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PINNACLE ENERGY CORPORATION (OTCBB: PENC | Quote | Chart | News | PowerRating) "Up 23.29% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/PENC.php
Formerly named Gas Salvage Corp., Pinnacle Energy has recently completed a name change and a three-for-one forward stock split. The company now trades under the OTC symbol "PENC." All of the above-listed changes were made effective with FINRA on August 14, 2008. More information about these changes may be found in a FORM 8-K filed with the Securities and Exchange Commission on August 8, 2008. Pinnacle Energy Corp. is an independent oil and gas producer focused on acquiring and developing mature oil & gas producing assets. Pinnacle Energy Corp. is headquartered at 333 River Front Ave., Suite 153, Calgary, Alberta, T2G 5R1, Canada and can be contacted at (866) 822-0325.
PENC News:
August 29 - Pinnacle Energy Corp. Acquires Six Oil & Gas Producing Wells
Pinnacle Energy Corp. (OTCBB: PENC), an independent oil and gas producer, announced that it has acquired working interests in six wells located in Pawnee County, Oklahoma, USA. Five of the six wells produce high gravity light sweet crude oil, and the sixth is a saltwater disposal well.
As of August 27, 2008, the five oil wells are producing 20 barrels of oil per day, and 30 MCF (30,000 cubic feet) of gas per day, net to the Company's interest. Acquisition cost for the wells was $1,000,000 USD, and Pinnacle Energy has a 25.5% working interest (20.4% net revenue interest) in two wells, a 20% working interest (16% net revenue interest) in three wells, and a 17% working interest (13.6% net revenue interest) in the remaining well.
"Current production and reserve reports suggest that the Glencoe field in Pawnee County, Oklahoma has excellent long-term development potential," said Pinnacle Energy CEO Nolan Weir. "We look forward to developing the field to its fullest potential in the very near future."
OVERLAND STORAGE INCORPORATED (NASDAQ: OVRL | Quote | Chart | News | PowerRating) "Up 18.75% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/OVRL.php
Overland Storage, Inc. delivers data protection solutions for backup and recovery systems worldwide. Its products include Nearline data protection appliances, which provide alternative to high-end network attached storage, and storage area network solutions; disk backup and recovery appliances that are configurable as virtual tape libraries, standalone virtual tape drives, and/or disk volumes; and data protection software, including embedded storage operating system software and add on software module programmable automation controllers, which provide data protection intelligence and advanced capabilities. The company also offers tape backup and archive solutions, such as automated tape libraries manage multiple data cartridges and provide unattended backup of data. In addition, Overland Storage, Inc. offers VR2 (Variable Rate Randomizer), the company's patented data encoding technology, which is embedded in an applications specific integrated circuit chip and is capable of increasing the native capacity and data transfer rate performance of linear tape technologies. The company markets its products through original equipment manufacturers, direct market resellers, commercial distributors, and value-added resellers principally to small and midsize businesses, multinational corporations, governmental organizations, universities, and other non-profit institutions. Its products are used in various industry sectors, including financial services, healthcare, retail, manufacturing, telecommunications, broadcasting, and research and development. The company was founded in 1980 as Overland Data, Inc. and changed its name to Overland Storage, Inc. in 2002. Overland Storage, Inc. is headquartered in San Diego, California.
OVRL News:
August 29 - Overland Storage Reduces Cost Structure
Renews Focus on Execution of End-to-End Data Protection Strategy
Overland Storage, Inc. (Nasdaq: OVRL | Quote | Chart | News | PowerRating) announced a reduction in its labor force and specific budgetary cuts, both designed to reduce operating costs.
The company reduced its worldwide workforce by approximately 13 percent, or by a total of 53 employees. Additionally, the company cut its spending plan for fiscal year 2009 across all departments and geographic areas. The company expects these cost-cutting measures to result in annualized savings of approximately $10 million.
"Over the past several quarters, we focused on revitalizing our sales force and were able to complete two small, but significant acquisitions," commented Vern LoForti, president and CEO of Overland Storage. "We are pleased that our branded sales force delivered sequential revenue growth of 63 percent in disk-based products in our most recent fiscal fourth quarter ended June 30, 2008, in comparison to the preceding fiscal third quarter ended March 31, 2008. Additionally, our recent acquisition of the Snap Server business facilitates our entry into the distributed NAS market, and initial customer response has been very positive. Based on its technology and brand recognition, we believe Snap holds significant potential for Overland's future. The Snap acquisition did, however, result in a substantial increase to our operating expense base. Having recognized the need to rationalize the newly combined business, we have examined all areas of the company in order to streamline and focus on the geographic regions and product initiatives that offer the most immediate return on investment. The actions we are announcing today are key to our primary goal -- a faster return to profitability, while continuing to deliver a balanced portfolio of end-to-end data protection solutions in a more efficient manner.
As part of this organizational consolidation and restructuring, Ravi Pendekanti, formerly vice president of worldwide marketing, has assumed additional responsibilities, and now is vice president of worldwide sales and marketing. Prior to joining Overland this spring, Pendekanti spearheaded global solutions sales and marketing for Silicon Graphics, Inc., a position that followed a lengthy tenure as a marketing executive at Sun Microsystems, Inc. Concurrent with these changes, Robert Farkaly, vice president of worldwide sales has left the company.
Overland has nearly completed the integration of the Snap business unit. Additionally, Overland continues to ramp its channel marketing efforts, with increased focus on new channel program initiatives designed to drive sales of Overland's REO SERIES, NEO SERIES, ARCvault, ULTAMUS RAID and Snap Server data protection solutions.
"Over the past 18 months, Overland has transitioned from OEM-focused to a channel-centric company," added LoForti. "The Snap acquisition enables us to offer our worldwide channel partners one of the broadest portfolios of end-to-end data protection solutions. We believe our unwavering commitment to this strategy will enable Overland to grow more rapidly throughout fiscal 2009 and beyond."
DELIA*S INCORPORATED (NASDAQ: DLIA | Quote | Chart | News | PowerRating) "Up 23.78% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/DLIA.php
dELiA*s, Inc. operates as a direct marketing and retail company in the United States. The company's dELiA*s brand develops, markets, and sells a collection of apparel, sleepwear, swimwear, room ware, footwear, outerwear, and key accessories for teenage girls. Its Alloy brand markets and sells branded junior apparel, accessories, swimwear, footwear, and outerwear for teenage girls. The company's CCS brand markets and sells apparel, footwear, skateboard, and snowboard products for teenage boys. dELiA*s also sells third party brands through its catalogs and the e-commerce Web pages. In addition, it operates dELiA*s retail stores that sell a range of lifestyle oriented apparel and accessories for teenage girls. The company sells its products through direct mail catalogs, Websites, and mall-based specialty retail stores. As of February 2, 2008, it operated 86 dELiA*s mall-based specialty retail stores. The company was founded in 1997 and is based in New York, New York.
DLIA News:
August 29 - dELiA*s, Inc. Announces Second Quarter Fiscal 2008 Results
* Revenues increase by 10.8%; comp store sales up 5.2%
* Operating margins improve by 200 basis points
dELiA*s, Inc. (Nasdaq: DLIA), a direct marketing and retail company comprised of three lifestyle brands primarily targeting consumers between the ages of 12 and 19, announced the results for the second quarter ended August 2, 2008.
Fiscal Second Quarter Results
Total revenue increased 10.8% to $58.1 million from $52.4 million in the second quarter of fiscal 2007 driven by increases in both segments, with a greater percentage increase in the retail segment. Revenue from the retail segment increased 22.0% to $23.6 million, or 40.6% of total revenue. Revenue from the direct segment increased 4.3% to $34.5 million, or 59.4% of total revenue.
Total gross margin increased to 35.3% in the second quarter of fiscal 2008 as compared to 34.6% in the second quarter of fiscal 2007. The increase was driven primarily by higher merchandise margins at dELiA*s Retail and dELiA*s Direct, reflecting improvements in initial mark-ups and full price selling. These improvements were partially offset by higher shipping costs in the direct segment.
Selling, general and administrative (SG&A) expenses were $25.3 million compared to $23.4 million in the second quarter of fiscal 2007. As a percentage of sales, SG&A improved to 43.4% of sales for the second quarter of fiscal 2008 from 44.7% of sales for the prior year's quarter. The improvement in SG&A as a percentage of sales was primarily due to the Company's ability to leverage selling and other operating expenses on increased sales. The operating loss for the quarter was thus reduced by $0.6 million, or by 200 basis points as a percentage of sales, compared to last year.
The net loss for the second quarter of fiscal 2008 was $5.0 million, or $0.16 per diluted share, as compared to a net loss of $5.1 million, or $0.16 per diluted share, in the second quarter of fiscal 2007, reflecting increased interest expense and a provision for income taxes in this quarter, compared to a tax benefit in last year's results.
Robert Bernard, Chief Executive Officer, commented, "We are pleased with the progress we made in the second quarter. For the retail segment, we achieved positive comparable store sales growth and increased segment sales, driven by growth in our store base over the past year. For the direct segment, we achieved steady sales and margin growth, driven largely by the strong performance of our dELiA*s Direct brand.
"We are pleased with our important back-to-school selling period so far, with high single-digit comps in July and continued strength thus far in August," Mr. Bernard continued. "We have said that back-to-school would mark an inflection point for the dELiA*s brand, and these results are indicative of why we are quite optimistic about our future. Early indications are that we are seeing a payback for the investments we made earlier in the year in merchandising, store operations, and inventory planning and allocation. We intend to continue to drive sales growth and margin improvement as we carefully manage our business through this challenging retail environment."
Results by Segment
Retail Segment Results:
Total revenue for the retail segment increased 22.0% to $23.6 million from the second quarter of fiscal 2007. Retail comparable store sales increased 5.2% for the second quarter on top of an increase of 4.6% for the fiscal second quarter of 2007. Gross margin for the retail segment, which includes distribution, occupancy and merchandising costs, increased to 22.5% from 18.6% in the prior year period due to leverage of occupancy costs and improvement in product margins. SG&A expenses, which include allocated overhead, were $10.8 million, or 45.6% of sales, in the second quarter compared to $9.3 million, 48.1% of sales, in the prior year period, reflecting the leveraging of store selling expenses. The quarterly operating loss for the retail segment was reduced to $5.5 million compared with an operating loss of $5.7 million in the prior year period.
The Company opened two store locations and relocated one store during the second quarter of fiscal 2008. The Company ended the period with 94 stores.
Direct Segment Results:
Total revenue for the direct segment increased 4.3% to $34.5 million from the second quarter of fiscal 2007. Segment revenue growth was driven primarily by sales growth in the dELiA*s Direct brand. Gross margin for the direct segment increased to 44.1% from 43.9% in the prior year period due largely to improved product margins in each of our three brands, which more than offset the increase in shipping costs. SG&A expenses were $14.5 million, or 42.0% of sales, in the second quarter compared to $14.1 million, or 42.7% of sales, in the prior year period, reflecting targeted reductions in catalog circulation. Operating income for the direct segment improved to $0.7 million compared with operating income of $0.4 million in the prior year period.
First Six Months Results
Total revenue increased 10.4% to $121.7 million for the six-month period ended August 2, 2008 from $110.2 million in the prior year period. Total gross margin was 34.9% compared to 35.4% for the same period the prior year. SG&A expenses were $50.9 million, or 41.9% of sales, for the first six months of fiscal 2008 compared to $47.8 million, or 43.3% of sales, for the prior fiscal year period. Net loss was $8.9 million, or $0.29 per share, compared to a net loss of $8.4 million or $0.27 per share in the prior fiscal year period.
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