Archive for January, 2012

China Auto Logistics (CALI) Adding Automobile Insurance to Its “One Stop” Services; Also Announces Doubling of Credit Lines

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, 2012 Uncategorized Comments Off on China Auto Logistics (CALI) Adding Automobile Insurance to Its “One Stop” Services; Also Announces Doubling of Credit Lines

Central European Distribution (CEDC) Signs an Agreement With William Grant and Sons

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, 2012 Uncategorized Comments Off on Central European Distribution (CEDC) Signs an Agreement With William Grant and Sons

Cardium (CXM) Presents New Generx Findings at 2012 Annual Gene and Cell Therapy Forum

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.

(Logo: http://photos.prnewswire.com/prnh/20051018/CARDIUMLOGO)

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, 2012 Uncategorized Comments Off on Cardium (CXM) Presents New Generx Findings at 2012 Annual Gene and Cell Therapy Forum

L&L (LLEN) Enters Agreement Acquiring Majority Stake of the Weishe Mine

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, 2012 Uncategorized Comments Off on L&L (LLEN) Enters Agreement Acquiring Majority Stake of the Weishe Mine

SoundBite Communications Announces Preliminary Fourth Quarter and Year End 2011 Financial Results

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.

(SDBT-F,G)

CONTACT: Investor Contacts:

         Lynn Ricci
         SoundBite Communications
         +1 781 897 2696
         lricci@SoundBite.com

SoundBite Communications

Monday, January 30th, 2012 Uncategorized Comments Off on SoundBite Communications Announces Preliminary Fourth Quarter and Year End 2011 Financial Results

OTI (OTIV) Receives an Initial $6.9 Million Contract to Supply Electronic Immigration Control System in Panama

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, 2012 Uncategorized Comments Off on OTI (OTIV) Receives an Initial $6.9 Million Contract to Supply Electronic Immigration Control System in Panama

Popular, Inc. (BPOP) Reports Net Income of $151.3 million for the Year and $3.0 million for the Quarter ended December 31, 2011

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
(Unaudited)
As of December 31, 2011
Puerto Rico
(In thousands) Commercial Construction Mortgage Lease
financing
Consumer Total
Allowance for credit losses:
Specific ALLL non-covered loans $ 7,486 $ $ 14,944 $ 793 $ 16,915 $ 40,138
General ALLL non-covered loans 247,967 5,850 57,378 3,858 98,211 413,264
ALLL – non-covered loans 255,453 5,850 72,322 4,651 115,126 453,402
Specific ALLL covered loans 27,086 27,086
General ALLL covered loans 67,386 20,435 5,310 4,728 97,859
ALLL – covered loans 94,472 20,435 5,310 4,728 124,945
Total ALLL $ 349,925 $ 26,285 $ 77,632 $ 4,651 $ 119,854 $ 578,347
Loans held-in-portfolio:
Impaired non-covered loans $ 358,910 $ 48,075 $ 333,346 $ 6,104 $ 137,582 $ 884,017
Non-covered loans held-in-portfolio, excluding impaired loans 6,111,672 112,866 4,356,137 542,602 2,832,845 13,956,122
Non-covered loans held-in-portfolio 6,470,582 160,941 4,689,483 548,706 2,970,427 14,840,139
Impaired covered loans 76,798 76,798
Covered loans held-in-portfolio, excluding impaired loans 2,435,944 546,826 1,172,954 116,181 4,271,905
Covered loans held-in-portfolio 2,512,742 546,826 1,172,954 116,181 4,348,703
Total loans held-in-portfolio $ 8,983,324 $ 707,767 $ 5,862,437 $ 548,706 $ 3,086,608 $ 19,188,842
As of September 30, 2011
Puerto Rico
(In thousands) Commercial Construction Mortgage Lease
financing
Consumer Total
Allowance for credit losses:
Specific ALLL non-covered loans $ 20,941 $ 569 $ 16,682 $ 46 $ 7,546 $ 45,784
General ALLL non-covered loans 224,807 4,438 48,747 3,858 115,954 397,804
ALLL – non-covered loans 245,748 5,007 65,429 3,904 123,500 443,588
Specific ALLL covered loans 1,634 1,634
General ALLL covered loans 61,840 9,926 2,296 4,725 78,787
ALLL – covered loans 63,474 9,926 2,296 4,725 80,421
Total ALLL $ 309,222 $ 14,933 $ 67,725 $ 3,904 $ 128,225 $ 524,009
Loans held-in-portfolio:
Impaired non-covered loans $ 378,180 $ 61,750 $ 282,402 $ 6,568 $ 142,438 $ 871,338
Non-covered loans held-in-portfolio, excluding impaired loans 6,035,309 102,164 4,350,938 546,557 2,822,057 13,857,025
Non-covered loans held-in-portfolio 6,413,489 163,914 4,633,340 553,125 2,964,495 14,728,363
Impaired covered loans 2,675 2,675
Covered loans held-in-portfolio, excluding impaired loans 2,571,401 599,990 1,217,434 120,923 4,509,748
Covered loans held-in-portfolio 2,574,076 599,990 1,217,434 120,923 4,512,423
Total loans held-in-portfolio $ 8,987,565 $ 763,904 $ 5,850,774 $ 553,125 $ 3,085,418 $ 19,240,786
Variance December 31, 2011 versus September 30, 2011
(In thousands) Commercial Construction Mortgage Lease
financing
Consumer Total
Allowance for credit losses:
Specific ALLL non-covered loans $ (13,455 ) $ (569 ) $ (1,738 ) $ 747 $ 9,369 $ (5,646 )
General ALLL non-covered loans 23,160 1,412 8,631 (17,743 ) 15,460
ALLL – non-covered loans 9,705 843 6,893 747 (8,374 ) 9,814
Specific ALLL covered loans 25,452 25,452
General ALLL covered loans 5,546 10,509 3,014 3 19,072
ALLL – covered loans 30,998 10,509 3,014 3 44,524
Total ALLL $ 40,703 $ 11,352 $ 9,907 $ 747 $ (8,371 ) $ 54,338
Loans held-in-portfolio:
Impaired non-covered loans $ (19,270 ) $ (13,675 ) $ 50,944 $ (464 ) $ (4,856 ) $ 12,679
Non-covered loans held-in-portfolio, excluding impaired loans 76,363 10,702 5,199 (3,955 ) 10,788 99,097
Non-covered loans held-in-portfolio 57,093 (2,973 ) 56,143 (4,419 ) 5,932 111,776
Impaired covered loans 74,123 74,123
Covered loans held-in-portfolio, excluding impaired loans (135,457 ) (53,164 ) (44,480 ) (4,742 ) (237,843 )
Covered loans held-in-portfolio (61,334 ) (53,164 ) (44,480 ) (4,742 ) (163,720 )
Total loans held-in-portfolio $ (4,241 ) $ (56,137 ) $ 11,663 $ (4,419 ) $ 1,190 $ (51,944 )
As of December 31, 2010
Puerto Rico
(In thousands) Commercial Construction Mortgage Lease
financing
Consumer Total
Allowance for credit losses:
Specific ALLL non-covered loans $ 8,550 $ 216 $ 5,004 $ $ $ 13,770
General ALLL non-covered loans 248,093 15,858 37,025 7,154 133,531 441,661
ALLL – non-covered loans 256,643 16,074 42,029 7,154 133,531 455,431
ALLL – covered loans
Total ALLL $ 256,643 $ 16,074 $ 42,029 $ 7,154 $ 133,531 $ 455,431
Loans held-in-portfolio:
Impaired non-covered loans $ 310,582 $ 65,698 $ 121,209 $ $ $ 497,489
Non-covered loans held-in-portfolio, excluding impaired loans 6,406,434 102,658 3,528,491 572,787 2,897,835 13,508,205
Non-covered loans held-in-portfolio 6,717,016 168,356 3,649,700 572,787 2,897,835 14,005,694
Impaired covered loans
Covered loans held-in-portfolio, excluding impaired loans 2,771,987 635,892 1,259,253 169,750 4,836,882
Covered loans held-in-portfolio 2,771,987 635,892 1,259,253 169,750 4,836,882
Total loans held-in-portfolio $ 9,489,003 $ 804,248 $ 4,908,953 $ 572,787 $ 3,067,585 $ 18,842,576
Popular, Inc.
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, 2012 Uncategorized Comments 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

British Surgeons Pioneer Endovascular Surgery With Hansen Medical’s (HNSN) Magellan(TM) Robotic System

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, 2012 Uncategorized Comments Off on British Surgeons Pioneer Endovascular Surgery With Hansen Medical’s (HNSN) Magellan(TM) Robotic System

Digirad (DRAD) Receives CE Mark Approval for Advanced, Solid-State Cardius(R) X-ACT Imaging 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, 2012 Uncategorized Comments Off on Digirad (DRAD) Receives CE Mark Approval for Advanced, Solid-State Cardius(R) X-ACT Imaging System

Vringo (VRNG) Announces New Version of Facetones App That Includes Enhanced Text Messaging

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, 2012 Uncategorized Comments Off on Vringo (VRNG) Announces New Version of Facetones App That Includes Enhanced Text Messaging

Trius (TSRX) Earns $5 Million Milestone Payment From Bayer for Successful Completion of First Phase 3 Trial of Tedizolid

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, 2012 Uncategorized Comments Off on Trius (TSRX) Earns $5 Million Milestone Payment From Bayer for Successful Completion of First Phase 3 Trial of Tedizolid

Star Bulk (SBLK) Extends Share Repurchase Plan

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, 2012 Uncategorized Comments Off on Star Bulk (SBLK) Extends Share Repurchase Plan

Tanzanian Royalty (TRX) Reports More Positive Results from Phase 2 Drilling Program in Footwall Zone

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

Connecticut Office:
93 Benton Hill Road
Sharon, CT 06069
Tel: (860) 364-1830
Fax: (860) 364-0673

South Surrey Office:
Suite 404 – 1688 152nd Street
South Surrey, BC V4A 4N2
Email: investors@TanzanianRoyalty.com
Website: www.TanzanianRoyaltyExploration.com

Toll Free: 1-800-811-3855
Tel: (604) 536-7873
Fax: (604) 536-2529

Monday, January 23rd, 2012 Uncategorized Comments Off on Tanzanian Royalty (TRX) Reports More Positive Results from Phase 2 Drilling Program in Footwall Zone

Biostar Pharmaceuticals (BSPM) Selected by the FMMU to Cooperate in the Fields of Research and Product Development

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, 2012 Uncategorized Comments Off on Biostar Pharmaceuticals (BSPM) Selected by the FMMU to Cooperate in the Fields of Research and Product Development

Ur-Energy (URG) Enters Into New Uranium Sales Agreement

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, 2012 Uncategorized Comments Off on Ur-Energy (URG) Enters Into New Uranium Sales Agreement

EntreMed (ENMD) Secures $10 Million Strategic Financing

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, 2012 Uncategorized Comments Off on EntreMed (ENMD) Secures $10 Million Strategic Financing

Net 1 UEPS Technologies, Inc. (UEPS)

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, 2012 Uncategorized Comments Off on Net 1 UEPS Technologies, Inc. (UEPS)

Metropolitan Health Networks, Inc. (MDF)

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%


Tags:

Monday, January 23rd, 2012 Uncategorized Comments Off on Metropolitan Health Networks, Inc. (MDF)

Longhai Steel, Inc. (LGHS)

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, 2012 Uncategorized Comments Off on Longhai Steel, Inc. (LGHS)

Mercury Computer Systems, Inc. (MRCY)

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, 2012 Uncategorized Comments Off on Mercury Computer Systems, Inc. (MRCY)

GlobalWise Investments, Inc. (GWIV)

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, 2012 Uncategorized Comments Off on GlobalWise Investments, Inc. (GWIV)

FluoroPharma Medical, Inc. (FPMI)

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, 2012 Uncategorized Comments Off on FluoroPharma Medical, Inc. (FPMI)

AdCare Health Systems, Inc. (ADK)

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, 2012 Uncategorized Comments Off on AdCare Health Systems, Inc. (ADK)

Cardium Therapeutics, Inc. (CXM)

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, 2012 Uncategorized Comments Off on Cardium Therapeutics, Inc. (CXM)

ECOtality (ECTY) Appoints Kevin Cameron to Board of Directors

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, 2012 Uncategorized Comments Off on ECOtality (ECTY) Appoints Kevin Cameron to Board of Directors