8,658
Inventories, net 4,234 3,230
Prepaid expenses and other current assets 906 1,028
Total current assets 121,865 126,257
Bank certificates of deposit & treasuries 8,569 11,438
Property and equipment, net 3,158 1,928
Zevalin related intangible assets, net 29,605 33,325
Other assets 434 185
Total Assets $ 163,631 $ 173,133
Current liabilities $ 63,322 $ 39,499
Deferred revenue and other credits – less current portion 25,495 24,943
Other long-term liabilities 338 367
Total liabilities 89,155 64,809
Total stockholders’ equity 74,476 108,324
Total liabilities and stockholders’ equity $ 163,631 $ 173,133

Non-GAAP Financial Measures

The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with generally accepted accounting principles (GAAP). The non-GAAP financial measures presented exclude the items summarized in the below table. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results and that these items are not indicative of the Company’s on-going core operating performance.

Management uses non-GAAP net income (loss) in its evaluation of the Company’s core after-tax results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Management believes that providing these non-GAAP financial measures allows investors to view the Company’s financial results in the way that management views the financial results.

The non-GAAP financial measures presented herein have certain limitations in that they do not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.

NON-GAAP INCOME (LOSS) RECONCILIATION
(In thousands)
Three Months Ended Years Ended
December 31, December 31,
(unaudited)
2010 2009 2010 2009
GAAP net income (loss) $ 4,440 $ 10,184 $ (48,844 ) $ (19,046 )
Stock-based compensation 2,018 1,410 8,285 7,423
Change in fair value of common stock warrant liability 3,330 (19,834 ) (2,731 ) (8,075 )
Non-GAAP income (loss) $ 9,788 $ (8,240 ) $ (43,290 ) $ (19,698 )

Spectrum Pharmaceuticals

Paul Arndt

Senior Manager, Investor Relations

949-788-6700×216

Thursday, March 10th, 2011 Uncategorized Comments Off on Spectrum Pharmaceuticals (SPPI) Reports Profitable Fourth Quarter and Record Revenue Growth

BIOLASE (BLTI) Reports Fourth Quarter and Year-End Results

IRVINE, CA — (Marketwire) — 03/10/11 — BIOLASE Technology, Inc. (NASDAQ: BLTI) —

-- $9.7 Million in Q4 Revenue

-- Q4 GAAP Profit of $174,000, or $0.01 per Share

-- Q4 Non-GAAP Profit of $787,000, or $0.03 per Share

-- 2011 Revenue Guidance Increasing to $60 - $65 Million Based on
   Anticipated Launch of New Imaging Products in Q3 from $55 - $60 Million

-- Q1 Guidance Increasing to $9.25 - $9.75 Million, up from $8.75 - $9.25
   Million

BIOLASE Technology, Inc., the World’s leading dental laser manufacturer and distributor, today reported unaudited operating results for its fourth quarter and year ended December 31, 2010. The Company’s results for the fourth quarter ended December 31, 2010, underline a return to sequential revenue growth and profitability.

Net revenue for the 2010 fourth quarter was $9.7 million, up 56 percent sequentially from $6.2 million in the 2010 third quarter and down approximately seven percent from $10.4 million in the same quarter for 2009. Revenue, excluding license fees and royalties for the fourth quarter of 2010, was $9.5 million, up 58 percent sequentially from $6.0 million in the 2010 third quarter, driven by BIOLASE’s new direct sales business model implemented during the fourth quarter. The majority of sales in the 2010 fourth quarter were from the sale of the Company’s previous flagship Waterlase MD Turbo™ laser. Revenue of approximately $700,000 of the new wireless iLase™ five Watt diode laser system was deferred until the first quarter of 2011, due to the limited availability of a component part. In response, BIOLASE is undergoing evaluation of additional suppliers to meet the demand for the iLase system.

Net revenue for the fiscal year ended December 31, 2010 was $26.2 million, a 39 percent decrease compared to $43.3 million in the prior year. The year-over-year decrease in revenue in the 2010 fourth quarter and year was in part due to reduced domestic laser purchases by distributor Henry Schein, Inc. (NASDAQ: HSIC). However, sales to Henry Schein worldwide decreased as a percentage of product revenue from 39 percent in the 2010 third quarter to approximately 30 percent in the fourth quarter of 2010, and is expected to stabilize to approximately 20 percent of total revenue in fiscal year 2011.

As announced at the end of the 2010 third quarter, BIOLASE entered into a new North American distribution agreement with Henry Schein, changing its distribution relationship from exclusive to non-exclusive. In addition, Henry Schein is on a non-exclusive basis in certain international markets where the Company does not have exclusive distributors, but continues to be exclusive only in certain high-performing countries with associated minimum purchase commitments in those markets.

Federico Pignatelli, the Company’s Chairman and CEO since August 27, 2010, said, “Our new business model, combined with the refocusing of the entire organization, resulted in sequential growth and regained net profitability in the fourth quarter of 2010. In addition, our direct sales force has gained momentum into 2011 as our new products, in particular our new flagship product, the Waterlase iPlus™ All-Tissue Laser, launched January 27, 2011, began to gain traction in North America, and as new distributors compete for market share among their respective customer segments both domestically and internationally.”

Recent Highlights

With a new Board of Directors and executive team, and under the leadership of Chairman and CEO Federico Pignatelli, a series of actions and key accomplishments include the following:

-- The establishment of increased annual revenue guidance for 2011 of $60
   to $65 million, representing growth of approximately 129 - 148 percent
   over 2010, based in part on the impending launch of the new BIOLASE
   Imaging division. Guidance for net revenue for the first quarter ended
   March 31, 2011, traditionally the lowest quarter of the year, has been
   increased to $9.25 - $9.75 million up from $8.75 - $9.25 million and
   up from $4.4 million in the first quarter of 2010, with positive net
   income.

-- The adoption of a stock dividend policy, with a declared stock dividend
   of one percent, payable March 31, 2011 to shareholders of record on
   March 15, 2011.

-- The successful launch and initial domestic order generation of the
   Waterlase iPlus All-Tissue Laser with improved cutting speeds and
   precision, and a breakthrough intuitive user interface designed for
   broader applications and wider adoption.

-- The receipt of CE Mark Approval for the Waterlase iPlus with commercial
   sales initiated in Europe.

-- The launch of the "BIOLASE Store," at www.biolasestore.com, for dentists
   and hygienists using BIOLASE laser technology products to view and
   purchase consumables, training, warranties and service contracts. The
   website has already surpassed internal revenue goals and is expected to
   become a significant revenue contributor in 2011.

-- The opening of a sales and support office, BIOLASE Asia-Pacific, to
   expand penetration in the fast-growing Asian dental and medical markets
   and provide service and support, education and technical support to the
   Company's existing 15 distributors, and rapidly growing, in the
   Asia-Pacific region. This new support center is soon to be followed by
   the formation of BIOLASE India-Middle East and BIOLASE South America.

-- The formation of a new division, BIOLASE Imaging, to design and
   distribute state-of-the-art extra-oral and intra-oral dental imaging
   devices that complement the minimally invasive dental treatment
   solutions offered by the BIOLASE Laser division.

-- The receipt of approximately $5.9 million in cash, which was raised
   through the sale of approximately 1.8 million shares of BIOLASE common
   stock and $518,000 through the exercise of options. A portion of these
   proceeds were used to pay off the remaining balance of a $3 million debt
   facility in Q1 2011, making BIOLASE free of bank debt.

-- The award of several new patents for use of the Company's patented
   Er,Cr:YSGG laser technology for eye surgery, including for the treatment
   of presbyopia, a condition suffered by 2.5 billion people worldwide.

Pignatelli continued, “The Company embarked on a fundamental companywide reorganization, and achieved financial milestones at a fast pace in the past six months, including the launch of our new flagship product, the Waterlase iPlus All-Tissue Laser, the World’s fastest and most advanced dental surgical laser. Also, a remarkable and exciting development was the launch of the BIOLASE Imaging division. Having built over time a well-known and leading brand and more recently a resurgent dynamic direct sales force addressing the needs of high-tech dentists, it makes perfect sense to fill that distribution channel with more world-class and complementary products that will generate additional selling opportunities and provide an optimal utilization from that sales force investment.”

Gross profit as a percentage of net revenue for this year’s fourth quarter and full year was 50 percent and 34 percent, respectively, compared to 42 percent and 46 percent for the prior year periods. The year-over-year quarterly increase of 8 percent was primarily due to reduced expenses.

Operating expenses in the 2010 fourth quarter and full year were $4.5 million and $20.3 million, respectively, compared to $5.8 million and $23.0 million in the year-earlier periods. The year-over-year reduction in expense was primarily due to recent cost-cutting measures.

Net income for the 2010 fourth quarter was $174,000, or $0.01 per share, compared to a net loss of $1.5 million, or $0.06 loss per share, in the 2009 fourth quarter. Non-GAAP net income was $787,000, or $0.03 per share, for the 2010 fourth quarter compared with a non-GAAP net loss of $888,000, or $0.04 loss per share, for the similar quarter in 2009.

Net loss for 2010 was $12.0 million, or a $0.49 loss per share, compared to a net loss of $3.0 million, or a $0.12 loss per share, in 2009. Non-GAAP net loss was $9.9 million, or a $0.41 loss per share, for 2010 compared with non-GAAP net loss of $97,000, or a $0.00 loss per share, in 2009.

Conference Call

As previously announced, the Company will host a conference call today at 11:00 a.m. Eastern Time to discuss its operating results for the fourth quarter and year ended December 31, 2010, and to answer questions. The dial-in number for the call is toll-free 1-877-941-1427 or toll/international 1-480-629-9664. The live webcast and archived replay of the call can be accessed in the Investors section of the BIOLASE website at www.biolase.com.

About BIOLASE Technology, Inc.

BIOLASE Technology, Inc., the World’s leading Dental Laser company, is a medical technology company that develops, manufactures and markets dental lasers and also distributes and markets dental imaging equipment, products that are focused on technologies that advance the practice of dentistry and medicine. The Company’s laser products incorporate patented and patent pending technologies designed to provide clinically superior performance with less pain and faster recovery times. Its imaging products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE’s principal products are dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment. Other products under development address ophthalmology and other medical and consumer markets.

For updates and information on laser and Waterlase dentistry, find BIOLASE at http://www.biolase.com, Twitter at http://twitter.com/GoWaterlase, and YouTube at http://www.youtube.com/user/Rossca08.

This press release may contain forward-looking statements within the meaning of safe harbor provided by the Securities Reform Act of 1995 that are based on the current expectations and estimates by our management. These forward-looking statements can be identified through the use of words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” and variations of these words or similar expressions. Forward-looking statements are based on management’s current, preliminary expectations and are subject to risks, uncertainties and other factors which may cause the Company’s actual results to differ materially from the statements contained herein, and are described in the Company’s reports it files with the Securities and Exchange Commission, including its annual and quarterly reports. No undue reliance should be placed on forward-looking statements. Such information is subject to change, and we undertake no obligation to update such statements.
– TABLES FOLLOW –

                        BIOLASE TECHNOLOGY, INC.
          CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
                (in thousands, except per share data)

                                             Three Months Ended
                                 -----------------------------------------
                                 December 31,  September 30,  December 31,
                                     2010          2010           2009
                                 ------------  -------------  ------------
Products and services revenue    $      9,495  $       6,002  $     10,335
License fees and royalty revenue          223            218            16
                                 ------------  -------------  ------------
Net revenue                             9,718          6,220        10,351
Cost of revenue                         4,885          4,429         5,988
                                 ------------  -------------  ------------
Gross profit                            4,833          1,791         4,363
                                 ------------  -------------  ------------
Operating expenses:
  Sales and marketing                   2,113          2,110         2,995
  General and administrative            1,561          1,330         1,832
  Engineering and development             800            775           945
                                 ------------  -------------  ------------
    Total operating expenses            4,474          4,215         5,772
                                 ------------  -------------  ------------
Profit (loss) from operations             359         (2,424)       (1,409)
                                 ------------  -------------  ------------
(Loss) gain on foreign currency
 transactions                             (35)          (118)           10
Interest income                             1              1             1
Interest expense                         (145)          (157)           (9)
                                 ============  =============  ============
Non-operating (loss) income,
 net                                     (179)          (274)            2
                                 ============  =============  ============
Income (loss) before income
 taxes                                    180         (2,698)       (1,407)
Provision for income taxes                  6             28            62
                                 ------------  -------------  ------------
Net income (loss)                $        174  $      (2,726) $     (1,469)
                                 ============  =============  ============
Net income (loss) per share:
  Basic                          $       0.01  $       (0.11) $      (0.06)
                                 ============  =============  ============
  Diluted                        $       0.01  $       (0.11) $      (0.06)
                                 ============  =============  ============
Shares used in the calculation
 of net income (loss) per share:
  Basic                                24,590         24,428        24,356
                                 ============  =============  ============
  Diluted                              24,734         24,428        24,356
                                 ============  =============  ============

                         BIOLASE TECHNOLOGY, INC.
            CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
                  (in thousands, except per share data)

                                                          Years Ended
                                                          December 31,
                                                      --------------------
                                                        2010       2009
                                                      ---------  ---------
Products and services revenue                         $  24,580  $  42,137
License fees and royalty revenue                          1,645      1,210
                                                      ---------  ---------
Net revenue                                              26,225     43,347
Cost of revenue                                          17,400     23,285
                                                      ---------  ---------
Gross profit                                              8,825     20,062
                                                      ---------  ---------
Operating expenses:
  Sales and marketing                                     9,938     11,041
  General and administrative                              6,592      7,835
  Engineering and development                             3,790      4,146
                                                      ---------  ---------
    Total operating expenses                             20,320     23,022
                                                      ---------  ---------
Loss from operations                                    (11,495)    (2,960)
                                                      ---------  ---------
(Loss) gain on foreign currency transactions               (110)       176
Interest income                                               3          5
Interest expense                                           (361)       (58)
                                                      ---------  ---------
Non-operating (loss) income, net                           (468)       123
                                                      ---------  ---------
Loss before income tax provision                        (11,963)    (2,837)
Income tax provision                                         58        119
                                                      ---------  ---------
Net loss                                              $ (12,021) $  (2,956)
                                                      =========  =========
Net loss per share:
  Basic                                               $   (0.49) $   (0.12)
                                                      =========  =========
  Diluted                                             $   (0.49) $   (0.12)
                                                      =========  =========
Shares used in the calculation of net loss per share:
  Basic                                                  24,450     24,282
                                                      =========  =========
  Diluted                                                24,450     24,282
                                                      =========  =========

                          BIOLASE TECHNOLOGY, INC.
                    CONSOLIDATED BALANCE SHEETS (Unaudited)
                     (in thousands, except per share data)

                                                           December 31,
                                                        ------------------
                                                          2010      2009
                                                        --------  --------
                   ASSETS

Current assets:
  Cash and cash equivalents                             $  1,694  $  2,975
  Accounts receivable, less allowance of $311 and
   $421 in 2010 and 2009, respectively                     3,331     4,229
  Inventory, net                                           6,987     7,861
  Prepaid expenses and other current assets                1,355     1,347
  Assets held for sale                                       576        --
                                                        --------  --------

    Total current assets                                  13,943    16,412
Property, plant and equipment, net                           755     2,180
Intangible assets, net                                       342       472
Goodwill                                                   2,926     2,926
Deferred tax asset                                            11        17
Other assets                                                 170       170
                                                        --------  --------

    Total assets                                        $ 18,147  $ 22,177
                                                        ========  ========

    LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current liabilities:
  Term loan payable, current portion                    $  2,622  $     --
  Accounts payable                                         4,029     4,887
  Accrued liabilities                                      5,482     5,152
  Customer deposits                                        5,877        --
  Deferred revenue, current portion                        1,650     1,123
                                                        --------  --------

    Total current liabilities                             19,660    11,162
Deferred tax liabilities                                     544       473
Warranty accrual, long term                                  424       448
Deferred revenue, long-term                                  433     1,975
Other liabilities, long-term                                 133       190
                                                        --------  --------

    Total liabilities                                     21,194    14,248
                                                        --------  --------

Commitments and contingencies
Stockholders' (deficit) equity:
  Preferred stock, par value $0.001; 1,000 shares
   authorized, no shares issued and outstanding               --        --
  Common stock, par value $0.001; 50,000 shares
   authorized, 26,565 and 26,340 shares issued in
   2010 and 2009, respectively; 24,601 shares and
   24,376 shares outstanding in 2010 and 2009,
   respectively                                               27        27
  Additional paid-in capital                             118,375   117,228
  Accumulated other comprehensive loss                      (324)     (222)
  Accumulated deficit                                   (104,726)  (92,705)
                                                        --------  --------

                                                          13,352    24,328
  Treasury stock (cost of 1,964 shares repurchased)      (16,399)  (16,399)
                                                        --------  --------

    Total stockholders' (deficit) equity                  (3,047)    7,929
                                                        --------  --------

    Total liabilities and stockholders' (deficit)
     equity                                             $ 18,147  $ 22,177
                                                        ========  ========

Non-GAAP Financial Measures

The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with generally accepted accounting principles (GAAP). The non-GAAP financial measures presented exclude the items summarized in the below table. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results and that these items are not indicative of the Company’s on-going core operating performance.

Management uses non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share in its evaluation of the Company’s core after-tax results of operations and trends between fiscal periods and believes that these measures are important components of its internal performance measurement process. Management believes that providing these non-GAAP financial measures allows investors to view the Company’s financial results in the way that management views the financial results.

The non-GAAP financial measures presented herein have certain limitations in that they do not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP. Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.

                            BIOLASE TECHNOLOGY, INC.
 Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures
                                (Unaudited)
                      (in thousands, except per share data)

                                 Three months ended       Years ended
                                    December 31,          December 31,
                                  2010       2009       2010       2009
                                ---------- ---------  ---------  ---------
GAAP net income (loss)          $      174 $  (1,469) $ (12,021) $  (2,956)

Adjustments:
Interest expense                       145         9        361         58
Depreciation and amortization
 expense                               240       318      1,070      1,444
Stock based compensation
 expense                               228       254        727      1,357

                                ---------- ---------  ---------  ---------
Non-GAAP net income (loss)      $      787 $    (888) $  (9,863) $     (97)
                                ========== =========  =========  =========

GAAP net income (loss) per
 share:
  Basic and Diluted             $     0.01 $   (0.06) $   (0.49) $   (0.12)

Adjustments:
Interest expense                      0.00      0.00       0.02       0.00
Depreciation and amortization
 expense                              0.01      0.01       0.04       0.06
Stock based compensation
 expense                              0.01      0.01       0.02       0.06

Non-GAAP net income (loss) per
 share:
                                ---------- ---------  ---------  ---------
  Basic and Diluted             $     0.03 $   (0.04) $   (0.41) $   (0.00)
                                ========== =========  =========  =========

For further information, please contact:
Jill Bertotti
Allen & Caron
+1-949-474-4300

Thursday, March 10th, 2011 Uncategorized Comments Off on BIOLASE (BLTI) Reports Fourth Quarter and Year-End Results

Starbucks Corp. (SBUX) and Green Mountain Coffee Roasters, Inc. (GMCR) Enter Into Strategic Relationship

Mar. 10, 2011 (Business Wire) — Starbucks Corporation (NASDAQ:SBUX), the world’s premier roaster, marketer and retailer of specialty coffees, and Green Mountain Coffee Roasters, Inc. (GMCR) (NASDAQ:GMCR), a leader in specialty coffee and single-serve brewing systems, today announced a strategic relationship for the manufacturing, marketing, distribution and sale of Starbucks® and Tazo® tea branded K-Cup® portion packs for use in GMCR’s Keurig® Single-Cup brewing system. The new relationship will provide owners of Keurig Single-Cup Brewers with the additional choice afforded by having Starbucks branded super-premium coffees available for their brewers, and furthers Starbucks stated goals of expanding its presence in premium single-cup coffee, making its premium coffees conveniently available to consumers whenever, wherever and however they want it.

Starbucks is the exclusive, licensed super-premium coffee brand produced by GMCR for the Keurig Single-Cup brewing system. Starbucks and GMCR plan to make Starbucks K-Cup portion packs available through food, drug, mass, club, specialty and department store retailers throughout the U.S. and Canada beginning in the fall of 2011. The companies expect to expand Starbucks K-Cup portion pack and Keurig Single-Cup Brewing system distribution to Starbucks stores and to make Starbucks K-Cup portion packs available through GMCR’s consumer-direct websites: www.greenmountaincoffee.com and www.keurig.com, and Starbucks consumer-direct website: www.starbucks.com beginning in 2012.

“Today’s announcement is a win for Starbucks, a win for GMCR and most importantly a win for consumers who want to enjoy Starbucks coffee with the Keurig Single-Cup Brewing system,” said Howard Schultz, president, ceo and chairman, Starbucks Corporation. “Our research shows that more than 80 percent of current Starbucks customers in the U.S. do not yet own a single-cup brewer and our relationship will enable Starbucks customers to enjoy perfectly brewed Starbucks® coffee at home, one quality cup at a time.”

“We are proud to be the exclusive super-premium licensed coffee brand produced by GMCR for the Keurig Single-Cup Brewing system, and are looking forward to working with our colleagues at GMCR to further accelerate growth in single-serve coffee,” added Jeff Hansberry, president, Starbucks Global Consumer Products Group.

“This relationship is yet another example of GMCR’s strategy of aligning with the strongest coffee brands to support a range of consumer choice and taste profiles in our innovative Keurig Single-Cup Brewing system,” said Lawrence J. Blanford, GMCR president and CEO. “Starbucks loyal consumers will soon be able to choose, brew and enjoy their favorite Starbucks coffee in their own homes through the quality, convenience and consistent preparation of the Keurig Single-Cup Brewing system.”

Overall coffee category growth in the U.S. last year was driven primarily by single-cup coffee sales of nearly $2 billion*. Starbucks expanded its presence in the category last year through the introduction of Starbucks VIA® Ready Brew. The introduction of Starbucks coffee and Tazo tea K-Cup portion packs reflects Starbucks strategy of continuing to grow its presence in single-cup coffee, and enables Starbucks to better and more conveniently serve its global customers wherever they are and however and whenever they want their Starbucks coffee.

GMCR’s Keurig Single-Cup brewers for in-home and office use utilize patented, innovative brewing and single-cup technology to deliver a fresh-brewed, perfect cup of coffee, tea, or cocoa every time at just the touch of a button. Brewers with Keurig Brewed® technology were the top five selling coffeemakers in the U.S. on a dollar basis for the period of October through December 2010 and represented an estimated 49 percent of total coffeemaker dollar sales for that period according to The NPD Group.

* Source: Combined data from Euromonitor, Nielsen, Starbucks internal data and GMCR filings.

About Starbucks Corporation

Since 1971, Starbucks Corporation (NASDAQ: SBUX) has been committed to ethically sourcing and roasting the highest quality arabica coffee in the world. Today, with stores around the globe, the company is the premier roaster and retailer of specialty coffee in the world. In addition to its Starbucks retail stores, the company produces a wide range of branded consumer products globally, including ready-to-drink beverages, packaged coffees and premium ice creams. The company’s brand portfolio features Starbucks Coffee, Tazo Tea, Seattle’s Best Coffee and Torrefazione Italia Coffee, enabling Starbucks to appeal to a broad consumer base. For more information, please visit us online at www.starbucks.com.

Starbucks Corporation Forward-Looking Statements

Certain statements contained herein are not based on historical fact and are “forward-looking statements” within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements are based on information available to Starbucks as of the date hereof, and Starbucks actual results or performance could differ materially from those stated or implied, due to risks and uncertainties associated with its business. These risks and uncertainties include: evolving understanding of the definition of and consumer preference for super-premium coffee; continued growth in the single-serve sector of the coffee industry and market acceptance of Starbucks coffee in that sector; the ability of Starbucks to accelerate its growth in the single-serve sector; continued consumer success of the Keurig Single-Cup Brewing system, including successful distribution of the System through Starbucks stores; the potential introduction of super-premium coffee by new market entrants including on the Keurig Single-Cup Brewing system; the long-term success of the strategy to make portion packs available through various U.S. and Canadian retailers, including Starbucks stores and GMCR’s consumer-direct website; and the risk factors disclosed in the most recent Annual Report on Form 10-K, which Starbucks filed with the Securities and Exchange Commission on November 22, 2010. Forward-looking statements reflect management’s analysis as of the date of this release. Starbucks does not undertake to revise these statements to reflect subsequent developments, except as required under the federal securities laws.

About Green Mountain Coffee Roasters, Inc.

As a leader in specialty coffee and coffee makers, Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR), is recognized for its award-winning coffees, innovative brewing technology, and socially responsible business practices. GMCR’s operations are managed through three business units. The Keurig business unit is comprised of Keurig, Incorporated, a wholly owned subsidiary of GMCR. Keurig is a pioneer and leading manufacturer of gourmet single-cup brewing systems for both at-home and away-from home use, predominantly in North America. The Specialty Coffee business unit produces, markets and sells coffee, tea, hot cocoa and other beverages in a variety of packaging formats, including K-Cup® portion packs for Keurig Single-Cup Brewers. The Canadian business unit produces, markets and sells coffees in K-Cup portion packs and other packaging formats and is responsible for managing the Van Houtte business as well as the grocery channel for all GMCR coffee brand sales in Canada. GMCR supports local and global communities by offsetting 100% of its direct greenhouse gas emissions, investing in sustainably-grown coffee, and allocating at least five percent of its pre-tax profits to socially and environmentally responsible initiatives.

GMCR routinely posts information that may be of importance to investors in the Investor Relations section of its website, including news releases and its complete financial statements, as filed with the SEC. The Company encourages investors to consult this section of its website regularly for important information and news. Additionally, by subscribing to the Company’s automatic email news release delivery, individuals can receive news directly from GMCR as it is released. For more information, please visit www.GMCR.com.

GMCR Forward-Looking Statements

Certain statements contained herein are not based on historical fact and are “forward-looking statements” within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “would,” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements made by GMCR in this press release include: Starbucks loyal consumers will soon be able to choose, brew and enjoy their favorite Starbucks coffee in their own homes through the quality, convenience and consistent preparation of the Keurig Single-Cup Brewing System. These statements are based on information available to the Company as of the date hereof; and GMCR’s actual results or performance could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risk factors disclosed in its Annual Report on Form 10-K, which GMCR filed with the Securities and Exchange Commission on December 9, 2010. Forward-looking statements reflect management’s analysis as of the date of this release. The Company does not undertake to revise these statements to reflect subsequent developments, except as required under the federal securities laws.

GMCR-C

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6641779&lang=en

Starbucks Coffee Company

Alan Hilowitz (Media), +1-206-318-7100

press@starbucks.com

or

Starbucks Coffee Company

JoAnn DeGrande (Investors), +1-206-318-7118

investorrelations@starbucks.com

or

Green Mountain Coffee Roasters, Inc.

Suzanne DuLong, +1-802-882-2100

Suzanne.DuLong@gmcr.com

Thursday, March 10th, 2011 Uncategorized Comments Off on Starbucks Corp. (SBUX) and Green Mountain Coffee Roasters, Inc. (GMCR) Enter Into Strategic Relationship

Vringo (VRNG) Announces Signing of Letter of Intent to Acquire m-Wise, Inc.

NEW YORK, March 8, 2011 (GLOBE NEWSWIRE) — Vringo, Inc. (NYSE Amex:VRNG), a provider of video ringtones and personalization solutions for mobile devices, today announced that it has signed a non-binding Letter of Intent (“LOI”) to acquire substantially all of the assets of m-Wise, Inc. (OTCBB:MWIS).

m-Wise provides a platform used by leading content owners and service providers to manage, deliver and monetize mobile entertainment, content and applications. The m-Wise mobile software as a service (SaaS) platform is used to power over three million daily mobile service transactions world-wide, and m-Wise has performed over one billion mobile transactions in the aggregate since it was founded in March 2000.

m-Wise’s platform has been utilized in over 300 applications across more than 50 mobile networks by more than 50 international content and media providers. m-Wise’s current customers include leading companies such as Jesta Digital, Thumbplay, Universal Music Group, Digicel and Snackable Media. These m-Wise-enabled applications for content and media partners include content delivery services, ringtones, music, video, games, information services, alerts and advertising and promotions, all of which were developed and delivered from the cloud on a hosted basis.

For the nine months ending September 30, 2010, m-Wise reported sales of $2.1 million, gross profit of $1.2 million and a net loss (including non-cash, stock-based expenses and options accounting) of $0.8 million. Vringo anticipates cost savings and operational synergies from combining m-Wise’s business with Vringo’s core business. As a result, Vringo believes that the m-Wise acquisition will be cash flow accretive with the potential to reduce Vringo’s overall burn rate in the first full year of combined operations.

Under the terms of the LOI, Vringo will issue m-Wise 1.9 million shares of its common stock, provide m-Wise’s management with a retention package comprised of options to purchase 500,000 shares of common stock, and assume and pay over a two year period certain of m-Wise’s expenses and related costs in the amount of $615,000. Vringo will also issue a five-year promissory note for $320,000 convertible into 200,000 shares of its common stock for certain services provided in connection with the transaction.

“This business combination makes tremendous sense for Vringo,” said Jon Medved, Vringo’s Chief Executive Officer. “By adding m-Wise’s rich back-end server technology to Vringo’s proven video application ability, we can generate significant product, customer and cost synergies. We intend to use the m-Wise platform to release multiple new video and other mobile consumer services to our growing family of content and carrier partners. We also expect to acquire revenue and margin contribution as a result of this transaction, which would bring us that much closer to profitability.”

Zach Sivan, m-Wise’s CEO, commented, “We are excited about the prospects of joining with Vringo to provide a rich end-to-end mobile application service platform to an expanded list of customers and directly to consumers. Mobile services are moving to the cloud, and video is the coming tsunami which will drive the entire mobile market. Together with Vringo’s creative and market leading video team, we expect to ride this huge wave to our mutual benefit.”

The proposed transaction is subject to the satisfactory completion of due diligence by Vringo, the execution of a definitive agreement, regulatory approval, and the approval of both the boards of directors and stockholders of Vringo and m-Wise. Upon the closing of a definitive agreement, Vringo expects to prepare and file with the Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 covering the shares issued in this transaction. The parties intend to complete the transaction as soon as practicable after receiving all necessary approvals.

Vringo’s fully-hosted carrier platform is currently deployed for international partners in six markets with new launches anticipated in the next quarter. Vringo’s scalable cloud-based distributed application architecture enables the carrier’s subscribers to browse and download mobile videos, set them as video ringtones and instantly share them with friends. In addition to carrier partners such as Orange, Maxis and Etisalat, Vringo has content partnerships with various major content providers including EMI, T-Pain, Tiesto, Muhammad Ali, Turner, Marvel, Discovery Mobile, RTL, Ingrooves and Agence France-Presse.

About m-Wise

Founded in 2000, m-Wise has established itself as a leading international provider of enabling technologies for the mobile entertainment and marketing industries, powering market leaders such as Thumbplay, Fox Mobile Group and Universal Music Group. m-Wise is the developer of the MOMA (“Mobile Originated Message Access”) platform, the de facto content management and service delivery platform used on or through more than 50 mobile networks throughout Europe, North and Latin America and Asia.

MOMA is an integrated “one stop shop” for mobile operators, wireless ASPs, content providers, and media producers to deliver end-users with a state-of-the-art mobile experience. MOMA makes it easy not only to manage and deliver content such as entertainment, music, games, and video without specific regard to handset compatibility but also adds real-time end-user capabilities such as voting, mobile marketing, advertising and access to live data.

For more information, visit http://www.m-wise.com/

About Vringo

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

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

The Vringo, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8289

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. No assurances can be given that Vringo and m-Wise will consummate this transaction. Vringo expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.

CONTACT: Vringo, Inc.
         Jonathan Medved
         CEO
         Email: jon@vringo.com
         Phone: +1 646-525-4319 x 2501

         Investor Relations Firm:
         Crescendo Communications, LLC
         John J. Quirk / David K. Waldman
         Email: vrng@crescendo-ir.com
         Phone: +1 212-671-1020

Vringo, Inc. Logo

Tuesday, March 8th, 2011 Uncategorized Comments Off on Vringo (VRNG) Announces Signing of Letter of Intent to Acquire m-Wise, Inc.

Biodel Inc. (BIOD) to Present at the Roth 23rd Annual OC Growth Stock Conference on March 16, 2011

DANBURY, Conn., March 8, 2011 /PRNewswire/ — Biodel Inc. (Nasdaq: BIOD) announced today that Dr. Errol De Souza, President and CEO of Biodel, will present a corporate update at the Roth 23rd Annual OC Growth Stock Conference on March 16, 2011 at 1:00 p.m. Pacific Time (4:00 p.m. Eastern Time). The update will include information about the development of new follow-on ultra-rapid-acting insulin formulations including milestones and timelines.

The Roth 23rd Annual OC Growth Stock Conference will be held March 13-16, 2011, at The Ritz Carlton, Laguna Niguel in Dana Point, California.

Interested parties may access the presentation in the investor relations section of Biodel’s website at www.biodel.com which will link to a live webcast to be archived for 14 days.

About Biodel Inc.

Biodel Inc. is a specialty biopharmaceutical company focused on the development and commercialization of innovative treatments for diabetes that may be safer, more effective and more convenient for patients. We develop our product candidates by applying our proprietary formulation technologies to existing drugs in order to improve their therapeutic profiles. For further information regarding Biodel, please visit the company’s website at www.biodel.com.

BIOD-G

CONTACT: Seth Lewis, +1-646-378-2952

SOURCE Biodel Inc.

Tuesday, March 8th, 2011 Uncategorized Comments Off on Biodel Inc. (BIOD) to Present at the Roth 23rd Annual OC Growth Stock Conference on March 16, 2011

Viasystems (VIAS) Announces Strong Fourth Quarter 2010 Earnings

Feb. 8, 2011 (Business Wire) — Viasystems Group, Inc. (NASDAQ:VIAS), a leading provider of complex multi-layer printed circuit boards and electro-mechanical solutions, today announced earnings for the fourth quarter ended December 31, 2010.

Highlights

  • Earnings per basic and diluted share were $0.44 for the quarter ended December 31, 2010, on approximately 20 million average shares outstanding.
  • Net sales were $243.9 million in the quarter, a year-over-year organic increase of 20.3% and a sequential decline of 6.0%.
  • Operating income in the quarter was $19.6 million or 8.1% of sales.
  • Adjusted EBITDA was $36.0 million or 14.8% of sales, compared with $18.6 million or 14.2% in the quarter ended December 31, 2009.
  • The book-to-bill ratio in the quarter was 1.09:1.

“Our results in the final quarter of 2010 reflect sustained strength of demand for our products,” commented David M. Sindelar, Chief Executive Officer. “Orders placed on our ten factories during the fourth quarter matched our record high bookings in the immediately preceding quarter and were about 10% ahead of the same period last year. Demand for automotive end-use products continued to follow an upward trend, while demand for telecommunications end-use products remained a bit softer than I would like to see.

“Sales from the same ten factories in the fourth quarter of 2010 increased by approximately 20% year over year,” continued Sindelar, “despite temporary reductions of our available productive capacities, which contributed to the 6% sequential quarterly decline in our sales. On top of the annual fourth quarter holiday downtimes, we battled mandated downtimes for some of our Chinese capacity as a result of the government’s limitations on use of energy and water during the Asian Games. We also experienced an unexpected reduction of our Printed Circuit Boards segment capacity during the fourth quarter while we assisted a customer with an investigation of an intermittent quality problem discovered in one of their end products.

“Looking ahead to the first quarter of 2011,” concluded Sindelar, “we expect continuing headwinds of increasing costs of copper and other materials and increasing Chinese labor costs to keep pressure on our margins. Our first quarter will again include capacity limitations during the annual Chinese New Year holidays. In addition, during a routine maintenance cycle, we discovered the need to rebuild one of our printed circuit board plating lines ahead of its normal cycle, leading to an unexpected limitation on total capacity for the early part of the first quarter. I am looking forward to a return to our full capacities in the second quarter in addition to some of our new Printed Circuit Boards segment capacity coming on-line beginning in the third quarter.”

Financial Results

The Company reported net sales of $243.9 million for the three months ended December 31, 2010, a 6.0% decrease compared with the three months ended September 30, 2010, and an 85.7% year-over-year increase compared with net sales during the fourth quarter of 2009. While the year-over-year increase is attributable in part to the acquisition of Merix Corporation in mid-February 2010, the improved market conditions resulted in 20.3% year-over-year organic growth. The sequential decline in sales was due in part to the holiday season reduction of customer delivery requirements, in part to a reduced number of production days available in the fourth quarter compared with the third quarter, and in part to an unplanned printed circuit board capacity limitation during an isolated quality review with a customer.

Cost of goods sold (excluding items shown separately in the income statement) as a percent of sales increased to 78.5% for the quarter ended December 31, 2010, compared to 76.4% in the immediately preceding quarter. While rising costs of materials, including copper-based products, continue to exert pressure on total manufacturing costs, the majority of the increase in total costs as a percent of sales related to inefficiencies caused by sustained fixed costs during unplanned reductions of our Printed Circuit Boards segment’s productive capacity during the quarter ended December 31, 2010.

Operating income was $19.6 million, or 8.1% of sales, for the three months ended December 31, 2010, compared with $25.8 million, or 9.9% of sales in the three months ended September 30, 2010, and $2.5 million or 1.9% of sales in the fourth quarter of 2009. An increase in manufacturing costs as a percent of sales was partially offset by a reduction of costs for selling, general and administrative activities in the quarter ended December 31, 2010, compared with the immediately preceding quarter.

Adjusted EBITDA was $36.0 million, or 14.8% of sales in the three months ended December 31, 2010, compared with $41.9 million or 16.2% of sales in the three months ended September 30, 2010, and $18.6 million or 14.2% of sales in the fourth quarter of 2009. A reconciliation of operating income to Adjusted EBITDA is provided at the end of this news release.

For the three months ended December 31, 2010, net income of $9.5 million, of which $8.9 million was attributable to common stockholders, resulted in $0.44 earnings per basic and diluted share.

Segment Information

Net sales and operating income in the Company’s Printed Circuit Boards segment for the fourth quarter were $196.7 million and $17.5 million, respectively, compared with sales and operating income of $208.9 million and $23.6 million, respectively, in the third quarter of 2010 and $100.6 million and $4.2 million, respectively, in the fourth quarter of 2009. During the fourth quarter in the Printed Circuit Boards segment, non-recurring proceeds from a business interruption insurance claim offset costs of materials scrapped following a product quality review. Compared with the immediately preceding quarter, segment revenues increased in only the military and aerospace end-user market.

Fourth quarter net sales and operating income of the Company’s Assembly segment were $47.2 million and $2.1 million, respectively, compared with third-quarter 2010 segment sales and operating income of $50.4 million and $2.2 million, respectively, and fourth-quarter 2009 segment sales and operating income of $30.8 million and $0.2 million, respectively. The change in segment revenue from the third quarter to the fourth quarter of 2010 was primarily attributable to lower demand in the telecommunications end-user market.

Cash and Working Capital

Cash and cash equivalents of $103.6 million at December 31, 2010, increased $18.1 million from the end of the prior quarter. Cash provided by operating activities of approximately $41.6 million during the three months ended December 31, 2010, was used to i) fund approximately $20.1 million of capital expenditures in the quarter; ii) reduce previously outstanding debt by approximately $1.0 million; and iii) make scheduled payments of $2.5 million on capital lease obligations. The Company’s working capital metrics at December 31, 2010, remained consistent with historical trends.

Pro Forma Combined Net Sales

Merix Corporation’s prior fiscal year ended on May 30, 2009. Pro forma combined net sales of $202.6 million for the three-month period ended December 31, 2009, is composed of Viasystems’ net sales for the three months ended December 31, 2009, plus Merix Corporation’s reported net sales for the three months ended November 28, 2009.

Use of Non-GAAP Financial Measures

In addition to condensed consolidated financial statements presented in accordance with U.S. GAAP, management uses certain non-GAAP financial measures, including “Adjusted EBITDA.”

Adjusted EBITDA is not a recognized financial measure under U.S. GAAP, and does not purport to be an alternative to operating income or an indicator of operating performance. Adjusted EBITDA is presented to enhance an understanding of operating results and is not intended to represent cash flows or results of operations. The Board of Directors and management use Adjusted EBITDA primarily as an additional measure of operating performance for matters including executive compensation and competitor comparisons. The use of this non-GAAP measure provides an indication of the Company’s ability to service debt, and management considers it an appropriate measure to use because of the Company’s highly leveraged position.

Adjusted EBITDA has certain material limitations, primarily due to the exclusion of certain amounts that are material to the Company’s consolidated results of operations, such as interest expense, income tax expense, and depreciation and amortization. In addition, Adjusted EBITDA may differ from the Adjusted EBITDA calculations reported by other companies in the industry, limiting its usefulness as a comparative measure.

The Company uses Adjusted EBITDA to provide meaningful supplemental information regarding operating performance and profitability by excluding from EBITDA certain items that the Company believes are not indicative of its ongoing operating results or will not impact future operating cash flows, which include restructuring and impairment charges, stock compensation and costs associated with the acquisition of Merix.

Investor Conference Call

Viasystems will broadcast live via internet an investor conference call at 2:00 p.m. Eastern Time today, February 8, 2011. The live listen-only audio of the conference call will be available at http://investor.viasystems.com. The live conference call will be available by telephone for professional investors and analysts by dialing 877-640-9867 (toll-free) or 914-495-8546.

A telephonic replay of the conference call will be available for one week at 800-642-1687 or 706-645-9291. Replay listeners should enter the conference ID 39497868. The webcast replay will be available at http://investor.viasystems.com for an indefinite period.

Forward Looking Statements

Certain statements in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of the current beliefs, expectations and assumptions of the management of Viasystems regarding future events and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Viasystems undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Actual results may differ materially from those expressed or implied. Such differences may result from a variety of factors, including but not limited to: legal or regulatory proceedings; any actions taken by the Company, including but not limited to, restructuring or strategic initiatives (including capital investments or asset acquisitions or dispositions); or developments beyond the Company’s control, including but not limited to, changes in domestic or global economic conditions, competitive conditions and consumer preferences, adverse weather conditions or natural disasters, health concerns, international, political or military developments, and technological developments. Additional factors that may cause results to differ materially from those described in the forward-looking statements are set forth under the heading “Item 1A. Risk Factors,” in the annual report on form 10-K filed by Viasystems with the SEC on February 25, 2010 and in Viasystems’ other filings made from time to time with the SEC and available at the SEC’s website, www.sec.gov.

About Viasystems

Viasystems Group, Inc. is a technology leader and a worldwide provider of complex multi-layer, printed circuit boards (PCBs) and electro-mechanical solutions (E-M Solutions). Its PCBs serve as the “electronic backbone” of electronic equipment, and its E-M Solutions products and services integrate PCBs and other components into electronic equipment, including metal enclosures, cabinets, racks and sub-racks, backplanes, cable assemblies and busbars. Viasystems’ 14,800 employees around the world serve more than 800 customers in the automotive, telecommunications, industrial & instrumentation, computer and datacommunications and military and aerospace end markets. For additional information about Viasystems, please visit the Company’s website at www.viasystems.com.

VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
December 31,

2010

September 30,

2010

December 31,

2009

Net sales $ 243,874 $ 259,325 $ 131,362
Operating Expenses:
Cost of goods sold, exclusive of items shown separately 191,500 198,117 101,844
Selling, general and administrative 17,636 20,536 12,958
Depreciation 14,879 14,426 12,329
Amortization 443 447 291
Restructuring and impairment (232 ) 26 1,473
Operating income 19,648 25,773 2,467
Other expense (income):
Interest expense, net 7,222 7,323 9,956
Amortization of deferred financing costs 503 512 407
Loss on early extinguishment of debt 1,628
Other, net (205 ) 1,033 3,023
Income (loss) before taxes 12,128 16,905 (12,547 )
Income taxes 2,586 5,985 3,362
Net income (loss) $ 9,542 $ 10,920 $ (15,909 )
Less:
Net income attributable to noncontrolling interest $ 661 $ 709 $
Accretion of Redeemable Class B Senior Convertible preferred stock 2,173
Net income (loss) attributable to common stockholders $ 8,881 $ 10,211 $ (18,082 )
Basic earnings (loss) per share $ 0.44 $ 0.51 $ (7.49 )
Diluted earnings (loss) per share $ 0.44 $ 0.51 $ (7.49 )
Basic weighted average shares outstanding 19,979,992 19,979,015 2,415,266
Diluted weighted average shares outstanding 20,022,994 19,979,260 2,415,266
This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
December 31,

2010

September 30,

2010

December 31,

2009

ASSETS (unaudited) (unaudited)
Current assets:
Cash and cash equivalents $ 103,599 $ 85,465 $ 108,993
Restricted cash 105,734
Accounts receivable, net 169,247 174,541 89,512
Inventories 94,877 94,051 49,197
Prepaid expenses and other 22,940 22,118 11,388
Total current assets 390,663 376,175 364,824
Property, plant and equipment, net 273,113 266,186 199,044
Goodwill and other noncurrent assets 116,797 118,502 93,370
Total assets $ 780,573 $ 760,863 $ 657,238
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Current maturities of long-term debt $ 10,258 $ 13,657 $ 118,207
Accounts payable 162,322 164,079 90,661
Accrued and other liabilities 83,798 67,210 42,348
Total current liabilities 256,378 244,946 251,216
Long-term debt, less current maturities 215,139 214,781 212,673
Other non-current liabilities 51,951 54,478 34,226
Mandatory redeemable Class A Junior preferred stock 118,836
Total liabilities 523,468 514,205 616,951
Redeemable Class B Senior Convertible preferred stock 98,327
Total stockholders’ equity (deficit) 257,105 246,658 (58,040 )
Total liabilities and stockholders’ equity (deficit) $ 780,573 $ 760,863 $ 657,238
This information is intended to be reviewed in conjunctions with the Company’s filings with the Securities and Exchange Commission.
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(dollars in thousands)
(Unaudited)
Year

Ended

Nine Months

Ended

Year

Ended

December 31,

2010

September 30,

2010

December 31,

2009

Net cash provided by operating activities $ 74,940 $ 33,336 $ 47,578
Cash flows from investing activities:
Capital expenditures (57,010 ) (36,873 ) (21,925 )
Acquisition of Merix (35,326 ) (35,326 )
Cash acquired in acquisition of Merix 13,667 13,667
Proceeds from disposals of property 9,893 9,769 4,352
Net cash used in investing activities (68,776 ) (48,763 ) (17,573 )
Cash flows from financing activities:
Proceeds from issuance of 12% Senior Secured Notes 211,792
Repayment of 10.5% Senior Subordinated Notes (105,904 ) (105,904 ) (95,065 )
Change in restricted cash 105,734 105,734 (105,734 )
Borrowings under credit facilities 10,000 10,000 10,000
Repayments of borrowings under credit facilities (15,200 ) (14,200 ) (15,500 )
Repayments of capital lease obligations (2,597 ) (139 ) (2,119 )
Financing and other fees (2,293 ) (2,294 ) (7,439 )
Distribution to noncontrolling interest (783 ) (783 )
Repayments of 2013 Notes (515 ) (515 )
Net cash used in financing activities (11,558 ) (8,101 ) (4,065 )
Net change in cash and cash equivalents (5,394 ) (23,528 ) 25,940
Beginning cash 108,993 108,993 83,053
Ending cash $ 103,599 $ 85,465 $ 108,993
This information is intended to be reviewed in conjunction with the Company’s filings with the Securities and Exchange Commission.
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
NET SALES AND BALANCE SHEET STATISTICS
(dollars in millions)
(Unaudited)
Three Months Ended
December 31, 2010 September 30, 2010 December 31, 2009
Net sales by segment
Printed Circuit Boards (a) $ 196.7 81 % $ 208.9 81 % $ 100.6 77 %
Assembly 47.2 19 % 50.4 19 % 30.8 23 %
$ 243.9 100 % $ 259.3 100 % $ 131.4 100 %
(a)  Excludes $71.3 of net sales reported by Merix Corporation during the three months ended November 28, 2009, prior to Viasystems’ acquisition of Merix in February 2010.
Percentage of Net Sales Net Sales Increase
Three Months Ended Sequential: Year/Year:
Dec. 31, Sept. 30, Dec. 31, 4Q10 vs 4Q10 vs
2010 2010 2009 3Q10 4Q09
Pro forma combined net sales by end market
Automotive 36 % 35 % 36 % (4 %) 19 %
Telecommunications 23 % 24 % 24 % (11 %) 17 %
Industrial & Instrumentation 24 % 24 % 21 % (8 %) 33 %
Computer and Datacommunications 13 % 13 % 14 % (3 %) 15 %
Military and Aerospace 4 % 4 % 5 % 6 % 2 %
100 % 100 % 100 % (6 %) 20 %
4Q10 3Q10 2Q10 1Q10 4Q09
Working capital metrics
Days’ sales outstanding 62.5 60.6 62.0 61.0 61.3
Inventory turns 8.1 8.4 8.8 9.7 8.3
Days’ payables outstanding 76.3 74.6 75.8 71.5 80.1
Cash cycle (days) 30.8 28.8 27.5 26.7 24.7
VIASYSTEMS GROUP, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
RECONCILIATION OF OPERATING INCOME
TO ADJUSTED EBITDA
(dollars in millions)
(Unaudited)
Three Months Ended
December 31,

2010

September 30,

2010

December 31,

2009

Operating income $ 19.6 $ 25.8 $ 2.5
Add-back:
Depreciation and amortization 15.3 14.9 12.6
Restructuring and impairment (0.2 ) 1.5
Non-cash stock compensation expense 1.3 1.2 0.2
Costs relating to the Merix acquisition 1.8
Adjusted EBITDA $ 36.0 $ 41.9 $ 18.6
Tuesday, March 8th, 2011 Uncategorized Comments Off on Viasystems (VIAS) Announces Strong Fourth Quarter 2010 Earnings

SPAR Group (SGRP) Announces Fiscal 2010 EPS of $0.11 for the Year Ended

TARRYTOWN, NY — (Marketwire) — 03/08/11 — SPAR Group, Inc. (NASDAQ: SGRP) (the “Company” or “SPAR Group”), a leading supplier of retail merchandising and other marketing services throughout the United States and internationally, today announced its fourth quarter and 2010 year-end financial results for the period ended December 31, 2010.

2010 Year End Financial Highlights:

  • Net revenue increased 10% to $63.2 million compared to $57.5 million in 2009;
  • Gross profit increased 20% on improved margins to $21.0 million compared to $17.5 million in 2009;
  • Operating income increased 9 fold to $2.8 million compared to $322,000 in 2009; and
  • Net income increased 4 fold to $2.2 million or $0.11 per share compared to $502,000 or $0.03 per share in 2009.

“We are very proud to announce the significant financial improvements for 2010 after having to overcome significant economic hurdles globally over the last two years in the consumer products industry. The worldwide slowdown forced management to rethink our strategy and create a very lean, highly efficient organization that could withstand the worst of times but have significant earnings power as the business environment improved. The hard work and positive execution by our team has enabled us to announce an increase of 332% in our net income to $0.11 per share for 2010,” stated Gary Raymond, President and Chief Executive Officer of SPAR Group. “Our strong financial results in the 2010 fourth quarter and fiscal year provide proof that our company is able to grow profitably even during difficult economic times and further underscores our confidence in our ability to generate double-digit sales and earnings gains. We believe that demand for SPAR Group’s services is continuing to grow in 2011, as many of our large manufacturing and retail clients report improved sales driven by increased consumer confidence. We will continue to capitalize on the significant growth opportunities available to us from both the domestic and international operations, as we further expand our presence within the global merchandising services industry.”

Key Fourth Quarter 2010 Financial Results:

  • Both domestic and international net revenues increased over 30%;
  • International gross profit increased 42.5% to $2.6 million in 2010;
  • Operating income increased 13 fold to $1.7 million compared to $123,000 in 2009;
  • International operating income improved to $247,000 compared to an operating loss of $504,000 last year; and
  • Net income increased 4 fold to $1.2 million or $0.06 per share.

Fourth Quarter Financial Results for Period Ended December 31, 2010.

Revenue for the quarter ended December 31, 2010 totaled $18.7 million, an increase of 32%, compared to $14.2 million for the fourth quarter ended December 31, 2009. Our domestic revenue for the fourth quarter of 2010 increased 34% to $10.1 million compared to $7.5 million for the same period in 2009 due to both organic growth and the acquisition of National Marketing Services in late 2009. Our international revenue increased 30% to $8.7 million compared to $6.7 million for the same period of 2009. The international revenue increase was primarily attributable to a strong performance in Canada, equally attributable to both organic growth and the acquisition efforts in this region, and increased revenue in Australia and China.

Gross profit increased $1.6 million or 33% to $6.6 million for the fourth quarter of 2010 compared to $4.9 million for the fourth quarter of 2009. Domestically, gross profit increased 28% to $3.9 million for the fourth quarter of 2010 compared to $3.1 million for the same period in 2009 while the gross profit margin declined to 39% for the fourth quarter of 2010 compared to 41% for the same period in 2009. The drop in domestic gross margin was directly attributable to the mix in business year to year. Internationally, gross profit increased to $2.7 million for the fourth quarter of 2010 compared to $1.8 million in 2009 yielding an improved gross profit margin of 30.4% compared to 27.7% year over year. These improvements in both international gross profit and gross margins were primarily driven by the change in operating partners in a number of international locations, specifically China, Japan and India, as the Company continues to focus on improving operations in these critical areas.

Net income for the fourth quarter of 2010 increased 294% to $1.2 million or $0.06 per share compared to $303,000 or $0.02 per share for the same period of 2009. Net income from domestic operations for the fourth quarter of 2010 totaled $1.1 million compared to $559,000 for the same period in 2009 and international net income for the same period totaled $52,000 compared to net loss of $256,000 in 2009.

Mr. Raymond further stated, “Throughout 2010, the Company increased market share in its domestic operations, through acquisition and organic growth, and in its international operations as it redeveloped key partner relationships that are expected to continue to yield sustained growth and profitability. As operating results on the domestic front have steadily increased, fourth quarter 2010 provided strong evidence that the international division will also play a vital role in SPAR Group’s continued growth. Our international business provided a boost to our earnings as it experienced a $308,000 increase in net income, which helped us attain earnings of $0.06 per share during the fourth quarter. Management is confident that these results provide evidence that our international business will play a meaningful role in our financial results going forward. Our 2010 outstanding performance is the direct result of the entire management team’s diligent work combined with the support of our board of directors.”

Key 2010 Year End Financial Results:

  • Domestic revenue increased 38%;
  • Gross profit increased 20%;
  • International gross margin improved to 30% compared to 25% in 2009;
  • Operating profit increased 9 fold to $2.8 million compared to $322,000 in 2009;
  • Domestic operating profit improved 243% to $3 million in 2010; and
  • Net income increased 4 fold to $2.2 million or $0.11 per share compared to $502,000 or $0.03 per share in 2009.

Twelve Months Financial Results for Period Ended December 31, 2010.

Revenue for the twelve months ended December 31, 2010 totaled $63.2 million compared to $57.5 million for the twelve months ended December 31, 2009. Our domestic revenue for the 2010 fiscal year increased 38% to $36.6 million compared to $26.4 million for 2009 equally attributable to both organic and acquisition growth. Our international revenue for 2010 decreased 15% to $26.6 million compared to $31.1 million for the same period in 2009 due to the Company’s strategic focus on margin enhancement as demonstrated by the shedding of the less profitable sales promotion business in Japan.

Gross profit for 2010 increased 20% to $21.0 million compared to $17.5 million for 2009. These results yielded an improved gross margin of 33.2% for 2010 compared to 30.5% in 2009. Domestically, gross profit for the 2010 year end increased 35% to $13.1 million compared to $9.7 million in 2009, and domestic gross profit margin totaled 35.9% compared to 36.8% in 2009. Internationally, 2010 gross profit totaled $7.9 million compared to $7.8 million in 2009 while the gross margin improved to 29.6 % in 2010 compared to 25.1% in the prior year.

Net income for the twelve month period ended December 31, 2010 increased 332% to $2.2 million or $0.11 per share compared to net income of $502,000 or $0.03 per shares in 2009. Domestically, net income for 2010 more than doubled to $2.7 million compared to net income of $1.1 million for 2009. Internationally, the net loss for 2010 improved 20% to $506,000 compared to a net loss of $631,000 for 2009 as the Company continues its focus to return the international business to profitability.

Balance Sheet as of December 31, 2010

Total current assets and total assets were $16.2 million and $19.1 million, respectively. Cash and cash equivalents totaled $923,000 at December 31, 2010. Total current liabilities were $11.8 million, with no long-term liabilities, at December 31, 2010. Total equity was $6.8 million for the period ending December 31, 2010. The Company’s working capital for the period ending December 31, 2010 improved to $4.4 million and its current ratio improved to 1.37 to 1, compared to 1.02 to 1 last year.

The Company intends to file the Form 10-K with the Securities and Exchange Commission on or before March 15, 2011 and host a shareholder conference call that week.

About SPAR Group

SPAR Group, Inc. is a diversified international merchandising and marketing services company and provides a broad array of services worldwide to help companies improve their sales, operating efficiency and profits at retail locations. The Company provides merchandising and other marketing services to manufacturers, distributors and retailers worldwide, primarily in mass merchandisers, office, grocery and drug store chains, independent, convenience and electronics stores, as well as providing furniture and other product assembly services, in-store events, radio frequency identification (“RFID”) and related technology services and marketing research. The Company has supplied these project and product services in the United States since certain of its predecessors were formed in 1979 and internationally since the Company acquired its first international subsidiary in Japan in May of 2001. Product services include product additions; placement, reordering, replenishment, labeling, evaluation and deletions, and project services include seasonal and special product promotions, product recalls and complete setups of departments and stores. The company operates throughout the United States and internationally in 9 of the most populated countries, including China and India. For more information, visit the SPAR Group’s Web site at http://www.sparinc.com/.

Certain statements in this news release and such conference call are forward-looking, including (without limitation) growing revenues and profits through organic growth and acquisitions, attracting new business that will increase SPAR Group’s revenues, continuing to maintain costs and consummating any transactions. Undue reliance should not be placed on such forward-looking statements because the matters they describe are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the company’s control. The company’s actual results, performance and trends could differ materially from those indicated or implied by such statements as a result of various factors, including (without limitation) the continued strengthening of SPAR Group’s selling and marketing functions, continued customer satisfaction and contract renewal, new product development, continued availability of capable dedicated personnel, continued cost management, the success of its international efforts, success and availability of acquisitions, availability of financing and other factors, as well as by factors applicable to most companies such as general economic, competitive and other business and civil conditions. Information regarding certain of those and other risk factors and cautionary statements that could affect future results, performance or trends are discussed in SPAR Group’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission from time to time. All of the company’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.

Tables Follow.

                              SPAR Group, Inc.
                    Consolidated Statement of Operations
                                (unaudited)
                   (in thousands, except per share data)

                         Three Months Ending        Twelve Months Ending
                     --------------------------  --------------------------

                     December 31,  December 31,  December 31,  December 31,
                         2010          2009          2010          2009
                     ------------  ------------  ------------  ------------

Net revenues         $     18,738  $     14,191  $     63,154  $     57,549
Cost of revenues           12,175         9,262        42,165        40,019
                     ------------  ------------  ------------  ------------
Gross profit                6,563         4,929        20,989        17,530

Selling, general,
 and administrative
 expense                    4,619         4,526        17,140        16,127
Depreciation and
 amortization                 293           280         1,018         1,081
                     ------------  ------------  ------------  ------------
Operating income            1,651           123         2,831           322

Interest expense              171            23           310           178
Other (income)                (36)          (39)          (21)         (582)
                     ------------  ------------  ------------  ------------
Income before
 provision for
 income taxes               1,516           139         2,542           726

Provision (benefit)
 for income taxes             188           (77)          263           169
                     ------------  ------------  ------------  ------------
Net income                  1,328           216         2,279           557

Net (income) loss
 attributable to
 non-controlling
 interest                    (133)           87          (112)          (55)
                     ------------  ------------  ------------  ------------
Net income
 attributable to
 SPAR Group, Inc.    $      1,195  $        303  $      2,167  $        502
                     ============  ============  ============  ============

Basic/diluted net
 income per common
 share:

Net income - basic
 and diluted         $       0.06  $       0.02  $       0.11  $       0.03
                     ============  ============  ============  ============
Weighted average
 common shares -
 basic                     19,290        19,139        19,209        19,139
                     ============  ============  ============  ============
Weighted average
 common shares -
 diluted                   21,047        19,436        20,602        19,434
                     ============  ============  ============  ============

                              SPAR Group, Inc.
                        Consolidated Balance Sheets
                                (unaudited)
              (in thousands, except share and per share data)

                                                           December 31,
                                                          2010       2009
                                                       ---------  ---------

Assets
Current assets:
   Cash and cash equivalents                           $     923  $   1,659
   Accounts receivable, net                               13,999     10,231
   Prepaid expenses and other current assets               1,283      1,182
                                                       ---------  ---------
Total current assets                                      16,205     13,072

Property and equipment, net                                1,452      1,550
Intangibles                                                1,210        798
Other assets                                                 226      1,931
                                                       ---------  ---------
Total assets                                           $  19,093  $  17,351
                                                       =========  =========

Liabilities and equity
Current liabilities:
   Accounts payable                                    $   1,804  $   3,819
   Accrued expenses and other current liabilities          2,733      2,226
   Accrued expense due to affiliates                       1,575      1,436
   Customer deposits                                         471        477
   Lines of credit and other debt                          5,263      4,862
                                                       ---------  ---------
Total current liabilities                                 11,846     12,820

Equity:
SPAR Group, Inc. equity
   Preferred stock, $.01 par value:
      Authorized shares - 3,000,000
      Issued and outstanding shares -
      554,402 - December 31, 2010 and 2009                     6          6
   Common stock, $.01 par value:
      Authorized shares - 47,000,000
      Issued and outstanding shares -
         19,314,306 - December 31, 2010
         19,139,365 - December 31, 2009                      193        191
   Treasury stock                                             (1)        (1)
   Additional paid-in capital                             13,549     13,099
   Accumulated other comprehensive loss                     (142)      (220)
   Accumulated deficit                                    (6,808)    (8,975)
                                                       ---------  ---------
Total SPAR Group, Inc. equity                              6,797      4,100
Non-controlling interest                                     450        431
                                                       ---------  ---------
Total liabilities and equity                           $  19,093  $  17,351
                                                       =========  =========

Contact:

James R. Segreto
Chief Financial Officer
SPAR Group, Inc.
(914) 332-4100

Investors:
Alan Sheinwald
Alliance Advisors, LLC
(212) 398-3486
Email Contact

Or

Chris Camarra
Alliance Advisors, LLC
(212) 398-3487
Email Contact

Tuesday, March 8th, 2011 Uncategorized Comments Off on SPAR Group (SGRP) Announces Fiscal 2010 EPS of $0.11 for the Year Ended

20,000 Meter Drill Program and 1,550 Line Kilometer Geophysics Survey Underway at Sierra Mojada

VANCOUVER, British Columbia, March 7, 2011 /PRNewswire/ — Metalline Mining Company (TSX: MMZ, AMEX: MMG) (“Metalline”) is pleased to announce that drilling and airborne geophysics have commenced at our Sierra Mojada project in Coahuila, Mexico.

Metalline has contracted Major Drilling Group International Inc. to drill 20,000 meters for our 2011 drill program, of which 10,000 meters will be diamond drill holes and 10,000 meters of reverse circulation drilling. Drilling commenced March 1, 2011 and is expected to finish in Q4 2011. The drilling is targeting the Northern and Eastern extensions of the ‘Area A’ shallow silver resource defined during 2010. All samples from this drill program will be sent to ALS Laboratories in Vancouver for analysis.

Metalline has contracted Geotech Ltd. to fly a 1,550 line km ZTEM airborne geophysics survey on targeting the western half of the 15,660 hectares (38,696 acres) of the Sierra Mojada license. The survey is expected to commence this week, and the program will take 10 to 14 days to complete. Results for the program are expected out in May 2011.

About Metalline Mining Company

Metalline Mining Company is focused on the acquisition, exploration and development of mineral properties. Metalline currently owns mineral concessions in the municipality of Sierra Mojada, Coahuila, Mexico and holds exploration licenses in Gabon, Africa. Metalline conducts its operations in Mexico through its wholly owned Mexican subsidiaries, Minera Metalin S.A. de C.V. and Contratistas de Sierra Mojada S.A. de C.V. To obtain more information on Metalline Mining Company, visit the Company’s web site www.metallinemining.com.

On behalf of the Board of Directors,

Tim Barry, MAusIMM

Chief Executive Officer, President and Director

Investor Relations Contact Information:

Anthony Srdanovic, B.Comm

Manager Corporate Communications

Direct line: (604) 895-7429

Office line: (604) 687-5800

info@metallinemining.com

Metalline Mining Company

Suite 2200 – 885 West Georgia St.

Vancouver, BC V6C 3E8

Canada

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements regarding future events and Metalline’s future results that are subject to the safe harbours created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). These statements are based on current expectations, estimates, forecasts, and projections about the industry in which Metalline operates and the beliefs and assumptions of Metalline’s management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “may,” variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Metalline’s future financial performance, Metalline’s anticipated growth and potential in its business and other characterizations of future events or circumstances are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, including such factors as the volatility and level of commodity prices, currency exchange rate fluctuations, uncertainties in cash flow, expected acquisition benefits, exploration mining and operating risks, competition, litigation, environmental matters, the potential impact of government regulations, and other matters discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2010 and subsequent periodic reports, many of which are beyond our control. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements.

SOURCE Metalline Mining Company

Monday, March 7th, 2011 Uncategorized Comments Off on 20,000 Meter Drill Program and 1,550 Line Kilometer Geophysics Survey Underway at Sierra Mojada

China Fire & Security Group, Inc. (CFSG) Announces Receipt of “Going Private” Proposal

BEIJING, March 7, 2011 (GLOBE NEWSWIRE) — China Fire & Security Group, Inc. (Nasdaq:CFSG) (“China Fire” or the “Company”), a leading industrial fire protection product and solution provider in China, announced today that the Special Committee of its Board of Directors (the “Special Committee”) has received a non-binding letter from a leading global private equity firm (the “PE”), pursuant to which the PE proposes to acquire all of the outstanding shares of common stock of China Fire in cash at a price which represents a premium over the current stock price (the “Proposal”).  According to the Proposal, the PE is willing to structure the proposed acquisition to allow the existing members of the Company’s management to exchange all or part of their equity interests in the Company into equity securities in the post-acquisition company. The Proposal is subject to certain conditions, including, among other things, successful completion of due diligence to the satisfaction of the PE.

The Special Committee, which was formed to consider certain potential transactions involving the Company (including the Proposal), has retained Barclays Capital as its financial advisor and Shearman & Sterling LLP as its legal counsel to assist it in consideration of such matters. The Board cautions the Company’s shareholders and others considering trading in its securities that no decision has been made by the Special Committee with respect to the Company’s response to the Proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated.

About China Fire & Security Group, Inc.

China Fire & Security Group, Inc. is a leading total solution provider of industrial fire protection systems in China. Leveraging on its proprietary technologies, China Fire is engaged primarily in the design, manufacturing, sales and maintenance services of a broad product portfolio including detectors, controllers, and fire extinguishers. The Company owns a comprehensive portfolio of patents covering fire detection, system control and fire extinguishing technologies, and via its nationwide direct sales force, has built a solid client base including major companies in iron and steel, power, petrochemical and transportation industries throughout China. For more information about the Company, please go to http://www.chinafiresecurity.com.

Cautionary Statement Regarding Forward Looking Information

This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as “believe,” “expect,” “may,” “will,” “should,” “project,” “plan,” “seek,” “intend,” or “anticipate” or the negative thereof or comparable terminology. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission.  China Fire does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

CONTACT: China Fire & Security Group, Inc.
         Gu Bin, Investor Relations
         Tel: +86-10-8441-7400
         Email: ir@chinafiresecurity.com
Monday, March 7th, 2011 Uncategorized Comments Off on China Fire & Security Group, Inc. (CFSG) Announces Receipt of “Going Private” Proposal

Dehaier Medical (DHRM) Announces Fourth Quarter and Full-Year 2010 Financial Results

BEIJING, March 7, 2011 /PRNewswire-Asia-FirstCall/ — Dehaier Medical Systems Ltd. (Nasdaq: DHRM) (“Dehaier” or the “Company”), an emerging leader in the development, assembly, marketing and sale of medical devices and homecare medical products in China, today announced its financial results for the fourth quarter and 12 months ended December 31, 2010.

(Logo: http://photos.prnewswire.com/prnh/20100422/CNTH001LOGO)

Fourth Quarter 2010 Financial Highlights

  • Revenue increased by 126% year-over-year to $6.7 million, up from $2.9 million in the fourth quarter of 2009.
  • Revenue from homecare solutions grew dramatically by 998% year-over-year to $2.3 million, or 34% of total revenue, up from $209,000 in the fourth quarter of 2009.
  • Gross profit increased by 119% year-over-year to $2.5 million, or 36.9% of revenue, up from $1.1 million, or 38.2% of revenue in the fourth quarter of 2009.
  • Operating income and operating margin were $1.5 million and 22.8%, respectively, compared with $764,000 and 25.9%, respectively, in the fourth quarter of 2009.
  • Net income attributable to the Company improved 145% to $1.5 million, or $0.32 per diluted share based on 4.7 million weighted average shares outstanding, compared with net income of $602,000, or $0.20 per diluted share based on 3.0 million weighted average shares outstanding in the fourth quarter of 2009.
  • Strengthened balance sheet with $5.9 million in cash and cash equivalents, or $1.27 per diluted share, as of December 31, 2010, compared with $1.2 million as of December 31, 2009.

Full Year 2010 Financial Highlights

  • Revenue increased by 58% year-over-year to $19.6 million, up from $12.4 million in 2009.
  • Revenue from homecare solutions tripled to $4.5 million, up from $1.1 million in 2009.
  • Gross profit increased by 57% year-over-year to $7.6 million, or 38.9% of revenue, up from $4.9 million, or 39.3% of revenue in 2009.
  • Operating income and operating margin were $5.1 million and 26.2%, compared with $3.4 million and 27.1% in 2009, respectively.
  • Net income attributable to the Company increased 70% to $4.5 million, or $1.09 per diluted share based on 4.2 million weighted average shares outstanding, compared with net income of $2.7 million, or $0.89 per diluted share based on 3.0 million weighted average shares outstanding in 2009.

2010 and Business Highlights

  • Completed initial public offering of 1.5 million shares of common stock at $8.00 per share and commenced trading on NASDAQ in April 2010.
  • Secured $2.0 million medical device distribution contract for new rural healthcare construction project supported by China Development Bank Corp.
  • Enhanced third party distributed product offering through exclusive distribution agreements with Welch Allyn and HEYER Medical.
  • Increased marketing to support growth of high margin homecare medical products business with the opening of 12 Customer Experience Centers (CECs).

“2010 was a record year for Dehaier. We achieved strong growth across both our branded and third party medical devices, as well as our homecare products businesses, while positioning the Company for success in 2011 and beyond,” said Mr. Ping Chen, CEO of Dehaier. “Key to our growth in 2010 was the continued advancement of our homecare products business, in which we achieved triple-digit gains for both the fourth quarter and full year. While the domestic market presents a compelling growth opportunity, international expansion is a critical element of our longer-term strategy and we are making meaningful progress in this regard, with several of our respiratory therapy homecare products currently pending regulatory approval in the United States and European Union. We believe that securing these approvals and rolling out our products in targeted international markets will provide another important catalyst for our business and help propel Dehaier to the next level of top- and bottom-line growth.”

Mr. Chen continued, “The overall healthcare market in China has grown significantly in recent years, and is poised for continued expansion as a result of both government initiatives and a greater emphasis on health and wellness among Chinese citizens. The government’s 12th Five-Year Plan includes a number of provisions aimed at improving both the quality and availability of healthcare nationwide and giving people greater, more cost-effective access to both professional and self-administered medical treatments. Looking ahead, we plan to devote additional resources to bolster our research and development capabilities, in order to expand our product portfolio and more effectively address the needs of this growing base of potential customers. We are confident that our increased commitment to innovation, strong relationships with leading international medical device manufacturers, extensive sales, marketing and distribution network and strong brand equity will allow Dehaier to capitalize on the favorable macro trends to extend our domestic market share, while preparing the Company for a successful international expansion.”

Fourth Quarter 2010 Financial Results

Revenues

Revenues for the three months ended December 31, 2010 were $6.7 million as compared to $2.9 million for the three months ended December 31, 2009, an increase of $3.7 million, or 126%. The increase in revenue was attributable to growth in Dehaier’s homecare products, as well as its self-branded and third party medical devices.

Sales of self-branded and third party medical devices, including technical service products, increased 60% to $4.4 million, or 66% of total revenue, compared with $2.7 million, or 93% of revenue in the same period a year ago. Homecare products increased 998% to $2.3 million, or 34% of total revenue, compared with $209,000, or 7% of revenue in the fourth quarter of 2009.

Gross Profit

Gross profit for the three months ended December 31, 2010 was $2.5 million, an increase of 119% from $1.1 million for the three months ended December 31, 2009. As a percentage of revenue, the Company’s gross margin was 36.9% for the three months ended December 31, 2010 as compared to 38.2% for the same period in 2009. The decrease in gross margin was primarily due to winning a government bid with large procurement costs and lower than average gross margin.

Income from Operations

Operating income for the three months ended December 31, 2010 totaled $1.5 million as compared to $764,000 for the three months ended December 31, 2009, an increase of 99% year-over-year. Operating expenses for the quarter totaled $969,000, compared with $460,000 for the same period a year ago. The increase in operating expenses was largely attributable to increases in marketing expense, including expansion of the Company’s CEC network, and R&D investment, as well as expenses associated with Sarbanes-Oxley Section 404 compliance.

Net Income

Net income attributable to the Company for the three months ended December 31, 2010 was $1.5 million as compared to $602,000 for the three months ended December 31, 2009. Earnings per diluted share were $0.32, based on 4.7 million shares outstanding for the quarter, compared with diluted EPS of $0.20, based on 3.0 million shares outstanding for the fourth quarter of 2009. The increase in share count was due to the completion of the Company’s initial public offering in April 2010.

Full Year 2010 Financial Results

Revenues

Revenues for the 12 months ended December 31, 2010 totaled $19.6 million as compared to $12.4 million in 2009, an increase of $7.2 million, or 58%. The Company’s revenue growth was primarily attributable to increased sales of the Company’s distributed medical devices and respiratory homecare products.

Full-year sales of third party and self-branded medical devices totaled $15.1 million, or 77% of sales, compared with $11.3 million, or 91% of sales in 2009. Revenue from homecare solutions increased 302% to $4.5 million, or 23% of total sales, compared with $1.1 million, or 9% of sales in the year-ago period.

Gross Profit

Full year gross profit in 2010 was $7.6 million, an increase of 57% over $4.9 million in 2009, primarily due to increased total revenue. As a percentage of revenue, the Company’s gross margin was 38.9% for the year ended December 31, 2010, compared with 39.3% in 2009.

Income from Operations

Operating income for the year ended December 31, 2010 totaled $5.1 million as compared to $3.4 million for the same period in 2009. The increase of $1.8 million, or 53%, was primarily due to the increase in revenues. Operating expenses in 2010 totaled $2.7 million, or 13.7% of sales in 2010, up 50% from $1.8 million, or 14.5% of sales in the same period a year ago.

Net Income

Net income attributable to the Company for the year ended December 31, 2010 was $4.5 million, or $1.09 per diluted share based on 4.2 million weighted average shares outstanding. This compares with $2.7 million, or $0.89 per diluted share based on 3.0 million shares outstanding in 2009. The increase in share count was due to the completion of the Company’s initial public offering in April 2010.

Liquidity and Capital Resources

As of December 31, 2010, Dehaier had $5.9 million in cash and cash equivalents, compared with $1.2 million as of December 31, 2009. The increase in cash balance was primarily due to the Company’s initial public offering completed on April 22, 2010, which generated net proceeds of $9.9 million. Current assets totaled $33.4 million, with working capital of $22.6 million and shareholders’ equity of $25.8 million at December 31, 2010, respectively.

Conference Call and Webcast

Management will host a conference call to discuss these financial results on Monday, March 7, 2011 at 8:30 a.m. EST.

To participate in the call please dial (877) 941-2321, or (480) 629-9714 for international calls, approximately 10 minutes prior to the scheduled start time. Interested parties can also listen via a live Internet webcast, which can be found via the Company’s website at http://www.chinadhr.com.

A replay of the call will be available approximately 2 hours after the conclusion of the live call, through March 21, 2011. The replay can be accessed by dialing 800-406-7325 in the U.S. and Canada, or 303-590-3030 internationally and entering the passcode: 4417849. In addition, a recording of the call will be available via the company’s website at http://www.chinadhr.com for one year.

About Dehaier Medical Systems Ltd.

Dehaier Medical Systems is an emerging leader in the development, assembly, marketing and sale of medical products in China, including respiratory and oxygen homecare medical products. The company develops and assembles its own branded medical devices and homecare medical products from third-party components. The company also distributes products designed and manufactured by other companies, including medical devices from IMD (Italy), Welch Allyn (USA), HEYER (Germany), Timesco (UK), ResMed (Australia), and JMS (Japan). Dehaier’s technology is based on two patents, six pending patents, and proprietary technology. More information may be found at http://www.chinadhr.com.

Forward-looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulation, and other risks contained in reports filed by the company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by the cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact Us

In the US:

The Piacente Group, Inc.

Investor Relations

Brandi Floberg or Lee Roth

(212) 481-2050

dehaier@tpg-ir.com

In China:

The Piacente Group, Inc.

Investor Relations

Wendy Sun

+86 10-6590-7991

dehaier@tpg-ir.com

Dehaier Medical Systems Limited

Rita Liu

CFO

+86 10-8844-5026

liuz@dehaier.com.cn

Anan Liu

Investor Relations Manager

+86 10-5166-0080 ext 169

liuanan@dehaier.com.cn

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

CONSOLIDATED BALANCE SHEETS

December 31,

2010

2009

US$

US$

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

5,923,386

1,151,721

Accounts receivable
-less allowance for doubtful accounts of $ 87,555 and $102,939

9,112,077

6,891,291

Other receivables

3,164,423

1,499,111

Prepayment and other current assets

5,300,825

1,691,387

Inventories, net

6,374,363

2,326,126

Total Current Assets

29,875,074

13,559,636

Property and equipment, net

3,488,947

2,862,625

Tax receivable

3,518,919

1,362,372

Total Assets

36,882,940

17,784,633

LIABILITIES AND SHAREHOLDERS EQUITY

CURRENT LIABILITIES:

Short-term borrowings

1,514,620

1,464,770

Accounts payable

29,318

93,770

Advances from customers

269,189

174,253

Accrued expenses and other current liabilities

330,601

336,412

Tax payable

8,327,708

4,993,387

Warranty obligation

301,464

178,755

Warrants liability

318,109

Due to officer

2,358

3,861

Total Current Liabilities

11,093,367

7,245,208

Commitments and Contingency

Shareholders equity

Common stock, $0.002731 par value, 18,307,038 shares authorized, 4,500,000 and 3,000,000 shares issued and outstanding at December 31, 2010 and 2009, respectively

12,290

8,193

Additional paid in capital

13,137,085

3,196,974

Retained earnings

9,838,452

5,298,742

Accumulated other comprehensive income

1,474,455

773,127

Total Dehaier Medical Systems Limited shareholders equity

24,462,282

9,277,036

Non-controlling interest

1,327,291

1,262,389

Total shareholders equity

25,789,573

10,539,425

Total liabilities and shareholders equity

36,882,940

17,784,633

December 31,

2010

2009

US$

US$

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

5,923,386

1,151,721

Accounts receivable
-less allowance for doubtful accounts of $ 87,555 and $102,939

9,112,077

6,891,291

Other receivables

3,164,423

1,499,111

Prepayment and other current assets

5,300,825

1,691,387

Inventories, net

6,374,363

2,326,126

Tax receivable

3,518,919

1,362,372

Total Current Assets

33,393,993

14,922,008

Property and equipment, net

3,488,947

2,862,625

Total Assets

36,882,940

17,784,633

LIABILITIES AND SHAREHOLDERS EQUITY

CURRENT LIABILITIES:

Short-term borrowings

1,514,620

1,464,770

Accounts payable

29,318

93,770

Advances from customers

269,189

174,253

Accrued expenses and other current liabilities

330,601

336,412

Tax payable

8,327,708

4,993,387

Warranty obligation

301,464

178,755

Due to officer

2,358

3,861

Total Current Liabilities

10,775,258

7,245,208

OTHER LIABILITIES

Warrants liability

318,109

Total Liabilities

11,093,367

7,245,208

Commitments and Contingency

Shareholders equity

Common stock, $0.002731 par value, 18,307,038 shares authorized, 4,500,000 and 3,000,000 shares issued and outstanding at December 31, 2010 and 2009, respectively

12,290

8,193

Additional paid in capital

13,137,085

3,196,974

Retained earnings

9,838,452

5,298,742

Accumulated other comprehensive income

1,474,455

773,127

Total Dehaier Medical Systems Limited shareholders equity

24,462,282

9,277,036

Non-controlling interest

1,327,291

1,262,389

Total shareholders equity

25,789,573

10,539,425

Total liabilities and shareholders equity

36,882,940

17,784,633

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the year ended
December 31,

For the three months ended
December 31,

2010

2009

2010

2009

US$

US$

US$

US$

Revenue

19,598,460

12,369,960

6,667,691

2,947,500

Costs of revenue

(11,981,820)

(7,510,718)

(4,204,953)

(1,822,366)

Gross profit

7,616,640

4,859,242

2,462,738

1,125,134

Service income

339,379

402,851

65,225

104,815

Service expenses

(148,016)

(119,455)

(39,191)

(6,389)

General and administrative expense

(1,257,520)

(1,091,675)

(381,680)

(303,891)

Selling expense

(1,421,415)

(700,175)

(587,136)

(155,705)

Operating Income

5,129,068

3,350,788

1,519,956

763,964

Financial expenses ( including interest expense
of $70,343, $85,665, $22,088 and $17,961)

(125,764)

(87,435)

(27,353)

(21,051)

Other income

455,950

455,950

Change in fair value of warrants liability

(48,109)

(162,915)

Income before provision for income taxes and non-controlling interest

5,411,145

3,263,353

1,785,638

742,913

Provision for income tax

(850,034)

(531,461)

(306,285)

(121,299)

Net income

4,561,111

2,731,892

1,479,353

621,614

Non-Controlling interest in income

(21,401)

(57,921)

(6,840)

(19,419)

Net income attributable to

Dehaier Medical Systems Limited

4,539,710

2,673,971

1,472,513

602,195

Earnings per share

-Basic

1.12

1.29

0.33

0.23

-Diluted

1.09

0.89

0.32

0.20

Weighted average number of common shares used in computation

-Basic

4,043,836

2,076,608

4,500,000

2,630,643

-Diluted

4,153,438

3,000,000

4,657,500

3,000,000

DEHAIER MEDICAL SYSTEMS LIMITED AND AFFILIATE

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended

December 31,

2010

2009

US$

US$

Operating Activities

Net income

4,561,111

2,731,892

Adjustments to reconcile net income to net cash provided by (used in) operating activities

Depreciation and amortization

365,336

286,395

Recovery of doubtful accounts

(18,311)

(45,588)

(Recovery of) Provision for inventory obsolescence

(5,756)

52,989

Change in fair value of warrants liability

318,109

Gain on sale of equipment

(3,894)

Provision for warranty reserve

122,709

20,690

Changes in assets and liabilities:

Increase in accounts receivable

(2,202,475)

(1,429,001)

Decrease ( Increase ) in prepayments and other current assets

(3,609,438)

107,500

Increase in other receivables

(1,665,312)

(311,751)

Increase in inventories

(4,042,481)

(803,887)

Increase in tax receivable

(2,156,547)

(809,404)

(Decrease) Increase in accounts payable

(64,452)

19,450

(Decrease) Increase in advances from customers

94,936

(56,141)

(Decrease) Increase in accrued expenses and other current liabilities

(5,811)

85,573

Increase in tax payable

3,334,321

1,941,250

Net cash provided by (used in ) operating activities

(4,977,955)

1,789,967

Investing Activities

Proceeds from sale of equipment

10,342

Capital expenditures and other additions

(887,541)

(917,419)

Proceeds from (advances to) related parties

(1,503)

2,892

Net cash used in investing activities

(878,702)

(914,527)

Financing Activities

Net proceeds from issuance of common stock

9,944,207

Net cash provided by financing activities

9,944,207

Effect of exchange rate fluctuations on cash and cash equivalents

684,115

(6,322)

Net increase in cash and cash equivalents

4,771,665

869,118

Cash and cash equivalents at beginning of year

1,151,721

282,603

Cash and cash equivalents at end of year

5,923,386

1,151,721

Supplemental cash flow information

Income tax paid

24,813

12,767

Interest paid

70,343

85,665

SOURCE Dehaier Medical Systems Ltd.

Monday, March 7th, 2011 Uncategorized Comments Off on Dehaier Medical (DHRM) Announces Fourth Quarter and Full-Year 2010 Financial Results

James River Coal Company (JRCC) Reports Fourth Quarter and Full Year 2010 Operating Results

James River Coal Company (Nasdaq: JRCC), a producer of steam and industrial-grade coal, today announced that it had net income of $78.2 million or $2.82 per fully diluted share for the year ended December 31, 2010 and net income of  $25.9 million or $0.93 per fully diluted share for the fourth quarter of 2010.  Included in the fourth quarter 2010 is an income tax benefit related to the reversal of the deferred income tax valuation allowance of $22.1 million, or $0.79 per fully diluted share in the fourth quarter and a $0.80 per fully diluted share for the year.  This is compared to net income of $51.0 million or $1.85 per fully diluted share for the year ended December 31, 2009 and net loss of $3.2 million or $0.12 per fully diluted share for the fourth quarter of 2009.

Peter T. Socha, Chairman and Chief Executive Officer, commented: “This was another very profitable year for James River Coal Company.  We are particularly pleased that we have been able to generate these profits during a soft coal market and a general economic recession.  We are now seeing clear signs of an improving coal market and an improving economy.  We have invested in our Company during the downturn, and are looking forward to seeing the benefit of these investments during the months and years to come.”

ANNUAL RESULTS

The following tables show selected operating results for the year ended December 31, 2010 compared to the year ended December 31, 2009 (in 000’s except per ton amounts).

Total Results

Year Ended December 31,

2010

2009

Total

Per Ton

Total

Per Ton

Company and contractor production (tons)

8,782

9,770

Coal purchased from other sources (tons)

128

107

Total coal available to ship (tons)

8,910

9,877

Coal shipments (tons)

8,919

9,623

Coal sales revenue

$      701,116

78.61

$      681,558

70.83

Cost of coal sold

514,515

57.69

508,888

52.88

Depreciation, depletion, & amortization

64,368

7.22

62,078

6.45

Gross profit

122,233

13.70

110,592

11.49

Selling, general & administrative

38,347

4.30

39,720

4.13

Adjusted EBITDA (1)

$      156,628

17.56

$      146,099

15.18

(1)

Adjusted EBITDA is defined under “Reconciliation of Non-GAAP Measures” in this release.  Adjusted EBITDA

is used to determine compliance with financial covenants in our senior secured credit facilities.

Segment Results

Year Ended December 31,

2010

2009

CAPP

Midwest

CAPP

Midwest

Company and Contractor Production (tons)

5,962

2,820

6,643

3,127

Coal purchased from other sources (tons)

128

107

Total coal available to ship (tons)

6,090

2,820

6,750

3,127

Coal shipments (tons)

6,109

2,810

6,525

3,098

Coal sales revenue

$      585,064

116,052

$      579,108

102,450

Average sales price per ton

95.77

41.30

88.75

33.07

Cost of coal sold

$      419,564

94,951

$      416,721

92,167

Cost of coal sold per ton

68.68

33.79

63.87

29.75

QUARTERLY RESULTS

The following tables show selected operating results for the quarter ended December 31, 2010 compared to the quarter ended December 31, 2009 (in 000’s except per ton amounts).

Total Results

Three Months Ended December 31,

2010

2009

Total

Per Ton

Total

Per Ton

Company and contractor production (tons)

2,085

2,027

Coal purchased from other sources (tons)

74

28

Total coal available to ship (tons)

2,159

2,055

Coal shipments (tons)

2,069

2,146

Coal Sales Revenue

$      162,050

78.32

$      149,468

69.65

Cost of coal sold

126,254

61.02

120,099

55.96

Depreciation, depletion, & amortization

16,087

7.78

16,111

7.51

Gross profit

19,709

9.53

13,258

6.18

Selling, general & administrative

9,400

4.54

9,608

4.48

Adjusted EBITDA (1)

$        28,479

13.76

$        22,700

10.58

(1)

Adjusted EBITDA is defined under “Reconciliation of Non-GAAP Measures” in this release.  Adjusted EBITDA

is used to determine compliance with financial covenants in our senior secured credit facilities.

Segment Results

Three Months Ended December 31,

2010

2009

CAPP

Midwest

CAPP

Midwest

Company and Contractor production (tons)

1,372

713

1,319

708

Coal purchased from other sources (tons)

74

28

Total coal available to ship (tons)

1,446

713

1,347

708

Coal Shipments (tons)

1,362

707

1,433

713

Coal sales revenue

$     133,465

28,585

$     125,249

24,219

Average sales price per ton

97.99

40.43

87.40

33.97

Cost of coal sold

$     102,345

23,909

$       97,339

22,760

Cost of coal sold per ton

75.14

33.82

67.93

31.92

LIQUIDITY AND CASH FLOW

As of December 31, 2010, the Company had available liquidity of $186.6 million calculated as follows (in millions):

Unrestricted Cash

$                    180.4

Availability under revolver

65.0

Letters of Credit Issued under the Revolver

(58.8)

Available Liquidity

$                    186.6

Capital Expenditures for the fourth quarter were $35.7 million and $95.4 million for twelve months ended December 31, 2010.  Capital Expenditures for the fourth quarter included approximately $15.5 million for growth projects and compliance with MSHA safety mandates.

SALES POSITION

As of February 24, 2011, we had the following priced sales position:

2011 Priced

As of November 2, 2010

As of February 24, 2011

Change

Tons

Avg Price Per Ton

Tons

Avg Price Per Ton

Tons

Avg Price Per Ton

CAPP

4,344

$   100.15

5,117

$     97.01

773

$   79.36

Midwest (1)

2,496

$     43.23

2,609

$     42.84

113

$   34.23

2012 Priced

As of November 2, 2010

As of February 24, 2011

Change

Tons

Avg Price Per Ton

Tons

Avg Price Per Ton

Tons

Avg Price Per Ton

CAPP

350

$   108.31

350

$   108.31

$        –

Midwest (1)

1,560

$     43.42

1,560

$     43.42

$        –

2013 Priced

As of November 2, 2010

As of February 24, 2011

Change

Tons

Avg Price Per Ton

Tons

Avg Price Per Ton

Tons

Avg Price Per Ton

CAPP

$          –

$          –

$        –

Midwest (1)

990

$     44.10

990

$     44.10

$        –

(1) The prices for the Midwest are miniumum base price amounts adjusted for projected fuel escalators.

GUIDANCE

The Company intends to issue 2011 guidance following the closing of the pending acquisition of International Resource Partners and Logan and Kanawha.

CONFERENCE CALL, WEBCAST AND REPLAY:  The Company will hold a conference call with management to discuss the fourth quarter earnings on March 7, 2011 at 9:00 a.m. Eastern Time.  The conference call can be accessed by dialing 877-340-2553, or through the James River Coal Company website at http://www.jamesrivercoal.com.  International callers, please dial 678-224-7860.  A replay of the conference call will be available on the Company’s website and also by telephone, at 800-642-1687 for domestic callers.  International callers, please dial 706-645-9291: pass code 49584534.

James River Coal Company mines, processes and sells bituminous steam and industrial-grade coal primarily to electric utility companies and industrial customers.  The Company’s mining operations are managed through six operating subsidiaries located throughout eastern Kentucky and in southern Indiana.

FORWARD-LOOKING STATEMENTS: Certain statements in this press release and other written or oral statements made by or on behalf of us are “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Forward looking statements include, without limitation, statements regarding future contract mine production, costs market improvements, and industry demand.  These forward-looking statements are subject to a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the following: a change in the demand for coal by electric utility customers, as well as the perceived benefits of alternative sources of energy; the loss of one or more of our largest customers; inability to secure new coal supply agreements or to extend existing coal supply agreements at market prices; our dependency on one railroad for transportation of a large percentage of our products; failure to exploit additional coal reserves; the risk that reserve estimates and pension and post-retirement benefit liabilities are inaccurate; failure to diversify our operations; increased capital expenditures; encountering difficult mining conditions; inherent complexities associated with mining in Central Appalachia including special dangers and risks of underground mining; increased costs of complying with mine health and safety regulations; bottlenecks or other difficulties in transporting coal to our customers; delays in the development of new mining projects; increased costs of raw materials; the effects of litigation, regulation, permits and competition; lack of availability of financing sources; our compliance with debt covenants; the risk that we are unable to successfully integrate acquired assets into our business; and the other risks detailed in our reports filed with the Securities and Exchange Commission (SEC). Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

JAMES RIVER COAL COMPANY

AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands, except share data)

December 31, 2010

December 31, 2009

Assets

Current assets:

Cash and cash equivalents

$

180,376

107,931

Trade receivables

59,970

43,289

Inventories:

Coal

23,305

22,727

Materials and supplies

13,690

10,462

Total inventories

36,995

33,189

Prepaid royalties

6,039

6,045

Other current assets

5,991

3,552

Total current assets

289,371

194,006

Property, plant, and equipment, at cost:

Land

7,751

7,194

Mineral rights

231,681

231,919

Buildings, machinery and equipment

423,617

362,654

Mine development costs

48,301

41,069

Total property, plant, and equipment

711,350

642,836

Less accumulated depreciation, depletion, and amortization

325,698

288,748

Property, plant and equipment, net

385,652

354,088

Goodwill

26,492

26,492

Restricted cash and short term investments

23,500

62,042

Other assets

59,554

32,684

Total assets

$

784,569

669,312

JAMES RIVER COAL COMPANY

AND SUBSIDIARIES

Consolidated Balance Sheets

(in thousands, except share data)

December 31, 2010

December 31, 2009

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

$

57,300

46,472

Accrued salaries, wages, and employee benefits

7,744

6,982

Workers’ compensation benefits

9,000

8,950

Black lung benefits

2,282

1,782

Accrued taxes

4,924

4,383

Other current liabilities

16,496

15,439

Total current liabilities

97,746

84,008

Long-term debt, less current maturities

284,022

278,268

Other liabilities:

Noncurrent portion of workers’ compensation benefits

55,944

50,385

Noncurrent portion of black lung benefits

43,443

31,017

Pension obligations

11,968

14,827

Asset retirement obligations

43,398

39,843

Other

665

622

Total other liabilities

155,418

136,694

Total liabilities

537,186

498,970

Commitments and contingencies

Shareholders’ equity:

Preferred stock, $1.00 par value.  Authorized 10,000,000 shares

Common stock, $.01 par value.  Authorized 100,000,000 shares;

issued and outstanding 27,779,351 and 27,544,878 shares

as of December 31, 2010 and 2009, respectively

278

275

Paid-in-capital

324,705

320,079

Accumulated deficit

(58,593)

(136,758)

Accumulated other comprehensive loss

(19,007)

(13,254)

Total shareholders’ equity

247,383

170,342

Total liabilities and shareholders’ equity

$

784,569

669,312

JAMES RIVER COAL COMPANY

AND SUBSIDIARIES

Consolidated Statements of Operations

(in thousands, except per share data)

Year

Year

Year

Ended

Ended

Ended

December 31,

December 31,

December 31,

2010

2009

2008

Revenues

$

701,116

681,558

568,507

Cost of sales:

Cost of coal sold

514,515

508,888

527,888

Depreciation, depletion, and amortization

64,368

62,078

70,277

Total cost of sales

578,883

570,966

598,165

Gross profit (loss)

122,233

110,592

(29,658)

Selling, general, and administrative expenses

38,347

39,720

34,992

Total operating income (loss)

83,886

70,872

(64,650)

Interest expense

29,943

17,057

17,746

Interest income

(683)

(60)

(469)

Charges associated with repayment and amendment of debt

1,643

15,618

Miscellaneous expense (income), net

27

(281)

(1,279)

Total other expenses, net

29,287

18,359

31,616

Income (loss) before income taxes

54,599

52,513

(96,266)

Income tax expense (benefit)

(23,566)

1,559

(273)

Net income (loss)

$

78,165

50,954

(95,993)

Income (loss) per common share

Basic income (loss) per common share

$

2.82

1.85

(3.91)

Diluted income (loss) per common share

$

2.82

1.85

(3.91)

JAMES RIVER COAL COMPANY

AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(in thousands)

Year

Year

Year

Ended

Ended

Ended

December 31,

December 31,

December 31,

2010

2009

2008

Cash flows from operating activities:

Net income (loss)

$

78,165

50,954

(95,993)

Adjustments to reconcile net income (loss) to net cash

provided by operating activities

Depreciation, depletion, and amortization

of property, plant, and equipment

64,368

62,078

70,277

Accretion of asset retirement obligations

3,334

3,212

2,768

Amortization of debt discount and issue costs

8,066

1,813

1,411

Stock-based compensation

5,400

5,967

5,130

Deferred income tax benefit

(22,236)

180

4

Loss (gain) on sale or disposal of property, plant, and equipment

307

(61)

(163)

Write-off of deferred financing costs

2,383

Changes in operating assets and liabilities:

Receivables

(16,681)

(9,988)

7,745

Inventories

(3,680)

(15,025)

(2,236)

Prepaid royalties and other current assets

(2,433)

(1,440)

100

Restricted cash and short term investments

38,542

(56,820)

(5,222)

Other assets

(2,060)

(4,233)

(4,403)

Accounts payable

10,828

(10,596)

9,762

Accrued salaries, wages, and employee benefits

762

340

632

Accrued taxes

(303)

(1,787)

(2,251)

Other current liabilities

1,066

(3,626)

8,702

Workers’ compensation benefits

5,609

3,558

2,185

Black lung benefits

3,018

1,657

538

Pension obligations

(2,244)

2,144

(1,395)

Asset retirement obligations

(809)

(861)

(1,082)

Other liabilities

43

93

(468)

Net cash provided by (used in) operating activities

169,062

27,559

(1,576)

Cash flows from investing activities:

Additions to property, plant, and equipment

(95,426)

(72,159)

(74,697)

Proceeds from sale of property, plant and equipment

82

149

1,108

Net cash used in investing activities

(95,344)

(72,010)

(73,589)

Cash flows from financing activities:

Proceeds from issuance of long-term debt

172,500

Repayment of long-term debt

(38,800)

Proceeds from Revolver

12,500

26,500

Repayments of Revolver

(30,500)

(8,500)

Net proceeds from issuance of common stock

93,820

Debt issuance costs

(1,346)

(5,517)

(486)

Proceeds from exercise of stock options

73

75

542

Net cash provided by (used in) financing activities

(1,273)

149,058

73,076

Increase (decrease) in cash and cash equivalents

72,445

104,607

(2,089)

Cash and cash equivalents at beginning of period

107,931

3,324

5,413

Cash and cash equivalents at end of period

$

180,376

107,931

3,324

JAMES RIVER COAL COMPANY

AND SUBSIDIARIES

Reconciliation of Non-GAAP Measures

(in thousands)

(unaudited)

EBITDA is used by management to measure operating performance.  We define EBITDA as net income or loss plus interest expense (net), income tax expense (benefit) and depreciation, depletion and amortization (EBITDA), to better measure our operating performance.  We regularly use EBITDA to evaluate our performance as compared to other companies in our industry that have different financing and capital structures and/or tax rates.  In addition, we use EBITDA in evaluating acquisition targets.

Adjusted EBITDA is the amount used in several of the covenants in our revolving credit facility.  Adjusted EBITDA is defined as EBITDA further adjusted for certain cash and non-cash charges.  Adjusted EBITDA is used to determine compliance with financial covenants and our ability to engage in certain activities such as incurring additional debt and making certain payments.

Cash margin per ton is calculated as coal sales revenue per ton less cost of coal sold per ton.  Although cash margin per ton is not a measure of performance calculated in accordance with GAAP, management believes that it is useful to an investor because it is widely used in the coal industry as a measure to evaluate a company’s profitability from tons sold.

EBITDA, Adjusted EBITDA and cash margin per ton are not recognized terms under GAAP and are not an alternative to net income, operating income or any other performance measures derived in accordance with GAAP or an alternative to cash flow from operating activities as a measure of operating liquidity.  Because not all companies use identical calculations, this presentation of EBITDA, Adjusted EBITDA and cash margin per ton may not be comparable to other similarly titled measures of other companies.  Additionally, EBITDA, Adjusted EBITDA or cash margin per ton are not intended to be a measure of free cash flow for management’s discretionary use, as they do not reflect certain cash requirements such as tax payments, interest payments and other contractual obligations.  The following table reconciles Net Income to EBITDA and Adjusted EBITDA:

Three Months Ended

Twelve Months Ended

December 31

December 31

December 31

December 31

2010

2009

2010

2009

Net income

$

25,870

(3,203)

78,165

50,954

Income tax expense (benefit)

(22,892)

42

(23,566)

1,559

Interest expense

7,516

5,267

29,943

17,057

Interest income

(83)

(5)

(683)

(60)

Depreciation, depletion, and amortization

16,087

16,111

64,368

62,078

EBITDA (before adjustments)

$

26,498

18,212

148,227

131,588

Other adjustments specified

in our current debt agreement:

1,981

4,488

8,401

14,511

Adjusted EBITDA

$

28,479

22,700

156,628

146,099

CONTACT:

James River Coal Company

Elizabeth M. Cook

Director of Investor Relations

(804) 780-3000

Monday, March 7th, 2011 Uncategorized Comments Off on James River Coal Company (JRCC) Reports Fourth Quarter and Full Year 2010 Operating Results

Accuray (ARAY) to Acquire TomoTherapy (TOMO) for Approximately $277 Million in Cash and Stock

SUNNYVALE, Calif. and MADISON, Wis., March 7, 2011 /PRNewswire/ — Accuray (Nasdaq: ARAY), a global leader in the field of radiosurgery, and TomoTherapy Incorporated (Nasdaq: TOMO), creator of advanced radiation therapy solutions for cancer care, today announced that they have signed a definitive agreement under which Accuray will acquire TomoTherapy for $4.80 per share in cash and stock, or a total of approximately $277 million.

The transaction combines the best-in-class technologies from two high-growth companies to create the premier radiation oncology company.  The companies currently serve complementary patient populations that are treated by the same medical specialty.  The combined company will offer advanced patient-focused technologies for the treatment of cancer and other diseases, ranging from high-precision radiosurgery for early-stage and localized disease to image-guided, intensity-modulated radiation therapy for more advanced disease sites throughout the body.

The combined company will have an installed base of more than 550 units in 32 countries, and more than 1,100 employees, with a global sales presence and the scale to provide excellent customer service.  The combined revenue of the two companies in calendar year 2010 exceeded $400 million, 30 percent of which was generated from service of the installed base.

“The transaction strengthens Accuray’s position as the leading innovator in the field of radiation oncology and will enhance our growth strategy,” said Euan S. Thomson, Ph.D., president and chief executive officer of Accuray.  “This acquisition will create a company that can provide patients with radiation treatments tailored to their specific needs, from high-precision radiosurgery to image-guided, intensity-modulated radiation therapy.  This transformational transaction significantly increases our global market presence, creates financial benefits from operating efficiencies and overhead reductions, and creates exciting new revenue opportunities for us.  The combined company will also have greater scale to invest in the R&D that will keep it on the leading edge of innovation, offering new hope for cancer patients worldwide. We look forward to working together with TomoTherapy towards realizing the full benefits of this combination for shareholders, patients, customers, and employees of both companies.”

“This is an exciting opportunity for TomoTherapy to combine its best-in-class radiation therapy products with Accuray’s gold-standard radiosurgery products to improve treatment for cancer patients worldwide,” said Frederick A. Robertson, M.D., president and chief executive officer of TomoTherapy.  “Both companies share the same passion for innovation, patient care and comfort, and this combination creates a single, strong organization that will be better positioned for success. This transaction offers attractive value for our shareholders, greater career opportunities for our employees and hope for breakthrough new treatments for our patients. Our two teams are committed to working together towards a smooth transition and integration.”

Under the terms of the transaction, TomoTherapy shareholders will receive $3.15 in cash and 0.1648 shares of Accuray common stock per share of TomoTherapy common stock.  Based on the closing price of Accuray’s common stock on March 4, 2011, the stock component of the consideration is valued at $1.65 per share.  The acquisition price represents a premium of 30.8% percent above the closing price of TomoTherapy’s shares on March 4, 2011. The transaction, which has been approved by the boards of directors of both companies, is expected to close in the second quarter or the beginning of the third quarter of calendar 2011, subject to customary closing conditions, TomoTherapy shareholder approval and regulatory approvals. The acquisition is expected to be accretive to Accuray earnings per share in its fiscal year beginning July 1, 2012.

Accuray recognizes that Madison, Wisconsin, TomoTherapy’s operating and corporate headquarters, is an important center for medical excellence and innovation, and Accuray is committed to maintaining a strong presence in the area.

UBS Investment Bank served as Accuray’s financial advisor on the transaction, and Gibson, Dunn & Crutcher LLP served as its legal counsel.  BofA Merrill Lynch served as financial advisor to TomoTherapy. Sidley Austin LLP served as TomoTherapy’s legal counsel.

The companies have created a new website, www.AccurayTomoTherapy.com, with information regarding this transaction for customers, patients, shareholders and other important stakeholders.  The companies will update this website periodically with new information to keep its stakeholders informed.

Conference Call Open to Investors

Accuray and TomoTherapy will hold a conference call for financial analysts and investors on Monday, March 7, 2011 at 5:00 a.m. PT / 8:00 a.m. ET.  The conference call dial-in numbers are 1-800-510-0146 (USA) or 1-617-614-3449 (International), Password:  24970439.  A live webcast of the call will also be available from the Investor Relations sections at www.Accuray.com and www.TomoTherapy.com.  In addition, a recording of the call will be available by calling 1-888-286-8010 (USA) or 1-617-801-6888 (International), Password: 58638538, beginning at 8:00 a.m. PT / 11:00 a.m. ET, March 7, 2011 and will be available through May 14, 2011.  A webcast replay will also be available from the Investor Relations sections of www.Accuray.com and www.TomoTherapy.com beginning at 8:00 a.m. PT / 11:00 a.m. ET, March 7, 2011 and will be available through May 14, 2011.

About the CyberKnife® Robotic Radiosurgery System

The CyberKnife Robotic Radiosurgery System is the world’s only robotic radiosurgery system designed to treat tumors anywhere in the body non-invasively. Using continual image guidance technology and computer controlled robotic mobility, the CyberKnife System automatically tracks, detects and corrects for tumor and patient movement in real-time throughout the treatment. This enables the CyberKnife System to deliver high-dose radiation with pinpoint precision, which minimizes damage to surrounding healthy tissue and eliminates the need for invasive head or body stabilization frames.

About Accuray

Accuray Incorporated (Nasdaq: ARAY), based in Sunnyvale, Calif., is a global leader in the field of radiosurgery dedicated to providing an improved quality of life and a non-surgical treatment option for those diagnosed with cancer. Accuray develops and markets the CyberKnife Robotic Radiosurgery System, which extends the benefits of radiosurgery to include extracranial tumors, including those in the spine, lung, prostate, liver and pancreas. To date, the CyberKnife System has been used to treat more than 100,000 patients worldwide and currently more than 222 systems have been installed in leading hospitals in the Americas, Europe and Asia. For more information, please visit www.accuray.com.

About TomoTherapy

TomoTherapy Incorporated develops, markets and sells advanced radiation therapy solutions that can be used to treat a wide variety of cancers, from the most common to the most complex. The ring gantry-based TomoTherapy® platform combines integrated CT imaging with conformal radiation therapy to deliver sophisticated radiation treatments with speed and precision while reducing radiation exposure to surrounding healthy tissue. TomoTherapy’s suite of solutions include its Hi·Art® treatment system, which has been used to deliver more than three million CT-guided, helical intensity-modulated radiation therapy (IMRT) treatment fractions; the TomoHD™ treatment system, designed to enable cancer centers to treat a broader patient population with a single device; and the TomoMobile™ relocatable radiation therapy solution, designed to improve access and availability of state-of-the-art cancer care. TomoTherapy’s stock is traded on the NASDAQ Global Select Market under the symbol TOMO. To learn more about TomoTherapy, please visit TomoTherapy.com.

Safe Harbor Statement

The foregoing may contain certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with the medical device industry and the transaction between Accuray and TomoTherapy.  Except for the historical information contained herein, the matters set forth in this press release, including the expected structure and timetable for the transaction between Accuray and TomoTherapy, the transaction’s anticipated strategic and financial benefits, financial prospects and guidance, expectations regarding Accuray’s and TomoTherapy’s ongoing operations, employees, sales, product development and commercialization, synergies and economies of scale following the transaction, are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements speak only as of the date the statements are made and are based on information available at the time those statements are made and/or managements’ good faith belief as of that time with respect to future events.  You should not put undue reliance on any forward-looking statements.  Important factors that could cause actual performance and results to differ materially from the forward-looking statements we make include:  the satisfaction of closing conditions for the transaction between Accuray and TomoTherapy, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act; market conditions; the effect of the announcement of the transaction on Accuray’s and TomoTherapy’s respective businesses; the impact of any failure to complete the transaction; the risk that Accuray and TomoTherapy will not realize the anticipated benefits of the transaction; the potential inability to successfully operate or integrate TomoTherapy’s business; general industry and economic conditions; and other factors beyond the companies’ control and the risk factors and other cautionary statements described in Accuray’s and TomoTherapy’s filings with the SEC.  Please refer to the Risk Factors section of Accuray’s Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2010, and the Risk Factors set forth in TomoTherapy’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010, for a further list and description of additional business risks, uncertainties, and other factors that may affect these statements.  Neither Accuray nor TomoTherapy intends to update these statements and undertakes no duty to any person to provide any such update under any circumstance.

Important Additional Information

Neither Accuray nor TomoTherapy is asking for your vote or soliciting proxies in connection with the transaction at this time.  This press release is for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to purchase, shares of common stock of Accuray, nor does it constitute an offer to purchase, or a solicitation of an offer to sell, shares of common stock of TomoTherapy.  This press release is not a substitute for the proxy statement that TomoTherapy will file, or the registration statement that Accuray will file, with the Securities and Exchange Commission in connection with the transaction.  BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE TRANSACTION, INVESTORS AND SHAREHOLDERS OF TOMOTHERAPY ARE URGED TO READ THE PROXY STATEMENT, REGISTRATION STATEMENT AND THE OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. The final proxy statement will be mailed to TomoTherapy shareholders.  The proxy statement, registration statement and other relevant materials (when they become available), and any other documents filed by TomoTherapy or Accuray with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov; by contacting Accuray’s Investor Relations Department by email at trathjen@accuray.com, by phone at 408.789.4458 or by mail at 1310 Chesapeake Terrace, Sunnyvale, CA 94089, USA; or  by contacting TomoTherapy’s Investor Relations Department by email at tpowell@tomotherapy.com by phone at 608.824.2800 or by mail at 1240 Deming Way, Madison, WI 53717-1954 USA.

Participants in the Solicitation

TomoTherapy and its directors and executive officers and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction.  Information regarding TomoTherapy’s directors and executive officers is available in TomoTherapy’s proxy statement for its 2010 annual meeting of shareholders and TomoTherapy’s Annual Report on Form 10-K for the year ended December 31, 2010, which were filed with the SEC on March 22, 2010 and March 3, 2011, respectively.  Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.

Euan Thomson, Ph.D.

https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=81869

SOURCE Accuray Incorporated; TomoTherapy Incorporated

Monday, March 7th, 2011 Uncategorized Comments Off on Accuray (ARAY) to Acquire TomoTherapy (TOMO) for Approximately $277 Million in Cash and Stock

Breakthrough for Kazaa Subscribers For iPhone and iPad Users

Mar. 7, 2011 (Business Wire) — Atrinsic, Inc. (NASDAQ: ATRN), a marketer of direct to consumer subscription products and an Internet search-marketing agency, announced today that subscribers to its Kazaa digital music subscription service are already entitled and can access the Kazaa music service on the iPad, iPhone and on Android compatible mobile devices by simply navigating to www.kazaa.com, without the requirement of downloading and installing a dedicated application. This exciting innovation allows Kazaa subscribers to immediately stream music via a broad range of wireless devices, and is especially significant in light of Apple®’s recent announcement that it will now keep 30% of revenue generated by new subscriptions and media purchases made in an iPhone or iPad application through its App Store.

The Kazaa digital music subscription service allows customers to pay or charge their subscription to a credit card, mobile phone bill or home telephone bill. “We intend to broaden access for our service with new and dedicated applications, so that the browser is not the only way customers can access our service,” commented Ray Musci, Atrinsic’s COO. “For Kazaa, Apple’s App Store is just one of many marketing and distribution channels we already engage in, with our primary objective of making it convenient and easy for customers to access our service.” Mr. Musci continued, “We have been carefully monitoring our users habits and interacting with them for several months while we build out and customize Kazaa’s products and services to better fit their needs. We intend to continue this practice with many new and exciting innovations to enhance our product and expand our direct marketing relationships.”

About Atrinsic and Kazaa

Atrinsic, Inc. is a marketer of direct-to-consumer subscription products and an Internet search-marketing agency. Atrinsic sells entertainment and lifestyle subscription products directly to consumers, which are marketed through the Internet. Atrinsic also sells Internet marketing services to its corporate and advertising clients. Atrinsic has developed its marketing media network, consisting of web sites, proprietary content and licensed media, to attract consumers, corporate partners and advertisers. Atrinsic believes its marketing media network and proprietary technology allow it to cost-effectively acquire consumers for its products and for its corporate partners and advertisers.

Kazaa is a subscription-based digital music service that gives users unlimited access to millions of CD-quality tracks. For a monthly fee users can listen to unlimited music files and play those files on up to three separate computers and download unlimited ringtones to a mobile phone. Unlike other music services that charge you every time a song is downloaded, Kazaa allows users to listen to and explore as much music as they want for one monthly fee, without having to pay for every track or album. Consumers are billed for this service on a monthly recurring basis through a credit card, landline, or mobile device. Royalties are paid to the rights’ holders for licenses to the music utilized by this digital service. Atrinsic and Brilliant Digital, Inc. jointly offer the Kazaa digital music service pursuant to a Marketing Services Agreement and a Master Services Agreement between the two companies.

Atrinsic, Inc.

Thomas Plotts, CFO, 212-716-1977 ext 222

OR

Investor contact:

BPC Financial Marketing

John Baldissera, 800-368-1217

Monday, March 7th, 2011 Uncategorized Comments Off on Breakthrough for Kazaa Subscribers For iPhone and iPad Users

Parker Drilling Co. (PKD) is “One to Watch”

Parker Drilling is focused on providing worldwide drilling services, rental tools and project management, including rig design, construction and operations management. The company’s U.S. fleet includes 13 barge rigs in the U.S. Gulf of Mexico, and its international fleet includes 28 land rigs and two barge rigs in strategic markets.

Parker Drilling’s rental tools business provides premium equipment to operators on land and offshore in the U.S. and certain international markets. The company’s project management business includes multiple contracts for the design, construction or operation of customer-owned rigs, including operation of two extended-reach-drilling land rigs and one offshore drilling platform.

Over the last 75 years, Parker has set numerous world records for deep and extended-reach drilling, leading the industry in safety performance. The company leverages its technical and safety leadership, cultivated through decades of project execution in new and emerging global markets, to enhance the efficiencies of its customers’ drilling programs.

Parker Drilling’s established strengths as a drilling services provider and the diversity of its operations provide support for long-term earnings growth. The company is committed to exercising financial discipline and maintaining a strong balance sheet while relentlessly pursuing improvement in performance and efficiency.

Monday, March 7th, 2011 Uncategorized Comments Off on Parker Drilling Co. (PKD) is “One to Watch”

Adeona (AEN) Appoints George J. Brewer, M.D., Senior Vice President of Research & Development

ANN ARBOR, Mich., March 3, 2011 /PRNewswire/ — Adeona Pharmaceuticals, Inc. (Amex: AEN), a developer of innovative medicines for serious central nervous system diseases, announced today the appointment of George J. Brewer, M.D., as Senior Vice President of Research & Development.  Dr. Brewer joins the Adeona management team after serving as the Chairman of the Company’s Scientific Advisory Board for seven years.

Dr. Brewer is the Morton S. and Henrietta Sellner Emeritus Professor of Human Genetics and Internal Medicine at the University of Michigan.  He was a member of the National Science Council’s “Committee on Copper in Drinking Water” convened at the request of the Environmental Protection Agency in 2000 to consider the issue of what level of copper in drinking water could be considered “safe.” Dr. Brewer has published over 500 scientific papers, several books and is the inventor of oral zinc therapy approved by the Food & Drug Administration (FDA) in 1997, now standard of care for chronic Wilson’s disease.

“We are pleased that Dr. Brewer, a respected medical innovator and developer of zinc-based therapies over his career, accepted our offer to join Adeona’s management team. As the Chairman of our Scientific Advisory Board, Dr. Brewer provided significant guidance with regard to our clinical development programs, and we look forward to his continued valuable contributions in his new role as Senior Vice President of Research & Development,” stated James S. Kuo, M.D., M.B.A., Adeona’s Chairman and CEO. “We also appreciate the condolences received following the passing of our colleague and friend, David Newsome. While this was an unexpected loss for the Company, we believe the appointment of Dr. Brewer positions our clinical development programs for continued advancement.”

The study coordinators at the three clinical sites conducting Adeona’s study evaluating reaZin™ (zinc cysteine) for the dietary management of Alzheimer’s disease and mild cognitive impairment continue the follow-up appointments with the patients enrolled in this study. Adeona has also contracted a replacement clinical trial associate to monitor the study on behalf of the Company. Patients are scheduled to complete their final study visits by the end of March 2011. As previously announced, Adeona plans to present the results of its pivotal clinical trial in a poster presentation at the American Academy of Neurology Annual Meeting on April 14, 2011 at the Hawaii Convention Center in Honolulu, Hawaii. A concurrent press release will also be distributed.

About Adeona Pharmaceuticals, Inc.

Adeona is a pharmaceutical company developing innovative medicines for the treatment of serious central nervous system diseases. The Company’s strategy is to license product candidates that have demonstrated a certain level of clinical efficacy and develop them to a stage that results in a significant commercial collaboration. Currently, Adeona is developing the following product candidates: a prescription medical food for Alzheimer’s disease, and drugs for multiple sclerosis, fibromyalgia, age-related macular degeneration and rheumatoid arthritis. For more information, please visit Adeona’s website at www.adeonapharma.com.

This release includes forward-looking statements on Adeona’s current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “positions,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believe,” “estimates,” and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements regarding the timing and results of our clinical studies and our ability to successfully develop products with superior benefits. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in Adeona’s forward-looking statements include, among others, the availability of financial and other resources and the allocation of resources among different potential uses, a failure of our clinical trials to be completed on time or to achieve desired results, a failure of the new branding to achieve desired results, a failure of our clinical reference laboratory to continue to grow and achieve revenue or a failure by us or our strategic partners to successfully commercialize products and other factors described in Adeona’s report on Form 10-K for the year ended December 31, 2009 and any other filings with the SEC. The information in this release is provided only as of the date of this release, and Adeona undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

SOURCE Adeona Pharmaceuticals, Inc.

Thursday, March 3rd, 2011 Uncategorized Comments Off on Adeona (AEN) Appoints George J. Brewer, M.D., Senior Vice President of Research & Development

DUSA Pharmaceuticals (DUSA) Reports Full Year 2010 Corporate Highlights and Financial Results

Mar. 3, 2011 (Business Wire) — DUSA Pharmaceuticals, Inc.® (NASDAQ GM: DUSA), a dermatology company that is developing and marketing Levulan® Photodynamic Therapy (PDT) and other products focused on patients with common skin conditions, reported today its corporate highlights and financial results for the fourth quarter and full year ended December 31, 2010.

Fourth quarter and full year financial highlights:

  • For the first time in its history, the Company reached profitability on both a GAAP and non-GAAP basis; as well as, generated positive cash flow (change in cash and cash equivalents and marketable securities) for the full year 2010.
    • GAAP net income was $2.9 million for the fourth quarter and $2.7 million for the full year 2010, representing year-over-year improvements of $2.5 million and $5.2 million, respectively.
    • Non-GAAP net income was a record $3.0 million for the fourth quarter and $4.2 million for the full year 2010, representing year-over-year improvements of $2.1 million and $5.2 million, respectively.
    • The Company generated $2.7 million in positive cash flow during the fourth quarter and $3.0 million in positive cash flow for the full year 2010.
  • Domestic PDT revenues reached a record high of $11.7 million for the fourth quarter of 2010, representing a $3.6 million or 45% improvement as compared to the prior year quarter. Full year 2010 domestic PDT revenues totaled $34.7 million, representing an $8.0 million or 30% improvement year-over-year.

Management Comments:

“2010 was a landmark year for DUSA,” stated Robert Doman, President and CEO. “For the first time in our history, we reached profitability and generated positive cash flow on a full year basis.”

“Our record fourth quarter results, highlighted by a 45% year-over-year increase in our domestic PDT revenues, 88% gross margin achievement on the Kerastick®, and $3.0 million in non-GAAP income, allowed us to deliver on our goals of achieving profitability and positive cash flow for 2010. We were also pleased with the 91 BLU-U® units sold, a 69% increase from the same quarter the previous year,” continued Doman.

“The strength of our fourth quarter results clearly demonstrates the continued uptake of Levulan® and BLU-U® by the dermatological community. At this point, with mid-single digit market penetration, we believe that there is significant upside potential for Levulan® PDT. As we enter 2011, we intend to build the business on the momentum created in 2010 by expanding our sales force headcount by 5 and by planning to initiate a clinical trial in the second quarter aimed at expanding the label on our approved actinic keratosis indication as we continue our efforts to drive shareholder value,” concluded Doman.

Other 2010 Highlights:

  • On May 7, 2010, the Company announced that the United States Patent and Trademark Office had issued a notice of allowance for a key patent related to its proprietary PDT light source, the BLU-U®, Blue Light Photodynamic Therapy Illuminator. The patent, which issued on May 25, 2010, has method of treatment claims which cover the use of DUSA’s blue light technology and aminolevulinic acid HCL (Levulan®) for the treatment of actinic keratosis as well as the diagnosis and treatment of other disease states such as acne, cancer, psoriasis and photodamaged skin. The patent also has claims that cover DUSA’s blue light technology in conjunction with its proprietary Levulan® Kerastick® formulation of aminolevulinic acid HCL. The patent covers our approved Levulan® PDT therapy until June 2019.
  • On June 24, 2010, the Company announced that the United States Patent and Trademark Office (USPTO) had completed its re-examination of US Patent No. 5,079,262, “Method of detection and treatment of malignant and non-malignant lesions utilizing 5-aminolevulinic acid.” Subsequently, the USPTO issued an Ex Parte Re-examination Certificate which affirms the patent’s original seven claims and adds eight claims. This patent covers the use of aminolevulinic acid, the active ingredient in DUSA’s Levulan® Kerastick®, for the treatment of actinic keratoses with light. This patent will expire on September 30, 2013. Additional patents cover DUSA’s Levulan® Kerastick® formulation of aminolevulinic acid HCl in conjunction with its proprietary blue light technology until June 2019 (see above).
  • On October 26, 2010, the Company announced that it had been named to Deloitte’s 2010 Technology Fast 500 list for the third consecutive year. Deloitte recognized DUSA as one of the Top 500 fastest growing technology, media, telecommunications, life sciences, and clean technology companies in North America. Rankings are based on percentage of fiscal year revenue growth during the period 2005-2009.

Looking Forward into 2011:

  • In support of our rapidly expanding domestic PDT business, effective January 1, 2011 the Company has expanded its sales force by adding 4 territory managers and 1 regional sales manager. The sales force now stands at 40 territories and 5 regions.
  • During late 2010, the Company began preparations to initiate a DUSA-sponsored clinical trial to support the addition to our label of a broad area application, short drug incubation, or BASDI, method of using the Levulan® PDT. The purpose of the planned Phase 2 clinical trial, at 8 sites and with approximately 160 patients, will be to investigate the optimal incubation time that Levulan® remains on the skin prior to use of our BLU-U®, which, if successful and with agreement with the FDA, could then be used in a subsequent Phase 3 study. The Phase 2 study objectives would be to determine and compare the safety and efficacy of the BASDI method of using Levulan® PDT as compared to vehicle with light, and to evaluate the effect of incubation times (1, 2 or 3 hours) on the treatment of multiple actinic keratoses and photodamage of the face or scalp. We are finalizing the clinical protocol, and are targeting the initiation of the study for the second quarter of 2011.

Fourth Quarter 2010 Financial Results:

Total product revenues were a record $12.0 million in the fourth quarter of 2010, an increase of $3.2 million or 37% from $8.8 million in the fourth quarter of 2009. PDT revenues totaled $11.9 million, an increase of $3.4 million or 40% from $8.5 million for the comparable 2009 period. The increase in PDT revenues was attributable to a $3.1 million increase in Kerastick® revenues and a $0.3 million increase in BLU-U® revenues. The Kerastick® revenue improvement was driven by a 31% increase in sales volumes and a 7% increase in our average selling price. Kerastick® sales volumes increased to 85,122 units sold in the fourth quarter of 2010 from 64,904 units sold in the comparable 2009 period. Domestic Kerastick® sales volumes increased by 22,170 units or 36% and were offset by a 1,952 unit decrease in our international sales volumes. BLU-U® revenues totaled $0.7 million, up $0.3 million year-over-year. There were 91 units sold during the fourth quarter, as compared to the 54 units sold in the comparable prior year quarter. Non-PDT revenues were $0.1 million for the quarter, down $0.2 million year-over-year.

DUSA’s net income on a GAAP basis was $2.9 million or $0.12 per common share for the fourth quarter of 2010, compared to net income of $0.4 million or $0.02 per common share in the fourth quarter of 2009.

Please refer to the section entitled “Use of Non-GAAP Financial Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP to non-GAAP results for the three and twelve-month periods ended December 31, 2010 and 2009, respectively.

DUSA’s non-GAAP net income for the fourth quarter of 2010 was $3.0 million or $0.12 per common share, compared to a net income of $0.9 million or $0.04 per common share in the prior year period. The improvement in the Company’s profitability was the result of the year-over-year increase in our PDT revenues, which was partially offset by an increase in our operating costs.

Full Year 2010 Financial Results:

Total product revenues for the year ended December 31, 2010 were $37.4 million, an increase of $7.6 million or 26% from $29.8 million in 2009. PDT revenues totaled $36.4 million, an increase of $8.1 million or 29% from $28.3 million for the comparable 2009 period. The increase in PDT revenues was attributable to an $8.1 million increase in Kerastick® revenues. The Kerastick® revenue improvement was driven by a 19% increase in volume, a 9% increase in average selling price; as well as, the acceleration of the recognition of $0.6 million in deferred revenues and milestone payments associated with the termination in September 2010 of our Marketing, Distribution and Supply Agreement with Stiefel Laboratories, Inc. for Latin America. Kerastick® sales volumes increased to 262,046 units in 2010 from 220,288 units sold in 2009. Domestic Kerastick® sales volumes increased by 49,554 units or 25% and were partially offset by a 7,796 decrease in our international sales volumes. BLU-U® revenues were relatively flat year-over-year at $1.9 million as incremental volume was fully offset by a lower average selling price. There were 270 units sold during 2010, as compared to the 252 units sold in the prior year. The decreased average selling price in 2010 is reflective of lower pricing offered to customers in advance of the introduction of the upgraded BLU-U® design which became available in April 2010. Non-PDT revenues totaled $1.0 million down $0.5 million from the prior year due to the absence of Nicomide® royalties from River’s Edge Pharmaceuticals, LLC.

DUSA’s net income on a GAAP basis for the year ended December 31, 2010 was $2.7 million or $0.11 per common share, compared to a net loss of ($2.5) million or ($0.10) per common share in 2009.

DUSA’s non-GAAP net income for the year ended December 31, 2010 was $4.2 million or $0.17 per common share in 2010, compared to a net loss of ($1.0) million or ($0.04) per common share in 2009. The improvement in the Company’s non-GAAP profitability was the result of the year-over-year increase in our PDT revenues and the recognition of $0.5 million in income from operations related to the termination of the Stiefel Agreement, both of which were partially offset by an increase in our operating costs.

As of December 31, 2010, total cash, cash equivalents, and marketable securities were $19.6 million, compared to $16.7 million at December 31, 2009. The Company generated $3.0 million in positive cash flow (change in cash and cash equivalents and marketable securities) during 2010.

Conference Call Details and Dial-in Information:

In conjunction with this announcement, DUSA will host a conference call today:

Thursday, March 3rd – 8:30 am EDT

If calling from North America use the following toll-free number:

800-647-4314

International callers use:

502-719-4466

Password – DUSA

A recorded replay of the call will be available approximately 15 minutes following the call.

North American callers use:

877-863-0350

International callers use:

858-244-1268

The call will be accessible on our website approximately six hours following the call at www.dusapharma.com.

Revenues Table, Condensed Consolidated Balance Sheets, Condensed Consolidated Statement of Operations and GAAP to Non-GAAP reconciliation follow:

Revenues for the three and twelve-month periods were comprised of the following:

Three-months ended

December 31,

Twelve-months ended

December 31,

2010

(Unaudited)

2009

(Unaudited)

2010

(Unaudited)

2009

(Unaudited)

PDT Drug & Device Product Revenues
Kerastick® Product Revenues:
United States $ 10,981,000 $ 7,660,000 $ 32,761,000 $ 24,756,000
Canada 112,000 139,000 491,000 543,000
Korea 101,000 148,000 423,000 646,000
Rest-of-world 4,000 173,000 839,000 434,000
Subtotal Kerastick® Product Revenues 11,198,000 8,120,000 34,514,000 26,379,000
BLU-U® Product Revenues:
United States 669,000 366,000 1,892,000 1,943,000
Canada 12,000 16,000 17,000 16,000
Subtotal BLU-U® Product Revenues 681,000 382,000 1,909,000 1,959,000
Total PDT Drug & Device Product Revenues 11,879,000 8,502,000 36,423,000 28,338,000
Total Non-PDT Product Revenues 124,000 272,000 1,010,000 1,470,000
TOTAL PRODUCT REVENUES $ 12,003,000 $ 8,774,000 $ 37,433,000 $ 29,808,000
DUSA Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
December 31,

2010

(Unaudited)

December 31,

2009

(Unaudited)

ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 8,884,402 $ 7,613,378
Marketable securities 10,762,559 9,055,959
Accounts receivable, net 3,311,467 2,629,189
Inventory 2,165,220 2,170,275
Prepaid and other current assets 1,344,062 1,561,467
TOTAL CURRENT ASSETS 26,467,710 23,030,268
Restricted cash 174,753 174,255
Property, plant and equipment, net 1,582,777 1,660,755
Deferred charges and other assets 68,099 68,099
TOTAL ASSETS $ 28,293,339 $ 24,933,377
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable $ 162,742 $ 630,144
Accrued compensation 2,243,997 1,260,609
Other accrued expenses 2,348,838 2,456,612
Deferred revenue 712,338 902,597
TOTAL CURRENT LIABILITIES 5,467,915 5,249,962
Deferred revenues 1,917,237 2,906,020
Warrant liability 1,203,553 812,905
Other liabilities 181,153 123,016
TOTAL LIABILITIES 8,769,858 9,091,903
SHAREHOLDERS’ EQUITY
Capital stock
Authorized: 100,000,000 shares; 40,000,000 shares designated as common stock, no par, and 60,000,000 shares issuable in series or classes; and 40,000 junior Series A preferred shares. Issued and outstanding: 24,239,365 and 24,108,908 shares of common stock, no par, at December 31, 2010 and December 31, 2009, respectively 151,703,468 151,683,399
Additional paid-in capital 9,399,434 8,291,805
Accumulated deficit (141,656,600 ) (144,359,217 )
Accumulated other comprehensive loss 77,179 225,487
TOTAL SHAREHOLDERS’ EQUITY 19,523,481 15,841,474
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 28,293,339 $ 24,933,377
DUSA Pharmaceuticals, Inc.
Consolidated Statement of Operations
Three-months ended

December 31,

Twelve-months ended

December 31,

2010

(Unaudited)

2009

(Unaudited)

2010

(Unaudited)

2009

(Unaudited)

Product revenues $ 12,002,635 $ 8,773,909 $ 37,432,998 $ 29,807,829
Cost of product revenues and royalties 2,043,702 1,700,564 7,271,777 6,674,346
Gross margin 9,958,933 7,073,345 30,161,221 23,133,483
Operating costs:
Research and development 1,285,773 1,088,264 4,929,622 4,313,313
Marketing and sales 3,695,979 3,436,520 13,240,543 12,897,286
General and administrative 2,204,718 1,910,085 9,123,846 8,270,410
Settlements, net 75,000
Total operating costs 7,186,470 6,434,869 27,294,011 25,556,009
Income/(loss) from operations 2,772,463 638,476 2,867,210 (2,422,526 )
Other income:
Gain/(loss) on change in fair value of warrants 96,316 (338,768 ) (390,648 ) (376,447 )
Other income, net 37,303 66,880 226,055 290,681
Net income/(loss) $ 2,906,082 $ 366,588 $ 2,702,617 $ (2,508,292 )
Basic and diluted net income/(loss) per common share $ 0.12 $ 0.02 $ 0.11 $ (0.10 )
Weighted average number of basic common shares 24,231,974 24,108,908 24,188,163 24,102,085
Weighted average number of diluted common shares 24,898,600 24,213,589 24,765,910 24,102,085

Use of Non-GAAP Financial Measures

In addition to reporting financial results in accordance with GAAP, DUSA has provided in the table below non-GAAP financial measures adjusted to exclude stock-based compensation expense, consideration provided to the former Sirius shareholders, and the non-cash change in fair value of warrants. The Company believes that this presentation is useful to help investors better understand DUSA’s financial performance, competitive position and prospects for the future. Management believes that these non-GAAP financial measures assist in providing a more complete understanding of the Company’s underlying operational results and trends, and in allowing for a more comparable presentation of results. Management uses these measures along with their corresponding GAAP financial measures to help manage the Company’s business and to help evaluate DUSA’s performance compared to the marketplace. However, the presentation of non-GAAP financial measures is not meant to be considered in isolation or as superior to or as a substitute for financial information provided in accordance with GAAP. The non-GAAP financial measures used by the Company may be calculated differently from, and, therefore, may not be comparable to, similarly titled measures used by other companies.

Investors are encouraged to review the reconciliations of these non-GAAP financial measures to the comparable GAAP results, contained in the table below.

Three-months ended

December 31,

Twelve-months ended

December 31,

2010

(Unaudited)

2009

(Unaudited)

2010

(Unaudited)

2009

(Unaudited)

GAAP net income/(loss) $ 2,906,082 $ 366,588 $ 2,702,617 $ (2,508,292 )
Stock-based compensation (a) 186,875 169,005 1,107,631 800,774
Consideration to former Sirius shareholders (b) 4,500 4,000 18,000 314,000
Change in fair value of warrants (c) (96,316 ) 338,768 390,648 376,447
Non-GAAP adjusted net income/(loss) $ 3,001,141 $ 878,361 $ 4,218,896 $ (1,017,071 )
Non-GAAP basic and diluted net income/(loss) per common share $ 0.12 $ 0.04 $ 0.17 $ (0.04 )
Weighted average number of basic common shares 24,231,974 24,108,908 24,188,163 24,102,085
Weighted average number of diluted common shares 24,898,600 24,213,589 24,765,910 24,102,085

————————

(a) Stock-based compensation expense resulting from the application of SFAS 123(R).
(b) Consideration for the release, consent and the third amendment to the merger agreement between DUSA and the former Sirius shareholders. $100K was paid in the second quarter of 2009, with an additional $250K being accrued through the fourth quarter of 2011.
(c) Non-cash gain/loss on change in fair value of warrants.

About DUSA Pharmaceuticals

DUSA Pharmaceuticals, Inc. is an integrated dermatology pharmaceutical company focused primarily on the development and marketing of its Levulan® PDT technology platform, and other dermatology products. Levulan® Kerastick® for topical solution plus DUSA’s BLU-U® Blue Light Photodynamic Therapy Illuminator is currently approved for the treatment of minimally to moderately thick actinic keratoses (AKs) of the face or scalp. DUSA also sells other dermatology products, including ClindaReach®. DUSA is based in Wilmington, Mass. Please visit our website at www.dusapharma.com.

Except for historical information, this news release contains certain forward-looking statements that represent our current expectations and beliefs concerning future events, and involve certain known and unknown risk and uncertainties. These forward-looking statements relate to management’s belief concerning market potential for its products, intention to build business, plans to initiate a clinical study, the purpose, objectives and timing for initiation of the study and possibilities for additional development and management’s beliefs concerning non-GAAP financial measures. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from future results, performance or achievements expressed or implied by those in the forward-looking statements made in this release. These factors include, without limitation, marketing of competitive products, actions by health regulatory authorities, changing economic conditions, the status of our patent portfolio, reliance on third parties, including sole source vendors, sufficient funding, and other risks and uncertainties identified in DUSA’s Form 10-K for the year ended December 31, 2010.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6633471&lang=en

DUSA Pharmaceuticals, Inc.

Robert F. Doman, 978-909-2216

President & CEO

or

Richard Christopher, 978-909-2211

VP Finance & CFO

or

Investor Relations Contact

The Trout Group LLC

Chad Rubin, 646-378-2947

or

Media Contact

MacDougall Biomedical Communications

Cory Tromblee, 781-235-3060

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USA Technologies (USAT) Achieves Milestone for Monthly Transaction Processing Volume

Mar. 3, 2011 (Business Wire) — USA Technologies, Inc. (NASDAQ: USAT), a leader in the networking of wireless, non-cash transactions, today announced that for the month of February 2011, the Company processed a record 6.4 million small-ticket transactions representing $10.3 million—a 24% increase in monthly dollars processed compared to September 2010 when the company last announced these figures, and a new milestone for the Company. The current monthly processing rate equates to over $120 million in annualized transactions, up 20% from the $100 million annualized transaction rate achieved in September 2010.

The Company also reported that on February 12, 2011, it had reached a record of over 300,000 cashless transactions processed in a single day on its ePort Connect Service, up 50% from the last reported record of 200,000 in a single day on September 2, 2010.

“In January, we announced the results of our second fiscal quarter, during which we saw an increase in the number of new ePort customers to over 1,400 and the number of devices connected to our service to approximately 109,000,” said George R. Jensen Jr., Chairman and CEO, USA Technologies Inc. “The combination of increased customers and connections, and increased consumer usage has led to a significant increase in monthly dollars processed and transaction volume, resulting in this milestone of over $10 million processed in a single month. We believe that as cashless technology becomes more pervasive, the growth of our monthly transaction volume becomes a strong indicator of the mainstreaming of cashless for small-ticket, unattended, point-of-sale industries like vending and kiosk.”

As of December 31, 2010 the Company billed monthly fees for approximately 90,000 of its connections. License and transaction fee revenue for the December 31, 2010 quarter was $3,755,690, compared to $2,073,786 for the corresponding quarter a year ago. License and transaction fee revenue is expected to increase as ePort terminals which were shipped to customers in the December 31, 2010 quarter begin or continue to generate license and transaction revenue. The Company counts its ePort connections upon shipment of an active terminal to a customer under contract, at which time activation on its network is performed by the Company, and the terminal is capable of conducting business via the Company’s network and related services.

“We believe the exponential growth in our transaction processing volumes highlights both the increase in consumer acceptance of our technology at the point of sale, as well as the growth in the number of our customers and connections,” concluded Mr. Jensen. “We believe that, with approximately 109,000 connections to our service and rapid growth in transactions driven by consumer demand, the small-ticket, unattended cashless payments market is reaching its tipping point. USA Technologies is proud to be a pioneer and a leader in this space.”

About USA Technologies:

USA Technologies is a leader in the networking of wireless non-cash transactions, associated financial/network services and energy management. USA Technologies provides networked credit card and other non-cash systems in the vending, commercial laundry, hospitality and digital imaging industries. The Company has been granted 79 patents and has agreements with AT&T, Visa, Compass and others. Visit our website at www.usatech.com.

Forward-looking Statements:

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the financial position, anticipated connections to our network, business strategy and the plans and objectives of the Company’s management for future operations, are forward-looking statements. When used in this release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business, financial market and economic conditions, including but not limited to, the ability of the Company to retain key customers from whom a significant portion of its revenues is derived; whether the Company’s customers continue to operate or commence operating ePorts shipped to such customers under the Jumpstart program or otherwise at levels currently anticipated by the Company; the ability of the Company to compete with its competitors to obtain market share; the ability of the Company to obtain widespread commercial acceptance of it products; and whether the Company’s existing or anticipated customers purchase ePort devices in the future at levels currently anticipated by the Company. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, the Company does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.

USA Technologies, Inc.

Investor Contact:

Gregory FCA

Joe Hassett, Senior Vice President, 610-228-2110

joeh@gregcomm.com

or

Press Contact:

Gregory FCA

Katie Nicolai, Account Executive, 610-228-2128

katien@gregcomm.com

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America Service Group (ASGR) Signs Merger Agreement with Valitás Health Services

Mar. 3, 2011 (Business Wire) — America Service Group Inc. (NASDAQ: ASGR), the parent company of PHS Correctional Healthcare, Inc., and Valitás Health Services, Inc., the parent company of Correctional Medical Services, Inc., announced today the signing of an agreement and plan of merger (the “Merger Agreement”) under which the two companies would be combined, bringing together two leading companies in the correctional healthcare field – America Service Group’s PHS Correctional Healthcare and Valitás’ Correctional Medical Services. Upon completion of the transaction, the combined company will have approximately 11,000 employees and independent contractors and will serve more than 400 correctional facilities. The combined company’s annual revenues are expected to total approximately $1.4 billion for 2011.

Pursuant to the terms of the Merger Agreement, Valitás will acquire America Service Group for cash consideration of $26.00 per share, or approximately $250 million, representing a 48.7% premium to the closing price of America Service Group’s stock on March 2, 2011, the last day of trading prior to the announcement of the Merger Agreement.

The transaction is subject to the approval of America Service Group’s stockholders and other customary closing conditions, including the satisfaction of governmental and regulatory approval requirements. The boards of directors of both companies have unanimously approved the Merger Agreement, and the board of directors of America Service Group recommends that its stockholders adopt the merger agreement. The transaction, for which Valitás has received committed financing, is expected to close in the second quarter of 2011.

Under the terms of the Merger Agreement, the board of directors of America Service Group, with the assistance of its independent advisors, intends to solicit superior proposals during the next 45 days. America Service Group does not intend to disclose developments with respect to the solicitation process unless and until the board of directors has made a decision with respect to a potential superior proposal.

In commenting on the announcement, Rich Hallworth, President and Chief Executive Officer of America Service Group, said, “We believe this combination creates a new organization that will bring together the best people in our industry to serve our clients and patients and provides the best value to states and counties seeking to wisely use taxpayer dollars by privatizing their correctional healthcare facilities. The new company will have enhanced scale, broad service offerings, industry leading clinical approaches and growth opportunities for our employees.”

Richard H. Miles, Chairman and Chief Executive Officer of Valitás Health Services, Inc., added, “This combination will be good for the state and local governments we serve, providing them with greater access to outstanding talent and expertise in the specialized field of correctional healthcare. We are creating a team with best-in-class experience, staffing depth and leadership. Our existing and future clients will benefit from the quality of this team.”

Mr. Hallworth added, “I want to assure our clients that there will be no disruption in our services during the pendency of the transaction or afterward. We are keenly aware and sensitive to the needs of our clients, security personnel and patients to consistently deliver services under our respective contracts. Both companies are totally committed to maintaining consistency among those staff members who work in correctional facilities and in direct support of our contracts with corrections agencies. We do not anticipate making changes to these personnel or direct support staff members as we ensure continuity of services and care.”

The corporate headquarters for the combined company will be in Brentwood, Tennessee, while the operational headquarters will be in St. Louis, Missouri. Mr. Hallworth will serve as the Chief Executive Officer, and Stuart Campbell, currently President and Chief Operating Officer of Valitás, will hold those responsibilities in the combined company. Michael Taylor, currently the Executive Vice President and Chief Financial Officer of America Service Group, is expected to serve as Executive Vice President and Chief Financial Officer of the combined company. Mr. Miles will move from his executive role and become the Nonexecutive Chairman of the board of directors.

Barclays Capital and BofA Merrill Lynch have provided customary senior debt commitment letters for the transaction. Funds managed by GSO Capital Partners L.P. and its affiliates have provided customary mezzanine financing commitment letters for the transaction. Barclays Capital and BofA Merrill Lynch are serving as financial advisors to Valitás Health Services. Paul, Hastings, Janofsky & Walker LLP is serving as legal counsel to Valitás Health Services. Barclays Capital rendered a fairness opinion to Valitás’ board of directors in connection with the transaction.

Signal Hill Capital Group LLC is serving as financial advisor to America Service Group. Oppenheimer & Co. Inc. rendered a fairness opinion to the board of directors of America Service Group in connection with the transaction. Bradley Arant Boult Cummings LLP is serving as legal counsel to America Service Group.

About America Service Group

America Service Group Inc., based in Brentwood, Tenn., is a leading provider of correctional healthcare services in the United States. America Service Group Inc., through its subsidiaries, provides a wide range of healthcare programs to government agencies for the medical care of inmates. More information about America Service Group can be found on its website at www.asgr.com.

About Valitás Health Services

Valitás Health Services is the parent company of Correctional Medical Services, Inc (CMS) – a nationwide leader in the provision of correctional healthcare services, offering a comprehensive suite of medical, dental, pharmacy and mental health services for the incarcerated population. For more information, visit the CMS website at www.cmsstl.com.

Cautionary Statement

This press release contains “forward-looking” statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this release that are not historical facts, including statements about America Service Group’s or management’s beliefs and expectations, constitute forward-looking statements and may be indicated by words or phrases such as “anticipates,” “estimates,” “plans,” “expects,” “projects,” “should,” “will,” “believes” or “intends” and similar words and phrases. Readers should not place undue reliance on such forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. The material factors that could cause actual results to differ materially from those expressed in forward-looking statements include, without limitation, the following: (1) the inability to complete the merger in a timely manner; (2) the inability to complete the merger due to the failure to obtain stockholder approval or the failure to satisfy other conditions to completion of the merger, including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976; (3) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; (4) the failure to obtain the necessary debt financing arrangements set forth in the commitment letters received by Valitás in connection with the merger agreement; (5) the impact of the substantial indebtedness incurred to finance the consummation of the merger; (6) the possibility that competing offers will be made; (7) the effect of the announcement of the transaction on America Service Group’s business relationships, operating results and business generally, either before or after the consummation of the transaction; (8) diversion of management’s attention from ongoing business concerns as a result of the pendency or consummation of the Merger; and (9) general economic or business conditions and other factors. Additional information on risk factors that may affect the business and financial results of America Service Group can be found in America Service Group’s most recent Annual Report on Form 10-K and in the filings of America Service Group made from time to time with the SEC. America Service Group undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information and Where to Find It

In connection with the proposed merger, America Service Group will file with the SEC a proxy statement with respect to the special meeting of stockholders that will be held to consider the merger. When completed and filed, the definitive proxy statement and a form of proxy will be mailed to the stockholders of America Service Group. BEFORE MAKING ANY VOTING DECISION, AMERICA SERVICE GROUP’S SHAREHOLDERS ARE STRONGLY URGED TO READ THE PROXY STATEMENT REGARDING THE MERGER CAREFULLY AND IN ITS ENTIRETY BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT AMERICA SERVICE GROUP AND THE PROPOSED MERGER. America Service Group’s stockholders will be able to obtain, without charge, a copy of the proxy statement and other relevant documents filed with the SEC (in each case, when available) from the SEC’s website at http://www.sec.gov. America Service Group’s stockholders will also be able to obtain, without charge, a copy of the proxy statement and other relevant documents (in each case, when available) by directing a request by mail or telephone to America Service Group, Attn: Scott King, General Counsel, 105 Westpark Drive, Suite 200, Brentwood, Tennessee, 37027, telephone: (615)373-3100, or from the investor relations section of America Service Group’s website at www.asgr.com.

Proxy Solicitation

America Service Group and its directors and officers may be deemed to be participants in the solicitation of proxies from America Service Group’s stockholders with respect to the proposed merger. More detailed information regarding the identity of the potential participants, and their direct or indirect interests, by securities holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the proposed merger. Information regarding America Service Group’s directors and executive officers and their ownership of America Service Group’s common stock is also available in America Service Group’s definitive proxy statement for its 2010 Annual Meeting of Shareholders filed with the SEC on April 28, 2010 and updated on May 28, 2010.

America Service Group Inc.

Richard Hallworth, President and Chief Executive Officer, 615-376-0669

or

Michael W. Taylor, Executive Vice President and Chief Financial Officer, 615-376-0669

Thursday, March 3rd, 2011 Uncategorized Comments Off on America Service Group (ASGR) Signs Merger Agreement with Valitás Health Services

Global Defense Technology & Systems, Inc. (GTEC) to be Acquired by an Affiliate of Ares Management LLC

MCLEAN, Va., March 3, 2011 /PRNewswire/ — Global Defense Technology & Systems, Inc. (Nasdaq: GTEC), a provider of mission-critical, technology-based systems, solutions and services for national security agencies and programs of the U.S. government, today announced it has entered into a definitive agreement to be acquired through a cash tender offer at $24.25 per share by an affiliate of Ares Management LLC (“Ares”), in a transaction with a total value of approximately $315 million, including the assumption of debt and prior to expenses.  Under the terms of the agreement, which was approved by GTEC’s Board of Directors, the tender offer is not subject to any financing contingencies.  Damian Perl, the founder and Chief Executive of Global Strategies Group (GLOBAL), former sole beneficial owner of GTEC and a current GTEC director, entered into a tender and voting agreement in support of the offer. GLOBAL is the largest beneficial shareholder in GTEC, owning approximately 42% of GTEC outstanding stock.

(Logo:  http://photos.prnewswire.com/prnh/20110214/MM48186LOGO )

The per share purchase price of the tender offer represents a premium of approximately 51% over GTEC’s closing stock price as of March 2, 2011 and approximately 56% over its 90-day average closing stock price.

“We are extremely excited about what this new relationship will bring to our customers and employees, and the return this represents for our shareholders,” said John Hillen, President & CEO of GTEC. “Ares Management will partner with GTEC’s management team to help support our growth as the leading mid-sized national security company.  Our customers have come to rely on our extensive mission expertise, differentiated technology, engineering solutions and responsiveness as an agile prime contractor. We will continue to build and deliver exceptional solutions in cyber security, information architecture, network and systems engineering, intelligence analysis and force mobility and modernization to support the most pressing needs of our national security customers.”

“We are attracted to GTEC’s platform and business plan as well as the way its management has grown the business,” said Matt Cwiertnia, Senior Partner of Ares Management.  “We anticipate that this long-term investment will enable the existing management team to expand its cutting edge and established franchise—one that is intrinsically involved with the growing markets for IT and national security.”

Transaction Details

Under the terms of the definitive agreement, Ares will commence a cash tender offer to acquire GTEC’s outstanding shares of common stock at $24.25 per share. The closing of the tender offer, which is expected to occur in the second quarter of 2011, is subject to customary terms and conditions, including the tender of at least a majority of GTEC’s shares (on a fully diluted basis) and regulatory approvals including expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The definitive merger agreement provides for the parties to effect, subject to customary conditions, a merger following the completion of the tender offer, which will result in all shares not tendered in the tender offer being converted into the right to receive $24.25 per share in cash. Upon completion of the merger, GTEC will become a private company, wholly owned by Sentinel Acquisition Holdings Inc., an affiliate of Ares.

Under the terms of the definitive merger agreement, GTEC is permitted to solicit alternative acquisition proposals from third parties through April 1, 2011 and intends to consider any such proposals.  There can be no assurance that the solicitation of such proposals will result in an alternative acquisition transaction.  It is not anticipated that any developments will be disclosed with regard to this process unless the Company’s Board of Directors makes an affirmative decision to proceed with an alternative acquisition proposal.  In addition, GTEC may, at any time, subject to the terms of the definitive merger agreement, respond to unsolicited alternative acquisition proposals.  The definitive merger agreement also contains certain break-up fees payable to Ares in connection with the termination of the definitive merger agreement under certain circumstances.

Cowen and Company, LLC is acting as exclusive financial advisor to GTEC. Morrison & Foerster LLP and Pillsbury Winthrop Shaw Pittman LLP are acting as legal advisors to GTEC and its Board of Directors. Wells Fargo Securities LLC is acting as financial advisor to Ares. Proskauer Rose LLP and Arnold & Porter LLP are acting as outside legal counsel to Ares.

About Global Defense Technology & Systems, Inc.

Global Defense Technology & Systems, Inc. provides mission-critical, technology-based systems, solutions, and services for national security agencies and programs of the U.S. government. Our services and solutions are integral parts of mission-critical programs run by the Department of Defense, Intelligence Community, Department of Homeland Security, federal law enforcement agencies, and other parts of the federal government charged with national security responsibilities. GTEC’s nearly 1,200 employees remain focused on delivering essential cyber security systems and operations, intelligence analysis, assured enterprise IT, C4ISR and force mobility and modernization solutions to our customers in the defense and national security community. Learn more about GTEC at www.gtec-inc.com.

About Ares Management LLC

Ares Management LLC is a global alternative asset manager and SEC registered investment adviser with approximately $39 billion of committed capital under management and approximately 360 employees as of December 31, 2010.  The firm is headquartered in Los Angeles with professionals also located across the United States, Europe and Asia and has the ability to invest in all levels of a company’s capital structure – from senior debt to common equity.  The firm’s investment activities are managed by dedicated teams in its Private Equity, Private Debt and Capital Markets investment platforms.  Ares Management was built upon the fundamental principle that each platform benefits from being part of the greater whole.  This multi-asset class synergy provides its professionals with insights into industry trends, access to significant deal flow and the ability to assess relative value.

The Ares Private Equity Group pursues majority or shared-control investments, principally in under-capitalized middle market companies.  The group seeks strong business franchises and situations where its capital can serve as a catalyst for growth. Its senior partners average more than 20 years of experience investing in, controlling, advising, and restructuring leveraged companies.  For additional information, visit www.aresmgmt.com.

Additional Information

The tender offer for the outstanding shares of GTEC has not yet commenced.  This announcement is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of GTEC.  At the time the tender offer is commenced, Ares will file a tender offer statement on Schedule TO with the Securities and Exchange Commission, and GTEC will file a solicitation/recommendation statement on Schedule 14D-9 with respect to the tender offer.  Investors and GTEC stockholders are strongly advised to carefully read the tender offer statement (including the offer to purchase, the letter of transmittal and the related tender offer documents) and the related solicitation/recommendation statement when they become available, as they will contain important information, including the various terms of, and conditions to, the tender offer.  Such materials, when prepared and ready for release, will be made available to GTEC’s stockholders at no expense to them.  In addition, at such time GTEC stockholders will be able to obtain these documents for free from the Securities and Exchange Commission’s website at www.sec.gov.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this announcement other than historical data and information constitute forward-looking statements that involve risks and uncertainties. A number of factors could cause our actual results, performance, achievements or industry results to differ materially from the results, performance or achievements expressed or implied by such forward-looking statements, including, but not limited to the following: uncertainties as to the timing of the tender offer and the merger; uncertainties as to how many of GTEC’s stockholders will tender their shares in the tender offer; the risk that competing offers will be made and that GTEC will enter into an alternative transaction; the possibility that various closing conditions for the transaction may not be satisfied or waived, including regulatory approvals; and other risk factors discussed in GTEC’s Annual Report on Form 10-K, and such other filings that GTEC makes with the Securities and Exchange Commission from time to time. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward-looking statements.  All forward-looking statements speak only as of the date hereof and GTEC undertakes no obligation to update such forward-looking statements in the future except as required by law.

GTEC Investor Relations Contact

Joseph Cormier

t: +1.703.883.2771

e: investors@gtec-inc.com

GTEC Media Contact

Lauren Peduzzi

t: +1.703.738.2861

e: media@gtec-inc.com

Ares Management Media Contact

Bill Mendel

Mendel Communications

t: +1 212.397.1030

e: bill@mendelcommunications.com

Thursday, March 3rd, 2011 Uncategorized Comments Off on Global Defense Technology & Systems, Inc. (GTEC) to be Acquired by an Affiliate of Ares Management LLC

Vista Gold Corp. (VGZ) Announces Listing of Warrants

DENVER, March 2, 2011 /CNW/ — Vista Gold Corp. (TSX & NYSE Amex Equities: VGZ) (“Vista” or the “Corporation”) is pleased to announce that a total of 15,308,044 common share purchase warrants (the “Warrants”) issued on December 15, 2010 (in connection with our previously announced private placement of special warrants) began trading March 1, 2011 on the Toronto Stock Exchange (the “TSX”) under the symbol VGZ.WT.U. See our press releases dated September 30, 2010, October 12, 2010, October 22, 2010 and December 15, 2010 for additional information on the private placement and the Warrants.

In addition, in our press release dated December 15, 2010, we incorrectly announced that 429,348 special warrants and 478,262 compensation warrants were issued to agents and finders (the “Agents”) as part of their compensation for their services provided for the private placement of special warrants. In fact, an aggregate of 641,305 special warrants and 630,436 compensation warrants were issued to the Agents.

The Warrants are freely tradable in Canada, except to, or for the account or benefit, of any U.S. person (as defined in Regulation S under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”). Neither the Warrants nor the common shares issuable upon exercise of the Warrants (the “Warrant Shares”) have been registered under the U.S. Securities Act, or any state securities laws of any state of the United States. Accordingly, the Warrants and the Warrant Shares may not be offered or sold in the United States or to, or for the account or benefit of, any U.S. person (as defined in Regulation S under the U.S. Securities Act) or any person in the United States absent registration under the U.S. Securities Act or an applicable exemption from such registration requirements and in accordance with all applicable state securities laws of any state of the United States. Purchasers of the Warrants or the Warrant Shares may not engage in hedging transactions with regard to the Warrants or the Warrant Shares unless in compliance with the U.S. Securities Act.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Warrants or the Warrant Shares. There shall be no sales of the Warrants or the Warrant Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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

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    For further information, please contact Connie Martinez at (720) 981-1185.
Wednesday, March 2nd, 2011 Uncategorized Comments Off on Vista Gold Corp. (VGZ) Announces Listing of Warrants

Royale (ROYL) Retains Royalty in Monterey Shale Play

SAN DIEGO, March 2, 2011 /PRNewswire/ — Royale Energy, Inc. (Nasdaq: ROYL) announced that it has closed a sale of certain assets located in Kern County CA to a NYSE listed company. The sale includes an undisclosed acreage position together with several infrastructure assets.

Royale has retained an overriding royalty on the acreage, which is prospective for the Monterey Shale.

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.

SOURCE Royale Energy, Inc.

Wednesday, March 2nd, 2011 Uncategorized Comments Off on Royale (ROYL) Retains Royalty in Monterey Shale Play
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