TIANJIN, CHINA — (Marketwire) — 01/30/12 — China Auto Logistics Inc. (the “Company”) (NASDAQ: CALI), one of China’s leading developers of websites for buyers and sellers of imported and domestic automobiles, a top seller in China of imported luxury cars, and a leading provider of auto-related services, announced today a series of agreements with several leading Chinese banks and insurers which it expects will permit further rapid expansion of its auto-related services businesses, including a new service of providing auto insurance to individual consumers and dealers.
Cooperation Agreement with Five Leading Auto Insurers
The Company reported it has now concluded cooperation agreements with five of the leading auto insurance providers in China under which the Company will be qualified to offer automobile insurance to purchasers of automobiles in its auto mall, the largest imported luxury auto mall in Tianjin.
“Auto insurance is particularly important to buyers of the luxury cars we sell,” stated Mr. Tong Shiping, CEO and Chairman of the Company, “and we now will be able to offer the very best insurance packages to our customers. We see this as an excellent addition to the ‘one stop services’ we currently provide and further expect it will attract new customers and help boost our luxury auto sales in this very strong market.” Mr. Tong noted discussions regarding final details on how to best execute the agreements with each insurer are in progress and the new service is expected to be launched shortly.
Increased Support from Three Leading Banks
The Company also announced an expansion of its cooperation with three leading Chinese banks which it expects will lead to the further strengthening and growth of its auto-related services.
Under an agreement reached with Bank of China (BOC), one of China’s four largest state-owned commercial banks, the Company will soon offer its luxury auto customers the option of installment buying.
Through an agreement developed with China Merchant Bank (CMB), the Company will soon establish an electronic payment platform which, among other things, will help the Company manage cash flow more efficiently.
Agricultural Bank of China has agreed to grant the Company a credit line of RMB 960 million (approximately $152 million) which by itself would represent an approximate doubling of the Company’s current aggregate credit line with several domestic banks.
An Opportunity to Expand
Commenting further on these developments, Mr. Tong stated, “Our expanded credit lines, the new cooperation with BOC and CMB, and our new insurance services business in cooperation with five of China’s leading insurers, absolutely places us in a much stronger position to offer our auto related services to more dealer customers and consumers, as well as the opportunity to expand our business to a wider marketplace throughout China.”
About China Auto Logistics Inc.
China Auto Logistics Inc. operates www.cali.com.cn, one of the leading automobile portals for car dealers and consumers of vehicles and auto-related services in China. Additionally, it is one of China’s top sellers of luxury imported cars and a leading developer of websites for buyers and sellers of imported and domestic automobiles. These include www.188.com, China’s only site for imported car dealers and consumers; www.at160.com, focused on domestic auto sales, and www.goodcar.cn, a highly popular internet destination for auto drivers attracted by discount cards for a variety of automotive products and services. The Company believes the integration of these wide ranging sites and services in a single portal serving a broad spectrum of China’s “auto living” public, as well as the addition of new web-based auto-related services for businesses and consumers, will drive future growth. For additional information visit www.chinaautologisticsinc.com.
Information Regarding Forward-Looking Statements
Except for historical information contained herein, the statements in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product demand, market competition, and risks inherent in our operations. These and other risks are described in our filings with the U.S. Securities and Exchange Commission.
US Contact:
Ken Donenfeld
DGI Investor Relations
kdonenfeld@dgiir.com
Tel: 212-425-5700
Fax: 646-381-9727
Monday, January 30th, 2012UncategorizedComments Off on China Auto Logistics (CALI) Adding Automobile Insurance to Its “One Stop” Services; Also Announces Doubling of Credit Lines
WARSAW, Poland, Jan. 30, 2012 /PRNewswire/ – Central European Distribution Corporation (NASDAQ: CEDC), one of the leading vodka producers in the world, would like to announce that First Drinks Brands, part of William Grant & Sons, will have the exclusive importation rights to Green Mark, Zubrowka and Kauffman Vodka in the United Kingdom. The agreement strengthens CEDC and William Grant & Sons’ international alliance, within which CEDC imports and distributes brands from William Grant & Sons’ portfolio in Poland and Hungary.
Green Mark is the no. 1 vodka brand in the Russian market and one of the top vodka brands in the world, with annual sales of approximately 10 million 9-liter cases worldwide. It is a genuine Russian vodka with international recognition, noting dynamic growth of export.
Zubrowka Bison Grass Vodka is CEDC’s flagship export brand in Poland. It is a vodka with over 600-years of tradition and a unique flavor derived from “bison grass,” an aromatic plant from Poland’s cleanest region of Podlasie. Zubrowka is sold throughout the world in over 50 countries and is a leading imported vodka brand in France, Japan and the UK. The brand sold approx.1 million 9l cases globally in 2010.
Kauffman Vodka is a super premium vodka brand and the first vintage vodka in the world.
“We are pleased to enter into partnership with the strongest distributor in the UK, with great experience in building premium brands in the market. We believe First Drinks Brands will contribute to further expansion of Green Mark which as an authentic, high quality vodka from Russia has great sales potential in the UK, where vodka is the largest spirits category.” – said William Carey, President and CEO of CEDC and continued – “We have been very successful in expanding Green Mark’s export in 2011, winning 7% market share in Ukraine and we will continue to build this brand’s international presence. We also look forward to strengthening the position of Zubrowka which is our key export brand and has already won recognition in the UK market.”
Chris Mason, Managing Director of First Drinks, comments: “We are delighted to be working with CEDC, one of the world’s leading vodka producers and look forward to a long term partnership to achieve our ambitious, mutual goals. The new vodkas are an excellent fit within our existing portfolio, complementing our current brands. We have a strong track record of building premium brands and have big ambitions for 2012 to be in the position to offer our customers the most desired portfolio of authentic vodka brands of any UK distributor.” “As industry leaders in the UK premium spirits market, our strategy is to build on our reputation as premium brand builders and have a full range of authentic vodkas relevant to both the on and off-trade,” concludes Mason.
CEDC represents William Grant & Sons’ portfolio in Poland and Hungary, including Grant’s Glenfiddich and Balvenie Scotch whisky, Hendrick’s Gin and Tullamore Dew Irish whiskey. CEDC has been present in the UK market with its Zubrowka , Soplica and Graduate brands. First Drinks Brands will be distributing Green Mark and Kauffman Vodka starting from 1st quarter of 2012 and Zubrowka starting from 2nd half of 2012.
About CEDC CEDC is one of the largest producers of vodka in the world and Central and Eastern Europe’s largest integrated spirit beverage business. CEDC produces the Green Mark, Absolwent, Zubrowka , Bols, Parliament, Zhuravli, Royal and Soplica brands, among others. CEDC currently exports its products to many markets around the world, including the United States, England, France, Japan and Germany.
CEDC also is a leading importer of alcoholic beverages in Poland, Russia and Hungary. In Poland, CEDC imports many of the world’s leading brands, including Carlo Rossi Wines, Concha y Toro wines, Metaxa Liqueur, Remy Martin Cognac, Sutter Home wines, Grant’s Whisky, Jagermeister, E&J Gallo, Jim Beam Bourbon, Sierra Tequila, Teacher’s Whisky, Campari, Cinzano and Old Smuggler. CEDC is also a leading importer of premium spirits and wines in Russia with such brands as Concha y Toro, among others.
Forward Looking Statements
This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward looking statements are based on our knowledge of facts as of the date hereof and involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of CEDC to be materially different from any future results, performance or achievements expressed or implied by our forward looking statements.
Investors are cautioned that forward looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. CEDC undertakes no obligation to publicly update or revise any forward looking statements or to make any other forward looking statements, whether as a result of new information, future events or otherwise, unless required to do so by securities laws. Investors are referred to the risks and uncertainties discussed in CEDC’s Form 10-K for the fiscal year ended December 31, 2010, including those under the caption “Item 1A. Risk Factors,” and in other documents filed by CEDC with the Securities and Exchange Commission.
Contact:
Anna Zaluska
Corporate PR Manager
Central European Distribution Corporation
48-22-456-6061
SOURCE Central European Distribution Corporation
Monday, January 30th, 2012UncategorizedComments Off on Central European Distribution (CEDC) Signs an Agreement With William Grant and Sons
SAN DIEGO, Jan. 30, 2012 /PRNewswire/ — Cardium Therapeutics (NYSE Amex: CXM) today reported on new insights and confirmatory preclinical study results on the Generx (Ad5FGF-4) angiogenic therapy product candidate based on the Company’s sponsored research conducted at Emory University. The findings, which provide further support for the apparent safety and effectiveness of Generx as a potential one-time non-surgical approach to the treatment of coronary heart disease, are being presented at the Phacilitate Annual Gene and Cell Therapy Forum held January 30 – February 1, 2012 in Washington, DC.
The recent preclinical findings demonstrate that induced transient ischemia, using a standard angioplasty balloon catheter, combined with the intracoronary co-infusion of nitroglycerin, substantially enhanced adenovector-mediated gene delivery to the heart. These findings have been incorporated into the protocol for the planned 100-patient Generx (Ad5FGF-4) ASPIRE Phase 3 registration study which, as previously reported, is expected be initiated in the first quarter 2012. The YouTube video “Cardium Generx Cardio-Chant” provides an overview of the Company’s Generx (Ad5FGF-4) product candidate, at http://www.youtube.com/watch?v=pjUndFhJkjM.
The new data underscore the expected benefit of Cardium’s improved adenovector administration methods that combine non-surgical, percutaneous balloon catheter-based delivery with transiently-induced ischemia and nitroglycerin to enhance uptake leading to improved microvascular circulation in the heart. By increasing cell transfection efficiency, this modified approach allows for effectively obtaining additional targeted expression of growth factors within the ischemic heart, where the resulting angiogenesis or blood vessel growth can bring about improved blood flow throughout the ischemic myocardium. Traditional interventional cardiology approaches such as coronary artery bypass surgery (CABG) or angioplasty and stenting (PCI), not only require invasive and costly surgical procedures but they can only directly target selected vulnerable spots in larger vessels that are susceptible to treatment and reachable through mechanical intervention.
Another important outcome of these preclinical studies was the confirmation that intracoronary infusion of an adenovector directly to the ischemic region of the left ventricle caused no myocardial inflammation or any other untoward effects. These Cardium-sponsored studies were undertaken by researchers at the Carlyle Cardiothoracic Surgery Center at Emory University, Atlanta. The presentation given at the Annual Gene and Cell Therapy Forum entitled “ASPIRE Trial: A Phase 3 Pivotal Registration Trial Incorporating Preclinical and Clinical Lessons Learned in the Past Decade”, is now available for viewing on the Generx section of Cardium’s website at http://www.cardiumthx.com/generx.html.
“Cardium has established the world’s largest clinical database on a DNA-based interventional cardiovascular therapeutic derived from clinical studies in over 650 patients with coronary artery disease that have been conducted at over 100 medical centers in the United States, South America and Western Europe. Our extensive preclinical and clinical studies have also identified cardiac ischemia as a key factor for the successful use of non-surgical DNA-based angiogenic therapy. The observation that myocardial ischemia is a necessary condition for both the effective delivery and therapeutic effectiveness of Generx is a very positive one, and has favorable implications for the potential utility of Generx in the treatment of coronary heart disease. The new findings confirming that our modified delivery procedures have the potential to substantially improve adenovector uptake further support the expected value of our ASPIRE Phase 3 registration study, which employs these techniques in targeted patients with coronary artery disease who have the potential to be best served by our Generx angiogenic therapy,” stated Christopher J. Reinhard, Cardium’s Chairman and Chief Executive Officer.
Generx ASPIRE Clinical Study
The Company has received clearance from the Russian Ministry of Health and Social Development to commence a Phase 3 registration study for the Company’s Generx™ (alferminogene tadenovec, Ad5FGF-4) biologic product candidate, which is expected to begin patient enrollment in the first quarter 2012. Generx is a new and innovative DNA-based angiogenic therapy designed for the potential treatment of myocardial ischemia due to coronary artery disease. The Russian Health Authority has assigned Generx the therapeutic drug trade name of Cardionovo™ for marketing and sales in Russia.
This newly approved clinical study (ASPIRE) is a randomized, controlled, parallel group, multi-center study designed to evaluate the safety and efficacy of Cardium’s Generx product candidate using SPECT imaging to measure improvements in microvascular cardiac perfusion following a one-time, non-surgical, catheter-based administration of Generx DNA-based angiogenic therapy. As designed, the ASPIRE clinical study is expected to enroll approximately 100 men and women with myocardial ischemia due to coronary artery disease at up to six leading medical centers in Moscow. The study’s primary efficacy endpoint will be the improvement in reversible perfusion defect size as measured by SPECT imaging.
The ASPIRE study will represent the fifth clinical study under Generx’s clinical development program that when completed will have enrolled more than 750 patients at over 100 medical centers throughout the U.S., Canada, South America, Western Europe and Russia. Based on the specified clearance for the Russian Health Authority, with positive safety and efficacy data from this single registration study, Cardium’s Russian sponsor and development partner, Advanced Biosciences Research, an affiliate of the contract research organization bioRASI, would be in a position to consider the submission of an application for marketing and sales of Generx in the Russian Federation, and to advance forward with applications and submissions seeking approval for marketing and sales of Generx in certain other countries of the Commonwealth of Independent States, comprising former republics under the Soviet Union. The ASPIRE study could also provide additional clinical evidence regarding the safety and effectiveness of Generx that would be useful for optimizing and broadening commercial development pathways in other industrialized countries.
Positive results from the prior Phase 2a clinical study (Grines et al., J Am Coll Cardiol 2003; 42:1339-47) showed that Generx improved myocardial blood flow in the ischemic region of the hearts of men and women following a single intracoronary infusion as measured by the objective efficacy endpoint of SPECT imaging. As noted in the publication, the mean change observed in Generx-treated patients was a 4.2% absolute reduction (which represents a 20% relative reduction) in the reversible perfusion defect size from baseline at eight weeks (p<0.001), while the placebo group showed only a 1.6% absolute reduction from baseline (not significant) at eight weeks following treatment. The observed treatment effect for patients receiving Generx was similar in magnitude to that reported in the literature for patients undergoing angioplasty/stent or revascularization procedures with reversible perfusion defects of comparable size at one year following these procedures.
An independent long-term prospective study published in Circulation (Meier et al, Circ. 2007; 116:975-983) provided key evidence indicating that men and women with more recruitable collateral circulation have a better chance of surviving a heart attack than patients who have less developed collateral circulation. This important study quantitatively evaluated coronary collateral blood flow in 845 patients with coronary artery disease during a 10-year follow-up period and showed that long-term cardiac mortality was approximately 66% lower in patients with a highly developed collateral vessel blood supply (p=0.019). For the first time, this study showed the importance of collateral circulation beyond simply the relief of angina and provided further support of the potential for long term benefits from angiogenic therapy.
About Cardium
Cardium is focused on the acquisition and strategic development of new and innovative bio-medical product opportunities and businesses with the potential to address significant unmet medical needs that have definable pathways to commercialization, partnering and other economic monetizations. Cardium’s current medical opportunities portfolio, which is focused on health sciences and regenerative medicine, includes the Tissue Repair Company, Cardium Biologics, and the Company’s in-house MedPodium Health Sciences healthy lifestyle product platform. Cardium’s lead commercial product Excellagen™ topical gel for advanced wound care management, has recently received FDA clearance for marketing and sale in the United States. Cardium’s lead clinical development product candidate Generx® is a DNA-based angiogenic biologic intended for the treatment of patients with myocardial ischemia due to coronary artery disease. In addition, consistent with its capital-efficient business model, Cardium continues to actively evaluate new technologies and business opportunities. In July 2009, Cardium completed the sale of its InnerCool Therapies medical device business to Royal Philips Electronics, the first asset monetization from the Company’s biomedical investment portfolio. News from Cardium is located at www.cardiumthx.com.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations. For example, there can be no assurance that enhancements in the uptake of adenovectors can be successfully applied to improve the uptake or therapeutic effects of Generx in human patients; that Generx can be successfully advanced in clinical studies outside of the U.S.; that results or trends observed in one clinical study or procedure will be reproduced in subsequent studies or procedures, or that clinical studies even if successful will lead to product advancement or partnering; that improvements in the formulation or use of Generx will be commercially practicable, or that Generx could be successfully advanced as a therapeutic in developing markets or that the results of studies in such markets could be used to advance or broaden the regulatory or commercialization activities of Generx in the U.S. or other markets; that the ASPIRE clinical study will be successful or will lead to approval of Generx by the Russian Health Authority for marketing and sales in Russia or lead to approvals in other countries of the Commonwealth of Independent States; that additional clinical evidence regarding the safety and effectiveness of Generx that might be obtained in Russia would be useful for optimizing and broadening commercial development pathways in other industrialized countries; that our products or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive; that FDA or other regulatory clearances or other certifications, or other commercialization efforts will be successful or will effectively enhance our businesses or their market value; that our products or product candidates will prove to be sufficiently safe and effective after introduction into a broader patient population; or that third parties on whom we depend will perform as anticipated.
Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, risks and uncertainties that are inherent in the development of complex biologics and in the conduct of human clinical trials, including the timing, costs and outcomes of such trials, our ability to obtain necessary funding, regulatory approvals and expected qualifications, our dependence upon proprietary technology, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition, as well as other risks described from time to time in filings we make with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.
Copyright 2012 Cardium Therapeutics, Inc. All rights reserved. For Terms of Use Privacy Policy, please visit www.cardiumthx.com. Cardium Therapeutics®, Generx®, Cardionovo™, Tissue Repair™, Gene Activated Matrix™, GAM™, Excellagen™, Excellarate™, Osteorate™, MedPodium™, Appexium™, Linee™, Alena™, Cerex™, D-Sorb™, Neo-Energy™, Neo-Carb Bloc™, Nutra-Apps™ are trademarks of Cardium Therapeutics, Inc. or Tissue Repair Company. (Other trademarks belong to their respective owners)
SOURCE Cardium Therapeutics
Monday, January 30th, 2012UncategorizedComments Off on Cardium (CXM) Presents New Generx Findings at 2012 Annual Gene and Cell Therapy Forum
SEATTLE, Jan. 30, 2012 /PRNewswire/ — L & L Energy, Inc., (Nasdaq: LLEN) (“L&L” or the “Company”), a U.S.-based company founded in 1995 with coal mining and distribution businesses in China, announced today that it has entered an agreement acquiring 51% controlling interest of the Weishe coal mine (“The Mine” or “Weishe”) in China.
Weishe Mine Acquisition Highlights
Purchase Price: Approximately $16.2 million, to be paid in full with 3 million LLEN shares at $5.396/share
Interest %: 51% controlling interest
Mine Reserves: 19 million tons in a 1.8 square KM site
Design: 450,000 ton annually
Estimated FY2013 (Ended April 30) Impact of Weishe
Production: 124,000 tons
Price per ton: $158
Revenues: $19.6 million
EBITA: $9.8 million
Cash flow attributable to L&L: $3.75 million
Weishe mine produces high quality, low sulfur, anthracite coal, and is one of three newly constructed mines owned by Union Energy located in Hezhang, Guizhou Province, China. The mine is expected to be expanded to its designed 450,000 tons of annual production over the next few years.
Dr. Syd Peng, L&L board member and world-renown mine expert, said, “I welcome the new Weishe mine, which is the first of many new mines we are targeting to upgrade our mining portfolio for better safety and mechanization.” Mr. Po Shui, owner of Union Energy, a local Guizhou company, stated, “I believe in L&L and am pleased to take common shares as payment. I also look forward to the possibility of joint venturing with L&L on two other Union Energy mines, one of which is scheduled to begin producing in the spring and the other in the fall of this year.”
Dickson Lee, Chairman and CEO of L&L Energy commented, “L&L Energy has been focused on executing our plan for the Guizhou consolidation. With the recently established Hong Gou operational office in Guizhou, the government’s approval of our new wholesales license, and now the addition of the Weishe Mine, we are positioning ourselves well to fully execute the two one millions ton wholesale agreements negotiated in the fall of 2011,” Lee continued. “The management team at the Weishe mine is very strong and will be excellent addition to L&L as we scale at a faster pace. To share in our excitement, we invite investors to visit our new operations this summer.”
Forward-Looking Statements
The statements contained words that are not historical fact, including statements related to Company’s future performance, are all “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and involve a number of risks and uncertainties. Actual results of the future events described in this document could differ materially due to numerous factors and other made by the company filing with the Securities and Exchange Commission. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
Contacts: L&L Energy, Inc.
(206) 264-8065
ir@llenergyinc.com
Monday, January 30th, 2012UncategorizedComments Off on L&L (LLEN) Enters Agreement Acquiring Majority Stake of the Weishe Mine
BEDFORD, Mass., Jan. 30, 2012 (GLOBE NEWSWIRE) — SoundBite Communications Inc. (Nasdaq:SDBT), a leading global provider of mobile marketing and contact center solutions, today announced preliminary unaudited financial results for the fourth quarter and the year ended December 31, 2011.
Based on currently available information, the Company expects to report fourth quarter revenue, computed in accordance with U.S. generally accepted accounting principles (GAAP), of at least $11.8 million, the highest revenue quarter in the Company’s history. This compares to the previously guided range of $11.0 million to $11.5 million for the fourth quarter of 2011, and $10.1 million in the year ago period. GAAP operating income for the fourth quarter of 2011 is expected to have been at least $200,000, compared to $50,000 in the year ago period.
In addition, the Company anticipates non-GAAP operating income to have been at least $800,000, exceeding the Company’s previously guided range of $100,000 to $400,000. In computing the preliminary non-GAAP operating income for the fourth quarter, the Company excluded the following estimated amounts: stock based compensation of $300,000 and amortization of intangibles of $300,000 related to the acquisition of SmartReply.
On a full year basis, the Company anticipates revenues of at least $41.5 million, a 5% increase over 2010. The GAAP operating loss is expected to be approximately $2.0 million, compared to $3.3 million in 2010.
“We are very pleased with these preliminary unaudited results.” stated Jim Milton, president and CEO of SoundBite Communications. “SoundBite’s record performance in the fourth quarter was driven by growth in its mobile marketing solutions during a key quarter for Retail, and strength across the entire hosted contact center business.”
Fourth Quarter and Full Year Financial Results
The anticipated results in this press release are based on management’s preliminary analysis of revenue and GAAP Operating Income for the quarter ended December 31, 2011. The Company will release and discuss its fourth quarter and full year 2011 financial results on Wednesday, February 22, 2012 at 5:00 p.m. ET.
Non-GAAP Measures
To supplement its statements of operations information presented in accordance with GAAP, SoundBite uses non-GAAP measures for operating income. In order for investors to be better able to compare its current results with those of previous periods, SoundBite has shown a reconciliation of GAAP to non-GAAP operating income. SoundBite believes the presentation of this non-GAAP financial measure enhances investors’ overall understanding of SoundBite’s historical financial performance. The presentation of non-GAAP operating income is not meant to be considered in isolation or as a substitute for SoundBite’s financial results prepared in accordance with GAAP and SoundBite’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies.
About SoundBite Communications
SoundBite Communications, a leading cloud communications provider, enables organizations to build lifelong, profitable customer relationships via proactive communications across the full consumer lifecycle. We serve two global markets, the Hosted Contact Center and Mobile Marketing. Our solutions leverage the power of two robust platforms: SoundBite Engage, an interactive multi-channel communications platform providing integrated SMS, dialer, voice messaging, email and web communications; and SoundBite Insight, a preference management platform enabling intelligent, personalized communications. SoundBite powers nearly 2 billion customer interactions annually. Visit SoundBite.com for more information.
The SoundBite Communications, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4393
Forward-Looking Statement
This is a “safe harbor” statement under the Private Securities Litigation Reform Act of 1995. The statements regarding operating results for the fourth quarter of 2011 contained in the second through fifth paragraphs of this press release are forward looking and are based upon SoundBite’s historical performance and its current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by SoundBite, its management or any other person that the future plans, estimates or expectations contemplated by SoundBite will be achieved. These forward-looking statements represent SoundBite’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and SoundBite disclaims any obligation to update the forward-looking statements in the future. Matters subject to forward-looking statements involve known and unknown risks and uncertainties, including: slower than anticipated development of the market for automated voice messaging services; defects in SoundBite’s platform; disruptions in its service or errors in its execution; discontinued or decreased use of SoundBite’s service by its clients, which are not subject to minimum purchase requirements for any reason, including market conditions and regulatory developments; and the occurrence of events adversely affecting the collection agencies industry or in-house collection departments, which account for a significant portion of SoundBite’s revenues. These and other factors, including the factors set forth under the caption “Item 1A. Risk Factors” of Part I in SoundBite’s most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission, could cause SoundBite’s performance or achievements to be materially different from those expressed or implied by the forward-looking statements.
SoundBite is a registered service mark of SoundBite Communications, Inc.
Monday, January 30th, 2012UncategorizedComments Off on SoundBite Communications Announces Preliminary Fourth Quarter and Year End 2011 Financial Results
ISELIN, N.J., Jan. 30, 2012 (GLOBE NEWSWIRE) — On Track Innovations Ltd. (“OTI”) (Nasdaq:OTIV) today announced that the Ministry of Public Security of Panama has awarded OTI with a contract for the supply, design, installation and integration of systems to monitor and improve immigration verification processes and overall immigration flow. OTI expects to recognize revenues of approximately $6.9 million, with the potential for additional revenue in future years from follow-on contracts.
The contract provides for the supply of OTI’s end-to-end turnkey immigration solution, based on its proprietary state-of-the-art, field-proven eID Magna™ platform. The solution includes data enrollment and issuing stations, as well as individual means to verify identity tied to Biometric Automatic Fingerprint Identification System (AFIS), allowing for better control at border points and increased efficiencies.
Oded Bashan, Chairman and CEO of OTI, stated, “”OTI’s secure ID offerings provide a cost effective, secure and timely to-market solution that leverages and interfaces with legacy systems and records.”
Mr. Bashan continued: “We are happy to expand our footprint in Latin America to support Panama’s efforts to improve identity verification at their borders. By deploying our solution, Panama is taking firm control of immigration security and identity to diminish the substantial risks and costs of illegal immigration and identity theft.”
OTI’s Magna modular platform enables short implementation time frames, seamless integration with a country’s existing border control system and provides external interfaces to a digital Certificate Authority for signature verification. The system is compliant with International Civil Aviation Organization (ICAO) standards and offers a migration path to additional e-Gov applications and electronic ID documents such as National IDs, Voter IDs and Driver Licenses, and more.
The technology and integration within the OTI system enables a much more efficient and secure border control process that should reduce paperwork, operating costs and personnel needs while also substantially streamlining and speeding the immigration process to the satisfaction of all visitors.
About On Track Innovations Ltd. (www.otiglobal.com)
On Track Innovations Ltd. (“OTI”) designs, develops and markets secure identification, payment and transaction processing technologies and solutions for use in secure ID, payment and loyalty applications based on its extensive patent and IP portfolio. OTI combines state-of-the-art, contactless microprocessor-based technologies and enabling hardware with proprietary software applications to deliver high performance, end-to-end solutions that are secure, robust and scalable. OTI solutions have been deployed around the world to address homeland security, national ID, medical ID, contactless payment and NFC (Near Field Communication) with loyalty applications, petroleum payment, parking and mass transit ticketing. OTI markets and supports its solutions through a global network of regional offices and alliances.
The On Track Innovations Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5736
Safe Harbor for Forward-Looking Statements:
This press release may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Whenever we use words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions, we are making forward-looking statements. Because such statements deal with future events and are based on OTI’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of OTI could differ materially from those described in or implied by the statements in this press release. For example, forward-looking statements include statements regarding our goals, beliefs, future growth strategies, objectives, plans or current expectations, such as those regarding the superiority or uniqueness of our products. Forward-looking statements could be impacted by market acceptance of new and existing products and our ability to execute production on orders, as well as the other risk factors discussed in OTI’s Annual Report on Form 20-F for the year ended December 31, 2010, which is on file with the Securities and Exchange Commission. Although OTI believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Except as otherwise required by law, OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or circumstances or otherwise.
The content of websites or website links mentioned or provided herein are not part of this press release.
CONTACT: OTI Contacts:
Galit Mendelson
VP, Corporate Relations
732 429 1900 ext. 111
galit@otiglobal.com
Jay M. Meier
SVP, Business Development & Investor Relations,
OTI America, Inc.
732 429 1900 ext. 104
jaym@otiglobal.com
Investor Relations:
Norberto Aja/David Collins
Jaffoni & Collins
212-835-8500
otiv@jcir.com
Monday, January 30th, 2012UncategorizedComments Off on OTI (OTIV) Receives an Initial $6.9 Million Contract to Supply Electronic Immigration Control System in Panama
Popular, Inc. (“the Corporation” or “Popular”) (NASDAQ: BPOP) reported net income of $3.0 million for the quarter ended December 31, 2011, compared with net income of $27.5 million for the quarter ended September 30, 2011, and a net loss of $227.1 million for the quarter ended December 31, 2010.
The Corporation’s net income for the year ended December 31, 2011 amounted to $151.3 million, compared with $137.4 million in 2010.
Refer to the accompanying “Financial Supplement to Fourth Quarter 2011 Earnings Release” for detailed financial information and key performance ratios.
Mr. Richard L. Carrión, Chairman of the Board and Chief Executive Officer, said, “The year 2011 was a turnaround year for us. We were able to achieve operational profitability for the first time since 2006 by maintaining strong margins, producing strong and stable top line revenue, and continuing to reduce credit costs. We believe we can build on these results and make further progress in 2012. Based on our current credit trends and our current economic outlook for Puerto Rico and the U.S., we believe that we can continue to reduce credit costs and achieve net income of between $185 million and $200 million during 2012.”
Earnings Highlights – Fourth Quarter 2011 compared to Third Quarter 2011
Quarter ended
$ Variance
Quarter ended
(Dollars in thousands)
December 31,
2011
September 30,
2011
Q4 vs. Q3
2011
December 31,
2010
Net interest income
$344,780
$369,311
($24,531
)
$
354,575
Provision for loan losses – non-covered loans
123,908
150,703
(26,795
)
354,409
Provision for loan losses – covered loans [1]
55,900
25,573
30,327
–
Net interest income after provision for loan losses
164,972
193,035
(28,063
)
166
Non-interest income
149,359
122,390
26,969
105,606
Operating expenses
311,093
282,355
28,738
344,677
Income before income tax
3,238
33,070
(29,832
)
(238,905
)
Income tax expense (benefit)
263
5,537
(5,274
)
(11,764
)
Net income (loss)
$2,975
$27,533
($24,558
)
($227,141
)
Net income (loss) applicable to common stock
$2,044
$26,602
($24,558
)
($227,451
)
Net income (loss) per common share – basic and diluted
$ –
$0.03
($0.03
)
($0.22
)
[1] Covered loans represent loans acquired in the Westernbank FDIC-assisted transaction that are covered under FDIC loss sharing agreements.
Net interest income
The net interest margin was 4.30% for the fourth quarter of 2011, compared with 4.45% for the third quarter of 2011. The decrease in net interest income of $24.5 million for the fourth quarter of 2011, compared with the third quarter of 2011, was principally due to a reduction in loan yields, mainly in mortgage loans and the covered loan portfolio, and to a lower volume of investment and trading securities, partially offset by a reduction in the cost of deposits and the volume of borrowings. Refer to Tables D and E for detailed information on average financial condition balances and an analysis of yield / rates by main categories.
The principal variance in interest income on loans was a reduction in the interest derived from covered loans by $17.4 million, or 124 basis points. This reduction can be attributed primarily to increases in cash flows, assessed in prior periods, for certain loan pools that have a shorter average life than the remaining portfolio. The additional cash flows generated a benefit that based on the pool’s cash flow expectations mainly impacted the results for the second and third quarters of 2011.
The decline in interest income derived from mortgage loans was $8.2 million, or a reduction in yield of 69 basis points, which was mostly influenced by the partial reversal of the interest receivable on delinquent residential mortgage loans insured by FHA or guaranteed by the VA that are over 18-months past due. The principal repayment on these loans is fully insured.
The Corporation’s interest expense on deposits decreased by $9.8 million, while their cost went down 17 basis points, reaching 0.99% for the fourth quarter of 2011 and reflecting the continuing progress in repricing the Corporation’s deposit base.
Interest expense related to borrowings also declined by $4.1 million mainly due to the full repayment of the note payable to the FDIC, which was issued as part of the Westernbank FDIC-assisted transaction.
Provision for loan losses
The provision for loan losses for the quarter ended December 31, 2011 increased by $3.5 million compared with the third quarter of 2011. There was an increase of $30.3 million in the provision for loan losses on the covered loans, partially offset by a decrease of $26.8 million in the provision for loan losses on the non-covered loans. The increase in the provision for loan losses on the covered loan portfolio was impacted mainly by two particular credit relationships accounted for pursuant to ASC 310-20 which required specific reserves of $28.2 million during the fourth quarter, of which $10.9 million was charged-off during the same quarter. The decrease related to non-covered loans was due to lower provision for loan losses in the Banco Popular de Puerto Rico (“BPPR”) reportable segment by $42.9 million, partially offset by an increase in the Banco Popular North America (“BPNA”) reportable segment of $16.1 million. Refer to the Credit Quality section for the main factors that influenced these variances.
Non-interest income
FDIC loss share income of $17.4 million was recognized in the fourth quarter of 2011, compared with FDIC loss share expense of $5.4 million for the third quarter of 2011. Refer to Table O for financial information on the covered loans and the composition of the FDIC loss share income. The increase in FDIC loss share income was principally associated with the increase in the provision for loan losses on covered loans.
Adjustments to indemnity reserves on loans sold or serviced impacted non-interest income with a net unfavorable impact of $3.5 million (expense) during the fourth quarter of 2011, compared with a net expense of $10.3 million for the third quarter of 2011. The main drivers for the reduction of $6.8 million in the expense was the net impact of (1) a reduction of $4.4 million in the representation and warranty reserve adjustment for the BPNA reportable segment since the Corporation reached global settlements with two of the largest counterparties and has seen reduced activity from the remaining parties; and (2) a decrease of $5.8 million in the representation and warranties reserve at the BPPR reportable segment as a result of refinement in estimates based on historical claims and loss expectations, partially offset by (3) an increase in the adjustment to the reserve for residential mortgage loans serviced with recourse of $3.4 million, which reflects lower expected prepayment rates on the serviced portfolio.
Other operating income increased by $9.9 million mostly due to higher income from investments accounted for under the equity method by approximately $4.3 million and gains of $3.0 million on the sale of former bank premises in the Puerto Rico operations, among the principal factors.
The above favorable variances in non-interest income were partially offset by the following categories:
Gains on the sale of investment securities available-for-sale amounted to $2.8 million for the fourth quarter of 2011, compared with $8.1 million for the third quarter of 2011, driven by lower volume of securities sold.
Net gain on sale of loans, including valuation adjustments on loans held-for-sale, amounted to $16.1 million for the fourth quarter of 2011, compared with a net gain of $20.3 million for the third quarter of 2011. The gains recognized during the fourth quarter of 2011 were mainly from the securitization of residential mortgage loans in Puerto Rico. The results for the third quarter of 2011 included the gain on the sale of commercial and construction loans, which contributed with a favorable impact to non-interest income of $17.4 million during that quarter.
Other service fees decreased by $2.6 million, mostly due to lower debit fees associated in part with a decrease in interchange fees due to the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which was implemented in October 2011 and which limits transactional fees. This reduction in other service fees was partially offset by higher insurance fees in the fourth quarter of 2011, mostly as a result of an increase in contingent commissions driven by business production for the year in the dwelling and flood insurance businesses. Refer to Table F in the Financial Supplement for a breakdown of other service fees.
Operating expenses
Operating expenses increased by $28.7 million for the fourth quarter of 2011 compared with the third quarter of 2011, principally due to the recognition in December 2011 of $15.6 million in pension costs related to employees that were eligible and signed up for the retirement program. A total of 369 employees will retire effective January 31, 2012. Annual cost savings from this reduction in headcount are estimated to be approximately $15 million. Other categories of operating expenses which had increases were business promotion expense by $4.6 million, mainly due to advertising campaigns related to credit cards and client relationship marketing campaigns during the holidays, as well as from marketing costs associated with the continued BPNA rebranding initiative in Florida and California; and other real estate expenses by $6.7 million, mainly from maintenance costs related to repossessed construction projects. Refer to Table B which provides a breakdown of operating expenses by main categories.
Credit Quality
Excluding covered loans, the allowance for loan losses to loans held-in-portfolio ratio stood at 3.35% at December 31, 2011, unchanged when compared with September 30, 2011. The general and specific reserves amounted to $635 million and $56 million, respectively, as of December 31, 2011, compared with $634 million and $58 million, respectively, as of September 30, 2011. Refer to Tables H through M for detailed credit quality information, including the activity in the allowance for loan losses.
Non-performing loans, excluding loans held-for-sale and covered loans, increased $6 million from September 30, 2011 to December 31, 2011, driven principally by an increase in non-performing residential mortgage loans at the BPPR reportable segment, mainly due to loans repurchased under recourse arrangements, partially offset by a reduction in non-performing construction loans held-in-portfolio at the BPPR and BPNA reportable segments. The Corporation has reduced significantly its construction loan portfolio; therefore, the level of problem loans remaining at both reportable segments has declined, driven by the resolution of existing exposures. Refer to Table I for the activity in non-performing commercial and construction loans, excluding covered loans and loans held-for-sale, for the fourth quarter of 2011.
Excluding covered loans, net charge-offs for the fourth quarter of 2011 declined by $9.1 million, compared with the quarter ended September 30, 2011. The reduction was due to a decrease in net charge-offs in the BPPR reportable segment by $11.4 million, mainly due to lower losses in the BPPR commercial loan portfolio, partially offset by a slight increase in the BPNA reportable segment of $2.2 million. There was an increase of $9.1 million in the net charge-offs on the covered loans, driven principally by one particular credit relationship that was charged-off during the fourth quarter. Refer to Table J for further information on the Corporation’s net charge-offs and related ratios.
Refer to the section below for explanations on the main variances.
BPPR Reportable Segment
Excluding the impact of the provision for loan losses for the covered loan portfolio, the provision for loan losses for non-covered loans of the BPPR reportable segment totaled $88.1 million for the fourth quarter of 2011, compared with $131.1 million for the third quarter of 2011. The decrease was attributable to lower net charge-offs in the commercial, mortgage and consumer loan portfolios, coupled with an improved outlook in net charge-offs for the consumer loan portfolio due to better macro-economic indicators. These improvements were partially offset by higher reserve requirements for consumer loans restructured under loss mitigation programs. In addition, $12.7 million of the decrease was associated with write-downs on commercial loans transferred from the held-in-portfolio to the held-for-sale category during the third quarter of 2011. These loans were part of the loan sale executed in September 2011.
Annualized net charge-offs to average non-covered loans held-in-portfolio ratio for the BPPR reportable segment decreased 35 basis points, from 2.49% for the quarter ended September 30, 2011 to 2.14% for the quarter ended December 31, 2011. The decrease was driven by lower net charge-offs in the commercial, consumer and mortgage loan portfolios.
Non-performing loans of the BPPR reportable segment, excluding loans held-for-sale and covered loans, amounted to $1.4 billion at December 31, 2011, compared with $1.3 billion at September 30, 2011. Non-performing loans of the BPPR residential mortgage loan portfolio increased by $69 million, mainly due to loan repurchases under credit recourse arrangements. This increase was partially offset by reductions in the non-performing commercial and construction loans held-in-portfolio of $22 million and $11 million, respectively.
Refer to Table L for information on the allowance for loan losses of the Corporation’s Puerto Rico operations. The increase in the allowance for loan losses from September 30, 2011 to December 31, 2011 reflects a higher general reserve component for the commercial and mortgage loan portfolios mostly driven by: (i) higher loss trend mainly observed during the second half of the year on the commercial loan portfolio and (ii) the deterioration in the credit quality of the mortgage loan portfolio. These increases were partially offset by a reduction in the general reserve for the consumer loan portfolio primarily due to stable credit quality performance, which was partially offset by higher specific reserve requirements for consumer loans restructured under loss mitigation programs.
BPNA Reportable Segment
The provision for loan losses for the BPNA reportable segment amounted to $35.8 million, or 75.0% of net charge-offs, for the fourth quarter of 2011, compared with $19.6 million or 43.2% of net charge-offs for the third quarter of 2011. The increase in the provision for loan losses in the BPNA reportable segment was mainly due to lower release of reserves in the fourth quarter of 2011 compared with the third quarter, principally in the commercial loan portfolio.
Annualized net charge-offs to average loans held-in-portfolio ratio for the BPNA reportable segment increased 27 basis points, from 3.00% for the quarter ended September 30, 2011 to 3.27% for the quarter ended December 31, 2011. Net charge-offs present a slight increase mostly observed in the commercial and consumer loan segments, partially offset by lower levels in the mortgage loan portfolio. The increase in net charge-offs in the commercial loan portfolio of $3.1 million was the net effect of reduced commercial loan recoveries by $5.3 million and lower charge-offs of $2.2 million.
Non-performing loans held-in-portfolio of the BPNA reportable segment amounted to $367 million as of December 31, 2011, compared with $395 million as of September 30, 2011. Non-performing construction loans declined $48 million, while non-performing consumer loans declined $2 million. The reduction in non-performing construction loans was mainly due to the resolution of certain existing exposures. The non-performing consumer loan portfolio continues to reflect a decreasing trend and signs of stabilization in the U.S. operations. Non-performing commercial loans increased by $22 million from September 30, 2011, driven principally by one commercial loan relationship with an outstanding balance of approximately $25 million as of December 31, 2011. This particular commercial loan relationship was subject to a $2.3 million charge-off during the fourth quarter of 2011, and did not require a valuation allowance as of year-end.
Refer to Table M for information on the allowance for loan losses of the BPNA reportable segment. The decline in the allowance for loan losses from September 30, 2011 to December 31, 2011 reflects an overall decrease in the general reserve component, partially offset by an increase in the specific reserve for non-conventional mortgage loans restructured under loss mitigation programs.
Financial Condition Highlights – December 31, 2011 compared to September 30, 2011
Total assets amounted to $37.3 billion as of December 31, 2011, compared with $38.3 billion as of September 30, 2011. Refer to Table C for a detailed presentation of the Corporation’s Consolidated Statements of Condition.
Total investment securities, including trading securities and other investment securities, amounted to $5.8 billion as of December 31, 2011 and September 30, 2011.
Total loans held-in-portfolio declined $235 million from September 30, 2011 to December 31, 2011. Refer to Table G for a breakdown by loan categories. The decline was mostly in covered loans which declined by $164 million from September 30, 2011 to December 31, 2011, principally due to collections.
Commercial and construction non-covered loans held-in-portfolio decreased $101 million from September 30, 2011 to December 31, 2011, which consisted of a decline of $155 million in the BPNA reportable segment, partially offset by an increase of $54 million in the Puerto Rico operations. The increase in BPPR was mostly from the public and corporate sectors, while the reduction in the BPNA reportable segment was principally due to portfolio runoff of the discontinued lending business, loan amortization and reclassification to other real estate exceeding new and renewal originations. The decline in the consolidated commercial and construction loan portfolio was offset by a greater volume of mortgage loans held-in-portfolio in the Corporation’s Puerto Rico operations, mainly due to loan repurchases under credit recourse agreements.
Deposits amounted to $27.9 billion as of December 31, 2011, compared with $28.0 billion as of September 30, 2011. Table G presents a breakdown of deposits by major categories.
The Corporation’s borrowings amounted to $4.3 billion as of December 31, 2011, compared with $5.3 billion as of September 30, 2011. The decrease in borrowings was mostly related to a reduction in principal of $714 million on the note issued to the FDIC as it was fully repaid during the fourth quarter.
Stockholders’ equity was $3.9 billion as of December 31, 2011, compared with $4.0 billion as of September 30, 2011. Refer to Table A for capital ratios and Table N for Non-GAAP reconciliations.
Forward-Looking Statements
The information included in this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and involve certain risks and uncertainties that may cause actual results to differ materially from those expressed in forward-looking statements. Factors that might cause such a difference include, but are not limited to (i) the rate of growth in the economy and employment levels, as well as general business and economic conditions; (ii) changes in interest rates, as well as the magnitude of such changes; (iii) the fiscal and monetary policies of the federal government and its agencies; (iv) changes in federal bank regulatory and supervisory policies, including required levels of capital; (v) the relative strength or weakness of the consumer and commercial credit sectors and of the real estate markets in Puerto Rico and the other markets in which borrowers are located; (vi) the performance of the stock and bond markets; (vii) competition in the financial services industry; (viii) possible legislative, tax or regulatory changes; (ix) the impact of the Dodd-Frank Act on our businesses, business practice and cost of operations; and (x) additional Federal Deposit Insurance Corporation assessments. For a discussion of such factors and certain risks and uncertainties to which the Corporation is subject, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2010, as well as its filings with the U.S. Securities and Exchange Commission. Other than to the extent required by applicable law, including the requirements of applicable securities laws, the Corporation assumes no obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
Founded in 1893, Popular, Inc. is the leading banking institution by both assets and deposits in Puerto Rico and ranks 36th by assets among U.S. banks. In the United States, Popular has established a community-banking franchise providing a broad range of financial services and products with branches in New York, New Jersey, Illinois, Florida and California.
An electronic version of this press release can be found at the Corporation’s website, www.popular.com.
POPULAR, INC.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table A – Selected Ratios and Other Information
(Unaudited)
Quarter ended
Quarter ended
Quarter ended
Year ended
December 31,
September 30,
December 31,
December 31,
December 31,
2011
2011
2010
2011
2010
Net income (loss) per common share:
Basic and diluted
$0.00
$0.03
($0.22
)
$0.14
($0.06
)
Average common shares outstanding
1,022,741,800
1,021,660,038
1,021,527,855
1,021,793,932
885,154,040
Average common shares outstanding – assuming dilution
1,022,741,800
1,021,660,038
1,021,527,855
1,022,894,962
885,154,040
Common shares outstanding at end of period
1,025,904,567
1,024,475,398
1,022,727,802
1,025,904,567
1,022,727,802
Market value per common share
$1.39
$1.50
$3.14
$1.39
$3.14
Market Capitalization — (In millions)
$1,426
$1,537
$3,211
$1,426
$3,211
Return on average assets
0.03
%
0.29
%
-2.29
%
0.40
%
0.36
%
Return on average common equity
0.21
%
2.81
%
-23.51
%
4.01
%
4.37
%
Net interest margin [1]
4.30
%
4.45
%
4.10
%
4.34
%
3.79
%
Common equity per share
$3.77
$3.87
$3.67
$3.77
$3.67
Tangible common book value per common share (non-GAAP)
$3.08
$3.17
$2.98
$3.08
$2.98
Tangible common equity to tangible assets (non-GAAP)
8.62
%
8.65
%
7.99
%
8.62
%
7.99
%
Tier 1 risk-based capital [2]
15.97
%
15.79
%
14.52
%
15.97
%
14.52
%
Total risk-based capital [2]
17.25
%
17.07
%
15.79
%
17.25
%
15.79
%
Tier 1 leverage [2]
10.90
%
10.56
%
9.70
%
10.90
%
9.70
%
Tier 1 common equity to risk-weighted assets (non-GAAP) [2]
12.10
%
12.00
%
10.94
%
12.10
%
10.94
%
[1] Not on a taxable equivalent basis.
[2] Capital ratios for the current quarter are estimated.
POPULAR, INC.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table B – Consolidated Statement of Operations
(Unaudited)
Quarter ended
Quarter ended
Variance
Quarter ended
Year ended
Year ended
December 31,
September 30,
Q4 2011 vs.
December 31,
December 31,
December 31,
(In thousands, except per share information)
2011
2011
Q3 2011
2010
2011
2010
Interest income:
Loans
$
399,523
$
428,999
$
(29,476
)
$
445,444
$
1,694,357
$
1,676,734
Money market investments
837
886
(49
)
1,058
3,596
5,384
Investment securities
46,758
51,085
(4,327
)
53,092
203,941
238,210
Trading account securities
6,275
10,788
(4,513
)
7,605
35,607
27,918
Total interest income
453,393
491,758
(38,365
)
507,199
1,937,501
1,948,246
Interest expense:
Deposits
56,068
65,868
(9,800
)
80,962
269,487
350,881
Short-term borrowings
13,780
13,744
36
14,522
55,258
60,278
Long-term debt
38,765
42,835
(4,070
)
57,140
180,764
242,222
Total interest expense
108,613
122,447
(13,834
)
152,624
505,509
653,381
Net interest income
344,780
369,311
(24,531
)
354,575
1,431,992
1,294,865
Provision for loan losses
179,808
176,276
3,532
354,409
575,720
1,011,880
Net interest income after provision for loan losses
164,972
193,035
(28,063
)
166
856,272
282,985
Service charges on deposit accounts
46,162
46,346
(184
)
45,938
184,940
195,803
Other service fees
60,097
62,664
(2,567
)
71,637
239,720
377,504
Net gain (loss) on sale and valuation adjustments of investment securities
2,800
8,134
(5,334
)
(218
)
10,844
3,992
Trading account profit
2,610
2,912
(302
)
8,303
5,897
16,404
Net gain (loss) on sale of loans, including valuation adjustments
on loans held-for-sale
16,135
20,294
(4,159
)
1,478
30,891
15,874
Adjustments (expense) to indemnity reserves on loans sold
(3,481
)
(10,285
)
6,804
(34,511
)
(33,068
)
(72,013
)
FDIC loss share income (expense)
17,447
(5,361
)
22,808
(3,046
)
66,791
(25,751
)
Fair value change in equity appreciation instrument
–
–
–
7,520
8,323
42,555
Gain on sale of processing and technology business
–
–
–
–
–
640,802
Other operating income
7,589
(2,314
)
9,903
8,505
45,939
93,023
Total non-interest income
149,359
122,390
26,969
105,606
560,277
1,288,193
Operating expenses:
Personnel costs
Salaries
77,074
77,455
(381
)
77,206
305,018
352,139
Commissions, incentives and other bonuses
10,873
11,630
(757
)
12,167
44,421
53,837
Pension, postretirement and medical insurance
26,039
11,385
14,654
14,838
62,219
61,294
Other personnel costs, including payroll taxes
10,561
11,254
(693
)
9,818
41,712
46,928
Total personnel costs
124,547
111,724
12,823
114,029
453,370
514,198
Net occupancy expenses
25,891
25,885
6
29,844
102,319
116,203
Equipment
10,526
10,517
9
11,620
43,840
85,851
Other taxes
12,899
12,391
508
11,973
51,885
50,608
Professional fees
50,019
48,756
1,263
56,607
194,942
166,105
Communications
5,917
6,800
(883
)
7,277
27,115
38,905
Business promotion
19,225
14,650
4,575
16,912
55,067
46,671
FDIC deposit insurance
25,088
23,285
1,803
17,750
93,728
67,644
Loss on early extinguishment of debt
56
109
(53
)
12,361
8,693
38,787
Other real estate owned (OREO)
9,893
3,234
6,659
20,467
21,778
46,789
Credit and debit card processing, volume, interchange and other
3,974
5,416
(1,442
)
3,865
17,539
42,613
Other operating expenses
20,377
17,125
3,252
39,714
70,367
102,000
Amortization of intangibles
2,681
2,463
218
2,258
9,654
9,173
Total operating expenses
311,093
282,355
28,738
344,677
1,150,297
1,325,547
Income before income tax
3,238
33,070
(29,832
)
(238,905
)
266,252
245,631
Income tax expense (benefit)
263
5,537
(5,274
)
(11,764
)
114,927
108,230
Net income (loss)
$
2,975
$
27,533
$
(24,558
)
$
(227,141
)
$
151,325
$
137,401
Net income (loss) applicable to common stock
$
2,044
$
26,602
$
(24,558
)
$
(227,451
)
$
147,602
$
(54,576
)
Net income (loss) per common share – basic
$
–
$
0.03
$
(0.03
)
$
(0.22
)
$
0.14
$
(0.06
)
Net income (loss )per common share – diluted
$
–
$
0.03
$
(0.03
)
$
(0.22
)
$
0.14
$
(0.06
)
Popular, Inc.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table C – Consolidated Statement of Condition
(Unaudited)
Variance
December 31,
September 30,
December 31,
Q4 2011 vs.
(In thousands)
2011
2011
2010
Q3 2011
Assets:
Cash and due from banks
$
535,282
$
567,141
$
452,373
$
(31,859
)
Money market investments
1,376,174
1,269,139
979,295
107,035
Trading account securities, at fair value
436,331
272,939
546,713
163,392
Investment securities available-for-sale, at fair value
5,009,823
5,226,529
5,236,852
(216,706
)
Investment securities held-to-maturity, at amortized cost
125,383
128,546
122,354
(3,163
)
Other investment securities, at lower of cost or realizable value
179,880
173,569
163,513
6,311
Loans held-for-sale, at lower of cost or fair value
363,093
368,777
893,938
(5,684
)
Loans held-in-portfolio:
Loans not covered under loss sharing agreements with the FDIC
20,602,596
20,673,886
20,728,035
(71,290
)
Loans covered under loss sharing agreements with the FDIC
4,348,703
4,512,423
4,836,882
(163,720
)
Less – Allowance for loan losses
(815,308
)
(772,921
)
(793,225
)
(42,387
)
Total loans held-in-portfolio, net
24,135,991
24,413,388
24,771,692
(277,397
)
FDIC loss share asset
1,915,128
1,895,059
2,410,219
20,069
Premises and equipment, net
538,486
536,529
545,453
1,957
Other real estate not covered under loss sharing agreements with the FDIC
172,497
166,285
161,496
6,212
Other real estate covered under loss sharing agreements with the FDIC
109,135
84,839
57,565
24,296
Accrued income receivable
125,209
134,263
150,658
(9,054
)
Mortgage servicing assets, at fair value
151,323
157,226
166,907
(5,903
)
Other assets
1,462,393
2,168,529
1,449,887
(706,136
)
Goodwill
648,350
648,353
647,387
(3
)
Other intangible assets
63,954
64,212
58,696
(258
)
Total assets
$
37,348,432
$
38,275,323
$
38,814,998
$
(926,891
)
Liabilities and Stockholders’ Equity:
Liabilities:
Deposits:
Non-interest bearing
$
5,655,474
$
5,527,450
$
4,939,321
$
128,024
Interest bearing
22,286,653
22,425,890
21,822,879
(139,237
)
Total deposits
27,942,127
27,953,340
26,762,200
(11,213
)
Federal funds purchased and assets sold under agreements to repurchase
2,141,097
2,601,606
2,412,550
(460,509
)
Other short-term borrowings
296,200
166,200
364,222
130,000
Notes payable
1,856,372
2,550,745
4,170,183
(694,373
)
Other liabilities
1,193,883
990,831
1,305,312
203,052
Total liabilities
33,429,679
34,262,722
35,014,467
(833,043
)
Stockholders’ equity:
Preferred stock
50,160
50,160
50,160
–
Common stock
10,263
10,249
10,229
14
Surplus
4,101,661
4,099,379
4,094,005
2,282
Accumulated deficit
(199,726
)
(201,770
)
(347,328
)
2,044
Treasury stock
(1,057
)
(992
)
(574
)
(65
)
Accumulated other comprehensive (loss) income
(42,548
)
55,575
(5,961
)
(98,123
)
Total stockholders’ equity
3,918,753
4,012,601
3,800,531
(93,848
)
Total liabilities and stockholders’ equity
$
37,348,432
$
38,275,323
$
38,814,998
$
(926,891
)
Popular, Inc.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table D – Consolidated Average Balances and Yield / Rate Analysis – QUARTER
(Unaudited)
Quarter
Quarter ended
Quarter ended
Quarter ended
Variance
Variance
December 31, 2011
September 30, 2011
December 31, 2010
Q4 2011 vs Q3 2011
Q4 2011 vs Q4 2010
Average
Income /
Yield /
Average
Income /
Yield /
Average
Income /
Yield /
Average
Income /
Yield /
Average
Income /
Yield /
($ amounts in millions; yields not on a taxable equivalent basis)
balance
Expense
Rate
balance
Expense
Rate
balance
Expense
Rate
balance
Expense
Rate
balance
Expense
Rate
Assets:
Interest earning assets:
Money market, trading and investment securities
$
6,635
$
53.9
3.24
%
$
7,540
$
62.8
3.32
%
$
7,654
$
61.8
3.22
%
($905
)
($8.9
)
(0.08
)
%
($1,019
)
($7.9
)
0.02
%
Loans not covered under loss sharing agreements with the FDIC:
Commercial
10,596
131.4
4.92
10,690
134.1
4.98
11,532
147.0
5.06
(94
)
(2.7
)
(0.06
)
(936
)
(15.6
)
(0.14
)
Construction
564
2.3
1.59
698
2.5
1.45
1,208
6.3
2.05
(134
)
(0.2
)
0.14
(644
)
(4.0
)
(0.46
)
Mortgage
5,402
70.5
5.22
5,326
78.7
5.91
4,743
70.1
5.91
76
(8.2
)
(0.69
)
659
0.4
(0.69
)
Consumer
3,680
95.0
10.25
3,656
95.1
10.32
3,726
97.9
10.43
24
(0.1
)
(0.07
)
(46
)
(2.9
)
(0.18
)
Lease financing
562
11.9
8.44
572
12.8
8.93
601
13.4
8.94
(10
)
(0.9
)
(0.49
)
(39
)
(1.5
)
(0.50
)
Total loans not covered under loss sharing agreements with the FDIC
20,804
311.1
5.95
20,942
323.2
6.14
21,810
334.7
6.10
(138
)
(12.1
)
(0.19
)
(1,006
)
(23.6
)
(0.15
)
Loans covered under loss sharing agreements with the FDIC
4,401
88.4
7.99
4,557
105.8
9.23
4,974
110.7
8.84
(156
)
(17.4
)
(1.24
)
(573
)
(22.3
)
(0.85
)
Total loans
25,205
399.5
6.30
25,499
429.0
6.69
26,784
445.4
6.61
(294
)
(29.5
)
(0.39
)
(1,579
)
(45.9
)
(0.31
)
Total interest earning assets
31,840
$
453.4
5.66
%
33,039
$
491.8
5.92
%
34,438
$
507.2
5.86
%
(1,199
)
($38.4
)
(0.26
)
%
(2,598
)
($53.8
)
(0.20
)
%
Allowance for loan losses
(751
)
(749
)
(1,188
)
(2
)
437
Other non-interest earning assets
5,655
5,704
6,177
(49
)
(522
)
Total average assets
$
36,744
$
37,994
$
39,427
($1,250
)
($2,683
)
Liabilities and Stockholders’ Equity:
Interest bearing deposits:
NOW and money market
$
5,199
$
6.4
0.49
%
$
5,284
$
7.3
0.55
%
$
4,933
$
9.1
0.74
%
($85
)
($0.9
)
(0.06
)
%
$
266
($2.7
)
(0.25
)
%
Savings
6,475
6.4
0.39
6,307
8.6
0.54
6,234
13.7
0.87
168
(2.2
)
(0.15
)
241
(7.3
)
(0.48
)
Time deposits
10,685
43.3
1.61
10,876
50.0
1.82
10,966
58.1
2.10
(191
)
(6.7
)
(0.21
)
(281
)
(14.8
)
(0.49
)
Total interest bearing deposits
22,359
56.1
0.99
22,467
65.9
1.16
22,133
80.9
1.45
(108
)
(9.8
)
(0.17
)
226
(24.8
)
(0.46
)
Borrowings
4,507
52.5
4.65
5,675
56.6
3.98
7,224
71.7
3.96
(1,168
)
(4.1
)
0.67
(2,717
)
(19.2
)
0.69
Total interest bearing liabilities
26,866
108.6
1.61
28,142
122.5
1.73
29,357
152.6
2.07
(1,276
)
(13.9
)
(0.12
)
(2,491
)
(44.0
)
(0.46
)
Net interest spread
4.05
%
4.19
%
3.79
%
(0.14
)
%
0.26
%
Non-interest bearing deposits
5,165
5,095
5,011
70
154
Other liabilities
895
956
1,175
(61
)
(280
)
Stockholders’ equity
3,818
3,801
3,884
17
(66
)
Total average liabilities and stockholders’ equity
$
36,744
$
37,994
$
39,427
($1,250
)
($2,683
)
Net interest income / margin non-taxable equivalent basis
$
344.8
4.30
%
$
369.3
4.45
%
$
354.6
4.10
%
($24.5
)
(0.15
)
%
($9.8
)
0.20
%
Popular, Inc.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table E – Consolidated Average Balances and Yield / Rate Analysis – YEAR-TO-DATE
(Unaudited)
Year-to-date
Year ended
Year ended
Variance
December 31, 2011
December 31, 2010
YTD 2011 vs. 2010
Average
Income /
Yield /
Average
Income /
Yield /
Average
Income /
Yield /
($ amounts in millions; yields not on a taxable equivalent basis)
balance
Expense
Rate
balance
Expense
Rate
balance
Expense
Rate
Assets:
Interest earning assets:
Money market, trading and investment securities
$
7,314
$
243.1
3.32
%
$
8,332
$
271.5
3.26
%
($1,018
)
($28.4
)
0.06
%
Loans not covered under loss sharing agreements with the FDIC:
Commercial
10,889
541.9
4.98
11,889
613.8
5.16
(1,000
)
(71.9
)
(0.18
)
Construction
731
10.8
1.48
1,458
29.5
2.03
(727
)
(18.7
)
(0.55
)
Mortgage
5,153
302.0
5.86
4,627
274.5
5.93
526
27.5
(0.07
)
Consumer
3,654
376.2
10.30
3,854
400.7
10.40
(200
)
(24.5
)
(0.10
)
Lease financing
577
50.8
8.81
629
55.1
8.77
(52
)
(4.3
)
0.04
Total loans not covered under loss sharing agreements with the FDIC
21,004
1,281.7
6.10
22,457
1,373.6
6.12
(1,453
)
(91.9
)
(0.02
)
Loans covered under loss sharing agreements with the FDIC
4,613
412.7
8.95
3,365
303.1
9.01
1,248
109.6
(0.06
)
Total loans
25,617
1,694.4
6.61
25,822
1,676.7
6.49
(205
)
17.7
0.12
Total interest earning assets
32,931
$
1,937.5
5.88
%
34,154
$
1,948.2
5.70
%
(1,223
)
($10.7
)
0.18
%
Allowance for loan losses
(746
)
(1,236
)
490
Other non-interest earning assets
5,881
5,461
420
Total average assets
$
38,066
$
38,379
($313
)
Liabilities and Stockholders’ Equity:
Interest bearing deposits:
NOW and money market
$
5,204
$
31.0
0.60
%
$
4,981
$
39.8
0.80
%
$
223
($8.8
)
(0.20
)
%
Savings
6,321
37.5
0.59
5,970
54.0
0.90
351
(16.5
)
(0.31
)
Time deposits
10,920
201.0
1.84
10,967
257.1
2.34
(47
)
(56.1
)
(0.50
)
Total interest bearing deposits
22,445
269.5
1.20
21,918
350.9
1.60
527
(81.4
)
(0.40
)
Borrowings
5,847
236.0
4.04
7,448
302.4
4.06
(1,601
)
(66.4
)
(0.02
)
Total interest bearing liabilities
28,292
505.5
1.79
29,366
653.3
2.22
(1,074
)
(147.8
)
(0.43
)
Net interest spread
4.09
%
3.48
%
0.61
%
Non-interest bearing deposits
5,058
4,732
326
Other liabilities
983
1,022
(39
)
Stockholders’ equity
3,733
3,259
474
Total average liabilities and stockholders’ equity
$
38,066
$
38,379
($313
)
Net interest income / margin non-taxable equivalent basis
$
1,432.0
4.34
%
$
1,294.9
3.79
%
$
137.1
0.55
%
Popular, Inc.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table F – Breakdown of Other Service Fees
(Unaudited)
Quarters ended
Variance
Variance
December 31,
September 30,
December 31,
Q4 2011 vs.
Q4 2011 vs.
(In thousands)
2011
2011
2010
Q3 2011
Q4 2010
Other service fees:
Debit card fees
$
9,664
$
13,075
$
17,159
$
(3,411
)
$
(7,495
)
Insurance fees
16,471
13,785
14,839
2,686
1,632
Credit card fees and discounts
12,943
13,738
11,094
(795
)
1,849
Sale and administration of investment products
9,686
9,915
8,992
(229
)
694
Mortgage servicing fees, net of fair value adjustments
1,449
2,120
9,314
(671
)
(7,865
)
Trust fees
3,722
4,006
4,049
(284
)
(327
)
Processing fees
1,718
1,684
1,665
34
53
Other fees
4,444
4,341
4,525
103
(81
)
Total other service fees
$
60,097
$
62,664
$
71,637
$
(2,567
)
$
(11,540
)
Year ended
December 31,
December 31,
Variance
(In thousands)
2011
2010
2011 vs. 2010
Other service fees:
Debit card fees
$
49,459
$
100,639
$
(51,180
)
Insurance fees
54,390
49,768
4,622
Credit card fees and discounts
49,049
84,786
(35,737
)
Sale and administration of investment products
34,388
37,783
(3,395
)
Mortgage servicing fees, net of fair value adjustments
12,098
24,801
(12,703
)
Trust fees
15,333
14,217
1,116
Processing fees
6,839
45,055
(38,216
)
Other fees
18,164
20,455
(2,291
)
Total other service fees
$
239,720
$
377,504
$
(137,784
)
Popular, Inc.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table G – Loans and Deposits
(Unaudited)
Loans – Ending Balances
Variance
(in thousands)
December 31, 2011
September 30, 2011
December 31, 2010
Q4 2011 vs. Q3 2011
Q4 2011 vs. Q4 2010
Loans not covered under FDIC loss sharing agreements:
Commercial
$
10,534,886
$
10,588,919
$
11,393,485
$
(54,033
)
$
(858,599
)
Construction
311,628
358,060
500,851
(46,432
)
(189,223
)
Lease financing
563,867
571,068
602,993
(7,201
)
(39,126
)
Mortgage
5,518,460
5,466,503
4,524,722
51,957
993,738
Consumer
3,673,755
3,689,336
3,705,984
(15,581
)
(32,229
)
Total non-covered loans held-in-portfolio
$
20,602,596
$
20,673,886
$
20,728,035
$
(71,290
)
$
(125,439
)
Loans covered under FDIC loss sharing agreements
4,348,703
4,512,423
4,836,882
(163,720
)
(488,179
)
Total loans held-in-portfolio
$
24,951,299
$
25,186,309
$
25,564,917
$
(235,010
)
$
(613,618
)
Loans held-for-sale:
Commercial
$
26,198
$
24,191
$
60,528
$
2,007
$
(34,330
)
Construction
236,045
234,336
412,744
1,709
(176,699
)
Mortgage
100,850
110,250
420,666
(9,400
)
(319,816
)
Total loans held-for-sale
363,093
368,777
893,938
(5,684
)
(530,845
)
Total loans
$
25,314,392
$
25,555,086
$
26,458,855
$
(240,694
)
$
(1,144,463
)
Deposits – Ending Balances
Variance
(In thousands)
December 31, 2011
September 30, 2011
December 31, 2010
Q4 2011 vs. Q3 2011
Q4 2011 vs. Q4 2010
Demand deposits [1]
$
6,256,530
$
6,149,514
$
5,501,430
$
107,016
$
755,100
Savings, NOW and money market deposits (non-brokered)
10,762,869
10,787,782
10,371,580
(24,913
)
391,289
Savings, NOW and money market deposits (brokered)
212,688
100,002
–
112,686
212,688
Time deposits (non-brokered)
7,552,434
8,005,247
8,594,759
(452,813
)
(1,042,325
)
Time deposits (brokered CDs)
3,157,606
2,910,795
2,294,431
246,811
863,175
Total deposits
$
27,942,127
$
27,953,340
$
26,762,200
$
(11,213
)
$
1,179,927
[1] Includes interest and non-interest bearing deposits.
Popular, Inc.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table H – Non-Performing Assets
(Unaudited)
Variance
(Dollars in thousands)
December 31, 2011
As a percentage
of loans HIP by
category
September 30, 2011
As a percentage
of loans HIP by
category
December 31, 2010
As a percentage
of loans HIP by
category
Q4 2011 vs.
Q3 2011
Q4 2011 vs.
Q4 2010
Commercial
$
872,873
8.3
%
$
872,581
8.2
%
$
725,027
6.4
%
$
292
$
147,846
Construction
128,999
41.4
187,914
52.5
238,554
47.6
(58,915
)
(109,555
)
Lease financing
5,808
1.0
4,194
0.7
5,937
1.0
1,614
(129
)
Mortgage
686,502
12.4
617,723
11.3
542,033
12.0
68,779
144,469
Consumer
43,668
1.2
49,259
1.3
60,302
1.6
(5,591
)
(16,634
)
Total non-performing loans held-in-
portfolio, excluding covered loans
1,737,850
8.4
%
1,731,671
8.4
%
1,571,853
7.6
%
6,179
165,997
Non-performing loans held-for-sale [1]
262,302
259,776
671,757
2,526
(409,455
)
Other real estate owned (“OREO”),
excluding covered OREO
172,497
166,285
161,496
6,212
11,001
Total non-performing assets,
excluding covered assets
2,172,649
2,157,732
2,405,106
14,917
(232,457
)
Covered loans and OREO
192,771
95,801
83,539
96,970
109,232
Total non-performing assets
$
2,365,420
$
2,253,533
$
2,488,645
$
111,887
$
(123,225
)
Accruing loans past due 90 days or more [2]
$
316,614
$
329,473
$
338,359
$
(12,859
)
$
(21,745
)
Ratios excluding covered loans:
Non-performing loans held-in-portfolio
to loans held-in-portfolio
8.44
%
8.38
%
7.58
%
Allowance for loan losses to loans
held-in-portfolio
3.35
3.35
3.83
Allowance for loan losses to
non-performing loans, excluding
held-for-sale
39.73
39.99
50.46
Ratios including covered loans:
Non-performing loans held-in-portfolio
to loans held-in-portfolio
7.30
%
6.92
%
6.25
%
Allowance for loan losses to loans
held-in-portfolio
3.27
3.07
3.10
Allowance for loan losses to non-performing
loans, excluding held-for-sale
44.76
44.35
49.64
[1] Non-performing loans held-for-sale as of December 31, 2011 consisted of $236 million in construction loans, $26 million in commercial loans and none in mortgage loans (September 30, 2011 – $235 million, $24 million and $1 million, respectively; December 31, 2010 – $412 million, $61 million, and $199 million, respectively).
[2] It is the Corporation’s policy to report delinquent residential mortgage loans insured by FHA or guaranteed by the VA as accruing loans past due 90 days or more as opposed to nonperforming since the principal repayment is insured. These balances include $51 million of residential mortgage loans insured by FHA or guaranteed by the VA that are no longer accruing interest as of December 31, 2011.
Popular, Inc.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table I – Activity in Non-performing Loans
(Unaudited)
Commercial loans held-in-portfolio:
Quarter ended
Quarter ended
Quarter ended
December 31, 2011
December 31, 2011
December 31, 2011
(In thousands)
BPPR
BPNA
Popular, Inc.
Beginning Balance NPLs – September 30, 2011
$
652,937
$
219,644
$
872,581
Plus:
New non-performing loans
93,404
76,627
170,031
Advances on existing non-performing loans
–
34
34
Less:
Non-performing loans transferred to OREO
(4,685
)
(3,378
)
(8,063
)
Non-performing loans charged-off
(50,281
)
(33,350
)
(83,631
)
Loans returned to accrual status / loan collections
(60,204
)
(12,399
)
(72,603
)
Loans transferred to held-for-sale
–
(5,476
)
(5,476
)
Ending balance NPLs – December 31, 2011
$
631,171
$
241,702
$
872,873
Construction loans held-in-portfolio:
Quarter ended
Quarter ended
Quarter ended
December 31, 2011
December 31, 2011
December 31, 2011
(In thousands)
BPPR
BPNA
Popular, Inc.
Beginning Balance NPLs – September 30, 2011
$
64,971
$
122,943
$
187,914
Plus:
New non-performing loans
7,385
–
7,385
Advances on existing non-performing loans
–
34
34
Less:
Non-performing loans transferred to OREO
–
(13,149
)
(13,149
)
Non-performing loans charged-off
(3,689
)
(7,905
)
(11,594
)
Loans returned to accrual status / loan collections
(14,808
)
(19,239
)
(34,047
)
Loans transferred to held-for-sale
–
(7,544
)
(7,544
)
Ending balance NPLs – December 31, 2011
$
53,859
$
75,140
$
128,999
Commercial loans held-in-portfolio:
Quarter ended
Quarter ended
Quarter ended
September 30, 2011
September 30, 2011
September 30, 2011
(In thousands)
BPPR
BPNA
Popular, Inc.
Beginning Balance NPLs – June 30, 2011
$
557,421
$
227,166
$
784,587
Plus:
New non-performing loans
197,365
68,810
266,175
Advances on existing non-performing loans
4,864
226
5,090
Less:
Non-performing loans transferred to OREO
(2,171
)
(4,604
)
(6,775
)
Non-performing loans charged-off
(58,510
)
(36,055
)
(94,565
)
Loans returned to accrual status / loan collections
(22,165
)
(35,899
)
(58,064
)
Loans transferred to held-for-sale
(23,867
)
–
(23,867
)
Ending balance NPLs – September 30, 2011
$
652,937
$
219,644
$
872,581
Construction loans held-in-portfolio:
Quarter ended
Quarter ended
Quarter ended
September 30, 2011
September 30, 2011
September 30, 2011
(In thousands)
BPPR
BPNA
Popular, Inc.
Beginning Balance NPLs – June 30, 2011
$
58,691
$
139,544
$
198,235
Plus:
New non-performing loans
14,324
7,829
22,153
Advances on existing non-performing loans
2,116
101
2,217
Less:
Non-performing loans transferred to OREO
–
(2,824
)
(2,824
)
Non-performing loans charged-off
(563
)
(8,554
)
(9,117
)
Loans returned to accrual status / loan collections
(9,597
)
(13,153
)
(22,750
)
Loans transferred to held-for-sale
–
–
–
Ending balance NPLs – September 30, 2011
$
64,971
$
122,943
$
187,914
Popular, Inc.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table J – Allowance for Credit Losses, Net Charge-offs and Related Ratios
(Unaudited)
Quarter ended
Quarter ended
Quarter ended
December 31,
September 30,
December 31,
(Dollars in thousands)
2011
2011
2011
2011
2011
2011
2010
Non-covered loans
Covered
loans
Total
Non-covered
loans
Covered
loans
Total
Total [1]
Balance at beginning of period
$
692,500
$
80,421
$
772,921
$
689,678
$
57,169
$
746,847
$
1,243,994
Provision for loan losses
123,908
55,900
179,808
150,703
25,573
176,276
354,409
816,408
136,321
952,729
840,381
82,742
923,123
1,598,403
Net loans charged-off (recovered):
Commercial BPPR
48,428
10,526
58,954
58,509
1,278
59,787
109,348
Commercial BPNA
26,019
–
26,019
22,892
–
22,892
78,398
Construction BPPR
3,820
8
3,828
(81)
(1,500)
(1,581)
176,449
Construction BPNA
4,044
–
4,044
3,664
–
3,664
43,098
Lease financing BPPR
1,233
–
1,233
401
–
401
1,097
Lease financing BPNA
(36)
–
(36)
25
–
25
326
Mortgage BPPR
5,236
746
5,982
7,560
65
7,625
7,169
Mortgage BPNA
3,501
–
3,501
6,086
–
6,086
11,596
Consumer BPPR
19,592
96
19,688
23,278
2,478
25,756
31,757
Consumer BPNA
14,208
–
14,208
12,841
–
12,841
18,733
126,045
11,376
137,421
135,175
2,321
137,496
477,971
Net write-downs (recoveries) related to loans transferred to loans held-for-sale
–
–
–
12,706
–
12,706
327,207
Balance at end of period
$
690,363
$
124,945
$
815,308
$
692,500
$
80,421
$
772,921
$
793,225
Ratios:
Annualized net charge-offs to average loans
held-in-portfolio
2.46
%
2.21
%
2.64
%
2.20
%
7.17
%
Provision for loan losses to net charge-offs
0.98
x
1.31
x
1.11
x
1.28
x
0.74
x
[1] There was no allowance for loan losses on covered loans as of December 31, 2010. The ratio of annualized net charge-offs to average loans held-in-portfolio, excluding covered loans, was 8.82% for the quarter ended December 31, 2010.
Year ended
Year ended
December 31,
December 31,
(Dollars in thousands)
2011
2011
2011
2010
Non-covered
loans
Covered
loans
Total
Total [1]
Balance at beginning of period
$
793,225
$
–
$
793,225
$
1,261,204
Provision for loan losses
430,085
145,635
575,720
1,011,880
1,223,310
145,635
1,368,945
2,273,084
Net loans charged-off (recovered):
Commercial BPPR
195,388
13,774
209,162
231,133
Commercial BPNA
114,214
–
114,214
207,163
Construction BPPR
5,816
2,853
8,669
289,150
Construction BPNA
17,443
–
17,443
105,837
Lease financing BPPR
3,444
–
3,444
6,459
Lease financing BPNA
167
–
167
3,968
Mortgage BPPR
27,624
811
28,435
21,712
Mortgage BPNA
14,187
–
14,187
73,067
Consumer BPPR
98,647
3,252
101,899
131,783
Consumer BPNA
57,118
–
57,118
82,380
534,048
20,690
554,738
1,152,652
Net write-downs (recoveries) related to loans transferred to loans held-for-sale
(1,101)
–
(1,101)
327,207
Balance at end of period
$
690,363
$
124,945
$
815,308
$
793,225
Ratios:
Net charge-offs to average loans held-in-portfolio
2.61
%
2.21
%
4.48
%
Provision for loan losses to net charge-offs
0.81
x
1.04
x
0.88
x
[1] There was no allowance for loan losses on covered loans as of December 31, 2010. The ratio of annualized net charge-offs to average loans held-in-portfolio, excluding covered loans, was 5.15% for the year ended December 31, 2010.
Popular, Inc.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table K – Allowance for Loan Losses – Breakdown of general and specific reserves – CONSOLIDATED
(Unaudited)
December 31, 2011
(Dollars in thousands)
Commercial
Construction
Lease
Financing
Mortgage
Consumer
Total
[2]
Specific ALLL
$
8,874
$
–
$
793
$
29,063
$
17,046
$
55,776
Impaired loans
[1]
$
530,498
$
120,580
$
6,104
$
382,880
$
140,108
$
1,180,170
Specific ALLL to impaired loans
[1]
1.67
%
–
%
12.99
%
7.59
%
12.17
%
4.73
%
General ALLL
$
401,414
$
13,613
$
4,098
$
73,198
$
142,264
$
634,587
Loans held-in-portfolio, excluding impaired loans
[1]
$
10,004,388
$
191,048
$
557,763
$
5,135,580
$
3,533,647
$
19,422,426
General ALLL to loans held-in-portfolio, excluding impaired loans
[1]
4.01
%
7.13
%
0.73
%
1.43
%
4.03
%
3.27
%
Total ALLL
$
410,288
$
13,613
$
4,891
$
102,261
$
159,310
$
690,363
Total non-covered loans held-in-portfolio
[1]
$
10,534,886
$
311,628
$
563,867
$
5,518,460
$
3,673,755
$
20,602,596
ALLL to loans held-in-portfolio
[1]
3.89
%
4.37
%
0.87
%
1.85
%
4.34
%
3.35
%
[1] Excludes covered loans acquired on the Westernbank FDIC-assisted transaction.
[2] Excludes covered loans acquired on the Westernbank FDIC-assisted transaction. As of December 31, 2011, the general allowance on the covered loans amounted to $98 million, while the specific reserve amounted to $27 million.
September 30, 2011
(Dollars in thousands)
Commercial
Construction
Lease
Financing
Mortgage
Consumer
Total
[2]
Specific ALLL
$
21,240
$
1,335
$
46
$
28,192
$
7,665
$
58,478
Impaired loans
[1]
$
519,827
$
180,694
$
6,568
$
313,951
$
147,053
$
1,168,093
Specific ALLL to impaired loans
[1]
4.09
%
0.74
%
0.70
%
8.98
%
5.21
%
5.01
%
General ALLL
$
383,907
$
13,900
$
4,703
$
67,689
$
163,823
$
634,022
Loans held-in-portfolio, excluding impaired loans
[1]
$
10,069,092
$
177,366
$
564,500
$
5,152,552
$
3,542,283
$
19,505,793
General ALLL to loans held-in-portfolio, excluding impaired loans
[1]
3.81
%
7.84
%
0.83
%
1.31
%
4.62
%
3.25
%
Total ALLL
$
405,147
$
15,235
$
4,749
$
95,881
$
171,488
$
692,500
Total non-covered loans held-in-portfolio
[1]
$
10,588,919
$
358,060
$
571,068
$
5,466,503
$
3,689,336
$
20,673,886
ALLL to loans held-in-portfolio
[1]
3.83
%
4.25
%
0.83
%
1.75
%
4.65
%
3.35
%
[1] Excludes covered loans acquired on the Westernbank FDIC-assisted transaction.
[2] Excludes covered loans acquired on the Westernbank FDIC-assisted transaction. As of September 30, 2011, the general allowance on the covered loans amounted to $79 million, while the specific reserve amounted to $1 million.
Variance December 31, 2011 versus September 30, 2011
(Dollars in thousands)
Commercial
Construction
Lease
Financing
Mortgage
Consumer
Total
Specific ALLL
$
(12,366
)
$
(1,335
)
$
747
$
871
$
9,381
$
(2,702
)
Impaired loans
$
10,671
$
(60,114
)
$
(464
)
$
68,929
$
(6,945
)
$
12,077
General ALLL
$
17,507
$
(287
)
$
(605
)
$
5,509
$
(21,559
)
$
565
Loans held-in-portfolio, excluding impaired loans
$
(64,704
)
$
13,682
$
(6,737
)
$
(16,972
)
$
(8,636
)
$
(83,367
)
Total ALLL
$
5,141
$
(1,622
)
$
142
$
6,380
$
(12,178
)
$
(2,137
)
Total non-covered loans held-in-portfolio
$
(54,033
)
$
(46,432
)
$
(7,201
)
$
51,957
$
(15,581
)
$
(71,290
)
December 31, 2010
(Dollars in thousands)
Commercial
Construction
Lease
Financing
Mortgage
Consumer
Total
[2]
Specific ALLL
$
8,550
$
216
$
–
$
5,004
$
–
$
13,770
Impaired loans
[1]
$
445,968
$
231,322
$
–
$
121,209
$
–
$
798,499
Specific ALLL to impaired loans
[1]
1.92
%
0.09
%
–
%
4.13
%
–
%
1.72
%
General ALLL
$
453,841
$
47,508
$
13,153
$
65,864
$
199,089
$
779,455
Loans held-in-portfolio, excluding impaired loans
[1]
$
10,947,517
$
269,529
$
602,993
$
4,403,513
$
3,705,984
$
19,929,536
General ALLL to loans held-in-portfolio, excluding impaired loans
[1]
4.15
%
17.63
%
2.18
%
1.50
%
5.37
%
3.91
%
Total ALLL
$
462,391
$
47,724
$
13,153
$
70,868
$
199,089
$
793,225
Total non-covered loans held-in-portfolio
[1]
$
11,393,485
$
500,851
$
602,993
$
4,524,722
$
3,705,984
$
20,728,035
ALLL to loans held-in-portfolio
[1]
4.06
%
9.53
%
2.18
%
1.57
%
5.37
%
3.83
%
[1] Excludes covered loans acquired on the Westernbank FDIC-assisted transaction.
[2] Excludes covered loans acquired on the Westernbank FDIC-assisted transaction. As of December 31, 2010, there was no allowance on these covered loans.
Popular, Inc.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table L – Allowance for Loan Losses – Breakdown of general and specific reserves – PUERTO RICO OPERATIONS
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table M – Allowance for Loan Losses – Breakdown of general and specific reserves – U.S. MAINLAND OPERATIONS
(Unaudited)
As of December 31, 2011
U.S. Mainland
(In thousands)
Commercial
Construction
Mortgage
Lease
financing
Consumer
Total
Allowance for credit losses:
Specific ALLL
$
1,388
$
–
$
14,119
$
–
$
131
$
15,638
General ALLL
153,447
7,763
15,820
240
44,053
221,323
Total ALLL
154,835
7,763
29,939
240
44,184
236,961
Loans held-in-portfolio:
Impaired loans
171,588
72,505
49,534
–
2,526
296,153
Loans held-in-portfolio, excluding impaired loans
3,892,716
78,182
779,443
15,161
700,802
5,466,304
Total loans held-in-portfolio
$
4,064,304
$
150,687
$
828,977
$
15,161
$
703,328
$
5,762,457
As of September 30, 2011
U.S. Mainland
(In thousands)
Commercial
Construction
Mortgage
Lease
financing
Consumer
Total
Allowance for credit losses:
Specific ALLL
$
299
$
766
$
11,510
$
–
$
119
$
12,694
General ALLL
159,100
9,462
18,942
845
47,869
236,218
Total ALLL
159,399
10,228
30,452
845
47,988
248,912
Loans held-in-portfolio:
Impaired loans
141,647
118,944
31,549
–
4,615
296,755
Loans held-in-portfolio, excluding impaired loans
4,033,783
75,202
801,614
17,943
720,226
5,648,768
Total loans held-in-portfolio
$
4,175,430
$
194,146
$
833,163
$
17,943
$
724,841
$
5,945,523
Variance December 31, 2011 versus September 30, 2011
(In thousands)
Commercial
Construction
Mortgage
Lease
financing
Consumer
Total
Allowance for credit losses:
Specific ALLL
$
1,089
$
(766
)
$
2,609
$
–
$
12
$
2,944
General ALLL
(5,653
)
(1,699
)
(3,122
)
(605
)
(3,816
)
(14,895
)
Total ALLL
(4,564
)
(2,465
)
(513
)
(605
)
(3,804
)
(11,951
)
Loans held-in-portfolio:
Impaired loans
29,941
(46,439
)
17,985
–
(2,089
)
(602
)
Loans held-in-portfolio, excluding impaired loans
(141,067
)
2,980
(22,171
)
(2,782
)
(19,424
)
(182,464
)
Total loans held-in-portfolio
$
(111,126
)
$
(43,459
)
$
(4,186
)
$
(2,782
)
$
(21,513
)
$
(183,066
)
As of December 31, 2010
U.S. Mainland
(In thousands)
Commercial
Construction
Mortgage
Lease
financing
Consumer
Total
Allowance for credit losses:
Specific ALLL
$
–
$
–
$
–
$
–
$
–
$
–
General ALLL
205,748
31,650
28,839
5,999
65,558
337,794
Total ALLL
205,748
31,650
28,839
5,999
65,558
337,794
Loans held-in-portfolio:
Impaired loans
135,386
165,624
–
–
–
301,010
Loans held-in-portfolio, excluding impaired loans
4,541,083
166,871
875,022
30,206
808,149
6,421,331
Total loans held-in-portfolio
$
4,676,469
$
332,495
$
875,022
$
30,206
$
808,149
$
6,722,341
Popular, Inc.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table N – Reconciliation to GAAP Financial Measures
(Unaudited)
(In thousands, except share or per share information)
December 31, 2011
September 30, 2011
December 31, 2010
Total stockholders’ equity
$
3,918,753
$
4,012,601
$
3,800,531
Less: Preferred stock
(50,160)
(50,160)
(50,160)
Less: Goodwill
(648,350)
(648,353)
(647,387)
Less: Other intangibles
(63,954)
(64,212)
(58,696)
Total tangible common equity
$
3,156,289
$
3,249,876
$
3,044,288
Total assets
$
37,348,432
$
38,275,323
$
38,814,998
Less: Goodwill
(648,350)
(648,353)
(647,387)
Less: Other intangibles
(63,954)
(64,212)
(58,696)
Total tangible assets
$
36,636,128
$
37,562,758
$
38,108,915
Tangible common equity to tangible assets
8.62
%
8.65
%
7.99
%
Common shares outstanding at end of period
1,025,904,567
1,024,475,398
1,022,727,802
Tangible book value per common share
$
3.08
$
3.17
$
2.98
(In thousands)
December 31, 2011
September 30, 2011
December 31, 2010
Common stockholders’ equity
$
3,868,593
$
3,962,441
$
3,750,371
Less: Unrealized gains on available-for-sale securities, net of tax
[1]
(203,078)
(209,120)
(159,700)
Less: Disallowed deferred tax assets
[2]
(249,325)
(222,601)
(231,475)
Less: Intangible assets:
Goodwill
(648,350)
(648,353)
(647,387)
Other disallowed intangibles
(29,655)
(31,272)
(26,749)
Less: Aggregate adjusted carrying value of all non-financial equity investments
(1,189)
(1,525)
(1,538)
Add: Pension liability adjustment, net of tax and accumulated net gains (losses) on cash flow hedges
[3]
216,798
125,004
129,511
Total Tier 1 common equity
$
2,953,794
$
2,974,574
$
2,813,033
[1] In accordance with regulatory risk-based capital guidelines, Tier 1 capital excludes net unrealized gains (losses) on available-for-sale debt securities and net unrealized gains on available-for-sale equity securities with readily determinable fair values. In arriving at Tier 1 capital, institutions are required to deduct net unrealized losses on available-for-sale equity securities with readily determinable fair values, net of tax.
[2] Approximately $150 million of the Corporation’s $430 million of net deferred tax assets at December 31, 2011 (September 30, 2011 – $126 million and $342 million, respectively; December 31, 2010 – $144 million and $388 million, respectively), were included without limitation in regulatory capital pursuant to the risk-based capital guidelines, while approximately $249 million of such assets at December 31, 2011 (September 30, 2011 – $223 million; December 31, 2010 – $231 million) exceeded the limitation imposed by these guidelines and, as “disallowed deferred tax assets”, were deducted in arriving at Tier 1 capital. The remaining $31 million of the Corporation’s other net deferred tax assets at December 31, 2011 (September 30, 2011 – $7 million; December 31, 2010 – $13 million) represented primarily the following items (a) the deferred tax effects of unrealized gains and losses on available-for-sale debt securities, which are permitted to be excluded prior to deriving the amount of net deferred tax assets subject to limitation under the guidelines; (b) the deferred tax asset corresponding to the pension liability adjustment recorded as part of accumulated other comprehensive income; and (c) the deferred tax liability associated with goodwill and other intangibles.
[3] The Federal Reserve Bank has granted interim capital relief for the impact of pension liability adjustment.
Popular, Inc.
Financial Supplement to Fourth Quarter 2011 Earnings Release
Table O – Financial Information – Westernbank Covered Loans
(Unaudited)
Quarter ended
(In thousands)
December 31, 2011
September 30, 2011
Variance
Interest income:
Interest income on covered loans, except for discount accretion on ASC 310-20 covered loans
$
88,424
$
102,308
$
(13,884
)
Discount accretion on ASC 310-20 covered loans
–
3,501
(3,501
)
Total interest income
88,424
105,809
(17,385
)
FDIC loss share (expense) income:
(Amortization) accretion of indemnification asset
(24,217
)
(21,072
)
(3,145
)
80% mirror accounting on provision for loan losses for reductions in expected cash flows that are reimbursable by the FDIC [1]
38,670
20,458
18,212
80% mirror accounting on discount accretion on loans and unfunded commitments accounted for under ASC 310-20
(302
)
(2,916
)
2,614
Other
3,296
(1,831
)
5,127
Total FDIC loss share income (expense)
17,447
(5,361
)
22,808
Other non-interest income
1,092
–
1,092
Total revenues
106,963
100,448
6,515
Provision for loan losses
55,900
25,573
30,327
Total revenues less provision for loan losses
$
51,063
$
74,875
$
(23,812
)
[1] Reductions in expected cash flows for ASC 310-30 loans, which may impact the provision for loan losses, may consider reductions in both principal and interest cash flow expectations. The amount covered under the FDIC loss sharing agreements for interest not collected from borrowers is limited under the agreements (approximately 90 days); accordingly, these amounts are not subject fully to the 80% mirror accounting.
Quarterly average assets:
Quarter ended
(In millions)
December 31, 2011
September 30, 2011
Variance
Covered loans
$
4,401
$
4,557
$
(156
)
FDIC loss share asset
1,893
1,991
(98
)
Note issued to the FDIC
344
1,057
(713
)
Activity in the carrying amount and accretable yield of covered loans accounted for under ASC 310-30
Quarter
Quarter
December 31, 2011
September 30, 2011
(In thousands)
Accretable yield
Carrying amount of
loans
Accretable yield
Carrying amount of
loans
Beginning balance
$
1,496,565
$
4,076,913
$
1,616,919
$
4,216,808
Accretion
(82,866
)
82,866
(96,418
)
96,418
Changes in expected cash flows
56,560
(23,936
)
Collections
(123,308
)
(173,867
)
Ending balance
1,470,259
4,036,471
1,496,565
4,139,359
Allowance for loan losses – ASC 310-30 covered loans
(83,477
)
(62,446
)
Ending balance, net of allowance for loan losses
$
1,470,259
$
3,952,994
$
1,496,565
$
4,076,913
Source: Business Wire (January 25, 2012 – 8:00 AM EST)
Wednesday, January 25th, 2012UncategorizedComments Off on Popular, Inc. (BPOP) Reports Net Income of $151.3 million for the Year and $3.0 million for the Quarter ended December 31, 2011
MOUNTAIN VIEW, CA — (Marketwire) — 01/25/12 — Hansen Medical, Inc. (NASDAQ: HNSN), a global leader in flexible robotics and the developer of robotic technology for accurate 3D control of catheter movement, today announced that for the first time ever, surgeons at St. Mary’s Hospital, part of the Imperial College Healthcare NHS Trust, in London, UK, used the Company’s Magellan™ Robotic System to treat a patient with a complex abdominal aortic aneurysm.
“This new technology means a broader group of patients who have complex disease might now be operated on,” said Professor Nick Cheshire, consultant vascular surgeon and head of circulation and renal sciences at Imperial College Healthcare. “Here at St. Mary’s we’ve pioneered the use of robotics in vascular surgery and have worked with Hansen Medical to develop this robotic system. We’re committed to building on this technology to develop new procedures, and to bring our patients the latest and best treatments first.”
In this specific procedure the physicians used the Magellan Robotic System to deliver a stent through the endograft and into the patient’s renal artery. “The real trick here is to drive into the blood vessel though the stent [endograft], and then out through the specially formed window into the kidney vessel,” stated Prof. Cheshire in an interview with the British Broadcasting Company (BBC). “On the right side using conventional [manual] technique, it took us about… an hour and twenty minutes. On the left side of this patient, when we used the robot, it took us about twenty minutes.”
“Hansen Medical’s new Magellan robotic system is the first such system specifically designed for peripheral endovascular interventions,” said Bruce Barclay, president and CEO of Hansen Medical. “It is designed to be flexible and versatile, allowing physicians to use it for complex catheter procedures.”
The new robotic system is controlled from a workstation outside of the operating room. It displays the patient’s blood vessels on a screen and allows the clinician to navigate through them with a flexible robotic catheter. The clinician can steer the catheter and position its moveable tip and joints to access the patient’s peripheral anatomy.
Consultant interventional radiologist Dr. Mo Hamady, who operated the robot, said, “This technology means you have control during complex procedures such as this. Whereas surgeons would normally feed the catheter into the patient’s body by hand, the robot gives you precision so there is the potential for less risk of damage to the wall of the patient’s blood vessels and the procedure can be completed fast.”
For the patient, having endovascular robotic surgery involves a small incision or ‘cut’ in the groin, with minimal blood loss. Use of the robotic catheter has the potential to make the procedure more predictable, to require less time, and to improve technical accuracy and control. Patients who undergo an endovascular procedure typically have a shorter hospital stay with an average recovery time of five days compared with ten days or longer for open surgery.
The Company will showcase its Magellan Robotic System at the Leipzig Interventional Course (LINC), from January 25-28, at the Trade Fair Leipzig, Hall 4, in Leipzig, Germany. On Friday January 28, the company will host a hands-on course on the Magellan Robotic System. This course will be directed by Professor Cheshire, M.D., of St. Mary’s Hospital.
About the Magellan™ Robotic System Hansen Medical’s Magellan Robotic System is based upon the flexible robotic technology incorporated in the Sensei-X® Robotic Catheter System currently sold in the U.S. and Europe, which has been used in more than 7,000 patients with cardiac arrhythmia, but includes a number of key enhancements. In particular, the Magellan Robotic System:
Allows for independent, individual robotic control of the distal tips of both the outer sheath and the inner leader catheter, as well as robotic manipulation of standard guidewires.
Is designed to allow for sufficient extension inside the body to better access hard to reach peripheral anatomy.
Preserves the open architecture featured in the Sensei System to allow for the subsequent use of most 6F therapeutic devices on the market today.
Employs a catheter that is expected to be available in multiple lengths and has a low profile with significant flexibility to be compatible with most 6F treatment catheters currently used today.
In 2010, the Company announced the completion of its First-in-Man study in Europe during which 20 endovascular procedures were successfully performed with an earlier version of the Magellan Robotic System, demonstrating its potential to allow physicians to effectively treat peripheral vascular disease, while lessening radiation exposure.
In Europe, the Magellan Robotic System, including the NorthStar Robotic Catheter and related accessories, are CE marked. In the U.S., the Magellan Robotic System requires U.S. Food & Drug Administration (FDA) clearance, and a 510(k) application is currently pending. As such, the products are not commercially available in the U.S.
About Hansen Medical, Inc. Hansen Medical, Inc., based in Mountain View, California, develops products and technology using robotics for the accurate positioning, manipulation and control of catheters and catheter-based technologies. The Company’s Sensei® X Robotic Catheter System and Artisan Control Catheter were cleared by the U.S. Food and Drug Administration for manipulation and control of certain mapping catheters in electrophysiology (EP) procedures. This robotic catheter system is compatible with fluoroscopy, ultrasound, 3D surface map and patient electrocardiogram data. In the United States, the Sensei System is not approved for use in guiding ablation procedures; this use remains experimental. The U.S. product labeling therefore provides that the safety and effectiveness of the Sensei X System and Artisan Control Catheter for use with cardiac ablation catheters in the treatment of cardiac arrhythmias, including atrial fibrillation (AF), have not been established. In the European Union, the Sensei X System and Artisan Control Catheter are cleared for use during EP procedures, such as guiding catheters in the treatment of AF, and the Lynx® Robotic Ablation Catheter is cleared for the treatment of AF. The Company’s Magellan™ Robotic System, NorthStar™ Robotic Catheter and related accessories, which are intended to facilitate navigation to anatomical targets in the peripheral vasculature and subsequently provide a conduit for manual placement of therapeutic devices, have undergone conformity assessment and CE marking and are commercially available in the European Union.
In the U.S., the Magellan™ Robotic System, the NorthStar™ Robotic Catheter and accessories are the subject of a current filing with the FDA and are not commercially available. Additional information can be found at www.hansenmedical.com.
Forward-Looking Statements This press release contains forward-looking statements regarding, among other things, statements relating to goals, plans, objectives, milestones and future events. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements, including statements containing the words “plan,” “expects,” “potential,” “believes,” goal,” “estimate,” and similar words. These statements are based on the current estimates and assumptions of our management as of the date of this press release and are subject to risks, uncertainties, changes in circumstances and other factors that may cause actual results to differ materially from the information expressed or implied by forward-looking statements made in this press release. Examples of such statements include statements about the potential timing of FDA clearance of our Magellan™ Robotic System in the US, the potential benefits of our Magellan Robotic System on the vascular procedures and the timing of commercializing our Magellan Robotic System. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, among others: engineering, regulatory and sales challenges in developing new products and entering new markets; potential safety and regulatory issues that could slow or suspend our sales; the uncertain timelines, costs and results of pre-clinical and clinical trials; the rate of adoption of our systems and the rate of use of our catheters; the scope and validity of intellectual property rights applicable to our products; competition from other companies; our ability to recruit and retain key personnel; our ability to maintain our remedial actions over previously reported material weaknesses in internal controls over financial reporting; the effect of credit, financial and economic conditions on capital spending by our potential customers; our ability to manage expenses and obtain additional financing; and other risks more fully described in the “Risk Factors” section of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011 filed with the SEC on November 7, 2011 and the risks discussed in our other reports filed with the SEC. Given these uncertainties, you should not place undue reliance on the forward-looking statements in this press release. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available.
Hansen Medical, Heart Design (Logo), Hansen Medical (with Heart Design), and Sensei are registered trademarks of Hansen Medical, Inc. in the United States and other countries.
Investor Contacts: Peter J. Mariani
Chief Financial Officer
Hansen Medical, Inc.
650.404.5800
FTI Consulting, Inc. Sharrifah Al-Salem, CFA
415.293.4414
Wednesday, January 25th, 2012UncategorizedComments Off on British Surgeons Pioneer Endovascular Surgery With Hansen Medical’s (HNSN) Magellan(TM) Robotic System
POWAY, CA — (Marketwire) — 01/25/12 — Digirad Corporation (NASDAQ: DRAD) today announced that it has received Conformitee Europeene (CE) Mark approval for its Cardius® X-ACT imaging system, enabling Digirad to market and manufacture its advanced, solid-state camera system in the European Union. The Cardius X-ACT imaging system was designed to increase diagnostic accuracy and make earlier detection of disease possible.
Digirad also announced that it had begun to strategically build out a targeted international selling network by signing a distribution agreement with Epsilon Elektronik in Turkey, a part of the Istanbul-based Bozlu Group. Last year, Digirad signed a similar agreement with UK-based Southern Scientific, which has already placed an ergo™ portable solid-state camera at the Manchester Royal Infirmary where it is being used in a number of general and surgical imaging settings.
“One of the legs of our transition to growth in the product category is to build a targeted network of top distributors in key international markets that have a growing demand for flexible, high-quality imaging products such as the X-ACT. Our experience and the data indicate that price point, flexibility and potential for better clinical outcomes at lower overall costs are key elements to healthcare buying decisions, and our growing line of camera products uniquely fits those requirements,” said Digirad CEO Todd P. Clyde. “It is our intention, as one of several new initiatives in 2012, to more aggressively build a distribution network to tap the developing markets for dedicated cardiac and portable nuclear imaging in a more meaningful way. To that end, gaining of CE Mark and additional distribution agreements are key initial elements of that process.”
The Cardius X-ACT imaging system features a low-dose volume-computed tomography attenuation correction system that significantly reduces artifacts in the images caused by overlying tissues.
“We believe our Cardius X-ACT imaging system, our ergo flexible imaging camera and future camera models will be well-received internationally because of their accuracy, diagnostic benefits and economic models that fit well with healthcare spending. They all provide new clinical information that increases the benefit of nuclear cardiology procedures. That increase in diagnostic confidence can improve outcomes and raise the standard in the industry internationally for SPECT system performance at a price point that is accessible in many countries,” added Clyde.
Digirad has previously received clearance from the FDA to market the Cardius X-ACT imaging system in the U.S. and has garnered both CE Mark and FDA clearance to market its ergo portable solid-state camera.
About Digirad Corporation Digirad is a leading provider of diagnostic imaging products, and personnel and equipment leasing services. For more information, please visit www.digirad.com. Digirad® and Cardius® are registered trademarks of Digirad Corporation.
Forward-Looking Statements This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. These include statements regarding our ability to deliver value to customers and our expanded product and service offerings. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with changes in business conditions, technology, customers’ business conditions, reimbursement, radiopharmaceutical shortages, economic outlook, operational policy or structure, acceptance and use of Digirad’s camera systems and services, reliability, recalls, and other risks detailed in Digirad’s filings with the U.S. Securities and Exchange Commission, including Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports. Readers are cautioned to not place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, and Digirad undertakes no obligation to revise or update the forward-looking statements contained herein.
Investor Contact: Matt Clawson
Allen & Caron
949-474-4300
Wednesday, January 25th, 2012UncategorizedComments Off on Digirad (DRAD) Receives CE Mark Approval for Advanced, Solid-State Cardius(R) X-ACT Imaging System
NEW YORK, Jan. 25, 2012 /PRNewswire/ — Vringo, Inc. (NYSE Amex: VRNG), a provider of software platforms for mobile social and video applications, today announced the company is expanding its Facetones™ app functionality to enable a dynamic slideshow generated from Facebook® pictures when receiving incoming text messages. This new feature complements Vringo’s existing Facetones™ technology, which generates the same mobile social experience each time a user makes or receives a phone call.
“We are excited to introduce an entirely new dimension of functionality to our increasingly popular Facetones™ application,” said Jon Medved, CEO of Vringo. “This new messaging platform will allow us to participate in the massive mobile messaging market, which ranks second in mobile revenue only to voice.”
Andrew Perlman, President of Vringo said, “Texting is a vital part of the mobile social experience and we believe the fun and exciting experience of getting an automatic full screen slideshow of a friend’s latest pictures when receiving a text will help define the future of mobile experiences and add a surprising new social component to the growing legions of avid texters in the United States and around the world.”
“One of Vringo’s primary goals for 2012 is to significantly expand and enhance current product offerings as well as develop and acquire exciting new mobile social applications and services. This latest enhancement to our already successful Facetones™ app is just one of many developments on which we expect to update the market in the near future,” concluded Mr. Perlman.
The Facetones™ app generates an automatic, visually exciting slideshow of pictures and social content each time a user communicates with a friend using their mobile device. First designed for mobile calls, the latest update to the Facetones™ app enables this same dynamic slideshow of social pictures when text messages are received. Vringo expects to expand beyond Facebook® and integrate Facetones™ with other social networks and photo sites in the near future.
Facetones™ is a trademark of Vringo, Inc. and is not sponsored or endorsed by Facebook® nor is Facebook® affiliated with Vringo, Inc.
About Vringo
Vringo (NYSE Amex: VRNG) is a provider of software platforms for mobile social and video applications. With its award-winning video ringtone application and other mobile software platforms – including Facetones™, Video Remix and Fan Loyalty – Vringo transforms the basic act of making and receiving mobile phone calls into a highly visual, social experience. Vringo’s video ringtone service enables users to create or take video, images and slideshows from virtually anywhere and turn it into their visual call signature. In a first for the mobile industry, Vringo has introduced its patented VringForward technology, which allows users to share video clips with friends with a simple call. Vringo’s Facetones™ application creates an automated video slideshow using friends’ photos from social media web sites, which is played each time a user communicates with a friend using a mobile device. Vringo’s Video ReMix application, in partnership with music artists and brands, allows users to create their own music video by tapping on a Smartphone or tablet. Lastly, Fan Loyalty is a platform that lets users interact, vote and communicate with contestants in reality TV series that it partners with, as well as downloading and setting clips from such shows as video ringtones. Vringo’s video ringtone application has been heralded by The New York Times as “the next big thing in ringtones” and USA Today said it has “to be seen to be believed.” For more information, visit: www.vringo.com.
For comprehensive investor relations material, including fact sheets, white papers, conference calls and video regarding Vringo and its applications, please follow the appropriate link: Investor Portal, White Paper, Overview Video and Facetones™ Video.
Forward-Looking Statements
This press release includes forward-looking statements, which may be identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should,” “seeks,” “future,” “continue,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein. Factors that could cause actual results to differ materially include, but are not limited to: our ability to raise capital to fund our operations, the continued listing of our securities on the NYSE Amex, market acceptance of our products, our ability to protect our intellectual property rights, competition from other providers and products and other factors discussed from time to time in our filings with the Securities and Exchange Commission. Vringo expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.
Contacts:
Investor Contact:
Vringo, Inc.
Cliff Weinstein, VP Corporate Development
646-794-4226
cliff@vringo.com
Financial Communications:
Trilogy Capital Partners, Inc.
Darren Minton, President
Toll-free: 800-592-6067
info@trilogy-capital.com
Wednesday, January 25th, 2012UncategorizedComments Off on Vringo (VRNG) Announces New Version of Facetones App That Includes Enhanced Text Messaging
SAN DIEGO, Jan. 23, 2012 (GLOBE NEWSWIRE) — Trius Therapeutics, Inc. (Nasdaq:TSRX) announced today that it has earned a $5 million milestone payment from Bayer Healthcare for the achievement of all efficacy and safety objectives in the TR701-112 Phase 3 pivotal study which tested the oral dosage form of tedizolid phosphate versus the comparator linezolid (Zyvox®) in patients with acute bacterial skin and skin structure infections (ABSSSI).
The 112 study is the first of two pivotal Phase 3 trials designed to support the filing of a New Drug Application (NDA) with the FDA as well as a Marketing Authorization Application (MAA) with the European Medicines Agency (EMA). Trius initiated the second Phase 3 trial of tedizolid phosphate in ABSSSI, designated TR701-113, for its intravenous (IV) to oral transition therapy in September of last year and expects to report top-line data in early 2013. The 113 study is the first clinical trial conducted in collaboration with Bayer HealthCare and will recruit patients in North and South America, Europe, Australia, New Zealand, and South Africa.
About Trius Therapeutics
Trius Therapeutics is a biopharmaceutical company focused on the discovery, development and commercialization of innovative antibiotics for life-threatening infections. The company’s lead investigational drug, tedizolid phosphate, is a once-daily, IV and orally administered second generation oxazolidinone in Phase 3 clinical development for the treatment of ABSSSI. Trius has two Special Protocol Assessments with the FDA for its two Phase 3 ABSSSI trials and has partnered with Bayer HealthCare for the development and commercialization of tedizolid phosphate outside of the U.S., Canada and the European Union. In addition to the company’s tedizolid phosphate clinical program, Trius has initiated IND-enabling studies for its Gyrase-B development candidate with potent activity against Gram-negative bacterial pathogens including multi-drug resistant strains of E. coli, Klebsiella, Acinetobacter and Pseudomonas. The Gyrase-B program is one of three preclinical programs fully supported by federal contracts. For more information, visit www.triusrx.com.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements, and the results of the 112 study are not necessarily indicative of the results of the 113 study. Such statements include, but are not limited to, statements regarding Trius’ ability to successfully complete its ongoing clinical trials and development programs and the expected timing for reporting of top-line data for the TR701-113 study. Risks that contribute to the uncertain nature of the forward-looking statements include: the success and timing of Trius’ preclinical studies and clinical trials; regulatory developments in the United States and foreign countries; changes in Trius’ plans to develop and commercialize its product candidates; the outcome of final analyses of data from recently-completed clinical trials of tedizolid may vary from Trius’ initial analyses and the FDA may not agree with Trius’ interpretation of such results; additional ongoing or planned clinical trials of tedizolid may produce negative or inconclusive results; Trius may decide, or the FDA may require Trius, to conduct additional clinical trials or to modify Trius’ ongoing clinical trials; Trius may experience delays in the commencement, enrollment, completion or analysis of clinical testing for its product candidates, or significant issues regarding the adequacy of its clinical trial designs or the execution of its clinical trials, which could result in increased costs and delays, or limit Trius’ ability to obtain regulatory approval; the third parties with whom Trius has partnered with for the development of tedizolid and upon whom Trius relies to conduct its clinical trials and manufacture its product candidates may not perform as expected; tedizolid may not receive regulatory approval or be successfully commercialized; unexpected adverse side effects or inadequate therapeutic efficacy of tedizolid could delay or prevent regulatory approval or commercialization; Trius’ ability to obtain and maintain intellectual property protection for its product candidates; the loss of key scientific or management personnel, Trius’ ability to obtain additional financing; and the accuracy of Trius’ estimates regarding expenses, future revenues and capital requirements. These and other risks and uncertainties are described more fully in Trius’ most recent Form 10-K, Forms 10-Q and other documents filed with the United States Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in such filings. All forward-looking statements contained in this press release speak only as of the date on which they were made. Trius undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
CONTACT: Public Relations Contact:
Jason Spark at Canale Communications, Inc.
jason@canalecomm.com
619-849-6005
Investor Relations Contact:
Stefan Loren at Westwicke Partners, LLC
sloren@westwicke.com
443-213-0507
Monday, January 23rd, 2012UncategorizedComments Off on Trius (TSRX) Earns $5 Million Milestone Payment From Bayer for Successful Completion of First Phase 3 Trial of Tedizolid
ATHENS, GREECE — (Marketwire) — 01/23/12 — Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (NASDAQ: SBLK), a global shipping company focusing on the transportation of drybulk cargoes, today announced that its Board of Directors approved the extension of the Company’s Share Repurchase Plan, which has been in place since 2010, to December 31, 2012.
The plan calls for the repurchases of Common Stock for up to $30 million to be made in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, subject to market and business conditions, applicable legal requirements and other factors. The plan calls for the repurchased shares to be retired as soon as practicable following the repurchase. The plan does not obligate the Company to purchase any particular number of shares, and may be suspended at any time at the Company’s discretion. Any purchases under the plan are made at the discretion of the Company. The Company has made purchases under the plan and expects to report the aggregate number of shares purchased and the average price per share paid on a quarterly basis.
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Market under the symbol “SBLK.” Currently, Star Bulk has an operating fleet of fifteen dry bulk carriers, consisting of seven Capesize, and eight Supramax dry bulk vessels with a combined cargo carrying capacity of 1,625,943 deadweight tons. The average age of our current operating fleet is 10.6 years.
Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by the Company’s management of historical operating trends, data contained in its records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company’s vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
Contacts:
Company: Simos Spyrou
CFO
Star Bulk Carriers Corp.
c/o Star Bulk Management Inc.
40 Ag. Konstantinou Av.
Maroussi 15124
Athens, Greece
www.starbulk.com
Investor Relations / Financial Media: Nicolas Bornozis
President
Capital Link, Inc.
230 Park Avenue, Suite 1536
New York, NY 10169
Tel. (212) 661-7566
E-mail: starbulk@capitallink.com
www.capitallink.com
Monday, January 23rd, 2012UncategorizedComments Off on Star Bulk (SBLK) Extends Share Repurchase Plan
South Surrey, British Columbia CANADA, January 23, 2012 /FSC/ – Tanzanian Royalty Exploration Corp (TNX – TSX, TRX – NYSE Amex),is pleased to announce the receipt of further positive assay results from the ongoing Reverse Circulation (RC) drilling program in the Footwall Zone at the Company’s Buckreef Project in the Lake Victoria Goldfields of Tanzania.
The latest results include values that are among the best reported to date by any operator at Buckreef, notes Joseph K. Kahama, Chairman and Chief Operating Officer (Tanzania). Drill-hole BMRC512 returned 3.0m averaging 1.29 g/t gold from 38m; BMRC523 included 6.0m averaging 2.67g/t from 13m; BMRC536 returned 5.0m averaging 2.62g/t from 60m; BMRC537 returned 6.0m averaging 4.87g/t from 76m while BMRC538 returned 6.0m averaging 1.63g/t from 37m. True widths are estimated to be 60% of the apparent widths. The RC drilling program has so far seen the completion of 29 RC holes aggregating 1,183metres.
The Main mineralized shear zone at Buckreef includes the Buckreef Main Zone, Buckreef North Zone and Buckreef South Zone which are constrained between two cross-cutting faults. Buckreef Footwall and Hanging wall zones are developed on either side of the Buckreef Main Zone as fault splays from the main Buckreef fault shear zone. These splays were probably developed during the reactivation of the main Buckreef northeast shear. The near surface intercepts on the Hanging wall and Footwall zones are developed in the oxide zone and within quartz-carbonate-pyrite altered zones of basaltic and dolerite rock units. These particular units offer the best opportunity to increase the size of the proposed open pit at Buckreef.
The Footwall Zone is located 50-100m in the immediate vicinity of the Buckreef Main zone while the Hanging wall Zone is located approximately 75m in the Hanging wall of the Buckreef Main zone. As part of the ongoing resource definition drilling program at Buckreef, the Company commenced a Phase 2 RC drilling program on the Buckreef Main Zone and its northern strike extension to verify previous drilling results and establish the strike and down-dip continuity of mineralization identified in previous drilling.
“The latest results would seem to confirm our initial expectations about the potential in these areas,” says Jim Sinclair, President and CEO. “However, the deep-seated higher grade potential we are also seeing has proved even more intriguing,” he notes. “This is reminiscent of my early experience when I was Chairman of the Company that owned the Bulyanhulu gold mine.”
According to Sinclair, “Gold deposits in these type greenstone belts run deep and we intend to test this hypothesis at Buckreef in the coming months.”
The Buckreef Project consists of four prospects including the dormant historic Buckreef Gold Mine at the western limit of the project area, the Tembo and Bingwa prospects, and the Buziba prospect 20km to the east. The Company has been conducting resource definition exploration drilling in the immediate vicinity of the Buckreef Main deposit where at least three additional prospective shears (Eastern Porphyry, Buckreef Footwall and Buckreef Hanging-wall) were identified based on previous historical drilling by IAMGOLD. None of these results were released into the public record.
Down-the-hole lithological sequences comprise a series of mafic basaltic rock units alternating with dolerite and a series of narrow felsic porphyry units with pronounced shearing and alterations of the mafic packages at the contacts with the felsic porphyry units. Mineralization is localized within the sheared, quartz-carbonate-pyrite altered zones, preferably associated with the dolerite/felsic porphyry units and in thin quartz veins within the sheared and altered felsic porphyry.
Analysis
Samples from RC and diamond drill-holes were submitted to SGS Lab in Mwanza for 50g fire assay (FA) with AAS finish (0.01ppm LLD). Duplicates and Standards were inserted in the sample stream approximately every 20 samples. The average percentage of recovery core is 95%. The planning, execution and monitoring of quality control programs at the Buckreef Gold project are under the supervision of Messrs. Charles Mnguto and Phillip Kaniki who are both registered Professional Geologists. Charles is the Head of Geology while Phillip is the Geology Resource Manager for the Company.
Qualified Person
The Company’s Qualified Person, Mr. Peter Zizhou, has reviewed and approved the contents of this news release. Mr. Zizhou is the General Manager (Exploration & Admin) of Tanzanian Royalty Exploration Corporation Limited. He has a Master of Science (Exploration Geology) degree from the University of Zimbabwe (2000) and is a registered scientist with SACNASP (Reg. No.400028/08).
Respectfully Submitted,
Joseph Kahama
Chairman and Chief Operating Officer (Tanzania)
For further information, please contact Investor Relations at 1-800-811-3855
Visit our website: www.TanzanianRoyalty.com
The Toronto Stock Exchange and NYSE Amex Equities have not reviewed and do not accept responsibility for the adequacy or accuracy of this release
Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this news release, such as “reserves”, “resources”, “geologic resources”, “proven”, “probable”, “measured”, “indicated”, or “inferred” which may not be consistent with the reserve definitions established by the SEC. U.S. Investors are urged to consider closely the disclosure in our SEC filings. You can review and obtain copies of these filings from the SEC’s website at http://www.sec.gov/edgar.shtml
This news release contains certain forward-looking statements and forward-looking information. All statements, other than statements of historical fact, included herein are forward-looking statements and forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time-to-time with the British Columbia, Alberta and Ontario provincial securities regulatory authorities.
Certain information presented in this release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements. Investors are referred to our description of the risk factors affecting the Company, as contained in our SEC filings, including our annual report on Form 20-F and Registration Statement on Form F-10, as amended, for more information concerning these risks, uncertainties, and other factors.
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/tanzanian01232012.htm
South Surrey Office:
Suite 404 – 1688 152nd Street
South Surrey, BC V4A 4N2
Email: investors@TanzanianRoyalty.com
Website: www.TanzanianRoyaltyExploration.com
Monday, January 23rd, 2012UncategorizedComments Off on Tanzanian Royalty (TRX) Reports More Positive Results from Phase 2 Drilling Program in Footwall Zone
XIANYANG, China, Jan. 23, 2012 /PRNewswire-Asia-FirstCall/ — Biostar Pharmaceuticals, Inc. (NASDAQ GM: BSPM) (“Biostar” or “the Company”), a developer, manufacturer and marketer of pharmaceutical and health supplement products for a variety of diseases and conditions, today announced that on January 8th it was one of nine PRC pharmaceutical companies selected to cooperate with The Fourth Military Medical University (“FMMU”) (website: http://en.fmmu.edu.cn) in the fields of research and product development.
Established in 1954 and based in Xi’an, FMMU is one of China’s most prestigious military medical universities and research centers. FMMU consists of several colleges specializing in: basic medicine, aerospace medicine, stomatology (the study of oral diseases), biomedical engineering, military services and statistics, pharmacology, nursing, and operates three modern hospitals: the First Affiliated General Hospital, the Second Affiliated General Hospital and the Stomatological Hospital.
FMMU’s primary purpose is to advance China’s military medicine. Before selecting Biostar, to the best of the Company’s understanding, FMMU screened various pharmaceutical companies, rating their achievements in several fields, including research and product development, their completion of clinical trials, and their products’ significance in fighting widespread diseases.
During his speech at the January 8th ceremony, which was attended by more than 3,000 doctors, university professors, leaders in the medical field, and executives from more than 500 pharmaceutical companies, Biostar’s Chairman and Chief Executive Officer, Mr. Ronghua Wang, noted that Biostar will work with FMMU’s staff to share resources and ideas and to carry out phases I to IV of clinical trials for products covered under the cooperation agreement. Additionally, based on and in accordance with prescribed military guidelines, Biostar’s researchers will develop products which, when approved, will be sold directly to the PRC military and to the three hospitals managed by FMMU. The Company anticipates that its Zushima spray, a pain suppressant, which Biostar developed for China’s military and has cleared clinical trials, will receive a military license shortly.
Mr. Ronghua Wang noted, “We are proud to be one of only nine pharmaceutical companies in China selected to cooperate with FMMU. When compared to the other eight pharmaceutical companies in this group, Biostar is smaller, but our vertically integrated business model, our strong R&D, and our manufacturing and marketing capabilities were several of the reasons why Biostar was included in this group. For several years, we have been cooperating with many prestigious universities, such as Shaanxi College of Traditional Chinese Medicine, Shaanxi University of Science and Technology and the Northwest University – College of Life Science. We believe that through our cooperation with FMMU, we have positioned the Company to take advantage of the growth forecasted for the pharmaceutical industry. We remain committed to enhancing shareholder value by expanding our product range, increasing sales, and profitably growing our Company.”
About Biostar Pharmaceuticals, Inc.
Biostar Pharmaceuticals, Inc., through its wholly owned subsidiary and controlled affiliate in China, develops, manufactures and markets pharmaceutical and health supplement products for a variety of diseases and conditions. The Company’s most popular product is its Xin AoXing Oleanolic Acid Capsule, an over-the-counter (“OTC”) medicine for chronic hepatitis B, a disease affecting approximately 10% of the Chinese population. For more information please visit: http://www.biostarpharmaceuticals.com
Safe Harbor relating to the Forward-Looking Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The company uses words and phrases such as “guidance,” “forecasted,” “projects,” “is expected,” “remain confident,” “will” and similar expressions to identify forward-looking statements in this press release, including forward-looking statements. Undue reliance should not be placed on forward-looking information. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Biostar and described in the forward-looking information contained in this news release. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the Company’s ability to achieve its growth strategy, its ability to licensing and commercializing approval of the Zushima spray and other Company products, to incorporate and successfully develop additional drugs into the Company’s existing product portfolio, its ability to capitalize on the market opportunities presented by such acquisition, regulatory and other related approvals relating to the acquisition, the Company’s ability to integrate this acquisition into its current operations, its ability to complete the audit and other closing conditions relating to the acquisition, success of our investments, risks and uncertainties regarding fluctuations in earnings, our ability to sustain our previous levels of profitability including on account of our ability to manage growth, intense competition, wage increases in China, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, our ability to successfully complete and integrate potential acquisitions, withdrawal of governmental fiscal incentives, political instability and regional conflicts and legal restrictions on raising capital or acquiring companies outside China. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our most recent Annual Report on Form 10-K for the year ended December 31, 2010, and other subsequent filings. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statements that may be made from time to time by or on our behalf.
For more information contact:
Biostar Pharmaceuticals, Inc.
The Equity Group, Inc.
Zack Pan, CFO
Lena Cati
Tel: 405-996-8829
Tel: 212 836-9611
Email: zpan@aoxing-group.com
Email: lcati@equityny.com
Monday, January 23rd, 2012UncategorizedComments Off on Biostar Pharmaceuticals (BSPM) Selected by the FMMU to Cooperate in the Fields of Research and Product Development
LITTLETON, Colo., Jan. 23, 2012 /PRNewswire/ — Ur-Energy Inc. (TSX:URE, NYSE Amex:URG) (“Ur-Energy” or the “Company”) is pleased to announce that it has entered into a new uranium supply agreement with a North American based utility company. The contract calls for total deliveries of 200,000 pounds of uranium concentrate per year in a multi-year schedule commencing in 2013. The average delivery price under the agreement is consistent with the current Long-Term U3O8 Price Indicator published by Trade Tech.
The successful completion of this supply agreement moves Ur-Energy closer to fulfilling the marketing strategy that the Company developed under an arrangement entered into with Mr. Jim Cornell of NuCore Energy, in October of last year. The strategy calls for Ur-Energy to sell a pre-determined portion of the expected uranium production capacity from its Lost Creek Project in term agreements with North American nuclear utilities at prices that will ensure the project’s financial viability. The contract, together with others that Ur-Energy expects to complete in the near future, constitutes a very important aspect of the Company’s growth strategy. Ur-Energy expects to begin production from Lost Creek in the second quarter of 2013 and ramp up production to near one million pounds per year in 2014.
Ur-Energy CEO Wayne Heili said, “We are very pleased that our newest utility customer expressed its confidence in our team and the Lost Creek Project by agreeing to establish a supply relationship with us. This supply arrangement is a critical component of our overall growth strategy as it contributes to the future financial viability of our U.S. based uranium mining operations.”
About Ur-Energy
Ur-Energy is a junior uranium company currently completing mine planning and permitting activities to bring its Lost Creek Wyoming uranium deposit into production. Permitting also will allow the construction of a two-million-pounds-per-year in situ uranium processing facility. Engineering for the process facility is complete and mine planning is at an advanced stage for the first two mine units. Ur-Energy engages in the identification, acquisition and exploration of uranium properties in both Canada and the United States. Shares of Ur-Energy trade on the Toronto Stock Exchange under the symbol “URE” and on the NYSE Amex under the symbol “URG”. Ur-Energy’s corporate office is located in Littleton, Colorado; its registered office is in Ottawa, Ontario. Ur-Energy’s website is www.ur-energy.com.
FOR FURTHER INFORMATION, PLEASE CONTACT
Rich Boberg, Director, IR/PR
Wayne Heili, President and CEO
720-981-4588, ext. 238
307-265-2373
866-981-4588
866-981-4588
rich.boberg@ur-energyusa.com
wayne.heili@ur-energyusa.com
This release may contain “forward-looking statements” within the meaning of applicable securities laws regarding events or conditions that may occur in the future (e.g., timetables at Lost Creek; the ability to complete additional uranium sales agreements and on what terms; successful implementation of the growth strategy of the Company; receipt of (and related timing of) the Record of Decision of the BLM related to the Lost Creek Plan of Operations; and the sustainability, timeline and future profitability of Lost Creek production) and are based on current expectations that, while considered reasonable by management at this time, inherently involve a number of significant business, economic and competitive risks, uncertainties and contingencies. Factors that could cause actual results to differ materially from any forward-looking statements include, but are not limited to, capital and other costs varying significantly from estimates; failure to establish estimated resources and reserves; the grade and recovery of ore which is mined varying from estimates; production rates, methods and amounts varying from estimates; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; inflation; changes in exchange rates; fluctuations in commodity prices; delays in development and other factors. Readers should not place undue reliance on forward-looking statements. The forward-looking statements contained herein are based on the beliefs, expectations and opinions of management as of the date hereof and Ur-Energy disclaims any intent or obligation to update them or revise them to reflect any change in circumstances or in management’s beliefs, expectations or opinions that occur in the future. Additional risks relating to Ur-Energy may be found in current and periodic reports filed by Ur-Energy with Canadian securities regulatory authorities on www.sedar.com and the US SEC at http://www.sec.gov/edgar.shtml.
Monday, January 23rd, 2012UncategorizedComments Off on Ur-Energy (URG) Enters Into New Uranium Sales Agreement
ROCKVILLE, Md., Jan. 23, 2012 /PRNewswire/ — EntreMed, Inc. (Nasdaq: ENMD), a clinical-stage pharmaceutical company developing therapeutics for the treatment of cancer, announced today that it has secured $10 million in financing with strategic accredited investors, including IDG-Accel China Growth Fund II L.P. (“IDG”), Emerging Technology Partners, LLC (“ETP”), and Dr. Tak W. Mak, Director of The Campbell Family Institute for Cancer Research.
The Company entered into purchase agreements with the investors, pursuant to which the Company has agreed to issue and sell to the investors convertible notes in the aggregate principal amount of $10 million. The investors also will be issued warrants covering a number of shares of common stock equal to 20% of the principal amount of the notes, divided by $1.15. The warrants are exercisable at $1.40 per share. The closing of the transaction is anticipated to occur on or about January 27, 2012 upon the satisfaction of certain conditions.
At the closing, IDG and ETP have the right to designate in the aggregate two members of the Company’s Board of Directors. In addition, it is expected that the Company will select an interim Chief Executive Officer.
Subject to the approval of the Company’s stockholders at the 2012 stockholder meeting, the notes will automatically and immediately convert into shares of common stock and the warrants will become exercisable. The notes have a maturity date of August 31, 2012, bear an interest rate of 6% and will convert at a conversion price of $1.15 per share. The conversion price reflects the 10-day average closing sale price ending on January 20, 2012. The notes are not convertible, and the warrants are not exercisable, prior to receiving stockholder approval. If stockholder approval is not obtained, the Company will be required to pay liquidated damages to the note purchasers equal to an aggregate of $1.2 million.
“We are very pleased to have the support from a group of knowledgeable investors and the validation of the potential of ENMD-2076. The proceeds from the notes will allow the Company to accelerate and expand its research and development activities, fund additional trials, initiatives and long term strategic plans,” said Michael M. Tarnow, the Company’s Executive Chairman.
After deducting transaction fees and expenses, the net proceeds to the Company will be approximately $9.3 million. The convertible notes, the warrants and the common stock into which the notes and warrants are convertible have not been registered under the Securities Act of 1933, as amended (the “Act”) and applicable state securities laws, but have been offered and sold in the United States pursuant to applicable exemptions from registration requirements under the Act and applicable state securities laws. This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
About ENMD-2076
ENMD-2076 is an orally-active, Aurora A/angiogenic kinase inhibitor with a unique kinase selectivity profile and multiple mechanisms of action. ENMD-2076 has been shown to inhibit a distinct profile of angiogenic tyrosine kinase targets in addition to the Aurora A kinase. Aurora kinases are key regulators of mitosis (cell division), and are often over-expressed in human cancers. ENMD-2076 also targets the VEGFR, Flt-3 and FGFR3 kinases which have been shown to play important roles in the pathology of several cancers. ENMD-2076 has shown promising activity in Phase 1 clinical trials in solid tumor cancers, leukemia, and multiple myeloma. ENMD-2076 is currently in a Phase 2 trial for ovarian cancer, and preclinical and clinical activities are ongoing in assessing the compound’s applicability for other forms of cancer.
About EntreMed
EntreMed, Inc. is a clinical-stage pharmaceutical company committed to developing ENMD-2076, a selective angiogenic kinase inhibitor, for the treatment of cancer. ENMD-2076 is currently in a multi-center Phase 2 study in ovarian cancer and in several Phase 1 studies in solid tumors, multiple myeloma, and leukemia. Additional information about EntreMed is available on the Company’s web site at www.entremed.com and in various filings with the Securities and Exchange Commission (the SEC).
About IDG-Accel Fund
IDG-Accel Fund is a private equity investment fund focused on investment in various sectors and is managed by IDG Capital Partners, a leading investment management team in China with over 18-years of investment experience and industry knowledge.
Forward Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for expectations for future financial or business performance, strategies, expectations and goals. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and no duty to update forward-looking statements is assumed.
Actual results could differ materially from those currently anticipated due to a number of factors, including: the risk that we may be unable to continue as a going concern as a result of our inability to raise sufficient capital for our operational needs; our reliance on a single product candidate, ENMD-2076 and the risk that we may not be able to license it to a third party; the volatility of our common stock; our history of losses and expectation of incurring continued losses; risks relating to the need for additional capital, including the uncertainty of securing additional funding on favorable terms and the risk that we will not be able to drawdown the full amount of funding available under our standby equity distribution agreement; the need for additional funds to conduct any additional clinical trials, our dependence on royalty sharing agreement based on sales of a product, Thalomid®, that we do not control; declines in actual sales of Thalomid® resulting in materially reduced royalty payments; risks associated with our product candidates; results in preclinical models that are not necessarily indicative of clinical results; risks relating to the commercialization, if any, of our proposed products (such as marketing, safety, regulatory, patent, product liability, supply and other risks); and our ability to compete with larger, better financed biotechnology companies that may develop new approaches to the treatment of our targeted diseases or develop product candidates more advanced than ENMD-2076. Such factors, among others, could have a material adverse effect upon our business, results of operations and financial condition. We caution readers not to place undue reliance on any forward-looking statements, which only speak as of the date made. Additional information about the factors and risks that could affect our business, financial condition and results of operations, are contained in our filings with the SEC, which are available at www.sec.gov.
COMPANY CONTACT:
Investor Relations
EntreMed, Inc.
240.864.2643
investorrelations@entremed.com
Monday, January 23rd, 2012UncategorizedComments Off on EntreMed (ENMD) Secures $10 Million Strategic Financing
Net 1 UEPS Technologies Inc. is focused on providing its Universal Electronic Payment System (“UEPS”) as an alternative payment system for the unbanked and under-banked populations of developing economies. The company’s system enables the estimated four billion people who generally have limited or no access to a bank account, to enter into electronic transactions with each other, government agencies, employers, merchants and other financial service providers.
UEPS works by using real-time smart cards that have offline functionality, unlike traditional payment systems offered by major banking institutions that require immediate connectivity to a network. This offline capability allows users of the Net 1 system to enter into transactions at any time with other card holders, even in the most remote areas, as long as a portable offline smart card reader is available. In addition to payments and purchases, UEPS can be used for banking, healthcare management, international money transfers, voting and identification.
Net 1 also focuses on the development and provision of secure transaction technology, solutions and services and offers transaction processing, financial and clinical risk management solutions to both funders and providers of healthcare. The company’s core competencies around secure online transaction processing, cryptography and integrated circuit card technologies are mainly applied to electronic commerce transactions in the telecommunications, banking, retail, petroleum and utilities market sectors.
Key Investment Highlights:
• Addressing Unmet Financial Needs in Developing Economies
• Ever Growing Product Offering and Distribution Channels
• Proprietary Payment System Boasts Proven Track Record
• Target Market Encompasses 50% of the World’s Population
Monday, January 23rd, 2012UncategorizedComments Off on Net 1 UEPS Technologies, Inc. (UEPS)
Metropolitan Health Networks, Inc. provides comprehensive health care services to people with Medicare in Florida. The company currently cares for approximately 35,000 customers in 18 counties in South and Central Florida. Metropolitan Health’s team of physicians, professionals, and associates are committed to serving customers with the highest standards of medical treatment and personal service. The company aims to always exceed expectations.
For decades, Florida has been a highly attractive and rapidly growing market. In 2005, the state’s population of those 65 and older was 3.0 million and was forecasted to increase to 3.4 million by 2010 and to 4.7 million by 2020. Florida is also the second largest Medicare population in the U.S. with an estimated 3.2 million eligible beneficiaries. In addition to rising demand, the company intends to continue growing by investing in the development of healthcare provider networks in other counties.
The company has outstanding financial stability with a debt/equity ratio of just 0.01. As of last report, the company held $9.6 million in cash and cash equivalents, and $80.7 million in other assets. Total current and long-term liabilities were reported at $7.2 million. Metropolitan Health also boasts a respectable 35.3% Return on Assets (ROA) and 39.1% Return on Equity (ROE).
Generating $374.6 million in sales, the company trades at a market cap of only $185.42 million. Insiders own approximately 23% of shares outstanding while institutions hold 53.30%. Investor sentiment is almost entirely bullish with less than 5% of the float sold short. Currently, one analyst rates the company a “Strong Buy”, another rates it a “Buy”, and one has issued a “Hold” recommendation.
Key statistics (9/6/11):
Market cap: $185.42 Million
P/E Ratio: 7.2 versus industry average of 10.8
P/S Ratio: 0.50 versus industry average of 0.45
Price/Cash Flow Ratio: 6.70 versus industry average of 8.50
Debt/Equity Ratio: 0.01 versus industry average of 0.64
Current Ratio: 10.5 versus industry average of 0.4
Quick Ratio: 12.7 versus industry average of 0.1
Book Value/Share: $2.01 versus current market price of $4.51
Return on Equity: 39.1% versus industry average of 21.9%
Return on Assets: 35.3% versus industry average of 7.5%
Return on Capital: 38.7% versus industry average of 5.4%
5-Year average ROE: 28.1% versus industry average of 20.9%
Longhai Steel, Inc. is a leading producer of high-quality steel wire in eastern China, with annual capacity of 1.5 million metric tons. Longhai’s wire is manufactured into screws, nails, and wire mesh used for fencing and to reinforce concrete. Longhai recently expanded its production facility to include specialized applications such as steel wire rope, steel strand, steel belted radial tires, and steel welding rod. Longhai Steel is headquartered in Xingtai, Hebei province, the People’s Republic of China.
The company’s competitive advantages are its advanced production equipment and process technology, high product quality, expedited production, and close proximity to distributors and end users. Longhai Steel recently opened a second production line, which increases its overall capacity by 67% and expands its product portfolio into higher quality steel wire for specialized applications such as steel wire rope, steel strand, steel belted radial tires, and steel welding rod.
Longhai Steel’s growth strategy includes capitalizing on government actions aimed at encouraging industry consolidation via the acquisition of neighboring producers at attractive valuations. The company also plans to grow organically through capacity expansion, broadening its product portfolio, improving operating efficiencies, and continued expansion of technical expertise.
China is the world’s largest producer and consumer of steel and steel wires. Demand for steel products is primarily driven by spending in the construction, automotive, and infrastructure industries in China. Continued economic development in Hebei, one of the largest steel manufacturing regions in China, and neighboring provinces, and further buildout of tier 3-6 cities in China, provide tremendous medium and long term opportunities for Longhai Steel.
Key Investment Highlights:
• Positioned to Achieve Meaningful, Near-term Growth
• Reputation and Experience as a Leading Wire Provider in Hebei Province
• Strong Track Record of Industry-leading Efficiencies
• Best Practices in Corporate Governance and Transparency
Monday, January 23rd, 2012UncategorizedComments Off on Longhai Steel, Inc. (LGHS)
Mercury Computer Systems provides superior open, commercially developed, application-ready, multi-INT subsystems for the Intelligence, Surveillance and Reconnaissance (ISR) market. With more than 30 years of experience solving highly challenging computing problems in the defense industry, the company also provides unparalleled domain expertise in radar, EW/SIGINT, EO/IR, C4I and sonar applications.
Embedded computing subsystems have become the lifeblood of innovation. They essentially empower the systems at the root of some of the world’s most important industrial devices. Mercury Computer Systems delivers these high-performing communications subsystems based on a steadfast commitment to open-standard technology.
The company’s Services and Systems Integration team (SSI) partners with its customers to design and integrate signal and image processing subsystems that minimize program risk, maximize application portability and accelerate time to deployment. Throughout its history, Mercury has worked in concert with 26 prime contractors to successfully execute more than 300 deployments on programs such as Aegis, Global Hawk, JCREW, Patriot, Predator and SEWIP.
With $355.6 million in total assets, $162.8 million of which consists of cash and cash equivalents, Mercury Computer Systems has approximately $54.1 million in total liabilities. Currently four analysts recommend the stock as a “Strong Buy”, three call it a “Buy”, and three have issued a “Hold” recommendation. The average price target is currently $24.50, significantly higher than the current market price.
Key statistics (9/6/11):
Market cap: $386.39 Million
P/E Ratio: 18.3 versus industry average of 9.7
P/S Ratio: 1.73 versus industry average of 11.63
Price/Book Ratio: 1.26 versus industry average of 2.61
Gross Profit Margin: 56.8% versus industry average of 45.1%
Pre-Tax Margin: 11.6% versus industry average of -6.4%
Net Profit Margin: 8.1% versus industry average of -8.0%
Asset Turnover (Management Efficiency): 0.8 vs 0.7
Debt/Equity Ratio: 0.00 versus industry average of 0.26
Current Ratio: 6.6 versus industry average of 5.5
Return on Equity: 7.7% versus industry average of -1.6%
5-Year average ROE: 2.4% versus industry average of -2.2%
Monday, January 23rd, 2012UncategorizedComments Off on Mercury Computer Systems, Inc. (MRCY)
GlobalWise Investments, Inc., via wholly-owned subsidiary Intellinetics, Inc., is a leading-edge technology company focused on Enterprise Content Management (ECM) solutions for the digital age. The ECM industry continues to grow rapidly as a result of unrestricted proliferation of digital content within today’s business environment. Leveraging its proprietary cloud-based computing software, GlobalWise is poised to capture a significant market share of this burgeoning industry.
GlobalWise’s ECM service is delivered to customers via five unique delivery models which cover the spectrum of business needs: Cloud/Saas (Software as a Service), Hardware Vendor Integrated Service, Software Vendor Integrated Service, Premise (Client-Server), Hybrid (Premise & Cloud/Saas).This diversity gives advanced security & privacy features with an on-demand structure needed for large Tier 3 and Tier 4 businesses that are currently underserved by the market.
The Intellinetics platform defines a new industry benchmark and game-changing approach by combining advanced virtualization & automated content management with an open and service-oriented architecture using web services. The company provides strategies, tactics, and technologies used to manage paper and digital assets from capture to long-term archive, without the need for manual processes conducted by a full time employee.
GlobalWise’s management boasts a combined total of over 60 years in ECM leadership and industry experience. The ECM industry is expected to exceed $5.1 billion by 2013 with Gartner predicting a compound annual growth rate of 9.5%. IBM Market Insights predicts adoption of cloud computing to grow by 26% CAGR between 2010 through 2013. Leveraging management and key department heads, Intellinetics has a strong foundation from which to capture significant market share within the lucrative $149 billion Business Software & Services industry.
Key Investment Highlights:
• Cutting-Edge Solutions that Increase Productivity and Cut Costs
• ECM Industry Expected to Exceed $5.7 Billion by 2014 with 10.1% CAGR
• Industry’s First ECM App Store to Drive Mobility Usage and Capability
• Market Leader with Proprietary Software and Experienced Management
Monday, January 23rd, 2012UncategorizedComments Off on GlobalWise Investments, Inc. (GWIV)
FluoroPharma Medical, Inc. is a biopharmaceutical company focused on discovering and developing patented Positron Emission Tomography (PET) imaging products to improve patient management by evaluating cardiac disease at the cellular and molecular levels. The company is currently advancing two products in clinical trials to fulfill critical unmet medical needs. The agents will provide clinicians important tools for detecting and assessing pathology before critical manifestations of disease.
The company’s proprietary molecules labeled with the radioactive isotope of fluorine combined with PET scanning provide non-invasive, highly specific and efficient assessment of heart metabolism and physiology. FluoroPharma’s cardiovascular program addresses the largest segment of the nuclear medicine market.
Molecular imaging fulfills numerous unmet needs in diagnosis by enabling visualization, characterization and measurement of biological processes at the molecular and cellular level. Unlike traditional imaging modalities – MRI, CT, and Ultrasound – that reveal the anatomical abnormalities and cause for disease, PET provides insight into physiology and can detect disease before anatomical manifestation is identified. According to GAI, the market for molecular imaging agents currently exceeds $1.7 billion annually and promises rapid growth for the foreseeable future.
FluoroPharma’s comprehensive technology platform was developed by scientists at the Massachusetts General Hospital. To date, the company has been issued four US patents and has seven applications pending in addition to strong international protection. With a solid and experienced management team in place and the necessary resources to advance clinical development, FluoroPharma is well positioned to capitalize on its superior imaging technology.
Key Investment Highlights:
• Clinical Trials Confirmed Technologies are Safe and are Now Establishing their Efficacy
• Intellectual Property in Place to Protect Proprietary Innovations Around the World
• Cash On Hand to Accelerate Business Strategy
• Technology Targets Multiple, Multimillion Dollar Healthcare Markets with Strong / Unmet Medical Needs
Monday, January 23rd, 2012UncategorizedComments Off on FluoroPharma Medical, Inc. (FPMI)
AdCare Health Systems, Inc. is an expanding national leader in the development, ownership, and management of assisted living facilities, skilled nursing and retirement communities. The company’s 3,600 employees provide high-quality care for patients and residents residing in the 44 facilities that it operates with a total of approximately 3,900 beds/units in service.
As a result of better health management and treatments allowing people to live longer, the Census Bureau projects that the population aged 85 and over could grow from 5.7 million in 2008 to 19 million by 2050. AdCare has been successfully pursuing an aggressive M&A growth strategy to bolster its portfolio during a depressed economic climate to capitalize on the imminent demand for senior care over the coming decades.
The fragmented skilled nursing market presents significant consolidation and acquisition opportunities to well-established providers like AdCare. With approximately 16,000 facilities currently in operation, no single provider has a market share of more than a few percent. Leveraging its seasoned senior management team’s substantial senior living, healthcare, and real estate industry experience, the company is focused on advancing its strategic business plan to operate a much larger enterprise.
Since inception, AdCare’s mission has been to provide the highest quality healthcare services to the elderly. With nine straight years of record revenue growth, the company has proven its ability to deliver high-quality care and strong operational efficiency. AdCare is well positioned to continue growing rapidly, both organically and via acquisitions, as industry trends and burgeoning opportunities across the U.S. increase the demand for long-term care.
Key Investment Highlights:
• Aggressive M&A Growth Strategy to Capitalize on Expanding $226 Billion Market
• Long-term Care Market Poised for Steady Expansion through 2050
• More than 25% of Outstanding Shares Owned by Management Team
• Well Established with Nine Straight Years of Record Revenue Growth
Monday, January 23rd, 2012UncategorizedComments Off on AdCare Health Systems, Inc. (ADK)
GlobalWise Investments, Inc., via wholly-owned subsidiary Intellinetics, Inc., is a leading-edge technology company focused on Enterprise Content Management (ECM) solutions for the digital age. The ECM industry continues to grow rapidly as a result of unrestricted proliferation of digital content within today’s business environment. Leveraging its proprietary cloud-based computing software, GlobalWise is poised to capture a significant market share of this burgeoning industry.
GlobalWise’s ECM service is delivered to customers via five unique delivery models which cover the spectrum of business needs: Cloud/Saas (Software as a Service), Hardware Vendor Integrated Service, Software Vendor Integrated Service, Premise (Client-Server), Hybrid (Premise & Cloud/Saas).This diversity gives advanced security & privacy features with an on-demand structure needed for large Tier 3 and Tier 4 businesses that are currently underserved by the market.
The Intellinetics platform defines a new industry benchmark and game-changing approach by combining advanced virtualization & automated content management with an open and service-oriented architecture using web services. The company provides strategies, tactics, and technologies used to manage paper and digital assets from capture to long-term archive, without the need for manual processes conducted by a full time employee.
GlobalWise’s management boasts a combined total of over 60 years in ECM leadership and industry experience. The ECM industry is expected to exceed $5.1 billion by 2013 with Gartner predicting a compound annual growth rate of 9.5%. IBM Market Insights predicts adoption of cloud computing to grow by 26% CAGR between 2010 through 2013. Leveraging management and key department heads, Intellinetics has a strong foundation from which to capture significant market share within the lucrative $149 billion Business Software & Services industry.
Key Investment Highlights:
• Cutting-Edge Solutions that Increase Productivity and Cut Costs
• ECM Industry Expected to Exceed $5.7 Billion by 2014 with 10.1% CAGR
• Industry’s First ECM App Store to Drive Mobility Usage and Capability
• Market Leader with Proprietary Software and Experienced Management
Sunday, January 22nd, 2012UncategorizedComments Off on Cardium Therapeutics, Inc. (CXM)
ECOtality, Inc. (NASDAQ:ECTY), a leader in clean electric transportation and storage technologies, announced today Kevin Cameron has been appointed to the Company’s Board of Directors, effective January 17, 2012. Mr. Cameron will assume the position on the board previously held by Colonel Barry S. Baer. Colonel Baer will continue with his position as Secretary/Assistant Treasurer of the Company.
“We are pleased to have Mr. Cameron joining our Board of Directors, with Colonel Baer continuing on his role as Treasurer of ECOtality,” stated Jonathan Read, CEO of ECOtality, Inc. “Mr. Cameron brings many years of experience in executive management and we believe that, given his background in technology, governance, and communication, he will be a valuable asset to our team in guiding the mass adoption of electric vehicles and infrastructure necessary for success.”
Mr. Cameron is currently Chief Executive Officer of Ionetix Corporation, a privately held medical device company. Prior to joining Ionetix Corporation in March 2011, Mr. Cameron was a co-founder and president of Glass Lewis & Co. LLC, a leading provider of corporate governance services to institutional investors. Previously, Mr. Cameron was employed in various capacities by Moxi Digital and NorthPoint Communications. Mr. Cameron started his career as an attorney with the law firm of Kellogg, Huber, Hansen, Todd & Evans in Washington D.C., before which he was a law clerk for the United States Court of Appeals for the District of Columbia Circuit. Mr. Cameron holds a law degree from the University of Chicago and an undergraduate degree from McGill University in Canada. Mr. Cameron is currently a board member of Keryx Biopharmaceuticals, Inc. (NASD: KERX) and Reddy Ice Holdings, Inc. (NYSE: FRZ).
About ECOtality, Inc.
ECOtality, Inc. (NASDAQ:ECTY), headquartered in San Francisco, California, is a leader in clean electric transportation and storage technologies. Through innovation, acquisitions, and strategic partnerships, ECOtality accelerates the market applicability of advanced electric technologies to replace carbon-based fuels. For more information about ECOtality, Inc., please visit www.ecotality.com.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company’s SEC filings. These risks and uncertainties could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements.
Friday, January 20th, 2012UncategorizedComments Off on ECOtality (ECTY) Appoints Kevin Cameron to Board of Directors
FITZGERALD, Ga., Jan. 20, 2012 (GLOBE NEWSWIRE) — Colony Bankcorp, Inc. (Nasdaq:CBAN), today reported net income available to shareholders of $31,000, or $0.00 per diluted share for the fourth quarter of 2011 compared to fourth quarter 2010 net loss available to shareholders of $47,000, or $(0.01) per diluted share, while net income available to shareholders for twelve months ended December 31, 2011 was $1,134,000, or $0.13 per diluted share compared to net loss available to shareholders for the comparable period in 2010 of $926,000, or $(0.11) per diluted share. This increase of 222.46 percent in net income for the comparable twelve month periods was primarily driven by the reduction in loan loss provision to $8.25 million for the twelve months ended December 31, 2011 from $13.35 million for the comparable period in 2010. “Our pre-tax, pre-provision core earnings continue to provide solid support for the credit-related expenses needed to address our problem assets. We are cautiously optimistic that our nonperforming assets have peaked as the past two quarters we have seen our nonperforming assets reduce from $65.81 million at June 30, 2011 to $59.71 million at December 31, 2011, or a decrease of 10.22 percent. We still have much work ahead in reducing our problem assets to an acceptable level and returning to our accustomed earnings standards, but we feel that much has been accomplished toward our goal of making incremental progress in 2011,” said Terry L. Hester, Executive Vice President and Chief Financial Officer.
Capital
Colony continues to maintain a favorable capital position to be categorized as “well-capitalized” by regulatory benchmarks. At December 31, 2011, the Company’s tier one leverage ratio, tier one and total risk-based capital ratios were 9.42 percent, 15.07 percent and 16.33 percent, respectively, compared to the previous quarter end of 9.33 percent, 15.38 percent and 16.64 percent, respectively, at September 30, 2011 and to 8.59 percent, 13.55 percent and 14.83 percent, respectively, at December 31, 2010. Regulatory benchmarks to be categorized as “well-capitalized” for tier one leverage ratio, tier one and total risk-based capital ratios are 5.00 percent, 6.00 percent and 10.00 percent, respectively.
Net Interest Margin
During the fourth quarter of 2011, the Company reported net interest income of $8.84 million and a net interest margin of 3.28 percent, compared to $8.88 million and 3.02 percent, respectively, for fourth quarter 2010. While anemic loan demand continues to hamper net interest margin, the Company continues to focus on maximizing its net interest margin through deposit and loan pricing guidance. Those efforts reflected significant improvement during the year as net interest margin increased to 3.28 percent for fourth quarter 2011 compared to 3.21 percent for third quarter 2011 and compared to 2.98% for the first half of 2011.
Asset Quality
The Company continues to closely monitor our non-performing assets and focus on problem asset resolution. Non-performing assets decreased from the previous quarter end to $59.71 million or 8.10 percent of total loans and other real estate owned as of December 31, 2011. This compares to $63.29 million or 8.31 percent and $49.26 million or 5.91 percent, respectively, as of September 30, 2011 and December 31, 2010. The level of non-performing assets ties directly to the elevated risk in our residential, land development and commercial real estate loan portfolio and has resulted in higher than normal loan loss provisions the past several years. Unusually high levels of loan loss provisions have been required the past several years as company management addresses asset quality deterioration associated with the housing and real estate downturn and the economy in general. Loan loss reserve methodology resulted in provision for loan losses of $8.25 million in twelve months ended December 31, 2011 compared to $13.35 million for the comparable 2010 period. Until we see stabilization in the economy and the housing and real estate market, we expect problem assets and charge-offs to be elevated above historical levels as we work through our problem assets.
In the fourth quarter of 2011 net charge-offs were $3.51 million, or 0.48 percent of average loans as compared to net charge-offs of $1.97 million, or 0.24 percent of average loans in fourth quarter 2010, while net charge-offs in twelve months ended December 31, 2011 were $20.88 million, or 2.74 percent of average loans as compared to net-charge-offs of $16.47 million, or 1.90 percent of average loans in the comparable 2010 period. Restructuring of some substandard and non-performing loans during 2011 has resulted in significant charge-offs, but a strategy deemed prudent in bringing resolution with these credits and a return to performing status in the future. The loan loss reserve was $15.65 million on December 31, 2011, or 2.18 percent of total loans compared to $16.91 million on September 30, 2011, or 2.28 percent of total loans. Management believes that the 2011 contributions to Allowance for Loan Losses address the level of non-performing assets and the related level of classified assets to be adequately reserved at December 31, 2011.
Noninterest Income
Total noninterest income decreased slightly in the comparable periods as twelve months ended December 31, 2011 noninterest income was $9.95 million compared to $10.01 million in the comparable 2010 period. Gains realized from the sale of securities totaled $2.92 million in twelve months ended December 31, 2011 compared to a gain recorded on security transactions during the comparable period in 2010 of $2.62 million. The Company has been successful in generating SBA loans during the year and has realized $947 thousand from the sale of SBA loans in twelve months ended December 31, 2011 compared to $1.04 million SBA fee income for the comparable 2010 period. The SBA lending program has offset the decline in service charge on deposit fee income which has been impacted by recent regulatory changes with Regulation E.
Noninterest Expense
Total noninterest expense decreased to $33.05 million in twelve months ended December 31, 2011 compared to $33.86 million in the comparable 2010 period, or a decrease of 2.39 percent. Credit-related expenses including write down and losses on OREO property and repossession and foreclosure expenses decreased to $4.05 million in twelve months ended December 31, 2011 compared to $4.94 million in the comparable 2010 period. Salaries and employee benefits expenses increased to $14.63 million in twelve months ended December 31, 2011compared to $14.10 million in the comparable 2010 period, or an increase of 3.80 percent. This increase is primarily attributable to an increase in headcount related to increased regulatory compliance demands. Occupancy expenses decreased to $4.00 million in twelve months ended December 31, 2011 compared to $4.42 million in the same comparable 2010 period, or a decrease of 9.60 percent. The decrease was primarily attributable to less depreciation expense for the comparable periods.
Recent Development
Chairman Morris Downing tendered his resignation as Director and Chairman of the Board of Colony Bankcorp, Inc. and Colony Bank effective January 17, 2012 for personal health reasons. Mr. Downing has served as a Director of Colony Bankcorp, Inc. since July 1994 and Chairman of the Board since May 2002 and as Chairman and Director of Colony Bank since the Company merged its seven banking charters into the lead bank in 2008. Also, Mr. Downing served as President for 35 years of Lowell Packing Company in Fitzgerald, Georgia. He also served as a member of the Board of Trustees for AgriTrust of Georgia, a self-insured workers’ compensations insurance program designed by the Georgia Agribusiness Council, Inc. and past President of Southeastern Meat Association and was active in Forward Fitzgerald. The Board of Directors expresses its sincere gratitude to Mr. Downing for his commitment to the company for the past seventeen years. His experience in business, management and valuable leadership has made great contributions to the company’s success.
The Board of Directors announced that B. Gene Waldron has been elected the new Chairman of Colony Bankcorp, Inc. and Colony Bank effective immediately, upon Mr. Downing’s resignation. Mr. Waldron has been a Director of Colony Bankcorp, Inc. since 2002 and served as a Director of Colony Bank since August 2008, where he previously served as a Director and Chairman of the Board of the Colony Bank Southeast charter. Mr. Waldron is the President/Owner of Waldron Enterprises, Inc. in Douglas, Georgia, whose entities are involved in peanut buying, cotton ginning, fertilizer and chemical sales, farming, radio broadcasting and fuel distribution. The Board of Directors feel that Mr. Waldron’s business experience makes him an excellent choice for the position as Chairman of the Board.
Colony Bankcorp, Inc. is a bank holding company headquartered in Fitzgerald, Georgia that consists of one operating subsidiary, Colony Bank. The Company conducts a general full service commercial, consumer and mortgage banking business through thirty offices located in the middle and south Georgia cities of Fitzgerald, Warner Robins, Centerville, Ashburn, Leesburg, Cordele, Albany, Thomaston, Columbus, Sylvester, Tifton, Moultrie, Douglas, Broxton, Savannah, Eastman, Chester, Soperton, Rochelle, Pitts, Quitman and Valdosta, Georgia.
Colony Bankcorp, Inc. Common Stock is quoted on the Nasdaq Global Market under the symbol “CBAN”.
Certain statements contained in the preceding release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), notwithstanding that such statements are not specifically identified. In addition, certain statements may be contained in the Company’s future filings with the SEC, in press releases, and in oral and written statements made by or with the approval of the Company that are not statements of historical fact and constitute forward-looking statements within the meaning of the Act. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, income or loss, earnings or loss per share, the payment or nonpayment of dividends, capital structure and other financial items; (ii) statement of plans and objectives of Colony Bankcorp, Inc. or its management or Board of Directors, including those relating to products or services; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Words such as “believes,” “anticipates,” “expects,” “intends,” “targeted” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.
Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from those in such statements. Forward-looking statements speak only as of the date on which such statements are made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on these forward-looking statements.
COLONY BANKCORP, INC.
FINANCIAL HIGHLIGHTS (UNAUDITED)
DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA
QUARTER ENDED
YEAR-TO-DATE
EARNINGS SUMMARY
12/31/11
12/31/10
12/31/11
12/31/10
Net Interest Income
$8,844
$8,879
$34,987
$37,215
Provision for Loan Losses
2,250
2,500
8,250
13,350
Non-interest Income
2,753
2,783
9,951
10,006
Non-interest Expense
8,802
8,732
33,050
35,856
Income Taxes (Benefits)
164
127
1,104
(459)
Net Income
381
303
2,534
474
Preferred Stock Dividend
350
350
1,400
1,400
Net Income Available to
Common Shareholders
31
(47)
1,134
(926)
QUARTER ENDED
YEAR-TO-DATE
PER COMMON SHARE SUMMARY
12/31/11
12/31/10
12/31/11
12/31/10
Common Shares Outstanding
8,439,258
8,442,958
8,439,258
8,442,958
Weighted Average Basic Shares
8,433,822
8,449,067
8,439,258
8,149,217
Weighted Average Diluted Shares
8,433,822
8,449,067
8,439,258
8,149,217
Earnings Per Basic Share (b)
$0.00
$ (0.01)
$0.13
$ (0.11)
Earnings Per Diluted Share (b)
$0.00
$ (0.01)
$0.13
$ (0.11)
Common Book Value Per Share
$8.17
$7.75
$8.17
$7.75
Tangible Common Book Value Per Share
$8.14
$7.72
$8.14
$7.72
QUARTER ENDED
YEAR-TO-DATE
OPERATING RATIOS (1)
12/31/11
12/31/10
12/31/2011
12/31/10
Net Interest Margin (a)
3.28%
3.02%
3.11%
3.12%
Return on Average Assets (b)
0.01%
(0.01)%
0.09%
(0.07)%
Return on Average Total Equity (b)
0.13%
(0.20)%
1.20%
(0.98)%
Efficiency (c)
82.47%
80.19%
78.31%
75.60%
(1) Annualized
(a) Computed using fully taxable-equivalent net income
(b) Computed using net income available to shareholders
(c ) Computed by dividing non-interest expense by the sum of fully taxable-equivalent net interest income and non-interest income and excluding security gains/losses.
QUARTER ENDED
ENDING BALANCES
12/31/11
12/31/10
Total Assets
$1,196,704
$1,275,658
Loans, Net of Reserves
700,614
784,909
Allowance for Loan Losses
15,649
28,280
Intangible Assets
259
295
Deposits
999,985
1,059,124
Common Shareholders’ Equity
68,950
65,452
Common Equity to Total Assets
5.76%
5.13%
Total Equity
96,613
92,958
Total Equity to Total Assets
8.07%
7.29%
QUARTER ENDED
YEAR-TO-DATE
AVERAGE BALANCES
12/31/11
12/31/10
12/31/11
12/31/10
Total Assets
$1,163,000
$1,253,914
$1,205,891
$1,269,607
Loans, Net of Reserves
714,472
803,815
742,423
834,653
Deposits
965,722
1,033,758
1,000,719
1,034,255
Common Shareholders’ Equity
69,300
68,104
67,153
67,020
Total Equity
96,943
95,595
94,737
94,452
QUARTER ENDED
YEAR-TO-DATE
ASSET QUALITY
12/31/11
12/31/10
12/31/11
12/31/10
Nonperforming Loans
$38,837
$28,921
$38,837
$28,921
Nonperforming Assets
59,708
49,261
59,708
49,261
Net Loan Chg-offs (Recoveries)
3,510
1,974
20,880
16,471
Reserve for Loan Loss to Gross Loans
2.18%
3.48%
2.18%
3.48%
Reserve for Loan Loss to Non-performing Loans
40.29%
97.78%
40.29%
97.78%
Reserve for Loan Loss to Non-performing Assets
26.21%
57.41%
26.21%
57.41%
Net Loan Chg-offs (Recoveries) to Avg. Gross Loans
0.48%
0.24%
2.74%
1.90%
Nonperforming Loans to Gross Loans
5.42%
3.56%
5.42%
3.56%
Nonperforming Assets to Total Assets
4.99%
3.86%
4.99%
3.86%
Nonperforming Assets to Total Loans And Other Real Estate
8.10%
5.91%
8.10%
5.91%
Quarterly Comparative Data (in thousands, except per share data)
4Q2011
3Q2011
2Q2011
1Q2011
4Q2010
Assets
$1,196,704
$1,145,983
$1,197,573
$1,244,075
$1,275,658
Loans
700,614
724,030
743,656
760,450
784,909
Deposits
999,985
948,356
1,002,207
1,030,963
1,059,124
Common Shareholders’ Equity
68,950
70,308
68,009
65,316
65,452
Total Equity
96,613
97,931
95,592
92,860
92,958
Net Income
381
558
539
1,056
303
Net Income Available to Common Shareholders
31
208
189
706
(47)
Net Income Per Share
0.00
0.02
0.02
0.08
(0.01)
Key Performance Ratios
4Q2011
3Q2011
2Q2011
1Q2011
4Q2010
Return on Average Assets (1)
0.01%
0.07%
0.06%
0.22%
(0.01)%
Return on Average Total Equity (1)
0.13%
0.87%
0.81%
3.05%
(0.20)%
Common Equity to Total Assets
5.76%
6.14%
5.68%
5.25%
5.13%
Total Equity to Total Assets
8.07%
8.55%
7.98%
7.46%
7.29%
Net Interest Margin
3.28%
3.21%
2.97%
2.98%
3.02%
(1) Computed using net income available to shareholders
Consolidated Balance Sheets Colony Bankcorp, Inc.
(in thousands)
Dec. 31, 2011
Dec. 31, 2010
(unaudited)
(audited)
ASSETS
Cash and Cash Equivalents
Cash and Due from Banks
$28,380
$16,613
Federal Funds Sold
54,992
32,536
Securities Purchased Under Agreements to Resell
—
5,000
83,372
54,149
Interest-Bearing Deposits
28,957
50,727
Investment Securities
Available for Sale, at Fair Value
303,891
303,838
Held for Maturity, at Cost (Fair Value of $46 and $53 as of Dec. 31, 2011 and Dec. 31, 2010, Respectively)
46
48
303,937
303,886
Federal Home Loan Bank Stock, at Cost
5,398
6,063
Loans
716,321
813,250
Allowance for Loan Losses
(15,649)
(28,280)
Unearned Interest and Fees
(58)
(61)
700,614
784,909
Premises and Equipment
25,750
27,148
Other Real Estate
20,445
20,208
Other Intangible Assets
259
295
Other Assets
27,972
28,273
Total Assets
$1,196,704
$1,275,658
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Noninterest-Bearing
$94,269
$102,959
Interest-Bearing
905,716
956,165
999,985
1,059,124
Borrowed Money
Securities Sold Under Agreements to Repurchase
—
20,000
Subordinated Debentures
24,229
24,229
Other Borrowed Money
71,000
75,076
95,229
119,305
Other Liabilities
4,877
4,271
Stockholders’ Equity
Preferred Stock, Par Value $1,000; Authorized 10,000,000 Shares, Issued 28,000 Shares
27,663
27,506
Common Stock, Par Value $1; Authorized 20,000,000 Shares, Issued 8,439,258 and 8,442,958 Shares
8,439
8,443
Paid in Capital
29,145
29,171
Retained Earnings
29,456
28,479
Restricted Stock- Unearned Compensation
—
(41)
Accumulated Other Comprehensive Loss, Net of Tax
1,910
(600)
96,613
92,958
Total Liabilities and Stockholders’ Equity
$1,196,704
$1,275,658
Consolidated Statements of Income Colony Bankcorp, Inc.
(in thousands except per share data)
Quarter
Year-to-Date
Three Months Ended
Twelve Months Ended
12/31/11
12/31/10
12/31/11
12/31/10
(unaudited)
(audited)
(unaudited)
(audited)
Interest Income
Loans, Including Fees
$10,837
$12,359
$44,460
$51,729
Federal Funds Sold and Securities Purchased Under Agreements to Resell
24
27
115
95
Deposits with Other Banks
9
11
46
38
Investment Securities
U. S. Government Agencies
1,476
1,494
6,873
6,613
State, County and Municipal
59
29
161
103
Corporate Obligations/Asset-Backed Sec.
23
25
91
138
Dividends on Other Investments
11
7
47
22
12,439
13,952
51,793
58,738
Interest Expense
Deposits
2,723
4,033
12,950
17,212
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase
—
172
338
721
Borrowed Money
872
868
3,518
3,590
3,595
5,073
16,806
21,523
Net Interest Income
8,844
8,879
34,987
37,215
Provision for Loan Losses
2,250
2,500
8,250
13,350
Net Interest Income After Provision for Loan Losses
6,594
6,379
26,737
23,865
Noninterest Income
Service Charges on Deposits
854
875
3,245
3,597
Other Service Charges, Commissions and Fees
335
291
1,312
1,140
Mortgage Fee Income
104
84
265
313
Securities Gains
979
817
2,924
2,617
Other
481
716
2,205
2,339
2,753
2,783
9,951
10,006
Noninterest Expense
Salaries and Employee Benefits
3,855
3,560
14,633
14,098
Occupancy and Equipment
914
1,067
3,998
4,422
Other
4,033
4,105
14,419
15,336
8,802
8,732
33,050
33,856
Income (Loss) Before Income Taxes
545
430
3,638
15
Income Taxes (Benefits)
164
127
1,104
(459)
Net Income (Loss)
381
303
2,534
474
Preferred Stock Dividends
350
350
1,400
1,400
Net Income (Loss) Available to Common Shareholders
$31
$ (47)
$1,134
$ (926)
Net Income (Loss) Per Share of Common Stock
Basic
$0.00
$ (0.01)
$0.13
$ (0.11)
Diluted
$0.00
$ (0.01)
$0.13
$ (0.11)
Weighted Average Basic Shares Outstanding
8,433,822
8,449,067
8,439,258
8,149,217
Weighted Average Diluted Shares Outstanding
8,433,822
8,449,067
8,439,258
8,149,217
CONTACT: Terry L. Hester
Chief Financial Officer
(229) 426-6002
Friday, January 20th, 2012UncategorizedComments Off on Colony Bankcorp, Inc. (CBAN) Announces Fourth Quarter Results and Board Chairman Retirement
The following letter is being released by CEL-SCI Corporation (NYSE AMEX: CVM) to its shareholders:
Dear Fellow Shareholders:
With the start of the New Year, I thought it would be helpful to provide you with a review of the progress made in our Multikine cancer Phase III clinical trial during the last year and our thoughts for the future of Multikine.
During 2011, we made great operational progress in bringing our investigational cancer drug Multikine® (Leukocyte Interleukin, Injection)* closer to market. Our Phase III clinical trial for head and neck cancer, which is designed to prove to the most rigorous standards that Multikine works, was launched in dozens of hospitals located in eight countries on three continents. This trial is the largest head and neck cancer trial in the world. All of us at CEL-SCI are very proud of this major accomplishment. If we are successful in proving that the addition of Multikine to the current cancer therapies increases the patients’ overall survival, we would then expect to submit the Multikine drug dossier to regulatory agencies around the world for approval.
It has been a long road to this point, but that appears to be the norm for a “first in a new class” drug such as Multikine. Our vision for Multikine has always been that, by activating the immune response against the cancer, it could be a useful addition to the current treatment options used by cancer patients and doctors – and that it should add little to no toxicity to the existing treatments being used. With this vision in mind we selected head and neck cancer, a hard to treat and devastating disease, as a first target for Multikine. Head and neck cancer represents a clear unmet medical need, and there is currently one standard of care for its treatment worldwide. By adding Multikine to the current standard of care we hope to improve the overall survival currently achievable in these patients. As little to no progress has been achieved in these patients in almost 50 years, this would be seen as a major achievement.
We carefully planned for, designed, and now are executing our Phase III clinical trial to the highest standard because we recognize that this is what it takes to succeed. We built a fully validated manufacturing facility near Baltimore, Maryland, USA, to ensure that the Multikine used in our Phase III trial would be consistent from lot to lot. Our study was intentionally designed to be very large and international in scope to improve our chances that the study results would be sufficiently robust so that it would not be required by the regulatory authorities that we conduct multiple studies to achieve approval of Multikine for commercial distribution. The international scope of the study will also increase rate of enrollment in the study so the study may be completed more rapidly, and allow us to submit applications for approval in multiple countries around the world. It is our strong belief that this study will prove that Multikine treatment will increase the overall survival of head and neck cancer patients.
The following is a brief summary of the key operational successes in 2011:
Our Phase III study for Multikine started in one US cancer center in the final days of 2010. During 2011 we initiated 36 additional hospitals in 8 countries on three continents. That is a very fast pace for adding clinical sites to an international study.
Patients were enrolled in the study on all three continents (North America, Europe and Asia).
Our partners Teva Pharmaceuticals Industries (Israel) and Orient Europharma (Taiwan) enrolled patients in their respective territories.
We produced multiple lots of Multikine in our manufacturing facility near Baltimore, Maryland, USA and provided drug in sufficient amounts at all clinical sites.
I am constantly being asked how the study is going. As you may know, I am not allowed to discuss the study results at this early stage. However, that being said, our confidence may be best expressed by the decision made to expand the trial into four extra territories at additional expense and effort, with the help of our partner Teva in certain areas. We are doing so because we want to complete the study to prove Multikine’s effectiveness as quickly as possible and hopefully receive marketing approval from the regulators.
If we are able to replicate the promising results seen in our earlier studies and prove that Multikine increases the overall survival of cancer patients by 10% (the study’s primary end point) or more, how much value will this create for our shareholders? No one knows exactly, but it should be significant. By way of example, in 2011 we witnessed the largest acquisition ever of a company with products still in clinical development, not yet on the market. Gilead Sciences bought Pharmasset (Hepatitis C) for about $11 billion in cash. The take home message from this acquisition is clear. Established pharmaceutical companies are willing to pay very large amounts of money for products that address both a large market and represent an unmet medical need. They prefer to wait until most of the risk has been taken off the table. Multikine addresses advanced primary (not yet treated) head and neck cancer, about 5-6% of the world’s cancer cases, clearly a large market. Advanced primary head and neck cancer also represents a clear unmet medical need.
The processes of manufacturing of biological substances and running clinical trials in cancer are extremely complex. We are able to do both because we have assembled a team of world experts who share our vision to help cancer patients. We thank you for your continued support and wish you a very happy, healthy and prosperous 2012.
Sincerely,
Geert Kersten
Maximilian de Clara
Chief Executive
Officer President
* Multikine is the trademark that CEL-SCI has registered for this investigational therapy, and this proprietary name is subject to FDA review in connection with our future anticipated regulatory submission for approval.Multikine has not been licensed or approvedfor sale, barter or exchangeby the FDA or any other regulatory agency. Similarly, its safety or efficacy has not been established for any use. Moreover, no definitive conclusions can be drawn from the early-phase, clinical-trials data involving the investigational therapy Multikine (Leukocyte Interleukin, Injection). Further research is required, and early-phase clinical trial results must be confirmed in the well-controlled, Phase III clinical trial of this investigational therapy that is currently in progress.
When used in this report, the words “intends,” “believes,” “anticipated,” “plans” and “expects” and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include, an inability to duplicate the clinical results demonstrated in clinical studies, timely development of any potential products that can be shown to be safe and effective, receiving necessary regulatory approvals, difficulties in manufacturing any of the Company’s potential products, inability to raise the necessary capital and the risk factors set forth from time to time in CEL-SCI Corporation’s SEC filings, including but not limited to its report on Form 10-K for the year ended September 30, 2011. The Company undertakes no obligation to publicly release the result of any revision to these forward-looking statements which may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Friday, January 20th, 2012UncategorizedComments Off on CEL-SCI Corporation (CVM) Releases Letter to Shareholders
MONMOUTH JUNCTION, N.J., Jan. 20, 2012 /PRNewswire/ — Insmed Incorporated (Nasdaq CM: INSM), a biopharmaceutical company, today announced that the U.S. Food and Drug Administration (FDA) has lifted the clinical hold previously placed on ARIKACE® (liposomal amikacin for inhalation) in patients with non-tuberculous mycobacteria (NTM) lung disease. Insmed continues to engage in discussions with FDA regarding the clinical hold placed on ARIKACE in Cystic Fibrosis (CF) patients with Pseudomonas lung infections.
The clinical holds placed on the ARIKACE programs in NTM and CF were based on an initial review by FDA of the results reported by Insmed of a long-term rat inhalation carcinogenicity study of ARIKACE.
FDA previously requested that Insmed conduct a phase 2 clinical trial of ARIKACE in adult patients with NTM to provide proof-of-concept efficacy and safety data before proceeding with a phase 3 clinical trial. As part of its on-going assessment of the appropriate path forward for the ARIKACE program, including the phase 2 trial of ARIKACE in NTM patients, the Company is continuing communication with FDA regarding the CF clinical hold.
Insmed also announced that it will move ahead with the 9-month dog inhalation toxicity study of ARIKACE as previously requested by FDA to determine if the findings of the rat inhalation carcinogenicity study are observed in a non-rodent model.
“We are pleased that FDA has lifted the clinical hold on the ARIKACE development program in NTM,” said Timothy Whitten, President and CEO of Insmed. “Insmed continues to work closely with regulatory authorities regarding the development program for ARIKACE. We are initiating the work required to begin the 9-month dog study during the second quarter and are continuing our dialogue with FDA regarding the CF clinical program.”
Insmed also announced that IPLEX® inventory has now been fully depleted. At present, about 10 patients remain on drug. Regarding potential future IPLEX initiatives, the Company is currently evaluating possible out-licensing opportunities for the drug.
About Insmed
Insmed Incorporated is a biopharmaceutical company focused on the development of innovative inhaled pharmaceuticals for the site-specific treatment of serious lung diseases, and has a proprietary protein platform aimed at niche markets with high unmet medical need. Insmed’s primary focus is on the development of inhaled antibiotic therapy delivered via proprietary advanced pulmonary liposome technology in areas of high unmet need in lung diseases. For more information, please visit http://www.insmed.com.
Forward-Looking Statements
This release contains forward-looking statements which are made pursuant to provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that such statements in this release, including statements relating to our financial position, results of operations, the status and the results of preclinical studies and clinical trials and preclinical and clinical data described herein, the timing of responses to information and data requests from FDA, the development of our products, and the business strategies, plans and objectives of management, constitute forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements. Our results may be affected by such factors as the receipt and timing of FDA and other regulatory reviews and approvals, if at all, competitive developments affecting our product development, delays in product development or clinical trials, and patent disputes involving currently developing products. The risks and uncertainties include, without limitation, we may experience unexpected regulatory actions, delays or requests, our future clinical trials may not be successful, we may be unsuccessful in developing our product candidates or receiving necessary regulatory approvals, we may experience delays in our product development or clinical trials, our product candidates may not prove to be commercially successful, our expenses may be higher than anticipated and other risks and challenges detailed in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2010 and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011. Investors are cautioned not to place undue reliance on any forward-looking statements which speak only as of the date of this release. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances that occur after the date of this release or to reflect the occurrence of unanticipated events.
Investor Relations Contact:
Brian Ritchie – FTI Consulting
212-850-5683 brian.ritchie@fticonsulting.com
Media Contact:
Irma Gomez-Dib – FTI Consulting
212-850-5761 irma.gomez-dib@fticonsulting.com
SOURCE Insmed Incorporated
Friday, January 20th, 2012UncategorizedComments Off on Insmed Inc. (INSM) Provides Corporate Update
MOUNTAIN VIEW, Calif., Jan. 18, 2012 /PRNewswire/ — Synopsys, Inc. (Nasdaq: SNPS), a world leader in software and IP for semiconductor design, verification and manufacturing, today announced that Picochip Ltd., who recently signed a definitive agreement to be acquired by Mindspeed Technologies Inc. (NASDAQ: MSPD), has successfully achieved first silicon success using Synopsys’ Lynx Design System and Galaxy™ Implementation Platform in the design of its next-generation 40-nanometer (nm) PC3008 picoXcell femtocell chip optimized for high-volume, cost-sensitive consumer applications. The Lynx Design System enabled Picochip’s engineering team to quickly and efficiently upgrade to a pre-tested 40-nm Galaxy-based production design flow, saving significant time and effort compared to developing their own flow. In addition, Lynx’s Foundry-Ready System enabled Picochip’s engineers to begin design work within two weeks of initial deployment, accelerating their project start date by an estimated eight weeks.
“In the mobile communications market, each product generation requires higher performance and functionality at a lower cost. For Picochip to deliver this, it is essential that we are able to migrate process technololgies quickly and easily,” said Will Robbins, vice president of silicon at Picochip. “Synopsys’ Lynx gave us a robust Galaxy-based RTL-to-GDSII design flow, which we could configure to our specific technology needs. This gave us a head start over simply having a set of tools with which to build a design flow. It allowed us to tape out our first 40-nanometer chip, whilst saving us months of R&D effort.”
Picochip is a leader in developing system-on-chip (SoC) solutions for the mobile communications infrastructure market, with an award-winning portfolio of cost- and performance-optimized silicon devices that change the way mobile networks are architectured. The PC3008 is the first in a family of devices that support the HSPA+ wireless broadband standard, delivering a low bill of material cost silicon device. It supports eight users with Release 9 HSPA+ (21Mbps downlink, 5Mbps uplink), incorporating Picochip’s field-proven robust PHY and a 1GHz ARM11™ processor with TrustZone®.
The Lynx Design System is a complete chip design environment that includes a production-proven design flow enabled by Galaxy tools with innovative visualization capabilities to help create and track designs throughout the implementation cycle. Picochip adopted Lynx to mitigate the cost and risk of creating and maintaining a new production flow for its first 40-nm design and to meet an aggressive project schedule. Using Lynx, Picochip’s engineers were able to immediately focus on optimizing the new design to meet both their 1GHz performance target and aggressive development cycle.
“The Lynx Design System offers tangible benefits for design teams looking to reduce the cost and risk of migrating to new technology processes,” said John Koeter, vice president of marketing for IP and systems at Synopsys. “By enabling designers to implement chips more efficiently without sacrificing quality of results, and attacking total cost of design through systematic design flow management, leading design companies like Picochip are able to focus on what they do best – delivering differentiated design solutions in a competitive marketplace.”
About Synopsys
Synopsys, Inc. (Nasdaq: SNPS) is a world leader in electronic design automation (EDA), supplying the global electronics market with the software, intellectual property (IP) and services used in semiconductor design, verification and manufacturing. Synopsys’ comprehensive, integrated portfolio of implementation, verification, IP, manufacturing and field-programmable gate array (FPGA) solutions helps address the key challenges designers and manufacturers face today, such as power and yield management, system-to-silicon verification and time-to-results. These technology-leading solutions help give Synopsys customers a competitive edge in bringing the best products to market quickly while reducing costs and schedule risk. Synopsys is headquartered in Mountain View, California, and has approximately 70 offices located throughout North America, Europe, Japan, Asia and India. Visit Synopsys online at http://www.synopsys.com/.
Synopsys and Galaxy are registered trademarks or trademarks of Synopsys, Inc. Any other trademarks or registered trademarks mentioned in this release are the intellectual property of their respective owners.
Wednesday, January 18th, 2012UncategorizedComments Off on Picochip (SNPS) Achieves First Silicon Success for 40-nm picoXcel Femtocell Chip Using Synopsys’ Lynx Design System
Active Power (NASDAQ: ACPW), manufacturer of continuous power and infrastructure solutions, announced today it has renewed its global distribution agreement with its OEM partner and customer Caterpillar, Inc. (NYSE: CAT).
The new five-year contract contains substantially similar terms and conditions to the previous agreement signed in April 2008 with enhancements to reflect new products, operational processes, and pricing. As part of the distribution agreement, Caterpillar will continue to market Active Power products under the Caterpillar brand and as a complement to its own product line.
“The renewal of our global agreement with Caterpillar reflects the importance of this channel to our overall business strategy particularly as we focus now on growing and expanding our core UPS (uninterruptible power supply) business,” said Jan Lindelow, interim president and CEO, for Active Power. “This relationship broadens our sales reach as we continue to engage Caterpillar’s global dealer network which in turn creates opportunities that we would have otherwise not been exposed to.”
About Active Power
Founded in 1992, Active Power (NASDAQ: ACPW) designs and manufactures continuous power solutions and critical backup power systems that enable datacenters and other mission critical operations to remain ‘on’ 24 hours a day, seven days a week. Active Power solutions are intelligently efficient, inherently reliable and economically green, providing environmental benefits and energy and space efficiencies to customers’ financial benefit. The company’s products and solutions are built with pride in Austin, Texas, at a state-of-the-art, ISO 9001:2008 registered manufacturing and test facility. Global customers are served via Austin and three regional operations centers located in the United Kingdom, Germany, and China, supporting the deployment of systems in more than 40 countries. For more information, visit www.activepower.com.
This release may contain forward-looking statements that involve risks and uncertainties. Any forward-looking statements and all other statements that may be made in this news release that are not historical facts are subject to a number of risks and uncertainties, and actual results may differ materially. Specific risks include delays in new product development, product performance and quality issues and the acceptance of our current and new products by the power quality market. Please refer to Active Power filings with the Securities and Exchange Commission for more information on the risk factors that could cause actual results to differ.
Active Power and CleanSource are registered trademarks of Active Power, Inc. The Active Power logo and PowerHouse are trademarks of Active Power, Inc. All other trademarks are the properties of their respective companies.
Wednesday, January 18th, 2012UncategorizedComments Off on Active Power (ACPW) Renews Global OEM Agreement with Caterpillar