Archive for April, 2011

Clearfield, Inc. (CLFD) Reports Fiscal 2011 2nd Quarter Results

MINNEAPOLIS, April 28, 2011 (GLOBE NEWSWIRE) —

Revenues: $7.1 million, up 51% from second quarter fiscal 2010
Gross profit: $2.9 million, up 67% from second quarter fiscal 2010
Net income: $532,000
Net income per share: $.04 per share diluted

Clearfield, Inc. (Nasdaq:CLFD), the specialist in fiber management and connectivity solutions, today announced results for the second quarter of fiscal 2011, which ended March 31, 2011.

Revenue for the second quarter of fiscal 2011 was $7,120,000 in comparison to $4,725,000 for the comparable second quarter of fiscal 2010, an increase of 51%. Gross profit was $2,894,000 for the second quarter of fiscal year 2011 in comparison to $1,733,000 for the prior year second quarter, an increase of 67%. Gross margin for the second quarter of fiscal year 2011 was 40.6%, up 4.0% for the comparable quarter of fiscal 2010. Net income was $532,000 for the quarter ended March 31, 2011, compared to a net loss of $108,000 for the quarter ended March 31, 2010.

Operating expenses were $2,368,000 for the second quarter of fiscal year 2011, an increase of 27% from $1,865,000 in the same quarter of fiscal year 2010. The Company continues to invest in revenue growth and gross profit enhancement.

Year to Date Performance

Revenue for the six month period ending March 31, 2011 was $14,366,000 in comparison to $9,667,000 for the comparable period in fiscal 2010, an increase of 49%. Gross profit was $5,860,000 for the six month period ending March 31, 2011, in comparison to $3,435,000 for the comparable period in fiscal 2010, an increase of 71%. Gross margin for the period was 40.8%, up from 35.5% in the previous year. Net income was $1,034,000 for the six month period ended March 31, 2011, compared to a net loss of $268,000 in the 2010 equivalent time frame.

Orders in backlog as of March 31, 2011 totaled $3,679,000, an increase of $1,291,000 over the backlog for the previous quarter ending December 31, 2010 and an increase of $1,917,00 over the backlog for the quarter ending March 31, 2010.

Comments on Operations

“We are in an exciting period of opportunity for Clearfield,” commented Cheri Beranek, president and CEO of Clearfield. “We remain focused on growth within the broadband service provider community, while expanding our product mix and customer base.

“With our year-to-date revenue growth 51% ahead of last year, and with bookings outpacing revenue by nearly a million dollars for the six month period, we are appreciative of the market’s approval of Clearfield’s product.

“Market attention remains focused on the broadband stimulus funds associated with the American Recovery and Reinvestment Act (ARRA). As RenderVanderslice, an industry market research firm has published, slightly more than one third of the stimulus award winners are in the beginning stages of their build process and an equal amount are about to commence. The remaining are in the planning and engineering stages. The study illustrates how our industry is just now beginning to benefit from this initiative. There has been some market concern regarding the Federal government’s long-standing broadband-funding program within the Rural Utilities Service (RUS). While we are pleased that the RUS program has been re-instated and that the ARRA is underway, these programs – while an important element of our customers’ growth plans – are just one facet of the dynamics within our market and our marketing initiatives. In addition to our product developments within Fiber to the Premises (FTTp markets), our recent product announcements into distributed fiber, such as cell backhaul and fiber-fed mobile broadband, provide multiple growth opportunities now and into the future.

“During the last quarter, we continued our momentum in extending our reach into national account customers and to private label suppliers that service a broad range of client communities. Looking ahead, we remain focused on continual cost reductions within our product offerings, an expansion of our sales and marketing resources in order to reach a broader client community, and the development of an ever expanding suite of innovative product and service offerings.”

About Clearfield, Inc.

Clearfield, Inc. sets the standard for fiber performance with FiberDeep while lowering the cost of broadband deployment with the FieldSmart fiber management platform and the CraftSmart OSP enclosure system. FieldSmart is the only fiber management platform to be designed around a single architecture – the Clearview Cassette and xPAK— for the inside plant, outside plant and access network. Scaling from 1 to 1728 ports, FieldSmart supports a wide range of panel and cabinet configurations, densities, connectors and adapter options, and are offered alongside an assortment of passive optical components. CraftSmart is the industry’s only field enclosure system optimized for fiber deployment. FiberDeep is a new class of fiber patch cords that guarantees performance at .2dB insertion loss — fully half that of the industry standard. Clearfield provides a complete line of fiber and copper assemblies for inside plant, outside plant and access networks. “FiberDeep,” “FieldSmart,” “CraftSmart OSP,” “Clearview Cassette” and “xPAK” are proprietary or registered trademarks and trade names of Clearfield, Inc. Clearfield is a public company traded on NASDAQ: CLFD.

Forward-Looking Statements

Forward-looking statements contained herein are made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. These statements are based upon the Company’s current expectations and judgments about future developments in the Company’s business. Certain important factors could have a material impact on the Company’s performance, including, without limitation the effect of the significant downturn in the U.S. economy on Clearfield’s customers; the impact of the American Recovery and Reinvestment Act or any other legislation on customer demand and purchasing patterns; cyclical selling cycles; need to introduce new products and effectively compete against competitive products; dependence on third-party manufacturers; limited experience in manufacturing; reliance on key customers; rapid changes in technology; the negative effect of product defects; the need to protect its intellectual property; the impact on its financial results or stock price of its ability to use its deferred tax asset, consisting primarily of net operating loss carryforwards, to offset future taxable income; the valuation of its goodwill and the effect of its stock price, among other factors, on the evaluation of goodwill; and other factors set forth in Clearfield’s Annual Report on Form 10-K for the year ended September 30, 2010 as well as other filings with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements to reflect actual events.

CLEARFIELD, INC.
CONDENSED STATEMENTS OF OPERATIONS
UNAUDITED
Three Months Ended Six Months Ended
March 31, March 31,
2011 2010 2011 2010
Revenues $ 7,119,564 $ 4,724,766 $ 14,366,233 $ 9,667,433
Cost of sales 4,225,825 2,991,390 8,506,541 6,232,349
Gross profit 2,893,739 1,733,376 5,859,692 3,435,084
Operating expenses
Selling, general and administrative 2,368,299 1,864,722 4,827,618 3,754,337
Income (loss) from operations 525,440 (131,346) 1,032,074 (319,253)
Other income (expense)
Interest income 26,953 37,578 56,461 75,634
Interest expense (236) (820)
Other income 15,000 9,837 15,500 24,352
41,953 47,179 71,961 99,166
Income before income taxes 567,393 (84,167) 1,104,035 (220,087)
Income tax expense 34,906 24,203 70,390 47,964
Net income (loss) $ 532,487 $ (108,370) $ 1,033,645 $ (268,051)
Net income (loss)per share:
Basic $0.04 ($.01) $0.09 ($.02)
Diluted $0.04 ($.01) $0.08 ($.02)
Weighted average shares outstanding:
Basic 12,047,962 11,991,544 12,033,468 11,984,238
Diluted 12,757,259 11,991,544 12,693,443 11,984,238
CLEARFIELD, INC.
BALANCE SHEETS
UNAUDITED
March 31,

2010

September 30,

2010

Assets
Current Assets
Cash and cash equivalents $ 7,399,767 $ 5,285,719
Short-term investments 2,550,000 1,764,868
Accounts receivable, net 2,982,733 3,244,379
Inventories 1,813,708 1,512,306
Assets held for sale 639,160
Other current assets 259,626 129,079
Total current assets 15,644,994 11,936,351
Property, plant and equipment, net 611,380 1,273,107
Other Assets
Long-term investments 1,984,163 3,236,163
Goodwill 2,570,511 2,570,511
Deferred taxes – long term 2,103,151 2,145,362
Other 199,467 199,467
Total other assets 6,857,292 8,151,503
Total Assets $23,113,666 $ 21,360,961
Liabilities and Shareholders’ Equity
Total current liabilities 2,583,618 2,036,309
Deferred rent 71,119 78,585
Total Liabilities 2,654,737 2,114,894
Shareholders’ Equity
Common stock 120,532 120,153
Additional paid-in capital 52,767,872 52,589,034
Accumulated deficit (32,429,475) (33,463,120)
Total shareholders’ equity 20,458,929 19,246,067
Total Liabilities and Shareholders’ Equity $23,113,666 $ 21,360,961
CONTACT: Clearfield, Inc. Contact Information:
         Cheryl P. Beranek
         Chief Executive Officer and President
         Investor-relations@clfd.net
         763-476-6866
Thursday, April 28th, 2011 Uncategorized Comments Off on Clearfield, Inc. (CLFD) Reports Fiscal 2011 2nd Quarter Results

Pacer International (PACR) Reports First Quarter Results

Pacer International, Inc. (NASDAQ: PACR), the asset-light North American freight transportation and logistics services provider, today reported financial results for the three month period ended March 31, 2011.

FIRST QUARTER RESULTS

  • Income from operations increased by $3.3 million;
  • Gross margin percentage was 11.7% in the 2011 period compared to 11.2% in the 2010 period;
  • Revenues were $358.4 million. Excluding the impact of the transition of the east-west big box business, intermodal revenues improved by $25.5 million or 10.0%;
  • Selling, general and administrative expenses decreased $2.3 million or 5.9%;
  • Net income increased $2.5 million; and
  • Earnings per share increased by $0.07 to earnings per share of $0.06 in 2011.
(In millions, except for per share data)
2011 2010
Q1 Q1
Revenue $ 358.4 $ 363.7
Gross margin $ 42.1 $ 40.8
Gross margin % 11.7 % 11.2 %
SG&A $ 36.5 $ 38.8
Income from operations 3.9 0.6
Net income (loss) 2.0 (0.5 )
Earnings (loss) per share $ 0.06 $ (0.01 )

“During the first quarter we continued to make progress in achieving our strategic objectives on our journey towards becoming a world class integrated global door-to-door transportation and solutions provider. We are pleased with our improved financial performance and increased customer service and quality, despite some difficult operating conditions with weather and rising fuel costs.” said Daniel W. Avramovich, chairman and CEO of Pacer.

A tabular reconciliation detailing the adjustments made to arrive at the adjusted financial results set forth above and elsewhere in this press release from financial results determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) is contained in the reconciliation schedules attached to this press release. Significant items affecting comparability between periods include adjusted revenues, which exclude the revenues from the east-west big box business from intermodal marketing companies (IMCs) in the first quarter 2010.

CONFERENCE CALL TODAY Pacer International will hold a conference call for investors, analysts, business and trade media, and other interested parties at 8:30 a.m. ET, today (Thursday, April 28, 2011). To participate, please call five minutes early by dialing (800) 230-1093 (in USA) and ask for “Pacer International 1st Quarter Earnings Call.” International callers can dial (612) 288-0329.

An audio-only, simultaneous Webcast of the live conference call can be accessed through the Investors link on the company’s website at www.pacer.com. For persons unable to participate in either the conference call or the Webcast, a digitized replay will be available from April 28, 2011 at 11:00 a.m. ET to May 28, 2011 at 11:59 p.m. ET. For the replay, dial (800) 475-6701(USA) or (320) 365-3844 (international), using access code 201507. During such period, the replay also can be accessed through the Investors link on the company’s website at www.pacer.com.

ABOUT PACER INTERNATIONAL (www.pacer.com)

Pacer International, a leading asset-light North American freight transportation and logistics services provider, offers a broad array of services to facilitate the movement of freight from origin to destination through its intermodal and logistics operating segments. The intermodal segment offers container capacity, integrated local transportation services, and door-to-door intermodal shipment management. The logistics segment provides truck brokerage, warehousing and distribution, international freight forwarding, and supply-chain management services. For more information on Pacer International visit www.pacer.com.

USE OF NON-GAAP FINANCIAL MEASURES: This press release contains “non-GAAP financial measures” as defined by the Securities and Exchange Commission. These non-GAAP measures include adjusted revenues, which exclude the impact of the transition of the east-west big box IMC business. Non-GAAP measures are used by management and the Board of Directors in their analysis of the company’s ongoing core operating performance. Management believes that the non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the company’s core businesses and allows investors to more easily compare operating results from period to period. A tabular reconciliation of the differences between the non-GAAP financial information discussed in this release and the most directly comparable financial information calculated and presented in accordance with GAAP is contained in the financial summary statements attached to this press release.

CERTAIN FORWARD-LOOKING STATEMENTS–This press release contains or may contain 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. These forward-looking statements are based on the company’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions. Among the important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are general economic and business conditions including the continued effect of the current U.S. and global economic environment and the timing and strength of economic recovery in the U.S. and internationally; industry trends, including changes in the costs of services from rail, motor, ocean and air transportation providers; changes resulting from our November 2009 arrangements with Union Pacific that have reduced revenues and have compressed margins; changes in the terms of new or replacement contracts with our underlying rail carriers that are less favorable to us relative to our legacy contracts as these expire (including our legacy contract with Union Pacific, expiring in 2011 which continues to apply to our automotive and international lines of business, and our legacy contract with CSX, expiring in 2014); our reliance on Union Pacific to provide us with, and to service and maintain, the equipment used in our business; our ability to borrow amounts under our credit agreement due to borrowing base limitations and/or to comply with the covenants in our credit agreement; increases in interest rates; the loss of one or more of our major customers; the effect of uncertainty surrounding the current economic environment on the transportation needs of our customers; the impact of competitive pressures in the marketplace; the frequency and severity of accidents, particularly involving our trucking operations; changes in, or the failure to comply with, government regulation; changes in our business strategy, development plans or cost savings plans; congestion, work stoppages, equipment and capacity shortages, weather related issues and service disruptions affecting our rail and motor transportation providers; the degree and timing of changes in fuel prices, including changes in the fuel costs and surcharges that we pay to our vendors and those that we are able to collect from our customers; changes in international and domestic shipping patterns; availability of qualified personnel; difficulties in selecting, developing and implementing applications and solutions to update or replace our diverse legacy systems; increases in our leverage; and terrorism and acts of war. Additional information about these and other factors that could affect the company’s business is set forth in the company’s various filings with the Securities and Exchange Commission, including those set forth in the company’s annual report on Form 10-K for the year ended December 31, 2010 filed with the SEC on February 24, 2011. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, expected or intended. Except as otherwise required by federal securities laws, the company does not undertake any obligation to update such forward-looking statements whether as a result of new information, future events or otherwise.

Pacer International, Inc.
Unaudited Condensed Consolidated Balance Sheet
(in millions)
March 31, 2011 December 31, 2010
Assets
Current assets
Cash and cash equivalents $ 7.3 $ 4.2
Accounts receivable, net 151.1 152.5
Prepaid expenses and other 17.9 15.4
Deferred income taxes 6.5 6.3
Total current assets 182.8 178.4
Property and equipment
Property and equipment at cost 98.4 97.4
Accumulated depreciation (54.9 ) (53.7 )
Property and equipment, net 43.5 43.7
Other assets
Deferred income taxes 22.9 24.3
Other assets 15.6 15.5
Total other assets 38.5 39.8
Total assets $ 264.8 $ 261.9
Liabilities & Equity
Current liabilities
Book overdraft $ 2.5 $ 2.7
Accounts payable and other accrued liabilities 143.8 144.8
Total current liabilities 146.3 147.5
Long-term liabilities
Long-term debt 15.7 13.4
Other 1.9 2.5
Total long-term liabilities 17.6 15.9
Total liabilities 163.9 163.4
Stockholders’ equity
Preferred stock
Common stock 0.4 0.4
Additional paid-in-capital 302.7 302.5
Accumlated deficit (202.1 ) (204.1 )
Accumulated other comprehensive loss (0.1 ) (0.3 )
Total stockholders’ equity 100.9 98.5
Total liabilities and stockholders’ equity $ 264.8 $ 261.9
Pacer International, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in millions, except share and per share data)
Three Months Ended
March 31, 2011 March 31, 2010
Revenues $ 358.4 $ 363.7
Operating Expenses:
Cost of purchased transportation and services 292.3 299.6
Direct operating expense (excluding depreciation) 24.0 23.3
Selling, general and administrative expenses 36.5 38.8
Depreciation and amortization 1.7 1.4
Total operating expenses 354.5 363.1
Income from operations 3.9 0.6
Interest expense, net (0.6 ) (1.3 )
Income (loss) before income taxes 3.3 (0.7 )
Income tax (benefit) 1.3 (0.2 )
Net income (loss) $ 2.0 $ (0.5 )
Earnings (loss) per share:
Basic
Earnings (loss) per share $ 0.06 $ (0.01 )
Weighted average shares outstanding 34,934,722 34,787,301
Diluted:
Earnings (loss) per share $ 0.06 $ (0.01 )
Weighted average shares outstanding 35,064,375 34,787,301
Pacer International, Inc.
Unaudited Condensed Consolidated Statement of Cash Flows
(in millions)
Three Months Ended
March 31, 2011 March 31, 2010
Cash Flows from Operating Activities
Net income (loss) $ 2.0 $ (0.5 )
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 1.7 1.4
Gain on sale of property, equipment and other assets (0.1 )
Gain on sale lease-back transaction (0.2 ) (0.3 )
Deferred taxes 1.2 (0.5 )
Stock based compensation expense 0.2 0.3
Changes in operating assets and liabilities:
Accounts receivables, net 1.4 4.0
Prepaid expenses and other (2.5 ) 0.6
Accounts payable and other accrued liabilities (1.5 ) (2.0 )
Other long-term assets (0.1 ) (1.3 )
Other long-term liabilities (0.2 ) (1.1 )
Net cash provided by operating activities 2.0 0.5
Cash Flows from Investing Activities
Capital expenditures (1.2 ) (2.7 )
Net proceeds from sale lease-back transaction 2.4
Proceeds from sales of property, equipment and other assets 0.1
Net cash used in investing activities (1.2 ) (0.2 )
Cash Flows from Financing Activities
Net borrowings under revolving line of credit 2.3 1.3
Capital lease obligation repayment (0.1 )
Net cash provided by financing activities 2.3 1.2
Net increase in cash and cash equivalents 3.1 1.5
Cash and cash equivalents – beginning of period 4.2 2.8
Cash and cash equivalents – end of period $ 7.3 $ 4.3
Pacer International, Inc.
Unaudited Results by Segment
(in millions)
Three Months Ended
2011 2010 Change % Change
Revenues
Intermodal $ 279.5 $ 264.2 $ 15.3 5.8 %
Logistics 79.0 99.8 (20.8) (20.8)
Inter-segment eliminations (0.1) (0.3) 0.2 (66.7)
Total 358.4 363.7 (5.3) (1.5)
Cost of purchased transportation and services
and direct operating expense 1/
Intermodal 250.8 235.6 15.2 6.5
Logistics 65.6 87.6 (22.0) (25.1)
Inter-segment eliminations (0.1) (0.3) 0.2 (66.7)
Total 316.3 322.9 (6.6) (2.0)
Gross margin
Intermodal 28.7 28.6 0.1 0.3
Logistics 13.4 12.2 1.2 9.8
Total $ 42.1 $ 40.8 $ 1.3 3.2 %
Gross margin percentage
Intermodal 10.3 % 10.8 % (0.5) %
Logistics 17.0 12.2 4.8
Total 11.7 % 11.2 % 0.5 %
1/ Direct operating expenses are only incurred in the intermodal segment
Pacer International, Inc.
Reconciliation of GAAP Revenues to Adjusted Revenues
For the Three Months Ended March 31, 2011 and March 31, 2010
(in millions)
Three Months Ended March 31, 2011 Three Months Ended March 31, 2010 Adjusted
GAAP Adjusted GAAP Adjusted Variance
Revenues: Results Adjustments Results Results Adjustments Results 2011 vs 2010
Intermodal $ 279.5 $ $ 279.5 $ 264.2 $ (10.2 ) 1/ $ 254.0 $ 25.5
Logistics 79.0 79.0 99.8 99.8 (20.8 )
Inter-segment elimination (0.1 ) (0.1 ) (0.3 ) (0.3 ) 0.2
$ 358.4 $ $ 358.4 $ 363.7 $ (10.2 ) $ 353.5 $ 4.9
1/ Transitioned east-west big box revenues from intermodal marketing companies.

INVESTORS:

Pacer International, Inc.

Steve Markosky, 614-923-1703

VP Investor Relations & Financial Planning & Analysis

steve.markosky@pacer.com

or

MEDIA:

Princeton Partners

Erin Bijas, 609-452-8500 x118; 732-895-0792 (mobile)

Senior Account Manager, Public Relations

ebijas@princetonpartners.com

Thursday, April 28th, 2011 Uncategorized Comments Off on Pacer International (PACR) Reports First Quarter Results

Tri-Valley Corp. (TIV) Completes Expanded Phase 1 Claflin Drilling Program

Apr. 28, 2011 (Business Wire) — Tri-Valley Corporation (NYSE Amex: TIV) today announced that it has completed an expanded Phase 1 development drilling program at its Claflin oil project, located in the Edison Oil Field near Bakersfield, California. The Company has drilled eight new wells, up from the six wells initially planned. These new wells are part of Tri-Valley’s overall plan to drill a total of 22 new wells at Claflin during 2011 to convert 2.1 million barrels of net proved undeveloped oil reserves (“PUDs”) on the property to proved developed and producing (“PDP”) status and to increase oil production. The net proved undeveloped reserves were included in the reserves disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, and filed with the U.S. Securities and Exchange Commission on March 22, 2011.

Tri-Valley is currently completing the installation of well-site production equipment and tie-in of the new wells to existing production facilities at Claflin. The Company expects to commence an initial steam injection cycle on the first well in early May and that the new wells will have received an initial steam injection cycle by the end of July; however, new steam generating capacity being installed at Claflin could accelerate completion of this initial steam injection work on the new wells. First oil production is anticipated from some of the new wells by June. Following first production from these new wells, there will be a 90-day evaluation period during which Tri-Valley will analyze the performance of the new wells prior to commencement of the second phase of the Claflin development to complete the remaining 14 new wells by the end of the year.

“We are ahead of schedule on our plans to develop the Claflin property to drive increased oil production in 2011,” said Maston N. Cunningham, President and CEO of Tri-Valley Corporation. “Our plan calls for a total of 13 new vertical wells and nine new horizontal wells to be drilled on the property this year. If we are successful, we expect to exit 2011 with gross daily production of about 800 barrels of oil from the property.”

“With the closing of our recent private placement financing, we raised nearly five million dollars in new capital that will allow us to pursue our development plans at Claflin,” continued Mr. Cunningham. “We would like to welcome Ironman Energy Master Fund, an experienced oil and gas investment fund and major participant in our recent financing, as a significant new shareholder of Tri-Valley Corporation.”

“Negotiations with adjacent land and mineral owners to secure permits for the 3-D seismic acquisition area for the Claflin and adjoining Brea properties have taken more time than originally planned, but we believe that seismic acquisition work should start by the end of May,” added Mr. Cunningham. “This new 3-D data will useful for our exploitation plans for Claflin and Brea, including better geologic control during horizontal drilling operations later this year in the second phase of Claflin development.”

About Tri-Valley

Tri-Valley Corporation explores for and produces oil and natural gas in California and has two exploration-stage gold properties in Alaska. Tri-Valley is incorporated in Delaware and is publicly traded on the NYSE Amex exchange under the symbol “TIV.” Our Company website, which includes all SEC filings, is www.tri-valleycorp.com.

Forward-Looking Statements

All statements contained in this press release that refer to future events or other non-historical matters are forward-looking statements. By way of example, statements contained in this press release related to the expected timeline for well-drilling completion, first oil production, installation of facility upgrades and seismic study results, as well as the anticipated number of wells to be drilled, gross barrel production and production rates, and such other future events, business plans and objectives of management for future operations, are forward-looking statements. Although the Company does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Company cannot guarantee their accuracy. These statements are only predictions based on management’s expectations as of the date of this press release, and involve known and unknown risks, uncertainties and other factors, including: the Company’s ability to obtain additional funding; imprecise estimates of oil reserves; drilling hazards such as equipment failures, fires, explosions, blow-outs, and pipe failure; shortages or delays in the delivery of drilling rigs and other equipment; problems in delivery to market; adverse weather conditions; compliance with governmental and regulatory requirements; fluctuations in oil prices; and such other risks and factors that are discussed in the Company’s filings with the Securities and Exchange Commission from time to time, including under “Item 1A. Risk Factors” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. Except as required by law, the Company undertakes no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform such statements to actual results or to reflect events or circumstances occurring after the date of this press release.

Company Contacts:

John Durbin, 661-864-0500

jdurbin@tri-valleycorp.com

or

Investor Contacts:

EVC Group, Inc.

Doug Sherk/Jenifer Kirtland, 415-896-6820

dsherk@evcgroup.com

jkirtland@evcgroup.com

or

Media Contact:

EVC Group, Inc.

Chris Gale, 646-201-5431

cgale@evcgroup.com

Thursday, April 28th, 2011 Uncategorized Comments Off on Tri-Valley Corp. (TIV) Completes Expanded Phase 1 Claflin Drilling Program

Radient Pharmaceuticals (RPC) Executive Management to Present at the 2011 Aegis Capital Emerging Growth Conference

TUSTIN, CA — (Marketwire) — 04/28/11 — Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today, Radient Pharmaceuticals’ Chairman and CEO, Mr. Douglas MacLellan, and Mr. Akio Ariura, RPC’s Chief Operating Officer and CFO, will serve as the lead presenters during the main evening reception at this year’s Aegis Capital Emerging Growth Conference, Thursday, April 28, 2011. The conference will take place between April 28 and April 30, 2011 at the Palazzo Hotel in Las Vegas, NV.

RPC’s executives will discuss Radient Pharmaceutical’s latest business developments, including clinical test results for its US FDA-cleared Onko-Sure® in vitro diagnostic (IVD) cancer test. Additionally, the two executives will share recent Company achievements, market position, new business initiatives and FY2011 – FY2012 growth plans.

To schedule time to speak with RPC during this event contact Radient Pharmaceuticals IR at info@radient-pharma.com. Additional information on Radient Pharmaceuticals Corporation and its products is also available at www.radient-pharma.com. For Investor Relations contact Kristine Szarkowitz at IR@RadientPharma.com or 1.206.310.5323.

About Aegis Capital Corporation
Aegis Capital Corporation has been in business for the past 26 years and maintains a conflict free service platform catering to the needs of private clients, institutions and corporations. Founded in 1984 by the current CEO and Chairman, Robert Elde, the Company’s origins were based on servicing the specific needs of an extremely affluent customer base. Today, it is a premier full-service investment banking firm with 11 locations and employees stretching from Florida to Rochester, NY, with clients in all 50 states and overseas. Aegis is able to bring quality service through its clearing relationships of Penson and JP Morgan. For more information please go to (www.aegiscap.com).

About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals is dedicated to saving lives and money for patients and global healthcare systems through the deployment of its FDA-cleared In Vitro Diagnostic Onko-Sure® Test Kits for colon-rectal cancer recurrence monitoring. The company’s focus is on the discovery, development and commercialization of unique high-value diagnostic tests that help physicians answer important clinical questions related to early disease-state detection, treatment strategy, and the monitoring of disease progression or recurrence. To learn more about our company, products, and potentially life-saving cancer test, visit www.radient-pharma.com.

Forward Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company’s operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.

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RPC Contact:
Kristine Szarkowitz
Director-Investor Relations
Email Contact
(Tel : ) 206.310.5323

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CytRx’s (CYTR) INNO-206 Receives FDA Approval for Orphan Drug Designation for Pancreatic Cancer

Apr. 28, 2011 (Business Wire) — CytRx Corporation (Nasdaq: CYTR), a biopharmaceutical company specializing in oncology, today announced that its tumor-targeting pro-drug candidate INNO-206 has been approved for orphan drug designation for the treatment of patients with pancreatic cancer by the Office of Orphan Products Development of the U.S. Food and Drug Administration (FDA). CytRx holds the exclusive worldwide development and commercialization rights to INNO-206.

“This designation represents an important and exciting step in the overall development program for INNO-206. We are delighted with the FDA’s decision to grant INNO-206 this special status, particularly given that treatment with INNO-206 resulted in a statistically significant, three-fold reduction in the average primary tumor size in an animal model of pancreatic cancer,” said Steven A. Kriegsman, President and CEO of CytRx. “Only a handful of drugs have shown any benefit for the treatment of patients suffering from this rapidly progressing, deadly cancer, and INNO-206 outperformed both doxorubicin and the current standard of care gemcitabine in the animal trial. We are now arranging advancement of INNO-206’s development for pancreatic cancer in a Phase 2 clinical trial.”

In the United States, under the Orphan Drug Act, the FDA may grant orphan drug designation to a drug intended to treat a rare disease or condition, which is generally a disease that affects fewer than 200,000 individuals in the country. The designation grants U.S. market exclusivity to a drug for a particular indication for a seven-year period if the sponsor complies with certain FDA requirements. Additional incentives for the sponsor include tax credits related to clinical trial expenses and a possible exemption from the FDA-user fee.

INNO-206 is designed to control the release of the commonly prescribed chemotherapeutic doxorubicin and to preferentially target tumors, which the Company believes may make it more effective and less toxic in cancer patients than doxorubicin. Objective clinical responses have been reported in patients with sarcoma, breast and small cell lung cancers. CytRx is currently conducting a Phase 1b safety and dose escalation study with INNO-206 in patients with advanced solid tumors who have failed standard therapies and in the second half of this year, anticipates moving into Phase 2 clinical testing for patients suffering from soft tissue sarcoma.

In July 2009, CytRx announced positive results from an animal trial with a human model of pancreatic cancer. In this trial, treatment with INNO-206 resulted in a statistically significant (p<0.005) three-fold reduction in the average primary tumor size, compared to the control. Treatment with doxorubicin showed only a 30% primary tumor reduction, which was not statistically significant. In a parallel experiment, treatment with gemcitabine, the approved and most commonly prescribed drug for pancreatic cancer, resulted in activity comparable to doxorubicin, with an approximate 30% primary tumor volume reduction. Additionally, although no statistically significant inhibition of tumor spread was demonstrated by either INNO-206 or gemcitabine, due to large variability between individual animals in the control, a substantial trend was observed in the INNO-206 group with an approximate 10-fold decrease in tumor spread to the liver and stomach. The toxicity associated with drug treatment was comparable among the treated groups.

About Pancreatic Cancer

Pancreatic cancer, although a relatively rare form of cancer, is the fourth leading cause of cancer mortality in the U.S. with only a 25% one-year survival rate, according to the American Cancer Society. The American Cancer Society estimates that more than 43,000 new pancreatic cancer cases occurred and more than 36,000 deaths were due to this disease in the U.S. in 2010. One in 76 people is expected to develop pancreatic cancer sometime in their life.

About CytRx Corporation

CytRx Corporation is a biopharmaceutical research and development oncology company engaged in the development of high-value human therapeutics. The CytRx oncology pipeline includes three programs in clinical development for cancer indications: bafetinib, tamibarotene and INNO-206. The Company is evaluating bafetinib in the ENABLE Phase 2 clinical trial in high-risk B-cell chronic lymphocytic leukemia (B-CLL), a pharmacokinetic clinical trial in brain cancer and the PROACT Phase 2 clinical trial in advanced prostate cancer. With its tumor-targeting pro-drug candidate INNO-206, CytRx is conducting a safety trial with plans to initiate Phase 2 proof-of-concept clinical trials as a treatment for soft tissue sarcomas and to support third-party development for pancreatic cancer. CytRx’s pipeline also includes tamibarotene, which it is testing in patients with non-small-cell lung cancer and which is in a registration clinical trial as a treatment for acute promyelocytic leukemia (APL). For more information on the Company, visit http://www.cytrx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements, including risks or uncertainties related to the initiation, outcome, timing and results of clinical testing of INNO-206, including in patients with pancreatic cancers, uncertainties regarding regulatory approvals for current and future clinical testing of INNO-206 and the scope of the clinical testing that may eventually be required by regulatory authorities for INNO-206, the significant time and expense that will be incurred in developing any of the potential commercial applications for INNO-206, including for pancreatic cancer, the risk that any future human testing of INNO-206 for might not produce results similar to those seen in animals, risks related to CytRx’s ability to manufacture its drug candidates, including INNO-206, in a timely fashion, cost-effectively or in commercial quantities in compliance with stringent regulatory requirements, risks related to CytRx’s need for additional capital or strategic partnerships to fund its ongoing working capital needs and development efforts, including any future clinical development of INNO-206, and the risks and uncertainties described in the most recent annual and quarterly reports filed by CytRx with the Securities and Exchange Commission and current reports filed since the date of CytRx’s most recent annual report. All forward-looking statements are based upon information available to CytRx on the date the statements are first published. CytRx undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations

Legend Securities, Inc.

Thomas Wagner

800-385-5790 x152

718-233-2600 x152

twagner@legendsecuritiesinc.com

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Aoxing Pharmaceutical Company (AXN) Receives GMP Certification from SFDA

NEW YORK, April 26, 2011 /PRNewswire/ — Aoxing Pharmaceutical (NYSE Amex: AXN) (“Aoxing Pharma”), a specialty pharmaceutical company focusing on research, development, manufacturing and distribution of narcotic and pain-management products, announced that its operating subsidiary in China, Hebei Aoxing Pharmaceutical Group Company, has received GMP certification from the Chinese State Food and Drug Administration (SFDA) for the pre-treatment, extraction, tincture, and pill workshops, after a site inspection by SFDA. The milestone marks the completion of the Lerentang Pharmaceutical Company’s manufacturing facility relocation from Shijiazhuang to Xinle City, Hebei Province.

Aoxing Pharma has received government support for the relocation from Shijiazhuang City and Hebei Province, totaling $269,231 (1,750,000 RMB) in the form of bank loan interest payment subsidies.

These facilities are expected to begin commercial production in mid-2011. This will enable Aoxing Pharma to supply all 11 of its licensed essential drugs to 29 provinces and municipalities in China (including military regions).

Mr. Zhenjiang Yue, Chairman and CEO of Aoxing Pharma, commented, “Receiving the GMP certification is a very important achievement for Aoxing. This allows us to shift more management and financial resources to the development of our narcotics pipeline. We look forward to restarting the manufacturing and sale of these drugs in the next few months. As always, we are very appreciative of the local government’s continuous support of Aoxing Pharma.”

About Aoxing Pharmaceutical Company, Inc.

Aoxing Pharmaceutical Company, Inc. is a US incorporated specialty pharmaceutical company with its operations in China, specializing in research, development, manufacturing and distribution of a variety of narcotics and pain-management products. Headquartered in Shijiazhuang City, outside Beijing, Aoxing has the largest and most advanced manufacturing facility in China for highly regulated narcotic medicines. Its facility is one of the few GMP facilities licensed for the manufacture of narcotic medicines by the Chinese State Food and Drug Administration (SFDA). It has a joint venture collaboration with Johnson Matthey Plc to produce and market narcotics and neurological drugs in China. It also has strategic alliance partnerships with QRxPharma, Phoenix PharmaLabs, Inc. and American Oriental Bioengineering, Inc. For more information, please visit: www.aoxingpharma.com.

Safe Harbor Statement from Aoxing Pharmaceutical Company, Inc.

Statements contained in this communication not relating to historical facts are forward-looking statements that are intended to fall within the safe harbor rule for such statements under the Private Securities Litigation Reform Act of 1995. The information contained in the forward-looking statements is inherently uncertain, and the Company’s actual results may differ materially due to a number of factors, many of which are beyond its ability to predict or control, including among many others, the Company’s ability to complete GMP certification of the workshops, obtain process approvals, develop the product line as and when anticipated. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual events to differ from the forward-looking statements. More information about some of these risks and uncertainties may be found in the reports filed with the Securities and Exchange Commission by the Company. The Company operates in a highly competitive and rapidly changing business and regulatory environment, thus new or unforeseen risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. These forward-looking statements are based on the Company’s current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. The Company undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

SOURCE Aoxing Pharmaceutical Company, Inc.

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PeopleString’s (PLPE) PeopleDeals Offers Social Coupons that Grow in Value When Shared

RED BANK, N.J., April 26, 2011 /PRNewswire/ — PeopleString Corporation (OTCBB: PLPE) today announced the official launch of PeopleDeals, a social coupon platform that allows merchants to launch real-time social media marketing campaigns and, through its shareItUp feature, offer deals that grow in value as they are shared via social networks, email or text. The platform leverages the power of social media, mobile applications and email, allowing merchants to connect directly with their target consumers and create customized deals that best fit their unique business needs. To help drive online distribution, PeopleDeals has partnered with toolbar and app marketing company, ALOT.com, a division of Vertro, Inc. (NASDAQ: VTRO). Under the terms of the agreement, ALOT.com will feature a specially designed PeopleDeals app on its site and promote the app to its millions of users.

PeopleDeals’ proprietary shareItUp feature incentivizes customer loyalty by increasing the value of deals as they are shared. PeopleDeals exists as a stand-alone web portal and Facebook application, with mobile applications on both the iPhone and Android operating systems launching in the coming weeks. The platform incorporates multiple layers of geolocation technology to ensure that consumers receive only the most relevant deals and to prevent fraud. Users who share a discount via PeopleDeals’ shareItUp button increase the value of their coupon for themselves as well as every other user who did so before them. Currently, users can share deals through Facebook, Twitter, PeopleString, MySpace, Blogger, TypePad, LiveJournal, Delicious, SMS or email.

“PeopleDeals drives long-term customer relationships by rewarding loyalty with increasing discounts, rather than one shot deals,” said Darin Myman, PeopleString’s President and CEO. “PeopleDeals offers merchants something Groupon and its clones – which often attract one-time bargain shoppers – do not: a fully customizable coupon platform, direct connection with their customers, and most importantly, a growing, loyal customer base that will advocate on their behalf.”

Unlike other digital coupon services, which offer businesses few options in crafting their discount, PeopleDeals allows merchants to tailor nearly every facet of their deal to meet their own needs and view a deal’s progress in real time. Business owners can decide beforehand at what price or redemption level they want to cap the offer to ensure profitability. Merchants also have the option of offering several deals at once for no additional charge.

“PeopleDeals makes more expensive marketing channels unnecessary and passes those savings along to the consumer in the form of better deals and bigger discounts,” said Myman. “The cost of traditional marketing is an enormous burden on merchants and particularly small businesses. PeopleDeals provides unlimited marketing potential and the ability to connect directly with a loyal customer base for a third of what a business owner might spend on a single Valpak advertisement or a costly Groupon.”

Unlike similar services that take a commission of up to 50 percent of a merchant’s sales, PeopleDeals charges a flat fee. PeopleDeals offers a free two week trial and is available to businesses for $80 per month or $649 annually. The service is completely free of charge for consumers.

About PeopleString

PeopleString Corporation (OTCBB: PLPE) creates technologies that empower consumers to leverage their social networks to capitalize on the best national and local deals. PeopleString’s patent pending “shareItUp” technology harnesses the power of social media to create coupons that go up in value when shared and rewards loyal customers who share their favorite merchants with others. PeopleString also offers patent pending “Insta Portal” technology which allows users to import pieces of their favorite websites into their own PeopleString homepage. For more information, visit www.peoplestring.com and www.peopledeals.com.

Forward-Looking Statements

Statements about the future expectations of PeopleString Corporation, and all other statements in this press release other than historical facts, are “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 that term is defined in the Private Securities Litigation Reform Act of 1995. PeopleString Corporation intends that such forward-looking statements shall be subject to the safe harbors created thereby. Since these statements involve certain risks and uncertainties and are subject to change at any time, PeopleString Corporation’s actual results could differ materially from expected results.

Contact:
Jonathan Lowe
Ricochet Public Relations
(212) 679-3300

SOURCE PeopleString Corporation

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Rediff.com (REDF) Introduces Group Deals Service in 40 Indian Cities

Apr. 26, 2011 (Business Wire) — Rediff.com India Limited (Nasdaq: REDF) today introduced its group deals service, named Rediff Deal Ho Jaye!, offering consumers an opportunity to discover new local services at discounted prices.

As the pioneer of e-commerce in India and its leading online media company with an audience of more than 15 million unique visitors per month, Rediff.com offers advertisers the ability to reach consumers in 40 cities throughout India. The service also enables consumers to learn about exciting things to do in their cities, to try out services that they haven’t tried before at significant discounts and to stay informed of new deals.

“With the introduction of Deal Ho Jaye!, Rediff now offers local merchants and business owners options for reaching consumers well beyond their traditional scope, building upon our e-commerce platform,” said Ajit Balakrishnan, Chairman and CEO. Rediff.com. “Merchants will now have the ability to take advantage of Rediff.com’s reach to generate business through new customers by offering special discounts and promotions on Rediff Deal Ho Jaye!.”

Mr. Balakrishnan continued, “Deal Ho Jaye! will help consumers discover new services and experiences in their city, such as restaurants, spas, hotels, healthcare, tattoos, hobby classes, adventure sports and other local attractions across 70 categories and at 30-60% discounts, thus helping them make the most of their quality time with their family and friends.”

Rediff.com Deal Ho Jaye! offers will come from local merchants in each city. Consumers will be able to track upcoming promotions by subscribing to the Deal Ho Jaye! email newsletter or by SMS.

In bigger cities, consumers will now have the ability to locate deals even at a local zone level; in Mumbai, for example, consumers can opt to see deals in South Mumbai, Western suburbs, Central suburbs, and Navi Mumbai. For a full list of cities where Rediff Deal Ho Jaye! is available or to sign up your location, go to www.rediff.com and click on the Deals icon.

About Rediff India:

Rediff India (NASDAQ: REDF) is one of the premier worldwide online providers of news, information, communication, entertainment and shopping services for Indians worldwide. Founded in 1996, Rediff.com is headquartered in Mumbai, India with offices in New Delhi, Bangalore, Chennai, Hyderabad and New York.

Safe harbor statement:

Except for historical information and discussions contained herein, statements included in this release may constitute “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 reflect our current expectations. Forward-looking statements are identified by certain words or phrases such as “may”, “will”, “aim”, “will likely result”, “believe”, “expect”, “will continue”, “anticipate”, “estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”, “objective”, “goal”, “project”, “should”, “will pursue” and similar expressions or variations of such expressions. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those that may be projected by these forward looking statements. These risks and uncertainties include but are not limited to the slowdown in the economies worldwide and in the sectors in which our clients are based, the slowdown in the Internet and IT sectors world-wide competition, success of our past and future acquisitions, attracting, recruiting and retaining highly skilled employees, technology, acceptance of new products, legal and regulatory policies, managing risks associated with customer products, the wide spread acceptance of the Internet as well as other risks detailed in the Form 20-F and other reports filed by Rediff.com India Limited with the U.S. Securities and Exchange Commission. Rediff.com India Limited and its subsidiaries may, from time to time, make additional written and oral forward looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. Rediff.com India Limited does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.

Rediff.com India Ltd.

Mandar Narvekar

Investor Relations and Corporate Affairs Contact

+91-22-24449144 Extn 138

investor@rediff.co.in

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II-VI Incorporated (IIVI) Achieves New Records for Bookings and Revenues in the Third Quarter

PITTSBURGH, April 26, 2011 (GLOBE NEWSWIRE) — II-VI Incorporated (Nasdaq:IIVI) today reported results for its third fiscal quarter ended March 31, 2011.

On January 4, 2010, the Company completed its acquisition of Photop Technologies, Inc. (Photop). Company results include Photop’s results for the three and nine months ended March 31, 2011. On December 6, 2010, the Company completed its acquisition of Max Levy Autograph, Inc. (MLA). Results for the quarter and nine months ended March 31, 2011 include the operating results of MLA since the acquisition date.

Bookings for the quarter increased 30% to a record $142,883,000 compared to $109,963,000 in the third quarter of last fiscal year. Bookings for the nine months ended March 31, 2011 increased 49% to $389,061,000 from $261,610,000 for the same period last fiscal year. Included in bookings for the three and nine months ended March 31, 2011 were approximately $36.8 million and $94.4 million, respectively, of bookings attributable to Photop. Bookings are defined as customer orders received that are expected to be converted into revenues during the next 12 months.

Revenues for the quarter increased 33% to a record $129,997,000 from $97,531,000 in the third quarter of last fiscal year. Revenues for the nine months ended March 31, 2011 increased 60% to $371,018,000 from $231,854,000. Included in revenues for the three and nine months ended March 31, 2011 were approximately $32.4 million and $90.1 million, respectively, of revenues attributable to Photop.

Net earnings attributed to II-VI Incorporated for the quarter were $23,119,000, or $0.72 per share-diluted, compared with net earnings of $10,313,000, or $0.33 per share-diluted, in the third quarter of last fiscal year. For the nine months ended March 31, 2011, net earnings attributable to II-VI Incorporated were $60,643,000, or $1.90 per share-diluted, compared to net earnings of $22,600,000, or $0.74 per share-diluted, in the same period last fiscal year.

Francis J. Kramer, president and chief executive officer said, “We achieved record bookings and revenues in the third fiscal quarter as strong positive momentum continued across almost all markets. Bookings increased 30%, revenues were up 33% and earnings more than doubled from the year-ago quarter. Orders in the Infrared Optics segment and at Photop were particularly strong – up 38% and 39%, respectively, from the year-ago quarter and 12% and 24%, respectively, from the quarter ended December 31, 2010. Our backlog stands at $176.5 million, an increase of 23% from March 31, 2010 and 9% from December 31, 2010. Earnings of $0.72 per share-diluted primarily resulted from increases in sales volume and operating efficiencies. The effective tax rate for the quarter was lower to reflect the increased profit contribution from our foreign operations; revenues outside of the U.S. accounted for over 60% of our total revenues for the quarter.”

Kramer continued, “Quarterly EBITDA performance and cash flow generation continue to strengthen. EBITDA for the quarter increased 63% from the same period last fiscal year and 9% from the December 31, 2010 period. During the quarter, we made strategic capital investments of $14 million, after which our cash balance still increased $9 million. Robust market momentum, strong operating performance and a record order backlog are causing us to increase our guidance for the fourth quarter and fiscal year.”

Kramer concluded, “We are in the process of preparing the II-VI Incorporated operating plan for fiscal year 2012. We see continuing strength in industrial markets as global economies rebound. Near-infrared market growth appears positive overall, with ongoing strength in China. We are monitoring U.S. military spending to assess the effects any changes may have on our military businesses. We expect to introduce guidance for fiscal year 2012 in June 2011.”

Segment Information

The following segment information includes segment earnings (defined as earnings before income taxes, interest expense and other expense or income, net). Management believes segment earnings are a useful performance measure because they reflect the results of segment performance over which management has direct control.

Three Months Ended

March 31,

Nine Months Ended

March 31,

2011 2010 %

Increase

2011 2010 %

Increase

Bookings:
Infrared Optics $52,535 $38,023 38% $140,843 $98,637 43%
Near-Infrared Optics 47,195 35,097 34% 116,917 59,428 97%
Military & Materials 23,859 23,456 2% 68,730 60,947 13%
Compound Semiconductor Group 19,294 13,387 44% 62,571 42,598 47%
Total Bookings $142,883 $109,963 30% $389,061 $261,610 49%
Revenues:
Infrared Optics $48,407 $36,139 34% $130,275 $96,492 35%
Near-Infrared Optics 42,354 31,189 36% 120,717 50,370 140%
Military & Materials 22,319 15,847 41% 61,921 46,651 33%
Compound Semiconductor Group 16,917 14,356 18% 58,105 38,341 52%
Total Revenues $129,997 $97,531 33% $371,018 $231,854 60%
Segment Earnings:
Infrared Optics $12,664 $6,851 85% $30,732 $16,891 82%
Near-Infrared Optics 5,526 4,081 35% 20,475 5,189 295%
Military & Materials 4,626 1,965 135% 11,772 5,723 106%
Compound Semiconductor Group 2,854 1,632 75% 10,040 2,420 315%
Total Segment Earnings $25,670 $14,529 77% $73,019 $30,223 142%

Outlook

For the fourth fiscal quarter ending June 30, 2011, the Company currently forecasts revenues to range from $129 million to $134 million and earnings per share to range from $0.68 to $0.73. Comparable results for the quarter ended June 30, 2010 were revenues of $113.2 million and earnings per share of $0.51. For the fiscal year ending June 30, 2011, the Company expects revenues to range from $500 million to $505 million and earnings per share to range from $2.58 to $2.63. Results for the year ended June 30, 2010 were revenues of $345.1 million and earnings per share of $1.25. As discussed in more detail below, actual results may differ from these forecasts due to various factors including, but not limited to, changes in product demand, competition and general economic conditions.

Webcast Information

The Company will host a conference call at 9:00 a.m. Eastern Time on Tuesday, April 26, 2011 to discuss these results. The conference call will be broadcast live over the internet and can be accessed by all interested parties from the Company’s web site at www.ii-vi.com as well as at http://tinyurl.com/3wbksso. A replay of the webcast will be available for 2 weeks following the call.

About II-VI Incorporated

II-VI Incorporated, the worldwide leader in crystal growth technology, is a vertically-integrated manufacturing company that creates and markets products for diversified markets including industrial manufacturing, military and aerospace, high-power electronics and telecommunications, and thermoelectronics applications. Headquartered in Saxonburg, Pennsylvania, with manufacturing, sales, and distribution facilities worldwide, the Company produces numerous crystalline compounds including zinc selenide for infrared laser optics, silicon carbide for high-power electronic and microwave applications, and bismuth telluride for thermoelectric coolers.

In the Company’s infrared optics business, II-VI Infrared manufactures optical and opto-electronic components for industrial laser and thermal imaging systems and HIGHYAG Lasertechnologie GmbH (HIGHYAG) manufactures fiber-delivered beam delivery systems and processing tools for industrial lasers. In the Company’s near-infrared optics business, VLOC manufactures near-infrared and visible light products for industrial, scientific, military and medical instruments and laser gain materials and products for solid-state YAG and YLF lasers. Photop Technologies, Inc. (Photop) manufactures crystal materials, optics, microchip lasers and opto-electronic modules for use in optical communication networks and other diverse consumer and commercial applications. In the Company’s military & materials business, Exotic Electro-Optics (EEO) manufactures infrared products for military applications, Pacific Rare Specialty Metals & Chemicals (PRM) produces and refines selenium and tellurium materials and Max Levy Autograph, Inc. (MLA) manufactures micro-fine conductive mesh patterns for optical, mechanical and ceramic components for applications such as circuitry, metrology standards, targeting calibration and suppression of Electro-Magnetic Interference. In the Company’s Compound Semiconductor Group, the Wide Bandgap Materials (WBG) group manufactures and markets single crystal silicon carbide substrates for use in the solid-state lighting, wireless infrastructure, RF electronics and power switching industries; Marlow Industries, Inc. (Marlow) designs and manufactures thermoelectric cooling and power generation solutions for use in defense, space, photonics, telecommunications, medical, consumer and industrial markets; and the Worldwide Materials Group (WMG) provides expertise in materials development, process development and manufacturing scale up.

This press release contains forward-looking statements based on certain assumptions and contingencies that involve risks and uncertainties. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and relate to the Company’s performance on a going-forward basis.

The forward-looking statements in this press release involve risks and uncertainties, which could cause actual results, performance or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures. The Company believes that all forward-looking statements made by it have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this press release include, but are not limited to: (i) the failure of any one or more of the assumptions stated above to prove to be correct; (ii) the risks relating to forward-looking statements and other “Risk Factors” discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2010; (iii) the purchasing patterns from customers and end-users; (iv) the timely release of new products, and acceptance of such new products by the market; (v) the introduction of new products by competitors and other competitive responses; and/or (vi) the Company’s ability to devise and execute strategies to respond to market conditions.

II-VI Incorporated and Subsidiaries
Condensed Consolidated Statements of Earnings (Unaudited)
($000 except per share data)
Three Months Ended

March 31,

Nine Months Ended

March 31,

2011 2010 2011 2010
Revenues
Net sales:
Domestic $48,221 $45,321 $141,761 $115,621
International 78,724 49,387 221,743 109,645
126,945 94,708 363,504 225,266
Contract research and development 3,052 2,823 7,514 6,588
Total Revenues 129,997 97,531 371,018 231,854
Costs, Expenses and Other Expense (Income)
Cost of goods sold 74,906 58,697 213,129 138,340
Contract research and development 2,243 2,082 5,769 4,486
Internal research and development 3,892 3,238 11,095 7,960
Selling, general and administrative 23,286 18,985 68,006 50,845
Interest expense 34 1 89 44
Other expense (income), net (1,431) 82 (3,033) (50)
Total Costs, Expenses, and Other Expense (Income) 102,930 83,085 295,055 201,625
Earnings Before Income Taxes 27,067 14,446 75,963 30,229
Income Taxes 3,871 4,208 15,111 7,708
Net Earnings 23,196 10,238 60,852 22,521
Less: Net Earnings (Loss) Attributable to Noncontrolling Interests 77 (75) 209 (79)
Net Earnings Attributable to II-VI Incorporated $23,119 $10,313 $60,643 $22,600
Net Earnings Attributable to II-VI Incorporated Diluted Earnings Per Share: $0.72 $0.33 $1.90 $0.74
Net Earnings Attributable to II-VI Incorporated Basic Earnings Per Share: $0.74 $0.34 $1.95 $0.76
Average Shares Outstanding – Diluted 32,104 31,194 31,851 30,378
Average Shares Outstanding – Basic 31,176 30,666 31,038 29,930
II-VI Incorporated and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)
($000)
March 31,

2011

June 30,

2010

Assets
Current Assets
Cash and cash equivalents $128,477 $108,026
Accounts receivable 91,025 78,624
Inventories 111,143 81,397
Deferred income taxes 7,248 5,382
Prepaid and refundable income taxes 9,149 4,294
Prepaid and other current assets 10,883 10,547
Total Current Assets 357,925 288,270
Property, plant & equipment, net 131,792 117,937
Goodwill 62,907 56,088
Other intangible assets, net 28,985 24,995
Investments 15,228 15,269
Deferred income taxes 14 3,029
Other assets 5,019 3,393
Total Assets $601,870 $508,981
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable $28,543 $21,347
Accruals and other current liabilities 61,468 51,838
Total Current Liabilities 90,011 73,185
Long-term debt 3,622 3,384
Deferred income taxes 6,253 6,195
Other liabilities 11,150 15,357
Total Liabilities 111,036 98,121
Total II-VI Incorporated Shareholders’ Equity 490,233 410,353
Noncontrolling Interests 601 507
Total Shareholders’ Equity 490,834 410,860
Total Liabilities and Shareholders’ Equity $601,870 $508,981
II-VI Incorporated and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
($000) Nine Months Ended

March 31,

2011 2010
Net cash provided by operating activities $59,676 $53,526
Cash Flows from Investing Activities
Additions to property, plant and equipment (28,856) (9,384)
Purchase of businesses, net of cash acquired (12,813) (45,600)
Cash acquired from purchased business due to selling shareholders 8,344
Investment in unconsolidated business (1,180) (4,752)
Proceeds from collection of note receivable 2,000
Payment on deferred purchase price (1,141)
Other investing activities 336 180
Net cash used in investing activities (40,513) (52,353)
Cash Flows from Financing Activities
Proceeds from exercises of stock options 4,765 879
Excess tax benefits from share-based compensation expense 2,240 318
Payment on earn-out arrangement (6,000)
Payments on long-term borrowings (558)
Net cash provided by financing activities 1,005 639
Effect of exchange rate changes on cash and cash equivalents 283 (539)
Net increase in cash and cash equivalents 20,451 1,273
Cash and Cash Equivalents at Beginning of Period 108,026 95,930
Cash and Cash Equivalents at End of Period $128,477 $97,203
II-VI Incorporated and Subsidiaries
Other Selected Financial Information
($000 except per share data)
The following other selected financial information includes earnings before interest, income taxes, depreciation

and amortization (EBITDA). Management believes EBITDA is a useful performance measure because it reflects

operating profitability before certain non-operating expenses and non-cash charges.

Other Selected Financial Information
Three Months Ended Nine Months Ended
March 31, March 31,
2011 2010 2011 2010
EBITDA $33,974 $20,829 $96,604 $44,743
Cash paid for capital expenditures $14,188 $2,693 $28,856 $9,384
Net payments on indebtedness $– $– $– $558
Share-based compensation expense, pre-tax $2,240 $2,765 $8,223 $6,868
Reconciliation of Segment
Earnings and EBITDA to Net Earnings Three Months Ended Nine Months Ended
March 31, March 31,
2011 2010 2011 2010
Total Segment Earnings $25,670 $14,529 $73,019 $30,223
Interest expense 34 1 89 44
Other expense (income), net (1,431) 82 (3,033) (50)
Income taxes 3,871 4,208 15,111 7,708
Net earnings $23,196 $10,238 $60,852 $22,521
EBITDA $33,974 $20,829 $96,604 $44,743
Interest expense 34 1 89 44
Depreciation and amortization 6,873 6,382 20,552 14,470
Income taxes 3,871 4,208 15,111 7,708
Net earnings $23,196 $10,238 $60,852 $22,521
CONTACT: Craig A. Creaturo
         Chief Financial Officer and Treasurer
         (724) 352-4455
         ccreaturo@ii-vi.com
         Homepage: www.ii-vi.com
Tuesday, April 26th, 2011 Uncategorized Comments Off on II-VI Incorporated (IIVI) Achieves New Records for Bookings and Revenues in the Third Quarter

Endocyte (ECYT) Announces Intent to Seek Conditional Marketing Authorization in the European Union

WEST LAFAYETTE, Ind., April 26, 2011 (GLOBE NEWSWIRE) — Endocyte, Inc., (Nasdaq:ECYT), a biopharmaceutical company developing targeted small molecule drug conjugates (SMDCs) and companion imaging diagnostics for personalized therapy, today announced its plan to prepare two marketing authorization applications to the European Medicines Agency (EMA). These two marketing applications are for the company’s lead drug candidate EC145 for the treatment of platinum-resistant ovarian cancer and its companion imaging diagnostic EC20 for patient selection. The filings will be based on the results of the randomized Phase 2 PRECEDENT trial and supported by a Phase 2 single agent EC145 clinical trial.

“We’ve been in consultation with the EMA regarding our PRECEDENT results and the design of our Phase 3 trial, PROCEED,” said Ron Ellis, president and CEO of Endocyte. “As part of this consultation, we explored the possibility of seeking conditional marketing authorization in the EU based on Phase 2 results. As a result of our interaction with the EMA, including a meeting with the Scientific Advice Working Party and written advice from the Committee for Medicinal Products for Human Use (CHMP), we will prepare marketing applications for both EC145 and EC20. The CHMP welcomed the use of EC20 to select patients with the targeted receptor, so we plan to seek conditional marketing authorization in patients with platinum-resistant ovarian cancer who are EC20 positive. We will discuss these developments during our first quarter conference call scheduled for May 5, 2011.”

The PRECEDENT trial, a randomized, multi-center, international Phase 2 study, investigated EC145 in combination with standard chemotherapy, pegylated liposomal doxorubicin (PLD), for treatment of women with platinum-resistant ovarian cancer and evaluated the utility of EC20 for patient selection. The study met its primary endpoint; the combination of EC145 and PLD showed an improvement in the time to disease progression or death compared to PLD alone. This improvement was more substantial in patients who were selected with the companion imaging diagnostic EC20.

Conditional marketing authorization may be granted in certain situations for medical products which treat life-threatening diseases and provide earlier access to patients in areas of high unmet medical need. Conditional marketing authorizations must be renewed annually and require completion of ongoing or new clinical trials to confirm that the risk-benefit balance is positive.

Endocyte cannot predict with any certainty at this time when it will file the marketing applications nor give any assurance that the applications for conditional marketing authorization for either EC145 or the companion imaging diagnostic EC20 will be approved by the EMA.

About EC145

EC145 is a conjugate of the vitamin folate and a super-potent vinca alkaloid. Folate is required for cell division and rapidly dividing cancer cells over-express folate receptors in order to capture enough folate to support cell division. By attaching a chemotherapy drug to folate through proprietary chemistry, EC145 targets cancer cells while avoiding most normal cells. This targeted approach is designed to provide treatment with super-potent drugs while lowering toxicity compared to standard chemotherapy.

About Endocyte

Endocyte is a biopharmaceutical company developing targeted therapies for the treatment of cancer and inflammatory diseases. Endocyte uses its proprietary technology to create novel small molecule drug conjugates (SMDCs) and companion imaging diagnostics for personalized targeted therapies. The company’s SMDCs actively target receptors that are over-expressed on diseased cells, relative to healthy cells. This targeted approach is designed to enable the treatment of patients with highly active drugs at greater doses, delivered more frequently, and over longer periods of time than would be possible with the untargeted drug alone. The companion imaging diagnostics are designed to identify patients whose disease over-expresses the target of the therapy and who are therefore more likely to benefit from treatment.

This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995, including descriptions of Endocyte’s plans to seek conditional marketing authorizations from the EMA. These statements are based on management’s current expectations and involve significant risks and uncertainties that may cause results to differ materially from those set forth in the statements. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

CONTACT: Stephanie Ascher, Stern Investor Relations, Inc.,
         (212) 362-1200, stephanie@sternir.com
         Martina Schwarzkopf, Ph.D., Russo Partners,
         (212) 845-4292, martina.schwarzkopf@russopartnersllc.com
         Tony Russo, Ph. D., Russo Partners,
         (212) 845 4251, tony.russo@russopartnersllc.com
Tuesday, April 26th, 2011 Uncategorized Comments Off on Endocyte (ECYT) Announces Intent to Seek Conditional Marketing Authorization in the European Union

First Financial Northwest, Inc. (FFNW) Reports Net Income of $1.4 Million for the First Quarter of 2011

RENTON, Wash., April 25, 2011 (GLOBE NEWSWIRE) — First Financial Northwest, Inc. (the “Company”) (Nasdaq:FFNW), the holding company for First Savings Bank Northwest (the “Bank”), today reported net income for the quarter ended March 31, 2011 of $1.4 million, or $0.08 per diluted share, as compared to net income of $568,000, or $0.03 per diluted share, for the quarter ended December 31, 2010 and a net loss of $17.8 million, or $1.02 per diluted share, for the quarter ended March 31, 2010.

“We are pleased to report our second consecutive quarter of positive earnings. These past couple of years have been very challenging for the banking industry and for our Bank specifically. During the second half of 2010 and through the first quarter of 2011, we continued to work diligently to reduce the level of our nonperforming assets. These efforts have been rewarded with a return to profitability. We will continue to work aggressively on reducing our nonperforming assets to build on the success of the past two quarters,” stated Victor Karpiak, Chairman, President and Chief Executive Officer of First Financial Northwest, Inc.

Highlights for the quarter ended March 31, 2011 include:

  • Nonperforming assets decreased $10.7 million or 11.5% primarily due to a reduction in nonperforming loans. Nonperforming loans decreased $11.8 million to $51.1 million from $62.9 million at December 31, 2010 and represented 6.24% of loans compared to 7.14% at December 31, 2010 and 13.81% at March 31, 2010;
  • Our delinquent loans less than 90 days past due decreased $1.2 million to $8.0 million from $9.2 million at December 31, 2010 as a result of our continued emphasis to aggressively manage our delinquent loan portfolio;
  • We continued to manage the overall risk level of our loan portfolio by reducing our construction/land development loans which declined $13.4 million to $43.1 million, a 23.7% decrease from December 31, 2010. This segment of our loan portfolio now represents 5.23% of total loans compared to 6.33% at December 31, 2010;
  • Net gain on sales of investments totaled $511,000;
  • Sales of other real estate owned (“OREO”) totaled $8.6 million with net gains on sales of $626,000;
  • Net interest margin increased to 3.09% from 2.95% for the quarter ended December 31, 2010 and
  • The Company’s ratio of tangible equity to tangible assets at March 31, 2011 was 14.91% (1).

During the quarter ended March 31, 2011, management evaluated the adequacy of the allowance for loan losses and concluded that a provision for loan losses of $1.2 million was required for the quarter. The amount of the provision was based on management’s analysis of various quantitative and qualitative factors affecting loans to provide reserves adequate to support known and inherent losses within the loan portfolio. The provision decreased $900,000 from the previous quarter as a result of a reduction of $11.8 million of nonperforming loans from December 31, 2010 and a decrease in the loan portfolio balance.

The effect of the $1.2 million provision for loan losses combined with net charge-offs of $3.5 million resulted in a decrease in the allowance for loan losses to $20.3 million at March 31, 2011 from $22.5 million at December 31, 2010. The allowance for loan losses as a percent of nonperforming loans increased to 39.6% at March 31, 2011, compared to 35.8% at December 31, 2010, primarily due to the $11.8 million decrease in nonperforming loans during the first quarter.

Our troubled debt restructured loans (“TDRs”) increased $2.5 million to $77.2 million during the first quarter of 2011. Of these loans, $65.8 million or 85.3% are classified as performing. These loans represent loan relationships where the Bank modified the loan terms because the borrower was experiencing financial challenges and was not able to keep their loan payments current. Our priority is to negotiate a solution that is acceptable to the Bank while providing the borrower time to resolve their financial issues.

_____________________________________

(1) The tangible equity to tangible assets ratio is the same as the equity to assets ratio under Generally Accepted Accounting Principles (“GAAP”) as the Company has an immaterial amount of intangible assets at March 31, 2011.

The following table presents a breakdown of our nonperforming assets:

March 31,

2011

December 31,

2010

March 31,

2010

Three Month

Increase

(Decrease)

One Year

Increase

(Decrease)

(In thousands)
One-to-four family residential (1) $ 15,652 $ 22,688 $ 48,035 $ (7,036) $ (32,383)
Multifamily 700 700 700
Commercial real estate 11,104 7,306 14,108 3,798 (3,004)
Construction/land development 23,485 32,885 83,016 (9,400) (59,531)
Consumer 145 57 759 88 (614)
Total nonperforming loans $ 51,086 $ 62,936 $ 145,918 $ (11,850) $ (94,832)
OREO 31,266 30,102 20,500 1,164 10,766
Total nonperforming assets $ 82,352 $ 93,038 $ 166,418 $ (10,686) $ (84,066)
(1) The majority of these loans are related to our merchant builders rental properties.

Nonperforming assets decreased for the fourth consecutive quarter. At their peak, nonperforming assets reached $166.4 million at March 31, 2010 decreasing to $82.4 million at March 31, 2011, representing an $84.0 million or 50.5% decrease. Nonperforming assets as a percent of total assets was 6.96%, 7.79% and 12.60% at March 31, 2011, December 31, 2010 and March 31, 2010, respectively.

The following table presents a breakdown of our OREO by county and type of property at March 31, 2011:

King

County

Pierce

County

Kitsap

County

Snohomish

County

All other

counties

Total

OREO

Percent of

Total OREO

(Dollars in thousands)
One-to-four family residential $ 3,771 $ 6,544 $ 1,904 $ 1,674 $ 475 $ 14,368 45.95 %
Commercial real estate 563 2,600 1,292 450 4,905 15.69
Construction/land development 5,906 3,522 2,565 11,993 38.36
Total OREO $ 10,240 $ 9,144 $ 6,718 $ 1,674 $ 3,490 $ 31,266 100.00 %

OREO increased $1.2 million or 3.9% to $31.3 million at March 31, 2011 from $30.1 million at December 31, 2010 as we continued to take possession of the underlying collateral of nonperforming loans and transfer them to OREO to facilitate their sale. We sold $8.6 million of OREO during the first quarter of 2011 which generated a net gain of $626,000. We evaluate the market value of our OREO inventory quarterly. As a result of the evaluation of our OREO properties, we expensed $628,000 related to the decline in the market value of our OREO during the quarter ended March 31, 2011. Additional expenses related to OREO were $850,000 for the first quarter of 2011. During the remainder of 2011, we will continue to actively market our OREO properties in an effort to minimize the amount of holding costs incurred.

Net interest income for the quarter ended March 31, 2011 was $8.6 million compared to $8.5 million for the quarter ended December 31, 2010. Net interest income for the first quarter of 2011 increased $552,000 to $8.6 million from $8.1 million for the same period in 2010. The reason for this change was a decrease of $2.5 million in interest expense partially offset by a decrease of $2.0 million in interest income. The decline in our total interest expense was primarily the result of $60.1 million of certificates of deposit maturing during the first quarter of 2011, with new and renewing certificates pricing at lower interest rates. In addition, public funds decreased $10.8 million during the first quarter of 2011 as part of our strategy to reduce our exposure to these types of higher cost deposits. Our cost of funds declined 78 basis points to 2.03% for the quarter ended March 31, 2011 from 2.81% for the same quarter in 2010. Our interest rate spread increased 65 basis points to 2.88% from 2.23% while the net interest margin increased to 3.09% from 2.59% from the first quarter of 2010.

Noninterest expense for the first quarter of 2011 decreased $104,000 to $6.6 million compared to $6.7 million from the fourth quarter of 2010. Noninterest expense for the quarter ended March 31, 2011 decreased $2.3 million from the same quarter in 2010. The decline was primarily the result of a decrease in expenses related to OREO of $2.6 million during the quarter.

Progress on Regulatory Order

On September 24, 2010, the Bank entered into a Stipulation and Consent to the Issuance of a Consent Order (“Order”) with the FDIC and the Washington State Department of Financial Institutions (“DFI”). The Order required that a number of items be completed over various time frames. We are pleased to report that we believe we have complied with each item set forth in the Order in advance of all required due dates and the appropriate documentation has been submitted to our regulators for their review. We will continue to work towards reducing substandard assets and improving earnings in the upcoming quarters in our ongoing efforts to improve our operations.

The Bank’s Tier 1 capital ratio was 12.13% and our Total risk-based capital ratio was 21.30% at March 31, 2011 which exceeded the Order requirements of 10% and 12%, respectively.

Adversely classified assets as a percent of Tier 1 capital plus the allowance for loan losses was 128% at the beginning of 2010. The Order requires assets classified as substandard at the time of the most recent examination be below 65% by March 2011. The Bank achieved this target as of September 30, 2010 and continues to reduce its substandard assets below these levels. We are committed to working with our regulators towards satisfactory resolution of each requirement.

First Financial Northwest, Inc. is the parent company of First Savings Bank Northwest, a Washington chartered stock savings bank headquartered in Renton, Washington, serving the Puget Sound Region through its full-service banking office. We are a part of the ABA NASDAQ Community Bank Index. For additional information about us, please visit our website at www.fsbnw.com and click on the “Investor Relations” section.

Forward-looking statements:

Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding our mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. Our actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and write-offs that may be impacted by deterioration in the housing and commercial real estate markets and may lead to increased losses and nonperforming assets in our loan portfolio, and may result in our allowance for loan losses not being adequate to cover actual losses, and require us to materially increase our reserves; changes in general economic conditions, either nationally or in our market areas; changes in the levels of general interest rates, and the relative differences between short and long term interest rates, deposit interest rates, our net interest margin and funding sources; fluctuations in the demand for loans, the number of unsold homes and other properties and fluctuations in real estate values in our market areas; results of examinations of us by the Office of Thrift Supervision and our bank subsidiary by the Federal Deposit Insurance Corporation, the Washington State Department of Financial Institutions, Division of Banks or other regulatory authorities, including the possibility that any such regulatory authority may, among other things, institute additional enforcement actions against the Company or the Bank, to take additional corrective action and refrain from unsafe and unsound practices, which may also require us to increase our reserve for loan losses, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings; our compliance with regulatory enforcement actions; the requirements and restrictions that have been imposed upon the Company under the memoranda of understanding with the Office of Thrift Supervision and the consent order the Bank entered into with the FDIC and the Washington DFI and the possibility that the Company and the Bank will be unable to fully comply with these enforcement actions which could result in the imposition of additional requirements or restrictions; our ability to attract and retain deposits; further increases in premiums for deposit insurance; our ability to control operating costs and expenses; the use of estimates in determining fair value of certain of our assets, which estimates may prove to be incorrect and result in significant declines in valuation; difficulties in reducing risk associated with the loans on our balance sheet; staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges; computer systems on which we depend could fail or experience a security breach; our ability to retain key members of our senior management team; costs and effects of litigation, including settlements and judgments; our ability to implement our branch expansion strategy; our ability to successfully integrate any assets, liabilities, customers, systems, and management personnel we have acquired or may in the future acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; our ability to manage loan delinquency rates; increased competitive pressures among financial services companies; changes in consumer spending, borrowing and savings habits; legislative or regulatory changes that adversely affect our business including changes in regulatory policies and principles, including the interpretation of regulatory capital or other rules; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; inability of key third-party providers to perform their obligations to us; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; the economic impact of war or any terrorist activities; other economic, competitive, governmental, regulatory, and technological factors affecting our operations; pricing, products and services; and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2010. Any of the forward-looking statements that we make in this Press Release and in the other public statements we make may turn out to be wrong because of the inaccurate assumptions we might make, because of the factors illustrated above or because of other factors that we cannot foresee. Because of these and other uncertainties, our actual future results may be materially different from those expressed in any forward-looking statements made by or on our behalf. Therefore, these factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. We undertake no responsibility to update or revise any forward-looking statements.

FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Dollars in thousands, except share data)
(Unaudited)
Assets March 31, 2011 December 31, 2010 March 31,

2010

Three Month Change One Year Change
Cash on hand and in banks $ 4,869 $ 7,466 $ 8,373 (34.8) % (41.9) %
Interest-bearing deposits 159,126 90,961 107,326 74.9 48.3
Investments available for sale 148,230 164,603 109,593 (10.0) 35.3
Loans receivable, net of allowance of $20,250, $22,534 and $36,479 796,354 856,456 1,016,896 (7.0) (21.7)
Premises and equipment, net 19,585 19,829 20,453 (1.2) (4.2)
Federal Home Loan Bank stock, at cost 7,413 7,413 7,413
Accrued interest receivable 4,339 4,686 4,716 (7.4) (8.0)
Federal income tax receivable 6,346 5,916 12,160 7.3 (47.8)
Deferred tax assets, net 5,415 (100.0)
Other real estate owned 31,266 30,102 20,500 3.9 52.5
Prepaid expenses and other assets 6,210 6,226 8,384 (0.3) (25.9)
Total assets $ 1,183,738 $ 1,193,658 $ 1,321,229 (0.8) % (10.4) %
Liabilities and Stockholders’ Equity
Interest-bearing deposits $ 901,408 $ 911,526 $ 957,389 (1.1) % (5.9) %
Non-interest bearing deposits 4,818 8,700 5,201 (44.6) (7.4)
Advances from the Federal Home Loan Bank 93,066 93,066 139,900 (33.5)
Advance payments from borrowers for taxes and insurance 4,293 2,256 4,509 90.3 (4.8)
Accrued interest payable 230 214 402 7.5 (42.8)
Other liabilities 3,408 3,418 3,789 (0.3) (10.1)
Total liabilities 1,007,223 1,019,180 1,111,190 (1.2) (9.4)
Commitments and contingencies
Stockholders’ Equity
Preferred stock, $0.01 par value; authorized 10,000,000 shares, no shares issued or outstanding $ — $ — $ — — % — %
Common stock, $0.01 par value; authorized 90,000,000 shares; issued and outstanding 18,805,168 shares at March 31, 2011, December 31, 2010 and March 31, 2010 188 188 188
Additional paid-in capital 187,707 187,371 186,415 0.2 0.7
Retained earnings (accumulated deficit), substantially restricted 1,129 (305) 36,078 (470.2) (96.9)
Accumulated other comprehensive income, net of tax 469 484 1,465 (3.1) (68.0)
Unearned Employee Stock Ownership Plan (ESOP) shares (12,978) (13,260) (14,107) (2.1) (8.0)
Total stockholders’ equity 176,515 174,478 210,039 1.2 (16.0)
Total liabilities and stockholders’ equity $ 1,183,738 $ 1,193,658 $ 1,321,229 (0.8) % (10.4) %
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
Consolidated Income Statements
(Dollars in thousands, except share data)
(Unaudited)
Quarter Ended Three Month
March 31, 2011 December 31, 2010 March 31, 2010 % Change
Interest income
Loans, including fees $ 12,428 $ 13,267 $ 14,594 (6.3) %
Investments available for sale 1,205 1,118 1,007 7.8
Cash on hand and in banks 76 62 61 22.6
Total interest income $ 13,709 $ 14,447 $ 15,662 (5.1) %
Interest expense
Deposits 4,513 4,914 6,571 (8.2)
Federal Home Loan Bank advances 576 1,074 1,023 (46.4)
Total interest expense $ 5,089 $ 5,988 $ 7,594 (15.0) %
Net interest income 8,620 8,459 8,068 1.9
Provision for loan losses 1,200 2,100 13,000 (42.9)
Net interest income (loss) after provision for loan losses $ 7,420 $ 6,359 $ (4,932) 16.7 %
Noninterest income
Net gain on sale of investments 511 843 (39.4)
Other 85 52 46 63.5
Total noninterest income $ 596 $ 895 $ 46 (33.4) %
Noninterest expense
Salaries and employee benefits 3,289 3,008 3,189 9.3
Occupancy and equipment 402 397 425 1.3
Professional fees 480 538 459 (10.8)
Data processing 209 189 170 10.6
Loss (gain) on sale of OREO property, net (626) (403) 437 55.3
OREO market value adjustments 628 440 2,271 42.7
OREO related expenses, net 850 1,047 702 (18.8)
FDIC/OTS assessments 710 832 580 (14.7)
Insurance and bond premiums 247 148 149 66.9
Marketing 61 64 43 (4.7)
Other general and administrative 332 426 442 (22.1)
Total noninterest expense $ 6,582 $ 6,686 $ 8,867 (1.6) %
Income (loss) before provision for federal income taxes 1,434 568 (13,753) 152.5
Provision for federal income taxes 3,999
Net income (loss) $ 1,434 $ 568 $ (17,752) 152.5 %
Basic earnings (loss) per share $ 0.08 $ 0.03 $ (1.02) 166.7 %
Diluted earnings (loss) per share $ 0.08 $ 0.03 $ (1.02) 166.7 %

The following table presents a breakdown of our loan portfolio:

March 31, 2011 December 31, 2010
Amount Percent Amount Percent
(Dollars in thousands)
One-to-four family residential (1)
Permanent $ 375,894 45.6 % $ 393,334 44.1 %
Construction 5,356 0.6
375,894 45.6 398,690 44.7
Multifamily:
Permanent 126,120 15.3 140,762 15.8
Construction 3,024 0.4 4,114 0.4
129,144 15.7 144,876 16.2
Commercial real estate:
Permanent 227,202 27.6 237,708 26.6
Construction 26,861 3.3 28,362 3.2
Land 4,419 0.5 6,643 0.8
258,482 31.4 272,713 30.6
Construction/land development:
One-to-four family residential 17,643 2.1 26,848 3.0
Multifamily 882 0.1 1,283 0.1
Commercial 1,104 0.1 1,108 0.1
Land development 23,490 2.9 27,262 3.1
43,119 5.2 56,501 6.3
Business 1,026 0.1 479 0.1
Consumer 16,767 2.0 19,127 2.1
Total loans $ 824,432 100.0 % $ 892,386 100.0 %
Less:
Loans in process (LIP) 5,633 10,975
Deferred loan fees, net 2,195 2,421
Allowance for loan losses 20,250 22,534
Loans receivable, net $ 796,354 $ 856,456
(1) Includes $166.2 million and $173.4 million of non-owner occupied loans at March 31, 2011 and December 31, 2010, respectively.
FIRST FINANCIAL NORTHWEST, INC. AND SUBSIDIARIES
Key Financial Information
(Unaudited)
At or For the Quarter Ended
March 31, 2011 December 31, 2010 March 31, 2010
(Dollars in thousands, except share data)
Performance Ratios:
Return on assets 0.48 % 0.19 % (5.36) %
Return on equity 3.25 1.28 (30.29)
Equity-to-assets ratio 14.91 14.62 15.90
Interest rate spread 2.88 2.70 2.23
Net interest margin 3.09 2.95 2.59
Average interest-earning assets to average interest-bearing liabilities 111.55 111.77 115.09
Efficiency ratio 71.42 71.48 109.28
Noninterest expense as a percent of average total assets 2.21 2.19 2.68
Book value per common share $ 9.39 $ 9.28 $ 11.17
Capital Ratios (1):
Tier 1 leverage 12.13 % 11.73 % 11.33 %
Tier 1 risk-based 20.03 18.38 16.43
Total risk-based 21.30 19.65 17.73
Asset Quality Ratios (2):
Nonaccrual and 90 days or more past due loans as a percent of total loans 6.24 % 7.14 % 13.81 %
Nonperforming assets as a percent of total assets 6.96 7.79 12.60
Allowance for loan losses as a percent of total loans 2.47 2.56 3.45
Allowance for loan losses as a percent of nonperforming loans 39.64 35.80 25.00
Net charge-offs to average loans receivable, net 0.42 0.90 0.92
Allowance for Loan Losses:
Allowance for loan losses, beginning of the quarter $ 22,534 $ 28,400 $ 33,039
Provision 1,200 2,100 13,000
Charge-offs (3,675) (8,970) (9,682)
Recoveries 191 1,004 122
Allowance for loan losses, end of the quarter $ 20,250 $ 22,534 $ 36,479
Nonperforming Assets:
Nonperforming loans (3)
Nonaccrual loans $ 39,737 $ 46,637 $ 108,135
Nonaccrual troubled debt restructured loans 11,349 16,299 37,783
Total nonperforming loans $ 51,086 $ 62,936 $ 145,918
OREO 31,266 30,102 20,500
Total nonperforming assets $ 82,352 $ 93,038 $ 166,418
Performing troubled debt restructured loans $ 65,805 $ 58,375 $ 22,948
(1) Capital ratios are for First Savings Bank Northwest only.
(2) Capital ratios are for First Savings Bank Northwest only.
(3) There were no loans 90 days or more past due and still accruing interest for the periods presented.
Monday, April 25th, 2011 Uncategorized Comments Off on First Financial Northwest, Inc. (FFNW) Reports Net Income of $1.4 Million for the First Quarter of 2011

BioCryst Pharmaceuticals (BCRX) to Announce First Quarter 2011 Financial Results

Apr. 25, 2011 (Business Wire) — BioCryst Pharmaceuticals (NASDAQ:BCRX) today announced that its first quarter 2011 financial results will be released on Wednesday, May 4, 2011. BioCryst will host a conference call and webcast at 11:00 a.m. Eastern Time to discuss the financial results and to provide an update on the Company’s programs. The call will be led by Jon P. Stonehouse, President and Chief Executive Officer, Stuart Grant, Chief Financial Officer and Dr. William P. Sheridan, Chief Medical Officer.

The webcast can be accessed by logging onto www.BioCryst.com. Please connect to the website at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be needed. To participate in the conference call, please dial 1-877-303-8027 (United States) or 1-760-536-5165 (International). No passcode is needed for the call. The audio portion of the webcast will be archived and available for replay for at least 14 days.

About BioCryst

BioCryst Pharmaceuticals designs, optimizes and develops novel small-molecule pharmaceuticals that block key enzymes involved in infectious diseases, inflammatory diseases and cancer. BioCryst currently has three novel late-stage compounds in development: peramivir, a neuraminidase inhibitor for the treatment of influenza, BCX4208, a purine nucleoside phosphorylase (PNP) inhibitor for the treatment of gout, and forodesine, an orally-available PNP inhibitor for hematological malignancies. Utilizing crystallography and structure-based drug design, BioCryst continues to discover additional compounds and to progress others through pre-clinical and early development to address the unmet medical needs of patients and physicians. For more information, please visit the Company’s website at www.biocryst.com.

This press release contains forward-looking statements, including statements regarding future results and achievements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Please refer to the documents BioCryst files periodically with the SEC and located at http://investor.shareholder.com/biocryst/sec.cfm.

BCRXW

BioCryst Pharmaceuticals

Robert Bennett, 919-859-7910

Monday, April 25th, 2011 Uncategorized Comments Off on BioCryst Pharmaceuticals (BCRX) to Announce First Quarter 2011 Financial Results

Lattice (LSCC) MachXO2 Pico Development Kit Simplifies Consumer Applications

HILLSBORO, OR — (Marketwire) — 04/25/11 — Lattice Semiconductor Corporation (NASDAQ: LSCC) today announced the immediate availability of its new $29 MachXO2™ Pico Development Kit for prototyping low power, space constrained consumer designs. Built on a low power 65-nm process featuring embedded Flash technology, MachXO2 devices provide designers of low density PLDs an unprecedented mix of low cost, low power and high system integration in a single device. These devices are ideal for low power applications such as smart phones, mobile computing, GPS devices and digital cameras, and for control PLD applications in end markets such as telecom infrastructure, computing, high end industrial and high end medical.

“Designers of consumer applications are faced with the increasing challenge of delivering new standards and features within a short time-to-market window,” said Shantanu Dhavale, Senior Product Marketing Manager for Low Density Solutions. “The MachXO2 Pico Development Kit provides designers with a flexible and low cost platform to rapidly evaluate and verify their designs in hardware.”

About the MachXO2 Pico Development Kit
The MachXO2 Pico Development Kit features the MachXO2 LCMXO2-1200ZE device, 1 Mbit SPI Flash, I2C temperature sensor, an expansion header for JTAG, SPI, I2C and GPIO interfaces, an LCD display and capacitive touch sense buttons. Using the preloaded Environment Scanning system-on-chip (SOC) design provided with the development kit, designers can now optimize power using multiple operating modes that are typical of low power consumer applications. They can also test, within minutes, popular interfaces such as UART, SPI, I2C and LCD control using the integrated 8-bit LatticeMico8™ microcontroller in conjunction with the MachXO2 Embedded Function Bock (EFB). Designers can then build their own designs using the free downloadable reference design source code, implementing these features in less than an hour.

The MachXO2 Pico evaluation board can be powered up using a battery or a USB cable. The development kit includes a USB cable for device programming and QuickSTART documentation. The associated free reference designs and free Lattice Diamond™ design software can be downloaded from the Lattice website, www.latticesemi.com.

Pricing and Availability
Promotional pricing for the MachXO2 Pico Development Kit is $29 and is good for kits ordered via the Lattice online store at www.latticesemi.com/store/dev_kits.cfm and through authorized Lattice distributors through July 29, 2011 or while promotional quantities last. More information regarding the MachXO2 Pico Development Kit is available at www.latticesemi.com/mxo2-pico-kit.

For more information about the Lattice MachXO2 PLD family, visit www.latticesemi.com/products/cpldspld/machxo2. Customers can start designing with MachXO2 devices and the MachXO2 Pico Development Kit today using Lattice Diamond v1.2 software, which can be downloaded for free from the Lattice website at http://www.latticesemi.com/latticediamond/downloads/.

About the MachXO2 PLD Family

The MachXO2 devices provide designers of low density PLDs an unprecedented mix of low cost, low power and high system integration in a single device. Built on a low power 65-nm process featuring embedded Flash technology, the MachXO2 family delivers a 3X increase in logic density, a 10X increase in embedded memory, more than a 100X reduction in static power to as low as 19uW and up to 30% lower cost compared to the prior generation MachXO™ PLD family. These devices are ideal for control PLD applications in end markets such as telecom infrastructure, computing, high end industrial, high end medical, and low power applications such as smart phones, GPS devices and digital cameras.

About Lattice Semiconductor
Lattice is the source for innovative FPGA, PLD, programmable Power Management and Clock Management solutions. For more information, visit www.latticesemi.com.
Follow Lattice via Facebook, RSS and Twitter.

Lattice Semiconductor Corporation, Lattice (& design), L (& design), MachXO, MachXO2, Lattice Diamond, LatticeMico8 and specific product designations are either registered trademarks or trademarks of Lattice Semiconductor Corporation or its subsidiaries in the United States and/or other countries.

GENERAL NOTICE: Other product names used in this publication are for identification purposes only and may be trademarks of their respective holders.

EDITORIAL/READER CONTACT:
Brian Kiernan
Corporate Communications Manager
Lattice Semiconductor Corporation
503-268-8739 voice
503-268-8193 fax
brian.kiernan@latticesemi.com

Monday, April 25th, 2011 Uncategorized Comments Off on Lattice (LSCC) MachXO2 Pico Development Kit Simplifies Consumer Applications

ZST Digital Networks, Inc. (ZSTN) Comments on Recent Market Speculation and Issues Letter to Shareholders

ZHENGZHOU, China, April 25, 2011 /PRNewswire-Asia-FirstCall/ — ZST Digital Networks, Inc. (NASDAQ: ZSTN) (“ZST” or the “Company”), a major developer, manufacturer and supplier of digital and optical network equipment to cable system operators and provider of GPS tracking devices and support services for transport-related enterprises in China, announces that its Chairman and Chief Executive Officer, Mr. Zhong Bo, has issued a letter to shareholders in response to short-seller allegations regarding the Company’s operations, financial disclosure and transparency. The full text of the letter is provided below and can also be accessed on the company’s website at www.zstdigital.com/english.

The Company has received numerous inquiries from investors seeking further insight into the recent market speculation and share price volatility, which it believes are a result of targeted efforts on behalf of short-sellers to reduce ZST’s share price and thereby profit financially. The Company believes that the allegations made against it by certain market participants are baseless and without merit. The Company’s financial position and operations are fundamentally sound, and it continues to be well positioned to benefit from the growth opportunities in the IPTV and commercial GPS markets in Henan Province. The Company is in the midst of evaluating various legal options with respect to such baseless statements.

Chairmans Letter

April 22, 2011

Dear Shareholders,

I am writing to address shareholder questions that have emerged following some very targeted negative online media commentary. These accusations are being circulated by individual investors who are short-sellers, which is to say that they benefit financially if our stock price declines. There are no facts to support these accusations and I believe many of our sophisticated institutional investors continue to support us by holding positions in our Company.

ZST Digital Networks is a major developer, manufacturer and supplier of digital and optical network equipment to cable system operators and provider of GPS tracking devices and support services for transport-related enterprises in Henan Province in the People’s Republic of China. We are well positioned to take advantage of the tremendous growth opportunities in one of the fastest growing economies in the world. Our year-over-year net income growth for 2010, in financial statements certified by BDO China Li Xin Da Hua CPA Co., Ltd, a BDO Member Firm, was 117%. We look forward to continue to deliver such tangible results for our shareholders, and to focus on strong top and bottom line growth.

I have never sold a single share of ZST Digital Networks in our Company’s history because I believe in the long term growth potential for our business, as a number of our initiatives are supported by local government. I am confident in our track record of success, including the continued expansion of our GPS platform. I would like to welcome our investors, current and potential, to visit our headquarters located in Zhengzhou City to learn more about our operations and will continue to provide honest, factual information to our investors and the market as a whole.

I thank you for your continued support and confidence in ZST Digital Networks; we will communicate updates as appropriate and are looking forward to putting this matter behind us in an expeditious manner.

Sincerely,

Zhong Bo

Chairman of the Board of Directors, and Chief Executive Officer

ZST Digital Networks, Inc.

About ZST Digital Networks, Inc.

ZST Digital Networks, Inc. (Nasdaq: ZSTN) is a China-based company, principally engaged in (1) supplying digital and optical network equipment and providing installation services to cable system operators in China and (2) providing GPS location and tracking services to local logistics and transportation companies in China. The Company has developed a line of IPTV devices that are used to provide bundled cable television, Internet and telephone services to residential and commercial customers. The Company has assisted in the installation and construction of over 400 local cable networks in more than 90 municipal districts, counties, townships, and enterprises. The Company has also launched a commercial line of vehicle tracking devices utilizing our GPS tracking technologies and support services for transport-related enterprises to track, monitor and optimize their businesses. For more information about ZST Digital Networks, Inc., please visit www.zstdigital.com/english.

Contacts:

Company Contact:

ZST Digital Networks Inc.

Henry H. Ngan, Chief Financial Officer

Email: ir@zstdigital.com

Investor Relations (HK):

Mahmoud Siddig

Taylor Rafferty

Tel: +852-3196-3712

Email: zstdigital@taylor-rafferty.com

Investor Relations (US):

Bryan Degnan

Taylor Rafferty

Tel: +1-212-889-4350

Email: zstdigital@taylor-rafferty.com

Monday, April 25th, 2011 Uncategorized Comments Off on ZST Digital Networks, Inc. (ZSTN) Comments on Recent Market Speculation and Issues Letter to Shareholders

STAAR Surgical Co. (STAA) Visian® ICL and Toric ICL V4c Receive CE Mark Approval

MONROVIA, Calif., April 25, 2011 /PRNewswire/ — STAAR Surgical Company (NASDAQ: STAA), the leading developer, manufacturer and marketer of minimally invasive ophthalmic lenses for refractive surgery, today announced CE Mark approval for its Visian® Implantable Collamer® Lens (ICL™) V4c design. The V4c design incorporates a proprietary port in the center of the ICL optic of a size determined to optimize the flow of fluid within the eye, and eliminates the need for the surgeon to perform a YAG peripheral iridotomy procedure days before the ICL implant. The result is more comfort for the patient and a more convenient, efficient ICL experience for both the patient and the surgeon. Both myopic and myopic toric models of the ICL will feature the new design. The Company has two issued patents on the technology to enhance flow within the eye and is pursuing additional claims to further broaden its intellectual property position.

The clinical research on the technology was performed by Dr. Kimiya Shimizu, Professor and Chair of the Department of Ophthalmology at the Kitasato University in Tokyo, Japan. Dr. Shimizu performed the first phase of the trials in 2008 when he implanted six patients with the current ICL in one eye and the new V4c design in the second eye. Iridotomies were performed in the eyes with the current ICL, but not in the fellow eyes with the new V4c design. Dr. Shimizu completed the second phase of the study in 2010 when he followed the same clinical protocol with 19 additional patients. The clinical results showed that eyes with the V4c design had the same intraocular pressure (IOP) post operatively as the fellow eyes with the current ICL model. Dr. Shimizu also evaluated other key outcomes including: visual acuity, contrast sensitivity, stability of refraction, predictability of outcomes and visual disturbances which proved to provide the same excellent results documented with the Visian ICL technology. Dr. Shimizu has continued to use the technology in additional patients since completing his study.

“We appreciate very much the clinical work and advice of Dr. Shimizu and other leading Visian ICL surgeons, who were instrumental in bringing this very significant improvement to the market,” said STAAR Surgical CEO Barry G. Caldwell. “This technology marks another key advancement from our product pipeline of planned new features designed to provide continuous enhancements to the Visian ICL technology. Late last year we launched the V4b ICL model in CE Mark countries, which expanded the range of approved treatment zones on the myopic, hyperopic and Toric models of the ICL. This added range of treatment has already resulted in increased usage of the product in those markets.”

“We are off to a good start in 2011 with strong sales of the ICL products outside the U.S.,” continued Mr. Caldwell. “This CE Mark approval positions us to build further on this momentum this year. In addition, the V5 model is currently underway with our Research and Development team and the concept designs for the V6 model are in the feasibility phase. I would also like to thank and congratulate our R&D and Regulatory teams, which worked together to bring the V4c technology to market earlier than originally anticipated.”

The V4c model has been approved in the -0.5 diopter to -18.0 diopters myopic range and +0.5 cylinder power to +6.0 for the Toric ICL models. The Company plans to first engage a pre-market release of the product in four sites and 100 eyes before a full launch to the markets that accept CE Mark Approvals. In some of the key Asia Pacific markets that have not yet launched the V4b model, the Company plans to seek approval of the V4c and move directly to this new model.

About STAAR Surgical

STAAR, which has been dedicated solely to ophthalmic surgery for over 25 years, designs, develops, manufactures and markets implantable lenses for the eye. All of these lenses are foldable, which permits the surgeon to insert them through a small incision. A lens used to replace the natural lens after cataract surgery is called an intraocular lens or “IOL.” A lens used in refractive surgery as an alternative to LASIK is called an Implantable Collamer® Lens or “ICL.” Over 200,000 Visian ICLs have been implanted to date; to learn more about the ICL go to: www.visianinfo.com. STAAR has approximately 300 full time employees and markets lenses in approximately 50 countries. Headquartered in Monrovia, CA, it manufactures in the following locations: Nidau, Switzerland; Ichikawa City, Japan; Aliso Viejo, CA; and Monrovia, CA. For more information, please visit the Company’s website at www.staar.com or call 626-303-7902.

Collamer® is the registered trademark for STAAR’s proprietary biocompatible collagen copolymer lens material.

Safe Harbor

All statements in this press release that are not statements of historical fact are forward-looking statements, including any statements about the effect of new product approvals on our business, the development of future products and future product approvals, any statements of belief and any statements of assumptions underlying any of the foregoing.

These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include the following: the negative effect of the global recession on sales of products, especially products such as the ICL used in non-reimbursed elective procedures; the challenge of managing our foreign subsidiaries; the willingness of surgeons and patients to adopt a new product and procedure; the risk that products in research and development may face unexpected technical hurdles, costs or delays; the broad discretion of regulatory agencies to deny or delay product approvals, the risk that patent agencies my reject or limit new patents; the entrenched market position of laser-based procedures for many conditions treated by the Visian ICL, and patterns of Visian ICL use that have typically limited our penetration of the refractive surgery market. Our patents have limited life, and any litigation to enforce them may be expensive or unsuccessful. STAAR assumes no obligation to update its forward-looking statements to reflect future events or actual outcomes and does not intend to do so.

CONTACT:

Investors

Media

EVC Group

EVC Group

Jenifer Kirtland/Doug Sherk

Christopher Gale,

415-896-6820

646-201-5431

SOURCE STAAR Surgical Company

Monday, April 25th, 2011 Uncategorized Comments Off on STAAR Surgical Co. (STAA) Visian® ICL and Toric ICL V4c Receive CE Mark Approval

Procera (PKT) Receives $2 Million Follow-On Order From North American Tier-1 Cable MSO

FREMONT, CA–(Marketwire – 04/21/11) – Procera® Networks Inc. (AMEX:PKTNews), the intelligent policy enforcement company, today announced it has received a $2 million follow-on order for PacketLogic™ from a Tier-1 cable MSO in North America. The customer completed an initial PacketLogic deployment in the second half of 2010 and is now expanding to accommodate a 10 Gigabit access network upgrade.

“We believe this follow-on order further validates the value of our solutions and our strong competitive positioning, especially with cable MSO’s in North America,” said David Ahee, Vice President of Sales Americas at Procera. “It is also further confirmation that they are assigning budget to Intelligent Policy Enforcement. Cable MSOs are probably most impacted by the new digital lifestyle where video in general, and Netflix in particular, has been broadly adopted and run on laptops, Playstations, smartphones and iPads. Our PacketLogic solution provides the visibility required to properly plan and dimension these networks and ensure a quality level that is at par with customer expectations to remain compelling in a competitive market.”

The follow-on order consists of multiple PacketLogic PL8000 series devices. Procera introduced the next generation edition of this product family, the PL8820, in mid-February of this year. Procera recognized the majority of the revenue from this follow-on order in its 2011 first quarter, which ended March 31, 2011.

About Procera Networks Inc.
Procera Networks Inc. delivers Intelligent Policy Enforcement (IPE) solutions, leveraging advanced Deep Packet Inspection (DPI) technology. This enables carriers, services providers and higher education institutions to improve the quality and lifetime of their networks, better monetize their infrastructure investments, control hazards, and create attractive services for their users by making qualified business decisions based on granular user and traffic intelligence. Procera’s core product suite, the PacketLogic line of platforms, is an engine that drives the PCC (Policy and Charging Control) ecosystem, by enforcing advanced network and service policies. PacketLogic is deployed at more than 600 customers who value the unparalleled accuracy and high-end performance of the PacketLogic solution. Founded in 2002, Procera (AMEX:PKTNews) is based in Silicon Valley and has offices around the globe. More information is available at www.proceranetworks.com.

Safe Harbor Statement: This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in this press release, the words “plan,” “confident that,” “believe,” “scheduled,” “expect,” or “intend to,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, the ability of Procera to commercialize the applicable technology and introduce products and the acceptance of those products by the market, the ability of resellers to sell the Procera products, market conditions, the general acceptance of the Company’s products and technologies, competitive factors, timing, and other risks described in the Company’s reports and filings with the SEC from time to time.

Procera Networks is a registered trademark, and PacketLogic and DRDL are trademarks of Procera Networks, Inc. All rights reserved. All other products or brands mentioned are trademarks and/or service marks of their respective owners.

Thursday, April 21st, 2011 Uncategorized Comments Off on Procera (PKT) Receives $2 Million Follow-On Order From North American Tier-1 Cable MSO

Voyager Oil and Gas (VOG) Provides Operations Update and Guidance

BILLINGS, Mont., April 20, 2011 (GLOBE NEWSWIRE) — Voyager Oil & Gas, Inc. (AMEX:VOG) (“Voyager”) today provides an operational update regarding acreage and drilling activity in the Williston Basin Bakken and Three Forks and the D-J Basin Niobrara plays.

Williston Basin Bakken and Three Forks

In 2011 Voyager has acquired 3,133 net mineral acres at an average price of $1,239 per acre in the Williston Basin targeting the Bakken and Three Forks formations.

Voyager controls approximately 27,000 net acres targeting the Bakken and Three Forks as of April 19, 2011. Assuming six wells per 1,280-acre spacing unit, this acreage position will allow Voyager to participate in approximately 126 net wells.

Brigham Exploration, one of Voyager’s operating partners, recently announced the results of the Johnson 30-19 #1H well in Richland County, Montana. The Johnson well was reported to produce 2,962 barrels of oil equivalent “BOE” during its early 24-hour peak flow back period. Voyager currently controls approximately 11,000 net acres within 10 miles of the Johnson well including 5 operable sections.

D-J Basin Niobrara

In 2010 Voyager acquired approximately 24,000 net mineral acres in the D-J Basin Niobrara play with operating partner Slawson Exploration. Since the Niobrara acquisition, Slawson and Voyager have drilled 6 wells. The Moonshine #1-36H and Outlaw #16-11-66H were completed as producers, the Joker #36-9-62H is currently flowing back after fracture stimulation, and the Smuggler #16-10-62H and Birds of Prey #36-10-61 are waiting on completion. Slawson’s delineation of the more prospective acreage and additional 2011 well locations will be determined by the results of the three most recent wells.

2011 Drilling and Production Guidance

Voyager has spud 27 gross wells in 2011 bringing the total well count to 45 wells targeting the Bakken/Three Forks formations. Voyager has also spud 3 gross Niobrara wells in 2011 targeting the Niobrara formation. Currently, 1.72 net Bakken/Three Forks wells are drilling, completing or producing and 2.5 net Niobrara wells are producing or waiting on completion. Voyager expects to participate in 70 gross wells and 6.0 net wells in 2011 targeting the Bakken/Three Forks. Based on our current and forecasted drilling activity, Voyager expects to average 700 barrels of oil equivalent “BOE” per day by the end of 2011. This drilling and production guidance is in line with previous estimates.

2011 Capital Expenditures

In 2011 Voyager expects to spend $42 million in drilling capital expenditures targeting the Bakken and Three Forks. Voyager expects to devote the additional capital to strategic acreage acquisition targeting the Bakken and Three Forks using cash-on-hand of approximately $47 million and cash flow from operations.

Management Comment

J.R. Reger, CEO of Voyager Oil & Gas commented, “We are very encouraged by our Williston lease acquisitions and drilling activity in 2011. We are on pace to achieve our acreage acquisition and drilling goals for 2011. Our strategy and execution remain the same from Voyager’s inception; to buy acreage for its acc retive value and convert to production while maintaining low overhead.”

Bakken Three Forks Wells
WELL NAME OPERATOR COUNTY, STATE WI STATUS IP/BOEPD
Swindle 16-9 #1H Brigham Roosevelt, MT 18.75% Producing 1,065
Andre 5501 13-4H Oasis Williams, ND 11.06% Producing 1,488
Ross-Alger 6-7 #1H Brigham Mountrail, ND 7.71% Producing 3,070
Somerset 5602 42-8H Oasis Williams, ND 3.59% Producing 972
Gibbins 1-12 #1H Brigham Williams, ND 2.73% Producing 2,582
Vixen #1-19-30H Slawson Mountrail, ND 2.28% Producing 2,218
Ripper #1-22H Slawson Mountrail, ND 1.11% Producing 1,012
Knoshaug 14-11 #1-H Brigham Williams, ND 0.53% Producing 4,443
Horne 5603 44-9H Oasis Williams, ND 0.37% Producing 882
Ellis 5602 42-8H Oasis Williams, ND 0.22% Producing 1,057
Larsen 3-10 #1H Brigham Williams, ND 0.10% Producing 3,090
Storvik 7-6 #1H Ursa Richland, MT 25.30% Awaiting Completion
Herness 1-15H Continental Richland, MT 21.88% Awaiting Completion
Montague 5501 13-3H Oasis Williams, ND 16.51% Awaiting Completion
Demon #1-7-6H Slawson McKenzie, ND 12.96% Drilling
Loon Federal #1-24-25H Slawson Mountrail, ND 6.66% Completing
Foss Family Trust 15-23H American/Hess Williams, ND 5.95% Completing
Orca Federal #1-23-26H Slawson Mountrail, ND 4.65% Drilling
Drovdal 150-99-8-5-1H Newfield McKenzie, ND 3.65% Drilling
Storhaug 157-100-2A-11-1H Petro-Hunt Williams, ND 3.14% Drilling
Redfield 14-23-157-99 Baytex Williams, ND 3.13% Drilling
GO-Vinger 156-98-2116H-1 Hess Williams, ND 2.73% Drilling
Kahuna #1-7-6H Slawson McKenzie, ND 2.47% Drilling
Woodrow 24X-32 XTO Williams, ND 2.08% Drilling
Skedsvold 150-101-4B-9-1H Petro-Hunt McKenzie, ND 1.56% Drilling
Kalil Farm 14-23 #1H Brigham Williams, ND 1.51% Awaiting Completion
Trinity 1-14-23H QEP Williams, ND 1.27% Drilling
Staal 150-99-23-14-1H Newfield McKenzie, ND 1.25% Drilling
EN-Charles Wood 157-94-1720H-1 Hess Mountrail, ND 0.96% Drilling
JCB #17-1H Tracker/Hess Williams, ND 0.78% Awaiting Completion
Strahan 15-22H Hess Williams, ND 0.77% Drilling
Christopherson 2-30H Hess Williams, ND 0.75% Drilling
Adam Good Bear #15-22H Zenergy Mountrail, ND 0.52% Awaiting Completion
Lostwood 13-25H EOG Mountrail, ND 0.52% Awaiting Completion
Yeiser 5603 42-33H Oasis Williams, ND 0.49% Drilling
Wales 5602 42-33H Oasis Williams, ND 0.39% Drilling
Wilson 150-99-29-32-1H Newfield McKenzie, ND 0.39% Drilling
Johnson 34-8H Whiting McKenzie, ND 0.39% Awaiting Completion
Lynn 5502 11-10H Oasis Williams, ND 0.32% Drilling
Hardscrabble 13-3526H EOG Williams, ND 0.29% Awaiting Completion
Mont 4-3502H EOG Williams, ND 0.20% Preparing
ZI A Johnson 12-1H Zenergy McKenzie, ND 0.19% Drilling
Drone #1-34-27H Slawson Dunn, ND 0.19% Drilling
Sidonia 31-3019H EOG Mountrail, ND 0.12% Awaiting Completion
Sidonia 38-3019H EOG Mountrail, ND 0.12% Awaiting Completion
Madison 1-28H Continental Williams, ND 0.02% Awaiting Completion
Niobrara Wells
Moonshine 1-36H Slawson Weld, CO 50.00% Producing 650
Outlaw 1-16H Slawson Weld, CO 50.00% Producing 52
Joker 1-36H Slawson Weld, CO 50.00% Flowing Back
Smuggler 1-16H Slawson Weld, CO 50.00% Awaiting Completion
Birds of Prey 1-36H Slawson Weld, CO 50.00% Awaiting Completion

About Voyager Oil & Gas

Voyager Oil & Gas, Inc. is an exploration and production company based in Billings, Montana. Voyager’s primary focus is oil shale resource prospects in the continental United States. Voyager currently controls approximately 140,500 net acres in the following five primary prospect areas:

  • 27,000 core net acres targeting the Bakken/Three Forks in North Dakota and Montana;
  • 14,200 net acres targeting the Niobrara formation in Colorado and Wyoming;
  • 800 net acres targeting a specific Red River prospect in Montana;
  • 33,500 net acres in a joint venture targeting the Heath Shale formation in Musselshell, Petroleum, Garfield and Fergus Counties of Montana; and
  • 65,000 net acres in a joint venture in the Tiger Ridge gas field in Blaine, Hill and Chouteau Counties of Montana.

For additional information on Voyager Oil & Gas visit the Company’s new website at: http://www.voyageroil.com/

SAFE HARBOR

This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933 and the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this report, such as statements regarding our future expectations to participate in or drill additional wells, that wells will continue to flow at current or forecasted rates, that oil cut on producing wells will continue at current or anticipated rates, that we will achieve or drilling goals and that we will continue our aggressive acreage acquisition and expansion are forward-looking statements. Forward-looking statements are based on our current expectations and assumptions about future events and involve inherent risks and uncertainties. Important factors (many of which are beyond our control) could cause actual results to differ materially from those set forth in the forward-looking statements, including those described in our public filings with the Securities and Exchange Commission. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. Voyager undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in Voyager’s expectations.

CONTACT: Investor Relations Contact:
         The WSR Group
         Gerald Kieft
         772-219-7525
         http://www.wallstreetresources.net/voyager.asp
Thursday, April 21st, 2011 Uncategorized Comments Off on Voyager Oil and Gas (VOG) Provides Operations Update and Guidance

Clare (IXYS) Introduces Industry’s First Monolithic High-Voltage Isolated Analog Switch Array

BEVERLY, Mass.–(BUSINESS WIRE)– Clare, Inc., a wholly owned subsidiary of IXYS Corporation (NASDAQ:IXYSNews) today announced the availability of the CPC7514Z Quad HighVoltage Isolated Analog Switch Array for use in industrial controls, instrumentation, automatic test equipment and telecom applications. The CPC7514Z integrated circuit (IC) features four independently controlled, 320V bidirectional normally open (1-Form-A) relays actuated by latched TTL logic-level control signals. The monolithic silicon, which features high voltage DMOS structures and low voltage CMOS circuitry, is biased by a 3.3V power supply eliminating the requirement for external high-voltage supplies for proper operation. Switch-output to logic-input isolation is +/- 320V.

Designed to provide flexible single-ended or differential access to high voltage networks, the CPC7514Z may also be configured as two sets of matched pair switches for improved differential performance. The switch pairs have an on-resistance matching specification of 0.8 Ohm maximum over the industrial temperature range of -40 to +85 degrees Celsius.

The individual switches have active current limiting protection for fault events which limits the low frequency currents to 200mA. Under serious high power fault conditions, which may raise the IC junction temperature, a thermal shutdown protection feature is provided. Between the initial current-limit and the thermal-shutdown events, a secondary, low-level, current-limit mode is provided to limit the power dissipation of the switches. Protection continues until the fault is removed.

“With the combination of our Zilog MCUs as the digital brain, our customers can achieve full digital control for advanced power management and applications as listed below,” said Dr. Nathan Zommer, CEO of IXYS Corporation.

These products are fabricated using Clare’s High Voltage SOI process which has been used for many years in central office telecom equipment requiring long operational life. In addition to telecom, the CPC7514Z may be used as four normally open relays in automatic test equipment (ATE), industrial controls, and battery monitoring/charging equipment and instrumentation applications. The device may also interface directly with 110V(RMS) AC in switch applications replacing banks of electromechanical relays (EMR) and driver circuitry for enhanced system integration. Many applications will benefit from the elimination of a costly DC/DC converter block that is generally incorporated to bias the external EMRs.

About Clare and IXYS Corporation

Clare, Inc., a leader in the design and manufacture of solid state relays and high voltage integrated circuits, is a wholly owned subsidiary of IXYS Corporation. IXYS Corporation develops and markets primarily high performance power semiconductor devices that are used in controlling and converting electrical power efficiently in power systems for the telecommunication internet infrastructure, motor drives, medical systems, solar energy, wind energy, electrical generators and transportation. IXYS also serves its markets with a combination of digital and analog integrated circuits, RF power products and power subsystems including application-specific, embedded system-on-chip (SoC) solutions for the industrial and consumer markets manufactured by its wholly owned subsidiary, Zilog, Inc. Additional information about Clare, IXYS and Zilog may be found at www.clare.com, www.ixys.com and www.zilog.com.

Safe Harbor Statement

Any statements contained in this press release that are not statements of historical fact, including the performance, rating, availability, reliability and suitability of products for various applications, may be deemed to be forward-looking statements. There are a number of important factors that could cause the results of IXYS to differ materially from those indicated by these forward-looking statements, including, among others, risks detailed from time to time in the Company’s SEC reports, including its Form 10-Q for the quarter ended December 31, 2010. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements.

Thursday, April 21st, 2011 Uncategorized Comments Off on Clare (IXYS) Introduces Industry’s First Monolithic High-Voltage Isolated Analog Switch Array

Travelzoo (TZOO) Reports First Quarter 2011 Results

Travelzoo Inc., a global Internet media company, today announced financial results for the first quarter ended March 31, 2011, with revenue of $37.0 million, an increase of 30% year-over-year. Adjusted operating profit was $10.0 million. Adjusted net income was $6.0 million, with adjusted diluted net income per share (EPS) of $0.37, up from $0.15 in the prior-year period. Adjusted operating profit, adjusted net income and adjusted diluted earnings per share for the first quarter ended March 31, 2011 exclude a one-time expense item of $20.0 million related to the settlement of the State of Delaware unclaimed property review.

“We kicked off 2011 with record revenues and record adjusted operating income. Subscribers grew by over 1 million, the second best performance in our company’s history,” said Chris Loughlin, CEO of Travelzoo. “We doubled adjusted operating income year-over-year as we continued to ramp up Local Deals, which are now live in 48 markets in 6 countries. North America revenues grew at the fastest pace in over 4 years. Europe saw the highest quarterly subscriber growth ever and returned its first significant quarterly profit. We also reached a settlement agreement for a previously disclosed State of Delaware escheatment claim, incurring a one-time cash expense.”

North America

North America business segment revenue grew 23% year-over-year to $27.6 million. Adjusted operating profit was $9.3 million, or 34% of revenue, up from $6.1 million, or 27% of revenue, in the prior-year period.

Europe

Europe business segment revenue grew 53% year-over-year to $9.4 million. In local currency terms, revenue grew 49% year-over-year. Adjusted operating profit was $741,000, compared to an operating loss of $951,000 in the prior-year period.

Subscribers

Travelzoo had a total unduplicated number of newsletter subscribers in North America and Europe of 19.9 million as of March 31, 2011, up 12% from March 31, 2010, and up 6% from December 31, 2010. In North America, total unduplicated number of subscribers was 14.8 million as of March 31, 2011, up 7% from March 31, 2010 and up 4% from December 31, 2010. In Europe, total unduplicated number of subscribers was 5.1 million as of March 31, 2011, up 29% from March 31, 2010 and up 11% from December 31, 2010.

Asset Management

During the first quarter, Travelzoo generated $10.7 million of cash from operating activities. Accounts receivable increased by $3.1 million quarter-over-quarter and increased by $3.0 million over the prior-year period to $16.4 million. Accounts payable increased by $3.7 million quarter-over-quarter and increased by $6.8 million over the prior-year period to $13.6 million. Capital expenditures were $699,000, up from $138,000 in the prior quarter and up from $396,000 in the prior-year period. Travelzoo exited the first quarter with $51.7 million in cash and cash equivalents.

State of Delaware Unclaimed Property Settlement

On April 21, 2011, Travelzoo entered into an agreement with the State of Delaware resolving all claims relating to a previously-announced unclaimed property review. The primary issue raised in the preliminary findings from the review, received by Travelzoo on April 12, 2011, concerned the shares of Travelzoo which have not been claimed by former shareholders of Travelzoo.com Corporation following a 2002 merger, as previously disclosed in the company’s report on Form 10-K. In the preliminary findings under the unclaimed property review, up to 3.0 million shares were identified as “demandable” under Delaware escheat laws. While Travelzoo continues to take the position that such shares are issuable only to persons who establish their eligibility as shareholders, the company determined that it was in its best interest to promptly resolve all claims relating to the unclaimed property review. Travelzoo will make a one-time $20.0 million cash payment to the State of Delaware and is receiving a complete release of those claims. Travelzoo will provide the amount from cash on hand.

Non-GAAP Measures

To give an enhanced view of the company’s operating performance, management has calculated, for this quarter, adjusted operating income, adjusted net income and adjusted diluted earnings per share by excluding the one-time expense related to the State of Delaware unclaimed property settlement. The company believes these metrics assist investors to assess certain business trends in the same way that these trends are analyzed by management. The discussion of adjusted operating income, adjusted net income, and adjusted diluted net income per diluted share are not in accordance with GAAP and may differ from non-GAAP methods of accounting and reporting used by other companies. Non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. As the only difference between GAAP and non-GAAP measures is the one-time expense related to the State of Delaware settlement, today’s reporting should not be viewed as the company’s intention to report non-GAAP measures in future periods. Refer to the “Reconciliation of GAAP EPS to non-GAAP EPS” section of this release for a discussion of these non-GAAP measures and their reconciliation to the reported GAAP measures.

Conference Call

Travelzoo will host a conference call to discuss first quarter results at 11:00 a.m. ET today. Please visit http://www.travelzoo.com/earnings to

  • download the management presentation (PDF format) to be discussed in the conference call;
  • access the webcast.

About Travelzoo

Travelzoo Inc. is a global Internet media company. With more than 22 million subscribers in North America, Europe, and Asia Pacific and 23 offices worldwide, Travelzoo® publishes deals from more than 2,000 travel and entertainment companies. Travelzoo’s deal experts review offers to find the best deals and confirm their true value. In Asia Pacific, Travelzoo is independently owned and operated by Travelzoo (Asia) Ltd. and Travelzoo Japan K.K. under a license agreement with Travelzoo Inc.

Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect,” “predict,” “project,” “anticipate,” “believe,” “estimate,” “intend,” “plan,” “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions, and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release. Travelzoo and Top 20 are registered trademarks of Travelzoo Inc. All other company and product names mentioned are trademarks of their respective owners.

Travelzoo Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three months ended
March 31,
2011 2010
Revenues $ 36,960 $ 28,518
Cost of revenues 2,419 1,653
Gross profit
34,541 26,865
Operating expenses:
Sales and marketing 16,154 14,993
General and administrative 8,394 6,712
Settlement with State of Delaware 20,000
Total operating expenses 44,548 21,705
Income (loss) from operations (10,007 ) 5,160
Other income and expense:
Interest income and other income 32 42
Gain (loss) on foreign currency 31 (209 )
Income (loss) before income taxes (9,944 ) 4,993
Income taxes 4,011 2,519
Net income (loss) $ (13,955 ) $ 2,474
Basic net income (loss) per share $ (0.85 ) $ 0.15
Diluted net income (loss) per share $ (0.85 ) $ 0.15
Shares used in computing basic net income (loss)
per share
16,451
16,444
Shares used in computing diluted net income (loss)
per share
16,451
16,452
Travelzoo Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
March 31,
2011
December 31,
2010
ASSETS
Cash and cash equivalents $ 51,698 $ 41,184
Accounts receivable, net 16,409 13,290
Income taxes receivable 264
Deposits 132 129
Prepaid expenses and other current assets 1,312 1,489
Deferred tax assets 1,411 1,411
Total current assets 70,962 57,767
Deposits, less current portion 848 279
Deferred tax assets, less current portion 349 349
Restricted cash 3,125 3,124
Property and equipment, net 3,735 3,425
Intangible assets, net 969 1,058
Total assets $ 79,988 $ 66,002
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable 13,602 9,931
Accrued settlement with State of Delaware 20,000
Accrued expenses 9,653 6,080
Deferred revenue 1,362 1,325
Deferred rent 164 218
Income tax payable 479 650
Total current liabilities 45,260 18,204
Deferred tax liabilities 86
Long-term tax liabilities 1,463 1,449
Deferred rent, less current portion 527 460
Common stock 165 164
Additional paid-in capital 7,093 6,598
Accumulated other comprehensive loss (816 ) (1,038 )
Retained earnings 26,210 40,165
Total stockholders’ equity 32,652 45,889
Total liabilities and
stockholders’ equity
$ 79,988 $ 66,002
Travelzoo Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Three months ended
March 31,
2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (13,955 ) $ 2,474
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization 643 562
Deferred income taxes 86
Stock-based compensation 187 187
Provision for losses on accounts receivable 18 39
Tax benefit of stock option exercises (268 )
Net foreign currency effects (31 ) 209
Changes in operating assets and liabilities:
Accounts receivable (2,918 ) (2,321 )
Deposits (561 ) (8 )
Income tax receivable 264 6,061
Prepaid expenses and other current assets 193 130
Accounts payable 3,436 38
Accrued settlement with State of Delaware 20,000
Accrued expenses 3,433 1,256
Deferred revenue 19 412
Deferred rent 13 34
Income tax payable 89 683
Other non-current liabilities 14 11
Net cash provided by operating activities 10,662 9,767
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (699 ) (396 )
Net cash used in investing activities (699 ) (396 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options 40
Tax benefit of stock option exercises 268
Proceeds from sale of Asia Pacific business segment 1,073
Net cash provided by financing activities 308 1,073
Effect of exchange rate on cash and cash equivalents 243 (95 )
Net increase in cash and cash equivalents 10,514 10,349
Cash and cash equivalents at beginning of period 41,184 19,776
Cash and cash equivalents at end of period 51,698 30,125
Supplemental disclosure of cash flow information:
Cash paid for income taxes net of refunds received $ (3,558 ) $ (4,225 )
Travelzoo Inc.
Segment Information
(Unaudited)
(In thousands)
Three months ended
March 31, 2011
North
America
Europe
Other(a)
Elimination
Consolidated
Revenue from
unaffiliated customers
$
27,517
$
9,443
$
$
$
36,960
Intersegment revenue 101 5 (106 )
Total net revenues 27,618 9,448 (106 ) 36,960
Operating income (loss) $ 9,252 $ 741 $ (20,000 ) $ $ (10,007 )
Three months ended
March 31, 2010
North
America
Europe
Other
Elimination
Consolidated
Revenue from
unaffiliated customers
$
22,367
$
6,151
$
$
$
28,518
Intersegment revenue 29 9 (38 )
Total net revenues 22,396 6,160 (38 ) 28,518
Operating income (loss) $ 6,110 $ (951 ) $ $ 1 $ 5,160
(a) Amount represents settlement of State of Delaware unclaimed property review
Travelzoo Inc.
Reconciliation of GAAP EPS to non-GAAP EPS
(Unaudited)
(In thousands, except per share amounts)
Three months ended
March 31,
2011 2010
Operating income (loss) as reported under U.S. GAAP $ (10,007 ) $
5,160
State of Delaware settlement(a) 20,000
Adjusted operating income (a non-GAAP measure) $ 9,993 $ 5,160
Net income (loss) as reported under U.S. GAAP $ (13,955 ) $ 2,474
State of Delaware settlement(a) 20,000
Adjusted net income (a non-GAAP measure) $ 6,045 $ 2,474
Diluted earnings (loss) per share as reported under
U.S. GAAP
$
(0.85
)
$
0.15
State of Delaware settlement(b) 1.22
Adjusted diluted earnings per share
(a non-GAAP measure)
$
0.37
$
0.15
(a) Results for the three months ended March 31, 2011 includes $20.0 million of expense related to the settlement of the State of Delaware unclaimed property review.
(b) Net charges on a per share basis includes an adjustment to diluted earnings per share utilizing diluted shares of 16,551 for the three months ended March 31, 2011. Given that the Company recorded a net loss under U.S. GAAP, shares utilized to calculated diluted earnings per share are equivalent to basic shares. Shares utilized to calculate adjusted diluted earnings per share reflect the number of diluted shares the Company would have reported if reporting net income under U.S. GAAP.
Thursday, April 21st, 2011 Uncategorized Comments Off on Travelzoo (TZOO) Reports First Quarter 2011 Results

Toreador (TRGL) Comments on French Interim Report on Unconventional Hydrocarbon Exploration

Apr. 21, 2011 (Business Wire) — Toreador Resources Corporation (NASDAQ: TRGL) (Paris: TOR) today commented on the interim report on the economic, social and environmental impact of unconventional hydrocarbon exploration and development in France — a study undertaken by the General Council of Industry, Energy and Technology (CGIET) and the General Council on the Environment and Sustainable Development (CGEED) per the instruction of the Ministry of Environment and the Ministry of Energy.

The report is available at: http://www.developpement-durable.gouv.fr/IMG/pdf/Rapport_provisoire_sans_annexe.pdf

Craig McKenzie, President and CEO of Toreador, said, “Toreador welcomes the interim report produced by the CGIET and the CGEDD regarding unconventional hydrocarbon activities in France. We believe this report, assembled in partnership with national and regional elected officials, enterprises, industry and environmental associations and academics, will help inform the upcoming parliamentary debate about unconventional exploration on May 4, 2011. As part of the report, we welcome the intention to allow regulated and supervised unconventional exploration.”

Continued McKenzie, “As a longstanding, established operator in France, we will continue to interact with the government and local communities in which we operate and we look forward to the opportunity to play a part in realizing the positive economic and social benefits that oil exploration in the Paris Basin would have for France.”

ABOUT TOREADOR

Toreador Resources Corporation is an independent international energy company engaged in the acquisition, development, exploration and production of crude oil. The company holds interests in developed and undeveloped oil properties in France. The company’s website, www.toreador.net, provides more information about Toreador.

Safe-Harbor Statement – Except for the historical information contained herein, the matters set forth in this news release are “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. Toreador intends that all such statements be subject to the “safe-harbor” provisions of those Acts. Many important risks, factors and conditions may cause Toreador’s actual results to differ materially from those discussed in any such forward-looking statement. These risks include, but are not limited to, estimates of reserves, estimates of production, future commodity prices, exchange rates, interest rates, geological and political risks, drilling risks, product demand, transportation restrictions, actual recoveries of insurance proceeds, the ability of Toreador to obtain additional capital, and other risks and uncertainties described in the company’s filings with the Securities and Exchange Commission. The historical results achieved by Toreador are not necessarily indicative of its future prospects. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Toreador Resources Corporation

US:

Shirley Z. Anderson, +1-469-364-8531

Corporate Secretary

or

Investors:

Tony Vermeire, +33-1-4703-3424

or

Media:

Sard Verbinnen & Co

Dan Gagnier/Jared Levy, 212-687-8080

Thursday, April 21st, 2011 Uncategorized Comments Off on Toreador (TRGL) Comments on French Interim Report on Unconventional Hydrocarbon Exploration

China North East Petroleum (NEP) Provides Response to Report Allegations

HARBIN, China and NEW YORK, April 19, 2011 /PRNewswire-Asia-FirstCall/ –China North East Petroleum Holdings Ltd. (NYSE Amex: NEP), a leading independent oil producing and oilfield services company in Northern China, responded today to the research report published online on April 13, 2011 by a short seller operating under the pseudonym “Bigfish Research.”

As we stated in our press release issued on April 14, 2011, China North East Petroleum (the “Company”) provides the following detailed response to the allegations of Bigfish Research contained in its report published on April 14, 2011.

Allegation 1: Our acquisition of Tiancheng is too good to be true.

Company Comment: Actual Results Cannot Be Extrapolated From Pro Forma Numbers. The Bigfish Report is a good example of how numbers can be misconstrued and manipulated. Bigfish has a fundamental misunderstanding of the nature and purpose of pro forma financial information. In accordance with Accounting Standards Codification 805-10-50-2h, the pro forma information presented in the Company’s financial statements in connection with its acquisition of Song Yuan Tiancheng Drilling Engineering Co., Ltd. (“Tiancheng”) represents the revenue and earnings of the combined entity for the reporting period as though the acquisition date for all business combinations that occurred during the year had been as of the beginning of the annual reporting period. Thus, the pro forma numbers were estimates drawn reasonably from assumptions at the time (January 2009) and were not actual numbers. They do not represent the actual results of either the Company or of Tiancheng, which the Company eventually acquired in September 2009.

Nevertheless, Bigfish uses the pro forma numbers to extrapolate what he claims to be the “actual earnings” of Tiancheng and then calls into question the Company’s reported results. Bigfish alleges that the actual revenues of Tiancheng can be determined by merely subtracting the Company’s earnings for the three and nine month periods ended September 30, 2009 from the pro forma numbers for the same periods. This is wrong. The actual financial results of Tiancheng as a standalone entity for the three and nine months ended September 30, 2009 are irrelevant to the pro forma numbers. The actual Tiancheng revenues and earnings cannot be extrapolated from the pro forma numbers.

Significant Oil Price Drops in 2008 and 2009 and Other Internal Factors of the Target Affected Value of Tiancheng and Drilling Activity. Bigfish cannot believe the Company acquired Tiancheng for only $13 million given the reported financial results of this business segment in the last quarter of 2009 and in 2010. Bigfish has, however, overlooked two very significant factors affecting the acquisition: the price of oil and the challenges that the prior owners of Tiancheng faced at the time.

Beginning in the second half of 2008, oil prices dropped significantly from $145.29 a barrel on July 4, 2008 to $44.60 a barrel on December 31, 2008(1) and only began to recover slowly in the second quarter of 2009. Tiancheng was founded in December 2007 when oil prices were very high. When oil prices plummeted in 2008-2009, oil and gas producers slowed or even stopped drilling, which in turn substantially reduced Tiancheng’s drilling activity in 2009. As a result, even though Tiancheng entered into contracts to drill 145 wells between January and June of 2009, only 80 wells were drilled prior to the Company’s acquisition of Tiancheng in September 2009.

Oil prices began to increase in the second half of 2009, and as oil prices rose, drilling activity increased and by the time the Company acquired Tiancheng in September 2009, drilling activity in the region had increased significantly and in the last three months of 2009, the Company drilled 60 wells, 6 wells for Daqing Shunwei and 54 wells for PetroChina.

Due to financial issues affecting the former owners of Tiancheng, caused in part by the significant drop in oil prices, that threatened the stability of Tiancheng, the former owners were anxious to sell the business. This in turn affected the selling price the Company was able to negotiate.

As a result, NEP was able to acquire Tiancheng for the price of its asset value, and the goodwill from the acquisition is properly reflected in the financial statements.

Allegation 2: Bigfish complains that contract drilling services contributed 0% of revenue and income in 2008 but contributed 50% of the adjusted net income in 2010.

Company Comment: First, the Company did not own Tiancheng in 2008 and thus could not have earned any revenue from the operation of this drilling subsidiary.

Second, the “Adjusted Net Income” number calculated by Bigfish is misleading and inappropriate. The Company does not report net income on a segment by segment basis and U.S. generally accepted accounting principles (GAAP) do not require the Company to do so. Management’s discussion regarding net income of the contract drilling services is before allocation of certain overhead expenses. Normal accounting practices dictate that a company with different business segments will often compare revenue and gross profit to evaluate the performance of different segments and not net income.

Third, average gross margins in the drilling industry are 55.58%.(2) The gross margin of the Company’s contract drilling segment in 2010 was 56.5% which is in line with industry averages.

Finally, Tiancheng contributed more significantly to NEP’s overall performance in recent quarters because total oil production declined in 2010 due to weather-related events, which impacted the Company’s oil production segment thereby increasing the impact of the contract drilling segment.

Allegation 3: Our Drilling Contracts Do Not Exist.

Company Comment: All of our drilling contracts exist. We enter into drilling contracts in the ordinary course of business and as such are not required to file these drilling contracts with our periodic filings under the Securities Exchange Act of 1934.(3) They are summarized below:

Date of Contract

Customer

No. of Wells

1/4/2009

PetroChina – Jilin Branch

45

5/28/2009

Daqing Shunwei

40

5/29/2009

PetroChina – Jilin Branch

30

6/29/2009

PetroChina – Jilin Branch

30

11/25/2009

PetroChina – Jilin Branch

30

1/1/2010

Daqing Shunwei

30

1/15/2010

PetroChina – Jilin Branch

25

3/19/2010

PetroChina – Jilin Branch

30

7/1/2010

Daqing Shunwei

6

7/2/2010

PetroChina – Jilin Branch

35

9/15/2010

PetroChina – Jilin Branch

35

9/21/2010

Beijing Junlun Runzhong

100

Total

436

In the fourth quarter of 2009, Tiancheng completed contracts to drill 60 shallow wells, which included 54 wells for state-owned PetroChina — Jilin Branch and six wells for non-state-owned Daqing Shunwei Energy Development Co. Ltd. The total drilling depth accomplished was 99,161 meters (approximately 325,331 feet), representing revenue of $13,577,310.

In 2010, Tiancheng completed contracts to drill 146 wells for state-owned PetroChina — Jilin Branch and 45 wells for non-state-owned Daqing Shunwei Energy Development Co. Ltd. In addition, the Company completed 22 wells for Beijing Junlun Runzhong Technology Co. Ltd. The total drilling depth accomplished in 2010 was 317,885 meters (approximately 1,042,930 feet).

Allegation 4: Drilling Depth

Company Comment: In 2010, the Company’s contract drilling segment drilled a total of 317,885 meters, which represents revenues of $44,875,757, the number contained in our financial statements. In reviewing the actual meters drilled, we discovered an error in the formula resulting in a double counting of drilling depth for two months. The error, however, is not material because it had no impact on the Company’s 2010 financial statements, which are accurate

Allegation 5: We overpaid for our 8th drilling rig.

Company Comment: Bigfish alleges that in December 2009 we paid $3.4 million for a single rig, which Bigfish alleges is suspicious since we paid approximately $1.7 million per rig in connection with the acquisition of Tiancheng. Bigfish supports this allegation by pointing to the approximately $3.4 million we spent for segment assets. Once again, Bigfish is wrong. In December 2009, we purchased a new 4,000 meter rig for the price of approximately $1.8 million and also upgraded an existing rig at the cost of approximately $1.6 million. The purpose of this upgrade was to convert a rig with a drilling depth of 2,000 meters to a rig with a drilling depth of 3,500 meters. Therefore, the $3.4 million spent for segment assets reflects not only the new 4,000 meter rig, but the upgrade of an existing rig.

Allegation 6: We are overestimating our drilling capacity.

Company Comment: The Bigfish report, extrapolating from a statement in the annual report of Eurasia Drilling regarding its drilling capacity, and without any analysis with respect to the depth of the wells drilled by Eurasia or the geological formations within its oil fields, accuses the Company of overstating its drilling capacity. They are wrong again.

We are unable to comment on the drilling capacity of Eurasia Drilling or on any other drilling company. We can only speak to our capacity. The wells we drill typically range from between 900 and 2,500 meters deep(4). In 2010 we averaged a drilling depth of 1,614 meters. The average number of days it takes to drill a typical well is between 7 and 9 days(5). In 2010, we drilled a total of 213 wells utilizing 8 drilling rigs. Assuming an average of 9 days per well, 8 rigs can drill significantly more than 213 wells.

Allegation 7: Tiancheng has a 41.7% margin

Company Comment: As noted above the Bigfish methodology in calculating adjusted net income and net margins attributable to our contract drilling segment is inaccurate and inappropriate. We report net income on a consolidated basis only. We only report gross margins on a segment basis and as stated above, our gross margins are well within industry standards

Additionally, the Company is aware that since Bigfish issued its bogus April 14, 2011 report, Bigfish has issued two additional reports. These, too, suffer from the same ignorance, misleading statements, falsity and misunderstandings that plague the April 14, 2011 report. We are hopeful that this press release conclusively debunks not only the credibility and veracity of the April 14, 2011 report, but the general credibility of the persons hiding behind the Bigfish site. The Company does not intend to engage Bigfish in a daily back and forth dialogue. Rather, we trust that all concerned, including investors, will see the people hiding behind the Bigfish site for whom they are and not pay heed to anything they have to say.

Finally, the Company invites any of its investors to visit its drilling services and oil production operations in China any time in the future. The Company has hosted many investor visits as a public entity and we would welcome any future visits.

ABOUT CHINA NORTH EAST PETROLEUM

China North East Petroleum Holdings Limited is an independent oil company that engages in the production of crude oil and in providing drilling and production services in Northern China. The Company is a pioneer in China’s private oil exploration and production industry, and the first Chinese non-state-owned oil company trading on the NYSE Amex.

The Company has a guaranteed arrangement with the PetroChina to sell 100% of its produced crude oil for use in the China marketplace. The Company currently operates four oilfields in Northern China. The Company also has an oil service subsidiary, Song Yuan Tiancheng Drilling Engineering Co. Ltd. (“Tiancheng”) that provides drilling and oilfield services to both state-owned and private oil operators. For more information about the Company, please visit http://www.cnepetroleum.com.

(1) *Reference: weekly oil prices published by the New York Mercantile Exchange

(2) Yahoo Finance Direct Competitor Comparison for the Oil & Gas Drilling and Exploration Industry

(3) We are in the process of translating certain of our drilling contracts which we will file as exhibits to a Current Report on Form 8-K. The Registrant and its subsidiaries are subject to non-disclosure obligations with respect to the drilling contracts with PetroChina – Jilin Branch and do not currently have their consent to disclose the content of these contracts.

(4) In certain cases we drill very shallow wells. For example, the wells we drilled for Beijing Junlun Runzhong were as shallow as 500 meters.

(5) Based on a drilling depth of ~1,800 meters.

For more information, please contact:

China North East Petroleum US office

Tel: +1-909-610-2212

Email; info@cnepetroleum.com

China North East Petroleum Investor Relations Department

Tel: +1-646-308-1707

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CDC Global Services (CHINA) to Co-Sponsor Food & Beverage IT Conference on May 26, 2011

Apr. 19, 2011 (Business Wire) — CDC Global Services, a business unit of CDC Corporation (NASDAQ: CHINA) and a provider of IT and IT-enabled services and consulting, announced that in conjunction with the Zhangzhou government in China, it will sponsor a conference on “The Application of Information Technology in the Food Processing Industry.” This one-day conference, will be held on May 26 in Zhangzhou, located in southern Fujian province.

The conference will feature noted thought leaders from the Zhangzhou government, industry associations, academia and CDC Software executives who are frequent global speakers on food safety and operational excellence issues in food manufacturing. Case studies from CDC Software food manufacturing customers also will be presented at the event.

Zhangzhou is a region in China which has been targeted for rapid expansion from domestic and foreign investments. This conference is one of a series of planned events targeting the food processing businesses operating in China and parts of Asia. A larger conference is planned by the end of the third quarter targeting international customers seeking to start or to expand business in China.

This event marks the official launch of CDC Global Services “Silk Road” business consulting services. This service offering is named after the network of trade routes used by early century travelers and traders to connect the Asian continent with Europe and parts of Africa. This collection of “Silk Road” services is planned to help customers gain quick and easy access into China, as well as effectively operate in this fast growing market.

Already, CDC Global Services and China Merchant Group, a diversified state-owned corporation of the People’s Republic of China, plan to set up a R&D center near Xiamen University Campus to develop new software solutions for the food processing industry, focusing on areas such as food safety.

“We are looking forward to hosting this conference with the Zhangzhou government so we can collectively share our deep expertise in the areas of IT solutions and services for food manufacturers, as well as help promote Zhangzhou as an ideal place for food manufacturers to set up operations or to further their expansion,” said CK Wong, CEO of CDC Global Services. “This conference, along with other initiatives planned, are part of CDC Global Services Silk Road strategy to become a partner of choice for investors and companies seeking to do business or expand operations in China.”

About CDC Global Services

CDC Global Services provides IT consulting services, including platform-specific services for Microsoft and SAP, as well as project management, staff augmentation, managed-help desk solutions and a full range of business process outsourcing offerings. It can also provide hardware for data collection and RFID, through partnerships with some of the industry’s most reputable vendors. CDC Global Services embraces a customer-first approach being able to draw upon a wide range of expert resources to address each customer’s unique business needs, while keeping their best interest as a top priority. CDC Global Services customers benefit from streamlined vendor management and the ability to control project costs, while being able to access the right IT resources through a singular point of contact. For more information, please visit www.cdcglobalservices.com.

About CDC Corporation

CDC Corporation is a China-based value-added operator of, and growth investor in, hybrid (on premise and SaaS) enterprise software, IT, and new media businesses. The company pursues two value-added investment strategies. The first strategy includes actively managing majority interests in its core portfolio of hybrid enterprise software, IT services and New Media businesses, adding value by driving operational excellence, top-line growth and overall profitability. The second strategy includes identifying and executing on opportunities to co-invest with leading venture capital and private equity funds through minority interests in fast growth companies in emerging markets related to CDC Corporation’s core assets. This second strategy, which complements the first, helps to mitigate risk and enhance deal flow for the company. CDC Corporation expects to deliver superior returns and additional value for its shareholders through these strategies, as well as through its plans to declare and pay regular dividends in the form of registered shares of its publicly listed subsidiaries and other assets. For more information about CDC Corporation (NASDAQ: CHINA), please visit www.cdccorporation.net.

Cautionary Note Regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding CDC Global Services’ and Zhangzhou Development Zone’s plans, including those to regarding the conference in Zhangzhou, the participants therein and the content thereof, the plans regarding future events and conferences, our plans regarding Silk Road services and the potential benefits thereof, our plans regarding the establishment of an R&D center near Xiamen University, our expectations regarding expansion with the Zhangzhou Development Zone, our expectations regarding any future plans or projects with the Zhangzhou Development Zone, and other statements we may make. These statements are based on management’s current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements. If any such risks or uncertainties materialize or if any of the assumptions proves incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make. Further information on risks or other factors that could cause results to differ is detailed in filings or submissions with the United States Securities and Exchange Commission made by CDC Corporation in its Annual Report for the year ended December 31, 2009 on Form 20-F filed on June 30, 2010. All forward-looking statements included in this press release are based upon information available to management as of the date of the press release, and you are cautioned not to place undue reliance on any forward looking statements which speak only as of the date of this press release. The company assumes no obligation to update or alter the forward looking statements whether as a result of new information, future events or otherwise. Historical results are not indicative of future performance. For these and other reasons, investors are cautioned not to place undue reliance upon any forward-looking statement in this press release.

CDC Corporation

Investor Relations:

Monish Bahl, 678-259-8510

mbahl@cdcsoftware.com

or

Media Relations:

Lorretta Gasper, 678-259-8631

lgasper@cdcsoftware.com

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Radio One, Inc. (ROIAK) 2011 First Quarter Results Conference Call

WASHINGTON, April 19, 2011 /PRNewswire/ — Radio One, Inc. (Nasdaq: ROIAK; ROIA) will be holding a conference call for investors, analysts and other interested parties to discuss its results for first fiscal quarter of 2011.

(Logo: http://photos.prnewswire.com/prnh/20090806/PH57529LOGO)

The conference call is scheduled for Thursday, May 12, 2011 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-800-230-1074; international callers may dial direct (+1) 612-332-0107.

A replay of the conference call will be available from 12:30 p.m. EDT May 12, 2011 until 11:59 p.m. May 15, 2011. Callers may access the replay by calling 1-800-475-6701; international callers may dial direct (+1) 320-365-3844. The replay Access Code is 201802. Access to live audio and a replay of the conference call will also be available on Radio One’s corporate website at http://www.radio-one.com/. The replay will be made available on the website for seven days after the call.

Cautionary Information Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements represent management’s current expectations and are based upon information available to the Company at the time of this press release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company’s control, that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in the Company’s reports on Forms 10-K, 10-Q/A and 10-Q and other filings with the SEC.

Radio One, Inc. (http://www.radio-one.com/) is a diversified media company that primarily targets African-American and urban consumers. The Company is one of the nation’s largest radio broadcasting companies, currently owning 53 broadcast stations located in 16 urban markets in the United States. As a part of its core broadcasting business, Radio One operates syndicated programming including the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, CoCo Brother Live, CoCo Brother’s “Spirit” program, Bishop T.D. Jakes’ “Empowering Moments”, the Reverend Al Sharpton Show, and the Warren Ballentine Show. The Company also owns a controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner. Beyond its core radio broadcasting business, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment, which operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful, Community Connect Inc. (http://www.communityconnect.com/), an online social networking company, which operates a number of branded websites, including BlackPlanet, MiGente, and Asian Avenue and an interest in TV One, LLC (http://www.tvoneonline.com/), a cable/satellite network programming primarily to African-Americans.

SOURCE Radio One, Inc.

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Velti (VELT) Selected by Johnston Press plc to Deliver Mobile Marketing Campaigns

DUBLIN, IRELAND and SAN FRANCISCO, CA — (Marketwire) — 04/19/11 — Velti plc (NASDAQ: VELT) (AIM: VEL) a leading global provider of mobile marketing and advertising technology, today announced that it has entered into an agreement with Johnston Press plc to supply and manage premium mobile services including SMS applications. Velti won the contract following a competitive bid. It is the second major UK publisher to select Velti as a partner for premium mobile SMS services and other mobile features that are essential to retaining reader loyalty.

Johnston Press plc publishes 18 daily newspapers, 253 weekly newspapers, 297 local websites and a huge range of related specialist, locally focused print publications. Velti will supply the technology to support mobile premium rate interactions across the publisher’s portfolio including The Scotsman and The Yorkshire Post. These interactions will include SMS applications for competitions, paid promotions and opt-in information alerts such as local information bulletins.

Velti’s mobile CRM platform will enable Johnston Press plc to fully monetize these mobile interactions. The platform will manage all SMS traffic from the many promotions, puzzles and comments pages and allow Johnston Press plc to add to its opt-in database of valuable customer data and improve customer service for its readers.

Leila Palmer, head of enterprise revenue development at Johnston Press plc, said, “Our readers are increasingly consuming their news across a diverse range of media platforms. Our partnership with Velti will enable us to interact with our readers and build and develop new revenue streams.”

Stephen Upstone, VP sales and business development across Europe for Velti, said, “Our work with Johnston Press plc will not only serve to provide benefits for the publisher’s readers, but also increase loyalty and generate new revenue streams for the company itself. Velti has been operating in the mobile industry for over a decade, and this experience enables us to develop bespoke campaigns for our clients that benefit their bottom line.”

About Velti

Velti is a leading global provider of mobile marketing and advertising technology and solutions that enable brands, advertising agencies, mobile operators and media to implement highly targeted, interactive and measurable campaigns by communicating with and engaging consumers via their mobile devices. The Velti platform, called Velti mGageTM, allows customers to use mobile and traditional media to reach targeted consumers, engage the consumer through the mobile Internet and applications, convert them into customers and continue to actively manage the relationship through the mobile channel. Velti has the ability to conduct campaigns in over 30 countries and reach more than 2.5 billion global consumers. Velti is a publicly-held corporation based in Jersey, and trades on the NASDAQ Global Select Market under the symbol VELT and the London Stock Exchange’s AIM under the symbol VEL. For more information, visit www.velti.com.

About Johnston Press plc

Johnston Press plc is one of the top three largest local newspaper publishers in the UK and a major force on the Internet.

Our aim is to serve local communities across a variety of channels, providing access to local information. We have unique local content created by teams of local experts who believe that “Content is King.” Our coverage of local stories and events is unrivalled across all media.

Knowing what our readers and viewers want allows us to have extensive local market penetration wherever we publish. Whether it is just a catch up on the local news, the breaking news story, the local sports results or even a nostalgic look back on recent history, the local community publisher is the first port of call for many whether it be in print or via digital channels.

PR contacts

US
SHIFT Communications
Matt Nagel
(415) 591-8403
mnagel@shiftcomm.com

UK
Speed Communications
Neil Robertson
+44 20 7842 3211
neil.robertson@speedcommunications.com

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Blackboard (BBBB) Retains Barclays Capital in Response to Unsolicited, Non-binding Offers

WASHINGTON, April 19, 2011 /PRNewswire/ — Blackboard (NASDAQ: BBBB) today announced that it has retained Barclays Capital as its financial advisor in response to receiving unsolicited, non-binding proposals to acquire the company.

The company is evaluating the offers as well as strategic alternatives to enhance shareholder value, including whether other third parties would have an interest in acquiring the company at a price and on terms that would represent a better value for its shareholders than having the company continue to execute its business plan on a stand-alone basis.

“Our Board is committed to fulfilling its fiduciary duties to act in the best interests of shareholders. We remain focused on our company’s strategic plan and are committed to delivering the highest quality products and sustained client satisfaction,” stated Michael Chasen, Blackboard’s President and Chief Executive Officer.

There can be no assurance that the process described above will result in a transaction. The Company undertakes no obligation to provide further updates.

About Blackboard Inc.

Blackboard Inc. (NASDAQ: BBBB) is a global leader in enterprise technology and innovative solutions that improve the experience of millions of students and learners around the world every day. Blackboard’s solutions allow thousands of higher education, K-12, professional, corporate, and government organizations to extend teaching and learning online, facilitate campus commerce and security, and communicate more effectively with their communities. Founded in 1997, Blackboard is headquartered in Washington, D.C., with offices in North America, Europe, Asia and Australia.

Any statements in this press release about future expectations, plans and prospects for Blackboard and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the factors discussed in the “Risk Factors” section of our Form 10-K filed on February 18, 2011 with the SEC. In addition, the forward-looking statements included in this press release represent the Company’s views as of April 19, 2011. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to April 19, 2011.

SOURCE Blackboard Inc.

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