Tag Archives: Net Income

Fairchild Semiconductor Reports Results for the First Quarter 2013

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Fairchild Semiconductor Reports Results for the First Quarter 2013

  • Bookings at $400 million Quarterly Rate for First Quarter and So Far in Second Quarter
  • Direct OEM Bookings at Highest Level Since 2010
  • Automotive Product Line Sales up 26% Sequentially to Record Quarterly Level

SAN JOSE, Calif.–(BUSINESS WIRE)– Fairchild Semiconductor (NYS: FCS) , a leading global supplier of power semiconductors, today announced results for the first quarter ended March 31, 2013. Fairchild reported first quarter sales of $343.2 million, up 3 percent from the prior quarter and 3 percent lower than the 14 week first quarter of 2012.

Fairchild reported a first quarter net loss of $0.5 million or $0.00 per diluted share compared to a net loss of $13.6 million or $0.11 per diluted share in the prior quarter and net income of $1.6 million or $0.01 per diluted share in the first quarter of 2012. Gross margin was 26.9 percent compared to 29.8 percent in the prior quarter and in the year-ago quarter.

Fairchild reported first quarter adjusted gross margin of 27.8 percent, down 200 basis points from the prior quarter and the first quarter of 2012. Adjusted gross margin excludes accelerated depreciation related to a line closure. Adjusted net loss was $2.0 million or $0.02 per diluted share, compared to net income of $12.3 million or $0.10 per diluted share in the prior quarter and $8.3 million or $0.06 per diluted share in the first quarter of 2012. This adjusted net loss excludes the $12.6 million litigation charge reversal related to the recent favorable court ruling on the first Power Integrations lawsuit. See the Reconciliation of Net Income to Adjusted Net Income exhibit included in this press release for more details on the other adjustment items.

“First quarter sales and second quarter guidance are better than seasonal,” said Mark Thompson, Fairchild’s chairman and CEO. “Bookings were robust throughout the first quarter and so far through Q2 at about a $400 million quarterly rate. These strong order rates are especially evident for our direct OEM business which is booking at the highest level since 2010. We posted solid sales growth in our high voltage products serving the industrial, appliance and automotive markets as well as continued market share gains for our mobile analog and power management solutions. These markets now account for 74% of total company sales, the highest

From: http://www.dailyfinance.com/2013/04/18/fairchild-semiconductor-reports-results-for-the-fi/

FAB Universal Sees Explosive Podcast Audience Growth For Libsyn

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FAB Universal Sees Explosive Podcast Audience Growth For Libsyn

Unique Monthly Audiences Increase from 20 Million to 28 million

PITTSBURGH, Pa.–(BUSINESS WIRE)– FAB Universal (NYSE MKT:FU), a worldwide distributor of digital entertainment, today announced unique monthly audiences has experienced accelerated growth from 20 million people in the first quarter of 2012 to 28 million people in the first quarter of this year. The 40% increase is a result of the addition of 8 million podcast audience members enjoying podcasts from 240 countries around the world on the Libsyn Network each and every month.

The recent hockey stick type growth chart for audience engagement with podcasts comes at a time when more shows are now being distributed to mobile devices than to traditional PC‘s. Media distribution to mobile devices such as iPhones and iPads demonstrate a fundamental shift away from the traditional method of downloads via iTunes to the PC. This fundamental catalyst represents a significant opportunity for monetization of podcasts through advertising due to the fact that these mobile downloads can now be tracked in the same manner as streaming video content from a website like YouTube. This type of tracking was not possible before this shift in audience consumption habits.

FAB Universal, the parent company of Libsyn, is looking for Libsyn to generate $1 million of profit this year, a first for the podcast division. FAB Universal Corp. expects to generate Revenue between $98.9 million and $102.6 million for the full year 2013 and expects after tax Net Income between $19.3 million and $20.1 million for the full year 2013.

“It is an exciting time for podcasting and we are well-positioned for substantial revenue growth with the Libsyn platform, our mobile strategy and monetization opportunities for our producers,” said Laurie Sims, President of Libsyn. “Our strategy has always been to provide producers with the tools to distribute and monetize podcast media and today we remain the premier podcast platform in the world. We expect to see even more opportunities for hosting and monetization revenue in 2013.”

About FAB Universal Corp:

FAB Universal Corp. is a global leader in digital media entertainment sales and distribution. FAB delivers media to its customers worldwide through Intelligent Kiosks, Retail Stores, Retail Franchises and online through Apple iTunes and Google Android through three business units: Digital Media Services, Retail Media Sales and Wholesale Media Distribution. We distribute billions of movie, music, podcast, TV show and other

From: http://www.dailyfinance.com/2013/04/17/fab-universal-sees-explosive-podcast-audience-grow/

Diamond Resorts Corporation Reports Fourth Quarter and Full Year 2012 Financial Results

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Diamond Resorts Corporation Reports Fourth Quarter and Full Year 2012 Financial Results

LAS VEGAS–(BUSINESS WIRE)– Diamond Resorts Corporation, together with Diamond Resorts Parent, LLC and its subsidiaries (“Diamond” or the “Corporation”), today announced results for the quarter and year ended December 31, 2012. “We remain pleased with the continued year over year improvement in our operating performance and continue to focus on the growth of our integrated hospitality platform,” said David F. Palmer, President and Chief Executive Officer.

Full Year 2012 Highlights

  • Adjusted EBITDA for the consolidated operations of Diamond Resorts Parent, LLC, increased $51.4 million to $109.9 million for the year ended December 31, 2012 from $58.5 million for the year ended December 31, 2011. For 2012, Adjusted EBITDA included $3.3 million non-cash stock-based compensation expense and a $5.0 million charge related to termination payments in connection with the Tempus Acquisition. For 2011, Adjusted EBITDA included $9.7 million water intrusion assessment levied by the HOA of one of our managed resorts.
  • Hospitality and Management Services grew 6.9%, contributing another $5.6 million to Net Income for 2012 compared to 2011.
  • Vacation Interest revenues grew by $107.2 million, or 50.7% between the 2012 and 2011. This growth was driven by:
    • an increase in tours of 34,721 to 180,981
    • an increase in closing percentage of 0.4% to 14.8%
    • an increase in average transaction price of $2,020 to $12,510
  • Advertising, sales and marketing expense as a percentage of vacation interest sales decreased 4.9 percentage points to 56.0%.
  • On October 5, 2012, we completed the acquisition of Aegean Blue Holdings Plc, adding five more resorts and new owners to our system. On May 21, 2012, we completed the acquisition of Pacific Monarch Resorts, Inc., and its affiliates adding nine more resorts, four management contracts, and new owners to our system.

Fourth Quarter 2012 Highlights

  • Adjusted EBITDA for the consolidated operations of Diamond Resorts Parent, LLC, increased $28.4 million to $32.5 million for the quarter ended December 31, 2012 from $4.1 million for the quarter ended December 31, 2011. For 2012, Adjusted EBITDA included $3.3 million non-cash …read more
    Source: FULL ARTICLE at DailyFinance

GXS Reports Fourth Quarter and Full Year 2012 Financial Results

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GXS Reports Fourth Quarter and Full Year 2012 Financial Results

GAITHERSBURG, Md.–(BUSINESS WIRE)– GXS, a leading provider of B2B integration services, today announced its financial results for the quarter and year ended December 31, 2012.

FINANCIAL HIGHLIGHTS FROM THE FOURTH QUARTER AND FULL YEAR 2012

  • Total Revenue: 4Q12 Total Revenue of $126.5 million, up 2% versus 4Q11, up 3% adjusting for currency; FY12 Total Revenue of $487.5 million, up 2% versus FY11, up 3% adjusting for currency
  • Managed Services Revenue: 4Q12 Managed Services Revenue of $48.9 million, up 14% versus 4Q11, also up 14% adjusting for currency; FY12 Managed Services Revenue of $179.4 million, up 19% versus FY11, up 20% adjusting for currency
  • Adjusted EBITDA: 4Q12 Adjusted EBITDA of $39.0 million, down 10% versus 4Q11; FY12 Adjusted EBITDA of $146.5 million, down 6% versus FY11
  • Net Income/Loss: 4Q12 Net Income of $0.3 million as compared to a Net Income of $2.4 million in 4Q11; FY12 Net Loss of $10.1 million as compared to a Net Loss of $1.3 million in FY11
  • Minimum Contracted Value (MCV): 4Q12 MCV of $49.0 million, down 11% versus 4Q11; FY12 MCV of $204.5 million, up 17% versus FY11 – a record year for GXS
  • Exceeded the high end of Adjusted EBITDA guidance and achieved the midpoint of Total Revenue guidance for 4Q12 and FY12

BUSINESS HIGHLIGHTS FROM THE QUARTER

  • Continued to execute on sales and marketing programs to sign Managed Services accounts; 18 new deals were signed with existing and new accounts in 4Q12, bringing the total number of new Managed Services accounts signed during 2012 to 59
  • Reached a new milestone in GXS Catalog, the retail industry’s leading electronic product catalogue, by offering more than 150 million items
  • Announced support for the Global Transport Label (GTL) standard through the GXS Trading Grid platform, enabling automotive suppliers to improve materials management and logistics processes
  • Announced planned …read more
    Source: FULL ARTICLE at DailyFinance

Lieff Cabraser Investigating Possible Securities Fraud at Great Lakes Dredge & Dock Corporation

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Lieff Cabraser Investigating Possible Securities Fraud at Great Lakes Dredge & Dock Corporation

SAN FRANCISCO–(BUSINESS WIRE)– The law firm of Lieff Cabraser Heimann & Bernstein, LLP is investigating potential accounting and securities fraud at Great Lakes Dredge & Dock Corporation (“Great Lakes” or the “Company) (NAS: GLDD) .

If you have information relating to this investigation or purchased or acquired shares of Great Lakes prior to March 14, 2013, we encourage you to click here or contact Brendan P. Glackin of Lieff Cabraser toll-free at 1 (800) 541-7358.

Background on the Great Lakes Investigation

Located in Oak Brook, Illinois, Great Lakes is the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services. For the year ended December 31, 2012, Great Lakes reported Revenue of $687.6 million (9.6% increase from previous year), Net Loss of $2.7 million and Adjusted EBITDA of $60.9 million. For the year ended December 31, 2011, Great Lakes reported Revenue of $627.3 million, Net Income of $16.5 million and adjusted EBITDA $93.7 million.

On March 14, 2013, the Company disclosed it had recognized revenue in 2012 in a manner not consistent with its accounting policy. It further revealed “a failure of internal controls to detect or prevent misstatements in [its] financial statements,” which was “material to [its] results of operations for the quarterly and year-to-date periods ended June 30, 2012 and September 30, 2012.” The Company disclosed a “material weakness” in its disclosure controls, described as a deficiency (or series of deficiencies) in internal controls over financial reporting such that there is a reasonable possibility that a material misstatement of Great Lakes‘ annual or interim financial statements will not be prevented or detected on a timely basis. The Company further revealed that “2012 second and third quarter demolition segment revenues were overstated by $3.9 million and $4.3 million, respectively.”

On that same day, Great Lakes‘ President and Chief Operating Officer, Bruce J. Biemeck, departed the Company. Biemeck previously served in 2012 as CFO to the Company.

Following these revelations, Great Lakes‘ share price plummeted, losing approximately 20% of its value and resulting in approximately $100 million in investor losses.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in …read more
Source: FULL ARTICLE at DailyFinance

Optibase Ltd. Announces Fourth Quarter Results

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Optibase Ltd. Announces Fourth Quarter Results

HERZLIYA, Israel–(BUSINESS WIRE)– Optibase Ltd. (Nasdaq: OBAS) today announced financial results for the fourth quarter ended December 31, 2012.

Revenues from fixed income real estate totaled $3.4 million for the quarter ended December, 2012, compared to revenues of $3.4 million for the fourth quarter of 2011 and $3.3 million for the third quarter of 2012.

Net Income for the fourth quarter ended December 31, 2012 was $497,000 or $0.13 per basic and diluted share, compared to a net loss of $433,000 or $0.11 per basic and diluted share for the fourth quarter of 2011 and to a net income of $464,000 or $0.12 per basic and diluted for the third quarter of 2012.

Weighted average shares outstanding used in the calculation for the periods were approximately 3.8 million basic and diluted shares.

For the year ended December 31, 2012, revenues totaled $13.7 million, compared with $12.5 million for the year ended December 31, 2011. Net income was $1.6 million or $0.41 per basic and diluted share, compared to a net loss of $239,000 or $0.07 per basic and diluted share for the year ended December 31, 2011.

Weighted average shares outstanding used in the calculation were approximately 3.8 million basic and diluted shares and 3.6 million basic and diluted shares respectively.

As of December 31, 2012, we had cash, cash equivalents, restricted cash and other financial investments, net, of $19.3 million, and shareholders’ equity of $66.6 million, compared with $26.2 million, and $64.3 million, respectively, as of September 30, 2012.

During the fourth quarter we invested an amount of approximately $4 million to acquire a 19.66% indirect beneficial interest in the owner of a property located at Two Penn Center Plaza in Philadelphia. In addition, we have acquired a 4% beneficial interest in a portfolio of Texas shopping centers in consideration for $4 million. For further information please see our press releases dated October 12, 2012 and December 19, 2012.

Amir Philips, Chief Executive Officer of Optibase commented on the quarter and years’ results: “We are pleased with our fourth quarter and full year performance. During the quarter we continued executing on our strategy of diversifying and upgrading the quality of our real estate portfolio by completing our investments in Two Penn Center Plaza and in Texas shopping centers. Amir concluded, “We are currently evaluating additional investment opportunities which we hope will materialize in the coming months.”

About Optibase
…read more
Source: FULL ARTICLE at DailyFinance

Great Lakes Reports Year-End Results

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Great Lakes Reports Year-End Results

Dredging Segment Earns Revenue of $587 Million

Company Maintains Over $400 Million in Backlog

Misses Adjusted EBITDA Guidance

Restates Second and Third Quarter 2012 Results

Announces Departure of Bruce Biemeck, President and COO

OAK BROOK, Ill.–(BUSINESS WIRE)– Great Lakes Dredge & Dock Corporation (NAS: GLDD) , the largest provider of dredging services in the United States and a major provider of commercial and industrial demolition and remediation services, today reported financial results for the quarter and year ended December 31, 2012.

For the three months ended December 31, 2012, Great Lakes reported Revenue of $207.1 million, Net Income attributable to Great Lakes of $0.3 million and Adjusted EBITDA of $21.3 million. For the year ended December 31, 2012, Great Lakes reported Revenue of $687.6 million, Net Loss attributable to Great Lakes of $2.7 million and Adjusted EBITDA of $60.9 million.

The Company will amend its September 30, 2012 and June 30, 2012 Quarterly Reports on Form 10-Q which will delay its filing of the 2012 Form 10-K. The Company expects to file its 2012 Form 10-K and amendments to its September 30, 2012 and June 30, 2012 Quarterly Reports on Form 10-Q by March 29, 2013. The Company will also identify and disclose a material weakness in internal control over financial reporting.


Restatement of Second and Third Quarters

During the preparation of its year-end financial statements, the Company identified instances in its demolition segment where revenue was recognized in a manner not consistent with Great Lakes‘ accounting policy. Great Lakes‘ policy regarding pending change orders is to immediately recognize the costs but defer the recognition of the related revenue until the recovery is probable and collectability is reasonably assured. Certain pending change orders where client …read more
Source: FULL ARTICLE at DailyFinance

Signature Group Holdings, Inc. Reports Fourth Quarter and Full Year 2012 Results

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Signature Group Holdings, Inc. Reports Fourth Quarter and Full Year 2012 Results

Company Posts Operating Profit for 4Q12 of $0.9 Million and Net Income of $0.3 Million

Industrial Supply Continues Strong Sales and EBITDA Growth

SHERMAN OAKS, Calif.–(BUSINESS WIRE)– Signature Group Holdings, Inc. (OTCQX: SGGH), a diversified enterprise with current principal activities in industrial supply and special situations finance, today announced financial results for the fourth quarter and full year ended December 31, 2012.

The Company’s net income for the fourth quarter of 2012 was $0.3 million, or breakeven on a per share basis, an increase of $4.0 million from the $3.7 million net loss, or ($0.03) per share, reported for the fourth quarter of 2011, and a sequential improvement of $2.9 million from the $2.6 million net loss, or $(0.02) per share, reported in the third quarter of 2012. The Company’s net loss for the full year 2012 was $7.5 million, or ($0.06) per share, an improvement of $5.3 million from 2011. The reduction in net loss and overall improvement in results for 2012 was due to the continued strong growth and financial performance of Industrial Supply, certain one-time gains generated in Special Situations, operating cost reductions, and the resolution of litigation and a proxy contest, which drove an increase in legal and other professional fees in prior periods.

“2012 ended on a positive note with a profitable fourth quarter thanks to continued strong performance in Industrial Supply and our ability to opportunistically realize gains in Special Situations. Importantly, our efforts to contain operating costs are also starting to have a measurable impact,” stated Craig Noell, CEO of Signature Group Holdings. “While we made progress in 2012, our number one objective continues to be generating sustainable profitability and growth through value-enhancing acquisitions, as well as leveraging our unique tax assets. Along with this focus on acquisitions, we plan to continue to foster the ongoing growth of Industrial Supply in 2013.”

Quarterly Results

Operating revenues from continuing operations rose 19.3% to $11.2 million in the fourth quarter of 2012, compared to $9.4 million in the fourth quarter of 2011, primarily due to a 13.1% increase in Industrial Supply operating revenues and $0.8 million of additional income realized from Special Situations. Operating profit in …read more
Source: FULL ARTICLE at DailyFinance

eMagin Reports Fourth Quarter and Full Year 2012 Financial Results

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eMagin Reports Fourth Quarter and Full Year 2012 Financial Results

Display Revenues Up 11%, Net Income $2.3 Million in 2012

BELLEVUE, Wash.–(BUSINESS WIRE)– eMagin Corporation (NYSE MKT: EMAN), the leader in the development, design and manufacture of Active Matrix OLED microdisplays for high resolution imaging products, today announced fourth quarter and full year 2012 financial results.

“Our leadership position in Active Matrix OLED microdisplays and manufacturing was further strengthened in 2012 with the introduction of innovative new products and technologies that are opening up new markets and driving the replacement market for existing LCD-based products. This is due to our displays’ superior performance characteristics, our extensive, broad line of microdisplay products and our ability to meet even the most demanding specifications,” stated Andrew Sculley, president and CEO.

Mr. Sculley continued, “We have continued to experience some delays caused by the repairs and modifications to our new OLED deposition tool. Demand for our products remains strong. We expect to ship over $2 million of orders this quarter that were scheduled to ship in the fourth quarter, which will augment first quarter results. We have recently completed repairs on the new OLED deposition tool, and it is now operating at a higher pace than the Company’s existing OLED deposition machine. We will continue to optimize the new tool up to its full potential and we remain confident that the greater capacity and production efficiencies to be gained from the new machine will enable us to better address our key markets, which involve a range of military, commercial, industrial, medical, and consumer applications.”

Quarterly Results

Revenues for the fourth quarter were $8.3 million versus $8.0 million for the comparable period in 2011. Gross margin for the fourth quarter was 49% of revenue on gross profit of $4.1 million, compared to a gross margin of 49% the prior quarter and for the full year 2012. Gross margin for fourth quarter 2011 was 65% of revenue. The year-over-year decrease in gross margin was mainly attributable to higher costs for production, depreciation and labor as well as a lower average selling price.

Research and development expenses for the fourth quarter of 2012 were 14% of revenue compared to 12% for the prior year period due primarily to the development of the new digital SVGA microdisplay.

…read more
Source: FULL ARTICLE at DailyFinance

REG's Earnings Don't Worry Me

By Maxxwell A.R. Chatsko, The Motley Fool

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Biodiesel leader Renewable Energy Group reported fourth-quarter and full-year 2012 financial results Рits first as a public company Рafter the market closed on Monday. The company is poised for sizable growth in the years ahead as it continues to expand its distribution network and bring new, multi-feedstock capacity online. However, a dismal outlook for the year ahead has smacked shares out of the gate today. Do the rewards continue to outweigh the risks?

Financials
How did 2012 compare to 2011? REG surpassed $1 billion in revenue for the first time in its history as management executed a profitable year in light of falling government credits and selling prices.

 

4Q12

4Q11

2012

2011

Gallons Sold

38.38 million

47.51 million

188.4 million

149.83 million

Average B100 Price per Gallon

$4.33

$5.20

$4.60

$5.23

Revenue

$231.95 million

$266.78 million

$1,015 million

$824 million

Net Income (loss)

($0.15 million)

$88.1 million

$22.26 million

$88.87 million

Adjusted EBITDA

$13.64 million

$29.52 million

$96.5 million

$107.3 million

Government Incentives

$8.33 million

$65.82 million

Source: Renewable Energy Group

The company raised a net of $59.9 million from its IPO, increased its nameplate capacity from 212 million gallons per year (mmgy) to 227 mmgy across seven biorefineries, and is currently constructing another 150 mmgy at four new or retrofitted facilities. The cash balance was strengthened to $66.8 million and debt was reduced from $81.6 million in 2011 to $37 million in 2012.

Some investors may shy away from REG due to its association with biofuels and the stigma of government aid. It is always good to note that the biodiesel sales to government incentive revenue ratio to check the validity of those fears. In 2011 nearly 8% of revenue came from government incentives, while just 0.8% could be chalked up to the same line on the books last year.

Does REG make biofuels? Yes, but it manufactures biodiesel in a profitable and investor-friendly manner. In fact, the company represents nearly 17% of the domestic market, which makes it a prime candidate to tap into the industry’s volume growth.

Outlook
We Fools don’t believe in worrying over short-term noise, but Wall Street is a different animal. The company has guided for a weak start to the year with 90 million-100 million gallons sold and adjusted EBITDA between $20 million and $40 million. Even in a best-case scenario, EBITDA would be markedly below the $66.2 million watermark of the first half 2012.

What’s the big deal? Well, from a macro standpoint, current B100 prices are about 13% lower than they were for the first six months of 2012. For example, the company enjoyed an average selling price of $4.60 per gallon in all of 2012, but current biodiesel prices are just near $4.30 per gallon. Contributing to and compounding …read more
Source: FULL ARTICLE at DailyFinance