May 12, 2008 - FIMA, Inc. (Pink Sheets: FIMA), an emerging land development company incorporating resource exploration and mining, oil and gas exploration and extraction, and commercial and luxury residential real estate development in Central and South America, announced today that its subsidiary GoldSource has contracted the final environmental study based on the final mine design flow line for its Los Mates gold and silver project in Colombia. This latest step is one of the final regulatory hurdles for the Company before it begins the actual extraction process. According to a Company spokesperson, "We are understandably anxious to move past the final regulatory steps in order to commence further operations at the Los Mates project, particularly in view of the most recent geology report detailing the amount of proven, probable, and possible gold and silver reserves at the site. However, we are also going to be very careful to conscientiously observe all of the necessary legal and regulatory requirements so that we can maintain sustained, healthy production levels for years to come." Part of the Company's optimism stems from the tremendous opportunities in the current gold market. Global production of gold was at its peak in 1999 at just over 2600 metric tonnes, but has since hovered at or just below 2500 tonnes per annum every year since (Source: http://www.goldsheets.com). These production levels are not sufficient to meet annual global demand which has averaged more than 3800 metric tonnes from 1997 to 2002, creating a production shortfall of approximately 50% per annum (Source: World Gold Council). This tremendous disparity has been made up through the reintroduction of scrap into the market and the gradual sale of central bank gold reserves. However, as India and China, the world's largest and third-largest consumers of gold respectively, continue to industrialize, demand seems likely to increase, but the supplies of gold reserves in central banks cannot make up for the production shortfall indefinitely.
May 11, 2008 - The Board of Directors of EnCana Corporation (NYSE: ECA) has unanimously approved a proposal to split EnCana into two highly focused energy companies - one a natural gas company with an outstanding portfolio of early life, North American, natural gas resource plays and the other a fully integrated oil company with industry-leading in-situ oilsands properties and top-performing refineries, as well as an underlying foundation of reliable oil and gas resource plays. This transaction is designed to enhance long-term value for EnCana shareholders by creating two highly sustainable, independent entities, each with an ability to pursue and achieve greater success by employing operational strategies best suited to its unique assets and business plans. The proposed corporate reorganization would be implemented through a court-approved Plan of Arrangement. This transaction will create a publicly-traded integrated oil company with oilsands as the growth driver. This company, which has a working name of IntegratedOilCo (IOCo), will focus on the development of EnCana's Canadian oilsands assets and refinery interests in the United States, underpinned by a well-established natural gas and oil production base in Alberta and Saskatchewan. IOCo assets, which encompass EnCana's Integrated Oil and Canadian Plains divisions, represent about one-third of EnCana's current production and proved reserves. EnCana's other major operating divisions, Canadian Foothills and USA, will form a pure-play natural gas company, aimed at growing existing high-potential resource plays in Canada and the United States. With a working name of GasCo, it will represent about two-thirds of EnCana's current production and proved reserves. It is expected that GasCo will retain the name EnCana Corporation. The permanent name of IOCo will be determined before the transaction closes.
May 12, 2008 -- AnnTaylor Stores Corporation (NYSE: ANN | news | PowerRating | PR Charts ) today announced that it now expects earnings per diluted share for the first quarter will exceed its previous guidance range, due primarily to stronger results at LOFT and better overall expense and inventory management. Based upon preliminary figures, the Company's net sales in the fiscal first quarter ended May 3, 2008 increased 2% to approximately $592 million, versus net sales of $580 million in the first quarter ended May 5, 2007. Comparable store sales for the quarter declined 4.3%, with the Ann Taylor division down 11.5% and the LOFT division up 0.7%. The Company indicated that it currently expects earnings per diluted share for the quarter, excluding previously-announced restructuring costs, to be approximately $0.45-0.47, versus its previous guidance range of $0.35-0.40 per diluted share. The improvement in the Company's earnings per diluted share outlook for the quarter largely reflects stronger results at LOFT, as well as better overall expense and inventory management and the benefit of the Company's share repurchase program. The Company indicated that its inventory per square foot was down approximately 15% at the end of the quarter, with both Ann Taylor and LOFT down significantly.
May 12, 2008 - Stifel Financial Corp. (NYSE: SF | news | PowerRating | PR Charts ) reported unaudited quarterly net income of $14.3 million, or $0.81 per diluted share, on revenue of $211.4 million for the quarter ended March 31, 2008. For the comparable quarter of 2007, net income was $8.8 million, or $0.58 per diluted share, on revenue of $157.0 million. At March 31, 2008, our equity was $436.8 million, resulting in book value per share of $28.07. After adjusting for acquisition related charges, non-GAAP net income, our "Core earnings", and non-GAAP earnings per diluted share were $18.3 million and $1.03, respectively for the first quarter of 2008 compared to 2007 first quarter non-GAAP earnings of $13.2 million and non-GAAP earnings per diluted share of $0.86. A reconciliation between our GAAP results and non-GAAP measures is included. Current year first quarter results include the operations of Ryan Beck and Company and Stifel Bank and Trust for the full three months compared to the prior year first quarter results which include Ryan Beck operations for one month and no activity for Stifel Bank and Trust, as the acquisitions were made on February 28, 2007 and April 2, 2007, respectively.
May 12, 2008 - PetMed Express, Inc. (NASDAQ: PETS | news | PowerRating | PR Charts ) today announced its financial results for the fiscal year ended March 31, 2008. Net sales for the year ended March 31, 2008 were $188.3 million, compared to $162.2 million for the year ended March 31, 2007, an increase of 16%. Net income was $20.0 million, or $0.82 diluted per share, for the year ended March 31, 2008, compared to net income of $14.4 million, or $0.60 diluted per share, for the year ended March 31, 2007, an increase to net income of 39%. For the quarter ended March 31, 2008, net sales were $40.4 million, compared to $36.4 million for the quarter ended March 31, 2007, an increase of 11%. Net income for the quarter ended March 31, 2008 was $4.9 million, or $0.20 diluted per share, compared to net income of $3.6 million, or $0.15 diluted per share, for the same quarter the prior year, an increase to net income of 35%. The Company acquired approximately 710,000 new customers during the fiscal year compared to 681,000 during the prior year. Approximately 65% of all orders were placed on its website during the fiscal year, compared to 62% during the prior year.
May 12, 2008 - Titan Machinery Inc. (NASDAQ: TITN | news | PowerRating | PR Charts ) announced today the signing of an agreement to acquire Mid-Land Equipment Company, L.C., with six dealerships in Iowa and Nebraska. The acquisition is expected to close on or about May 30, 2008, subject to completion of certain customary closing conditions. Mid-Land Equipment, with locations in Des Moines, Davenport, Clear Lake and Cedar Rapids, Iowa and Omaha and Lincoln, Nebraska, is a dealer for Case Construction (CE) Equipment. Mid-Land reported revenues of $48.3 million during its most recently completed fiscal year ended December 31, 2007. The six Mid-Land Case construction stores are contiguous to existing Titan Machinery CaseCE stores in South Dakota and strategically overlay the existing nine Titan Machinery CaseIH agricultural locations in Iowa.
The stock market rallied more than 1% on Monday as investors were encouraged that the market held up to an earnings warning from FedEx and a substantial loss at a major bond insurer. However, volume was light so it remains to be seen how concerted this upward move will be. Stocks got off to a sluggish start after FedEx warned that its profit will fall short of its previous estimate. Also weighing on stocks was news that bond insurer MBIA lost a whopping $2.4 billion, or $14.03 per share. The negative sentiment, however, was short-lived as shares of MBIA rebounded into positive territory shortly after the open as the company reassured investors it has plenty of liquidity. Meanwhile, FedEx managed to bounce to the unchanged mark after being down as much as 3.1%. The reversal of the two stocks helped lift overall sentiment. In the end, nine of the ten economic sectors posted a gain. The consumer discretionary sector posted the largest advance of 2.1%. The sector benefited from a 9.6% spike in shares of Clear Channel on word it was negotiating a settlement over its lawsuit against several banks that backed out of their commitment to fund Clear Channel's private equity buyout. A strong showing by retailers also gave the discretionary sector a boost. Wal-Mart posted a solid advance ahead of its earnings report on Tuesday. According to Bloomberg.com, Citigroup raised its price target for Wal-Mart to $67 from $57. The tech sector was active, and modestly outperformed the broader market with a 1.3% gain. Apple saw a boost after its price target was raised at Amtech and BMO Capital. The stock also benefited from reports that the iPhone is sold out at Apple.com, fueling speculation that a new iPhone may soon be released. IT services company EDS spiked on word that Hewlett-Packard is close to a deal to acquire EDS. The Wall Street Journal reported the purchase price will range from $12 billion to $13 billion, roughly a 30% premium. Research In Motion posted a hefty 7% gain. Traders liked what they heard at RIM's analyst meeting, including details of the company's new BlackBerry Bold smartphone. Financials (+1.7%) provided leadership. Advances in Bank of America and JPMorgan Chase helped offset weakness in AIG. The energy sector underperformed on a relative basis, with a modest 0.2% decline. Crude prices fell 1.6% to $123.91 per barrel, which weighed on the sector. However, the drop in crude prices helped ease some fears, considering crude closed at an all-time high in each of the five previous sessions. DJ30 +130.43 NASDAQ +42.97 NQ100 +1.9% R2K +1.2% SP400 +1.8% SP500 +15.30 NASDAQ Dec/Adv/Vol 862/1974/1.77 bln NYSE Dec/Adv/Vol 886/2237/1.05 bln ABOUT INVESTSOURCE, INC.: WIN an 8 day 7 nights Caribbean Getaway, GO TO: www.investsourceinc.com.
Coming in late Summer of this year: Go Baby GO!!! The first book of its kind on the OTCBB and Pink Sheet Markets www.gobabygobook.com .
To hear "The Fastest 60 Seconds in the Small-Cap Market," please go to www.ceo-corner.com This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or a solicitation to buy or sell securities. InvestSource, Inc. has prepared all material herein based upon information believed to be reliable. The information contained herein is not guaranteed by InvestSource, Inc. to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this release have not given an opinion or approved the statements made in this release.
InvestSource, Inc. is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. InvestSource, Inc. affiliates, officers, directors and employees may also have bought, or may buy the shares discussed in this opinion and may profit in the event of a rise in value. InvestSource, Inc. will not advise as to when it decides to sell and does not, and will not, offer any opinion as to when others should buy or sell; each investor must make that decision based on his or her judgment of the market. Please consult your broker before purchasing or selling any securities mentioned herein. To view full disclaimers, please go to http://investsourceinc.com/php/disclaimer.php (disclaimers).
CONTACT: InvestSource, Inc e-mail: info@investsourceinc.com WWW: http://www.investsourceinc.com
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
|
|
