Agilysys (AGYS) Q4 Revenue Increases 21% to $63.0 Million

Agilysys, Inc. (Nasdaq: AGYS), a leading developer and provider of innovative information technology, services and solutions for the hospitality industry, today reported operating results for its fiscal 2013 fourth quarter and full year ended March 31, 2013.

On June 3, 2013, the Company announced that it entered into a definitive agreement to divest its Retail Solutions Group (“RSG”) to an affiliate of Clearlake Capital Group, L.P., for total cash consideration of approximately $34.55 million, subject to customary closing conditions. All financial results presented below are inclusive of contributions from RSG, reflecting the timing of the proposed transaction, which is expected to close later this summer. Following the completion of the proposed transaction, and accounting for the acquisition of the assets of TimeManagement Corporation announced earlier this week, Agilysys will have approximately $108 million in cash and cash equivalents, representing approximately $4.80 per common share outstanding, and no debt. Going forward, Agilysys will focus exclusively on providing innovative software enabled solutions to the hospitality industry.

Summary of Fiscal 2013 Fourth Quarter Financial Results

• Total net revenue increased $11.0 million, or 21%, to $63.0 million from $52.0 million in the prior-year period. Revenues for the Company’s Hospitality segment increased $0.6 million, or 3%, year over year, while revenues for the Company’s Retail segment grew $10.4 million, or 36%, from the prior-year period.
• Recurring revenues (comprised of support, maintenance and subscription services) for the quarter were $20.5 million, an increase of 8% over the same period in fiscal 2012.
• Gross margin was 39% in the fiscal 2013 fourth quarter compared to gross margin of 40% in the prior-year period.
• Adjusted operating income (excluding stock-based compensation, amortization of intangibles and other one-time items) increased $6.9 million year over year to $3.3 million from an adjusted operating loss of $3.6 million in the year-ago period (see reconciliation below).
• Adjusted net income (non-GAAP) from continuing operations grew to $3.2 million, or $0.15 per diluted share, compared with an adjusted net loss of $3.4 million, or ($0.16) per share, last year (see reconciliation below).
• Net income for the period was $0.3 million, or $0.01 per diluted share, for the fiscal 2013 fourth quarter, compared to a net loss of $17.0 million, or ($0.78) per share, in the prior-year period. GAAP net loss for the fiscal 2012 fourth quarter includes a net loss of $9.7 million, or ($0.44) per share, related to a one-time asset impairment charge and net income of $1.1 million, or $0.05 per share, from discontinued operations.

Summary of Fiscal 2013 Full Year Financial Results

• Total net revenue for the period increased $27.3 million, or 13%, to $236.1 million, compared with $208.9 million in the comparable prior-year period. The Hospitality segment grew 14%, or approximately $11.9 million, and the Retail segment revenue increased 13%, or approximately $15.3 million.
• Recurring revenues (comprised of support, maintenance and subscription services) for the period were $77.1 million, an increase of 6% over fiscal 2012.
• Gross margin was 38% in both fiscal 2013 and fiscal 2012.
• Adjusted operating income (excluding stock-based compensation, amortization of intangibles and other one-time items) for fiscal 2013 increased $15.6 million year over year to $7.6 million from an adjusted operating loss of $7.9 million in fiscal 2012 (see reconciliation below).
• Adjusted net income (non-GAAP) from continuing operations grew to $7.0 million, or $0.32 per diluted share, compared with the adjusted net loss of $8.7 million, or ($0.39) per share, in fiscal 2012 (see reconciliation below).
• GAAP net loss was $1.3 million, or ($0.06) per share, in fiscal 2013 compared with a GAAP net loss of $22.8 million, or ($1.02) per share, in the year-ago period. GAAP net loss for fiscal 2012 includes a net loss of $9.7 million, or ($0.43) per share, related to a one-time asset impairment charge and net income of $11.5 million, or $0.51 per share, from discontinued operations.

James Dennedy, President and CEO of Agilysys, commented, “Our operating results for the fiscal 2013 fourth quarter and full year outperformed our plan and highlight the Company’s successful execution of our strategy. This success is evident in the continued growth of our Hospitality segment where total revenue, recurring revenue and gross margin increased year over year, and where our growth continues to outpace the overall market rate of growth. In addition, we expect the solid growth in hospitality product sales achieved in fiscal 2013 to help drive additional growth in fiscal 2014. We expect this growth to be fueled by continued and substantial investment in our product development initiatives, supplemented by select acquisitions. Our strategy and investment activity remains focused on advancing our product roadmap, capturing new market opportunities, increasing the value proposition to our customers and promoting an innovative professional environment to recruit, grow and retain the brightest minds and most customer-focused professionals in our industry.

“Earlier this month, we announced an agreement to divest our RSG business in order to further focus on growing our market share and expanding our higher-margin recurring revenue opportunities in the hospitality industry. Over the last two years, Agilysys’ hospitality industry customer base has steadily increased. We have the financial strength, clear strategy, product development initiatives and team-wide commitment to drive consistent market share growth through further improvements in our solutions and industry-leading customer service. Our focus on delivering value-creating technology solutions and services that enable hospitality operators to improve their guests’ on-site experience, grow retention rates and increase wallet share continues to resonate with current and potential customers and will result in our ability to grow the business faster than the market rate of growth in our industry and deliver increased value for our shareholders.”

Robb Ellis, Chief Operating Officer and Chief Financial Officer, added, “Our fiscal 2013 fourth quarter and full year financial results reflect both the continued growth in our business as well as our ongoing investments in new product development that we expect will position Agilysys for consistent, long-term growth. Following the completion of the proposed transaction to divest Retail, and accounting for the acquisition of the assets of TimeManagement Corporation announced earlier this week, Agilysys will have approximately $108 million in cash, or approximately $4.80 per share, and no debt. With this healthy financial position and our disciplined focus on capital allocation, we are confident Agilysys can successfully execute on our goals of generating profitable revenue growth while strategically investing in the future of our business.”

Mr. Ellis continued, “For fiscal 2014, we expect to again achieve above market revenue growth and to generate positive adjusted operating income for the full year, while continuing our strategic initiatives in product and corporate development.”

2013 Fourth Quarter and Full Year Conference Call and Webcast

Agilysys is hosting a conference call and webcast today, June 12, 2013, beginning at 8:30 A.M. ET. Both the call and the webcast are open to the general public. The conference call number is 224-357-2393 (domestic or international). Please call five minutes prior to the presentation to ensure that you are connected. A slide deck, which will be the basis for the review, will accompany the conference call and can be accessed at http://agilysys.com/home/InvestorRelations/EventPresentation.htm.

Interested parties may also access the conference call live on the Internet at http://agilysys.com/home/InvestorRelations/EventPresentation.htm. Approximately two hours after the call has concluded, an archived version of the webcast will be available for replay at the same location at http://agilysys.com/home/InvestorRelations/EventPresentation.htm.

Forward-Looking Language

This press release and other publicly available documents, including the documents incorporated herein and therein by reference, contain, and our officers and representatives may from time to time make, “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These statements are based on management’s current expectations, intentions or beliefs and are subject to a number of factors, assumptions and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause or contribute to such differences or that might otherwise impact the business include the risk factors set forth in Item 1A of the company’s Annual Report for the fiscal year ended March 31, 2012. Copies are available from the SEC or the Agilysys website. We undertake no obligation to update any such factor or to publicly announce the results of any revisions to any forward-looking statements contained herein whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Information

To supplement the unaudited condensed consolidated financial statements presented in accordance with U.S. GAAP in this press release, certain non-GAAP financial measures as defined by the SEC rules are used. These non-GAAP financial measures include adjusted operating income (loss) from continuing operations, adjusted net income (loss), adjusted net income (loss) per share and adjusted cash flow from operations. Management believes that such information can enhance investors’ understanding of the company’s ongoing operations. See the accompanying tables below for reconciliations of adjusted operating income (loss) from continuing operations and adjusted net income (loss), and adjusted cash flow from operations to the comparable GAAP measures.

Guidance

Guidance figures are based on the company’s current estimates and are subject to change by factors outside the company’s control. While this guidance is provided to give investors insight into expectations for the period, actual results may vary.

About Agilysys

Agilysys is a leading developer and marketer of proprietary enterprise software, services and solutions to the hospitality industry. The Company specializes in the development of market-leading point-of-sale, property management, inventory & procurement and mobile & wireless solutions that are designed to streamline operations, improve efficiency and enhance the guest experience. In addition, Agilysys provides support, maintenance, resold hardware products and software hosting or subscription services. Agilysys customers include casinos, resorts, hotels, foodservice venues, stadiums and cruise lines. Agilysys operates extensively throughout North America, Europe and Asia, with corporate services located in Atlanta, GA, EMEA headquarters in Cheshire, UK and APAC offices in both Singapore and Hong Kong. For more information, visit agilysys.com.

Royale Energy (ROYL) Expands Its Natural Gas Production

SAN DIEGO, June 12, 2013 (GLOBE NEWSWIRE) — Royale Energy, Inc. (Nasdaq:ROYL) today announced a gas discovery at its Zodiac well. The new natural gas well was drilled on the company’s proprietary 3-D seismic data and encountered up to three productive formations. The first zone has been completed and tested with a flow rate of over 1,000,000 cubic ft. per day and the company plans to begin production at 700,000 cubic ft. per day.

The company continues to build its natural gas production and reserves as prices recover, and will drill three more wells by this fall. In addition to prices doubling from a year ago, Royale has acquired a hedge that would limit its downside through the summer months and end in October, just prior to higher winter demand.

The Zodiac well will be connected to the same pipeline system as the Dorset well that was announced in March with reserves of 2.2 billion cubic ft. Both the Dorset and Zodiac will begin production by the end of June.

Forward-Looking Statements

In addition to historical information contained herein, this news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, subject to various risks and uncertainties that could cause the company’s actual results to differ materially from those in the “forward-looking” statements. While the company believes its forward-looking statements are based upon reasonable assumptions, there are factors that are difficult to predict and that are influenced by economic and other conditions beyond the company’s control. Investors are directed to consider such risks and other uncertainties discussed in documents filed by the company with the Securities and Exchange Commission.

CONTACT: Royale Energy, Inc.
         Chanda Idano, Director of Marketing & PR
         619-881-2800
         chanda@royl.com
         http://www.royl.com

(LRAD) Corp. Awarded $12.2M LRAD® Systems Contract from United States Navy

New Multi-Year Contract Continues LRAD’s Support of United States Navy Anti-Terrorism/Force Protection Missions

SAN DIEGO, Calif., June 11, 2013 (GLOBE NEWSWIRE) — LRAD Corporation (Nasdaq:LRAD), the world’s leading provider of long range acoustic hailing devices (AHDs), announced today it has been awarded a multi-year $12.2 million firm-fixed-price, indefinite-delivery/indefinite-quantity contract for small, medium and large LRAD AHDs from the United States Navy’s Naval Surface Warfare Center located in Crane, Indiana. The contract was competitively bid with LRAD Corporation being awarded the contract over two other companies. United States Navy contract funds in the amount of $1,988,785 will be obligated at time of award.

“We are pleased to be awarded this contract and to continue our working relationship with the United States Navy,” remarked Tom Brown, president and CEO of LRAD Corporation. “LRAD systems and support equipment will be used to support large and small deck naval surface ships, submarines, security boats and shore security operations in anti-terrorism/force protection missions. Having received competitively bid multi-year contracts from the United States Navy in 2007 and 2010, this new award continues to demonstrate that LRAD Corporation is the world’s leading manufacturer of acoustic hailing devices.”

The Company’s proprietary LRAD systems were developed in response to the deadly attack on the USS Cole over twelve years ago. Today, LRAD systems are deployed in more than 60 nations around the world including by U.S. and international naval forces and other military organizations.

At distances up to 3,500 meters, LRAD systems have proven highly effective in anti-terrorism/force protection missions by broadcasting powerful deterrent tones and live or pre-recorded multi-language warnings, commands and instructions with unprecedented clarity and range. By communicating clearly over distance, LRAD systems create large standoff zones, unequivocally determine intent, resolve uncertain situations peacefully and save lives on both sides of the Long Range Acoustic Device®.”

About LRAD Corporation

LRAD Corporation is using long range communication to resolve uncertain situations peacefully and save lives on both sides of its proprietary Long Range Acoustic Device®. LRAD® systems are in service around the world in diverse applications including fixed and mobile military deployments, maritime security, critical infrastructure and perimeter security, commercial security, border and port security, law enforcement and emergency responder communications, emergency warning and mass notification, asset protection, and wildlife preservation and control. For more information about the Company and its LRAD systems, please visit www.lradx.com.

Forward-looking Statements: Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. These risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management’s expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the “Risk Factors” section of the Company’s Form 10-K for the fiscal year ended September 30, 2012.  LRAD Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.

COMPANY CONTACT:
Robert Putnam
+1 858.676.0519
robert@lradx.com

CONTACT: Robert Putnam
         (858) 676-0519
         robert@lradx.com

Questcor Pharmaceuticals (QCOR) Acquires Rights to Synacthen®

– Expands Questcor’s Presence in Inflammatory and Autoimmune Disorders – – Provides Foundation for Next Generation Melanocortin Receptor Agonist Therapeutics – – Initiates Global Footprint, Diversifies Business, Enhances Long-term Growth Prospects –

ANAHEIM, Calif., June 11, 2013 /PRNewswire/ — Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) today announced it has acquired rights to develop Synacthen^® and Synacthen Depot in the U.S. from Novartis Pharma AG and Novartis AG.  Subject to certain closing conditions, Questcor has also acquired rights to Synacthen^® and Synacthen Depot^® in certain countries outside the U.S.  Available in more than forty countries for multiple indications, Synacthen (tetracosactide) is a synthetic 24 amino acid melanocortin receptor agonist.  Synacthen Depot is a depot formulation of Synacthen.  The products are approved outside the U.S. for certain autoimmune and inflammatory conditions, but have never been developed or approved for patients in the U.S.

“As an emerging leader in melanocortin research, we now have the opportunity with Synacthen to expand and accelerate our product development activities.  We believe such efforts will enhance our expanding R&D program,” said Don M. Bailey, President and CEO of Questcor. “In addition, this key acquisition provides an opportunity to initiate our presence in more than three dozen international markets, giving us an opportunity to reinvigorate Synacthen in these markets and providing us a platform for potential international growth.”

“This transaction leverages our rapidly growing understanding of the different characteristics and biological activity of melanocortin receptor agonists such as Synacthen, a synthetic ACTH-related agonist, and naturally derived Acthar, as well as the potential use of melanocortin receptor agonists in the treatment of serious and difficult-to-treat autoimmune and inflammatory disorders,” said David Young, Pharm.D., Ph.D, Chief Scientific Officer of Questcor. “We intend to develop and seek FDA approval for Synacthen and are committed to developing this product not only in conditions different than Acthar but also in conditions where Synacthen would potentially provide a clinical benefit over Acthar.”

Under the terms of the transaction agreements, Questcor has paid Novartis an upfront consideration of $60.0 million.  Questcor will make additional payments of at least $75.0 million in the aggregate over the next several years, as well as potential milestone payments prior to FDA approval.  Upon FDA approval of Synacthen in the U.S., Questcor will pay Novartis another milestone and royalties based on net sales in the U.S.  As is common in the acquisition of development programs, the transaction agreements include mechanisms to ensure that Questcor pursues FDA approval and commercializes Synacthen in the U.S. upon approval.  Questcor will immediately take over the rights in the U.S.  Subject to certain closing conditions that must be satisfied within the next two years, Questcor will also take over rights in over three dozen countries outside the U.S.  “Together with our previous acquisition of BioVectra, this transaction provides Questcor with an opportunity for both an international presence and a more robust business model,” said Mr. Bailey.  “We anticipate establishing a base of operations in Europe to manage and optimize the world-wide Synacthen brand.”

About Synacthen

Synacthen and Synacthen Depot are available in more than forty countries to treat a number of conditions including some rheumatoid diseases, ulcerative colitis, chronic skin conditions responsive to corticosteroids, nephrotic syndrome, acute exacerbations in patients suffering from multiple sclerosis or retrobulbar neuritis.  Synacthen and Synacthen Depot are also used as a diagnostic test for adrenal insufficiency. Synacthen and Synacthen Depot are not approved in the U.S.

About Questcor                                                                                     

Questcor Pharmaceuticals, Inc. is a biopharmaceutical company focused on the treatment of patients with serious, difficult-to-treat autoimmune and inflammatory disorders. Questcor also provides specialty contract manufacturing services to the global pharmaceutical industry through its wholly-owned subsidiary BioVectra Inc. Questcor’s primary product is H.P. Acthar® Gel (repository corticotropin injection), an injectable drug that is approved by the FDA for the treatment of 19 indications. Of these 19 indications, Questcor currently generates substantially all of its net sales from the following on-label indications: the treatment of proteinuria in the nephrotic syndrome of the idiopathic type, or NS, the treatment of acute exacerbations of multiple sclerosis, or MS, in adults, the treatment of infantile spasms, or IS, in infants and children under two years of age, and the treatment of certain rheumatology related conditions, including the treatment of the rare and closely related neuromuscular disorders dermatomyositis and polymyositis. With respect to nephrotic syndrome, the FDA has approved Acthar to “induce a diuresis or a remission of proteinuria in the nephrotic syndrome without uremia of the idiopathic type or that due to lupus erythematosus.” Questcor is also exploring the possibility of developing markets for other on-label indications and the possibility of pursuing FDA approval of additional indications not currently on the Acthar label where there is high unmet medical need. For more information about Questcor, please visit www.questcor.com.

Forward Looking Statement

Note: Except for the historical information contained herein, this press release contains forward-looking statements that have been made pursuant to the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “believes,” “continue,” “could,” “ensuring,” “estimates,” “expects,” “growth,” “may,” “momentum,” “plans,” “potential,” “remain,” “should,” “start,” “substantial,” “sustainable” or “will” or the negative of such terms and other comparable terminology. These statements are only predictions. Actual events or results may differ materially. Factors that could cause or contribute to such differences include, but are not limited to, the following:

• Research and development risks, including risks associated with efforts to develop and obtain FDA approval of Synacthen, our reliance on third-parties to conduct research and development, and the ability of research and development to generate successful results;
• Our ability to comply with federal and state regulations, including regulations relating to pharmaceutical sales and marketing practices;
• Regulatory changes or other policy actions by governmental authorities and other third parties in connection with U.S. health care reform or efforts to reduce federal and state government deficits;
• Our ability to effectively manage our growth, including planned international expansion, and our reliance on key personnel;
• Our ability to comply with foreign regulations related to the international sales of Synacthen; and
• Other risks discussed in Questcor’s annual report on Form 10-K for the year ended December 31, 2012 as filed with the Securities and Exchange Commission, or SEC, on February 27, 2013, and other documents filed with the SEC.

The risk factors and other information contained in these documents should be considered in evaluating Questcor’s prospects and future financial performance.

Questcor undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date of this release.

For more information, please visit www.questcor.com or www.acthar.com.

(UQM) Technologies and Electric Vehicles International Ink Long-Term Supply Agreement

UQM Technologies, Inc. (NYSE MKT: UQM) and Electric Vehicles International (EVI) have signed a new long-term supply agreement, extending the vehicle electrification work that the companies have done together. As part of the agreement, EVI will use UQM PowerPhase HD^® systems to power their all-electric walk-in vans and medium-duty commercial trucks. The PowerPhase HD systems were developed for the demanding needs of heavier commercial vehicles.

“We worked with EVI and other vehicle manufacturers when engineering the PowerPhase HD product line to ensure that our systems met or exceeded their requirements for this market,” said Eric R. Ridenour, President and Chief Executive Officer of UQM Technologies, Inc. “The PowerPhase HD systems offer commercial vehicle manufacturers a range of solutions for building battery electric and parallel hybrid vehicles.”

The UQM PowerPhase HD electric motors and controllers will be used to power EVI medium-duty trucks and all-electric walk-in vans that are built to meet a variety of needs, including parcel delivery, food and beverage, construction, landscaping and more. The EVI commercial vehicles have a GVW range from class 4 to class 5, and offer a scalable system that can achieve up to 90 miles per charge relying on UQM PowerPhase electric propulsion systems.

“The UQM HD systems provide a solid electric powertrain for our medium-duty trucks and walk-in vans,” said Ricky Hanna, Chief Executive Officer of EVI. “We’re proud to continue purchasing systems from this U.S.-based vehicle electrification company and provide commercial fleet operators with efficient and dependable vehicles.”

Under the new long-term supply agreement, UQM will begin shipping PowerPhase HD systems to EVI in the third quarter of 2013.

About EVI

EVI is a pioneer in alternative energy vehicle development, manufacturing and deployment, with over 20 years of success optimizing alternative energy powertrains. EVI vehicles are manufactured with the most efficient powertrains and the safest, longest-lasting batteries, seamlessly integrated into tough American-built chassis relied upon by fleet operators throughout the nation and the world. For more information, please visit www.evi-usa.com.

About UQM

UQM Technologies is a developer and manufacturer of power-dense, high-efficiency electric motors, generators and power electronic controllers for the automotive, commercial truck, bus, marine and military markets. A major emphasis for UQM is developing propulsion systems for electric, hybrid electric, plug-in hybrid electric and fuel cell electric vehicles. UQM is located in Longmont, Colorado. Please visit www.uqm.com for more information.

This Release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. These statements appear in a number of places in this Release and include statements regarding our plans, beliefs or current expectations, including those plans, beliefs and expectations of our officers and directors with respect to, among other things, future orders to be received, future financial results and the continued growth of the electric-powered vehicle industry. Important Risk Factors that could cause actual results to differ from those contained in the forward-looking statements are contained in our Form 10-K filed May 23, 2013, which is available through our website at www.uqm.com or at www.sec.gov.

Salix and Progenics (PGNX) Announce FDA Advisory Committee to Review Relistor sNDA

Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) and Progenics Pharmaceuticals (NASDAQ:PGNX) today announced that the FDA is seeking input from an Advisory Committee on Salix’s Supplemental New Drug Application (sNDA) for RELISTOR^® (methylnaltrexone bromide) Subcutaneous Injection, for opioid-induced constipation, or OIC, in patients with chronic pain.

The FDA’s action to convene an Advisory Committee was taken in response to the formal appeal by Salix of the complete response action taken by the FDA on July 27, 2012 regarding the RELISTOR sNDA for chronic pain. The FDA has said that it will take action under the appeal after receiving input from the Advisory Committee. The FDA will notify the Company once the Advisory Committee meeting date has been determined.

“We remain optimistic that with the FDA and guidance from the Advisory Committee, we can find a path forward that will get this new and alternative therapy to patients with opioid-induced constipation who are taking opioids for their chronic pain,” stated Bill Forbes, PharmD, Executive Vice President, Medical, Research and Development and Chief Development Officer, Salix. “We look forward to the opportunity to bring Relistor to this Advisory Committee to openly discuss our proposed indication for the use of Relistor in patients suffering from OIC and chronic pain. We understand from an FDA communication that the FDA will seek advice from pain, gastrointestinal, safety and cardiovascular experts. We believe that some of the areas being considered for discussion during this meeting will include: 1) the potential for drugs in this class to cause withdrawal symptoms, 2) the strength of a potential cardiovascular signal seen with another drug in this class of drugs and the available safety data with Relistor in regards to a potential CV signal as well as 3) the need and timing (pre-approval vs. post-approval) of MACE studies with drugs of this class. While it is not possible to definitively determine the duration of the appeal process, at this time, we continue to believe a conclusion could be reached during 2013. Relistor has been available to patients with advanced illness who suffer from OIC since 2008.”

The FDA has communicated that it is convening the Advisory Committee for the following reasons:

• “The potential cardiovascular safety signal observed in the 12-month safety trial of another peripheral mu-opioid antagonist for the treatment of opioid-induced constipation in patients with chronic non-cancer pain raises concern for this class of drug products.”
• The RELISTOR “supplemental application contains only uncontrolled long-term safety data, and while there is no cardiovascular signal apparent in this data, the lack of a control population does not allow a definitive evaluation to be made to rule out a potential cardiovascular safety signal.”
• “FDA needs to provide consistent advice regarding the need for Major Adverse Cardiovascular Event (MACE) studies to applicants developing drug products in this class for this indication. For this reason, a broader discussion of the potential for cardiovascular events across the drug class is necessary.”

About Opioids, Constipation and RELISTOR (methylnaltrexone bromide)

Opioid analgesics are frequently prescribed for patients with chronic pain. Constipation, a common side effect, occurs in patients receiving opioid therapy. RELISTOR is the first approved medication that specifically targets the underlying cause of opioid-induced constipation in patients with advanced illness receiving palliative care when response to laxative therapy has not been sufficient. Opioids relieve pain by specifically interacting with mu–opioid receptors within the brain and spinal cord. However, opioids also interact with mu–opioid receptors found outside the central nervous system, such as those within the gastrointestinal tract, resulting in constipation that can be debilitating. RELISTOR is a peripherally acting mu–opioid receptor antagonist that does not cross the blood-brain barrier and was specifically designed to block mu-opioid receptors in the GI tract, therefore decreasing the constipating effects of opioid pain medications without affecting their ability to relieve pain.

RELISTOR Subcutaneous Injection was approved in the United States in 2008 for the treatment of opioid-induced constipation in patients with advanced illness who are receiving palliative care, when response to laxative therapy has not been sufficient. The use of RELISTOR beyond four months has not been studied. The drug is also approved for use in 58 countries worldwide, including the European Union, Canada, and Australia. In the 27 member states of the E.U., as well as Iceland, Norway and Liechtenstein, RELISTOR is approved for the treatment of opioid–induced constipation in advanced illness patients who are receiving palliative care when response to usual laxative therapy has not been sufficient. In Canada, the drug is approved for the treatment of opioid–induced constipation in patients with advanced illness, receiving palliative care. When response to laxatives has been insufficient, RELISTOR should be used as an adjunct therapy to induce a prompt bowel movement. Applications in additional countries are pending. RELISTOR is under license to Salix Pharmaceuticals and Ono Pharmaceutical from Progenics Pharmaceuticals.

For more information about RELISTOR, please visit www.RELISTOR.com

Important Safety Information about RELISTOR

RELISTOR^® (methylnaltrexone bromide) Subcutaneous Injection is contraindicated in patients with known or suspected mechanical gastrointestinal obstruction.

If severe or persistent diarrhea occurs during treatment, advise patients to discontinue therapy with RELISTOR and consult their physician.

Rare cases of gastrointestinal (GI) perforation have been reported in advanced illness patients with conditions that may be associated with localized or diffuse reduction of structural integrity in the wall of the GI tract (i.e., cancer, peptic ulcer, Ogilvie’s syndrome). Perforations have involved varying regions of the GI tract (e.g., stomach, duodenum, colon). Use RELISTOR with caution in patients with known or suspected lesions of the GI tract. Advise patients to discontinue therapy with RELISTOR and promptly notify their physician if they develop severe, persistent, and/or worsening abdominal symptoms.

Use of RELISTOR has not been studied in patients with peritoneal catheters.

Use of RELISTOR beyond four months has not been studied.

Safety and efficacy of RELISTOR have not been established in pediatric patients.

The most common adverse reactions reported with RELISTOR compared with placebo in clinical trials were abdominal pain (28.5%), flatulence (13.3%), nausea (11.5%), dizziness (7.3%), diarrhea (5.5%), and hyperhidrosis (6.7%).

Please see complete Prescribing Information for RELISTOR.

About Salix

Salix Pharmaceuticals, Ltd., headquartered in Raleigh, North Carolina, develops and markets prescription products for the prevention and treatment of gastrointestinal diseases. Salix’s strategy is to in-license late-stage or marketed proprietary therapeutic products, complete any required development and regulatory submission of these products, and market them through the Company’s gastroenterology specialty sales and marketing team.

Salix trades on the NASDAQ Global Select Market under the ticker symbol “SLXP”.

For more information, please visit our Website at www.salix.com or contact the Company at 919-862-1000. Follow us on Twitter (@SalixPharma) and Facebook (www.facebook.com/SalixPharma). Information on our Twitter feed, Facebook page and web site is not incorporated in our SEC filings.

About Progenics

Progenics Pharmaceuticals, Inc. of Tarrytown, N.Y. is a biopharmaceutical company dedicated to developing innovative medicines to treat disease, with a focus on cancer and related conditions. Progenics’ pipeline candidates include PSMA ADC, a human monoclonal antibody-drug conjugate in phase 1 testing for treatment of prostate cancer, and preclinical stage novel multiplex phosphoinositide 3-kinase (PI3K) inhibitors for the treatment of cancer. Progenics has exclusively licensed development and commercialization rights for its first commercial product, Relistor^®, to Salix Pharmaceuticals, Ltd. for markets worldwide other than Japan, where Ono Pharmaceutical Co., Ltd. holds an exclusive license for the subcutaneous formulation. Relistor (methylnaltrexone bromide) subcutaneous injection is a first-in-class treatment for opioid-induced constipation approved in more than 50 countries for patients with advanced illness.

Please Note: The materials provided herein that are not historical facts are or might constitute forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in such forward-looking statements are based on reasonable assumptions, our expectations might not be attained. Forward-looking statements involve known and unknown risks that could cause actual results to differ materially from expected results. Factors that could cause actual results to differ materially from our expectations expressed in the report include, among others: the unpredictability of the duration and results of regulatory review of New Drug Applications and Investigational New Drug Applications, including specifically results of appeals and Advisory Committees; the high cost and uncertainty of the research, clinical trials and other development activities involving pharmaceutical products; the possible impairment of, or inability to obtain intellectual property rights and the costs of obtaining such rights from third parties in an increasingly global market; our dependence on our first seven pharmaceutical products, particularly Xifaxan and Relistor, and the uncertainty of market acceptance of our products intense competition, including from generics in an increasingly global market; general economic conditions; our need to maintain profitability; the uncertainty of obtaining, and our dependence on, third parties to manufacture and sell our products; results of ongoing and any future litigation and investigations and other risk factors detailed from time to time in our other SEC filings.

Union First Announces Agreement to Acquire StellarOne (STEL)

RICHMOND, Va., June 10, 2013 (GLOBE NEWSWIRE) — Union First Market Bankshares Corporation (Nasdaq:UBSH) (or “Union”) and StellarOne Corporation (Nasdaq:STEL) (or “StellarOne”) today announced the signing of a definitive merger agreement, pursuant to which Union will acquire StellarOne, creating the largest community banking institution in the Commonwealth of Virginia.

Based on financials reported on March 31, 2013, the combined companies would have total assets of $7.1 billion, deposits of $5.8 billion and loans of $5.2 billion. Union will operate in all major Virginia markets, deepening its presence in its current footprint and expanding in key trade areas and, on a pro forma basis, will have the fifth largest branch network in Virginia. The company will retain the Union name and corporate headquarters will remain in Richmond.

“We are excited about the opportunity to bring our organizations together and establish the next great Virginia bank. We have long believed that the combination of Union and StellarOne would be powerful. Our combined statewide footprint coupled with our shared commitment to exceptional service positions us as a strong competitor against large regional institutions and smaller community banks alike,” said G. William Beale, Chief Executive Officer of Union. “The combination of two of Virginia’s largest community banks provides Union with the growth and synergies to continue to deliver a best in class customer experience, offer superior financial services and solutions, provide a rewarding experience for our teammates and generate top-tier financial performance for our shareholders.”

“The combination of our two great Virginia based institutions provides tremendous new opportunities for our customers, shareholders and employees. This transaction marks a significant milestone for banking in Virginia,” said O. R. Barham, Jr., President and Chief Executive Officer of StellarOne. “The compatible culture of our two organizations makes this partnership a natural fit. We both are deeply committed to our communities and this merger will allow us to better serve current and future customers in markets across the Commonwealth.”

Union’s current executive management, led by Beale, will form the core of the company’s leadership team.  The Union Board of Directors will expand to 19 members, and will be comprised of 11 members from the current Union Board and eight members from the StellarOne Board. Current StellarOne Chairman Raymond D. Smoot, Jr. will serve as Chairman of the combined company and current Union Chairman Ronald L. Hicks will serve as Vice Chairman. Barham will retire as previously announced, with his retirement effective upon closing of the merger.

Under the terms of the agreement, common shareholders of StellarOne will receive 0.9739 shares of Union common stock for each share of StellarOne. This implies a deal value per share of $19.50 or approximately $445.1 million in the aggregate based on Union’s closing stock price of $20.02 on June 7, 2013.

In consideration of the merger, extensive due diligence was performed by both companies over a four-week period.  Under the proposed terms, the transaction is expected to be accretive to Union’s earnings per share in 2014 and thereafter. Further it is anticipated that the transaction will be immediately accretive to Union’s capital ratios and result in capital levels well in excess of regulatory minimums.

The merger agreement has been unanimously approved by the board of directors of each company. The companies expect to consummate the transaction on or around January 1, 2014, subject to customary closing conditions, including regulatory and shareholder approvals.

Keefe, Bruyette and Woods, Inc. acted as financial advisor to Union and LeClairRyan, A Professional Corporation acted as its legal advisor in the transaction.  Raymond James & Associates acted as financial advisor to StellarOne and Troutman Sanders LLP acted as its legal advisor.

Investor presentation

An investor presentation has been created for this announcement. It can be located at Union’s investor website http://investors.bankatunion.com – news and events – other documents. Management will discuss the presentation and answer questions from analysts during a conference call scheduled for 10:00 a.m. today.

Analyst Conference Call

Union will host a conference call to discuss today’s announcement at 10:00 a.m. Eastern Daylight Time. It can be accessed at (877) 833-2972 – 93941664 or online at http://us.reg.meeting-stream.com/unionfirstmarketbank_061013. A replay of the webcast will be available at approximately 1:00 p.m. EDT by dialing (855) 859-2056 or (404) 537-3406 and using 93941664. The replay will be available until June 15. A copy will also be posted on the company’s investor website http://investors.bankatunion.com and at http://us.reg.meeting-stream.com/unionfirstmarketbank_061013.

Media Availability

Senior leadership of Union will be available to members of the news media from 11:00 a.m. to 11:30 a.m. at the company’s headquarters at Three James Center, 1051 East Cary Street, Suite 1200, in Richmond.

About Union First Market Bankshares

Headquartered in Richmond, Virginia, Union First Market Bankshares Corporation (Nasdaq:UBSH) is the holding company for Union First Market Bank, which has $4.1 billion in assets, 90 branches and more than 150 ATMs throughout Virginia. Non-bank affiliates of the holding company include: Union Investment Services, Inc., which provides full brokerage services; Union Mortgage Group, Inc., which provides a full line of mortgage products, and Union Insurance Group, LLC, which offers various lines of insurance products. Union First Market Bank also owns a non-controlling interest in Johnson Mortgage Company, L.L.C.

Additional information on the Company is available at http://investors.bankatunion.com.

About StellarOne

StellarOne Corporation is a traditional community bank with assets of $3.01 billion offering a full range of business and consumer banking services, including trust and wealth management services. Through the activities of its sole subsidiary, StellarOne Bank, StellarOne operates more than 50 full-service financial centers, two loan production offices, and more than 60 ATMs serving the New River Valley, Roanoke Valley, Shenandoah Valley, Richmond, Tidewater, and Central and North Central Virginia.

Additional Information and Where to Find It

In connection with the proposed merger, Union will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 to register the shares of Union common stock to be issued to the stockholders of StellarOne. The registration statement will include a joint proxy statement/prospectus which will be sent to the stockholders of Union and StellarOne seeking their approval of the merger and related matters. In addition, each of Union and StellarOne may file other relevant documents concerning the proposed merger with the SEC.

Investors and stockholders of both companies are urged to read the registration statement on Form S-4 and the joint proxy statement/prospectus included within the registration statement and any other relevant documents to be filed with the SEC in connection with the proposed merger because they will contain important information about Union, StellarOne and the proposed transaction. Investors and stockholders may obtain free copies of these documents through the website maintained by the SEC at www.sec.gov. Free copies of the joint proxy statement/prospectus also may be obtained by directing a request by telephone or mail to Union First Market Bankshares Corporation, 1051 East Cary Street, Suite 1200, Richmond, Virginia 23219, Attention: Investor Relations (telephone: (804) 633-5031), or StellarOne Corporation, 590 Peter Jefferson Pkwy, Suite 250, Charlottesville, Virginia 22911, Attention: Investor Relations (telephone: (434) 964-2217), or by accessing Union’s website at www.bankatunion.com under “Investor Relations” or StellarOne’s website at www.stellarone.com under “Investor Relations.” The information on Union’s and StellarOne’s websites is not, and shall not be deemed to be, a part of this release or incorporated into other filings either company makes with the SEC.

Union and StellarOne and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Union and/or StellarOne in connection with the merger. Information about the directors and executive officers of Union is set forth in the proxy statement for Union’s 2013 annual meeting of stockholders filed with the SEC on April 23, 2013. Information about the directors and executive officers of StellarOne is set forth in the proxy statement for StellarOne’s 2013 annual meeting of stockholders filed with the SEC on April 9, 2013. Additional information regarding the interests of these participants and other persons who may be deemed participants in the merger may be obtained by reading the joint proxy statement/prospectus regarding the merger when it becomes available.

Forward-Looking Statements

Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current expectations and involve a number of assumptions. These include statements as to the anticipated benefits of the merger, including future financial and operating results, cost savings and enhanced revenues that may be realized from the merger as well as other statements of expectations regarding the merger and any other statements regarding future results or expectations. Each of Union and StellarOne intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and is including this statement for purposes of these safe harbor provisions. The companies’ respective abilities to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors which could have a material effect on the operations and future prospects of each of Union and StellarOne and the resulting company, include but are not limited to: (1) the businesses of Union and/or StellarOne may not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (2) expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected time frame; (3) revenues following the merger may be lower than expected; (4) customer and employee relationships and business operations may be disrupted by the merger; (5) the ability to obtain required regulatory and stockholder approvals, and the ability to complete the merger on the expected timeframe may be more difficult, time-consuming or costly than expected; (6) changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve; the quality and composition of the loan and securities portfolios; demand for loan products; deposit flows; competition; demand for financial services in the companies’ respective market areas; their implementation of new technologies; their ability to develop and maintain secure and reliable electronic systems; and accounting principles, policies, and guidelines, and (7) other risk factors detailed from time to time in filings made by Union or StellarOne with the SEC. Union and StellarOne undertake no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT: Bill Cimino, VP and Director of
         Corporate Communications,
         Union First Market Bank
         804-448-0937

CardioNet (BEAT) Enters Into Agreement with UnitedHealthcare Insurance Company

Provides Coverage for CardioNet MCOT

CardioNet, Inc. (NASDAQ:BEAT) (“CardioNet”), the leading wireless medical technology company focused on diagnosing and monitoring cardiac arrhythmias, announced today that the Company has entered into a three-year National Provider Agreement with UnitedHealthcare Insurance Company, covering all of CardioNet’s monitoring modalities, including Mobile Cardiac Outpatient Telemetry (MCOT^TM). The Agreement is effective July 1, 2013 and applies to all UnitedHealthcare affiliated entities, including managed Medicare and managed Medicaid plans. UnitedHealthcare provides coverage to more than 70 million members in the United States.

UnitedHealthcare’s decision to expand coverage to include CardioNet’s MCOT^TM was the result of an extensive review of clinical evidence, including the Company’s recently published studies. Their research found MCOT^TM to be proven for multiple indications, concluding: “Results of studies suggest that mobile outpatient telemetry provides more effective detection of infrequent cardiac arrhythmias than external, loop monitors.”

Joseph Capper, President and CEO of CardioNet, commented: “CardioNet is pleased to partner with an industry leader like UnitedHealthcare. Earlier this year, we announced a more comprehensive strategy to promote our entire suite of cardiac monitoring solutions. By providing access to United’s more than 70 million members, this agreement dramatically expands the available market for all of our life-saving technologies. We look forward to a lasting relationship with UnitedHealthcare and to servicing their vast membership.”

About CardioNet

CardioNet is the leading provider of ambulatory, continuous, real-time outpatient management solutions for monitoring relevant and timely clinical information regarding an individual’s health. CardioNet’s initial efforts are focused on the diagnosis and monitoring of cardiac arrhythmias, or heart rhythm disorders, with a solution that it markets as Mobile Cardiac Outpatient Telemetry^TM (MCOT^TM). More information can be found at http://www.cardionet.com.

Cautionary Statement Regarding Forward-Looking Statements

This document includes certain forward-looking statements within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995 regarding, among other things, our expectations regarding the effect the United contract will have on the company’s operating results. These statements may be identified by words such as “expect,” “anticipate,” “estimate,” “intend,” “plan,” “believe,” “promises” and other words and terms of similar meaning. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including important factors that could delay, divert, or change any of these expectations, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, effects of changes in health care legislation, effectiveness of our cost savings initiatives, relationships with our government and commercial payors, changes to insurance coverage and reimbursement levels for our products, the success of our sales and marketing initiatives, our ability to attract and retain talented executive management and sales personnel, our ability to identify acquisition candidates, acquire them on attractive terms and integrate their operations into our business, the commercialization of new products, market factors, internal research and development initiatives, partnered research and development initiatives, competitive product development, changes in governmental regulations and legislation, the continued consolidation of payors, acceptance of our new products and services, patent protection, adverse regulatory action, litigation success, our ability to successfully create a new holding company structure and to anticipate the benefits of such structure. For further details and a discussion of these and other risks and uncertainties, please see our public filings with the Securities and Exchange Commission, including our latest periodic reports on Form 10-K and 10-Q. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

SGOCO Group (SGOC) Announces Solid Growth in Revenues and Earnings for Q1

BEIJING, June 10, 2013 /PRNewswire/ — SGOCO Group, Ltd. (Nasdaq: SGOC) (“SGOCO” or the “Company”), a company focused on product design, distribution and brand development in flat-panel display products, today announced its unaudited operating results for the three months ended March 31, 2013.

2013 First Quarter Overview

SGOCO started the year 2013 with a solid year-over-year growth of both its revenues and profits. Compared with the first quarter of 2012, SGOCO achieved top line increase of 58.0% and bottom line increase of 87.5% for the first quarter of 2013.

The solid operational results demonstrated that the light-asset business model provided SGOCO with greater scalability in growing its sales.

Financial Highlights First Quarter 2013 vs. First Quarter 2012

• Quarterly revenues increased 58.0% to $54.5 million, as compared to $34.5 million year-over-year
• Gross profit increased by 39.6% to $3.7 million, as compared to $2.7 million year-over-year
• Net income increased 87.5% to $1.7 million, as compared to $0.9 million year-over-year
• Basic and diluted earnings per share were $0.10, as compared to $0.05.

Revenue

In the first quarter of 2013, SGOCO’s total revenues were $54.5 million, which increased by 58.0% from $34.5 million from the first quarter of 2012. The year-over-year revenue increase was mainly due to the sign-ups with a few large local distributor clients and increased sales of other application products as well as larger-sized monitors with higher prices, offset by a decrease in sales of smaller-sized monitors in the quarter.

Of the total revenues in the quarter, $36.6 million or 67.1% of total revenues were from SGOCO’s own brands; $6.5 million or 12.0% of total revenues were from OEM customers; and $11.4 million or 20.9% of total revenues were from sales of other application products. Starting in the fourth quarter of 2012, the Company started to source orders for higher margin application products in order to diversify its revenue streams.

Gross Margin

Gross profit for the first quarter of 2013 increased 39.6% to $3.7 million from $2.7 million for the first quarter of 2012.

The overall gross margin for the first quarter of 2013 was 6.9%, as compared with 7.8% for the first quarter of 2012. Gross margin continued to be negatively impacted by the increased fees charged by Chinese authorities for recycling imported monitors and price decreases in monitors. During the first quarter of 2013, SGOCO brand sales had a gross margin of 6.6%, which decreased from 9.8% in the first quarter of 2012. During the first quarters of 2013 and 2012, OEM businesses had a gross margin of 6.9% and 5.5%, respectively. Sales of other application products in the first quarter of 2013 recorded a gross margin of 7.8%.

Operating Income and Expenses

Operating income totaled $2.7 million for the first quarter of 2013, or 4.9% of total revenues, as compared to $1.7 million, or 4.8% of total revenues for the first quarter of 2012.

SG&A expenses for the first quarter of 2013 were $1.1 million, roughly the same level as the first quarter of 2012 of $1.0 million. The year-over-year increase of $0.1 million was attributed to increase in both transportation cost and staff salaries and welfare, offset by a decrease in share-based compensation expenses.

Net Income and EPS

Net income for the first quarter of 2013 was $1.7 million, which grew 87.5% from $0.9 million for the first quarter of 2012. The net income margins were 3.2% and 2.7% for the three months ended March 31, 2013 and 2012, respectively.

Basic and diluted earnings per share were reported at $0.10 for the first quarter of 2013, compared to $0.05 in the first quarter of 2012. Basic and diluted EPS for the first quarter of 2013 was calculated based on 17,086,826 weighted average number of common shares as compared to 17,053,036 weighted average number of common shares for the first quarter of 2012.

Cash and Working Capital

As of March 31, 2013, the Company held $5.7 million in cash and cash equivalents compared to $11.5 million as of December 31, 2012. Working capital increased to $79.9 million from $78.1 million at the end of 2012. The current ratio was 3.01 on March 31, 2013, compared to 3.86 on December 31, 2012.

The decrease in the cash position was largely due to the Company’s significant inventory build-up and advances made to suppliers as of March 31, 2013 in order to meet customers’ delivery schedules in the following quarter.

Annual General Meeting
The Company is scheduled to hold its Annual General Meeting on June 24, 2013 with Proxy Statement filed with the SEC.

Conference Call
SGOCO’s management will host a conference call at 9 a.m. Eastern Time/9 p.m. Beijing Time on Monday, June 17, 2013.

Interested parties may access the call by dialing 1-877-941-1427 (US Toll-free) or 1-480-629-9664 (International) or 400-120-0612 (China Toll-free). The Conference call identification number is 4620997#.

A webcast will also be available via http://public.viavid.com/index.php?id=104868

A recording of the conference call will be accessible within 48 hours via SGOCO’s website at: http://www.sgocogroup.com/us/SGOC/irwebsite/index.php?mod=recent&id=14

About SGOCO Group, Ltd.

SGOCO Group, Ltd. is focused on product design, brand development and distribution of flat panel display products, including computer monitors, TVs, computers and application specific products. SGOCO sells its products and services in the Chinese market and abroad. For more information about SGOCO, please visit our investor relations website http://www.sgocogroup.com.

For investor and media inquiries, please contact:

SGOCO Group, Ltd.

Serena Wu
Investor Relations Manager
Tel: +86 (10) – 85870173 (China)
US: +1(646) – 5831616 (Voice mail)
Email:ir@sgoco.com

Safe Harbor and Informational Statement

This announcement 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. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words “believe,” “expect,” “anticipate,” “future,” “will,” “intend,” “plan,” “estimate” or similar expressions, are “forward-looking statements”. Forward-looking statements in this release include, without limitation, the effectiveness of the Company’s multiple-brand, multiple channel strategy and the transitioning of its product development and sales focus and to a “light-asset” model. Although the Company’s management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company’s future results to differ materially from those anticipated. These forward-looking statements can change as a result of many possible events or factors not all of which are known to the Company, which may include, without limitation, requirements or changes adversely affecting the LCD and LED market in China; fluctuations in customer demand for LCD and LED products generally; our success in promoting our brand of LCD and LED products in China and elsewhere; our ability to have effective internal control over financial reporting; our success in designing and distributing products under brands licensed from others; management of sales trend and client mix; possibility of securing loans and other financing without efficient fixed assets as collaterals; changes in government policy in China; the fluctuations and competition in sales and sale prices of LCD and LED products in China; China’s overall economic conditions and local market economic conditions; our ability to expand through strategic acquisitions and establishment of new locations; changing principles of generally accepted accounting principles; compliance with government regulations; legislation or regulatory environments; geopolitical events, and other events and/or risks outlined in SGOCO’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F and other filings. All information provided in this press release and in the attachments is as of the date of the issuance, and SGOCO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Jameson Stanford Resources (JMSN) Announces Mineral Exploration Program

LAS VEGAS, NV — (Marketwired) — 06/10/13 — Jameson Stanford Resources Corp. (OTCBB: JMSN) (the “Company”), a metals and minerals exploration, development and production company, today announces its mineral exploration strategy as well as the current status of its existing mining projects.

“Since inception, we have operated as a minerals exploration company focused on acquiring and consolidating mining claims and mineral leases with potential production and future growth through exploration discoveries,” said Michael Stanford, President and CEO of Jameson Stanford Resources. “Our current growth strategy is focused on the initiation and expansion of operations through the exploration and development of our current mining claims and mineral properties into producing projects.”

Results of the Company’s current minerals exploration and expansion programs have included the following activities:

• Commenced drilling program and open prospect pit mining on the Star Mountain/Chopar Mine following SEC Industry Guide 7, and National Instrument 43-101 protocols. 17 exploration drill holes 500′ (five hundred feet) at depth for a total of 8,500′ (eight thousand five hundred feet) of drilling completed thus far. Third party engineering and analytical reports are pending. Fifty more exploratory drilling holes have been selected from the Company’s current geologic observations, geophysical data and geochemical data.
• Acquisition of two Metalliferous Mineral Contracts from the State of Utah Trustlands Administration in areas known to carry economic concentrations of base and precious metals such as copper, lead, zinc, beryllium, bismuth, silver and gold. This acquisition expanded the Company’s land holdings by 3,324 acres (1,407 acres Star Mountain/Chopar Mine and 1,917 acres Spor Mountain Dugway Minerals, respectively).
• Mined 1,200 short tons of hard rock from two prospect pits at Spor Mountain Dugway Minerals for pilot scale run and testing. Third party engineering and analytical reports are pending.
• Stockpiled approximately 40,105 cubic yards (66,574 tons) of mineral sands at the Company’s Ogden Bay Minerals project site for near-term processing.

“The preliminary geological reports have confirmed that our sites contain substantial reserves of high-grade copper, gold and silver as well as other highly marketable metals,” added Mr. Stanford. “We have enlisted some of the top names in the mining industry to complete testing and create the necessary assay and industry reports that we believe will translate into substantial shareholder value as we get further into our next phase of production and delivery.”

Immediate plans for operations are as follows:

• Convert current natural resource sites into producing assets.
• Identify under-explored mines on existing properties and consider additional under-explored mines for acquisition in the mining districts the Company is currently operating that are either built, permitted or have been idled.
• Continue current exploration and drilling programs and invest resources necessary to discover new ore bodies and open additional mines.

About Jameson Stanford Resources Corp.

Jameson Stanford Resources is focused on developing significant mining claims, mineral leases and excavation rights for projects located in historic mining districts and other sites in central and southwestern Utah. The Company is presently engaged in exploration and development activities in connection with two high-grade copper, gold, silver and base metals properties located in historic mining districts in Beaver County and Juab County, Utah. In addition, Jameson Stanford Resources has acquired excavation rights and special permitting related to deposits of alluvial minerals and silica sand located in Weber County, Utah.

Safe Harbor Forward-Looking Statements

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, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events or results to differ materially from those projected in the forward-looking statements as a result of various factors and other risks, including those set forth in the Company’s Form 10-K filed with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and the Company undertakes no obligation to update such statements.

Contact:

Jameson Stanford Resources Corp.
Las Vegas, NV
www.JamesonStanford.com
702-933-0808
IR@JamesonStanford.com

Mission Investor Relations
Atlanta, GA
www.MissionIR.com
404-941-8975
Investors@MissionIR.com

(OCLR) Chairman And CEO Changeover

SAN JOSE, Calif., June 7, 2013 /PRNewswire/ — Oclaro, Inc. (the “Company”) (NASDAQ: OCLR) announced today that Alain Couder, the Company’s chair and chief executive officer, has retired and that the board of directors has named Greg Dougherty, Oclaro board member, as chief executive officer effective immediately.  The Company also announced that Marissa Peterson, Oclaro board member, has been elected as chair.

“On behalf of the entire board, we thank Alain Couder for his contributions to Oclaro,” said Marissa Peterson, chair of the board of directors, Oclaro. “Since joining the company in 2007, Alain has played an important role in transforming the company from a small optical component company called Bookham into an industry leader. As we look ahead, Oclaro’s new CEO, Greg Dougherty brings significant operational experience in the optical industry. We look forward to working closely with Greg as we navigate through the current challenging financial situation.”

Greg Dougherty has served as an Oclaro board member since 2009, and brings to the CEO role substantial leadership, operations, sales, marketing and general management experience in the optical and laser industries, including previous roles as chief operating officer of JDSU, and chief operating officer of SDL.

“Through its rich history of mergers and acquisitions, Oclaro has amassed an extensive technology and product portfolio, and I am honored to join its talented team,” said Greg Dougherty, chief executive officer, Oclaro. “My focus will be to harness those powerful assets to their fullest potential, by accelerating efforts to simplify the company and strengthen our execution; and by focusing on developing and implementing a profitable operating model. My goal is to solidify our position as a leader in the optical industry and to be the preferred supplier to our customers around the world.”

Alain Couder enters retirement after a long and successful career.  Mr. Couder first joined the Company’s predecessor, Bookham, Inc., (Bookham) as CEO in August 2007 and was elected chair of the board in July 2011.  Mr. Couder led Bookham through its merger with Avanex Corporation to create Oclaro and also led the Company through its merger with Opnext, Inc. in July 2012.  Prior to joining Oclaro, Mr. Couder was president and CEO of three private companies, a venture advisor to a venture capital company, the chief operating officer of Agilent Technologies and held various positions over the years with Packard-Bell NEC, Groupe Bulle, Hewlett-Packard and IBM.

“In my career I have had the privilege to work with some of the technology industry’s best and brightest people,” said Alain Couder. “Oclaro has been one of the highlights. With its amazing talent, technology and products, Oclaro can have a substantial impact on the world. As I move on to retirement, I am confident that Oclaro is in good hands under the continued leadership of Greg Dougherty and the exceptional team we have in place.”

Mr. Dougherty, has served as an Oclaro board member since 2009. Prior to Oclaro, Mr. Dougherty served as a director of Avanex Corporation (Avanex) from April 2005 to April 2009, when Avanex and Bookham merged to create Oclaro.  Mr. Dougherty has served as a director of Picarro, Inc., a manufacturer of ultra-sensitive gas spectroscopy equipment using laser-based technology, since October 2002.  He also served as Picarro’s CEO from 2002 through 2003.  Mr. Dougherty served on the board of directors of the Ronald McDonald House at Stanford from January 2004 until 2011.  From February 2001 until September 2002, Mr. Dougherty was the chief operating officer of JDS Uniphase Corporation (JDS), an optical technology company.  Prior to JDS, he was the chief operating officer of SDL, Inc. from March 1997 to February 2001 when they were acquired by JDS. From 1989 to 1997, Mr. Dougherty was the director of product management and marketing of Lucent Technologies Microelectronics in the Optoelectronics Strategic Business Unit.  Mr. Dougherty received a B.Sc. degree in Optics in 1983 from the University of Rochester.

Ms. Peterson who has served as an Oclaro board member since 2011, brings to the chair position her extensive knowledge in the areas of operations, strategy, and customer relations, as well as experience as a senior executive of a large, complex and well-respected technology company. Ms. Peterson was formerly executive vice president, worldwide operations, services and customer advocacy of Sun Microsystems Inc., until her retirement in 2006 after 17 years with the company.  From August 2008 to present, Ms. Peterson has served as a director of Humana Inc., a healthcare provider, and is currently a member of their nominating and corporate governance and organization and compensation committees.  From August 2006 to present, she has served as a director for Ansell Limited, a global public company listed on the Australia Stock Exchange, where she is currently a member of the audit committee and chair of the risk committee.  In addition, Ms. Peterson currently serves as a director of Quantros, Inc. and is a member of their audit committee and chair of the technology committee. She previously served as a director of Supervalu Inc. and the Lucile Packard Children’s Hospital at Stanford, and served on the board of trustees of Kettering University. Ms. Peterson has attained the distinction of being a National Association of Corporate Directors Board Leadership Fellow. Ms. Peterson earned a M.B.A. from Harvard University, and an honorary doctorate of management and a B.S. in mechanical engineering from Kettering University.

About Oclaro

Oclaro, Inc. (NASDAQ: OCLR) is one of the largest providers of lasers and optical components, modules and subsystems for the optical communications, industrial, and consumer laser markets.  The company is a global leader dedicated to photonics innovation, with cutting-edge research and development (R&D) and chip fabrication facilities in the U.S., U.K., Italy, Switzerland, Israel, Korea and Japan. It has in-house and contract manufacturing sites in China, Malaysia and Thailand, with design, sales and service organizations in most of the major regions around the world. For more information, visit http://www.oclaro.com.

Copyright 2013. All rights reserved. Oclaro, the Oclaro logo, and certain other Oclaro trademarks and logos are trademarks and/or registered trademarks of Oclaro, Inc. or its subsidiaries in the U.S. and other countries. All other trademarks are the property of their respective owners. Information in this release is subject to change without notice.

Safe Harbor Statement

This press release contains statements about management’s future expectations, plans or prospects of Oclaro and its business, and together with the assumptions underlying these statements, constitute forward-looking statements for the purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Such statements can be identified by the fact that they do not relate strictly to historical or current facts and may contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will,” “should,” “outlook,” “could,” “target,” “model,” and other words and terms of similar meaning in connection with any discussion of future events or financial performance. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, such as the factors described in Oclaro’s most recent annual report on Form 10-K, quarterly report on Form 10-Q and other documents we periodically file with the SEC. The forward-looking statements included in this announcement represent Oclaro’s view as of the date of this announcement. Oclaro anticipates that subsequent events and developments may cause Oclaro’s views and expectations to change. Oclaro specifically disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this announcement.

(HCKT) 2013 Best Practices Conference: “Borderless Business”

As economies around the world become more integrated, understanding the optimal way to operate globally has become a driving force. How companies are addressing the opportunities and challenges of today’s global economy was the focus of The Hackett Group’s 2013 North American Best Practices Conference, “Borderless Business: Integrating the Enterprise for Sustainable Success,” held in Miami May 20-22, 2013.

The Hackett Group (NASDAQ:HCKT), a global strategic business advisory and operations improvement consulting firm, is a leader in best practice advisory, business benchmarking, and transformation consulting services including strategy and operations, working capital management, and globalization advice.

This year’s best practices conference brought together speakers from 17 of the world’s most successful companies, including CEOs, CFOs, CIOs, and leaders in procurement, human resources, and global business services from: Becton, Dickinson and Company; Citigroup; Coca Cola Refreshments USA; Cytec Industries; FedEx; Fidelity Investments; General Electric; General Mills; Hertz; Kimberly-Clark; Kronos; Lennox International; Meritor; MetLife; Office Depot; SAP AG; and TE Connectivity. In addition nine companies served as sponsors for The Hackett Group conference: Cadency, a product of Trintech; Coupa Software; Genpact Limited; HP; Invest Lithuania; Kronos; Open Scan; SAP; and Zycus.

The invitation-only event, which was attended by over 200 senior-level executives from the world’s most respected brands, also featured The Hackett Group latest insights on the strategies and tactics being deployed by the highest performing global companies.

At the conference, The Hackett Group also offered an update and live demonstration of The Hackett Group’s Performance Exchange^™, a new automated measurement dashboard designed to accelerate companies’ journeys to world-class performance. The Hackett Group Performance Exchange is a breakthrough performance intelligence solution that automatically extracts data from ERP systems and benchmarks results to produce actionable insights – faster and at a fraction of the cost and effort involved in any benchmarking alternative or building a custom solution.

“Today’s business world is all about transcending borders, and the accelerating flow of ideas, resources, capital, and goods,” explained The Hackett Group Chairman & Chief Executive Officer Ted Fernandez.”The increasingly competitive global marketplace has reduced the interval between seeing an opportunity – or threat – and making the operational changes necessary to respond to it effectively. As a result, information and operational expectations have necessitated one global view of your customers, your supply chain, your operations, your financials and your talent.

“At The Hackett Group’s 2013 North American Best Practices Conference, we offered an opportunity to learn how the world’s most successful companies are adapting to the opportunities and challenges of operating globally,” said Mr. Fernandez.

About The Hackett Group

The Hackett Group (NASDAQ: HCKT), a global strategic business advisory and operations improvement consulting firm, is a leader in best practice advisory, business benchmarking, and transformation consulting services including strategy and operations, working capital management, and globalization advice.

Utilizing best practices and implementation insights from more than 7,500 benchmarking studies, executives use The Hackett Group’s empirically-based approach to quickly define and implement initiatives that enable world-class performance. Through its REL group, The Hackett Group offers working capital solutions focused on delivering significant cash flow improvements. Through its Archstone Consulting group, The Hackett Group offers Strategy & Operations consulting services in the Consumer and Industrial Products, Pharmaceutical, Manufacturing, and Financial Services industry sectors. Through its Hackett Technology Solutions group, The Hackett Group offers business application consulting services that help maximize returns on IT investments. The Hackett Group has completed benchmark studies with over 2,800 major corporations and government agencies, including 97% of the Dow Jones Industrials, 86% of the Fortune 100, 90% of the DAX 30 and 48% of the FTSE 100.

More information on The Hackett Group is available: by phone at (770) 225-7300; by e-mail at info@thehackettgroup.com.

Ocean Power (OPTT) Announces Oregon-Based Regional Representation

PENNINGTON, N.J., June 7, 2013 (GLOBE NEWSWIRE) — Ocean Power Technologies, Inc. (Nasdaq:OPTT) (“OPT”, or “the Company”), a leading wave energy technology company, today announced that it has engaged consultant Kevin Watkins to serve as its Pacific Northwest Representative. OPT is planning for deployment of a Mark 3 PowerBuoy^® wave energy conversion system off the coast of Oregon, and Mr. Watkins will provide support to this process as well as work with interested local groups and stakeholders.

Charles F. Dunleavy, Chief Executive Officer of OPT, said, “We are very happy to have the assistance of Kevin, as we progress with our business activities in Oregon. His career experience with both conventional and renewable energy is a key asset, and he has worked in the past with many of the groups interested in OPT’s wave energy project. Living in Oregon, Kevin will be a vital, local link to those stakeholders. His role will include communications, community outreach, and liaison with local regulatory groups.”

Kevin Watkins has worked in the electric power industry for over 30 years. He was the Engineering Vice President at PNGC Power for 15 years where he coordinated power generation operations and information technology activities required to support power scheduling operations.

“I am excited to work with OPT on this ‘first of its kind’ energy generation project for the Pacific Northwest,” said Kevin Watkins. “I have been involved with alternative and emerging electricity generation technologies for several years and ocean wave energy has the potential to provide significant value to the region.” While at PNGC Power, Mr. Watkins also directed implementation of a Smart Grid Investment Grant awarded to PNGC Power and served on technical review and evaluation committees for the Northwest Power Planning Council and the State of Oregon. He is a registered Professional Engineer.

About Ocean Power Technologies

Ocean Power Technologies, Inc. (Nasdaq:OPTT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable and clean and environmentally-beneficial electricity. OPT has a strong track record in the advancement of wave energy and participates in an estimated $150 billion annual power generation equipment market. OPT’s proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into clean electricity. The Company is widely recognized as a leading developer of on-grid and autonomous wave-energy generation systems, benefiting from over 15 years of in-ocean experience. OPT is headquartered in Pennington, New Jersey, USA with an office in Warwick, UK and operations in Melbourne and Perth, Australia. More information can be found at www.oceanpowertechnologies.com.

Forward-Looking Statements

This release may contain “forward-looking statements” that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current expectations about its future plans and performance, including statements concerning the impact of marketing strategies, new product introductions and innovation, deliveries of product, sales, earnings and margins. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company’s most recent Form 10-K and subsequent filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

CONTACT: Ocean Power Technologies, Inc.
         Charles F. Dunleavy, Chief Executive Officer
         Telephone: +1 609 730 0400

         Kevin Watkins
         kwatkinspdx@gmail.com
         Telephone:  +1 971 404 4859

Conn’s, Inc. (CONN) Reports Results for the Quarter Ended April 30, 2013

Conn’s, Inc. (NASDAQ:CONN), a specialty retailer of home appliances, furniture, mattresses, consumer electronics and provider of consumer credit, today announced its results for the quarter ended April 30, 2013.

Significant items for the first quarter of fiscal 2014 include:

• Net income equaled $22.2 million, $10.6 million above last year;
• Earnings per diluted share rose to $0.61 from $0.35 per share a year ago on a 10.8% increase in diluted shares outstanding;
• Consolidated revenues were $251.1 million, up 25.0% over the prior-year quarter;
• Same store sales rose 16.5% from the prior-year period, on top of same store sales growth of 17.8% last year;
• Retail gross margin was 40.3% for the quarter, an increase year-over-year of 660 basis points;
• Retail segment operating income was $27.3 million, $16.5 million above the level reported in the prior-year period; and
• Credit segment operating income totaled $11.7 million, an increase of 5.5% from the prior-year quarter.

“We are pleased to again report record net income. Over the past six quarters, our operations have delivered year-over-year expansion in both same store sales and retail margins. With the addition of new stores and update of existing stores, furniture and mattress sales growth is accelerating. Furniture and mattress sales were up over 70% from last year and accounted for 26% of our total product sales in the current period,” stated Theodore M. Wright, the Company’s Chairman and CEO. “May 2013 same store sales rose 18% with same store sales of consumer electronics up 4%.”

Retail Segment Results

Revenues for the quarter ended April 30, 2013 increased $42.6 million, or 25.5%, over the prior-year period to $209.8 million. The year-over-year growth was driven by the significant expansion in same store sales and the five Conn’s HomePlus^TM stores opened in fiscal 2013. Two new stores opened on April 26, 2013. As of quarter end, 22 existing stores were updated to the Conn’s HomePlus format.

The following table presents net sales by category and changes in net sales for the current and prior-year quarter:

The following provides a summary of items influencing the Company’s major product category performance during the quarter, compared to the prior-year period:

• Home appliance average selling price rose 14.6% and unit volume increased 3.8%. Laundry sales increased 25.8%, refrigeration sales were up 16.2% and cooking sales rose 19.4%;
• Furniture unit sales increased 81.6% and the average selling price was down slightly;
• Mattress unit volume increased 33.6% and average selling price was up 19.7%;
• Same store sales of consumer electronics improved through the quarter. In April, same store sales were up 5.9%; and
• Tablet sales increased 218.0% and computer sales were up 16.2%.

Retail gross margin was 40.3% for the quarter ended April 30, 2013, compared to 33.7% in the prior-year period. Certain of the Company’s vendors provide higher promotional assistance during the first quarter of each fiscal year which benefited retail gross margin by approximately 150 basis points in both periods. Margin improvement was reported in each of the product categories – reflecting the benefit of the sale of higher price-point, higher-margin goods and realization of sourcing opportunities. Product margin on furniture and mattress sales rose 6.1 percentage points from the prior-year period to 48.3% of sales. Furniture and mattress sales were 25.7% of total product revenue in the current period and generated 34.8% of the total product gross profit.

Credit Segment Results

Revenues were $41.3 million for the current quarter, up 22.6% from the prior-year period. The revenue increase resulted from an increase in the average receivable portfolio balance outstanding. The portfolio balance rose to $773.4 million at April 30, 2013, from $635.2 million in the prior-year period, due to higher retail sales volumes and credit penetration over the past year. The portfolio interest and fee income yield was 18.0% for the three months ended April 30, 2013, relatively consistent with the prior-year period, but down 70 basis points sequentially as a result of increased short-term, no-interest financing.

Provision for bad debts was $13.8 million for the quarter ended April 30, 2013, an increase of $4.8 million from the prior-year period. This additional provision was driven primarily by the substantial year-over-year growth in the average receivable portfolio balance outstanding, which includes an increase of $31.9 million during the current quarter.

Additional information on the credit portfolio and its performance may be found in the table included within this press release and in the Company’s Form 10-Q to be filed with the Securities and Exchange Commission.

Capital and Liquidity

In March of 2013, the Company received an additional $40 million of lender commitments under its asset-based loan facility increasing total commitments under the facility to $585 million. During the first quarter, the Company also repaid the remaining asset-backed notes. In connection with the early repayment of the asset-backed notes, the Company accelerated the amortization of deferred financing cost resulting in an additional $0.4 million of interest expense.

The Company’s improved operating performance and credit portfolio velocity allowed it to internally fund the growth in its credit portfolio as well as capital expenditures. As of April 30, 2013, the Company had $293.7 million of borrowings outstanding under its asset-based loan facility. Additionally, the Company had $244.6 million of immediately available borrowing capacity as of April 30, 2013, and an additional $45.3 million that could become available upon increases in eligible inventory and customer receivable balances under the borrowing base.

Outlook and Guidance

The Company increased earnings guidance for the fiscal year ending January 31, 2014, to diluted earnings per share of $2.50 to $2.65 on an adjusted basis. The following expectations were considered in developing the guidance for the full year:

• Same stores sales up 8% to 13%;
• New store openings of between 10 and 12;
• Retail gross margin between 37.5% and 38.5%;
• An increase in the credit portfolio balance;
• Credit portfolio interest and fee yield of between 18.0% and 18.3%, reflecting a higher proportion of the portfolio balance represented by no-interest credit programs than in fiscal 2013;
• Provision for bad debts of between 6.5% and 7.0% of the average portfolio balance outstanding;
• Selling, general and administrative expense of between 28.0% and 29.0% of total revenues; and
• Diluted shares outstanding of approximately 37.0 million.

Conference Call Information

Conn’s, Inc. will host a conference call and audio webcast on Thursday, June 6, 2013, at 10:00 A.M. CT, to discuss its earnings and operating performance for the quarter. A link to the live webcast, which will be archived for one year, and slides to be referred to during the call will be available at ir.Conns.com. Participants can join the call by dialing 877-754-5302 or 678-894-3020.

About Conn’s, Inc.

Conn’s is a specialty retailer currently operating 70 retail locations in Texas (58), Louisiana (6), Oklahoma (3), New Mexico (2) and Arizona (1). The Company’s primary product categories include:

• Home appliance, including refrigerators, freezers, washers, dryers, dishwashers and ranges;
• Furniture and mattress, including furniture and related accessories for the living room, dining room and bedroom, as well as both traditional and specialty mattresses;
• Consumer electronic, including LCD, LED, 3-D and plasma televisions, Blu-ray players, home theater and video game products, camcorders, digital cameras, and portable audio equipment; and
• Home office, including computers, tablets, printers and accessories.

Additionally, the Company offers a variety of products on a seasonal basis, including lawn and garden equipment, room air conditioners and outdoor furniture. Unlike many of its competitors, the Company provides flexible in-house credit options for its customers, in addition to third-party financing programs and third-party rent-to-own payment plans.

This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements include information concerning our future financial performance, business strategy, plans, goals and objectives. Statements containing the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should,” or the negative of such terms or other similar expressions are generally forward-looking in nature and not historical facts. Although we believe that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, we can give no assurance that such statements will prove to be correct. A wide variety of potential risks, uncertainties, and other factors could materially affect our ability to achieve the results either expressed or implied by our forward-looking statements including, but not limited to: general economic conditions impacting our customers or potential customers; our ability to continue existing or offer new customer financing programs; changes in the delinquency status of our credit portfolio; higher than anticipated net charge-offs in the credit portfolio; the success of our planned opening of new stores and the updating of existing stores; technological and market developments and sales trends for our major product offerings; our ability to fund our operations, capital expenditures, debt repayment and expansion from cash flows from operations, borrowings from our revolving credit facility, and proceeds from accessing debt or equity markets; and the other risks detailed from time-to-time in our SEC reports, including but not limited to, our Annual Report on Form 10-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, we are not obligated to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

Ciena (CIEN) Reports Fiscal Second Quarter 2013 Financial Results

Ciena^® Corporation (NASDAQ: CIEN), the network specialist, today announced unaudited financial results for its fiscal second quarter ended April 30, 2013.

For the fiscal second quarter 2013, Ciena reported revenue of $507.7 million.

On the basis of generally accepted accounting principles (GAAP), Ciena’s net loss for the fiscal second quarter 2013 was $(27.1) million, or $(0.27) per common share, which compares to a GAAP net loss of $(27.8) million, or $(0.28) per common share, for the fiscal second quarter 2012.

Ciena’s adjusted (non-GAAP) net income for the fiscal second quarter 2013 was $2.2 million, or $0.02 per common share, which compares to an adjusted (non-GAAP) net income of $3.7 million, or $0.04 per common share, for the fiscal second quarter 2012.

“We have designed Ciena to take advantage of the fundamental shift in network architecture driven by changing end-user demands, and our strong quarterly and first half of 2013 performance are a direct result of that strategy. Our unique ability to provide customers convergence, automation, openness and software intelligence positions us to lead the industry in this shift,” said Gary B. Smith, president and CEO of Ciena. “These dynamics are creating new opportunities that we believe will enable us to continue making progress toward our long-term financial goals.”

Fiscal Second Quarter 2013 Performance Summary

The tables below (in millions, except percentage data) provide comparisons of certain quarterly results to prior periods, including sequential quarterly and year-over-year changes. A reconciliation between the GAAP and adjusted (non-GAAP) measures contained in this release is included in Appendix A.