OTCPicks.com: OTCPicks.com Daily Market Movers Digest Midday Report for Friday, November 7th GCHK, POWR, XIDE, DCGN

Fri. November 07, 2008; Posted: 11:50 AM

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GREENCHEK TECHNOLOGY INCORPORATED (OTCBB: GCHK)

Detailed Quote: http://www.otcpicks.com/quotes/GCHK.php

Company Profile: http://www.otcpicks.com/greenchek-technology/greenchek-technology.htm

GreenChek Technology, Inc. manufactures and distributes hydrogen injection technology devices that primarily focus on mobile transportation applications and industrial generative power applications. It also provides mobile greenhouse gas emissions reduction technology. The company's Onboard Hydrogen Generation and Injection technology is used for emissions reduction technology and fuel economy enhancement in trucks, locomotives, and automobile engines. It has operations in the United States, Canada, Asia, and Europe. The company, formerly known as Ridgestone Resources, Inc., was founded in 2006 and is headquartered in San Francisco, California.

GCHK News:

November 6 - GreenChek Achieves 19% to 21% Fuel Savings During In House Testing

GreenChek Technology Inc. (OTCBB: GCHK), a leading globally focused provider of hydrogen-based technology for mobile transportation and stationary power generation applications, announced today that they continue to achieve successful results through ongoing in-house testing of their Emission Reduction Device Technology.

GreenChek manufactures an emission reducing device simply known as the ERD 1.0, which can be retrofitted to any vehicle or combustible engine regardless of fuel source. This device reduces vehicle emissions as well as increases fuel economy.

"As we continue to test internally the ERD we are pleased the with the fuel reduction results," said Donald Walling, GreenChek's Chief Strategy Officer. "On every ERD 1.0 implementation we have noted significant improvements beyond the initial baseline testing. Average fuel savings of 19 to 21% have been achieved."

POWERSECURE INTERNATIONAL INCORPORATED (NASDAQ: POWR | Quote | Chart | News | PowerRating) "Up 19.59% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/POWR.php

PowerSecure International, Inc. is focused on delivering value to utilities and their commercial, institutional, and industrial customers in the areas of Interactive Distributed Generation , Utility Infrastructure, Energy Conservation and Efficiency, and Energy Services. PowerSecure's core Distributed Generation business leads the energy management and conservation industry by enabling utilities avoid new investments in utility infrastructure for transmitting and distributing power, and locating the generation at business sites. PowerSecure is a pioneer in developing utility partnerships that provide utilities with dedicated electric power generation assets, and businesses with the most dependable standby power available in the industry. The Company's intelligent Interactive Distributed Generation monitoring systems, in conjunction with superior switching technology, manage load curtailment and peak demand to ensure that power is available when needed, and ensure maximum efficiencies are achieved. PowerSecure also provides utilities with regulatory consulting, power system and transmission engineering and construction, and conservation services, as well as providing businesses with energy efficiency products and services. The Company provides additional energy services to the oil and natural gas industry through its Southern Flow and WaterSecure business units.

POWR News:

November 6 - PowerSecure Reports $34 Million of Revenue, $0.17 of EPS for its Third Fiscal Quarter

Strong Results Realized Across Strategic Growth Areas, Driven by 86% Growth in Non-Publix Revenue

PowerSecure International, Inc. (Nasdaq: POWR | Quote | Chart | News | PowerRating) reported strong revenue and profit results for its third fiscal quarter of 2008. Third quarter 2008 revenues were $33.6 million, increasing 27.9% over the third quarter of 2007, with strong revenue growth realized across each of the Company's strategic growth areas. Third quarter 2008 diluted earnings per share ("E.P.S."), were $0.17, increasing 21.4% over the prior year period's diluted E.P.S. from continuing operations, and up 13.3% over the prior year period's diluted E.P.S. Third quarter year-to-date revenues were a record $109.1 million, increasing 46.9% versus the prior year period, and third quarter year-to-date diluted E.P.S. was a record $0.57, up $1.13 versus the prior year period. After adjusting for a $14.1 million non-recurring charge in the prior year period, third quarter year-to-date 2008 diluted E.P.S. of $0.57 increased 103.6% over the prior year period's diluted E.P.S. from continuing operations, and was up 90.0%, over the prior year period's diluted E.P.S. (see the non-GAAP financial measure reconciliation below).

The Company's total revenue outside of its largest customer, Publix Super Markets, reached an all-time quarterly high of $25 million in the third quarter of 2008, and increased a substantial 86% over the prior year period. This result demonstrates the continuing progress the Company is achieving in diversifying and broadening its revenue base, driven by investments in new business development in the strategic growth areas of Distributed Generation, Utility Infrastructure, Energy Conservation and Efficiency, and Energy Services.

For the third quarter, each of the Company's strategic growth areas posted year-over-year revenue gains, including:

1) Interactive Distributed Generation : a 99% increase in Distributed Generation and NexGear revenue for customers other than Publix Super Markets, and a 7% increase in revenues overall (including Publix revenue).

2) Utility Infrastructure: a 128% increase in revenue from Utility Services, Federal, UtilityEngineering, and PowerServices business units.

3) Energy Conservation and Efficiency: a 199% increase in revenue from the Company's EnergyLite and EfficientLights business units.

4) Energy Services: an 18% increase in revenue from the Company's Southern Flow business unit. Additionally, the Company's WaterSecure business unit (which holds the Company's investment in a water processing business serving natural gas producers, and is accounted for utilizing the equity method) also showed very strong results for the quarter, posting pre-tax income of $1.0 million, up 29% over the prior year period.

The Company's third quarter of 2008 also represents its fifth consecutive quarter of year-over-year gross profit increases. Third quarter gross profit increased $2.8 million, or 34.1%, versus the prior year period. Additionally, gross profit as a percentage of revenue expanded 1.5 percentage points versus the prior year period, to 32.5%. $2.4 million, or 85%, of the gross profit increase was driven by the Company's broad-based revenue gains, and $0.4 million, or 15%, of the increase was driven by a favorable mix of higher margin projects.

Third quarter operating expenses were $8.9 million, an increase of $2.3 million versus the prior year period. The increase was driven by investments in general and administrative infrastructure to support higher levels of revenue and projects, as well as sales and business development expense to drive future growth and broaden the Company's revenue base. These investments were primarily made in late 2007 and the first quarter of 2008. Operating expenses decreased $1.1 million on a sequential basis (versus the second quarter of 2008). This decrease was a result of cost disciplines implemented during the Company's second quarter of 2008, lower personnel costs, and decreases in sales expense from lower sequential revenues.

The Company also reported that its balance sheet and liquidity remain strong, with a third quarter ending cash position of $8.3 million, and its $25 million revolving credit facility undrawn and fully available to finance future growth opportunities.

Sidney Hinton, CEO of PowerSecure, said, "We are very pleased with our results this quarter, and our results have continued to exceed even our own high expectations. We are winning in a very difficult economic environment. This is a direct result of the terrific performance of our people and their dedication to delivering quality products and services to our customers. We will continue to focus on bringing solutions to the marketplace which solve utilities' and businesses' growing energy needs and deliver a strong return on investment. This formula is driving our success in each of our strategic growth areas, and we are very encouraged by the fact that we are posting strong growth aEUR~across the board'. We are particularly pleased with the success of our business diversification strategies. Of course, in this unprecedented challenging economic and capital environment, we remain prudently cautious about the near term. However, we strongly believe we are in the right place at the right time, and in our prospects for long-term profitable growth."

The Company's revenue backlog to be recognized after September 30, 2008 is $97 million. This includes project-based revenues projected to be recognized as projects are completed, and recurring revenue contracts which are projected to be recognized over the life of the contract.

EXIDE TECHNOLOGIES (NASDAQ: XIDE | Quote | Chart | News | PowerRating) "Up 7.54% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/XIDE.php

Exide Technologies, with operations in more than 80 countries, is one of the world's largest producers and recyclers of lead-acid batteries. The Company's four global business groups - Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World - provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications. Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and automotive applications. Industrial markets include network power applications such as telecommunications systems, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.

XIDE News:

November 6 - Exide Technologies Announces New Leader for Transportation Europe Division

Exide Technologies (Nasdaq: XIDE), a global leader in stored electrical-energy solutions, announced that Michael Ostermann has accepted the Company's offer to lead the Transportation Europe division, and is expected to assume his responsibilities as President, Transportation Europe, no later than January 2, 2009.

Reporting to Exide's Executive Vice President and Chief Operating Officer EJ O'Leary, Mr. Ostermann will be responsible for the commercial and operational aspects of the division as well as the overall profitability of the business. He will be based at the Exide Transportation Europe headquarters in Gennevilliers, France.

He succeeds Rodolphe Reverchon, who served Exide as President, Transportation Europe, from May of 2005 to September of 2008. Until Mr. Ostermann assumes his new position at Exide, Joel Campbell will continue serving the Company as Interim President for the Transportation Europe division.

Mr. Ostermann brings a broad range of automotive industry and operations experience to his new position at Exide. Since 2005, he has served Frauenthal Holding AG in a number of capacities, including Management Board Member and Managing Director with full divisional responsibility for the Company's Automotive Components sector. Frauenthal is a Tier 1 supplier of leaf springs, suspension arms, stabilizers, braking system air reservoirs and U-Bolts to all of the commercial vehicle manufacturers in Europe.

While at Frauenthal, Mr. Ostermann was responsible for establishing the company's Automotive Division and for leading the integration of a dozen decentralized production locations. He also was instrumental in formulating and streamlining Frauenthal's lean organization, accomplishing both a reduction in overhead and an increase in operational productivity.

Prior to his three years at Frauenthal, he held a number of positions at Styria, a leading European manufacturer of leaf springs and stabilizer bars for commercial vehicles and trailer axles.

Mr. Ostermann holds a Machine Construction Degree with a focus on manufacturing technology and a Diplom-Ingenieur (German equivalent of a Master of Science Degree) from Fachhochschule (University of Applied Sciences) in Dusseldorf, Germany.

"Michael's wide-ranging experience in both the automotive industry and change management discipline make him a tremendous asset to the Exide leadership team, and we look forward to his implementation of initiatives designed to enhance quality and drive profitability," said EJ O'Leary. "Our strategy calls for a relentless focus on integration of branding, moving closer to our customers and establishing an even greater cohesion across our European Transportation business, and Michael will be instrumental in leading these efforts for the division."

DECODE GENETICS INCORPORATED (NASDAQ: DCGN | Quote | Chart | News | PowerRating) "Up 21.99% in morning trading"

Detailed Quote: http://www.otcpicks.com/quotes/DCGN.php

deCODE is a biopharmaceutical company applying its discoveries in human genetics to the development of diagnostics and drugs for common diseases. deCODE is a global leader in gene discovery - our population approach and resources have enabled us to isolate key genes contributing to major public health challenges from cardiovascular disease to cancer, genes that are providing us with drug targets rooted in the basic biology of disease. Through its CLIA-registered laboratory, deCODE is offering a growing range of DNA-based tests for gauging risk and empowering prevention of common diseases, including deCODE T2 for type 2 diabetes; deCODE AF for atrial fibrillation and stroke; deCODE MI for heart attack; deCODE ProCa for prostate cancer; deCODE Glaucoma for a major type of glaucoma. deCODE is delivering on the promise of the new genetics.

DCGN News:

November 6 - deCODE genetics Announces Third Quarter 2008 Financial Results

deCODE Genetics Inc. (Nasdaq: DCGN | Quote | Chart | News | PowerRating) announced its consolidated financial results for the quarter ended September 30, 2008. A conference call to discuss the quarter's results, recent operating highlights and a strategic update will be webcast live tomorrow, Friday, November 7, at 8:00am EST/1pm GMT (details below).

Operating loss for the third quarter 2008 was $11.3 million, compared to $22.2 million for the third quarter 2007. Operating loss for the first nine months of 2008 declined to $44.4 million from $65.7 million for the first nine months of 2007.

Net loss for the quarter ending September 30, 2008 was $17.9 million, compared to $24.2 million for the third quarter 2007. Net loss for the first nine months of 2008 was $62.9 million, compared to $63.1 million for the first nine months of last year. In addition to operating loss, net loss figures for the periods presented include interest expense and, in the 2008 periods, unrealized loss resulting from the revaluation of the company's auction rate securities investments. The nine-month figure for 2007 also includes a one-time payment deCODE received related to the settlement of an intellectual property suit.

Basic and diluted net loss per share was $0.29 for the third quarter 2008, compared to $0.40 for the same quarter in 2007. For the first nine months of 2008, basic and diluted net loss per share was $1.03, unchanged from that for the first nine months of last year. At the close of the third quarter 2008, the company had approximately 61.8 million shares outstanding.

Revenue for the third quarter this year was $12.0 million, compared to $10.9 million for the same period a year ago. For the first nine months of 2008, revenue was $42.0 million, compared to $27.1 million for the same period last year. As of September 30, 2008, the company had $17.7 million in deferred revenue that will be recognized over future reporting periods. The period-on-period increase in revenue for the third quarter and first nine months of 2008 was driven principally by growth in the company's genomic services business, which includes the company's diagnostics, deCODEme(TM) personal genome analysis, and contract genotyping businesses.

Research and development expense was $5.7 million for the third quarter of this year, compared to $14.1 million for the same period last year. For the first nine months of 2008, R&D expense was $26.3 million, compared to $41.3 million for the first nine months of 2007. Our research and development expense in the first nine months of this year reflects the conclusion of clinical pharmacology studies in our most advanced drug development programs, preparations for the IND filing for our PDE4 modulator DG071, the launch of our prostate cancer, glaucoma and breast cancer tests, and the advancement of gene and target discovery work in a range of major disease areas.

Selling, general and administrative expense for the third quarter of 2008 was $6.7 million, compared to $7.1 million for the 2007 period. For the first nine months of the year, SG&A expense was $21.0 million in 2008 and $19.4 million in 2007.

At September 30, 2008, the company had liquid funds available for operating activities (cash and cash equivalents together with current investments) of $11.8 million, as compared to $23.7 million at June 30, 2008 and $64.2 million at December 31, 2007. The net utilization of liquid funds in the three and nine-month periods ended September 30, 2008 was $12.0 million and $52.4 million, respectively. At September 30, 2008, the company had $35.5 million in cash, cash equivalents and investments, comprised of the $11.8 million in cash and cash equivalents, as well as $5.5 million in restricted investments in U.S. Treasury Bills and $18.2 million in illiquid, non-current investments in auction rate securities. At December 31, 2007, the company had $94.1 million in cash, cash equivalents, restricted cash equivalents, and investments.

The company is undertaking a review of its long-term business strategy with the goal of sharpening the focus of its business, selling assets, securing partnerships, and utilizing the resources generated to support product development and marketing efforts in its core business. The company has utilized a 30-day grace period for the scheduled October 15 interest payment on its 3.5% Senior Convertible Notes due 2011 and is reviewing methods for making this payment. Given its current liquid assets, and without paying the interest on its Notes from its present funds, the company must obtain further financial resources through either the implementation of strategic alternatives, corporate partnerships, or the sale of or loans secured by its auction rate securities in order to continue operations beyond the end of this year. The company is focused on reducing expenses and speeding the evaluation of its strategic options in order to obtain the resources to do so.

deCODE has significant operations in Iceland and pays a large proportion of its fixed costs in Icelandic krona, while its sales are generally denominated in US dollars and its reporting currency is the US dollar. During the third quarter and beginning of the fourth quarter the global financial crisis caused significant economic turmoil in Iceland. As a result, the value of the Icelandic krona has declined significantly versus the US dollar. The turmoil in the Icelandic financial sector and economy as a whole have not to date had any significant adverse impact on deCODE or its day to day operations. deCODE is monitoring closely the situation in Iceland, the principal impact of which for the company has been to decrease the dollar value of our krona-denominated costs. deCODE's most significant operating expenses denominated in krona include salaries and rental payments on our leased facilities and capital equipment. In as far as the krona decreases in value versus the U.S. dollar that portion of our overall operating expenses that are payable in krona will decrease.

"Over the past few months we have continued to bring forward new products for treating and preventing common diseases. Utilizing the expertise of our protein crystallography and medicinal chemistry units we have filed an IND on an exciting new PDE4 modulator for Alzheimer's disease that has the potential to avoid some of the side effects of earlier compounds. We have also just launched the first DNA-based test for risk of the common forms of breast cancer, a test which promises to improve the way in which we target intensive screening and thus to catch more cancers earlier. At the same, in a global economic climate in which there is limited access to capital for companies of our size, we believe that the best way to develop and capture the value of our capabilities and product portfolio is to sharpen the focus of our business. We are therefore in the process of reviewing our long-term strategy and will be sharing with you the results of this process in the weeks ahead," said Kari Stefansson, CEO of deCODE.

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