Archive for August, 2011

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Fresh Market Inc. (TFM) jumps on better earnings

Wednesday, August 31st, 2011

Fresh Market Inc. (Nasdaq: TFM) shares advanced 11.6% to $38.88 after the grocery chain raised its outlook for 2011 earnings. Volume for the stock topped 942,000 shares, whereas it normally trades around 651,000 for a single day.

A news release out August 31 declared that the company announced unaudited sales and earnings results for its second quarter ended July 31, 2011. In the second quarter of fiscal 2011, net sales increased 13.6% to $259.5 million and comparable store sales increased 4.6%, compared to the corresponding period in 2010. Net income in the second quarter of fiscal 2011 was $10.5 million, compared to pro forma net income of $6.9 million in the corresponding period in 2010. Diluted earnings per share in the second quarter of fiscal 2011 was $0.22, compared to pro forma diluted earnings per share of $0.14 in the prior-year period, an increase of 52.1%.

The same release had CEO Craig Carlock as saying, “We are happy to report another healthy quarter of both sales and earnings growth. Our comparable store sales grew 4.6 %, and this marked our seventh consecutive quarter of comparable sales growth of 4.0% or greater. As revenues grew, we also continued to expand our margins. In the second quarter, we increased our operating margin from 5.2% last year to 6.5% this year despite pressure from rising food and commodity costs and despite the additional costs incurred related to being a publicly-traded company. Additionally, we were excited to open five new stores and to relocate one existing store during the quarter and we are happy with their performance so far.”

Carlock concluded, “We are pleased with the momentum in the business through the first half of fiscal 2011, and even with recent macroeconomic uncertainty, we are increasing our EPS guidance from a range of $1.01 to $1.05 to a range of $1.03 to $1.06.”

The Fresh Market, Inc. based in Greensboro, North Carolina, is a high-growth specialty retailer

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Response Genetics, Inc. (RGDX) wins new assignment, stock soars

Wednesday, August 31st, 2011

Response Genetics, Inc. (Nasdaq: RGDX) shares hiked 10.6% to $2.40, on word of a new contract. Volume for the stock was a mere 500 shares, in contrast to a daily average of 12,000.

A news release out August 31 declared that XIFIN Inc., the company revolutionizing revenue cycle management for diagnostic service providers, announced today that Response Genetics had implemented XIFIN’s revenue cycle management system to optimize billing and claims management and help manage cash collections.

The release quoted David O’Toole, Vice President and CFO at Response Genetics as saying, “We believe XIFIN’s expertise in molecular diagnostic billing best positioned us to effectively manage RGI’s cash flow while bringing billing and collections in-house during a period of tremendous company growth and also to meet the stringent regulatory requirements for public companies.”

The Los Angeles-based Response Genetics, Inc., a leading developer of molecular diagnostic tests for cancer including ResponseDX: Lung(TM), ResponseDX: Colon(TM) and ResponseDX: Gastric(TM), has implemented XIFIN’s revenue cycle management system to optimize billing and claims management and help manage cash collections.

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Venoco Inc. (VQ) exploring going private, stock zooms

Monday, August 29th, 2011

Venoco Inc. (NYSE: VQ) shares surged 30.3% to $11.70 after the oil and natural-gas company’s chief executive proposed taking the company private at a price of $12.50 a share. The stock volume Monday of 2.5 million shares proved more than five times its daily average.

A news release issued August 29 reported that the Denver-based Venoco, Inc. announced that its board of directors had received a non-binding proposal from CEO Timothy M. Marquez, the holder of approximately 50.3% of Venoco’s outstanding common stock, to acquire all of the outstanding shares of Venoco common stock for $12.50 per share in cash.

In response, Venoco’s board is in the process of forming a special committee of independent directors to consider the proposal, which will be comprised of all of the directors of the company other than Mr. Marquez. The committee will retain independent financial advisors and legal counsel to assist it in its work.

The release quotes the board of directors as cautioning Venoco shareholders and others considering trading in its securities that it has only received the proposal and that no decision has been made with respect to the company’s response to the proposal.

Venoco is an independent energy company primarily engaged in the acquisition, exploration, exploitation and development of oil and natural gas properties primarily in California.

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Northgate Minerals Corporation (NXG) shares surge on sale to AuRico

Monday, August 29th, 2011

Northgate Minerals Corporation (AMEX: NXG) shares shot higher 38.1% to $4.35 on word that it had been acquired by AuRico Gold Inc. (NYSE:AUQ). Volume for Northgate topped 11.7 million shares, or better than quadruple its usual volume.

A news release out August 29 revealed that the Toronto-based AuRico and Northgate have entered into a definitive acquisition agreement to create a new leading intermediate gold producer. The new company will have five operating gold mines, a sixth mine targeting production in 2012 and three gold development projects in Mexico, Canada, and Australia, three of the top global mining jurisdictions. The combined company is completely unhedged and offers full exposure to record gold and silver prices and an exceptional growth profile from approximately 475,0001 gold equivalent (“Aue”) ounces2 this year to 730,000+3 Aue ounces in 2013 (growth of approximately 54%).

Under the terms of the Agreement, AuRico will acquire all of the issued and outstanding common shares of Northgate on the basis of 0.365 AuRico common shares per Northgate common share.

Northgate CEO Richard Hall was quoted in the release as saying, “This transaction gives Northgate shareholders a significant premium to market and an exciting opportunity to participate in a leading intermediate gold company. The Northgate team has worked hard to develop a highly successful business in Canada and Australia and we look forward to further value creation through our combination with AuRico.”

Northgate Minerals Corporation is a gold and copper producer with mining operations, development projects and exploration properties in the Americas and Australia.

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Zillow Inc. (Z) stock climbs on quarterly numbers

Thursday, August 25th, 2011

Zillow Inc. (Nasdaq: Z) shares gained 19.9% to $31.49, a day after the online real-estate information provider reported its first quarterly financial results since going public in late July. Volume for the stock came in at 436,000 shares, just nosing out its full-day average.

A news release posted August 24 reported quarterly revenues increased 116% to $15.8 million from $7.3 million in the second quarter of 2010.

Marketplace revenues increased 269% to $9.7 million from $2.6 million in the second quarter of 2010. Display revenues increased 30% to $6.1 million from $4.7 million in the second quarter of 2010.

GAAP net income for the second quarter 2011 was $1.6 million, compared to a net loss of $2.0 million in the same period a year ago and a net loss of $0.8 million in the first quarter of 2011.

Said CEO Spencer Rascoff in the same piece, “The second quarter was outstanding for Zillow® with record revenues, traffic and mobile usage. It marks our first profitable quarter on a GAAP net income basis and our fourth consecutive profitable quarter on an Adjusted EBITDA basis. We’re extremely pleased with our progress and rapid growth, yet we believe we’ve only scratched the surface of our opportunity.”

The Seattle-based Zillow calls itself the leading real estate information marketplace, providing vital information about homes, real estate listings and mortgages through its website and mobile applications, enabling homeowners, buyers, sellers and renters to connect with real estate and mortgage professionals best suited to meet their needs.

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