Archive for October, 2011

Pacific Ethanol, Inc. (PEIX) reports record net sales in Q3

Monday, October 31st, 2011

Shares of renewable fuel producer Pacific Ethanol, Inc. (Nasdaq: PEIX) were up as much as 26 percent from Friday’s closing price in morning trading on Monday.

Last week, the Sacramento-based company PEIX announced record net sales for the third quarter. Sales grew to $271.6 million for the third quarter of 2011, up from net sales of $46 million a year ago. Net income in Q3 soared to $4 million, compared to a net loss of $12.9 million for the third quarter a year ago, which included a loss on the company’s investment in Front Range Energy, LLC of $12.1 million.

For the nine months ended September 30, 2011, net sales were $659.4 million, compared to $194.1 million in the same period in 2010. For the nine months ended September 30, 2011, net income available to common stockholders was $4.2 million, compared to $83.2 million in the same period in 2010, which included a non-cash gain from bankruptcy exit of $119.4 million and a loss on the company’s investment in Front Range Energy, LLC of $12.1 million.

“In the third quarter, we again delivered record net sales and total gallons sold driven by the continued execution of our diversified business strategy,” said Pacific Ethanol, Inc.’s president and CEO Neil Koehler in an October 26 press release. “We recorded the ninth consecutive quarter of growth in total gallons sold, bringing our compound annual growth rate to 75 percent over that period. Most importantly, we generated strong operating income and achieved profitability during the quarter.”

Shares of Pacific Ethanol PEIX are down about 38 percent over the past three months.

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SMTC Corp. (SMTX) raises guidance, shares soar

Tuesday, October 25th, 2011

Shares of SMTC Corp. (Nasdaq: SMTX) were up as much as 60 percent from Monday’s closing price in morning trading on Tuesday after the electronics manufacturing services provider raised its fourth quarter EBITDA guidance to $4 million, up from previous Q4 guidance of $3 million in EBITDA.

“We continue to expect Q3 to be our weakest quarter of the year, and anticipate generating $825,000 in EBITDA for the quarter,” said Claude Germain, Co-Chief Executive Officer in an October 25 press release. “However, due to new program wins from both current and new customers, recent cost reduction initiatives, and our recent acquisition, we now expect the business to generate $4.0 million in EBITDA in Q4, up from our prior guidance of $3.0 million.”

EBITDA is a non-GAAP measure. EBITDA is computed as Net income from continuing operations excluding depreciation, amortization, restructuring charges, interest and income tax expense.

Founded in 1985, SMTC Corp. is a mid-size provider of end-to-end electronics manufacturing services including PCBA production, systems integration and comprehensive testing services, enclosure fabrication, product design, sustaining engineering and supply chain management services.

In addition to revising its fourth quarter guidance, SMTC Corp. also said it now expects 2012 EBITDA guidance of $13 million and $240 million in revenue.

“In order to meet higher Q4 orders, we added to labor and increased working capital in late Q3. However, we continue to expect to generate positive operating cash flow for the year, and to generate strong free cash flow in 2012,” said Alex Walker, Co-CEO of SMTC Corp. “We also expect our sizable tax loss carry-forwards to offset future taxable income and further increase earnings and cash flow.”

SMTC Corp.’s third quarter results conference call is scheduled to be held on Wednesday November 9, 2011 at 5 p.m. ET.

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Anadys Pharmaceuticals, Inc. (ANDS) soars on buyout news

Monday, October 17th, 2011

Shares of biopharmaceutical company, Anadys Pharmaceuticals, Inc. (Nasdaq: ANDS) surged more than 250 percent from Friday’s closing price in morning trading on Monday after the San Diego-based company announced a definitive merger agreement to be acquired by pharmaceutical giant Roche for $3.70 per share, or about $230 million.

“With Roche’s considerable capabilities and experience in HCV, we believe this acquisition provides the best chance of success for the new potential treatments to reach patients,” said Steve Worland, Ph.D., President and CEO of Anadys in an October 17 press release.

Anadys shares touched a high of $3.67, up from Friday’s closing price of $1.04.

Anadys currently has two hepatitis C drug candidates in clinical trials. Last week, the company announced that a mid-stage trial of its hepatitis C drug, setrobuvir, showed promise, Reuters reported. Setrobuvir, a direct-acting antiviral that works by interacting with and blocking a component of the virus, is in mid-stage trials.

“We are pleased with today’s data, which we believe demonstrate a compelling profile for setrobuvir in significantly more patients,” Worland said in an October 13 press release.

Anadys’ other hepatitis C drug, ANA773, is in early-stage development, and works by stimulating the patient’s own immune system to block cells infected with the virus, Reuters reported on Monday.

Roche’s acquisition of Anadys will help the company strengthen its hepatitis portfolio. “Our aim is to offer physicians and hepatitis patients a powerful combination of therapies that bring us closer to a cure, even without the use of interferon,” said Jean-Jacques Garaud, Global Head of Roche Pharma Research and Early Development in an October 17 press release. “Anadys’ compounds provide additional modes of action that could lead to interferon-free treatment regimens without viral resistance.”

 

 

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Andatee China Marine Fuel Services Corp. (AMCF) soars

Monday, October 10th, 2011

Shares of Andatee China Marine Fuel Services Corp. (Nasdaq: AMCF) surged as much as 45 percent from Friday’s closing price in morning trading on Monday on no news.

Shares of AMCF touched an intraday high of $3.48 per share, up from Friday’s closing price of $2.40. Trading volume at mid-day trading on Monday was 240,528, well above the company’s average 10-day trading volume of 36,856, according to Yahoo Finance.

For the quarter ended June 30, 2011, Andatee China Marine Fuel Services Corp. reported revenue of $63.1 million, a 43 percent increase over revenue of $$44.1 million reported in the same quarter a year ago.  Operating income for the second quarter decreased by $1.3 million, or 32.9%, from $3.9 million for the second quarter of 2010 to $2.6 million for the second quarter of 2011. Net income for the quarter was $1.3 million, down from $2.6 million in the same quarter a year earlier.

Andatee China Marine Fuel Services Corporation is an independent operator engaged in the production, storage, distribution, wholesale purchase and sale of blended marine fuel oil for cargo and fishing vessels in northern China.

 

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Pharmaceutical Product Development, Inc. (PPDI) soars on private equity buyout news

Monday, October 3rd, 2011

Shares of Pharmaceutical Product Development, Inc. (Nasdaq: PPDI) were up as much as 27 percent from Friday’s closing price in morning trading on Monday after it was announced that PPD entered into a definitive merger agreement under which it will be acquired by affiliates of The Carlyle Group and Hellman & Friedman in an all-cash transaction valued at $3.9 billion, after which PPD will be a private company, an October 3 press release stated.

Shares of PPDI touched a high of $32.63, up from Friday’s closing price of $25.66.

Under the terms of the merger agreement, Carlyle and Hellman & Friedman will acquire the outstanding common shares of PPD for $33.25 per share in cash. This represents a premium of 29.6 percent over PPD’s closing price on September 30, 2011.

“The sale of PPD to The Carlyle Group and Hellman & Friedman provides an attractive return for our shareholders, while also ensuring a secure foundation and commitment to investment, innovation and excellence for PPD clients and employees as the company builds on its 25-year history of success,” said Fred Eshelman, founder and executive chairman of Pharmaceutical Product Development, Inc. in an October 3 press release.

Pharmaceutical product Development, Inc. is a leading global contract research organization that provides drug discovery, development and lifecycle management services for clients and partners including pharmaceutical, biotechnology, medical device, academic and government organizations.

The transaction is currently expected to close in the fourth quarter of 2011. Following completion of the transaction, PPD will become a privately held company and its stock will no longer trade on Nasdaq. PPD noted that, in light of the proposed transaction, it will not host a conference call to discuss financial results for the third quarter of 2011.

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