Reko International Group Inc. (TSX: REK) today announced results for its second quarter ended January 31, 2010.
The gross loss for the three months ended January 31, 2010, was $0.6 million, or 7.0% of sales, compared to a gross profit of $3.9 million in the prior year. The significant decrease in gross profit over the prior year, of approximately $4.5 million, relates to an inability to secure sufficient sales to absorb overhead. The gross loss for the six months ended January 31, 2010 was $0.5 million, or 2.6% of sales, compared to a gross profit of $6.3 million, or 20.8% of sales, in the prior year.
Selling and administrative expenses for the three months ended January 31, 2010 were $1.6 million, or 17.9% of sales, compared to $2.3 million, or 14.4% of sales for the same period in the prior year. While the selling, general and administrative expenses declined 34%, year over year, they increased as a percentage of sales reflecting the abnormally low sales volumes experienced by Reko in the second quarter of the current year. Selling and administrative expenses for the six months ended January 31, 2010 were $3.0 million, or 16.8% of sales, compared to $3.9 million, 12.8% of sales, in the prior year.
Net loss for the quarter was $1.9 million or $0.29 per share, compared to income of $0.9 million, or $0.12 per share, in the same period of the prior year. Net loss for the six months ended January 31, 2010 was $3.0 million, or $0.47 per share, compared to income of $1.3 million, or $0.18 per share, in the same period of the prior year.
LOS ANGELES — Thomas Properties Group, Inc. (Nasdaq: TPGI) reported today the results
of operations for the quarter and year ended December 31, 2009.
“Last year was one of the most difficult ever for the real estate
industry and the impacts were felt across the board in all sectors,”
said James A. Thomas, Chairman and CEO. “Even in this environment, we
were able to increase cash flow as evidenced by improvements in the
fourth quarter, and we favorably restructured some of our debt and loan
terms to better position our properties for the future.”
The results of operations presented in this release include a
consolidated net loss for the three months ended December 31, 2009 of
$(7.7) million or $(0.30) per share compared to a consolidated net loss
of $(7.7) million or $(0.33) per share for the three months ended
December 31, 2008. The consolidated net loss for the year ended December
31, 2009 was $(21.6) million or $(0.86) per share compared to $(5.5)
million or $(0.24) per share for the year ended December 31, 2008.
Included in the consolidated net loss for the three and twelve months
ended December 31, 2009 are pre-tax, non-cash impairment charges of $4.4
million and $13.0 million, respectively, related to the Murano
condominium project, and $14.0 million and $16.0 million, respectively,
related to joint venture investments.
After tax cash flow (ATCF) for the three months ended December 31, 2009
was $2.5 million or $0.10 per share compared to after tax cash flow of
$0.5 million or $0.02 per share for the three months ended December 31,
2008. The increase in ATCF for the quarter ended December 31, 2009 over
the prior year period resulted from an increase in gains from sales of
condominium units at the Murano property and a reduction in interest
expense, partially offset by reductions in property net operating income
and net revenues from the investment advisory management, leasing and
development services business. ATCF for the twelve months ended December
31, 2009 was $8.2 million or $0.33 per share compared to ATCF of $22.5
million or $0.95 per share for the twelve months ended December 31,
2008. The reduction in ATCF for the year ended December 31, 2009
compared to the prior year primarily resulted from a decline in gains
from sales of condominium units at Murano and a reduction in property
net operating income. The Company defines ATCF (a non-GAAP financial
measure) as net income (loss) excluding the following items:
non-controlling interests, deferred income taxes, non-cash charges for
depreciation and amortization and asset impairment, amortization of loan
costs, non-cash compensation expense, straight-line rent adjustments,
adjustments to reflect the fair market value of rent, and gain from
extinguishment of debt. ATCF is further described in note (c) to the
financial statements below.
Thomas further stated, “We have accomplished a number of financing and
capital transactions, reducing our consolidated debt balances by $69.7
million at December 31, 2009 compared to December 31, 2008. Also,
subsequent to year end, we negotiated on behalf of the California State
Teachers Retirement System (CalSTRS), our partner in City National Plaza
in downtown Los Angeles, for CalSTRS to acquire all $219.1 million of
mezzanine debt on that property. CalSTRS will contribute this debt to
the partnership’s equity, reducing the leverage on the property from
$568.0 million to $348.9 million, all of which is first mortgage debt.
We are in discussions with CalSTRS to obtain an option to participate in
the loan purchase, on or after the maturity of the mezzanine debt, based
on our current pro rata share of 25% of the existing City National Plaza
equity. We are confident that the increased equity, together with the
property’s substantial cash reserves, will facilitate the refinancing of
the mortgage later in 2010.”
Chembio Diagnostics, Inc. (OTCBB: CEMI), which develops, manufactures, markets and licenses point-of-care diagnostic tests, reported its first yearly profit since its merger in May 2004. Total revenues were $13.83 million for the year ended December 31, 2009, which compares to total revenues of $11.05 million for the year ended December 31, 2008, a 25% increase. The Company recorded net income of approximately $309,000, or less than $0.01 per share, for the year ended December 31, 2009, compared to a net loss of approximately $(1,949,000), or $(0.03) per share, for the year ended December 31, 2008. Total revenues were $3.55 million for the three months ended December 31, 2009, which compares to total revenues of $2.45 million for the three months ended December 31, 2008, a 45% increase. The Company recorded net income of approximately $217,000, or under $0.01 per share, for the three months ended December 31, 2009, compared to a net loss of approximately $550,000, or $0.01 per share, for the three months ended December 31, 2008.
The operating results in 2009 include $5.24 million of revenues from the sale of rapid HIV tests to Inverness Medical Innovations, Inc., the Companys exclusive U.S. marketing partner for its two FDA approved rapid HIV tests. This represents an increase of $3.13 million, or 148%, compared to $2.11 million for the year ended December 31, 2008. Sales to Inverness in the fourth quarter of 2009 were $1.83 million, an increase of $1.29 million, or 238%, as compared to the fourth quarter in 2008. The Company also realized a record amount of revenues related to research development contracts and grants, which increased 93% to $1.34 million in the year ended December 31, 2009 from $694,000 in the year ended December 31 2008. Also included in our 2009 product sales was $619,500 of DPP® product sales, an increase of 392%, or $493,500, as compared to $126,000 in 2008. The 2009 results also reflect significant overhead reductions as compared with the year of 2008 when the Company initiated a series of cost reductions. The Company has nevertheless over the same period increased its research development expenses, as more products based on the Companys patented DPP® technology were validated for manufacture and entered the clinical evaluation and regulatory approval process.
Commenting on the results, Chembios President, Lawrence A. Siebert, stated, “We are very pleased with our 2009 results, which included strong growth in our base business of lateral flow HIV tests, and record revenue from research and development contracts and grants, which enabled us to increase our investment in our new DPP product pipeline. I believe we are very well positioned to deliver continued growth in 2010 and beyond, as the growth from our base business is accelerated from the commercialization of our new DPP® rapid, point of care products.”
Mesotherapy