OTCPicks.com: OTCPicks.com Daily Market Movers Digest Midday Report for Wednesday, October 29th ECOS, CPRK, SPPI, DENN

Wed. October 29, 2008; Posted: 01:07 PM

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ECOLOCAP SOLUTIONS (OTCBB: ECOS)

Detailed Quote: www.otcpicks.com/quotes/ECOS.php

Company Profile: http://www.otcpicks.com/ecolocap-solutions-inc.htm

EcoloCap is a US-listed, international company focused on the commercial development of green energy projects in emerging economies, especially in Asia. Rising energy costs, climate change concerns, and the need to reduce greenhouse gases create an unparalleled opportunity for the development of renewable, sustainable energy sources which will be a significant, long-term opportunity for the 21st century. To maximize shareholder value EcoloCap is focused on projects which qualify for Carbon Emission Reduction credits (CERs) registered under the Clean Development Mechanism (CDM) of the United Nations' Kyoto Protocol. EcoloCap utilizes its know-how, capital, technology, engineering expertise, and on the ground operations management to work with governments and enterprises in emerging economies in order to successfully reduce greenhouse gases for both capture and utilization. By this process EcoloCap acquires UN Certified Carbon Credits (CERs) at favorable costs, which are then sold on the world market at prevailing prices.

ECOS News:

October 28 - EcoloCap Signs New Carbon Credit Projects in China

EcoloCap Solutions, Inc. (OTCBB: ECOS | Quote | Chart | News | PowerRating) ("EcoloCap") announced that it has in the past two weeks reached carbon credit purchase agreements with several large Chinese industrial companies which represent a 100% increase in the company's supply of CERs over the next 5 years.

The purchase contracts, called Emissions Reductions Purchase Agreements (ERPA), once accredited by the UN, are projected to produce up to 1 million CERs annually when the projects are running at full capacity. These projects will reduce the production of greenhouse gases while also helping to meet China's increasing needs for energy.

Using conservative pricing projections EcoloCap estimates that the additional CERs will increase its revenues by at least $2.5 to 4 million annually after allowing for brokerage commissions and CER acquisition costs. However, current prices for CERs on the World Market are in the range of 17 to 19 Euros (approx. US$21.50 to 24.00) and if prices continue in this range the estimated revenues would be at least 50% higher.

Dr. Tri Vu Truong, President and CEO of EcoloCap said "the projects for which we are currently processing ERPA contracts are solid evidence that our marketing efforts in China are starting to show results. Projects such as this are highly profitable and will have significant recurring revenues for several years. Our revenue estimates cover only the next 5 years however all but one of these ERPA contracts have terms of up to 17 years so there is substantial additional revenue potential over the life of the contracts."

EcoloCap's objective is to double its total CER reserves over the next six to nine months, with an initial target of accumulating a portfolio of 5 million CERs annually.

ECOS News:

October 27 - EcoloCap Adds Experienced Asian-Based Director to its Board

New Appointment Significantly Strengthens the Board of Directors

EcoloCap Solutions, Inc. (OTCBB: ECOS | Quote | Chart | News | PowerRating) ("EcoloCap") announced that it has added Michael J. Oliver to its board of directors. Mr. Oliver is a senior banking and finance professional with extensive Asian and international experience.

Prior to taking early retirement in 2005, Mr. Oliver had served since 2001 as Regional Board Member of Commerzbank AG, based in Singapore. In this position he was responsible for Commerzbank's merchant banking subsidiaries operating in the Asia-Pacific region, its commercial banking activities and branches in Hong Kong, Shanghai, Singapore and Tokyo, as well as providing regional oversight and corporate governance. From 1993, he had been General Manager and Chief Executive of Commerzbank's Hong Kong branch and prior to that was Senior Manager, Corporate Banking with the London branch.

Before joining Commerzbank in 1986, Mr. Oliver was with the First National Bank of Boston for 18 years, holding a variety of commercial banking and corporate finance positions in the US, Australia and Europe.

The Chairman of EcoloCap, Robert G. Clarke, said "I am extremely pleased to welcome Mike Oliver to the Board. He brings a wealth of experience and his extensive network of senior level contacts across Asia will be a significant help in developing our client and project relationships throughout the region."

Since leaving Commerzbank Mr. Oliver has been based in Singapore and has been involved in business activities throughout Asia.

Coincident with Mr. Oliver's appointment EcoloCap accepted the resignation as a director of Claude Pellerin who resigned to create a vacancy for the appointment of Mr. Oliver. Mr. Pellerin will continue as Corporate Secretary and an officer of EcoloCap and a key member of the management team.

COPPER KING MINING CORPORATION (OTC: CPRK | Quote | Chart | News | PowerRating) "Up 4.35% in morning trading"

Detailed Quote: www.otcpicks.com/quotes/CPRK.php

Company Profile: www.otcpicks.com/copper-king-mining/copper-king-mining.htm

Copper King Mining Corporation currently owns approximately 1200 acres in the Drum Mountains of Utah, which are patent deeded mining claims which contain gold, silver and copper. The company recently added to its holdings by filing six more claims on land which was inside their holdings, but not patent deeded. Contiguous to that acreage is approximately 1100 acres of claims filed by Western Utah Copper Company. As the companies explored the concept of a joint venture on the Drum Mountain properties, it was decided that a very viable consideration was to join the total assets of both companies.

CPRK News:

October 28 - Copper King Responds to Metal Price Volatility

Pre-production procedures bringing mill on line in late November

Copper King Mining Corporation (OTC: CPRK | Quote | Chart | News | PowerRating) announced that it has tracked a number of reductions in its projected operating costs that will correspond to reduced metal prices. The cost reductions will serve to soften the impact of the current lower copper, silver, gold and other metal prices. Notably, reduced fuel and materials costs are expected to be realized in the company's operations.

The company notes that a number of coincidental factors, such as the upcoming election in the United States and recent fears over the condition of World credit markets, have impacted metal prices.

However, the company believes that actual demand for copper and all other commodities is strong and will increase. Further, the potential for inflation, once credit and election uncertainties are eased, will put significant upward pressure on metal prices. The company therefore believes that, as it moves into the production phase on its Hidden Treasure Mine, metal prices will recover upward toward their recent highs and will perhaps begin to move even higher.

In addition, the company believes that the high-grade ore at its Hidden Treasure Mine (in excess of 2% copper with additional credits for silver, gold, molybdenum and magnetite) will also serve to keep its operating costs among the lowest in the industry on a per pound of copper basis. This will help the company maintain its operations on a competitive basis.

SPECTRUM PHARMACEUTICALS INCORPORATED (NASDAQ: SPPI | Quote | Chart | News | PowerRating) "Up 87.35% in morning trading"

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

Spectrum Pharmaceuticals, Inc. is a biopharmaceutical company that acquires, develops and commercializes a diversified portfolio of drug products, with a focus on oncology and urology. Its strategy is comprised of acquiring and developing a broad and diverse pipeline of late-stage clinical and commercial products; establishing a commercial organization for Spectrum's approved drugs; continuing to build a team with people who have demonstrated skills, passion, commitment and have a track record of success in developing drugs and commercialization in its areas of focus; and leveraging the expertise of partners around the world to assist Spectrum in the execution of its strategy.

SPPI News:

October 29 - Allergan, Inc. and Spectrum Pharmaceuticals, Inc. Announce Collaboration Agreement for Apaziquone (Eoquin )

* Apaziquone is Currently Being Investigated for the Treatment of Non-Muscle Invasive Bladder Cancer

* Spectrum to Receive $41.5 Million at Closing and up to $304 Million in Milestone Payments

* Spectrum to Share Profits and Expenses Equally in the United States and Receive Royalties on Allergan's Sales Outside of the United States

Allergan, Inc. (NYSE: AGN) and Spectrum Pharmaceuticals, Inc. (Nasdaq: SPPI | Quote | Chart | News | PowerRating) announced signing an exclusive collaboration for the development and commercialization of apaziquone, an antineoplastic agent currently being investigated for the treatment of non-muscle invasive bladder cancer by intravesical instillation.

Non-muscle invasive bladder cancer is a form of bladder cancer localized in the surface layers of the bladder that has not spread to the deeper muscle layer. Approximately 70% of all patients newly diagnosed with bladder cancer have non-muscle invasive bladder cancer.1 More than one million patients in the United States and Europe are estimated to be affected by the disease, which is treated predominantly by urologists.2

Spectrum is currently conducting two Phase 3 clinical trials to explore apaziquone's safety and efficacy as a potential treatment for non-muscle invasive bladder cancer following surgery. Spectrum expects to complete enrollment by year-end 2009.

Under the terms of the agreement, Allergan will pay Spectrum $41.5 million at closing and will make additional payments of up to $304 million based on the achievement of certain development, regulatory and commercialization milestones. Spectrum retained exclusive rights to apaziquone in Asia, including Japan and China. Allergan received exclusive rights to apaziquone for the treatment of bladder cancer in the rest of the world, including the United States, Canada and Europe. In the United States, Allergan and Spectrum will co-promote apaziquone and share in its profits and expenses. Allergan will also pay Spectrum royalties on all of its apaziquone sales outside of the United States. Spectrum will continue to conduct the apaziquone clinical trials pursuant to a joint development plan, with Allergan bearing the majority of these expenses.

"Today's announcement represents closure of our very deliberate process to select the right partner for apaziquone," said Rajesh C. Shrotriya, Chairman of the Board and Chief Executive Officer of Spectrum Pharmaceuticals, Inc. "With Allergan's strategic focus on building a strong urology franchise and track record of success in pharmaceutical development and commercialization, particularly in creating and leading new markets, we are convinced that this constitutes an ideal partnership."

"The addition of apaziquone to our urologics pipeline portfolio reflects our further commitment to pursuing innovative treatments in specialty markets where there is a high unmet need and significant growth potential," said David E. I. Pyott, Chairman of the Board and Chief Executive Officer of Allergan, Inc. "Allergan looks forward to working with Spectrum in developing novel treatments for bladder cancer, and we believe apaziquone, if approved, has the potential to represent a meaningful advancement to urologists and patients in the current bladder cancer treatment paradigm."

ABOUT ALLERGAN, INC.

Founded in 1950, Allergan, Inc., with headquarters in Irvine, California, is a multi-specialty health care company that discovers, develops and commercializes innovative pharmaceuticals, biologics and medical devices that enable people to live life to its greatest potential - to see more clearly, move more freely, express themselves more fully. The Company employs more than 8,500 people worldwide and operates state-of-the-art R&D facilities and world-class manufacturing plants. In addition to its discovery-to-development research organization, Allergan has global marketing and sales capabilities with a presence in more than 100 countries.

DENNY'S CORPORATION (NASDAQ: DENN | Quote | Chart | News | PowerRating) "Up 31.25% in morning trading"

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

Denny's Corporation, through its subsidiaries, engages in the ownership and operation of family-style restaurants primarily in the United States. The company owns and operates its restaurants under the Denny's brand name. Its restaurants offer traditional American-style food. As of December 26, 2007, Denny's Corporation operated 1,546 restaurants, including 1,152 franchised/licensed restaurants and 394 company-owned and operated restaurants. The company was founded in 1980 and is headquartered in Spartanburg, South Carolina.

DENN News:

October 28 - Denny's Corporation Reports Results for the Third Quarter 2008

Denny's Corporation (Nasdaq: DENN | Quote | Chart | News | PowerRating) reported results for its third quarter ended September 24, 2008.

Third Quarter Summary

* Same-store sales decreased 2.7% at company units and decreased 6.1% at franchised units

* 12% increase in franchise operating margin to $19.9 million

* Company restaurant operating margin increased by 1.4 percentage points to 13.3% of sales

* 47% increase in adjusted income before taxes to $8.5 million

* Sold 21 company restaurants to six franchisees under Franchise Growth Initiative (FGI)

* Raising guidance for 2008 adjusted income before taxes to approximately $20 million, a 90% increase over 2007

Nelson Marchioli, President and Chief Executive Officer, stated, "We are pleased to report that our ongoing transition towards a franchise-based business model continued to drive core earnings growth in the third quarter. The success of our Franchise Growth Initiative (FGI) is apparent not only through lower depreciation from asset sales and lower interest expense from debt reduction, but also through higher restaurant operating margins as we continue to optimize our company restaurant portfolio. Despite disappointing sales results in the third quarter we were able to deliver higher restaurant level cash flow, providing further support for our strategic direction.

"Given that our outlook for sales trends remains guarded we will continue to diligently manage our operating costs as we look to build guest counts. The challenging consumer environment makes it more important than ever that Denny's deliver craveable new products with a compelling value to our customers. Most importantly, the steps we have taken to strengthen our balance sheet and the absence of any material debt maturities over the next three years leave us well-positioned to continue our strategic initiatives and enhance shareholder value over time," Marchioli concluded.

Third Quarter Results

For the third quarter of 2008, Denny's reported total operating revenue, including company restaurant sales and franchise revenue, of $189.3 million compared with $241.4 million in the prior year quarter. Company restaurant sales decreased $56.2 million due primarily to 137 fewer equivalent company restaurants compared with the prior year quarter resulting from the sale of company restaurants to franchisees under the Franchise Growth Initiative. During the third quarter, Denny's closed one company restaurant and sold 21 to franchisee operators.

Company restaurant operating margin (as a percentage of company restaurant sales) for the third quarter was 13.3%, an increase of 1.4 percentage points compared with the same period last year. Product costs for the third quarter decreased 1.4 percentage points to 24.2% of sales due primarily to favorable menu mix and higher average guest check. Payroll and benefit costs increased 0.1 percentage points to 40.8% of sales as a prior year benefit to worker's compensation expense and higher wage rates this year offset improvements in staffing efficiency and higher average guest check. Utility expenses increased 0.6 percentage points to 5.7% of sales as energy costs peaked in the third quarter.

Franchise revenue in the third quarter increased $4.1 million, or 16%, to $28.7 million due primarily to an increase of 141 equivalent franchise restaurants compared with the prior year period. The growth in franchise revenue included a $2.8 million increase in occupancy revenue, a $1.0 million increase in royalties and a $0.2 million increase in franchise fees. Franchise operating margin increased by $2.2 million, or 12%, to $19.9 million in the third quarter as higher franchise revenue offset a $1.9 million increase in franchise costs, primarily franchise occupancy costs. Franchise operating margin was 69.5% as a percentage of franchise and license revenue. During the third quarter, Denny's franchisees opened eight new restaurants, closed fourteen and purchased 21 company restaurants.

General and administrative expenses for the third quarter declined $1.1 million from the same period last year resulting primarily from reduced staffing attributable to the new organizational structure announced in the second quarter.

Depreciation and amortization expense for the third quarter declined by $2.1 million compared with the prior year period primarily as a result of the sale of restaurant and real estate assets over the past year. Operating gains, losses and other charges, net, which reflect restructuring charges, exit costs, impairment charges and gains or losses on the sale of assets, increased $4.0 million in the quarter due primarily to a $2.9 million decrease in restructuring charges and a $1.1 million increase in gains on the sale of restaurants.

Operating income for the third quarter increased $4.8 million from the prior year period to $20.7 million. Excluding gains, losses, and other charges in both periods, operating income increased $0.8 million despite a $52.1 million decrease in total operating revenue attributable primarily to the sale of company restaurants.

Interest expense for the third quarter decreased $1.7 million, or approximately 16%, to $8.8 million as a result of a $70.1 million reduction in debt from the prior year period.

Net income for the third quarter was $10.6 million, or $0.11 per diluted common share, an increase of $5.6 million compared with prior year net income of $5.0 million, or $0.05 per diluted common share. Adjusted income before taxes for the third quarter was $8.5 million, an increase of $2.7 million, or 47%, compared with prior year adjusted income of $5.8 million. This measure, which is used as an internal profitability metric, excludes restructuring charges, exit costs, impairment charges, asset sale gains, share-based compensation, other nonoperating expenses and income taxes.

Franchise Growth Initiative (FGI)

Denny's continues its strategic initiative to increase franchise restaurant development through the sale of certain company restaurants. During the third quarter, the company sold 21 restaurants to six franchisee operators under FGI, bringing the number of company restaurants sold year-to-date to 62 and the number sold since the program began in early 2007 to 192. Additionally, over the last 18 months Denny's has signed development agreements for 150 new restaurants, 18 of which have opened, yielding a current development pipeline of 132 new restaurants.

Denny's ended the third quarter of 2008 with a system mix of 78% franchised and licensed restaurants and 22% company restaurants compared with 66% franchised and licensed restaurants and 34% company restaurants before the FGI program began in 2007.

The 62 company restaurants sold in 2008 generated net sales proceeds of $30.2 million of which $27.5 million was received in cash and the remaining $2.7 million in the form of notes receivable. Approximately $15 million of the cash proceeds were used to reduce Denny's credit facility term loan during the first nine months of 2008.

Business Outlook

Mark Wolfinger, Executive Vice President, Chief Administrative Officer and Chief Financial Officer, stated, "We expect our sales trends in the fourth quarter will be similar to our third quarter results. We also expect continued year-over-year improvement in restaurant operating margins, franchise profit contribution and organizational efficiency. As a result of increased earnings through the first nine months of the year and our expectation for earnings growth in the fourth quarter, we are increasing our guidance for adjusted income before taxes in 2008 to approximately $20 million, which implies a 90% increase over 2007."

The following financial guidance for full-year 2008 is based on year-to-date results and management's expectations at this time.

* Company same-store sales of (2.0%) to (1.0%) for 2008

* Franchise same-store sales of (5.0%) to (4.0%) for 2008

* 3 new company restaurant openings in 2008

* 26 to 29 new franchise unit openings in 2008 compared with 18 in 2007

* 75 to 85 company restaurants sold to franchisees under FGI

* Company restaurant sales of approximately $650 million compared with $845 million in 2007

* Franchise and license revenue of $112 million compared with $95 million in 2007

* Adjusted EBITDA of $89 million compared with $93 million in 2007

* Adjusted income before taxes of approximately $20 million compared with $10.5 million in 2007

* Cash interest expense of $32 million compared with $39 million in 2007

* Cash capital expenditures of $27 million compared with $33 million in 2007

Certain key considerations for understanding the Company's outlook for fiscal 2008 compared with its 2007 results include:

1) 2008 will include 53 operating weeks (14 in the fourth quarter) compared with 52 operating weeks in 2007.

2) Additional operating week contributes approximately $3 million to adjusted income and adjusted EBITDA in the fourth quarter and full-year 2008.

3) The expectation of approximately 135 fewer equivalent company restaurants in 2008 compared with 2007 due to the impact of FGI across both years.

Further Information

Denny's will provide further commentary on its results for the third quarter of 2008 on its quarterly investor conference call today, Tuesday, October 28, 2008 at 5:00 p.m. EST. Interested parties are invited to listen to a live broadcast of the conference call accessible through the investor relations section of Denny's website at ir.dennys.com. A replay of the call may be accessed at the same location later in the day and will remain available for 30 days.

Denny's is one of America's largest full-service family restaurant chains, consisting of 332 company-owned units and 1,206 franchised and licensed units, with operations in the United States, Canada, Costa Rica, Guam, Mexico, New Zealand and Puerto Rico. For further information on Denny's, including news releases, links to SEC filings and other financial information, please visit the Denny's website.

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