Archive for the ‘Industrial Stocks’ Category

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Exide Technologies, Inc. (XIDE) – Buzz Stock of the Day

Thursday, June 3rd, 2010

Shares of battery maker, Exide Technologies (Nasdaq: XIDE) soared as much as 32 percent on Thursday, after the company announced fourth quarter earnings that beat analysts’ expectations.

For the fourth-quarter ended March 31, Exide reported net income of $40.4 million, or 53 cents a share, compared with a net loss of $64.4 million, or 85 cents a share a year earlier. Analysts were expecting Q4 earnings of 4 cents per share.

Net sales for the fiscal 2010 fourth quarter of $714.7 million compared to $654.3 million in the prior year quarter on 8.4 percent lower volumes.

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For the fiscal year ended March 31, net sales decreased 19.2% from fiscal year 2009 on 18% lower volumes. The company also dramatically cut its full-year net loss to $11.8 million or ($0.16) per share compared to a net loss of $69.5 million or ($0.92)

“While the global markets are far from stable, we are encouraged by what we are seeing as we look ahead to Fiscal 2011,” said Exide’s CEO, Gordan Ulsh in a statement. “Within both our Transportation and Industrial Energy segments, the market indicators continue to point to a firming of demand in all channels.”

The strong fourth quarter report came on the heels of the resignation of Exide’s president and chief operating officer, Edward O’Leary, who will step down on June 16th.

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Layne Christensen Co. (LAYN) – Buzz Stock of the Day

Wednesday, June 2nd, 2010

Shares of construction services provider, Layne Christensen Co. (Nasdaq: LAYN) were sharply higher in morning trading on Wednesday, after the company released first quarter results that shattered analysts’ expectations thanks in large part to an 85 percent increase in revenue from the company’s mineral exploration division.

Net income for the first quarter ended April 30 rose to $6.6 million, or 34 cents a share, from $1.0 million, or 5 cents a share, last year. Revenue for the quarter rose 13 percent to $230.7 million.

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Analysts on average expected the company to earn 22 cents, on revenue of $216.9 million, according to Thomson Reuters I/B/E/S.

Earnings before income taxes for Layne Christensen’s mineral exploration division increased 386.0 percent to $8,587,000 for the three months ended April 30, 2010, compared to $1,767,000 for the same period last year. Mineral exploration revenues increased a staggering 85.0 percent to $45,878,000 for the three months ended April 30, 2010, from $24,794,000 for the same period last year.

“The extremely sharp turnaround in our mineral exploration business in North America and Africa produced a strong quarter considering where we were a year ago,” said the company’s president and CEO, Andrew B. Schmitt. “Our water supply project in Afghanistan also was an important contributor to earnings and the rest of the water infrastructure side of our business improved as well. Going forward, the question will be whether a stronger mineral exploration market and, hopefully, some turnaround in the housing and municipal infrastructure markets, can compensate for the reduced earnings as a result of lower current natural gas prices and the New Orleans project that was completed during this quarter.”

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Fortress International Group, Inc. (Nasdaq: FIGI) Buzz Stock of the Day

Monday, October 19th, 2009

Shares of Fortress International Group, Inc. (Nasdaq: FIGI) skyrocketed more than 100 percent today on news that the company had been awarded six new contracts totaling nearly $40 million.

The contracts will span all three divisions of the company: technology consulting, construction management and facilities management. Including the new project awards, the company said it has closed $46.5 million in new business since the end of the second quarter.

The majority of the new business comes from four substantial design and construction projects for two of Fortress International’s co-location customers totaling $36.4 million. The company said the revenues from these projects will span the next 8 months.

In addition, Fortress was also awarded a $2.7 million facility management contract over a three year period to commission and service multiple containerized data center modules.

“Our private sector project wins are the direct result of the credit markets opening up in our sector,” said Chief Executive Officer Thomas P. Rosato in a statement. “Capital spending has been very slow since October of 2008. We are now beginning to see our capacity-constrained data center customers executing their facilities expansion plans to meet pent up demand. The credit markets are responding favorably to this segment and we expect to see increased project spending over the next few quarters.”

Finally, the US Social Security Administration has selected Fortress International to be a part of a professional services team assembled to assist in the development and design of a new data center in Baltimore, MD. The contract, which will be executed by Fortress International’s technology consulting division, is initially for $300,000 but due to the volume and complexity of the project, the company believes additional involvement will evolve from the initial deal.

Fortress International Group, Inc. is a leading provider of consulting and engineering, construction management and 24/7/365 site services for mission-critical facilities. The company’s announcement Monday boosted share prices to an intraday high of 97 cents. More than 2.1 million shares changed hands by 11 a.m. EDT Monday, compared to the stock’s 50-day average daily volume of 82,000, according to Nasdaq. Fortress International has a float of 4.5 million shares with a short interest float of only 0.5 percent as of Sept. 25, according to Yahoo. More than 61 percent of the company’s shares are held by insiders with another 4.9 percent owned by institutions.

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Comstock Homebuilding Companies (CHCI)—Buzz Stock of the Day

Friday, August 21st, 2009

Shares of Comstock Homebuilding Companies (NASDAQ: CHCI) have been trading higher since Monday, after the National Association of Homebuilders/Wells Fargo confidence index climbed to 18, matching forecasts by economists and reaching its highest level since June 2008.

“Inventory is being cleared and that is starting to benefit the new-home market,” Julia Coronado, a senior U.S. economist at BNP Paribas in New York, told Bloomberg. “With a few months’ lag, that will lead to a turnaround in construction activity.”

Comstock Homebuilding Companies, Inc. could be in a great position to take advantage of the turnaround in the housing market. The Virginia-based real estate development company reached a foreclosure agreement with Wachovia Bank that will eliminate $17.8 million of debt. The announcement sent shares soaring more than 140 percent higher in morning trading Friday.

The agreement calls for Comstock to foreclose on several real estate holdings, and Wachovia to release the company of obligations and guarantees pertaining to $17.8 million of the company’s $77.2 million secured debt.

“We are very pleased to have finalized an agreement with Wachovia that will reduce the balance due to Wachovia from approximately $17.8 million to approximately $425,000.00 while also facilitating delivery of certain backlog units,” said Comstock’s Chairman and Chief Executive Officer, Christopher Clemente in a statement,

In addition to the foreclosure on properties, the terms of the agreement also provide for the concurrent execution of a non-interest bearing unsecured deficiency note in the amount of approximately $1.8 million. However, the deficiency note is reduced by the principal payments related to certain homes conveyed by Comstock prior to September 30, 2009. Based on current sales backlog, the September 30, 2009 deficiency note balance is expected to be in the range of $425,000.00, subject to increase or decrease based on additional sales or cancellations.

Comstock’s foreclosed assets include raw land, several single family farm units, and condominium and real estate developments in North Carolina, Virginia and Georgia. The foreclosures are expected to be completed between the last quarter of 2009 and the first quarter of 2010.

“We remain focused on reaching similar amicable agreements with our other secured lenders and we will continue to take the steps necessary to position Comstock for a return to profitability as market conditions improve.”

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Buzz Stock of the Day – Patrick Industries (PATK)

Monday, July 6th, 2009

Shares of Patrick Industries, Inc. (Nasdaq: PATK) were up more than 40 percent today. The company manufactures building products and materials to manufactured housing and recreational vehicle market in the United States and Canada.

Last week, the Institute for Supply Management said its index of manufacturing activity moved to 44.8 in June from 42.8 in May. That reading was in line with the 45 reading expected by economists and signals a slowing rate of contraction. And a gauge of future U.S. housing-market activity rose for the fourth consecutive month in May, marking its longest stretch of growth since October 2004. The National Association of Realtors said its index of pending sales increased 0.1% in May to 90.7.

The Elkhart, Ind.-based Patrick Industries has been trading higher since July 1st, when the data was published.

A turnaround in the housing market is exactly what Patrick Industries needs. The company’s first quarter net sales was a mere $44.9 million compared to $97.0 million in 2008. “Our operating plans reflect the impact of lower sales volumes stemming from the recession and low consumer confidence that we believe will continue for at least the next nine to twelve months,”said Patrick Industries’ president and CEO, Todd Cleveland in a statement.

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