Archive for August, 2010
US Homeland Security Selects ICOP Digital, Inc. (ICOP)
LENEXA, KS–(Marketwire – 08/11/10) – ICOP Digital, Inc. (NASDAQ:ICOP – News), an industry-leading company engaged in advancing digital surveillance technology solutions, today announced the receipt of an initial order for the ICOP Model 20/20®-W in-car video systems from the US Department of Homeland Security. Due to the security nature of the project, ICOP agreed not to release details of the project until the Department releases its own press release. The order will outfit just over one hundred (100) vehicles, and will include recording of mobile video/audio, wireless uploading, live streaming video capability, and ICOP’s video management software.
“Ease of use and the quality of the recorded video were the deciding factors in the selection of ICOP. This is an example of our shift in focus to key accounts and use of our products outside the standard police agency. This project is a significant advance for ICOP. ICOP is proud that our equipment will play a major role in helping to secure our nation,” said Dave Owen, Chief Executive Officer at ICOP.
About ICOP Digital, Inc.
ICOP Digital, Inc. (NASDAQ:ICOP – News) is a leading provider of in-car video and mobile video solutions for Law Enforcement, Fire, EMS, Military, and Homeland Security markets worldwide. ICOP solutions help the public and private sectors mitigate risks, reduce losses, and improve security through the live streaming, capture and secure management of high quality video and audio. www.ICOP.com
Forward-Looking Statements
This document contains forward-looking statements. You should not rely too heavily on forward-looking statements because they are subject to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. The Company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. This, plus other uncertainties and factors described in our most-recent annual report and our most-recent prospectus filed with the Securities and Exchange Commission, could materially affect the Company and our operations. These documents are available electronically without charge at www.sec.gov.
China Pharma Holdings, Inc. (CPHI) Reports Second Quarter 2010 Financial Results
HAIKOU CITY, China, Aug. 10 /PRNewswire-Asia-FirstCall/ — China Pharma Holdings, Inc. (NYSE AMEX: CPHI) (“China Pharma” or the “Company”), a leading fully-integrated specialty pharmaceuticals company in China, today announced financial results for the second quarter ended June 30, 2010.
Second Quarter Highlights
-- Revenue increased 22% to $16.6 million from $13.6 million in the second
quarter of fiscal year 2009
-- Gross profit grew 19% to $7.0 million from $5.9 million in the second
quarter of fiscal year 2009
-- Net income climbed 23% to $5.3 million, or $0.12 per basic and diluted
share in the second quarter, from $4.3 million, or $0.10 per basic and
diluted share a year ago
“We are pleased to report another solid quarter with strong organic growth in both revenue and net income,” said China Pharma’s President and CEO, Ms. Zhilin Li. “We performed well across our key product categories, led by Digestive Diseases, which benefitted from very encouraging sales of our new generic GERD drug, Omeprazole. Furthermore, we have started to see tangible evidence of rising demand in EDL related products, such as higher Vitamin B6 sales this quarter, which played a key factor in our Other Products category growth. Going forward, we expect to opportunistically pursue attractive new markets, such as EDL drugs, while carefully managing our product mix. Finally, in addition to managing our current portfolio of products for growth and profitability, this quarter we continued to advance our pipeline, which includes several late-stage drug candidates which we believe could have significant market potential.”
Second Quarter Results
Second quarter 2010 total revenues grew 22% to $16.6 million from $13.6 million in second quarter 2009. Digestive Diseases product sales for the second quarter 2010 grew by 129% year-over-year to $2.3 million, primarily due to increased sales of Omeprazole, our generic gastroesophageal reflux disease (GERD) drug launched in fourth quarter 2009. In second quarter 2010, our Other Products category rose 40% year-over-year to $3.2 million, reflecting higher sales of Vitamin B6, one of two China Pharma products included on the National EDL (Essential Drug List). The Company’s Anti-viro/Infection and Respiratory product sales increased 21% to $6.3 million from $5.2 million in the same quarter last year, driven by growth of antibiotics products. Sales of the Company’s Central Nervous System (CNS) and Cardio Vascular products decreased 5% to $4.9 million from $5.1 million in the comparable 2009 period.
Gross profit for the three months ended June 30, 2010 increased to $7.0 million from $5.9 million in the comparable period last year. Gross margin for the second quarter was 42.4% as compared to 43.5% in the previous year quarter. The decrease in gross margin was largely due to higher volume of lower margin products sold compared to the same period a year ago.
Total operating expenses rose to $1.6 million (9.3% of revenue) for the three months ended June 30, 2010 from $1.1 million (8.2% of revenue) in the same period last year, primarily due to a share-based compensation cost and higher intangible amortization expenses for the Company’s drug formulas during the quarter ending June 30, 2010 compared to the same quarter a year ago.
Net income for the three months ended June 30, 2010 increased 23% to $5.3 million, or $0.12 per basic and diluted share, compared to $4.3 million, or $0.10 per basic and diluted share, for the same period a year ago. Net Income margin in second quarter 2010 improved to 31.7% from 31.5% in the prior year period.
Six-month Results
Revenues for the six months ended June 30, 2010 were $31.7 million, up 19% from revenues of $26.6 million for the six months ended June 30, 2009. Gross profit for the six months ended June 30, 2010 was $13.2 million, up 11% from gross profit of $11.8 million for the corresponding period of 2009. Gross margin was 41.5%, compared to 44.6% for the first six months of 2009. Operating income was $10.3 million, up 16.4% from $8.9 million for the first six months of 2009. Net income was $9.6 million, or $0.22 per basic and diluted share, compared to $8.0 million, or $0.19 per basic and diluted share, for the same period a year ago.
Financial Condition
As of June 30, 2010, the Company had cash and cash equivalents of $4.5 million compared to $3.6 million as of December 31, 2009. Year-over-year, working capital increased to $69 million from $61 million while the current ratio fell slightly to 6.5 times.
Accounts receivable balance rose to $57.7 million from $54.0 million at the end of 2009. The Company’s management team continues to be sharply focused on improving accounts receivable collection and expects to make further progress in the quarters to come.
For the six months ended June 30, 2010, cash flow from operating activities rose to $3.3 million, from $3.1 million during the same period in 2009. The Company’s cash flow from operating activities benefited from a reduction in cash used by trade receivables to $3.4 million during the first six months of 2010 from $6.8 million during the first six months of 2009 even as revenue grew by 19%.
Financial Guidance
China Pharma reiterates 2010 revenue growth guidance of 20% to 25% from the prior year, with the upside coming from new drug launches during this year. While the Company is very encouraged to see strong demand from EDL related products, managing the product mix to achieve profitability goals is still a focus for the management. With the first half of 2010 behind us, the Company anticipates stronger consumer demand for products included on the National EDL, which will benefit the Company with pricing flexibility and top-line growth due to seasonality of the product portfolio.
“We are beginning to see early benefits of China’s unprecedented $124 billion healthcare reform program and believe this initiative will be a significant volume driver in the country’s pharmaceutical industry,” said Ms. Li. “In the second half of 2010 and beyond, our goal is to enhance shareholder value by not only continuing to successfully grow our current portfolio of products but also by brining to market important new drugs to help meet large unmet patient demand.”
Pipeline Update
As of June 30, 2010, China Pharma had 9 pipeline drugs in different stages of active SFDA registration progress.
-- The Company completed the clinical trials earlier this year for
candesartan (generic form of Atacand), a front-line antihypertensive
therapy. The Company has completed all review testing procedures and is
currently waiting for the final SFDA production approval.
-- We continue to receive positive feedback from patients during our
clinical trial of Rosuvastatin, a generic form of Crestor. The majority
of the patients in the clinical trial have completed the treatment
cycle.
-- The Phase I clinical trial for the novel anti-resistant antibiotic
combination drug is also progressing on schedule and nearing its
completion.
Conference Call
The Company will hold a conference call at 8:00 am ET on August 10, 2010 to discuss second quarter 2010 results. Listeners may access the call by dialing 1-800-599-9816 or 1-617-847-8705 for international callers, access code: 52278171. A webcast will also be available through CPHI’s website at http://www.chinapharmaholdings.com . A replay of the call will be accessible through August 17, 2010 by dialing 1-888-286-8010 or 1-617-801-6888 for international callers, access code: 49499602.
About China Pharma Holdings, Inc.
China Pharma Holdings, Inc. is a rapidly growing specialty pharmaceutical company that develops, manufactures and markets a diversified portfolio of products focused on conditions with a high incidence and high mortality rates in China, including cardiovascular, CNS, infectious, and digestive diseases. The Company’s cost-effective, high margin business model is driven by market demand and supported by eight scalable GMP-certified product lines covering the major dosage forms. In addition, the Company has a broad and expanding nationwide distribution network across all major cities and provinces in China. The Company’s wholly owned subsidiary, Hainan Helpson Medical & Biotechnology Co., Ltd., is located in Haikou City, Hainan Province. For more information about China Pharma Holdings, Inc., please visit http://www.chinapharmaholdings.com .
Safe Harbor Statement
Certain statements in this press release constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, which may include, but are not limited to, such factors as the achievability of financial guidance, success of new product development, unanticipated changes in product demand, increased competition, downturns in the Chinese economy, uncompetitive levels of research and development, and other information detailed from time to time in the Company’s filings and future filings with the United States Securities and Exchange Commission. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations except as required by applicable law or regulation.
For more information, please contact:
China Pharma Holdings, Inc.
Phone: +86-898-6681-1730 (China)
Email: hps@chinapharmaholdings.com
CCG Investor Relations
Kalle Ahl, CFA, Account Manager
Phone: +1-646-833-3417 (New York)
Email: kalle.ahl@ccgir.com
Vivian Chen, Sr. Market Intelligence Exec.
Phone: +1-646-701-7445(New York)
Email: vivian.chen@ccgir.com
- FINANCIAL TABLES FOLLOW -
CHINA PHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, December 31,
2010 2009
ASSETS (Unaudited)
Current Assets:
Cash and cash equivalents $4,528,115 $3,634,753
Trade accounts receivable, less
allowance for doubtful
accounts of $2,833,981 and
$2,718,358, respectively 54,868,863 51,238,339
Other receivables, less allowance for
doubtful accounts of $8,304 and
$3,556, respectively 104,763 78,525
Advances to suppliers 2,717,044 1,798,446
Inventory 19,306,706 14,233,073
Deferred tax assets 467,274 319,820
Total Current Assets 81,992,765 71,302,956
Advances for purchases of property
and equipment and intangible assets 4,072,982 3,599,949
Property and equipment, net of
accumulated depreciation of
$2,418,184 and $2,020,462, respectively 6,409,424 6,705,873
Intangible assets, net of accumulated
amortization of $1,820,516 and
$1,359,048, respectively 23,389,595 19,332,284
TOTAL ASSETS $115,864,766 $100,941,062
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Trade accounts payable $6,343,401 $3,957,923
Accrued expenses 52,783 47,435
Accrued taxes payable 1,301,152 1,528,691
Other payables 59,434 58,191
Advances from customers 1,024,755 1,037,693
Other payables - related parties 75,741 75,741
Short-term notes payable 3,818,700 3,802,726
Total Current Liabilities 12,675,966 10,508,400
Long-term research and development
commitments -- 36,565
Total Liabilities 12,675,966 10,544,965
Stockholders' Equity:
Preferred stock, $0.001 par value;
5,000,000 shares authorized;
no shares issued or outstanding -- --
Common stock, $0.001 par value;
95,000,000 shares of authorized;
43,393,644 shares and 42,308,350
shares of common stock outstanding,
respectively 43,393 42,308
Additional paid-in capital 23,981,130 21,178,114
Retained earnings 72,843,772 63,272,868
Accumulated foreign currency
translation adjustment 6,320,505 5,902,807
Total Stockholders' Equity 103,188,800 90,396,097
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $115,864,766 $100,941,062
CHINA PHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME
(Unaudited)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
2010 2009 2010 2009
Revenue $16,631,354 $13,601,355 $31,733,864 $26,593,337
Cost of revenue 9,587,417 7,681,845 18,555,719 14,745,072
Gross profit 7,043,937 5,919,510 13,178,145 11,848,265
Operating expenses:
Selling expenses 621,580 603,924 1,204,468 1,206,684
General and
administrative
expenses 894,507 553,607 1,547,255 1,041,654
Bad debt expense, net
of recoveries 37,615 (40,147) 108,521 734,785
Total operating
expenses 1,553,702 1,117,384 2,860,244 2,983,123
Income from operations 5,490,235 4,802,126 10,317,901 8,865,142
Other income
(expense):
Interest income 5,401 10,720 12,158 21,309
Interest expense (51,631) (40,471) (102,121) (78,707)
Other income 465,663 -- 465,663 --
Net other income
(expense) 419,433 (29,751) 375,700 (57,398)
Income before income
taxes 5,909,668 4,772,375 10,693,601 8,807,744
Income tax expense (633,419) (486,231) (1,122,698) (843,953)
Net income 5,276,249 4,286,144 9,570,903 7,963,791
Other comprehensive
income -
foreign currency
translation adjustment 403,253 5,698 417,698 93,189
Comprehensive income $5,679,502 $4,291,842 $9,988,601 $8,056,980
Earnings per Share:
Basic $0.12 $0.10 $0.22 $0.19
Diluted $0.12 $0.10 $0.22 $0.19
CHINA PHARMA HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended
June 30,
2010 2009
Cash Flows from Operating Activities:
Net income $9,570,903 $7,963,791
Depreciation and amortization 841,762 558,866
Stock based compensation 221,101 --
Deferred income taxes (145,552) (115,762)
Changes in assets and liabilities:
Trade accounts receivable (3,402,232) (6,798,955)
Other receivables (25,809) 74,139
Advances to suppliers (907,559) 703,994
Inventory (4,994,669) (1,716,958)
Trade accounts payable 2,404,264 2,426,525
Accrued expenses (31,448) 3,133
Accrued taxes payable (233,065) (81,466)
Other payables 1,014 7,819
Advances from customers (17,231) 36,727
Net Cash Provided by Operating Activities 3,281,479 3,061,853
Cash Flows from Investing Activities:
Advances for purchases of property
and equipment and intangible assets (2,018,906) (3,813,857)
Purchase of property and equipment (108,842) (232,624)
Purchase of intangible assets (2,852,168) (2,308,941)
Net Cash Used in Investing Activities (4,979,916) (6,355,422)
Cash Flows from Financing Activity:
Proceeds from exercise of warrants 2,583,000 --
Net Cash Provided by Financing Activity 2,583,000 --
Effect of Exchange Rate Changes on Cash 8,799 9,221
Net Increase (Decrease) in Cash 893,362 (3,284,348)
Cash and Cash Equivalents at
Beginning of Period 3,634,753 6,927,149
Cash and Cash Equivalents at End of
Period $4,528,115 $3,642,801
Supplemental Cash Flow Information:
Cash paid for interest $102,121 $85,429
Cash paid for income taxes 2,906,168 1,115,831
CPI Aerostructures (CVU) Announces Record 2010 Second Quarter Results
EDGEWOOD, N.Y.–(BUSINESS WIRE)–CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE Amex: CVU) today announced record results for the 2010 second quarter and six month period ended June 30, 2010.
Second Quarter 2010 vs. 2009
- Revenue increased 10% to $12,544,625 from $11,437,691;
- Gross margin was 26.7% compared to 24.8%;
- Pre-tax income increased 31% to $1,826,254, compared to $1,389,489; and,
- Net income increased 33% to $1,205,254 or $0.18 per diluted share, compared to $903,489, or $0.14 per diluted share. Diluted earnings per share were calculated on 8.7% more shares in 2010 second quarter vs. 2009 second quarter.
First Half 2010 vs. 2009
- Revenue increased 11% to $23,550,154 from $21,128,926;
- Gross margin was 25.9% compared to 23.2%;
- Pre-tax income increased 41% to $3,130,068 compared to $2,216,410;
- Net income increased 42% to $2,066,068 or $0.32 per diluted share, compared to $1,449,410 or $0.23 per diluted share; and,
- Unawarded solicitations remain at a high level with open solicitations totaling a maximum realizable value of approximately $288 million.
Edward J. Fred, CPI Aero’s President & CEO, stated, “Our three largest commercial customers, The Boeing Company, Northrop Grumman and Sikorsky accounted for 29%, 20% and 13% of revenue, respectively; only 24% of our revenue for the six month period ended June 30, 2010, was from government prime contract awards.”
He continued, “The gross margin gains drove the bottom line improvement for the quarter and year-to-date. Comparable quarter gross margin improved, just as it did in the current first quarter as we are no longer incurring excess costs due to customer-driven engineering and design changes on several new programs as was the case last year. We expect gross margin for 2010 to be in the range of 24% to 26%.”
Mr. Fred noted, “Based on results for the first half of the year and expectations for a strong second half, we are confident that we will reach our 2010 guidance which calls for revenue to be in the range of $48 million to $51 million, with resulting net income in the range of $4.3 million to $4.8 million.”
Mr. Fred continued, “As of June 30, 2010, total contract awards were approximately $31.1 million which included approximately $5.6 million of government prime contract awards, approximately $24.4 million of government subcontract awards and approximately $1.1 million of commercial subcontract awards, compared to a total of $4.9 million of new contract awards, of all types, in the first half of last year.”
Orders received in the second quarter include:
- Our largest order was for Outer Wing Panel kits for use in the manufacture of wings for the E-2D Advanced Hawkeye and the C-2A Greyhound aircraft from Northrop Grumman Corporation valued at up to $27.6 million. The purchase order includes firm, funded requirements valued at approximately $16.4 million and options valued at an additional $11.2 million.
- Boeing expanded the scope of work that we are performing under the existing long-term requirements contract to support its A-10 Wing Replacement Program with additional structural assemblies and subsystem installations and also spare main landing gear door assemblies. These orders have increased the value of our contract with Boeing to approximately $81 million, of which we have received $15.6 million of orders to date.
- We received three purchase orders from Sikorsky Aircraft Corporation with a combined value of approximately $2.6 million: for the S-70B® SEAHAWK® helicopter to provide Penguin Missile Launcher assemblies; for the MH-53 and CH-53 variant helicopters to provide rotary wing head ring assemblies; and, for the MH-53E “Sea Dragon” helicopter to provide tow assemblies.
- The U.S. Air Force released a new order under our C-5 TOP contract for a variety of panels and spoilers valued at approximately $1.5 million. Orders under this program have totaled $32.1 million since the inception of the contract.
Mr. Fred added, “We look forward to additional new orders from existing contracts as well as from the unawarded solicitations of approximately $288 million on which we have bid.”
Reaffirms Long-Term Guidance
Mr. Fred added, “We are again reaffirming our long-term guidance which is based on our expectation that our three major long-term production programs (A-10, E-2D and G650) will be in full scale production and producing consistent significant revenue during 2011. For 2011 we expect that revenue will be in the range of $78 million to $81 million, with resulting net income in the range of $8.9 million to $9.5 million. Using 2008 as the baseline, we expect a three-year compound annual growth rate for revenue in the range of 30% to 35%, with a resulting compound annual growth rate for net income in the range of 50% to 60%.”
Raises $3.5 Million through Registered Direct Offering
Mr. Fred concluded, “As previously announced, in the second quarter of 2010 we completed a registered direct offering raising $3.5 million in net proceeds through the sale of 500,000 shares of our common stock. As a result, we strengthened our financial position in preparation for continued growth and enhanced the potential liquidity of our stock.”
Conference Call
CPI Aero’s President and CEO, Edward J. Fred, and CFO, Vincent Palazzolo, will host a conference call today, Tuesday, August 10, 2010 at 10:00 am ET to discuss second quarter results as well as recent corporate developments. After opening remarks, there will be a question and answer period. Interested parties may participate in the call by dialing 706-679-3079. Please call in 10 minutes before the scheduled time and ask for the CPI Aero call. The conference call will also be broadcast live over the Internet. To listen to the live call, please go to www.cpiaero.com and click on the “Investor Relations” section, then click on “Event Calendar”. Please access the website 15 minutes prior to the call to download and install any necessary audio software. The conference call will be archived and can be accessed for approximately 90 days. We suggest listeners use Microsoft Explorer as their browser.
About CPI Aero
CPI Aero is engaged in the contract production of structural aircraft parts for leading prime defense contractors, the U.S. Air Force and other branches of the armed forces. In conjunction with its assembly operations, CPI Aero provides engineering, technical and program management services. Among the key programs that CPI Aero supplies are the E-2D Hawkeye surveillance aircraft, the UH-60 BLACK HAWK helicopter, the S-92® helicopter, the MH-60S mine countermeasure helicopter, the Gulfstream G650, C-5A Galaxy cargo jet, the T-38 Talon jet trainer, the A-10 Thunderbolt attack jet, and the E-3 Sentry AWACS jet. CPI Aero is included in the Russell Microcap® Index.
The above statements include forward looking statements that involve risks and uncertainties, which are described from time to time in CPI Aero’s SEC reports, including CPI Aero’s Form 10-K for the year ended December 31, 2009 and Form 10-Q for the quarter ended March 31, 2010.
CPI Aero® is a registered trademark of CPI Aerostructures, Inc.
|
CPI AEROSTRUCTURES, INC.
CONDENSED STATEMENTS OF INCOME |
||||||||||||||||
|
For the Three Months
Ended June 30, |
For the Six Months
Ended June 30, |
|||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Revenue | $ |
12,544,625
|
$ |
11,437,691
|
$ |
23,550,154
|
$ |
21,128,926
|
||||||||
| Cost of Sales | 9,193,296 | 8,605,436 | 17,449,743 | 16,233,775 | ||||||||||||
| Gross profit | 3,351,329 |
2,832,255
|
6,100,411 | 4,895,151 | ||||||||||||
| Selling, general and administrative expenses | 1,484,741 | 1,386,064 | 2,870,368 | 2,575,294 | ||||||||||||
| Income from operations | 1,866,588 | 1,446,191 | 3,230,043 | 2,319,857 | ||||||||||||
| Interest expense | 40,334 | 56,702 | 99,975 | 103,447 | ||||||||||||
| Income before provision for income taxes | 1,826,254 | 1,389,489 | 3,130,068 | 2,216,410 | ||||||||||||
| Provision for income taxes | 621,000 | 486,000 | 1,064,000 | 767,000 | ||||||||||||
| Net income | $ | 1,205,254 | $ | 903,489 | $ | 2,066,068 | $ | 1,449,410 | ||||||||
| Earnings per common share – basic | $ | 0.18 | $ | 0.15 | $ | 0.33 | $ | 0.24 | ||||||||
| Earnings per common share – diluted | $ | 0.18 | $ | 0.14 | $ | 0.32 | $ | 0.23 | ||||||||
| Shares used in computing earnings per common share: | ||||||||||||||||
| Basic | 6,558,316 | 5,995,465 | 6,299,284 | 5,990,192 | ||||||||||||
| Diluted | 6,790,911 | 6,250,021 | 6,465,290 | 6,183,881 | ||||||||||||
|
CPI AEROSTRUCTURES, INC.
CONDENSED BALANCE SHEETS |
||||||||
| June 30, | December 31, | |||||||
| 2010 | 2009 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 774,326 | $ | 2,224,825 | ||||
| Accounts receivable, net | 2,735,045 | 5,403,932 | ||||||
| Costs and estimated earnings in excess of billings on uncompleted | ||||||||
| Contracts | 49,042,816 | 43,018,221 | ||||||
| Prepaid expenses and other current assets | 352,647 | 451,068 | ||||||
| Total current assets | 52,904,834 | 51,098,046 | ||||||
| Plant and equipment, net | 873,058 | 853,820 | ||||||
| Deferred income taxes | 697,000 | 526,000 | ||||||
| Other assets | 29,313 | 59,265 | ||||||
| Total Assets | $ | 54,504,205 | $ | 52,537,131 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,402,271 | $ | 5,859,182 | ||||
| Accrued expenses | 203,901 | 610,448 | ||||||
| Current portion of long-term debt | 685,810 | 636,592 | ||||||
| Line of credit | 0 | 2,200,000 | ||||||
| Income tax payable | 1,327,006 | 2,368,374 | ||||||
| Deferred income taxes | 305,000 | 305,000 | ||||||
| Total current liabilities | 7,923,988 | 11,979,596 | ||||||
| Long-term debt, net of current portion | 1,519,266 | 1,801,357 | ||||||
| Other liabilities | 239,571 | 238,664 | ||||||
| Total Liabilities | 9,682,825 | 14,019,617 | ||||||
| Shareholders’ Equity: | ||||||||
| Common stock – $.001 par value; authorized 50,000,000 shares, issued 6,772,590 and 6,122,524 shares, respectively, and outstanding 6,650,756 and 6,033,690 shares, respectively |
6,773 | 6,123 | ||||||
| Additional paid-in capital | 31,897,934 | 27,369,043 | ||||||
| Retained earnings | 13,954,096 | 11,888,028 | ||||||
| Accumulated other comprehensive loss | (56,197 | ) | (52,874 | ) | ||||
| Treasury stock, 121,834 and 88,834 shares, respectively (at cost) | (981,226 | ) | (692,806 | ) | ||||
| Total Shareholders’ Equity | 44,821,380 | 38,517,514 | ||||||
| Total Liabilities and Shareholders’ Equity | $ | 54,505,205 | $ | 52,537,131 | ||||
EPIX and Netflix (NFLX) Announce Exclusive Internet-Only Deal to Instantly Stream EPIX Movies to Netflix Members
NEW YORK & BEVERLY HILLS, Calif.–(BUSINESS WIRE)–EPIX™ and Netflix, Inc. [Nasdaq: NFLX] today announced an agreement through which Netflix members can instantly watch an array of new releases and library titles from EPIX streamed over the Internet from Netflix. Movies from the multi-year deal will begin streaming from Netflix on September 1 and include movies from Paramount, Lionsgate and MGM.
EPIX has subscription pay TV rights to new releases and movies from the libraries of its partners and will make these movies available to Netflix 90 days after their premium pay TV and subscription on demand debuts. Historically, the rights to distribute these films are pre-sold to pay TV for as long as nine years after their theatrical release.
For Netflix, the agreement is a significant step in building the company’s streaming offer, adding many popular movie titles from some of the world’s leading studios. It adds meaningfully to a growing library of movies and TV shows that can be watched instantly on TVs via a range of leading consumer electronic devices capable of streaming from Netflix and on computers.
For EPIX, the deal reflects the value of the EPIX platform which, from its start, has provided new rights and flexibility for the distribution of its movies. The agreement allows EPIX to continue the distribution of popular content on a variety of platforms and preserve the premium television, subscription on demand and online window reserved for cable, satellite and telco television partners.
“Adding EPIX to our growing library of streaming content, as the exclusive Internet-only distributor of this great content, marks the continued emergence of Netflix as a leader in entertainment delivered over the Web,” said Ted Sarandos, chief content officer for Netflix. “The EPIX deal is an example of the innovative ways in which we’re partnering with major content providers to broaden the scope and freshness of choices available to our members to watch instantly over the Internet.”
Mark Greenberg, president of EPIX, added: “Netflix is an incredibly popular service and we welcome them as our newest distribution partner. We are pleased to be able to continue our mission of bringing consumers the movies where they want to watch them, while satisfying the differing needs of cable, telco and satellite operators. This deal also underscores the tremendous value of our offerings in the marketplace.”
About Netflix
With more than 15 million members, Netflix, Inc. (Nasdaq: NFLX – News) is the world’s largest subscription service streaming movies and TV episodes over the Internet and sending DVDs by mail. For $8.99 a month, Netflix members can instantly watch unlimited TV episodes and movies streamed to their TVs and computers and can receive unlimited DVDs delivered quickly to their homes. With Netflix, there are never any due dates or late fees. Members can select from a growing library of titles that can be watched instantly and a vast array of titles on DVD. Among the large and expanding base of devices that can stream movies and TV episodes from Netflix are Microsoft’s Xbox 360, Sony’s PS3 and Nintendo’s Wii consoles; Blu-ray disc players from Samsung, LG and Insignia; Internet TVs from LG, Sony and VIZIO; the Roku digital video player and TiVo digital video recorders, and Apple’s iPad tablet. For more information, visit http://www.netflix.com.
About EPIX
EPIX, a joint venture between Viacom Inc. [NYSE: VIA and VIA.B], its Paramount Pictures unit, Metro-Goldwyn-Mayer Studios Inc. (MGM) and Lionsgate [NYSE: LGF], is a next-generation premium entertainment channel, on-demand and online service. EPIX provides a powerful entertainment experience with more feature films on demand and online and more HD movies than any other service. It is the only premium service providing its entire monthly line-up of new Hollywood titles, classic feature films, original series, music and comedy specials through the linear channel, on-demand and online. EPIX has made the commitment to deliver the industry’s most expansive online collection of movies, making more than 3,000 titles available to subscribers this year. The service is available to over 30 million homes nationwide through carriage agreements with Verizon FiOS, DISH Network, Cox Communications, Mediacom Communications, Charter Communications and NCTC. For more information about EPIX, go to www.EpixHD.com
Fossil, Inc. (FOSL) Reports Second Quarter Results
RICHARDSON, Texas, Aug. 10, 2010 (GLOBE NEWSWIRE) — Fossil, Inc. (Nasdaq:FOSL – News) (the “Company”) today reported second quarternet sales and earnings for the thirteen-week (“Second Quarter”) and twenty-six week (“Six Month Period”) periods ended July 3, 2010.
Second Quarter Results (2010 vs 2009):
- Net sales increased by 30.6% to $412.6 million compared to $315.9 million;
- Gross profit rose 41.7% to $236.9 million, or 57.4% of net sales, compared to $167.2 million, or 52.9% of net sales;
- Operating income increased by 186.3% to $64.3 million, or 15.6% of net sales, compared to $22.5 million, or 7.1% of net sales;
- Income taxes decreased by 22.1% to $7.5 million, resulting in an effective tax rate of 12.1%, compared to $9.6 million, resulting in an effective tax rate of 36.6%;
- Net income increased by 227.8% to $54.5 million compared to $16.6 million; and
- Diluted earnings per share increased by 220.0% to $0.80 on 68.3 million shares compared to $0.25 per diluted share on 67.1 million shares.
Six Month Period Results (2010 vs 2009):
- Net sales increased by 26.1% to $805.8 million compared to $638.9 million;
- Gross profit increased by 35.6% to $456.3 million, or 56.6% of net sales, compared to $336.6 million, or 52.7% of net sales;
- Operating income increased by 149.8% to $115.6 million, or 14.3% of net sales, compared to $46.3 million, or 7.2% of net sales;
- Net income increased by 166.3% to $90.4 million compared to $33.9 million; and
- Diluted earnings per share increased by 160.8% to $1.33 on 68.1 million shares compared to $0.51 per diluted share on 66.9 million shares.
Mike Kovar, Executive Vice President and Chief Financial Officer, stated: “Our focus continues to be on growing the penetration of the Fossil brand worldwide while capitalizing on our powerful multi-brand watch portfolio. Successful execution of these key strategies continued to result in record sales and earnings. An improving global economy, a resurgence in the fashion watch category and our laser focus to be a leader in the introduction of new materials and design innovation combined to deliver a 42% increase in our wholesale watch business during the second quarter. We are seeing balanced growth on a global basis and strong momentum among our major watch brands. In our FOSSIL retail and e-commerce channels, double-digit comparable stores sales, in addition to the strong performance in our Fossil brand watch sales, propelled a 28% increase in Fossil branded sales globally. All of this places us in excellent shape as we begin the second half of the year.”
Operating Results
On a constant dollar basis, worldwide net sales during the Second Quarter rose 31.9%, representing sales growth ranging from 28% to 37% across all of the Company’s operating segments. Strong increases in watch sales globally, and to a lesser extent, the growth of the jewelry category in North America and Europe and the expansion of leather categories internationally, primarily fueled the Second Quarter sales increases. The translation impact of a stronger U.S. dollar during the Second Quarter reduced the Company’s reported net sales by approximately $4.1 million in comparison to the prior year quarter. For the Six Month Period, consolidated net sales increased 24.6% in constant dollars, as a result of double-digit sales growth in each of the Company’s global wholesale and direct to consumer businesses.
During the Second Quarter, net sales from the North America wholesale segment increased 37.0%, or $41.9 million, on a constant dollar basis in comparison to the prior year quarter, as a result of innovative product offerings and a continuing resurgence in the overall fashion watch category. The Company continues to gain market share in the wholesale channel as double-digit sell-through rates of its watch offerings, in general, exceed the retailer’s watch department performance as a whole. In addition, a steady flow of inventory replenishment as opposed to retailers generally de-stocking a year ago resulted in North American watch shipments increasing by $41.1 million, or 59.2%. While all major watch brands contributed to the sales growth, MICHAEL KORS(R), FOSSIL(R) and MICHELE(R) watches experienced the strongest performance. During the Second Quarter, North America wholesale accessory sales volumes increased 1.9%, or $0.8 million, on a constant dollar basis in comparison to the prior year quarter. This sales volume growth was primarily due to increased shipments of FOSSIL women’s leather products and the expansion of the Company’s footwear and accessory jewelry categories, all partially offset by a sales volume decline in men’s leather products.
Internationally, European wholesale net sales rose 30.0%, or $26.5 million, in constant dollars for the Second Quarter in comparison to the prior year quarter. A slightly better economy and the resurgence of the fashion watch category in Europe reversed a slight sales decline in the first quarter into strong double-digit growth in the Second Quarter. Wholesale watch shipments increased $18.6 million, or 28.9%, in constant dollars, with all major watch brands contributing to this increase. Leather and jewelry categories also contributed solid double-digit increases. The largest net sales contributions in the European wholesale segment were attributable to FOSSIL watches and jewelry and licensed brand watches led by EMPORIO ARMANI(R). During the Second Quarter, Asia Pacific wholesale shipments increased 28.8%, or $9.8 million, in constant dollars in comparison to the prior year quarter. This increase was principally the result of solid increases in the Company’s watch and leather categories across the broader Asia Pacific region. Additionally, the Company continues to transition its Korean operations from a third-party distributor to a Company-owned subsidiary, which further benefits sales due to the increased mix of sales being generated through Company-owned concessions at full retail value.
Direct to consumer net sales for the Second Quarter increased by 28.0%, or $22.5 million, on a constant dollar basis in comparison to the prior year quarter, primarily the result of constant dollar comparable store sales gains of 15.5% and an 8.4% increase in the average number of company-owned stores open during the Second Quarter. Additionally, net sales from the Company’s e-commerce businesses increased 44.2%, or $2.2 million, on a constant dollar basis for the Second Quarter in comparison to the prior year quarter.
Gross profit of $236.9 million in the Second Quarter represents an increase of 41.7% in comparison to $167.2 million in the prior year quarter. This increase is a result of an increase in net sales and gross profit margin expansion. Gross profit margin increased 450 basis points to 57.4% in the Second Quarter compared to 52.9% in the prior year quarter. The increase in gross profit margin was primarily driven by an increase in the mix of sales of higher margin watch products in comparison to leather products, including a greater mix of higher margin licensed watch brands, and reduced levels of low margin sales through off-price liquidation channels. These increases in gross profit margin were partially offset by a stronger U.S. dollar, which unfavorably impacted gross profit margin by approximately 30 basis points during the Second Quarter. For the Six Month Period, gross profit margin increased by 390 basis points to 56.6% compared to 52.7% in the prior year period. This increase is a result of similar beneficial changes in sales mix as experienced during the Second Quarter and a 45 basis point improvement as a result of a weaker U.S. dollar during the six month period in comparison to the same period in fiscal 2009.
Operating expenses, expressed as a percentage of net sales, decreased to 41.8% in the Second Quarter compared to 45.8% in the prior year quarter. Total operating expenses in the Second Quarter increased by $27.8 million primarily as a result of increased sales and included a $2.0 million favorable impact from the translation of foreign-based expenses as a result of the stronger U.S. dollar as compared to the prior year quarter. During the Second Quarter, on a constant dollar basis, operating expenses in the Company’s wholesale segments and corporate cost areas increased $15.5 million and $5.5 million, respectively, as compared to the prior year quarter. Expense growth in the wholesale segment was a result of increased payroll costs and marketing expenses, while expense growth in the corporate cost areas was primarily associated with increases in payroll costs. During the Second Quarter, operating expenses in the direct to consumer segment rose by $8.8 million as compared to the prior year quarter, primarily due to store growth, expansion of the Company’s catalog mailings and increased web-based marketing expenditures. For the Six Month Period, operating expenses as a percentage of net sales decreased to 42.3% compared to 45.4% in the prior year period and included an unfavorable impact of approximately $3.0 million related to the translation of foreign-based expenses due to a weaker U.S. dollar. On a constant dollar basis, operating expenses for the Six Month Period increased by $47.4 million as compared to the same period of fiscal 2009, with increases across all of the Company’s operating segments, primarily the result of the same factors experienced during the Second Quarter.
Operating income increased to 15.6% of net sales in the Second Quarter compared to 7.1% of net sales in the prior year quarter as a result of increased net sales, gross profit margin expansion and lower operating expenses as a percentage of sales. During the Second Quarter, operating income was negatively impacted by approximately $1.6 million as a result of the translation of foreign-based sales and expenses into U.S. dollars. During the Six Month Period, operating profit margin increased to 14.3% compared to 7.2% in the prior year period. The Company’s operating income for the Six Month Period included approximately $5.9 million of net currency gains related to the translation of foreign-based sales and expenses into U.S. dollars.
Other income (expense) decreased unfavorably by $6.1 million and $8.6 million during the Second Quarter and Six Month Period, respectively, in comparison to the prior year periods. These decreases were primarily driven by unfavorable foreign currency transactions resulting from mark-to-market and hedging activities during the Second Quarter and Six Month Period in comparison to the respective prior year periods as well as increased non-controlling interest expenses.
The Company’s income tax expense for the Second Quarter was $7.5 million, resulting in an effective income tax rate of 12.1%. For the comparable prior year quarter, income tax expense was $9.6 million, resulting in an effective income tax rate of 36.6%. Included in the Company’s 12.1% effective tax rate for the Second Quarter was a 22% rate reduction from the Company’s structural tax rate of 34.1% related to the recognition of previously unrecognized tax benefits as a result of recent audit settlements. Income tax expense was $23.2 million for the Six Month Period, resulting in an effective tax rate of 20.4%. For the comparable fiscal 2009 period, income tax expense was $18.9 million, resulting in an effective tax rate of 35.8%. The Company estimates its effective tax rate for the third and fourth quarters will approximate 35%, excluding any discrete events.
Second Quarter net income increased by 227.8% to $54.5 million, or $0.80 per diluted share, inclusive of an unfavorable $0.06 per diluted share impact related to the stronger U.S. dollar and a favorable $0.22 per diluted share benefit as a result of the lower effective tax rate. Net income of $90.4 million, or $1.33 per diluted share, for the Six Month Period represents a 166.3% increase compared to the $33.9 million, or $0.51 per diluted share, earned during the comparable prior year period. Net income for the Six Month Period includes net foreign currency losses of $0.01 per diluted share and a benefit of $0.26 per diluted share as a result of the aforementioned reduction in certain income tax liabilities.
Selective Balance Sheet Information
At July 3, 2010, cash, cash equivalents and securities available for sale totaled $443.0 million compared to $272.1 million at the end of the prior year quarter and the Company had $7.9 million of debt. During the Second Quarter, the Company invested approximately $11.2 million to repurchase approximately 293,000 shares of its common stock. Subsequent to the end of the Second Quarter, the Company completed the $20 million share buyback plan previously approved by its Board of Directors. Additionally, the Company has announced today that its Board of Directors has approved an additional $30 million share buyback plan which the Company expects to complete by the end of fiscal 2010.
Inventory at Second Quarter end was $297.5 million, representing an increase of 18.9% from the end of the prior year quarter balance of $250.1 million. Accounts receivable increased by 17.1% to $162.9 million at July 3, 2010 compared to $139.2 million at the end of the prior year quarter, primarily due to an increase in wholesale shipments during the Second Quarter versus the comparable prior year quarter. Days sales outstanding for the Company’s wholesale segments for the Second Quarter was 46 days, which decreased from 52 days in the prior year quarter. This decrease was primarily related to a slight reduction in sales mix of internationally-based sales that generally result in longer collection cycles than those experienced in the U.S. and a higher proportion of sales generated through Company-owned concessions, primarily in Asia.
Sales and Earnings Guidance
For the third quarter of 2010, the Company expects reported net sales to increase in a range of 25% to 27% with constant dollar net sales increasing in a range of 27% to 29%, respectively. Third quarter 2010 diluted earnings per share are expected to be in a range of $0.68 to $0.72, and includes $0.02 of unfavorable currency impact related to the translation of an average stronger dollar compared to last year’s third quarter.
For the fourth quarter, the Company expects reported net sales to increase in a range of 14% to 16% with constant dollar sales increasing in a range of 18% to 20%. Fourth quarter diluted earnings per share are expected to be in a range of $1.12 to $1.18. This range includes an unfavorable currency impact of approximately $0.06 per diluted share due to a stronger dollar in comparison to the prior year fourth quarter. This guidance results in fiscal year 2010 diluted earnings per share in a range of $3.13 to $3.23 in comparison to fiscal year 2009 actual diluted earnings per share of $2.07. The Company’s forward guidance is based upon the current prevailing rate of the U.S. dollar compared to other foreign currencies for countries in which the Company operates.
Safe Harbor
Certain statements contained herein that are not historical facts constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. The actual results of the future events described in such forward-looking statements could differ materially from those stated in such forward-looking statements. Among the factors that could cause actual results to differ materially are changes in economic trends and financial performance, changes in consumer demands, tastes and fashion trends, lower levels of consumer spending resulting from a general economic downturn, shifts in market demand resulting in inventory risks, changes in foreign currency rates, and the outcome of current and possible future litigation, as well as the risks and uncertainties set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended January 2, 2010 and its Form 10-Q reports filed with the Securities and Exchange Commission (the “SEC”).
About Fossil
Fossil is a global design, marketing and distribution company that specializes in consumer fashion accessories. The Company’s principal offerings include an extensive line of men’s and women’s fashion watches and jewelry sold under proprietary and licensed brands, handbags, small leather goods, belts, sunglasses, cold weather products, footwear, and apparel. In the watch and jewelry product category, the Company’s offerings include a diverse portfolio of globally recognized proprietary and licensed brand names under which its products are marketed. The Company’s extensive range of accessories products, brands, distribution channels and price points allows it to target style-conscious consumers across a wide age spectrum on a global basis. The Company’s products are sold to department stores, specialty retail stores, and specialty watch and jewelry stores in the U.S. and in over 100 countries worldwide through 23 company-owned foreign sales subsidiaries and a network of over 60 independent distributors. The Company also distributes its products in 354 company owned and operated retail stores and through international e-commerce websites and the Company’s U.S. e-commerce website at www.fossil.com, where certain product, press release and SEC filing information concerning the Company is also available.
The Fossil, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3296
Consolidated Income Statement Data (in 000’s): |
For the 13 Weeks Ended |
For the 13 Weeks Ended |
For the 26 Weeks Ended |
For the 26 Weeks Ended |
| July 3, 2010 |
July 4, 2009 |
July 3, 2010 |
July 4, 2009 |
|
| Net sales |
$ 412,560 | $ 315,865 | $ 805,789 | $ 638,893 |
| Cost of sales | 175,675 | 148,683 | 349,485 | 302,331 |
| Gross profit | 236,885 | 167,182 | 456,304 | 336,562 |
| Selling expenses | 129,192 | 107,522 | 254,047 | 215,610 |
| Administrative exp. | 43,347 | 37,184 | 86,648 | 74,673 |
| Operating income | 64,346 | 22,476 | 115,609 | 46,279 |
| Interest exp. | 59 | 69 | 117 | 132 |
| Other (exp.) inc. — net | (2,315) | 3,832 | (1,911) | 6,725 |
| Tax provision | 7,487 | 9,616 | 23,189 | 18,929 |
| Net income | $54,485 | $16,623 | $90,392 | $33,943 |
| Basic earnings per share | $ 0.81 | $ 0.25 | $ 1.34 | $ 0.51 |
| Diluted earnings per share | $ 0.80 | $ 0.25 | $ 1.33 | $ 0.51 |
| Weighted average shares outstanding : |
||||
| Basic | 67,446 | 66,668 | 67,235 | 66,607 |
| Diluted | 68,278 | 67,110 | 68,111 | 66,881 |
| Consolidated Balance Sheet Data (in 000’s): | July 3, 2010 |
July 4, 2009 |
| Working capital | $788,752 | $596,925 |
| Cash, cash equivalents and securities available for sale | 442,989 | 272,070 |
| Accounts receivable | 162,918 | 139,183 |
| Inventories | 297,470 | 250,132 |
| Total assets | 1,313,634 | 1,079,299 |
| Short-term debt | 3,776 | 3,505 |
| Long-term liabilities | 60,888 | 82,893 |
| Stockholders’ equity | 1,036,932 | 842,051 |
| Sales Mix Breakdown (in millions) |
Amounts For the 13 Weeks Ended |
Percentage of Total For the 13 Weeks Ended |
||
| July 3, 2010 | July 4, 2009 | July 3, 2010 | July 4, 2009 | |
| Wholesale: | ||||
| North America | $ 155.9 | $ 113.1 | 37.8% | 35.8% |
| Europe | 107.7 | 88.2 | 26.1% | 27.9% |
| Asia Pacific | 46.4 | 34.0 | 11.2% | 10.8% |
| Total wholesale | 310.0 | 235.3 | 75.1% | 74.5% |
| Direct to consumer | 102.6 | 80.6 | 24.9% | 25.5% |
| Total net sales | $ 412.6 | $ 315.9 | 100.0% | 100.0% |
| Sales Mix Breakdown (in millions) |
Amounts For the 26 Weeks Ended |
Percentage of Total For the 26 Weeks Ended |
||
| July 3, 2010 | July 4, 2009 | July 3, 2010 | July 4, 2009 | |
| Wholesale: | ||||
| North America | $ 309.7 | $ 230.6 | 38.4% | 36.1% |
| Europe | 220.2 | 195.6 | 27.3% | 30.6% |
| Asia Pacific | 85.1 | 65.6 | 10.6% | 10.3% |
| Total wholesale | 615.0 | 491.8 | 76.3% | 77.0% |
| Direct to consumer | 190.8 | 147.1 | 23.7% | 23.0% |
| Total net sales | $ 805.8 | $ 638.9 | 100.0% | 100.0% |
Contact:
Fossil, Inc. Mike Kovar, Chief Financial Officer (972) 699-6811 Integrated Corporate Relations Investor Relations: Allison Malkin (203) 682-8200
ZST Digital Networks, Inc. (ZSTN) Announces Second Quarter 2010 Results
ZHENGZHOU, China, Aug. 10 /PRNewswire-Asia-FirstCall/ — ZST Digital Networks, Inc. (Nasdaq:ZSTN – News) (the “Company” or “ZST”), a major developer, manufacturer, and supplier of cable systems and commercial GPS products in China, today announced its financial results for the second quarter ended June 30, 2010.
Second Quarter 2010 Financial Highlights
-- Total revenue for the second quarter of 2010 was US$33.0 million, an
increase of 39.6% compared to the second quarter of 2009.
-- Gross profit for the second quarter of 2010 was US$8.2 million, an
increase of 130.8% compared to the second quarter of 2009. Gross profit
margin for the second quarter of 2010 was 25.0% compared to 15.1% for
the second quarter of 2009.
-- Operating income for the second quarter of 2010 was US$7.2 million, an
increase of 111.6% compared to the second quarter of 2009.
-- Net income for the second quarter of 2010 was US$5.2 million, an
increase of 103.1% compared to the second quarter of 2009.
-- Net income margin for the second quarter of 2010 was 15.7% compared to
10.8% for the second quarter of 2009.
Recent Business Highlights
Mr. Bo Zhong, Chairman and Chief Executive Officer of ZST, commented, “We are very pleased to report a strong quarter of healthy top- and bottom-line growth, exceeding our guidance. Our robust results were driven by continued demand for our Cable TV equipment as well as better than expected growth from our commercial line of vehicle tracking and fleet management systems utilizing our GPS technologies. Revenue from our vehicle tracking GPS products and related services reached approximately $6 million for the quarter, representing 18% of our total revenues. As we have stated since the launch of this product line in late 2009, we believe there is a large and untapped market opportunity in Henan Province for vehicle tracking and fleet management systems utilizing our GPS technologies, and our results are beginning to reflect that fact. We are pleased with the market acceptance of our vehicle tracking products and services to date, and we will continue our efforts to penetrate this rapidly growing market.
“We also experienced strong sales growth from our Cable TV networking equipment, with revenues increasing 51% year-over-year. During the quarter, we continued to benefit from the ongoing government mandated efforts to integrate telecommunications networks, cable TV networks and Internet services in 2010, which has led to an increase in system wide upgrades by regional TV broadcast stations, the primary customers for our Cable TV networking equipment. Leveraging this product replacement cycle has been a core element of our strategy, and we are pleased to see continued traction on this front.
“Finally, we experienced healthy volume growth for our IPTV set-top boxes; however, the revenue from these products continued to be impacted by the increased percentage of lower priced Standard Definition IPTV set-top boxes in the mix. As of the quarter end, Standard Definition set-top boxes accounted for 58% of our IPTV set-top boxes sold, with the higher priced High Definition set-top boxes accounting for the remaining 42%. While we continue to expect pricing pressure and volume declines for our High Definition set-top boxes, we expect the overall performance from our IPTV segment to exhibit moderate growth, as strong demand and volume growth for our Standard Definition set-top boxes should lead to improved bottom line performance given the high gross margins generated by this product. Looking ahead, we will continue to capitalize on the favorable trends in our end markets by executing our strategy to increase sales across our product and service lines, especially within the vehicle tracking market, while further developing our brand and technology platform.”
John Chen, Chief Financial Officer of ZST, commented, “Our results for the quarter were driven by the continued execution of our strategy, with a focus on increasing sales of our fast-growing vehicle tracking products and services utilizing our GPS technologies and further penetrating the IPTV and Cable TV network equipment markets. We delivered strong margin expansion across our product lines, especially for our vehicle tracking products and services, which carry the highest margin within our product portfolio. In fact, sales of vehicle tracking hardware utilizing our GPS technologies and corresponding service contracts accelerated significantly throughout the first quarter, outpacing our expectations. In addition, we continued to maintain a strict focus on cost controls, which, when coupled with our relatively fixed cost base and our strong sales growth, amplified the impact on our bottom line. We believe that the growth in our vehicle tracking segment is sustainable given the accelerating demand we experienced during the quarter, and we will continue to focus on expanding our share of this high-margin market.
Second Quarter 2010 Unaudited Financial Highlights
Revenue
Revenue for the second quarter 2010 was US$33.0 million, representing an increase of 39.6% from US$23.7 million in the second quarter 2009. The increase in revenue for the quarter resulted from an increase in sales of Cable TV networking equipment and vehicle tracking products utilizing our GPS technologies and related services. The Company did not have any vehicle tracking related revenue in the same period of last year as the GPS related businesses were established in October 2009.
Gross Profit and Gross Profit Margin
Gross profit for the second quarter 2010 was US$8.2 million, representing a 130.8% year-over-year increase. Gross profit margin for the second quarter 2010 was 25.0%, up from 15.1% in the second quarter 2009. The year-over-year increase in gross margin was driven mainly by sales of vehicle tracking products utilizing our GPS technologies and related services and Standard Definition set-top boxes, which carry high gross margin relative to the Company’s other products. The Company introduced its Standard Definition set- top boxes in the first quarter 2010, and GPS related services in October 2009.
Operating Expenses
Total operating expenses for the second quarter of 2010 were US$1.0 million, representing an increase of 504.0% from US$170,000 in the second quarter of 2009. The year-over-year increase in operating expenses was a result of the overall growth in our revenue base.
Selling expense was US$109,000 for the second quarter of 2010, representing an increase of 115.1% from US$51,000 in the second quarter of 2009. Selling expenses consist mainly of shipping costs, after-sale service, and salary of sales staff. Selling expense in the second quarter of 2009 contained only salary expenses.
General and administrative expenses (G&A) for the second quarter of 2010 were US$840,000, up 587.6% from US$120,000 in the second quarter of 2009. The increase in G&A expenses was mainly attributable to the Company’s expanded operations and revenue base and additional expenses incurred as a result of being a publicly reporting company in the United States.
Research and development expenses (R&D) for the second quarter of 2010 were US$100,000, compared to nil for the second quarter of 2009. The investment in R&D was driven primarily by capacity increases to accommodate vehicle tracking product development utilizing our GPS technologies and continued development of IPTV set-top box products.
Income Tax
Income tax expense for the second quarter of 2010 was US$2.0 million, compared to US$840,000 in the second quarter of 2009. This increase was mainly due to the Company’s continued growth in pre-tax income primarily driven by the increase in sales revenue and increased gross margin.
Income from Operations and Net Income
Income from operations was US$7.2 million in the second quarter of 2010, an increase of 112.0% compared to operating income of US$3.4 million in the second quarter of 2009.
Net income for the second quarter of 2010 was US$5.2 million, a year-over- year increase of 103.1% from US$2.6 million in the second quarter of 2009. Net margin was 15.7% for the second quarter of 2010, compared to 10.8% in the second quarter of 2009.
Diluted net income per share was US$0.45 in the second quarter of 2010, compared to US$0.30 for the second quarter of 2009.
Balance Sheet
Cash and cash equivalents totaled to US$15.8 million as of June 30, 2010, attributable to the closing of the recent public offering in October 2009 and cash generated by the Company’s operations.
As of June 30, 2010, total trade receivables were US$28.9 million, an increase of 59.5% from US$18.1 million as of March 31, 2010, primarily due to the increase in revenue.
As of June 30, 2010, inventories decreased by US$0.39 million, or 43.6%, to US$500,000 from US$890,000 as of March 31, 2010, primarily due to increased sales of vehicle tracking products utilizing our GPS technologies and related services.
Third Quarter and Full Year 2010 Outlook
Based on the current estimates, the Company approximates that revenue for the third quarter of 2010 will range between US$34.0 million and US$37.0 million. The Company also estimates that net income for the third quarter of 2010 will range between US$5.5 million and US$6.0 million.
The company has updated it guidance for the full year 2010 from what was previously announced on May 14, 2010 as a result of continuing strong demand for its products and services. The Company now estimates that revenues will range between US$125 million and US$130 million, and net income will range between US$17 million and US$19 million. The Company had previously expected that its revenues would range between US$115 million and US$125 million, and net income would range between US$13 million and US$15 million. This represents the Company’s current and preliminary view, which is subject to change.
Conference Call
The Company’s management team will conduct a conference call on Tuesday, August 10, 2010 at 8:00 am (U.S. Pacific Time) / 11:00 am (U.S. Eastern Time) / 11:00 pm (HK / Beijing Time) to discuss its 2010 second quarter financial results and recent business activity. The conference call may be accessed by calling +1-866-519-4004 or +1-718-354-1231 (for callers in the U.S.), 800-819- 0121 (for callers in China), 800-930-346 (for callers in Hong Kong), +0808- 234-6646 (for callers in United Kingdom) or +65-6723-9381 (for other international callers) and entering pass code 92298808. Please dial in approximately 10 minutes before the scheduled time of the call.
A recording of the conference call will be available through August 24, 2010, by calling +1-866-214-5335 (for callers in the U.S.) or +61-2-8235-5000 (for callers outside the U.S.) and entering pass code 92298808.
About ZST Digital Network, Inc.
ZST Digital Networks, Inc. (Nasdaq:ZSTN – News) is a China-based company, principally engaged in supplying digital and optical network equipment and providing installation services to cable system operators in China. The Company has developed a line of IPTV devices that are used to provide bundled cable television, Internet and telephone services to residential and commercial customers. The Company has assisted in the installation and construction of over 400 local cable networks in more than 90 municipal districts, counties, townships, and enterprises. The Company has also launched a commercial line of vehicle tracking devices utilizing our GPS technologies and support services for transport-related enterprises to track, monitor and optimize their businesses. For more information about ZST Digital Networks, Inc., please visit http://www.shenyangkeji.com .
Statement Regarding Unaudited Financial Information
The unaudited financial information set forth above is preliminary and subject to adjustments. Adjustments to the financial statements may be identified when audit work is performed for the year-end audit, which could result in significant differences from this preliminary unaudited financial information.
“Safe Harbor” Statement
This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary companies. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties, including, but not limited to, our ability to maintain and increase revenues and sales of our products; our ability to develop and market new products; our strategic investments and acquisitions; compliance and changes in the laws of the People’s Republic of China (the “PRC”) that affect our operations; our ability to obtain all necessary government certifications and/or licenses to conduct our business; vulnerability of our business to general economic downturn, especially in the PRC; adverse capital and credit market conditions; our ability to meet liquidity needs; and other risk factors detailed in reports filed with the Securities and Exchange Commission from time to time. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including the factors discussed above and in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov ). All forward-looking statements attributable the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
ZST DIGITAL NETWORKS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(In U.S. Dollars)
December 31, June 30,
2009 2010
(Restated) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $13,627,992 $15,781,269
Accounts receivable 24,885,497 28,944,450
Inventories 1,245,803 502,051
Advance to suppliers 7,399,141 8,847,600
Prepaid expenses 1,064,499 1,039,356
Total current assets 48,222,932 55,114,726
Property, machinery, equipment and
software, net 875,806 2,347,573
Intangible asset 171,122 153,358
Prepaid expenses - long term 858,609 312,696
Total assets $50,128,469 $57,928,353
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $700,940 $2,650
Advance from customers 376,586 1,070,466
Accruals and other payables 295,410 138,953
Accrued payroll and related expense 66,370 98,845
VAT payable 198,828 535,947
Franchise tax payable 162,100 --
Income tax payable 547,917 827,985
Total current liabilities 2,348,151 2,674,846
Equity
Common stock $0.0001 par value,
100,000,000 shares authorized,
11,650,442 and 11,650,442 shares
issued and outstanding 1,165 1,165
Additional paid-in capital 30,677,932 30,677,932
Appropriated earnings 3,328,345 3,328,345
Retained earnings 13,752,791 20,926,558
Translation adjustment 20,085 319,507
Total equity 47,780,318 55,253,507
Total liabilities and equity $50,128,469 $57,928,353
ZST DIGITAL NETWORKS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(In U.S. Dollars)
Six Months Ended June 30, Three Months Ended June 30,
2009 2010 2009 2010
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues:
Sales of products $41,439,540 $47,993,924 $23,678,912 $31,566,021
Sales of services -- 2,100,497 -- 1,480,122
Total revenue 41,439,540 50,094,421 23,678,912 33,046,143
Cost of sales:
Cost of products sold 34,950,607 37,581,909 20,106,328 24,757,120
Cost of service -- 91,640 -- 42,143
Cost of sales 34,950,607 37,673,549 20,106,328 24,799,263
Gross profit 6,488,933 12,420,872 3,572,584 8,246,880
Selling expense 69,243 376,279 50,671 108,974
Research and
development expenses -- 330,891 -- 95,367
General and
administrative
expenses 477,238 1,565,765 121,459 835,155
Merger cost 566,654 -- -- --
Income from operations 5,375,798 10,147,937 3,400,454 7,207,384
Interest income
(expense), net (72,514) 32,222 8,867 30,607
Other income (expense) (7,680) 2,401 (10,684) 2,401
Income before income
taxes 5,295,604 10,182,560 3,398,637 7,240,392
Income tax provision 1,487,315 3,008,793 836,706 2,036,280
Net income $3,808,289 $7,173,767 $2,561,931 $5,204,112
Weighted average
common shares
outstanding - basic 7,954,507 11,650,442 8,264,003 11,650,442
Earnings per share -
basic 0.48 0.62 0.31 0.45
Weighted average
common shares
outstanding - diluted 8,116,641 11,650,442 8,434,621 11,650,442
Earnings per shares -
diluted 0.47 0.62 0.30 0.45
Comprehensive income:
Net income 3,808,289 7,173,767 2,561,931 5,204,112
Translation adjustment (638,658) 299,422 (215,994) 249,390
Comprehensive income $3,169,631 $7,473,189 $2,345,937 $5,453,502
ZST DIGITAL NETWORKS, INC. AND SUBSIDIARIES
Statements of Cash Flows
(In U.S. Dollars)
Six Months Ended June 30,
2009 2010
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net income $3,808,289 $7,173,767
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities: -- --
Depreciation and amortization 9,687 232,806
Share-based compensation -- 85,721
Imputed interest 31,413 --
Changes in operating assets and
liabilities: -- --
Accounts receivable (12,442,523) (4,033,881)
Inventory 185,069 738,848
Advance to suppliers 1,380,359 (1,439,433)
Prepayments and other assets (64,246) 475,485
Accounts payable 5,595,654 (702,869)
Accruals and other payable 55,380 52,644
Advance from customers -- 698,373
Taxes payable 480,931 281,860
Net cash provided by(used in)
operating activities (959,987) 3,563,321
Cash flows from investing activities:
Additions to fixed assets (782,334) (1,664,612)
Additions to intangible assets (191,330) --
Net cash used in investing activities (973,664) (1,664,612)
Cash flows from financing activities:
Repayments for short term bank loans (1,725,038) --
Net proceeds from sale of preferred
stock 3,533,955 --
Net cash received from financing
activities 1,808,917 --
Effect of changes in foreign exchange
rates 218,161 254,568
Net increase in cash and cash
equivalents 93,427 2,153,277
Cash and cash equivalents, beginning
of the year 1,134,954 13,627,992
Cash and cash equivalents, end of the
period $1,228,381 $15,781,269
Supplemental disclosures of cash flow
information:
Cash paid for interest $84,894 $--
Cash paid for income taxes 1,094,566 2,734,435
For further information, please contact:
Company Contact:
ZST Digital Networks, Inc.
John Chen, Chief Financial Officer
Email: jchen@shenyangkeji.com
Investor Relations (HK):
Taylor Rafferty, LLC
Ruby Yim
Tel: +852-3196-3712
Email: zstdigital@taylor-rafferty.com
Web: http://www.taylor-rafferty.com
Investor Relations (US):
Taylor Rafferty, LLC
Mahmoud Siddig
Tel: +1-212-889-4350
Email: zstdigital@taylor-rafferty.com
Web: http://www.taylor-rafferty.com
Investor Relations (US):
BPC Financial Marketing
John Baldissera
Tel: +1-800-368-1217
Energy Services of America Corporation (ESA) Announces Financial Results
HUNTINGTON, W.Va., Aug. 9 /PRNewswire-FirstCall/ — Energy Services of America (Amex:ESA.a – News) announced today that the company had a net income for the three months ended June 30, 2010 of $4,098,413 which was an increase of $3,509,950 over the $588,463 in net income for the comparable period in 2009. EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter ended June 30, 2010 totaled $8,991,150 compared to an EBITDA of $2,622,304 for the same quarter of 2009. For the nine months ended June 30, 2010, the Company had a net income of $2,143,168 compared to a loss of ($4,474,088) for the same period in 2009 or an improvement of $6,617,256. Revenues were $126,475,855 for the nine months ended June 30, 2010 versus $77,419,585 for the same period in 2009. EBITDA for the nine months ended June 30, 2010 totaled $9,784,696 compared to an EBITDA for the same period in 2009 of ($2,241,404).
Marshall T. Reynolds, Chairman, noted he was very pleased with the performance for the quarter. “We have overcome the uncertainties that led to 2009 being such a difficult year for the Company as well as the severe winter just past which delayed projects and reduced our income during that quarter, and are now seeing the results we had anticipated and are optimistic about both the remainder of 2010 and 2011. Our backlog totaled $87.7 million at June 30, 2010 and the continued improvement in the demand for our services, places the Company on track to have a very good 2010.”
Edsel R. Burns, President of ESA, shared Mr. Reynolds thoughts. “We are very pleased that the benefits of all the hard work to position the Company for the increased demand for its services is starting to be realized. At June 30, 2009 our backlog was $50 million compared to the backlog of $87.7 million at June 30, 2010. Accordingly, even with the strong revenues for the quarter ended June 30, 2010, our Backlog is still 75% greater than last year. Further with the known projects that are coming up for 2011 and beyond, we are very optimistic about the Company’s prospects. 2010 shows every indication of having a performance in line with and perhaps exceeding, the original ESA business plan.” Key information at June 30, 2010 was as follows:
| Energy Services of America Corporation | ||||||||
| Key Financial Information | ||||||||
|
Three Months |
Three Months |
Nine Months |
Nine Months |
|||||
|
Ended |
Ended |
Ended |
Ended |
|||||
|
June 30, |
June 30, |
June 30, |
June 30, |
|||||
|
2010 |
2009 |
2010 |
2009 |
|||||
| Actual | ||||||||
| Revenues |
$ 76,228,776 |
$ 24,795,918 |
$126,475,855 |
$77,419,585 |
||||
| Net Income (loss) |
4,098,413 |
588,463 |
2,143,168 |
(4,474,088) |
||||
| Earnings (loss) Per Share-Basic |
0.34 |
0.05 |
0.18 |
(0.37) |
||||
| Earnings (loss) Per Share-Diluted |
0.34 |
0.05 |
0.18 |
(0.37) |
||||
| Other information | ||||||||
| Shares Outstanding |
12,092,307 |
|||||||
| Total Assets |
$136,551,633 |
|||||||
| Total Liabilities |
$80,073,022 |
|||||||
| Total Equity |
$56,478,611 |
|||||||
| Stated Book Value per Share |
$4.67 |
|||||||
| Backlog at June 30 , 2010 |
$87,700,000 |
|||||||
Certain statements contained in the release, including without limitation statements including the words “believes,” “anticipates,” “intends,” “expects” or words of similar import, constitute “forward-looking statements” within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions, changes in business strategy or development plans and other factors referenced in this release. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
GeoEye (GEOY) Reports Record Revenues for Second Quarter 2010
DULLES, Va., Aug. 9 /PRNewswire-FirstCall/ — GeoEye, Inc. (Nasdaq:GEOY – News), a premier provider of satellite, aerial and geospatial information, announced today record revenue results for its second quarter ended June 30, 2010.
(Logo: http://photos.prnewswire.com/prnh/20080625/LAW528LOGO)
(Logo: http://www.newscom.com/cgi-bin/prnh/20080625/LAW528LOGO)
“For the second quarter, we delivered record setting revenues and 11 percent year-over-year revenue growth. Operating margins and adjusted EBITDA margins have continued to be strong as well. Our pipeline of work with the U.S. Government and commercial customers remains robust, we are encouraged by our growth, and we continue to have excellent revenue visibility,” said Matt O’Connell, chief executive officer and president. “The recent award we received from the National Geospatial-Intelligence Agency (NGA) under the EnhancedView program increases that visibility – we now have a sustaining relationship with the NGA for the next 10 years. We are focused on expanding our satellite constellation over the next few years by putting GeoEye-2 into service in 2013. We look forward to providing the NGA continued access to Earth imagery with unprecedented resolution and accuracy that delivers geospatial insight – anytime, anywhere. The additional capacity GeoEye-2 can provide will also benefit our commercial customers in the U.S. and overseas. We are also excited by the customer response to our innovative new Web services platform, EyeQ™, which allows our customers to turn imagery into business solutions.”
SECOND QUARTER RESULTS
Total revenues were $81.0 million for the second quarter of 2010, an 11.4 percent increase from $72.7 million for the second quarter of 2009. Net income for the second quarter of 2010 was $12.1 million, or $0.55 per fully diluted share, compared to net income of $9.6 million, or $0.46 per fully diluted share, for the second quarter of 2009.
Net income for the second quarter of 2010 includes a non-cash credit of $2.1 million related to fair value accounting for the Company’s financing commitment with Cerberus Capital Management L.P. (“Cerberus”). This credit reduced the charge taken in the first quarter. There is no income tax charge or benefit related to this credit. Excluding this credit, net income for the second quarter of 2010 was $10.1 million, or $0.46 per fully diluted share.
Revenues related to contracts with the U.S. Government, the Company’s largest customer, were $55.5 million for the second quarter of 2010, representing 68.5 percent of total revenues for the period. Domestic revenues were $62.1 million for the second quarter of 2010, which were 76.7 percent of total revenues for the period. These revenues included $37.5 million from our Service Level Agreement (SLA) with the National Geospatial-Intelligence Agency (NGA). International revenues were $18.9 million for the second quarter of 2010, which were 23.3 percent of total revenues for the period.
Operating income for the second quarter of 2010 was $24.3 million or 30.0 percent of revenues. Adjusted EBITDA, a non-GAAP measure that represents net income before net interest income or expense, income tax expense (benefit), depreciation and amortization expenses, non-cash stock-based compensation expense and other items, increased approximately $2 million to $42.3 million for the second quarter of 2010, from $40.4 million for the same period in 2009. Adjusted EBITDA margin was 52.3 percent for the second quarter of 2010.
The Company ended the second quarter of 2010 with cash and cash equivalents of $184.8 million, restricted cash of $63.4 million, current income tax receivable of $27.2 million, total assets of $972.3 million, long-term debt of $381.8 million and stockholders’ equity of $314.7 million.
OPERATING HIGHLIGHTS
- On August 6, 2010 the Company was awarded a contract from the NGA under the EnhancedView program for increased satellite imaging capacity. This contract supports NGA by providing products and services that will help meet the increasing geospatial intelligence needs of the intelligence community and Department of Defense.
- The contract replaces the Service Level Agreement currently in place with the NGA’s NextView program. The period of performance for the contract is 10 years and runs from Sept. 1, 2010 to Aug. 31, 2011, with nine, one-year options. The EnhancedView Service Level Agreement commences September 1, 2010.
- The EnhancedView contract supports the accelerated development of GeoEye’s next-generation satellite, GeoEye-2. The Company expects GeoEye-2 to be operational and delivering imagery in early 2013. Under the award, the NGA will contribute up to $336.9 million of the overall construction costs of GeoEye-2.
- On July 15, 2010, the Company announced that the NGA exercised the second of its monthly options to extend its SLA with GeoEye. This option becomes effective Aug. 1, 2010, and runs through Aug. 31, 2010.
- In the second quarter we recognized revenues of $37.5 million from our SLA with the NGA, which represents 100% achievement during the quarter of the stringent metrics required under the SLA.
- In March, the Company amended and expanded its contract with the NGA to provide Web mapping services under the NGA’s Rapid Delivery of Online GEOINT (RDOG) program. This Web hosting and dissemination contract modification and expansion is in addition to on-going production work being performed under the RDOG contract originally awarded in June 2009.
- During the quarter, the Company signed a multi-million dollar order with its Russian reseller, ScanEx Research and Development Center, for more than two million square kilometers of high-resolution satellite imagery to be tasked and downloaded from the IKONOS satellite.
- During the quarter the Company continued development and construction of the GeoEye-2 imagery satellite. To date the Company has invested $145 million in the GeoEye-2 satellite program.
FISCAL YEAR 2010 FINANCIAL OUTLOOK
GeoEye has revised its guidance upwards and now expects fiscal 2010 revenue to range from $320 million to $330 million, with adjusted EBITDA in the range of $160 million to $170 million. These estimates represent management’s current expectations about the Company’s future financial performance, based on information available at this time.
CONFERENCE CALL INFORMATION
GeoEye, Inc. (NASDAQ:GEOY – News) will host a conference call for investors and analysts to discuss financial results for the second quarter ended June 30, 2010.
When: Aug. 10, 2010, at 8:30 a.m. Eastern Daylight Time
To Participate: Callers wishing to participate on the conference call may dial 1-631-291-4808 at least 10 minutes prior to the start time. Domestic callers who wish to listen may dial toll-free at 1-877-776-4039. The conference ID number is 86302699. Questions will be accepted from phone participants during the live call after prepared remarks and as time permits.
Participants are encouraged to listen via webcast, which will be broadcast live at www.geoeye.com, under the Investor Relations section of the Company’s corporate Web site. To directly access the live webcast, go to: http://www.geoeye.com/CorpSite/corporate/investor-relations/Default.aspx and click on the “Aug. 10, 2010, Investor Update Webcast” link. Please allow 15 minutes before the scheduled start time to register, download and install any necessary audio software.
Replay: A replay of the teleconference will be available starting at 10:30 a.m. EDT, Aug. 10, 2010, and will run until midnight EDT on Tuesday, Aug. 17. To access the replay, please dial (800) 642-1687. The conference ID number for the replay is 86302699.
Selected financial results for the Company are as follows (dollars in thousands, except earnings per share):
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
|
(in thousands, except per share amounts) |
|||||||
|
Three Months Ended |
|||||||
|
6/30/10 |
6/30/09 |
Change |
|||||
|
(unaudited) |
|||||||
| Revenues |
$ 80,961 |
$ 72,701 |
$ 8,260 |
||||
| Operating expenses: | |||||||
| Direct costs of revenue (exclusive of depreciation and amortization) |
26,702 |
22,808 |
3,894 |
||||
| Depreciation and amortization |
16,200 |
15,936 |
264 |
||||
| Selling, general and administrative |
13,783 |
10,098 |
3,685 |
||||
| Total operating expenses |
56,685 |
48,842 |
7,843 |
||||
| Income from operations |
24,276 |
23,859 |
417 |
||||
| Interest expense, net |
(7,752) |
(8,618) |
866 |
||||
| Other non-operating income |
2,055 |
– |
2,055 |
||||
| Income before provision for income taxes |
18,579 |
15,241 |
3,338 |
||||
| Provision for income taxes |
(6,430) |
(5,689) |
(741) |
||||
| Net income |
$ 12,149 |
$ 9,552 |
$ 2,597 |
||||
| Earnings per share | |||||||
| Basic |
$ 0.56 |
$ 0.52 |
$ 0.04 |
||||
| Diluted |
$ 0.55 |
$ 0.46 |
$ 0.09 |
||||
| Weighted average shares basic |
21,760 |
18,545 |
|||||
| Weighted average shares diluted |
22,063 |
20,570 |
|||||
|
Six Months Ended |
|||||||
|
6/30/10 |
6/30/09 |
Change |
|||||
|
(unaudited) |
|||||||
| Revenues |
$ 161,350 |
$ 117,912 |
$ 43,438 |
||||
| Operating expenses: | |||||||
| Direct costs of revenue (exclusive of depreciation and amortization) |
51,183 |
46,400 |
4,783 |
||||
| Depreciation and amortization |
32,222 |
24,396 |
7,826 |
||||
| Selling, general and administrative |
27,165 |
21,552 |
5,613 |
||||
| Total operating expenses |
110,570 |
92,348 |
18,222 |
||||
| Income from operations |
50,780 |
25,564 |
25,216 |
||||
| Interest expense, net |
(15,995) |
(14,180) |
(1,815) |
||||
| Other non-operating expense |
(8,419) |
– |
(8,419) |
||||
| Loss from early extinguishment of debt |
(37) |
– |
(37) |
||||
| Income before provision for income taxes |
26,329 |
11,384 |
14,945 |
||||
| Provision for income taxes |
(13,406) |
(3,569) |
(9,837) |
||||
| Net income |
$ 12,923 |
$ 7,815 |
$ 5,108 |
||||
| Earnings per share | |||||||
| Basic |
$ 0.60 |
$ 0.42 |
$ 0.18 |
||||
| Diluted |
$ 0.59 |
$ 0.38 |
$ 0.21 |
||||
| Weighted average shares basic |
21,416 |
18,507 |
|||||
| Weighted average shares diluted |
21,950 |
20,396 |
|||||
|
ADJUSTED EBITDA |
||||||||
|
(in thousands) |
||||||||
|
Three Months Ended |
Six Months Ended |
|||||||
|
6/30/10 |
6/30/09 |
6/30/10 |
6/30/09 |
|||||
| Net income |
$ 12,149 |
$ 9,552 |
$ 12,923 |
$ 7,815 |
||||
| Adjustments: | ||||||||
|
Interest expense, net |
7,752 |
8,618 |
15,995 |
14,180 |
||||
|
Loss from early extinguishment of debt |
– |
– |
37 |
– |
||||
|
Provision for income taxes |
6,430 |
5,689 |
13,406 |
3,569 |
||||
|
Depreciation and amortization |
16,200 |
15,936 |
32,222 |
24,396 |
||||
|
Non-cash stock-based compensation expense |
1,848 |
557 |
2,841 |
1,029 |
||||
|
Non-cash change in fair value of financial instrument |
(2,055) |
– |
8,419 |
– |
||||
| Adjusted EBITDA |
$ 42,324 |
$ 40,352 |
$ 85,843 |
$ 50,989 |
||||
| Adjusted EBITDA is a non-GAAP financial measure that represents net income (loss) before net interest income or expense, income tax expense (benefit), depreciation and amortization expenses, non-cash stock-based compensation expense and other items. We believe that Adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of our ongoing operations. However, Adjusted EBITDA is not a recognized term under financial performance under GAAP, and our calculation of Adjusted EBITDA may not be comparable to the calculation of similarly titled measures of other companies. | ||||||||
|
ADJUSTED NET INCOME AND ADJUSTED EPS |
||||||||
|
(in thousands, except per share amounts) |
||||||||
|
Three Months Ended 6/30/10 |
Six Months Ended 6/30/10 |
|||||||
|
Diluted EPS |
Diluted EPS |
|||||||
| Net income and diluted EPS |
$ 12,149 |
$ 0.55 |
$ 12,923 |
$ 0.59 |
||||
| Adjustment: | ||||||||
|
Non-cash change in fair value of financial instrument |
(2,055) |
(0.09) |
8,419 |
0.38 |
||||
| Adjusted net income and adjusted diluted EPS |
$ 10,094 |
$ 0.46 |
$ 21,342 |
$ 0.97 |
||||
| Adjusted Net Income is a non-GAAP financial measure that represents net income before other items, net of tax. Adjusted EPS is a non-GAAP financial measure that represents fully diluted earnings per share before other items, net of tax. We believe that Adjusted Net Income and Adjusted EPS provide useful information to investors because they allow investors to evaluate our performance for different periods on a more comparable basis by excluding items that are not related to the ongoing operations of our business. However, Adjusted Net Income and Adjusted EPS are not recognized terms under financial performance under GAAP, and our calculation of Adjusted Net Income and Adjusted EPS may not be comparable to the calculation of similarly titled measures of other companies. | ||||||||
|
CONSOLIDATED BALANCE SHEETS |
||||||
|
(in thousands) |
||||||
|
June 30, |
December 31, |
|||||
|
2010 |
2009 |
Change |
||||
|
(unaudited) |
||||||
|
ASSETS |
||||||
| Current assets: | ||||||
|
Cash and cash equivalents |
$ 184,812 |
$ 208,872 |
$ (24,060) |
|||
|
Accounts receivable – trade and unbilled receivables (net of allowances: 2010 – $1,390; 2009 – $923) |
40,553 |
32,578 |
7,975 |
|||
|
Income tax receivable |
27,190 |
40,237 |
(13,047) |
|||
|
Restricted cash |
51,717 |
52,268 |
(551) |
|||
|
Prepaid expenses |
4,883 |
5,898 |
(1,015) |
|||
|
Other current assets |
9,746 |
10,938 |
(1,192) |
|||
|
Total current assets |
318,901 |
350,791 |
(31,890) |
|||
| Property, plant and equipment, net |
27,422 |
25,381 |
2,041 |
|||
| Satellites and related ground systems, net |
556,682 |
505,035 |
51,647 |
|||
| Goodwill |
34,264 |
34,264 |
– |
|||
| Intangible assets, net |
10,364 |
11,685 |
(1,321) |
|||
| Non-current restricted cash |
11,679 |
13,653 |
(1,974) |
|||
| Other non-current assets |
12,965 |
6,398 |
6,567 |
|||
|
Total assets |
$ 972,277 |
$ 947,207 |
$ 25,070 |
|||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||||
| Current liabilities: | ||||||
|
Accounts payable and accrued expenses |
$ 29,750 |
$ 33,997 |
$ (4,247) |
|||
|
Current portion of deferred revenue |
49,170 |
52,221 |
(3,051) |
|||
|
Current deferred tax liabilities |
4,744 |
4,744 |
– |
|||
|
Current portion of long-term debt |
– |
497 |
(497) |
|||
|
Other current liabilities |
10,513 |
– |
10,513 |
|||
|
Total current liabilities |
94,177 |
91,459 |
2,718 |
|||
| Long-term debt |
381,842 |
380,594 |
1,248 |
|||
| Long-term deferred revenue, net of current portion |
178,839 |
192,313 |
(13,474) |
|||
| Non-current income tax reserve |
248 |
248 |
– |
|||
| Deferred tax liabilities |
2,078 |
2,078 |
– |
|||
| Other non-current liabilities |
406 |
560 |
(154) |
|||
|
Total liabilities |
657,590 |
667,252 |
(9,662) |
|||
| Commitments and contingencies | ||||||
| Stockholders’ equity: | ||||||
|
Common stock |
221 |
199 |
22 |
|||
|
Additional paid-in capital |
249,775 |
227,988 |
21,787 |
|||
|
Retained earnings |
64,691 |
51,768 |
12,923 |
|||
|
Total stockholders’ equity |
314,687 |
279,955 |
34,732 |
|||
|
Total liabilities and stockholders’ equity |
$ 972,277 |
$ 947,207 |
$ 25,070 |
|||
|
STATEMENT OF CASH FLOWS INFORMATION |
||||||
|
(in thousands) |
||||||
|
Six Months Ended |
||||||
|
6/30/10 |
6/30/09 |
Change |
||||
|
(unaudited) |
||||||
| Net cash provided by (used in) operating activities |
$ 46,331 |
$ (11,301) |
$ 57,632 |
|||
| Net cash used in investing activities |
(84,589) |
(49,525) |
(35,064) |
|||
| Net cash provided by financing activities |
14,198 |
1,848 |
12,350 |
|||
| Net decrease in cash and cash equivalents |
(24,060) |
(58,978) |
34,918 |
|||
| Cash and cash equivalents, beginning of period |
208,872 |
106,733 |
102,139 |
|||
| Cash and cash equivalents, end of period |
$ 184,812 |
$ 47,755 |
$ 137,057 |
|||
About GeoEye
GeoEye, Inc. is a leading international information services company serving government and commercial markets. The Company is recognized as one of the geospatial industry’s imagery experts, delivering exceptional quality imagery products, services and solutions to customers around the world. Headquartered in Dulles, Virginia, the Company has over 500 employees dedicated to developing best-in-class geospatial information products and services. GeoEye is a public company listed on the NASDAQ stock exchange under the symbol GEOY. The Company provides support to academic institutions and non-governmental organizations through the GeoEye Foundation (www.geoeyefoundation.org). Additional information about GeoEye is available at www.geoeye.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Without limitation, the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “will” and similar expressions are intended to identify forward-looking statements. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future, including statements relating to growth, expected levels of expenditures and statements expressing general optimism about future operating results, are forward-looking statements. Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements and those presented elsewhere by our management from time to time are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. These risks and uncertainties include, but are not limited to, those described in “Risk Factors” included in our Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2009, which we filed with the Securities and Exchange Commission (“SEC”) on March 12, 2010, and our Quarterly Reports on Form 10-Q for the period ended March 31, 2010, and June 30, 2010, which we filed with the SEC on May 10, 2010 and August 9, 2010 respectively. Copies of all SEC filings may be obtained from the SEC’s EDGAR web site, http://www.sec.gov/, or by contacting: William L. Warren, Senior Vice President, General Counsel and Secretary, at 703-480-5672.
Nabors Industries Ltd. (NBR) and Superior Well Services, Inc. (SWSI) Announce Definitive Merger Agreement
HAMILTON, Bermuda and INDIANA, Pa., Aug. 9 /PRNewswire-FirstCall/ — Nabors Industries Ltd. (Nabors) (NYSE:NBR – News) and Superior Well Services, Inc. (Superior Well Services) (Nasdaq:SWSI – News) today announced that they have entered into a definitive merger agreement whereby Nabors will acquire Superior Well Services. The agreement contemplates that Nabors will commence a tender offer for all outstanding shares of Superior Well Services common stock at a price of $22.12 per share in cash in accordance with the merger agreement. The transaction is valued at approximately $900 million.
Gene Isenberg, Nabors’ Chairman and CEO, commented: “For some time now, we have evaluated integrating more service offerings into our business, particularly internationally. Although we expect this acquisition by itself to be significantly accretive to 2011 results, our major motivator was the opportunity to leverage this well respected franchise into a global force utilizing our extensive international footprint and resources.
“In addition to the upside associated with expanding internationally, we expect to derive significant synergies in North America by integrating pumping services with our drilling and workover offerings. The most readily identifiable economies will be derived from our own Oil and Gas entities, with further benefits dependent upon how quickly we can increase activity across more of our fleet. Superior Well Services’ broad U.S. presence complements that of both our U.S. Land Drilling and Well-servicing operations and augments our expansion into areas such as the Marcellus shale region.
“Superior Well Services possesses one of the newest fleets in the industry with over 430,000 hydraulic fracturing horsepower. This high quality fleet is operated by a very capable, well managed organization that can quickly become a substantial unit of Nabors. This transaction also provides good value to the Superior Well Services stockholders as the offer price represents an attractive premium to the 30-day average closing stock price.”
Superior Well Services’ Chairman and CEO David Wallace said: “We are very pleased to be joining forces with Nabors. This complementary combination of the largest land drilling contractor in the world with a leader in technical pumping will make both organizations stronger and better able to meet our customers’ needs not only in the U.S., but around the world. We believe this transaction will deliver an immediate and significant premium for our shareholders.”
Holders of approximately 34% of Superior Well Services’ outstanding shares of common stock have entered into agreements agreeing to tender their shares. Nabors expects to commence the tender offer promptly and expects the offer to close by the end of the third quarter. Following completion of the tender offer, Nabors will acquire any remaining shares of Superior Well Services through a second-step merger at the same price paid in the tender offer.
Under the terms of the agreement approved by the boards of directors of both companies, the tender offer is conditioned on the tender of at least a majority of Superior Well Services’ shares calculated on a fully diluted basis and other customary closing conditions, including the receipt of regulatory approvals. In addition, the merger agreement requires Superior Well Services to pay Nabors a termination fee of approximately $22.5 million and reimbursable expenses of up to $5 million in the event that the agreement is terminated for certain reasons.
Nabors will hold a conference call to discuss the proposed transaction at 4:00 p.m. Eastern / 3:00 p.m. Central Time on Monday, August 9, 2010. Slides will be posted on the Nabors website shortly before the call and can be accessed at www.nabors.com, under Investor Relations – Events Calendar. Please use the following dial-in information:
| Dial-in-number: | ||
| Domestic: | (877) 941-1429 | |
| International: | (480) 629-9666 | |
| Conference ID: | 4348270 | |
Please call ten minutes ahead of time to ensure proper connection. The conference call will be recorded and available for replay for one week, beginning at 6:00 p.m. Central Time on August 9, 2010. To hear the recording, please call (877) 870-5176 domestically or (858) 384-5517 internationally and enter conference ID 4348270.
UBS Investment Bank and Milbank, Tweed, Hadley & McCloy LLP acted as advisors to Nabors, while Simmons & Company International and Latham & Watkins LLP advised Superior Well Services.
Important Additional Information Will Be Filed with the U.S. Securities and Exchange Commission
This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of Superior Well Services common stock. The tender offer described in this press release has not yet commenced. At the time the tender offer is commenced, a subsidiary of Nabors will file with the Securities and Exchange Commission (the “SEC”) a Tender Offer Statement on Schedule TO (including an offer to purchase, a related letter of transmittal and other offer documents), and Superior Well Services will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9. INVESTORS AND SUPERIOR WELL SERVICES SECURITY HOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BEFORE MAKING ANY DECISION WITH RESPECT TO THE TENDER OFFER BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
These documents and other documents filed by Nabors and Superior Well Services with the SEC will be available at no charge on the website maintained by the SEC at www.sec.gov. The Tender Offer Statement on Schedule TO and related materials (when they become available) may be obtained for free at www.nabors.com or by directing a request to Nabors Industries Ltd., C/O Nabors Corporate Services, Inc., 515 W. Greens Road, Houston, TX 77067, Attention: Investor Relations. The Solicitation/Recommendation Statement on Schedule 14D-9 (once it becomes available) may be obtained for free at www.swsi.com or by directing a request to Superior Well Services, Inc., 1380 Rt. 286 East, Suite #121, Indiana, PA 15701, Attention: Investor Relations.
None of the information included on any Internet Web site maintained by Nabors, Superior Well Services or any of their affiliates, or any other Internet Web site linked to any such Web site, is incorporated by reference in or otherwise made a part of this press release.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 that are not limited to historical facts, but reflect Nabors’ and Superior Well Services’ current beliefs, expectations or intentions regarding future events. No assurance can be given that the acquisition of Superior Well Services by Nabors will be completed, that completion will not be delayed, or that Nabors will realize the anticipated benefits of the transaction. Risks could include the parties’ expectations with respect to the synergies, costs and other anticipated financial impacts of the proposed transaction; future financial and operating results of the combined company; the combined company’s plans, objectives, expectations and intentions with respect to future operations and services; any necessary approval of the proposed transaction by stockholders and by governmental regulatory authorities; the satisfaction of the closing conditions to the proposed transaction; the timing of the completion of the proposed transaction; the possibility that the proposed transaction is delayed or does not close, including due to the failure to receive any required stockholder or regulatory approvals, the taking of governmental action (including the passage of legislation) to block the transaction, or the failure of other closing conditions; the possibility that the expected synergies will not be realized, or will not be realized within the expected time period; the impact of labor relations, global economic conditions, competitive actions taken by other companies, natural disasters, difficulties in integrating the two companies, or regulatory matters. Nabors and Superior Well Services caution that the foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in Nabors’ and Superior Well Services’ most recently filed annual reports on Form 10-K, subsequent quarterly reports on Form 10-Q, recent current reports on Form 8-K, and other SEC filings. All subsequent written and oral forward-looking statements concerning Nabors, Superior Well Services the proposed transaction or other matters and attributable to Nabors or Superior Well Services or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Neither Nabors nor Superior Well Services undertakes any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.
| Contacts: | ||
| Nabors Corporate Services, Inc. | Superior Well Services, Inc. | |
| Dennis A. Smith | Christopher C. Peracchi | |
| Director, Corporate Development | Director, Finance and Investor Relations | |
| (281) 775-8038 | (724) 403-9108 |
Amtech (ASYS) Reports Fiscal 2010 Q3 Record Revenue of $43.1 Million and Record EPS of $0.42
TEMPE, Ariz.–(BUSINESS WIRE)–Amtech Systems, Inc. (NASDAQ:ASYS – News), a global supplier of production and automation systems and related supplies for the manufacture of solar cells, semiconductors, and silicon wafers, today reported record financial results for its fiscal 2010 third quarter ended June 30, 2010.
Fiscal Third Quarter Financial Highlights:
- Record net revenue of $43.1 million, up 168% sequentially from Q2 2010 ($16.1 million)
- Solar revenue of $37.6 million, compared to $10.9 million sequentially
- Third quarter bookings of $44.7 million ($37.3 million solar)
- Fiscal year-to-date bookings of $138 million ($120 million solar)
- Quarter-end backlog of $81.1 million ($73.9 million solar), compared to $87.2 million ($81.6 million solar) at March 31, 2010
- Gross margin increased to 37%, compared to 29% sequentially
- Operating income of $6.4 million, compared to operating income of $422,000 sequentially
- Net income of $3.9 million, or $0.42 per diluted share, compared to net income of $206,000, or $0.02 per diluted share, sequentially
- Third quarter book-to-bill of 0.9:1 (Solar 0.9:1, Semi 1.3:1)
- Ending cash balance of $42.7 million at June 30, 2010, compared to $43.1 at March 31, 2010
J.S. Whang, Chief Executive Officer of Amtech, commented: “Our third quarter includes record revenue and a record number of orders, along with very strong bottom line results that reflect our operational capability to manage and service this record-breaking order momentum and profitably manage our rapid growth. We are very pleased with the substantial increase in orders we are generating for our solar diffusion technology from our growing solar customer base and increasing number of new customers, further expanding our market share. We remain on track to continue to produce and ship at a high volume in our fiscal fourth quarter. And we continue to have a healthy order pipeline and remain focused on successful execution of our solar growth strategy. Based on this continued strong momentum, we have increased our full-year revenue guidance for fiscal 2010.”
Net revenue for the third quarter of fiscal 2010 totaled $43.1 million, up 168% from $16.1 million for the preceding quarter, and a 244% increase over net revenue of $12.5 million for the third quarter of fiscal 2009. The increase was driven primarily by higher shipments to customers in the solar industry.
Total orders in the third quarter of fiscal 2010 were $44.7 million ($37.3 million solar), up 32% compared to total orders of $34 million ($27.6 million solar) in the preceding quarter. Fiscal 2010 year-to-date orders total a record $138 million ($120.2 million solar). At June 30, 2010, the Company’s total order backlog was $81.1 million, compared to total backlog of $87.2 million at March 31, 2010. Total backlog at June 30, 2010 includes $73.8 million in solar orders, compared to solar backlog of $81.6 million at March 31, 2010. The effect of foreign exchange on backlog was negative $7.7 million in the third quarter and contributed to the sequential decrease. Backlog includes deferred revenue and customer orders that are expected to ship within the next 12 months.
Gross margin in the third quarter of fiscal 2010 increased to 37%, compared to 29% sequentially and 29% in the third quarter of fiscal 2009, primarily due to more efficient capacity utilization from higher shipment volumes, partially offset by higher deferral of revenue, net of acceptances.
Selling, general and administrative (SG&A) expenses in the third quarter of fiscal 2010 were $8.2 million, or 19% of revenue, compared to $3.7 million, or 30% of revenue, in the third quarter of fiscal 2009, and $4.1 million, or 25% of revenue, in the preceding quarter. The increase in SG&A expenses over the prior year period was due primarily to increased sales commissions on higher revenues, higher compensation expenses, and a valuation reserve on a note receivable. An impairment charge of $610,000 was recorded in the third quarter of fiscal 2010 relating to one of the Company’s license agreements.
Depreciation and amortization in the third quarter of fiscal 2010 was $439,000, compared to $391,000 in the third quarter of fiscal 2009. Included in the third quarter fiscal 2010 results is $187,000 of stock option expense, compared to $165,000 in the fiscal third quarter a year ago.
Income taxes in the third quarter of fiscal 2010 were $2.3 million, reflecting an effective tax rate of approximately 38%.
Net income for the third quarter of fiscal 2010 was $3.9 million, or $0.42 per diluted share, compared to a net loss of $235,000, or a loss of $0.03 per share, for the third quarter of fiscal 2009, and net income of $206,000, or $0.02 per diluted share, in the preceding quarter.
Total cash and cash equivalents at June 30, 2010 were $42.7 million, compared to $43.1 million at March 31, 2010.
Outlook
Amtech is increasing its revenue guidance for fiscal 2010, now anticipated to be in the range of $112-$114 million, representing a 111% to 115% increase from fiscal 2009, based on its strong solar backlog and continued success in ramping up operations. In line with this full-year guidance, the Company expects revenue for its fiscal fourth quarter to be in the range of $38-$40 million.
Operating results could be impacted by the timing of system shipments, the net impact of revenue deferral on those shipments, and recognition of revenue based on customer acceptances, all of which can have a significant effect on operating results.
A substantial portion of Amtech’s revenues are denominated in Euros. The revenue outlook provided in this press release is based on an assumed exchange rate between the United States Dollar and the Euro. A significant decrease in the value of the Euro in relation to the United States Dollar could cause actual revenues to be lower than anticipated.
Conference Call
Amtech Systems will host a conference call and webcast today at 2:00 p.m. Pacific Time (5:00 p.m. ET) to discuss its fiscal 2010 third quarter results. Those wishing to participate in the live call should dial (877) 941-2332 and request the “Amtech” call. A replay of the call will be available for one week beginning approximately one hour after the call’s conclusion by dialing (800) 406-7325 and entering 4331873 followed by the “#” key when prompted for a code. A live and archived web cast of the conference call can be accessed from the investors section of Amtech’s website at www.amtechsystems.com.
About Amtech Systems, Inc.
Amtech Systems, Inc. manufactures capital equipment, including silicon wafer handling automation, thermal, plasma and etch processing equipment and related consumables used in fabricating solar cells and semiconductor devices. Semiconductors, or semiconductor chips, are fabricated on silicon wafer substrates, sliced from ingots, and are part of the circuitry, or electronic components, of many products including solar cells, computers, telecommunications devices, automotive products, consumer goods, and industrial automation and control systems. The Company’s wafer handling and processing equipment and consumable products currently address the diffusion, oxidation, deposition, PECVD and PSG removal steps used in the fabrication of solar cells, semiconductors, MEMS and the polishing of newly sliced silicon wafers.
Statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Litigation Reform Act. Such statements may use words such as “proposed,” “anticipate,” “believe,” “estimate,” “expect,” “goal,” “guidance,” “intend,” ”outlook,” “predict,” “project” and similar expressions as they relate to Amtech Systems, Inc. or our management. When we make forward-looking statements, we are basing them on our management’s beliefs and assumptions, using information currently available to us. Although we believe that the expectations reflected in the forward looking statements are reasonable, these forward-looking statements are subject to risks, uncertainties and assumptions including the risks discussed in our filings with the Securities and Exchange Commission. If one or more of these risks materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Any forward-looking statements contained in this press release reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We have no intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
| AMTECH SYSTEMS, INC.
June 30, 2010 |
||||||||||||||||||
| SELECTED INCOME STATEMENT DATA – CONSOLIDATED | ||||||||||||||||||
| (amounts in thousands, except per share data) | ||||||||||||||||||
| QUARTERS ENDED | NINE MONTHS ENDED | |||||||||||||||||
| June 30, (Unaudited) | June 30, (Unaudited) | |||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||||
| Net revenues | $ | 43,072 | $ | 12,528 | $ | 74,606 | $ | 41,304 | ||||||||||
| Cost of sales | 27,320 | 8,946 | 49,546 | 29,279 | ||||||||||||||
| Gross profit | 15,752 | 3,582 | 25,060 | 12,025 | ||||||||||||||
| Gross margin | 37 | % | 29 | % | 34 | % | 29 | % | ||||||||||
| Selling, general and administrative | 8,179 | 3,733 | 16,217 | 11,318 | ||||||||||||||
| Impairment and restructuring charges | 610 | – | 610 | 1,682 | ||||||||||||||
| Research and development, net of grants earned | 538 | 151 | 1,260 | 527 | ||||||||||||||
| Operating Income (loss) | 6,425 | (302 | ) | 6,973 | (1,502 | ) | ||||||||||||
| Interest and other income (expense), net | (219 | ) | (33 | ) | (293 | ) | 14 | |||||||||||
| Income (loss) before income taxes | 6,206 | (335 | ) | 6,680 | (1,488 | ) | ||||||||||||
| Income tax provision (benefit) | 2,330 | (100 | ) | 2,520 | (100 | ) | ||||||||||||
| Net Income (loss) | $ | 3,876 | $ | (235 | ) | $ | 4,160 | $ | (1,388 | ) | ||||||||
|
Earnings (loss) Per Share:
|
||||||||||||||||||
| Basic | $ | 0.43 | $ | (0.03 | ) | $ | 0.46 | $ | (0.15 | ) | ||||||||
| Diluted | $ | 0.42 | $ | (0.03 | ) | $ | 0.45 | $ | (0.15 | ) | ||||||||
|
Weighted Average Shares Outstanding:
|
||||||||||||||||||
| Basic | 9,021 | 8,960 | 9,004 | 9,038 | ||||||||||||||
| Diluted | 9,231 | 8,960 | 9,184 | 9,038 | ||||||||||||||
| SELECTED BALANCE SHEET DATA – CONSOLIDATED
(in thousands) |
|||||||||
| June 30 | September 30 | ||||||||
| 2010 (unaudited) | 2009 | ||||||||
| Cash and cash equivalents | $ | 42,664 | $ | 42,298 | |||||
| Restricted cash | 4,927 | 1,496 | |||||||
| Accounts receivable – net | 24,216 | 13,565 | |||||||
| Inventories | 20,514 | 13,455 | |||||||
| Deferred income taxes | 2,900 | 2,290 | |||||||
| Note receivable, net | 500 | – | |||||||
| Prepaid and other | 2,659 | 841 | |||||||
| Total Current Assets | 98,380 | 73,945 | |||||||
| Property, plant and equipment – net | 9,145 | 8,477 | |||||||
| Goodwill, intangible assets and other – net | 6,831 | 8,964 | |||||||
| Deferred Income Taxes – Long Term | 1,670 | 1,140 | |||||||
| Total Assets | $ | 116,026 | $ | 92,526 | |||||
| Current liabilities | 42,850 | 18,077 | |||||||
| Long-term obligations | 720 | 644 | |||||||
| Total stockholders’ equity | 72,456 | 73,805 | |||||||
| Total Liabilities and Stockholders’ Equity | $ | 116,026 | $ | 92,526 | |||||
Endo Pharmaceuticals (ENDP) Agrees to Acquire Penwest Pharmaceuticals and Submits NDA
CHADDS FORD, Pa., Aug. 9 /PRNewswire-FirstCall/ — Endo Pharmaceuticals (Nasdaq:ENDP – News) today announced actions designed to advance the company’s leadership and growth in pain management, including an agreement to acquire all outstanding shares of Penwest Pharmaceuticals (Nasdaq:PPCO – News) for $5.00 in cash per share, or an estimated enterprise value of approximately $144 million at the time of deal close. Penwest has been working with Endo since 1997 on the development and commercialization of OPANA® ER and receives a royalty stream on net sales of the product.
“Our acquisition of Penwest sets the stage for maximizing the value of the OPANA franchise and for leveraging Penwest’s drug delivery technologies and pipeline across our branded and specialty generics businesses for the benefit of patients,” said Julie McHugh, chief operating officer, Endo Pharmaceuticals. “This transaction highlights the growth potential of Endo’s core Pain Management franchise, enhances our earnings, and creates significant value for shareholders of both organizations.”
Under the terms of the merger agreement, Endo will shortly commence an all-cash tender offer to acquire 100 percent of the outstanding common stock of Penwest Pharmaceuticals for $5.00 per Penwest share. The tender offer is expected to be completed in September, 2010. Endo will acquire any Penwest shares that are not purchased in the tender offer in a second-step merger which is expected to be completed during the fourth quarter of 2010 at the same price per share paid in the tender offer. The tender offer will be subject to certain closing conditions, including a minimum condition that not less than a majority of shares of Penwest common stock are tendered into the offer. Tang Capital Partners, LP, and Perceptive Advisors LLC, shareholders of Penwest, and Jennifer Good, Penwest’s President and Chief Executive Officer, who collectively own 38.6% of fully diluted common stock of Penwest, have committed to tender their shares in the tender offer. The transaction has been unanimously approved by the boards of directors of both companies.
Financial Guidance
Endo expects the transaction to be immediately accretive to 2010 adjusted earnings per share. Accretion derives primarily from a reduction in cost of goods sold associated with OPANA ER royalties otherwise payable, as well as certain tax attributes associated with the acquired company. The Company is reiterating its 2010 revenue guidance of between $1.63 billion and $1.68 billion dollars, but is now raising its 2010 adjusted diluted earnings per share financial guidance, in anticipation of the consummation of the Penwest transaction. Endo now estimates full year adjusted diluted earnings per share to be between $3.30 to $3.35 per share versus previous guidance of $3.25 to $3.30 per share. The Company now estimates reported (GAAP) diluted earnings per share to be between $1.89 to $1.97 per share, reflecting charges associated with the expected consummation of the Penwest transaction. For an explanation of Endo’s reasons for using non-GAAP measures, see Endo’s Current Report on Form 8-K filed today with the Securities and Exchange Commission.
Research and Development Milestone
Endo also announced the filing of a New Drug Application (NDA) with the U.S. Food and Drug Administration (FDA) for a new extended-release formulation of oxymorphone for the relief of moderate to severe pain in patients requiring continuous, around-the-clock opioid treatment for an extended period of time. The new formulation was developed in partnership with Grunenthal GmbH. Grunenthal is an independent, global pharmaceutical company with long-time experience in the development of innovative analgesics. This formulation of oxymorphone is designed to reduce accidental misuse and deter certain methods of intended abuse.
“The level of opioid abuse has risen dramatically over the past decade in the United States and created significant challenges for physicians who prescribe opioids,” said Ivan Gergel, MD, executive vice president of research and development, Endo Pharmaceuticals. “As a responsible company with a long-standing history in pain management, Endo is committed to applying our expertise to deliver a new crush-resistant opioid medication to deter non-medical abuse so that patients who experience moderate to severe chronic pain continue to get access to appropriate therapy.”
The NDA submission is based on a non-clinical and clinical development program designed to demonstrate that the crush-resistant formulation of oxymorphone addresses attempts to break, crush, extract, powder and pulverize the product.
Important information about OPANA® ER
OPANA ER is indicated for the relief of moderate to severe pain in patients requiring continuous, around-the-clock opioid treatment for an extended period of time and is not intended for use as an as needed analgesic.
OPANA ER is not indicated for pain in the immediate post-operative period (12-24 hours following surgery) for patients not previously taking opioids because of the risk of over sedation and respiratory depression requiring reversal with opioid antagonists. OPANA ER is not indicated for pain in the post-operative period if the pain is mild or not expected to persist for an extended period of time.
OPANA® ER has a boxed warning as follows:
WARNING: OPANA ER contains oxymorphone, which is a morphine-like opioid agonist and a Schedule II controlled substance, with an abuse liability similar to other opioid analgesics.
Oxymorphone can be abused in a manner similar to other opioid agonists, legal or illicit. This should be considered when prescribing or dispensing OPANA ER in situations where the physician or pharmacist is concerned about an increased risk of misuse, abuse, or diversion.
OPANA ER is an extended-release oral formulation of oxymorphone indicated for the management of moderate to severe pain when a continuous, around-the-clock opioid analgesic is needed for an extended period of time.
OPANA ER is NOT intended for use as an as needed analgesic.
OPANA ER TABLETS are to be swallowed whole and are not to be broken, chewed, dissolved, or crushed. Taking broken, chewed, dissolved, or crushed OPANA ER TABLETS leads to rapid release and absorption of a potentially fatal dose of oxymorphone.
Patients must not consume alcoholic beverages, or prescription or nonprescription medications containing alcohol, while on OPANA ER therapy. The co-ingestion of alcohol with OPANA ER may result in increased plasma levels and a potentially fatal overdose of oxymorphone.
OPANA ER contains oxymorphone, an opioid agonist and Schedule II controlled substance with an abuse liability similar to morphine and can be abused in a manner similar to other opioid agonists, legal or illicit.
OPANA ER is contraindicated in patients with a known hypersensitivity to oxymorphone hydrochloride, morphine analogs such as codeine, or any of the other ingredients of OPANA ER; in patients with moderate or severe hepatic impairment or in any situation where opioids are contraindicated such as: patients with respiratory depression (in the absence of resuscitative equipment or in unmonitored settings), acute or severe bronchial asthma, hypercarbia, and in any patient who has or is suspected of having paralytic ileus.
OPANA ER is not indicated for pain in the immediate post-operative period (the first 12–24 hours following surgery), or if the pain is mild, or not expected to persist for an extended period of time. OPANA ER is only indicated for post-operative use if the patient is already receiving the drug prior to surgery or if the post-operative pain is expected to be moderate or severe and persist for an extended period of time. Physicians should individualize treatment, moving from parenteral to oral analgesics as appropriate (see American Pain Society guidelines).
Respiratory depression is the chief hazard of OPANA ER, particularly in elderly or debilitated patients. OPANA ER should be administered with extreme caution to patients with conditions accompanied by hypoxia, hypercapnia, or decreased respiratory reserve such as: asthma, chronic obstructive pulmonary disease or cor pulmonale, severe obesity, sleep apnea syndrome, myxedema, kyphoscoliosis, central nervous system (CNS) depression, or coma.
Patients receiving other opioid analgesics, general anesthetics, phenothiazines or other tranquilizers, sedatives, hypnotics, or other CNS depressants (including alcohol) may experience additive effects resulting in respiratory depression, hypotension, profound sedation, or coma.
OPANA ER should be used with caution in elderly and debilitated patients and in patients who are known to be sensitive to CNS depressants, such as those with cardiovascular, pulmonary, renal, or hepatic disease. OPANA ER should be used with caution in patients with mild hepatic impairment and in patients with moderate to severe renal impairment. These patients should be started cautiously with lower doses of OPANA ER while carefully monitoring for side effects.
OPANA ER is not indicated for preemptive analgesia (administration preoperatively for the management of postoperative pain).
The most common adverse drug reactions (greater than or equal to 10%) in clinical trials for OPANA ER were nausea, constipation, dizziness (excluding vertigo), vomiting, pruritus, somnolence, headache, increased sweating, and sedation.
Patients and their families should be instructed to flush any OPANA ER tablets that are no longer needed.
Please visit http://www.endo.com/pdf/products/OPANA_ER_PI.pdf to see the full OPANA ER prescribing information, including its boxed warning.
Advisors
Lazard acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Endo for this transaction.
For an explanation of Endo’s reasons for using non-GAAP measures, see Endo’s Current Report on Form 8-K filed today with the Securities and Exchange Commission.
|
Reconciliation of Projected GAAP Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share Guidance |
||||
|
Year Ending |
||||
|
December 31, 2010 |
||||
| Projected GAAP diluted income per common share |
$1.89 |
To |
$1.97 |
|
| Upfront and milestone-related payments to partners |
$0.38 |
$0.33 |
||
| Amortization of commercial intangible assets |
$0.59 |
$0.59 |
||
| Costs incurred in connection with continued efforts to enhance the cost structure of the Company |
$0.08 |
$0.08 |
||
| Indevus related costs and change in fair value of contingent consideration |
$0.01 |
$0.01 |
||
| Impairment of indefinite-lived intangibles |
$0.11 |
$0.11 |
||
| Costs related to the acquisition of HealthTronics, Inc. |
$0.30 |
$0.30 |
||
| Costs related to the acquisition of Penwest Pharmaceuticals Co. |
$0.22 |
$0.22 |
||
| Interest expense adjustment for ASC 470-20 and the amortization of the premium on debt acquired from Indevus |
$0.15 |
$0.15 |
||
| Tax effect of pre-tax adjustments at the applicable tax rates and certain other expected cash tax savings as a result of the Indevus, HealthTronics and Penwest acquisitions |
($0.43) |
($0.41) |
||
| Diluted adjusted income per common share guidance |
$3.30 |
To |
$3.35 |
|
| The company’s guidance is being issued based on certain assumptions including: | |
| – Certain of the above amounts are based on estimates and there can be no assurance that Endo will achieve these results.
– Includes all completed business development transactions as of August 9, 2010 and the acquisition of Penwest Pharmaceuticals Co. |
|
About Endo
Endo Pharmaceuticals is a U.S.-based, specialty healthcare solutions company, focused on high-value branded products and specialty generics. Endo is redefining its position in the healthcare marketplace by anticipating and embracing the evolution of health decisions based on the need for high-quality and cost-effective care. We aim to be the premier partner to healthcare professionals and payment providers, delivering an innovative suite of complementary diagnostics, drugs, devices and clinical data to meet the needs of patients in areas such as pain, urology, oncology and endocrinology. For more information about Endo Pharmaceuticals, and its wholly owned subsidiary HealthTronics, Inc., please visit www.endo.com .
About Penwest Pharmaceuticals
Penwest is a drug delivery company focused on applying its drug delivery technologies and drug formulation expertise to the formulation of our collaborators’ product candidates under licensing collaborations. Penwest’s drug delivery technology is included in OPANA ER, a product for the treatment of moderate to severe chronic pain marketed by Endo Pharmaceuticals. Penwest is also developing A0001, or a-tocopherolquinone, for the treatment of Friedreich’s Ataxia and the MELAS syndrome.
About Grunenthal
Grunenthal is passionate about being the global preferred partner in pain management for patients, health care professionals, and payors. The corporation drives innovation to expand European market leadership in moderate to severe pain. Grunenthal is an independent, family-owned German corporation with companies in 35 countries all over the world. Founded in 1946, the corporation employs about 2,000 people in Germany and approx. 4,900 worldwide. Grunenthal brought in revenues of approximately euro 881 million in 2009. More information: www.grunenthal.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, the company’s financial position, results of operations, market position, product development and business strategy, as well as estimates of future net sales, future expenses, future net income and future earnings per share. Statements including words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plan,” “will,” “may,” “intend,” “guidance” or similar expressions are forward-looking statements. Because these statements reflect our current views, expectations and beliefs concerning future events, these forward-looking statements involve risks and uncertainties. Investors should note that many factors could affect our future financial results and could cause our actual results to differ materially from those expressed in forward-looking statements contained in this press release. These factors include, but are not limited to those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K, particularly the discussion under the caption “Item 1A, RISK FACTORS” in our annual report on Form 10-K for the year ended December 31, 2008, which was filed with the Securities and Exchange Commission on March 2, 2009, and the general market perception of the acquisition of Penwest and the launch of crush-resistant formulation of long-acting oxymorphone. The forward-looking statements in this press release are qualified by these risk factors. These are factors that, individually or in the aggregate, we think could cause our actual results to differ materially from expected and historical results. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
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