Theratechnologies Announces Financial Results and Closes the First Quarter in …
MONTREAL, CANADA, Mar 23, 2010 (MARKETWIRE via COMTEX) –Theratechnologies /quotes/comstock/11t!th (CA:TH 5.11, +0.31, +6.46%) — $57 M liquidity position and lower R&D expenses– New date set for FDA Advisory Committee meeting– Results from the second Phase 3 trial published in the medical journal JAIDS– Patents granted for tesamorelin in Brazil and Australia Theratechnologies /quotes/comstock/11t!th (CA:TH 5.11, +0.31, +6.46%) today announced its financial results forthe first quarter ended February 28, 2010. “We finished the first quarter of 2010 with a solid balance sheetincluding $57 million of liquidity, which positions us well to pursueour business plan,” noted Mr. Luc Tanguay, Senior Executive VicePresident and CFO of Theratechnologies. “Furthermore, our researchand development expense decreased by 35% compared to the firstquarter of 2009. This planned expense reduction helped to reduce thefirst quarter loss compared to the same period in 2009,” Mr. Tanguayconcluded. “The first quarter of 2010 was devoted to preparing for ourparticipation in the public hearing of the FDA’s Endocrinologic andMetabolic Drugs Advisory Committee,” stated Yves Rosconi, Presidentand CEO of Theratechnologies. “Concurrently with these preparations,we continued to seek out partners for tesamorelin in additionalmarkets and these efforts are going well,” he added. “We will bepresenting an overview of our activities and strategic initiatives toshareholders at the annual and special meeting of shareholders thisweek at the Centre Mont-Royal,” Mr. Rosconi concluded. Reminder: Theratechnologies will be holding its annual and specialmeeting of shareholders this Thursday, the 25th of March, in theSalon International of the Centre Mont-Royal, 2200 rue Mansfield,Montreal. Highlights New date for the FDA Advisory Committee meeting The U.S. Food and Drug Administration (“FDA”) has set a new date ofMay 27, 2010 for the Endocrinologic and Metabolic Drugs AdvisoryCommittee meeting. The purpose of the meeting is to reviewTheratechnologies’ New Drug Application (“NDA”) for tesamorelin,which was submitted on May 29, 2009. The Advisory Committee meetingwas originally scheduled for February 24, 2010 but was postponed dueto administrative delays at the FDA. As a result of thispostponement, the FDA has indicated that the action goal date, whichis the target date for the FDA to complete its review of thetesamorelin NDA, will be July 27, 2010. The role of the Advisory Committee is to provide the FDA with advicefrom independent experts and other interested parties on the use oftesamorelin. Even though advisory committees address questions posedto them through public meetings, the final decision on the approvalof a product remains solely with the FDA. Results from the second Phase 3 trial published in the medicaljournal JAIDS An article entitled, “Effects of Tesamorelin, a GrowthHormone-Releasing Factor, in HIV-Infected Patients With Abdominal FatAccumulation: A Randomized Placebo-Controlled Trial With a SafetyExtension”, has been published in the March 1st issue of The Journalof Acquired Immune Deficiency Syndromes (JAIDS). The articleoutlines, in detail, the 52-week data of the second Phase 3 trial, inevaluating tesamorelin for the treatment of excess abdominal fat inHIV-infected patients with lipodystrophy. Top-line results of thestudy were first disclosed in December 2008. Patents granted for tesamorelin in Brazil and Australia On February 25, 2010, the Australian Patent Office grantedTheratechnologies patent number 2003229222 entitled “GRF AnalogueCompositions and their Use” covering the pharmaceutical formulationand the method of treating HIV-associated lipodystrophy withtesamorelin. Obtaining this patent provides protection fortesamorelin in Australia until May 2013. On December 29, 2009, theBrazil Patent and Trademark Office issued a patent toTheratechnologies for tesamorelin granting protection in thatterritory until December 2019. MANAGEMENT’S DISCUSSION AND ANALYSIS FOR THE FIRST QUARTER Revenues Consolidated revenues for the three-month period ended February 28,2010, amounted to $2,295,000 compared to $2,009,000 for 2009. Theincreased revenues in 2010 are related to a longer amortizationperiod (3 months in 2010 versus 2.5 months in 2009) for the initialpayment of the collaboration and licensing agreement with EMD Serono,Inc. (“EMD Serono”). The initial payment of $27,097,000 has been deferred and is beingamortized over its estimated service period on a straight-line basis.This period may be modified in the future based on additionalinformation that the Company may receive. For the three-month periodended February 28, 2010, an amount of $1,711,000 ($1,426,000 for thesame period in 2009) related to this transaction was recognized asrevenue. At February 28, 2010, the deferred revenues related to thistransaction recorded on the balance sheet amounted to $18,826,000. R&D Activities Research and development (“R&D”) expenditures, before tax credits,totalled $4,109,000 for the first quarter of 2010, compared to$6,315,000 in 2009. The R&D expenses incurred in the first quarter of2010 are mainly related to the primary objective of the Company,which encompasses the regulatory activities connected with thepreparation for the FDA Advisory Committee meeting. This explains theplanned reduction in R&D expenses. The research and developmentexpenses incurred in the first quarter of 2009 are essentiallyrelated to closing activities for the confirmatory Phase 3 study. Other Expenses For the first quarter of 2010, general and administrative expensesamounted to $1,801,000, compared to $2,321,000 for the same period in2009. These expenses are comparable to those of 2009, with theexception of exchange loss and the costs associated with revising theCompany’s business plan in 2009. Selling and market development costs amounted to $616,000 for thefirst quarter of 2010, compared to $481,000 for the same period in2009. The sales and market development expenses are principallycomposed of business development and market research expenses outsidethe United States and the costs of managing the agreement with EMDSerono. In the first quarter of 2010, patents amounted to $204,000 and wereprincipally related to costs associated with patents for thepreclinical programs. In 2009, the Company incurred expenses of $4,269,000 associated withthe closing of the agreement with EMD Serono. Net Results Taking into account the revenues and expenses described above, theCompany recorded a first quarter 2010 net loss of $4,267,000 ($0.07per share), compared to a net loss of $10,754,000 ($0.18 per share)for the same period in 2009. The net loss in 2010 includes revenues of $1,711,000 related to theagreement with EMD Serono. Excluding this item, the adjusted net loss(see Annex A) amounted to $5,978,000 in 2010, a decrease of 24.4%compared to the same period in 2009. Quarterly Financial Information The selected financial information provided below is derived from theCompany’s unaudited quarterly financial statements for each of thelast eight quarters. This information has been restated following theadoption of the Canadian Institute of Chartered Accountants (“CICA”)Handbook Section 3064, Goodwill and Intangible Assets. (in thousands of Canadian dollars, except per share amounts) ——————- ——————————————————- 2010 2009——————- ——————————————————- Q1 Q4 Q3 Q2 Q1——————- ————- ————————— ————-Revenues $ 2,295 $ 2,246 $ 13,148 $ 2,317 $ 2,009Net (loss) earnings $ (4,267) $ (4,698) $ 5,824 $ (5,430) $(10,754)Basic and diluted $ (0.07) $ (0.08) $ 0.10 $ (0.09) $ (0.18)(loss) earnings per share——————- ———— ————————— —————————————————————- 2008————————————————— Q4 Q3 Q2———————– ————- ————-Revenues $ 616 $ 710 $ 716Net (loss) earnings $(15,145) $(11,220) $(11,382)Basic and diluted $ (0.26) $ (0.19) $ (0.20) (loss)earnings per share———————– ————- ————- As described above, the increased revenues in 2010 and 2009 are relatedto the amortization of the initial payment received at the closing ofthe agreement with EMD Serono, as well as the milestone payment of$10,884,000 recorded in August 2009. The increase in the fourthquarter net loss in 2008 is due to impairment charges forintellectual property. Financial Position At February 28, 2010, liquidities, which include cash and bonds,amounted to $55,289,000, and tax credits receivable amounted to$1,834,000 for a total of $57,123,000. For the three-month period ended February 28, 2010, the burn ratefrom operating activities, excluding changes in operating assets andliabilities, was $3,861,000, compared to $10,412,000 in 2009.Excluding the revenue of $1,711,000 related to the agreement with EMDSerono, the adjusted burn rate from operating activities, excludingchanges in operating assets and liabilities (see Annex A), was$5,572,000 for the quarter ended February 28, 2010, compared to $7569 000 for the first quarter of 2009, a decrease of 26.4%. New Accounting Policies In February 2008, the Accounting Standards Board of Canada (“AcSB”)announced that accounting standards in Canada, as used by publiccompanies, will converge with International Financial ReportingStandards (“IFRS”). The Company’s changeover date from currentCanadian generally accepted accounting principles (“GAAP”) to IFRSapplies to the interim and annual financial statements of the fiscalyear beginning December 1, 2011, when the Company will reportfinancial information for both the first quarter and comparativeperiod using IFRS. IFRS uses a conceptual framework similar to Canadian GAAP, but thereare significant differences in recognition, measurement anddisclosures. The Company’s IFRS convergence project includes four steps:diagnostic and planning, detailed analysis, design, andimplementation. Phase One: Diagnostic Phase – This phase involves establishing aproject plan for IFRS convergence and the initial identification ofdifferences between Canadian GAAP and IFRS. The Company is currently assessing the conversion of its consolidatedfinancial statements to IFRS and expects to complete this phase inthe next quarter. It is not presently possible to determine theimpact of converting to IFRS on the consolidated financial statementsor on the Company’s business because the diagnostic phase has notbeen completed. Once it is completed, the Company will be in aposition to confirm the schedule for the following phases. Phase Two: Detailed Analysis – This phase involves a comprehensiveassessment of the differences between IFRS and the Company’s currentaccounting policies in order to evaluate the impact on the Company.In addition, the detailed analysis will identify trainingrequirements, and determine eventual changes to business processesand information systems. Phase Three: Design – This phase consists of an analysis of theavailable accounting options under IFRS, notably the exceptions,exemptions and actual choices available for the transition and thepreparation of draft IFRS financial statements and the accompanyingnotes. In addition, it is during this phase that changes to thebusiness processes and the information systems are designed. Phase Four: Implementation – This phase involves implementing changesto systems, business processes and internal controls, determining theopening IFRS transition balance sheet and the impact on taxation,parallel accounting under Canadian GAAP and IFRS and preparingdetailed reconciliations between Canadian GAAP and IFRS financialstatements. Outstanding Share Data On March 22, 2010, the number of shares issued and outstanding was60,450,890, while outstanding options granted under the stock optionplan were 2,883,636. Contractual Obligations There were no material changes in contractual obligations during thequarter, other than in the ordinary course of business. Economic and Industry Factors Economic and industry factors were substantially unchanged from thosereported in the Company’s 2009 Annual Report. About Theratechnologies Theratechnologies /quotes/comstock/11t!th (CA:TH 5.11, +0.31, +6.46%) is a Canadian biopharmaceutical companythat discovers and develops innovative therapeutic products, with anemphasis on peptides, for commercialization. The Company targetsunmet medical needs in financially attractive specialty markets whereit can retain all or part of the commercial rights to its products.Its most advanced compound, tesamorelin, is an analogue of the humangrowth hormone releasing factor. In 2009, Theratechnologies submitteda New Drug Application to the U.S. Food and Drug Administration,seeking approval of tesamorelin for the treatment of excess abdominalfat in HIV-infected patients with lipodystrophy. The Company’s growthstrategy is centered on the commercialization of tesamorelin in theUnited States and in other markets for HIV-associated lipodystrophy,as well as the development of clinical programs for tesamorelin inother medical conditions. Additional Information about Theratechnologies Further information about Theratechnologies is available on theCompany’s website at theratech.com. Additional information,including the Annual Information Form and the Annual Report, is alsoavailable on SEDAR at sedar.com. Forward-Looking Information This press release and the Management’s Discussion and Analysis forthe first quarter incorporated therein contain certain statementsthat are considered “forward-looking information” within the meaningof applicable securities legislation. This forward-lookinginformation includes, but is not limited to, information regardingthe pursuit of the Company’s business plan with the funds that it hasavailable, the search for partners in new markets and the completionof a transition plan for IFRS. Furthermore, the words “will”, “may”,”could”, “should”, “outlook”, “believe”, “plan”, “envisage”,”anticipate”, “expect” and “estimate”, or variations of them denoteforward-looking information. Forward-looking information is based upon a number of assumptions andis subject to a number of risks and uncertainties, many of which arebeyond the Company’s control that could cause actual results todiffer materially from those that are disclosed in or implied by suchforward-looking information. These risks and uncertainties include,but are not limited to, the risk that the Company’s funding needs maychange, that the Company is unable to conclude agreements withpartners in new markets for tesamorelin and that the timeline forpreparing a transition plan for IFRS is not met. Although the forward-looking information contained herein is basedupon what the Company believes are reasonable assumptions, investorsare cautioned against placing undue reliance on this informationsince actual results may vary from the forward-looking information.Certain assumptions made in preparing the forward-looking informationand the Company’s objectives include the assumption, among others,that the operating activities of the Company will conform to itsbusiness plan, the Company will reach agreements with partners in newmarkets for tesamorelin and the Company will not experience anydifficulties in preparing a transition plan for IFRS. Consequently, all of the forward-looking information is qualified bythe foregoing cautionary statements, and there can be no guaranteethat the results or developments anticipated by the Company will berealized or, even if substantially realized, that they will have theexpected consequences or effects on the Company, its business, itsfinancial condition or its results of operation. Furthermore, theforward-looking information reflects current expectations regardingfuture events only as of the date of release of this press release. Investors are referred to the Company’s public filings available atsedar.com. In particular, further details on these risks anddescriptions of these risks are disclosed in the “Risk andUncertainties” section of the Company’s Annual Information Form,dated February 23, 2010, for the year ended November 30, 2009. ANNEX A Non-GAAP measures The Company uses measures that do not conform to generally acceptedaccounting principles (“GAAP”) to assess its operating performance.Securities regulators require that companies caution readers thatearnings and other measures adjusted to a basis other than GAAP donot have standardized meanings and are unlikely to be comparable tosimilar measures used by other companies. Accordingly, these measuresshould not be considered in isolation. The Company uses non-GAAPmeasures such as adjusted net loss and the adjusted burn rate fromoperating activities before changes in operating assets andliabilities, to measure its performance from one period to the nextwithout including changes caused by certain items that couldpotentially distort the analysis of trends in its operatingperformance, and because such measures provide meaningful informationon the Company’s financial condition and operating results. Definition and reconciliation of non-GAAP measures In order to measure performance from one period to another, withoutaccounting for changes related to revenues and fees associated withthe collaboration and license agreement with EMD Serono, managementuses adjusted net loss and adjusted burn rate from operatingactivities before changes in operating assets and liabilities. Theseitems are excluded because they affect the comparability of thefinancial results and could potentially distort the analysis oftrends in the Company’s operating performance. The exclusion of theseitems does not necessarily indicate that they arenon-recurring. —————————————-(Thousands of dollars) First QuarterAdjusted net loss 2010 2009 —————————————-Net loss, per the financial $ (4,267) $ (10,754) statementsAdjustments:Revenues associated with a $ (1,711) $ (1,426) collaboration and license agreement (note 6 to the consolidated financial statements)Fees associated with collaboration – $ 4,269 and license agreement —————————————-Adjusted net loss $ (5,978) $ (7,911) —————————————- —————————————- First QuarterAdjusted burn rate before changes 2010 2009 in operating assets and liabilities —————————————-Burn rate before changes in $ (3,861) $ (10,412) operating assets and liabilities, per the financial statementsAdjustments:Revenues associated with a $ (1,711) $ (1,426) collaboration and license agreement (note 6 to the consolidated financial statements)Fees associated with collaboration – $ 4,269 and license agreement —————————————-Adjusted burn rate before changes $ (5,572) $ (7,569) in operating assets and liabilities —————————————-THERATECHNOLOGIES INC.Consolidated Financial Statements(Unaudited)Three-month periods ended February 28, 2010 and 2009THERATECHNOLOGIES INC.Consolidated Balance Sheets(Unaudited)February 28, 2010 and November 30, 2009(in thousands of dollars) February 28, November 30, 2010 2009 ————————————————————————AssetsCurrent assets: Cash $ 3,332 $ 1,519 Bonds 6,264 10,036 Accounts receivable 281 375 Tax credits receivable 1,834 1,666 Inventories 2,251 2,225 Research supplies 270 287 Prepaid expenses 714 302 ———————————————————————— 14,946 16,410Bonds 45,693 51,807Property and equipment 1,209 1,229Other assets 41 41————————————————————————– $ 61,889 $ 69,487 ———————————————————————— ————————————————————————Liabilities and Shareholders’ EquityCurrent liabilities: Accounts payable and accrued liabilities $ 4,073 $ 5,901 Current portion of deferred revenues (note 6) 6,855 6,847 ————————————————————————– 10,928 12,748Deferred revenues (note 6) 11,980 13,691Shareholders’ equity: Capital stock (note 3) 279,230 279,169 Contributed surplus 6,720 6,484 Accumulated other comprehensive income 1,185 1,282 Deficit (248,154) (243,887) ————————————————————————- (246,969) (242,605)Total shareholders’ equity 38,981 43,048————————————————————————— $ 61,889 $ 69,487——————————————————————————————————————————————————See accompanying notes to unaudited consolidated financial statements.THERATECHNOLOGIES INC.Consolidated Statement of Operations(Unaudited)Three-month periods ended February 28, 2010 and 2009(in thousands of dollars, except per share amounts) 2010 2009 ————————————————————- ———–Revenues: Royalties, technologies and other (note 6) $ 1,717 $ 1,432 Interest 578 577 ————————————————————————- 2,295 2,009Operating costs and expenses: Research and development 4,109 6,315 Tax credits (168) (668) ————————————————————————- 3,941 5,647 General and administrative 1,801 2,321 Selling and market development 616 481 Patents 204 45 Fees associated with collaboration and licensing agreement (note 6) – 4,269 ————————————————————————- 6,562 12,763 ————————————————————————-Net loss $ (4,267) $ (10,754)——————————————————————————————————————————————————Basic and diluted loss per share (note 3 (d)) $ (0.07) $ (0.18)—————————————————————————Weighted average number of common shares outstanding 60,438,098 60,055,841——————————————————————————————————————————————————Consolidated Statements of Comprehensive Loss(Unaudited)Three-month periods ended February 28, 2010 and 2009(in thousands of dollars) 2010 2009—————————————————————————Net loss $ (4,267) $ (10,754)Unrealized gains on available-for-sale financial assets 3 317Reclassification adjustment for gains and losses onavailable-for-sale financial assets (100) (23)—————————————————————————Comprehensive loss $ (4,364) $ (10,460)——————————————————————————————————————————————————See accompanying notes to unaudited consolidated financial statementsTHERATECHNOLOGIES INC.Consolidated Statements of Shareholders’ Equity(Unaudited)Three-month period ended February 28, 2010(in thousands of dollars) Capital stock Contributed ————————- Number Dollars surplus—————————————————————————Balance, November 30, 2009 60,429,393 $ 279,169 $ 6,484Exercise of stock options: Cash proceeds 21,164 38 – Ascribed value – 23 (23)Stock-based compensation – - 259Net loss – - -Change in unrealized gains and losses on available-for-sale financial assets – - – ————————————————————————-Balance, February 28, 2010 60,450,557 $ 279,230 $ 6,720——————————————————————————————————————————————————See accompanying notes to unaudited consolidated financial statements.THERATECHNOLOGIES INC.Consolidated Statements ofShareholders’ Equity(Unaudited)Three-month period ended February 28,2010(in thousands of dollars) Accumulated other compre- hensive income Deficit Total————————————————————————–Balance, November 30, 2009 $ 1,282 $ (243,887) $ 43,048Exercise of stock options: Cash proceeds – - 38 Ascribed value – - -Stock-based compensation – - 259Net loss – (4,267) (4,267)Change in unrealized gains and losses on available-for-sale financial assets (97) – (97) ————————————————————————-Balance, February 28, 2010 $ 1,185 $ (248,154) $ 38,981——————————————————————————————————————————————————See accompanying notes to unaudited consolidated financial statements.THERATECHNOLOGIES INC.Consolidated Statements of Shareholders’ Equity, Continued(Unaudited)Three-month periods ended February 28, 2009(in thousands of dollars) Capital stock Contributed ————————– Number Dollars surplus—————————————————————————Balance, November 30, 2008 58,215,090 $ 269,219 $ 5,585Change in accounting policies (note 2 (a)) – - -Issuance of share capital (note 6) 2,179,837 9,854 -Stock-based compensation – - 205Net loss – - -Change in unrealized gains and losses on available-for-sale financial assets – - – ————————————————————————-Balance, February 28, 2009 60,394,927 $ 279,073 $ 5,790——————————————————————————————————————————————————See accompanying notes to unaudited consolidated financial statements.THERATECHNOLOGIES INC.Consolidated Statements ofShareholders’ Equity, Continued(Unaudited)Three-month periods ended February 28, 2009(in thousands of dollars) Accumulated other compre- hensive income Deficit Total————————————————————- ————Balance, November 30, 2008 $ 372 $ (228,230) $ 46,946Change in accounting policies (note 2 (a)) – (599) (599)Issuance of share capital (note 6) – - 9,854Stock-based compensation – - 205Net loss – (10,754) (10,754)Change in unrealized gains and losses on available-for-sale financial assets 294 – 294 ———————————————————– ————Balance, February 28, 2009 $ 666 $ (239,583) $ 45,946————————————————————- ————————————————————————- ————See accompanying notes to unaudited consolidatedfinancial statements.THERATECHNOLOGIES INC.Consolidated Statements of Cash Flows(Unaudited)Three-month periods ended February 28, 2010 and 2009(in thousands of dollars) 2010 2009 ———————————————————– ———-Cash flows from operating activities: Net loss $ (4,267) $ (10,754) Adjustments for: Amortization of property and equipment 147 137 Stock-based compensation 259 205 ———————————————————– ———— (3,861) (10,412) Changes in operating assets and liabilities: Interest receivable on bonds 163 (969) Accounts receivable 94 76 Tax credits receivable (168) (668) Inventories (26) (1,594) Research supplies 17 133 Prepaid expenses (412) (59) Accounts payable and accrued liabilities (1,780) (128) Deferred revenues (1,703) 25,681 ———————————————————– ———— (3,815) 22,472 (7,676) 12,060Cash flows from financing activities: Share issuance 38 9,854 Share issue costs – (8) ———————————————————– ———— 38 9,846Cash flows from investing activities: Additions to property and equipment (175) (102) Acquisition of bonds – (19,631) Disposal of bonds 9,626 4,585 ———————————————————– ———— 9,451 (15,148) ————————————————————————-Net change in cash 1,813 6,758Cash, beginning of period 1,519 133—————————————————————————Cash, end of period $ 3,332 $ 6,891———————————————————— ————————————————————————— ————-See note 4 (a) for supplemental cash flow information.See accompanying notes to unaudited consolidated financial statements. THERATECHNOLOGIES INC. Notes to Consolidated Financial Statements (Unaudited) Three-month periods ended February 28, 2010 and 2009 (in thousands ofdollars, except per share amounts) 1. Basis of presentation: The financial statements included in this report are unaudited and reflect normal and recurring adjustments which are, in the opinion of the Company, considered necessary for a fair presentation of its results. These financial statements have been prepared in conformity with Canadian generally accepted accounting principles (“GAAP”). The same accounting policies as described in the Company’s latest annual report have been used. However, these financial statements do not include all disclosures required under GAAP and, accordingly, should be read in connection with the financial statements and the notes thereto included in the Company’s latest annual report. These interim financial statements have not been reviewed by the auditors.2. New accounting policies: a. Adoption of new accounting standards: Goodwill and intangible assets Effective with the commencement of its 2009 fiscal year, the Company adopted the Canadian Institute of Chartered Accountants (“CICA”) Handbook Section 3064, Goodwill and Intangible Assets, which will replace Section 3062, Goodwill and Other Intangible Assets, and Section 3450, Research and Development Costs. The standard provides guidance on the recognition of intangible assets in accordance with the definition of an asset and the criteria for asset recognition, whether these assets are separately acquired or internally developed. The impact of adopting this standard has been to increase the opening deficit and to reduce other assets at December 1, 2008 by $599, respectively, which is the amount of patent costs related to periods prior to these dates. b. Future accounting changes: International Financial Reporting Standards In February 2008, Canada’s Accounting Standards Board (“AcSB”) confirmed that Canadian GAAP, as used by publicly accountable enterprises, would be fully converged into International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The changeover date is for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. As a result, the Company will be required to report under IFRS for its 2012 interim and annual financial statements. The Company will convert to these new standards according to the timetable set within these new rules. The Company will determine at a future date the impact of adopting the standards on its consolidated financial statements.3. Capital stock: a. Shareholder rights plan: On February 10, 2010, the Board of Directors of the Company adopted a shareholder rights plan (the “Plan”), effective as of such date. The Plan is designed to provide adequate time for the Board of Directors, and the shareholders, to assess an unsolicited takeover bid for the Company. In addition, the Plan provides the Board of Directors with sufficient time to explore and develop alternatives for maximizing shareholder value if a takeover bid is made, as well as provide shareholders with an equal opportunity to participate in a takeover bid and receive full and fair value for their common shares (the “Common Shares”). The Plan, if approved by the shareholders, will expire at the close of the Company’s annual meeting of shareholders in 2013. The rights issued under the Plan will initially attach to and trade with the Common Shares and no separate certificates will be issued unless an event triggering these rights occurs. The rights will become exercisable only when a person, including any party related to it, acquires or attempts to acquire 20% or more of the outstanding Common Shares without complying with the “Permitted Bid” provisions of the Plan or without approval of the Board of Directors. Should such an acquisition occur or be announced, each right would, upon exercise, entitle a rights holder, other than the acquiring person and related persons, to purchase Common Shares at a 50% discount to the market price at the time. Under the Plan, a Permitted Bid is a bid made to all holders of the Common Shares and which is open for acceptance for not less than 60 days. If, at the end of 60 days at least 50% of the outstanding Common Shares, other than those owned by the offeror and certain related parties, have been tendered, the offeror may take up and pay for the Common Shares but must extend the bid for a further 10 days to allow other shareholders to tender. b. Stock option plan: Changes in outstanding options granted under the Company’s stock option plan for the year ended November 30, 2009 and the three- month period ended February 28, 2010 were as follows: Weighted average exercise price Number per share————————————————————————–Options as at November 30, 2008 (audited) 2,161,800 $ 6.52Granted 680,500 1.83Cancelled and expired (176,500) 8.34————————————————————————–Options as at November 30, 2009 (audited) 2,665,800 5.20Granted 265,000 3.84Cancelled and expired (25,667) 3.26Exercised (21,164) 1.80————————————————————————–Options as at February 28, 2010 2,883,969 $ 5.12—————————————————————————————————————————————————- c. Stock-based compensation and other stock-based payments: The estimated fair value of the options granted was estimated at thedate of grant using the Black-Scholes option pricing model with thefollowing weighted average assumptions: 2010 2009 ———————-Risk-free interest rate 2.46% 1.79%Volatility 81% 79%Average option life in years 6 6Dividend yield Nil Nil—————————————————————————————————————————————————- The risk-free interest rate is based on the implied yield on a CanadianTreasury zero-coupon issue with a remaining term equal to theexpected term of the option. The volatility is based solely onhistorical volatility equal to the expected term of the option. Theaverage life of the options is estimated considering the vestingperiod, the term of the option and the length of time of similargrants have remained outstanding in the past. Dividend yield wasexcluded from the calculation, since it is the present policy of theCompany not to retain in cash in order to keep funds available tofinance the Company’s growth. The following table summarizes the weighted average fair value ofstock options granted during the periods ended February 28, 2010 and2009: Weighted average Number of grant-date options fair value————————————————————————–2010 265,000 $ 2.962009 590,500 1.24—————————————————————————————————————————————————- d. Diluted loss per share: Diluted loss per share was not presented as the effect of optionswould have been anti-dilutive. All options outstanding at the end ofthe year could potentially dilute the basic earnings per share in thefuture. 4. Supplemental information: a. The following transactions were conducted by the Company and didnot impact cash flows: February 28, November 30, 2010 2009————————————————————————–Additions to property and equipment included in accounts payable and accrued liabilities $ 135 $ 183—————————————————————————————————————————————————- b. For the three-month period ended February 28, 2010, the Company hasreclassified in net loss $100 of realized gains on available-for-salefinancial assets previously recorded in accumulated othercomprehensive income ($23 in 2009). On February 28, 2010, the accumulated other comprehensive loss wascomposed of unrealized gains on available-for-sale financial assetsof $1,185 (gain of $1,282 on November 30, 2009). c. For the three-month periods ended February 28, 2010 and 2009, thefollowing items were included in the determination of the Company’snet loss: 2010 2009————————————————————————–Amortization of property and equipment $ 147 $ 137Stock-based compensation 259 205—————————————————————————————————————————————————- 5. Financial instruments: a. Carrying value and fair value: The Company has determined that the carrying values of its short-termfinancial assets and liabilities, including cash, accountsreceivable, as well as accounts payable and accrued liabilities,approximate their fair value because of the relatively short periodto maturity of these instruments. Bonds and investments in public companies are stated at estimatedfair value, determined by inputs that are directly observable (Level2 inputs). b. Interest income and expenses: Interest income consists of interest earned on cash and bonds. c. Loss on exchange: General and administrative expenses include a loss on foreignexchange of $44 ($416 in 2009) for the three-month period endedFebruary 28, 2010. 6. Collaboration and licensing agreement: On October 28, 2008, the Company entered into a collaboration andlicensing agreement with EMD Serono, Inc. (“EMD Serono”), andaffiliate of Merck KGaA, of Darmstadt, Germany, regarding theexclusive commercialization rights of tesamorelin in the UnitedStates for the treatment of excess abdominal fat in HIV-infectedpatients with lipodystrophy (the “Initial Product”). The Companyretains all tesamorelin commercialization rights outside of theUnited States. Under the terms of the agreement, the Company is responsible for thedevelopment of the Initial Product up to obtaining marketing approvalin the United States. The Company is also responsible for productproduction and for the development of a new formulation of theinitial product. EMD Serono is responsible for conducting productcommercialization activities. At the closing of the agreement, on December 15, 2008, the Companyreceived US$30,000 (CAD$36,951), which includes an initial payment ofUS$22,000 (CAD$27,097) and US$8,000 (CAD$9,854) as a subscription forcommon shares in the Company by Merck KGaA at a price of US$3.67(CAD$4.52) per share. The Company may receive up to US$215,000, whichamount includes the initial payment of US$22,000, the equityinvestment of US$8,000, as well as payments based on the achievementof certain development, regulatory and sales milestones. The Companywill also be entitled to receive increasing royalties on annual netsales of tesamorelin in the United States, if applicable. The initial payment of $27,097 has been deferred and is beingamortized over its estimated service period on a straight-line basis.This period may be modified in the future based on additionalinformation that may be received by the Company. For the three-monthperiod ended February 28, 2010, an amount of $1,711 related to thistransaction was recognized as revenue. At February 28, 2010, thedeferred revenues related to this transaction amounted to $18,826. On August 12, 2009, the US Food and Drug Administration accepted theNew Drug Application (“NDA”) made by the Company for tesamorelin.Under the terms of the Company’s Collaboration and LicensingAgreement with EMD Serono, the acceptance of the tesamorelin NDAresulted in a milestone payment of US$10,000 (CAD$10,884). Thismilestone payment has been recorded in the third quarter of 2009. The Company may conduct research and development for additionalindications. Under the Collaboration and Licensing Agreement, EMDSerono will have the option to commercialize additional indicationsfor tesamorelin in the United States. If it exercises this option,EMD Serono will pay half of the development costs related to suchadditional indications. In such cases, the Company will also have theright, subject to EMD Serono’s agreement, to participate in thepromotion of the additional indications. Contacts:Theratechnologies Inc.Andrea GilpinVice President, IR & Communications514-336-7800, ext. 205communications@theratech.comTheratechnologies Inc.Luc TanguaySenior Executive Vice President andChief Financial Officer514-336-7800, ext. 204ltanguay@theratech.com SOURCE: Theratechnologies Inc. mailto:communications@theratech.commailto:ltanguay@theratech.com Copyright 2010 Marketwire, Inc., All rights reserved.
This morning, Williams Sonoma declared its quarterly dividend of thirteen cents per share, an increase of about eight percent over its prior dividend. Based on the current stock price, investors can expect a yield of about two percent going forward.Shares of Williams Sonoma responded well to the news, as the stock is trading higher by more than ten percent right now.Article Controlsemailprintreprintnewslettercommentssharedel.icio.usDigg it!yahooFacebookTwitterRedditrssIn other dividend news, Pengrowth Energy Trust ( PGH – news – people ) maintained its monthly dividend of 7 cents per share. Superior Industries International ( SUP – news – people ) maintained its quarterly dividend of 16 cents per share. Alaska Communications Systems ( ALSK – news – people ) maintained its quarterly dividend of 21.5 cents per share. And Methode Electronics maintained its quarterly dividend of 7 cents per share.Market News Video produces and distributes online videos about stocks and investing.
One of the biggest upset that CNN might be facing, is the departure of an international correspondent who was performing really well at the news agency. CNN’s Chief International Correspondent, Christiane Amanpour, is making a switch, she has packed her bags to take over the most demanding post. Amanpour will be joining the ABC Network as an Anchor of its Sunday show, “This Week”.Pretty bad for CNN but ABC has high hopes as they bring in a professional from a really talented network. Amanpour joins in replacing, George Stephanopoulos, who will be taking a seat at the “Good Morning America” show, replacing Diane Sawyer.Amanpour has been tagged as the country’s most respected international correspondent. the lady will provide international analysis in day to day issues with her expertise. she is also expected to anchor documentaries on international subjects for ABC.Amanpour born from an Iranian father and a British mother was brought up in Iran and Britain, is also going to be the first non-American accent Anchor to be featured on “This Week” show. Sources confirm Disneyland bosses suggested the decision to pull her in, offering a contract which she wont deny. the lady was also crowned as the ‘Commander of the Most excellent Order of the British Empire” in 2007 for her contribution to journalism by Queen Elizabeth II. A country, Sarajevo, has also honored her for the services she rendered while spreading the truth during the Bosnia war.Related posts:“News Anchor Post was Mine”, Kate Snow makes Switch To NBC one of the most beautiful news anchor on ABC Channel just announced…Betty Nguyen: Goodbye CNN, hello CBS Betty Nguyen is leaving the CNN news you read it right, Sean…There is Only one Lady Gaga It’s either you’ll hate her or love her – that is what people…Barbara Walters’ Last Oscar TV Special Barbara Walters who is known as “personality journalist” and also known for…Peter, Whoops..I Meant Alex..:Katie Price Mistakes Her New Husband With old One What an embarrassment for the husband to be. Katie Price, the lady… Tags: ABC, Christiane Amanpour, CNN, George Stephanopoulos, This Week
‘Food Wars’This new foodie show takes on competitions for best local favorite dishes. Tonight host Camille Ford heads to Lockhart, Texas, to square off on a barbecue debate between Kreuz Market and Smitty’s Market. 10 p.m. Tuesday on the Travel Channel (seattletimes.com/tvlistings).Doug Knoop, Seattle Times staffAlso on Tuesday”Seven Samurai” (1954), 6:30 p.m. (TCM): Feudal Japanese villagers hire seven warriors to defend them from 40 mounted bandits.”American Idol,” 8 p.m. (Fox): The top 11 contestants perform.”The biggest Loser,” 8 p.m. (NBC): The contestants must continue to eat right and exercise when they return home for a visit; each contestant faces an at-home bike challenge.”Lost,” 9 p.m. (ABC): Richard must make a difficult decision.”Victor Borge: 100 Years of Music & Laughter,” 9 p.m. (KCTS): Rita Rudner narrates some of pianist Borge’s funniest and most-memorable skits.”Justified,” 10 p.m. (FX): Raylan tracks an escaped prisoner desperate to reunite with his former wife and a hidden fortune.The new York Times
Mark Cuban is hiring staff that could form the nucleus of a new DVD label, Wired News has learned, a move that comes as the dot-com billionaire attempts to shatter Hollywood’s release window system by making first-run films available simultaneously in theaters, on cable TV, online and on DVD. the label is expected to launch in January with the release of Bubble, the first in a six-part deal between Cuban’s 2929 Entertainment and director Stephen Soderbergh, according to a source familiar with the plan. as yet, Cuban and partner Todd Wagner have not announced a DVD publisher for those pictures. in an interview, Wagner would neither confirm nor deny a pending launch. but he said 2929 will pay theatrical exhibitors 1 percent of revenues generated from DVD sales of films they offer in the same window at their theaters. By launching a DVD imprint of their own, Cuban and Wagner would round out a set of assets that covers most but not all of the bases in film distribution. the pair owns holdings that include Landmark Theaters, HDNet Films, the HDNet Movies channel, Rysher Entertainment, Magnolia Films Distribution, 2929 Entertainment and a piece of Lions Gate Films. Online, they have a deal to offer HDNet Films titles on Cinemanow. According to an online job posting, Magnolia Pictures is hiring a DVD accountant whose responsibilities include monitoring inventory levels, working with DVD replicators “to ensure sufficient supplies are available for replenishment,” and setting up electronic data interchanges, or EDIs, with vendors and customers. An EDI is a secure electronic transaction and auditing channel between suppliers and vendors, without which it is nearly impossible to do business with big box retailers. the only film known to have debuted on TV, DVD and in theaters the same day so far is Noel, a holiday movie starring Susan Sarandon, Penelope Cruz and Robin Williams in an uncredited role. the film was released last November on cable’s TNT, in a handful of theaters and on disc the same day. but the disc was a Flexplay disc that expired in 48 hours, and it was only available on Amazon.com. Neither side will comment but sales were reportedly low, some in the industry say a mere 1,500 copies. the title eventually found distribution under the Screen Media imprint. Screen Media has a distribution deal with Universal Studios Home Entertainment that will put the title in stores on standard DVD for the first time Oct. 25. Soderbergh’s murder mystery Bubble is the first 2929 film slated for release across all channels. some news outlets have erroneously reported that Magnolia’s Enron: the Smartest Guys in the Room was released simultaneously on TV, DVD and in theaters. in fact, the film has yet to be released on DVD. Hollywood has shunned simultaneous releases, preferring to milk as much cash from each “release window,” as the time blocs are known in the industry, before it moves to the next. the traditional model has movies hopping like tiddlywinks from theaters to home video/DVD, pay-per-view, premium cable, broadcast cable and then broadcast television. but as box office proceeds fell and DVD sales began to level off over the summer, even Robert Iger, who has since taken the reins as CEO of the Walt Disney co., suggested that the theatrical “window” should be snapped shut and DVDs released at the same time. “We can’t stand in the way and can’t allow tradition to stand in the way of where the consumer can go or wants to go,” Iger told analysts. “Windows in general need to change. I don’t think it’s out of the question that DVDs could be released in the same window as the theatrical release. all the old rules should be called into question because the rules of consumption have changed so dramatically.” Exhibitors have cried foul, saying, among other things, that DVDs only sell because theatrical exhibition heightens their profile. “Mr. Iger knows better than to tell consumers — or Wall Street analysts — that they can have it all, everywhere, at the same time,” said John Fithian, president of the National Association of Theater Owners. “He knows there would be no viable movie theater industry in that new world — at least not a theater industry devoted to the products of Hollywood. and he should know that Hollywood studios would be just one shriveled vendor among many in that world of movies as commodities only.”
Bonita Springs City Council unanimously approved a new auto maintenance shop after developers made several plan changes to appease neighbors.Affordable Tire, which is part of the Greyhound Square development off Bonita Beach Road, required a special exception approval because auto repair shops are restricted in the Bonita Beach Road corridor.Several residents expressed concerns at the city’s zoning advisory board meeting in February that the shop was not compatible with their neighborhood, but the board and city staff recommended approval.The project is compatible and does comply with the city’s comprehensive plan and the Bonita Beach Road corridor, said city planner Jacqueline Toemmes.The shop agreed to eliminate Sunday hours, align its maintenance bays to face away from the neighborhood and coordinate trash pickup times so that it is not a disturbance to neighbors.Other concerns were environmental impact, noise and lighting, but Toemmes said those would all be subject to established rules, such as the city’s noise ordinance.Several residents had spoken out at the February advisory board meeting but only one spoke Monday.Joe Mosley, Pine Haven condominium association treasurer, had previously said there was too much bad blood between the developers and the neighbors.But Monday he thanked the developers for making changes and said he expected Affordable Tire would be a good neighbor.The project will eventually be home to a charter school and the developers are selling a parcel to another developer who is applying to build a gas station near the intersection of race Track and Bonita Beach roads.Connect with Tara E. McLaughlin at naplesnews.com/staff/tara-mclaughlin/
By The Associated PressDish Network is suing DirecTV for false advertising over commercials touting its high-definition channels. In a lawsuit filed in a new York federal court Monday, Dish says DirecTV’s ads claim a misleading number of HD channels at a price that doesn’t include any HD. Dish says DirecTV misleads consumers by saying it can offer 200 HD channels when it really offers about 130. Dish says the ads end with the promotional price of $29.99 a month, which it says doesn’t include HD. DirecTV says “it’s obvious the lawsuit is in response to our recent objections to their misleading advertising.” Last month, DirecTV sued Dish for false advertising. Dish ran commercials saying its TV packages are cheaper than DirecTV’s. DirecTV countered that Dish compared different plans. Copyright 2010 The Associated Press. all rights reserved. this material may not be published, broadcast, rewritten or redistributed.
Q:I own a small contracting firm and want to participate in some of the infrastructure projects the Obama administration is funding. Where can I find information on this subject?Answer: Federal, state and local governments offer many business opportunities to small businesses. Selling to the federal government can provide significant revenue, and the process is not as complicated as you may think.A good place to start is to visit the U.S. Small Business Administration’s Web site at sba.gov. it will help you understand the basics of selling to the government.Most government agencies require that some percentage of their procurement be set aside for small business. The SBA defines a small business in terms of the number of employees over the past year, or average annual receipts over the past three years. The Web site has a guide to “Classifying your Business” to find out if you qualify.Before you can bid on a federal contract, you must register as a federal contractor. The government’s official business link – business.gov – provides information on how to register. The Web site also provides links to other programs offered to minorities, women and veterans.Doing business with the state of Virginia may be even less complicated.The state Department of General Services’ Web site at dgs.virginia.gov has a section on “Doing Business with the Commonwealth.”Again, you must go through a registration and application process, and the step-by-step procedure is explained in detail. a list of contracts for bid is also on the site.Another source of information about construction contracts for bid is the Dodge Reports, a division of the McGraw-Hill Companies inc.According to the Web site fwdodge.com, Dodge updates more than 5,000 projects every business day in a national database of more than 400,000 active projects, both public and private.It’s a subscription service, and, for as little as $39.99 per month, you can receive details of 25 construction projects available for bidding near you.It is worth noting that most, if not all, government contracts will require that the bidder provide a bid and completion bond. your local commercial insurance agent can assist you in establishing a bond line of credit. you should attend to this detail before the submission of any bids. Volunteers with the Richmond Chapter of SCORE, Counselors to America’s Small Business, will answer questions from small-business owners and managers. go to richmondscore.org and click on the link to “Ask SCORE.” a counselor will respond within 48 hours. Select questions and answers will be featured in Metro Business on the second and fourth Mondays. to learn more about management issues facing small businesses and SCORE’s workshops, go to richmondscore.org or call (804) 771-2400, ext. 131.
Now that Roth IRA conversions are open to all consumers, regardless of income, it’s time to think about whether you want to convert and how to do it. Roth conversions are attractive for several reasons. once you pay the taxes due on conversion, you won’t have to pay tax when you withdraw money in retirement, enabling you to sock away tax-free retirement income. also, unlike with traditional individual retirement accounts, you don’t have to take required minimum distributions from Roth IRAs at age 70½, so the money can continue to grow tax-free until you need it (or until your beneficiaries get their hands on it).Conversion is a pretty straightforward process, but there are some potential issues in the process that could throw a wrench in your plans.A big wild card is how the markets are going to perform this year. After the stock market dropped like a rock during the financial crisis, you may be wary of paying taxes on assets that could fall in value after you convert. Fortunately, with help from your tax adviser, you can employ several tactics to hedge against that possibility.Conversion strategiesIn a white paper called “Roth Conversion Strategies: Income and Estate planning Ramifications,” Certified Financial Planner Leon LaBrecque, CPA, outlines several strategies to make a Roth conversion and potentially undo it later so you don’t have to pay taxes if the Roth account depreciates. undoing a Roth is a process known as recharacterization. when you recharacterize a Roth, you return it to its previous state as a traditional IRA and the IRS refunds the money you paid in taxes at conversion.One popular strategy LaBrecque notes is setting up “segregated” Roth accounts where you put bonds, stocks and other assets in different Roth IRA accounts. This way, if your stocks or stock funds tank, you can recharacterize those assets without having to redo your other Roths. This could mean setting up several Roth accounts, says Joe Jennings, a senior financial adviser with PNC Bank in Baltimore, Md.”Because you can’t recharacterize portions of a Roth IRA, if you are concerned about specific assets or asset classes losing value later, you can segregate those, at conversion, into several different accounts,” Jennings says. “So if they did in fact lose value, you could recharacterize individual accounts.”Segregating by asset class, or even by individual investments such as stocks, would be what LaBrecque calls a “vertically segregated Roth.” Another strategy, called a “horizontally segregated Roth,” is a layered approach based on “prospective account appreciation.” it involves dividing up your assets into one large “base” Roth account and numerous smaller Roth accounts, all with the same asset allocation. The extent of market appreciation determines how many of the accounts get recharacterized. If the market moves are large on the upside, more of the Roth accounts remain Roths.LaBrecque offers a mathematical formula based on the market’s return to help guide investors on how many accounts should remain Roths and how many should be recharacterized. overall, he describes his system as a way to “take the profits and turn them into Roths.”His explanation: “If the market goes down, we recharacterize the whole thing and call it an exercise in paperwork management. Market goes up, you turn the taxable gains that you would have had in the traditional IRA (had you done nothing) into tax-free money with all the tax advantages of a Roth. Market is flat, we have time to rethink our strategy. Flexibility all around.”A third strategy, the “Matrix Roth,” combines vertical and horizontal strategies. Warning: It’s complicated.Whether you want to adopt such strategies depends on “how sophisticated, how technical, you want to be,” says Jennings. “This is a kind of scenario you definitely want to walk through with your financial adviser. especially for higher net worth individuals, you’d want to include an estate planner and an accountant as well. This is something that should be considered on a case-by-case basis.”Tax effectsMelissa Labant, a technical manager on the tax staff of the American Institute of Certified Public Accountants in Washington, D.C., agrees that it’s important to consult with a tax adviser before taking steps to convert a Roth, especially when using strategies such as those recommended by LaBrecque.”Converting a Roth may put you in a higher tax bracket, especially if you’re going to have a lot of income in a certain year, so you might not want to convert your entire IRA, but a portion of it so you stay in a lower tax bracket,” she says. She expects that more taxpayers than ever before will want tax projections earlier in the year from their CPAs, “because it’s important in situations like this, when you might want to convert an IRA.”Conversion may also trigger the alternative minimum tax, which is an additional tax that generally higher-income taxpayers may have to pay, so you should be especially careful in your plans and consult with a CPA, Labant adds. It’s always better to talk to your tax adviser before taking any actions that could result in problems later, she says.Jennings cautions that recharacterization is not a permanent hedge against your Roth IRA losing value. “If you’re going to segregate your IRA funds into separate accounts, that’s fine, but you have to keep in mind that with recharacterization you only have a limited amount of time under which you can recharacterize.”Once you convert to a Roth IRA in 2010, you have until the due date of your 2010 return (or Oct. 15, 2011, including extensions) to recharacterize; after that, you lose the opportunity. To recharacterize, you must file Form 8606 with your amended tax return, which is Form 1040X.If you do choose to recharacterize, you can later reconvert that traditional IRA to a Roth IRA, but you have to wait until 30 days after the recharacterization or one year after the initial conversion, whichever is later, according to IRS Publication 590. If you don’t recharacterize, you can combine those multiple Roth accounts once the deadline for recharacterization has passed, notes LaBrecque, which can save you recordkeeping hassles as well as IRA custodial fees.Does a Roth conversion make sense for you? Bankrate’s Roth conversion calculator can help you decide..Create a news alert for “retirement”
SAN JOSE, Calif., Mar 22, 2010 (BUSINESS WIRE) –Symmetricom(R), Inc. /quotes/comstock/15*!symm/quotes/nls/symm (SYMM 6.09, 0.00, 0.00%) , a major supplier of precise time and frequency technologies, today announced the company is featuring its newest offerings in its comprehensive portfolio of synchronization solutions at International CTIA WIRELESS(R) 2010, March 23-25, 2010 in Las Vegas, NV, booth #3819. Highlights include the SCi 2000 Embedded Software Clock, a versatile software client designed for network equipment manufacturers (NEMs) to integrate IEEE 1588 (PTP) technology into base stations and other network equipment. Additional products to be showcased include recent releases of the TimeProvider(R) 5000 Grandmaster Clock and TimeProvider(R) 500 Translator. These products reinforce Symmetricom’s leadership in the industry by bringing an expanded level of technology flexibility and synchronization performance to both network equipment manufacturers and carriers to ensure seamless migration to Carrier Ethernet networks. Symmetricom’s SCi 2000 Embedded Software Clock enables NEMs to integrate Symmetricom’s field-proven IEEE 1588 client technology into their respective network elements, such as switches, routers, DSLAMs and base stations. The SCi 2000 delivers both frequency and phase synchronization and provides advanced network-wide monitoring for increased synchronization performance. with the SCi 2000, a dedicated discrete chip is not necessary, leading to a more compact, power-efficient design. this enables NEMs to realize cost-savings and a lower cost of ownership. “Symmetricom’s synchronization solutions have been consistently proven in both field trials and deployments around the world,” commented James Armstrong, EVP and general manager at Symmetricom. “With new solutions, such as the SCi 2000 Embedded Software Clock, service providers now have more options in deploying backhaul products with embedded synchronization and can realize greater savings when transitioning from TDM-based networks to Ethernet.” Symmetricom will also be demonstrating its suite of IEEE 1588 (PTP) solutions in booth #3819 in the Central Hall. Products include recent releases of the TimeProvider 5000 Grandmaster Clock and TimeProvider 500 Translator. Enhancements to these products include expanded management, redundancy and flexibility features. also being showcased is the TimeAnalyzer, a set of comprehensive, all-in-one IEEE 1588 test and measurement tools. Symmetricom is a platinum sponsor of Telecommunications Media Group’s Mobile Backhaul for Maximum Network Potential conference on Tuesday, March 23, 11:00 a.m. — 3:35 p.m., Las Vegas Convention Center, Room N259. James Armstrong will be speaking at this event, discussing the critical role of synchronization for a more efficient, cost-effective backhaul network. For more information, visit: ctiawireless.com/events/event_details.cfm?calID=973. Availability and Additional Information Symmetricom’s SCi 2000 Embedded Software Clock and the latest enhanced versions of the TimeProvider 5000 and TimeProvider 500 are now available. For more information on Symmetricom’s embedded solutions for NEMs, visit: symmetricom.com/industry-solutions/network-equipment-manufacturers/. For more information on Symmetricom’s synchronization solutions for IEEE 1588 (PTP), visit: symmetricom.com/products/ieee-1588-ptp-solutions/. About Symmetricom, Inc. As a worldwide leader in precise time and frequency products and services, Symmetricom provides “Perfect Timing” to customers around the world. Since 1985, the company’s solutions have helped define the world’s time and frequency standards, delivering precision, reliability and efficiency to wireline and wireless networks, instrumentation and testing applications and network time management. Deployed in more than 90 countries, the company’s synchronization solutions include primary reference sources, building integrated timing supplies (BITS), GPS timing receivers, time and frequency distribution systems, network time servers and ruggedized oscillators. Symmetricom also incorporates technologies including Universal Timing Interface (UTI), Network Time Protocol (NTP), IEEE 1588 (Precision Time Protocol), and others supporting the world’s migration to Next Generation Networks (NGN). Symmetricom is based in San Jose, Calif., with offices worldwide. For more information, visit symmetricom.com. SYMM-P SOURCE: Symmetricom, Inc. BroadPR Raychel Marcotte, +1-617-645-6022 raychel@broadpr.com or Symmetricom Belinda Suntop, +1-408-428-7958 bsuntop@symmetricom.com Copyright Business Wire 2010
Printer-friendly versionSend to friendPDF versionNBC News is reporting that Michigan Congressman Bart Stupak, the leader of twelve pro-life Democrats who have refused to support the final health care bill until their concerns were met, has decided to vote “yes” on the health care bill. Stupak was in negotiations with the White House and Health and Human Services Secretary Kathleen Sebelius, working out the details of an executive order that would achieve a result that came closer to Stupak’s approach to enshrining prohibitions on the use of federal funds for abortion in a manner reminiscent of the Hyde Amendment. Stay tuned.
IRVINE, Calif.–(BUSINESS WIRE)–In one more sign that economic recovery may be taking hold – at least in the small business sector – small businesses are spending more on search and achieving greater success in converting their leads into website actions, according to the latest quarterly report from WebVisible (webvisible.com), released today. The release of the report coincides with the BIA/Kelsey Marketplaces Conference, held in San Diego today through Wednesday.The average small business advertiser spent $2,149 on search advertising in Q4 2009 – an increase of 30 percent over Q3 2009 and 111 percent over Q4 2008.In addition, conversion rates improved for small business advertisers, with 35.3 percent of clicks resulting in website conversion action – compared with 32 percent in Q3 2009 and 26.6 percent in Q4 2008. Actions are predominantly calls, and also include sending emails or SMS texts, form fills, printed driving directions or video views.Video capability was the fastest-growing website feature for small business advertisers over the past year, with 19 percent of advertisers showing video on their websites in Q4 2009, versus just 5 percent in Q4 2008.These are among the top findings of the second installment of The WebVisible Report: State of Small Business Online Advertising Q4 2009, which examines trends among WebVisible’s U.S. advertisers from Q4 2008 through Q4 2009. The data represents nearly $22 million in U.S. small business advertiser spending in Q4 2009 from more than 12,000 individual advertisers. The report also analyzed Q4 2009 data from more than 10,000 advertisers in the United Kingdom.“These numbers show increased confidence by small businesses in using search to gain leads – and increased ability to turn those leads into sales,” said WebVisible CEO Kirsten Mangers. “We get better every day at managing the businesses’ content to increase conversion and enhance their advertising presence so they’ll benefit from lower costs overall.“Another key is knowing the most cost-effective place to spend those ad dollars,” said Mangers. “For example, Bing has higher click-through rates and lower costs-per-click than Google, so it’s often a better buy. We’re also continuing to monitor how the merging of Bing and Yahoo! will affect small business advertisers. It’s entirely possible Yahoo!’s click-through rates could rise as a result.”The average keyword count per small business advertiser increased by 21 percent in Q4 2009 over Q3 2009, to an average 67 keywords.Click-through rates (CTR) and cost-per-click (CPC) did not change significantly on the search engines on a quarter over quarter (QoQ) basis. Bing* maintained the highest CTR while Google maintained the highest CPC. The share of spending was unchanged on Yahoo! and Bing in Q4 2009. Some spend was shifted from Google to Ask as advertiser resellers sought lower-cost sources of traffic.Analyzing Ad Trends Among Five Distinct Groups of SMBsEffective with the Q4 2009 study, WebVisible has begun analyzing the spend among different types and sizes of small businesses. The company segmented advertisers into five distinct groups based upon their organizational maturity and advertising propensities: Part-Timers, Soloists, Entrepreneurs, Small Business Generalists and Small Business Managers.In general, the newer a business is, the less it spends on advertising. Advertisers with well-established businesses, five or more employees, and in business for five or more years tend to spend more on advertising.“In most reports and trend stories, all small businesses get lumped into the same category,” said Mangers. “But a solo entrepreneur running his architecture business in the evenings is not going to have a lot in common with a 10-person hair salon or a three-location local restaurant chain. We’ll continue to monitor the trends and mine our wealth of data for deeper insights into these segments of small business advertisers. And we are cheered, overall, by what this indicator may suggest about the overall health of the SMB sector.”Anyone can request a full copy of The WebVisible Report by going here: webvisible.com/wvreport. Members of the media contact info@edgecommunicationsinc.com or call (818) 990-5001 for report highlights.Note: *MSN (Microsoft Network) search was renamed Bing in Q2 2009. Data from previous quarters reflect data from MSN Search.About WebVisible, inc.WebVisible makes it easy for small and mid-size businesses (SMBs) to be found online, where and how customers are looking. The leading provider of local online marketing products and services since 2001, WebVisible was among the first to pioneer the use of search as a reliable, measurable avenue to connect directly with a buyer’s needs. The company has helped more than 100,000 SMB customers from more than 3,000 industries in 14 countries to create innovative and accountable Internet advertising campaigns. SMBs partner with WebVisible directly and through its many partner companies, including Intuit, AT&T, British Telecom and The new York Times Company. WebVisible is based in Irvine, Calif. For more information, visit webvisible.com or call (949) 502-5757.
Just as the bankruptcies of General Motors and Chrysler marked the end of an unsustainable business model for Detroit’s auto industry, Friday’s deal to sell the Detroit Medical Center to a big for-profit hospital system is a game-changer for the funding and delivery of health care in metro Detroit.But thanks to Roger Penske, Steve D’Arcy and Mike Duggan, the DMC’s transition from old business model to new promises to be a lot less painful than the auto industry’s ordeal.That’s because the three DMC leaders made a bold move — before it was too late — to secure access to the money needed to invest in critical technology and top talent.Penske and D’Arcy, auto industry veterans and DMC board members, were painfully aware of the agony caused by the upheaval at GM, Chrysler and scores of auto suppliers that ran out of cash during the past two years.They didn’t want to see Detroit’s largest hospital group collapse the same way.”We were being choked to death by the nonprofit business model,” Duggan, the DMC CEO, said Friday. he has kept his Detroit-based hospital system’s finances in the black for six years, but Wall Street investors and banks are still unwilling to lend a Detroit nonprofit hospital needed money for new projects and facility upgrades. Meanwhile, DMC competitors recently opened impressive new hospitals in the suburbs.Last year, D’Arcy, the DMC board chairman and head of PricewaterhouseCoopers’ global automotive practice, launched a review of DMC’s strategy. D’Arcy and Penske, head of an auto racing and retailing empire, recommended exploring a tie-up with a big privately owned health care system, which could sell stock and tap other sources of cash.Last October, Duggan visited Vanguard Health Systems in Nashville. a one-hour appointment stretched into 3 1/2 hours, and soon the DMC and Vanguard were courting.In mid-2008, after GM and Ford had reported a combined $24 billion in second-quarter losses, I recall writing that Detroit’s three auto CEOs had agreed on the urgent need to press Washington, D.C., for “access to capital” as credit markets were seizing up. But for GM and Chrysler, the plea was too late. Each was forced into bankruptcy and drastic overhauls as the price for massive infusions of taxpayer cash to stay afloat.Vanguard’s proposed purchase of DMC for $417 million and a promised investment of $850 million more gives DMC a legitimate shot at survival and growth without anywhere near the pain and suffering that the GM and Chrysler retrenchment brought to the region.It’s hard to overstate what a godsend this deal could be for a wobbly city and state where the public sector is in no shape to help a major employer like DMC, if the banks and Wall Street are unwilling to provide capital.Contact TOM WALSH: 313-223-4430 or twalsh@freepress.com
Alaska enters its 50th-anniversary year in the glow of an improbable and highly memorable event: the nomination of Gov. Sarah Palin as the Republican vice presidential candidate. for the first time ever, an Alaskan is making a serious bid for national office, and in doing so she brings broad attention and recognition not only to herself, but also to the state she leads. Story tools Comments (0) E-mail a friend PrintShare on FacebookDigg thisSeed NewsvineSend link via AIMTweet this Font size : A | A | AAlaska’s founders were optimistic people, but even the most farsighted might have been stretched to imagine this scenario. no matter the outcome in November, this election will mark a signal moment in the history of the 49th state. many Alaskans are proud to see their governor, and their state, so prominent on the national stage. Gov. Palin’s nomination clearly alters the landscape for Alaskans as we survey this race for the presidency — but it does not overwhelm all other judgment. The election, after all is said and done, is not about Sarah Palin, and our sober view is that her running mate, Sen. John McCain, is the wrong choice for president at this critical time for our nation. Sen. Barack Obama, the Democratic nominee, brings far more promise to the office. In a time of grave economic crisis, he displays thoughtful analysis, enlists wise counsel and operates with a cool, steady hand. The same cannot be said of Sen. McCain. Since his early acknowledgement that economic policy is not his strong suit, Sen. McCain has stumbled and fumbled badly in dealing with the accelerating crisis as it emerged. he declared that “the fundamentals of our economy are strong” at 9 a.m. one day and by 11 a.m. was describing an economy in crisis. he is both a longtime advocate of less market regulation and a supporter of the huge taxpayer-funded Wall Street bailout. his behavior in this crisis — erratic is a kind description — shows him to be ill-equipped to lead the essential effort of reining in a runaway financial system and setting an anxious nation on course to economic recovery. Sen. Obama warned regulators and the nation 19 months ago that the subprime lending crisis was a disaster in the making. Sen. McCain backed tighter rules for Fannie Mae and Freddie Mac, but didn’t do much to advance that legislation. of the two candidates, Sen. Obama better understands the mortgage meltdown’s root causes and has the judgment and intelligence to shape a solution, as well as the leadership to rally the country behind it. It is easy to look at Sen. Obama and see a return to the smart, bipartisan economic policies of the last Democratic administration in Washington, which left the country with the momentum of growth and a budget surplus that President George Bush has squandered. On the most important issue of the day, Sen. Obama is a clear choice. Sen. McCain describes himself as a maverick, by which he seems to mean that he spent 25 years trying unsuccessfully to persuade his own party to follow his bipartisan, centrist lead. Sadly, maverick John McCain didn’t show up for the campaign. Instead we have candidate McCain, who embraces the extreme Republican orthodoxy he once resisted and cynically asks Americans to buy for another four years. It is Sen. Obama who truly promises fundamental change in Washington. you need look no further than the guilt-by-association lies and sound-bite distortions of the degenerating McCain campaign to see how readily he embraces the divisive, fear-mongering tactics of Karl Rove. and while Sen. McCain points to the fragile success of the troop surge in stabilizing conditions in Iraq, it is also plain that he was fundamentally wrong about the more crucial early decisions. Contrary to his assurances, we were not greeted as liberators; it was not a short, easy war; and Americans — not Iraqi oil — have had to pay for it. It was Sen. Obama who more clearly saw the danger ahead. The unqualified endorsement of Sen. Obama by a seasoned, respected soldier and diplomat like Gen. Colin Powell, a Republican icon, should reassure all Americans that the Democratic candidate will pass muster as commander in chief. On a matter of parochial interest, Sen. Obama opposes the opening of the Arctic National Wildlife Refuge, but so does Sen. McCain. We think both are wrong, and hope a President Obama can be convinced to support environmentally responsible development of that resource. Gov. Palin has shown the country why she has been so successful in her young political career. Passionate, charismatic and indefatigable, she draws huge crowds and sows excitement in her wake. She has made it clear she’s a force to be reckoned with, and you can be sure politicians and political professionals across the country have taken note. Her future, in Alaska and on the national stage, seems certain to be played out in the limelight. Yet despite her formidable gifts, few who have worked closely with the governor would argue she is truly ready to assume command of the most important, powerful nation on earth. To step in and juggle the demands of an economic meltdown, two deadly wars and a deteriorating climate crisis would stretch the governor beyond her range. like picking Sen. McCain for president, putting her one 72-year-old heartbeat from the leadership of the free world is just too risky at this time.
MEMPHIS, Tenn., Mar 19, 2010 (BUSINESS WIRE) –Buckeye Technologies inc. /quotes/comstock/13*!bki/quotes/nls/bki (BKI 12.79, -0.92, -6.71%) today announced that it is calling for redemption prior to their maturity $25 million in aggregate principal amount of its outstanding 8.5% Senior Notes due 2013 (the “2013 Notes”) at a redemption price of 102.833% of their principal amount in accordance with their terms. Buckeye will redeem these notes on April 19, 2010. Upon completion of this redemption, $140 million of the 2013 Notes will remain outstanding. a formal notice of redemption is being sent separately to the affected holders of the 2013 Notes, in accordance with the terms of the indenture for these Notes. Buckeye plans to finance this redemption using drawings from its revolving credit facility. As of today, Buckeye had approximately $84 million of availability on its revolving credit facility and a cash balance of approximately $28 million. This redemption is expected to result in a one-time charge for early extinguishment of debt in Buckeye’s fiscal fourth quarter of $1.2 million (of which $0.5 million is a non-cash charge), or about 2 cents per share. we expect to realize annualized interest savings of approximately $1.7 million assuming variable interest rates remain close to current levels. Buckeye, a leading manufacturer and marketer of specialty fibers and nonwoven materials, is headquartered in Memphis, Tennessee, USA. the Company currently operates facilities in the United States, Germany, Canada, and Brazil. Its products are sold worldwide to makers of consumer and industrial goods. Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws that involve risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting the Company’s operations, financing, markets, products, services and prices, and other factors. For further information on factors which could impact the Company and the statements contained herein, please refer to public filings with the Securities and Exchange Commission. SOURCE: Buckeye Technologies inc. Buckeye Technologies inc. Steve Dean, 901-320-8352 Senior Vice President and Chief Financial Officer or Investor Relations Daryn Abercrombie, 901-320-8908 bkitech.com Copyright Business Wire 2010