VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 11, 2009) - The following issue(s) have been halted on the TSXV today:
Company / Compagnie ISEEMedia Inc. TSXV Symbol / Symbole IEE Reason / Motif Company request pending news Halt Time / Heure de l'Arret 9:12 ET
(x) Please note that IIROC is not able to provide any additional information regarding a specific trading halt or resume. Information is limited to general enquiries only.
FOR FURTHER INFORMATION PLEASE CONTACT:
IIROC Inquiries
(416) 646-7299
Fax: (604) 602-6986 (FAX)
Surveillancewest@iiroc.ca
www.iiroc.ca
Source: Investment Industry Regulatory Organization of Canada (IIROC)
NEW YORK--(BUSINESS WIRE)-- Essex Rental Corp. (OTCBB: ERNT; ERNTW; ERNTU) ("Essex"), announced today that Ron Schad, President and CEO, and Marty Kroll, Senior Vice President and CFO, will address institutional investors at two investment conferences scheduled as follows:
-- Oppenheimer 4th Annual Industrials Conference: on November 18, 2009 at
2:45 pm ET at the Millennium Broadway Hotel in New York, NY.
-- KeyBanc 2009 Engineering and Construction Conference: on November 19,
2009 at 1:00 pm ET at The Grand Hyatt Hotel in New York, NY.
The presentation for the Oppenheimer Conference will be webcast live via the Investor Relations section ("Events and Presentations") of the Essex Rental Corp. website at www.essexcrane.com. To listen to the live presentation, please go to the website at least 15 minutes early to register, download and install any necessary audio software. A replay of the event via the same link will be available for 90 days.
About Essex Rental Corp.
Headquartered outside of Chicago, Essex, through its subsidiary, Essex Crane, is one of North America's largest providers of lattice-boom crawler crane and attachment rental services. With over 350 cranes and attachments in its fleet, Essex supplies cranes for construction projects related to power generation, petro-chemical, refineries, water treatment & purification, bridges, highways, hospitals, shipbuilding, offshore oil fabrication and industrial plants, and commercial construction.
Some of the statements in this press release and other written and oral statements made from time to time by the Company and its representatives are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include statements regarding the intent and belief or current expectations of Essex and its management team and may be identified by the use of words like "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "will", "should", "seek", the negative of these terms or other comparable terminology. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from Essex's expectations include, without limitation, the continued ability of Essex to successfully execute its business plan, the possibility of a change in demand for the products and services that Essex provides (through its subsidiary, Essex Crane), intense competition which may require us to lower prices or offer more favorable terms of sale, our reliance on third party suppliers, our indebtedness which could limit our operational and financial flexibility, global economic factors including interest rates, general economic conditions, geopolitical events and regulatory changes, our dependence on our management team and key personnel, as well as other relevant risks detailed in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission and available on our website, www.essexcrane.com. The factors listed here are not exhaustive. Many of these uncertainties and risks are difficult to predict and beyond management's control. Forward-looking statements are not guarantees of future performance, results or events. Essex assumes no obligation to update or supplement forward-looking information in this press release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results or financial conditions, or otherwise.
Source: Essex Rental Corp.
ORLANDO, Fla., Nov. 11 /PRNewswire/ -- The Lockheed Martin (NYSE: LMT) Joint Air-to-Surface Standoff Missile-Extended Range (JASSM-ER) successfully completed its sixth flight demonstration in a recent test at White Sands Missile Range, NM. The JASSM-ER program is now six for six flight test successes.
"JASSM-ER's test successes are a result of a dedicated team effort," said Col. Stephen Demers, JASSM Program Manager and 308th Armament Systems Group Commander. "We've built an impressive missile with an unrivaled capability for our Warfighters."
During the latest successful flight test, the missile was released from a B-1B aircraft and flew a preplanned course to collect data, and then destroyed the designated target.
"The JASSM-ER flight test confirmed the missile's ability to be employed from the aft weapons bay of the B-1B," said Randy Bigum, vice president of Strike Weapons at Lockheed Martin Missiles and Fire Control. "The flight test also completed performance data collection that may be used to fine-tune navigation algorithms."
JASSM-ER will continue integrated flight testing through mid-2010 in preparation for Operational Test and Evaluation, which will commence in 2011. A low-rate initial production decision is anticipated in 2011.
The JASSM-ER brings the same powerful capabilities as the baseline JASSM, but increases range to greater than 500 nautical miles. The additional range provided by the JASSM-ER missile benefits the Warfighter with responsive, precision-engagement capability, while remaining clear of highly defended airspace and beyond the range of long-range, surface-to-air missiles. The JASSM-ER maintains the same outer mold line, survivability and lethality of the baseline JASSM missile.
A 2,000-pound class weapon with a dual-mode penetrator and blast fragmentation warhead, JASSM cruises autonomously in adverse weather, day or night, using a state-of-the-art infrared seeker in addition to the enhanced digital anti-jam Global Positioning System receiver to find a specific aimpoint on the target. Its stealthy airframe makes it extremely difficult for air defense systems to engage. The JASSM-ER missile is integrated on the B-1B with Initial Operational Capability planned for early 2013. The JASSM-ER design is compatible with the B-2, B-52, and F-16 aircraft that currently deploy JASSM.
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 140,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion.
For additional information, visit our web site:
SOURCE Lockheed Martin
HOUSTON, TX -- (MARKET WIRE) -- 11/11/09 -- Magnum Hunter Resources Corporation (NYSE Amex: MHR) (the "Company") announced today that it has entered into definitive agreements with certain institutional investors to sell 3,903,720 units, with each unit consisting of one of the Company's common shares and a one fifth of a warrant to purchase one common share, for gross proceeds of approximately $6.75 million, before deducting placement agent fees and estimated offering expenses, in a "registered direct" offering. The investors have agreed to purchase the units at a purchase price of $1.73 per unit. The warrants, which represent the right to acquire an aggregate of up to 780,744 common shares, will be exercisable at any time on or after May 17, 2010 and prior to the 3-year anniversary of the closing of the transaction at an exercise price of $2.50 per share, which was 132% of the closing price of the Company's common shares on the NYSE AMEX on November 10, 2009. Canaccord Adams Inc. acted as the sole placement agent for the offering.
The transaction is expected to close on November 16, 2009, subject to customary closing conditions. Magnum Hunter intends to use the proceeds from the offering to repay current borrowings under its revolving credit facility, to pursue acquisition opportunities, and for other working capital purposes.
A shelf registration statement relating to these securities previously was filed and declared effective by the Securities and Exchange Commission. A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of offers to buy any security and shall not constitute an offer, solicitation, or sale of any security in any jurisdiction in which such offer, solicitation, or sale would be unlawful. A copy of the base prospectus and prospectus supplement (once filed) can be obtained at the Securities and Exchange Commission's website http://www.sec.gov or via written request to Magnum Hunter Resources Corporation at 777 Post Oak Boulevard, Suite 910, Houston, TX, 77056, Attention Investor Relations.
About Magnum Hunter Resources
Magnum Hunter Resources Corporation and subsidiaries are a Houston, Texas headquartered independent exploration and production company engaged in the acquisition of exploratory leases and producing properties, secondary enhanced oil recovery projects, exploratory drilling, and production of oil and natural gas in the United States.
For more information, please view our website at www.magnumhunterresources.com
Forward-looking Statements
The statements contained in this press release that are not historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements, without limitation, regarding the Company's expectations, beliefs, intentions or strategies regarding the future. Such forward-looking statements may relate to, among other things: (1) the Company's proposed exploration and drilling operations on its various properties, (2) the expected production and revenue from its various properties, (3) the Company's proposed redirection as an operator of certain properties and (4) estimates regarding the reserve potential of its various properties. These statements are qualified by important factors that could cause the Company's actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) the Company's ability to finance the continued exploration, drilling and operation of its various properties, (2) positive confirmation of the reserves, production and operating expenses associated with its various properties; and (3) the general risks associated with oil and gas exploration, development and operation, including those risks and factors described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K and Form 10-K/A for the year ended December 31, 2008 filed with the Securities and Exchange Commission on March 31, 2009 and April 29, 2009, respectively, and our subsequently filed reports. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Contact: M. Bradley Davis Senior Vice President of Capital Markets bdavis@magnumhunterresources.com (832) 203-4545
PARSIPPANY, NJ -- (MARKET WIRE) -- 11/11/09 -- Emerson Radio Corp. (NYSE Amex: MSN) today reported financial results for its second quarter and six months ended September 30, 2009.
While net revenues for the second quarter of fiscal 2010 decreased $1.7 million, or 3.3%, to $51.8 million as compared to net revenues in the second quarter of fiscal 2009 of $53.5 million, net revenues for the fiscal year 2010 to date were $107.4 million, an increase of $10.0 million, or 10.3%, compared to net revenues of $97.4 million in the same period of fiscal 2009. The increase in net revenues for year to date fiscal 2010 was due to higher sales in the home appliances category, partially offset by lower sales in the Company's audio and themed categories, and lower revenue earned from licensing activities.
Operating income for the second quarter of fiscal 2010 was $3.4 million compared to $0.2 million for the second quarter of fiscal 2009, an increase of $3.2 million. Operating income for the fiscal year 2010 to date was $4.8 million, an increase of $4.2 million over operating income of $0.6 million for the same period of fiscal 2009. The increase in fiscal year to date operating income is driven by the Company's efforts to manage costs while growing net revenue, as reflected in a nearly 20% reduction in year-over-year SG&A expenses, coupled with a 10.3% increase in year-over-year net revenue.
Net income from continuing operations for the second quarter of fiscal 2010 was $3.2 million or $0.12 per diluted share compared to $0.2 million for the second quarter of fiscal 2009 or $0.01 per diluted share. Net income from continuing operations for fiscal year 2010 to date was $4.4 million or $0.16 per diluted share compared to a net loss from continuing operations of $61,000 for the same period in fiscal 2009.
After considering the impact of discontinued operations, net income for the second quarter of fiscal 2010 was $3.2 million, or $0.12 per diluted share, compared to net income of $26,000 for the second quarter of fiscal 2009. After considering the impact of discontinued operations, net income for fiscal year 2010 to date was $4.3 million, or $0.16 per diluted share, compared to a net loss of $0.2 million or $0.01 per diluted share for the same period in fiscal 2009.
"Through the second quarter the Company continued to focus on reducing its cost structure while growing sales of its home appliance products resulting in operating income of $4.8 million for fiscal year 2010 to date," said Greenfield Pitts, Executive Vice President and Chief Financial Officer of Emerson Radio. "While the Company is pleased with its results to date this fiscal year, it continues to focus on building sales of its home appliance products and exploring opportunities to leverage its portfolio of well known consumer brands through strategic licensing agreements without losing the discipline that has been built around its cost management efforts."
About Emerson Radio Corp.
Emerson Radio Corporation (NYSE Amex: MSN), founded in 1948, is headquartered in Parsippany, N.J. The Company designs, sources, imports and markets a variety of home appliance and consumer electronic products, and licenses its trademarks to others on a worldwide basis for a variety of products. For more information, please visit Emerson Radio's Web site at www.emersonradio.com.
Forward-Looking Statements
This release contains "forward-looking statements" made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct and you should be aware that actual results could differ materially from those contained in the forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, including the risk factors detailed in the Company's reports as filed with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this news release.
Emerson Radio Corp. and Subsidiaries
Consolidated Statement of Operations
(Unaudited)
(in thousands, except per share data)
Three months ended Six months ended
September 30, September 30,
2008
2009 RESTATED * 2009 * 2008 *
---------- --------- --------- ---------
Net revenues:
Net revenues $ 51,774 $ 53,529 $ 107,373 $ 97,356
Net revenues-related party - 2 - 15
---------- --------- --------- ---------
51,774 53,531 107,373 97,371
---------- --------- --------- ---------
Costs and expenses:
Cost of sales 43,701 47,024 93,304 84,822
Other operating costs and
expenses 1,077 1,586 1,855 2,711
Selling, general &
administrative expenses 3,643 4,733 7,432 9,262
---------- --------- --------- ---------
48,421 53,343 102,591 96,795
---------- --------- --------- ---------
---------- --------- --------- ---------
Operating income 3,353 188 4,782 576
Interest income, net 12 63 22 206
Unrealized holding (losses) on
trading securities - (52) - (21)
Realized gains on trading
securities - 301 - 532
---------- --------- --------- ---------
Income from continuing
operations before income taxes 3,365 500 4,804 1,293
Provision for income taxes 144 349 422 1,354
---------- --------- --------- ---------
Income (loss) from continuing
operations 3,221 151 4,382 (61)
Loss from discontinued
operations, net of tax benefit - (125) (55) (181)
---------- --------- --------- ---------
Net income (loss) $ 3,221 $ 26 $ 4,327 $ (242)
========== ========= ========= =========
Basic net income (loss) per
share
Continuing operations $ 0.12 $ 0.01 $ 0.16 $ -
Discontinued operations - (0.01) - (0.01)
---------- --------- --------- ---------
$ 0.12 $ - $ 0.16 $ (0.01)
========== ========= ========= =========
Diluted net income (loss) per
share
Continuing operations $ 0.12 $ 0.01 $ 0.16 $ -
Discontinued operations - (0.01) - (0.01)
---------- --------- --------- ---------
$ 0.12 $ - $ 0.16 $ (0.01)
========== ========= ========= =========
Weighted average shares
outstanding:
Basic and Diluted 27,130 27,130 27,130 27,130
* The results of operations for three months ended September 30, 2008 have
been restated as set forth in the Company's amended quarterly report on
Form 10-Q/A for the same period on file with the Securities and Exchange
Commission. Additionally, as a result of the Company's sale of its
membership in the ASI joint venture in April 2009, the results of
operations of the Company's membership interest in the ASI joint venture
have been presented as discontinued operations for all periods presented.
Emerson Radio Corp. and Subsidiaries
Consolidated Balance Sheet
(in thousands)
September 30, March 31,
2009 2009
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 28,997 $ 22,518
Restricted cash 2 3,025
Accounts receivable, net 18,733 15,970
Other receivables 1,447 1,587
Due from affiliates 11 78
Inventory, net 22,255 20,691
Prepaid expenses and other current assets 1,480 2,190
Deferred tax assets 4,648 4,872
------------- -------------
Total current assets 77,573 70,931
Property, plant, and equipment, net 1,074 1,139
Trademarks and other intangible assets, net 1,667 255
Due from affiliates 185 114
Investments in marketable securities 6,031 6,031
Deferred tax assets 7,200 7,102
Other assets 312 472
------------- -------------
Total assets 94,042 86,044
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short term borrowings 5,668 5,733
Current maturities of long-term borrowings 68 85
Accts payable and other current liabilities 22,541 18,929
Due to affiliates 41 66
Accrued sales returns 1,236 1,130
Income taxes payable 148 155
------------- -------------
Total current liabilities 29,702 26,098
Long-term borrowings 43 59
Deferred tax liabilities 103 87
Shareholders equity 64,194 59,800
------------- -------------
Total liabilities and shareholders'
equity $ 94,042 $ 86,044
============= =============
CONTACT: Emerson Radio Corp. Greenfield Pitts Chief Financial Officer (212) 897-5441 Investor Relations: Robert Maffei Investor Relations Manager (973) 428-2098
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