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Jun 26, 2008 -- Nexia Holdings, Inc. (OTCBB: NXHL | Quote | Chart | News | PowerRating) announced that it has entered into final arrangements for the sale of the real property owned by Downtown Development Corporation (DDC), a subsidiary of Nexia, located in the 1300 South Block of State Street in Salt Lake City, Utah. The agreement for the sale of the property provides for a purchase price of $1.01 million. Nexia's CEO Richard Surber expects the transaction to close within the next 60 days. The sale will include the building and the undeveloped lot which was recently acquired by DDC at this location. The buyer has completed their due diligence on the property and has indicated that they intend to proceed to closing. CEO Richard Surber observed, "The first mortgage on the property is only $555,000. We will use the balance of the proceeds to further our operational goals which include improving our working capital position. I would like to point out to our shareholders that the sales price of this single piece of real estate is nearly 5 times our current market capitalization." Surber reiterated, "I am very interested in deploying Nexia's resources into acquiring residential real estate. Given current market conditions, I believe there are bargains to be had in this sector of the market."
June 26, 2008 -- Herbalife Ltd. (NYSE: HLF | Quote | Chart | News | PowerRating) announced it has received a letter from the Los Angeles Regional Office of the Securities and Exchange Commission stating it has completed its investigation as to Herbalife, and it does not intend to recommend any enforcement action be taken by the SEC against the company. As previously disclosed, the SEC investigation related to the timing of trading in Herbalife securities by a former mid-level employee as well as the extent of personal use of Herbalife products by the company's independent distributors and the company's related policies and procedures. In November 2007, Herbalife voluntarily disclosed the SEC's investigation, and over the past eight months has cooperated fully with the SEC during the course of the investigation. Herbalife Ltd. is a global network marketing company that sells weight-management, nutrition, and personal care products intended to support a healthy lifestyle. Herbalife products are sold in 65 countries through a network of 1.8 million independent distributors. The company supports the Herbalife Family Foundation and its Casa Herbalife program to bring good nutrition to children.
June 26, 2008 -- Yingli Green Energy Holding Company Limited (NYSE: YGE) ("Yingli Green Energy" or the "Company"), one of the world's leading vertically integrated photovoltaic ("PV") product manufacturers, today announced that it entered into four new sales contracts with two leading German PV players at the Intersolar 2008 Technology Trade Fair held in June, 2008 in Munich, Germany. -- Two contracts with Conergy AG ("Conergy") under which the Company agrees to supply 7 MW of PV modules in 2008 and 50 MW of PV modules in 2009. The delivery price for the modules to be delivered in 2008 has been fixed and the delivery price for the modules to be delivered in 2009 will be determined around the fourth quarter of 2008. -- Two contracts with GeckoLogic GmbH ("GeckoLogic") under which the Company agrees to supply 4 MW of PV modules between September 2008 and December 2008 and 3 MW of PV modules between October 2008 and March 2009. The delivery price for the modules to be delivered in 2008 has been fixed and the delivery price for the modules to be delivered in 2009 will be determined around the third quarter of 2008.
June 26, 2008 -- AutoZone, Inc. (NYSE: AZO | Quote | Chart | News | PowerRating) announced that its Board of Directors has authorized the repurchase of an additional $500 million of the Company's stock, bringing its current unused repurchase authorization to $608 million. Including the additional authorization, the cumulative share repurchase authorization approved by its Board since 1998 totals $6.4 billion. Additionally, as part of the Company's ongoing evaluation of its capital structure, the Company has decided to increase its adjusted debt / EBITDAR leverage metric to at least 2.5x from the previously established 2.1x. The Company believes this will better optimize its current capital structure and also reflect the ongoing strength of its free cash flow generation. AutoZone also announced that it has entered into an agreement with ESL Investments, Inc. (with its affiliates, ''ESL'') setting forth certain understandings and agreements concerning ESL's continued investment in AutoZone. ESL currently owns approximately 36.2% of the outstanding AutoZone common stock. Pursuant to the agreement with ESL, the Company has agreed to use its commercially reasonable efforts to achieve at least the new 2.5x adjusted debt / EBITDAR leverage metric by the end of the Company's second quarter fiscal 2009.
June 26, 2008 -- BPZ Resources, Inc. (AMEX: BZP | Quote | Chart | News | PowerRating) announced that the Company has signed a Memorandum of Understanding (MOU) with Shell Exploration Company (West) B.V. (Shell). This non-binding MOU allows both parties to move forward with their negotiations on a possible Farm-out Agreement (Agreement) with the ultimate goal of jointly developing Blocks Z-1, XIX and XXIII in Northwest Peru into large-scale oil and gas ventures, including regional power generation, gas supply for local and regional industry, and LNG. The intent of forming a joint venture is to complement BPZ Energy's assets, local knowledge and experience, stakeholder relationships, and vision with Shell's technology, equipment, manpower and leadership, especially in gas marketing.
June 26, 2008 -- Matrix Service Co. (NASDAQ: MTRX), a leading industrial services company, issued guidance for fiscal year 2009. The Company expects that revenues will be between $800 million and $850 million for the fiscal year ending May 31, 2009. With strong operating results expected in both the Construction Services and Repair and Maintenance Services segments, the Company expects to achieve earnings in fiscal 2009 in the range of $1.35 per fully diluted share to $1.60 per fully diluted share. Michael J. Bradley, president and chief executive officer of Matrix Service Company, said, "We are pleased with our accomplishments in the past year and are maintaining the range of financial guidance previously issued for fiscal 2008. While we expect to see the strong demand for our core services in the energy market continue into fiscal year 2009, we will also be focused on diversifying our service offerings and to expand our geographic footprint within the energy and industrial markets." Bradley added, "We believe that Matrix Service is well positioned to build upon its recent growth trends and achieve the revenue and earnings targets established for fiscal 2009. To support the anticipated growth in fiscal 2009 and beyond, the Company expects to spend approximately $25 million for capital expenditures in fiscal 2009 and expects SG&A to be in the range of 5.5% to 6.0% of revenue."
Wall Street plunged Thursday, hurtling the Dow Jones industrials down to their lowest point in nearly two years as investors contended with a barrage of bad news: a surge in oil prices past $140 a barrel and warnings of trouble in the key financial, automotive and high-tech industries. The Dow closed at its low of the day, down 358.41, or 3.03 percent, to 11,453.42 -- its lowest finish since Sept. 11, 2006, while all the major indexes lost around 3 percent. The flight from stocks sent investors rushing for the safety of the Treasury market, where prices rose and yields tumbled. The day's news included analysts' negative comments about General Motors Corp., which made clear to investors how much U.S. companies stand to be hurt from the fallout of the prolonged housing slump, the nearly year-old credit crisis and the soaring price of oil. Meanwhile, Citigroup Inc. fell sharply after an analyst placed a "sell" rating on the stock and warned investors to expect less from the brokerage sector in an uneasy economic climate. Disappointing outlooks from technology bellwethers Oracle Corp. and BlackBerry maker Research In Motion Ltd. further soured investors' moods and made the tech sector one of the steepest decliners. The heap of worries that investors juggled Thursday added up to an increasingly troubled economy. Broader stock indicators also fell sharply, but did not plumb the levels they reached in mid-March. The Standard & Poor's 500 index dropped 38.82, or 2.94 percent, to 1,283.15, and the technology-laden Nasdaq composite index slid 79.89, or 3.33 percent, to 2,321.37.
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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. InvestSource has agreed to be compensated 25,000,000 of free trading shares of NXHL for services rendered. To view full disclaimers, please go to http://investsourceinc.com/php/disclaimer.php (disclaimers).
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