Archive for October, 2011
Alvarion Ltd. (NASDAQ:ALVR), the world’s leading provider of 4G networks in the Broadband Wireless Access (BWA) market, is returning to 4G World 2011, October 24 – 27, at McCormick Place, Chicago, to unveil its latest 4G wireless broadband solutions, as well as present executive perspectives during keynotes and panel sessions. Alvarion’s presence at the show is titled “Going the Extra Mile” to reflect the company’s commitment to meeting its customers’ current and future needs.
Alvarion will feature a keynote presentation on October 26th and Power Breakfast on October 25th. Alvarion’s Vice President, Innovation and Marketing, Dr. Mo Shakouri will also be speaking at the WCAI Spectrum Summit about “Spectrum for Smart Grid and Government Networks”. Alvarion executives will be hosting meetings at executive meeting room number 2807. In the executive meeting room, Alvarion will also be presenting a few of its recent portfolio enhancements, including the new BreezeCELL® TrueActive™ DAS solution for in-building capacity, the new BreezeCOMPACT micro base station, WALKair 5000 and the BreezeMAX® Extreme 1.8.
“The keystone of our business has always been our commitment to meeting our customers’ network needs and we continue to grow and advance our offering in line with this principle,” said Eran Gorev, Alvarion’s President and CEO. “We offer a flexible, powerful line-up of wireless broadband solutions that are designed to support the growth of our customers in a variety of carrier and vertical markets. We are excited about the 4G World show in Chicago and looking forward to another invaluable industry encounter.”
Show activities featuring Alvarion executives and customers include:
Keynote/Featured Session: The Promise of Wireless Broadband Connectivity – From Smart City To Education To National Broadband – Wednesday, October 26 at 09:40 a.m. CT in South Building Grand Ballroom; Speaker: Eran Gorev, Alvarion’s President and CEO, and Alvarion customers: Brian Anderson, Senior Consultant and Program Director, City of Houston Wireless Broadband Initiative; Margarita Solís, Director of IJALTI (Technology Institution of Jalisco, Mexico) and Jeff Burlock, Senior Vice President Strategic Technology, Xplornet Communications Inc.
- WCAI Spectrum Summit: Spectrum for Smart Grid and Government Networks – Monday, October 24 at 03:00 p.m. CT in room S-404D; Speaker: Dr. Mo Shakouri, Corporate Vice President, Innovation and Marketing, Alvarion
- Alvarion Power Breakfast: Wireless Capacity and Coverage in the 4G Era – Tuesday, Oct. 25 at 8:00 a.m. CT in South Building Grand Ballroom; presented by Alvarion Senior Director Marketing, Gil Shacham; Additional speakers: Mo Shakouri of Alvarion and Haig Sarkissian, Consultant at Wireless 20/20
- Solutions Theater: Upgrading 3G Indoor Solutions to Meet 4G Capacity Requirements – Tuesday, Oct. 25 at 1:00 p.m. CT in the Solutions Theater on the Expo floor; Speaker: Alvarion Senior Director Marketing and BD, Gil Shacham
- Conference Track: 4G Applications: WiMAX and LTE Coexistence and Convergence; Opportunities for Network Operators Wednesday, Oct. 26 at 3:30 p.m. CT in room S-404abc; Speaker: Shaul Ben Nun, General Manager, Alvarion Carrier Global Business Unit with Jeff Burlock, Senior Vice President Strategic Technology, Xplornet Communications Inc.
- Panel: Beyond the Macro: In-Building DAS Considerations for 4G – Thursday, Oct. 27 at 1:30 p.m. CT in room S-401; Speaker: Ron Agam, General Manager of the Wireless Capacity and Coverage Business Unit, Alvarion
If you are interested in meeting with Alvarion at the show, please contact John Conrad at conrad@merrittgrp.com or follow us on Twitter at www.twitter.com/Alvarion4G.
About Alvarion
Alvarion (NASDAQ:ALVR) is a global 4G communications leader with the industry’s most extensive customer base, including hundreds of commercial 4G deployments. Alvarion’s industry leading network solutions for broadband wireless technologies WiMAX, TD-LTE and WiFi, enable broadband applications for service providers and enterprises covering a variety of industries such as mobile broadband, residential and business broadband, utilities, municipalities and public safety agencies. Through an open network strategy, superior IP and OFDMA know-how, and ability to deploy large scale end-to-end turnkey networks, Alvarion is delivering the true 4G broadband experience today (www.alvarion.com)
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations or beliefs of Alvarion’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: potential impact on our business of the current global recession, the inability of our customers to obtain credit to purchase our products as a result of global credit market conditions, the failure to fund projects under the U.S. broadband stimulus program, continued delays in 4G license allocation in certain countries; the failure of the products for the 4G market to develop as anticipated;, Alvarion’s inability to capture market share in the expected growth of the 4G market as anticipated, due to, among other things, competitive reasons or failure to execute in our sales, marketing or manufacturing objectives; the failure of the Alvarion’s strategic initiatives to enable Alvarion to more effectively capitalize on market opportunities as anticipated; inability to further identify, develop and achieve success for new products, services and technologies; increased competition and its effect on pricing, spending, third-party relationships and revenues; as well as the inability to establish and maintain relationships with commerce, advertising, marketing, and technology providers and other risks detailed from time to time in the Company’s 20-F Annual Report Risk Factors section as well as in other filings with the Securities and Exchange Commission.
Information set forth in this press release pertaining to third parties has not been independently verified by Alvarion and is based solely on publicly available information or on information provided to Alvarion by such third parties for inclusion in this press release. The web sites appearing in this press release are not and will not be included or incorporated by reference in any filing made by Alvarion with the Securities and Exchange Commission, which this press release will be a part of.
You may request Alvarion’s future press releases by contacting Sivan Fafuri, Sivan.farfuri@alvarion.com or +972.3.767.4159. For more information visit the Investor section of the Alvarion website at http://www.alvarion.com/index.php/en/investors
Alvarion®, its logo and certain names, product and service names referenced herein are either registered trademarks, trademarks, trade names or service marks of Alvarion Ltd. in certain jurisdictions. All other names are or may be the trademarks of their respective owners. “WiMAX Forum” is a registered trademark of the WiMAX Forum. “WiMAX,” the WiMAX Forum logo, “WiMAX Forum Certified” and the WiMAX Forum Certified logo are trademarks of the WiMAX Forum.
ORLANDO, FL — (Marketwire) — 10/25/11 — LightPath Technologies, Inc. (NASDAQ: LPTH) (the “Company,” “LightPath” or “we”), a global manufacturer, distributor and integrator of patented optical components and assemblies, announced today its preliminary financial results for the first quarter ended September 30, 2011.
The Company reported preliminary revenue of $2.73 million for the first quarter of fiscal 2012, an increase of 21%, as compared to $2.25 million for the same period last year.
Cash on hand as of September 30, 2011 was $0.69 million as compared to $0.93 million on June 30, 2011. Backlog scheduled to ship within the next 12 months was $4.20 million as of September 30, 2011, an increase of $1.02 million as compared to backlog on September 30, 2010 and a $330,000 increase as compared to June 30, 2011.
Jim Gaynor, President and CEO of LightPath, stated, “Economic conditions affecting some of the markets we serve had an effect on our quarterly revenue. In particular, such conditions have affected the telecom market and caused our telecom customers to delay new orders. Also, the Chinese government has continued its tight monetary policy in an effort to slow expansion of the economy and reduce inflation. As a result, construction in China has slowed which negatively impacted our industrial tool market in China. These issues resulted in a reduction of anticipated quarterly revenue from our telecom and industrial tools customers. By taking advantage of our diversified markets and customer base, we were able to offset this revenue loss with increases in revenues from our defense and industrial customers particularly with our collimator and custom optics lines. The first quarter of fiscal 2012 was our third consecutive quarter of bookings greater than $3 million and also the third consecutive quarter of bookings higher than the previous quarter.”
Mr. Gaynor continued, “We continue to focus on increasing our revenue. This past quarter, we achieved our highest first fiscal quarter revenue level since 2007. As we look forward, we believe we have positioned the Company for continued growth and are excited by the opportunities available to us.”
LightPath will host a conference call to discuss the Company’s financial and operational results for the first quarter ended September 30, 2011. Details of the call are as follows:
Date: Thursday, November 10, 2011
Time: 4:00 PM (ET)
Dial-in Number: 1-877-407-8033
International Dial-in Number: 1-201-689-8033
Webcast available at Precision IR: www.precisionir.com
Participants are recommended to dial-in approximately 5 to 10 minutes prior to the start of the call. A replay of the call will be available approximately three hours after completion through, 2011. To listen to the replay, dial 1-877-660-6853 (within the U.S.) and 1-201-612-7415 (international calls), and enter account # 286 and conference ID # 381927.
About LightPath Technologies
LightPath manufactures optical products including precision molded aspheric optics, GRADIUM® glass products, proprietary collimator assemblies, laser components utilizing proprietary automation technology, higher-level assemblies and packing solutions. The Company’s products are used in various markets, including industrial, medical, defense, test & measurement and telecommunications. LightPath has a strong patent portfolio that has been granted or licensed to us in these fields. For more information, visit www.lightpath.com.
This news release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, the Company does not have any intention or obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise.
GRADIUM® is a registered trademark of LightPath Technologies.
Contact:
Dorothy Cipolla
CFO
LightPath Technologies, Inc.
Tel: 407-382-4003 x305
Email: dcipolla@lightpath.com
Web: www.lightpath.com
Hudson Technologies, Inc. (NASDAQ: HDSN), announced results for the third quarter and nine months ended September 30, 2011.
Revenues for the three months ended September 30, 2011 increased 49% to $11,935,000 from $7,996,000 in the comparable 2010 period. Hudson reported gross profit margins of 12% for the third quarter of 2011 compared to 23% in the third quarter last year. The Company also reported a net loss of $113,000, or $0.00 per basic and diluted share for the third quarter of 2011, compared to net income of $200,000, or $0.01 per basic and diluted share, for the third quarter of 2010.
For the nine months ended September 30, 2011, revenues increased 22% to $40,465,000 as compared to revenues of $33,133,000 in the first nine months of 2010. Gross profit margin in the first nine months of 2011 was 19% compared to 20% in the first nine months of 2010. The Company reported net income of $1,756,000, or $0.07 per basic and diluted share in the first nine months of 2011 compared to net income of $1,257,000 or $0.06 per basic share and $0.05 per diluted share in the first nine months of 2010. Income tax expense of $1,077,000 and $628,000 for the 2011 and 2010 periods, respectively, is largely a non-cash item as a result of the Company’s deferred tax asset.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies commented, “Our third quarter results demonstrate that we continue to grow our business and expand our customer base. We achieved record revenues in the third quarter, significantly surpassing our revenues for the third quarter in 2010. Furthermore, our nine months revenues surpass our record 2010 full year revenues. Despite an industry-wide decline in the price of R-22 refrigerant (“R-22”) which impacted our margins, we achieved strong revenue growth due to increases in the total volumes of product sold and in services performed in the third quarter. While our pricing expectations for R-22 did not materialize, the expansion of our business and customer base should serve us well when market conditions stabilize.
“Our revenue growth during the quarter was also achieved without a material increase in reclamation. Despite the EPA’s efforts, through the phase down and ultimate phase out of R-22, to reduce the supply of virgin R-22, there is clearly an oversupply, which we believe is a primary cause for the reduced pricing in the industry. Consequently, we have yet to see the price increases in R-22 that were anticipated during the phase down period, and as a result, the industry has experienced an approximate 20% decline in the volumes of R-22 reclaimed when compared to 2008 levels. The EPA is currently evaluating the existing phase down schedule for the production and import of R-22 and has solicited stakeholder comments on whether it should revise the phase down levels for the 2012, 2013 and 2014 years. Without exception, every stakeholder that has publicly commented on the current R-22 phase down levels has indicated that it is their belief that the levels for R-22 production and importation are too high and should be reduced. It is our expectation that the EPA will issue new regulations to establish R-22 production and import levels for the 2012 year in the near future. While we cannot control the market dynamics around refrigerant pricing, we remain focused on expanding our customer base and enhancing our relationships with the goal of continuing to deliver sustainable revenue growth despite pricing volatility.
“The establishment of our joint venture, Hudson Technologies Europe S.r.l., for the development of reclamation, remediation and energy optimization services throughout most of Europe, the Middle East and North Africa continues to progress. We believe that this joint venture positions us well to capitalize on servicing and efficiency opportunities created by the regulatory environment and high energy prices in Europe and in emerging markets where the use of refrigeration and cooling systems is increasing.
“As the market landscape for our industry continues to evolve, we recognize the importance of ensuring that our broad product and service offerings provide the right solution in the right place at the right time. As we focus our efforts to execute on this strategy, we believe we can drive sustainable revenue and earnings growth.”
CONFERENCE CALL INFORMATION
The Company will host a conference call to discuss the third quarter results today, October 25, 2011 at 10:00 A.M. Eastern Time.
To access the live webcast log onto the Hudson Technologies website at www.hudsontech.com and click on “Investor Relations”.
To participate in the call by phone, dial (877) 407-9205 approximately five minutes prior to the scheduled start time. International callers please dial (201) 689-8054.
A replay of the webcast will be available until November 1, 2011 and may be accessed by dialing (877) 660-6853 and international callers may dial (201) 612-7415. Callers should use account number 286 and pass code 381557.
About Hudson Technologies
Hudson Technologies, Inc. is a leading provider of innovative solutions to recurring problems within the refrigeration industry. Hudson’s proprietary RefrigerantSide® Services increase operating efficiency and energy savings, and remove moisture, oils and other contaminants frequently found in the refrigeration circuits of large comfort cooling and process refrigeration systems. Performed at a customer’s site as an integral part of an effective scheduled maintenance program or in response to emergencies, RefrigerantSide® Services offer significant savings to customers due to their ability to be completed rapidly and at higher purity levels, and can be utilized while the customer’s system continues to operate. In addition, the Company sells refrigerants and provides traditional reclamation services to the commercial and industrial air conditioning and refrigeration markets. For further information on Hudson, please visit the Company’s web site at www.hudsontech.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements contained herein which are not historical facts constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, changes in the markets for refrigerants (including unfavorable market conditions adversely affecting the demand for, and the price of, refrigerants), the Company’s ability to source refrigerants, regulatory and economic factors, seasonality, competition, litigation, the nature of supplier or customer arrangements which become available to the Company in the future, adverse weather conditions, possible technological obsolescence of existing products and services, possible reduction in the carrying value of long-lived assets, estimates of the useful life of its assets, potential environmental liability, customer concentration, the ability to obtain financing, risks associated with the Company’s joint venture which include the ability of the parties to perform their obligations under the joint venture agreement, any delays or interruptions in bringing products and services to market, the timely availability of any requisite permits and authorizations from governmental entities and third parties as well as factors relating to doing business outside the United States, including changes in the laws, regulations, policies, and political, financial and economic conditions, including inflation, interest and currency exchange rates, of countries in which the joint venture may seek to conduct business, and other risks detailed in the Company’s periodic reports filed with the Securities and Exchange Commission. The words “believe”, “expect”, “anticipate”, “may”, “plan”, “should” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.
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Hudson Technologies, Inc. and subsidiaries |
Consolidated Balance Sheets |
(Amounts in thousands, except for share and par value amounts) |
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September 30, |
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December 31, |
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2011 |
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2010 |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
|
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$ |
5,189 |
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$ |
3,926 |
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Trade accounts receivable – net of allowance for doubtful |
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accounts of $290 and $220 |
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4,617 |
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1,767 |
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Inventories |
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10,008 |
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18,211 |
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Prepaid expenses and other current assets |
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1,781 |
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376 |
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Total current assets |
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21,595 |
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24,280 |
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Property, plant and equipment, less accumulated depreciation and amortization |
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3,043 |
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3,008 |
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Other assets |
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79 |
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66 |
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Deferred tax assets – net |
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2,640 |
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3,669 |
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Intangible assets, less accumulated amortization |
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79 |
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73 |
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Total Assets |
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$ |
27,436 |
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$ |
31,096 |
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Liabilities and Stockholders’ Equity |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
3,332 |
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$ |
6,350 |
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Accrued payroll |
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378 |
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693 |
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Short-term debt and current maturities of long-term debt |
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3,821 |
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5,012 |
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Total current liabilities |
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7,531 |
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12,055 |
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Long-term debt, less current maturities |
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150 |
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1,018 |
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Total Liabilities |
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7,681 |
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13,073 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Preferred stock shares authorized 5,000,000 |
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Series A Convertible Preferred stock, $0.01 par value ($100 |
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liquidation preference value); shares authorized 150,000 ; none issued or outstanding |
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— |
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— |
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Common stock, $0.01 par value; shares authorized 50,000,000; |
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23,780,606 issued and outstanding |
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238 |
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238 |
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Additional paid-in capital |
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42,863 |
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42,887 |
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Accumulated deficit |
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(23,346 |
) |
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(25,102 |
) |
Total Stockholders’ Equity |
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19,755 |
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18,023 |
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Total Liabilities and Stockholders’ Equity |
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$ |
27,436 |
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$ |
31,096 |
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Hudson Technologies, Inc. and subsidiaries |
Consolidated Income Statements |
(unaudited) |
(Amounts in thousands, except for share and per share amounts) |
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Three month period |
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Nine month period |
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ended September 30, |
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ended September 30, |
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2011 |
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2010 |
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2011 |
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2010 |
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Revenues |
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$ |
11,935 |
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$ |
7,996 |
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$ |
40,465 |
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$ |
33,133 |
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Cost of sales |
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10,465 |
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6,192 |
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32,586 |
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26,455 |
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Gross Profit |
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1,470 |
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1,804 |
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7,879 |
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6,678 |
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Operating expenses: |
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Selling and marketing |
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563 |
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541 |
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1,660 |
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|
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1,545 |
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General and administrative |
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900 |
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865 |
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2,693 |
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2,457 |
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Total operating expenses |
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1,463 |
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1,406 |
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4,353 |
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4,002 |
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Operating income |
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7 |
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398 |
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3,526 |
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2,676 |
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Other income (expense): |
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Interest expense |
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(190 |
) |
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(224 |
) |
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(707 |
) |
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(797 |
) |
Interest income |
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2 |
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6 |
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14 |
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6 |
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Total other income (expense) |
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(188 |
) |
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(218 |
) |
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(693 |
) |
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(791 |
) |
Income (loss) before income taxes |
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(181 |
) |
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|
180 |
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|
2,833 |
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|
1,885 |
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Income tax expense (benefit) |
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(68 |
) |
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(20 |
) |
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1,077 |
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628 |
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Net income (loss) |
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($113 |
) |
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$ |
200 |
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$ |
1,756 |
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$ |
1,257 |
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Net income (loss) per common share – Basic |
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($0.00 |
) |
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$ |
0.01 |
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$ |
0.07 |
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$ |
0.06 |
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Net income (loss) per common share – Diluted |
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($0.00 |
) |
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$ |
0.01 |
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$ |
0.07 |
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$ |
0.05 |
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Weighted average number of shares |
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|
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outstanding – Basic |
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|
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23,780,606 |
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23,780,606 |
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23,780,606 |
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21,904,828 |
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Weighted average number of shares |
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outstanding – Diluted |
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23,780,606 |
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25,228,525 |
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24,921,835 |
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23,363,760 |
RF Monolithics, Inc. (“RFM”) (NASDAQ: RFMI) was named by Connected World magazine (formerly M2M Magazine) to the 2012 CW 100, its annual listing of top companies that demonstrate significant market traction and pursuit of game-changing technologies in machine-to-machine (M2M) connectivity. The list provides a guide to the companies making a difference in M2M, as chosen by the editors of Connected World magazine.
“To be recognized for a fifth consecutive year by the editors of Connected World testifies to RFM’s ability to visualize and then bring to the marketplace a broad spectrum of new and innovative M2M solutions across a wide range of industries,” said Farlin A. Halsey, CEO and president of RFM. “However, this five year milestone has been no small feat considering the economic climate during this time, the ever-changing landscape in wireless standards, and the natural disasters in the Asian regions. While proud of our accomplishments, we are also humbly grateful for our increased opportunities in this evolving market.”
Five years ago, RFM began adding module products targeting WSN and M2M applications to their existing low power ZigBee and 802.15.4 products. During the 5 year period, RFM has introduced a number of module products specifically aimed at M2M applications including low-power Wi-Fi, WirelessHART, as well as low-power proprietary FHSS modules that have enabled OEMs to simply and cost-effectively add M2M capabilities to their products.
More recently, RFM has announced a series of ready-to-use battery-powered sensor modems and gateways to allow systems integrators and application developers to wirelessly collect sensor data and send it to the Cloud. These products have enabled a variety of M2M applications that were previously economically unfeasible due to the expense of reading and collecting the sensor data. Applications have included freezer monitoring, well-head monitoring, trailer monitoring, as well as industrial automation monitoring.
As standards-based wireless technologies began to emerge as key drivers of M2M OEM products, this year RFM introduced two new standards-based products. In April 2011, RFM introduced the Wi-Fi and Wi-Fi + Bluetooth Combo Modules that feature Bluetooth Low-Energy 4.0 (BLE) for battery-powered applications. As a newly approved Bluetooth standard during 2011, the new Bluetooth BLE feature greatly expands the range of battery-powered applications that are now suitable for Bluetooth communications M2M space.
Then in May 2011, RFM introduced a ZigBee Pro pre-certified module that features the ZigBee Smart Energy and Home Automation Profiles. This new module boasts a 20-50% smaller footprint than competing modules and includes a 1MB flash memory for data logging without adding to the footprint. Smart energy and smart homes are rapidly growing M2M applications and the ZigBee Pro standard is in part driving that growth. The ZigBee Pro standard provides end-to-end vendor interoperability through the Smart Energy and Home Automation operation.
Companies appearing on the CW 100 are chosen from a selection of hundreds of firms, both private and publicly traded. The criteria for the listing include: sales and earnings growth, contribution to the M2M space, and innovation in multiple markets served during the past 12 months.
About RFM
RFM, headquartered in Dallas, Texas, is a provider of solutions-driven, technology-enabled wireless connectivity for a broad range of wireless applications – from individual standard and custom components to modules for comprehensive industrial wireless sensor networks and machine-to-machine (M2M) technology. For more information on RFM, please visit the Company’s website at www.RFM.com.
Forward-Looking Statements
This news release contains forward-looking statements, made pursuant to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Statements of the plans, objectives, expectations and intentions of RFM and/or its wholly-owned subsidiaries (collectively, the “Company” or “we”) involve risks and uncertainties. Statements containing terms such as “believe”, “expect”, “plan”, “anticipate”, “may” or similar terms are considered to contain uncertainty and are forward-looking statements. Such statements are based on information available to management as of the time of such statements and relate to, among other things, expectations of the business environment in which we operate, projections of future performance, perceived opportunities in the market and statements regarding our mission and vision. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, including risks related to economic conditions as related to our customer base, collection of receivables from customers who may be affected by economic conditions, maintaining favorable terms of sales, the highly competitive market in which we operate, rapid changes in technologies that may displace products sold by us, declining prices of products, our reliance on distributors, delays in product development efforts, uncertainty in consumer acceptance of our products, changes in our level of sales or profitability, manufacturing and sourcing risks, availability of materials, cost of components for our products, product defects and returns, as well as the other risks detailed from time to time in our SEC reports, including the report on Form 10-K for the year ended August 31, 2010. We do not assume any obligation to update any information contained in this release.
CINCINNATI, Oct. 25, 2011 /PRNewswire/ — LCA-Vision Inc. (NASDAQ: LCAV), a leading provider of laser vision correction services under the LasikPlus® brand, today announced financial and operating results for the three and nine months ended September 30, 2011.
Third Quarter 2011 Financial and Operating Highlights (all comparisons are with the third quarter of 2010)
- Revenues increased 7.5% to $21.8 million compared with $20.3 million; adjusted revenues increased 10.5% to $20.8 million compared with $18.8 million.
- Procedure volume was 12,444, compared with 11,497 procedures (60 vision centers) and 10,569 same-store procedures (53 vision centers), marking the fourth consecutive quarter of year-over-year growth in same-store procedures.
- Same-store revenues increased 15.6%; adjusted same-store revenues increased 19.5%.
- Operating loss decreased to $4.1 million from $8.5 million; adjusted operating loss decreased to $5.0 million from $9.8 million. The improvement in operating loss and adjusted operating loss reflects increased procedure volume and revenue, the closing of under-performing vision centers, and lower depreciation expense from assets that are now fully depreciated. The 2010 quarter included $1.8 million in impairment and restructuring charges. Marketing cost per eye was $426 compared with $444.
- Net loss was $3.8 million, or $0.20 per share, compared with net loss of $8.4 million, or $0.45 per share.
Year-to-Date 2011 Financial and Operating Highlights (all comparisons are with the same period of 2010)
- Revenues were $78.5 million compared with $80.6 million; adjusted revenues were $75.1 million compared with $75.8 million.
- Procedure volume was 45,382, compared with 45,829 procedures and 41,920 same-store procedures.
- Same-store revenues increased 5.4%; adjusted same-store revenues increased 7.7%.
- Operating loss decreased to $4.9 million from $14.6 million; adjusted operating loss decreased to $8.0 million from $18.9 million. The improvement in operating loss and adjusted operating loss reflects increased same-store procedure volume, the closing of under-performing vision centers, lower marketing and advertising expense and lower depreciation expense. The year-to-date results of 2011 included $498,000 of gain on sales of assets from closed visions centers and $56,000 in impairment and restructuring charges. The year-to-date results of 2010 included $1.6 million of gain on sale of assets and $2.5 million in impairment and restructuring charges. Marketing cost per eye decreased to $391 from $421.
- Net loss was $4.5 million, or $0.24 per share, compared with net loss of $13.3 million, or $0.71 per share.
- Net cash used in operations was $2.4 million compared with net cash provided by operations of $4.6 million. The net cash provided by operations for 2010 included an $11.8 million tax refund. We are now in a net operating loss carryforward position and did not receive a tax refund in 2011.
- Cash and investments totaled $47.1 million as of September 30, 2011, compared with $52.2 million as of December 31, 2010.
Adjusted revenues and operating losses are provided as a means of measuring performance that adjusts for the non-cash impact of accounting for separately priced extended warranties. A reconciliation of revenues and operating losses as reported in accordance with U.S. Generally Accepted Accounting Principles (GAAP) is provided at the end of this news release. Management believes the adjusted information better reflects operating performance and, therefore, is more meaningful to investors.
“We are reporting significant improvements in financial and operating results, although we recognize that further improvement is needed,” said LCA-Vision Chief Financial Officer Michael J. Celebrezze. “Revenue growth reflects our first year-over-year increase in total procedure volume in four years, as well as a higher average price per procedure. The 18% increase in same-store procedure volume was significantly higher than the single-digit year-over-year increases in the past three quarters. We accomplished these results despite continued low consumer confidence levels and cautious discretionary spending by consumers. Further, our actions to control expenses resulted in a substantial reduction in our operating loss.”
Adjusted price per procedure for the third quarter of 2011 increased to $1,668, up $15 from the second quarter of 2011 and $34 from the third quarter of 2010. Marketing expense for the third quarter of 2011 was $5.3 million, bringing marketing spend per procedure to $426, up $5 from the second quarter of 2011 and down $18 from the third quarter of 2010 when the company launched its new marketing campaign.
LCA-Vision Chief Operating Officer David L. Thomas said, “Our marketing programs drove considerably more scheduled and attended pre-operative appointments compared with the prior year. Conversion and treatment show rates declined for a second consecutive quarter as we attracted many prospective patients earlier in their decision-making process; however, we are executing new training activities to improve these metrics and better educate prospective patients about the procedure.
“We face a more difficult prior-year comparison in the fourth quarter. We began this year’s fourth quarter by offering the same $500 discount promotion as last year to maximize procedure volume prior to the seasonally strong first quarter, in which we have historically benefitted from flex spending. Even with the price discount, we expect that price per procedure for the fourth quarter will be in the $1,630 to $1,650 range.
“Over the past six weeks, we have begun offering cataract surgery in two markets under our new Visium Eye Institute™ cataract brand, although we have yet to treat any cataract patients. This offering marks a major step in our business diversification programs to support future growth and profitability, and lessen our exposure to economic downturns,” added Thomas. “We now accept Medicare in these two markets and have taken a number of preparatory steps, including training staff, developing marketing materials, incorporating electronic medical record capabilities and launching a website. We are employing a multi-pronged marketing campaign for this offering that includes print advertising, direct contact with past patients and community outreach.”
Near-term Financial Outlook
LCA-Vision intends to manage expenses conservatively in 2011. The company’s plans and outlook for the remainder of the year include:
- The company does not plan to open any new vision centers in the near term. LCA-Vision will consider restarting its de novo vision center opening program when market conditions improve.
- The company expects marketing and advertising spend for the 2011 fourth quarter to be between $5.0 million and $5.5 million.
- The company expects capital expenditures in 2011 to be between $1.2 million and $1.5 million for vision center renovations, relocations and equipment replacement.
- The company does not expect to receive a tax refund in 2011.
The company affirms that the number of procedures companywide required for breakeven cash flow, after capital expenditures and debt service, is approximately 70,000 per year. The average number of procedures required for each vision center to reach breakeven remains at 95 per month.
Conference Call and Webcast
As previously announced, a conference call and webcast will be held today beginning at 10:00 a.m. Eastern Time. To access the conference call, dial 866-322-1352 (U.S. and Canada) or 706-643-6246 (international callers). The webcast will also be available in the investor relations section of LCA-Vision’s website. A replay of the call and webcast will begin approximately two hours after the live call has ended. To access the replay, dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (international callers) and enter the conference ID number: 99896255
Forward-Looking Statements
This news release contains forward-looking statements based on current expectations, forecasts and assumptions of LCA-Vision that are subject to risks and uncertainties. The forward-looking statements in this release are based on information available to the company as of the date hereof. Actual results could differ materially from those stated or implied in the forward-looking statements due to risks and uncertainties associated with its business. In addition to the risk factors discussed in the company’s Form 10-K and other filings with the Securities and Exchange Commission, there are a number of other risks and uncertainties associated with its business including, without limitation, the successful execution of cost effective marketing strategies to drive patients to its vision centers; the impact of low consumer confidence and discretionary spending; competition in the laser vision correction industry; the company’s ability to attract patients; the possibility of adverse outcomes or long-term side effects of laser vision correction and negative publicity regarding laser vision correction; the company’s ability to operate profitable vision centers and retain qualified personnel during periods of lower procedure volumes; the continued availability of non-recourse third-party financing for its patients on terms similar to what it has paid historically; and the future value of revenues financed by the company and its ability to collect on such financings, which will in turn depend on a number of factors, including the consumer credit environment and the company’s ability to manage credit risk related to consumer debt, bankruptcies and other credit trends.
Further, the Food and Drug Administration’s (FDA) advisory board on ophthalmic devices currently is reviewing concerns about post-LASIK quality of life matters, and the FDA has undertaken a study on LASIK outcomes and quality of life that is expected to end in 2012. The FDA or another regulatory body could take legal or regulatory action against the company or others in the laser vision correction industry. The outcome of this review or legal or regulatory action could potentially impact negatively the acceptance of LASIK. In addition, the acceptance rate of new technologies and our ability to implement successfully new technologies on a national basis create additional risk.
Except to the extent required under the federal securities laws and the rules and regulations promulgated by the Securities and Exchange Commission, the company assumes no obligation to update the information included in this news release, whether as a result of new information, future events or circumstances, or otherwise.
About LCA-Vision Inc./LasikPlus®
LCA-Vision Inc., a leading provider of laser vision correction services under the LasikPlus® brand, operates 53 LasikPlus® fixed-site laser vision centers in 26 states and 41 markets in the United States. Additional company information is available at www.lca-vision.com and www.lasikplus.com.
Earning Trust Every Moment; Transforming Lives Every Day.
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For Additional Information
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Company Contact:
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Investor Relations Contact:
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Barb Kise
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Jody Cain
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LCA-Vision Inc.
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LHA
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513-792-9292
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310-691-7100
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LCA-Vision Inc.
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Condensed Consolidated Balance Sheets (Unaudited)
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(Dollars in thousands)
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|
September 30,
2011
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December 31,
2010
|
|
Assets
|
|
|
|
|
Current assets
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|
|
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|
Cash and cash equivalents
|
$ 19,545
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$ 19,350
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Short-term investments
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26,616
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31,947
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Patient receivables, net of allowances of $1,124 and $1,392, respectively
|
2,209
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2,256
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Other accounts receivable, net
|
1,385
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|
1,867
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|
Prepaid expenses and other
|
4,196
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|
5,641
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|
|
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|
|
Total current assets
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53,951
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61,061
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Property and equipment
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72,235
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72,286
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Accumulated depreciation and amortization
|
(60,754)
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(57,322)
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Property and equipment, net
|
11,481
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|
14,964
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Long-term investments
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933
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|
951
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Patient receivables, net of allowances of $595 and $330 respectively
|
725
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|
413
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Other assets
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2,036
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|
3,092
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|
|
|
|
Total assets
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$ 69,126
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|
$ 80,481
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|
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|
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Liabilities and Stockholders’ Investment
|
|
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Current liabilities
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|
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Accounts payable
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$ 6,799
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|
$ 8,110
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Accrued liabilities and other
|
13,947
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|
12,266
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Deferred revenue
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2,981
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|
4,376
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Debt obligations maturing within one year
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2,937
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|
3,039
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Total current liabilities
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26,664
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27,791
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Long-term rent obligations and other
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2,685
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|
3,368
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Long-term debt obligations, less current portion
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1,784
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|
4,245
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|
Insurance reserves
|
7,183
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|
7,406
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Deferred license fee
|
2,044
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|
3,065
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Deferred revenue
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1,433
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|
3,476
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|
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|
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Stockholders’ investment
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Common stock ($.001 par value; 25,291,637 shares issued and
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18,849,527 and 18,711,365 shares outstanding, respectively)
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25
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25
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Contributed capital
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176,869
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175,610
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Common stock in treasury, at cost (6,442,110 shares and 6,580,272 shares, respectively)
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(112,974)
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(114,033)
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Retained deficit
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(37,003)
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(31,134)
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Accumulated other comprehensive income
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416
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|
662
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Total stockholders’ investment
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27,333
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31,130
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Total liabilities and stockholders’ investment
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$ 69,126
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$ 80,481
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|
|
LCA-Vision Inc.
|
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Condensed Consolidated Statements of Operations (Unaudited)
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(Amounts in thousands except per share data)
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Three months ended September 30,
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Nine months ended September 30,
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2011
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2010
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2011
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2010
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Revenues
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$ 21,790
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$ 20,263
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$ 78,489
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$ 80,566
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Operating costs and expenses
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|
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Medical professional and license fees
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5,181
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|
4,966
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|
19,236
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19,406
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Direct costs of services
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10,461
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11,499
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31,931
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37,390
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General and administrative expenses
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3,586
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|
3,336
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|
10,577
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10,768
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Marketing and advertising
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5,305
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5,100
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|
17,730
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19,298
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Depreciation
|
1,458
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|
2,379
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|
4,346
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|
7,375
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Impairment charges
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–
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|
1,608
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|
–
|
|
1,694
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Restructuring charges
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–
|
|
145
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|
56
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|
794
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|
25,991
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29,033
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|
83,876
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|
96,725
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Gain on sale of assets
|
99
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|
266
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|
498
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1,577
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|
|
|
|
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|
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Operating loss
|
(4,102)
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|
(8,504)
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|
(4,889)
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|
(14,582)
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|
|
|
|
|
|
|
|
|
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Net investment income and other
|
334
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|
103
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|
492
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|
1,424
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|
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|
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Loss before taxes on income
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(3,768)
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(8,401)
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(4,397)
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(13,158)
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Income tax expense
|
32
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|
39
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|
149
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|
134
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Net loss
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$ (3,800)
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$ (8,440)
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$ (4,546)
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$ (13,292)
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Loss per common share
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Basic
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$ (0.20)
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$ (0.45)
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$ (0.24)
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$ (0.71)
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Diluted
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$ (0.20)
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$ (0.45)
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$ (0.24)
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$ (0.71)
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Weighted average shares outstanding
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Basic
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18,838
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18,703
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18,798
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18,672
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Diluted
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18,838
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18,703
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18,798
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18,672
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|
|
|
|
|
|
|
LCA-Vision Inc.
|
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Condensed Consolidated Statements of Cash Flows (Unaudited)
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(Dollars in thousands)
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Nine months ended September 30,
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2011
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2010
|
|
|
|
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|
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Cash flow from operating activities:
|
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|
|
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Net loss
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$ (4,546)
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$ (13,292)
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Adjustments to reconcile net loss to net cash provided by operating activities:
|
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Depreciation
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4,346
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|
7,375
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Provision for loss on doubtful accounts
|
554
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|
1,333
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Loss (gain) on sale of investments
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9
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|
(1,008)
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Impairment charges
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–
|
|
1,694
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Gain on sale of property and equipment
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(498)
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|
(1,577)
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Deferred income taxes
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–
|
|
377
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|
Stock-based compensation
|
1,259
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|
957
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Insurance reserve
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(223)
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|
(796)
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Changes in operating assets and liabilities:
|
|
|
|
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Patient accounts receivable
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(754)
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|
1,311
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Other accounts receivable
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138
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|
237
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Prepaid income taxes
|
397
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|
11,651
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Prepaid expenses and other
|
499
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|
1,385
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Accounts payable
|
(1,311)
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|
543
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Deferred revenue, net of professional fees
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(3,094)
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|
(4,293)
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Accrued liabilities and other
|
777
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|
(1,284)
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|
|
|
|
|
|
Net cash (used in) provided by operations
|
(2,447)
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|
4,613
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|
|
|
|
|
|
Cash flow from investing activities:
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|
|
|
|
Purchases of property and equipment
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(869)
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|
(176)
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Proceeds from sale of assets
|
1,252
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|
1,721
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|
Purchases of investment securities
|
(137,480)
|
|
(328,120)
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|
Proceeds from sale of investment securities
|
142,716
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|
325,133
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Other
|
(6)
|
|
(34)
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|
|
|
|
|
|
Net cash provided by (used in) investing activities
|
5,613
|
|
(1,476)
|
|
|
|
|
|
|
Cash flow from financing activities:
|
|
|
|
|
Principal payments of capital lease obligations and loan
|
(2,563)
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|
(4,089)
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Shares repurchased for treasury stock
|
(288)
|
|
(192)
|
|
Proceeds from exercise of stock options
|
23
|
|
14
|
|
|
|
|
|
|
Net cash used in financing activities
|
(2,828)
|
|
(4,267)
|
|
|
|
|
|
|
Net effect of exchange rate changes on cash and cash equivalents
|
(143)
|
|
82
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents
|
195
|
|
(1,048)
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period
|
19,350
|
|
24,529
|
|
|
|
|
|
|
Cash and cash equivalents at end of period
|
$ 19,545
|
|
$ 23,481
|
|
|
|
|
|
LCA-Vision Inc.
|
|
Effect of the Change in Accounting for Deferred Revenues on Financial Results
|
|
(Dollars in thousands)
|
|
(Unaudited)
|
|
|
To supplement its Condensed Consolidated Financial Statements presented in accordance with accounting principles generally accepted in the United States, LCA-Vision discusses adjusted revenues and operating loss. Management utilizes this information as a means of measuring performance that adjusts for the non-cash impact of the accounting for separately priced extended warranties and believes that including this additional disclosure is meaningful to investors for the same reason.
Accordingly, this news release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. A reconciliation of the difference between the non-GAAP measures with the most directly comparable financial measures calculated in accordance with GAAP follows:
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Three Months Ended September 30,
|
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Nine Months Ended September 30,
|
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2011
|
|
2010
|
|
2011
|
|
2010
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported U.S. GAAP
|
|
$ 21,790
|
|
$ 20,263
|
|
$ 78,489
|
|
$ 80,566
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
Amortization of prior deferred revenue
|
|
(1,031)
|
|
(1,475)
|
|
(3,437)
|
|
(4,770)
|
|
Adjusted revenues
|
|
$ 20,759
|
|
$ 18,788
|
|
$ 75,052
|
|
$ 75,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Operating Loss
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported U.S. GAAP
|
|
$ (4,102)
|
|
$ (8,504)
|
|
$ (4,889)
|
|
$ (14,582)
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
Amortization of prior deferred revenue
|
|
(1,031)
|
|
(1,475)
|
|
(3,437)
|
|
(4,770)
|
|
Amortization of prior professional fees
|
|
103
|
|
148
|
|
344
|
|
477
|
|
Adjusted operating loss
|
|
$ (5,030)
|
|
$ (9,831)
|
|
$ (7,982)
|
|
$ (18,875)
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SOURCE LCA-Vision Inc.
SOUTH SAN FRANCISCO, CA — (Marketwire) — 10/25/11 — VistaGen Therapeutics, Inc. (OTCBB: VSTA), a biotechnology company applying stem cell technology for drug rescue and cell therapy, announces the publication of original research funded by the Company that identifies an antibody useful in the identification and purification of cardiac progenitors and cardiomyocytes.
The research, titled Novel Use for SIRPA as a Specific Cell Surface Marker for the Isolation of Human Pluripotent Stem Cell-Derived Cardiomyocytes, stems from research funded in part by VistaGen and conducted by a collaborative team led by Dr. Gordon Keller at the University Health Network’s McEwen Centre for Regenerative Medicine in Toronto. The results of these studies were published in the peer-reviewed journal, Nature Biotechnology, on October 23, 2011.
“The identification and use of the SIRPA antibody permits us to select the very earliest human cardiac progenitors, as well as mature cardiomyocytes, and study the important role of non-cardiomyocytes in the function and maturation of cardiomyocytes,” said Dr. Ralph Snodgrass, President and Chief Scientific Officer of VistaGen. “Using this antibody, we can produce human cardiomyocytes with greater than 95% purity, without genetically modifying the cells and without antibiotic selection, which is a significant step forward for our cardiotoxicity bioassay system, CardioSafe 3D™, and our cell therapy initiatives.”
The Keller team identified human cardiomyocyte specific markers by screening human embryonic stem cell (hESC)-derived cardiovascular populations with known antibodies. From this screen, the signal-regulatory protein alpha (SIRPA) was identified as a marker expressed specifically on hESC and induced pluripotent stem cell (iPSC)-derived cardiomyocytes and their precursors. Cell sorting and selection with the SIRPA antibody allowed for the enrichment of cardiac precursors and cardiomyocytes from hESC/iPSC differentiation cultures, yielding populations of up to 98% cardiac troponin T-positive cells. SIRPA-positive cells, when cultured, express the expected markers, transcription factors and cytoskeletal markers of cardiomyocytes, and can be maintained in culture for extended periods of time. These findings provide, for the first time, a simple method for isolating some of the earliest populations of cardiac precursors and mature cardiomyocytes from human pluripotent stem cell cultures. This readily adaptable technology offers a viable approach for generating large numbers of enriched, non-genetically modified, cardiomyocytes for numerous therapeutic applications.
Through its long-standing collaboration with Dr. Gordon Keller, who is also Chairman of the Company’s Scientific Advisory Board, and a license agreement with the University Health Network, VistaGen has exclusive worldwide rights to intellectual property arising from this research conducted by Dr. Keller’s laboratory. These studies, funded by VistaGen, are part of the Company’s Human Clinical Trials in a Test Tube™ platform, which has proprietary applications in drug screening, cell therapy, and regenerative medicine.
About VistaGen Therapeutics
VistaGen is a biotechnology company applying human pluripotent stem cell technology for drug rescue and cell therapy. Drug rescue involves the combination of human pluripotent stem cell technology with modern medicinal chemistry to generate new chemical variants of once promising small molecule drug candidates that pharmaceutical companies have discontinued during preclinical or early clinical development due to heart or liver toxicity, despite positive efficacy data demonstrating their potential therapeutic and commercial benefits. VistaGen plans to use its pluripotent stem cell technology to generate early indications, or predictions, of how humans will ultimately respond to new drug candidates before they are ever tested in humans.
In parallel with its drug rescue activities, VistaGen is funding early-stage nonclinical studies focused on potential cell therapy applications of its Human Clinical Trials in a Test Tube™ platform.
Additionally, VistaGen will begin a Phase 1b clinical study of AV-101, a small molecule drug candidate for treatment of neuropathic pain, before the end of 2011. This study includes testing AV-101 in healthy volunteers using the intradermal capsaicin model of neuropathic pain. Neuropathic pain, a serious and chronic condition causing pain after an injury or disease of the peripheral or central nervous system, affects approximately 1.8 million people in the U.S. alone. VistaGen plans to initiate Phase 2 clinical studies of AV-101 in the fourth quarter of 2012. VistaGen is also exploring additional opportunities to leverage its current Phase 1 clinical program to enable additional Phase 2 clinical studies of AV-101 for epilepsy, Parkinson’s disease and depression. To date, VistaGen has been awarded over $8.5 million from the U.S. National Institutes of Health (NIH) for development of AV-101.
Visit us at http://www.VistaGen.com, follow us at http://www.twitter.com/VistaGen or view our Facebook page at http://www.facebook.com/VistaGen.
Cautionary Statement Regarding Forward Looking Statements
The statements in this press release that are not historical facts may constitute forward-looking statements that are based on current expectations and are subject to risks and uncertainties that could cause actual future results to differ materially from those expressed or implied by such statements. Those risks and uncertainties include, but are not limited to, risks related to regulatory approvals and the success of VistaGen’s ongoing clinical studies, including the safety and efficacy of its drug candidate, AV-101, the failure of future drug rescue and pilot preclinical cell therapy programs related to VistaGen’s stem cell technology-based Human Clinical Trial in a Test Tube™ platform, its ability to enter into drug rescue collaborations, risks and uncertainties relating to the availability of substantial additional capital to support VistaGen’s research, development and commercialization activities, and the success of its research, development, regulatory approval, marketing and distribution plans and strategies, including those plans and strategies related to AV-101 and any drug rescue variants identified and developed by VistaGen. These and other risks and uncertainties are identified and described in more detail in VistaGen’s filings with the Securities and Exchange Commission (SEC). These filings are available on the SEC’s website at www.sec.gov. VistaGen undertakes no obligation to publicly update or revise any forward-looking statements.
For More Information:
H. Ralph Snodgrass, Ph.D.
President and Chief Scientific Officer
VistaGen Therapeutics, Inc.
650-244-9990 x222
investor.relations@vistagen.com
Mission Investor Relations
Atlanta, Georgia
http://www.MissionIR.com
404-941-8975
Investors@MissionIR.com
FREMONT, CA — (Marketwire) — 10/19/11 — Mattson Technology, Inc. (NASDAQ: MTSN), a leading supplier of advanced process equipment used to manufacture semiconductors, today announced that it has won acceptance for its Helios® XP rapid thermal processing (RTP) system for process of record from a major Asian foundry. The order follows an extensive evaluation of the system and marks the first sale of the Helios XP to a major foundry. The system is now in volume production for advanced chips.
“As devices scale to smaller geometries and IC production moves to larger die-sizes and more complex intra-dies structures, pattern loading effects can reduce device yields and are becoming a critical challenge for chipmakers to overcome,” said Andreas Toennis, senior vice president and general manager of Mattson Technology’s Thermal Products Group. “The Helios XP’s unique Hotshield and differential energy control, DEC, technology successfully minimizes these pattern-related thermal effects to help provide high yields for our customers’ volume production at sub-4X nanometer nodes.”
“Our strategic investment to expand RTP into the foundry market is paying off as evidenced by this acceptance by the first foundry customer of the Helios XP. Our new RTP positions in the foundry market should enable Mattson Technology to outgrow the overall market,” concluded Toennis.
About Mattson Technology, Inc.
Mattson Technology, Inc. designs, manufactures and markets semiconductor wafer processing equipment used in the fabrication of integrated circuits. We are a leading supplier of plasma and rapid thermal processing equipment to the global semiconductor industry, and operate in three primary product sectors: Dry Strip, Rapid Thermal Processing and Etch. Through manufacturing and design innovation, we have produced technologically advanced systems that provide productive and cost-effective solutions for customers fabricating current- and next-generation semiconductor devices. For more information, please contact Mattson Technology, Inc., 47131 Bayside Parkway, Fremont, CA, 94538. Telephone: (800) MATTSON / (510) 657-5900. Internet: www.mattson.com.
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations. Forward-looking statements address matters that are subject to a number of risks and uncertainties that can cause actual results to differ materially from those expressed or implied by such forward-looking statements and assumptions. Such risks and uncertainties include, but are not limited to: macroeconomic and geopolitical trends and events; end-user demand for semiconductors; customer demand for semiconductor manufacturing equipment; the timing of significant customer orders for the Company’s products; customer acceptance of delivered products and the Company’s ability to collect amounts due upon shipment and upon acceptance; the Company’s ability to timely manufacture, deliver and support ordered products; the Company’s ability to bring new products to market and to gain market share with such products; customer rate of adoption of new technologies; risks inherent in the development of complex technology; the timing and competitiveness of new product releases by the Company’s competitors; the Company’s ability to align its cost structure with market conditions; and other risks and uncertainties described in the Company’s Forms 10-K, 10-Q and other filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information provided in this news release.
Mattson Technology Contact
Lauren Vu
Mattson Technology, Inc.
tel +1-510-492-6250
fax +1-510-492-5930
lauren.vu@mattson.com
Investor Contact
Laura Guerrant-Oiye
Guerrant Associates
tel +1-808-882-1467
lguerrant@guerrantir.com
COSTA MESA, Calif., Oct. 19, 2011 /PRNewswire/ — www.t3motion.com — T3 Motion, Inc. (NYSE AMEX:TTTM) T3 Motion, Inc. today announced the launch of the T3 Non-Lethal Response Vehicle (NLRV), designed specifically to provide law enforcement with humane and safe initiatives used during riots and violent protests. This new product line is designed with proven T3 technologies in mind, featuring the identical acute maneuverability, clean-technology and 24-hour patrol capabilities that T3 Motion products are known for. The T3 NLRV will be unveiled at the International Association of Chiefs of Police conference in Chicago on October 23.
(Photo: http://photos.prnewswire.com/prnh/20111019/LA89315)
The T3 NLRV’s effectiveness for humane crowd control is based on a threefold approach. Semi-automatic, non-lethal launchers will be stowed away and are easily accessed by the officer in the event of a violent outbreak. The launchers will be compatible with various types of non-lethal ammunition including pepper balls, water balls, dye markers or rubber projectiles, none of which would seriously injure rioters. Each vehicle can store up to 10,000 rounds, allowing for long deployments that could not be achieved by an officer on foot. High-intensity LED deterrent strobe lights, specifically designed to deter a disorderly crowd, are incorporated into the vehicle. These deterrent lights provide long-life LED operation with low energy consumption and were designed with Whelen Engineering. The vehicle is equipped with a riot shield to physically protect the officer from crowds.
“T3 Motion continues to provide solutions for the modern day law enforcement agency. The T3 NLRV incorporates the core of T3 technologies, capitalizing on our flagship stand-up platform to expand the T3 Series ESV line,” stated Ki Nam, T3 Motion CEO. “As the number of global riots and protests increase, law enforcement agencies are adjusting tactical responses to humanely and effectively restore the peace and control the crowd. The T3 NLRV offers agencies the tools to swiftly take control of the situation while preserving the safety of citizens and police departments alike.”
The T3 NLRV launch is on the heels of its mobile T3 Automated License Plate Recognition System (ALPR) announced in June of this year. The T3 ALPR automatically scans license plates at a rate up to 7,500 vehicles per hour, notifying the officer of a wanted plate in seconds and providing agencies with real-time knowledge and post-action criminal intelligence.
T3 Motion’s flagship product, the T3 Series Electric Stand-up Vehicle, has been on the market since 2006 and is known worldwide as a cost-effective, clean-technology tactical vehicle. T3 NLRV model utilizes proven T3 technologies known for easy operation, maneuverability and cost-effectiveness, but is specifically designed for larger crowds with stronger response requirements. Currently, T3 ESVs are deployed at over 180 law enforcement agencies in over 30 countries worldwide.
To watch the T3 NLRV in action, refer to T3 Motion’s YouTube Channel, T3MotionTV.
T3 NLRV Features:
- High-intensity LED deterrent light — up to 40,000 lumens
- 700 rounds per minute non-lethal shooting capabilities
- High-capacity air tanks with up to 10,000 round shooting capability
- PA system
- Riot shield
- High-capacity, swappable batteries
- Video recording capability
- Puncture-proof tires
- Fast, mobile and agile
- All-electric
About T3 Motion, Inc.
T3 Motion, Inc. (AMEX: TTTM) revolutionized the world of personal mobility with the introduction of their flagship electric T3 Series law enforcement vehicles at the International Association of Chiefs of Police conference held in October 2006. Headquartered in Orange County, California, T3 Motion, Inc. is dedicated to raising the bar on environmental standards and law enforcement and security capabilities in personal mobility technology. For more information, visit www.t3motion.com.
About Whelen Engineering:
Whelen Engineering is a leading manufacturer of automotive, aviation, and mass notification technologies. Whelen is the only US manufacturer of emergency warning equipment to still manufacture its products entirely in the United States. Learn more on their website www.whelen.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding T3 Motion’s business, which are not historical facts, are “forward-looking statements” that are not guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, among others, factors associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering. For additional information concerning these and other factors that may cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Registration Statement filed on Form S-1, as amended, and in the periodic reports the Company files from time to time with the Securities and Exchange Commission.
SOURCE T3 Motion, Inc.
SUGAR LAND, Texas, Oct. 19, 2011 /PRNewswire/ — Arabian American Development Co. (Nasdaq: ARSD) announced today that based on its preliminary financial review, it expects to report record quarterly revenues and volume for the quarter ended September 30, 2011. The Company expects to report overall financial results for the fiscal quarter on November 3, 2011, and will release dial-in and webcast information the week of October 24th.
Nick Carter, President and Chief Executive Officer, commented, “We attribute the record quarter to the continuation of the strong volume demand that we indicated in our second quarter 2011 conference call. This was driven by new business both domestically and internationally, as well as, strong customer retention. Our previous quarterly revenue record was $48 million in the third quarter 2008. Hand in hand with the record revenue was record volume. The previous record of 12.7 million gallons was reported in the second quarter 2009. We are excited to see our volume increase according to our plan when we committed to the expanded facility in 2008. . With the increased volume, which in turn relates to decreased per unit operating costs, we expect to report earnings per share in excess of the $0.09 estimated by analysts. We look forward to reporting complete financial results for the three and nine months ended September 30, 2011, and discussing operational details in the upcoming press release and earnings call on November 3rd.”
About Arabian American Development Company (ARSD)
ARSD owns and operates a petrochemical facility located in southeast Texas just north of Beaumont which specializes in high purity petrochemical solvents and other solvent type manufacturing. The Company is also the original developer and now a 37% owner of Al-Masane Al-Kobra Mining Company (AMAK), a Saudi Arabian joint stock company which is in the final stages of development in Najran Province of southwestern Saudi Arabia. The mine is scheduled to be in production in early 2012 and will produce economic quantities of copper, zinc, gold, and silver.
Safe Harbor
Statements in this release that are not historical facts are forward looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward looking statements are based upon management’s belief as well as assumptions made by and information currently available to management. Because such statements are based upon expectations as to future economic performance and are not statements of fact, actual results may differ from those projected. These risks, as well as others, are discussed in greater detail in Arabian American’s filings with the Securities and Exchange Commission, including Arabian American’s Annual Report on Form 10-K for the year ended December 31, 2010, and the Company’s subsequent Quarterly Reports on Form 10-Q.
Company Contact:
|
Nick Carter, President and Chief Executive Officer
|
|
|
(409) 385-8300
|
|
|
ncarter@southhamptonr.com
|
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|
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Investor Contact:
|
Cameron Donahue
|
|
|
Hayden IR
|
|
|
(651) 653-1854
|
|
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Cameron@haydenir.com
|
BioMimetic Therapeutics, Inc. (NASDAQ: BMTI) today announced that the Therapeutic Goods Administration (TGA) has approved the Company’s medical device application for Augment® Bone Graft clearing the way for commercialization of the product in Australia and its listing on the Australian Register of Therapeutic Goods (ARTG). Based on the clinical data from the North American pivotal trial and Canadian registration trial evaluating Augment Bone Graft, the product has been approved in Australia for use as an alternative to autograft, the current gold standard in bone grafting, in hindfoot and ankle fusion procedures.
“Approval of Augment Bone Graft by another major regulatory agency, such as the TGA, marks a significant achievement in BioMimetic’s global product development program and further validates our technology, clinical data and ability to gain regulatory approvals,” said Dr. Samuel Lynch, president and CEO of BioMimetic Therapeutics. “Given that obtaining autograft often requires a second surgical procedure, increasing the pain and potential for complications for the patient, and that Augment will be the first alternative approved in foot and ankle fusion surgery with large, randomized controlled clinical data, we are optimistic that Augment will find broad support from Australian hospitals, surgeons and patients alike. We are completing the final steps for pricing and reimbursement and expect a full launch of the product in the first quarter of 2012.”
Augment Bone Graft
Augment was approved in Canada in November 2009 as an alternative to the use of autograft in midfoot, hindfoot and ankle fusion indications and approvability decisions are currently pending in the United States and European Union. Augment is a completely synthetic two-component grafting system for bone regeneration and is composed of a purified bone and tissue growth factor, recombinant human platelet derived growth factor (rhPDGF-BB), and a synthetic calcium phosphate matrix, beta-tricalcium phosphate (β-TCP). When combined the rhPDGF-BB provides the biological stimulus for tissue repair by stimulating the recruitment and proliferation of new bone forming and wound healing cells and blood vessels, while the β-TCP provides the framework or scaffold for new bone growth to occur. Clinicians are referred to the Augment package insert for additional information on the use of this product.
Market Opportunity and Distribution
Millennium Research estimates that the 2011 market for bone graft substitute products in Australia is $52M with the total number of bone graft substitute procedures equaling more than 55,000. Millennium also estimates that the market is growing at a nine and a half percent compound annual growth rate (CAGR). Further, the Australian Institute of Health and Welfare National Hospital Morbidity Database estimates that the number of foot and ankle fusion procedures performed in Australia from 2009 – 2010 equaled more than 6,500, which is approximately five percent of the U.S. market.
With its team of 30 experienced sales representatives, Surgical Specialties Pty Limited, an independent distributor of medical devices in the Australian and New Zealand orthobiologics space, is the exclusive distributor of BioMimetic’s Augment Bone Graft product in Australia. The Company expects Augment will be available to customers in Australia through a soft launch of the product by year end with a full launch anticipated in conjunction with Augment’s inclusion on the February 2012 publication of the Department of Health and Ageing Prosthesis List (PLAC).
About BioMimetic Therapeutics
BioMimetic Therapeutics (NASDAQ: BMTI) is a biotechnology company specializing in the development and commercialization of clinically proven products to promote the healing of musculoskeletal injuries and diseases, including therapies for orthopedics, sports medicine and spine applications. All Augment branded products are based upon recombinant human platelet-derived growth factor (rhPDGF-BB), which is an engineered form of PDGF, one of the body’s principal agents to stimulate and direct healing and regeneration. Through the commercialization of this patented technology, BioMimetic seeks to become the leading company in the field of regenerative medicine by providing new treatment options for the repair of bone, cartilage, tendons and ligaments.
In May 2011, BioMimetic’s Pre-Marketing Approval (PMA) application for Augment Bone Graft received a positive orthopedic advisory panel recommendation on the safety, efficacy and risk profile for the use of the product as an alternative to autograft in hindfoot and ankle fusions and is currently under review by the FDA. Additionally, BioMimetic received regulatory approval in 2009 and 2011 to market the product in Canada and Australia, respectively and is awaiting an approvability decision in Europe, which is expected during the first half of 2012.
For further information contact Kearstin Patterson, director of corporate communications, at 615-236-4419.
Forward-looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current intent and expectations of the management of BioMimetic. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Forward-looking statements include statements regarding our future results of operations and financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations that are not historical facts. The words “may,” “continue,” “estimate,” “intend,” “plan,” “will,” “believe,” “project,” “expect,” “anticipate,” “optimistic” and similar expressions may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. There are many important factors that could cause actual results to differ materially from those indicated in the forward-looking statements, including that: (i) despite the Company’s future marketing and commercialization efforts, Augment may not achieve broad market acceptance in Australia; and (ii) despite other regulatory approvals of Augment and the FDA Advisory Panel’s votes in favor of Augment, the FDA may determine that Augment’s Pre-Marketing Application is not approvable, or require additional clinical and/or non-clinical studies before approving Augment, or impose labeling restrictions on any approval of Augment that would significantly reduce Augment’s potential market. Further, BioMimetic’s actual results and the timing and outcome of events may differ materially from those expressed in or implied by the forward-looking statements because of risks associated with the marketing of BioMimetic’s products, the approval process for and the commercialization of its product candidates, preclinical and clinical development activities, risks relating to potential securities claims, product liability claims, other litigation or claims or regulatory inquiries that have been and may be brought against BioMimetic and its officers and directors, regulatory oversight, and other risks detailed in BioMimetic’s filings with the Securities and Exchange Commission. Except as required by law, BioMimetic undertakes no responsibility for updating the information contained in this press release beyond the published date, whether as a result of new information, future events or otherwise, and has no policy of doing so. In addition, BioMimetic undertakes no responsibility for changes made to this document by wire services or Internet services.
BOTHELL, WA — (Marketwire) — 10/19/11 — Marina Biotech, Inc. (NASDAQ: MRNA), a leading oligonucleotide-based drug discovery and development company, reported in vivo dose-dependent efficacy with a CRN-substituted miRNA antagonist, or antagomir, against microRNA-122 (miR-122). The efficacy in a rodent model was demonstrated by up to a 5-fold increase in AldoA, a well-known downstream gene regulated by miR-122. Downstream targets Glycogen Synthase I (GYS1) and Solute Carrier Family 7 member 1 (SLC7A1) were also elevated. The increase in these downstream gene targets was achieved by the sequestration of miR-122 by a high affinity CRN-substituted antagomir. In addition, the CRN-substituted antagomir, which was dosed for three consecutive days at up to 50 mg/kg/day, was extremely well tolerated in rodents as evidenced by normal serum chemistry parameters and no body weight changes.
“Dose-dependent and robust efficacy and tolerability at high doses are significant achievements in the development of both our CRN technology as well as our broad oligonucleotide-based drug discovery platform,” stated Richard T. Ho, M.D.-Ph.D, Executive Vice President, Research and Development at Marina Biotech. “Establishing proof-of-concept data enables us to use CRN technology for both single-stranded and double-stranded oligonucleotide-based therapeutic applications. This work also demonstrates that our proprietary CRN technology is well tolerated in a repeat dose regimen at high doses in a rodent model.”
MicroRNAs are a novel class of small non-coding RNAs that have been shown to regulate gene expression at the post-transcriptional level by binding to their target genes. The vast number of complex gene networks tightly regulated by microRNA includes cell growth, differentiation, and apoptosis. Low expression or overexpression of specific microRNAs can lead to abnormal expression of downstream target messenger RNAs causing physiological changes associated with certain disease pathologies. Inhibition of an aberrant microRNA with an antagonist, or supplementation with a microRNA mimetic, are novel approaches to develop much needed therapeutic modalities for cancers and other diseases.
About Conformationally Restricted Nucleotides.
Conformationally Restricted Nucleotides are analogs in which a chemical bridge connects the C2′ and C4′ carbons of ribose. Ribose, a five-carbon ring-like structure, forms the central region of a nucleotide (comprised of a nucleobase, ribose, and phosphate group). The chemical bridge in the ribose of a CRN locks the ribose in a fixed position, which in turn restricts the flexibility of the nucleobase and phosphate group. Substitution of a CRN within an RNA- or DNA-based oligonucleotide has the advantages of increased hybridization affinity and enhanced resistance to nuclease degradation. CRN technology provides a direct means of developing highly potent and specific oligonucleotide-based therapeutics to target messenger RNAs or microRNAs. These targets connect disease pathways that are typically “undruggable” or “difficult to target” with small molecules or monoclonal antibodies, and may be critical in disease areas with significant unmet needs, such as inflammation, metabolic disease, and cancers. Marina Biotech’s CRN patent estate consists of two issued patents broadly covering CRN compounds and CRN containing oligonucleotides, and one pending patent application covering additional applications of CRNs.
About Marina Biotech, Inc.
Marina Biotech is a biotechnology company, focused on the development and commercialization of oligonucleotide-based therapeutics utilizing multiple mechanisms of action including RNA interference (RNAi) and messenger RNA translational blocking. The Marina Biotech pipeline currently includes a clinical program in Familial Adenomatous Polyposis (a precancerous syndrome) and two preclinical programs — in bladder cancer and malignant ascites. Marina Biotech entered into an exclusive agreement with Debiopharm Group for the development and commercialization of the bladder cancer program. Marina Biotech’s goal is to improve human health through the development of RNAi- and oligonucleotide-based compounds and drug delivery technologies that together provide superior therapeutic options for patients. Additional information about Marina Biotech is available at http://www.marinabio.com.
Forward-Looking Statements
Statements made in this news release may be forward-looking statements within the meaning of Federal Securities laws that are subject to certain risks and uncertainties and involve factors that may cause actual results to differ materially from those projected or suggested. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to: (i) the ability of Marina Biotech to obtain additional funding; (ii) the ability of Marina Biotech to attract and/or maintain manufacturing, research, development and commercialization partners; (iii) the ability of Marina Biotech and/or a partner to successfully complete product research and development, including preclinical and clinical studies and commercialization; (iv) the ability of Marina Biotech and/or a partner to obtain required governmental approvals; and (v) the ability of Marina Biotech and/or a partner to develop and commercialize products that can compete favorably with those of competitors. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in Marina Biotech’s most recent periodic reports on Form 10-K and Form 10-Q that are filed with the Securities and Exchange Commission. Marina Biotech assumes no obligation to update and supplement forward-looking statements because of subsequent events.
Contact:
Marina Biotech, Inc.
Philip Ranker
Interim Chief Financial Officer
(425) 908-3615
pranker@marinabio.com
BERKELEY HEIGHTS, N.J., Oct. 19, 2011 (GLOBE NEWSWIRE) — Cyclacel Pharmaceuticals, Inc. (Nasdaq:CYCC) (Nasdaq:CYCCP) (Cyclacel or the Company), announced today that Spiro Rombotis, President and Chief Executive Officer, will present at the 10th Annual BIO Investor Forum in San Francisco, California. Cyclacel’s presentation will take place on Wednesday, October 26 at 11:30 a.m. Pacific Time.
The presentation will be webcast live and archived for 90 days on the Corporate Presentations page of the Cyclacel website at www.cyclacel.com.
About Cyclacel Pharmaceuticals, Inc.
Cyclacel is a biopharmaceutical company developing oral therapies that target the various phases of cell cycle control for the treatment of cancer and other serious diseases. Sapacitabine (CYC682), an orally-available, cell cycle modulating, nucleoside analogue, is in Phase 3 development for the front-line treatment of acute myeloid leukemia in the elderly and Phase 2 studies for myelodysplastic syndromes, lung cancer and chronic lymphocytic leukemia. Seliciclib (CYC202 or R-roscovitine), an orally-available, CDK (cyclin dependent kinase) inhibitor, is in Phase 2 studies for the treatment of lung cancer and nasopharyngeal cancer and in a Phase 1 trial in combination with sapacitabine. Cyclacel’s ALIGN Pharmaceuticals subsidiary markets directly in the U.S. Xclair® Cream for radiation dermatitis, Numoisyn® Liquid and Numoisyn® Lozenges for xerostomia. Cyclacel’s strategy is to build a diversified biopharmaceutical business focused in hematology and oncology based on a portfolio of commercial products and a development pipeline of novel drug candidates. Please visit www.cyclacel.com for additional information.
Forward-looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, the efficacy, safety, and intended utilization of Cyclacel’s product candidates, the conduct and results of future clinical trials, plans regarding regulatory filings, future research and clinical trials and plans regarding partnering activities. Factors that may cause actual results to differ materially include the risk that product candidates that appeared promising in early research and clinical trials do not demonstrate safety and/or efficacy in larger-scale or later clinical trials, trials may have difficulty enrolling, Cyclacel may not obtain approval to market its products, the risks associated with reliance on outside financing to meet capital requirements, and the risks associated with reliance on collaborative partners for further clinical trials, development and commercialization of product candidates. You are urged to consider statements that include the words “may,” “will,” “would,” “could,” “should,” “believes,” “estimates,” “projects,” “potential,” “expects,” “plans,” “anticipates,” “intends,” “continues,” “forecast,” “designed,” “goal,” or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties the Company faces, please refer to our most recent Annual Report on Form 10-K and other periodic and current filings that have been filed with the Securities and Exchange Commission and are available at www.sec.gov. Such forward-looking statements are current only as of the date they are made, and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
© Copyright 2011 Cyclacel Pharmaceuticals, Inc. All Rights Reserved. The Cyclacel logo and Cyclacel® are trademarks of Cyclacel Pharmaceuticals, Inc. Numoisyn® and Xclair® are trademarks of Sinclair Pharma plc.
CONTACT: Investors/Media:
Corey Sohmer
(908) 517-7330
csohmer@cyclacel.com
SHENZHEN, China, Oct. 17, 2011 /PRNewswire-Asia-FirstCall/ — China Information Technology, Inc. (Nasdaq: CNIT), a leading provider of information technologies and display technologies based in China, today announced that it signed $24.6 million in new contracts during the third quarter of 2011. The Company’s core IT business segment contributed 44%, or $10.8 million, of the total contract wins, while its Digital Display segment contributed 56%, or $13.8 million.
The Company’s third quarter contract wins came from 28 provinces and provincial cities in China. Some of the important contracts secured include:
- $1.35 million for work with the City Authority of Pingshan New Zone in Shenzhen. Under the contract, CNIT is expected to provide a custom, integrated application platform for digital city management, as well as system integration software;
- $0.8 million to create a digital vehicle service monitoring and support system for the Shenzhen Public Security Bureau;
- $0.73 million to create a digital city management system, including a specialized database, for the Chenzhou Municipal Bureau of Urban Management and Administration;
- $0.6 million to supply CNIT-brand 60″ and 65″ All-in-One touch screen displays to Shandong Province Education Technology Equipment Co., Ltd; and,
- $0.47 million to supply CNIT-brand 63″ All-in-One touch screen displays to Suzhou Xinpujie Intelligent Technology Co., Ltd.
Mr. Jiang Huai Lin, Chairman and CEO of the Company, commented, “We saw a decline in the total value of our third quarter contracts, as compared to the same period one year ago. This was the result of a continued slow-down in many government projects following China’s implementation of monetary tightening measures at the start of 2011. Still, we remain positive on the long-term outlook for our IT segment, and believe there will be meaningful opportunities for us in the near future. Our Display Technologies segment contributed 56% of total contract value this quarter, supporting our earlier decision to focus on and expand this segment of our business.”
About China Information Technology, Inc.
China Information Technology, Inc., through its subsidiaries and other consolidated entities, specializes in information technologies and display technologies. Headquartered in Shenzhen, China, the Company’s integrated solutions include specialized software, hardware, systems integration, and related services. To learn more about the Company, please visit its corporate website at http://www.chinacnit.com.
Safe Harbor Statement
This press release may contain certain “forward-looking statements” relating to the business of China Information Technology, Inc., and its subsidiary companies. All statements, other than statements of historical fact included herein are “forward-looking statements” including statements regarding: the significance of the third quarter 2011 contract wins to the Company’s business and the Company’s ability to successfully fulfill its obligations under the contracts; the general ability of the Company to achieve its commercial objectives, including the Company’s plan to sustain growth while creating shareholder value; the outlook for the Company’s information technologies segment and future opportunities; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
For further information, please contact:
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China Information Technology, Inc.
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Ivy Liang
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Tel: +86-755-8370-4734
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Email: IR@chinacnit.com
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Christensen
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Teal Willingham
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Tel: +86 10 5826 4939
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Email: twillingham@christensenir.com
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SOURCE China Information Technology, Inc.
HOUSTON, TX — (Marketwire) — 10/17/11 — GeoMet, Inc. (NASDAQ: GMET) (the “Company” or “GeoMet”) announced today that it has executed definitive agreements with a privately-held company to purchase coalbed methane (“CBM”) assets in Alabama and West Virginia, certain natural gas hedge positions, and a license to use a certain drilling technology. The effective date of the transaction is July 1, 2011 (the “Effective Date”) and is subject to customary closing conditions and purchase price adjustments, including the exercise, waiver or expiration of the preferential purchase rights described below. The Company also announced a new amended and restated bank credit agreement which it intends to use to finance the acquisition.
The Transaction
Under the agreement, GeoMet will purchase:
- Approximately 50 Bcf of estimated net proved CBM reserves (calculated in accordance with SEC guidelines) as of the Effective Date.
- Net daily gas sales volumes which averaged approximately 22 MMcf per day for the first six months of 2011.
- Natural gas hedge positions totaling approximately 6.5 Bcf from the Effective Date through December 2012 with an average fixed price of $6.44/Mcf.
- A royalty free license to use a certain drilling technology in nine counties in West Virginia and one county in Virginia.
- Approximately 70,000 net acres of undeveloped leasehold in West Virginia.
Total consideration for the acquired assets is $90.2 million, subject to adjustment for net proceeds of production after the Effective Date, realized hedging gains subsequent to the Effective Date, any exercise of preferential purchase rights and other customary purchase price adjustments. Closing of this transaction is expected within the next four to eight weeks dependent on the timing of the exercise, waiver or expiration of the preferential purchase rights described below.
Preferential Purchase Rights
A portion of the CBM properties to be acquired in Alabama, subject to two separate preferential rights to purchase by a single party, have an allocated value of $30.8 million. These preferential rights to purchase are expected to expire on or about October 31, 2011, if not earlier exercised or waived. A portion of the CBM properties to be acquired in West Virginia, subject to a preferential right to purchase by a single party, have an allocated value of $23.4 million. The preferential right to purchase is expected to expire on or about December 6, 2011, if not earlier exercised or waived.
In the event that any one or all of these preferential purchase rights are exercised and the other conditions to closing are satisfied or waived, the Company is obligated to close on the remainder of the transaction.
New Bank Credit Agreement
The Company also announced today that it has entered into an amended and restated bank credit agreement which will become effective upon the closing of the transaction described above. The key elements of this new credit agreement are as follows:
- The notional amount of the credit agreement will be increased from $180 million to $250 million, and the borrowing base will be increased from $90 million to $180 million (assuming no preferential purchase rights are exercised).
- The group of lenders, with Bank of America, N.A. as Administrative Agent, BNP Paribas as Syndication Agent and US Bank National Association and Bank of Scotland plc as co-documentation agents, will be increased from five to six banks.
- The new credit facility will have a four year maturity, an extension of the Company’s current facility by more than two years.
- The Company’s borrowing rate has been reduced by 50 basis points and certain financial and other covenants have been improved.
Forward-Looking Statements Notice
This press release 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. The anticipated final purchase price, the closing of the acquisition, the closing date, financing of the transaction and other statements that express anticipated events are all forward-looking statements. These forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Among those risks, trends and uncertainties are the results of our continuing due diligence, our continued compliance with our existing credit facility, other financing alternatives available to the Company, reserve estimates, future prices and production costs, and actions by holders of preferential rights. In particular, careful consideration should be given to cautionary statements made in the various reports the Company has filed with the SEC, including its Form 10-K for fiscal year 2010. GeoMet undertakes no duty to update or revise these forward-looking statements.
About GeoMet, Inc.
GeoMet, Inc. is an independent energy company primarily engaged in the exploration for and development and production of natural gas from coal seams (“coalbed methane”) and non-conventional shallow gas. Our principal operations and producing properties are located in the Cahaba Basin in Alabama and the Central Appalachian Basin in West Virginia and Virginia. We also control additional coalbed methane and oil and gas development rights, principally in Alabama, British Columbia, Virginia, and West Virginia.
For more information please contact
Steve Smith
(713) 287-2251
Email Contact
www.geometinc.com
NEW YORK, NY — (Marketwire) — 10/17/11 — New York City-based Vertro™, Inc. (NASDAQ: VTRO) and Clearwater, Florida-based Inuvo®, Inc. (NYSE Amex: INUV), both delivering digital media to millions of consumers, announced today that the parties have entered into a definitive agreement pursuant to which Inuvo will acquire Vertro in an all stock transaction. The deal will bring together two public digital media companies whose combined distribution, expertise, partnerships, technology and synergies should position them well to effectively compete in the evolving digital marketplace across platforms.
Richard K. Howe, Inuvo’s President and Chief Executive Officer, who is expected to be the Executive Chairman in the combined company, commented, “Both companies share a core digital media delivery competency that together should improve our ability to compete and increase shareholder value as a result. Strategically, Vertro’s ALOT™ branded consumer applications business provides an excellent application platform for Inuvo’s BargainMatch® and Kowabunga® branded consumer-facing innovations.”
Vertro’s President and Chief Executive Officer, Peter Corrao, who is expected to be the President and Chief Executive Officer of the combined entity, added, “The anticipated operating synergies and cost savings in this transaction are substantial and should make this a win-win for both sets of stockholders. Separately, this merger should empower and position us to compete aggressively in the multi-platform distribution arena.”
Management of Inuvo and Vertro expect that the combined companies will have the ability to build on an asset base that includes:
- Combined access to over 132 million unique Internet users each and every month.
- Approximately 2.5 billion page views per year.
- A search marketplace that experiences approximately 240 million search queries per month.
- A distribution capability that produces in excess of 20 million revenue-generating clicks per month.
- A vibrant App platform and marketplace with hundreds of relevant consumer apps generating usage in the millions of clicks per month.
- Client software on the desktops of over 8 million users.
- Hundreds of thousands of ads on over 25 thousand web sites per month.
- Marketing channels that include search, affiliate, online shopping and daily deals.
- Relationships with both Google and Yahoo!
Under terms of the agreement, which was unanimously approved by the Board of Directors of each company, at closing of the transaction Vertro will become a wholly-owned subsidiary of Inuvo in a tax-free exchange of shares at an exchange ratio of 1.546 shares of Inuvo common stock per each share of Vertro common stock. The merger is expected to close in the fourth quarter of 2011 or the first quarter of 2012, subject to satisfaction of the closing conditions.
Conference Call Information
The companies will host a joint conference call Tuesday, October 18, 2011 at 4:30 p.m. Eastern Time.
Participants can access the call by dialing 888-669-0684 (domestic) or 201-604-0469 (international). In addition, the call will be webcast with a viewable presentation on both the Inuvo (http://investor.inuvo.com) and Vertro (http://ir.vertro.com/events.cfm) Investor websites where it will also be archived for 45 days. A telephone replay will be available through November 1, 2011.
To access the replay, please dial 888-632-8973 (domestic) or 201-499-0429 (international). At the system prompt, enter the code 37517088 followed by the # sign. Playback will automatically begin.
Transaction Notes:
The completion of the merger is conditioned upon registration of the shares issued to Vertro stockholders on a Registration Statement on Form S-4, approval from stockholders of Vertro and Inuvo, approval of the listing of the shares to be issued on the NYSE Amex, execution of a new credit agreement for the combined company and other customary closing conditions. As a result, the merger may not be consummated. The two companies’ respective stockholders are expected to vote on the merger agreement and the merger, among other things, at stockholder meetings expected to be held in the fourth quarter of 2011 or the first quarter of 2012. America’s Growth Capital has served as financial advisor to Vertro, and Craig-Hallum Capital Group, LLC has served as financial advisor to Inuvo.
About Vertro, Inc.
Vertro, Inc., together with its wholly-owned subsidiaries, is an Internet company that owns and operates the ALOT product portfolio. ALOT offers two primary products to consumers: ALOT Home, a homepage product, and ALOT Appbar, a piece of software that integrates into users’ web browsers. ALOT Home and the ALOT Appbar are used by consumers to display apps (also sometimes referred to as widgets or buttons). These apps provide consumers with a quick and easy way to access their favorite content online. There are hundreds of apps available for consumers to choose from, ranging from a weather app that provides an at-a-glance snapshot of the weather for the coming four days, to a radio app that enables consumers to listen to thousands of radio stations from around the world. All ALOT products and apps are free to download and use.
Source : VTRO-G
About Inuvo, Inc.
Inuvo®, Inc. (NYSE Amex: INUV), is an Internet company proficient at delivering clicks, leads and sales to advertisers through targeting that utilizes unique data and sophisticated analytics. The Company operates as two business segments: Performance Marketing and Web Properties. The Performance Marketing segment provides performance-based marketing and technology solutions to advertisers and publishers, while the Web Properties segment designs and operates websites monetized with advertising inventory supplied from the Performance Marketing segment. To learn more about Inuvo, please visit www.inuvo.com.
Important Information for Investors and Stockholders
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. The proposed merger transaction between Inuvo and Vertro will be submitted to the respective stockholders of Vertro and Inuvo for their consideration. Inuvo will file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that will include a joint proxy statement of Inuvo and Vertro that also constitutes a prospectus of Inuvo. Inuvo and Vertro will mail the joint proxy statement/prospectus to their respective stockholders. Inuvo and Vertro also plan to file other documents with the SEC regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS OF VERTRO AND INUVO ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and stockholders will be able to obtain free copies of the joint proxy statement/prospectus and other documents containing important information about Inuvo and Vertro, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Inuvo and Vertro make available free of charge at www.inuvo.com and www.vertro.com, respectively (in the “Investors – Filings” and “Financial Information – SEC Filings” sections, respectively), copies of materials they file with, or furnish to, the SEC, or investors and stockholders may contact Inuvo at (727) 324-0211 or Vertro at (646) 253-0606 to receive copies of such documents.
Participants in the Merger Solicitation
Inuvo, Vertro, and certain of their respective directors and executive officers and certain other members of management and employees may be deemed to be participants in the solicitation of proxies from the stockholders of Vertro and Inuvo in connection with the proposed transaction. Information about the directors and executive officers of Inuvo is set forth in its proxy statement for its 2011 annual meeting of stockholders, which was filed with the SEC on May 2, 2011. Information about the directors and executive officers of Vertro is set forth in its proxy statement for its 2011 annual meeting of stockholders, which was filed with the SEC on April 29, 2011. These documents can be obtained free of charge from the sources indicated above. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC when they become available.
Forward-looking Statements
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as “anticipate,” “plan,” “will,” “intend,” “believe” or “expect'” or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including, without limitation, statements made with respect to expectations with respect to: the strategy, markets, synergies, costs, efficiencies, and other anticipated financial impacts of the proposed transaction; the combined company’s plans, objectives, expectations, and intentions with respect to future operations; approval of the proposed transaction by stockholders of Inuvo and Vertro; the satisfaction of closing conditions to the proposed transaction and the timing of the proposed transaction. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of Inuvo and Vertro and are difficult to predict. Examples of such risks and uncertainties include, but are not limited to, the possibility that the proposed transaction is delayed or does not close, including due to the failure to receive required stockholder approvals, the taking of governmental action (including the passage of legislation) to block the transaction, or the failure to satisfy other closing conditions, and the possibility of adverse publicity or litigation, including an adverse outcome thereof and the costs and expenses associated therewith. Additional factors include, but are not limited to uncertainties and other factors that could cause or contribute to Inuvo’s actual results differing materially from those expressed or implied for the forward- looking statements include, but are not limited to fluctuations in demand; changes to economic growth in the U.S. economy; government policies and regulations, including, but not limited to those affecting the Internet. Inuvo undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Additional factors related to Vertro include, but are not limited to, (1) Vertro’s ability to successfully execute upon its corporate strategies, (2) Vertro’s ability to distribute and monetize our international products at rates sufficient to meet its expectations, (3) Vertro’s ability to develop and successfully market new products and services, including its new homepage, (4) the potential acceptance of new products in the market, and (5) the impact of changes to Vertro’s monetization partners implementation guidelines. Additional key risks are described in the filings made by each of Inuvo and Vertro filed with the U.S. Securities and Exchange Commission, including their respective Form 10-Ks for the year ended December 31, 2010, and Form 10-Qs for quarters ended March 31, 2011 and June 30, 2011.
BOTHELL, WA — (Marketwire) — 10/17/11 — Marina Biotech, Inc. (NASDAQ: MRNA), a leading oligonucleotide-based drug discovery and development company, announced today that it has entered into a purchase agreement with Lincoln Park Capital Fund, LLC (“LPC”), a Chicago-based institutional investor, whereby LPC has committed to invest, at the Company’s sole option, up to $15 million of equity capital.
“LPC has participated in the past as an institutional investor in Marina and we look forward to working with them as a financial partner,” said J. Michael French, President and Chief Executive Officer at Marina Biotech, Inc. “This commitment by LPC provides additional financial flexibility as we continue our research and development efforts.”
During the 30-month term of the purchase agreement the Company controls the timing and amount of any future investment, if and when the Company decides in accordance with the purchase agreement. LPC has no right to require the Company to sell any shares to LPC but LPC is obligated to make purchases as Marina directs, subject to certain conditions, which include the effectiveness of a registration statement with the U.S. Securities and Exchange Commission covering the sale of the shares that may be issued to LPC.
There are no upper limits to the price LPC may pay to purchase the Company’s common stock and the purchase price of the shares related to any future investments will be based on the prevailing market prices of the Company’s shares immediately preceding the notice of sale to LPC without any fixed discount. There are no penalties or liquidated damages in the purchase agreement. The agreement may be terminated by the Company at any time, at its sole discretion, without any cost or penalty. The proceeds from this investment will be used to advance both the Company’s FAP clinical program and broad nucleic acid-based drug discovery platform as well as other general Corporate purposes.
A more detailed description of the agreement is set forth in the Company’s Current Report on Form 8-K filed with the SEC on October 17, 2011 which the Company encourages be reviewed carefully.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale are unlawful prior to registration or qualification under securities laws of any such jurisdiction.
About Marina Biotech, Inc.
Marina Biotech is a biotechnology company, focused on the development and commercialization of oligonucleotide-based therapeutics utilizing multiple mechanisms of action including RNA interference (RNAi) and messenger RNA translational blocking. The Marina Biotech pipeline currently includes a clinical program in Familial Adenomatous Polyposis (a precancerous syndrome) and two preclinical programs — in bladder cancer and malignant ascites. Marina Biotech entered into an exclusive agreement with Debiopharm Group for the development and commercialization of the bladder cancer program. Marina Biotech’s goal is to improve human health through the development of RNAi- and oligonucleotide-based compounds and drug delivery technologies that together provide superior therapeutic options for patients. Additional information about Marina Biotech is available at http://www.marinabio.com.
About Lincoln Park Capital (“LPC”)
LPC is an institutional investor headquartered in Chicago, Illinois. LPC’s experienced professionals manage a portfolio of investments in public and private entities. These investments are in a wide range of companies and industries emphasizing life sciences, energy and technology. LPC’s investments range from multiyear financial commitments to fund growth to special situation financings to long-term strategic capital offering companies certainty, flexibility and consistency. For more information, visit www.LincolnParkCapital.com.
Forward-Looking Statements
Statements made in this news release may be forward-looking statements within the meaning of Federal Securities laws that are subject to certain risks and uncertainties and involve factors that may cause actual results to differ materially from those projected or suggested. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to: (i) the ability of Marina Biotech to obtain additional funding; (ii) the ability of Marina Biotech to attract and/or maintain manufacturing, research, development and commercialization partners; (iii) the ability of Marina Biotech and/or a partner to successfully complete product research and development, including preclinical and clinical studies and commercialization; (iv) the ability of Marina Biotech and/or a partner to obtain required governmental approvals; and (v) the ability of Marina Biotech and/or a partner to develop and commercialize products that can compete favorably with those of competitors. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in Marina Biotech’s most recent periodic reports on Form 10-K and Form 10-Q that are filed with the Securities and Exchange Commission. Marina Biotech assumes no obligation to update and supplement forward-looking statements because of subsequent events.
For additional information, please contact:
Marina Biotech, Inc.
Phil Ranker
Interim Chief Financial Officer
(425) 908-3615
Email contact: pranker@marinabio.com
SAN DIEGO, Oct. 17, 2011 /PRNewswire/ — Anadys Pharmaceuticals, Inc. (NASDAQ: ANDS) today announced that it has entered into a definitive merger agreement to be acquired by Roche (SIX: RO, ROG; OTCQX: RHHBY). Under the terms of the merger agreement, Roche will commence an all cash tender offer for all outstanding shares of common stock of Anadys at USD 3.70 per share.
The USD 3.70 per share cash offer price represents a 256% premium over the closing price of USD 1.04 on October 14, 2011.
Steve Worland, President and Chief Executive Officer of Anadys, said: “Since Anadys’ formation, our focus has been on driving forward research and development that would make a real difference to the lives of patients, especially those with hepatitis. With Roche’s considerable capabilities and experience in HCV, we believe this acquisition provides the best chance of success for the new potential treatments to reach patients. I would like to thank all our contributors for their dedicated efforts to advance the compounds to their current position.”
Jean-Jacques Garaud, Global Head of Roche Pharma Research and Early Development, said: “This acquisition augments Roche’s already strong HCV portfolio. Our aim is to offer physicians and hepatitis patients a powerful combination of therapies that bring us closer to a cure, even without the use of interferon. Anadys’ compounds provide additional modes of action that could lead to interferon-free treatment regimens without viral resistance.”
Anadys’ Board of Directors determined that the merger agreement and the transactions contemplated thereby are advisable, fair to and in the best interests of Anadys and its stockholders, and recommends that Anadys’ stockholders tender their shares and, if necessary, adopt the merger agreement.
Each of Anadys’ directors and executive officers has agreed to tender their shares in the offer.
The closing of the tender offer will be subject to the tender of a number of shares that, together with the shares owned by Roche, represent a majority of the total number of outstanding shares (assuming the exercise of all vested and unvested options and warrants having an exercise price per share less than the tender offer price) and other customary conditions. In addition, the transaction is subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The tender offer is expected to close within the fourth quarter of 2011.
The terms and conditions of the tender offer will be described in the tender offer documents, which will be filed with the U.S. Securities and Exchange Commission (“SEC”).
Lazard is acting as financial advisor to Anadys and Cooley LLP is serving as Anadys’ legal advisor.
About Anadys
Anadys Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to improving patient care by developing novel medicines for the treatment of hepatitis C. The Company believes hepatitis C represents a large unmet medical need in which meaningful improvements in treatment outcomes may be attainable with the introduction of new medicines. Anadys is conducting a Phase IIb study of setrobuvir (ANA598), the Company’s DAA, added to current standard of care for the treatment of hepatitis C. The Company is also developing ANA773, the Company’s oral, small-molecule inducer of endogenous interferons that acts via the Toll like receptor 7, or TLR7, pathway in hepatitis C.
ADDITIONAL INFORMATION AND WHERE TO FIND IT
THE TENDER OFFER FOR THE OUTSTANDING COMMON STOCK OF ANADYS HAS NOT BEEN COMMENCED. THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO PURCHASE OR A SOLICITATION OF AN OFFER TO SELL ANADYS COMMON STOCK. THE SOLICITATION AND OFFER TO BUY ANADYS COMMON STOCK WILL ONLY BE MADE PURSUANT TO AN OFFER TO PURCHASE AND RELATED MATERIALS. AT THE TIME THE OFFER IS COMMENCED, ROCHE WILL FILE A TENDER OFFER STATEMENT ON SCHEDULE TO WITH THE SECURITIES AND EXCHANGE COMMISSION AND THEREAFTER ANADYS WILL FILE A SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WITH RESPECT TO THE OFFER. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THESE MATERIALS CAREFULLY WHEN THEY BECOME AVAILABLE SINCE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER. THE OFFER TO PURCHASE, SOLICITATION/RECOMMENDATION STATEMENT AND RELATED MATERIALS WILL BE FILED BY ROCHE AND ANADYS WITH THE SECURITIES AND EXCHANGE COMMISSION (SEC), AND INVESTORS AND SECURITY HOLDERS MAY OBTAIN A FREE COPY OF THESE MATERIALS (WHEN AVAILABLE) AND OTHER DOCUMENTS FILED BY ROCHE AND ANADYS WITH THE SEC AT THE WEBSITE MAINTAINED BY THE SEC AT WWW.SEC.GOV. INVESTORS AND SECURITY HOLDERS MAY ALSO OBTAIN FREE COPIES OF THE DOCUMENTS FILED WITH THE SEC BY ANADYS BY CONTACTING ANADYS AT IR@ANADYSPHARMA.COM.
Safe Harbor Statement
Statements in this press release that relate to future results and events are forward-looking statements based on Anadys’ current expectations regarding the tender offer and transactions contemplated by the merger agreement. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors. There can be no assurances that a transaction will be consummated. Other risks, uncertainties and assumptions include the possibility that expected benefits may not materialize as expected; that the transaction may not be timely completed, if at all; that, prior to the completion of the transaction, if at all, Anadys may not satisfy one or more closing conditions; that the merger agreement may be terminated; and the impact of the current economic environment, risks related to Anadys’ ongoing development activities and clinical trial, and other risks that are described in Anadys’ most recent Form 10-Q for the quarter ended June 30, 2011. Anadys undertakes no obligation to update these forward-looking statements except to the extent otherwise required by law.
SOURCE Anadys Pharmaceuticals, Inc.
COSTA MESA, Calif., Oct. 12, 2011 /PRNewswire/ — www.t3motion.com – T3 Motion, Inc. (NYSE AMEX: TTTM) T3 Motion, Inc. today announced that the Kuwaiti Ministry of the Interior has placed additional orders bringing the total deployment in Kuwait to $448,000 for T3 Electric Stand-up Vehicles (ESV). The initial shipments have been delivered to the Kuwaiti Ministry of Interior to use for airport security and coastal patrols.
(Logo: http://photos.prnewswire.com/prnh/20110912/LA66230)
“The use of T3 ESVs for Kuwaiti airport homeland security initiatives is just the first step in how T3 Motion will help to bring Kuwait to the cutting edge of modern security,” stated Ki Nam, T3 Motion CEO. “As nations around the world modernize their security initiatives to meet the requirements of evolving technologies, many nations are increasingly taking advantage of T3 ESV’s strong command presence and iconic design for security alternatives. We look forward to this relationship with Kuwait and welcome it as a strong and lasting partnership.”
The Ministry of Interior unveiled their fleet of T3 ESVs at the 2011 Police Academy graduation ceremony, replacing the traditional horseback riders for the ceremony. The Emir of Kuwait as well as other government and security officials were in attendance at the ceremony.
The orders were placed through distributor A&M Ltd. In 2010, T3 Motion and A&M Ltd. executives signed a distribution agreement appointing A&M as the exclusive distributor of the T3 Series ESV in Kuwait. A&M is a long-standing and respected company in Kuwait with an impressive government and private clientele and will provide all operator training and technical support for customers throughout the region. Half of the purchased T3 ESVs have been delivered to Kuwait. The other half are due to be shipped in coming weeks.
This agreement further solidifies T3 Motion’s presence in the Middle East, with contractual agreements in Qatar, Iraq, Jordan, Lebanon, Saudi Arabia and the UAE. T3 ESVs will be featured at the Gulf Defense Show in Kuwait this December.
Want to see the T3 ESVs in action in Kuwait? Watch T3 ESVs in action at the 2011 Police Academy graduation ceremony and T3 ESVs be presented to the Emir.
T3 Series Features
The cutting-edge green technology provides a low cost of operation, at less than 10 cents per day and two re-chargeable, swap-able batteries. The T3 has 24/7 operation with an unlimited range.
- Zero-degree turning radius
- Swap-able batteries
- Speeds up to 25 km/h, the equivalent of 15 mph
- 9-inch raised platform provides a superior vantage point
About T3 Motion, Inc.
T3 Motion, Inc. (AMEX: TTTM) revolutionized the world of personal mobility with the introduction of their flagship electric T3 Series law enforcement vehicles at the International Association of Chiefs of Police conference held in October 2006. Headquartered in Orange County, California, T3 Motion, Inc. is dedicated to raising the bar on environmental standards and law enforcement and security capabilities in personal mobility technology. For more information, visit www.t3motion.com
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding the completion of this offering T3 Motion’s business, which are not historical facts, are “forward-looking statements” that are not guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, among others, factors associated with market conditions and the satisfaction of customary closing conditions related to the proposed public offering. For additional information concerning these and other factors that may cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company’s Registration Statement filed on Form S-1, as amended, and in the periodic reports the Company files from time to time with the Securities and Exchange Commission.
SOURCE T3 Motion, Inc.
CALGARY, Oct. 12, 2011 /CNW/ – Gran Tierra Energy Inc. (“Gran Tierra Energy”) (NYSE Amex: GTE, TSX: GTE), a company focused on oil exploration and production in South America, today announced that it has initiated exploration drilling operations on two oil prospects in Brazil and exploration drilling operations on one oil prospect in Colombia. Delineation and development drilling is ongoing in Colombia, with additional oil column identified in the Moqueta-6 delineation well.
“Two years after announcing a strategic decision to enter Brazil, Gran Tierra Energy has assembled a large land position and a diverse exploration and development drilling portfolio, with exploration drilling operations now initiated on two prospects, one onshore and one offshore. In parallel, our delineation and development drilling operations on recently discovered reserves in Colombia are ongoing, with exciting new delineation results indicating additional oil column in the Moqueta oil discovery. We have also begun additional exploration drilling on our lands in the Putumayo Basin of Colombia,” said Dana Coffield, President and Chief Executive Officer of Gran Tierra Energy.
Brazil
BM-CAL-10 Block (Statoil 45% WI & Operator, Petrobras 40% WI, Gran Tierra Energy 15% WI)
Statoil do Brasil Ltda. (“Statoil”) commenced drilling operations on October 1, 2011 on the 1-STAT-7-BAS exploration well. The well is located in the deepwater portion of the Camamu Basin at a water depth of 6,200 feet, directly offshore from Salvador and the onshore Recôncavo Basin where Gran Tierra Energy’s operated acreage is located, and is expected to take 60 days to drill.
Documents associated with Gran Tierra Energy’s two farm-in agreements with Statoil, whereby Gran Tierra Energy will be entitled to earn a 10% working interest in Concession Contract BM-CAL-7 operated by PetróleoBrasileiro S.A. (“Petrobras”), and a 15% working interest in Concession Contract BM-CAL-10 operated by Statoil, in the offshore Camamu Basin, are being prepared for submission to the Agência Nacional de Petróleo, Gás Natural e Biocombustíveis (“ANP”) for regulatory approval.
REC-T-142 Block (Gran Tierra Energy 70% WI & Operator, Alvorada 30% WI)
Drilling of the 1-GTE-01-BA oil exploration well began on October 7, 2011. The well is located in Block REC-T-142 in the prolific onshore Recôncavo Basin. This operation is commencing with the drilling of a vertical pilot hole from which core will be acquired from the prospective reservoir section. The pilot well is planned to reach a total measured depth of approximately 6,070 feet and take approximately 35 days to drill.
Upon completion of the well and subsequent evaluation to determine if adequate reservoir is present, a drilling rig is planned to return late in 2011 to drill a horizontal sidetrack from the pilot hole at the optimum depth to test the productivity of the sandstone reservoir target. This will be the first of three horizontal wells Gran Tierra Energy plans to drill in late 2011 and continuing into the first quarter of 2012.
REC-T-129 Block (Gran Tierra Energy 70% WI & Operator, Alvorada 30% WI)
Drilling of the 1-GTE-02-BA oil exploration well is scheduled to begin in mid-October, 2011. This well is located in Block REC-T-129 in the Recôncavo Basin and is targeting two independent light oil reservoir targets. The well is expected to reach a total measured depth of approximately 6,400 feet and take approximately 35 days to drill.
Colombia
Rumiyaco Block (Gran Tierra Energy 100% WI and Operator)
The Rumiyaco-1 oil exploration well began drilling on October 9, 2011. This prospect lies in the southern Putumayo Basin approximately 85 kilometers southwest of Gran Tierra Energy’s existing producing properties, and between two existing oil producing trends. The well is expected to test a structural closure defined by 3-D seismic data at a total measured depth of approximately 10,700 feet and take approximately 45 days to drill.
Chaza Block (Gran Tierra Energy 100% WI and Operator)
The Moqueta-6ST1 delineation well in the 2010 Moqueta oil discovery reached total measured depth of 5,724 feet in basement after encountering oil shows in the Kg Sandstone, the U Sandstone, the T Sandstone and the Caballos reservoirs. The primary T Sandstone and Caballos reservoirs were encountered approximately 250 feet deeper than the equivalent reservoirs in Moqueta-5. Electric log interpretations and pressure gradient data indicate oil pay in the T Sandstone and Caballos reservoirs. A testing program is currently being designed to confirm the nature of the fluids and reservoir productivity of the sandstones.
Testing results are expected in approximately one month.
Sierra Nevada Block (Gran Tierra Energy 100% WI and Operator)
Drilling of the Brillante SE-2 delineation well is expected to begin late October, 2011. This gas field was discovered in 2010 and lies in the Lower Magdalena Basin in northern Colombia. This is the first of two delineation wells that are planned to be drilled in late 2011 and early 2012, with the intent to define adequate reserves to justify the construction of a gas pipeline and commit to long term gas sales contracts. The field is currently producing a nominal volume of gas which is transported by a third party utilizing compressed natural gas trucks. Gran Tierra Energy plans to increase this production to approximately 2 million standard cubic feet of gas per day before the end of 2011. The well is expected to reach total measured depth of approximately 6,000 feet and take approximately 25 days to drill.
Garibay Block (CEPSA 50% WI and Operator, Gran Tierra Energy 50% WI)
Drilling of the Jilguero-2 delineation well in the 2010 Jilguero oil discovery in the Llanos Basin of eastern Colombia is ahead of schedule. The well is expected to reach total measured depth of approximately 9,830 feet in mid-October.
Planning for the initiation of long-term testing of Melero-1, a new oil discovery made in 2011, is continuing, with first production expected in December.
“In summary, the Fourth Quarter of 2011 is going to be a very exciting time for our company, with exploration, delineation and development drilling results expected in Brazil and Colombia, and planning ongoing for a robust 2012 drilling program in those countries as well as in Peru and Argentina, all expected to be fully funded with cash and cash flow at current oil prices and production volumes,” concluded Coffield.
About Gran Tierra Energy Inc.
Gran Tierra Energy is an international oil and gas exploration and production company, headquartered in Calgary, Canada, incorporated in the United States, trading on the NYSE Amex Exchange (GTE) and the Toronto Stock Exchange (GTE), and operating in South America. Gran Tierra Energy holds interests in producing and prospective properties in Colombia, Argentina, Peru, and Brazil. Gran Tierra Energy has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a base for future growth.
Gran Tierra Energy’s Securities and Exchange Commission filings are available on a web site maintained by the Securities and Exchange Commission at http://www.sec.gov and on SEDAR at http://www.sedar.com.
Forward Looking Statements:
This news release contains certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) under the meaning of applicable securities laws, including Canadian Securities Administrators’ National Instrument 51-102 – Continuous Disclosure Obligations and the United States Private Securities Litigation Reform Act of 1995. The use of the words “expected”, “planned”, “plans”, “scheduled”, “may”, “will” and derivations thereof similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements regarding Gran Tierra Energy’s planned and expected drilling operations in Brazil and Colombia including, without limitation: anticipated drilling locations, depths and timelines; the results of Gran Tierra Energy’s two farm-in agreements with Statoil; expectations respecting testing, pilot hole and delineation drilling; the timing and amount of production expected from drilling activities; and the funding of drilling and operations.
The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of Gran Tierra Energy including, without limitation: assumptions relating to log evaluations; that Gran Tierra Energy will continue to conduct its operations in a manner consistent with past operations, the accuracy of testing and production results and seismic data, the effects of certain drilling techniques and the general continuance of current or, where applicable, assumed operational, regulatory and industry conditions. Gran Tierra Energy believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct.
The forward-looking statements contained in this news release are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements, including, among others: the two farm-in agreements with Statoil are subject to regulatory approval by the ANP, the timing and results of which are outside of Gran Tierra Energy’s control, which approval if not obtained or delayed could cause these farm-ins not to occur or to be delayed; unexpected technical difficulties and operational difficulties may occur, or the obtaining of environmental permits may be delayed, which could impact or delay the commencement of drilling exploration, development and/or delineation wells; geographic, political and weather conditions can impede testing, which could impact or delay the commencement of drilling exploration, development and/or delineation wells; and the risk that current global economic and credit market conditions may impact oil prices and oil consumption more than Gran Tierra Energy currently predicts, which could cause Gran Tierra Energy to not realize the benefit that it expects from the contracts, or to fund the drilling operations solely from cash and cash flow from operations. Although Gran Tierra Energy’s plans for its drilling operations and the funding thereof are based upon the current expectations of the management of Gran Tierra Energy, there may be circumstances where, for unforeseen reasons, a change in such plans may be necessary as may be determined at the discretion of Gran Tierra Energy and there can be no assurance as at the date of this press release as to how drilling operations may be altered or funds reallocated. Should any one of a number of issues arise, Gran Tierra Energy may find it necessary to alter its current business strategy and/or capital spending program. Further information on potential factors that could affect Gran Tierra Energy are included in risks detailed from time to time in Gran Tierra Energy’s Securities and Exchange Commission filings, including, without limitation, under the caption “Risk Factors” in Gran Tierra Energy’s Quarterly Report on Form 10-Q filed August 9, 2011. These filings are available on a Web site maintained by the Securities and Exchange Commission at http://www.sec.gov and on SEDAR at www.sedar.com. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date of this press release and Gran Tierra Energy disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
MoSys, Inc., (NASDAQ: MOSY), a leading provider of serial chip-to-chip communications solutions that deliver unparalleled bandwidth performance for next generation networking systems and advanced system-on-chip (SoC) designs, announces the availability of its Bandwidth Engine® FPGA Companion Kit and Characterization Kit.
These Bandwidth Engine development kits allow system designers to evaluate and develop code for next-generation networking systems that incorporate Bandwidth Engine ICs. The FPGA Companion Kit includes a MoSys Bandwidth Engine evaluation board with FCI AirMax VS® connectors arranged in accordance to Interlaken Physical Interop Recommendations, which allow for integration with standard FPGA 100G development kits.
The Characterization Kit contains a board populated with SMA connectors to interface to any suitable FPGA or ASIC development system purpose of SerDes evaluation, the Characterization Kit can be operated in loopback mode connected to high-performance test equipment.
Both kits allow for connection of all 16 OIF CEI-11 compatible SerDes lanes that operate at up to 10.3125 Gbps and communicate with the host using the GigaChip™ Interface. The boards are available with either a test socket or with a Bandwidth Engine IC soldered onto the board.
“MoSys’ FPGA Companion Kit and Characterization Kit enable customers to evaluate Bandwidth Engine ICs and develop products on fully-functional hardware platforms,” stated David DeMaria, Vice President of Business Operations. “This is an important milestone in enabling our customers to incorporate Bandwidth Engine ICs into their next generation of products.”
About MoSys, Inc.
MoSys, Inc. (NASDAQ: MOSY) is a leading provider of high-performance networking memory solutions and high-speed, multi-protocol serial interface intellectual property (SerDes IP). MoSys’ leading edge Bandwidth Engine® ICs combine the company’s patented 1T-SRAM® high-density memory with its SerDes IP and are initially targeted at providing breakthroughs in bandwidth and access performance in next generation networking systems. MoSys’ SerDes IP and DDR3 PHYs support a wide range of data rates across a variety of standards, while its 1T-SRAM memory cores provide a combination of high-density, low-power consumption, high-speed and low cost advantages for high-performance applications. MoSys is headquartered in Santa Clara, California. More information is available on MoSys’ website at www.mosys.com.
MoSys, 1T-SRAM and Bandwidth Engine are registered trademarks of MoSys, Inc. in the US and/or other countries. The MoSys logo and GigaChip are trademarks of MoSys, Inc. All other marks mentioned herein are the property of their respective owners.
Dejour Energy Inc. (NYSE AMEX: DEJ / TSX: DEJ) announced today that the BC Oil and Gas Conservation Commission (BCOGC) has approved Dejour’s application to remove the Halfway Pool production allowable and to operate the waterflood on a balance of injection to production (Voidage Replacement).
“We are very pleased that the BCOGC has approved our application for change to the pool rules. This approval confirms the successful implementation of the waterflood and the confidence the BCOGC now has in the project performance and in Dejour as the project operator. In anticipation of the approval we had already begun to take steps that will allow us to increase water injection into the halfway pool by at least 600 BWPD, by the end of the month. Going forward, we will drill an additional oil producer by the end of Q4, increasing Dejour’s net production an additional 200-300 BO per day by early Q1 2012,” states Harrison Blacker, President.
As previously communicated in our release dated October 6, 2011, where we reported a 78% Q3 production gain, we currently expect our Q4 production to further increase by more than 18% and average in excess of 600 BOE per day with 57% oil.
About Dejour
Dejour Energy Inc. is an independent oil and natural gas company operating multiple exploration and production projects in North America’s Piceance Basin (107,000 net acres) and Peace River Arch regions (15,000 net acres). Dejour’s seasoned management team has consistently been among early identifiers of premium energy assets, repeatedly timing investments and transactions to realize their value to shareholders’ best advantage. Dejour maintains offices in Denver, USA, Calgary and Vancouver, Canada. The company is publicly traded on the New York Stock Exchange Amex (NYSE AMEX: DEJ) and Toronto Stock Exchange (TSX: DEJ).
Statements Regarding Forward-Looking Information: This news release contains statements about oil and gas production and operating activities that may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities legislation as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those anticipated by Dejour and described in the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, adverse general economic conditions, operating hazards, drilling risks, inherent uncertainties in interpreting engineering and geologic data, competition, reduced availability of drilling and other well services, fluctuations in oil and gas prices and prices for drilling and other well services, government regulation and foreign political risks, fluctuations in the exchange rate between Canadian and US dollars and other currencies, as well as other risks commonly associated with the exploration and development of oil and gas properties. Additional information on these and other factors, which could affect Dejour’s operations or financial results, are included in Dejour’s reports on file with Canadian and United States securities regulatory authorities. We assume no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change unless otherwise required under securities law.
BOE Presentation: Barrel of oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of gas to one barrel of oil. The term “BOE” may be misleading if used in isolation. A BOE conversion ratio of one barrel of oil to six mcf of gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. Total BOEs are calculated by multiplying the daily production by the number of days in the period.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
Follow Dejour Energy’s latest developments on:
Facebook http://facebook.com/dejourenergy and Twitter @dejourenergy
ZHENGZHOU, China, Oct. 12, 2011 /PRNewswire-Asia-FirstCall/ — China Valves Technology, Inc. (NASDAQ: CVVT) (“China Valves” or the “Company”), a leading Chinese metal valve manufacturer, today announced that it has successfully conducted system tests for the RV III-1200 24-way rotary valve, which is newly developed by the Company’s subsidiary Shanghai Pudong Hanwei Valve Co., Ltd (“Hanwei Valve”). The valve is ready for dispatch next week.
The valve is developed for a purchase order from Yangzi Petrochemical for the separation of Metaxylene, or MX, and Paraxylene, or PX, the original ingredients for Purified Terephthalic Acid, or PTA, commonly used in polyester production. It is the key equipment of a simulating moving bed molecular sieve absorption-separation unit. After several months of design and manufacture, Hanwei Valve successfully completed the overall structure of this new valve specification, which is the only product of its kind currently being produced in China.
“The successful system tests demonstrate our strong design and development capabilities and our commitment to delivering cutting-edge technology,” said Mr. Jianbao Wang, Chief Executive Officer of China Valves. “We expect this delivery to open doors for many similar orders in the future.”
About China Valves Technology, Inc.
China Valves Technology, Inc. through its subsidiaries, Zhengzhou City ZD Valve Co, Ltd., Henan Kaifeng High Pressure Valve Co., Ltd., Taizhou Taide Valve Co., Ltd., Yangzhou Rock Valve Lock Technology Co., Ltd., China Valve Technology (Changsha) Valve Co., Ltd. and Shanghai Pudong Hanwei Valve Co., Ltd., is engaged in the development, manufacture and sale of high-quality metal valves for the electricity, petroleum, chemical, water, gas and metallurgy industries. The Company has one of the best known brand names in China’s valve industry, and its history can be traced back to 1959 when it was formed as a state-owned enterprise. The Company develops valve products through extensive research and development and owns numerous patents. It enjoys a large domestic market share and also exports to Asia and Europe. For more information, visit http://www.cvalve.com
Safe Harbor Statement
Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, but are not limited to, the Company’s ability to develop and market new products, the ability to access capital for expansion, the ability to acquire other companies, changes from anticipated levels of sales, changes in national or regional economic and competitive conditions, changes in relationships with customers, changes in principal product profits and other factors detailed from time to time in the Company’s filings with the United States Securities and Exchange Commission. The Company undertakes no obligation to update or revise to the public any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. This news release was developed by China Valves, and is intended solely for informational purposes and is not to be construed as an offer or solicitation of an offer to buy or sell the Company’s stock. This news release is based upon information available to the public, as well as other information from sources that management believes to be reliable, but it is not guaranteed by China Valves to be accurate, nor does China Valves purport it to be complete. Opinions expressed herein are those of management as of the date of publication and are subject to change without notice.
China Valves Technology, Inc.
Gang Wei, CFO
Tel: +86-371-8601-8777
E-mail: ir@cvalve.com
http://www.cvalve.com
CCG Investor Relations
Linda Salo, Account Manager
Tel: +1 646-922-0894
E-mail: linda.salo@ccgir.com
Crocker Coulson, President
Tel: +1 646-213-1915
E-mail: crocker.coulson@ccgir.com
http://www.ccgirasia.com
SOURCE China Valves Technology, Inc.
LOS ANGELES, CA — (Marketwire) — 10/12/11 — Seven Arts Entertainment Inc. (NASDAQ: SAPX) (“Seven Arts”) announced today that on October 5, 2011, BRG Investments, LLC (“BRG”) acquired 250,000 newly issued shares of Seven Arts common stock at a price of $1.00 per share. During the next six months, BRG may purchase an additional 250,000 shares of Seven Arts common stock at the volume weighted average price, but no less than $1.00 or more than $1.50. BRG received a warrant to purchase 100,000 shares of Seven Arts common stock and will receive an additional warrant with the same terms if it purchases the additional 250,000 shares. Seven Arts intends to use the proceeds of this transaction to partially fund its next motion picture production in Louisiana entitled Schism, written and to be directed by Adam Gierasch, the director of Autopsy and Night of the Demons, two recent releases by Seven Arts. Seven Arts and BRG also entered into a mutually acceptable settlement of their dispute relating to their previous investment agreement.
About Seven Arts
Seven Arts Entertainment Inc.’s predecessor was founded in 2002 as an independent motion picture production and distribution company engaged in the development, acquisition, financing, production, and licensing of theatrical motion pictures for exhibition in domestic (i.e., the United States and Canada) and foreign theatrical markets, and for subsequent worldwide release in other forms of media, including home video and pay and free television.
Cautionary Information Regarding Forward-Looking Statements: Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated.
Contact:
Seven Arts Entertainment Inc. US contact:
Peter Hoffman
+1 323 372 3080
phoffman@7artspictures.com
Or
Seven Arts Entertainment Inc. UK contact:
Kate Hoffman
+44 203 006 8223
khoffman@7artspictures.com
Perficient, Inc. (NASDAQ: PRFT), a leading information technology consulting firm serving Global 2000 and other large enterprise customers throughout North America, today announced the launch of Health BI powered by BI-Clinical. Health BI offers healthcare organizations with accelerated compliance to Meaningful Use, ACO, and quality management requirements using a simple and fundamentally new approach to healthcare business intelligence. With unprecedented business value, and more than 600 pre-built measures and key performance indicators, Health BI uses state-of-the-art Microsoft tools to enhance clinical decision support, performance benchmarking, and persona-based dashboards from data across a wide range of clinical and financial systems.
Based on Stage 1 meaningful use reimbursement incentives, providers have been implementing EHR solutions to provide a baseline for electronic data capture and information sharing. As providers enter Stage 2, more robust clinical reporting and analytics will be required. Business intelligence tools will help providers meet meaningful use requirements through structuring codified data, exchanging data across hospital systems, and creating a patient-centric community care record. Additionally, since more than half of the 93 draft National Committee for Quality Assurance (NCQA) ACO measures are also Meaningful Use measures, healthcare providers will be enabled by one powerful analytics tool that provides accelerated compliance to:
- All 44 EP and all 15 EH Meaningful Use quality measures; ONC-ATCB 2011/2012 certified
- Guaranteed support for 100% Meaningful Use Stage 2 and Stage 3 compliance
- 100% PQRI measure coverage
- 200+ inbuilt measures / KPIs for financial and operational reporting
- 100% coverage of all 65 quality performance measures required by ACOs for the Shared Savings Program
- 100% coverage of 88 JCAHO measures
“When leveraged correctly, business intelligence can yield measurable returns beyond meaningful use compliance in terms of cost savings, staff productivity, and improved utilization of scarce resources,” said Steve Aylward, General Manager, Microsoft US Commercial Health & Life Sciences, “These decision making tools are extremely important as we continue to modernize health information and the healthcare system to improve the quality of care.”
Rising operating costs and increased focus on care quality have resulted in the need for more actionable technology solutions. Health BI offers business functions that provide a sustainable model for healthcare business intelligence technology investments, including real-time clinical alerts to enhance point-of-care decision support. Health BI supports both clinical and financial data, which provides a 360 degree view of population health management and a comprehensive measure library based on specifications recommended by leading quality and regulatory organizations such as HEDIS, ADA, AHRQ and NCQA. With an extensive range of customizable persona-based dashboards, Health BI provides drill down capabilities for advanced analytics, decision support, performance benchmarking, and complete physician practice clinical quality reporting.
“At Perficient, we design and deliver business-driven technology solutions that meet real healthcare industry needs,” says David Hastoglis, General Manager of Perficient’s national healthcare practice. “Health BI is an important extension of Perficient’s healthcare offerings providing a 3-4 month rapid deployment and 50% cost savings when compared to a custom solution with similar benefits. Since many providers often own multiple technologies, Perficient’s extensive experience with leading platforms and deep vendor relationships make us particularly well prepared to help customers leverage and extend their investment across existing IT systems.”
About Perficient
Perficient is a leading information technology consulting firm serving Global 2000 enterprise customers across North America and three offshore locations in China, India, and Europe. Perficient helps healthcare institutions take advantage of consumer driven healthcare through the design and implementation of business-driven technology solutions. Ranked the 11th largest healthcare consulting firm by Healthcare Informatics, our dedicated national healthcare practice delivers innovative and intelligent solutions for hospitals and health systems, integrated delivery networks, health plans, life sciences, and state and federal government agencies. Perficient is an award-winning “Premier Level” IBM business partner, a TeamTIBCO partner, one of just 35 Microsoft National Systems Integrators in the United States, a Documentum Select Services Team Partner, and an Oracle Certified Partner. Perficient was named Microsoft’s Healthcare Provider Partner of the Year in 2010. Traded on the Nasdaq Global Select Market(SM), Perficient is a member of the Russell 2000® index and the S&P SmallCap 600 index. Learn more about Perficient and Perficient Healthcare at www.Perficient.com.
About BI-Clinical
BI-Clinical is CitiusTech’s (www.citiustech.com) leading healthcare BI platform for integrated clinical, operational and financial performance management. BI-Clinical provides a modular, scalable and interoperable platform for healthcare BI, advanced analytics and Meaningful Use compliance. BI-Clinical addresses the complex reporting and analytics needs of hospitals, physician practices, IDNs, ACOs and HIEs. With its highly configurable measure processing engine, BI-Clinical offers powerful analytics and decision support features that include performance benchmarking, custom dashboards, point-of-care decision support, integrated analytics and regulatory data submission. BI-Clinical 10.3 is ONC-ATCB 2011/2012 certified for ALL clinical quality measures and data submission requirements for both Eligible Hospitals (EH) and Eligible Professionals (EP). With over 600 pre-built measures and KPIs for clinical, financial, operational and regulatory reporting, BI-Clinical has 100% coverage of all PQRS, HEDIS, JCAHO and ACO measures. To learn more about BI-Clinical visit www.citiustech.com/bi-clinical.
FAIRFAX, Va., Oct. 11, 2011 (GLOBE NEWSWIRE) — ThinkGeek, a Geeknet (Nasdaq:GKNT) company and premier retailer for the global geek community, is proud to announce that its online store has now gone mobile. Created entirely in-house, the new mobile site streamlines the ThinkGeek shopping experience and allows customers to browse, search, buy and share products direct from a smartphone.
“We’re thrilled to announce the next step in our quest for World Domination by launching our mobile site,” said Jen Frazier, Co-Founder of ThinkGeek. “Now our friends can carry around all of our geeky awesomeness in their pockets! Stay tuned for our next project which may or may not be sharks with frickin’ laser beams.”
Staying true to their developer roots, ThinkGeek kept the entire creative and technical process in-house. Months of research, design, and development went into the creation of the site.
“From design to code, this was a major team effort,” said Seth Spergel, head of Engineering at ThinkGeek. “Although we would have really liked to have gotten those sharks into this round, we’re excited about the features we’ve put into this release.”
The ThinkGeek mobile site allows customers to easily search and buy from thousands of amazing gifts and gadgets using a variety of smartphones. The company is already planning second phase enhancements as part of their commitment to continuous innovation.
“Mobile is a key strategic channel for every eCommerce company,” said Jamie Grove, VP of Marketing at ThinkGeek. “But the real competitive advantage in mobile is owning the experience from front to back so that you can react quickly to new trends. We hit that objective, and we couldn’t be happier about delivering an awesome mobile experience to our customers.”
For more information on this or ThinkGeek products, visit www.thinkgeek.com or contact PR representative Jessica Darrican.
ABOUT THINKGEEK
ThinkGeek is the premier retailer for the global geek community. A wholly owned subsidiary of Geeknet, Inc. (Nasdaq:GKNT), ThinkGeek was founded in 1999 to serve the distinct needs and interests of technology professionals and enthusiasts. Today, ThinkGeek has grown to become the first choice for innovative and imaginative gifts that appeal to the geek in everyone. ThinkGeek is currently ranked #192 on Internet Retailer’s list of America’s 500 largest e-retailers. For more information, please visit thinkgeek.com or call 1-888-GEEKSTUFF.
ABOUT GEEKNET
Geeknet is home to some of the best known brands in the geek universe, and is the online network for the global geek community. We serve an audience of over 54 million users each month and provide the tech-obsessed with content, culture, connections, commerce, and all the things that geeks crave. Want to learn more? Check out geek.net.
Geeknet is a trademark of Geeknet, Inc. SourceForge, Slashdot, ThinkGeek, and freshmeat are trademarks of Geeknet, Inc. in the United States and other countries. All other trademarks or product names are property of their respective owners.
The Geeknet, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7330
CONTACT: MEDIA CONTACTS
Jessica Darrican
Max Borges Agency
305-576-1171 x.16
305-299-3449 (m)
Jessica@maxborgesagency.com
Shane Peterman
PR Manager
ThinkGeek.com
703-839-8614
shane@thinkgeek.com
MOUNTAIN VIEW, Calif., Oct. 11, 2011 /PRNewswire/ — Alexza Pharmaceuticals, Inc. (Nasdaq: ALXA) announced today that the company will present at the 18th Annual NewsMakers in the Biotech Industry conference, taking place Friday, October 21, 2011 in New York City. The Alexza corporate presentation will be at 9:30 a.m. ET. The presentation will be webcast live.
To access the presentation via the Web, please go to the Investor Relations tab at www.alexza.com or directly www.corporate-ir.net/ireye/conflobby.zhtml?ticker=ALXA&item_id=4209599. A replay of the webcast will be available approximately 24 hours after the presentation and archived for 14 days.
About Alexza Pharmaceuticals, Inc.
Alexza is a pharmaceutical company focused on the research, development and commercialization of novel, proprietary products for the acute treatment of central nervous system conditions. Alexza’s technology, the Staccato® system, vaporizes unformulated drug to form a condensation aerosol that, when inhaled, allows for rapid systemic drug delivery through deep lung inhalation. The drug is quickly absorbed through the lungs into the bloodstream, providing speed of therapeutic onset that is comparable to intravenous administration, but with greater ease, patient comfort and convenience. (Click here to see an animation of how the Staccato system works.)
Adasuve™ (Staccato loxapine), Alexza’s lead program, is being developed for the rapid treatment of agitation in adults with schizophrenia or bipolar disorder. Alexza completed and announced positive results from both of its Phase 3 clinical trials and initially submitted the ADASUVE NDA in December 2009. In October 2010, the Company received a Complete Response Letter from the FDA regarding the application. The Company completed an end-of-review meeting with the FDA in December 2010 and a Risk Evaluation and Mitigation Strategy (REMS) guidance meeting with the FDA in April 2011. The ADASUVE NDA was resubmitted on August 4, 2011, and has a Prescription Drug User Fee Act (PDUFA) goal date of February 4, 2012. The FDA has indicated that it will likely present the ADASUVE application to an Advisory Committee during the review period.
Alexza also plans to file the ADASUVE Marketing Authorization Application (MAA) with the European Medicines Agency (EMA) in the fourth quarter of 2011. In October 2011, the Company established a commercial partnership for ADASUVE with Grupo Ferrer International, S.A. Grupo Ferrer is a leading pharmaceutical company in Europe with extensive operations in the Americas, and is Alexza’s partner in the registration, distribution and promotion of ADASUVE in Europe, Latin America, Russia and the Commonwealth of Independent States countries.
For more information about Alexza, the Staccato system technology or the Company’s development programs, please visit www.alexza.com.
Safe Harbor Statement
The anticipated presentation will contain forward-looking statements that involve significant risks and uncertainties. Any statement describing the Company’s expectations or beliefs is a forward-looking statement, as defined in the Private Securities Litigation Reform Act of 1995, and should be considered an at-risk statement. Such statements are subject to certain risks and uncertainties, particularly those inherent in the process of developing and commercializing drugs, including the adequacy of the Company’s capital to support the Company’s operations, the potential of the Company’s ADASUVE NDA resubmission to adequately address the issues in the Complete Response Letter, the timing of the FDA’s review of the NDA, the eventual prospects that ADASUVE will be approved for marketing in the U.S., and the timing and prospects for regulatory approval to market ADASUVE in Europe, Latin America, Russia and the Commonwealth of Independent States countries. The Company’s forward-looking statements also involve assumptions that, if they prove incorrect, would cause its results to differ materially from those expressed or implied by such forward-looking statements. These and other risks concerning Alexza’s business are described in additional detail in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, and the Company’s other Periodic and Current Reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Alexza Pharmaceuticals, Inc.
Synergetics USA, Inc. (NASDAQ: SURG), a medical device company that designs, manufactures, and markets innovative surgical devices for ophthalmic and neurosurgical applications, today reported record sales and net income for the fourth quarter ended July 31, 2011.
The Company reported that fourth quarter 2011 net income rose 100% to $2.0 million, or $0.08 per diluted share, compared with $1.0 million, or $0.04 per diluted share, in the fourth quarter of 2010. Fourth quarter sales rose 21% to a record $15.8 million in fiscal 2011 compared with sales of $13.1 million in the fourth quarter of fiscal 2010.
“Synergetics’ record results for the fourth quarter highlight the solid progress we have made since last year in building our sales of ophthalmic and neurosurgical products and in improving our profitability,” stated Dave Hable, President, CEO and Director of Synergetics USA, Inc. “Our record net income benefited from higher sales, growth in our margins and improved leverage of selling, general and administrative expenses.
“Our sales accelerated in the second half of 2011 due to increased demand for our ophthalmic disposable products and the contribution from new products introduced over the past year. Disposable product sales have grown to approximately 80% of our total product sales,” continued Mr. Hable. “We improved our manufacturing efficiencies by continuing to adopt lean manufacturing techniques that resulted in a 15% improvement in sales per production employee compared with the prior year. After fiscal year end, we implemented a new ERP system that we expect will result in further efficiencies in our planning and administrative functions.”
Fourth Quarter Results
Fourth quarter 2011 sales increased 21% to $15.8 million compared with $13.1 million in the fourth quarter of 2010. The increase in fourth quarter sales from last year was due primarily to growth in sales of ophthalmic disposable products, sales of neurosurgical products to marketing partners and OEM sales. The growth in sales of disposable products more than offset the continued weakness in sales of capital products.
- Ophthalmic sales rose 11% to $9.5 million in the fourth quarter of fiscal 2011 compared with $8.6 million in the fourth quarter of fiscal 2010. The growth in ophthalmic sales benefited from higher volume of disposable products, including procedural kits, laser probes and cannulas and expansion into international markets.
- Total neurosurgical sales, including sales to marketing partners, increased 41.7% to $3.3 million in the fourth quarter of fiscal 2011 compared with $2.3 million for the same period in 2010. Sales to our marketing partners increased 61.8% to $3.1 million in the fourth quarter of fiscal 2011 and more than offset the decline in direct neurosurgical sales due to the transition of neurosurgical sales to Codman & Shurtleff, Inc. (“Codman”) and Stryker Corporation (“Stryker”) under marketing partner agreements. Direct neurosurgical sales decreased 53.5% to $0.2 million in the fourth quarter of fiscal 2011 compared with $0.4 million in the fourth quarter of fiscal 2010, as this business has been transitioned.
- Total OEM sales rose 33.4% to $2.8 million in the fourth quarter of fiscal 2011 compared with $2.1 million in the fourth quarter of fiscal 2010. The increase in OEM sales benefited from increased shipments of Synergetics’ new CMC V generator and accessories to Codman during the latest quarter. The OEM sales include deferred revenue of $443,000 recognized from Codman and Alcon, Inc. (“Alcon”).
- Disposable product sales grew $2.4 million to $12.6 million in the fourth quarter of fiscal 2011 compared with the fourth quarter of fiscal 2010. Disposable sales accounted for approximately 80% of total sales in the fourth quarter of fiscal.
- Capital equipment sales totaled $2.7 million in the fourth quarter of fiscal 2011 compared with $2.8 million in the fourth quarter of fiscal 2010.
“Our record fourth quarter sales benefited from increased demand for our disposable ophthalmic products from both domestic and international customers, a 41.7% growth in neurosurgery sales, including sales to our marketing partners, and a 33.4% increase in OEM sales,” continued Mr. Hable.
Gross profit for the fourth quarter rose 25% to $9.4 million compared with $7.5 million in the fourth quarter of 2010. Gross profit margin rose to 59.6% in the fourth quarter of fiscal 2011 compared with 57.7% in the fourth quarter of 2010. The growth in gross profit and gross profit margin benefited from higher sales, improved product mix and increased manufacturing efficiencies compared with the fourth quarter of the prior year.
“We launched our lean manufacturing initiatives last year and they are having a positive impact on product quality, material yield and production efficiencies. These initiatives have contributed cumulative cost savings of approximately $2.2 million over the past two years, including incremental costs savings of approximately $800,000 in fiscal 2011. We expect to complement our lean manufacturing initiatives in fiscal 2012 with a newly implemented ERP system that went live in August 2011. The new system will allow better planning and real-time information for inventory levels, shipments, sales information and production costs,” continued Hable.
Operating income for the fourth quarter of fiscal 2011 doubled to $3.0 million compared with $1.5 million in the fourth quarter last year. Operating margin rose to 18.7% in the fourth quarter of fiscal 2011 compared with 11.3% in the fourth quarter of fiscal 2010. The increase in operating income and operating margin benefited from higher sales, growth in margins, lower manufacturing costs, and lower general and administrative expenses. In addition, the increase in operating income highlights the leverage the Company achieved by utilizing its marketing partners to sell and distribute its neurosurgical products.
“Research and development expenses rose to $1.1 million in the most recent quarter compared with last year’s fourth quarter,” noted Mr. Hable. “We remain focused on funding key R&D programs that will contribute to new product introductions and expansions of existing product lines. Our successful introduction of VersaPACK™ in fiscal 2011 highlights the success of these programs. Initial sales are very encouraging and demonstrate our potential to expand in a new worldwide market that is estimated at $277 million.”
Selling and marketing expenses increased to $2.9 million in the fourth quarter of 2011 compared with $2.8 million in the fourth quarter of 2010. The increase was due primarily to higher sales of ophthalmic products.
Fourth quarter 2011 net income rose 100% to $2.0 million, or $0.08 per diluted share, compared with net income of $1.0 million, or $0.04 per diluted share, in the fourth quarter of 2010. The growth in net income benefited from an increase in sales, improvement in gross profit, and improved leverage of selling, general and administrative expenses compared with the fourth quarter of fiscal 2010.
Fiscal Year Results
Total net sales for fiscal year 2011 increased 7.2% to $55.8 million compared with $52.1 million in fiscal 2010. The increase in sales was due primarily to growth in disposable ophthalmic products, sales of neurosurgery products through marketing partners and higher sales to our OEM customers.
Net income for fiscal 2011 was $5.6 million, or $0.23 per diluted share, compared with $5.7 million, or $0.23 per diluted share, in fiscal 2010. The fiscal 2010 results included one-time gains of approximately $3.2 million, or $0.08 per diluted share, including approximately $2.4 million ($0.06 per diluted share) from the settlement with Alcon, Inc. and $817,000 ($0.02 per diluted share) from the sale of the Omni® product line to Stryker.
- Total ophthalmic sales rose 9% to $34.5 million for fiscal 2011 compared with $31.7 million in fiscal 2010. The growth in ophthalmic sales benefited from the sales of disposable products in both domestic and international markets.
- Total neurosurgical sales, including sales to marketing partners, totaled $11.0 million for fiscal 2011 compared with $12.4 million for fiscal 2010. The decline in neurosurgical sales was the result of the transition of the majority of our direct sales to marketing partners. The largest portion of this decline can be attributed to the loss of $1.1 million of Omni® capital equipment, which the Company no longer sells.
- Total OEM sales rose 27% to $10.0 million in fiscal 2011 compared with $7.9 million in fiscal 2010. The 2011 OEM sales include deferred revenue of $1.0 million recognized from Codman and Alcon.
- Overall sales of disposable products grew approximately 13%, or $5.0 million while sales of capital equipment were down approximately 19%, or $2.3 million, due to the loss of the Omni® sales and reduced sales to hospitals due to continuing constraints on their capital budgets.
- Interest expense dropped to $202,000 in fiscal 2011 compared with $491,000 in fiscal 2010 due to the payoff of certain long-term debt and other obligations during fiscal 2011. The Company paid off the remaining $1.7 million on the industrial revenue bond that financed its O’Fallon, Missouri facility and $800,000 on the next to last payment to Iridex Corporation during fiscal 2011. Synergetics reduced its debt to approximately $1.1 million at July 31, 2011, from $4.1 million at the end of the prior fiscal year. The Company expects to pay off its remaining debt in fiscal 2012.
Conference Call Information
Synergetics USA, Inc. will host a conference call on Wednesday, October 12, 2011, at 10:30 a.m. Eastern Time. The toll free dial-in number to listen and participate live on this call is (800) 588-4973, confirmation code 30398162. For callers outside the U.S., the number is (847) 230-5643. Participants are encouraged to email questions to investorinfo@synergeticsusa.com. The conference call will also be simulcast live at http://www.synergeticsusa.com. An online replay will be available on the Company’s website for approximately 30 days.
About Synergetics USA, Inc.
Through continuous improvement and development of our people, our mission is to design, manufacture and market innovative surgical devices, capital equipment, accessories and disposables of the highest quality in order to assist and enable surgeons who perform surgery around the world to provide a better quality of life for their patients.
Synergetics USA, Inc. (the “Company”) is a leading supplier of precision surgical devices. The Company’s primary focus is on the disciplines of ophthalmology and neurosurgery. Our distribution channels include a combination of direct and independent sales distribution organizations and important strategic alliances with market leaders. The Company’s product lines focus upon precision engineered, disposable and reusable devices, procedural kits and the delivery of various energy modalities for the performance of less invasive surgery including: (i) laser energy, (ii) ultrasonic energy, (iii) radio frequency energy for electrosurgery and lesion generation and (iv) visible light energy for illumination, and where applicable, simultaneous infusion (irrigation) of fluids into the operative field. The Company’s website address is http://www.synergeticsusa.com.
Forward-Looking Statements
Some statements in this release may be “forward-looking statements” for the purposes of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by words such as “believe,” “expect,” “anticipate,” “plan,” “potential,” “continue” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks and uncertainties are discussed in the Company’s Annual Report on Form 10-K for the year ended July 31, 2011, as updated from time to time in our filings with the Securities and Exchange Commission. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet services.
|
Synergetics USA, Inc. and Subsidiaries |
Consolidated Statements of Income |
Fiscal Quarters Ended July 31, 2011 and 2010 |
(Dollars in thousands, except share and per share data) |
|
|
|
|
July 31, 2011 |
|
|
July 31, 2010 |
Net sales |
|
|
$ |
15,796 |
|
|
|
$ |
13,056 |
|
Cost of sales |
|
|
|
6,376 |
|
|
|
|
5,520 |
|
Gross profit |
|
|
|
9,420 |
|
|
|
|
7,536 |
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
Research and development |
|
|
|
1,126 |
|
|
|
|
688 |
|
Selling |
|
|
|
2,945 |
|
|
|
|
2,759 |
|
General and administrative |
|
|
|
2,391 |
|
|
|
|
2,617 |
|
|
|
|
|
6,462 |
|
|
|
|
6,064 |
|
Operating income |
|
|
|
2,958 |
|
|
|
|
1,472 |
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
Interest income |
|
|
|
17 |
|
|
|
|
36 |
|
Interest expense |
|
|
|
(20 |
) |
|
|
|
(79 |
) |
Miscellaneous |
|
|
|
— |
|
|
|
|
1 |
|
|
|
|
|
(3 |
) |
|
|
|
(42 |
) |
Income before provision for income taxes |
|
|
|
2,955 |
|
|
|
|
1,430 |
|
Provision for income taxes |
|
|
|
918 |
|
|
|
|
425 |
|
Net income |
|
|
$ |
2,037 |
|
|
|
$ |
1,005 |
|
Earnings per share: |
|
|
|
|
|
|
Basic |
|
|
$ |
0.08 |
|
|
|
$ |
0.04 |
|
Diluted |
|
|
$ |
0.08 |
|
|
|
$ |
0.04 |
|
Basic weighted average common shares outstanding |
|
|
|
24,970,271 |
|
|
|
|
24,735,422 |
|
Diluted weighted average common shares outstanding |
|
|
|
25,137,786 |
|
|
|
|
24,827,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Synergetics USA, Inc. and Subsidiaries |
Consolidated Statements of Income |
Fiscal Years Ended July 31, 2011, 2010 and 2009 |
(Dollars in thousands, except share and per share data) |
|
|
|
|
2011 |
|
|
2010 |
|
|
2009 |
Net sales |
|
|
$ |
55,845 |
|
|
|
$ |
52,075 |
|
|
|
$ |
52,965 |
|
Cost of sales |
|
|
|
23,121 |
|
|
|
|
22,166 |
|
|
|
|
23,550 |
|
Gross profit |
|
|
|
32,724 |
|
|
|
|
29,909 |
|
|
|
|
29,415 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
|
3,713 |
|
|
|
|
3,008 |
|
|
|
|
2,998 |
|
Selling |
|
|
|
11,474 |
|
|
|
|
11,958 |
|
|
|
|
14,262 |
|
General and administrative |
|
|
|
9,245 |
|
|
|
|
8,903 |
|
|
|
|
9,030 |
|
|
|
|
|
24,432 |
|
|
|
|
23,869 |
|
|
|
|
26,290 |
|
Operating income |
|
|
|
8,292 |
|
|
|
|
6,040 |
|
|
|
|
3,125 |
|
Other income (expenses) |
|
|
|
|
|
|
|
|
|
Investment income |
|
|
|
99 |
|
|
|
|
38 |
|
|
|
|
5 |
|
Interest expense |
|
|
|
(202 |
) |
|
|
|
(491 |
) |
|
|
|
(763 |
) |
Settlement gain |
|
|
|
— |
|
|
|
|
2,398 |
|
|
|
|
— |
|
Gain (loss) on sale of product line |
|
|
|
(99 |
) |
|
|
|
817 |
|
|
|
|
— |
|
Miscellaneous |
|
|
|
(11 |
) |
|
|
|
23 |
|
|
|
|
3 |
|
|
|
|
|
(213 |
) |
|
|
|
2,785 |
|
|
|
|
(755 |
) |
Income before provision for income taxes |
|
|
|
8,079 |
|
|
|
|
8,825 |
|
|
|
|
2,370 |
|
Provision for income taxes |
|
|
|
2,446 |
|
|
|
|
3,092 |
|
|
|
|
775 |
|
Net income |
|
|
$ |
5,633 |
|
|
|
$ |
5,733 |
|
|
|
$ |
1,595 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
0.23 |
|
|
|
$ |
0.23 |
|
|
|
$ |
0.07 |
|
Diluted |
|
|
$ |
0.23 |
|
|
|
$ |
0.23 |
|
|
|
$ |
0.07 |
|
Basic weighted average common shares outstanding |
|
|
|
24,901,832 |
|
|
|
|
24,618,403 |
|
|
|
|
24,459,749 |
|
Diluted weighted average common shares outstanding |
|
|
|
25,035,095 |
|
|
|
|
24,672,605 |
|
|
|
|
24,493,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Synergetics USA, Inc. and Subsidiaries |
Unaudited Table of Income and EPS |
Fiscal Year Ended July 31, 2011 and 2010 |
(Dollars in thousands, except per share information |
|
|
|
|
Fiscal Year Ended
July 31, 2011 |
|
|
Fiscal Year Ended
July 31, 2010 |
Gain (loss) from product line sale |
|
|
($99 |
) |
|
|
$817 |
|
Income from Alcon settlement |
|
|
— |
|
|
|
2,398 |
|
Income from operations |
|
|
8,178 |
|
|
|
5,610 |
|
Total income |
|
|
8,079 |
|
|
|
8,825 |
|
Effective tax rate |
|
|
30.3 |
% |
|
|
35.0 |
% |
Net income from product line sale |
|
|
(69 |
) |
|
|
522 |
|
Net income from Alcon settlement |
|
|
— |
|
|
|
1,533 |
|
Net income from operations |
|
|
5,702 |
|
|
|
3,678 |
|
Total net income |
|
|
5,633 |
|
|
|
5,733 |
|
Average weighted shares outstanding |
|
|
24,901,832 |
|
|
|
24,618,403 |
|
Earnings per share from product line sale |
|
|
$0.00 |
|
|
|
$0.02 |
|
Earnings per shares from Alcon settlement |
|
|
— |
|
|
|
$0.06 |
|
Earnings per share from operations |
|
|
$0.23 |
|
|
|
$0.15 |
|
Total earnings per share |
|
|
$0.23 |
|
|
|
$0.23 |
|
|
|
|
|
|
|
|
|
|
|
Synergetics USA, Inc. and Subsidiaries |
Consolidated Balance Sheets |
July 31, 2011 and 2010 |
(Dollars in thousands, except share information) |
|
|
|
|
2011 |
|
|
2010 |
Assets |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
$ |
18,399 |
|
|
$ |
18,669 |
|
Accounts receivable, net of allowance for doubtful accounts of $282 and $282, respectively |
|
|
|
11,242 |
|
|
|
9,056 |
|
Inventories |
|
|
|
12,423 |
|
|
|
11,891 |
|
Prepaid expenses |
|
|
|
961 |
|
|
|
792 |
|
Deferred income taxes |
|
|
|
792 |
|
|
|
658 |
|
Total current assets |
|
|
|
43,817 |
|
|
|
41,066 |
|
Property and equipment, net |
|
|
|
8,964 |
|
|
|
8,044 |
|
Intangible and other assets |
|
|
|
|
|
|
Goodwill |
|
|
|
10,690 |
|
|
|
10,690 |
|
Other intangible assets, net |
|
|
|
11,792 |
|
|
|
12,353 |
|
Deferred income taxes |
|
|
|
4,915 |
|
|
|
— |
|
Patents, net |
|
|
|
1,050 |
|
|
|
870 |
|
Cash value of life insurance |
|
|
|
82 |
|
|
|
72 |
|
Total assets |
|
|
$ |
81,310 |
|
|
$ |
73,095 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
Current maturities of long-term debt |
|
|
$ |
1,053 |
|
|
$ |
1,398 |
|
Current maturities of revenue bonds payable |
|
|
|
— |
|
|
|
116 |
|
Accounts payable |
|
|
|
1,567 |
|
|
|
1,800 |
|
Accrued expenses |
|
|
|
3,193 |
|
|
|
2,624 |
|
Income taxes payable |
|
|
|
6,233 |
|
|
|
11 |
|
Deferred revenue |
|
|
|
540 |
|
|
|
400 |
|
Total current liabilities |
|
|
|
12,586 |
|
|
|
6,349 |
|
Long-Term Liabilities |
|
|
|
|
|
|
Long-term debt, less current maturities |
|
|
|
— |
|
|
|
939 |
|
Revenue bonds payable, less current maturities |
|
|
|
— |
|
|
|
1,612 |
|
Deferred revenue |
|
|
|
18,060 |
|
|
|
18,630 |
|
Deferred income taxes |
|
|
|
— |
|
|
|
1,339 |
|
Total long-term liabilities |
|
|
|
18,060 |
|
|
|
22,520 |
|
Total liabilities |
|
|
|
30,646 |
|
|
|
28,869 |
|
Commitments and contingencies |
|
|
|
|
|
|
Stockholders’ Equity |
|
|
|
|
|
|
Common stock at July 31, 2011 and July 31, 2010, $0.001 par value, 50,000,000 shares authorized; 24,970,884 and 24,772,155 shares issued and outstanding, respectively |
|
|
|
25 |
|
|
|
25 |
|
Additional paid-in capital |
|
|
|
25,598 |
|
|
|
24,905 |
|
Retained earnings |
|
|
|
24,952 |
|
|
|
19,319 |
|
Accumulated other comprehensive loss: |
|
|
|
|
|
|
Foreign currency translation adjustment |
|
|
|
89 |
|
|
|
(23 |
) |
Total stockholders’ equity |
|
|
|
50,664 |
|
|
|
44,226 |
|
Total liabilities and stockholders’ equity |
|
|
$ |
81,310 |
|
|
$ |
73,095 |
CHATTANOOGA, Tenn., Oct. 7, 2011 /PRNewswire/ — Covenant Transportation Group, Inc. (NASDAQ/GS: CVTI) announced today its expectations regarding financial results for the third quarter of 2011, as well as an amendment to its revolving credit facility.
Third Quarter Financial Expectations
Chairman, President and Chief Executive Officer, David R. Parker, offered the following comments: “After reviewing preliminary financial and operating information through the end of September, we expect to report a net loss in the range of ($0.5 million) to ($1.7 million) for the third quarter of 2011. This compares to a reported net income of $1.9 million for the third quarter of 2010. The main differences compared with the third quarter of 2010 include an approximately 9%-10% decrease in revenue miles per truck, combined with increased costs per mile in the areas of salaries, wages and related expenses, net fuel expense, operations and maintenance, and insurance and claims. These factors are expected to more than offset an approximately 5%-6% increase in freight revenue per total mile (excluding fuel surcharge revenue).”
Amendment of Revolving Credit Facility
Mr. Parker continued: “We are also announcing an amendment of our $85 million revolving credit facility with Bank of America and J.P. Morgan. The amendment is retroactive to September 1, 2011, and adjusts the required fixed charge coverage ratio to 0.95 to 1.0 for the twelve months ended September 30, 2011. The required fixed charge coverage ratio previously had been 1.0 to 1.0. Based on the expected range of net loss discussed above, and the credit agreement’s method of calculating certain revenue equipment transactions and fixed asset amortization, we became aware of the possibility of a covenant violation and worked cooperatively with our lenders to amend the requirement for the month of September.
“We are presently working with our lenders on a longer term amendment to the financial covenant calculation that would address our operating and fixed asset expectations as well as the forecast of many economists of a U.S. economy with little or no growth for an extended period. Based on discussions with Bank of America, which has managed our revolving credit facility since 1998, we expect to complete a satisfactory longer term amendment during the next few weeks.”
Covenant Transportation Group, Inc. is the holding company for several transportation providers that offer premium transportation services for customers throughout the United States. The consolidated group includes operations from Covenant Transport and Covenant Transport Solutions of Chattanooga, Tennessee; Southern Refrigerated Transport of Texarkana, Arkansas; and Star Transportation of Nashville, Tennessee. The Company’s Class A common stock is traded on the NASDAQ Global Select under the symbol, “CVTI”.
This press release contains certain statements that may be considered 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. Such statements may be identified by their use of terms or phrases such as “expects,” “estimates,” “projects,” “believes,” “anticipates,” “plans,” “intends,” and similar terms and phrases. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. In this press release, the statements regarding third quarter expectations and an anticipated longer term amendment of the revolving credit facility are forward-looking statements. The following factors, among others, could cause actual results to differ materially from those in the forward-looking statements: the financial expectations discussed in this release have not been subjected to all of the review procedures associated with the release of actual financial results and are premised on assumptions concerning the financial close and certain amounts and management judgment associated with the end of each quarter; obtaining a longer term amendment to the credit facility is subject to approval of the lenders and our board of directors, as well as negotiating and documenting acceptable terms. Although the Company expects to achieve an amendment promptly, there is no guarantee an amendment will result promptly or at all. Failure to achieve an amendment could have a material, adverse impact on the Company’s liquidity and financial results. Readers should review and consider these factors along with the various disclosures by the Company in its press releases, stockholder reports, and filings with the Securities and Exchange Commission. We disclaim any obligation to update or revise any forward-looking statements to reflect actual results or changes in the factors affecting the forward-looking information.
SOURCE Covenant Transportation Group, Inc.
COLORADO SPRINGS, CO — (Marketwire) — 10/06/11 — Gold Resource Corporation (NYSE Amex: GORO) confirms its record production forecast for the third quarter ended September 30, 2011 with preliminary production results of approximately 25,200 ounces precious metal gold equivalent (AuEq), which is the highest number of quarterly ounces produced to date and is approximately an 87% increase from the previous quarter. Gold Resource Corporation is a low-cost gold producer with operations in the southern state of Oaxaca, Mexico. The Company has returned over $28 million to shareholders in monthly dividends since declaring commercial production July 1, 2010.
Gold Resource Corporation’s 87% production increase keeps it in line with the current annual target of 60,000 to 70,000 ounces AuEq for 2011. The level of production during the third quarter represents a current annual run rate of over 100,000 AuEq ounces. Continued mill optimization of metallurgical recovery and increasing average head grades from the Arista Mine contributed to these record production levels.
“We are excited by these developments and will release the full financial results for the third quarter at the time we file our quarterly report with the Securities and Exchange Commission. The El Aguila Project and the hard work of its team members continue to impress management each month. We look forward to a strong finish for 2011 and to a significant continued production ramp up for 2012 targeting 140,000 ounces of precious metal gold equivalent,” stated Gold Resource Corporation’s President, Mr. Jason Reid. “We are well positioned on an exciting production and cash flow trajectory.”
About GRC:
Gold Resource Corporation is a mining company focused on production and pursuing development of gold and silver projects that feature low operating costs and produce high returns on capital. The Company has 100% interest in six potential high-grade gold and silver properties in Mexico’s southern state of Oaxaca. The Company has 52,998,303 shares outstanding, no warrants and no debt. For more information, please visit GRC’s website, located at www.Goldresourcecorp.com and read the Company’s 10-K for an understanding of the risk factors involved.
Cautionary Statements:
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. When used in this press release, the words “plan,” “target,” “anticipate,” “believe,” “estimate,” “intend” and “expect” and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding Gold Resource Corporation’s strategy, future plans for production, future expenses and costs, future liquidity and capital resources, and estimates of mineralized material. All forward-looking statements in this press release are based upon information available to Gold Resource Corporation on the date of this press release, and the company assumes no obligation to update any such forward-looking statements. Forward looking statements involve a number of risks and uncertainties, and there can be no assurance that such statements will prove to be accurate. The Company’s actual results could differ materially from those discussed in this press release. In particular, there can be no assurance that production will continue at any specific rate. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the company’s 10-K filed with the Securities and Exchange Commission.
Contacts:
Corporate Development
Greg Patterson
303-320-7708
www.Goldresourcecorp.com
ATLANTA, Oct. 7, 2011 (GLOBE NEWSWIRE) — Video Display Corporation (Nasdaq:VIDE) a leading U.S. designer, manufacturer and distributor of specialty military, medical and industrial display solutions, today announced that the Company had received authorization from its commercial lenders to reinitiate the company’s common share buyback program. The stock repurchase program is subject to the Company remaining within the guidelines established by the banks on a quarterly basis and it is restricted to specific total dollar purchase limits.
Under the current provisions of the Buyback Program previously authorized by the Company’s Board of Directors, the Company repurchased 229,037 shares of common stock during the fiscal year ended 2/28/2010 and no shares were repurchased during the fiscal year ended 2/28/2011. The balance of common shares authorized under the plan to be repurchased is 816,418 shares, depending upon the market price and other conditions at the discretion of management. There is no minimum number of shares required to be repurchased under the Program.
As of the end of the Company’s second fiscal quarter ended August 31, 2011, the total number of common Video Display Corporation shares outstanding was 7,648,742.
About Video Display Corporation
Video Display Corporation designs, develops and manufactures unique solutions for display requirements for military, medical and industrial use with emphasis on high end training and simulation applications. Its product offerings include rugged AMLCD and CRT displays as well as complete projection systems utilizing VDC’s Marquee™ line of projectors. Video Display Corporation operates 8 display design and manufacturing plants plus additional sales facilities throughout the United States and Europe.
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, from time to time, Video Display Corporation or its representatives have made or may make forward-looking statements, orally or in writing. Such forward-looking statements may be included in, but are not limited to, various filings made by the Company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the Company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions, including items discussed in the Company’s Form 10-K for the year ended February 28, 2011, filed with the Securities and Exchange Commission. The Company undertakes no duty to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.