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Make Money With Our Stock Picks! Sign Up Now! ONNN : ON Semiconductor shares rise on 3Q profit, 4Q view
(M2 PressWIRE Via Acquire Media NewsEdge) OTCStockexchange.com presents :
(NASDAQ: ONNN - ON Semiconductor Corp.)
(NASDAQ: FSYS - Fuel Systems Solutions, Inc.)
(NYSE: BRS - Bristow Group, Inc.)
(NASDAQ: RIMM - Research In Motion Ltd.)
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(NASDAQ: ONNN - ON Semiconductor Corp.)
LATEST NEWS!!
ON Semiconductor Reports Third Quarter of 2009 Results
Phoenix, Nov 04, 2009 -- ON Semiconductor Corporation (Nasdaq: ONNN) announced that total revenues in the third quarter of 2009 were $472.9 million, an increase of approximately 13 percent from the second quarter of 2009. During the third quarter of 2009, the company reported GAAP net income of $29.9 million, or $0.07 per fully diluted share. The third quarter 2009 GAAP net income included net charges of $41.0 million, or $0.09 per fully diluted share, from special items. The special item details can be found in the attached schedules. During the second quarter of 2009, the company reported a GAAP net loss of $3.0 million, or $0.01 per fully diluted share.
Third quarter 2009 non-GAAP net income was $70.9 million, or $0.16 per share on a fully diluted basis. Second quarter 2009 non-GAAP net income was $38.7 million, or $0.09 per share on a fully diluted basis. A reconciliation of these non-GAAP financial measures (and other non-GAAP measures used elsewhere in this release, such as non-GAAP gross margin and adjusted EBITDA) to the company's most directly comparable measures prepared in accordance with U.S. GAAP are set forth in the attached schedules and on our website at http://www.onsemi.com.
On a mix-adjusted basis, average selling prices in the third quarter of 2009 were down less than two percent when compared to the second quarter of 2009. GAAP gross margin in the third quarter was 37.2 percent. Non-GAAP gross margin in the third quarter of 2009 was 38.5 percent. GAAP gross margin in the third quarter included a net charge of approximately $6.5 million, or approximately 130 basis points, from special items. The special item details can be found in the attached schedules.
Adjusted EBITDA for the third quarter of 2009 was $110.2 million. Adjusted EBITDA for the second quarter of 2009 was $78.3 million.
"We exited the third quarter of 2009 with the highest level of cash, cash equivalents and short-term investments in the company's history at over $470 million and the lowest net debt position in the company's history at approximately $425 million," said Keith Jackson, ON Semiconductor president and CEO. "As a result of the strong financial performance, financial discipline and cash generating capabilities of the company we increased our cash, cash equivalents and short-term investments by approximately $67 million from the prior quarter. While there is still uncertainty as to how quickly the semiconductor industry will return to pre-recession revenue levels, our revenues continue to improve from the lows of the first quarter of 2009. We also believe that the overall supply chain remains very lean. Our weeks of distribution inventory were at the lowest level in the company's history at approximately 9 weeks exiting the third quarter of 2009." "ON Semiconductor Corporation has recently completed the acquisition of privately-held PulseCore Holdings (Cayman) Inc. in an all cash transaction for initial consideration of approximately $17 million. PulseCore's previous owners and other stakeholders also have the ability to receive additional earn-out proceeds if, among other things, PulseCore is able to meet certain revenue and gross margin objectives in 2010 and 2011. The acquisition of PulseCore expands ON Semiconductor's high gross margin clock and circuit protection offerings for the consumer, wireless and computing end-market customers. PulseCore's capabilities in standard and custom high-speed and low power analog and mixed signal solutions for EMI (electromagnetic interference) reduction also enhance ON Semiconductor's overall EMI filtering and circuit protection portfolios. In addition, PulseCore's strong design capabilities and history in India represents ON Semiconductor's first foray into design activity in that country."
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(NASDAQ: FSYS - Fuel Systems Solutions, Inc.)
LATEST NEWS!!
Fuel Systems Solutions Reports Third Quarter 2009 Results
New York, Nov 05, 2009 -- Fuel Systems Solutions, Inc. (Nasdaq: FSYS) reported results for its third quarter ended September 30, 2009.
Mariano Costamagna, Fuel Systems' CEO, said, "During the quarter, we made great strides advancing Fuel Systems' leadership position in the alternative fuel systems markets. Our acquisitions complement Fuel Systems' existing global businesses and the integrations are proceeding smoothly. Throughout the year, we increased our delayed original equipment manufacturer (DOEM) capacity by adding more lines within facilities to capture automotive demand. During the third quarter, we reached a record 47,000 systems installations. We believe the demand from Europe will continue, and we are on track to exceed 170,000 installations in 2009." Matthew Beale, Fuel Systems' President, CFO and Secretary, said, "We delivered revenue of $116.2 million, representing a 10% increase from the third quarter of 2008, reflecting strong demand for alternative fueled vehicles, especially in Italy, and our 2009 acquisitions offset by weakness in our industrial business and the negative impact from foreign exchange rates. We continue to demonstrate the scalability of our DOEM model to meet market demand. Now, we are implementing new GFI and IMPCO product development programs to leverage our expanded product range, manufacturing and engineering capabilities. Our transportation business won new commercial fleet customers for the U.S. Automotive market and our industrial business received regulatory approval for the 2010 North American industrial emissions cycle."
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(NYSE: BRS - Bristow Group, Inc.)
LATEST NEWS!!
Bristow Group Reports Fiscal 2010 Second Quarter Financial Results
Houston, Nov 04, 2009 -- Bristow Group Inc. (NYSE: BRS) reported financial results for its fiscal 2010 second quarter ended September 30, 2009.
* Revenue was $291.6 million, which was substantially unchanged from September 2008 quarter revenue of $291.7 million and June 2009 quarter revenue of $290.5 million.
* Operating income was $53.6 million, an increase of 26% from the September 2008 quarter and 20% from the June 2009 quarter.
* Net income was $33.2 million, an increase of 21% from the September 2008 quarter and 40% from the June 2009 quarter.
* Diluted earnings per share was $0.92, an increase of $0.15 versus the September 2008 quarter and $0.26 versus the June 2009 quarter.
* Operating income, net income and diluted earnings per share were improved over the September 2008 quarter primarily as a result of: o A $6.4 million increase in operating income in West Africa driven by increased rates and a favorable impact on our costs from a stronger U.S. dollar versus the British pound and Nigerian naira, o An $8.1 million increase in operating income in Australia primarily resulting from two new large aircraft and reduced costs, o The reversal of a $2.5 million bad debt reserve in Kazakhstan within our Other International business unit, and o A $3.0 million increase in earnings from unconsolidated affiliates (primarily in Mexico and Brazil).
o These items were partially offset by reduced operating income in certain other business units, including Europe (which was reduced by a lower level of contractual escalations billings versus the September 2008 quarter and an unfavorable impact from a stronger U.S. dollar versus the British pound) and the U.S. Gulf of Mexico (which was reduced as a result of lower demand for services). Additionally, net income and diluted earnings per share were reduced by higher net interest expense, which increased $4.6 million due to reduced interest income and lower levels of capitalized interest.
o Net income and diluted earnings per share for the September 2009 quarter were also unfavorably impacted by a $2.1 million increase in our provision for income taxes ($0.06 per share) resulting from $2.0 million in tax contingency items and $0.1 million in changes in our expected foreign tax credit utilization.
* Operating income, net income and diluted earnings per share were improved over the June 2009 quarter primarily as a result of: o The reversal of a $2.5 million bad debt reserve in Kazakhstan, o A $5.1 million increase in operating income in Eastern Hemisphere Centralized Operations resulting from increased technical services revenue, changes to certain power-by-the-hour maintenance arrangements and reduced maintenance costs, o A $3.0 million decrease in corporate general and administrative costs as the June 2009 quarter included costs associated with the separation between the Company and an executive officer, and o A $2.3 million increase in earnings from unconsolidated affiliates (primarily in Mexico).
o These items were partially offset by reduced operating income in certain other business units, primarily in Europe where the June 2009 quarter included temporary work for a major customer, as well as a $1.1 million decrease in pre-tax gains on disposal of assets. Additionally, net income and diluted earnings per share were favorably impacted by an increase in foreign currency transaction and hedging gains totaling $3.3 million.
For the six months ended September 30, 2009:
* Revenue was $582.1 million, an increase of 1% over the six months ended September 30, 2008.
* Operating income was $98.3 million, an increase of 20% from the six months ended September 30, 2008.
* Net income was $56.9 million, an increase of 14% from the six months ended September 30, 2008.
* Diluted earnings per share was $1.58, an increase of $0.09 versus the six months ended September 30, 2008.
* Operating income, net income and diluted earnings per share were improved over the six months ended September 30, 2008 primarily as a result of: o A $14.2 million increase in operating income in West Africa driven by increased rates and a favorable impact on our costs from a stronger U.S. dollar versus the British pound and Nigerian naira, o A $12.1 million increase in operating income in Australia primarily resulting from reduced costs, which were partially offset by a reduction in results associated with the strengthening U.S. dollar, o The reversal of a $2.5 million bad debt reserve in Kazakhstan, and o An increase in pre-tax gains on disposal of assets of $4.9 million.
o These items were partially offset by reduced operating income in certain other business units, including Europe (which was reduced by the impact of a stronger U.S. dollar versus the British pound) and the U.S. Gulf of Mexico (which was reduced as a result of lower demand for services). Additionally, net income and diluted earnings per share were reduced by higher net interest expense, which increased $7.2 million due to reduced interest income, increased interest expense from our issuance of $115 million of convertible senior notes in June 2008 and lower levels of capitalized interest.
o Our results for the six months ended September 30, 2009 were unfavorably impacted by the strengthening of the U.S. dollar versus other foreign currencies (primarily the British pound and Australian dollar), which resulted in a decrease in operating income of $2.8 million, net income of $3.5 million and diluted earnings per share of $0.10. These decreases are reflected in our results for Europe and Australia and in other income, net (driven by a decrease in foreign currency transaction gains, net of hedging impact), partially offset by an increase in results for West Africa.
o Net income and diluted earnings per share for the six months ended September 30, 2009 were also unfavorably impacted by a $4.3 million increase in our provision for income taxes ($0.12 per share) resulting from $3.3 million in tax contingency items and $1.0 million in changes in our expected foreign tax credit utilization.
Capital and Liquidity
* At September 30, 2009, key balance sheet items, capital commitments and liquidity sources were:
* $1.3 billion in stockholders' investment and $718 million of indebtedness,
* $143 million in cash and a $100 million undrawn revolving credit facility, and
* $119 million in aircraft purchase commitments for 12 aircraft.
* Net cash generated by operating activities was $59 million and net cash used in investing activities was $43 million in the September 2009 quarter.
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(NASDAQ: RIMM - Research In Motion Ltd.)
LATEST NEWS!!
RIM Announces Common Share Repurchase Program
PHOENIX, Nov 03, 2009 -- Research In Motion Limited ("RIM") (NASDAQ: RIMM) announced that its Board of Directors has authorized a share repurchase program to purchase for cancellation through the facilities of the NASDAQ Stock Market ("NASDAQ") common shares having an aggregate purchase price of up to US$ 1.2 billion, or approximately 21 million common shares based on current trading prices (representing approximately 3.6% of the currently outstanding common shares of RIM). The share repurchase program may commence on November 9, 2009 and will remain in place for up to 12 months or until the purchases are completed or the program is terminated by RIM. RIM has not repurchased any shares within the past twelve months.
The price that RIM will pay for any shares under the share repurchase program will be the prevailing market price at the time of purchase. The share repurchase program will be effected in accordance with Rule 10b-18 under the U.S. Securities Exchange Act of 1934, which contains restrictions on the number of shares that may be purchased on a single day, subject to certain exceptions for block purchases, based on the average daily trading volumes of RIM's shares on NASDAQ.RIM's Board of Directors believes that a share repurchase program at this time is in the best interests of RIM and its shareholders, and will not impact RIM's ability to execute its growth plans given the strength of RIM's balance sheet and expected cash flow generation over the next several quarters. Any shares purchased under the program will increase the proportionate interest of, and may be advantageous to, all remaining shareholders of RIM.
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(PINKSHEETS: MRNJ - Metatron Inc)
LATEST NEWS!!
i-Mobilize Releases Hot New Game Application on iTunes
Strong Sales Projected for "Rock Band Trivia"
SAN DIEGO, CA, Nov 05, 2009 -- Metatron Inc. (PINKSHEETS: MRNJ), today announced that its wholly-owned subsidiary, i-Mobilize Inc., has released a new title called "Rock Band Trivia" on iTunes. Rock Band Trivia will be the first in a series of game applications for the iPhone to be released by i- Mobilize in the coming weeks.
Mobile quiz games are currently one of the most popular categories in the iTunes app store, with the most popular selling thousands of daily downloads. In response to these market trends, i-Mobilize has developed dozens of quiz game apps covering the most popular areas of the market including; music, movies, sports and celebrities.
Joe Riehl, CEO of Metatron, stated, "Sales from current apps have propelled i-Mobilize into many top category positions on Apple's worldwide iPhone app sales charts. Now we have set our sights on the quiz game category where some of the most popular titles have received over 30,000 paid downloads a day. So, just one hit title in this category could have a substantial and positive effect on our financial performance for the quarter. We have dozens of apps in the development queue, and they all have the potential to be very popular. So this is a very exciting time for the company." About Metatron Inc.
Metatron Inc. is a diversified Internet holding company with a mission to harness the power of today's online and wireless consumer interactivity to make daily life easier, more productive and more entertaining for people all over the world. For more information on the Company, please visit www.metatroninc.com.
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