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StandoutStocks.com: "Stocks that Standout" picks for today are: COMV, ORBC, QLTY, TSFG
Nov 11, 2008 (M2 PRESSWIRE via COMTEX) --
StandoutStocks.com "Stocks that Standout" picks for today are: Comverge, Inc. (Nasdaq: COMV), ORBCOMM Inc. (Nasdaq: ORBC), Quality Distribution, Inc. (Nasdaq: QLTY), The South Financial Group, Inc. (NASDAQ: TSFG)...and Proudly Introducing Proprietary Push Technology (PPT).
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Nov 10, 2008 -- Comverge, Inc. (Nasdaq: COMV) has over $85 million of available capital to grow business
Comverge, Inc. (Nasdaq: COMV), a leading provider of clean energy through demand response and energy efficiency, announced today that, on November 6, 2008, it entered into a new $25 million senior credit facility with Silicon Valley Bank.
The new credit facility includes a $15 million term loan that is to be repaid over 5 years. The term loan will be used to repay most of Comverge's existing $19.8 million in subordinated convertible notes that mature on April 1, 2009 and were issued as part of the two acquisitions completed last year. Further, the credit facility includes a $10 million revolving line of credit with a 3 year term that will be available for general working capital needs and issuance of letters of credit.
Robert M. Chiste, Chairman, President and CEO, stated, "We are pleased that Silicon Valley Bank has shown confidence in Comverge and our business models as evidenced by their extension of this new financing, which enhances our near-term liquidity in the currently challenging credit markets. This credit facility, combined with our strong cash position and our available financing from GE Capital, provides for over $85 million of cash and financing to fund growth in our business over the coming years. During this period of uncertainty in the credit markets, we are fortunate to have created flexibility for Comverge well into the future."
About Comverge
Comverge, with over 2200 megawatts of clean energy capacity under management, is a leading provider of clean energy solutions that improve grid reliability and supply electric capacity on a more cost effective basis than conventional alternatives by reducing base load and peak load energy consumption.
Nov 10, 2008 -- ORBCOMM Inc. (Nasdaq: ORBC), a global satellite data communications company focused on two-way Machine-to-Machine (M2M) communications, today announced financial results for the third quarter ended September 30, 2008.
The following financial highlights are in thousands of dollars, except per share data and average shares outstanding.
Three months ended September 30, Nine months ended
September 30,
2008 2007 2008 2007
Total Revenues $ 7,969 $ 6,912
$ 21,572 $ 19,500
Service Revenues $ 6,336 $ 4,551 $ 16,948 $ 12,718
Product Sales $ 1,633 $ 2,361 $ 4,624 $ 6,782
Operating Loss $ (880 ) $ (1,978 ) $ (3,271 ) $ (8,760 )
Net Loss $ (1,001 ) $ (422 ) $ (2,514 ) $ (4,658 )
Net Loss per Common Share $ (0.02 ) $ (0.01 ) $ (0.06 ) $ (0.12 )
Average Shares Outstanding (basic and diluted) 42,070,000 41,444,000 41,945,000 39,066,000
EBITDA (1) (3) $ (436 ) $ (1,351 ) $ (1,662 ) $ (6,962 )
Adjusted EBITDA (2) (3) $ 646 $ (476 ) $ 1,414 $ (3,076 )
(1) EBITDA is defined as earnings before interest income (expense), provision for income taxes and depreciation and amortization.
(2) Adjusted EBITDA is defined as EBITDA, adjusted for stock-based compensation expense, pre-control earnings of consolidated subsidiary, and minority interest
(3) A table presenting EBITDA and Adjusted EBITDA, reconciled to GAAP Net Loss, is among other financial tables at the end of this release.
Total Revenues for the quarter ended September 2008 were $8.0 million, an increase of 15.3% from the third quarter of 2007. Service Revenues for the third quarter increased 39.2% to $6.3 million from the comparable period of 2007 due primarily to an increase in higher revenue billable subscriber communicators, the inclusion of ORBCOMM Japan, and a slight contribution from the commencement of Automatic Identification System (AIS) revenue. Product Sales decreased in the third quarter by $0.7 million, or 30.8%, from the third quarter of 2007 due to a decline in purchases by a large VAR, offset partially by product sales made by ORBCOMM Japan.
Operating loss for the quarter improved by 55.5% year-over-year, but a $1.2 million decline in interest income and $0.3 million of foreign exchange transaction loss led to the increase in net loss versus the same period in the prior year. Net loss for the third quarter was $1.0 million versus $0.4 million in the third quarter of 2007. For the first nine months of 2008, net loss improved 46.0% to $2.5 million from a net loss of $4.7 million in the comparable period in 2007. Costs and Expenses in the third quarter decreased 0.5% to $8.8 million compared to the same period in the prior year. Costs and Expenses, excluding Cost of Product Sales, were up 13.2%, driven by higher Depreciation and Amortization expense, professional fees, and employee costs mainly due to expenses related to the inclusion of ORBCOMM Japan.
At September 30, 2008, there were approximately 442,000 billable subscriber communicators, representing net additions of more than 21,000 in the third quarter, or an increase of 5.0%, over the Company's base of billable subscriber communicators at June 30, 2008. In the third quarter of 2008, 69% of the net additions were attributable to installations by original equipment manufacturers (OEMs).
"ORBCOMM has made significant strides in growing service revenue and profitability in the third quarter and is executing on several fronts," said Marc Eisenberg, ORBCOMM's Chief Executive Officer. "ORBCOMM has demonstrated that the AIS service has been successful in providing high usage data and we look to expand our offering to all six AIS enabled satellites through the agreement with the U.S. Coast Guard."
"Service revenues grew 39.2% over the same period a year ago, while ORBCOMM achieved positive Adjusted EBITDA for the fourth consecutive quarter, which demonstrates the effectiveness of our business model, specifically, our operating leverage," said Robert Costantini, ORBCOMM's Chief Financial Officer.
Business Highlights
Selected recent business highlights include:
-- The U.S. Coast Guard selected the high usage option for AIS data from the AIS concept demonstration satellite under its agreement with ORBCOMM. In total, the amendments to the agreement with the U.S. Coast Guard will add almost $500,000 in services to be delivered over the next 12-months.
-- ORBCOMM has executed eight agreements to provide testing and evaluation of AIS data provided by the company's space-based network, which should form the basis of an effective world-wide distribution network for AIS services. Included in the diverse group of parties with whom ORBCOMM has signed agreements are U.S. government agencies, corporations engaged in providing services to foreign governments, and those engaged in commercial transportation and logistics.
-- Regulatory authorizations for ORBCOMM services have been received in the Republic of Cyprus, Nigeria, Singapore, and Mongolia. Regulatory authorizations are pursued in regions where they are most helpful to our IVARs and OEMs. In most cases, these IVARs and OEMs have established sales and distribution channels in these focus markets. The new territories also provide ORBCOMM the opportunity to grow its reseller base.
Financial Results and Highlights
Revenue
Total Revenues for the third quarter of 2008 were $8.0 million, an increase of $1.1 million, or 15.3%, from the prior-year period. Service Revenues for the third quarter were $6.3 million, an increase of $1.8 million, or 39.2%, over the prior-year's third quarter, due primarily to an increase in higher revenue billable subscriber communicators, the inclusion of ORBCOMM Japan, and a slight contribution from the commencement of AIS revenue. Product Sales for the third quarter were $1.6 million, a 30.8% decrease from the comparable period in 2007, due to a decline in purchases by a large VAR, offset partially by product sales made by ORBCOMM Japan.
Billable Subscriber Communicators
Billable subscriber communicators are defined as subscriber communicators that are shipped and activated for usage and billing at the request of the customer, without forecasting a timeframe for when individual units will be generating usage and billing. It includes terrestrial as well as satellite units.
As of September 30, 2008, there were approximately 442,000 billable subscriber communicators, compared to approximately 420,000 billable subscriber communicators as of June 30, 2008, an increase of 5.0%. Billable subscriber communicator net additions of more than 21,000 units for the third quarter of 2008 represented a decrease of 46.1% over the net additions of billable subscriber communicators in the third quarter of 2007. Net additions of billable subscriber communicators during the third quarter slowed due to technical issues at two heavy equipment OEMs based on information received from these OEMs.
Costs and Expenses
Costs and Expenses decreased 0.5% to $8.8 million in the third quarter of 2008 compared to the same period in the prior year. Costs and Expenses, excluding Cost of Product Sales, were up 13.2%, driven by higher Depreciation and Amortization expense, professional fees, and employee costs mainly due to expenses related to the inclusion of ORBCOMM Japan.
Net Loss
Net loss widened to $1.0 million for the third quarter of 2008 compared to a net loss of $0.4 million in the prior year period. While operating loss improved by $1.1 million, this was offset by lower interest income and foreign exchange driven losses that widened the net loss in the quarter. For the first nine months of 2008, net loss improved 46.0% to $2.5 million from a net loss of $4.7 million in the comparable period in 2007.
ORBCOMM's net loss per common share was $0.02 for the three months ended September 30, 2008 compared to net loss per common share of $0.01 for the prior year quarter. ORBCOMM's net loss per common share was $0.06 for the nine months ended September 30, 2008 compared to net loss per common share of $0.12 for the prior year nine months ended September 30, 2007.
EBITDA and Adjusted EBITDA
EBITDA for the third quarter of 2008 was negative $0.4 million, compared to an EBITDA of negative $1.4 million in the third quarter of 2007.
Adjusted EBITDA for the third quarter of 2008 was positive $0.6 million, compared to an Adjusted EBITDA of negative $0.5 million in the third quarter of 2007. EBITDA and Adjusted EBITDA are non-GAAP financial measures used by the Company. Please see the financial tables at the end of the release for a reconciliation table.
Balance Sheet
Cash and Cash Equivalents as of September 30, 2008 decreased $27.1 million to $88.5 million from $115.6 million at December 31, 2007. The decline is attributed to $26.7 million in capital expenditures mainly related to the quick launch satellites and payments on the next generation satellite contract. In addition, the Company has $5.0 million of restricted cash in escrow for collateralizing a performance bond required by the FCC. For the first nine months of 2008, net cash generated by operating activities was $4.6 million as described in the accompanying Statement of Cash Flows.
2008 Guidance
ORBCOMM maintains its Service Revenue outlook of between $22 million and $25 million for the full year 2008.
ORBCOMM continues to expect positive full-year Adjusted EBITDA for 2008.
Investment Community Conference Call
ORBCOMM will host a conference call and webcast for the investment community this morning at 10:30 AM ET. Senior management will review the results, discuss ORBCOMM's business and address questions.
Domestic participants should dial 800-254-5933 at least ten minutes prior to the start of the call. International callers should dial 973-409-9255. The conference call identification number is 69591159. To hear a live web simulcast or to listen to the archived webcast following completion of the call, please visit the Company's web site at www.orbcomm.com, click on investor relations tab, then select "Presentations and Webcasts," to access the link to the call. To listen to a telephone replay of the conference call, please dial 800-642-1687 domestically or 706-645-9291 internationally and enter reservation identification number 69591159. The replay will be available from approximately 12:00 PM ET on Monday, November 10, 2008, through 11:59 PM ET on Monday, November 17, 2008.
Alternatively, to access the live webcast, please visit the Company's website at www.orbcomm.com, click on "Investor Relations" and select "Presentations and Webcasts." An archive of the webcast will be available following the call for one week.
About ORBCOMM Inc.
ORBCOMM is a leading global satellite data communications company, focused on Machine-to-Machine (M2M) communications. Its customers include Caterpillar Inc., General Electric, Hitatchi Construction Machinery, Komatsu Ltd., and Volvo Group among other industry leaders. By means of a global network of low-earth orbit (LEO) satellites and accompanying ground infrastructure, ORBCOMM's low-cost and reliable two-way data communications products and services track, monitor and control mobile and fixed assets in four core markets: commercial transportation; heavy equipment; industrial fixed assets; and marine/homeland security. The Company's products are installed on trucks, containers, marine vessels, locomotives, backhoes, pipelines, oil wells, utility meters, storage tanks and other assets. ORBCOMM is headquartered in Fort Lee, New Jersey and has a network control center in Dulles, Virginia.
Nov 11, 2008 -- Quality Distribution, Inc. (Nasdaq: QLTY) ("Quality"), the largest for-hire chemical bulk tank truck network in North America, announced that it will participate in the Stephens, Inc. Fall Investment Conference on Wednesday, November 19, 2008 at The New York Palace Hotel in New York, New York. At the conference, Gary Enzor, President and Chief Executive Officer, and Steve Attwood, Senior Vice President and Chief Financial Officer, will present a general overview of Quality's business at 1:30 p.m. (EST).
The presentation will be webcast and can be accessed at http://www.wsw.com/webcast/stph9/qlty/. The webcast will be archived for 90 days following the conference.
Headquartered in Tampa, Florida, Quality, through its subsidiaries, Quality Carriers, Inc. and Boasso America Corporation, and through its affiliates and owner-operators, provides bulk transportation and related services. QDI also provides tank cleaning services to the bulk transportation industry through its QualaWash(r) facilities. QDI is an American Chemistry Council Responsible Care(r) Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing.
Quality Distribution, Inc.'s common stock trades on the NASDAQ Global Market (GM) under the symbol "QLTY".
Nov 11, 2008 -- The South Financial Group, Inc. (NASDAQ: TSFG). Gov. Mark Sanford said Monday taxpayers are being fleeced in the nation's financial bailout, citing his concerns about the retirement of a South Carolina bank executive.
"Complain to national leaders," Sanford urged taxpayers during a news conference. "E-mail or phone your elected leaders. I'm suggesting, begging, people to make their voices heard."
Sanford said the federal government has injected $2.3 trillion into the private markets, leaving taxpayers to foot the bill.
Sanford also voiced concerns about the abrupt retirement of Mack Whittle, chief executive of The South Financial Group.
Whittle was scheduled to retire at year's end but stepped down earlier this month. Critics said that move protected his $18 million retirement package.
Sanford said that package would have been jeopardized if South Financial, which operates as Carolina First Bank in South Carolina, sought a taxpayer bailout before Whittle's departure.
South Financial said Friday that it wants from $115 million to $347 million from the government's bailout fund.
In a letter Friday to U.S. Treasury Secretary Henry Paulson, Sanford wrote: "I'd appreciate you looking into this and seeing if there is anything that can be done to keep each one of the taxpayers I represent from in essence having this $18 million, or other millions like it, plucked from their respective pocketbooks and wallets."
Whittle remains on the board of South Financial but has no other role at the company, an employee said Monday. The bank did not make a representative available to respond to Sanford's comments.
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