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Oct 10, 2008 -- API Nanotronics Corp. (OTCBB: APIA), a leading supplier of electronic components, nano-optics and nanotechnology research and development to the defense and communications sectors, today announced first quarter operating results for the period ended August 31, 2008. Net revenue for the first quarter of fiscal 2009 was $7.9 million, an 11% increase over fiscal 2008 first quarter revenue of $7.1 million. Gross profit increased to $2.1 million in the first quarter of fiscal 2009 compared to $2.0 million in the first quarter of fiscal 2008 as the Company began to restructure its domestic operations and transfer select manufacturing to China. Also, the balance sheet remains strong, with over $4.2 million in cash and marketable securities and $0.10 million of long term debt. Stephen B. Pudles, Chief Executive Officer of API Nanotronics Inc., said, "We are working to maximize profitability and the value of the business. Revenues continue to grow and the nanotechnology platform is proving successful when applied to a variety of sophisticated optical component solutions. We believe the steps we are taking will deliver tangible positive results in the immediate future."
Oct 10, 2008 -- Orbital Sciences Corporation (NYSE: ORB | Quote | Chart | News | PowerRating) has completed final testing on the SES New Skies NSS-9 commercial communications satellite, the company announced today. Orbital's engineering team completed all pre-shipment procedures late last week for the NSS-9 satellite, which will be stored at the company's Dulles, VA facilities until the company is notified of the launch date. Orbital stated that the spacecraft was designed, manufactured and tested in approximately 22 months from the start of the contract to the completion of the pre-shipment review. "We are very pleased to be able to complete the NSS-9 spacecraft on such an efficient production schedule," said Mr. Michael Larkin, Orbital's Executive Vice President and General Manager of its Space Systems Group. "Utilizing the lean manufacturing techniques and other efficient production and testing processes that we have implemented, the NSS-9 satellite program displays the kind of responsiveness to our customers' needs that our team is capable of delivering to maintain our industry-leading delivery schedule." Orbital's geosynchronous-orbit (GEO) commercial communication business remains robust, with four new orders so far this year, including the AMC-1R satellite for SES Americom, the Koreasat-6 satellite for KT Corporation (in partnership with Thales Alenia Space), and the IS-18 satellite for Intelsat. Excluding NSS-9, Orbital currently has ten other commercial communications satellites in various stages of design and production for launches between 2009 and 2010. Two other Orbital-built GEO satellites were launched this year, THOR 5 for Telenor of Norway and AMC-21, the first of five satellites ordered by SES Americom.
Oct 10, 2008 -- The Allied Defense Group, Inc. (AMEX: ADG | Quote | Chart | News | PowerRating) is pleased to announce MECAR S.A., its Belgian defense unit, has received orders exceeding $8 million from a returning Middle Eastern customer for delivery of ammunition during 2009. The Company's funded backlog now exceeds $168million. The contract calls for the delivery of four different types of 25 mm ammunition. Mecar manufactures three of the four rounds while relying on a key subcontractor for the sourcing of the remaining 25mm round in the contract. Major General (Ret) John J. Marcello, President and Chief Executive Officer of the Allied Defense Group, stated, "I am pleased to announce that MECAR has won this important contract, worth over $8 million from a returning client for a different suite of products. This new ammunition manufacturing contract from an old client compliments the rapid growth we are experiencing in the ammunition services sector. Traditionally, we have enjoyed a very loyal client base and it is worth noting that base continues to grow. In fact, 36 per cent of our current backlog is attributed to new clients. We remain particularly well-positioned in those areas of the international market less influenced by the current financial situation given our customer base and strategic relationships, defined market advantages and proprietary technologies."
Oct 10, 2008 -- Embraer (NYSE: ERJ | Quote | Chart | News | PowerRating) and LAM - Linhas Aereas de Mocambique signed a contract for two EMBRAER 190 aircraft, plus two purchase rights for the same model. The total value of the deal is US$ 75 million, at list price, and could double, if all purchase rights are exercised. "We welcome LAM, the newest Embraer operator on the African continent, who raises our E-Jets customer base to the outstanding mark of fifty airlines," said Mauro Kern, Embraer Executive Vice President, Airline Market. "It is a privilege to have our E-Jets chosen as a tool for modernizing LAM's fleet. The company will expand its presence in the domestic segment and in the southern region of Africa, and will be able to offer its customers advanced, reliable, and highly comfortable service." LAM's EMBRAER 190 will be configured with a dual class layout, featuring nine seats in First Class and 84 in Economy. The first delivery is scheduled for the second half of 2009, and the aircraft will be based in the nation's capital, Maputo. "When we decided to modernize our fleet of short and medium-haul aircraft, as well as to reduce operating costs, the focus was on adapting our capacity to market demands," said Jose Ricardo Viegas, Chairman of LAM's Board of Directors. "Our objective was to replace the larger aircraft in our fleet with newer and smaller ones, thus enabling us to increase frequencies, open new routes, and better serve our customers. The EMBRAER 190 is precisely the model we needed."
Market Wrap for October 10th, 2008 Believe it or not Wall Street finished Friday with just modest losses, after a furious rally in the final hour of trading nearly allowed the major averages to end in positive territory. After briefly cracking below the 8,000 barrier a few times during the session, the Dow appeared to find resistance at the level. The Dow Jones industrial averaged closed with a loss of 128 points, or 1.5%, to 8,451; the S&P 500 slipped 11 points, or 1.2%, to 899; while the Nasdaq eked out a 4-point, or 0.3%, gain, to 1,650. The modest decline rounded out what has been a brutal week. Over the past five days the Dow lost 18.2%, and the blue-chip index is currently 40.3% below its all-time high set Oct. 9 of last year. The S&P 500 shed 18.2% for the week, while the Nasdaq lost 15.3%. Friday's extreme volatility -- the CBOE Vix measure was above 70 for the first time -- comes as finance ministers from the Group of Seven countries gather in Washington to discuss ways to loosen up financial markets, and stocks remain pinned between frozen credit markets and what to date have been ineffective responses from policymakers. The U.S. Treasury Department, Federal Reserve and central banks around the world have been throwing everything but the kitchen sink at the credit crisis with only minimal impact to date, and this weekend's gathering is aimed at coordinating those efforts. Some of the late rebound may have come from hope that some of the many liquidity-promoting initiatives will finally take hold starting next week. Movements in Treasury securities bore out the sentiment, as traders parked money in the safety of short-maturity government debt despite minuscule rates of return. The one-month T-bill yield dropped to 0.08%, from 0.12% Thursday, while the three-month T-bill return dove to 0.22%, from 0.63%. Currency trading favored the dollar, even as all indications point toward a weaker greenback in the future due to the massive funding commitments being made by the U.S. government. The euro dropped to $1.3573 from $1.3609 Friday, while the British pound was at $1.6994, down from $1.7081.
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