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November 6, 2008: Zynex, Inc. (OTCBB:ZYXI), a provider of pain management systems and electrotherapy products for medical patients with functional disability, announces an increase in its orders of 136% for October of 2008 compared to the same month last year.
Thomas Sandgaard, CEO, said: "We are excited to see our orders continue to increase and post another record month. We also are continuing our discussions with Anthem with the goal of a better result than the previously announced claim. We continue to have a good relationship with Anthem and provide service to patients with Anthem insurance." Zynex received 3,177 orders for October of 2008; of this number, 264 were orders for devices for which Anthem is currently denying payments. Although the Company is moving to only providing Anthem insureds with alternative and currently reimbursed devices, some orders were still in the pipeline and included in the orders for October 2008. In addition, the Company is seeking to replace some unreimbursed devices placed in October with Anthem patients. Zynex received 2,643 orders in September of 2008; of these, 624 orders were for devices for which Anthem is currently denying payments and which could have been replaced with alternative devices in Zynex's portfolio. Orders in October of 2007 were 1,452 of which 217 were for devices that Anthem is currently denying payment. Zynex has not yet finalized its results for the third and fourth quarters of 2008, including the impact of increased orders.
November 6, 2008: Golden Dragon Holdings, Inc. (PINKSHEETS: GDHI | Quote | Chart | News | PowerRating) www.gdfbhk.com, through its subsidiary Beijing Flying Golden Dragon International Trade Co. Ltd., signed a 3-year lease agreement of a 500 sq mt2 warehouse in Southern Beijing. This will be the first of 6 warehouses of this size to be opened in Beijing; the company will position these warehouses in strategic locations in the Beijing metro area to facilitate delivery, due to the heavy traffic flow in Beijing.
Mr. Cuenca, COO, stated, "This facility will allow us to better service our supermarket agreements thoughout the southern region of the greater Beijing area. We are committed to the supermarket industry by providing them with fast and efficient delivery service."
November 6, 2008: NutraCea (OTC Bulletin Board: NTRZ - News), a world leader in stabilized rice bran (SRB), nutrient research and technology announced today that it has appointed Olga Hernandez-Longan [45] to the position of Chief Financial Officer. Todd Crow, in accordance with his previously announced intentions, has retired as CFO, but will remain available in a consulting and advisory capacity.
Ms. Hernandez-Longan has over 20 years of financial experience in working with both public and private corporations in financial planning and analysis, SEC reporting, international finance, corporate M&A, divestitures and joint ventures. She served as Vice President and Controller of Wal-Mart International from 2004 until 2006 with responsibility for finance, accounting, Sarbanes-Oxley 404 Compliance, and internal and external reporting. In her position she worked closely with the company's strategy group on financial direction for potential acquisitions/joint ventures and on integration of acquisitions within Wal-Mart International. Ms. Hernandez-Longan was also a member of Wal- Mart's Disclosure Committee.
Prior to joining Wal-Mart, she spent nearly four years at Ford Motor Company, rising from Controller of Vehicle Procurement Operations to Chief Financial Officer of Ford of Brazil, where she had responsibility for finance, accounting and treasury and while there successfully restructured the existing business. This restructuring resulted in significant sustained fixed cost improvements, enhanced revenue, improved cash management and bottom-line profitability. Upon returning to North America, Ms. Hernandez-Longan was appointed Controller of Ford's Customer Service Division North American Operations. Prior to Ford, she was with Eaton Corporation where she served as Chief Financial Officer and Worldwide Controller of the company's Automotive Controls Operations. Responsibilities included in depth strategic business analysis, monthly forecasting, strategic/annual profit plans and Information Technology. She helped sell the Vehicle Switch Division to Delphi in late 2000 and restructured Automotive Controls for improved profitability.
Most recently, and prior to joining NutraCea, Hernandez-Longan was a Partner with Tatum LLC in their Financial Executive Practice. There she served as Interim Chief Financial Officer of companies such as Wells Dairy, makers of Blue Bunny Brand ice cream and Terlato Wine Group, a luxury wine producer and distributor where she had responsibility for all accounting, financial planning and M&A/joint venture activity. Brad Edson, President and Chief Executive Officer of NutraCea commented, "We are extremely pleased to have Olga join our management team. Her expertise in financial reporting, international finance and M&A and joint ventures will serve NutraCea well as we continue to implement our strategic growth plan."
November 6, 2008: Building Materials Holding Corporation (OTC Bulletin Board: BLGM - News), a leading provider of building materials and construction services to professional residential builders and contractors, today reported sales for the third quarter of 2008 decreased 39% to $364 million from $594 million in the same quarter a year ago. For the nine months ended September 30, 2008, sales decreased 39% to $1.1 billion from $1.8 billion in the same period of 2007.
Net loss for the third quarter of 2008 was $45.2 million or $1.55 per share compared to net income of $4.2 million or $0.14 per share in the same quarter a year ago. For the nine months ended September 30, 2008, net loss was $111.0 million or $3.82 per share compared to net income of $18.6 million or $0.63 per share in the same period of 2007.
Operating results in the third quarter included: -- $3.9 million of impairments for assets held for sale and customer relationships and -- $2.1 million for expenses to close and consolidate underperforming business units.
Commenting on third quarter results, Robert E. Mellor, Chairman and Chief Executive Officer, stated, "As the unprecedented volatility in the capital markets and the downturn in the homebuilding industry persisted, we remained focused on our goal of realigning our business to the current environment. We made significant progress on our restructuring program during the third quarter, executing on a wide range of operational and financial actions designed to address the impact of the homebuilding industry downturn. Importantly, we successfully negotiated an amendment to our $540 million secured credit facility. Year-to-date, we have reduced selling, general and administrative expenses by $51.2 million, or 16 percent. We continued to enhance our liquidity during the quarter through the wind-down of certain operations and the sale of underperforming business units and excess assets. We remain on track for these and other restructuring initiatives." Mr. Mellor concluded, "While our third quarter financial results continued to be significantly impacted by the difficult operating environment, we are seeing an improvement in our ongoing operations and we comfortably met the bank covenants at the end of the quarter."
Market Wrap for Thursday, November 06, 2008:
Downbeat economic data, abysmal retail sales, and weak business prospects reminded investors just how tenuous the macro environment has become. Sellers dominated Thursday's action and pushed stocks sharply lower for the second straight session. The two-day slide amounted to a 10.0% loss, the worst two day drop in nearly one month.
Job markets remain loose as claims stand at recession-like levels. Weekly jobless claims for the week ended Nov. 1 totaled 481,000, down 4,000 from the prior week. The weekly number was roughly in-line with the consensus estimate, and the four-week moving average held steady at 477,000. Economists await the October unemployment rate due tomorrow morning.
Nonfarm business productivity rose at a 1.1% annual rate in the third quarter, in-line with expectations. Unit labor costs rose at a 3.6% annual rate, which was more than expected.
With job losses mounting, consumers are less willing to spend their discretionary dollars. In turn, Nordstrom (JWN 15.23, -0.78), Gap (GPS 12.46, -0.38), American Eagle (AEO 10.01, -0.16), and Abercrombie & Fitch (ANF 26.55, -0.23) all reported double-digit declines in October same-store sales
Wholesalers and discounters like BJ's Wholesale (BJ 36.22, +0.64) and Wal-Mart (WMT 54.47, +0.34) fared better, able to benefit by attracting cash-strapped shoppers to their stores. Both posted increased same-store sales for October.
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