Allied Automotive (XRSC) Chooses New XRS Mobile Platform for Fleet Optimization

Leading Vehicle Transporter Selects Sleek, Flexible Mobile Solution Over Traditional Bulky On-Board Computers

MINNEAPOLIS, Feb. 12, 2013 (GLOBE NEWSWIRE) — XRS Corporation, (formerly Xata Corporation) (Nasdaq:XRSC), the leader in mobile fleet optimization software, today announced that they have been working with Allied Automotive Group, which selected XRS’s mobile fleet optimization platform to improve efficiency and compliance. Allied, one of North America’s largest vehicle transporters, will fully implement the platform this year and will be the first automotive carrier to use the XRS system, the trucking industry’s only complete mobile solution for compliance and fleet optimization.

“We are thrilled to be partnering with Allied Automotive Group,” said Jay Coughlan, chairman and chief executive officer of XRS Corporation. “We are proud to be associated with a forward-thinking company that realizes the immense business potential for new, mobile-ready road science tools like the XRS platform.”

Allied is implementing XRS on seven-inch Samsung Galaxy 2 tablets connected to a 4G LTE wireless network. The devices are part of the Samsung SAFE group, which represents the family of Samsung Enterprise solutions that include the necessary security and feature enhancements suitable for business use and keep company data secure. Drivers are able to access satellite imagery of destinations, message other drivers with status updates, communicate with dispatchers, capture photos and other capabilities that Allied can tap into to provide valuable new services to their customers. This technology will allow the Allied industry-leading central dispatch system to move to the next level.

Allied owns the largest and most diverse vehicle transport fleet in the industry, with an extensive network that spans the North American continent. As the finished vehicle marketplace builds new momentum and industry projections indicate a significant shortage of carrier capacity on the horizon, Allied’s infrastructure, fleet diversity and commitment to technology place the company in an advantageous market position. Implementing the new XRS mobile platform is a significant step toward business growth.

“Efficiency, integration and rapid implementation were key priorities as we considered our first EOBR solution, and XRS offered the greatest potential for success in every facet of our business,” said Robert Ferrell, executive vice president, fleet and maintenance for Allied Automotive Group. “Not only are we staying ahead of the curve when it comes to MAP-21 compliance, but we also require a mobile solution that can integrate seamlessly with our existing dispatch, signature capture and form management systems. XRS gives us the full support we need for leveraging mobile-based and tablet-based technology to conduct business.”

The new XRS mobile platform runs on more than 50 types of mobile devices and automatically transmits vehicle and operator data directly to a management dashboard, providing compliance with the new MAP-21 compliance mandate for recording hours-of-service. Nearly 90 percent of drivers already have mobile devices in use, meaning there are no additional hardware costs associated with the XRS platform, and XRS Corporation has partnership agreements with the leading brands in mobile communications in both the U.S. and Canada.

“After considering and trying out traditional ‘big box’ systems, Allied determined a mobile EOBR solution would be a significant step forward toward improving efficiency, compliance and return-on-investment,” said James DeSocio, executive vice president of field operations for XRS. “The days of expensive, hard-wired, on-board installations are gone, and mobile technology is poised to help thousands of transportation companies like Allied create customized fleet management systems that maximize return-on-investment.”

With XRS, there are no up-front hardware costs and no capital requirements. The subscription-based monthly service features varying pricing levels, dependent on package and functionality. Every XRS package includes an XRS Relay in-cab device that communicates via Bluetooth with the driver’s existing smartphone or tablet.

The return on investment of XRS is almost immediate, and it pays off in driver productivity, fuel efficiency, fleet utilization, accident prevention, compliance and much more.

“Allied has been providing invaluable feedback on the new XRS system during the launch, and we are truly excited to see how XRS can help Allied continue to transform its business, starting with more efficient reporting and compliance practices,” DeSocio said.

XRS is currently in limited release, with general availability expected in spring 2013. Pricing and package levels will be announced prior to general release. To sign up or learn more about the XRS platform, please visit www.xrscorp.com.

About XRS Corporation

XRS Corporation (formerly Xata Corporation) delivers mobile compliance and fleet management software solutions to the trucking industry to maintain regulatory compliance and slash operating costs. XRS is leading the trucking industry’s migration to mobile devices for collecting and analyzing compliance and management data. Its existing mobility-based products are low-cost and easy-to-install solutions that run on smartphones, tablets and rugged handhelds– devices often owned by drivers, themselves. XRS has sales and distribution partnerships with the major wireless carriers in the U.S. and Canadian trucking industry.

Through XRS, fleet managers, dispatchers and drivers collect, sort, view and analyze data to help reduce costs, increase safety, attain compliance with governmental regulations, and improve customer satisfaction – all through their mobile devices.

For more information, visit www.xrscorp.com or call 1.800.745.9282.

About Allied Automotive Group

Allied owns the largest and most diverse vehicle transport fleet in the industry, with an extensive network that spans the North American continent. The company was founded nearly 80 years ago, and today offers not only the capacity to meet increasing manufacturer volumes – but the infrastructure, the workforce, the fleet diversity, and the experience to lead our industry. For more information, visit www.alliedautomotive.com.

Contacts:

Megan Derkey

XRS Corporation

megan.derkey@xrscorp.com

952.707.5681

David Hlavac

Bellmont Partners

david@bellmontpartners.com
612.803.3350

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Cardium’s (CXM) Excellagen® Awarded American Podiatric Medical Association Seal of Approval

Company Also Announces Addition of a Regional Distributor for Excellagen

SAN DIEGO, Feb. 12, 2013 /PRNewswire/ — Cardium Therapeutics (NYSE MKT: CXM) announced today that the American Podiatric Medical Association (APMA) has granted its prestigious Seal of Approval to the Company’s innovative Excellagen^® advanced wound care product for its contributions to better foot health and mobility.  Excellagen is a syringe-based, professional-use, pharmaceutically-formulated 2.6% fibrillar Type I bovine collagen gel that functions to activate the wound healing process and accelerate the growth of granulation tissue.  Excellagen is FDA-cleared for the treatment of neuropathic and diabetic foot ulcers, pressure ulcers, venous ulcers, surgical wounds and other dermal wounds.

(Photo: http://photos.prnewswire.com/prnh/20130212/LA58324)

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

Considered the nation’s leading professional organization for podiatrists, APMA has 53 state component locations across the United States and its territories, with a membership of more than 12,000 licensed podiatrists.In obtaining the Seal of Approval, Excellagen passed an extensive scientific review by a panel of APMA members and was recommended by a committee of Doctors of Podiatric Medicine (DPMs) to the APMA Board of Trustees. For more information, visit www.apma.org.

“Excellagen has proven to be an important treatment for wound care and has been thoroughly reviewed and found to be beneficial to foot health.  For this reason, it has been granted APMA’s Seal of Approval,” stated Joseph M. Caporusso, DPM, President of the APMA.

“We are pleased to receive the highly regarded APMA Seal of Approval for our Excellagen advanced wound care product.  The APMA assists physicians and their patients to make informed decisions about their foot health, and we are proud that Excellagen has completed the thorough review process and met the APMA’s standards and requirements for its Seal of Approval.  Excellagen was also selected as a 2012 Top 10 Innovations in Podiatry by Podiatry Today publication and we appreciate the industry recognition that Excellagen is now receiving,” stated Christopher J. Reinhard, Cardium’s Chairman and CEO.

The Company also announced that it has retained an additional independent distributor group consisting of ten sales representatives to market, sell and distribute Excellagen to podiatric and orthopedic physicians, plastic surgeons, hospitals and surgical centers located in North Carolina and South Carolina.  The distributor’s customer base specializes in the treatment of diabetic foot ulcers and surgical wounds, including post-Mohs cancer surgery and trauma wounds.  On January 3, 2013, Cardium announced a distribution agreement with Academy Medical, LLC to market, sell and distribute Excellagen to U.S. government medical providers, including the Veterans Administration (VA) healthcare system and military hospitals.  Academy Medical has a growing customer base of over 35 VA and military hospitals within the U.S.

Reinhard concluded, “The addition of our new regional distributor and our recent agreement with Academy Medical will expand our distribution capabilities for Excellagen as we advance forward with our planned U.S. strategic partnering activities.  Consistent with our long-term business strategy, we do not plan to establish an internal sales force for Excellagen and continue to focus on broadening representation, marketing and sales, and co-promotional arrangements targeting four U.S. vertical wound healing market channels: (1) podiatry, (2) wound care centers, hospitals and long-term care facilities, (3) government medical service providers; and (4) dermatology.  We are also advancing international registrations for Excellagen, including CE Mark registration, which is expected in first quarter 2013, to enable marketing and sales in the European Union and in other international markets where the CE Mark is considered an important commercial recognition of quality.”

About Excellagen

Excellagen is a syringe-based, professional-use, pharmaceutically-formulated 2.6% fibrillar Type I bovine collagen gel that functions to activate the wound healing process and accelerate the growth of granulation tissue.  Excellagen is FDA-cleared for the treatment of neuropathic and diabetic foot ulcers, pressure ulcers, venous ulcers, surgical wounds, and other dermal wounds, and is intended for professional use following standard debridement procedures in the presence of blood cells and platelets, which are involved with the release of endogenous growth factors.  Excellagen’s unique fibrillar Type I bovine collagen gel formulation is topically applied through easy-to-control, pre-filled, sterile, single-use syringes and is designed for application at only one-week intervals.  Already-established standard CPT^® procedure reimbursement codes may apply when Excellagen is used with surgical debridement procedures.  Cardium is also advancing forward with the reimbursement process for Excellagen with Centers for Medicare & Medicaid Services (CMS) and private insurance providers.

There have been important, positive findings reported by physicians using Excellagen as part of Cardium’s initial physician sampling, patient outreach and market “seeding” programs.  In several case studies, physicians reported a rapid onset of the growth of granulation tissue in a wide array of wounds, including non-healing diabetic foot ulcers (consistent with the results of Cardium’s Matrix clinical study), as well as pressure ulcers, venous ulcers and Mohs surgical wounds.  In certain cases, rapid granulation tissue growth and wound closure have been achieved with Excellagen following unsuccessful treatment with other advanced wound care approaches.  From a dermatology perspective, a previously unexplored vertical market, remarkable healing responses have been observed following Mohs surgery for patients diagnosed with squamous and basal cell carcinomas, including deep surgical wounds extending to the periosteum (a membrane that lines the outer surface of bones).  Additionally, because of the easy-use and platelet activating capacity, physicians have been employing Excellagen in severe non-healing wounds at near-amputation status, in combination with autologous platelet-rich plasma therapy and collagen sheet products.  These case studies and positive physician feedback provide additional support of Excellagen’s potential utility as an important new tool to help promote the wound healing process.  Excellagen case studies are available at http://www.excellagen.com/surgical-wounds.html.

About Cardium

Cardium is an asset-based health sciences and regenerative medicine company focused on the acquisition and strategic development of innovative products and businesses with the potential to address significant unmet medical needs and having definable pathways to commercialization, partnering or other economic monetizations. Cardium’s current portfolio includes the Tissue Repair Company, Cardium Biologics, and the Company’s newly-acquired To Go Brands^® nutraceutical business. The Company’s lead commercial product, Excellagen^® topical gel for wound care management, has received FDA clearance for marketing and sale in the United States.  Cardium’s lead clinical development product candidate Generx^® is a DNA-based angiogenic biologic intended for the treatment of patients with myocardial ischemia due to coronary artery disease. To Go Brands^® develops, markets and sells dietary supplements through established regional and national retailers.  In addition, consistent with its capital-efficient business model, Cardium continues to actively evaluate new technologies and business opportunities. For more information, visit www.cardiumthx.com.

Forward-Looking Statements

Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from expectations. For example, there can be no assurance that the APMA Seal of Approval establishes the effectiveness, quality or safety of Excellagen or its use for promoting good foot health; that distributor relationships will be effective or potential strategic partnerships will be successfully established; that case study observations will be reproducible or generalizable, or that results or trends observed in a clinical study or follow-on case studies will be reproduced in subsequent studies or in actual use; that new clinical studies will be successful or will lead to approvals or clearances from health regulatory authorities, or that approvals in one jurisdiction will help to support studies or approvals elsewhere; that the company can attract suitable commercialization partners for our products or that we or partners can successfully commercialize them; that our product or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive or blocked by third party proprietary rights or other means; that the products and product candidates referred to in this report or in our other reports will be successfully commercialized and their use reimbursed, or will enhance our market value; that new product opportunities or commercialization efforts will be successfully established; that third parties on whom we depend will perform as anticipated; that we can raise sufficient capital from partnering, monetization or other fundraising transactions to maintain our stock exchange listing or adequately fund ongoing operations; or that we will not be adversely affected by these or other risks and uncertainties that could impact our operations, business or other matters, as described in more detail in our filings with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.

Copyright 2013 Cardium Therapeutics, Inc.  All rights reserved.
For Terms of Use Privacy Policy, please visit www.cardiumthx.com.

Cardium Therapeutics^®, Generx^®,Cardionovo^®, Tissue Repair™, Gene Activated Matrix™, GAM™, Excellagen^®, Excellarate™, Osteorate™, MedPodium^®, Appexium^®, Linée^®, Alena^®, Cerex^®, D-Sorb™, Neo-Energy^®, Neo-Carb Bloc^®, Neo-Chill^™, and Nutra-Apps^® are trademarks of Cardium Therapeutics, Inc. or Tissue Repair Company. To Go Brands^® is a trademark of To Go Brands, Inc. Other trademarks belong to their respective owners.

Athersys (ATHX) to Present at BIO CEO & Investor Conference

CLEVELAND, Feb. 11, 2013 (GLOBE NEWSWIRE) — Athersys, Inc. (Nasdaq:ATHX) announced today that Gil Van Bokkelen, Ph.D., Chairman and Chief Executive Officer, will present at the 15^th Annual BIO CEO & Investor Conference to be held Monday, February 11, 2013, through Tuesday, February 12, 2013, at The Waldorf Astoria New York in New York City.

Details of Athersys’ participation are as follows:

The 15th Annual BIO CEO & Investor Conference assembles a select group of established biotech companies, as well as top public and private equity investors and members of the sell-side investment community, to explore the current investment landscape and opportunities in life sciences.  In addition to plenary sessions and panel discussions on timely business topics and key therapeutic areas, the conference features presentations by over 130 leading biotechnology and pharmaceutical companies, as well as a number of nonprofit and venture philanthropy organizations.

About Athersys

Athersys is a clinical stage biotechnology company engaged in the discovery and development of therapeutic product candidates designed to extend and enhance the quality of human life. The Company is developing its MultiStem^® cell therapy product, a patented, adult-derived “off-the-shelf” stem cell product platform for disease indications in the cardiovascular, neurological, inflammatory and immune disease areas. The Company currently has several clinical stage programs involving MultiStem, including for treating inflammatory bowel disease, ischemic stroke, damage caused by myocardial infarction, and for the prevention of graft-versus-host disease. Athersys has also developed a diverse portfolio that includes other technologies and product development opportunities, and has forged strategic partnerships and collaborations with leading pharmaceutical and biotechnology companies, as well as world-renowned research institutions in the United States and Europe to further develop its platform and products. More information is available at www.athersys.com.

The Athersys, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4548

CONTACT: William (B.J.) Lehmann, J.D.
         President and Chief Operating Officer
         Tel: (216) 431-9900
         bjlehmann@athersys.com

         Investor Relations:
         Lisa M. Wilson
         In-Site Communications
         Tel: (917) 543-9932
         lwilson@insitecony.com

DynaVox (DVOX) Reports Second Quarter Fiscal Year 2013 Results

PITTSBURGH, Feb. 11, 2013 (GLOBE NEWSWIRE) — DynaVox (Nasdaq:DVOX), the world’s leading provider of communication and education products for individuals with significant speech, language and learning disabilities, today announced results for the second quarter ended December 28, 2012.

Net sales were $17.6 million, a decrease of 24%, compared to net sales of $23.2 million for the second quarter ended December 30, 2011. Sales for the Company’s speech generating devices decreased 26% to $14.9 million and sales from its special education software declined 16% to $2.7 million from the prior year.

Gross profit for the second quarter of fiscal year 2013 decreased 23% to $12.8 million, compared to gross profit of $16.6 million in the second quarter of the prior year. The Company’s gross margin for the second quarter increased 100 basis points to 72.7%, compared to a gross margin of 71.7% in the second quarter of the prior year. The increase in margin is mainly the result of decreased costs offset to some degree by lower sales volume.

Operating expenses in the second quarter of fiscal year 2013 decreased 19% to $11.4 million, compared to $14.1 million in the prior year. Operating income for the second quarter was $1.4 million, compared to $2.5 million in the same period a year ago.

GAAP net income for the second quarter of fiscal year 2013 was $0.1 million, or $0.01 per share, compared to GAAP net income of $0.3 million, or $0.03 per share, for the same quarter a year ago.

Adjusted pro forma net income, as defined below, was $0.4 million, or $0.01 per share, compared to adjusted pro forma net income of $1.2 million, or $0.04 per share, in the prior year.

Adjusted EBITDA, as defined below, decreased 34% to $2.8 million, compared to $4.2 million in the previous year.

“The continuation of difficult economic conditions, together with technology advances such as tablet computers, adversely impacted our net sales during the second quarter. To overcome these challenges, we are continuing our research and development on new product innovations aimed at providing greater value to our customers,” said Michelle Wilver, DynaVox’s Chief Executive Officer.

“We expected a tough environment in fiscal 2013 and as such our action plans are well underway to properly address, both our speech generating device and special education software markets, for the long term.”

Results for the Twenty-Six Weeks Ended December 28, 2012

For the first twenty-six weeks of fiscal 2013, net sales decreased 27% to $36.2 million from $49.4 million in the same period last year.

Gross profit for the first twenty-six weeks of fiscal 2013 decreased 27% to $26.2 million. The Company’s gross profit margin expanded 30 basis points to 72.4% from 72.1% in the same period last year.

Operating income for the first twenty-six weeks of fiscal year 2013 decreased 69% to $1.7 million, compared to operating income of $5.3 million in the prior year.

GAAP net loss for the first twenty-six weeks of fiscal year 2013 was $0.1 million, or $0.01 per share, compared to GAAP net income of $0.8 million, or $0.08 per share, a year ago. Adjusted pro forma net income, as defined below, was $0.8 million for the first twenty-six weeks, compared to $2.5 million in the prior year and adjusted pro forma net income per share for the first twenty-six weeks was $0.02 per share, compared to $0.09 per share in the prior year.

For the first twenty-six weeks of fiscal 2013, Adjusted EBITDA was $4.4 million, a decrease of 49%, from $8.7 million in the same period last year.

Conference Call

The conference call is scheduled to begin at 4:30 p.m. EST on February 11, 2013. The call will be broadcast live over the Internet, hosted at the Investor Relations section of DynaVox’s website at http://ir.dynavoxtech.com/index.cfm, and will be archived online through February 25, 2013. In addition, listeners may dial (877) 312-5529 in North America, and international listeners may dial (253) 237-1147. Participants from the Company will be Michelle Wilver, Chief Executive Officer, and Ken Misch, Chief Financial Officer.

A telephonic playback will be available from 7:45 p.m. EST, February 11, 2013 through February 14, 2013. To hear the playback participants may dial (855) 859-2056 and international listeners may dial (404) 537-3406. The conference ID number is 90194263.

Explanatory Note and Non-GAAP Financial Measures

DynaVox Inc. completed an initial public offering (IPO) on April 27, 2010. As a result of the IPO and certain other recapitalization transactions, DynaVox Inc. became the sole managing member of and has a controlling interest in DynaVox Systems Holdings LLC and its subsidiaries (“DynaVox Holdings”).

This release presents adjusted pro forma net income (loss), which as defined by the Company represents net income (loss) before non-controlling interest and impairment loss and after pro forma corporate income tax expense applied at an assumed 38.0% rate, which includes a provision for U.S. federal income taxes, assumes the highest statutory rates apportioned to each state, local and/or foreign jurisdiction and assumes the full exchange of Holdings Units of DynaVox Holdings into Class A Common Stock. Adjusted pro forma net income (loss) per share consists of adjusted pro forma net income (loss) divided by the weighted-average number of the Company’s Class A Common Stock outstanding, assuming full exchange of Holdings Units of DynaVox Holdings into Class A Common Stock of DynaVox Inc. and giving effect to the dilutive impact, if any, of stock options and restricted stock awards. The Company believes that adjusted pro forma net income (loss), when presented together with the comparable measure presented in accordance with GAAP, is useful to investors to assist in their understanding of the effect of the Company’s organizational structure on its reported results and also in comparing the Company’s results across different periods.

This release also presents Adjusted EBITDA, as defined by the Company as the income (loss) before income taxes, interest income, interest expense, impairment loss, depreciation, amortization and other adjustments noted in the table below.

Adjusted EBITDA, adjusted pro forma net income (loss) and adjusted pro forma net income (loss) per share, however, do not represent and should not be considered as an alternative to net income (loss), net income (loss) per share or cash flow from operating activities, as determined in accordance with GAAP, and our calculations thereof may not be comparable to similarly entitled measures reported by other companies.

Forward-Looking Statements

This press release contains forward-looking statements which reflect our current views with respect to, among other things, our operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “projects”, “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include but are not limited to those described under “Risk Factors” in our Annual Report on Form 10-K, as such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (SEC), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Annual Report on Form 10-K and other filings. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

About DynaVox Inc.

DynaVox Inc. (Nasdaq:DVOX) is a publicly traded holding Company with its headquarters in Pittsburgh, Pennsylvania, whose primary operating entities are DynaVox Systems LLC and Mayer-Johnson LLC. DynaVox is the leading provider of speech generating devices and symbol-adapted special education software used to assist individuals in overcoming their speech, language and learning challenges. These solutions are designed to help individuals who have complex communication and learning needs participate in the home, classroom and community. Our mission is to enable our customers to realize their full communication and education potential by developing industry-leading devices, software and content and by providing the services to support them. We assist individuals, families, and professionals with an extensive field support organization, as well as centralized technical and reimbursement support. For more information, visit www.dynavoxtech.com.

CONTACT: News Media Contact:
         DynaVox
         Dave Colson
         Communications Director
         (412) 995-4090

         Investor Contact:
         DynaVox
         Ray Merk
         VP Finance
         (412) 209-6547

(AMSC) Reports Third Quarter Financial Results

Company to Host Conference Call Today at 5 p.m. ET

DEVENS, Mass., Feb. 11, 2013 (GLOBE NEWSWIRE) — AMSC (Nasdaq:AMSC), a global solutions provider serving wind and power grid industry leaders, today reported financial results for its third quarter of fiscal year 2012 ended December 31, 2012.

Revenues for the third quarter of fiscal 2012 were $17.4 million, which compares with $18.1 million for the third quarter of fiscal 2011. Revenues were lower than the company’s previous forecast due primarily to delayed revenue recognition with a customer in the company’s Wind segment. As a result of this delay, the company’s Wind revenues for the third quarter of fiscal 2012 declined by 33 percent year over year. The company increased its Grid revenues by 34 percent year over year in the third fiscal quarter as a result of greater D-VAR® system shipments.

For the third quarter of fiscal 2012, AMSC reported a net loss of $20.1 million, or $0.38 per share. This figure includes approximately $6.7 million in restructuring and impairment charges, partially offset by a $5.2 million non-cash “mark-to-market” gain driven by the re-valuation of the derivative liability and warrants associated with the company’s debt financings. For the third quarter of fiscal 2011, AMSC’s net loss was $26.3 million, or $0.52 per share. This figure included an aggregate of $6.5 million in costs associated with corporate restructuring, impairment and litigation charges.

The company’s non-GAAP net loss for the third quarter of fiscal 2012 was $13.5 million, or $0.26 per share. This compares with a non-GAAP net loss of $17.5 million, or $0.34 per share, for the third quarter of fiscal 2011. Please refer to the financial table below for a reconciliation of GAAP to non-GAAP results.

AMSC’s cash, cash equivalents, marketable securities, and restricted cash at December 31, 2012 totaled $56.4 million. This compares with $73.1 million as of September 30, 2012. The company’s cash usage during the third fiscal quarter included payments toward its adverse purchase commitments, which were reduced from approximately $12.1 million as of September 30, 2012 to approximately $1.8 million as of December 31, 2012.

“Our non-GAAP net loss and ending cash balance came in better than our forecast in the third fiscal quarter despite the revenue shortfall,” said Daniel P. McGahn, President and CEO, AMSC. “In response to the recent challenges in the global wind power market, we also took action during the third quarter to lower our cost structure while continuing to focus on building our order book.”

Looking Forward

For the fourth fiscal quarter ending March 31, 2013, AMSC expects that its revenues will exceed $18 million and that its net loss will be less than $18 million, or $0.32 per share. This forecast excludes any impact from mark-to-market adjustments related to the derivative liability and warrants. AMSC expects that its non-GAAP (as defined below) net loss for the fourth quarter of fiscal 2012 will be less than $13 million, or $0.23 per share. AMSC expects to have more than $48 million in cash, cash equivalents and restricted cash on March 31, 2013.

“As we approach the start of fiscal year 2013, the tenor in the global wind power market has been changing for the better,” McGahn continued. “A healthy rebound has been forecast in our core Asian markets, while the U.S., U.K. and Australia – key adopters of our D-VAR grid interconnection solution – remain stable and compelling. At the same time, we have begun to pursue opportunities related to a broader adoption of renewables in emerging markets such as South America, South Africa and Eastern Europe. Given these trends, activities and the diversity of our global revenue streams, we believe that we will be able to generate annual revenue growth of at least 25% in fiscal 2013.”

Conference Call Reminder

In conjunction with this announcement, AMSC management will participate in a conference call with investors beginning at 5:00 p.m. Eastern Time today to discuss the company’s results and its business outlook. Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the company’s website at http://www.amsc.com/investors. The live call also can be accessed by dialing 719-325-2454 and using conference ID 3192954.

About AMSC (Nasdaq:AMSC)

AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. The company’s solutions are now powering gigawatts of renewable energy globally and are enhancing the performance and reliability of power networks in more than a dozen countries. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

The AMSC logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11339

AMSC, Windtec, and Gridtec are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks or service marks belong to their respective holders.

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Any statements in this release about future expectations, plans and prospects for the company, including without limitation our prospects for future growth, expectations regarding our future financial results and cash balance, conditions in the global wind power market and our ability to generate revenue from the company’s activities in emerging markets, and other statements containing the words “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements represent management’s current expectations and are inherently uncertain.

There are a number of important factors that could materially impact the value of our common stock or cause actual results to differ materially from those indicated by such forward-looking statements. Such factors include: Our success in addressing the wind energy market is dependent on the manufacturers that license our designs; we may not realize all of the sales expected from our backlog of orders and contracts; we may require additional funding in the future and may be unable to raise capital when needed; our business and operations would be adversely impacted in the event of a failure or security breach of our information technology infrastructure; our success is dependent upon attracting and retaining qualified personnel and our inability to do so could significantly damage our business and prospects; we rely upon third-party suppliers for the components and subassemblies of many of our Wind and Grid products, making us vulnerable to supply shortages and price fluctuations, which could harm our business; many of our revenue opportunities are dependent upon subcontractors and other business collaborators; if we fail to implement our business strategy successfully, our financial performance could be harmed; problems with product quality or product performance may cause us to incur warranty expenses and may damage our market reputation and prevent us from achieving increased sales and market share; our contracts with the United States government are subject to audit, modification or termination by the United States government and include certain other provisions in favor of the government; the continued funding of such contracts remains subject to annual congressional appropriation which, if not approved, could reduce our revenue and lower or eliminate our profit; we may acquire additional complementary businesses or technologies, which may require us to incur substantial costs for which we may never realize the anticipated benefits; many of our customers outside of the United States are, either directly or indirectly, related to governmental entities, and we could be adversely affected by violations of the United States Foreign Corrupt Practices Act and similar worldwide anti-bribery laws outside the United States; we have limited experience in marketing and selling our superconductor products and system-level solutions, and our failure to effectively market and sell our products and solutions could lower our revenue and cash flow; we have a history of operating losses, and we may incur additional losses in the future; our operating results may fluctuate significantly from quarter to quarter and may fall below expectations in any particular fiscal quarter; our new debt obligations include certain covenants and other events of default. Should we not comply with the covenants or incur an event of default, we may be required to repay our debt obligations in cash, which could have an adverse effect on our liquidity; we have recorded a liability for adverse purchase commitments with certain of our vendors; should we be required to settle these liabilities in cash, our liquidity could be adversely affected; if we fail to maintain proper and effective internal controls over financial reporting, our ability to produce accurate and timely financial statements could be impaired and may lead investors and other users to lose confidence in our financial data; we may be required to issue performance bonds or provide letters of credit, which restricts our ability to access any cash used as collateral for the bonds or letters of credit; changes in exchange rates could adversely affect our results from operations; growth of the wind energy market depends largely on the availability and size of government subsidies and economic incentives; we depend on sales to customers in China, and global conditions could negatively affect our operating results or limit our ability to expand our operations outside of China; changes in China’s political, social, regulatory and economic environment may affect our financial performance; our products face intense competition, which could limit our ability to acquire or retain customers; our international operations are subject to risks that we do not face in the United States, which could have an adverse effect on our operating results; adverse changes in domestic and global economic conditions could adversely affect our operating results; we may be unable to adequately prevent disclosure of trade secrets and other proprietary information; our patents may not provide meaningful protection for our technology, which could result in us losing some or all of our market position; the commercial uses of superconductor products are limited today, and a widespread commercial market for our products may not develop; there are a number of technological challenges that must be successfully addressed before our superconductor products can gain widespread commercial acceptance, and our inability to address such technological challenges could adversely affect our ability to acquire customers for our products; we have not manufactured our Amperium wire in commercial quantities, and a failure to manufacture our Amperium wire in commercial quantities at acceptable cost and quality levels would substantially limit our future revenue and profit potential; third parties have or may acquire patents that cover the materials, processes and technologies we use or may use in the future to manufacture our Amperium products, and our success depends on our ability to license such patents or other proprietary rights; our technology and products could infringe intellectual property rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages and disrupt our business; we have filed a demand for arbitration and other lawsuits against our former largest customer, Sinovel, regarding amounts we contend are overdue. We cannot be certain as to the outcome of these proceedings; we have been named as a party to purported stockholder class actions and stockholder derivative complaints, and we may be named in additional litigation, all of which will require significant management time and attention, result in significant legal expenses and may result in an unfavorable outcome, which could have a material adverse effect on our business, operating results and financial condition; our 7% convertible note contains provisions that could limit our ability to repay the note in shares of common stock and should the note be repaid in stock, shareholders could experience significant dilution; our common stock has experienced, and may continue to experience, significant market price and volume fluctuations, which may prevent our stockholders from selling our common stock at a profit and could lead to costly litigation against us that could divert our management’s attention; and new regulations related to conflict-free minerals may force us to incur additional expenses. These and the important factors discussed under the caption “Risk Factors” in Part II. Item 1A and Part 1. Item 1A of our Form 10-K/A for the fiscal year ended March 31, 2012, and our other reports filed with the SEC, among others, could cause actual results to differ materially from those indicated by forward-looking statements made herein and presented elsewhere by management from time to time. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

CONTACT: Kerry Farrell
         Phone: 978-842-3247
         Email: kerry.farrell@amsc.com

ModusLink (MLNK) Announces $30 Million Investment Agreement with Steel Partners Holdings L.P.

Steel Holdings agrees to acquire 7.5 million ModusLink shares at $4 per share, representing 45% premium Company announces settlement with Handy & Harman Ltd. in relation to upcoming annual meeting of stockholders

ModusLink Global Solutions^(TM),Inc. (NASDAQ: MLNK) today announced that it has entered into an investment agreement with Steel Partners Holdings L.P. (NYSE: SPLP, “Steel Holdings”), which together with certain affiliates, including Handy & Harman Ltd. (NASDAQ: HNH, “Handy & Harman”) (together, the “Steel Group”), beneficially owns 14.9 percent of ModusLink’s outstanding shares.

Under the terms of the agreement, Steel Holdings would purchase 7.5 million newly issued shares of common stock at a price of $4.00 per share, representing a cash investment in the Company, before fees and expenses, of $30 million. The $4.00 purchase price per share represents a 45 percent premium to the closing market price for ModusLink common stock on Friday, February 8, 2013.

In addition, at the closing of the transaction the Company would issue Steel Holdings warrants to acquire 2.0 million shares at an exercise price of $5.00 per share. In addition, the Steel Group may purchase up to approximately 1.4 million shares of ModusLink’s outstanding common stock, subject to proportionate adjustment. If all stock is purchased and all warrants are exercised as permitted under the agreement, the Steel Group would own approximately 32.6 percent of ModusLink’s outstanding shares. The investment is subject to certain enumerated closing conditions, including shareholder approval of the investment pursuant to Nasdaq Listing Rule 5635(b) and the election of two Steel Group designees to the ModusLink board of directors at the Company’s 2012 Annual Meeting of Stockholders (the “Annual Meeting”).

In connection with the investment agreement, ModusLink also announced that it has reached a settlement agreement with Handy & Harman in relation to the Annual Meeting. Under the terms of the settlement agreement, ModusLink has agreed to nominate and solicit proxies solely for the Steel Group representatives Warren G. Lichtenstein and Glen M. Kassan for election at the Annual Meeting as Class I directors. Mr. Lichtenstein is Chairman of the Board of Directors of Handy & Harman and Chairman of the Board and Chief Executive Officer of the general partner of Steel Holdings. Mr. Kassan is Vice Chairman of the Board of Directors of Handy & Harman and Managing Director at Steel Partners LLC. Handy & Harman has agreed to withdraw its preliminary proxy statement and to end its proxy solicitation, and has entered into certain other standstill arrangements with the Company.

Upon consummation of the investment, ModusLink Directors Edward E. Lucente and Joseph M. O’Donnell would step down from the Board, and current Chairman Francis J. Jules and Director and Audit Committee Chairman Michael J. Mardy, whose terms on the Board conclude at the Annual Meeting, would each be reappointed to the Board as Class II directors. In addition, at that time, Mr. Lichtenstein would be designated Chairman of the Board of the Company. The size of the Board would be fixed at seven directors immediately following the Annual Meeting.

ModusLink expects to announce the date and location of the Annual Meeting in connection with the filing of its definitive proxy statement concerning the transaction which will, in addition to seeking the election of the Steel Group representatives and approval of the investment, seek approval of the declassification of the Company’s Board of Directors such that the annual election of all directors would take place beginning at the 2013 annual meeting. The Board is submitting this latter proposal in response to the approval at the 2011 annual meeting of a shareholder proposal urging such change.

“The commitment of new capital from Steel Holdings at a significant premium to the recent price of ModusLink shares is a strong vote of confidence in ModusLink’s future by our largest stockholder,” said Mr. Jules. “The investment also validates the recent strategic changes and improvements the Company has undertaken, and further strengthens the Company’s balance sheet. We are also pleased to reach an agreement where the Company will be nominating Warren Lichtenstein and Glen Kassan, two highly qualified nominees, for election to ModusLink’s board of directors at our upcoming annual meeting. The Board looks forward to the opportunity to work with Warren and Glen to increase stockholder value.”

“We have worked constructively with ModusLink to reach these agreements and are excited by the opportunity to invest further in the Company’s future and to contribute significantly to the creation of value for all ModusLink stockholders,” said Mr. Lichtenstein. “I believe ModusLink has considerable potential for value creation as evidenced by Steel Holdings’ investment. I also believe that Glen and I are well suited to help the Company towards that objective and we look forward to working with the rest of the Board and ModusLink management to that end.”

Complete details of the investment agreement and settlement agreement will be contained in the Company’s Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission.

Goldman, Sachs & Co. is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to ModusLink. Olshan Frome Wolosky LLP is serving as legal counsel to Steel Holdings and Handy & Harman.

About Warren G. Lichtenstein

Warren G. Lichtenstein has served as the Chairman of the Board and Chief Executive Officer of the general partner of Steel Holdings, a global diversified holding company that owns and operates businesses and has significant interests in leading companies in a variety of industries, including diversified industrial products, energy, defense, banking, and food products and services, since July 15, 2009. He is also the Chairman and Chief Executive Officer of Steel Partners LLC, a subsidiary of Steel Holdings, and has been associated with Steel Partners LLC and its affiliates since 1990. Mr. Lichtenstein has served as Chairman of the Board of Handy & Harman, a diversified global industrial company, since July 2005. He is a Co−Founder of Steel Partners Japan Strategic Fund (Offshore), L.P., a private investment partnership investing in Japan, and Steel Partners China Access I LP, a private equity partnership investing in China. He also co−founded Steel Partners II, L.P., a private investment partnership that is now a wholly−owned subsidiary of Steel Holdings, in 1993. Mr. Lichtenstein has served as a director of GenCorp Inc., a manufacturer of aerospace and defense products and systems with a real estate business segment, since March 2008. He has served as a director of SL Industries, Inc. (“SLI”), a company that designs, manufactures and markets power electronics, motion control, power protection, power quality electromagnetic and specialized communication equipment, since March 2010. From May 2001 to November 2007, Mr. Lichtenstein served as a director (formerly Chairman of the Board) of United Industrial Corporation (“United Industrial”), a company principally focused on the design, production and support of defense systems, which was acquired by Textron Inc.

About Glen M. Kassan

Glen M. Kassan is a Managing Director and operating partner of Steel Partners LLC, a global management firm, and has been associated with Steel Partners LLC and its affiliates since August 1999. Mr. Kassan served as the Vice President, Chief Financial Officer and Secretary of a predecessor entity of Steel Holdings from June 2000 to April 2007. Mr. Kassan has served as a director of Handy & Harman since July 2005, as the Vice Chairman of the Board since October 2005 and as Chief Executive Officer from 2005 to 2012. He has served as a director of SLI since January 2002 and its Chairman of the Board since May 2008. He previously served as SLI’s Vice Chairman of the Board from August 2005 to May 2008, its President from February 2002 to August 2005, its interim Chief Executive Officer from June 14, 2010 to June 29, 2010 and its interim Chief Financial Officer from June 14, 2010 to August 30, 2010. He was a director of United Industrial from October 2002 to November 2007.

About ModusLink Global Solutions

ModusLink Global Solutions Inc. (NASDAQ: MLNK) executes comprehensive supply chain and logistics services that improve clients’ revenue, cost, sustainability and customer experience objectives. ModusLink is a trusted and integrated provider to the world’s leading companies in consumer electronics, communications, computing, medical devices, software, luxury goods and retail. The Company’s operating infrastructure annually supports more than $80 billion of its clients’ revenue and manages approximately 470 million product shipments through more than 30 sites in 15 countries across North America, Europe, and the Asia/Pacific region. For details on ModusLink’s flexible and scalable solutions visit www.moduslink.com and www.valueunchained.com, the blog for supply chain professionals.

ModusLink Global Solutions is a registered trademark of ModusLink Global Solutions, Inc. All other company names and products are trademarks or registered trademarks of their respective companies.

Important Additional Information

ModusLink, its directors and certain of its executive officers and employees are participants in a solicitation of proxies in connection with its 2012 annual meeting of stockholders (the “2012 Annual Meeting”). Important information concerning the identity and interests of these persons is available in ModusLink’s preliminary proxy statement filed with the Securities and Exchange Commission (the “SEC”) on December 21, 2012, as amended on January 7, 2013. ModusLink plans to file with the SEC and mail to its stockholders a definitive proxy statement in connection with the 2012 Annual Meeting. Information regarding the identity of the participants, and their direct or indirect interests, by security holdings or otherwise, is set forth in the preliminary proxy statement and ModusLink’s Annual Report on Form 10-K for the year ended July 31, 2012. To the extent holdings of ModusLink securities have changed since the amounts printed in the preliminary proxy statement for the 2012 Annual Meeting, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.

Copies of ModusLink’s preliminary proxy statement, any other relevant documents and other materials filed with the SEC concerning ModusLink, when filed, may be obtained free of charge at http://www.sec.gov and http://www.ir.moduslink.com. Stockholders should carefully read the proxy statement and the accompanying proxy card when they become available before making any voting decision.

Forward-Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, the consummation and impact of the announced transaction and the Company’s prospects for creating value for stockholders. All statements other than statements of historical fact, including without limitation, those with respect to the Company’s goals, plans, expectations and strategies set forth herein are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the announced transaction is subject to certain enumerated closing conditions and there can be no assurance that such conditions will be met and the transaction will be consummated; the Company’s success, including its ability to meet its revenue, operating income and cost savings targets, maintain and improve its cash position, expand its operations and revenue, lower its costs, improve its gross margins, reach and sustain profitability, reach its long-term objectives and operate optimally, depends on its ability to execute on its business strategy, including the investment and costs savings plan and the continued and increased demand for and market acceptance of its services; global economic conditions, especially in the technology sector are uncertain and subject to volatility; demand for our clients’ products may decline or may not achieve the levels anticipated by our clients; the Company’s management may face strain on managerial and operational resources as they try to oversee the expanded operations; the Company may not realize the expected benefits of its restructuring and cost cutting actions; the Company may not be able to expand its operations in accordance with its business strategy; the Company’s cash balances may not be sufficient to allow the Company to meet all of its business and investment goals; the Company may experience difficulties integrating technologies, operations and personnel in accordance with its business strategy; the Company derives a significant portion of its revenue from a small number of customers and the loss of any of those customers could significantly damage the Company’s financial condition and results of operations; the Company frequently sells to its supply chain management clients on a purchase order basis rather than pursuant to contracts with minimum purchase requirements, and therefore its sales and the amount of projected revenue that is actually realized are subject to demand variability; risks inherent with conducting international operations; tax rate expectations are based on current tax law and current expected income and may be affected by the jurisdictions in which profits are determined to be earned and taxed, changes in estimates of credits, benefits and deductions, the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties and the ability to realize deferred tax assets; the potential tax benefits represented by the net operating loss carryforwards may not be realized and the tax benefit preservation plan may not be effective in preserving those benefits; the mergers and acquisitions and IPO markets are inherently unpredictable and liquidity events for companies in the Company’s venture capital portfolio may not occur; and increased competition and technological changes in the markets in which the Company competes. For a detailed discussion of cautionary statements that may affect the Company’s future results of operations and financial results, please refer to the Company’s filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements represent management’s current expectations and are inherently uncertain. We do not undertake any obligation to update forward-looking statements made by us.

Medical Action Industries (MDCI) Reports Third Quarter Fiscal 2013 Results

BRENTWOOD, N.Y., Feb. 11, 2013 (GLOBE NEWSWIRE) — Medical Action Industries Inc. (Nasdaq:MDCI), a leading supplier of medical and surgical disposable products, today reported financial results for the third quarter ended December 31, 2012, including quarterly net sales of $109.4 million and gross profit of $19.1 million (the highest in Company history) or 17.5% of net sales. The Company generated non-GAAP net income (before a goodwill impairment charge and certain professional fees) of $1.6 million⁽¹⁾or $0.10⁽¹⁾ per diluted share and EBITDA, as adjusted, of $6.1 million⁽²⁾. These gross profit, non-GAAP net income and EBITDA, as adjusted results represent significant increases versus the comparable non-GAAP results for the same period of fiscal 2012. On a GAAP basis, the Company reported a net loss of $55.5 million or $3.39 per diluted share, principally related to the impairment of goodwill of $56.8 million, net of income tax benefit, determined in connection with the Company’s annual goodwill impairment test as of December 31, 2012.

For the nine months ended December 31, 2012, the Company reported net sales of $333.7 million, gross profit of $53.5 million or 16.0% of net sales, non-GAAP net income of $2.0 million⁽¹⁾ or $0.12⁽¹⁾ per diluted share and EBITDA, as adjusted, of $14.1 million⁽²⁾, all of which exceeded the comparable non-GAAP results for the first nine months of fiscal 2012. On a GAAP basis, the Company reported a net loss of $55.6 million or $3.39 per diluted share. Additionally, since March 31, 2012, the Company has reduced the balance outstanding under its debt facilities by $21.3 million.

Paul D. Meringolo, Chief Executive Officer and President said, “We have made significant improvements in our gross profit culminating with the $19.1 million reported during the third quarter, which is the highest quarterly amount in the Company’s thirty-six year history. This improvement in gross profit is the result of management’s cost savings initiatives, elimination of unprofitable sales, as well as a reduction in raw material costs. Since June 2012, when the Company was realigned into strategic business units, management’s focus on targeted markets has improved considerably and the action plans centered on improving profit and containing costs have yielded the year over year and sequential gross profit improvements we are reporting today. We have been able to make these impressive strides by improving upon our internal operations and management effectiveness without compromising our focus on delivering exceptional service and value to our customers. We still have challenges and opportunities ahead of us and I am extremely pleased at the success we have had in the last several months as we have refocused the Company. Finally, I am excited about the opportunity to work with our interim Chief Operating Officer, Paul Chapman, on continuing to drive improvements in profit and cost containment.”

Quarter Results

Net sales for the third quarter were $109.4 million, down $3.6 million or 3.2% from net sales of $113.0 million for the third quarter of last year. This modest decrease results in part from management’s efforts to focus on profitable business and to decrease or eliminate unprofitable or non-core sales. The reported gross profit of $19.1 million, or 17.5% of net sales, represents a record result for the Company while the gross margin percentage is the highest in two years. By comparison, gross profit in the prior year period amounted to $17.1 million or 15.2% of net sales. This improvement in gross profit is the result of management’s cost savings initiatives, elimination of unprofitable sales, as well as a reduction in raw material costs.

On a GAAP basis, the Company reported a net loss of $55.5 million or $3.39 per diluted share, compared to reported net income of $1.8 million or $0.11 per diluted share for the same period of fiscal 2012. The results for the third quarter were impacted by a non-recurring, non-cash goodwill impairment charge of $78.6 million and $0.5 million of professional fees related to our renegotiated credit agreement. The after-tax impact of the goodwill impairment charge was $56.8 million and $0.3 million for the professional fees. The goodwill impairment was determined as part of the Company’s regular annual impairment test and had no effect on the Company’s cash position. The results for the same period of fiscal 2012 benefitted from a bonus accrual reversal of $1.8 million, net of applicable taxes, related to a reduction in the Company’s bonus accrual which was precipitated by the failure to meet certain operational performance objectives.

On a non-GAAP basis, the Company generated non-GAAP net income (before a goodwill impairment charge and certain professional fees) of $1.6 million⁽¹⁾or $0.10⁽¹⁾ per diluted share for the third quarter compared to a non-GAAP net income (before bonus accrual reversal) of less than $0.1 million⁽¹⁾ or $0.00⁽¹⁾ per diluted share for the same period of fiscal 2012. EBITDA, as adjusted, for the third quarter was $6.1 million⁽²⁾ compared to $3.8 million⁽²⁾ for the same period of fiscal 2012.

Year-to-Date Results

Net sales for the nine months ended December 31, 2012 were $333.7 million, an increase of $4.6 million or 1.4% from net sales of $329.1 million for the first nine months of fiscal 2012. Our gross profit of $53.5 million or 16.0% of net sales has improved compared to the gross profit of $50.8 million or 15.4% for the first nine months of fiscal 2012. This improvement in gross profit is the result of management’s cost savings initiatives, elimination of unprofitable sales, as well as a reduction in raw material costs.

On a GAAP basis, the Company reported a net loss of $55.6 million or $3.39 per diluted share, compared to reported net income of $2.6 million or $0.16 per diluted share for the same period of fiscal 2012. The results for the nine months ended December 31, 2012 were impacted by the previously described goodwill impairment charge of $78.6 million ($56.8 million after income tax benefit) and $1.1 million of professional fees ($0.7 million after income tax benefit) related to our renegotiated credit agreement. The results for the same period of fiscal 2012 benefitted from the aforementioned bonus accrual reduction of $1.8 million, net of applicable taxes, and an extraordinary gain of $0.4 million, net of applicable taxes, resulting from an insurance settlement associated with damaged inventories.

On a non-GAAP basis, the Company generated non-GAAP net income (before a goodwill impairment charge and certain professional fees) of $2.0 million⁽¹⁾or $0.12⁽¹⁾ per diluted share for the nine months ended December 31, 2012 compared to non-GAAP net income (before bonus accrual reversal and extraordinary gain) of $0.4 million⁽¹⁾ or $0.03⁽¹⁾ per diluted share for the first nine months of fiscal 2012.  EBITDA, as adjusted, for the nine months ended December 31, 2012 was $14.1 million⁽²⁾ compared to $12.2 million⁽²⁾ for the first nine months of fiscal 2012.

Liquidity and Capital Resources

The balance of cash and cash equivalents was $0.2 million at December 31, 2012, down $5.2 million from March 31, 2012. For the nine months ended December 31, 2012, the Company reported cash generated by operating activities of $17.5 million compared to cash generated by operating activities of $3.6 million for the first nine months of fiscal 2012. The Company manages cash and cash equivalent balances to minimize the amounts outstanding under its revolving credit facility in an effort to reduce borrowing costs. As of December 31, 2012, the Company had $10.7 million available for additional borrowing under its revolving credit facility.

The Company’s outstanding debt on its credit facility was $54.4 million at December 31, 2012, down $21.3 million from March 31, 2012. The credit facility consists of; (i) a term loan with $49.0 million outstanding at December 31, 2012 and (ii) a revolving credit facility with $5.3 million outstanding at December 31, 2012. As of December 31, 2012, the Company is in compliance with all covenants and financial ratios applicable under our credit facility. Furthermore, we believe that the anticipated future cash flow from operations, coupled with our cash on hand and available funds under our revolving credit facility will be sufficient to meet working capital requirements.

Investors Conference Call

Medical Action invites its stockholders and other interested parties to attend its conference call at 10:00 a.m. (ET) on February 11, 2013. You may listen to the conference call by calling (888) 868-9080 (domestic) or (973) 935-8511 (international); conference ID #97614083. The conference call will be simultaneously web cast on our website: www.medical-action.com. The complete call and discussion will be available for replay on our website beginning at 1:00 p.m. (ET) on February 11, 2013.

About Medical Action Industries Inc.

Medical Action Industries Inc. (Nasdaq:MDCI), is a diversified manufacturer and distributor of disposable medical devices and a leader in many of the markets where it competes. Its products are marketed primarily to acute care facilities in domestic and certain international markets. The Company has expanded its target market to include physician, dental and veterinary offices, out-patient surgery centers, long-term care facilities and laboratories. Medical Action’s products are marketed nationally by its direct sales personnel and extensive network of healthcare distributors. The Company has preferred vendor agreements with national and regional distributors, as well as sole and multi-source agreements with group purchasing organizations. Medical Action’s common stock trades on the NASDAQ Global Select Market under the symbol MDCI and is included in the Russell Microcap^® Index.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements for purposes of these provisions, including any projections of earnings, revenues or other financial items, any statements of the plans and objectives for management for future operations, any statements concerning proposed new products or services, any statements regarding future economic conditions or performance, and any statements of assumptions underlying any of the foregoing. All forward-looking statements included in this news release are made as of the date hereof and are based on information available to us as of such date. The Company assumes no obligation to update any forward-looking statement. In some cases, forward-looking statements can be identified by the use of terminology such as “may,” “will,” “expects,” “plans,” “anticipates,” “intends,” “believes,” “estimates,” “potential,” or “continue,” or the negative thereof or other comparable terminology. Although the Company believes that the expectations reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations or any of the forward-looking statements will prove to be correct, and actual results could differ materially from those projected or assumed in the forward-looking statements. Future financial condition and results of operations, as well as any forward-looking statements, are subject to inherent risks and uncertainties, including manufacturing inefficiencies, termination or interruption of relationships with our suppliers, potential delays in obtaining regulatory approvals, product recalls, product liability claims, our inability to successfully manage growth through acquisitions, our failure to comply with governing regulations, risks of international procurement of raw materials and finished goods, market acceptance of our products, market price of our Common Stock, foreign currency fluctuations, resin volatility and other factors referred to in our press releases and reports filed with the Securities and Exchange Commission (the “SEC”). Please see the Company’s filings with the SEC, including, without limitation, the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Qs, which identify specific factors that would cause actual results or events to differ materially from those described in the forward-looking statements.

Footnotes

The press release includes the use of non-GAAP financial measures that are not prepared in accordance with U.S. generally accepted accounting principles and that exclude the effects of a goodwill impairment charge recognized during the three months ended December 31, 2012 and professional fees related to our renegotiated credit agreement incurred during the three and nine months ended December 31, 2012 as well as a bonus accrual reversal and extraordinary gain reported during the comparable prior periods of fiscal 2012. These non-GAAP financial measures should not be considered a substitute for measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures have been used in this press release because management believes they are useful to investors by providing greater transparency to Medical Action’s operating performance.

(1) Reconciliation of net income (loss) to non-GAAP net income and non-GAAP earnings per share

(2) Reconciliation of net income (loss) to EBITDA and EBITDA, as adjusted

EBITDA is defined as earnings (loss) before interest, income taxes, depreciation and amortization.  EBITDA is a non-GAAP financial measure.

EBITDA, as adjusted represents EBITDA as defined above adjusted for a goodwill impairment charge recognized during the three months ended December 31, 2012, professional fees related to our renegotiated credit agreement recognized during the three and nine months ended December 31, 2012, a bonus accrual reversal and extraordinary gain recognized during the three and nine months ended December 31, 2011 and stock-based compensation.  Stock-based compensation represents compensation expenses associated with stock options and restricted stock.

Management believes EBITDA and EBITDA, as adjusted, to be meaningful indicators of our performance that provides useful information to investors regarding our financial condition and results of operations. Presentations of EBITDA and EBITDA, as adjusted, are non-GAAP financial measures commonly used by financial analysts and our lenders to measure operating performance.  While management considers EBITDA and EBITDA, as adjusted, to be important measures of comparative operating performance, they should be considered in addition to, but not as a substitute for, net income and other measures of financial performance reported in accordance with GAAP.  EBITDA and EBITDA, as adjusted do not reflect cash available to fund cash requirements.  Not all companies calculate EBITDA or EBITDA, as adjusted in the same manner and the measure as presented may not be comparable to similarly-titled measures presented by other companies.

CONTACT: John Sheffield
         Executive Vice President and Chief Financial Officer
         MEDICAL ACTION INDUSTRIES INC.
         (631) 231-4600

MissionIR Engaged by Chanticleer Holdings (HOTR) for Social Media Relations Services

ATLANTA, GA — (Marketwire) — 02/11/13 — MissionIR, a network partner of DreamTeamGroup (DTG), today announces that they have been retained by Chanticleer Holdings, Inc. (NASDAQ: HOTR) to implement a strategic digital and social media investor relations campaign. Through a network of investor-oriented sites and a full suite of investor awareness services, MissionIR develops and executes investor awareness plans for companies in the small-cap markets.

In addition to fully optimizing Chanticleer’s social media accounts and enhancing outreach strategies already in place, MissionIR will expand the company’s presence among the online investment community with ongoing blogs, articles, newsletter placements, and execution of various social networking strategies and restaurant promotions. Additionally, investor presentation materials are being revamped and then converted to a unique digital publication format with advanced sharing features and multi-platform support.

To connect with Chanticleer via Facebook, please visit http://Facebook.com/ChanticleerHOTR

To connect with Chanticleer via Twitter, please visit http://Twitter.com/ChanticleerHOTR

“Chanticleer’s team has been doing an exceptional job expanding the HOOTERS® restaurant brand to emerging international markets,” stated Sherri Snyder, Director of Marketing at MissionIR. “The areas being targeted offer strong market dynamics with compelling economic growth rates. Chanticleer is well positioned for continued expansion overseas with its turn-key franchise model.”

Chanticleer has rights to develop and operate restaurants in South Africa, Hungary, and parts of Brazil, and has joint ventured with the current franchisee in Australia. Capitalizing on a globally recognized brand in underpenetrated international markets with proven market success, Chanticleer aims to achieve consistent, above-average growth rates and favorable financial returns for its shareholders. For additional information, visit www.HOTR.MissionIR.com.

About MissionIR

MissionIR is committed to connecting the investment community with companies that have great potential and a strong dedication to building shareholder value. Through a full suite of investor relations and consultancy services, we help public companies develop and execute a strategic investor awareness plan as we’ve done for hundreds of others. Whether it is capital raising, increasing awareness among the financial community, or enhancing corporate communications, we offer a variety of solutions to meet the objectives of our clients.

For more information, visit www.MissionIR.com

Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking statements regarding future events and financial performance. In some cases, you can identify these statements by words such as “may,” “might,” “will,” “should,” “except,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” the negative of these terms and other comparable terminology. These statements involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond control. There are or may be important factors that could cause actual results to materially differ from historical results or from any future results expressed or implied by such forward looking statements.

Contact:

Mission Investor Relations
Atlanta, Georgia
www.MissionIR.com
404-941-8975

Palatin (PTN) To Report Fiscal Year 2013

CRANBURY, N.J., Feb. 8, 2013 /PRNewswire/ — Palatin Technologies, Inc. (NYSE-MKT: PTN) will announce its second quarter, fiscal year 2013 financial results on Thursday, February 14, 2013 before the open of the U.S. financial markets.

Palatin will also conduct a conference call and live audio webcast hosted by its executive management team on February 14, 2013, which will include discussion of the results of operations in greater detail and an update on corporate developments.

Schedule for the Financial Results Press Release, Conference Call / Webcast

The webcast and replay can be accessed by logging on to the “Investor/Media Center-Webcasts” section of Palatin’s website at http://www.palatin.com

About Palatin Technologies, Inc.
Palatin Technologies, Inc. is a biopharmaceutical company developing targeted, receptor-specific peptide therapeutics for the treatment of diseases with significant unmet medical need and commercial potential. Palatin’s strategy is to develop products and then form marketing collaborations with industry leaders in order to maximize their commercial potential.

Giga-tronics (GIGA) Reports Third Quarter FY 2013 Results

SAN RAMON, Calif., Feb. 8, 2013 (GLOBE NEWSWIRE) — Giga-tronics Incorporated (Nasdaq:GIGA) reported today a net loss of $865,000 or $0.17 per fully diluted share for the quarter ended December 29, 2012. This compares with a net loss of $2,613,000 or $0.52 per fully diluted share for the comparable period a year ago. Net sales increased 41% to $3,946,000 in the third quarter of fiscal 2013 compared to $2,799,000 in the third quarter of fiscal 2012. Gross margin increased by $2,074,000 over the same quarter last year. Operating expenses increased 15% or $323,000 in the third quarter of fiscal 2013 over fiscal 2012 primarily due to a $434,000 (or 58%) increase in product development expenses to invest in new instrument products and expenses associated with a previously announced restructuring totaling $99,000, which were partially offset by reduced selling, general, and administrative expenses. Orders decreased 10% in the third quarter of fiscal 2013 to $2,247,000 from $2,500,000 for the third quarter of fiscal 2012. The decrease in orders is primarily related to a decrease in switch orders which is a business characterized by large periodic orders.

Net loss for the nine month period ended December 29, 2012 was $2,636,000 or $0.52 per fully diluted share. This compares with a net loss of $3,952,000 or $0.79 per fully diluted share for the comparable period a year ago. Net sales increased 10% to $11,409,000 in the first nine months of fiscal 2013 compared to $10,382,000 in the first nine months of fiscal 2012. Gross margin increased by $2,012,000 over the comparable period last year. Operating expenses increased 11% or $692,000 in the first nine months of fiscal 2013 over fiscal 2012 primarily due to a $1,099,000 increase (or 53%) in product development expenses to more aggressively invest in new instrument products and expenses associated with a restructuring totaling $283,000 . Orders increased 40% in the first nine months of fiscal 2013 to $14,745,000 from $10,513,000 for the first nine months of fiscal 2012. The increase in orders is primarily related to orders received from the U.S. government and from prime contractors.

Backlog at December 29, 2012 was $7.2 million (approximately $6.1 million shippable within one year) as compared to $3.8 million (approximately $3.8 million shippable within one year) at December 31, 2011.

Cash and cash equivalents at December 29, 2012 were $2,421,000 compared to $2,096,000 as of September 29, 2012 and $2,365,000 at March 31, 2012.

Mr. John Regazzi, the Company’s CEO stated, “The operating losses for the third quarter and the first nine months of fiscal 2013 reflect our continued commitment to investing in new product development. Nearly half of the reported operating loss is due to these expenses, which we believe are necessary in order to position the Company to achieve future revenue growth and profitability.”

Mr. Regazzi continued, “The balance of the reported loss is the result of insufficient sales volume relative to our fixed infrastructure. To address this issue, the company has committed to combining its Microsource division within its San Ramon headquarters to achieve greater capacity utilization and efficiencies. The move continues on schedule towards a May 1, 2013 completion date with projected benefits of both significant future cost savings and better alignment of our infrastructure costs with anticipated sales volume.”

Mr. Regazzi concluded, “This has been a challenging period as we turn the Company’s primary focus toward new high performance synthesizer markets. We have restructured the management team, worked continuously towards reducing future expenses, and invested in a significant new product program all at the same time. I believe we will begin to see the benefits of these changes starting in May 2013 with improved gross margins following the relocation of the Microsource division and I anticipate Giga-tronics will return to profitability following the introduction of the new microwave product in fiscal 2014.”

Giga-tronics will host a conference call today at 4:30 p.m. ET to discuss the third quarter results. To participate in the call, dial (855) 410-0553 or (646) 583-7389 and enter PIN Code 169920#. The call will also be broadcast over the internet at www.gigatronics.com under “Investor Relations”. The conference call discussion reflects management’s views as of February 8, 2013 only.

Giga-tronics is a publicly held company, traded on the NASDAQ Capital Market under the symbol “GIGA”. Giga-tronics produces instruments, subsystems and sophisticated microwave components that have broad applications in defense electronics, aeronautics and wireless telecommunications.

The Giga-tronics Incorporated logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6087

This press release contains forward-looking statements concerning profitability, backlog, shipments, revenue growth, improved gross margins, timing of move, and projected savings. Actual results may differ significantly due to risks and uncertainties, such as future orders, cancellations or deferrals, disputes over performance, the ability to collect receivables and general market conditions. For further discussion, see Giga-tronics’ most recent annual report on Form 10-K for the fiscal year ended March 31, 2012, Part I, under the heading “Certain Factors Which May Adversely Affect Future Operations or an Investment in Giga-tronics” and Part II, under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations”.

CONTACT: Frank Romejko
         Vice President of Finance / Interim Chief Financial Officer
         (925) 302-1014

Syntroleum (SYNM) Asserts Singapore Patent Against Neste

TULSA, Okla., Feb. 8, 2013 (GLOBE NEWSWIRE) — On February 7, 2013, Syntroleum Corporation (Nasdaq:SYNM) filed suit against Neste Oil Singapore Pte Ltd with the High Court of Singapore asserting its Singapore Patent No. 172,045 entitled “Even Carbon Number Paraffin Composition And Method of Manufacturing Same.” In the court filing, Syntroleum alleges that Neste’s “operation at its renewable diesel refinery in Singapore involves the processing of a bio-renewable feedstock to produce a hydrocarbon composition having at least 75 wt % even carbon number paraffins” which Syntroleum alleges “is claimed at the very least, in claim 22 of the Patent.” Syntroleum’s patent issued on November 15, 2012, and expires on December 10, 2028.

Syntroleum’s action against Neste is not the first dispute between the parties. In May 2012, Neste Oil Oyj sued Syntroleum for alleged infringement of Neste’s U.S. Patent No. 8,187,344. On January 31, 2013, the United States District Court for the District of Delaware granted Syntroleum’s motion to stay Neste’s lawsuit pending reexamination of the ‘344 patent by the U.S. Patent & Trademark Office (USPTO). Previously, the USPTO had granted Syntroleum’s inter partes reexamination request and issued a September 14, 2012 Office Action initially rejecting all claims of the ‘344 patent as obvious in view of the prior art. The ‘344 patent is related to and shares the same inventors as a prior Neste patent (U.S. Patent No. 7,279,018), and both are directed to a fuel composition for diesel engines. The USPTO’s recent Order is consistent with a prior finding on March 22, 2012 by the USPTO’s Board of Patent Appeals and Interferences affirming the Examiner’s rejection of the ‘018 patent’s claims. Neste declined to appeal that ruling and on July 31, 2012, the USPTO issued a Reexamination Certificate canceling all claims of the ‘018 patent. The reexamination proceedings involving the ‘344 patent remain pending.

Syntroleum continues to defend a second suit filed by Neste on December 20, 2012 in the District of Delaware alleging patent infringement of U.S. Patent No. 8,212,094. The ‘094 patent covers similar subject matter and shares a common inventor with Neste’s ‘018 and ‘344 patents. Syntroleum denies Neste’s claims and will continue to vigorously defend against the Neste patents and is confident that its position will be vindicated.

Syntroleum has invested substantial time and resources in its proprietary Bio-Synfining® technology and will likewise seek to enforce its intellectual property rights in venues around the world.

About Syntroleum (Nasdaq:SYNM)

Syntroleum Corporation owns the Syntroleum® Process for Fischer-Tropsch (FT) conversion of synthesis gas into liquid hydrocarbons, the Synfining® Process for upgrading FT liquid hydrocarbons into refined petroleum products, and the Bio-Synfining® technology for converting renewable feedstocks into drop-in fuels.  Syntroleum has a 50% interest in Dynamic Fuels, LLC, which operates a 75 million gallon per year renewable fuels facility located in Geismar, Louisiana utilizing its Bio-Synfining® technology.   For additional information, visit the Company’s web site at www.syntroleum.com.

The Syntroleum Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5984

This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as well as historical facts. These forward‑looking statements may include statements relating to the Fischer-Tropsch (“FT”) Process, Syntroleum® Process, the Synfining® Process, and related technologies including, gas-to-liquids (“GTL”), coal-to-liquids (“CTL”), and biomass-to-liquids (“BTL”), our renewable fuels Bio-Synfining® Technology, plants based on the Syntroleum® Process and/or Bio-Synfining®, anticipated costs to design, construct and operate these plants, the time of commencement and completion of the design and construction of these plants, expected production of fuel, obtaining required financing for these plants and our other activities, the economic construction and operations of Fischer-Tropsch (“FT”) and/or Bio-Synfining® plants, the value and markets for products, testing, certification, characteristics and use of Plant products, the continued development of the Syntroleum® Process and Bio-Synfining® Technology and the anticipated capital expenditures, expense reductions, cash outflows, expenses, use of proceeds from out equity offerings, anticipated revenues, availability of catalyst, our support of and relationship with our licensees, and any other forward-looking statements including future growth, cash needs, capital availability, operations, business plans and financial results. When used in this document, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should” and similar expressions are intended to be among the statements that identify forward‑looking statements. Although we believe that the expectations reflected in these forward‑looking statements are reasonable, these kinds of statements involve risks and uncertainties. Actual results may not be consistent with these forward‑looking statements. Syntroleum undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. Important factors that could cause actual results to differ from these forward-looking statements are described under “Item 1A. Risk Factors” and elsewhere in our 2011 Annual Report on Form 10K.

® “Syntroleum” is registered as a trademark and service mark in the U.S. Patent and Trademark Office.

CONTACT: Ron Stinebaugh
         Syntroleum Corporation
         (281) 224-9862
         www.syntroleum.com

Carver Bancorp (CARV) Reports Third Quarter Fiscal Year 2013 Results

NEW YORK, Feb. 8, 2013 (GLOBE NEWSWIRE) — Carver Bancorp, Inc. (the “Company”) (Nasdaq:CARV), the holding company for Carver Federal Savings Bank (“Carver” or the “Bank”), today announced financial results for its third fiscal quarter of 2013 ended December 31, 2012 (“Fiscal 2013”).

The Company reported net income of $0.5 million or an earnings per share of $0.13 for the third quarter of Fiscal 2013, compared to a net loss of $0.7 million or a loss per share of $0.26, for the prior year period. For the nine months ended December 31, 2012, the Company reported a net loss of $26 thousand or a loss per share of $0.01, compared to a net loss of $16.3 million or a loss per share of $16.81 for the prior year period.

Deborah C. Wright, Carver Bancorp Chairman and CEO said, “We are pleased to report our first quarterly profit since our real estate loan portfolio was severely impacted by the economic downturn. Our positive net income results for the quarter bring Carver’s year-to-date results close to break-even. Our loan performance also continued to improve, with non-performing assets declining 5% from the prior quarter and 30% year-to-date. While we have made tremendous progress, additional work still needs to be done to strengthen our loan portfolio.

Ms. Wright added: “We are also encouraged by the ongoing growth and market opportunity for Carver Community Cash. This product line, which was designed to meet the needs of the “unbanked” in our communities, helped contribute to record depository fees and charges for the quarter, which reached nearly $1 million. As we continue to add more services, such as our CashAccess kiosk, a self-service option, we are optimistic that revenues from this product line will continue to grow. Last, our recently announced executive management team expansion and realignment, positions us to further strengthen our new business platform and sets the stage for fiscal 2014 and beyond.”

Statement of Operations Highlights

Third Quarter Results

The Company reported net income for the three months ended December 31, 2012 of $0.5 million compared to a net loss of $0.7 million for the prior year period. The primary drivers of the net income versus the loss in the prior year period were gains on sales of loans held for sale (“HFS”) and a negative loan loss provision in the current quarter versus a build in the prior year.

Net Interest Income

Interest income decreased $1.0 million, or 14.2%, to $5.9 million in the third quarter, compared to the prior year quarter, with the decrease primarily attributed to a $102.5 million, or 20.2%, decrease in average loans. Although the average yield on loans increased 20 basis points to 5.26% from 5.06%, the decrease in average loans reduced total interest income on loans. These conditions will likely continue until average loan balances increase, given lower yields available on alternative earning assets. The average yield on mortgage-backed securities fell 66 basis points to 1.86% from 2.52% during the quarter, as higher yielding securities experienced early payoffs and were replaced with lower yielding securities.

Interest expense decreased $0.7 million, or 34.7%, to $1.2 million for the third quarter, compared to $1.9 million for the prior year quarter, as lower cost deposits replaced borrowings. The average rate on interest bearing liabilities decreased 49 basis points to 0.99% for the quarter ended December 31, 2012.

Provision for Loan Losses

The Company recorded a $0.4 million release of loan loss reserves for the third quarter compared to a $0.1 million provision for the prior year quarter. Net charge-offs of $1.5 million were recognized compared to $1.1 million in the prior year period. Charge-offs to the provision, in both quarters, were primarily related to impaired loans and loans moved to HFS. The impact of the charge-offs to the provision was partially offset by a reduction in the allowance for loan losses following reductions in loss experience and, to a lesser extent, a decline in loan balances.

Non-interest Income

Non-interest income increased $1.9 million, or 359.5%, to $2.5 million for the third quarter, compared to $0.6 million for the prior year quarter. The increase was primarily due to $1.1 million gains on sale of HFS loans and $60 thousand in capital gains on the Company’s investment portfolio. Non-interest income in the prior period was impacted by HFS valuation adjustments of $0.5 million.

Non-interest Expense

Non-interest expense decreased $0.5 million to $7.3 million during the third quarter, compared to $7.8 million in the prior year quarter. Non-interest expense was lower in all categories except data processing with the largest decreases comprised of $0.2 million in compensation expenses and $0.1 million in consulting fees.

Income Taxes

The income tax expense was $68 thousand for the third quarter compared to a benefit of $1.0 million in the prior year period.

Nine Month Results

The Company reported a net loss for the nine months ended December 31, 2012 of $26 thousand compared to a net loss of $16.3 million for the prior year period. This improvement was primarily driven by reductions in the provision for loan losses and certain non-interest expense categories and increases in non-interest income.

Net Interest Income

Interest income decreased $3.4 million, or 15.7%, to $18.2 million in the nine month period, compared to the prior year period, with the decrease primarily attributed to a $129.0 million, or 23.7%, decrease in average loans. The average yield on loans increased 34 basis points to 5.25% from 4.91%, which was directly related to a reduction in non-performing loans. The decline in average loan balances did, however, decrease total interest income on loans. The average yield on mortgage-backed securities fell 76 basis points to 2.03% from 2.79% during the prior year period, as higher yielding securities experienced early payoffs and were replaced with lower yielding securities.

Interest expense decreased $1.8 million, or 32.1%, to $3.8 million for the nine month period, compared to $5.6 million for the prior year period, as lower cost deposits replaced more expensive long-term borrowings. The average rate on interest bearing liabilities decreased 41 basis points to 1.02% for the nine months ended December 31, 2012.

Provision for Loan Losses

The Company recorded a $0.4 million provision for loan losses for the nine month period, compared to $12.3 million for the prior year period. For the nine months ended December 31, 2012 net charge-offs of $5.7 million were recognized compared to $15.0 million in the prior year period. Charge-offs in both periods were primarily related to impaired loans and loans that moved to HFS.

Non-interest Income

Non-interest income increased $3.4 million, or 139.2%, to $5.9 million for the nine month period, compared to $2.5 million for the prior year period. The majority of the increase was attributable to gains on sales of loans, fee income received from a New Market Tax Credit (“NMTC”) transaction and an increase in depository fees. Non-interest income in the prior year period was impacted by HFS valuation adjustments of $0.9 million.

Non-interest Expense

Non-interest expense decreased $1.9 million to $20.8 million, or 8.4% compared to $22.7 million in the prior year period. Non-interest expense was lower in all categories except data processing, with the largest decreases comprised of $0.9 million in compensation expenses and a decline of $0.2 million in FDIC premiums.

Income Taxes

The income tax expense was $264 thousand for the nine month period compared to a benefit of $927 thousand for the prior year period.

Financial Condition Highlights

At December 31, 2012, total assets decreased $0.6 million, or 0.09%, to $640.6 million, compared to $641.2 million at March 31, 2012. The overall change was primarily due to decreases in the loan portfolio of $48.4 million, the allowance for loan losses of $5.3 million and HFS loans of $10.6 million. These decreases were offset by increases in cash and cash equivalents of $30.2 million and $23.3 million in the investment portfolio.

Total securities increased $23.3 million, or 24.2%, to $119.5 million at December 31, 2012, compared to $96.2 million at March 31, 2012. This change reflects an increase of $24.8 million in available-for-sale securities offset by a $1.5 million decrease in held-to-maturity securities, as the Company continues to diversify its investment portfolio to increase interest earning assets.

Total loans receivable decreased $48.4 million, or 11.72%, to $364.5 million at December 31, 2012, compared to $412.9 million at March 31, 2012. The decrease resulted from $50.0 million of principal repayments and loan payoffs across all loan classifications comprised the majority of the decrease, with the largest declines in multi-family, commercial and construction loans. An additional $9.1 million in loans were transferred from held for investment to HFS and $5.7 million in principal charge offs. Decreases were partially offset by loan originations and advances of $17.4 million. The decrease of $5.3 million in the allowance for loan losses is due to stabilization in valuations of the non performing loans and the decrease in loan balances.

HFS loans decreased $10.6 million or 35.9% to $19.0 million as the Company continued to take aggressive steps to resolve troubled loans. During the year, $9.1 million in loans, net of charge-offs, transferred into the held for sale portfolio from the held for investment portfolio. This increase was offset by $19.7 million of sales and paydowns.

Total liabilities increased $0.4 million, or 0.07%, to $585.0 million at December 31, 2012, compared to $584.6 million at March 31, 2012, due to an increase in borrowings of $30.0 million and an increase in other liabilities of $1.4 million partially offset by reductions in deposits of $30.9 million.

Deposits decreased $30.9 million, or 5.81%, to $501.6 million at December 31, 2012, compared to $532.6 million at March 31, 2012, due principally to $10 million of planned withdrawals from non-interest bearing control disbursements accounts and management’s decision to release higher cost certificates of deposit.

Advances from the Federal Home Loan Bank of New York (“FHLB-NY”) and other borrowed money increased $30.0 million, or 69.02%, to $73.4 million at December 31, 2012, compared to $43.4 million at March 31, 2012, as the Company added short-term borrowings during the nine month period to replace previously terminated long-term borrowings.

Total equity decreased $1.0 million, or 1.80%, to $55.6 million at December 31, 2012, compared to $56.6 million at March 31, 2012. The decline reflects a net loss before taxes of $0.9 million (excluding non-controlling interest).

Asset Quality

At December 31, 2012, non-performing assets totaled $57.6 million, or 8.98% of total assets, compared to $86.4 million or 13.47% of total assets at March 31, 2012, and $93.9 million or 14.01% of total assets at December 31, 2011. Non-performing assets at December 31, 2012 were comprised of $12.0 million of loans 90 days or more past due and non-accruing, $18.0 million of loans classified as a troubled debt restructuring, $5.6 million of loans that are either performing or less than 90 days past due that have been classified as impaired, $3.0 million of Real Estate Owned, and $19.0 million of loans classified as HFS.

The allowance for loan losses was $14.5 million at December 31, 2012, which represents a ratio of the allowance for loan losses to non-performing loans of 40.72% compared to 36.31% at March 31, 2012. The ratio of the allowance for loan losses to total loans was 3.97% at December 31, 2012, a decline from 4.80% at March 31, 2012.

About Carver Bancorp, Inc.

Carver Bancorp, Inc. is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank, founded in 1948 to serve African-American communities whose residents, businesses, and institutions had limited access to mainstream financial services. Carver, the largest African- and Caribbean-American run bank in the United States, operates nine full-service branches in the New York City boroughs of Brooklyn, Manhattan, and Queens. For further information, please visit the Company’s website at www.carverbank.com.

Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors, risks and uncertainties. More information about these factors, risks and uncertainties is contained in our filings with the Securities and Exchange Commission.

CONTACT: Ruth Pachman/Michael Herley
         Kekst and Company
         (212) 521-4800

         David L. Toner
         Carver Bancorp, Inc.
         (718) 676-8936

Oncolytics Biotech® (ONCY) Announces Additional Positive REOLSYIN® Clinical Trial Data

The Equicom Group
Nick Hurst
300 5^th Ave. SW, 10^th Floor
Calgary, Alberta, T2P 3C4
Tel: 403.218.2835
Fax: 403.218.2830
nhurst@tmxequicom.com

Dian Griesel, Inc.
Susan Forman
396 West Broadway, 2^nd Floor
New York, NY  10012
Tel:  212.825.3210
Fax:  212.825.3229
sforman@dgicomm.com

Pacer International (PACR) Reports Fourth Quarter Results

Pacer International, Inc. (Nasdaq: PACR), the asset-light North American freight transportation and logistics services provider, today reported financial results for the three-month period and the year ended December 31, 2012.

FOURTH QUARTER RESULTS

• Income from operations increased 9.0%, excluding the impact of realignment expense of $0.8 million and $0.3 million in 2012 and 2011, respectively. Intermodal income from operations increased $2.3 million and logistics income from operations decreased $1.4 million;
• Earnings per share improved by $0.03 to $0.06 in 2012. Excluding the effect of the 2012 realignment expense of $0.02 per share, earnings per share was $0.08 in 2012;
• Intermodal revenues improved by $7.2 million or 2.5% while logistics revenues declined by 16.1% to $57.3 million. Total revenues decreased by 1.7% to $351.9 million;
• Intermodal gross margin improved by $2.7 million and logistics gross margin declined by $2.5 million. Total gross margin percentage increased by 20 basis points;
• Net income increased $1.1 million to $2.2 million;
• Cash provided by operating activities increased by $2.9 million or 40.8%, from $7.1 million in the fourth quarter of 2011 to $10.0 million in the fourth quarter of 2012.

(In millions, except for per share data)

“The quarter was much improved from the previous three as we were focused on improving under-performing traffic corridors and reducing controllable costs to help offset rising external purchased transportation costs. We are also excited about the new opportunities created by our new cross border auto agreement with the Union Pacific. We will pursue automotive parts shipments as a retail provider of door-to-door intermodal services and continue the development of our east-west intermodal business to grow our intermodal segment,” said Daniel W. Avramovich, Chairman and Chief Executive Officer.

“We recently implemented a realignment within our intermodal business. The new alignment will increase organizational focus on our retail intermodal and related services, enhance the service we provide to our customers and allow us to focus on delivering consistent and improved financial results,” said Paul Svindland, Chief Operating Officer.

“It was a good quarter as both our consolidated net income and gross margin improved year over year. We believe the actions we have taken to combat competitive pricing environments and rising rail costs have positioned us well going forward. We also believe the talented people joining our logistics segment and the new business licenses obtained in China will help us continue to improve our future performance,” said John J. Hafferty, Chief Financial Officer.

ANNUAL RESULTS

• Income from operations decreased $18.1 million. Income from operations in the intermodal segment, excluding from 2011 results the gain on sale of railcar assets of $4.7 million and the $7.3 million impact of the previously announced reduction in volume from an ocean carrier customer, increased year over year by $1.8 million. Total intermodal income from operations decreased $10.2 million and logistics income from operations decreased $8.2 million;
• Earnings per share decreased from $0.40 in the 2011 period to $0.12 in the 2012 period;
• Selling, general and administrative expenses decreased by $8.4 million year over year;
• Intermodal revenues improved by $4.3 million or 0.4%. Excluding the impact from the reduction in volume from an ocean carrier customer of $76.5 million in 2011, intermodal revenues increased by 7.4% to $1,179.6 million. Logistics revenues declined by 21.5% to $238.3 million. Overall, revenues decreased by 4.3% to $1,415.0 million;
• Intermodal gross margin declined by $10.4 million. Excluding the impact from the reduction in volume from the ocean carrier customer, intermodal gross margin decreased by $3.1 million. Logistics gross margin declined by $11.7 million;
• Net income decreased $9.6 million to $4.3 million.

(In millions, except for per share data)

A tabular reconciliation detailing the adjustments made to arrive at the adjusted financial results set forth above and elsewhere in this press release from financial results determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) is contained in the reconciliation schedules attached to this press release.

Certain reclassifications have been made to the 2011 operating expenses in order to conform to the 2012 presentation. The reclassifications had no impact on previously reported income. A tabular reconciliation detailing the reclassification amounts for 2011 is contained in the schedules attached to this press release.

2013 GUIDANCE

We are reconfirming our 2013 guidance and we expect earnings per share in 2013 to range between $0.25 and $0.35.

CONFERENCE CALL TODAY Pacer International will hold a conference call for investors, analysts, business and trade media, and other interested parties at 8:30 a.m. EST, today (Thursday, February 7, 2013). To participate, please call five minutes early by dialing (800) 230-1074 (in USA) and ask for “Pacer International Fourth Quarter Earnings Call.” International callers can dial (612) 234-9960.

An audio-only, simultaneous Webcast of the live conference call can be accessed through the Investors link on the company’s website at www.pacer.com. For persons unable to participate in either the conference call or the Webcast, a digitized replay will be available from February 7, 2013 at 11:00 a.m. EST to March 7, 2013 at 11:59 p.m. EST. For the replay, dial (800) 475-6701(USA) or (320) 365-3844 (international), using access code 278889. During such period, the replay also can be accessed through the Investors link on the company’s website at www.pacer.com

ABOUT PACER INTERNATIONAL (www.pacer.com)

Pacer International, a leading asset-light North American freight transportation and logistics services provider, offers a broad array of services to facilitate the movement of freight from origin to destination through its intermodal and logistics operating segments. The intermodal segment offers container capacity, integrated local transportation services, and door-to-door intermodal shipment management. The logistics segment provides truck brokerage, warehousing and distribution, international freight forwarding, and supply-chain management services. For more information on Pacer International visit www.pacer.com.

USE OF NON-GAAP FINANCIAL MEASURES: This press release contains “non-GAAP financial measures” as defined by the Securities and Exchange Commission. These non-GAAP measures are (1) adjusted intermodal revenues, adjusted intermodal gross margin and adjusted intermodal operating income, each of which excludes from annual 2011 results the impact of the previously announced volume reduction of the ocean carrier customer that transitioned its western business directly to the railroad and (2) adjusted income from operations and adjusted earnings per share for the fourth quarters of 2011 and 2012, each of which excludes the impact of realignment expense. Adjusted intermodal operating income also excludes the impact of the gain on sale of railcar assets which occurred in the third quarter of 2011. Non-GAAP measures are used by management and the Board of Directors in their analysis of the company’s ongoing core operating performance. Management believes that the non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the company’s core businesses and allows investors to more easily compare operating results from period to period. A tabular reconciliation of the differences between the non-GAAP financial information discussed in this release and the most directly comparable financial information calculated and presented in accordance with GAAP is contained in the financial summary statements attached to this press release.

CERTAIN FORWARD-LOOKING STATEMENTS—This press release contains or may contain forward-looking statements, including earnings per share guidance for fiscal year 2013, 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. These forward-looking statements are based on the company’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions. Among the important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are general economic and business conditions including the current U.S. and global economic environment and the timing and strength of economic recovery in the U.S. and internationally; industry trends, including changes in the costs of services from rail, motor, ocean and air transportation providers; and other risks discussed in the company’s Form 10-K and other filings with the Securities and Exchange Commission, which are incorporated herein by reference. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, expected or intended. Except as otherwise required by federal securities laws, the company does not undertake any obligation to update such forward-looking statements whether as a result of new information, future events or otherwise.