Archive for March, 2013

Edgewater (EDGW) Ranks Number Three in South Florida Top 50 Women-Led Businesses

WHITE PLAINS, N.Y., March 28, 2013 (GLOBE NEWSWIRE) — Edgewater Ranzal, Inc., a wholly-owned subsidiary of Edgewater Technology, Inc. (Nasdaq:EDGW) and global Oracle Platinum enterprise performance management (EPM) partner, has been recognized by the Commonwealth Institute and Moore Research as the third largest woman-led business in South Florida.

The 8th Annual Awards Ceremony and Luncheon honoring top women-led businesses in South Florida, took place on Tuesday, March 19th at Jungle Island, featuring a silent auction and luncheon award ceremony to recognize top women leaders in the region. Edgewater Ranzal climbed from number eight in 2011, to number three in 2012.

“I’m honored to be ranked as one of the top women-led businesses in Florida” said Robin Ranzal-Knowles, President of Edgewater Ranzal. “This achievement is a reflection of the hard work, dedication, and unmatched expertise that our team brings to each and every project.”

After founding Ranzal & Associates in 1996, Ms. Ranzal Knowles grew the organization into a premier Enterprise Performance Management consulting firm, now known as Edgewater Ranzal. Prior to founding Edgewater Ranzal, Robin held several technical and management positions at several world-class organizations. Since 1996, Edgewater Ranzal has grown from a small Hyperion shop to one of the largest Oracle Platinum EPM implementation partners, with offices in the US and UK, and clients across the global.

Ms. Ranzal Knowles is recognized nationally as an authority on Oracle Hyperion’s Essbase (OLAP) technology. She is a frequent speaker at Oracle Hyperion events including Oracle Hyperion’s User Conferences, and has served as a panel expert for Business Performance Management Magazine. She has also played crucial roles in Edgewater Ranzal’s Oracle Hyperion client implementations in the Healthcare, Consumer Packaged Goods, Finance, Insurance, and Retail industries.

About Edgewater Ranzal

Edgewater Ranzal is an Oracle Platinum Partner, providing premier consulting services for enterprise performance management (EPM) solutions on the Oracle/Hyperion platform. Since 1996, Edgewater Ranzal has consistently delivered solutions to clients that maximize the effectiveness of their strategic, operational, and financial management processes. With offices in the US and Europe, Edgewater Ranzal is one of the largest Oracle/Hyperion EPM services partners.

CONTACT: Company Contact:
         Haniyah Terlaje
         Marketing Program Manager
         Tel (781) 246-3343

         Investor Relations:
         Liolios Group, Inc.
         Cody Slach
         Tel (949) 574-3860
         EDGW@liolios.com

Edgewater Logo

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GT Advanced Tech (GTAT) and Powertec Energy Corporation Sign MoU

GT Advanced Technologies (NASDAQ: GTAT) and Powertec Energy Corporation (“Powertec”) announced today the execution of a memorandum of understanding (MOU), which states Powertec’s intention to purchase polysilicon technology and equipment from GT for their phase 2 and 3 expansion projects. Design work for these projects has begun and Powertec currently expects to begin ordering GT equipment and technology in the second half of 2014.

Powertec was founded in 2010 with WalsinLihwa Group, United Microelectronics Corp. (UMC), and Sino American Silicon Products Inc. (SAS) as major shareholders. In 2011, Powertec began its phase 1 project, located in Taiwan’s Changbin Industrial Park, at which time it purchased 6,000 MTA polysilicon production technology and equipment from GT. The equipment for phase 1 was shipped in 2012. Powertec’s phase 1 project is on track for commercial operation in the first half of 2014 in line with when the solar industry, which has experienced a downturn since 2011, is expected to recover.

“When our plant is fully operational next year, we will immediately begin debottlenecking work to increase our phase 1 capacity to 7,500 MTA. We expect to produce high-quality polysilicon at a cash cost that will enable us to successfully compete on a global scale,” said YiYi Tai, chairman of Powertec.“In addition, Powertec and GT have already started designing the phase 2 and 3 expansion projects. Construction of our next phase is expected to begin immediately after the successful startup of phase 1. Total capacity at our current site is expected to reach 27,500 MTA after all three phases are completed.”

With increasing demand for higher solar power conversion efficiency, polysilicon quality is becoming increasingly important. In addition, there is strong demand in Taiwan from leading Taiwan semiconductor companies such as UMC and SAS for ultra high-quality electronic-grade polysilicon. Powertec’s phase 1 high-quality capacity as well as phase 2 and 3 electronic grade capacity are expected to meet not only future solar demand, but also domestic semiconductor industry demand in Taiwan.

Scott Kuo, president of Powertec, said, “GT is recognized for its industry-leading polysilicon production technology with a successful track record of helping top-tier producers achieve high volume, low-cost production. The combination of our highly experienced team with GT’s ongoing support and cooperation with our current and future polysilicon production plans form a powerful partnership, and this MOU is a testament to our great confidence in each other.”

“Powertec is building a world class polysilicon facility,” said Dave Keck, GT Advanced Technologies executive vice president,world-wide sales and service. “It has a top tier organization with the experience to be a leader in supplying both electronic and solar grade polysilicon. GT and Powertec look forward to future collaboration as Powertec expands their polysilicon production capabilities.”

About Powertec

Established in October 2010, Powertec Energy Corporation is a Taiwan based company with a focus on producing high-quality polysilicon for solar and semiconductor industries. Powertec aims to promote solar energy and bring advancement to semiconductor materials with continuous improvement in polysilicon manufacturing technology.

About GT Advanced Technologies Inc.

GT Advanced Technologies Inc. is a diversified technology company with innovative crystal growth equipment and solutions for the global solar, LED and electronics industries. Our products accelerate the adoption of new advanced materials that improve performance and lower the cost of manufacturing. For additional information about GT Advanced Technologies, please visit www.gtat.com.

Forward-Looking Statements

Certain of the information in this press release relate to the Company’s future expectations, plans and prospects for its business and industry that constitute “forward-looking statements” for the purposes of the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to: Powertec intends to purchase polysilicon technology and equipment from GT for phase 2 and phase 3 expansion projects; Powertec expects to begin ordering GT equipment and technology in the second half of 2014; Powertec’s phase 1 project is on track for commercial operation in the first half of 2014; the solar industry is expected to recover from the downturn (which began in 2011) in the first half of 2014; Powertec expects to be able to produce high-quality polysilicon at a cash cost that will enable Powertec to successfully compete on a global scale; construction of Powertec’s next phase is expected to begin immediately after the successful start-up of phase 1; total capacity at Powertec’s current site is expected to reach 27,500 MTA after all three phases are completed; there is increasing demand for higher solar power conversion efficiency; and Powertec’s phase 1,2 and 3 capacity are expected to meet not only future solar demand, but also domestic semiconductor industry demand in Taiwan. . These forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside the Company’s control, which could cause actual events to differ materially from those expressed or implied by the forward-looking statements. Factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include the impact of continued decreased demand and/or excess capacity in the markets for the output of our solar and sapphire equipment, sales of the Company’s DSS equipment offering will be very limited in the future; additional impairment charges that may be incurred in the future may be material and may have an impact on the Company’s business; general economic conditions and the tightening credit market having an adverse impact on demand for the Company’s products, the possibility that changes in government incentives may reduce demand for solar products( which would, in turn, reduce demand for our equipment), technological changes could render existing products or technologies obsolete, the Company may be unable to protect its intellectual property rights, competition from other manufacturers may increase, exchange rate fluctuations and conditions in the credit markets and economy may reduce demand for the Company’s products and various other risks as outlined in GT Advanced Technologies Inc.’s filings with the Securities and Exchange Commission, including the statements under the heading “Risk Factors” in the company’s transition report on Form 10-K for the nine month period ended December 31, 2012. Statements in this press release should be evaluated in light of these important factors. The statements in this press release represent GT Advanced Technologies Inc.’s expectations and beliefs as of the date of this press release. GT Advanced Technologies Inc. anticipates that subsequent events and developments may cause these expectations and beliefs to change. GT Advanced Technologies Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

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U.S. Auto Parts Network, Inc. (PRTS) Announces $2.2 Million Financing

CARSON, Calif., March 28, 2013 /PRNewswire/ — U.S. Auto Parts Network, Inc. (NASDAQ: PRTS) today announced that it has entered into a Common Stock Purchase Agreement with William Blair & Company, LLC pursuant to which U.S. Auto Parts has agreed to sell up to 2,050,000 shares of its Common Stock at a purchase price per share of $1.09 for aggregate proceeds to the Company of approximately $2.2 million, subject to the satisfaction of customary closing conditions.  The transaction is expected to close on or before April 3, 2013, and U.S. Auto Parts will use the net proceeds from the transaction to reduce its revolving borrowings (without any permanent reduction in the related loan commitments) under its credit agreement with JPMorgan Chase Bank, N.A.

A registration statement relating to the Common Stock has been filed with and declared effective by the Securities and Exchange Commission. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements
In addition to historical facts, this press release contains forward-looking statements that involve a number of risks and uncertainties such as those, among others, relating to U.S. Auto Parts’ expectations regarding the completion, timing and size of the proposed offering. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the satisfaction of customary closing conditions related to the proposed offering, as well as risks and uncertainties associated with U.S. Auto Parts’ business and finances in general, and the other risks detailed in U.S. Auto Parts’ periodic filings with the Securities and Exchange Commission.  Readers are cautioned not to 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 U.S. Auto Parts undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.  This caution is made under the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934.

Investor Contacts:
David Robson, Chief Financial Officer
U.S. Auto Parts Network, Inc.
drobson@usautoparts.com
(310) 735-0085

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Cell Therapeutics (CTIC) Secures $15 Million Loan Financing Agreement

SEATTLE, March 28, 2013 /PRNewswire/ — Cell Therapeutics, Inc. (CTI) (NASDAQ and MTA: CTIC) announced today it has entered into a loan agreement with Hercules Technology Growth Capital, Inc. (NYSE: HTGC) providing for a senior secured term loan of up to $15 million.

“The proceeds from this loan facility are expected to provide us with additional operating capital to advance our Phase 3 clinical development programs,” said James A. Bianco, M.D., President and CEO of CTI.  “Our primary focus remains on our near-term strategic goals of completing the Phase 3 studies of pacritinib in patients with myelofibrosis, driving adoption of PIXUVRI® in Europe and securing non-equity based operating capital through strategic partnerships.”

The first $10 million of the term loan was funded at closing, and the remaining $5 million is available at CTI’s option at any time from November 30 through December 15, 2013, subject to the satisfaction of certain conditions.  The term loan is repayable over 42 months after closing, including an initial interest-only period of 12 months after closing. CTI granted Hercules warrants to purchase shares of common stock in an amount of up to 5 percent of the total loan commitment.  Further information with respect to the loan agreement with Hercules is contained in a Current Report on Form 8-K filed today by CTI with the Securities and Exchange Commission.

About Cell Therapeutics, Inc.

Cell Therapeutics (NASDAQ and MTA: CTIC) is a biopharmaceutical company committed to the development and commercialization of an integrated portfolio of oncology products aimed at making cancer more treatable.  CTI is headquartered in Seattle, WA.  For additional information and to sign up for email alerts and get RSS feeds, please visit the company’s website at www.CellTherapeutics.com.

About Hercules Technology Growth Capital, Inc.

Hercules Technology Growth Capital (NYSE:HTGC) is the leading specialty finance company focused on providing senior secured loans to venture capital-backed companies in technology-related markets, including technology, biotechnology, life science and cleantech industries at all stages of development. Since inception (December 2003), Hercules has committed more than $3.4 billion to over 220 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. For more information please visit www.htgc.com, or call 650-289-3060.

Forward-Looking Statements

This press release contains forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results and the market price of CTI’s securities. Risks that contribute to the uncertain nature of the forward-looking statements include, among others, the risk that risks associated with market conditions and the satisfaction of customary closing conditions related to loan agreement with Hercules Technology Growth Capital, Inc.; the risk that CTI may not be able to draw-down additional funds from the loan agreement; the risk that CTI cannot predict or guarantee the pace or geography of enrollment of its clinical trials or the total number of patients enrolled; risks that CTI’s average net operating burn rate may increase; risks related to developments in the biopharmaceutical industry, the outcome of preclinical and clinical studies; risks related to regulatory approvals, delays in commencement of preclinical and clinical studies; risks related to the costs of developing, producing and selling CTI’s drug candidates and PIXUVRI; the risk that CTI may not be able to sustain its current cost controls; and the risk that CTI may not be able to continue to raise capital as needed to fund its operations, competitive factors, technological developments, costs of developing, producing and selling CTI’s drug candidates and PIXUVRI; that CTI’s operating expenses may continue to exceed its net revenues; that CTI may not be able to further reduce its operating expenses; and that CTI will continue to need to raise capital to fund its operating expenses and may not be able to raise sufficient amounts to fund its continued operation as well as other risks listed or described from time to time in CTI’s most recent filings with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K. Except as required by law, CTI does not intend to update any of the statements in this press release upon further developments.

Contacts:

Monique Greer
+1 206.272.4343
mgreer@ctiseattle.com

Ed Bell
+1 206.282.7100
invest@ctiseattle.com

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InfuSystem (INFU) Reports Higher Fourth Quarter 2012 Revenues

InfuSystem Holdings, Inc. (NYSE MKT: INFU) (“InfuSystem” or the “Company”), a leading national provider of infusion pumps and related services for the healthcare industry in the United States, today reported its second consecutive quarter of profitability in the fourth quarter ending December 31, 2012.

Net income in the fourth quarter was $0.2 million, equal to $0.01 per diluted share, compared to a $0.8 million net loss, or $0.04 loss per diluted share, in the prior year period. For the full year ended December 31, 2012, the Company’s net loss was $1.5 million, or $0.07 per diluted share, versus a net loss of $45.4 million, or $2.16 per diluted share, in 2011. The prior- year period included a $67.6 million asset impairment charge.

Gross profit for the three months ending December 31, 2012, was $12.0 million, up 48% from $8.1 million in the fourth quarter of 2011. Gross profit for the full year 2012 was $42.9 million, an increase of 21% compared to $35.4 million in 2011.

Revenues in the fourth quarter were $16.2 million, up 16% from $14.0 million in the fourth quarter of 2011. Total revenues for the year ended December 31, 2012, were $58.8 million, an 8% improvement from $54.6 million in 2011. The increase in revenues is primarily related to the addition of larger customers, increased penetration into existing customer accounts, and the resolution of the oncology drug shortage from 2011. Also, during the fourth quarter of 2012, a major group of third party payors revised their claim processing guidelines that affected all durable medical equipment providers, which pushed some claims to be billed at higher out-of-network rates directly to patients.

SG&A increased to $10.4 million from $8.8 million, in addition to other expenses of $1.2 million compared with $0.5 million of other income a year ago. Adjusted EBITDA for the latest quarter was $3.8 million, up from the $1.5 million for the prior-year period, as adjusted on a comparable basis.

“We are very pleased with our improved fourth quarter performance and fiscal year-over-year growth for the Company,” said Dilip Singh, Interim Chief Executive Officer. “The Company has accumulated annualized cost-savings of approximately $1.6 million since the current management team took control in April of 2012. That, combined with our securing a new debt facility during the fourth quarter, has helped restore the Company’s liquidity and create a far stronger balance sheet. Equally important, we have generated sufficient momentum to increase the number of third-party payor relationships and expand our provider footprint while delivering best in class service and patient satisfaction. Our efforts are now clearly focused on sustaining long-term growth,” Singh added.

Operating Results

Gross profit for the year ended December 31, 2012 was $42.9 million, an increase of 21% compared to $35.4 million in the prior year. It represented 73% of revenues in the current year compared to 65% in the prior year. The increase in the gross margin as a percentage of revenue in 2012 was primarily related to the increase in rental revenue, specifically third party billings, which generally have a higher gross profit margin.

Selling and marketing expenses were $9.9 million compared to $9.4 million for the year ended December 31, 2011. The increase in selling and marketing expenses is primarily related to expenses incurred by the increase in associated revenues as well as increased retention and travel costs. Compared to the prior year, these expenses remained consistent at 17% of revenues.

During the year ended December 31, 2012, general and administrative expenses were $23.1 million, compared to $18.0 million for the year ended December 31, 2011. General and administrative expenses have increased from 33% to 39% of revenues for the year ended December 31, 2012 compared to the same period in the prior year. The increase was primarily due to an increase in professional service costs related to the Concerned Stockholder Group. Additional legal, accounting and outside service fees of $2.2 million were incurred during the year relating to this matter and the related early extinguishment of debt; severance payments for the former CEO amounted to $1.0 million; $0.6 million was recorded for retention payments to key employees during this ongoing matter; and we incurred $0.6 million associated with our decision to evaluate potential strategic alternatives.

Additional increases were mainly attributed to an increase in finance and accounting staff and several other general and administrative accounts. These costs were partially offset by the reversal of previously recognized stock compensation expense of $1.4 million.

Adjusted EBITDA was $13.1 million for the latest fiscal year. This compares to 2011’s adjusted EBITDA, adjusted on a comparable basis, of $10.3 million. The Company utilizes Adjusted EBITDA as a means to measure its operating performance. A reconciliation from Adjusted EBITDA, a non-GAAP measure, to net income can be found in the appendix.

Financial Condition

Net cash provided by operations for fiscal 2012 was $5.5 million, down from the $6.7 million for the prior year. This decrease is mainly attributed to higher accounts receivable levels due to the higher revenue in the fourth quarter of 2012. As of December 31, 2012, we had cash and cash equivalents of $2.3 million and $4.7 million of availability on the revolving line-of-credit compared to $0.8 million and $4.9 million of availability on the revolving line-of-credit at December 31, 2011. This increase is due to the new credit facility and better cash management during the year.

Conference Call

The Company will conduct a conference call for investors on Thursday, March 28, 2013 at 9:00 a.m. Eastern Time to discuss fourth quarter performance and results. Dilip Singh, Interim Chief Executive Officer, and Jonathan P. Foster, Chief Financial Officer, will discuss the Company’s financial performance and answer questions from the financial community. To participate in this call, please dial in toll-free (888) 895-5479 and use the confirmation number 34394082.

About InfuSystem Holdings, Inc.

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

Forward-Looking Statements

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

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

INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

December 31, December 31,
(in thousands, except share data) 2012 2011
ASSETS
Current Assets:
Cash and cash equivalents $ 2,326 $ 799
Accounts receivable, less allowance for doubtful accounts of $3,136 and
$1,773 at December 31, 2012 and December 31, 2011, respectively 8,511 7,350
Accounts receivable – related party 98
Inventory 1,339 1,309
Other current assets 684 934
Deferred income taxes 1,971 682
Total Current Assets 14,831 11,172
Medical equipment held for sale or rental 2,626 2,013
Medical equipment in rental service, net of accumulated depreciation 13,071 14,732
Property & equipment, net of accumulated depreciation 867 927
Deferred debt issuance costs, net 2,362 421
Intangible assets, net 25,541 28,221
Deferred income taxes 17,806 18,187
Other assets 419 590
Total Assets $ 77,523 $ 76,263
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable $ 2,135 $ 4,004
Accounts payable – related party 9 59
Derivative liabilities 258
Current portion of long-term debt 3,953 6,576
Other current liabilities 4,098 2,235
Total Current Liabilities 10,195 13,132
Long-term debt, net of current portion 27,315 22,551
Other liabilities 415
Total Liabilities $ 37,510 $ 36,098
Stockholders’ Equity
Preferred stock, $.0001 par value: authorized 1,000,000 shares; none issued
Common stock, $.0001 par value; authorized 200,000,000 shares; issued and outstanding

21,990,000 and 21,802,515, as of December 31, 2012 and issued and outstanding

21,330,235 and 21,132,545 as of December 31, 2011, respectively

2 2
Additional paid-in capital 88,742 87,541
Accumulated other comprehensive loss (136 )
Retained deficit (48,731 ) (47,242 )
Total Stockholders’ Equity 40,013 40,165
Total Liabilities and Stockholders’ Equity $ 77,523 $ 76,263
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended Twelve Months Ended
December 31, December 31,
(Unaudited)
(in thousands, except share data) 2012 2011 2012 2011
Net revenues:
Rentals $ 14,568 $ 11,933 $ 53,471 $ 46,795
Product sales 1,665 2,109 5,357 7,842
Net revenues 16,233 14,042 58,828 54,637
Cost of revenues:
Cost of revenues – Product, service and supply costs 2,405 2,465 9,165 9,128
Cost of revenues – Pump depreciation and loss on disposal 1,824 3,495 6,752 10,154
Gross profit 12,004 8,082 42,911 35,355
Selling, general and administrative expenses:
Provision for doubtful accounts 2,132 1,066 5,251 4,099
Amortization of intangibles 706 671 2,734 2,662
Asset impairment charges 67,592
Selling and marketing 2,229 2,283 9,864 9,371
General and administrative 5,374 4,759 23,062 17,987
Total selling, general and administrative: 10,441 8,779 40,911 101,711
Operating income (loss) 1,563 (697 ) 2,000 (66,356 )
Other income (loss):
Gain on derivatives 83
Interest expense (1,105 ) (547 ) (3,340 ) (2,193 )
Loss on extinguishment of long term debt (119 ) (671 )
Other (expense) income (7 ) 8 (141 ) (111 )
Total other loss (1,231 ) (539 ) (4,152 ) (2,221 )
Income (loss) before income taxes 332 (1,236 ) (2,152 ) (68,577 )
Income tax (expense) benefit (111 ) 473 663 23,134
Net income (loss) $ 221 $ (763 ) $ (1,489 ) $ (45,443 )
Net income (loss) per share:
Basic $ 0.01 $ (0.04 ) $ (0.07 ) $ (2.16 )
Diluted $ 0.01 $ (0.04 ) $ (0.07 ) $ (2.16 )
Weighted average shares outstanding:
Basic 21,784,115 21,056,634 21,430,012 21,074,093
Diluted 22,019,393 21,056,634 21,430,012 21,074,093
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended Year Ended
December 31, December 31,
(in thousands) 2012 2011
OPERATING ACTIVITIES
Net loss $ (1,489 ) $ (45,443 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on derivative liabilities (83 )
Loss on extinguishment of long-term debt 671
Provision for doubtful accounts 5,251 4,099
Depreciation 5,668 6,386
Loss on disposal of medical equipment 237 1,731
Gain on sale of medical equipment (1,964 ) (2,753 )
Amortization of intangible assets 2,734 2,662
Asset impairment charges 67,592
Amortization of deferred debt issuance costs 228 238
Stock-based compensation 964 1,185
Deferred income taxes (906 ) (23,423 )
Changes in Assets – (Increase)/Decrease, exclusive of effects of acquisitions:
Accounts receivable (6,490 ) (4,419 )
Inventory (30 ) 33
Other current assets 249 (184 )
Other assets 664 657
Changes in Liabilities – Increase/(Decrease), exclusive of effects of acquisitions:
Accounts payable and other liabilities (335 ) (1,532 )
NET CASH PROVIDED BY OPERATING ACTIVITIES 5,452 6,746
INVESTING ACTIVITIES
Purchases of medical equipment and property (6,542 ) (8,211 )
Proceeds from sale of medical equipment and property 3,978 4,218
Acquisition of intangible assets (625 )
Other asset acquisitions 6 (509 )
NET CASH USED IN INVESTING ACTIVITIES (2,558 ) (5,127 )
FINANCING ACTIVITIES
Principal payments on term loans and capital lease obligations (9,631 ) (5,953 )
Payoff of bank loan and revolver (25,851 )
Cash proceeds from bank loans and revolving credit facility 37,101 2,334
Payments on revolving credit facility (1,750 )
Payments for debt issuance costs (2,842 )
Common stock repurchased to satisfy taxes on stock based compensation (144 ) (102 )
Treasury shares repurchased (363 )
NET CASH USED IN FINANCING ACTIVITIES (1,367 ) (5,834 )
Net change in cash and cash equivalents 1,527 (4,215 )
Cash and cash equivalents, beginning of period 799 5,014
Cash and cash equivalents, end of period $ 2,326 $ 799
INFUSYSTEM HOLDINGS, INC. AND SUBSIDIARIES

GAAP RECONCILIATION

(UNAUDITED)

Three Months Ended Twelve Months Ended
December 31, December 31,
(in thousands) 2012 2011 2012 2011
Net income (loss) $ 221 $ (763 ) $ (1,489 ) $ (45,443 )
Adjustments:
Interest expense 1,105 547 3,340 2,193
Income tax expense (benefit) 111 (473 ) (663 ) (23,134 )
Depreciation 1,325 1,496 5,668 6,386
Amortization 706 670 2,734 2,662
EBITDA 3,468 1,477 9,590 (57,336 )
Asset impairment charges 67,592
EBITDA – excluding impairment charges 3,468 1,477 9,590 10,256
Concerned Stockholder Group 17 2,220
Early Extinguishment of Debt 119 671
Strategic Alternatives 179 645
EBITDA – Adjusted $ 3,783 $ 1,477 $ 13,126 $ 10,256
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Netlist (NLST) Reports Fourth Quarter and Full Year 2012 Results

IRVINE, CA — (Marketwire) — 03/28/13 — Netlist, Inc. (NASDAQ: NLST), a leading provider of high performance and hybrid memory solutions for the cloud computing and storage markets, today reported financial results for the fourth quarter and full year ended December 29, 2012.

Revenues for the 12 months ended December 29, 2012, were $36.9 million, compared to revenues of $60.7 million for the 12 months ended December 31, 2011. Gross profit for the 12 months ended December 29, 2012, was $9.4 million, or 25.5 percent of revenues, compared to a gross profit of $20.3 million, or 33.4 percent of revenues, for the 12 months ended December 31, 2011.

Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) loss after adding back net interest expense, benefit of income taxes, depreciation, amortization, stock-based compensation and net non-operating expense (income) was $9.6 million for the 12 month period ended December 29, 2012, compared to an adjusted EBITDA loss of $1.5 million for the prior year period.

Net loss for the 12 months ended December 29, 2012, was $14.0 million, or $0.50 loss per share, compared to a net loss in the prior year period of $5.6 million, or $0.22 loss per share. These results include stock-based compensation expense of $1.9 million for 2012, compared to $1.6 million for 2011.

“Our financial results reflect the transition of our business model from one that is concentrated on customized projects for individual clients, into one that is driven by advanced, IP-based solutions that serve the broader cloud infrastructure,” said C.K. Hong, Chief Executive Officer of Netlist. “Our new technologies uniquely address growing memory capacity and performance constraints in high-speed servers and storage systems in the cloud. In the year ahead, we remain focused on working with our major OEM partners to roll out our new products across a wide range of industries. Despite near-term declines related to our mature business, we believe that this transition period will ultimately lead to a more diversified business model.”

Revenues for the fourth quarter ended December 29, 2012, were $6.0 million, compared to revenues of $16.4 million for the fourth quarter ended December 31, 2011. Gross profit for the fourth quarter ended December 29, 2012, was $837,000, or 14.0 percent of revenues, compared to a gross profit of $6.0 million, or 36.6 percent of revenues, for the fourth quarter ended December 31, 2011.

Adjusted EBITDA after adding back net interest expense, benefit of income taxes, depreciation, amortization, stock-based compensation and net non-operating expense (income) was a loss of $3.1 million for the fourth quarter ended December 29, 2012, compared to an adjusted EBITDA income of $718,000 for the prior year period.

Net loss for the fourth quarter ended December 29, 2012, was $4.1 million or $0.14 loss per share, compared to the net loss in the prior year period of $227,000, or $0.01 loss per share. These results include stock-based compensation expense in the fourth quarter ended December 29, 2012, of $371,000 compared with $397,000 in the year-earlier period.

As of December 29, 2012, cash, cash equivalents, and investments in marketable securities were $8.1 million, total assets were $22.4 million, working capital was $11.1 million, total debt was $3.5 million, and stockholders’ equity was $13.7 million.

Conference Call Information
As previously announced, Netlist is conducting a conference call today to be broadcast live over the Internet at 5:00 pm Eastern Time to discuss and review the financial results for the fourth quarter and full year ended December 29, 2012. The dial-in number for the call is 1-412-858-4600. The live webcast and archived replay of the call can be accessed in the Investors section of Netlist’s website at www.netlist.com.

Note Regarding Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including EBITDA and adjusted EBITDA, may be considered non-GAAP financial measures. Netlist believes this information is useful to investors because it provides a basis for measuring Netlist’s available capital resources, the operating performance of Netlist’s business and Netlist’s cash flow, excluding net interest expense, provisions for income taxes, depreciation, amortization, share-based compensation and non-operating net income and expense that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles. Netlist’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating Netlist’s operating performance, capital resources and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by Netlist may not be comparable to similarly titled amounts reported by other companies.

About Netlist:
Netlist, Inc. designs and manufactures high-performance, logic-based memory subsystems for server and storage applications for cloud computing. Netlist’s flagship products include HyperCloud™, a patented memory technology that breaks traditional memory barriers, NVvault™ and EXPRESSvault™ family of products that significantly accelerate system performance and provide mission critical fault tolerance, and a broad portfolio of industrial Flash and specialty memory subsystems including VLP (very low profile) DIMMs and Planar-X RDIMMs.

Netlist develops technology solutions for customer applications in which high-speed, high-capacity, small form factor and heat dissipation are key requirements for system memory. These customers include OEMs that design and build tower, rack-mounted, and blade servers, high-performance computing clusters, engineering workstations and telecommunications equipment. Founded in 2000, Netlist is headquartered in Irvine, CA with manufacturing facilities in Suzhou, People’s Republic of China and an engineering design center in Silicon Valley, CA. Learn more at www.netlist.com.

Safe Harbor Statement:
This news release contains forward-looking statements regarding future events and the future performance of Netlist. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expected or projected. These risks and uncertainties include, but are not limited to, risks associated with the launch and commercial success of our products, programs and technologies; the success of product partnerships; continuing development, qualification and volume production of EXPRESSvault™, NVvault™, HyperCloud® and VLP Planar-X RDIMM; the timing and magnitude of the anticipated decrease in sales to our key customer; our ability to leverage our NVvault™ technology in a more diverse customer base; the rapidly-changing nature of technology; risks associated with intellectual property, including patent infringement litigation against us as well as the costs and unpredictability of litigation over infringement of our intellectual property and the possibility of our patents being reexamined by the United States Patent and Trademark office; volatility in the pricing of DRAM ICs and NAND; changes in and uncertainty of customer acceptance of, and demand for, our existing products and products under development, including uncertainty of and/or delays in product orders and product qualifications; delays in the Company’s and its customers’ product releases and development; introductions of new products by competitors; changes in end-user demand for technology solutions; the Company’s ability to attract and retain skilled personnel; the Company’s reliance on suppliers of critical components and vendors in the supply chain; fluctuations in the market price of critical components; evolving industry standards; and the political and regulatory environment in the People’s Republic of China. Other risks and uncertainties are described in the Company’s annual report on Form 10-K filed on March 29, 2013, and subsequent filings with the U.S. Securities and Exchange Commission made by the Company from time to time. Except as required by law, Netlist undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

(Tables Follow)

                               Netlist, Inc.
                        Consolidated Balance Sheets
                               (in thousands)

                                                 December 29,  December 31,
                                                     2012          2011
                                                 ------------  ------------

ASSETS
Current assets:
  Cash and cash equivalents                      $      7,755  $     10,535
  Investment in marketable securities                     415             -
  Accounts receivable, net                              3,434        11,399
  Inventories                                           7,380         6,057
  Prepaid expenses and other current assets               723           806
                                                 ------------  ------------
    Total current assets                               19,707        28,797

  Property and equipment, net                           2,560         2,771
  Long-term investments in marketable securities            -           444
  Other assets                                            130           161
                                                 ------------  ------------
    Total assets                                 $     22,397  $     32,173
                                                 ============  ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                               $      3,367  $      6,155
  Accrued payroll and related liabilities                 784         1,813
  Accrued expenses and other current liabilities          497           460
  Accrued engineering charges                             450           450
  Current portion of long-term debt                     3,493         2,144
                                                 ------------  ------------
    Total current liabilities                           8,591        11,022
Long-term debt, net of current portion                      -         1,118
Other liabilities                                          94            94
                                                 ------------  ------------
    Total liabilities                                   8,685        12,234

Commitments and contingencies

Stockholders' equity:
  Common stock                                             30            26
  Additional paid-in capital                          100,403        92,709
  Accumulated deficit                                 (86,721)      (72,740)
  Accumulated other comprehensive loss                      -           (56)
                                                 ------------  ------------
    Total stockholders' equity                         13,712        19,939
                                                 ------------  ------------
    Total liabilities and stockholders' equity   $     22,397  $     32,173
                                                 ============  ============

                               Netlist, Inc.
                   Consolidated Statements of Operations
                  (in thousands, except per share amounts)

                                  Three Months Ended        Year Ended
                                 --------------------  --------------------
                                  December   December   December   December
                                  29, 2012   31, 2011   29, 2012   31, 2011
                                 ---------  ---------  ---------  ---------

Net sales                        $   5,963  $  16,381  $  36,873  $  60,729
Cost of sales(1)                     5,126     10,389     27,474     40,468
                                 ---------  ---------  ---------  ---------
Gross profit                           837      5,992      9,399     20,261
                                 ---------  ---------  ---------  ---------
Operating expenses:
  Research and development(1)        2,618      3,502     12,845     14,924
  Selling, general and
   administrative(1)                 2,098      2,694     10,075     10,705
                                 ---------  ---------  ---------  ---------
    Total operating expenses         4,716      6,196     22,920     25,629
                                 ---------  ---------  ---------  ---------
Operating loss                      (3,879)      (204)   (13,521)    (5,368)
                                 ---------  ---------  ---------  ---------
Other income (expense):
  Interest expense, net                (90)       (81)      (338)      (228)
  Other (expense) income, net         (146)         2       (134)       (56)
                                 ---------  ---------  ---------  ---------
    Total other income
     (expense), net                   (236)       (79)      (472)      (284)
                                 ---------  ---------  ---------  ---------
Loss before tax benefit             (4,115)      (283)   (13,993)    (5,652)
Income tax benefit                     (17)       (56)       (12)       (53)
                                 ---------  ---------  ---------  ---------
Net loss                         $  (4,098) $    (227) $ (13,981) $  (5,599)
                                 =========  =========  =========  =========
Net loss per common share:
  Basic and diluted              $   (0.14) $   (0.01) $   (0.50) $   (0.22)
Weighted-average common shares
 outstanding:
  Basic and diluted                 28,279     28,306     27,853     25,086

(1) Amounts include stock-based
 compensation expense as follows:

  Cost of sales                  $       9  $      28  $     114  $      79
  Research and development             129        134        667        600
  Selling, general and
   administrative                      233        235      1,110        941

                               Netlist, Inc.
 Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA
                  (in thousands, except per share amounts)

                                  Three Months Ended        Year Ended
                                 --------------------  --------------------
                                  December   December   December   December
                                  29, 2012   31, 2011   29, 2012   31, 2011
                                 ---------  ---------  ---------  ---------

GAAP net loss                    $  (4,098) $    (227) $ (13,981) $  (5,599)

Interest expense, net                   90         81        338        228
Benefit of income taxes                (17)       (56)       (12)       (53)
Depreciation and amortization          446        525      1,987      2,242

                                 ---------  ---------  ---------  ---------
EBITDA                              (3,579)       323    (11,668)    (3,182)

Stock-based compensation               371        397      1,891      1,620
Other (income) expense, net            146         (2)       134         56

                                 ---------  ---------  ---------  ---------
Adjusted EBITDA                  $  (3,062) $     718  $  (9,643) $  (1,506)
                                 =========  =========  =========  =========

For more information, please contact:

Brainerd Communicators, Inc.
Corey Kinger/Mike Smargiassi (investors)
Sharon Oh (media)
NLST@braincomm.com
(212) 986-6667

Netlist, Inc.
Gail M. Sasaki
Chief Financial Officer

Thursday, March 28th, 2013 Uncategorized Comments Off on Netlist (NLST) Reports Fourth Quarter and Full Year 2012 Results

Alderon (AXX), Labrador City and Wabush Sign MOUs to Formalize Working Relationship

VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 03/26/13 — Alderon Iron Ore Corp. (TSX:ADV)(NYSE MKT: AXX) (“Alderon” or the “Company”) is pleased to announce it has signed a Memorandum of Understanding (“MOU”) with each of the Towns of Labrador City and Wabush as work progresses toward receiving project related approvals for the Kami iron ore project (the “Kami Project”).

Recognizing the tremendous potential benefits for the region and acknowledging the importance of working collaboratively towards achieving those benefits, Alderon and both towns agree in the MOUs to formalize their working relationship and to facilitate community consultation and input. Alderon will establish separate committees with both towns, and schedule regular meetings to address any issues or concerns. This will serve to further enhance community engagement as the Kami Project progresses.

“These MOUs build upon our strong established track record of consultation and cooperation with the communities and residents of Labrador City and Wabush,” said Tayfun Eldem, President and CEO of Alderon. “The Kami Project will further build on Labrador’s reputation as a significant producer of iron ore, create long-term jobs and spur economic activity. We acknowledge that our activity will impact the local community and we want to work cooperatively with both towns to ensure we identify any issues and concerns, and develop mutually acceptable mitigation measures.”

Alderon has already held several public information sessions, conducted extensive meetings with Town Councils and engaged in general community consultation. The outcome of these interactions has been reflected in the Environmental Impact Statement filed in September 2012. The process agreed to in the MOUs will facilitate discussion on such topics as: community infrastructure, environmental concerns, and accommodations for workers.

“Labrador City welcomes the opportunity to work collaboratively with Alderon in the development of the Kami Project, whereby the interests of our residents are protected and the community enhanced,” said Karen Oldford, Mayor of the Town of Labrador City. “We appreciate the corporate responsibility demonstrated by Alderon and look forward to more of the same as this project progresses.”

“I am encouraged with the potential that the Kami Project can bring to the Town of Wabush, and we will continue to work with Alderon to ensure the safety of the operation,” said Ron Barron, Mayor of Wabush. “The Kami Project will benefit our community, and will allow us the resources to plan ahead and make our town an even better place to live in the future. I look forward to a long and prosperous partnership.”

The Kami Project will create 800 jobs during the peak of construction and greater than 500+ full time jobs over the life of the 30 year mine. It will generate over $7 billion in Federal and Provincial taxes (direct, indirect and induced) and contribute over $20 billion to the Newfoundland & Labrador GDP.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City. The Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

Mark J Morabito, Executive Chairman

Cautionary Note Regarding Forward-Looking Information

This press release contains “forward-looking information” concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) project approvals for the Kami Project; (ii) the life of the mine at the Kami Project; (iii) the number of jobs created by the Kami Project; (iv) the benefits of the MOUs; and (v) the potential economic benefits of the Kami Project. In certain cases, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward- looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Contacts:
Alderon Iron Ore Corp.
Ian Chadsey
Investor Relations
1-514-817-5799 or 1-888-990-7989
info@alderonironore.com
www.alderonironore.com

Alderon Iron Ore Corp.
Montreal Office
514-281-9434
514-281-5048 (FAX)

Alderon Iron Ore Corp.
Vancouver Office
604-681-8030

Tuesday, March 26th, 2013 Uncategorized Comments Off on Alderon (AXX), Labrador City and Wabush Sign MOUs to Formalize Working Relationship

Digital Ally, Inc. (DGLY) Announces 2012 Operating Results

LENEXA, KS — (Marketwire) — 03/26/13 — Digital Ally, Inc. (NASDAQ: DGLY), which develops, manufactures and markets advanced video surveillance products for law enforcement, homeland security and commercial applications, today announced its operating results for the year and quarter ended December 31, 2012. An investor conference call is scheduled for 11:15 a.m. EDT tomorrow, March 27, 2013 (see details below).

FY2012 Highlights:

  • FY2012 revenue totaled $17.6 million, compared with $19.6 million in the previous year.
  • Gross profit margin improved to 54% of revenue in FY2012 vs. 45% in FY2011.
  • Total SG&A expenses declined 10% in the most recent year when compared with the previous year.
  • The Company incurred certain non-recurring expenses during the fourth quarter of 2012, including costs related to the consolidation of its operations into a new facility and expenses related to the discontinuation of certain early version digital video mirror systems.
  • The Company recorded a net loss of approximately ($2.0 million) in FY2012, which represented a 50% improvement relative to a FY2011 net loss of approximately ($4.0 million).
  • New products introduced since the third quarter of FY2010 generated 13% of product sales in FY2012 vs. 8% of total sales in FY2011.
  • International revenue decreased to approximately $1.0 million in FY2012 (6% of total revenue), compared with approximately $2.0 million (10% of total revenue) in the previous year.
  • During FY2012, the Company began to realize meaningful benefits from the reorganization of (1) its manufacturing operations to more effectively outsource component parts production and (2) its law enforcement sales force.
  • The Company ended FY2012 with available unrestricted cash of $703,000 and restricted cash of $662,000 on its balance sheet.
  • The Company implemented a reverse stock split in the third quarter of FY2012 in order to remain listed on Nasdaq.

“The year ended December 31, 2012 was marked by tremendous progress in terms of improving our Company’s production efficiencies and reducing the level of revenue required for profitability,” stated Stanton E. Ross, Chief Executive Officer of Digital Ally, Inc. “Our ability to achieve these goals was particularly impressive in light of a challenging economic environment, which has negatively impacted state, county and municipal government budgets that fund the law enforcement agencies that represent our primary customer base. Gross profit margins improved significantly, from 45% in 2011 to 54% in 2012, as we realized benefits from improved outsourcing of components and other supplier cost reduction initiatives. We also reduced our corporate and manufacturing overhead substantially and reorganized our law enforcement products sales force in a manner that more effectively ties the compensation of our sales personnel to relevant performance metrics. The overall benefit from these actions was evident in a 50% reduction in our net loss for 2012 on revenue that was 10% lower than 2011 levels.”

“We believe Digital Ally is well-positioned to leverage its more cost-effective infrastructure and outsourcing capabilities into a restoration of profitability with even modest growth in revenue. The new products that we have introduced during the past 30 months are gaining acceptance in the marketplace, and such products accounted for 13% of our sales in 2012, compared with 8% in the previous year. Our sales initiatives outside the law enforcement industry are also beginning to bear fruit, as illustrated by our recent receipt of an order from the largest near-airport parking company in the United States to complete the deployment of 344 DVM-250Plus commercial event recorders. Our goal is to make further inroads with commercial customers in a number of industries during the current year.”

“We believe our reorganized sales force can take full advantage of a recovery in demand for domestic law enforcement equipment and opportunities to penetrate the commercial market with new products. We have also reorganized our international sales force after several years of underperformance, with very positive initial results, and we believe our new international sales structure should allow revenue from foreign customers to improve,” concluded Ross.

For the twelve months ended December 31, 2012, the Company’s revenue declined 10% to approximately $17.6 million, compared with revenue of approximately $19.6 million in FY2011. However, gross profit improved 8% to $9,481,987 (54% of revenue) in FY2012, versus $8,771,930 (45% of revenue) in FY2011. The improvement in gross profit margin was primarily due to lower component costs resulting from the Company’s supplier cost reduction initiative. Better outsourcing, including from foreign sources, allowed the Company to lower component costs for products sold. Furthermore, the Company continued to reduce production costs through operating efficiencies and a significant reduction in manufacturing overhead costs. The Company’s goal is to continue to improve gross margins in FY2013 through the supply chain initiative, reduced manufacturing overhead, increased sales volumes and an improved product mix, the benefits of which may be partially offset by increased price competition in the in-car video system market.

Selling, General and Administrative (“SG&A”) expenses decreased 10% in the year ended December 31, 2012, to $11,168,505, compared with $12,396,731 in the previous year. If net litigation charges of $313,950 are excluded from FY2012 results, SG&A expenses declined 12% in FY2012 versus FY2011. The improvement in SG&A expenses resulted from the success of the Company’s cost containment and reduction initiative, which was evident in lower research and development costs; stock-based compensation expense; professional fees; and executive, sales and administrative staff payroll expense, partially offset by higher selling, advertising and promotional expense and the abovementioned net charges related to the settlement of lawsuits. The Company is appealing certain court rulings against it in the lawsuit with Z3 Technologies. If the appeal is successful, the Company could recoup some of the litigation costs that penalized its operating results in FY2012.

The Company reported an operating loss of ($1,686,518) in FY2012. This represented a 53% improvement when compared with an operating loss of ($3,624,801) in FY2011.

Interest income declined to $10,088 and the Company incurred $294,559 of interest expense on borrowings in the year ended December 31, 2012. Interest income and interest expense totaled $16,108 and $224,460, respectively, in the year ended December 31, 2011. The Company also recognized a loss on the extinguishment of debt totaling $131,093 in FY2011. No such loss was recorded in FY2012.

The Company reported a 50% reduction in net loss, which totaled ($1,970,989) in FY2012 on both a pretax and after-tax basis, compared with a pretax and after-tax net loss of ($3,962,246) in FY2011. No income tax provision or benefit was recorded for either FY2012 or FY2011. The Company expects to continue to maintain a full valuation allowance on its deferred tax assets, including net operating loss carry forwards, until it determines that it can sustain a level of profitability that demonstrates its ability to realize such assets.

The Company reported a net loss of ($0.97) per share for the year ended December 31, 2012, compared with a net loss of ($1.96) per share in the year ended December 31, 2011. The weighted average number of shares outstanding totaled 2,029,109 in FY2012, compared with 2,018,979 shares in FY2011. All per share figures and the number of shares outstanding have been adjusted to reflect a 1-for-8 reverse stock split that was effective August 24, 2012.

On a non-GAAP basis, the Company reported an adjusted net loss (before income taxes, depreciation, amortization, interest expense, net litigation settlement charges, stock-based compensation, and loss on extinguishment of debt), a non-GAAP financial measure, of ($168,963), or ($0.08) per share, in FY2012, which represented a 90% reduction in adjusted net loss when compared with ($1,707,358), or ($0.85) per share, in the year ended December 31, 2011. (Non-GAAP adjusted net income is described in greater detail in a table at the end of this press release).

For the three months ended December 31, 2012, revenue improved 8% to approximately $4.6 million, compared with revenue of approximately $4.3 million in the fourth quarter of FY2011.

Gross profit increased 30% to $2,392,397 (52% of revenue) in the final quarter of FY2012, compared with $1,841,104 (43% of revenue) in the three months ended December 31, 2011.

The Company was able to reduce Selling, General and Administrative (“SG&A”) expenses by 11% to $2,807,221 in the fourth quarter of FY2012, versus $3,143,348 in the prior-year period. The improvement in SG&A expenses resulted from lower stock-based compensation and a 24% reduction in general and administrative expenses, partially offset by higher research and development costs, a modest increase in selling, advertising and promotional expenses, and additional litigation expense.

The Company’s reduced its operating loss 68% to ($414,824) in the fourth quarter of FY2012, when compared with an operating loss of ($1,302,244) in the corresponding period of the previous year.

Interest income declined to $3,062 in the most recent quarter, versus $3,644 in the year-earlier quarter. Interest expense decreased to $75,337 in the three months ended December 31, 2012, compared with $87,443 in the fourth quarter of FY2011. The Company recorded a $131,093 non-cash loss related to the extinguishment of debt in the fourth quarter of FY2011. No such charge was incurred in the fourth quarter of FY2012.

The Company reported a 68% reduction in net loss, which totaled ($487,099) in the quarter ended December 31, 2012, on both a pretax and after-tax basis, compared with a pretax and after-tax net loss of ($1,517,136) in the fourth quarter of FY2011. No income tax provision or benefit was recorded in the fourth quarters of either FY2012 or FY2011. The Company expects to continue to maintain a full valuation allowance on its deferred tax assets, including net operating loss carry forwards, until it determines that it can sustain a level of profitability that demonstrates its ability to realize such assets.

The Company reported a net loss of ($0.24) per share for the quarter ended December 31, 2012, compared with a net loss of ($0.75) per share in the quarter ended December 31, 2011. The weighted average number of shares outstanding totaled 2,035,564 in the fourth quarter of FY2012, compared with 2,019,259 shares in the FY2011 period. All per-share figures and the number of shares outstanding have been adjusted to reflect a 1-for-8 reverse stock split that was effective August 24, 2012.

On a non-GAAP basis, the Company reported an adjusted net loss (before income taxes, depreciation, amortization, interest expense, net litigation settlement charges, stock-based compensation, and loss on extinguishment of debt), a non-GAAP financial measure, of ($97,317), or ($0.05) per share, in the fourth quarter of FY2012, representing an 88% reduction in adjusted net loss when compared with ($793,618), or ($0.39) per share, in the quarter ended December 31, 2011. (Non-GAAP adjusted net income is described in greater detail in a table at the end of this press release).

Non-GAAP Financial Measures

Digital Ally, Inc. has provided financial information in this release that has not been prepared in accordance with GAAP. This information includes non-GAAP adjusted net income (loss). Digital Ally uses such non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating Digital Ally’s ongoing operational performance. Digital Ally believes that the use of these non-GAAP financial measures provides an additional tool for investors to evaluate ongoing operating results and trends and in comparing its financial measures with other companies in Digital Ally’s industry, many of which present similar non-GAAP financial measures to investors. As noted, the non-GAAP financial measures discussed above exclude certain non-cash expenses/income including: (1) income tax expense/benefit, (2) depreciation and amortization expense, (3) interest expense, (4) litigation charges (credits) and related expenses, and (5) share-based compensation expense.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measure as detailed above. As previously mentioned, a reconciliation of GAAP to the non-GAAP financial measures has been provided in the tables included as part of this press release.

Investor Conference Call

The Company will host an investor conference call at 11:15 a.m. Eastern Daylight Time (EDT) tomorrow, March 27, 2013, to discuss its 2012 operating results, along with other topics of interest. Shareholders and other interested parties may participate in the conference call by dialing 877-374-8416 (international/local participants dial 412-317-6716) and asking to be connected to the “Digital Ally Conference Call” a few minutes before 11:15 a.m. Eastern Time on March 27, 2013.

A replay of the conference call will be available one hour after the completion of the conference call from March 27, 2013 until 9:00 a.m. on May 28, 2013 by dialing 877-344-7529 (international/local participants dial 412-317-0088) and entering the conference ID# 10026631.

About Digital Ally, Inc.

Digital Ally, Inc. develops, manufactures and markets advanced technology products for law enforcement, homeland security and commercial applications. The Company’s primary focus is digital video imaging and storage. For additional information, visit www.digitalallyinc.com

The Company is headquartered in Lenexa, Kansas, and its shares are traded on The Nasdaq Capital Market under the symbol “DGLY”.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management. Therefore, actual results could differ materially from the forward-looking statements contained in this press release. A wide variety of factors that may cause actual results to differ from the forward-looking statements include, but are not limited to, the following: whether the Company will be able to improve its revenues and operating results in 2013 given the current economic environment; whether it will be able to achieve improved production and other efficiencies to continue to increase its gross and operating margins; whether the federal economic stimulus funding for law enforcement agencies will have a positive impact on the Company’s revenue; the Company’s ability to deliver its new product offerings as scheduled, including its ability to obtain the required components and products on a timely basis, and have them perform as planned; its ability to maintain or expand its share of the markets in which it competes, including those outside the law enforcement industry; whether there will be a commercial market, domestically and internationally, for one or more of its new products; whether the Company’s new products, including the DVM-250 Video Event Recorder, will continue to generate an increasing portion of its total sales; whether its reorganized domestic and international sales force will result in a rebound in revenues in and outside of the U.S.; whether the Company will be able to adapt its technology to new and different uses, including being able to introduce new products; competition from larger, more established companies with far greater economic and human resources; its ability to attract and retain customers and quality employees; the effect of changing economic conditions; and changes in government regulations, tax rates and similar matters. These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company’s disclosures. The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements. The reader should consider statements that include the words “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “projects”, “should”, or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking. The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. Additional information respecting factors that could materially affect the Company and its operations are contained in its annual report on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission.

For Additional Information, Please Contact:

Stanton E. Ross, CEO at (913) 814-7774
or
RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893 or via email at info@rjfalkner.com

(Financial Highlights Follow)

                             DIGITAL ALLY, INC.
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                  DECEMBER 31, 2012 AND DECEMBER 31, 2011
                                (Unaudited)

                                                 December 31,  December 31,
                                                     2012          2011
                                                 ------------  ------------
                      Assets
Current assets:
  Cash and cash equivalents                      $    703,172  $  2,270,393
  Accounts receivable-trade, less allowance for
   doubtful accounts of $70,193 - 2012 and
   $125,000 - 2011                                  2,956,654     2,853,049
  Accounts receivable-other                            71,148       104,318
  Inventories                                       7,294,721     6,683,289
  Prepaid expenses                                    258,642       302,318
                                                 ------------  ------------

      Total current assets                         11,284,337    12,213,367
                                                 ------------  ------------

Furniture, fixtures and equipment                   4,392,880     4,073,713
Less accumulated depreciation and amortization      3,454,087     3,212,827
                                                 ------------  ------------

                                                      938,793       860,886
                                                 ------------  ------------

Restricted cash                                       662,500            --
Intangible assets, net                                217,660       226,802
Other assets                                          241,446        97,854
                                                 ------------  ------------

  Total assets                                   $ 13,344,736  $ 13,398,909
                                                 ============  ============

       Liabilities and Stockholders' Equity
Current liabilities:
  Accounts payable                               $  1,520,207  $    847,036
  Accrued expenses                                    793,524       833,260
  Capital lease obligation -current                    66,087            --
  Income taxes payable                                  6,717        21,046
  Customer deposits                                     1,878        31,899
                                                 ------------  ------------

      Total current liabilities                     2,388,413     1,733,241
                                                 ------------  ------------

Long-term liabilities:
  Subordinated notes payable-long-term, net of
   discount $96,378 and $142,711                    2,403,622     2,357,289
  Litigation accrual -long term                       530,000            --
  Capital lease obligation -long term                 120,988            --
                                                 ------------  ------------

      Total long term liabilities                   3,054,610     2,357,289

Commitments and contingencies
Stockholders' equity:
  Common stock, $0.001 par value; 9,375,000
   shares authorized; shares issued: 2,099,082 -
   2012 and 2,082,832 - 2011                            2,099         2,083
  Additional paid in capital                       23,304,401    22,740,094
  Treasury stock, at cost (shares: 63,518 - 2012
   and 63,518 - 2011)                              (2,157,226)   (2,157,226)
  Accumulated deficit                             (13,247,561)  (11,276,572)
                                                 ------------  ------------

      Total stockholders' equity                    7,901,713     9,308,379
                                                 ------------  ------------

    Total liabilities and stockholders' equity   $ 13,344,736  $ 13,398,909
                                                 ============  ============

(FOR ADDITIONAL INFORMATION, PLEASE REFER TO THE COMPANY’S ANNUAL REPORT ON
FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2012 FILED WITH THE SEC)

                             DIGITAL ALLY, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                    FOR THE THREE MONTHS AND YEARS ENDED
                         DECEMBER 31, 2012 AND 2011
                                (Unaudited)

                            Three months ended        Twelve months ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------

Product revenue          $ 4,353,427  $ 4,041,017  $16,691,136  $18,858,656
Other revenue                284,660      245,297      926,972      718,497
                         -----------  -----------  -----------  -----------

Total revenue              4,638,087    4,286,314   17,618,108   19,577,153
Cost of revenue            2,245,690    2,445,210    8,136,121   10,805,223
                         -----------  -----------  -----------  -----------

  Gross profit             2,392,397    1,841,104    9,481,987    8,771,930
Selling, general and
 administrative expenses:
  Research and
   development expense       723,858      634,685    2,528,790    2,773,962
  Selling, advertising
   and promotional
   expense                   597,289      587,240    2,587,427    2,232,831
  Stock-based
   compensation expense      139,996      203,163      521,427      839,232
  Litigation charges
   (credits) and related
   expenses                   24,933           --      313,950           --
  General and
   administrative expense  1,321,145    1,718,260    5,216,911    6,550,706
                         -----------  -----------  -----------  -----------

Total selling, general
 and administrative
 expenses                  2,807,221    3,143,348   11,168,505   12,396,731
                         -----------  -----------  -----------  -----------

  Operating loss            (414,824)  (1,302,244)  (1,686,518)  (3,624,801)
                         -----------  -----------  -----------  -----------

Interest income                3,062        3,644       10,088       16,108
Interest expense             (75,337)     (87,443)    (294,559)    (224,460)
Loss on extinguishment of
 debt                             --     (131,093)          --     (131,093)
                         -----------  -----------  -----------  -----------

Loss before income tax
 benefit                    (487,099)  (1,517,136)  (1,970,989)  (3,962,246)
Income tax benefit                --           --           --           --
                         -----------  -----------  -----------  -----------

Net loss                 $  (487,099) $(1,517,136) $(1,970,989) $(3,962,246)
                         ===========  ===========  ===========  ===========

Net loss per share
 information:
  Basic                  $     (0.24) $     (0.75) $     (0.97) $     (1.96)
  Diluted                $     (0.24) $     (0.75) $     (0.97) $     (1.96)

Weighted average shares
 outstanding:
  Basic                    2,035,564    2,019,259    2,029,109    2,018,979
  Diluted                  2,035,564    2,019,259    2,029,109    2,018,979

(FOR ADDITIONAL INFORMATION, PLEASE REFER TO THE COMPANY’S ANNUAL REPORT ON
FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2012 FILED WITH THE SEC)

                             DIGITAL ALLY, INC.
     RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED NET INCOME (LOSS)
                    FOR THE THREE MONTHS AND YEARS ENDED
                         DECEMBER 31, 2012 AND 2011
                                (unaudited)

                            Three Months Ended            Year Ended
                               December 31,              December 31,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------

Net loss                 $  (487,099) $(1,517,136) $(1,970,989) $(3,962,246)
Non-GAAP adjustments:
  Stock-based
   compensation              139,996      203,163      521,427      839,232
  Depreciation and
   amortization              149,516      301,819      672,090    1,062,103
  Litigation (charges)
   credits and related
   expenses                   24,933           --      313,950           --
  Interest expense            75,337       87,443      294,559      222,460
  Loss on extinguishment
   of debt                        --      131,093           --      131,093
                         -----------  -----------  -----------  -----------

Non-GAAP adjustments, net    389,782      723,518    1,802,026    2,254,888
                         -----------  -----------  -----------  -----------

Non-GAAP adjusted net
 loss                    $   (97,317) $  (793,618) $  (168,963) $(1,707,358)
                         ===========  ===========  ===========  ===========

Non-GAAP adjusted net
 loss per share
 information:
Basic                    $     (0.05) $     (0.39) $     (0.08) $     (0.85)
Diluted                  $     (0.05) $     (0.39) $     (0.08) $     (0.85)

Weighted average shares
 outstanding:
Basic                      2,035,564    2,019,259    2,029,109    2,018,979
Diluted                    2,035,564    2,019,259    2,029,109    2,018,979

(FOR ADDITIONAL INFORMATION, PLEASE REFER TO THE COMPANY’S ANNUAL ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2012 FILED WITH THE SEC)

                             DIGITAL ALLY, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
               FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
                                (Unaudited)

                                                       2012         2011
                                                   -----------  -----------
Cash Flows From Operating Activities:
  Net loss                                         $(1,970,989) $(3,962,246)
  Adjustments to reconcile net loss to net cash
   flows used in operating activities:
    Depreciation and amortization                      672,090    1,062,103
    Stock based compensation                           521,427      839,232
    Provision for inventory obsolescence              (169,852)    (186,396)
    Provision for doubtful accounts receivable         (54,807)      15,000
    Loss on extinguishment of debt                          --      131,093

  Change in assets and liabilities:
  (Increase) decrease in:
    Accounts receivable - trade                        (48,798)   1,911,504
    Accounts receivable - other                         33,170      241,393
    Inventories                                       (441,580)   3,041,829
    Prepaid expenses                                    42,874       39,266
    Other assets                                      (143,592)      (6,721)
  Increase (decrease) in:
    Accounts payable                                   673,171   (2,309,997)
    Accrued expenses                                   (39,736)     104,781
    Litigation accrual                                 530,000           --
    Income taxes payable                               (14,329)      (4,579)
    Customer deposits                                  (30,021)      29,257
                                                   -----------  -----------

  Net cash provided by (used in) operating
   activities                                         (440,972)     945,519
                                                   -----------  -----------

Cash Flows from Investing Activities:
  Purchases of furniture, fixtures and equipment      (389,037)    (120,978)
  Additions to intangible assets                       (26,556)     (30,123)
  Restricted cash for appealed litigation             (662,500)          --
                                                   -----------  -----------

  Net cash used in investing activities             (1,078,093)    (151,101)
                                                   -----------  -----------

Cash Flows from Financing Activities:
  Proceeds from issuance of subordinated note
   payable                                                  --    2,309,774
  Proceeds from issuance of common stock purchase
   warrants                                                 --      190,226
  Change in line of credit                                  --   (1,500,000)
  Deferred issuance costs for subordinated note
   payable                                                  --     (147,500)
  Payments on capital lease obligation                 (48,156)          --
                                                   -----------  -----------
  Net cash provided by (used in) financing
   activities                                          (48,156)     852,500
                                                   -----------  -----------

Net increase (decrease) in cash and cash
 equivalents                                        (1,567,221)   1,646,918
Cash and cash equivalents, beginning of period       2,270,393      623,475
                                                   -----------  -----------
Cash and cash equivalents, end of period           $   703,172  $ 2,270,393
                                                   ===========  ===========

Supplemental disclosures of cash flow information:
  Cash payments for interest                       $   209,877  $   112,036
                                                   ===========  ===========
  Cash payments for income taxes                   $     9,350  $     4,416
                                                   ===========  ===========

Supplemental disclosures of non-cash investing and
 financing activities:
  Issuance of common stock purchase warrants for
   issuance costs of subordinated notes payable    $    38,052  $    46,500
                                                   ===========  ===========
  Issuance of common stock purchase warrants
   related to consulting agreement                 $     4,844  $        --
                                                   ===========  ===========
  Restricted common stock grant                    $        16  $         1
                                                   ===========  ===========
  Capital expenditures financed by capital lease
   obligations                                     $   234,933  $        --
                                                   ===========  ===========

(FOR ADDITIONAL INFORMATION, PLEASE REFER TO THE COMPANY’S ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2012 FILED WITH THE SEC)

For Additional Information, Please Contact:

Stanton E. Ross
CEO
(913) 814-7774
or
RJ Falkner & Company, Inc.
Investor Relations Counsel
(800) 377-9893

Tuesday, March 26th, 2013 Uncategorized Comments Off on Digital Ally, Inc. (DGLY) Announces 2012 Operating Results

Dover Saddlery (DOVR) Announces Fourth Quarter and Full Year 2012 Financial Results

LITTLETON, MA — (Marketwire) — 03/26/13 — Dover Saddlery, Inc. (NASDAQ: DOVR), the leading multichannel retailer of equestrian products, today announced financial results for the fourth quarter and fiscal year ended December 31, 2012.

Fourth quarter results

Total revenues for the fourth quarter of 2012 increased 11.0% to $26.4 million over the same period in the prior year: retail store revenues increased 16.7% to $10.5 million, and direct revenues increased 7.6% to $15.9 million. Same-store sales increased 2.4% in the quarter.

Net income for the quarter increased 39.6% to $895,000, or $0.16 per diluted share, from $641,000 or $0.12 achieved in the corresponding quarter of the prior year. Stephen L. Day, President and Chief Executive Officer, stated, “Our excellent holiday performance is a reflection of the strength of the Dover Saddlery brand as the source for the best selection and service during the all-important gift purchasing season.”

Full Year Results

Total revenues for the fiscal year 2012 increased 6.5% to $86.0 million from $80.8 million achieved during 2011. As a result of the opening of new stores and same-store sales increasing 6.0%, retail store revenues increased 19.9% to $36.5 million. The company opened three Dover Saddlery retail stores during 2012, in Warrington, PA, Medina MN and Raleigh, NC, bringing the total number of retail stores to eighteen. Direct revenues for the fiscal year 2012, decreased 1.7% to $49.5 million, mainly due to consumer uncertainty that led to soft sales in the second and third quarters.

Net income for fiscal 2012 was $1,589,000, or $0.29 per diluted share, compared to $1,724,000 or $0.31 per diluted share achieved in the fiscal year 2011. Adjusted EBITDA for the fiscal year 2012 was $4.6 million, compared to $4.8 million achieved in 2011. A reconciliation of the net income calculated in accordance with GAAP and the non-GAAP Adjusted EBITDA measure is provided in the table accompanying this press release.

Today’s Teleconference and Webcast
Dover Saddlery will be hosting a conference call at 4:30 P.M. ET today to discuss the fourth quarter and full year 2012 results. Investors are invited to listen to the earnings conference call over the Internet through the company’s website at http://investor.shareholder.com/DOVR/. This webcast will be archived for a year.

Forward-Looking Statements

This press release includes “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, including without limitation statements made about the Company’s business outlook for fiscal 2013, the prospects for overall revenue growth, profitability, consumer sentiment and the opening of new stores. All statements other than statements of historical fact included in this press release regarding the company’s strategies, plans, objectives, expectations, and future operating results are forward-looking statements. Although Dover believes that the expectations reflected in such forward-looking statements are reasonable at this time, it can give no assurance that such expectations will prove to have been correct. These forward-looking statements involve significant risks and uncertainties, including those discussed in this release and others that can be found in “Item 1A Risk Factors” of Dover Saddler’s Annual Report on Form 10-K for the fiscal year ended December 31, 2011. Dover Saddlery is providing this information as of this date and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise. No forward-looking statement can be guaranteed and actual results may differ materially from those Dover Saddlery projects.

                   DOVER SADDLERY, INC. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
              (In thousands, except share and per share data)
                                (Unaudited)

                               Three Months Ended      Twelve Months Ended
                              Dec. 31,    Dec. 31,    Dec. 31,    Dec. 31,
                                2012        2011        2012        2011

Revenues, net- direct        $   15,891  $   14,773  $   49,475  $   50,334
Revenues, net - retail
 stores                          10,529       9,020      36,573      30,497
                             ----------  ----------  ----------  ----------
Revenues, net - total            26,420      23,793      86,048      80,831
Cost of revenues                 16,127      14,295      53,350      49,836
                             ----------  ----------  ----------  ----------
Gross profit                     10,293       9,498      32,698      30,995
Selling, general and
 administrative expenses          8,589       8,212      29,255      27,219
                             ----------  ----------  ----------  ----------
Income from operations            1,704       1,286       3,443       3,776
Interest expense, financing
 and other related costs,
 net                                148         127         538         728
Other investment loss, net           55          22          39          18
                             ----------  ----------  ----------  ----------
Income before income tax
 provision                        1,501       1,137       2,866       3,030
Provision for income taxes          606         496       1,277       1,306
                             ----------  ----------  ----------  ----------
Net income                   $      895  $      641  $    1,589  $    1,724
                             ==========  ==========  ==========  ==========

Net income per share
Basic                        $     0.17  $     0.12  $     0.30  $     0.33
                             ==========  ==========  ==========  ==========
Diluted                      $     0.16  $     0.12  $     0.29  $     0.31
                             ==========  ==========  ==========  ==========
Number of shares used in per
 share calculation
Basic                         5,336,000   5,307,000   5,334,000   5,293,000
Diluted                       5,476,000   5,461,000   5,509,000   5,482,000

Other Operating Data:

Number of retail stores(1)           18          15          18          15
Capital expenditures                523         700       2,184       1,384
Gross profit margin                39.0%       39.9%       38.0%       38.3%

(1) Includes seventeen Dover-branded stores and one Smith Brothers store;
    one additional Dover-branded store opened in Raleigh, NC in Q4 2012.

                   DOVER SADDLERY, INC. AND SUBSIDIARIES
              CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
                         (In thousands, unaudited)

                               Three Months Ended      Twelve Months Ended
                               Dec. 31,   Dec. 31,     Dec. 31,   Dec. 31,
                                 2012       2011         2012       2011

Net income                   $       895 $      641  $     1,589 $    1,724
                             ----------- ----------  ----------- ----------
Other comprehensive loss:
  Change in fair value of
   interest rate swap
   contract, net of tax               13         (2)           1       (190)
                             ----------- ----------  ----------- ----------
Total comprehensive income   $       908 $      639  $     1,590 $    1,534
                             =========== ==========  =========== ==========

                   DOVER SADDLERY, INC. AND SUBSIDIARIES
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                         (In thousands, unaudited)
                                                      Dec. 31,    Dec. 31,
                                                        2012        2011
ASSETS
Current assets:
  Cash and cash equivalents                          $      299  $      313
  Accounts receivable                                     1,778         811
  Inventory                                              19,915      19,383
  Prepaid catalog costs                                     784       1,273
  Prepaid expenses and other current assets               1,116         896
  Deferred income taxes                                     595         261
                                                     ----------  ----------

Total current assets                                     24,487      22,937

Net property and equipment                                5,034       3,667

Other assets:
  Deferred income taxes                                   1,196       1,018
  Intangibles and other assets, net                         784         571
                                                     ----------  ----------
Total other assets                                        1,980       1,589
                                                     ----------  ----------
Total assets                                         $   31,501  $   28,193
                                                     ==========  ==========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Current portion of capital lease obligations and
   outstanding checks                                $      337  $    1,100
  Current Portion - Term Note                               589           -
  Accounts payable                                        1,837       2,201
  Accrued expenses and other current liabilities          7,146       5,741
  Income taxes payable                                      860         308
                                                     ----------  ----------
Total current liabilities                                10,769       9,350

Long-term liabilities:
  Revolving line of credit                                1,515         987
  Term note                                               4,911       5,500
  Capital lease obligation, net of current portion          121          16
  Interest rate swap contract                               320         322
                                                     ----------  ----------
Total long-term liabilities                               6,867       6,825
Stockholders' equity:
  Common stock, par value $0.0001 per share;
   15,000,000 shares authorized; 6,133,343 and
   6,128,603 issued and 5,337,478 and 5,332,738
   outstanding as of December 31, 2012 and 2011,
   respectively                                               1           1
  Additional paid in capital                             45,973      45,716
  Treasury stock, 795,865 shares at cost                 (6,082)     (6,082)
  Other comprehensive loss                                 (189)       (190)
  Accumulated deficit                                   (25,838)    (27,427)
                                                     ----------  ----------
  Total stockholders' equity                             13,865      12,018
                                                     ----------  ----------
  Total liabilities and stockholders' equity         $   31,501  $   28,193
                                                     ==========  ==========

Non-GAAP Financial Measures and Information

From time to time, in addition to financial results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company provides financial information determined by methods other than in accordance with GAAP. The Company’s management uses these non-GAAP measures in its analysis of the Company’s performance and ongoing operations. The Company believes that these non-GAAP operating measures supplement our GAAP financial information and provide useful information to investors for evaluating the Company’s operating results and trends that may be affecting the Company’s business, as they allow investors to more readily compare our operations to prior financial results and our future performance. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

When we use the term “Adjusted EBITDA”, we are referring to net income minus interest income, investment income and other income plus interest expense, income taxes, non-cash stock-based compensation, depreciation, amortization and other investment loss. We present Adjusted EBITDA because we consider it an important measure of our performance, and the Company ties its executive and employee bonus pools directly to this measure. We also believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

The following table reconciles net income to Adjusted EBITDA (in thousands):

                                Three Months Ended     Twelve Months Ended
                               Dec. 31,    Dec. 31,    Dec. 31,    Dec. 31,
                                 2012        2011        2012        2011

Net income                   $      895* $       641 $   1,589** $     1,724
Depreciation                         249         193         873         747
Amortization of intangible
 assets                               20           -          57           5
Stock-based compensation              65          56         251         242
Interest expense, financing
 and other related costs,
 net                                 148         127         538         728
Other investment loss, net            55          22          39          18
Provision for income taxes           606         496       1,277       1,306
                             ----------- ----------- ----------- -----------
Adjusted EBITDA              $    2,038* $     1,535 $   4,624** $     4,770
                             =========== =========== =========== ===========

(*)  Includes gift card breakage income of $43,088 for the three months
     ended December 31, 2012. There was no breakage recorded for the same
     period in 2011.
(**) Includes the cumulative impact of the change in gift card breakage
     income of $684,007 recorded in the first quarter of 2012 and current
     year breakage income for the twelve months ended December 31, 2012 of
     $172,350. There was no breakage recorded for the same period in 2011.

Janet Nittmann
Email Contact

Tuesday, March 26th, 2013 Uncategorized Comments Off on Dover Saddlery (DOVR) Announces Fourth Quarter and Full Year 2012 Financial Results

Envivio (ENVI) Reports Fourth Quarter and Fiscal 2013 Financial Results

SOUTH SAN FRANCISCO, Calif., March 26, 2013 (GLOBE NEWSWIRE) — Envivio (Nasdaq:ENVI), a leading provider of live and on-demand multi-screen IP video processing and delivery solutions, today announced financial results for the fourth quarter and fiscal year 2013 ended January 31, 2013.

Financial Highlights

  • Revenue for the fourth quarter of fiscal 2013 was $7.7 million, compared to $7.2 million in the third quarter of fiscal 2013 and $15.5 million in the fourth quarter of fiscal 2012. Revenue for fiscal 2013 was $39.1 million, compared to $50.6 million in fiscal 2012.
  • GAAP net loss for the fourth quarter of fiscal 2013 was $4.9 million, or $0.18 per share, compared to net loss of $5.6 million, or $0.21 per share, in the third quarter of fiscal 2013 and net income of $754,000, or $0.00 per share, in the fourth quarter of fiscal 2012. GAAP net loss for fiscal 2013 was $16.9 million, or $0.72 per share, compared to net income of $138,000, or $0.00 per share in fiscal 2012.
  • Non-GAAP net loss for the fourth quarter of fiscal 2013 was $4.1 million, or $0.15 per share, compared to net loss of $4.9 million, or $0.18 per share, in the third quarter of fiscal 2013 and net income of $1.2 million, or $0.00 per share, in the fourth quarter of fiscal 2012. Non-GAAP net loss for fiscal 2013 was $14.1 million, or $0.60 per share, compared to net income of $1.8 million, or $0.00 per share in fiscal 2012.
  • As of January 31, 2013, Envivio had cash, cash equivalents and short-term investments of $54.9 million.

A reconciliation of the difference between these non-GAAP financial measures with the most directly comparable GAAP measures, as well as a description of the items excluded from the non-GAAP measures, is included in the financial information portion of this press release.

“While we continue to see delays in spending for multi-screen video processing solutions, partly due to a weak macroeconomic environment, we made progress this quarter in positioning ourselves to address these challenges,” said Julien Signès, President and CEO, Envivio. “We restructured our sales force which included the appointment of our new senior vice president of global sales and service and we focused on execution in the broader, Pay TV video processing market, while prudently investing in our multi-screen technology for long-term growth.”

Business Highlights

  • Ira Goldfarb was appointed Senior Vice President of Global Sales and Service.
  • Envivio announced its HEVC Early Access Program for customers seeking to implement HEVC (H.265) encoding and its collaboration with Broadcom to provide encoder and decoder interoperability. This collaboration enables faster time to market for service providers seeking to roll out HEVC services for OTT or Pay TV services in the coming months.
  • Totalplay Telecomunicaciones SA, a cable and IPTV service provider in Mexico, deployed Envivio Muse encoders for its live and on-demand video services.
  • Wasu Media Group, a cable and new media service provider in Huangzhou province, China, has selected Envivio Muse™ transcoders on the 4Caster™ appliance for its cable and multi-screen services.
  • Envivio and Vinson deployed an integrated mobile TV solution for three broadcasters in Belgium. The combined solution — incorporating Envivio software-based encoding and the Vinson app for navigation and social media integration — offers viewers premium quality video and a new television experience on mobile devices.
  • Envivio underscored its leadership in the development of next-generation software-based solutions at CABSAT 2013 in Dubai, TV Connect in London and CCBN in Beijing through technology demonstrations of HEVC compression and showcasing its range of video convergence technologies including Envivio Muse and Envivio Halo™.
  • At NAB 2013, a key industry event taking place April 8-11 in Las Vegas, Envivio will feature a variety of next-generation technology demonstrations, including HEVC and Ultra HD (4K) television, as well as introduce new products for advanced software-based video processing.

Conference Call Information

Envivio will host an investor conference call and live webcast today, March 26, 2013, at 5:00 p.m. EDT (2:00 p.m. PDT) to discuss its financial results for the fourth quarter and fiscal year ended January 31, 2013. To access the conference call, dial 877-941-1427, using conference code 4607258. Callers outside the U.S. and Canada should dial 480-629-9664, using conference code 4607258. A replay of the conference call will be available through Tuesday, April 2, 2013. To access the replay, please dial 800-406-7325 and enter pass code 4607258. Callers outside the U.S. and Canada should dial 303-590-3030 and enter pass code 4607258. The live webcast will be accessible on Envivio’s investor relations website at http://ir.envivio.com and will be archived and available on this site for at least three months.

Non-GAAP Financial Measurements

This news release dated March 26, 2013 contains non-GAAP financial measures. Tables are provided in this news release that reconcile the non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share.

To supplement the Company’s consolidated financial statements presented on a GAAP basis, management believes that these non-GAAP measures provide useful information about the Company’s core operating results and thus are appropriate to enhance the overall understanding of the Company’s past financial performance and its prospects for the future.  Management is excluding from its non-GAAP operating results Financial Accounting Standards Board ASC 718 (FAS 123R) stock-based compensation. Management uses these non-GAAP measures to evaluate the Company’s financial results, and believes these measures provide useful information to investors. For its internal budgeting process, management also uses financial statements that do not include, when applicable, stock-based compensation expense. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors a more complete understanding of the Company’s underlying operational results, trends and performance.  The presentation of additional information is not meant to be considered in isolation or as a substitute for or superior to financial results determined in accordance with GAAP.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements about prudently investing in Envivio’s multi-screen services for long-term growth. Actual results may vary materially due to a number of factors including, but not limited to, the risk that, upon completion of further closing procedures, that the financial results for the fourth quarter and fiscal 2013 are different than the results set forth in this press release, unexpected changes in Envivio’s business, changes in capital spending in the markets Envivio serves, disruption with existing or the failure to develop new relationships with channel partners, the ability of new members of management and Envivio’s sales team to integrate quickly and effectively contribute to Envivio’s sales performance, unpredictable sales cycles, failure to develop new and enhanced products in a timely manner, the loss of a key customer, the loss of Envivio’s sole source manufacturer, the loss of a key supplier, claims of technology infringement, general economic conditions and other risks detailed from time to time in Envivio’s SEC reports. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Envivio undertakes no obligation to publicly release or otherwise disclose the result of any revision to these forward-looking statements that may be made as a result of events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

About Envivio

Envivio (Nasdaq:ENVI) is a leader in solutions for multi-screen video processing and delivery. Envivio solutions remove the boundaries of traditional television and make the world’s video content universally enjoyable by all viewers, on any device, across any network, at any time. Now in its second decade of developing market-leading video convergence solutions, Envivio powers services for more than 300 content and service provider customers around the world, including eight of the top 10 mobile operators, nine of the top 10 broadband providers and three of the top four US cable operators. Envivio is headquartered in South San Francisco, California and has offices worldwide including France, England, China, Singapore and Japan. Visit www.envivio.com for more information.

ENVIVIO, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(UNAUDITED)
January 31, January 31,
2012 2013
(in thousands)
Assets
Current assets:
Cash and cash equivalents $ 27,405 $ 51,344
Short-term investments 3,517
Accounts receivable, net of allowance for doubtful accounts 8,499 8,376
Inventory 108 708
Prepaid expenses and other assets 2,456 2,891
Deferred inventory costs, current 1,547 318
Total current assets 40,015 67,154
Property and equipment, net 3,016 5,003
Deferred inventory costs, net of current portion 100
Other assets 1,447 216
Total assets $ 44,578 $ 72,373
Liabilities, convertible preferred stock and stockholders’ equity (deficit)
Current liabilities:
Accounts payable $ 7,035 $ 4,953
Accrued compensation 4,615 3,395
Accrued liabilities 929 1,271
Deferred revenue, current 7,257 3,298
Line of credit 1,000
Total current liabilities 20,836 12,917
Deferred revenue, net of current portion 1,400 1,360
Warrant liability 103
Other non-current liabilities 1,163 1,661
Deferred rent 874
Total liabilities 23,502 16,812
Convertible preferred stock 47,764
Stockholders’ equity (deficit):
Common stock 13 27
Additional paid-in capital 52,954 152,167
Accumulated other comprehensive loss (825) (868)
Accumulated deficit (78,830) (95,765)
Total stockholders’ equity (deficit) (26,688) 55,561
Total liabilities, convertible preferred stock and stockholders’ equity (deficit) $ 44,578 $ 72,373
ENVIVIO, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(UNAUDITED)
Three Months Ended Year Ended January 31,
(in thousands, except for per share amounts)
January 31, 2012 October 31, 2012 January 31, 2013 2011 2012 2013
Revenues $ 15,522 $ 7,219 $ 7,701 $ 30,004 $ 50,646 $ 39,099
Cost of revenue 5,460 2,548 3,187 11,504 18,492 14,993
Gross profit 10,062 4,671 4,514 18,500 32,154 24,106
Expenses
Research and development 1,867 2,057 1,499 5,152 6,728 7,589
Sales and marketing 4,982 5,167 4,816 8,886 16,206 21,359
General and administrative 2,214 2,964 3,016 6,449 8,561 11,730
Total operating expenses 9,063 10,188 9,331 20,487 31,495 40,678
Income (loss) from operations 999 (5,517) (4,817) (1,987) 659 (16,572)
Interest income (expense), net (36) 32 37 (270) (134) 84
Other income (expense), net (20) 30 15 (61) 237 (72)
Income (loss) before provision for income taxes 943 (5,455) (4,765) (2,318) 762 (16,560)
Provision for income taxes 189 112 88 167 624 375
Net income (loss) 754 (5,567) (4,853) (2,485) 138 (16,935)
Deemed dividend on convertible preferred stock (2,286)
Accretion of redeemable convertible preferred stock (5) (5)
Noncumulative dividends to convertible preferred shareholders (749) (133)
Net loss attributable to common stockholders (5,567) (4,853) (4,771) (16,935)
Net loss per share of common stock, basic and diluted $ — $ (0.21) $ (0.18) $ (0.58) $ (0.72)
Shares used in computing net loss per share of common stock, basic and diluted 13,169,608 26,920,518 26,931,071 8,203,001 13,123,524 23,577,491
ENVIVIO, INC. AND SUBSIDIARIES
Reconciliation of Net Income to Non-GAAP Net Income
(UNAUDITED)
Three Months Ended Year Ended January 31,
(in thousands, except for per share amounts)
January 31, 2012 October 31, 2012 January 31, 2013 2012 2013
GAAP net income (loss) $ 754 (5,567) $ (4,853) $ 138 $ (16,935)
Adjustments:
Stock-based compensation $ 439 668 $ 721 $ 1,651 $ 2,833
Non-GAAP net income (loss) $ 1,193 (4,899) $ (4,132) $ 1,789 $ (14,102)
Accretion of redeemable convertible preferred stock $ (5) $ — $ (5) $ —
Noncumulative dividends to convertible preferred shareholders $ (1,188) $ — $ (1,784) $ —
Non-GAAP net loss attributable to common stockholders $ — (4,899) $ (4,132) $ — $ (14,102)
Non-GAAP net loss per share of common stock, basic and diluted $ — (0.18) $ (0.15) $ — $ (0.60)
Shares used in computing net income (loss) per share of common stock, basic and diluted 13,169,608 26,920,518 26,931,071 13,123,524 23,577,491
CONTACT: Envivio
         Sarah Lum
         pr@envivio.com
         +1.650.243.2710

         The Blueshirt Group
         Investor Relations for Envivio
         Alice Kousoum and Cynthia Hiponia
         ir@envivio.com
         +1.650.243.2702

company logo

Tuesday, March 26th, 2013 Uncategorized Comments Off on Envivio (ENVI) Reports Fourth Quarter and Fiscal 2013 Financial Results

Venaxis (APPY) Pivotal U.S. Study – EU Market Development for Blood-based Appendicitis Test

CASTLE ROCK, Colo., March 26, 2013 /PRNewswire/ — Venaxis, Inc. (Nasdaq: APPY), an in vitro diagnostic company focused on obtaining FDA clearance and commercializing its rapid, protein biomarker-based appendicitis test, APPY1, today provided an update on its clinical and commercial activities.  The Company continues to enroll patients into its ongoing pivotal U.S. clinical study of APPY1, as well as make strong progress on its European market development initiatives.

Steve Lundy, Chief Executive Officer of Venaxis, commented, “We identified a number of significant milestones for 2013 and during the recent months have begun achieving them, including initiation of our pivotal study for APPY1, which we anticipate, upon completion, will support filing for regulatory clearance with the FDA.  We also obtained CE Marking for APPY1, and we commenced an initial launch of the product for market development purposes in Europe.  As we expected, 2013 has been characterized so far by continued progress on these critical initiatives.  We are encouraged by our successful execution to date and we plan to remain focused and diligent so that we can reach the important milestones to come.”

Enrollment into the APPY1 pivotal U.S. clinical study is expected to continue across the 28 participating hospital sites throughout much of 2013.  Based on current projections, the Company anticipates completing the study and potentially filing with the FDA for regulatory clearance of APPY1 by year end 2013.

Following CE Marking of APPY1 in January, Venaxis successfully executed market development agreements with MOSS S.p.A., which is based near Milan, to cover Italy; Istanbul-based SAVAS Medikal Inc. to cover hospitals in Turkey; and Netherlands-based EMELCA Bioscience, covering hospitals in the Benelux countries.  Pursuant to these agreements, strategic market development activities have commenced those regions and Venaxis anticipates announcing additional agreements in the near term that cover the additional targeted EU territories.

The Company also strengthened its balance sheet with an underwritten public offering in late 2012, for which Venaxis received approximately $4.7 million in total gross proceeds, including full exercise of the underwriter’s over-allotment option.  The Company ended the year with $12.1 million in cash, cash equivalents and short-term investments, which Venaxis believes is sufficient to complete the ongoing U.S. pivotal trial, as well as advance the market development activities in Europe.

Mr. Lundy concluded, “We have emerged successfully from 2012 as a pure-play in vitro diagnostics company with sufficient capital to advance our new and innovative diagnostic product that we believe fulfills an important need in the emergency care market.  As study enrollment continues to ramp in the U.S. and we continue to gain traction and gather market intelligence in Europe, we look forward to providing timely updates on our key achievements.”

Conference Call Information
The Company has scheduled its quarterly conference call and webcast for today, March 26, 2013, at 4:30 p.m. ET.  Interested participants and investors may access the conference call by dialing 1-800-860-2442 (U.S.), 1-866-605-3852 (Canada) or 1-412-858-4600 (international).  A live audio webcast will be accessible via the Investor Relations section of the Venaxis web site, ir.venaxis.com.

A telephonic replay of the call will be available for 30 days beginning at 8:00 p.m. ET on March 26, 2013.  Access numbers for this replay are 1-877-344-7529 (U.S./Canada) and 1-412-317-0088 (international); conference ID: 10026445.  The webcast replay will remain available in the Investors Relations section of the Venaxis web site for 30 days.

About Venaxis, Inc.
Venaxis, Inc. is an in vitro diagnostic company focused on the clinical development and commercialization of its rapid, protein biomarker-based appendicitis test, APPY1.  This unique appendicitis test has projected high sensitivity and negative predictive value and is being developed to aid in the identification of patients at low risk for acute appendicitis, allowing for more conservative patient management.  APPY1 is CE Marked in Europe and is being developed in the U.S. initially for pediatric, adolescent and young adult patients with abdominal pain, as this population is at the highest risk for appendicitis and has the highest risk of long-term health effects associated with CT imaging.  While FDA clearance is being sought, an initial launch for APPY1 is ongoing in select European territories.  For more information, visit www.venaxis.com.

Forward-Looking Statements
This press release includes “forward-looking statements” of Venaxis, Inc. (“Venaxis”) as defined by the Securities and Exchange Commission (“SEC”). All statements, other than statements of historical fact, included in this press release that address activities, events or developments that Venaxis believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors Venaxis believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Venaxis. Investors are cautioned that any such statements are not guarantees of future performance. Actual results or developments may differ materially from those projected in the forward-looking statements as a result of many factors, including our ability to successfully complete required product development and modifications in a timely and cost effective manner, complete clinical trial activities for APPY1 required for FDA submission, obtain FDA clearance or approval, maintain CE Marking, cost effectively manufacture and generate revenues from APPY1 at a profitable price point, execute agreements required to successfully advance the company’s objectives, retain the management team to advance the products, overcome adverse changes in market conditions and the regulatory environment, obtain and enforce intellectual property rights, and realize value of intangible assets. Furthermore, Venaxis does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the risk factors contained in Venaxis’ recent filings with the SEC, including its Form 10-K for the year ended December 31, 2012, filed on March 26, 2013.

For Investors and Media:
Tiberend Strategic Advisors, Inc.
Joshua Drumm, PhD
jdrumm@tiberend.com; (212) 375-2664
Jason Rando
jrando@tiberend.com; (212) 375-2665

Tuesday, March 26th, 2013 Uncategorized Comments Off on Venaxis (APPY) Pivotal U.S. Study – EU Market Development for Blood-based Appendicitis Test

PokerTek (PTEK) and Carnival Corporation & plc Enter into 5-Year Contract

MATTHEWS, N.C., March 26, 2013 /PRNewswire/ — PokerTek, Inc. (Nasdaq: PTEK) today announced the Company has renewed its contract with Carnival Corporation & plc through December 2017.

“Carnival Corporation & plc has been a great business partner over the past 6 years, and we are pleased to renew and extend our relationship with the world’s largest cruise operator,” said Mark Roberson, PokerTek’s Chief Executive Officer.

“We look forward to providing passengers aboard Carnival Cruise Lines, Holland America Line, Princess Cruises, Costa Cruises, Cunard and P&O Cruises with exceptional gaming experiences for many years to come.”

“We have enjoyed a fruitful business partnership with PokerTek over the last several years and look forward to continuing to build on this success,” said Paul Jarvis, Vice President of Casino Operations for Carnival Corporation & plc.

About Carnival Corporation & plc:
Carnival Corporation & plc is the largest cruise company in the world, with a portfolio of cruise brands in North America, Europe, Australia and Asia, comprised of Carnival Cruise Lines, Holland America Line, Princess Cruises, Seabourn, AIDA Cruises, Costa Cruises, Cunard, Ibero Cruises, P&O Cruises (Australia) and P&O Cruises (UK).  Together these brands operate 100 ships totaling 203,000 lower berths.

About PokerTek, Inc.:
PokerTek, Inc. (NASDAQ:PTEK) (www.pokertek.com) is a licensed gaming company headquartered in Matthews, NC that develops and distributes electronic table games solutions for the gaming industry. The company’s products are installed worldwide, and include PokerPro®, Blackjack Pro™ and EZ Baccarat™. For more information, visit: www.pokertek.com.

Contact:

Mark Roberson
Chief Executive Officer
PokerTek, Inc.
704.849.0860, x101
investorrelations@pokertek.com

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are made in accordance with the Private Securities Litigation Reform Act of 1995. Our actual results may differ materially from those implied in these forward-looking statements as a result of many factors, including, but not limited to, the impact of global macroeconomic and credit conditions on our business and the business of our suppliers and customers, overall industry environment, customer acceptance of our products, delay in the introduction of new products, further approvals of regulatory authorities, adverse court rulings, production and/or quality control problems, the denial, suspension or revocation of permits or licenses by regulatory or governmental authorities, termination or non-renewal of customer contracts, competitive pressures, and our financial condition, including our ability to maintain sufficient liquidity to operate our business. These and other risks and uncertainties are described in more detail in our most recent annual report on Form 10-K and other reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. We undertake no obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by applicable laws, and you are urged to review and consider disclosures that we make in the reports that we file with the Securities and Exchange Commission that discuss other factors germane to our business.

Tuesday, March 26th, 2013 Uncategorized Comments Off on PokerTek (PTEK) and Carnival Corporation & plc Enter into 5-Year Contract

Navarre (NAVR) to Present at the 25th Annual ROTH Conference on March 19, 2013

MINNEAPOLIS, March 4, 2013 (GLOBE NEWSWIRE) — Navarre (Nasdaq:NAVR), a vertically integrated, multi-channel platform of e-commerce services and distribution solutions for retailers and manufacturers, has been invited to present at the ROTH Capital Partners 25th Annual Conference being held on March 17-20, 2013 at The Ritz-Carlton, Laguna Niguel in Dana Point, California.

Navarre’s management is scheduled to present on Tuesday, March 19, 2013 at 8:00 a.m. Pacific time, with one-on-one meetings held throughout the day.

For more information about the conference or to schedule a one-on-one meeting with Navarre’s management, please contact your ROTH representative at 1-800-933-6830 or via e-mail at oneononerequests@roth.com.

About ROTH Capital Partners

ROTH Capital Partners, LLC (ROTH) is a relationship-driven investment bank focused on serving emerging growth companies and their investors. As a full-service investment bank, ROTH provides capital raising, M&A advisory, analytical research, trading, market-making services and corporate access. Headquartered in Newport Beach, CA, ROTH is privately-held and employee owned, and maintains offices throughout the U.S. and Hong Kong. For more information on ROTH, please visit www.roth.com.

About Navarre Corporation

Founded in 1983, Navarre® provides a vertically integrated, multi-channel platform of e-commerce services and distribution solutions to retailers and manufacturers. The company uniquely offers retail distribution programs, web site development and hosting, customer care, e-commerce fulfillment, and third party logistics services. For additional information, please visit the company’s website at www.Navarre.com.

The Navarre Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6839

CONTACT: Investor Relations
         Liolios Group, Inc.
         Cody Slach
         949-574-3860
         NAVR@Liolios.com

Navarre Corporation Logo

Monday, March 25th, 2013 Uncategorized Comments Off on Navarre (NAVR) to Present at the 25th Annual ROTH Conference on March 19, 2013

ZaZa Energy (ZAZA) JV with Large Independent to Further Develop Eaglebine

Joint venture partner to carry ZaZa on up to the first nine wells and make substantial cash payment Joint venture partner to operate three-phase roll-out covering all of ZaZa’s acreage, save and except 19K net acres retained 100% by ZaZa in the middle of the block adjacent to recent discoveries

ZaZa Energy Corporation (“ZaZa” or the “Company”)(NASDAQ: ZAZA) today announced that it has signed a Joint Exploration and Development Agreement (the “Agreement”) with one of the largest independent crude oil and natural gas companies in the United States to further develop ZaZa’s Eaglebine assets.

Under the terms of the Agreement, ZaZa’s joint venture partner will receive up to a 75% working interest in up to 55K net acres and operate the JV acreage comprising 73K of ZaZa’s 92K net mineral acres. ZaZa will retain a 25% working interest in the 73K acres. These assets include certain lands located in Walker, Grimes, and Madison, Trinity and Montgomery Counties, Texas, which are wholly owned by ZaZa, and also incorporate certain properties that are covered within the Participation Agreement with Range Texas Production, LLC, a wholly-owned subsidiary of Range Resources Corporation.

Early-stage drilling preparations are already underway for the first two (2) JV wells and the Company expects that the joint venture partner will have drilled the first three (3) earning wells by January 2014.

According to Todd A. Brooks, ZaZa’s President and CEO, “Partnering with one of the largest unconventional oil focused operators in the country validates the Eaglebine work program that has been executed by ZaZa to date. Our new joint venture will benefit from economies of scale and focus on optimizing field development and accelerating production at a reduced cost.”

The development program consists of three phases, each covering a three well drilling program plus associated cash payments. Phases two and three are electable by our partner upon satisfaction of the preceding phase’s work obligations.

About ZaZa Energy Corporation

Headquartered in Houston, Texas, with offices in Corpus Christi, Texas and Paris, France, ZaZa Energy Corporation is a publicly traded exploration and production company with primary assets in the Eagle Ford and Eaglebine resource plays in Texas. More information about the Company may be found at www.zazaenergy.com.

Safe Harbor Statement

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “forecasts” and similar references to future periods. These statements include, but are not limited to, statements about ZaZa’s ability to execute on exploration, production and development plans, estimates of reserves, estimates of production, future commodity prices, exchange rates, interest rates, geological and political risks, drilling risks, product demand, transportation restrictions, actual recoveries of insurance proceeds, the ability of ZaZa to obtain additional capital, and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission. While forward-looking statements are based on our assumptions and analyses that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance and financial condition to differ materially from our expectations. See “Risk Factors” in most recent filings with the Securities and Exchange Commission for a discussion of risk factors that affect our business. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development, or otherwise, except as may be required by law.

Monday, March 25th, 2013 Uncategorized Comments Off on ZaZa Energy (ZAZA) JV with Large Independent to Further Develop Eaglebine

Crossroads Systems (CRDS) Announces $8.6 Million Private Placement

AUSTIN, TX — (Marketwire) — 03/25/13 — Crossroads Systems, Inc. (NASDAQ: CRDS), a global provider of data archive solutions, today announced that it has entered into a securities purchase agreement with certain accredited investors for a private placement of 4,231,654 shares of Crossroads’ newly designated 5.0% Series F Convertible Preferred Stock (“Convertible Preferred”) and warrants to purchase 2,115,829 shares of its common stock. The Convertible Preferred and warrants will be sold in units, with each unit consisting of (i) one share of Convertible Preferred; and (ii) warrants to purchase shares of Crossroads’ common stock equal to one-half of the number of shares of Convertible Preferred purchased. Each unit will be sold at a price of $2.0625 per unit, resulting in proceeds to Crossroads of approximately $8.6 million, before deducting placement agent fees.

The Convertible Preferred is convertible to common stock at an initial conversion price of $2.0625 per share, subject to certain ownership limitations and anti-dilution adjustments. The dividend rate on the Convertible Preferred is 5% per annum, subject to certain registration conditions, payable semi-annually, at Crossroads’ option in cash, common stock or a combination of both.

Subject to certain ownership limitations, the warrants are exercisable for a period starting on the date that is the later of (a) six months following the closing date of the private placement or (b) the date of the next annual meeting of the stockholders of Crossroads, and will expire on the fifth anniversary of the closing date of the private placement. The warrants have an initial exercise price of $2.00 and are subject to certain anti-dilution adjustments.

The private placement is expected to close on or about Monday, March 25, 2013, subject to the satisfaction of customary closing conditions. The Company will use the net proceeds for general working capital purposes.

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The securities were offered only to accredited investors.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.

About Crossroads Systems
Crossroads Systems, Inc. (NASDAQ: CRDS) is a global provider of data archive solutions. Through the innovative use of new technologies, Crossroads delivers customer-driven solutions that enable proactive data security, advanced data archiving, optimized performance and significant cost-savings. Founded in 1996 and headquartered in Austin, TX, Crossroads holds more than 100 patents and has been honored with numerous industry awards for data archiving, storage and protection. Visit www.crossroads.com.

Important Cautions Regarding Forward-Looking Statements
This press release includes forward-looking statements that relate to the business and future events or future performance of Crossroads Systems, Inc. and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “likely,” “will,” “would,” “could,” and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about Crossroads Systems’ ability to implement its business strategy, including the transition from a hardware storage company to a software solutions and services provider, its ability to expand its distribution channels, its ability to maintain or broaden relationships with existing distribution channels and strategic alliances and develop new industry relationships, the performance of third parties in its distribution channels and of its strategic alliances, uncertainties relating to product development and commercialization, the ability to obtain, maintain or protect patent and other proprietary intellectual property rights, technological change in its industry, market acceptance of its products and services, future capital requirements, regulatory actions or delays, competition in general and other factors that may cause actual results to be materially different from those described herein. Forward-looking statements in this press release are based on management’s beliefs and opinions at the time the statements are made. Crossroads Systems does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.

©2013 Crossroads Systems, Inc. Crossroads and Crossroads Systems are registered trademarks of Crossroads Systems, Inc. All trademarks are the property of their respective owners. All specifications are subject to change without notice.

Company Contacts:
Jennifer Crane
Crossroads Systems
Email Contact
512.928.6897 or 800.643.7148

Press Contact:
Matthew Zintel
Zintel Public Relations
Email Contact
281.444.1590

Investor Contact:
Mark Hood
Crossroads Systems
Email Contact

Monday, March 25th, 2013 Uncategorized Comments Off on Crossroads Systems (CRDS) Announces $8.6 Million Private Placement

Bovie (BVX) Continues To Receive Positive Responses For Its J-Plasma™ Technology

Company Continues to See Strong Sales Potential for J-Plasma™

MELVILLE, N.Y., March 25, 2013 /PRNewswire/ — Bovie Medical Corporation (NYSE AMEX: BVX) (the “Company”) a manufacturer and marketer of electrosurgical products, is pleased to report that it continues to receive increasing numbers of highly favorable responses and praise for its J-Plasma™ technology from leading surgeons and medical professionals.

J-Plasma™ utilizes a gas ionization process producing a stable thin beam of ionized gas emitted from the J-Plasma™ handpiece that can be controlled in a wide range of temperatures and intensities, providing the surgeon great precision, minimal invasiveness and an absence of conductive currents during surgery. Currently, there are five patents issued on J-Plasma™ and another six pending.

To date, over 100 surgeries have been performed on procedures such as Myomectomy, Ovarian Cyst, Endometriosis, Bowel Resection, Adhesiolysis, Robotic Assisted Hysterectomy, Hernia, LAVH, Ectopic, Abdominoplasty, Anterior/Posterior Repair and Breast Augmentation by Gynecologist, General Surgeons, and Plastic Surgeons on patients during surgeries in hospital settings, as well as, Urologists in laboratory settings, with excellent results.

J-Plasma™ continues to receive great support from influential surgeons across the country, further bolstering the positive results already achieved. While the Company is energetically pursuing the field of gynecological surgery, it anticipates entries into specialties such as oncology, dermatology, ENT and others, prompted by positive surgeon reactions in those specialties.

As indicated, leading surgeons have been generous in their praise of J-Plasma™ and the Company is pleased to list some noteworthy comments by surgeons:

  • A well known surgeon in the Western U.S. suggested that, “J-Plasma™ will be a household name by next year.”
  • A Tennessee gynecology surgeon commented, “You saved me 45 minutes and I honestly don’t think there is a product on the market that would do what I just did.”
  • A gynecology surgeon in Nevada stated, “J-Plasma™ saved me at least an hour on this myomectomy.  It was much faster than what we usually use.”
  • A gynecology surgeon in Tampa: “You guys finally came up with something that all of us (surgeons) have been looking for… it solves a lot of problems in a safe affordable manner.”
  • A general surgeon in Nashville commented that, “I usually have a lot of fear when I activate an instrument near the bowel, but after using J-Plasma™ for twenty minutes, that fear is gone.”
  • A gynecology surgeon in Pennsylvania offered, “This thing is great. It went through muscle, the uterus and ligaments without effort and with no charring.”

There are 20 hospitals permitting J-Plasma™ usage on patients with 11 of those hospitals already giving approval for the purchase of J-Plasma™. The remaining 9 hospitals are in the evaluation process and purchasing approvals are expected to be granted in the coming months. In addition, there are another 30 in the committee process and we continue to add to this number weekly.

In order to affect a sale, hospitals require a two-committee approach of first giving consent to use the product on patients, followed by approval from a purchasing committee.  Although the process can be lengthy, the Company fully expects additional approvals to be forthcoming.  The Company estimates that the potential for increasing sales is evidenced by the number of surgeons who perform multiple procedures monthly.

Currently, 54 Bovie Medical sales reps blanket a substantial part of the U.S. and report strong interest in the J-Plasma™.  The Company continues to add and train representatives on a weekly basis and it is anticipated that the Company will eventually have 120 representatives throughout the U.S.

Company management believes that although sales to date are in their early stages, due to the lengthy committee approval and evaluation process, J-Plasma’s™ benefits, coupled with hospital purchasing committee approvals and continued surgeon exposure, should result in a medical success for Bovie Medical with a goal of potential sales in the tens of millions.

Additionally, leading surgeons in the West and Southeast are currently conducting teaching labs and courses for varied uses of J-Plasma™ for both surgeons and sales representatives. Bovie will also be attending multiple conferences that specifically target minimally invasive surgeons, including conferences ACOG, SLS, and AAGL commencing in May and continuing for the rest of the year.

Jeff Rencher, Vice President of Sales and Marketing, stated, “We are pleased and enthused with the overwhelming positive feedback we have received from well recognized and established surgeons who are now committed J-Plasma users.” He also stated, “We are very confident that our state-of-the-art technology has the capability to become a commonplace fixture in hospitals and outpatient surgery centers.”

About Bovie Medical Corp.

Bovie Medical Corporation is actively engaged in the business of manufacturing and marketing a variety of electrosurgical medical products as well as developing related technologies and products. Recently, greater effort and resources have been directed towards manufacturing electrosurgical generators which are primarily used for outpatient surgical procedures. Bovie continues the ongoing development of battery operated cauteries, vessel sealing instruments and high-powered generators for operating room use.

For further information about the Company’s current and new products, please refer to the Investor Relations section of Bovie’s website www.boviemed.com.

Cautionary Note on Forward-Looking Statements

Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws.  Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.  Many of these factors are beyond the Company’s ability to control or predict.  Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings with the Securities and Exchange Commission including the Company’s Report on Form 10‑K for the year ended December 31, 2010.  For forward-looking statements in this new release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

For further information contact:

Bovie Medical Investor Relations and Shareholder Information
Joseph M. Vazquez III
Phone: (800) 448-7097
Email: infinityglobalconsulting@gmail.com

Monday, March 25th, 2013 Uncategorized Comments Off on Bovie (BVX) Continues To Receive Positive Responses For Its J-Plasma™ Technology

Stereotaxis (STXS) Receives Regulatory Approval of Niobe(R) Technology in Japan

ST. LOUIS, March 25, 2013 (GLOBE NEWSWIRE) — Stereotaxis, Inc. (Nasdaq:STXS) announced today that it has received regulatory approval of its Niobe® remote magnetic technology for cardiac ablations in Japan, a critical milestone in securing full market entry into the country. This approval allows the Company to begin marketing efforts, including establishing a local business infrastructure with in-country distributors, while working on obtaining reimbursement approval for full market entry, or the ability to initiate sales. Reimbursement approval is expected by the end of 2013.

Approval by the Pharmaceuticals and Medical Devices Agency, Japan’s equivalent to the U.S. Food and Drug Administration, follows a successful three-year clinical trial of the Niobe system at the Tokyo Women’s Medical University. The clinical trial was led by Dr. Morio Shoda and supported by the Company’s industry collaborators in Japan.

William Mills, Chairman of the Stereotaxis Board of Directors, says the Japanese market, the second largest for medical devices behind the U.S., represents a significant growth opportunity for the Company. “An aging population, prominent cardiovascular institutions that embrace new technologies and favorable, universal health coverage create a very attractive environment for us to leverage our one-of-a-kind robotic navigation system,” says Mr. Mills. “Our entry into Japan provides opportunity for meaningful growth in the Asia Pacific region and marks a major step towards our vision of becoming the first choice in the treatment of complex electrophysiology ablations for the global marketplace.”

There are currently 570 hospitals in Japan performing approximately 38,000 electrophysiology (EP) procedures annually, 45% of which are atrial fibrillation (AF) cases. With the highest life expectancy among developed nations – 82.9 years – Japan has a rapidly growing senior population, currently at 23% and expected to reach 40% in the next 50 years. As AF and other arrhythmias are typically present in older individuals, the rate of EP ablations is anticipated to rise with the aging population. By 2018, industry analysts expect the country to experience 12% annual growth in EP procedures and a 22% annual increase in AF cases.

Mr. Mills adds that the Niobe’s demonstrated strength in significantly reducing radiation exposure to physicians and patients will be particularly appealing to a Japanese society highly sensitive to radiation risk. The Company looks forward to showcasing its Niobe technology for prospective Japanese clients at the annual Heart Rhythm Society (HRS) scientific session in May and the Japanese HRS meeting in July.

About Stereotaxis

Stereotaxis is a healthcare technology and innovation leader in the development of robotic cardiology instrument navigation systems designed to enhance the treatment of arrhythmias and coronary disease, as well as information management solutions for the interventional lab. With over 100 patents for use in a hospital’s interventional surgical suite, Stereotaxis helps physicians around the world provide unsurpassed patient care with robotic precision and safety, improved lab efficiency and productivity, and enhanced collaboration of life-saving information. Stereotaxis’ core technologies are the Niobe® ES Remote Magnetic Navigation system, the Odyssey® portfolio of lab optimization, networking and patient information management systems and the Vdrive Robotic Mechanical Navigation system and consumables.

The core components of Stereotaxis systems have received regulatory clearance in the U.S., Europe, Canada and elsewhere. The V-Loop circular catheter manipulator is currently in clinical trials in order to obtain clearance by the U.S. Food and Drug Administration; the Company also is pursuing U.S. clearance for the V-Sono™ ICE catheter manipulator. For more information, please visit www.stereotaxis.com and www.odysseyexperience.com.

This press release includes statements that may constitute “forward-looking” statements, usually containing the words “believe,” “estimate,” “project,” “expect” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, our continued access to capital and financial resources on a timely basis and on terms that are acceptable, our continued listing on the Nasdaq Global Market, continued acceptance of the Company’s products in the marketplace, the effect of global economic conditions on the ability and willingness of customers to purchase our systems and the timing of such purchases, the outcome of various shareholder litigation recently filed against us, competitive factors, changes resulting from the recently enacted healthcare reform in the U.S., including changes in government reimbursement procedures, dependence upon third-party vendors, timing of regulatory approvals, and other risks discussed in the Company’s periodic and other filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release. There can be no assurance that the Company will recognize revenue related to its purchase orders and other commitments in any particular period or at all because some of these purchase orders and other commitments are subject to contingencies that are outside of the Company’s control. In addition, these orders and commitments may be revised, modified, delayed or canceled, either by their express terms, as a result of negotiations, or by overall project changes or delays.

CONTACT: Press Contact:
         Frank Cheng
         Senior Vice President, Marketing and
         Business Development
         314-678-6111

         Investor Contact:
         Todd Kehrli / Jim Byers
         MKR Group, Inc.
         323-468-2300
Monday, March 25th, 2013 Uncategorized Comments Off on Stereotaxis (STXS) Receives Regulatory Approval of Niobe(R) Technology in Japan

Judge Dismisses 2007 Class Action Case Against Flamel Technologies (FLML)

LYON, FRANCE — (Marketwire) — 03/22/13 — Flamel Technologies (NASDAQ: FLML) today announced that Judge Robert Sweet of the United States District Court for the Southern District of New York issued a summary judgment on March 8, 2013 dismissing a class action suit against the Company, and its former CEO. The initial class action was filed in 2007 and, during the six year period, had two different plaintiffs. The case, Billhofer v. Flamel Technologies, et al., alleged claims arising under the Securities Exchange Act of 1934 based on certain public statements by the Company concerning, among other things, Coreg CR. The Company previously stated that it intended to vigorously defend itself in the action.

In dismissing the case, Judge Sweet’s opinion states that “as there is no genuine issue of fact and no reasonable jury could find in the lead plaintiff’s favor on his claim, the motion for summary judgment is granted.”

About Flamel Technologies. Flamel Technologies SA’s (NASDAQ: FLML) business model is to blend high-value internally developed products with its leading drug delivery capabilities. The Company has a proprietary pipeline of niche specialty pharmaceutical products, while its drug delivery platforms are focused on the goal of developing safer, more efficacious formulations of drugs to address unmet medical needs. Its partnered pipeline includes biological and chemical drugs formulated with its Medusa® and Micropump® (and its applications to the development of liquid formulations, i.e. LiquiTime™ and of abuse-deterrent formulations Trigger Lock™) proprietary drug delivery platforms. Several Medusa-based products have been successfully tested in clinical trials. The Company has developed products and manufactures Micropump-based microparticles under FDA-audited GMP guidelines. Flamel Technologies has collaborations with a number of leading pharmaceutical and biotechnology companies, including GlaxoSmithKline (Coreg CR®, carvedilol phosphate). The Company is headquartered in Lyon, France and has operations in St. Louis, Missouri, USA, and manufacturing facilities in Pessac, France. Additional information may be found at www.flamel.com.

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including certain plans, expectations, goals and projections regarding financial results, product developments and technology platforms. All statements that are not clearly historical in nature are forward-looking, and the words “anticipate,” “assume,” “believe,” “expect,” “estimate,” “plan,” “will,” “may,” and similar expressions are generally intended to identify forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control that could cause actual results to differ materially from those contemplated in such forward-looking statements. These risks include risks that the acquisition of Éclat Pharmaceuticals may not be successfully integrated or that certain payment acceleration events may be triggered; the new hospital-based product under FDA review may not be approved or such approval may be delayed; the reacquisition of the exclusive rights to develop and commercialize IFN-β XL worldwide and identification of an alternative strategic partner for the program may not be successful; the identified opportunities will not result in shorter-term, high value results; clinical trial results may not be positive or our partners may decide not to move forward; management transitions may be disruptive or not succeed as planned; products in the development stage may not achieve scientific objectives or milestones or meet stringent regulatory requirements; products in development may not achieve market acceptance; competitive products and pricing may hinder our commercial opportunities; we may not be successful in identifying and pursuing opportunities to develop our own product portfolio using Flamel’s technology; and the risks associated with our reliance on outside parties and key strategic alliances. These and other risks are described more fully in Flamel’s Annual Report on Form 20-F for the year ended December 31, 2011 that has been filed with the Securities and Exchange Commission (SEC). All forward-looking statements included in this release are based on information available at the time of the release. We undertake no obligation to update or alter our forward-looking statements as a result of new information, future events or otherwise.

Friday, March 22nd, 2013 Uncategorized Comments Off on Judge Dismisses 2007 Class Action Case Against Flamel Technologies (FLML)

CAMAC Energy (CAK) Announces Change of Date for FY12 Results Conference Call

HOUSTON, March 22, 2013 /PRNewswire/ — CAMAC Energy Inc. (NYSE MKT:  CAK), a U.S.-based energy company engaged in the exploration, development and production of oil and gas in Africa, today announced that it has changed its 2012 year-end and fourth quarter results conference call to 11:00 a.m. Eastern Time (10:00 a.m. Central Time) on Monday, April 1, 2013. Dr. Kase Lawal, CAMAC Energy’s Chairman and CEO, will host the call.

Earnings Call Details:

Date:

Monday, April 1, 2013

Time:

11:00 a.m. ET / 10:00 a.m. CT / 9:00 AM MT / 8:00 AM PT

4:00 p.m. United Kingdom

Participate:

The call can be accessed live over the telephone by dialing:

1-877-317-6789 for callers in the United States;

1-866-605-3852 for callers in Canada;

+1-412-317-6789 for international callers.

Listen only:

A live webcast of the call will be available at

http://www.camacenergy.com/investors.php

Replay:

The webcast replay will be available until May 1, 2013, at 9:00 a.m. ET at 1-877-344-7529 (US) or +1-412-317-0088 (International) using Conference Number 10026061. The webcast will also be archived on the Company’s website shortly following the call for approximately 30 days.

About CAMAC Energy Inc.

CAMAC Energy Inc. (NYSE MKT:  CAK) is a U.S.-based energy company engaged in the exploration, development and production of oil and gas. The Company’s principal assets include interests in OML 120 and OML 121, offshore oil and gas leases in deep water Nigeria which include the currently producing Oyo Oilfield, and six recently acquired exploration blocks in Kenya and Gambia. The Company is currently pursuing further additions to its exploration portfolio in East and West Africa. The Company was founded in 2005 and has offices in Houston, Texas, Nairobi, Kenya, Banjul, Gambia and Lagos, Nigeria.

Friday, March 22nd, 2013 Uncategorized Comments Off on CAMAC Energy (CAK) Announces Change of Date for FY12 Results Conference Call

Plug Power (PLUG) to Announce Fourth Quarter and Year End Results

LATHAM, N.Y., March 22, 2013 (GLOBE NEWSWIRE) — Plug Power Inc. (Nasdaq:PLUG), a leader in providing clean, reliable energy solutions, today announced it will release the Company’s 2012 fourth quarter results on March 28th, 2013.

In conjunction with the press release, the Company will host a live conference call and webcast.

Date: Thursday, March 28, 2013

Time: 10:00 am ET

Toll-free: 877.407.8291

The webcast can be accessed by going directly to the Plug Power Web site (www.plugpower.com) and selecting the conference call link on the home page. A playback of the call will be available online for a period following the call.

About Plug Power Inc.

The architects of modern fuel cell technology, Plug Power revolutionized the industry with cost-effective power solutions that increase productivity, lower operating costs and reduce carbon footprints. Long-standing relationships with industry leaders forged the path for Plug Power’s key accounts, including Walmart, Sysco, P&G and Mercedes. With more than 3,000 GenDrive units deployed to material handling customers, accumulating over 8 million hours of runtime, Plug Power manufactures tomorrow’s incumbent power solutions today. Additional information about Plug Power is available at www.plugpower.com.

CONTACT: Media Contact:
         Gerard Conway
         Phone: (518) 782-7700
         media@plugpower.com

         Address:
         968 Albany Shaker Road
         Latham, New York 12110

Plug Power, Inc Logo

Friday, March 22nd, 2013 Uncategorized Comments Off on Plug Power (PLUG) to Announce Fourth Quarter and Year End Results