08/14 StreetInsider.com Unusual 11 Mid-Day Movers
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Isonics Corporation (Nasdaq: ISON) 29.7% HIGHER; The Company announced that it expects to report unaudited revenue for its semiconductor products and services segment (semiconductor segment) of approximately $2,900,000 for the quarter ended July 31, 2006, a 260% increase as compared to $805,000 for the quarter ended July 31, 2005.
Ocean Bio-Chem, Inc. (NASDAQ: OBCI) 26% LOWER; Reports a Q2 loss of $0.03 compared to a loss of $0.06 for the same quarter in 2005. Revenues fell 5.6% to $255,600 compared to the same quarter in 2005.
Pac-West Telecomm, Inc. (Nasdaq: PACW) 24.4% LOWER; Reports a Q2 loss of $0.02 compared to a loss of $0.06 from the same period in 2005. Revenues were $27 million compared to $21.9 million from same period in 2005. However, Second quarter network expenses increased 20.0% from the first quarter of 2006, primarily due to supplier credits received during the first quarter and Minutes of use decreased 21.4% in the second quarter of 2006 from the first quarter of 2006, and 27.9% from the second quarter of 2005.
Rotech Healthcare Inc. (NASDAQ: ROHI) 24% HIGHER; Company responds to FDA warning letter - Philip L. Carter, President and Chief Executive Officer, commented that, "Assuming that the lower reimbursement rates for compounded budesonide that we previously announced remain unchanged and that all of our patients currently taking compounded products were switched today to drugs that are commercially available, we estimate that such conversion would result in an increase in Medicare reimbursement and projected annual gross revenue of approximately $60 million and an increase in projected annual pretax profit of up to approximately $10 million. We are preparing our formal response to the warning letter and remain committed to working with the FDA to resolve this matter."
Micronetics, Inc. (NASDAQ: NOIZ) 22% LOWER; Reports Q1 EPS of $0.11 compared to $0.07 for the same quarter in 2005. (Net income for the quarter ended June 30, 2006 includes $100,196 in non-cash stock-based compensation expense, net of income taxes, or $0.02 per diluted share, resulting from the application of SFAS 123� beginning April 1, 2006)
PHAZAR Corp (Nasdaq: ANTP) 20% LOWER; The Company ended the year with a net income from operations of $1,102,681 (49 cents per share) on sales of $9,488,813 for the year ended May 31, 2006. This compares to a net income from operations of $1,737,288 (77 cents per share) on sales of $11,614,785 for the year ended May 31, 2005. The decrease was due to lower margins on products sold during the year ended May 31, 2006 and the completion of a production contract in the second quarter of FY2006. The Company's backlog of orders totaled approximately $1.2 million at year-end, down from the prior year-end backlog of $4.4 million.
Calgon Carbon (NYSE: CCC) 14.4% LOWER; Announced today that it intends to offer, subject to market conditions and other factors, $65 million in aggregate principal amount of Convertible Senior Notes due 2036 ("Convertible Notes"). In addition, the company may issue up to an additional $10 million in aggregate principal amount of Convertible Notes upon exercise of an option to be granted to the initial purchaser.
Sonic Corp. (Nasdaq: SONC) 12.1% HIGHER; Announced that its Board of Directors has authorized a modified "Dutch Auction" tender offer to purchase up to 25,454,545 shares of its common stock at a price per share not less than $19.50 and not greater than $22.00, for a maximum aggregate purchase price of $560 million. The high end of this range represents an 11.5% premium to today's closing price for the company's common stock. The tender offer is expected to commence on or about August 15, 2006, and to expire on or about September 22, 2006, unless extended. The number of shares proposed to be purchased in the tender offer represents approximately 30% percent of Sonic's currently outstanding common stock.
Safeguard Scientifics (NYSE: SFE) 11.4% HIGHER; Company announced it has entered into an agreement to merge Mantas, Inc. into a wholly-owned US subsidiary of i-flex solutions, based in Mumbai, India, a provider of technology solutions to the global financial services industry. In the transaction, the aggregate merger consideration is $122.6 million, subject to adjustment for Mantas' cash at closing.
The Mills Corporation (NYSE: MLS) 10.1% HIGHER; Company has signed a binding letter of intent to sell its interest in Vaughan Mills St. Enoch Centre and Madrid Xanadu to Ivanhoe Cambridge, Inc. for approximately US$981 million, before transaction costs. The stock is also bouncing back after a 30% drop on Friday.
Weight Watchers (NYSE: WTW) 6.9% HIGHER; JP Morgan upgrades WTW from Neutral to Overweight
Ocean Bio-Chem, Inc. (NASDAQ: OBCI) 26% LOWER; Reports a Q2 loss of $0.03 compared to a loss of $0.06 for the same quarter in 2005. Revenues fell 5.6% to $255,600 compared to the same quarter in 2005.
Pac-West Telecomm, Inc. (Nasdaq: PACW) 24.4% LOWER; Reports a Q2 loss of $0.02 compared to a loss of $0.06 from the same period in 2005. Revenues were $27 million compared to $21.9 million from same period in 2005. However, Second quarter network expenses increased 20.0% from the first quarter of 2006, primarily due to supplier credits received during the first quarter and Minutes of use decreased 21.4% in the second quarter of 2006 from the first quarter of 2006, and 27.9% from the second quarter of 2005.
Rotech Healthcare Inc. (NASDAQ: ROHI) 24% HIGHER; Company responds to FDA warning letter - Philip L. Carter, President and Chief Executive Officer, commented that, "Assuming that the lower reimbursement rates for compounded budesonide that we previously announced remain unchanged and that all of our patients currently taking compounded products were switched today to drugs that are commercially available, we estimate that such conversion would result in an increase in Medicare reimbursement and projected annual gross revenue of approximately $60 million and an increase in projected annual pretax profit of up to approximately $10 million. We are preparing our formal response to the warning letter and remain committed to working with the FDA to resolve this matter."
Micronetics, Inc. (NASDAQ: NOIZ) 22% LOWER; Reports Q1 EPS of $0.11 compared to $0.07 for the same quarter in 2005. (Net income for the quarter ended June 30, 2006 includes $100,196 in non-cash stock-based compensation expense, net of income taxes, or $0.02 per diluted share, resulting from the application of SFAS 123� beginning April 1, 2006)
PHAZAR Corp (Nasdaq: ANTP) 20% LOWER; The Company ended the year with a net income from operations of $1,102,681 (49 cents per share) on sales of $9,488,813 for the year ended May 31, 2006. This compares to a net income from operations of $1,737,288 (77 cents per share) on sales of $11,614,785 for the year ended May 31, 2005. The decrease was due to lower margins on products sold during the year ended May 31, 2006 and the completion of a production contract in the second quarter of FY2006. The Company's backlog of orders totaled approximately $1.2 million at year-end, down from the prior year-end backlog of $4.4 million.
Calgon Carbon (NYSE: CCC) 14.4% LOWER; Announced today that it intends to offer, subject to market conditions and other factors, $65 million in aggregate principal amount of Convertible Senior Notes due 2036 ("Convertible Notes"). In addition, the company may issue up to an additional $10 million in aggregate principal amount of Convertible Notes upon exercise of an option to be granted to the initial purchaser.
Sonic Corp. (Nasdaq: SONC) 12.1% HIGHER; Announced that its Board of Directors has authorized a modified "Dutch Auction" tender offer to purchase up to 25,454,545 shares of its common stock at a price per share not less than $19.50 and not greater than $22.00, for a maximum aggregate purchase price of $560 million. The high end of this range represents an 11.5% premium to today's closing price for the company's common stock. The tender offer is expected to commence on or about August 15, 2006, and to expire on or about September 22, 2006, unless extended. The number of shares proposed to be purchased in the tender offer represents approximately 30% percent of Sonic's currently outstanding common stock.
Safeguard Scientifics (NYSE: SFE) 11.4% HIGHER; Company announced it has entered into an agreement to merge Mantas, Inc. into a wholly-owned US subsidiary of i-flex solutions, based in Mumbai, India, a provider of technology solutions to the global financial services industry. In the transaction, the aggregate merger consideration is $122.6 million, subject to adjustment for Mantas' cash at closing.
The Mills Corporation (NYSE: MLS) 10.1% HIGHER; Company has signed a binding letter of intent to sell its interest in Vaughan Mills St. Enoch Centre and Madrid Xanadu to Ivanhoe Cambridge, Inc. for approximately US$981 million, before transaction costs. The stock is also bouncing back after a 30% drop on Friday.
Weight Watchers (NYSE: WTW) 6.9% HIGHER; JP Morgan upgrades WTW from Neutral to Overweight
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