Annual Series of ILIAM(R) Life Settlement Investment Educational Events in February
SAN DIEGO--(BUSINESS WIRE)-- The tumult in the capital markets over the past 18 months has caused financial institutions and investors to evaluate risk and asset correlation in a new light, both in the United States and across the globe.
United States-based Life Solutions International (LSI) is hosting the second annual Insurance-Linked Investments Awareness Month (ILIAM)(R) in February 2010 and has been met with so much overseas interest that it has added an event at a time that is convenient for European investors.
The web-based European event will be held, Thursday, Feb. 18 at 3 p.m. Western European Time (UTC) (GMT); 7 a.m. Pacific time, and is titled "Life Settlement Investments: Yesterday's Distress. Tomorrow's Success." The event is free to attend and will cover distressed asset investments, a brief history of the market, the life expectancy elongation, the capital crisis, portfolio transactions, where the market is now and what the opportunities are moving forward.
"European investors are discovering that life settlements are one of the few non-correlated asset classes with receivables issued by highly rated insurance carriers and potentially attractive returns," said Larry Simon, president, LSI. "The obstacle has been a lack of resources and education about the life settlement industry, particularly, in the areas of portfolio construction and mitigation of longevity risk. As a result, this year's ILIAM(R) series carries added importance to ensure that current and potential institutional investors have quality resources to bridge their education gap."
All events, including web-based training sessions, expert panels and live seminars, are free of charge to professionals in the financial services sector. Limited space is available and registration is required for each event; participants must sign up at least 48 hours in advance.
For a full schedule of ILIAM(R) events or to register, visit www.lifesolutionsint.com/ILIAM or contact Angie Robert at 858/576-8067 or arobert@lifesolutionsint.com.
Life Solutions International, LLC. ("LSI") and its affiliates develop and implement asset accumulation programs in the US life settlement industry for purchasers worldwide. LSI and its affiliates work with clients with varying needs, including major institutions who structure custom managed life settlement purchase accounts. For more information, visit www.lifesolutionsint.com.
Source: Life Solutions International
WESTLAKE VILLAGE, Calif., Feb. 9 /PRNewswire/ -- Cydcor, the leading provider of outsourced, face-to-face sales teams, has donated 25 large boxes of items, ranging from clothing and shoes to first aid supplies, to earthquake survivors in Haiti through Haiti Gospel Mission, a charitable organization based in Despinos, Haiti.
(Photo: http://www.newscom.com/cgi-bin/prnh/20100209/LA52450)
Community outreach and volunteerism are a key part of Cydcor's culture, and team members were eager to do something to help the earthquake victims of Haiti. In just over a week, they collected enough clothing, shoes, and first aid supplies to fill 25 large boxes.
"We were all humbled by the terrible tragedy in Haiti and wanted to help out in any way possible," said Vera Quinn, senior vice president of operations of Cydcor. "We're happy to be able to send items that will go to men, women, and children who lost everything in the earthquake."
Cydcor learned about Haiti Gospel Mission (HGM) through an owner of one of Cydcor's independently owned and operated sales offices. In addition to running a successful business, the owner does work in Haiti through the HGM and made Cydcor aware of specific needs in the country.
Cydcor has taken Haiti Gospel Mission in as part of the Cydcor community and plans to stay in touch with the organization so that future support and donations can be made.
Follow Cydcor on Facebook and on Twitter.
About Cydcor, Inc.
Cydcor, Inc., is the leading provider of outsourced, face-to-face sales teams to a diverse client base of companies in a range of industries, including telecommunications, office products, retail energy, and financial services. Cydcor works with a network of independently owned corporate licensee (ICL) Cydcor sales offices providing clients with access to more than 2,700 sales professionals and nearly 200 offices in North America. The privately held company is based in Westlake Village, California. For more information about Cydcor, log on to www.cydcor.com.
SOURCE Cydcor, Inc.
Oil Giant "Desperate" to Derail $27 Billion Liability
QUITO, Ecuador--(BUSINESS WIRE)-- In its latest attempt to evade a $27 billion liability in Ecuador, Chevron is misrepresenting key facts about a court-appointed expert who conducted a damages assessment not to the company's liking, representatives of the plaintiffs announced.
"Chevron is again trying to strong-arm the court by misrepresenting facts," said Steven R. Donziger, an American legal advisor to the plaintiffs. "This is part of an underhanded attempt to derail a trial Chevron is losing based on the voluminous scientific evidence."
On Tuesday, Chevron in a press release announced it had "newly discovered" evidence that the court-appointed Special Master who conducted a damages assessment, Richard Cabrera, owns a remediation company in Ecuador that stands to benefit from a clean-up should the plaintiffs win the case. The filing is the 29th official motion Chevron has made to the court to disqualify Cabrera but the court has never accepted Chevron's arguments, said Donziger.
Chevron is accused in the underlying lawsuit of deliberately dumping more than 18 billion gallons of waste into Ecuador's Amazon when it operated oil fields in that country from 1964 to 1990, causing a spike in cancer rates and decimating indigenous groups. The communities claim the pollution left is still leaching into soils and groundwater and has poisoned an area the size of Rhode Island.
Cabrera, working with a team of 14 scientists, found damages could be as high as $27.3 billion. A court will make a final determination on liability and damages later this year.
According to Pablo Fajardo, the lead Ecuadorian lawyer in the case, in its latest court filing Chevron fails to note that:
-- Cabrera disclosed to the court that he owned a clean-up company before
his appointment as Special Master. This fact was properly cited by the
court as one of the reasons he was qualified to do the damages
assessment.
-- Chevron thought so highly of Cabrera's qualifications that it accepted
him as a court-appointed expert in an earlier part of the case and paid
his fees as required by court rules.
-- The fact Cabrera's company is qualified to bid on clean-up contracts
offered by Ecuador's state-owned oil company is irrelevant. That
company, Petroecuador, is not a party to the case against Chevron and
would have no role in any eventual cleanup.
-- Cabrera by virtue of his role in the case would be barred from having a
role in a future clean-up.
-- Chevron misrepresents Cabrera's role. Contrary to Chevron's assertions,
Cabrera did not rule on the critical question of liability and did not
"exculpate" Petroecuador. Liability can only be determined by the court.
The case was transferred in 2002 to Ecuador from U.S. federal court (where it was originally filed in 1993) at Chevron's request. Once the trial began in Ecuador in 2003 and the evidence pointed to Chevron's culpability, the company began to try to delay the proceedings and discredit the court and Cabrera.
In the 1990s, in its effort to move the case to Ecuador, Chevron filed 14 sworn affidavits in U.S. federal court praising the fairness and competency of Ecuador's courts. Once it was clear the company could lose the trial in Ecuador, Chevron filed multiple legal actions in the U.S. to shift the potential liability to Ecuador's government, said Donziger.
Not one of the U.S.-based legal actions -- including one that was denied by the U.S. Supreme Court -- have succeeded. Chevron's latest move is to seek a closed-door international arbitration under a trade pact between the U.S. and Ecuador, but the Amazon communities and Ecuador's government have filed separate motions in U.S. federal court to block that proceeding, said Donziger.
"Chevron loses credibility in front of the court and the world each time it files a frivolous motion based on unsubstantiated facts," said Donziger. "Each of these motions is part of an evidentiary record that we will use to prove that Chevron completely abused the court process in Ecuador to evade a judgment, in violation of the law."
"We believe all of these Chevron attacks will backfire against the company in a later enforcement action to collect on any judgment," said Donziger. "Judges are not as naive as Chevron seems to think they are."
About the Amazon Defense Coalition
The Amazon Defense Coalition represents dozens of rainforest communities and five indigenous groups that inhabit Ecuador's Northern Amazon region. The mission of the Coalition is to protect the environment and secure social justice through grass roots organizing, political advocacy, and litigation. Two of its leaders, Luis Yanza and Pablo Fajardo, are the 2008 winners of the prestigious Goldman Environmental Prize.
Source: Amazon Defense Coalition
VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 02/09/10 -- Silvercorp Metals Inc. ("Silvercorp" or the "Company") (TSX: SVM)(NYSE: SVM) reports its unaudited financial and operating results for the third quarter ended December 31, 2009. The financial results are expressed in thousands of US dollars (US$) unless stated otherwise and all production figures are approximate.
THIRD QUARTER HIGHLIGHTS
During the quarter ended December 31, 2009 ("Q3 2010"), financial highlights included:
- Net earnings of $12.4 million, compared with a loss of $33.7 million in the same quarter last year, and up 39% compared to $8.9 million in the previous quarter ("Q2 2010");
- Earnings per share of $0.08, compared with a loss of $0.22 per share in the same quarter last year, and $0.02 higher compared to earnings per share of $0.06 in Q2 2010;
- Record silver production of 1.22 million ounces and 16.2 million pounds of lead, representing 12% and 10% increases, respectively, compared to the same quarter last year;
- Total production cost of negative $6.87 per ounce of silver and cash cost of negative $7.73 per ounce of silver, net credit of other metals, making Silvercorp an industry leading low-cost silver producer;
- Cash flows from operating activities of $15.9 million, or $0.10 per share;
- Paid $3.0 million in quarterly dividend payments; and
- Total cash, cash equivalents and short term investments increased to $87.8 million.
FINANCIALS
Sales revenue for the third quarter was $31.3 million, a 106% increase from $15.2 million in the same quarter last year. The increase is due to the partial recovery of commodity prices and an increase in production. For the quarter, a record of 1.22 million ounces of silver, 16.2 million pounds lead and 4.5 million pounds zinc were produced, representing increases of 12%, 10% and 50%, respectively, over the same quarter last year.
During the nine months ended December 31, 2009, the Company recorded sales of $78.9 million, an increase of $12.8 million or 19% compared with the nine months ended December 31, 2008. The quantity of silver, lead and zinc sold in this year period was 12%, 19%, and 26% higher, respectively, than a year ago. The respective silver and zinc selling prices have increased by 6% and 28% while the lead price decreased 3% compared to the prior year period.
Cost of sales for the quarter was $6.0 million, representing a 19% decrease compared to the same quarter last year. During the nine months ended December 31, 2009, cost of sales was $16.2 million, down 30% compared to a year ago. This is despite a greater quantity of metals sold in the quarter.
Gross profit margin this quarter improved to 77% from 35% in the same quarter last year.
Consolidated net income for this quarter was $12.4 million or $0.08 per share, representing an increase of 39% compared to $8.9 million or $0.06 per share in the previous quarter, and an increase of $46.1 million compared to the same quarter last year, as a net loss of $33.7 million was reported in Q3 2009 as a result of $47.4 million impairment charges.
For the nine months ended December 31, 2009 and 2008, gross profit margin was 76% and 56%, respectively.
Net income for the nine months ended December 31, 2009 was $28.8 million or $0.18 per share compared to a net loss of $17.2 million in the same period last year.
Cash and cash equivalents plus short-term investments increased by $22.3 million to $87.8 million since March 31, 2009 of $65.4 million. The 34% increase is mainly due to $42.2 million cash generated by operating activities, offset by $12.4 million of capital expenditures and $8.9 million of cash dividend payments.
OPERATIONS
Silvercorp mined 119,335 tonnes of ore during the third quarter, 2,610 tonnes less than the same quarter last year, as operations at the TLP, LM and HPG mines are still ramping up after being suspended at the end of 2008. The average grades of silver, lead and zinc have improved to 440.8g/t, 8.3% and 3.0% from 323.9g/t, 6.1% and 1.8% in the same period last year, respectively. Silvercorp achieved record silver production of 1.22 million oz.
Consolidated cash cost per ounce of silver for the third quarter improved to negative $7.73, compared with $0.25 per ounce of silver in the same quarter last year and negative $6.33 per ounce in the prior quarter. The improvement in cash cost per ounce of silver was driven by higher realized prices for by-product credits and operational improvements which reduced dilution and improved head grades at the Company's flagship Ying Mine.
During the quarter, production was primarily from the Ying Mine where 86,068 tonnes of ore was mined, an increase of 6% over the same quarter last year. Silver head grades at the Ying Mine improved to 489 g/t from 420 g/t in the prior year period.
The operating results for the past five quarters at the Ying Mine are summarized as follows:
---------------------------------------------------------------------------
Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009
31-Dec-09 30-Sep-09 30-Jun-09 31-Mar-09 31-Dec-08
---------------------------------------------------------------------------
Ores Mined (tonne)
Direct Smelting Ores
(tonne) 3,357 3,550 3,773 2,610 3,114
Ores to be milled
(tonne) 82,711 79,713 82,475 55,232 77,968
----------------------------------------------------
86,068 83,263 86,248 57,842 81,082
---------------------------------------------------------------------------
Run of Mine Ores
(tonne)
Direct Smelting Ores
(tonne) 3,357 3,550 3,773 2,726 3,114
Ores Milled (tonne) 70,776 80,657 77,330 60,167 70,854
----------------------------------------------------
74,133 84,207 81,103 62,893 73,968
---------------------------------------------------------------------------
Head Grades of Run of
Mine Ores
Silver (gram/tonne) 488.5 452.5 488.1 486.7 420.2
Lead (%) 9.0 8.1 9.1 9.1 7.7
Zinc (%) 3.4 3.0 3.1 3.1 2.6
---------------------------------------------------------------------------
Recovery Rate of the
Run of Mine Ores
Silver (%) 91.0 92.8 93.3 93.1 93.0
Lead (%) 95.8 96.6 96.5 97.2 96.7
Zinc (%) 76.0 71.2 76.3 69.4 78.1
---------------------------------------------------------------------------
Cash Mining Cost
($ per tonne) 45.75 46.16 42.27 45.44 45.10
Total Mining Cost
($ per tonne) 56.90 54.71 52.70 58.71 61.60
Cash Milling Cost
($ per tonne) 10.45 9.19 10.84 10.57 10.32
Total Milling Cost
($ per tonne) 11.48 10.16 11.74 11.76 11.24
---------------------------------------------------------------------------
Production Cost per
Ounce of Silver,
adjusted for
by-product credits (7.47) (5.51) (4.19) (3.24) 0.18
Cash Cost per Ounce
of Silver, adjusted
for by-product credits (8.36) (6.24) (5.00) (3.62) (1.39)
---------------------------------------------------------------------------
NSR PRICES
The Net Smelter Return (NSR) prices (net of smelter charges and 17% value added tax) for the past five quarters are as follows:
----------------------------------------------------------------------------
December September June March December
31, 2009 30, 2009 30, 2009 31, 2009 31, 2008
----------------------------------------------------------------------------
Silver (US$/oz) 12.99 10.99 9.89 8.68 7.34
Gold (US$/oz) 572 627 573 648 449
Lead (US$/lb) 0.76 0.67 0.56 0.52 0.41
Zinc (US$/lb) 0.64 0.53 0.46 0.37 0.28
----------------------------------------------------------------------------
Compared to the quarter ended December 31, 2008, the NSR prices for silver, lead and zinc all increased as a result of improved quoted metal prices and reduced smelter charges. NSR prices of silver and lead were approximately 85% of quoted Shanghai metal prices, excluding a 17% value added tax.
OUTLOOK
The Company will begin production at its new mill within this quarter, which will first process about 50,000 tonnes of stockpiled ores from Ying, HPG, LM, and TLP. Once fully ramped it will process 1,200 to 1,500 tonnes of ore per day. The new mill, together with the existing 1,000 tpd mill, provides sufficient capacity to accommodate anticipated increases in mine production in fiscal 2011 as production from HPG, TLP and LM mines continue to increase as mine development progresses.
For the fiscal year 2011, the Company's production plan is to produce approximate 500,000 tonnes of ore at grades of 360 g/t silver, 8% lead, and 1.2% zinc to yield 5.3 million oz of silver, 83.7 million pounds of lead, and 10.3 million pounds of zinc.
Using the average metal prices in Q3 2010 and the above production projection, the Company's mining operations are projected to generate revenue of $140 million, resulting in expected cash flows from mine operations of $95 million to $100 million. Capital expenditures for fiscal 2011 are budged at $13 million at the Ying Mine Camp, including $7 million for the Ying mine, $4 million for the TLP mine and $2 million for the HPG and LM mines.
At the GC project in Guangdong Province, China, the Company is engaged in the environmental permitting process. The environmental permitting process has taken longer than expected as the environmental authorities in China are drafting new regulations to address heavy metal discharge concerns in response to several environmental accidents in the country. The new regulations are expected to be completed and implemented in the first half of 2010.
In the meantime, the Company is in the process of compiling a feasibility study, which includes detailed mine and mill designs.
Silvercorp continues to pursue future growth opportunities by carrying out an aggressive exploration program within the existing exploration and mining permit areas and seeking out acquisitions projects in China and other jurisdictions.
CONFERENCE CALL AND WEBCAST INFORMATION
A conference call and live audio webcast to discuss these results is scheduled as follows:
Date: Wednesday, February 10, 2010 Time: 9:00 am PT (12:00 noon ET) Dial-In Number: 1-612-288-0329 Live audio webcast: www.silvercorp.ca (click on the link on the home page) Playback webcast can be accessed at: www.silvercorp.ca
About Silvercorp Metals Inc.
Silvercorp Metals Inc., China's largest primary silver producer, is engaged in the acquisition, exploration and development of silver related mineral properties located in the People's Republic of China ("China"). Silvercorp Metals Inc. is operating and developing four Silver-Lead-Zinc mines at the highly profitable Ying Mining Camp, Henan Province, China. Silvercorp is also applying for a mining permit at its 95% owned GC & SMT property to profitably mine and produce silver, lead and zinc in Guangdong Province, China. The Company's common shares are included as a component of the S&P/TSX Composite and the S&P/TSX Global Mining Indexes.
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
Statements in this press release other than purely historical factual information, including statements relating to mineral resources and reserves, or the Company's future plans and objectives, or expected production levels, exploration, head grades, recovery rates, cash flows, acquisitions, and capital expenditures constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration, development, and mining. Production projections are based not on mineral reserves but on mineral resources which do not have demonstrated economic viability. There can be no assurance that such forward-looking statements, including those in the outlook section, will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on such statements. Except in accordance with applicable securities laws, the Company expressly disclaims any obligation to update any forward-looking statements or forward-looking statements that are incorporated by reference herein.
SILVERCORP METALS INC.
Unaudited Consolidated Balance Sheets
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars)
December 31, March 31,
2009 2009
---------------------------------------------------------------------------
---------------------------------------------------------------------------
ASSETS
Current Assets
Cash and cash equivalents $ 53,503 $ 41,470
Short term investments 34,267 23,962
Restricted cash - 732
Accounts receivable, prepaids and deposits 1,829 2,933
Inventories 6,327 1,529
Current portion of future income tax assets - 143
Amounts due from related parties 312 249
---------------------------------------------------------------------------
96,238 71,018
Long term prepaids 669 1,058
Long term investments 14,449 12,186
Restricted cash - 293
Plant and equipment 29,330 29,072
Mineral rights and properties 112,197 89,413
Future income tax assets 1,728 2,162
---------------------------------------------------------------------------
$ 254,611 $ 205,202
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities $ 9,747 $ 8,533
Deposits received 1,914 1,290
Bank loan and notes payable 2,930 658
Dividends payable 3,109 2,564
Income tax payable 1,952 3,041
Amounts due to related parties 117 7,353
---------------------------------------------------------------------------
19,769 23,439
Future income tax liabilities 19,470 19,678
Asset retirement obligations 2,124 2,029
---------------------------------------------------------------------------
41,363 45,146
Non-controlling interests 18,413 7,610
SHAREHOLDERS' EQUITY
Share capital 137,044 135,604
Contributed surplus 4,473 3,764
Reserves 31,893 31,893
Accumulated other comprehensive income (loss) 10,184 (10,167)
Retained earnings (Deficit) 11,241 (8,648)
---------------------------------------------------------------------------
194,835 152,446
---------------------------------------------------------------------------
$ 254,611 $ 205,202
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SILVERCORP METALS INC.
Unaudited Consolidated Statement of Operations
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for share and per share
figures)
Three months ended Nine months ended
December 31, December 31,
--------------------------------------------------
2009 2008 2009 2008
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Sales $ 31,283 $ 15,168 $ 78,940 $ 66,131
---------------------------------------------------------------------------
Cost of sales 6,010 7,439 16,157 23,046
Amortization and
depletion 1,043 2,489 2,796 6,259
---------------------------------------------------------------------------
7,053 9,928 18,953 29,305
---------------------------------------------------------------------------
Gross profit 24,230 5,240 59,987 36,826
---------------------------------------------------------------------------
Expenses
Accretion of asset
retirement
obligations 32 27 93 87
Amortization 407 354 776 794
Foreign exchange
loss (gain) 791 830 (643) (2,199)
General exploration
and property
investigation
expenses 941 196 4,207 1,825
Impairment charges
and bad debt - 47,433 698 47,800
Investor relations 131 87 312 441
General and
administrative 2,688 2,416 7,221 7,296
Professional fees 201 185 1,439 1,358
---------------------------------------------------------------------------
5,191 51,528 14,103 57,402
---------------------------------------------------------------------------
19,039 (46,288) 45,884 (20,576)
Other income and
expenses
Equity loss in
investment (107) (22) (325) (1,467)
Loss on disposal of
mineral rights and
property - (819) - (819)
Loss on disposal of
plant and equipment (244) (10) (1,371) (19)
Loss on held for
trading securities (10) - (22) -
Interest income 237 246 635 1,266
Other income 72 365 285 481
---------------------------------------------------------------------------
(52) (240) (798) (558)
Income (loss)
before income taxes
and non-controlling
interest 18,987 (46,528) 45,086 (21,134)
Income tax expense
(recovery)
Current 2,556 779 6,074 4,183
Future 125 (7,212) 351 (7,600)
---------------------------------------------------------------------------
2,681 (6,433) 6,425 (3,417)
Income (loss)
before
non-controlling
interests 16,306 (40,095) 38,661 (17,717)
Non-controlling
interests (3,897) 6,400 (9,874) 482
---------------------------------------------------------------------------
Net income (loss) $ 12,409 $ (33,695)$ 28,787 $ (17,235)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Basic earnings
(loss) per share $ 0.08 $ (0.22)$ 0.18 $ (0.11)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Diluted earnings
(loss) per share $ 0.08 $ (0.22)$ 0.18 $ (0.11)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Weighted Average
Number of Shares
Outstanding - Basic 162,379,441 151,689,501 161,853,198 151,760,854
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Weighted Average
Number of Shares
Outstanding -
Diluted 163,912,759 151,689,501 163,487,318 151,760,854
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SILVERCORP METALS INC.
Unaudited Consolidated Statements of Comprehensive Income
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars)
Three months ended Nine months ended
December 31, December 31,
--------------------------------------------------
2009 2008 2009 2008
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net income (loss) $ 12,409 $ (33,695)$ 28,787 $ (17,235)
Other comprehensive
income (loss), net of
taxes:
Unrealized gain (loss)
on available for sale
securities 101 (43) 135 (107)
Reclassification
adjustment for losses
included in income - - 195 -
Unrealized exchange
gain (loss) on
translation of
self-sustaining
foreign operations (624) 9,642 (11,229) 10,191
Unrealized exchange
gain(loss) on
translation of
functional currency
to reporting
currency 3,643 (23,343) 31,250 (29,634)
---------------------------------------------------------------------------
Other comprehensive
income (loss) 3,120 (13,744) 20,351 (19,550)
---------------------------------------------------------------------------
Comprehensive income
(loss) $ 15,529 $ (47,439)$ 49,138 $ (36,785)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SILVERCORP METALS INC.
Unaudited Consolidated Statements of Cash Flows
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars)
Three months ended Nine months ended
December 31, December 31,
---------------------------------------------------------------------------
2009 2008 2009 2008
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Cash provided by (used
for)
Operating activities
Net income (loss) for
the period $ 12,409 $ (33,695)$ 28,787 $ (17,235)
Add (deduct) items not
affecting cash :
Accretion of asset
retirement obligation 32 27 93 87
Amortization 1,450 2,843 3,572 7,053
Equity Investment loss 107 22 325 1,467
Future income tax
expenses (recovery) 125 (7,212) 351 (7,600)
Impairment charges and
bad debt - 47,433 698 47,800
Loss on held for
trading securities 10 - 22 -
Loss on disposal of
mineral property - 819 - 819
Loss on disposal of
plant and equipment 244 10 1,371 19
Non-controlling
interests 3,897 (6,400) 9,874 (482)
Stock-based
compensation 423 727 1,322 1,996
Unrealized foreign
exchange loss (gain) 48 2,523 (970) 3,494
---------------------------------------------------------------------------
18,745 7,097 45,445 37,418
Net change in non-cash
working capital
Accounts receivable and
prepaids 622 2,162 734 2,174
Inventory (2,288) (113) (4,596) (2,532)
Restricted cash - - 732 -
Accounts payable and
accrued liabilities (1,054) (621) 370 899
Income tax payable 1,041 653 (1,084) (61)
Deposits received (1,140) (669) 623 (1,538)
---------------------------------------------------------------------------
Cash provided by
operating activities 15,926 8,509 42,224 36,360
---------------------------------------------------------------------------
Investing activities
Acquisition,
exploration and
development
expenditures (3,290) (996) (11,031) (36,402)
Acquisition of plant
and equipment (574) (2,563) (1,382) (11,173)
Purchase of long term
investments - (145) (1,323) (145)
Decrease (increase) of
short term investments (4,532) (2,458) (5,251) 22,396
Decrease (increase) in
long term prepaids 1,360 (2,429) (638) (1,853)
Proceeds from disposal
of mineral rights and
properties - 814 - 814
Proceeds from disposal
of plant and equipment 14 2 133 2
---------------------------------------------------------------------------
Cash used in investing
activities (7,022) (7,775) (19,492) (26,361)
---------------------------------------------------------------------------
Financing activities
Repayment from (advance
to) related parties 49 (1,101) (56) 188
Bank loan - - 2,927 -
Repayment of bankers
acceptance - - (658) -
Distribution to
non-controlling
interest shareholder (3,898) - (7,191) (11,199)
Non-controlling
interest contribution - 215 - 215
Cash dividends
distributed (3,366) (2,990) (8,898) (2,990)
Share subscriptions for
cash, net of commission
and expenses 770 - 828 21
Repurchase of shares to
treasury for
cancellation - (421) - (9,473)
---------------------------------------------------------------------------
Cash used in financing
activities (6,445) (4,297) (13,048) (23,238)
---------------------------------------------------------------------------
Effect of exchange rate
changes on cash and
cash equivalents 1,228 (4,123) 2,349 (5,046)
Increased (decrease) in
cash and cash
equivalents 3,687 (7,686) 12,033 (18,285)
Cash and cash
equivalents, beginning
of period 49,816 36,494 41,470 47,093
---------------------------------------------------------------------------
Cash and cash
equivalents, end of
period $ 53,503 $ 28,808 $ 53,503 $ 28,808
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Supplemental
information:
Interest paid $ 23 $ - $ 116 $ 30
Income tax paid $ 1,517 $ - $ 7,175 $ 4,149
Non-cash investing
activities:
Common shares issued
for mineral rights
and properties $ - $ - $ - $ 36,485
SILVERCORP METALS INC.
Unaudited Consolidated Statements of Shareholders' Equity
---------------------------------------------------------------------------
(Expressed in thousands of U.S. dollars, except for numbers of shares
figures)
Share capital
--------------------
Accum-
ulated Ret-
other ained
Contri- compre- earn- Total
buted hensive ings share-
Number of sur- Res- income (def- holders'
shares Amount plus erves (loss) icit) equity
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Balance, March
31, 2008 149,416,476 $ 78,334 $1,722 $ 2,078 $14,122 $52,736 $148,992
Options
exercised 4,482 35 (13) - - - 22
Shares issued
for property 4,532,543 36,485 - - - - 36,485
Financing 10,000,000 24,205 - - - - 24,205
Net of share
issuance costs - (1,570) - - - - (1,570)
Cancellation of
shares under
normal course
issuer bid (2,366,500) (1,885) (47) - - (7,542) (9,474)
Stock-based
compensation - - 2,102 - - - 2,102
Unrealized loss
on available
for sale
securities - - - - (155) - (155)
Appropriation
to reserves - - - 29,815 - (29,815) -
Cash dividends
declared and
distributed - - - - - (8,030) (8,030)
Loss of the
period - - - - - (15,997) (15,997)
Unrealized gain
on translation
of self-
sustaining
operation - - - - 11,270 - 11,270
Unrealized loss
on translation
functional
currency to
reporting
currency - - - - (35,404) - (35,404)
---------------------------------------------------------------------------
Balance, March
31, 2009 161,587,001 135,604 3,764 31,893 (10,167) (8,648) 152,446
Options
exercised 1,107,428 1,440 (613) - - - 827
Stock-based
compensation - - 1,322 - - - 1,322
Unrealized gain
on available
for sale
securities - - - - 135 - 135
Reclassification
adjustment for
losses included
in income - - - - 195 - 195
Cash dividends
declared and
distributed - - - - - (8,898) (8,898)
Income of the
period - - - - - 28,787 28,787
Unrealized loss
on translation
of self-
sustaining
operation - - - - (11,229) - (11,229)
Unrealized gain
on translation
functional
currency to
reporting
currency - - - - 31,250 - 31,250
---------------------------------------------------------------------------
Balance,
December 31,
2009 162,694,429 $137,044 $4,473 $31,893 $10,184 $11,241 $194,835
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------
The following table summarizes historical operating information for each
mine and consolidated totals for the quarter ended December 31, 2009:
Three months ended December 31, 2009
----------------------------------------------------
Consol-
YING HPG TLP LM idation
Production Data
Mine Data
Ore Mined (tonne)
Direct Smelting Ores
(tonne) 3,357 72 - - 3,428
Stockpiled Ores
(tonne) 82,711 8,629 15,995 8,571 115,907
---------------------------------------------------
86,068 8,701 15,995 8,571 119,335
----------------------------------------------------
Run of Mine Ore
(tonne)
Direct Smelting Ores
(tonne) 3,357 72 - - 3,428
Stockpiled Ores
Milled (tonne) 70,776 8,734 1,313 6,208 87,032
----------------------------------------------------
74,133 8,807 1,313 6,208 90,460
----------------------------------------------------
Mining cost per
tonne of ore mined
($) 56.90 66.13 60.40 53.70 57.81
Cash mining cost per
tonne of ore mined
($) 45.75 59.16 58.30 53.00 48.93
Non cash mining cost
per tonne of ore
mined ($) 11.15 6.97 2.10 0.70 8.88
Unit shipping costs
($) 3.60 3.90 2.80 2.10 3.38
Milling cost per
tonne of ore milled
($) 11.48 12.41 61.21 11.25 12.28
Cash milling cost
per tonne of ore
milled ($) 10.45 11.36 44.28 10.13 11.01
Non cash milling
cost per tonne of
ore milled ($) 1.02 1.06 16.92 1.12 1.27
Average Production
Cost
Silver ($ per ounce) 2.58 4.35 13.10 7.28 2.93
Gold ($ per ounce) 83.44 234.04 - 246.9 128.91
Lead ($ per pound) 0.15 0.26 0.87 0.35 0.17
Zinc ($ per pound) 0.13 0.19 - - 0.14
Total production
cost per ounce of
Silver ($) (7.47) (17.91) 15.00 5.62 (6.87)
Total cash cost per
ounce of Silver ($) (8.36) (19.11) 14.00 5.38 (7.73)
Total Recovery of
the Run of Mine Ores
Silver (%) 91.0 85.4 86.4 86.4 92.1
Lead (%) 95.8 94.5 90.5 80.9 96.7
Zinc ( %) 76.0 75.0 - - 75.9
Head Grades of Run
of Mine Ores
Silver (gram/tonne) 488.5 179.1 86.9 306.4 440.8
Lead (%) 9.0 7.0 2.7 2.1 8.3
Zinc (%) 3.4 1.5 - - 3.0
Sales Data
Metal Sales
Silver (in thousands
of ounce) 1,086 44 1 89 1,220
Gold (in thousands
of ounce) 0.2 0.3 - 0.0 0.5
Lead (in thousands
of pound) 14,327 1,366 11 508 16,211
Zinc (in thousands
of pound) 4,038 416 - - 4,454
Metal Sales
Silver ($) 14,094 555 11 1,184 15,844
Gold ($) 84 210 - 9 303
Lead ($) 10,917 1,037 8 321 12,283
Zinc ($) 2,618 235 - - 2,853
----------------------------------------------------
27,713 2,037 19 1,514 31,283
----------------------------------------------------
Average Selling
Price, Net of Value
Added Tax and
Smelter Charges
Silver ($ per ounce) 12.98 12.76 11.00 13.27 12.99
Gold ($ per ounce) 420.00 686.27 - 450.00 571.70
Lead ($ per pound) 0.76 0.76 0.73 0.63 0.76
Zinc ($ per pound) 0.65 0.56 - - 0.64
SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------
The following table summarizes historical operating information for each
mine and consolidated totals for the quarter ended December 31, 2008:
Three months ended December 31, 2008
----------------------------------------------------
Consol-
YING HPG TLP LM idation
Production Data
Mine Data
Ore Mined (tonne)
Direct Smelting Ores
(tonne) 3,114 162 8 4 3,288
Stockpiled Ores
(tonne) 77,968 20,237 10,946 9,506 118,657
----------------------------------------------------
81,082 20,399 10,954 9,510 121,945
----------------------------------------------------
Run of Mine Ore
(tonne)
Direct Smelting Ores
(tonne) 3,114 162 8 4 3,288
Ores Milled (tonne) 70,854 23,692 10,563 10,118 115,227
----------------------------------------------------
73,968 23,854 10,571 10,122 118,515
----------------------------------------------------
Mining cost per
tonne of ore mined
($) 61.60 61.33 62.44 95.96 64.30
Cash mining cost per
tonne of ore mined
($) 45.10 30.44 44.40 44.96 42.57
Non cash mining cost
per tonne of ore
mined ($) 16.50 30.89 18.04 51.00 21.73
Unit shipping costs
($) 3.75 4.03 2.81 4.06 3.73
Milling cost per
tonne of ore milled
($) 11.24 14.49 13.36 18.14 12.70
Cash milling cost
per tonne of ore
milled ($) 10.32 13.40 11.74 18.14 11.76
Non cash milling
cost per tonne of
ore milled ($) 0.92 1.09 1.62 - 0.94
Average Production
Cost
Silver ($ per ounce) 3.49 10.55 8.77 9.81 4.81
Gold ($ per ounce) 161.62 631.58 467.33 726.36 294.24
Lead ($ per pound) 0.20 0.46 0.51 0.96 0.27
Zinc ($ per pound) 0.13 0.43 - - 0.19
Total production
cost per ounce of
Silver ($) 0.18 17.59 10.04 11.13 2.54
Total cash cost per
ounce of Silver ($) (1.39) 8.13 6.14 7.45 0.25
Total Recovery of
the Run of Mine Ores
Silver (%) 93.0 76.5 90.8 87.9 91.4
Lead (%) 96.7 92.6 87.0 86.8 95.4
Zinc ( %) 78.1 74.2 - - 77.6
Head Grades of Run
of Mine Ores
Silver (gram/tonne) 420.2 108.8 181.4 307.3 323.9
Lead (%) 7.7 4.6 2.8 1.9 6.1
Zinc (%) 2.6 1.2 - - 1.8
Sales Data
Metal Sales
Silver (in thousands
of ounce) 880 53 79 78 1,090
Gold (in thousands
of ounce) - 0.6 - - 0.6
Lead (in thousands
of pound) 11,419 2,003 972 398 14,792
Zinc (in thousands
of pound) 2,894 71 - - 2,965
Metal Sales
Silver ($) 6,481 401 555 570 8,007
Gold ($) 3 245 6 15 269
Lead ($) 4,708 659 397 283 6,047
Zinc ($) 823 22 - - 845
----------------------------------------------------
12,015 1,327 958 868 15,168
----------------------------------------------------
Average Selling
Price, Net of Value
Added Tax and
Smelter Charges
Silver ($ per ounce) 7.37 7.50 7.02 7.27 7.34
Gold ($ per ounce) 341.03 449.00 373.94 538.66 449.52
Lead ($ per pound) 0.41 0.33 0.41 0.71 0.41
Zinc ($ per pound) 0.28 0.31 - - 0.28
SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------
The following table summarizes historical operating information for each
mine and consolidated totals for the nine months ended December 31, 2009:
Nine months ended December 31, 2009
----------------------------------------------------
Consol-
YING HPG TLP LM idation
Production Data
Mine Data
Ore Mined (tonne)
Direct Smelting Ores
(tonne) 10,680 216 8 - 10,904
Stockpiled Ores
(tonne) 244,899 23,100 27,724 19,093 314,816
----------------------------------------------------
255,579 23,316 27,732 19,093 325,720
----------------------------------------------------
Run of Mine Ore
(tonne)
Direct Smelting Ores
(tonne) 10,680 217 8 - 10,904
Ores Milled (tonne) 228,763 24,175 2,844 7,287 263,070
----------------------------------------------------
239,443 24,392 2,852 7,287 273,974
----------------------------------------------------
Mining cost per
tonne of ore mined
($) 54.83 54.68 64.43 59.61 55.91
Cash mining cost per
tonne of ore mined
($) 44.77 51.01 61.53 58.62 47.45
Non cash mining cost
per tonne of ore
mined ($) 10.06 3.67 2.90 0.99 8.46
Unit shipping
costs($) 3.53 3.65 2.88 2.42 3.42
Milling cost per
tonne of ore milled
($) 11.24 12.10 34.40 10.55 11.53
Cash milling cost
per tonne of ore
milled ($) 10.23 11.08 26.01 9.54 10.45
Non cash milling
cost per tonne of
ore milled ($) 1.00 1.03 8.38 1.01 1.08
Average Production
Cost
Silver ($ per ounce) 2.54 4.09 3.16 7.34 2.72
Gold ($ per ounce) 101.90 243.21 - - 140.05
Lead ($ per pound) 0.15 0.24 0.20 0.36 0.16
Zinc ($ per pound) 0.12 0.19 - - 0.13
Total production
cost per ounce of
Silver ($) (5.70) (13.75) (3.00) 5.66 (5.61)
Total cash cost per
ounce of Silver ($) (6.51) (14.52) (3.25) 5.42 (6.40)
Total Recovery of
the Run of Mine Ores
Silver (%) 91.3 85.7 85.4 86.0 92.6
Lead (%) 95.4 93.5 90.1 84.0 96.4
Zinc (%) 75.8 72.3 - - 75.7
Head Grades of Run
of Mine Ores
Silver (gram/tonne) 476.3 151.1 91.7 312.5 439.5
Lead (%) 8.7 6.3 4.8 2.6 8.4
Zinc (%) 3.2 1.2 - - 2.9
Sales Data
Metal Sales
Silver (in thousands
of ounce) 3,327 104 15 99 3,545
Gold (in thousands
of ounce) 0.4 0.7 - 0.0 1.1
Lead (in thousands
of pound) 43,428 3,236 201 588 47,453
Zinc (in thousands
of pound) 11,324 669 - - 11,993
Metal Sales -
Silver ($) 37,500 1,160 160 1,283 40,103
Gold ($) 190 464 1 10 665
Lead ($) 28,952 2,130 134 374 31,590
Zinc ($) 6,244 338 - - 6,582
----------------------------------------------------
72,886 4,092 295 1,667 78,940
----------------------------------------------------
Average Selling
Price, Net of Value
Added Tax and
Smelter Charges
Silver ($ per ounce) 11.27 11.15 10.39 12.96 11.31
Gold ($ per ounce) 452.38 662.86 - 500.00 583.33
Lead ($ per pound) 0.67 0.66 0.67 0.64 0.67
Zinc ($ per pound) 0.55 0.51 - - 0.55
SILVERCORP METALS INC.
Mining Data
---------------------------------------------------------------------------
The following table summarizes historical operating information for each
mine and consolidated totals for the nine months ended December 31, 2008:
Nine months ended December 31, 2008
----------------------------------------------------
Consol-
YING HPG TLP LM idation
Production Data
Mine Data
Ore Mined (tonne)
Direct Smelting Ores
(tonne) 8,572 490 95 71 9,228
Stockpiled Ores
(tonne) 223,920 52,870 58,472 34,844 370,106
----------------------------------------------------
232,492 53,360 58,567 34,915 379,334
----------------------------------------------------
Run of Mine Ore
(tonne)
Direct Smelting Ores
(tonne) 8,572 490 95 71 9,228
Ores Milled (tonne) 215,037 59,334 62,499 30,074 366,944
----------------------------------------------------
223,609 59,824 62,594 30,145 376,172
----------------------------------------------------
Mining cost per
tonne of ore mined
($) 67.95 74.48 56.79 109.45 71.58
Cash mining cost per
tonne of ore mined
($) 52.68 44.75 48.26 68.73 52.81
Non cash mining cost
per tonne of ore
mined ($) 15.27 29.73 8.53 40.72 18.77
Unit shipping costs
($) 3.61 4.03 2.11 4.75 3.54
Milling cost per
tonne of ore milled
($) 11.58 13.10 13.89 17.88 12.67
Cash milling cost
per tonne of ore
milled ($) 10.64 11.97 12.67 17.88 11.73
Non cash milling
cost per tonne of
ore milled ($) 0.94 1.13 1.22 - 0.94
Average Production
Cost
Silver ($ per ounce) 3.62 7.37 9.88 14.44 4.72
Gold ($ per ounce) 129.02 396.82 372.59 728.07 244.28
Lead ($ per pound) 0.24 0.45 0.60 0.92 0.31
Zinc ($ per pound) 0.15 0.27 - - 0.19
Total production
cost per ounce of
Silver ($) (3.21) 0.34 9.31 9.73 (1.02)
Total cash cost per
ounce of Silver ($) (4.45) (6.78) 5.46 6.02 (3.01)
Total Recovery of
the Run of Mine Ores
Silver (%) 90.6 81.6 84.2 88.1 89.0
Lead (%) 95.5 93.2 80.4 86.8 93.7
Zinc ( %) 78.6 71.4 - - 78.0
Head Grades of Run
of Mine Ores
Silver (gram/tonne) 363.4 155.9 162.3 307.2 291.7
Lead (%) 6.3 5.9 2.4 2.0 5.2
Zinc (%) 2.7 0.9 - - 1.8
Sales Data
Metal Sales
Silver (in thousands
of ounce) 2,477 187 246 243 3,153
Gold (in thousands
of ounce) - 1 - - 1
Lead (in thousands
of pound) 30,764 5,338 2,699 1,083 39,884
Zinc (in thousands
of pound) 9,257 227 - - 9,484
Metal Sales
Silver ($) 26,379 1,982 2,630 2,606 33,597
Gold ($) 27 790 33 45 895
Lead ($) 21,593 3,461 1,762 738 27,554
Zinc ($) 3,996 89 - - 4,085
----------------------------------------------------
51,995 6,322 4,425 3,389 66,131
----------------------------------------------------
Average Selling
Price, Net of Value
Added Tax and
Smelter Charges
Silver ($ per ounce) 10.65 10.58 10.71 10.71 10.65
Gold ($ per ounce) 379.67 569.60 403.99 539.93 551.26
Lead ($ per pound) 0.70 0.65 0.65 0.68 0.69
Zinc ($ per pound) 0.43 0.39 - - 0.43
Contacts: Silvercorp Metals Inc. Rui Feng Chairman & CEO (604) 669-9397 or Toll Free: 1 (888) 224-1881 Silvercorp Metals Inc. Lorne Waldman Corporate Secretary (604) 669-9397 or Toll Free: 1 (888) 224-1881 (604) 669-9387 (FAX) info@silvercorp.ca www.silvercorp.ca
LOS ANGELES--(BUSINESS WIRE)-- Manhattan Bancorp ("Company") (OTCBB: MNHN) and its wholly-owned banking subsidiary, Bank of Manhattan, N. A. ("Bank"), announced today the departure of Jeffrey M. Watson as President, Chief Executive Officer and member of the board of directors. The Company and the Bank also announced the appointment of Harry W. Chenoweth as interim Chief Executive Officer, pending the selection of a permanent replacement for Mr. Watson.
"We would like to thank Mr. Watson for his dedicated service to the Company and the Bank during his tenure as our President and Chief Executive Officer," said Kyle A. Ransford, the Company's Chairman of the Board. "We have had great success under his leadership, growing to $150 million in assets in just over two years since our organization."
Mr. Chenoweth was a founding member of the board of directors of the Company and the Bank. With over 32 years of banking industry experience, Mr. Chenoweth most recently served as President of Barrister Executive Suites, Inc. and as Executive Vice President of Imperial Bank of Los Angeles.
Bank of Manhattan, which opened for business on August 15, 2007, is a full service bank headquartered in the South Bay area of Los Angeles, California. Bank of Manhattan's primary focus is relationship banking to entrepreneurs, family-owned and closely-held middle market businesses, real estate investors and professional service firms. At October 1, 2009, Manhattan Bancorp, through its wholly owned subsidiary, MBFS Holdings, Inc., acquired a 70% interest in Banc of Manhattan Capital, LLC, a full service mortgage-centric broker/dealer. Additional information is available at www.BankManhattan.com.
FORWARD LOOKING STATEMENTS
Certain matters discussed in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements relate to the Company's current expectations regarding deposit and loan growth, operating results and the strength of the local economy. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward looking statements. These risks and uncertainties include, but are not limited to: (1) the impact of changes in interest rates, a decline in economic conditions and increased competition among financial service providers on Bank of Manhattan's operating results, ability to attract deposit and loan customers and the quality of Bank of Manhattan's earning assets; (2) government regulation; and (3) the other risks set forth in the Company's December 31, 2008 10-K, ITEM 1A. Risk Factors filed with the Securities and Exchange Commission. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.
Source: Manhattan Bancorp
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