Posts Tagged ‘buzz stocks’

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Cardiovascular Systems, Inc. (Nasdaq: CSII) Buzz Stock of the Day

Tuesday, November 10th, 2009


Shares of Cardiovascular Systems, Inc (CSI) have been steadily rising in the week following the Company’s announcement of promising financials for the first quarter fiscal 2010 ended September 30, 2009.

CSI increased revenue 30 percent in the first quarter of fiscal 2010, to $15.2 million compared to revenue of $11.6 million for the same quarter of the previous year. Likewise, CSI’s net loss improved 55 percent to $(6.2) million, or $(0.43) per basic and diluted share, in the first quarter of fiscal 2010, from $(13.7) million, or $(2.75) per basic and diluted share, for the same quarter 2009.

David L. Martin, CSI president and chief executive officer, said, “Balancing revenue growth with effective expense management helped drive a substantial reduction in our loss from the fiscal 2009 first quarter, moving CSI toward our goal of profitability.”

The number of weighted average common shares outstanding increased to 14.5 million from 5.0 million in the first quarter of fiscal 2009, primarily due to new shares issued in conjunction with the February 2009 reverse merger with Replidyne, Inc., including the conversion of all preferred stock of the company to common stock.

Additionally, the fiscal first-quarter 2010 gross margin increased to 77 percent from 67 percent in the same period last year, driven by higher disposable volumes, manufacturing efficiencies, product cost reductions and shipment of fewer controller units. Operating expenses decreased 18 percent, due to effective expense management, the year-earlier write-off of $1.7 million in IPO costs, and completion and timing of development projects and clinical studies.

Adjusted EBITDA, calculated as loss from operations, less depreciation and amortization and stock-based compensation expense, improved by 70 percent to a loss of $(3.6) million versus a loss of $(11.8) million in the year-ago period. Cash and cash equivalents remained strong at $30.8 million and included $3.0 million of net funding received in conjunction with signing an agreement to establish a second production facility in Pearland, Texas.

Martin continued, “During the quarter, we focused on driving adoption in existing accounts, including re-educating physicians on proper clinical protocols for using the Diamondback 360° to change lesion compliance in vessels above the knee. As a result, we are seeing greater product usage in many accounts. These improvements were offset by seasonal weakness in endovascular procedures, resulting in revenue slightly below our expected range.”

The number of hospitals using the Diamondback 360® PAD System rose to 611 by the end of the fiscal 2010 first quarter, a nearly 90-percent increase over a year ago and 55 more than the end of the fourth quarter of fiscal 2009. Sales of disposable device units totaled 4,541 units in the first quarter of fiscal 2010 versus 3,636 units in the first quarter of last fiscal year, a 25-percent increase. Revenue generated from customer reorders continued to grow, increasing to 92 percent of total revenue for the fiscal 2010 first quarter from 72 percent in last year’s first quarter.

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MOD-PAC Corp. (Nasdaq: MPAC) Buzz Stock of the Day

Wednesday, November 4th, 2009

Paper products maker, MOD-PAC Corp. (Nasdaq: MPAC) reported a sharp increase in third quarter profit driven by cost restructuring initiatives to improve operating leverage, and increases in the company’s folding carton sales and custom folding carton sales, offset by lower stock packaging and print service sales.

For the quarter ended October 3, MOD-PAC reported profit of $1.01 million, or 29 cents per share, compared with profit of $14,000 and flat EPS in the same quarter a year ago. Revenue for the quarter decreased to $12.59 million, from $12.64 million a year ago.

“Our custom folding carton sales have grown exceptionally well,” said MOD-PAC’s president and chief executive officer, Daniel Keane in a statement. “Many of our customers produce private label products for the consumer staples market. Consumers in this economic environment are highly cost conscious and tend to buy more store brands which drives sales for our customers. Importantly, as our customers are realizing stronger sales, we are also capturing a greater percentage of their business and adding new accounts.”

Sales of folding cartons, which include custom folding cartons and stock packaging, were up 11.2 percent, or $1.18 million, to $11.65 million in the 2009 third quarter from $10.47 million in the prior year third quarter. Custom folding carton sales drove the product line increase. Custom folding carton sales for the third quarter of 2009 were $9.41 million, up $1.21 million, or 14.8 percent, from 2008 third quarter sales of $8.19 million. Greater sales from two large existing customers and the addition of one new customer, more than offset reduced sales from customers impacted by the economy and decreased waste sales due to a drop in the recycled paperboard market.

Gross profit for the 2009 third quarter was $2.52 million, or 20 percent of total revenue, compared with gross profit of $1.98 million, or 15.6 percent of total revenue, in the same period a year earlier.

Shares of MOD-PAC surged 73 percent touching on a high of $4.25 after the Company announced third-quarter earnings of 29 cents a share on revenue of $12.6 million.

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Giga-Tronics, Inc. (Nasdaq: GIGA) Buzz Stock of the Day

Thursday, October 29th, 2009

Shares of Giga-Tronics, Inc. (Nasdaq: GIGA) were up more than 44 percent today from yesterday’s close, touching on a high of $2.78 after the company reported profit for the second quarter, marking the fourth, consecutive, profitable quarter for the company.

For the quarter ending September 26, 2009, Giga-Tronics reported a net profit of $373,000 or 8 cents per share, compared to a net loss of $540,000 or 11 cents per share for the same period last year. Net sales for the quarter increased 25 percent to $4.6 million compared to $3.6 million for the same quarter a year ago. Giga-Tronics’ gross margin improved to $2.1 million, an increase of $775,000 over the same period last year. As a percentage of net sales, gross margin improved 9.4 percent to 45.7 percent, from 36.3 percent in the second quarter of fiscal 2009. Orders increased to $4.8 million in the second quarter from $3 million for the second quarter of fiscal 2009. Cash and cash equivalents at September 26, 2009 were $1,345,000 compared to $1,551,000 as of June 27, 2009.

Giga-Tronics, Inc. specializes in instruments, sub-systems, and sophisticated microwave components that have broad applications in both commercial communications and defense electronic s systems. The company focuses on three principal product areas: test measurement instrumentation, signal switching solutions, and microwave components.

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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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FONAR Corporation (NasdaqCM: FONR) Buzz Stock of the Day

Tuesday, October 6th, 2009

Shares of MRI device maker, FONAR Corporation (NasdaqCM: FONR) were up more than 113 percent in early trading Tuesday after the company announced that it was profitable for the fiscal year ended June 30, 2009.

“We are very pleased to see the Company return to profitability,” said FONAR’s chairman and president, Raymond Damadian. “We have now made a profit for three quarters straight and are hopeful to continue this trend of profitability. A very sound reason is that the FONAR UPRIGHT® Multi-Position™ MRI technology (Dynamic MRI) is the only participant in this unique market.”

Profit for the full-year ended June 30 increased to $1.1 million or 21 cents per share, compared to a loss of $13.5 million, or $2.76 per share a year ago. Included in net income for the year ended June 30, 2009 is a pre-tax gain on the sale of a subsidiary of $1.4 million. Revenue for the year was up 12 percent to $39.7 million, compared with $35.6 million a year ago.

The FONAR UPRIGHT® Multi-Position™ MRI technology (Dynamic MRI) has played a big role in the company’s continued growth. The technology allows patients to stand, sit and perform the exact movements that cause them pain, allowing for improved and more exact imaging.

Revenues in the fiscal year ended June 30, 2009 from product sales of the FONAR UPRIGHT® Multi-Position™ MRI scanners increased 48 percent to $16.6 million for the year, compared with $11.2 million in the same period a year ago. There were 137 FONAR UPRIGHT® Multi-Position™ MRI scanners installed in the United States and around the world. The backlog for the MRI product was $25.7 million as of June 30, 2009.

“The Company has done well controlling costs while continuing to produce the FONAR UPRIGHT® Multi-Position™ MRI scanner,” said Damadian. “This is the result of a cost cutting program that we initiated over a year ago.”

Total costs and expenses related to operations decreased 23 percent to $40.4 million, from $52.5 million in the fiscal year ended June 30, 2008.

FONAR Corporation is responsible for inventing the scientific process of MR Scanning™, which is the basis for all MRI images ever created.

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