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

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

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

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

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

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

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

About MissionIR

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

For more information, visit www.MissionIR.com

Cautionary Note Regarding Forward Looking Statements

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

Contact:

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

Palatin (PTN) To Report Fiscal Year 2013

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Syntroleum (SYNM) Asserts Singapore Patent Against Neste

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

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

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

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

About Syntroleum (Nasdaq:SYNM)

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

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

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

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

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

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

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

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

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

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

Statement of Operations Highlights

Third Quarter Results

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

Net Interest Income

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

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

Provision for Loan Losses

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

Non-interest Income

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

Non-interest Expense

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

Income Taxes

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

Nine Month Results

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

Net Interest Income

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

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

Provision for Loan Losses

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

Non-interest Income

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

Non-interest Expense

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

Income Taxes

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

Financial Condition Highlights

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

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

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

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

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

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

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

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

Asset Quality

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

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

About Carver Bancorp, Inc.

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

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

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

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

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

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

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

Pacer International (PACR) Reports Fourth Quarter Results

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

FOURTH QUARTER RESULTS

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

(In millions, except for per share data)

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

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

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

ANNUAL RESULTS

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

(In millions, except for per share data)

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

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

2013 GUIDANCE

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

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

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

ABOUT PACER INTERNATIONAL (www.pacer.com)

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

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

CERTAIN FORWARD-LOOKING STATEMENTS—This press release contains or may contain forward-looking statements, including earnings per share guidance for fiscal year 2013, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the company’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions. Among the important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are general economic and business conditions including the current U.S. and global economic environment and the timing and strength of economic recovery in the U.S. and internationally; industry trends, including changes in the costs of services from rail, motor, ocean and air transportation providers; and other risks discussed in the company’s Form 10-K and other filings with the Securities and Exchange Commission, which are incorporated herein by reference. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, expected or intended. Except as otherwise required by federal securities laws, the company does not undertake any obligation to update such forward-looking statements whether as a result of new information, future events or otherwise.