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Bombardier Signs Algeria's Tassili Airlines for Four Q400 Airliners
Tassili Airlines to Become 17th Q400 Operator
Bombardier Aerospace announced today that Tassili Airlines of Algiers, Algeria has signed a contract for four 74-seat Q400 turboprop airliners. The airline is the first Q400 customer in Algeria and the second in Africa.
The value of the contract based on list prices is $103 million US. Deliveries are scheduled to begin in the third quarter of 2007.
A subsidiary of the Sonatrach State Energy Group, Tassili Airlines will initially transport workers to several oil fields in Algeria. It plans to add domestic and international scheduled airline service within the next few years.
"We selected the Bombardier Q400 because of its superlative fuel economy, speed and passenger comfort," said Captain Rachid Nouar, Director of Operations at Tassili Airlines. "Bombardier's Q Series and Dash 8 turboprops have proven to have a high reliability in the sometimes harsh North African climate. In addition, the Q400 aircraft has an unbeatable performance in very high temperature conditions."
"We welcome Tassili Airlines to the growing list of Bombardier Q400 operators," said Steven Ridolfi, President, Bombardier Regional Aircraft. "Tassili is the 17th operator to recognize the outstanding mission capability and operating costs of the Q400. This airplane is reshaping the regional air transport market."
Firm orders for the Bombardier Q400 aircraft stood at 177 aircraft at April 30, 2006 with 118 aircraft delivered to operators in Europe, North America, Africa and the Asia/Pacific region.
About Bombardier
A world-leading manufacturer of innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment, Bombardier Inc. is a global corporation headquartered in Canada. Its revenues for the fiscal year ended Jan. 31, 2006, were $14.7 billion US and its shares are traded on the Toronto Stock Exchange (BBD). News and information are available at www.bombardier.com.
Bombardier and Q400 are trademarks of Bombardier Inc. or its subsidiaries.
1031 Exchange Advantage Creates Consumer Guide to a Successful 1031 Exchange Transaction
Roadmap Publication Helps Real Estate Investors at All Levels Learn Tax-Free Options
1031 Exchange Advantage, a leading 1031 Exchange Accommodator, has announced the release of the "1031 Exchange Advantage Roadmap Guide," a comprehensive guide to tax-free exchanging. The Roadmap, available through the company's website, outlines nine major exchange opportunities, including little known rules regarding home offices, oil & gas rights, and raw land. Virtually any type of property transaction can qualify, including foreclosures.Significant appreciation in property values across the U.S. has stimulated new interest in the decades-old 1031 exchange rules. These rules have traditionally only been used by larger real estate investors. 1031 Exchange Advantage has answered the consumer-level demand for help with tax-savings by publishing the 1031 Roadmap. The company is making the guide available at: www.1031exchangeadvantage.com.
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"We designed the Roadmap to help trigger creative investment scenarios that can enhance the earning power of real estate investments," stated David Greenberger, President of 1031 Exchange Advantage. "The guide shows how to eliminate unnecessary complication to insure a smooth and profitable exchange transaction."
The Roadmap includes a checklist for investors to plan and organize each transaction. "Record gains for the uninitiated means record taxes on capital gains. Anyone who is sitting with significant gains may not be aware that the tax laws allow them to sell and reinvest all the gains without paying taxes when they qualify," stated Greenberger.
1031 Exchange Advantage (www.1031exchangeadvantage.com) helps analyze investors' goals, such as wealth accumulation, cash flow, relocation or retirement. By providing this analysis, the company enables investors to achieve an optimum strategy for maximizing their objectives, while taking advantage of tax free provisions under the current income and estate tax codes
Caneum, Inc. Continues the Addition of Key Customers Signing a One-Year Agreement for Outsourced Recruiting Services for Ostendo Technologies
Information Technology and Business Process Outsourcing Company Will Provide Outsourced Talent Placement as Part of Its Rapidly Expanding HR BPO Service Offering
Caneum, Inc. (OTCBB: CANM), a global provider of business process and information technology outsourcing services, today announced that it has closed a one-year recruiting support agreement with Ostendo Technologies to source, identify and recruit key engineering talent. Ostendo is bringing to market several innovative products in the High Definition Flat Panel display market and has extremely complex engineering capability requirements.
"We needed a partner who truly understands the problems we are solving for the market," said Joaquin Fernandez-Silva, Chief Operating Officer of Ostendo Technologies. "Caneum has been instrumental in delivering the right kind of engineering talent to our team and has a compelling service offering for high growth companies such as ourselves. Their speed, focus and ability to identify and recruit highly specialized engineering talent have been extremely important to making our company a success."
"We are very excited to work with Ostendo Technologies and are happy to have been entrusted with placing several key technical positions for the development of their core product portfolio," commented Robert Morris, Senior Vice President of Caneum. "This agreement continues to validate the compelling nature of our HR BPO service offering and serves to reinforce the high value that we can deliver for growth companies of all sizes and market focus. We look forward to assisting Ostendo rolling forward and in deepening the relationship that we have developed to date."
About Caneum, Inc.:
Caneum, Inc. is a global provider of business process and information technology outsourcing services across vertical industries, including technology, energy, government, transportation, financial services, education and healthcare. The Company provides a suite of business strategy and planning capabilities to assist companies with their "make versus buy" decisions in the areas of data, network, product development, product maintenance and customer support, and fulfills its services in-house, on-shore, near-shore and off-shore, depending on the business goals and objectives of its global customers. In parallel, the Company is opportunistically pursuing accretive acquisitions within its core outsourcing product and service suite in order to broaden its core capabilities, expand its customer base and supplement its organic growth. For more information, please visit the Company's web site at http://www.caneum.com.
About Ostendo Technologies, Inc.:
Ostendo Technologies, Inc. is a fabless developer of Light Emitting Diode (LED) based display products for the consumer and commercial display market. The Company provides a suite of Flat Panel Display products based on its proprietary LED based display technology. For more information, please visit the Company's web site at http://www.ostendotech.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: With the exception of historical information, the statements set forth above include forward-looking statements that involve risk and uncertainties. The Company wishes to caution readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include, but are not limited to, the risk factors noted in the Company's filings with the United States Securities and Exchange Commission, such as the rapidly changing nature of technology, evolving industry standards and frequent introductions of new products, services and enhancements by competitors; the competitive nature of the markets for the Company's products and services; the Company's ability to gain market acceptance for its products and services; the Company's ability to fund its operational growth; the Company's ability to attract and retain skilled personnel; the Company's ability to diversify its revenue streams and customer concentrations; and the Company's reliance on third-party suppliers.
Action Products International Revises Warrant Terms
Action Products International, Inc. (NASDAQ: APII) -- Today the Board of Action Products elected to extend the term of the warrants that were due to expire on January 31, 2007 at 5:00 PM (Eastern time). As a result of the changes, the warrants are exercisable at $3.25 per share until January 31, 2007 and $3.75 per share from February 1, 2007 until January 31, 2008. The new expiration date is January 31, 2008 at 5:00 PM (Eastern time). There were no other changes in the terms of the warrants. Action Products distributed the warrants on July 20, 2006 to its shareholders of record on January 18, 2006.
BSIC, Back to the Basics, Down to Earth Growth
Independent oil and gas exploration company Basic Earth Science Systems (OTCBB: BSIC) has been chosen for this week's "SPOT Feature" in the Knobias Small-Cap ClipReport. Each week, Knobias scours the small-cap universe to find overlooked companies with sound fundamentals and one or more growth catalysts on the horizon. The weekly "SPOT" feature may be accessed via our daily ClipReport newsletter (free to all subscribers). To receive the Small-Cap ClipReport daily, please visit: http://www.knobias.com/front/product/clipreport/
BSIC, Back to the Basics, Down To Earth Growth
Basic Earth Science Systems (OTCBB: BSIC) is an independent oil and gas exploration company engaged in the upstream segment of the industry, which comprises the exploration, acquisition, development, operation, production and sale of crude oil and natural gas. Activities are focused in the North Dakota and Montana portions of the Williston basin, the Denver-Julesburg basin of Colorado, the southern portions of Texas, and onshore portions of the Gulf Coast.
The BULLS Say...
Small U.S. Oil Player Balancing Risk-Reward. Unrelenting conflict in the Middle East and growing energy demands have made cheap oil a thing of the past. As the world scrambles for new sources, BSIC is finding oil in the U.S. This tiny independent seems to cover (albeit in tiny ways) both ends of the risk-reward spectrum. BSIC has an established base of working interest in 77 domestic oil wells and 9 gas wells that have produced significant double-digit revenue and net income growth. The company has virtually no debt and is diversifying into natural gas. Simultaneously, BSIC has a self-described "swing for the fences" opportunity in their 2% interest in the Christmas Meadows Prospect, which commences drilling in Aug-06 (next month). In the middle sits projects from 2H-06 where production has yet to be added to an updated reserve estimate.
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The BEARS Say...
Limited Resources Create Risky Model. BSIC's limited resources cause them to focus on smaller and/or marginal properties. This model has a high degree of risk and the company has had its share of disappointing results. In many cases, their wells begin with high flow rates only to decline significantly. When this happens, great expense may be required to reach commercially viable production.
About the Small-Cap ClipReport
Most small-cap newsletters just tout stocks. Instead, the ClipReport provides a comprehensive, journalistic view of each day's small-cap action. This nightly, 10-page PDF email consolidates actionable information and analysis covering the world of stocks below a $500 million marketcap threshold. Starting with "Page One," Knobias breaks down one of the week's most interesting topics in the small-cap universe. The remaining 9 pages provide users with each day's top stories, news movers, strong closers, after-hours events, earnings, corporate actions, PIPE deals, Reg SHO stocks and symbol/name changes. The ClipReport is a daily "must-read" for every small- and micro-cap investor.
About the Weekly SPOT
Each week, Knobias scours the small-cap universe to find overlooked companies with sound fundamentals and one or more growth catalyst on the horizon. This search typically features a small-cap stock exhibiting strong growth while undervalued relative to public peers. SPOT selections tend to be "under-priced" due to lack of coverage or a failure for the marketplace to fully understand "the story." SPOT companies must meet the same basic criteria as our Small-Cap ClipReport, i.e. under $500M marketcap...banks, ETFs, funds and utilities are excluded. Furthermore, SPOT selections must be fundamentally sound with growth, profitability (or near) and clear prospects for price appreciation. Knobias is never compensated for SPOT selections, and NO position will be held in SPOT stocks by Knobias, its management or staff while the stock is being highlighted.
To subscribe to the FREE Knobias Small-Cap "ClipReport," click below:
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About Knobias, Inc.
Knobias, Inc. (OTCBB: KNBS), pronounced "no-b-s," provides a wide range of financial information solutions for all sides of the U.S. stock market. Knobias combines proprietary content & technology into efficient platforms for the consolidation, distribution & targeted presentation of investment decision information for customers & affiliates. Knobias platforms provide news, filings, fundamentals, transaction databases, calendars, research, tools & analysis for all U.S. equities with a special emphasis on small-caps. Knobias customers include retail investors, day-traders, buy-side & sell-side professionals, public issuers, financial websites & financial content providers. For more information about Knobias, Inc. products, please visit www.knobias.com.
FORWARD LOOKING SAFE HARBOR STATEMENT
To the extent that this release discusses any expectations concerning future plans, financial results or performance, such statements are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and are subject to substantial risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and reflect only management's belief and expectations based upon presently available information. These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties. Knobias assumes no obligation to update any of the forward-looking statements in this release.
Beckman's Right to Transfer Its HPV Business to Ventana Is Upheld
Ventana Medical Systems, Inc. (NASDAQ: VMSI) today commented on the July 27, 2006 ruling in an arbitration between Beckman Coulter, Inc. and Digene Corporation. In that decision, an International Center for Dispute Resolution arbitration panel ruled that Beckman had the right to assign its HPV business and intellectual property to Ventana Medical Systems, Inc. In reaching this conclusion, the panel rejected Digene's central argument in the arbitration that a 1990 Cross-License Agreement to which Beckman was a party prohibited assignment of Beckman's HPV business and intellectual property. The panel also refused to consider Digene's request to invalidate Beckman's assignment to Ventana. However, the panel declared that the assignment included a provision that was not permitted by the Cross-License Agreement. Ventana is working to correct that provision. Additionally, the panel declared that the Cross-License Agreement does not permit the sale of HPV cell paste. Ventana does not sell HPV cell paste to third parties.
This ruling has no effect on Ventana's ability to continue to provide HPV products directly to the global market.
Digene sued Ventana in 2001 in Delaware District Court, later adding Beckman as a party, and sought, among other remedies, an injunction against the sale of the Ventana INFORM HPV products, unspecified monetary damages, and cancellation of the acquisition of the Beckman HPV business. In 2004, the Court required Digene to arbitrate the claims it asserted against Beckman. The District Court proceedings against Ventana, which had been stayed pending the outcome of the arbitration, are expected to resume in the near future.
Ventana develops, manufactures, and markets instrument/reagent systems that automate tissue preparation and slide staining in clinical histology and drug discovery laboratories worldwide. The Company's clinical systems are important tools used in the diagnosis and treatment of cancer and infectious diseases. Ventana's drug discovery systems are used to accelerate the discovery of new drug targets and evaluate the safety of new drug compounds.
Visit the Ventana Medical Systems, Inc. website at www.ventanamed.com.
Bayou City's Mclean #1 Well Re-Entry Shows 500 Feet of Gross Interval That Appears to Be Capable of Producing Commercial Hydrocarbons
Bayou City Exploration, Inc. ("Bayou City") ("the Company) (OTCBB: BYCX) announces that its Mclean #1 well, a re-entry of an existing well bore in Live Oak County, Texas, has reached total depth as planned and without incident.
A major oil company drilled the original well to a total depth of 12,500 feet in 1985. After reviewing surrounding sub-surface geology and the associated productive zones, Bayou City's exploration team re-examined the original well logs and determined that the original operator had potentially bypassed pay in the Wilcox formation. The team decided to re-enter and re-log the well.
Following the successful re-entry, the well was re-logged on July 20, 2006. Analysis of the new logs showed approximately 500 feet of gross interval in the Wilcox formation that appears to be capable of producing commercial hydrocarbons. Encouraged by the log analysis, Bayou City and its partners have set production casing and elected to attempt to complete the Mclean #1. The well is tentatively scheduled to be fracture stimulated and tested within the next three weeks.
The Mclean #1 is part of an overall position of 2,961 acres owned by Bayou City and its partners. Bayou City and its partners have previously drilled the Mary Lyne #1 on the leases to the Queen City Sand and are currently in the process of installing production equipment including a pumping unit on this well. This should be completed by mid-August. A third well, the Prasek #1, is scheduled to be drilled in the next month to test the Hockley C and the Cole Sands.
Bayou City has a 9.375% working interest in the Live Oak Project.
About Bayou City Exploration
Bayou City Exploration, Inc. is an oil and gas exploration firm focused on developing proven geologic trends in East Texas, South Texas, the Gulf Coast of Texas and Louisiana. Based in Houston, Texas, Bayou City leverages its management team's multidisciplinary expertise in applying advanced 3-D seismic analysis, 3-D processing algorithms, amplitude attribute and imaging technologies to the analysis and selection of high-potential prospects with low exploration risk. The Company's database has more than 7,500 square miles of 3-D data, most of it covering Bayou City's focus area, as well as 13,000 linear miles of 2-D data.
This news release may include forward-looking statements, with respect to achieving corporate objectives, developing additional project interests, the company's analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements contained herein.
Michael Gross Resigns From Apollo Investment Corporation's Board of Directors
Apollo Investment Corporation (NASDAQ: AINV) (the "Company") today announced that Michael S. Gross, the Chairman of the Board, has resigned from the Company's Board of Directors and as its Chairman, effective as of July 31, 2006.
Mr. Gross advised the Company that "his resignation would allow him to better pursue other opportunities in the alternative asset arena." Mr. Gross recently became the Co-Chairman of the Investment Committee and a Senior Partner of Magnetar Capital LLP. Mr. Gross expressed his "confidence in the continued success of the Corporation." John J. Hannan, the Chief Executive Officer of the Company, "wished him well in his future endeavors."
ABOUT APOLLO INVESTMENT CORPORATION
Apollo Investment Corporation, or the Company, is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company's investment portfolio is principally in middle-market private companies. The Company invests primarily in mezzanine loans and senior secured loans in furtherance of its business plan and also invests in the equity of portfolio companies. Apollo Investment Corporation is managed by Apollo Investment Management, L.P., an affiliate of Apollo Management, L.P., a leading private equity investor.
FORWARD-LOOKING STATEMENTS
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statements made herein.
American Dental Partners Reports Second Quarter and First Half 2006 Financial Results
American Dental Partners, Inc. (NASDAQ: ADPI) announced financial results today for the quarter and six month period ended June 30, 2006.
Comparing the second quarter of 2006 with the second quarter of 2005:
-- Net revenue was $55,078,000 as compared to $49,427,000, an increase of 11%. -- Earnings from operations were $5,723,000 as compared to $5,280,000, an increase of 8%. Excluding stock-based compensation expense from 2006 results (discussed below), earnings from operations increased 15%. -- Net earnings were $3,183,000 as compared to $2,954,000, an increase of 8%. Excluding stock-based compensation expense from 2006 results (discussed below), net earnings increased 15%. -- Diluted net earnings per share were $0.25, as compared to $0.23, an increase of 9%. Excluding stock-based compensation expense from 2006 results (discussed below), diluted earnings per share increased 17%. -- Diluted cash net earnings per share were $0.31 as compared to $0.29, an increase of 7%. Excluding stock-based compensation expense from 2006 results (discussed below), diluted cash net earnings per share increased 14%.
Comparing the first six months of 2006 with the first six months of 2005:
-- Net revenue was $109,144,000 as compared to $97,572,000, an increase of 12%. -- Earnings from operations were $10,811,000 as compared to $9,865,000, an increase of 10%. Excluding stock-based compensation expense from 2006 results (discussed below), earnings from operations increased 16%. -- Net earnings were $5,974,000 as compared to $5,463,000, an increase of 9%. Excluding stock-based compensation expense from 2006 results (discussed below), net earnings increased 17%. -- Diluted net earnings per share were $0.46 as compared to $0.43, an increase of 7%. Excluding stock-based compensation expense from 2006 (discussed below), diluted net earnings per share increased 16%. -- Diluted cash net earnings per share were $0.59 as compared to $0.55, an increase of 7%. Excluding stock-based compensation expense from 2006 (discussed below), diluted cash net earnings per share increased 13%.
Patient revenue of the Company's affiliated dental group practices, which is not consolidated with the Company's financial results and is a non-GAAP financial measure, was $84,047,000 for the quarter as compared to $75,821,000 for the prior year's same quarter, an increase of 11%. Same market revenue growth for the Company's affiliated dental group practices as measured by patient revenue was 10% for the quarter.
For the quarter, cash flow from operations was $6,678,000, capital expenditures were $1,368,000 and amounts paid for affiliations, including contingent payments and affiliation costs, amounted to $3,690,000. The Company expanded two dental facilities and completed four practice affiliations which were combined with its existing affiliated dental group practices in Arizona, New York, Texas and Wisconsin. The Company also completed one platform affiliation with Deerwood Orthodontics and entered into a Service Agreement with a professional association in Minnesota with the intention of developing two de novo practices. The Company intends to operate this affiliation separate from its existing Minnesota affiliates.
The Company's debt to total capitalization stood at 19% at June 30, 2006, compared to 24% at December 31, 2005. The Company achieved an annualized cash return on committed capital of 21% for the quarter and cash return on equity of 15% for the quarter.
The Company adopted Statement of Financial Accounting Standards No. 123 (R) "Share-Based Payment," effective January 1, 2006. As a result, the Company recognized $374,000 in stock-based compensation expense, $227,000 net of tax or $.02 per diluted share, during the second quarter and $677,000 in stock-based compensation expense, $411,000 net of tax or $.03 per diluted share, during the six months ended June 30, 2006.
During the second quarter, the Company incurred approximately $370,000 in legal fees related to the previously announced litigation between the Company's Minnesota subsidiary, PDHC, Ltd., and PDG, P.A., the affiliated practice at Park Dental. The Company has been made aware that PDG, P.A. is no longer accredited by the Accreditation Association for Ambulatory Health Care.
Cash net earnings and cash earnings from operations are non-GAAP financial measures. In accordance with the requirement of SEC Regulation G, please see the attached financial tables for a presentation of the most comparable GAAP measures and the reconciliation to the nearest GAAP measure and all additional reconciliations required by Regulation G.
For further discussion of these events and a comprehensive review of the second quarter ended June 30, 2006, the Company will host its previously announced conference call on Tuesday, August 1, 2006 at 10:00 a.m. EDT, which will be broadcast live over the Internet at www.amdpi.com. The call will be hosted by Gregory A. Serrao, Chairman, President and Chief Executive Officer. To access the webcast, participants should visit the Investor Relations section of the website at least fifteen minutes prior to the start of the conference call to download and install any necessary audio software. A replay of the webcast will be available at www.amdpi.com and www.streetevents.com approximately two hours after the call through 6:00 p.m. EDT Tuesday, August 8, 2006.
American Dental Partners is one of the nation's leading business partners to dental group practices. The Company is affiliated with 20 dental group practices which have 200 dental facilities with approximately 1,873 operatories located in 18 states.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: With the exception of the historical information contained in this news release, the matters described herein contain "forward-looking" statements that involve risk and uncertainties that may individually or collectively impact the matters herein described, including but not limited to the possibility that we may not realize the benefits expected from our acquisition and affiliation strategy, economic, regulatory and/or other factors outside the control of the Company, which are detailed from time to time in the "Risk Factors" section of the Company's SEC reports, including the annual report on Form 10-K for the year ended December 31, 2005.
AMERICAN DENTAL PARTNERS, INC. FINANCIAL HIGHLIGHTS (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended June 30, June 30, ------------------- ------------------- 2006 2005 2006 2005 --------- --------- --------- --------- Net revenue $ 55,078 $ 49,427 $ 109,144 $ 97,572 Operating expenses: Salaries and benefits 22,396 20,595 44,936 40,977 Lab fees and dental supplies 8,971 7,976 17,682 15,610 Office occupancy expenses 6,482 5,498 12,817 11,028 Other operating expenses 4,850 4,565 9,668 9,127 General corporate expenses 3,378 2,602 6,730 5,200 Depreciation expense 1,939 1,669 3,851 3,314 Amortization of intangible assets 1,339 1,242 2,649 2,451 --------- --------- --------- --------- Total operating expenses 49,355 44,147 98,333 87,707 --------- --------- --------- --------- Earnings from operations 5,723 5,280 10,811 9,865 Interest expense, net 470 392 954 822 --------- --------- --------- --------- Earnings before income taxes 5,253 4,888 9,857 9,043 Income taxes 2,070 1,934 3,883 3,580 --------- --------- --------- --------- Net earnings $ 3,183 $ 2,954 $ 5,974 $ 5,463 ========= ========= ========= ========= Net earnings per common share: Basic $ 0.26 $ 0.25 $ 0.49 $ 0.46 ========= ========= ========= ========= Diluted $ 0.25 $ 0.23 $ 0.46 $ 0.43 ========= ========= ========= ========= Weighted average common shares outstanding: Basic 12,280 11,960 12,275 11,915 ========= ========= ========= ========= Diluted 12,848 12,635 12,850 12,585 ========= ========= ========= ========= AMERICAN DENTAL PARTNERS, INC. FINANCIAL HIGHLIGHTS (in thousands) (unaudited) June 30, December 31, 2006 2005 ------------ ------------ ASSETS Current assets: Cash and cash equivalents $ 2,081 $ 592 Receivables due from affiliated dental group practices 14,415 14,751 Other current assets 7,362 6,966 ------------ ------------ Total current assets 23,858 22,309 ------------ ------------ Property and equipment, net 44,682 45,184 ------------ ------------ Other non-current assets: Goodwill 5,095 5,095 Intangible assets, net 98,789 97,260 Other assets 612 798 ------------ ------------ Total non-current assets 104,496 103,153 ------------ ------------ Total assets $ 173,036 $ 170,646 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued expenses $ 21,632 $ 20,131 Current maturities of debt 123 123 ------------ ------------ Total current liabilities 21,755 20,254 ------------ ------------ Non-current liabilities: Long-term debt 26,108 32,039 Other liabilities 16,269 16,458 ------------ ------------ Total non-current liabilities 42,377 48,497 ------------ ------------ Total liabilities 64,132 68,751 ------------ ------------ Commitments and contingencies Stockholders' equity 108,904 101,895 ------------ ------------ Total liabilities and stockholders' equity $ 173,036 $ 170,646 ============ ============ AMERICAN DENTAL PARTNERS, INC. Supplemental Operating Data (in thousands) (unaudited) Reconciliation of GAAP earnings, as reported, to cash net earnings Three Months Six Months Ended Ended June 30, June 30, --------------- --------------- 2006 2005 2006 2005 ------- ------- ------- ------- Net earnings (as reported) $ 3,183 $ 2,954 $ 5,974 $ 5,463 Add: Amortization of intangible assets, net of tax 811 750 1,605 1,480 ------- ------- ------- ------- Cash net earnings (1) $ 3,994 $ 3,704 $ 7,579 $ 6,943 ======= ======= ======= ======= Weighted average common shares outstanding 12,848 12,635 12,850 12,585 ======= ======= ======= ======= Diluted net earnings per share $ 0.25 $ 0.23 $ 0.46 $ 0.43 ======= ======= ======= ======= Diluted cash net earnings per share (1) $ 0.31 $ 0.29 $ 0.59 $ 0.55 ======= ======= ======= ======= Calculation of cash return on committed capital and cash return on equity for the three and six months ended June 30, 2006 and 2005 Three Months Ended Six Months Ended June 30, June 30, -------------------- -------------------- 2006 2005 2006 2005 --------- --------- --------- --------- Earnings from operations $ 5,723 $ 5,280 $ 10,811 $ 9,865 Add back: Amortization of intangible assets 1,339 1,242 2,649 2,451 --------- --------- --------- --------- Cash earnings from operations (2) $ 7,062 $ 6,522 $ 13,460 $ 12,316 ========= ========= ========= ========= Annualized cash earnings from operations $ 28,248 $ 26,088 $ 26,920 $ 24,632 ========= ========= ========= ========= Average committed capital (3) $ 133,902 $ 122,693 $ 134,596 $ 120,041 Cash return on committed capital (2) 21% 21% 20% 21% Net earnings $ 3,183 $ 2,954 $ 5,974 $ 5,463 Add back: Amortization of intangible assets, net of taxes 811 750 1,605 1,480 --------- --------- --------- --------- Cash net earnings (1) $ 3,994 $ 3,704 $ 7,579 $ 6,943 ========= ========= ========= ========= Annualized cash net earnings $ 15,976 $ 14,816 $ 15,158 $ 13,886 ========= ========= ========= ========= Average stockholders' equity (3) $ 107,078 $ 92,280 $ 105,400 $ 90,535 Cash return on equity (2) 15% 16% 14% 15% AMERICAN DENTAL PARTNERS, INC. Supplemental Operating Data (in thousands) (unaudited) Patient revenue of the affiliated dental group practices (4) Three Months Ended Six Months Ended June 30, % June 30, % ------------------- --------- --------- 2006 2005 Change 2006 2005 Change --------- --------- -------- --------- --------- -------- Patient revenue - affiliated practices: Platform dental groups affiliated with the Company in both periods of comparison (5) $ 83,519 $ 75,821 10% $ 161,899 $ 145,555 11% Platform dental groups that affiliated with the Company during periods of comparison 528 - N/A 6,434 3,808 69% --------- --------- -------- --------- --------- -------- Total patient revenue 84,047 75,821 11% 168,333 149,363 13% Amounts due to the Company under service agreements 53,832 48,148 12% 106,808 95,063 12% --------- --------- -------- --------- --------- -------- Amounts retained by affiliated practices $ 30,215 $ 27,673 9% $ 61,525 $ 54,300 13% ========= ========= ======== ========= ========= ========
(1) Cash net earnings and diluted cash net earnings per share are not measures of financial performance under GAAP. Cash net earnings excludes amortization expense related to intangible assets, net of tax. The Company incurs significant amortization expense related to its service agreements while many companies, both in the same industry and other industries, no longer amortize a significant portion of their intangible assets pursuant to Statement of Financial Accounting Standards No. 142 - Goodwill and Other Intangible Assets. The Company believes that cash net earnings and diluted cash net earnings per share are important financial measures for understanding its relative financial performance.
(2) Cash earnings from operations is not a measure of financial performance under GAAP. The Company believes that cash return on committed capital and cash return on equity are useful financial measures for understanding its financial performance.
(3) Average committed capital calculated as average of beginning of quarter and end of quarter debt, including current portion, plus stockholders' equity. Average stockholders' equity calculated as average of beginning of quarter and end of quarter stockholders' equity.
(4) Patient revenue of the affiliated dental group practices is not consolidated with the Company's financial statements.
(5) Same market patient revenue excludes new platform affiliations that occurred during the periods of comparison in which a new service agreement was entered into.
API Outsourcing Featured as an Industry Leader in CFOsources
API Outsourcing, Inc., a leading Business Process Outsourcing (BPO) provider of state-of-the-art invoice automations, was featured as an industry leader in a recent article published by CFOsources, a BPO consultant company.
In their July issue, API Outsourcing was compared to over 300 technology companies worldwide that offer BPO services. CFOsources stated, "Of all the Accounting solutions we have seen, none have even come close to providing the value that API Outsourcing can provide -- in as short of time and for the cost." Unlike other companies that compete with less expensive labor, CFOsources noted that API uses technology as the tool for transformation. CFOsources said, "We see this as a process change using technology, which differs from some offshore companies that use lower labor costs to save companies money."
As companies try to evaluate outsourcing service providers, many find it difficult to compare multiple trading partners. CFOsources, a global BPO consultant company, analyzes service providers, technology solutions, outsourcing solutions, and international business trends. CFOsources invests the time to understand complex solutions and deliver the information to their clients in simple terms.
To read the article in its entirety, click here.
About API Outsourcing, Inc.
API Outsourcing, Inc. (API) is a leading Business Process Outsourcing (BPO) provider of invoice automation solutions for mid-size to Fortune 1000 companies. Headquartered in St. Paul, MN, services are delivered through onshore production facilities. API delivers solutions to transform clients' manual paper-dependent billing, accounts payable and doc ument management processes into innovative automated processes. The company currently manages over 280 million transactions for clients annually. Clients benefit from the significant increase in process efficiency, profitability and financial control. API uses Six Sigma techniques to deliver high quality, consistent service. API's clients include Rayovac, EDS, Randstad North America, Affinity Plus Credit Union, G&K Services, AMN Healthcare and Lee Enterprises. Please visit www.apioutsourcing.com or call 651.675.2600 to learn more.
Lyric Jeans Hosts Private Party for New York Dolls
Lyric Jeans, Inc. (PINKSHEETS: LYJN), a cutting-edge premium clothing company, hosted a private party for the New York Dolls on Friday night, July 28th after a Tower Records appearance on the Sunset Strip to promote their long awaited album "One Day It Will Please Us to Remember Even This." The band's hit songs "Personality Crisis" and "Looking For A Kiss" are part of Lyric's debut collection which includes jeans, belts, t-shirts and leather jackets.
After signing autographs for thousands of fans at Tower Records, band members David Johansen, Sylvain Sylvain, Steve Conte and Sami Yaffa headed over to Lyric's Los Angeles showroom for an exclusive after party attended by their entourage and close friends. Krol Vodka, Monster Energy Drink, Fiji Water and Hansen's Soda sponsored the bar. Vienna Cafe catered the affair with gourmet mini burgers, veggie & grilled shrimp skewers and tuna tartar.
"The New York Dolls were ahead of their time not only with their punk rock music, but also with their over the top cross dressing style and chrome lipstick branded logo," said Hanna Rochelle Schmieder, President of Lyric Jeans. "Their unique fashion sense influenced the look of many glam metal groups like KISS, Guns N' Roses and Motley Crue and so it makes sense that their style and lyrics serve as creative inspiration for several pieces in our collection," she continued.
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Lyric Jeans is a music driven premium clothing line involving lyrical content on jeans, denim wear and accessories. Each pair of jeans reflects the personality, style and flare of the artist and song through its design. With the vision of fusing the world of music with fashion, Lyric Jeans employs a cutting-edge design strategy allowing consumers to express themselves stylishly through song lyrics. The company's strength is in its relationships with the music industry and its ability to access the Hollywood community, tastemakers and trend-setters. www.lyricjeans.com
To view pictures from the party with the NY Dolls go to http://www.lyricjeans.com/press.html
Lyric Jeans Media Contact: Publicity@LyricJeans.com
Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding Lyric Jeans, Inc. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending, Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Lyric Jeans, Inc. and Universal Media Holdings, Inc. do not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Safe Harbor: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions.
Mercer Insurance Group, Inc. Announces 2nd Quarter 2006 Earnings
Mercer Insurance Group, Inc. (NASDAQ: MIGP) today reported its operating results for the quarter and six months ended June 30, 2006. Mercer Insurance Group, Inc. (the Company) offers commercial and personal lines of insurance to businesses and individuals in six states through its insurance subsidiaries: Mercer Insurance Company, Mercer Insurance Company of New Jersey, Inc., Financial Pacific Insurance Company and Franklin Insurance Company.
The Company acquired Financial Pacific Insurance Group, Inc. on October 1, 2005, and it is included accordingly in the Company's 2006 consolidated financial statements. Consequently, comparisons of the Company's current quarter and six month period with the comparable 2005 periods must take into account the impact of the acquisition on the 2006 Consolidated Statements of Income in order to make meaningful comparisons. Financial Pacific is a specialty writer of commercial lines which writes primarily in four western states, and provides insurance to commercial accounts in the contractor, manufacturing, retail, services and wholesaling businesses.
The Company reported net income, determined under U.S. generally accepted accounting principles (GAAP), in the quarter ended June 30, 2006, of $2.9 million, or $0.47 per diluted share, which was an increase of $1.8 million over the comparable prior quarter's net income of $1.1 million, or $0.17 per diluted share. After-tax realized investment gains included in net income for the current quarter were $197,000, or $0.03 per diluted share, as compared to $52,000, or less than $0.01 per diluted share in the same period in the prior year. Operating income (a non-GAAP measure defined as net income less after-tax realized gains or losses) in the second quarter of 2006 was $2.7 million, or $0.44 per diluted share, as compared to $1.0 million, or $0.17 per diluted share, in the same quarter of 2005. The Company's GAAP combined ratio for the second quarter of 2006 was 96.4%, as compared to 96.1% for the same quarter in 2005.
Revenues for the second quarter of 2006 were $36.9 million, an increase of $21.1 million over the 2005 second quarter revenue of $15.8 million. Net premiums earned for the quarter were $33.6 million, an $18.7 million increase over net premiums earned of $14.9 million in the same period of 2005. Net investment income increased $1.7 million to $2.4 million for the quarter, as compared to $740,000 in the comparable period in 2005.
In the six months ended June 30, 2006, the Company reported GAAP net income of $5.5 million, or $0.90 per diluted share, which was an increase of $3.4 million over the prior year's net income of $2.1 million, or $0.33 per diluted share. After-tax realized investment gains included in net income for the current six months were $399,000, or $0.06 per diluted share, as compared to $64,000, or $0.01 per diluted share in the same period in the prior year. Operating income in the first six months of 2006 was $5.1 million, or $0.84 per diluted share, as compared to $2.0 million, or $0.32 per diluted share, in the same period of 2005. The Company's GAAP combined ratio for the first six months of 2006 was 96.4%, as compared to 96.3% for the same period in 2005.
Revenues for the first six months of 2006 were $73.3 million, an increase of $41.6 million over revenue in the first six months of 2005 of $31.7 million. Net premiums earned for the period were $67.2 million, a $37.2 million increase over net premiums earned of $30.0 million in the same period of 2005. Net investment income increased $3.0 million to $4.5 million for the six months, as compared to $1.5 million in the comparable period in 2005.
In reviewing the Company's performance for the quarter, Andrew R. Speaker, Mercer's President and CEO, said, "The integration of our recent acquisition of Financial Pacific Insurance Group continues on track, and we are pleased with its performance. It was also pleasing to learn that A.M. Best recently included Financial Pacific Insurance Company in the Company's pooled financial strength rating of A (Excellent), in accordance with the ratings of the other members of the Company's insurance pool. The Company's strong 2006 performance reflects our continuing disciplined focus on underwriting, despite an increasingly challenging marketplace, and the more balanced mix of property and casualty insurance business which resulted from the acquisition of Financial Pacific. In addition, the Company's increased investment income reflects improvements in fixed income securities yields over that of the previous year."
Certain of the statements contained herein (other than statements of historical facts) are forward-looking statements. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include estimates and assumptions related to economic, competitive and legislative developments. These forward-looking statements are subject to change and uncertainty that are, in many instances, beyond the company's control and have been made based upon management's expectations and beliefs concerning future developments and their potential effect on the Company. There can be no assurance that future developments will be in accordance with management's expectations so that the effect of future developments on the Company will be those anticipated by management. Actual financial results including premium growth and underwriting results could differ materially from those anticipated by the Company depending on the outcome of certain factors, which may include changes in property and casualty loss trends and reserves; catastrophe losses; the insurance product pricing environment; changes in applicable law; government regulation and changes therein that may impede the ability to charge adequate rates; changes in accounting principles; performance of the financial markets; fluctuations in interest rates; availability and price of reinsurance; and the status of the labor markets in which the Company operates.
Consolidated Statements of Income (in thousands, except per share and share data) Quarter Ended June 30, 2006 2005 (Unaudited) (Unaudited) Net premiums earned $ 33,631 $ 14,862 Investment income, net of investment expenses 2,369 740 Realized investment gains 298 80 Other revenue 587 87 Total revenue 36,885 15,769 Losses and loss adjustment expenses 21,549 7,312 Amortization of deferred policy acquisition costs 7,848 3,902 Other expenses 3,052 3,063 Interest expense 304 - Total expenses 32,753 14,277 Income before income taxes 4,132 1,492 Income taxes 1,237 427 Net income $ 2,895 $ 1,065 Net income per common share: Basic $ 0.48 $ 0.18 Diluted $ 0.47 $ 0.17 Weighted average number of shares outstanding: Basic 5,994,228 5,877,160 Diluted 6,191,449 6,101,548 Supplementary Financial Data Net written premiums $ 41,234 $ 16,780 Book value per common share $ 17.62 $ 16.69 GAAP combined ratio 96.4% 96.1% Consolidated Statements of Income (in thousands, except per share and share data) Six Months Ended June 30, 2006 2005 (Unaudited) (Unaudited) Net premiums earned $ 67,168 $ 29,975 Investment income, net of investment expenses 4,460 1,484 Realized investment gains 605 97 Other revenue 1,078 172 Total revenue 73,311 31,728 Losses and loss adjustment expenses 42,195 15,034 Amortization of deferred policy acquisition costs 15,140 7,801 Other expenses 7,487 6,021 Interest expense 601 - Total expenses 65,423 28,856 Income before income taxes 7,888 2,872 Income taxes 2,343 814 Net income $ 5,545 $ 2,058 Net income per common share: Basic $ 0.93 $ 0.35 Diluted $ 0.90 $ 0.33 Weighted average number of shares outstanding: Basic 5,982,071 5,939,968 Diluted 6,154,893 6,172,231 Supplementary Financial Data Net written premiums $ 80,929 $ 29,941 GAAP combined ratio 96.4% 96.3% Consolidated Balance Sheet (in thousands, except share amounts) June 30, Dec. 31, 2006 2005 (unaudited) ASSETS Investments, at fair value: Fixed income securities, available-for sale $ 255,283 $ 229,129 Equity securities, at fair value 15,719 14,981 Short-term investments, at cost, which approximates fair value 2,397 4,289 Total investments 273,399 248,399 Cash and cash equivalents 13,113 20,677 Premiums receivable 46,430 37,497 Reinsurance receivable 84,769 79,214 Prepaid reinsurance premiums 17,521 21,554 Deferred policy acquisition costs 17,291 10,789 Accrued investment income 2,783 2,625 Property and equipment, net 11,949 11,720 Deferred income taxes 9,115 3,588 Goodwill 5,633 5,633 Other assets 4,526 5,002 Total assets $ 486,529 $ 446,698 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Losses and loss adjustment expenses $ 228,340 $ 211,679 Unearned premiums 88,710 78,982 Accounts payable and accrued expenses 15,844 13,761 Other reinsurance balances 26,128 18,574 Trust preferred securities 15,533 15,525 Advances under line of credit 3,000 3,000 Other liabilities 2,369 1,778 Total liabilities $ 379,964 $ 343,299 Stockholders' Equity: Preferred Stock, no par value, authorized - - 5,000,000 shares, no shares issued and outstanding Common stock, no par value, - - authorized 15,000,000 shares, issued 7,054,233 and 7,068,233 shares, outstanding 6,550,669 and 6,463,538 shares Additional paid-in capital $ 67,018 $ 67,973 Accumulated other comprehensive income (500) 2,851 Retained earnings 50,441 44,896 Unearned restricted stock compensation - (1,654) Unearned ESOP shares (4,073) (4,383) Treasury Stock, 503,513 and 501,563 shares (6,321) (6,284) Total stockholders' equity 106,565 103,399 Total liabilities and stockholders' equity $ 486,529 $ 446,698
