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3 Regional Telcos That Are Riskier Than You Think

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Between Wednesday afternoon and Thursday morning, three of the riskiest regional telcos will step up to report fresh quarterly results.

Frontier Communications and CenturyLink report after tomorrow's market close. Windstream follows the next morning.

All three companies are expected to post declining quarterly revenue, and Frontier and Windstream are eyeing steep drops in profitability. Two of the companies have slashed their dividends over the past year, yet they are still offering juicy payouts that nab unsuspecting income investors.


Things can still play out well for the regional telcos, but it's important to understand where they are now, and where they are heading.

Revenue is slipping at all three companies -- and it's expected to drop between 2% and 8% for the regional telcos -- because folks are cutting their landlines.

This isn't a surprise. Folks are nixing their local phone service to save up for their costly wireless plans. Until we see some stability there, investors are merely playing a game of limbo here.

Let's size up the upcoming reports and yields as of Monday's close.

 Company

Latest Quarter

EPS (estimated)

Year-Ago

Quarter EPS

Yield

Windstream

$0.09

$0.12

11.6%

Frontier Communications

$0.05

$0.08

8.8%

CenturyLink

$0.67

$0.65

6%

 Source: Yahoo! Finance.

As you can probably imagine, Windstream is the lone holdout when it comes to hacking away at its quarterly distributions.

Frontier cut its quarterly dividend from $0.25 a share to $0.1875 a share three years ago, and again to $0.10 a share last year. CenturyLink went from distributing $0.725 a share every three months to $0.54 a share earlier this year. Class action lawsuits are piling up against CenturyLink, accusing it of misleading investors leading up to this year's payout cut.

Windstream has stuck to its $0.25 a share quarterly rate since 2006, even though it hasn't earned enough to cover its rate for a couple of years now. Roughly two-thirds of last year's disbursements were actually a return of capital.

It isn't a surprise that the least risky telco here is the one with the lowest yield. CenturyLink is the only one earning more than the size of its dividend this quarter.

Frontier, CenturyLink, and Windstream are trying to offset the landline customer defections by offering broadband connectivity and business services. It's a good plan, even in the rural markets where they tend to concentrate so they don't have to compete with the deep pockets of the national wireless rock stars.

However, all three companies are generating less revenue now than they were a year ago. Until that changes, the companies will continue to be among the riskiest plays in telecommunications. The declines don't have to last forever. An improving economy may very well change things dramatically for all three companies. Investors just need to know that the risks are great as they dial in to these fat-yielding investments.

Dividend stocks can make you rich. It's as simple as that. While they don't garner the notoriety of high-flying growth stocks, they're also less likely to crash and burn. And over the long term, the compounding effect of the quarterly payouts, as well as their growth, adds up faster than most investors imagine. With this in mind, our analysts sat down to identify the absolute best of the best when it comes to rock-solid dividend stocks, drawing up a list in this free report of nine stocks that fit the bill. To discover the identities of these companies before the rest of the market catches on, you can download this valuable free report by simply clicking here now.

The article 3 Regional Telcos That Are Riskier Than You Think originally appeared on Fool.com.

Longtime Fool contributor Rick Munarriz has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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Colt Defense LLC to Host Investor Conference Call on 2013 Second Quarter Financial Results

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Colt Defense LLC to Host Investor Conference Call on 2013 Second Quarter Financial Results

WEST HARTFORD, Conn.--(BUSINESS WIRE)-- Colt Defense LLC (the "Company") announced today that it will host an investor conference call on Friday, August 9, 2013 at 10:00 a.m. Eastern Time to discuss 2013 second quarter financial results. Interested parties may participate by dialing 1- 877-565-1267 (U.S. and Canada) or 1-706-758-8327 (International), and providing the conference ID number: 29900222.

A telephonic replay of the conference call will be available beginning at 1:00 p.m. Eastern Time on Friday, August 9, 2013, and will last through Friday, August 16, 2013. The replay may be accessed by dialing 1-855-859-2056 (U.S. and Canada) or 1-404-537-3406 (International) and providing the same conference ID number listed above.


Prior to the call, the Company will file its 2013 second quarter financial results with the SEC on Form 10-Q which will be available at www.sec.gov.

About Colt Defense LLC

Colt Defense LLC, together with its Colt Canada Corporation subsidiary, is one of the world's leading designers, developers and manufacturers of small arms weapons systems for individual soldiers and law enforcement personnel. The Company's portfolio of products and services meets evolving military and law enforcement requirements around the world. Colt Defense LLC has supplied small arms weapons systems to the United States Government and other governments throughout the world for more than 160 years. Colt Canada Corporation is the Canadian government's Center of Excellence for small arms and is the Canadian military's sole supplier of the C7 rifle and C8 carbine. The Company maintains manufacturing facilities in West Hartford, Connecticut and Kitchener, Ontario. More information on Colt Defense LLC is available at www.colt.com and www.coltcanada.com.



Colt Defense LLC
Isabelle DeFosses, 1-860-236-6311 x1505
Idefosses@colt.com

KEYWORDS:   United States  North America  Connecticut

INDUSTRY KEYWORDS:

The article Colt Defense LLC to Host Investor Conference Call on 2013 Second Quarter Financial Results originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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The Middleby Corporation Schedules Second Quarter Earnings Release and Conference Call

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The Middleby Corporation Schedules Second Quarter Earnings Release and Conference Call

ELGIN, Ill.--(BUSINESS WIRE)-- The Middleby Corporation (NAS: MIDD) today announced it will release 2013 second quarter earnings on Thursday August 8 after the market closes. The company has scheduled a conference call to discuss the results at 11 a.m. Eastern Time/10 a.m. Central Time on Friday, August 9. The call can be accessed by dialing (855) 410-0553 and entering conference code 596645#. The conference call is also accessible through the Investor Relations section of the company website at www.middleby.com.

About The Middleby Corporation


The Middleby Corporation is a global leader in the foodservice equipment industry. The company develops, manufactures, markets and services a broad line of equipment used for commercial food cooking, preparation and processing. The company's leading equipment brands serving the commercial foodservice industry include Anets®, Beech®, Blodgett®, Blodgett Combi®, Blodgett Range®, Bloomfield®, Britannia®, Carter Hoffmann®, CookTek®, CTX®, Doyon®, frifri®, Giga®, Holman®, Houno®, IMC®, Jade®, Lang®, Lincat®, MagiKitch'n®, Middleby Marshall®, Nieco®, Nu-Vu®, PerfectFry®, Pitco Frialator®, Southbend®, Star®, Toastmaster®, TurboChef® and Wells®. The company's leading equipment brands serving the food processing industry include Alkar®, Armor Inox®, Auto-Bake®, Baker Thermal Solutions® (formerly known as Turkington), Cozzini®, Danfotech®, Drake®, Maurer-Atmos®, MP Equipment® RapidPak®, Spooner Vicars® and Stewart®. The Middleby brand Viking® served both residential and commercial cooking. The Middleby Corporation has been recognized by Forbes Magazine as one of the Best Small Companies every year since 2004, most recently in October 2012.

For more information about The Middleby Corporation and the company brands, please visit www.middleby.com



The Middleby Corporation
Darcy Bretz, (847) 429-7756

KEYWORDS:   United States  North America  Illinois

INDUSTRY KEYWORDS:

The article The Middleby Corporation Schedules Second Quarter Earnings Release and Conference Call originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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Colony Financial Announces Second Quarter 2013 Financial Results

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Colony Financial Announces Second Quarter 2013 Financial Results

LOS ANGELES--(BUSINESS WIRE)-- Colony Financial, Inc. (NYS: CLNY) (the "Company") today announced financial results for the second quarter ended June 30, 2013.

Second Quarter 2013 Highlights

  • Core Earnings, a non-GAAP financial measure, of $23.6 million, or $0.36 per basic and diluted share and net income attributable to common stockholders of $20.3 million, or $0.31 per basic and diluted share
  • During the quarter, the Company invested approximately $462 million, composed of $50 million into two portfolio acquisitions of primarily performing first mortgage loans at an average price of 79% of par, $237 million into four originations with a blended interest rate of approximately 11% and an additional $175 million (for an aggregate investment of $550 million) into CAH Operating Partnership, L.P. ("CAH OP"), the single family home rental platform known as Colony American Homes
  • Issued $200 million of 5.00% Convertible Senior Notes due in April 2023; the notes were sold to the underwriters at a discount of 3%, resulting in net proceeds of $194 million to the Company
  • Declared and paid a second quarter dividend of $0.35 per share of common stock, consistent with the first quarter of 2013
  • Subsequent to quarter end: (i) the Company invested or agreed to invest (subject to various approvals and conditions) approximately $217 million, composed of $20 million into a loan acquisition, $54 million into two originations with a blended interest rate of approximately 14% and $143 million towards a multifamily loan origination joint venture; and (ii) replaced its existing $175 million credit facility with a $360 million credit facility at more attractive terms and pricing

Second Quarter Operating Results

For the second quarter of 2013, equity in income of unconsolidated joint ventures and interest income and other income from affiliates contributed $23.0 million and $17.8 million, respectively, to total income of $40.8 million. Total expenses for the quarter were $13.5 million including administrative expenses of $1.7 million. During the second quarter of 2013, the Company reported net income attributable to common stockholders of $20.3 million, or $0.31 per basic and diluted share. Colony Financial's Core Earnings were $23.6 million, or $0.36 per basic and diluted share, for the second quarter of 2013.

"We are extremely pleased that all of our business strategies exceeded expectations during the second quarter," said Richard Saltzman, Colony Financial's President and Chief Executive Officer. "Furthermore, prospective activity is extremely robust, as the fundamentals for U.S. commercial real estate are improving across the board consistent with the macro U.S. economy. Other than the continuing opportunity in single family acquisitions, U.S. property distress is primarily behind us and the beginnings of the real up cycle are present. This is against the backdrop of limited new supply of commercial real estate and more restrictive regulation and capital adequacy requirements for traditional financial institutions, providing a very sanguine environment in both debt and equity investments. On the other hand, distressed property opportunities outside of the U.S. are accelerating, as Europe, Japan, and others appear to be several years behind the U.S. from a credit cycle perspective."

Second Quarter Activity

  • The Company invested in a joint venture with investment funds managed by an affiliate of our Company's manager ("Co-Investment Funds(s)") that acquired a portfolio of first mortgage loans secured by commercial and residential real estate. The portfolio included 52 loans, of which 83% were performing at acquisition, with an aggregate unpaid principal balance (UPB) of approximately $72 million. The purchase price for the portfolio was approximately $54 million, or 75% of the portfolio's UPB. The Company's share of this investment is 50%, or $27 million.
  • The Company invested in a joint venture with Co-Investment Funds that acquired a portfolio of first mortgage loans secured by commercial and residential real estate. The portfolio included 41 loans, of which 100% were performing at acquisition, with an aggregate UPB of approximately $55 million. The purchase price for the portfolio was approximately $45 million, or 83% of the portfolio's UPB. The Company's share of this investment is 50%, or $23 million.
  • The Company, certain Co-Investment Funds and an unaffiliated investor participated in the origination of $560 million of mezzanine debt, consisting of senior and junior tranches, secured by the equity interests in an entity owning a diversified portfolio of 152 full service, select service and extended stay hotels located throughout the U.S. The Company holds senior and junior tranches that bear interest at a blended rate of LIBOR plus 10.8% and are subordinate to a $775 million first mortgage. The loans have an initial maturity date of June 2016 and can be extended for a maximum of 24 months, subject to certain conditions. The Company and the Co-Investment Funds funded $328 million at closing, net of origination fees, of which the Company's share is $173 million. An unaffiliated investor funded the balance of the $560 million mezzanine loan.
  • The Company originated a $33 million first mortgage loan secured by a regional mall located near Boston. In addition to an initial funding component of $33 million bearing interest at LIBOR plus 6.0%, the loan includes a $9 million future funding component bearing interest at LIBOR plus 11.5% that the borrower can draw for reimbursement of budgeted tenant improvements, capital expenditures and leasing commissions. The mortgage loan has an initial maturity date of June 2016 and can be extended for a maximum of 24 months, subject to payment of extension fees and satisfaction of debt yield requirements. The Company expects to originate loans of similar profile and in sufficient volume to create an opportunity to subsequently finance the loan portfolio though a collateralized loan obligation bond offering. If completed, this execution would allow the Company to obtain matched term, non-recourse financing and based on current market conditions, it is expected leveraged equity returns would exceed 12%.
  • The Company invested in a joint venture with certain Co-Investment Funds that originated a $23 million loan to finance the development of a master planned residential community near Austin, Texas. The loan has a five year term and bears an interest rate of 14% paid-in-kind plus an additional profit participation. The Company's share of this investment is 50%, or $12 million.
  • In June 2013, we and a minority unaffiliated investor invested an additional $25 million (of which our share was $21 million) of participating preferred equity in the joint venture we refer to as Multifamily Portfolio Preferred Equity to facilitate the acquisition and renovation of approximately 1,400 apartment units in Florida and Texas. The sponsor funded $8 million of common equity at closing. The additional investment was made on the same terms as the original investment. As of June 30, 2013, the aggregate participating preferred equity is $66 million which has a crossed interest in approximately 3,700 units across nine apartment communities in Georgia, Texas and Florida. Our share of this participating preferred equity investment is 83%, or $55 million.
  • The Company increased its funded investment in CAH OP to $550 million, from $375 million funded as of March 31, 2013. As of June 30, 2013, Colony American Homes owned 12,358 homes in nine states and the portfolio of homes owned for greater than 180 days was 85% leased, while the overall portfolio was 49% leased. As of August 5, 2013, Colony American Homes owned 13,276 homes in nine states. Renovation and leasing productivity also continued to improve since the first quarter. In June 2013, approximately 1,000 homes were renovated and 850 homes were leased and in July 2013, approximately 1,350 homes were renovated and 940 homes were leased. This compares to acquisitions that have averaged a little more than 1,000 homes per month for the three months May through July 2013. Colony American Homes has also continued to make a number of key strategic hires in an effort to build out the management platform including the appointment of a new chief operating officer, Fred Tuomi.
  • During the second quarter of 2013, three of our loan portfolio investments obtained financing from a commercial bank for net proceeds to the Company of approximately $52 million or 57% of our initial invested equity on a combined basis. The financings bear interest at LIBOR plus 3.75% to 4%.

Activities Subsequent to Second Quarter 2013

  • In July 2013, the Company agreed to invest in a joint venture with a minority unaffiliated investor to fund an additional $23 million (of which our share was $19 million) of participating preferred equity in the joint venture we refer to as Multifamily Portfolio Preferred Equity to facilitate the acquisition and renovation of approximately 1,150 apartment units in Georgia, Texas and Florida. The sponsor will fund $8 million at closing. The additional investment was made on the same terms as the original investment. Upon the completion of this transaction, the aggregate participating preferred equity will be $89 million which will have a crossed interest in approximately 4,800 units across 12 apartment communities in Georgia, Texas and Florida. The Company's share of this participating preferred investment entity is 83%, or $74 million.
  • In July 2013, the Company invested in a joint venture with a Co-Investment Fund that originated a $30 million first mortgage loan ($10 million initially funded) to finance the acquisition and redevelopment of high-end, single family residential properties in infill, coastal southern California markets. The loan bears an interest rate of 15%, of which 7% may be paid-in-kind, and is subject to certain other fees. The term of the loan is four years. The joint venture may fund an additional $40 million that would be funded at our sole discretion. The Company's share of the investment is 50%, or $5 million funded to date.
  • In August 2013, the Company agreed to invest in a joint venture with certain Co-Investment Funds to acquire a U.S. dollar denominated $40 million junior first mortgage interest secured by a luxury beach resort in Mexico. The loan will bear an interest rate of 11.5%, of which 3% may be paid-in-kind and is subject to certain other fees and yield maintenance features. The term of the loan is five years. The Company's share of this investment is 50%, or $20 million.
  • In August 2013, the Company entered into a joint venture with unaffiliated investors to form a platform to originate short-term, first mortgage loans on multifamily properties. This lending platform was formed in part to take advantage of the void expected to be left by the recently announced multifamily lending curtailment by Government Sponsored Enterprises ("GSEs"). Subject to various approvals and conditions, the Company expects to invest approximately $143 million in the joint venture which is targeting leveraged returns in excess of 11%.

Convertible Debt Offering

In April, the Company issued $200 million of 5.00% Convertible Senior Notes due in April 2023. The 10-year notes carry a conversion price of $23.60 per share and were sold to the underwriters at a discount of 3%, resulting in net proceeds of $194 million.

Credit Facility

On August 6, 2013, the Company obtained a new credit facility to replace the prior credit facility. Subject to certain conditions and limitations, the new credit facility provides maximum availability of $360 million (with an option to accordion to $600 million) and the Company currently has the ability to borrow the maximum amount. Compared to the prior facility, the new facility has expanded the types of assets and associated income that can qualify for the borrowing base and carries a lower interest rate of LIBOR plus 2.75% or 3.00% depending on the Company's leverage ratio (down from a rate of LIBOR plus 3.50% or 3.75% for the prior facility). The new revolving facility has a three year term with an ability to extend any outstanding balance at initial maturity for an additional two years subject to certain terms and conditions.

Book Value

The Company's GAAP book value per common share was $18.58 on June 30, 2013, unchanged from March 31, 2013. As of August 6, 2013, the Company had 66,349,618 shares of common stock outstanding.

Fair Value

If the Company accounted for all of its financial assets and liabilities at fair value, the net fair value of the Company's financial assets and liabilities at June 30, 2013 would have been $87.9 million in excess of the net carrying value of the Company's financial assets and liabilities as of the same date.

Common and Preferred Stock Dividends

The Company's Board of Directors declared a regular way quarterly dividend of $0.35 per common share for the second quarter of 2013. The dividend was paid on July 15, 2013, to stockholders of record on June 28, 2013.

In addition, the Company's Board of Directors declared a cash dividend of $0.53125 per share on the Company's 8.50% Series A Cumulative Perpetual Preferred Stock with liquidation preference of $25 per share for the quarterly period ending July 15, 2013. The dividend was paid on July 15, 2013, to stockholders of record on June 28, 2013.

Core Earnings

Core Earnings, a non-GAAP financial measure, is used to compute incentive fees payable to the Company's manager and the Company believes it is a useful measure for investors to better understand the Company's recurring earnings from its core business. For these purposes, "Core Earnings" mean the net income (loss), computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) the expenses incurred in connection with the formation of the Company and the Initial Public Offering, including the initial and additional underwriting discounts and commissions, (iii) the incentive fee, (iv) real estate depreciation and amortization, (v) any unrealized gains or losses from mark to market valuation changes (other than permanent impairment) that are included in net income, (vi) one-time events pursuant to changes in GAAP and (vii) non-cash items which in the judgment of management should not be included in Core Earnings. For clauses (vi) and (vii), such exclusions shall only be applied after discussions between the manager and the Independent Directors and approval by a majority of the Independent Directors.

Conference Call

Colony Financial, Inc. will conduct a conference call to discuss the results on Wednesday, August 7, 2013, at 7:00 a.m. PT / 10:00 a.m. ET. To participate in the event by telephone, please dial (877) 407-0784 ten minutes prior to the start time (to allow time for registration) and use conference ID 417646. International callers should dial (201) 689-8560 and enter the same conference ID number. For those unable to participate during the live broadcast, a replay will be available beginning August 7, 2013 at 10:00 a.m. PT / 1:00 p.m. ET, through August 21, 2013, at 8:59 p.m. PT / 11:59 p.m. ET. To access the replay, dial (877) 870-5176 (U.S.), and use passcode 417646. International callers should dial (858) 384-5517 and enter the same conference ID number. The call will also be broadcast live over the Internet and can be accessed on the Investor Relations section of the Company's Web site at www.colonyfinancial.com. A replay of the call will also be available for 90 days on the Company's Web site.

About Colony Financial, Inc.

Colony Financial, Inc. is a real estate investment and finance company that is focused on acquiring, originating and managing a diversified portfolio of real estate-related debt and equity investments at attractive risk-adjusted returns. Our investment portfolio and target assets are primarily composed of interests in: (i) loans acquired at a discount to par in the secondary market; (ii) new originations; and (iii) real estate equity, including single family homes held as rental investment properties. Secondary debt purchases may include performing, sub-performing or non-performing loans (including loan-to-own strategies). The Company has elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the Company's control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission on March 11, 2013, as amended by Amendment No. 1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission on March 12, 2013, the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 filed with the SEC on May 9, 2013, and other risks described in documents subsequently filed by the Company from time to time with the SEC.

 

COLONY FINANCIAL, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

 
 

June 30, 2013

 

December 31,

(Unaudited)

2012

ASSETS

Cash $ 20,100 $ 170,199
Investments in unconsolidated joint ventures 1,251,878 877,081
Loans held for investment, net 755,034 333,569
Loan held for sale 32,780
Beneficial interests in debt securities, available-for-sale, at fair value 31,192 32,055
Other assets   24,117     22,663  
Total assets $ 2,115,101   $ 1,435,567  
 

LIABILITIES AND EQUITY

Liabilities:

Line of credit $ 89,000 $
Secured financing 84,093 108,167
Accrued and other liabilities 9,137 12,944
Due to affiliates 6,201 4,984
Dividends payable 28,339 26,442
Convertible senior notes   200,000      
Total liabilities   416,770     152,537  
Commitments and contingencies
 

Equity:

Stockholders' equity:
Preferred stock, $0.01 par value, 8.5% Series A Cumulative Redeemable Perpetual, liquidation preference of $25 per share, 50,000,000 shares authorized, 10,080,000 shares issued and outstanding 101 101
Common stock, $0.01 par value, 450,000,000 shares authorized, 65,669,962 and 53,091,623 shares issued and outstanding, respectively 657 531
Additional paid-in capital 1,480,744 1,222,682
Distributions in excess of retained earnings (16,413 ) (5,167 )
Accumulated other comprehensive income   7,160     5,184  
Total stockholders' equity 1,472,249 1,223,331
Noncontrolling interests   226,082     59,699  
Total equity   1,698,331     1,283,030  
Total liabilities and equity $ 2,115,101   $ 1,435,567  
 
 

COLONY FINANCIAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

 
 

Three Months Ended June 30,

 

Six Months Ended June 30,

2013

 

2012

2013

 

2012

Income

Equity in income of unconsolidated joint ventures $ 22,992 $ 15,994 $ 44,794 $ 31,435
Interest income 17,455 9,051 28,867 14,877
Other income from affiliates   317   569     688   1,119  
Total income   40,764   25,614     74,349   47,431  

Expenses

Management fees 6,422 3,944 12,792 8,464
Investment expenses 542 1,091 1,150 1,771
Interest expense 4,816 1,829 7,171 3,323
Administrative expenses   1,736   1,478     3,579   3,232  
Total expenses   13,516   8,342     24,692   16,790  
Realized gain on payoff of loan receivable 3,560 3,560
Other gain (loss), net   196   (276 )   133   (504 )

Income before income taxes

31,004 16,996 53,350 30,137
Income tax provision   242   441     594   805  

Net income

30,762 16,555 52,756 29,332
Net income attributable to noncontrolling interests   5,111   1,454     7,698   1,763  

Net income attributable to Colony Financial, Inc.

25,651 15,101 45,058 27,569
Preferred dividends   5,355   3,082     10,710   3,458  

Net income attributable to common stockholders

$ 20,296 $ 12,019   $ 34,348 $ 24,111  
Net income per common share:
Basic $ 0.31 $ 0.36   $ 0.54 $ 0.73  
Diluted $ 0.31 $ 0.36   $ 0.54 $ 0.73  
Weighted average number of common shares outstanding:
Basic   64,384,000   32,745,500     63,212,100   32,696,100  
Diluted   71,928,900   32,806,900     63,212,100   32,731,400  
 
 

COLONY FINANCIAL, INC.

CORE EARNINGS

(In thousands, except share and per share data)

(Unaudited)

 
 

Three Months Ended June 30,

 

Six Months Ended June 30,

2013

 

2012

2013

2012

GAAP net income attributable to common stockholders $ 20,296 $ 12,019 $ 34,348 $ 24,111
Adjustments to GAAP net income to reconcile to Core Earnings:
Noncash equity compensation expense 1,059 693 2,246 2,609
Incentive fee 523 936
Depreciation expense 2,519 654 4,354 1,504
Net unrealized (gain) loss on derivatives   (297  

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EVault, A Seagate Company, Announces Partnership with Hitachi Data Systems

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EVault, A Seagate Company, Announces Partnership with Hitachi Data Systems

Hitachi TrueNorth Partners to Deliver Online Backup Service through the Adoption of EVault SaaS and Endpoint Protection Solutions in Select Asia Pacific countries

SAN FRANCISCO--(BUSINESS WIRE)-- EVault, Inc., a Seagate Company (NAS: STX) , today announced that a new strategic partnership with Hitachi Data Systems allows Hitachi TrueNorth partners to deliver cloud-based backup services by leveraging EVault SaaS and EVault Endpoint Protection in select Asia Pacific countries.


EVault provides onsite, cloud and cloud-connected data protection solutions to help organizations protect distributed environments, supported by a secure, reliable cloud storage infrastructure and backed by the highest quality customer service. EVault has been a leader in the industry's move to hybrid storage models, with a uniquely integrated ecosystem of EVault storage software, SaaS, managed services and appliances that help ensure customers maintain business continuity. Geared towards mid-market and enterprise-level businesses, EVault solutions are optimized to perform in multi-site, multi-platform environments, ideal for protecting operations in remote and branch office locations.

"In partnering with Hitachi Data Systems, we're able to expand our services to a region of the world that's experiencing explosive growth resulting in pressing and new data demands," said Paul Hartzell, vice president for the Asia Pacific region, EVault. "More so than ever before, businesses in the APAC region require comprehensive, cloud-based data backup and recovery solutions to ensure business continuity across all devices and platforms. With our years of experience, industry-leading services and partnerships with top companies like Hitachi Data Systems, we're well-positioned to expand our global reach and deliver our services to businesses all over the world."

"Today's CIOs face a variety of challenges - from budgets constraints to rapid data growth to an increasingly mobile workforce - and need secure, affordable and flexible solutions to meet their needs," said Andrew Sampson, vice president, Cloud Services Connection, Hitachi Data Systems Asia Pacific. "Adding EVault in our solution portfolio allows our TrueNorth partners to offer EVault's offerings which extend the reliability, security and performance that customers can enjoy in a new level of 360-degree protection."

EVault's cloud-connected backup and recovery is available immediately in selected APAC countries through Hitachi TrueNorth partners.

About EVault

More than 43,000 companies rely on EVault cloud-connected backup and recovery services. Delivered by a team of data recovery experts and using the very best cloud-connected technology, EVault backup solutions seamlessly integrate on-premise and online backup data protection for fast, local data access and ensured cloud disaster recovery. Optimized for distributed environments and backed by an ironclad cloud, EVault technology also powers the offerings of cloud services providers, data centers, telcos, ISVs, and many others. EVault is a Seagate Company.

Follow @EVault on Twitter and on Google+, subscribe to the blog and like EVault on Facebook.

Copyright 2013 EVault, Inc. All rights reserved. Printed in USA. Seagate, Seagate Technology and the Wave logo are registered trademarks of Seagate Technology LLC in the United States and/or other countries. EVault is a registered trademark of EVault, Inc. in the United States and/or other countries. HITACHI is a trademark or registered trademark of Hitachi, Ltd. All other trademarks or registered trademarks are the property of their respective owners.



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The article EVault, A Seagate Company, Announces Partnership with Hitachi Data Systems originally appeared on Fool.com.

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Liquidity Services, Inc. Announces Third Quarter Fiscal Year 2013 Financial Results

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Liquidity Services, Inc. Announces Third Quarter Fiscal Year 2013 Financial Results

- Third quarter revenue of $124.2 million up 2% - Gross Merchandise Volume (GMV) of $230.3 million up 2% - Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $26.4 million down 21% - Adjusted EPS of $0.44 down 21%

WASHINGTON--(BUSINESS WIRE)-- Liquidity Services, Inc. (NASDAQ: LQDT; www.liquidityservicesinc.com) today reported its financial results for its third quarter of fiscal year 2013 (Q3-13) ended June 30, 2013. Liquidity Services, Inc. provides business and government clients and buying customers transparent, innovative and effective online marketplaces and integrated services for surplus assets.


Liquidity Services, Inc. (Liquidity Services or the Company) reported consolidated Q3-13 revenue of $124.2 million, an increase of approximately 2% from the prior year's comparable period. Adjusted EBITDA, which excludes stock based compensation and acquisition costs including changes in acquisition earn out payment estimates, for Q3-13 was $26.4 million, a decrease of approximately 21% from the prior year's comparable period. Q3-13 GMV, the total sales volume of all merchandise sold through the Company's marketplaces, was $230.3 million, an increase of approximately 2% from the prior year's comparable period.

Net income in Q3-13 was $11.3 million or $0.35 diluted earnings per share. Adjusted net income, which excludes stock based compensation, acquisition costs including changes in acquisition earn out payment estimates and amortization of contract-related intangible assets associated with the Jacobs Trading acquisition - net of tax, in Q3-13 was $14.3 million or $0.44 adjusted diluted earnings per share based on 32.5 million fully diluted shares outstanding, a decrease of approximately 24% and 21%, respectively, from the prior year's comparable period.

"Q3-FY13 results were in line with our pre-announced guidance range. We continue to make important investments in our sales and marketing organization to expand awareness of Liquidity Services as the trusted provider of choice in our industry which will drive our future growth. We have made good progress with the integration of our GoIndustry acquisition, which is now operating at near breakeven. Overall margins in our business remain strong as adjusted EBITDA margins increased to 11.5% in the third quarter from 11.3% in the second quarter primarily as a result of sharper focus and streamlined operations," said Bill Angrick, Chairman and CEO of Liquidity Services. "Our year-over-year results were impacted by delays in new programs, weaker volumes and pricing in the consumer electronics category and the continued repositioning of our GoIndustry marketplace to focus on the key global Fortune 1000 relationships that we expect will drive sustained profitable growth in this business."

"We remain focused on executing our long term growth strategy to achieve $2 billion in GMV by fiscal year 2016. Fundamentally, we are confident in our competitive position and our ability to achieve attractive organic growth over the next several years driven by our strong client service and continued investments in innovation. However, in the short term, results have been less predictable and pressured due to significant integration efforts and the timing of new large commercial programs coming on line," continued Angrick.

Business Outlook

While general economic conditions have improved, our overall outlook remains cautious due to the volatility in the macro environment. The retail vertical of our business has seen significant changes in consumer spending habits in certain categories, such as electronics, which has been affected by increases in payroll taxes, continued high unemployment, and reduced innovation in the sector resulting in decreased spending. Additionally, we plan to further invest in our technology infrastructure and innovation for our proprietary e-commerce marketplaces to support further expansion and integration of our existing and recently acquired businesses. In the longer term, we expect our business to continue to benefit from the following trends: (i) as consumers trade down and seek greater value, we anticipate stronger buyer demand for the surplus merchandise sold in our marketplaces, (ii) as corporations and public sector agencies focus on reducing costs, improving transparency and working capital flows by outsourcing reverse supply chain activities, we expect our seller base to increase, and (iii) as corporations and public sector agencies increasingly prefer service providers with a proven track record, innovative technology solutions and demonstrated financial strength, we expect our seller base to increase.

The following forward looking statements reflect trends and assumptions for the next quarter:

     
(i) stable commodity prices in our scrap business;
(ii) stable average sales prices realized in our capital assets marketplaces;
(iii) improved margins in our GoIndustry marketplace as we continue to integrate the acquisition and complete our restructuring plans;
(iv) continued lower than prior year product flows from existing client programs in our retail goods marketplaces, particularly in our consumer electronics vertical;
(v) an effective income tax rate of 40%; and
(vi) improved operations and service levels in our retail goods marketplaces.
 

Our Scrap Contract with the Department of Defense (DoD) includes an incentive feature, which can increase the amount of profit sharing distribution we receive from 23% up to 25%. Payments under this incentive feature are based on the amount of scrap we sell for the DoD to small businesses during the preceding 12 months as of June 30th of each year. We are eligible to receive this incentive in each year of the term of the Scrap Contract. We earned approximately $1,265,000 under this incentive feature for the 12 months ended June 30, 2013, and we recorded this amount in the quarter ended June 30, 2013.

GMV - We expect GMV for fiscal year 2013 to range from $925 million to $950 million. We expect GMV for Q4-13 to range from $200 million to $225 million.

Adjusted EBITDA - We expect Adjusted EBITDA for fiscal year 2013 to range from $104 million to $106 million. We expect Adjusted EBITDA for Q4-13 to range from $24.0 million to $26.0 million.

Adjusted Diluted EPS - We estimate Adjusted Earnings Per Diluted Share for fiscal year 2013 to range from $1.72 to $1.76. In Q4-13, we estimate Adjusted Earnings Per Diluted Share to be $0.39 to $0.43. This guidance assumes that we have an average fully diluted number of shares outstanding for the year of 32.7 million, and that we will not repurchase shares with the approximately $18.1 million yet to be expended under the share repurchase program.

Our guidance adjusts EBITDA and Diluted EPS for (i) acquisition costs including transaction costs and changes in earn out estimates; (ii) amortization of contract related intangible assets of $33.3 million from our acquisition of Jacobs Trading; and (iii) for stock based compensation costs, which we estimate to be approximately $3.0 million to $3.5 million for Q4-13.

Key Q3-13 Operating Metrics

Registered Buyers — At the end of Q3-13, registered buyers totaled approximately 2,360,000, representing a 34% increase over the approximately 1,764,000 registered buyers at the end of Q3-12.

Auction Participants — Auction participants, defined as registered buyers who have bid in an auction during the period (a registered buyer who bids in more than one auction is counted as an auction participant in each auction in which he or she bids), increased to approximately 623,000 in Q3-13, an approximately 16% increase over the approximately 537,000 auction participants in Q3-12.

Completed Transactions — Completed transactions increased to approximately 130,000, an approximately 3% increase for Q3-13 from the approximately 126,000 completed transactions in Q3-12.

GMV and Revenue Mix — GMV continues to diversify due to the continued growth in our commercial business and state and local government business (the GovDeals.com marketplace). As a result, the percentage of GMV derived from our DoD Contracts during Q3-13 decreased to 21.9% compared to 23.7% in the prior year period. The table below summarizes GMV and revenue by pricing model.

 

GMV Mix

  Q3-13   Q3-12
Profit-Sharing Model:  
Scrap Contract 7.9%   8.8%
Total Profit Sharing 7.9% 8.8%
Consignment Model:
GovDeals 19.8% 16.8%
Commercial 37.8%   36.8%
Total Consignment 57.6% 53.6%
Purchase Model:
Commercial 20.5% 22.7%
Surplus Contract 14.0%   14.9%
Total Purchase 34.5% 37.6%
     
Total 100.0%   100.0%
 

Revenue Mix

Q3-13   Q3-12
Profit-Sharing Model:
Scrap Contract 14.7%   16.3%
Total Profit Sharing 14.7% 16.3%
Consignment Model:
GovDeals 3.8% 2.9%
Commercial 10.6%   10.1%
Total Consignment 14.4% 13.0%
Purchase Model:
Commercial 39.7% 42.9%
Surplus Contract 25.9%   27.8%
Total Purchase 65.6% 70.7%
 
Other 5.3%  
Total 100.0%   100.0%
 

Liquidity Services, Inc.
Reconciliation of GAAP to Non-GAAP Measures

EBITDA and Adjusted EBITDA. EBITDA is a supplemental non-GAAP financial measure and is equal to net income plus interest and other expense (income), net; provision for income taxes; amortization of contract intangibles; and depreciation and amortization. Our definition of Adjusted EBITDA differs from EBITDA because we further adjust EBITDA for stock based compensation expense, and acquisition costs including changes in earn out estimates.

   
Three Months Nine Months
Ended June 30, Ended June 30,
2013   2012 2013   2012
(in thousands) (unaudited)
Net income $ 11,288 $ 14,863 $ 30,695 $ 42,751
Interest and other expense (income), net 56 517 (772 ) 1,625
Provision for income taxes 7,525 9,909 20,822 29,025
Amortization of contract intangibles 2,407 2,020 7,023 6,059
Depreciation and amortization   1,984   1,477   5,952     4,508  
 
EBITDA   23,260   28,786   63,720     83,968  
Stock compensation expense 2,927 3,537 10,229 8,655
Acquisition costs   239   1,109   5,826     (5,562 )
 
Adjusted EBITDA $ 26,426 $ 33,432 $ 79,775   $ 87,061  
 

Adjusted Net Income and Adjusted Basic and Diluted Earnings Per Share . Adjusted net income is a supplemental non-GAAP financial measure and is equal to net income plus tax effected stock compensation expense, amortization of contract-related intangible assets associated with the Jacobs Trading acquisition and acquisition costs including changes in earn out estimates. Adjusted basic and diluted earnings per share are determined using Adjusted Net Income.

   
Three Months Ended June 30, Nine Months Ended June 30,
2013   2012 2013   2012
(Unaudited) (Dollars in thousands, except per share data)
Net income $ 11,288 $ 14,863 $ 30,695 $ 42,751
Stock compensation expense (net of tax) 1,756 2,122 6,137 5,193
Amortization of contract intangibles (net of tax) 1,090 1,090 3,269 3,269
Acquisition costs (net of tax)   143   665   3,496   (3,337 )
 
Adjusted net income $ 14,277 $ 18,740 $ 43,597 $ 47,876  
 
Adjusted basic earnings per common share $ 0.45 $ 0.60 $ 1.38 $ 1.55  
 
Adjusted diluted earnings per common share $ 0.44 $ 0.56 $ 1.34 $ 1.46  
 
Basic weighted average shares outstanding   31,651,061   31,140,261   31,565,109   30,791,297  
 
Diluted weighted average shares outstanding   32,540,187   33,183,165   32,642,046   32,781,370  
 

Conference Call

The Company will host a conference call to discuss fiscal third quarter 2013 results at 8:00 a.m. Eastern Time tomorrow. Investors and other interested parties may access the teleconference by dialing 866-202-0886 or 617-213-8841 and providing the participant pass code 42835180. A live web cast of the conference call will be provided on the Company's investor relations website at http://www.liquidityservicesinc.com. A replay of the web cast will be available on the Company's website for 30 calendar days ending September 7, 2013 at 11:59 p.m. ET. An audio replay of the teleconference will also be available until September 6, 2013 at 11:59 p.m. ET. To listen to the replay, dial 888-286-8010 or 617-801-6888 and provide pass code 74058780. Both replays will be available starting at 12:30 p.m. tomorrow.

Non-GAAP Measures

To supplement our consolidated financial statements presented in accordance with GAAP, we use certain non-GAAP measures of certain components of financial performance. These non-GAAP measures include earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share. These non-GAAP measures are provided to enhance investors' overall understanding of our current financial performance and prospects for the future. We use EBITDA and Adjusted EBITDA: (a) as measurements of operating performance because they assist us in comparing our operating performance on a consistent basis as they do not reflect the impact of items not directly resulting from our core operations; (b) for planning purposes, including the preparation of our internal annual operating budget; (c) to allocate resources to enhance the financial performance of our business; (d) to evaluate the effectiveness of our operational strategies; and (e) to evaluate our capacity to fund capital expenditures and expand our business.

We believe these non-GAAP measures provide useful information to both management and investors by excluding certain expenses that may not be indicative of our core operating measures. In addition, because we have historically reported certain non-GAAP measures to investors, we believe the inclusion of non-GAAP measures provides consistency in our financial reporting. These measures should be considered in addition to financial information prepared in accordance with generally accepted accounting principles, but should not be considered a substitute for, or superior to, GAAP results. A reconciliation of all historical non-GAAP measures included in this press release, to the most directly comparable GAAP measures, may be found in the financial tables included in this press release.

Supplemental Operating Data

To supplement our consolidated financial statements presented in accordance with GAAP, we use certain supplemental operating data as a measure of certain components of operating performance. We review GMV because it provides a measure of the volume of goods being sold in our marketplaces and thus the activity of those marketplaces. GMV and our other supplemental operating data, including registered buyers, auction participants and completed transactions, also provide a means to evaluate the effectiveness of investments that we have made and continue to make in the areas of customer support, value-added services, product development, sales and marketing and operations. Therefore, we believe this supplemental operating data provides useful information to both management and investors. In addition, because we have historically reported certain supplemental operating data to investors, we believe the inclusion of this supplemental operating data provides consistency in our financial reporting. This data should be considered in addition to financial information prepared in accordance with generally accepted accounting principles, but should not be considered a substitute for, or superior to, GAAP results.

Forward-Looking Statements

This document contains forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. These statements are only predictions. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. These statements include, but are not limited to, statements regarding the Company's business outlook and expected future effective tax rates. You can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continues" or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this document. Important factors that could cause our actual results to differ materially from those expressed as forward-looking statements are set forth in our filings with the SEC from time to time, and include, among others, our dependence on our contracts with the DoD and Wal-Mart for a significant portion of our revenue and profitability; our ability to successfully expand the supply of merchandise available for sale on our online marketplaces; our ability to attract and retain active professional buyers to purchase this merchandise; the timing and success of upgrades to our technology infrastructure; our ability to successfully complete the integration of any acquired companies, including NESA, Go-Industry, and Jacobs Trading, into our existing operations and our ability to realize any anticipated benefits of these or other acquisitions; and our ability to recognize any expected tax benefits as a result of closing our U.K. retail consumer goods operations. There may be other factors of which we are currently unaware or deem immaterial that may cause our actual results to differ materially from the forward-looking statements.

All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date of this document and are expressly qualified in their entirety by the cautionary statements included in this document. Except as may be required by law, we undertake no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances occurring after the date of this document or to reflect the occurrence of unanticipated events.

About Liquidity Services, Inc.

Liquidity Services, Inc. (NAS: LQDT) provides leading corporations, public sector agencies and buying customers the world's most transparent, innovative and effective online marketplaces and integrated services for surplus assets. On behalf of its clients, Liquidity Services has completed the sale of over $3.8 billion of surplus, returned and end-of-life assets, in over 500 product categories, including consumer goods, capital assets and industrial equipment. The Company is based in Washington, D.C. and has over 1,300 employees. Additional information can be found at: http://www.liquidityservicesinc.com.

 

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Liquidity Services, Inc. and Subsidiaries

Consolidated Balance Sheets

(Dollars in Thousands)

 
  June 30,  

September 30,

2013 2012
Assets (Unaudited)
Current assets:
Cash and cash equivalents $ 63,327 $ 104,782
Accounts receivable, net of allowance for doubtful accounts of $1,005 and $1,248 at June 30, 2013 and September 30, 2012, respectively 22,821 16,226
Inventory 27,710 20,669
Prepaid and deferred taxes 17,752 16,927
Prepaid expenses and other current assets   5,737     3,973
Total current assets 137,347 162,577
Property and equipment, net 10,289 10,382
Intangible assets, net 31,097 34,204
Goodwill 209,357 185,771
Other assets   7,667     7,474
Total assets $ 395,757   $ 400,408
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 12,281 $ 9,997
Accrued expenses and other current liabilities 30,165 36,569
Profit-sharing distributions payable 2,813 4,041
Current portion of acquisition earn out payables 14,511
Customer payables 28,039 34,265
Current portion of note payable       10,000
Total current liabilities 73,298 109,383
Acquisition earn out payables 18,299
Note payable, net of current portion 32,000
Deferred taxes and other long-term liabilities   9,221     9,022
Total liabilities 100,818 150,405
Stockholders' equity:
Common stock, $0.001 par value; 120,000,000 shares authorized; 31,693,239 shares issued and outstanding at June 30, 2013; 31,138,111 shares issued and outstanding at September 30, 2012 31 31
Additional paid-in capital 200,059 182,361
Accumulated other comprehensive income (2,211 ) 1,246

SHAREHOLDER ALERT: Wohl & Fruchter Investigating the Merger of Parametric Sound Corporation and Turt

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SHAREHOLDER ALERT: Wohl & Fruchter Investigating the Merger of Parametric Sound Corporation and Turtle Beach

NEW YORK--(BUSINESS WIRE)-- The law firm of Wohl & Fruchter LLP is investigating the proposed merger of Parametric Sound Corporation (Parametric) (NAS: PAMT) and VTB Holdings, Inc. (Turtle Beach).

On August 5, 2013, Parametric and Turtle Beach announced they had entered into an agreement to merge in a stock for stock transaction. Under the terms of the agreement, former Turtle Beach stockholders are expected to own approximately 80 percent of the combined company's shares, and Parametric stockholders are expected to own approximately 20 percent of the combined company's shares.


Wohl & Fruchter's investigation concerns the fairness of the transaction from the standpoint of Parametric shareholders, and whether the board of directors of Parametric breached their fiduciary duties to Parametric shareholders in approving the transaction.

Additional information, including copies of the proxy and other materials filed by Parametric with the Securities & Exchange Commission, is available at http://www.wohlfruchter.com/cases/pamt.

Persons with relevant information, and Parametric shareholders with questions about this investigation, are invited to contact our Firm by calling 866.833.6245, or contacting the attorney below.

About Wohl & Fruchter

Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.

This release may be deemed to constitute attorney advertising.



Wohl & Fruchter LLP
J. Elazar Fruchter
866-833-6245 or 845-425-4658
jfruchter@wohlfruchter.com
www.wohlfruchter.com

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The article SHAREHOLDER ALERT: Wohl & Fruchter Investigating the Merger of Parametric Sound Corporation and Turtle Beach originally appeared on Fool.com.

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Pacific Alliance Bank Announces Period Ending June 30, 2013 Results

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Pacific Alliance Bank Announces Period Ending June 30, 2013 Results

ROSEMEAD, Calif.--(BUSINESS WIRE)-- Pacific Alliance Bank (OTCBB:PFBN) operating results for the period ending June 30, 2013 are as follows:

  • The Bank posted a net income of $209 thousand or $0.09 per share in the 2nd quarter of 2013, compared with a net loss of -$49 thousand or -$0.03 per share for the same period in 2012. The Bank also posted a net income of $54 thousand or $0.02 per share for the month ended June 30, 2013, compared with a net loss of -$29 thousand or -$0.01 per share for the same period in 2012.
  • Total Assets increased by $2.104 million to $127.6 million, a 1.7% growth from $125.5 million at June 30, 2012.
  • Loans outstanding increased by $26.0 million to $105.4 million, a 32.8% growth from $79.3 million at June 30, 2012.
  • Deposits outstanding decreased by $1.2 million to $107.0 million, a -1.1% negative growth from $108.2 million at June 30, 2012.
  • The Bank provided in the 2nd quarter of 2013, $2.0 thousand for loan losses provision and $50.2 thousand for unfunded commitment reserve; allowance for loan losses to total gross loans was 2.4% as of June 30, 2013.
  • There is one new impaired loan(s) in the 2nd quarter amounting to $0.034 million of SBA loan unguaranteed portion. As of June 30, 2013, Non-accrual loans totaled $5.5 million, comprising one SBA 7A loan of which 90% was guaranteed by SBA.
  • The Bank continues to be categorized as "well-capitalized" under the regulatory guidelines, with Tier 1 leverage capital ratio of 12.28%, Tier 1 risk-based capital ratio of 16.26%, and Total risk-based capital ratio of 17.52%.
  • The Bank's ROA as of June 30, 2013 is 0.79% and ROE is 6.57%. For the same period in 2012, ROA is -0.53% and ROE is -5.07%.

Pacific Alliance Bank continues its mission of delivering business value, serving small to mid-size businesses, owners, and key employees who seek a personal bank ready to meet their banking needs with customized services.


Pacific Alliance Bank is a full-service FDIC insured community bank, headquartered at 8400 E. Valley Blvd., Rosemead, California 91770. For more information, contact Ms. Patricia Yang, (626) 773-8897 or pyang@pacificalliancebank.com, and visit http://www.pacificalliancebank.com.

This document may include forward-looking information, which is subject to the "safe harbor" created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act and the Private Securities Litigation Reform Act of 1995. When the Bank uses or incorporates by reference in this document the words "anticipate," "estimate," "expect," "project," "intend," "commit," "believe" and similar expressions, the Bank intends to identify forward-looking statements. Our actual results may differ materially from those projected in any forward-looking statements, as they will depend on many factors about which we are unsure, including many factors which are beyond our control.



PAB
Patricia Yang, Public Relations
(626) 773-8897
pyang@pacificalliancebank.com

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The article Pacific Alliance Bank Announces Period Ending June 30, 2013 Results originally appeared on Fool.com.

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Faruqi & Faruqi, LLP, Partner Juan E. Monteverde is Seeking More Cash for the Shareholders of Therag

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Faruqi & Faruqi, LLP, Partner Juan E. Monteverde is Seeking More Cash for the Shareholders of Theragenics Corporation (TGX) Over the Proposed Sale of the Company to Juniper Investment Co.

Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Theragenics Corporation

NEW YORK--(BUSINESS WIRE)-- Juan Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Theragenics Corporation ("Theragenics" or the "Company") (NYS: TGX) for potential breaches of fiduciary duties in connection with their acceptance of a $68.3 million buyout offer from Juniper Investment Co. on August 5, 2013. Under the terms of the proposed transaction, Theragenics' stockholders will receive between $2.20 for each share of Theragenics common stock they own, while Theragenics' has a reported book value of $2.66.


Under the terms of the agreement, Theragenics can solicit other bids through September 6, 2013. Juniper's current offer of $2.20 per share is a reduction from Juniper's May 13 offering range of between $2.25 and $2.30 per share.

Request more information now by clicking here: www.faruqilaw.com/TGX . There is no cost or obligation to you.

The investigation focuses on whether Theragenics' Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Theragenics' shareholders.

Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients.

If you own common stock in Theragenics and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/TGX or contact Juan E. Monteverde, Esq. either via e-mail at jmonteverde@faruqilaw.com or by telephone at (877) 247-4292 or (212) 983-9330.

Attorney Advertising. (C) 2013 Faruqi & Faruqi, LLP. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We are happy to discuss your particular case.



Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
jmonteverde@faruqilaw.com
Toll Free: (877) 247-4292
Phone: (212) 983-9330

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

The article Faruqi & Faruqi, LLP, Partner Juan E. Monteverde is Seeking More Cash for the Shareholders of Theragenics Corporation (TGX) Over the Proposed Sale of the Company to Juniper Investment Co. originally appeared on Fool.com.

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Should WWE Cut Its Dividend Further?

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World Wrestling Entertainment , better known as WWE, is more than just a wrestling promoter -- it's a full-fledged media company. Seventy percent owned by its founding family, the McMahons, WWE appears at first sight to be an unattractive pick: Earnings have been mediocre for the past few years, its valuation seems terribly high when considering those earnings, and professional wrestling just isn't a big topic on Wall Street. But underneath the gargantuan men in spandex shorts rolling all over each other is a very real business, and one that might just justify its current price, if not more. Here's what you need to know about World Wresting Entertainment.

The business
Say what you will about the validity of the sport it promotes, but WWE is a good business with some managerial problems. Its founders and nearly whole-owners, the McMahons, have run the company relatively conservatively. The balance sheet is clean as a whistle, with zero debt on the books. The company was able to bring back Dwayne Johnson, a.k.a. The Rock, whose celebrity has helped pay-per-view numbers fly up.

WWE also pays a 4.6% dividend, which brings us to the problem:


The company's earnings are not enough to pay the dividend.

WWE is paying its shareholders more than it's earning -- an unsustainable practice at best. Is this a move to prop up the price of the stock in the near term, ensuring the value of the McMahons' personal stake? When the company cut its dividend from well over $1 to its current level, investors abandoned in droves. This is one important question, but there are other considerations, including what the company would be like without its dividend payment.

Alternatives
If WWE stopped paying its $0.48-per-share dividend tomorrow, earnings would look much, much better. Take the just ended quarter, for instance. WWE earned $0.07 in net income. With the $0.12 added back in, that's a far improved situation for the company and would appease analysts' concerns immediately. Sure, it would upset the dividend-seeking investors, but the resulting capital appreciation would potentially outweigh the loss of dividend.

Another possibility is the sale of the company. At present, the McMahon family represents 80% of the voting rights, and probably keeps pressure on the stock price, as the company can basically do whatever it wants without the approval of the remaining 20%. If the company were to be sold to a bigger media company, or even taken private by the McMahons, the underlying value would be illuminated, and the dividend fog lifted.

WWE has a thriving businesses, despite its tepid growth. Last quarter, live entertainment sales grew by 13%, ticket prices increased by 39% (helping to make the last Wrestlemania a record event for the company), venue merchandise grew 28%, TV revenue was up 17%, WWE.com revenue increased 27%, and so on and so forth.

Clearly, the problem here is not with the underlying businesses, which are almost all doing exceptionally well. It's the allegiance to the high dividend payout that's keeping WWE from being a high achiever in stock price.

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The article Should WWE Cut Its Dividend Further? originally appeared on Fool.com.

Fool contributor Michael Lewis has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Amazon.com and Netflix. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Should Dole Shareholders Step Back From Buyout?

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All-things produce supplier Dole Food Company  has a banner year on the back of an early June buyout offer from its 90-year-old CEO and large shareholder, David Murdock. After a period of success following the initial sale of its Dole Asia business for nearly $1.7 billion in cash and then subsequent cost reductions, the company's stock fell in the early months of 2013 following the divestiture, which did not yield as strong of benefits as predicted. Now, the company holds a much lighter balance sheet, a more nimble business, an outstanding bid for $12 per share by Murdock, and a seemingly confused investor base. What should you do with Dole?

Weak earnings
Dole recently reported its second-quarter earnings, which were relatively disappointing. Net margins managed to grow a bit, while the higher-placed margins shrank. Revenue beat expectations, but net income missed. By most accounts, the earnings were relatively uninteresting, if on the negative side. But the market didn't react substantially, and the stock actually trades a dollar above Murdock's $12 offer.

So what do investors expect of Dole?


An interesting future
Dole going private, for the second time, takes little explanation. Murdock, the billionaire who runs the company and currently owns nearly half of it, wants the whole thing. He announced his offer after the stock had fallen sharply due to the reversal of a previously announced $175 million stock buyback, which had served as evidence that the Dole Asia sale would unlock shareholder value. But management actually put the money to better use than a payout -- it bought three new ships that will hold nearly 800 containers -- up from 491 with its current West Coast fleet. The ships will be more efficient and, in management's eyes, differentiate the company from its competitors.

The question is, will any of that benefit shareholders today, who may get bought out at $12 per share? Unlikely.

More interestingly is whether Murdock will increase his offer for the company, as requested by some activist shareholders or whether the company can continue to prosper as a public company.

A better tomorrow
Dole made a wise move in selling Dole Asia. For one, it greatly reduced debt, helping the company achieve a better earnings multiple. Furthermore, the packaged foods business is actually less profitable than its produce business. That may come as a surprise to some, since the price war in the banana industry has hurt Dole and its competitors for well over a year.

Some allege that Murdock undervalues his own company, using out of date information and includes one-time costs the company has recently incurred as part of his future financial projections. Dole's non-core assets, which include 25,000 acres on the island of Oahu, could be worth as much as $500 million -- nearly half of today's market cap.

The $12 offer appears to put Dole on a base-case scenario or one that assumes little upside. But given the cyclical nature of the business, the cost-cutting efforts just beginning to take effect, and its capex spending, Dole may have a much brighter future than it does today.

Investors are wise to look very closely at the Murdock deal -- as the market may be anticipating an increased offer price. The commodity-like produce business is not a pretty one, but Dole's story may get sweeter soon.


 

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The article Should Dole Shareholders Step Back From Buyout? originally appeared on Fool.com.

Fool contributor Michael Lewis has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Aqua America Reports Second Quarter 2013 Earnings

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Aqua America Reports Second Quarter 2013 Earnings

EPS grows 27 percent; Previously announced 5-for-4 stock split and 9 percent dividend increase effective September 1st

BRYN MAWR, Pa.--(BUSINESS WIRE)-- Aqua America, Inc. (NYS: WTR) today reported results for the quarter ending June 30, 2013. Revenues for the quarter were $195.7 million compared to $191.7 million for the same period of 2012. Net income for the quarter rose to $53.6 million from $41.4 million for the same period in 2012. Corresponding diluted earnings per share for the quarter were $0.38, compared to $0.30 for the same quarter in 2012, an increase of 27 percent.


For the first six months of 2013, net income increased to $100.2 million from $79.3 million and corresponding diluted earnings per share increased 25 percent to $0.71 from $0.57 for the same period in 2012. Operating revenues for the first six months of 2013 totaled $375.7 million, an increase of $20.0 million from revenues of $355.7 million for the six months ending June 30, 2012.

Aqua America Chairman and CEO Nicholas DeBenedictis said, "Our company continued its strong performance in the second quarter. The benefits of the company's long-term strategy of growth through acquisition, pruning underperforming assets, operational efficiency, and investing in needed infrastructure improvements, complemented by the benefit of the repair tax accounting change delivered increased net income in the quarter."

The benefit of the repair tax accounting change announced in December 2012 allows the company to continue investing in needed infrastructure improvements in excess of $200 million annually in Pennsylvania (more than $300 million companywide annually) without seeking rate increases from its customers in Pennsylvania. In essence the company, by adopting the repair tax accounting change, has instituted a rate freeze in its largest state, Pennsylvania, and replaced the foregone revenues from rate increases with the flow-through accounting treatment of income tax benefits permitted under the Pennsylvania Public Utility Commission Order of June 2012.

Aqua America invested $134.9 million in regulated infrastructure improvements in the first six months of 2013 as part of its capital investment program. All of these investments were funded through internally generated funds, which for the first six months of 2013 totaled $158.8 million. These investments include: pipe replacement to improve distribution networks; plant upgrades to enhance water quality; and other service reliability improvements for its customers.

In May, the Board of Directors declared a 9 percent increase to its quarterly cash dividend from the current quarterly dividend rate of $0.175 per share to $0.19 per share for the September 1, 2013 dividend. The annualized dividend rate after this increase is equivalent to $0.76 per share, or $0.06 more than the current annualized dividend rate of $0.70 per share. Additionally, for the seventh time in 17 years, the Board approved a stock split to be effected September 1 in the form of a 5-for-4 (25 percent) stock distribution. Both the increased cash dividend and the subsequent stock distribution will be effective on September 1, 2013 for shareholders of record on August 16, 2013.

The increased September 1, 2013 dividend will be applied to the shares prior to the stock split. The equivalent quarterly dividend rate after the stock split would be $0.152 per share on the increased number of shares resulting from the stock distribution or $0.608 per share on an annualized basis. The stock split will be effected through a stock distribution on September 1, 2013 of one share for each four shares outstanding as of August 16, 2013.

DeBenedictis said, "We continue to strive to deliver strong total returns through the reinvestment of capital to grow the business and returning earnings in the form of dividends, while controlling costs for our customers."

In 2013, the company has received rate awards and infrastructure surcharges in New Jersey, Texas, Illinois, Ohio, and Virginia estimated to increase annualized revenues by approximately $11.3 million. The company has more than $11 million of rate proceedings pending in Virginia, Ohio, North Carolina, and New Jersey. Additionally, Aqua America's state subsidiaries are expected to seek rate relief by filing rate requests or surcharges of approximately $7 million in the remainder of 2013. The primary driver of these filings is the recovery of capital (infrastructure) investments and increased expenses since the companies' previous rate filings in those states. The timing and extent to which rate increases might be granted by the applicable regulatory agencies will vary by state.

Aqua America has completed the purchase of eight water and wastewater utility systems in 2013, including four in Pennsylvania, three in North Carolina, and one in Virginia. Two of the systems acquired were from municipalities in Pennsylvania. Aqua Pennsylvania's acquisitions included the water and wastewater system assets of Total Environmental Solutions, Inc. (TESI), which serve approximately 6,000 people in the Treasure Lake community in Sandy Township, Clearfield County for $11.8 million and the water distribution system assets that serve 500 people in the Concord Park section of Bensalem Township from Bucks County Water and Sewer Authority for $399,000. It also acquired the water assets of a community water system from Bristol Township that serves approximately 1,800 residents in the Newportville-Ferguson area of the township for $3.4 million. Aqua North Carolina purchased the water system assets of Knob Creek, a subdivision with about 600 residents in the town of Pisgah Forest, Transylvania County, for $40,000. Customer growth from acquisitions and organic growth totaled 7,500 customers in the first six months of 2013.

In March, Aqua America sold approximately two-thirds of its Florida operations for $52.3 million and is in negotiations to complete the sale of its profitable Sarasota, Florida operation in a separate transaction for $36.8 million, which could close late in 2013 or in 2014. The company has also signed a letter of intent with the City of Fort Wayne, Indiana to sell the company's water operation in exchange for an additional $50.1 million to the $16.9 million already paid by the City and obtaining wastewater treatment flows from the City, contingent on receiving regulatory approvals and signing of the necessary definitive agreements. If this transaction is consummated, the company will expand its wastewater customer base in Fort Wayne. This transaction is not expected to close until 2014.

The company's non-regulated joint venture investment, Aqua — PVR Water Services, LLC, was formed in 2011 by operating subsidiaries of Aqua America and Penn Virginia Resource Partners, L.P. to construct and operate a private pipeline system to supply raw water to certain natural gas producers drilling in the Marcellus Shale in central Pennsylvania. The latest phase of the construction, extending the pipeline another 20 miles into Tioga County, was completed in the first quarter of 2013. With the completion of this phase of the construction, it is now capable of providing water to gas drilling sites along 56 miles of pipeline. The first half of 2013 has shown sluggish Marcellus well drilling activity due to low gas prices and restrictive infrastructure for gas transmission, which has resulted in low sales of water for the joint venture. Water sales for gas drilling are expected to pick up in the second half of 2013.

As of June 30, 2013, Aqua America's weighted average cost of fixed-rate long-term debt was 5.02 percent, and the company had $173 million available on its credit lines. In July, Standard & Poor's reiterated its A+ credit rating for Aqua Pennsylvania. Of the 227 electric, gas, and water utilities rated by Standard & Poor's, only one has a higher rating than Aqua Pennsylvania.

The company's conference call with financial analysts will take place on Wednesday, August 7, 2013 at 11 a.m. Eastern Daylight Time. The call will be webcast live so that interested parties may listen over the Internet by logging on to www.aquaamerica.com and following the link for Investor Relations. The conference call will be archived in the investor relations section of the company's website for 90 days following the call. Additionally, the call will be recorded and made available for replay at 2 p.m. on August 7, 2013 for 10 business days following the call. To access the audio replay in the U.S., dial 888.203.1112 (pass code 5562389). International callers can dial 719.457.0820 (pass code 5562389).

Aqua America is one of the largest U.S.-based, publicly-traded water utilities and serves almost 3 million residents in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana, Virginia, Florida and Georgia. Aqua America is listed on the New York Stock Exchange under the ticker symbol WTR. Visit www.aquaamerica.com for more information.

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the benefits of the company's long-term strategy; management's objective of delivering strong total returns to the shareholders through reinvesting capital and returning earnings to shareholders; the anticipated ongoing repair tax accounting change; the company's plan to continue its capital investment program while not increasing rates in Pennsylvania in 2013; the projected benefits from the company's capital investment program; signs that the housing market could be recovering; the estimated revenues from rate awards received; the company's plans to file future rate increases and the timing of the impact of such cases; the company's plans to sell its Sarasota, Florida operation; the company's plan to sell its water operations and the anticipated expansion of the company's sewer customer base in Fort Wayne, Indiana; and the projected increase in income from the joint venture in 2013. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions; housing and customer growth trends; unfavorable weather conditions; the success of certain cost containment initiatives; the extent to which rate increase requests are granted and the timing of rate awards; changes in regulations or regulatory treatment; availability and the cost of capital; disruptions in the credit markets; the success of growth initiatives; and other factors discussed in our Annual Report on Form 10-K for the period ending December 31, 2012, which is on file with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement.

WTRF

       
Aqua America, Inc. and Subsidiaries
Selected Operating Data
(In thousands, except per share amounts)
(Unaudited)
 
Quarter Ended Six Months Ended

June 30,

June 30,

2013

2012

2013

2012

 
Operating revenues $ 195,655 $ 191,690 $ 375,690 $ 355,714
 
Net income attributable to common shareholders $ 53,586 $ 41,445 $ 100,151 $ 79,349
 
Basic net income per common share $ 0.38 $ 0.30 $ 0.71 $ 0.57
Diluted net income per common share $ 0.38 $ 0.30 $ 0.71 $ 0.57
 
Basic average common shares outstanding 140,786 139,108 140,560 138,935
Diluted average common shares outstanding   141,662   139,843   141,278   139,577
 
       
Aqua America, Inc. and Subsidiaries
Consolidated Statement of Income
(In thousands, except per share amounts)
(Unaudited)
 
Quarter Ended Six Months Ended

June 30,

June 30,

2013

2012

2013

2012

 
Operating revenues $ 195,655 $ 191,690 $ 375,690 $ 355,714
 
Cost & expenses:
Operations and maintenance 70,858 63,571 139,169

 

128,396
Depreciation 29,524 27,739 58,783 54,485
Amortization 1,358 1,332 2,728 2,453
Taxes other than income taxes   13,250     12,016     26,784     21,509  
Total   114,990     104,658     227,464     206,843  
 
Operating income 80,665 87,032 148,226 148,871
 
Other expense (income):
Interest expense, net 19,209 19,540 38,484 38,787
Allowance for funds used during construction (490 ) (1,235 ) (1,042 ) (2,565 )
Loss (gain) on sale of other assets 109 (64 ) 17 (506 )
Equity loss (earnings) in joint venture   1,154     (249 )   1,810     (249 )
Income from continuing operations before income taxes 60,683 69,040 108,957 113,404
Provision for income taxes   7,135     27,260     14,178     44,735  
Income from continuing operations 53,548 41,780 94,779 68,669
 
Discontinued operations:
Income (loss) from discontinued operations before income taxes 29 (176 ) 8,331 17,994
Provision for income taxes   (9 )   159     2,959     7,314  
Income (loss) from discontinued operations   38     (335 )   5,372     10,680  
Net income attributable to common shareholders $ 53,586   $ 41,445   $ 100,151   $ 79,349  
 
Income from continuing operations per share:
Basic $ 0.38 $ 0.30 $ 0.67 $ 0.49
Diluted $ 0.38 $ 0.30 $ 0.67 $ 0.49
 
Income from discontinued operations per share:
Basic $ 0.00 $ 0.00 $ 0.04 $ 0.08
Diluted $ 0.00 $ 0.00 $ 0.04 $ 0.08
 
Net income per common share:
Basic $ 0.38 $ 0.30 $ 0.71 $ 0.57
Diluted $ 0.38 $ 0.30 $ 0.71 $ 0.57
 
Average common shares outstanding:
Basic   140,786     139,108     140,560     138,935  
Diluted   141,662     139,843     141,278     139,577  
 
   
Aqua America, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands of dollars)
(Unaudited)
 
 
 
June 30, December 31,

2013

2012

 
Net property, plant and equipment $ 4,025,138 $ 3,936,163
Current assets 221,586 260,894
Regulatory assets and other assets   711,593   661,460
$ 4,958,317 $ 4,858,517
 
 
Total equity $ 1,428,319 $ 1,385,892
Long-term debt, excluding current portion 1,489,842 1,543,954
Current portion of long-term debt and loans payable 158,629 125,421
Other current liabilities 148,086 148,743
Deferred credits and other liabilities   1,733,441   1,654,507
$ 4,958,317 $ 4,858,517
 



Aqua America, Inc.
Brian Dingerdissen, 610-645-1191
Director, Investor Relations
bjdingerdissen@aquaamerica.com
or
Donna Alston, 610-645-1095
Manager, Communications
dpalston@aquaamerica.com

KEYWORDS:   United States  North America  Pennsylvania

INDUSTRY KEYWORDS:

The article Aqua America Reports Second Quarter 2013 Earnings originally appeared on Fool.com.

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DuPont's Dominion Over GM Soy Near Complete

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Americans love to snack. The researchers at Mintel say about half of all consumers snack every day, and because we're constantly on the go, almost one in five does so in the car.

But we're not all just eating junk food. Nutrition bars are a growing business and are expected to hit $2.6 billion in sales this year after growing 14% in 2012. They're expected to continue expanding at double-digit percentage rates through 2017 and grow to almost $4 billion.

The on-the-go consumer is part of the reason PepsiCo is leading a revamp of its Quaker Oats brand to capture the snack-bar movement, and it's leading DuPont to leverage its investment in soy-based ingredients maker Solae that it took full possession of from Bunge last year. DuPont is introducing a soy-based nugget ingredient for nutrition-bar manufacturers that is 40% protein and 30% fiber, giving nutrition-bar makers an opportunity to substitute it for more expensive dairy proteins.


No doubt that's what it wants. DuPont is the largest manufacturer of genetically modified seeds for soy, ahead of even Monsanto , and GM soy is so pervasive that the USDA says 94% of all soybeans grown in the U.S. are now genetically modified. Monsanto scored a major court victory over farmers earlier this year after one planted a soybean crop with seeds not purchased directly from the seed maker but was forced to still pay it royalties.

While it's difficult to avoid soy if you're consuming processed foods, as about 60% of all such products contain soy, DuPont is seeking to widen the market for the bean and expand its presence through this growing avenue of business.

According to the analysts at Packaged Facts, of the 28 million people who eat nutrition bars, more than half (55%) tend to be women. Men, on the other hand, tend to consume more sports drinks, with almost two-thirds drinking the beverages, and while that's helped Pepsi revitalize its Gatorade brand and gain market share -- nutrition drinks as a whole are expected to grow 6% this year -- growth in this niche is seen as slowing in the years ahead.

Soy is already a major component of nutrition bars, no matter whether it's called soya, yuba, TSP (textured soy protein), or lecithin. DuPont's innovation, though, just seeks to make its dominance more complete, though whether that means it's more nutritional is up for debate.

Corporate investment in foreign markets isn't always the subject of international fury, and you can profit from our increasingly global economy simply by looking in your own backyard. The Motley Fool's free report, "3 American Companies Set to Dominate the World," shows you how. Click here to get your free copy before it's gone.

The article DuPont's Dominion Over GM Soy Near Complete originally appeared on Fool.com.

Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends and owns shares of PepsiCo. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Bad Earnings Crushed These Stocks More Than the Dow

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Although we don't believe in timing the market or panicking over daily movements, we do like to keep an eye on market changes -- just in case they're material to our investing thesis.

The Dow Jones Industrials ended the day down 93 points, following other major-market benchmarks with similar declines. Many market reports focused on statements from two regional Fed bank presidents, both of whom commented on what's increasingly looking like the imminent beginning of a reduction in the central bank's bond-buying practices before the end of the year. Meanwhile, a downgrade of tech giant IBM was important in sending the Dow down, given IBM's huge influence in the price-weighted average.

But earnings news from outside the Dow also played a role in market sentiment. Consider the following earnings-related stories:

  • TravelCenters of America plunged 28% as the company announced earnings that were cut nearly in half compared to the year-ago quarter. Despite gains in retail fuel volume and nonfuel sales, margins fell on a percentage basis. CEO Thomas O'Brien noted "softer industry conditions" as having contributed to the results, but given the important role that trucking centers play in the transportation infrastructure in the U.S., weakness in the company's results has implications on the level of overall economic activity in the nation.
     
  • The energy sector has been a hotbed of activity lately, but energy-engineering specialist McDermott International plunged more than 20% after posting poor results last night. McDermott lost more than a quarter of its year-ago revenue and posted a substantial loss that was three times larger than the gain investors had expected to see. Combined with the retirement of a key executive, McDermott faced costly project delays and will now work even harder to improve its project-bidding process to maximize high-quality business opportunities. Those issues are more company-specific, but if you start seeing them in rival firms' reports, then they could add up to a more troubling trend.
     
  • Retailer American Eagle Outfitters dropped 12% after cutting its second-quarter earnings guidance by more than half. With same-store sales plunging 7% on a 2% drop in overall revenue, American Eagle pointed to poor margins as well as declining business for the shortfall. Teen retail is notoriously fickle, but if these trends turn out not to be company-specific, it could cut out another pillar on which the consumer recovery has relied.
     
  • Finally, smoothie specialist Jamba dropped 13% despite posting a 51% jump in net income. The company disappointed investors with weaker-than-expected revenue gains, and despite new initiatives like its new whole-grain and whole-food boosts, investors are worried that the company's success might not last, signaling heightened competitive pressures in some of the fastest-growing areas of the consumer economy.

By themselves, none of these companies is influential enough to move the markets. But taken together, they add up to support some broader concerns about the health of the U.S. economic recovery. Admittedly, there were plenty of earnings success stories as well, but it's nevertheless important to look at what's making some companies struggle in order to identify trends that could hurt your investments.

In the long run, though, your best investing approach is to ignore the day-to-day noise that the market imposes and instead choose great companies to stick with for the long term. To get some ideas for your portfolio, read The Motley Fool's free report "3 Stocks That Will Help You Retire Rich." Inside, we name names of stocks that could help you build long-term wealth and retire well, along with some winning wealth-building strategies that every investor should be aware of. Click here now to keep reading.

The article Bad Earnings Crushed These Stocks More Than the Dow originally appeared on Fool.com.

Fool contributor Dan Caplinger has no position in any stocks mentioned. You can follow him on Twitter @DanCaplinger. The Motley Fool owns shares of IBM. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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Chipotle's Key Business Drivers

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Given that Chipotle beat both top- and bottom-line estimates last moth, now's the perfect time for investors to assess whether this company can continue to deliver tasty, market-beating returns. Today, we'll take a look at a few key drivers for the popular burrito chain.

Not your average fast-food joint
Founder and current CEO Steve Ellis has a very lofty goal: completely changing the way people think about fast food. For starters, he makes sure that Chipotle uses only high-quality ingredients and classic cooking methods and takes cues from fine-dining restaurants when designing stores.

Ellis has also focused on creating a unique culture inside Chipotle. Its focus is not just on serving tasty "food with integrity," but also the people who work there. Approximately 96% and 99% of Chipotle's salaried and hourly management ended up in those roles through internal promotion -- a rare corporate feat. Happy employees tend to be more productive and result in happier customers, but shareholders benefit as well. A study from 2011 found that a portfolio comprised of Fortune's "100 Best Companies to Work for in America" significantly outperformed all benchmarks it was tested against.


It's details like these that add up to make for a unique dining experience that helps Chipotle stand apart from its competition. And in a world as cutthroat as the restaurant business, differentiation is paramount.

Fast food meant to be enjoyed slowly
Throughput -- the number of customers that can be served each hour -- provides a crucial measurement of how much revenue a store can generate. However, throughput also has a less heralded benefit: increased customer satisfaction. Chipotle's management claims that it has such high customer loyalty because it has great-tasting food and is able to serve food fast "without having a fast food experience."  

In the years since initially setting their throughput high-water marks in 2007, management has devoted a lot of time studying throughput. Chipotle increased throughput during its peak lunch hour on Fridays by two transactions this past quarter. However, management admitted it was disappointed that it didn't see even more improvement. This led it to introduce new initiatives during the conference call designed to improve throughput:

  • The four pillars are now part of each manager's semiannual bonus measure.
  • New throughput goals tailored to each restaurant have been implemented.
  • Execution of the four pillars is now a prerequisite to becoming a restaurateur.
  • Field operators are now being trained to understand the importance of creating a great culture around the four pillars, not just speed of service.

Chipotle has finally returned to its pre-recession throughput levels, but it remains to be seen just how successful these new initiatives will be in pushing throughput even higher. Management is clearly focused on improving this key driver, so investors will definitely want to keep an eye on throughput levels in the future.

I hope you enjoyed this first look at a few of Chipotle's key drivers. Be sure to check out our key drivers for Coach (part 1 and part 2), and stay tuned. We'll be back soon with two more key drivers that could affect Chipotle's future.


The Motley Fool's chief investment officer has selected his No. 1 stock for this year. Find out which stock it is in the special free report: "The Motley Fool's Top Stock for 2013." Just click here to access the report and find out the name of this under-the-radar company.

The article Chipotle's Key Business Drivers originally appeared on Fool.com.

JP Bennett has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Chipotle Mexican Grill. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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Board of Directors of Health Management Associates to Propose Adding Glenview Nominees

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Board of Directors of Health Management Associates to Propose Adding Glenview Nominees

NAPLES, Fla.--(BUSINESS WIRE)-- Health Management Associates, Inc. (NYSE: HMA) announced today that, further to conversations with certain of HMA's shareholders, the Board of Directors will approach Glenview Capital Partners, L.P. to propose immediately adding nominees put forth by Glenview to the HMA Board. The current HMA Board believes that it is critical for there to be continuity on the Board given, among other things, the ongoing government investigations, the management transition and the pending transaction with Community Health Systems, Inc. HMA is prepared for one of the Glenview nominees to be Chairman of the Board.

Forward-Looking Statements


This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as "expects," "estimates," "projects," "anticipates," "believes," "intends," "plans," "may," "pending," "continues," "should," "could" and other similar words. All statements addressing operating performance, events or developments that Health Management Associates, Inc. expects or anticipates will occur in the future, including but not limited to projections of revenue, provisions for doubtful accounts, income or loss, capital expenditures, debt structure, principal payments on debt, capital structure, the amount and timing of funds under the meaningful use measurement standard of various Healthcare Information Technology incentive programs, other financial items and operating statistics, statements regarding our plans and objectives for future operations, the impact of changes in observation stays, our ability to achieve process efficiencies, factors we believe may have an impact on our deductibles and co-pays, acquisitions, acquisition financing, divestitures, joint ventures, market service development and other transactions, statements of future economic performance, statements regarding our legal proceedings and other loss contingencies (including, but not limited to, the timing and estimated costs of such matters), statements regarding market risk exposures, statements regarding our ability to achieve cost efficiencies and/or reductions, statements regarding the effects and/or interpretations of recently enacted or future health care laws and regulations, statements regarding the potential impact of health care exchanges, statements of the beliefs or assumptions underlying or relating to any of the foregoing statements, and statements that are other than statements of historical fact, are considered to be "forward-looking statements."

Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Health Management Associates, Inc.'s most recent Annual Report on Form 10-K, including under the heading entitled "Risk Factors." Should one or more of these risks or uncertainties materialize, or should any of Health Management Associates, Inc.'s underlying beliefs or assumptions prove incorrect, actual results could vary materially from those currently anticipated. In addition, undue reliance should not be placed on Health Management Associates, Inc.'s forward-looking statements. Except as required by law, Health Management Associates, Inc. disclaims any obligation to update its risk factors or to publicly announce updates to the forward-looking statements contained in this press release to reflect new information, future events or other developments.

Important Additional Information and Where to Find It

Health Management Associates, Inc. ("Health Management") and its directors and executive officers are deemed to be participants in the solicitation of consent revocations from Health Management stockholders in connection with the consent solicitation conducted by Glenview Capital Partners, L.P. and certain of its affiliates. Health Management filed, on July 19, 2013, a definitive consent revocation statement with the SEC in response to the consent solicitation conducted by Glenview Capital Partners, L.P. and certain of its affiliates. STOCKHOLDERS ARE URGED TO READ THE CONSENT REVOCATION STATEMENT AND ACCOMPANYING WHITE CONSENT REVOCATION CARD (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT HEALTH MANAGEMENT WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Information about Health Management executive officers and directors, and their direct or indirect interests, by security holdings or otherwise, is set forth (i) in the definitive consent revocation statement, (ii) in the proxy statement for Health Management's 2013 Annual Meeting of Stockholders, which was filed with the SEC on April 4, 2013, and (iii) in other materials to be filed with the SEC. Investors and securityholders may obtain free copies of these documents (when they are available) and other documents filed with the SEC at the SEC's web site at www.sec.gov. In addition, the documents filed by Health Management with the SEC may be obtained free of charge by contacting Health Management at Health Management, Attn: Investor Relations (239)598-3131. Health Management's filings with the SEC are also available on its website at ir.hma.com.



Health Management Associates, Inc.
Robert E. Farnham, 239-598-3131
Senior Vice President of Finance

KEYWORDS:   United States  North America  Florida

INDUSTRY KEYWORDS:

The article Board of Directors of Health Management Associates to Propose Adding Glenview Nominees originally appeared on Fool.com.

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YuMe Prices Initial Public Offering

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YuMe Prices Initial Public Offering

REDWOOD CITY, Calif.--(BUSINESS WIRE)-- YuMe, Inc. (NYS: YUME) , a leading provider of digital video brand advertising solutions, today announced the pricing of its initial public offering of 5,125,000 shares of common stock at a price to the public of $9.00 per share. The shares are expected to begin trading on The New York Stock Exchange on August 7, 2013 under the symbol "YUME." YuMe is selling all 5,125,000 shares being sold in the offering. The underwriters have been granted a 30-day option to purchase up to an additional 768,750 shares of common stock from certain selling stockholders at the initial public offering price.

Citigroup, Deutsche Bank Securities and Barclays are acting as joint book-running managers for the offering. Needham & Company and Piper Jaffray are acting as co-managers.


A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on August 6, 2013. This offering is being made solely by means of a prospectus, copies of which may be obtained by mail from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 1-800-831-9146; or by mail from Deutsche Bank Securities Inc., attn: Prospectus Group, 60 Wall Street, New York, NY 10005-2836, by email at prospectus.CPDG@db.com, or by telephone at (800) 503-4611; or by mail from Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at barclaysprospectus@broadridge.com, or by telephone at (888)-603-5847.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.



Waggener Edstrom
Jordan Byrnes, 415-547-7049
jbyrnes@waggeneredstrom.com
or
YuMe
Gary Fuges, 650-503-7875
gfuges@yume.com

KEYWORDS:   United States  North America  California

INDUSTRY KEYWORDS:

The article YuMe Prices Initial Public Offering originally appeared on Fool.com.

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Last Quarter's Winners and Losers in the Smartphone Market

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Since the launch of the iPhone in 2008, the global smartphone market has grown into one of the most critically important areas of technology today. Especially given the current upheaval taking place in the PC market, this big-ticket trend should only continue for years to come. This budding importance has also made the smartphone space one of the most closely watched areas in all of tech. Fool contributor Andrew Tonner breaks down the second quarter's winners and losers in the video below.

With the growing success only only a few companies in the smartphone space, much of our digital and technological lives are almost entirely shaped by just a handful of companies. Find out "Who Will Win the War Between the 5 Biggest Tech Stocks?" in The Motley Fool's latest free report, which details the knock-down, drag-out battle being waged by the five kings of tech. Click here to keep reading.

The article Last Quarter's Winners and Losers in the Smartphone Market originally appeared on Fool.com.

Fool contributor Andrew Tonner owns shares of Apple. Follow Andrew and all his writing on Twitter at @AndrewTonnerThe Motley Fool recommends Apple. The Motley Fool owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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4 Reasons This Tech Firm Is a Compelling Investment

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It's a great sign when a company can emerge from an industry crisis with minimal damage. It's even more impressive when a company can actually thrive during those tough times. That's exactly what FIS , the world's largest global provider dedicated to banking and payment technologies, did during the 2008 financial crisis. Annual revenues have never fallen since 2006, growing at a compound annualized rate of 16%. Here are four more reasons why this company is firmly on my investing radar: 

It's time for stage 3
FIS's management foresaw the dramatic increase in the demand for financial technology services and the industry trend toward outsourcing. That's why the first two stages of the strategy it initiated in 2006 were all about making acquisitions and then focusing on integration and building global scale.

This has enabled FIS to become a market leader, processing more than 27 billion transactions, moving more than $5.5 trillion between parties, and reaching more than 750 million end consumers in the last year alone. With its leadership firmly cemented, FIS can now shift to the third stage of its strategy: improving margins and generating sustainable organic growth to take full advantage of these industry trends.


Market dynamics
With interest rates at such low levels, many banks are having a hard time earning desirable returns on shareholder equity (ROE). To increase their ROE, they're aiming to lower costs by outsourcing and upgrading inefficient infrastructure. FIS estimates that North American banks will spend close to $57 billion on the services and products FIS offers; you can throw in another $133 billion from international banks as well.

Given that many international banks are using dated, in-house developed software, this market should continue to see robust growth in the next few years. And while many of FIS's competitors will be looking to go international and capture a piece of this pie, FIS is already there: International accounted for more than 20% of sales during its fiscal 2012.

An attractive business model
At the end of the day, a firm is only as good as its business model, and FIS really shines here. At its most recent investor day, FIS highlighted that almost 90% of its contract revenue comes from recurring sources. These long-term contracts average five years in length, and make for a very predicable revenue stream that helps management develop a long-term strategy.

Better yet, most banks use multiple products and services from FIS, and contracts for each tend to expire at different times. Because many of these products are complex in nature, and are integrated with other products and services, banks have an inherent incentive to keep working with FIS. If you're an avid user of Apple products, then you know exactly how sticky a good ecosystem can become.

Returning capital to shareholders
With its acquisition needs now greatly reduced, FIS can start returning even more cash to shareholders through buybacks and dividends. FIS increased its payout ratio -- the percentage of net income it paid in dividends -- by 400% last year. It also reduced its total diluted share count by more than 15% in the past two years, all while reducing its overall debt. Taken together, this is a clear indication of just how confident management is with FIS's future prospects.

Foolish bottom line
Like most Foolish favorites, anyone who invests in this stock must take a long-term view. Earnings fell 30% last quarter due to debt refinancing and information security costs, and the stock promptly sold off by 2.8%. But one tough quarter doesn't mean that the overall story for this company is no longer intact. The top line is still growing, while the debt refinancing can be interpreted as a long-term positive. And it appears as though there is no shortage of long-term investors who believe in FIS's future: The stock is up almost 6% since its July 30 sell-off.  

The mobile revolution is still in its infancy, but with so many different companies it can be daunting to know how to profit in the space. Fortunately, The Motley Fool has released a free report on mobile named "The Next Trillion-Dollar Revolution" that tells you how. The report describes why this seismic shift will dwarf any other technology revolution seen before it and also names the company at the forefront of the trend. You can access this report today by clicking here -- it's free.

 

The article 4 Reasons This Tech Firm Is a Compelling Investment originally appeared on Fool.com.

JP Bennett has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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Plum Creek Names Timothy E. Punke to Newly-Created Position of Senior Vice President, Corporate Affa

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Plum Creek Names Timothy E. Punke to Newly-Created Position of Senior Vice President, Corporate Affairs and Public Policy

SEATTLE--(BUSINESS WIRE)-- Plum Creek Timber Company, Inc. (NYS: PCL) announced that Timothy Punke has been appointed senior vice president, corporate affairs and public policy, effective Oct. 1. His responsibilities will include oversight of government relations, communications, sustainability and environmental affairs. He will report to Chief Executive Officer, Rick Holley.

"Tim's breadth of experience and expertise in the corporate affairs and public policy arenas make him an excellent addition to our leadership team," said Rick Holley, chief executive officer. "The creation of this new position underscores the increasing importance of these functions in helping achieve corporate objectives, and the role Plum Creek and the industry can serve in helping address multiple challenges and opportunities, such as those related to the economy, energy and climate."


Punke has served in a variety of leadership roles during his nearly 20-year career in federal government affairs and communications. He joins Plum Creek from Monument Policy Group, a bipartisan public policy consulting firm with offices in Washington D.C. and Seattle, and was previously a partner at the law firm of K&L Gates. Punke's government experience includes service for the White House National Economic Council, the United States Senate Committee on Finance, Senator Max Baucus of Montana, and Senator Alan Simpson of Wyoming.

Punke earned a Bachelor of Arts and Juris Doctor from Cornell University.

Plum Creek is among the largest and most geographically diverse private landowners in the nation with approximately 6.3 million acres of timberlands in major timber producing regions of the United States and wood products manufacturing facilities in the Northwest. For more information, visit www.plumcreek.com.



Plum Creek Timber Company, Inc.
Investors:
John Hobbs, 1-800-858-5347
or
Media:
Kate Tate, 1-888-467-3751

KEYWORDS:   United States  North America  Washington

INDUSTRY KEYWORDS:

The article Plum Creek Names Timothy E. Punke to Newly-Created Position of Senior Vice President, Corporate Affairs and Public Policy originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

 

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