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August 7, 2008 -- Diamant Corporation (OTC BB: DIAAF | Quote | Chart | News | PowerRating) is pleased to announce that through its wholly owned subsidiary Bio-Plastics Film Inc. the Company has positioned itself to supply and distribute directly fully compostable plastic grocery bags for immediate orders. This diversification in the marketing strategy of the Company comes in light of the growing paradigm shift in the plastic industry, and the heavy anticipated demand for biodegradable and compostable bags based on the outlawing of traditional plastic bags. Diamant Film's innovative bags are Certified Compostable under ASTM- D- 6400 and are made of fully compostable material, which remains inert until it's intergraded with biodegradable materials in a compost site. Once exposed to favorable conditions, the revolutionary bags will then totally compost in the time frame of the pile of degradable material ranging from 90 to 160 days. All government environments who aspire to maximize their recycling efforts and ultimately eliminate landfills altogether, are creating compost programs at the city level. Practically all materials can now be recycled, and the only products that need to be dealt with separately are the degradable residential consumables such as banana peels, perishable meal remnants, and other like degradables. As these degradables are placed in compost bags and brought to the compost facility, the materials, both the bag and its contents, combined with some earth and peat moss, evolves into a material known as "loam" which then becomes a product that they can sell to gardeners. Recently announced was the landmark decision passed by the Los Angeles City Council recently voted to ban plastic shopping bags from stores, beginning July 1, 2010. The council voted unanimously. Diamant Film is dedicated to respond to the growing demands of this swiftly evolving ecologically conscious market.
August 7, 2008 - GlaxoSmithKline (NYSE: GSK | Quote | Chart | News | PowerRating) announced that a retrospective analysis of six clinical trials found that anti-HIV regimens containing EPZICOM (abacavir + lamivudine) were effective in treatment-naive patients regardless of baseline viral loads. One of the trials analyzed was a large study comparing treatment with regimens containing EPZICOM versus regimens containing Truvada (tenofovir DF + emtricitabine) in treatment-naive patients with both high and low baseline viral loads. The analysis was presented today at the 17th International AIDS Conference in Mexico City, Mexico. GSK examined six clinical trials with 2,940 treatment-naive patients on regimens containing either EPZICOM or its individual components over 48 weeks of treatment, including the HEAT study, a head-to-head clinical trial comparing EPZICOM to Truvada. Patients were analyzed according to baseline viral load (<100,000c/mL being low and greater than or equal to 100,000c/mL being high) and efficacy was determined by time to virologic failure. The definition of virologic failure was similar to that utilized in the ACTG 5202 study. At 48 weeks, 87-95% of all patients in the analysis did not meet the definition for virologic failure. An additional retrospective analysis of the HEAT study found similar results in both EPZICOM- and Truvada-containing regimens regardless of baseline viral load. The analysis was conducted after interim data from a single, ongoing study by the AIDS Clinical Trials Group (ACTG 5202) found results inconsistent with previous experience with EPZICOM. A routine review of ACTG 5202 by the data safety monitoring board (DSMB) found that although both the EPZICOM and Truvada treatment arms were effective in reducing HIV viral load, a statistically higher rate of protocol-defined virologic failure and protocol-defined safety endpoints were seen in patients with high screening viral loads in the EPZICOM-treatment arm. The rates of HIV viral load reduction with EPZICOM in the high viral load arm were lower than what has been reported in existing clinical data.
August 7, 2008 - Boeing (NYSE: BA | Quote | Chart | News | PowerRating) and Azerbaijan Airlines have finalized an order for two Boeing Next-Generation 737-900ERs and two 767-300ERs. The order is valued at $449 million at list prices. One of the 767s is a substitution for a previously ordered 787, as reflected today on Boeing's Orders and Deliveries Web site. Including today's announcement, Azerbaijan Airlines has a total of eight Boeing airplanes on order: four 737-900ERs, two 787-8s and two 767-300ERs. Azerbaijan Airlines, based in Baku, is the national airline of Azerbaijan. "We are eager to build our Boeing fleet with these additional 737s and 767s to meet continued demand for air travel in our region," said Jahangir Askerov, president of Azerbaijan Airlines. "Today's order is yet another step forward in our strong relationship with Boeing. We look forward to operating the 787 and benefiting from its advanced performance features, however the 767-300ER is the economical and logical choice to fulfill our interim capacity targets." The 737-900ER is Boeing's newest addition to the popular line of 737 single-aisle airplanes. Boeing launched the 737-900ER in 2005 as a higher-capacity, longer-range complement to the 737 family. The 737-900ER is the largest member of the 737 airplane family. It seats up to 215 passengers and flies up to 3,200 nautical miles (5,900 kilometers), making the range comparable to the 737-800.
August 7, 2008 - Tim Hortons Inc. (NYSE:THI) announced the Board of Directors has declared a quarterly dividend of $0.09 per share. The dividend is payable on September 2nd, 2008 to shareholders of record as of August 18th, 2008. The Company's current dividend policy is to pay 20-25% of prior year, normalized net earnings. The declaration of future dividends continues to be subject to the discretion of the Company's Board of Directors. Dividends are paid in Canadian dollars to all shareholders with Canadian resident addresses whose shares are registered with Computershare (the Company's transfer agent). For all other shareholders, including all shareholders who hold their shares indirectly (i.e., through their broker) and regardless of country of residence, the dividend will be converted to U.S. dollars on August 25th, 2008 at the daily noon rate established by the Bank of Canada and paid in U.S. dollars on September 2nd, 2008.
August 7, 2008 -- Cubic Corporation (AMEX: CUB | Quote | Chart | News | PowerRating) reported earnings for the third quarter ended June 30, 2008. Earnings were $8.5 million in the third quarter ($.32 per share) versus $11.2 million last year, while for the nine-month period, earnings were $28.8 million ($1.08 per share) this year compared to $30.7 million last year. Sales for the third quarter were $232.9 million this year compared to $233.7 million in the same quarter last year. Lower sales in defense were offset by increased sales from transportation, however last year's third quarter included sales of $3.1 million from the corrugated box business the company sold in the fourth quarter of 2007. For the first nine months of the fiscal year, sales were $645.9 million compared to $666.7 million a year ago. Sales in several defense related product lines during the current year were impacted by a transition of work from the engineering development phase, where revenue is recognized on a percentage completion basis, to the production phase, where revenues are not realized until the product is delivered and the sales process is complete. This has also resulted in a significant increase in inventories totaling $22.3 million from these product lines in the first nine months of the year. Operating income for the third quarter was $11.5 million this year compared to $16.6 million in 2007. Operating income for the nine-month period was $42.5 million this year compared to $46.1 million in 2007. Operating income in transportation grew significantly from $4.1 million to $11.6 million in this year's third quarter, and more than doubled from $13.3 million last year to $30.8 million for the nine months ended June 30, 2008. However, improvements in transportation were more than offset by a reduction in defense's operating profits to $0.9 million in the third quarter versus $13.7 million last year, and to $13.5 million for the nine months ended June 30, 2008 compared to $35.1 million last year.
August 7, 2008 -- Pilgrim's Pride Corporation (NYSE: PPC | Quote | Chart | News | PowerRating) issued the following statement from President and Chief Executive Officer J. Clinton Rivers: "We are extremely disappointed by the EPA's announcement that it has rejected Texas Governor Rick Perry's request for a partial waiver of the 2008 Renewable Fuel Standard (RFS). The RFS has caused feed ingredient prices to spiral out of control, inflicting extreme economic damage on food companies, and ultimately, on consumers, in the form of increased food costs. "We expect our company's feed-ingredient costs for fiscal 2008 will increase $900 million from last fiscal year as a result of the U.S. government's failed ethanol policy. It's apparent that the government intends to blindly pursue this misguided and destructive policy despite reams of data demonstrating its negative impact on the environment, food prices, and world hunger. "Not only are the 2008 mandates destructive, but the scheduled mandate next year will again increase another 16.7% from corn, consuming an additional 4.5% or more of the 2009-2010 corn crop than the anticipated 34% of the crop being consumed this year for ethanol production. "While we are disappointed by our government's failure to enact a responsible and comprehensive energy policy that does not pit food against fuel, we are grateful to Gov. Perry for his leadership on this issue of national importance."
Wall Street tumbled Thursday as further troubles in the financial sector, higher unemployment and lackluster retail sales touched off fresh concerns about the economy. The Dow Jones industrials skidded nearly 225 points, while bond prices shot higher as investors once again sought the safety of government debt. The stock market's pullback erased most of the 370-point gain the Dow logged the prior two sessions and shows the lack of solid conviction behind many of investors' recent bets. Heading the list of worries, insurer American International Group Inc. reported a loss of more than $5 billion for the second quarter and the Labor Department said the number of newly laid off people seeking jobless benefits last week jumped to its highest level in more than six years. Weak sales reports from Wal-Mart Stores Inc. and other retailers added to investors' unease. Meanwhile, an announcement by the credit-ratings agency Moody's Investors Service that it placed the long-term ratings of credit card lender American Express Co. on review for possible downgrade exacerbated investors' nervousness. Bill Stone, chief investment strategist for PNC Wealth Management, said the stream of economic news has been somewhat negative lately, often short-circuiting the market's attempts to build on rallies. Thursday's reports on employment and financials only added to the uneasiness, he said. "The concerns about a weakening economy always run to worries about the financials and then you add some negative news to them on their own and you've got what we've got today," he said. The Dow fell 224.64, or 1.93 percent, to 11,431.43. It was the Dow's sixth triple-digit move in the past two weeks, illustrating how commonplace big swings in the indexes have become amid investors' uncertainty about the economy. Broader indicators also slid Thursday. The Standard & Poor's 500 index fell 23.12, or 1.79 percent, to 1,266.07, and the Nasdaq composite index fell 22.64, or 0.95 percent, to 2,355.73. Oil prices that fell sharply earlier in the week rebounded Thursday, likely adding to Wall Street's downbeat mood. Light, sweet crude rose $1.44 to settle at $120.02 on the New York Mercantile Exchange.
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