HOUSTON--(BUSINESS WIRE)-- KA Fund Advisors, LLC ("Kayne Anderson"), which serves as the advisor to Kayne Anderson MLP Investment Company ("KYN") and Kayne Anderson Energy Total Return Fund, Inc. ("KYE"), announced that annual reports for KYN and KYE containing audited financial statements for the year ended November 30, 2009 were filed with the Securities and Exchange Commission on February 8, 2010.
The annual reports are available online at www.kaynefunds.com. Hard copies of these reports are available free of charge upon request by calling 1-877-657-3863.
Kayne Anderson MLP Investment Company is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, whose common stock is traded on the NYSE. The Company's investment objective is to obtain a high after-tax total return by investing at least 85% of its total assets in energy-related master limited partnerships and their affiliates, and in other companies that, as their principal business, operate assets used in the gathering, transporting, processing, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids (including propane), crude oil, refined petroleum products or coal.
Kayne Anderson Energy Total Return Fund, Inc. is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 whose common stock is traded on the NYSE. The Fund's investment objective is to obtain a high total return with an emphasis on current income by investing primarily in securities of companies engaged in the energy industry, principally including publicly-traded energy-related master limited partnerships and limited liability companies taxed as partnerships and their affiliates, energy-related U.S. and Canadian royalty trusts and income trusts and other companies that derive at least 50% of their revenues from operating assets used in, or providing energy-related services for, the exploration, development, production, gathering, transportation, processing, storing, refining, distribution, mining or marketing of natural gas, natural gas liquids (including propane), crude oil, refined petroleum products or coal.
Source: Kayne Anderson
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2010) - This document corrects and replaces the advisory sent earlier today at 7:52 PM EST.
The Honourable James Moore, Minister of Canadian Heritage and Official Languages, will attend the flag-raising ceremony at the Vancouver Olympic Village, on Wednesday.
This advisory is subject to change without notice.
The details are as follows:
Date: Wednesday, February 10, 2010
Time: 7:00 p.m. PST
Place: Athletes' Village
(southeast side of False Creek)
Vancouver, British Columbia
FOR FURTHER INFORMATION PLEASE CONTACT:
Office of the Minister of Canadian Heritage
and Official Languages
Deirdra McCracken - Director of Communications
deirdra.mccracken@pch.gc.ca
Source: Canadian Heritage
Enabling 3D Graphics Processing for Portable Multimedia Devices Using NEC Electronics' Lower Power Technology
KAWASAKI, Japan & DUESSELDORF, Germany & SANTA CLARA, Calif.--(BUSINESS WIRE)-- NEC Electronics (TSE: 6723) today announced the availability of new systems-on-chip (SoCs) in the EMMA Mobile(TM) series. EMMA Mobile/EV is capable of processing high-definition (HD) content and 3D graphics with very low power consumption. The new EMMA Mobile/EV SoCs, optimized for the portable device market including portable multimedia players and mobile tablets, integrate ARM's high-end Cortex(TM)-A9 CPU core and a high-performance HD-capable audio-visual (A/V) engine for decoding a multitude of digital video and audio formats. Two versions of the device are available: EMMA Mobile/EV1 with one embedded Cortex-A9 CPU core and EMMA Mobile/EV2 with two embedded Cortex-A9 CPU cores.
According to Techno Systems Research 2009, the global market for portable multimedia devices has grown to 250 million units in 2010 and is expected to increase continuously as evidenced by the variety of portable devices recently released to the market. In addition, embedded systems are becoming multi-functional with high performance, and the mobile market is expected to evolve into a market of multimedia data processors with higher performance.
As part of its core business, NEC Electronics has been actively expanding its portable device lineup. In November 2008, the company introduced the EMMA Mobile 1 SoC as part of its well-received mobile multimedia processor product line. The company added to the lineup of its EMMA Mobile 1 series with the EMMA Mobile 1-D product, and also expanded collaboration with Wind River and developed a Linux-based Software Development Kit (SDK) for the market of portable devices.
The new EMMA Mobile/EV SoCs offer the following features:
(1) Capable of HD format decoding in various formats
Through a dedicated A/V engine, EMMA Mobile/EV can decode H.264, MPEG2, MPEG4, VC-1 content up to full-HD (1920 x 1080 pixels) on portable devices.
(2) Incorporates built-in advanced interface with 3D graphics engine
The EMMA Mobile/EV2 chip integrates a high-performance POWERVR(TM) SGX(TM) 3D graphics core from Imagination Technologies Ltd., realizing 3D processing at 14.7 megapolygons per second and pixel-filtrate performance of 500 megapixels per second sustained under realistic operating conditions. This feature brings advanced effects that enable the creation of more realistic and compelling images.
(3) Reduced power consumption when playing back multimedia data
The new products incorporate various technologies such as automatic clock control, on-chip power switch and quick recovery (Note 1). Using those features, EMMA Mobile/EV reduces power consumption by up to 30 percent compared to EMMA Mobile 1, thereby contributing to longer battery life.
(4) Supports mobile DDR and DDR2 memory
The new products support mobile DDR and DDR2 as the main memory. System designers can choose either mobile DDR with low power consumption, or apply DDR2 to develop non-portable devices at low cost.
NEC Electronics considers EMMA Mobile/EV as a strategic product in the field of portable audio-visual devices and plans to market it actively.
Pricing and Availability
Samples of the new EMMA Mobile/EV chips are scheduled to be available in July 2010 priced at US$50 per unit. Mass production is scheduled for December 2010 and expected to reach one million units per month by 2011. More information about NEC Electronics' EMMA Mobile series can be found at http://www.necel.com/mobile/en/emma_mobile/index.html. (Pricing and availability are subject to change without notice.)
Exhibition at MWC
NEC Electronics plans to exhibit EMMA Mobile EV chips in NEC's booth (Hall 8, Stand 8A125) at the Mobile World Congress 2010 (MWC 2010) to be held in Barcelona, Spain, from February 15 to 18.
(Note 1)
-- Automatic clock control: Technology that supplies the most suitable
frequency clock to only the operating blocks.
-- On-chip power switch technology: Technology that divides several power
blocks in a chip and controls the power supply by a control switch.
-- Quick recovery technology: Technology that enables speedy, continuous
processing by restoring the pre-powered-off condition.
About NEC Electronics Corporation
NEC Electronics Corporation (TSE: 6723) specializes in semiconductor products encompassing advanced technology solutions for the high-end computing and broadband networking markets; system solutions for the mobile handset, PC peripheral, automotive and digital consumer markets; and multi-market solutions for a wide range of customer applications. NEC Electronics Corporation has subsidiaries worldwide including NEC Electronics America, Inc. (www.am.necel.com) and NEC Electronics (Europe) GmbH (www.eu.necel.com). More information about NEC Electronics worldwide can be found at www.necel.com.
Cortex is a trademark of ARM Limited. EMMA Mobile is a trademark or registered trademark of NEC Electronics Corporation in Japan, Germany, United States of America, and other countries. POWERVR and SGX are trademarks of Imagination Technologies Ltd. Other names of products and services mentioned in this text are the trademarks or registered trademarks of their respective owners.
Source: NEC Electronics Corporation
ALBUQUERQUE, NM -- (MARKET WIRE) -- 02/09/10 -- EMCORE Corporation (NASDAQ: EMKR), a leading provider of compound semiconductor-based components, subsystems, and systems for the fiber optics and solar power markets, today announced unaudited financial results for its first quarter ended December 31, 2009.
Revenue:
Revenue for the first quarter of fiscal 2010 ended December 31, 2009 was $42.4 million, an increase of $1.9 million, or 5%, from $40.5 million reported in the immediately preceding quarter ended September 30, 2009.
On a segment basis, revenue for the Photovoltaics segment was $16.8 million, an increase of $0.4 million, or 3%, from $16.4 million reported in the immediately preceding quarter with the increase due to a 14% increase in revenue from satellite solar power products offset by a decrease in revenue from terrestrial concentrated photovoltaic (CPV) products. The Photovoltaics segment accounted for 40% of the Company's consolidated quarterly revenue for both the three months ended December 31, 2009 and September 30, 2009.
Revenue for the Fiber Optics segment was $25.6 million, an increase of $1.5 million, or 6%, from $24.1 million reported in the immediately preceding quarter with the increase concentrated primarily in the Company's cable television (CATV) product lines. The Fiber Optics segment accounted for 60% of the Company's consolidated quarterly revenue for both the three months ended December 31, 2009 and September 30, 2009.
Gross Profit:
On a GAAP basis, the consolidated gross profit was $8.0 million, an improvement of $3.9 million, or 97%, from a $4.1 million gross profit reported in the immediately preceding quarter and an improvement of $6.4 million when compared to the prior year period. This represents the Company's best gross profit performance since the quarter ended June 30, 2008.
On a segment basis, the first quarter Photovoltaics GAAP gross margin was 22.1%, a decrease from the 28.5% GAAP gross margin reported in the preceding quarter, but an increase from the 13.6% GAAP gross margin reported in the prior year period. After excluding certain adjustments, as set forth in the attached non-GAAP tables, the Photovoltaics first quarter non-GAAP gross margin of 22.1% improved when compared to the 10.6% non-GAAP gross margin in the preceding quarter. As indicated in the attached non-GAAP tables, the Company reversed $2.9 million of inventory reserves in the preceding quarter relating to legacy CPV products that were sold during that period.
The Fiber Optics GAAP gross margin was 16.7%, a significant improvement from a negative 2.5% GAAP gross margin reported in the preceding quarter and a negative 1.1% GAAP gross margin reported in the prior year period. The improvement in the Fiber Optics gross margin was due to improved gross margins across the majority of the Company's product lines as well as lower inventory excess and obsolescence charges when compared to the preceding and prior year quarters.
Operating Loss:
On a GAAP basis, the consolidated operating loss was $11.9 million, an improvement of $2.0 million from an operating loss of $13.9 million reported in the preceding quarter. This represents the Company's best operating performance since the quarter ended June 30, 2008. During the quarter, the Company incurred approximately $4.2 million in legal expenses related to patent litigation and other corporate legal charges arising principally from two trials held in the first quarter and $1.3 million in non-cash stock-based compensation expense from the surrender of stock options. After excluding these expenses and certain other non-cash and other adjustments as set forth in the attached non-GAAP tables, the first quarter consolidated non-GAAP operating loss was $7.0 million, an improvement of $2.0 million, or 23%, from the non-GAAP operating loss of $9.0 million reported in the preceding quarter.
Net Loss:
On a GAAP basis, the consolidated net loss was $13.6 million, slightly above the net loss of $13.5 million reported in the preceding quarter. On October 1, 2009, the Company entered into a $25 million equity line of credit arrangement that met all the criteria of a financial derivative instrument. Non-cash costs incurred to enter into this derivative instrument of $1.4 million were expensed as incurred. After excluding this expense and certain other non-cash and other adjustments as set forth in the attached non-GAAP tables, the first quarter consolidated non-GAAP net loss was $7.1 million, a $2.0 million improvement from the $9.1 million non-GAAP net loss reported in the preceding quarter.
On a GAAP basis, the first quarter net loss per share was $0.17, representing no change from the $0.17 net loss per share reported in the preceding quarter. On a non-GAAP basis, the net loss per share was $0.09, an improvement of $0.02 per share from the $0.11 non-GAAP loss per share reported in the preceding quarter.
Order Backlog:
As of December 31, 2009, the Company had a consolidated order backlog of approximately $61.2 million, a $1.4 million, or 2%, decrease from the $62.6 million order backlog reported as of the end of the preceding quarter. On a segment basis, the quarter-end Photovoltaics order backlog totaled $42.3 million, a $5.4 million, or 11%, decrease from $47.7 million reported as of the end of the preceding quarter with the decrease due entirely to the rescheduling of a portion of a major customer's shipments beyond the Company's twelve month backlog reporting horizon. The quarter-end Fiber Optics order backlog totaled $18.9 million, a $4.0 million, or 26%, increase from $14.9 million reported as of the end of the preceding quarter with the increase being broad-based across customers and products. The order backlog is defined as purchase orders or supply agreements accepted by the Company with expected product delivery and / or services to be performed within the next twelve months.
Liquidity Update:
As of December 31, 2009, cash, cash equivalents, current restricted cash, and available-for-sale securities totaled approximately $16.5 million which represents a $0.4 million, or 2%, decrease from $16.9 million as of the end of the preceding quarter. As of December 31, 2009, net working capital totaled $32.0 million.
During the three months ended December 31, 2009, the Company consumed $1.2 million in cash from operations and, over the last three quarters, consumed only $189,000 in cash from operations due primarily to improved working capital management. The first quarter represents the fourth consecutive quarter that the Company has generated cash from the reduction of inventory. During the last twelve months, the Company monetized approximately $25.5 million of inventory, generated $16.9 million in cash from lowering its accounts receivable balances and achieved positive cash flow from operations during the quarters ended June 30, 2009 and September 30, 2009.
The Company maintains a $14 million credit facility with Bank of America and, on October 1, 2009, closed a two-year $25 million committed equity line of credit facility with the Commerce Court Small Cap Value Fund, Ltd. In addition, the Company continues to evaluate its capital requirements and alternative sources of capital. With respect to the separation of its Fiber Optics and Photovoltaics businesses, the Company announced on February 3, 2010 that it has entered into an agreement to sell 60% of its Fiber Optics business to and enter into a joint venture with the Tangshan Caofeidian Investment Corporation.
Business Outlook:
For the second quarter of fiscal 2010 ending March 31, 2010, the Company expects consolidated revenue to be in the range of $45 to $47 million with increases in both the Photovoltaics and Fiber Optics segments.
Conference Call:
EMCORE will discuss its unaudited results for its first quarter ended December 31, 2009 on a conference call to be held on Wednesday, February 10, 2010 at 4:30 pm ET. To participate in the conference call, U.S. callers should dial (toll free) 888-587-0613 and international callers should dial 719-325-2352. The access code for the call is 7863504. A replay of the call will be available beginning February 10, 2010 at 8:00 p.m. EST until February 17, 2010 at 11:59 p.m. EST. The replay call-in number for U.S. callers is 888-203-1112, for international callers it is 719-457-0820, and the access code is 7863504. The call also will be web cast via the Company's web site at http://www.emcore.com. Please go to the site beforehand to download any necessary software.
About EMCORE:
EMCORE Corporation offers a broad portfolio of compound semiconductor-based products for the broadband, fiber optics, satellite and solar power markets. EMCORE's Fiber Optics segment offers optical components, subsystems and systems for high speed data and telecommunications networks, cable television (CATV) and fiber-to-the-premises (FTTP). EMCORE's Photovoltaics segment provides products for both satellite and terrestrial applications. For satellite applications, EMCORE offers high efficiency gallium arsenide (GaAs) solar cells, covered interconnected cells (CICs) and panels. For terrestrial applications, EMCORE is adapting its high-efficiency GaAs solar cells for use in solar concentrator systems. For further information about EMCORE, visit http://www.emcore.com.
Forward-Looking Statements:
The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Exchange Act of 1934. These forward-looking statements are largely based on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Such forward-looking statements include, in particular, projections about our future results included in our Exchange Act reports, statements about our plans, strategies, business prospects, changes and trends in our business and the markets in which we operate. These forward-looking statements may be identified by the use of terms and phrases such as "anticipates", "believes", "can", "could", "estimates", "expects", "forecasts", "intends", "may", "plans", "projects", "targets", "will", and similar expressions or variations of these terms and similar phrases. Additionally, statements concerning future matters such as the development of new products, enhancements or technologies, sales levels, expense levels and other statements regarding matters that are not historical are forward-looking statements. Management cautions that these forward-looking statements relate to future events or our future financial performance and are subject to business, economic, and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance or achievements of our business or our industry to be materially different from those expressed or implied by any forward-looking statements.
These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, including without limitation, the following: (a) the impact on the Company, our customers and our suppliers from the current domestic and international economic and financial market conditions; (b) the success of our cost reduction efforts in achieving their expected benefits, due to, among other things, shifts in product mix, selling price pressures, costs and delays related to product transfers to lower cost manufacturing locations and associated facility closures, integration difficulties, and execution concerns; (c) delays and other difficulties in commercializing new products; (d) the failure of new products (i) to perform as expected without material defects, (ii) to be manufactured at acceptable volumes, yields, and cost, (iii) to be qualified and accepted by our customers, and, (iv) to successfully compete with products offered by our competitors; (e) we may not be successful in undertaking the steps currently planned in order to increase our liquidity; and (f) other risks and uncertainties described in our filings with the Securities and Exchange Commission such as cancellations, rescheduling or delays in product shipments; manufacturing capacity constraints; lengthy sales and qualification cycles; difficulties in the production process; changes in semiconductor industry growth; increased competition; delays in developing and commercializing new products; and other factors.
Neither management nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. All forward-looking statements in this press release are made as of the date hereof, based on information available to us as of the date hereof, and subsequent facts or circumstances may contradict, obviate, undermine, or otherwise fail to support or substantiate such statements. We caution you not to rely on these statements without also considering the risks and uncertainties associated with these statements and our business that are addressed in our Annual Report on Form 10-K. Certain information included in this press release may supersede or supplement forward-looking statements in our other Exchange Act reports filed with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statement to conform such statements to actual results or to changes in our expectations, except as required by applicable law or regulation.
EMCORE CORPORATION
Condensed Consolidated Statements of Operations
For the three months ended December 31, 2009 and 2008
(in thousands, except loss per share)
(unaudited)
For the Three Months
Ended December 31,
-------------------------
2009 2008
----------- -----------
Revenue $ 42,401 $ 54,056
Cost of revenue 34,397 52,467
----------- -----------
Gross profit 8,004 1,589
Operating expenses:
Selling, general, and administrative 12,423 12,159
Research and development 7,513 8,110
Impairments - 33,781
----------- -----------
Total operating expenses 19,936 54,050
----------- -----------
Operating loss (11,932) (52,461)
Other (income) expense:
Interest income (2) (50)
Interest expense 116 195
Foreign exchange loss 232 472
Loss from financing derivative instrument 1,360 -
Impairment of investment - 367
----------- -----------
Total other expense 1,706 984
----------- -----------
Net loss $ (13,638) $ (53,445)
=========== ===========
Per share data:
Net loss per basic and diluted share $ (0.17) $ (0.69)
=========== ===========
Weighted-average number of basic and diluted
shares outstanding 81,113 77,816
=========== ===========
EMCORE CORPORATION
Condensed Consolidated Balance Sheets
As of December 31, 2009 and September 30, 2009
(in thousands)
(unaudited)
As of As of
December 31, September 30,
2009 2009
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 15,138 $ 14,028
Restricted cash 4 1,521
Available-for-sale securities 1,350 1,350
Accounts receivable, net of allowance of $6,640
and $7,125, respectively 40,726 39,417
Inventory, net 31,454 34,221
Prepaid expenses and other current assets 4,550 4,712
----------- -----------
Total current assets 93,222 95,249
Property, plant and equipment, net 52,719 55,028
Goodwill 20,384 20,384
Other intangible assets, net 12,424 12,982
Long-term restricted cash 163 163
Other non-current assets, net 720 753
----------- -----------
Total assets $ 179,632 $ 184,559
=========== ===========
LIABILITIES and SHAREHOLDERS' EQUITY
Current liabilities:
Borrowings from credit facility $ 10,678 $ 10,332
Short-term debt 843 842
Accounts payable 28,632 24,931
Accrued expenses and other current liabilities 21,042 21,687
----------- -----------
Total current liabilities 61,195 57,792
Warrant liability 1,132 -
Other long-term liabilities 103 104
----------- -----------
Total liabilities 62,430 57,896
Commitments and contingencies
Shareholders' equity:
Preferred stock, $0.0001 par, 5,882 shares
authorized; no shares outstanding - -
Common stock, no par value, 200,000 shares
authorized; 81,900 shares issued and 81,741
shares outstanding as of December 31,
2009; 80,982 shares issued and 80,823 shares
outstanding as of September 30, 2009 692,942 688,844
Accumulated deficit (574,471) (560,833)
Accumulated other comprehensive income 814 735
Treasury stock, at cost; 159 shares as of
December 31, 2009 and September 30, 2009 (2,083) (2,083)
----------- -----------
Total shareholders' equity 117,202 126,663
----------- -----------
Total liabilities and shareholders' equity $ 179,632 $ 184,559
=========== ===========
Use of Non-GAAP Measures
The Company provides non-GAAP gross profit and gross margin, non-GAAP operating loss, and non-GAAP net loss and net loss per share as supplemental measures to GAAP regarding our operational performance. These financial measures exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. This press release also contains a reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure.
The Company believes that the additional non-GAAP measures are useful to investors in assessing the Company's financial condition and performance. In particular, management believes it is appropriate in evaluating the Company's operations to exclude gains or losses from specific accounts receivable and inventory write-downs, loss from firm purchase commitments, patent litigation and other corporate legal-related charges; impairment charges; foreign exchange gains and losses, losses from financial derivative instruments, and warranty, severance and restructuring-related expenses because these items would make results less comparable between periods. Management also uses these measures internally to evaluate the Company's operating performance, and the measures are used for planning and forecasting of future periods. In addition, financial analysts that follow our Company may focus on and publish both historical results and future projections based on non-GAAP financial measures. We also believe that it is in the best interest of our investors to provide non-GAAP information.
While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. Our non-GAAP financial measures may not be reported by all of the Company's competitors and they may not be directly comparable to similarly titled measures of other companies due to potential differences in calculation. The Company compensates for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by providing reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measures.
Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States. The Company's non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures, and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP.
The Company has provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures as indicated in the tables below:
Non-GAAP Table
Gross profit and margin
Unaudited For the Three Months For the Three Months
(in thousands, Ended December 31, 2009 Ended September 30, 2009
except percentages) ------------------------- -------------------------
Fiber Photo- Fiber Photo-
Optics voltaics Total Optics voltaics Total
------- ------- ------- ------- ------- -------
Gross profit (loss) -
GAAP $ 4,288 $ 3,716 $ 8,004 $ (598) $ 4,668 $ 4,070
Specific adjustments:
Inventory valuation - - - 1,985 (2,937) (952)
Product warranty - - - (245) - (245)
Loss on commitments - - - 1,991 - 1,991
------- ------- ------- ------- ------- -------
Gross profit -
Non-GAAP $ 4,288 $ 3,716 $ 8,004 $ 3,133 $ 1,731 $ 4,864
======= ======= ======= ======= ======= =======
Gross margin - GAAP 16.7% 22.1% 18.9% (2.5%) 28.5% 10.0%
======= ======= ======= ======= ======= =======
Gross margin -
Non-GAAP 16.7% 22.1% 18.9% 13.0% 10.6% 12.0%
======= ======= ======= ======= ======= =======
Non-GAAP Table For the Three For the Three
Operating Loss Months Ended Months Ended
Unaudited December 31, September 30,
(in thousands) 2009 2009
------------ ------------
Operating loss - GAAP $ (11,932) $ (13,915)
Specific adjustments:
Surrender of stock options 1,252 -
Provision for doubtful accounts (450) 225
Corporate legal expense 4,163 2,779
Severance and restructuring-related expense 8 1,082
Inventory valuation - (952)
Product warranty - (245)
Loss on commitments - 1,991
----------- -----------
Operating loss - Non-GAAP $ (6,959) $ (9,035)
=========== ===========
Non-GAAP Table For the Three For the Three
Net Loss Months Ended Months Ended
Unaudited December 31, September 30,
(in thousands) 2009 2009
------------ ------------
Net loss - GAAP $ (13,638) $ (13,532)
Specific adjustments:
Surrender of stock options 1,252 -
Provision for doubtful accounts (450) 225
Corporate legal expense 4,163 2,779
Severance and restructuring-related expense 8 1,082
Inventory valuation - (952)
Product warranty - (245)
Loss on commitments - 1,991
Foreign exchange loss (gain) 232 (481)
Loss from financing derivative instrument 1,360 -
----------- -----------
Net loss - Non-GAAP $ (7,073) (9,133)
=========== ===========
Net loss per basic and diluted share - GAAP $ (0.17) $ (0.17)
=========== ===========
Net loss per basic and diluted share -
Non-GAAP $ (0.09) $ (0.11)
=========== ===========
Contacts: EMCORE Corporation Silvia M. Gentile Executive Offices (505) 332-5000 Email Contact TTC Group Victor Allgeier (646) 290-6400 Email Contact
SAN FRANCISCO, Feb. 9 /PRNewswire/ -- Sky Holding Company, LLC is pleased to announce the delivery of one Airbus A320-214 to Aerovias del Continente Americano S.A. ("Avianca"), Colombia's leading airline. This transaction represents a continuation of Sky's long relationship with Avianca and the first sale/leaseback transaction of Sky's new fleet, which is being built in partnership with Oaktree Capital.
"We are thrilled to be able to execute another transaction with Avianca, which is one of Latin America's strongest carriers and has been a great partner with our firm for a long time," said Richard Wiley, Sky's founder and CEO. "We emphasize new, fuel-efficient aircraft on lease to leading airlines around the world. We have ambitious growth plans over the next couple of years, and with $500 million in support from Oaktree Capital this is the first of many such transactions for us."
"Avianca is pleased to have received its thirteenth Airbus A320, as a result of a sale and lease back transaction with Sky. With this new aircraft the airline will continue to provide its high quality service based on comfort and efficiency in its routes in Colombia, the Americas and Europe" said Gerardo Grajales, CFO for Avianca.
About Sky Holding Company, LLC: Sky is a full-service aircraft leasing company based in San Francisco with offices in Seattle, Miami, and Buenos Aires, with a European office opening in 2010. The management team, which had previously worked together at Pegasus Aviation, has over 90 years of combined industry experience. The team has collectively acquired over $10 billion of aircraft, has purchased and/or remarketed over 400 aircraft, and has developed relationships with over 30 commercial lenders and investment banks across Europe, Asia and North America. Sky is equity funded by its management team and Oaktree Capital Management, L.P., a premier global alternative and non-traditional investment manager with over US$70 billion in assets under management.
About Avianca: Avianca was the first airline founded in the Americas. Along with Ocean Air, in Brazil; and Vip S.A., in Ecuador, it is part of the Synergy Aerospace Group. With more than six thousand direct collaborators, and a fleet of 60 short, medium and long range aircraft, Avianca currently operates directly to 21 destinations in Colombia and 22 points in America and Europe. From its hub in Bogota, the company offers an average of 350 flights per day connecting its domestic and international destinations. Passengers have more than 6,000 options for connections between destinations operated both directly and through code share agreements with other internationally renowned companies. In addition to its passenger air transport services, Avianca provides tourism, mail, cargo, and courier transport services, as well as aeronautical assistance services, through its Business Units: Avianca Tours, Deprisa and Avianca Services. For additional information, please visit www.avianca.com.
www.skyholding.aero
SOURCE Sky Holding Company, LLC
More Press Releases
View Older Stories-
Acadian Timber Corp. Reports Fourth Quarter and Year-End Results and Appointment of New Chief Financial Officer
-
Acadian Timber Corp. Reports Fourth Quarter and Year-End Results and Appointment of New Chief Financial Officer
-
Ridley Inc. Reports Financial Results for Fiscal 2010 Second Quarter
-
Ridley Inc. Reports Financial Results for Fiscal 2010 Second Quarter
-
Pioneering Hormone Therapist to Host Free Health Seminar
-
Godfather of Tattoo; Don Ed Hardy Makes First Appearance at MAGIC Convention in Las Vegas
-
This Valentine's Day, Give the Gift of Gasm
-
Jargon-laden Throne Speech Hints at Mass Privatization
-
STMicroelectronics Announces an Agreement for the Combination of Numonyx into Micron Technology, Inc.
-
Douglas Emmett, Inc. Announces 2009 Fourth Quarter and Year-End Earnings Results
-
Pepper Rock Resources Announces Appointment of Senior Executive
-
Research and Markets: Top Chinese Information Technology Outsourcing Vendors, Black Book Survey 2009 Results
-
Savoury City Catering Company: Small Vancouver Caterer Goes Big for Olympic Opening Reception Soiree
-
The Conference Board(R)Japan Business Cycle Indicators(SM)
-
Media Advisory: Release of Wine Grape Crush Report Reveals Trends Impacting the Future of California Wine, Expert Explains
-
Juniper Networks Announces the Date and Webcast Information for 2010 Financial Analyst Meeting and Other Upcoming Investor Conferences and Events
-
Carney Shegerian Addresses Safety in the Workplace
-
The West Clinic Joins Cancer Clinics of Excellence (CCE)
-
Media Advisory: Minister Moore Takes Part in Flag-Raising Ceremony at Athletes' Village
-
Catherines Plus Sizes Issues Statement Regarding Jewelry Product Containing Cadmium
-
Celine Dion Surprises The Canadian Tenors on The Oprah Winfrey Show; Upcoming Special Performance Airs Wednesday, February 10th
-
Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Kohlberg Capital Corporation, Announces Class Action Lawsuit and Seeks to Recover Losses
-
Governor Gary Johnson, Honorary Chairman of OUR America Initiative, Releases His 'Three Point Plan for Economic Prosperity' at National Press Event
-
Angelina Jolie Visits SOS Children's Villages in Haiti
-
AutoStar(R) Dealer Network Goes International
-
Glancy Binkow & Goldberg LLP, Representing Shareholders of Rentech, Inc., Announces There are 20 Days Remaining to Move for Appointment as Lead Plaintiff -- RTK
-
ActionCOACH Ranks 16th on the 2010 FBR 50
-
Micron Announces Agreement to Acquire Numonyx
-
Keller Rohrback Announces Class Action Cases to Proceed Against Johnson & Johnson and Wal-Mart for Selling Baby Shampoo and Bath Wash Containing Methylene Chloride -- JNJ, WMT
-
Green Technology and Design Innovators Join Greener Gadgets 2010 Program
-
Pizza Inn, Inc. Reports Results for Second Quarter Fiscal Year 2010
-
Intertek Accredited by the Government of the Philippines as a Bulk and Break Bulk Cargo Surveyor
-
Volt Information Sciences Announces Amendments to Credit Agreements
-
Atlanta Firm and the Original Shaolin Temple to Introduce Edutainment to Students Worldwide
-
First Metals Inc. Announces Asset Sales and CFO Resignation
-
First Metals Inc. Announces Asset Sales and CFO Resignation
-
American Publishers Provides Fuel-Efficient Cook Stoves to Haiti and Central America as Part of Their Tree-Planting Promotion
-
How Did Your Idaho Representative Vote on the Idaho Health Freedom Act?
-
Canadian Flag-Bearer and Right to Play Ambassador Clara Hughes Announces Medal Challenge: Every Medal Won for Canada Raises Funds for Children in Developing Countries
-
Waiwera Artesian Water Announces Multi-Million Dollar U.S. Expansion Plan
-
Texas Governor Candidates File Lawsuit, Citing Exclusion from TV Debates
-
Stater Bros. Holdings Inc. Announces First Quarter 2010 Results
-
Sonoco Board Declares Regular Quarterly Common Stock Dividend
-
Encore Energy Partners LP Sets Date for Fourth Quarter 2009 Earnings Release
-
Blue Ribbon Committee Named to Provide Metropolitan with Insight, Changes Needed to Meet Future Demands
-
Tortoise Capital Resources Corp. Announces Closing of Timberline Energy, LLC Sale
-
Ametherm Announces New Partnership With Rhopoint Components
-
Encore Acquisition Company Sets Date for Full Year and Fourth Quarter 2009 Earnings Release
-
Energy Transfer Partners Announces Expansion of Tiger Pipeline
-
Unlimited Priorities and NFAIS Collaborate To Grow Membership
