Filled Under: Corporation
CVS Caremark Corporation to Hold Fourth Quarter 2011 Conference Call
/PRNewswire/ –#xA0;CVS Caremark Corporation (NYSE: CVS) will be holding a conference call on Wednesday February 8, 2012, at 8:30 am (ET) with analysts and investors to discuss its fourth quarter 2011 financial results.
(Logo: http://photos.prnewswire.com/prnh/20090226/NE75914LOGO )
An audio webcast of the conference call will be broadcast simultaneously through the Investor Relations portion of the CVS Caremark Web site for all interested parties.#xA0; To access the webcast, visit http://info.cvscaremark.com/investors. This webcast will be archived and available on the web site for a one-year period following the conference call.
KOERNER JOINS IBERIABANK CORPORATION BOARD OF DIRECTORS
NEW ORLEANS, Feb. 14, 2012 /PRNewswire via COMTEX/ –
IBERIABANK Corporation
/quotes/zigman/82847/quotes/nls/ibkc IBKC
+2.80%
, holding company of the 124-year-old IBERIABANK (
www.iberiabank.com ), is pleased to announce the addition of JOHN E. KOERNER, III to the IBERIABANK Corporation Board of Directors.
New Orleans native and resident, Koerner is Managing Member of Koerner Capital, LLC, a private investment company. From 1976 to 1995, he was President and co-owner of Barq’s, Inc. and its subsidiary, The Delaware Punch Company. These two companies marketed soft drinks bearing the corporate names both nationally and internationally. Barq’s was sold to The Coca-Cola Company in July 1995.
In 1994, Beverage Industry Magazine honored Koerner with the prestigious Executive of the Year Award.
“We are very proud that John Koerner has chosen to join our Board of Directors,” said William H. Fenstermaker, Chairman of the Board of IBERIABANK Corporation. “He is an outstanding addition to our current Board, which has served our Company very well, particularly as we have navigated through unprecedented economic times and remarkable industry changes.”
“We are very honored that Johnny has agreed to join our Board,” says Daryl G. Byrd, President and CEO of IBERIABANK Corporation. “His business acumen and board experience adds invaluable depth to our Board of Directors. He brings tremendous insight from his private business experience as well as his board involvement with highly regarded public companies.”
He earned a Bachelor of Science, a Juris Doctor and a Master of Business Administration, all from Tulane University.
He remains active at his alma mater, having served as Chairman of the Tulane University Board of Trustees from 1998 to 2003 and is an emeritus member of that Board. From 1991 to 1996, he served as the Chairman of the Dean’s Council at the A.B. Freeman School of Business, where he has lectured as Adjunct Professor of Entrepreneurship for a number of years.
Koerner is a member of a number of civic boards, including The Nature Conservancy of Louisiana and the National World War II Museum. He served as Chairman of the New Orleans Regional Chamber of Commerce for 1995, was a past Co-Chairman of Metrovision, and was the 2002 – 2003 Chairman of the New Orleans Business Council. He is Chairman of the Local Organizing Committee for the 2012 NCAA Final Four in New Orleans.
He serves on the corporate boards of two public companies, including Legg Mason, Inc. and Lamar Advertising Company. He also serves on the corporate boards of St. Charles Pharmaceuticals, Geocent and Selltis.
SOURCE IBERIABANK Corporation
Copyright (C) 2012 PR Newswire. All rights reserved
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Volume: 118,138
Feb. 16, 2012 3:59p
WidePoint Corporation to Present at America’s Growth Capital’s 8th Annual …
WASHINGTON, Feb. 14, 2012 /PRNewswire via COMTEX/ –
WidePoint Corporation
/quotes/zigman/262670/quotes/nls/wyy WYY
+4.29%
, a specialist in wireless mobility management and cybersecurity solutions, today announced that James McCubbin, executive vice president and chief financial officer of the Company, will present at AGC’s 8th Annual Information Security Conference at The Westin San Francisco Market Street in San Francisco, California, on Monday, February 27th at 12:20 pm Pacific Time in the Olympic Room.
The conference will be held February 27, 2012 at The Westin San Francisco Market Street, 50 3rd Street, San Francisco, California 94103. Registered conference attendees may request 1-on-1 meetings with WidePoint management who will be available during the day on February 27. Please contact your AGC representative or email registrar@americasgc.com to schedule a meeting.
About WidePoint
WidePoint is a specialist in providing wireless mobility management and cybersecurity solutions utilizing its advanced information technology products and services. WidePoint has several wholly owned subsidiaries holding major government and commercial contracts including, Operational Research Consultants, Inc., iSYS, LLC, Protexx, Advanced Response Concepts Corporation, WidePoint Solutions/AGS and WidePoint IL. WidePoint enables organizations to deploy fully compliant IT services in accordance with government-mandated regulations and advanced system requirements. For more information, visit
http://www.widepoint.com .
For More Information:
Jim McCubbin, EVP & CFO Brett Maas or Dave Fore
WidePoint Corporation Hayden IR
7926 Jones Branch Drive, Suite 520 (646) 536-7331
McLean, VA 22102 brett@haydenir.com
(703) 349-2577
jmccubbin@widepoint.com
SOURCE WidePoint Corporation
Copyright (C) 2012 PR Newswire. All rights reserved
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Volume: 77,587
Feb. 15, 2012 3:53p
Brunswick Corporation : Brunswick Executives To Present In Miami; Webcast Live …
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Illinois, U.S.A., Feb 14, 2012 (Thomson Reuters ONE via COMTEX) –
LAKE FOREST, Ill., Feb. 14, 2012 – Brunswick Corporation
/quotes/zigman/220666/quotes/nls/bc BC
+0.21%
will present at an event for the financial community in conjunction with the opening of the upcoming Miami International Boat Show. The event will include a presentation by Chairman and Chief Executive Officer Dustan E. McCoy as well as the following Brunswick executives:
- Mark D. Schwabero, president, Mercury Marine,
- Andrew E. Graves, president, Brunswick Boat Group,
- Christopher E. Clawson, president, Life Fitness, and
- Peter B. Hamilton, chief financial officer.
The presentations will be webcast live beginning at approximately 11 a.m. (EST) on Thursday, Feb. 16. The webcast can be accessed through the Brunswick Corporation website at
www.brunswick.com
. Go to the site at least 15 minutes before the presentation to register, download and install any needed audio software. Replays will be available on the Brunswick site.
About Brunswick
Headquartered in Lake Forest, Ill., Brunswick Corporation endeavors to instill “Genuine Ingenuity”(TM) in all its leading consumer brands, including Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; MotorGuide trolling motors; Attwood marine parts and accessories; Land ‘N’ Sea, Kellogg Marine, and Diversified Marine parts and accessories distributors; Arvor, Bayliner, Boston Whaler, Cabo Yachts, Crestliner, Cypress Cay, Harris FloteBote, Hatteras, Lowe, Lund, Meridian, Princecraft, Quicksilver, Rayglass, Sea Ray, Suncruiser, Triton Aluminum, Trophy, Uttern and Valiant boats; Life Fitness and Hammer Strength fitness equipment; Brunswick bowling centers, equipment and consumer products; Brunswick billiards tables and foosball tables. For more information, visit
http://www.brunswick.com
.
###
Contact: Daniel Kubera
Director – Media Relations and Corporate Communications
Phone: 847-735-4617
Email: daniel.kubera@brunswick.com
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Brunswick Corporation via Thomson Reuters ONE
HUG#1585591
Copyright (C) 2012 Thomson Reuters ONE. All rights reserved.
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Brunswick Corp.
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Volume: 1.30M
Feb. 15, 2012 4:00p
Frontier Communications Corporation to Participate in Investor Conferences
STAMFORD, Conn., Feb 14, 2012 (BUSINESS WIRE) –
Frontier Communications Corporation
/quotes/zigman/7729100/quotes/nls/ftr FTR
-1.93%
is scheduled to
participate in the Morgan Stanley Technology, Media & Telecom Conference
in San Francisco, CA. Maggie Wilderotter, Chairman & Chief Executive
Officer, and Donald Shassian, Executive Vice President and Chief
Financial Officer, are scheduled to present on Monday, February 27, 2012
at 1:00pm Pacific Time.
Frontier Communications Corporation is also scheduled to participate in
the Deutsche Bank Media & Telecom Conference in Palm Beach, FL. David
Whitehouse, Senior Vice President & Treasurer, is scheduled to present
on Monday, February 27, 2012 at 3:40pm Eastern Time.
Live webcasts of these presentations will be available at
www.frontier.com
on the Investor Relations page under “Webcasts & Presentations.”
About Frontier Communications
Frontier Communications Corporation
/quotes/zigman/7729100/quotes/nls/ftr FTR
-1.93%
offers voice,
High-Speed Internet, satellite video, wireless Internet data access,
data security solutions, bundled offerings, specialized bundles for
small businesses and home offices, and advanced business communications
for medium and large businesses in 27 states and with approximately
15,250 employees based entirely in the United States. More information
is available at
www.frontier.com
and
www.frontier.com/ir .
SOURCE: Frontier Communications Corporation
Frontier Communications Corporation
Investor:
David Whitehouse, SVP & Treasurer
203-614-5708
david.whitehouse@ftr.com
Gregory Lundberg, Assistant Treasurer, Investor Relations
203-614-5044
greg.lundberg@ftr.com
Media:
Brigid Smith, AVP, Corp. Comm.
203-614-5042
brigid.smith@ftr.com
Copyright Business Wire 2012
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Volume: 33.11M
Feb. 14, 2012 4:00p
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FTR
Frontier Communications Corp.
$
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Volume: 33.11M
Feb. 14, 2012 4:00p
Graham Corporation Reports Net Income of $1.6 Million on $24.3 Million in …
BATAVIA, NY–(BUSINESS WIRE)–Graham Corporation (NYSE Amex: GHM), a designer and manufacturer of
critical equipment for the oil refining, petrochemical and power
industries, including the supply of components and raw materials to
nuclear power plants, today reported its financial results for its third
quarter and nine-month period ended December 31, 2011. Graham’s current
fiscal year ends March 31, 2012, and is referred to as “fiscal 2012.”
Results include Energy Steel amp; Supply Co., which was acquired by Graham
on December 14, 2010. Year-over-year comparisons do not include the full
results of Energy Steel in the prior year’s periods. Energy Steel is a
nuclear code-accredited fabrication and specialty machining company that
manufactures heat exchangers, structural weldments and valve and pump
replacement parts for the nuclear power generation industry.
We had a solid quarter with margins reflecting both leverage
gained from improved volume and a somewhat better pricing environment as
we continue to operate in what we believe is the early stages of a
global industrial recovery.
Net sales in the third quarter of fiscal 2012 were $24.3 million, up
from net sales of $19.2 million in the third quarter of the fiscal year
ended March 31, 2011, which is referred to as “fiscal 2011″. Organic
sales increased $2.4 million, or 13%, to $21.0 million. Energy Steel
contributed $3.4 million to net sales in fiscal 2012′s third quarter and
represented approximately 53% of the growth in the quarter.
Net income was $1.6 million, or $0.16 per diluted share, in fiscal
2012′s third quarter compared with $0.8 million, or $0.08 per diluted
share, in the same prior year period. Included in fiscal 2011′s third
quarter net income was $0.5 million, or $0.05 per diluted share, of
transaction costs related to the acquisition of Energy Steel.
Mr. James R. Lines, Graham’s President and Chief Executive Officer,
commented, “We had a solid quarter with margins reflecting both leverage
gained from improved volume and a somewhat better pricing environment as
we continue to operate in what we believe is the early stages of a
global industrial recovery.”
Nuclear energy projects and naval nuclear propulsion program
contribute to growth
Sales to the US market doubled to $13.9 million, or 57% of total
sales, in fiscal 2012′s third quarter compared with $6.9 million in the
same prior year period. Sales for Energy Steel, which are substantially
all in the U.S, represented 36%, or $2.6 million, of the increase in
US sales in the quarter. International sales in the third quarter of
fiscal 2012 were $10.4 million compared with $12.3 million in the same
prior year period. International sales represented 43% of total sales in
the third quarter of fiscal 2012 compared with 64% in the third quarter
of fiscal 2011.
In the third quarter of fiscal 2012, $7.5 million of sales were to the
refining industry, down slightly from $7.6 million of sales in the same
period of the prior year, while sales to the power market in the third
quarter were up $2.0 million to $6.5 million. The increase reflects the
addition of Energy Steel, which sells exclusively to nuclear energy
facilities (power generation market). Sales to other commercial and
industrial applications in the third quarter increased $1.7 million to
$5.6 million from $3.9 million in the same prior-year period, which
primarily reflects revenue recognized for the US Navy aircraft carrier
nuclear propulsion program. Other commercial and industrial applications
accounted for 23% of sales during the third quarter of fiscal 2012
compared with 20% in the prior year’s third quarter. Sales to the
chemical/petrochemical market increased $1.5 million, or 47%, to $4.7
million as petrochemical operations continue to expand domestically due
to low cost natural gas and to grow globally in order to support
developing middle classes in emerging markets.
Fluctuations in Graham’s sales among geographic locations and industries
can vary measurably from quarter to quarter based on the timing and
magnitude of projects. Graham does not believe that such
quarter-to-quarter fluctuations are indicative of business trends, which
it believes are more apparent on a trailing twelve to twenty-four month
period.
Operating leverage realized on improved volume
Gross profit was $6.5 million, or 27% of sales, in the third quarter of
fiscal 2012 compared with $4.8 million, or 25% of sales, in the third
quarter of fiscal 2011. Improved profit margin was the result of greater
absorption of costs through increased facility utilization on higher
volume and improved prices.
Selling, general and administrative, or SGamp;A, expenses in the third
quarter of fiscal 2012 were $3.8 million. As a result of improved
operating leverage from higher sales, SGamp;A was 15% of sales in fiscal
2012′s third quarter compared with 19% in the prior year’s third quarter.
Operating profit in the third quarter of fiscal 2012 was $2.6 million,
up from $1.2 million in the prior year’s third quarter. Operating margin
expanded to 11% in the current quarter compared with 6% in the prior
fiscal year’s third quarter reflecting the leverage gained on higher
sales and better pricing.
Earnings before interest, taxes, depreciation, and amortization, or
EBITDA, was $3.2 million, or 13% of sales, in the third quarter of
fiscal 2012 compared with $2.3 million, or 12% of sales, in the same
period of the prior fiscal year when excluding acquisition related
transaction costs. Graham believes that when used in conjunction with
GAAP measures, EBITDA, which is a non-GAAP measure, helps in the
understanding of its operating performance. Graham’s credit facility
also contains ratios based on EBITDA. The attached tables provide a
reconciliation of Net Income to EBITDA.
First Nine Months Fiscal 2012 Review
Net sales for the first nine months of fiscal 2012 were $82.9 million
compared with $48.3 million in the same prior year period. Organic sales
increased $20.9 million, or 43.9%, to $68.5 million, while Energy Steel
contributed $14.5 million to net sales in fiscal 2012′s first nine
months. The strong sales growth during the nine-month period reflected
the addition of Energy Steel, the ongoing production of certain major
refinery projects, the progress made on the US Navy’s nuclear
propulsion project, and what Graham believes is the early stages of an
economic recovery in its markets. International sales were 48% of sales
during the first nine months of fiscal 2012 compared with 59% in the
same prior year period. International sales increased to $40 million in
the fiscal 2012 nine-month period compared with $28.4 million during the
same prior-year period. US sales were 52% of sales for the fiscal 2012
nine-month period, compared with 41% in the same period of the prior
year. US sales increased $23.0 million, with Energy Steel contributing
approximately 60% of the increase.
Sales in all industries grew measurably, except for the
chemical/petrochemical market. Sales to the chemical/petrochemical
market were negatively impacted primarily as a result of the timing of
projects released.
Gross profit for the current nine-month period was $27.5 million, or 33%
of sales, compared with $13.9 million, or 29% of sales, in the same
prior-year period. Such expansion reflects the quality of the projects
that were in production during the period, strong pricing as well as
operating leverage gained in operating facilities because of higher
volume.
SGamp;A expenses increased to $11.8 million in the fiscal 2012 nine-month
period compared with $9.2 million in the first nine months of fiscal
2011. Higher SGamp;A was the result of investments in personnel to execute
on Graham’s diversification strategy and the addition of Energy Steel.
As a percentage of sales, SGamp;A was 14% in the first nine months of
fiscal 2012 compared with 19% in the same period in the prior year. The
improvement on a percentage basis reflects the operating leverage gained
as sales increase at a greater rate than required spending.
Net income in the first nine months of fiscal 2012 was $10.1 million, or
$1.01 per diluted share, compared with net income of $3.2 million, or
$0.32 per diluted share, in the same period of fiscal 2011. Excluding
transaction costs associated with the acquisition of Energy Steel,
fiscal 2011′s first nine months net income and diluted earnings per
share were $3.7 million and $0.37, respectively.
Solid balance sheet with strong cash position and no debt
Net cash provided by operating activities in the first nine months of
fiscal 2012 was $3.9 million compared with cash used in operations of
$5.8 million in the prior-year period. The increase in cash provided by
operations was primarily related to growth in net income.
Cash, cash equivalents and investments at December 31, 2011 were $44.5
million compared with $37.7 million at September 30, 2011 and $43.1
million at March 31, 2011. The increase was primarily due to the
generation of cash from operations and the timing of working capital
requirements.
Capital expenditures were $1.1 million in the third quarter of fiscal
2012, compared with $0.7 million in the third quarter of fiscal 2011.
Higher capital expenditures during fiscal 2012, which are expected to be
approximately $3.0 million to $3.5 million for the full year, have been
primarily related to investments in machinery and equipment to improve
productivity, expand production operations, and enhance information
technology.
Graham has a credit facility that provides a $25 million revolving
credit line, which is expandable to up to $50 million. Graham had no
borrowings outstanding under the credit facility at the end of the third
quarter, excluding $8.3 million in outstanding letters of credit.
Order strength reflects success of diversification strategy
Orders during the third quarter of fiscal 2012 were $21.9 million, up
23% from $17.8 million in the third quarter of fiscal 2011.
Approximately 44% of the total order value, or $9.7 million, in the
third quarter of fiscal 2012 was won by Energy Steel. Excluding Energy
Steel, organic orders declined 28%, or $4.7 million, in the third
quarter compared with the same period in the prior year. Total orders
for the power market, which includes nuclear energy, were $10.9 million,
up from $1.5 million in the prior year. For the organic business, orders
from the chemical/petrochemical market more than doubled to $4.7
million, helping to offset the $6.2 million decline in orders from the
refining industry.
Orders from US customers represented 80%, or $17.6 million, of total
orders during the third quarter of fiscal 2012. Energy Steel, which
primarily does business in the US, had approximately 55% of these
domestic orders in the quarter. Graham expects that orders will continue
to be variable between quarters, but in the long run relatively balanced
between domestic and international markets given both the addition of
Energy Steel and the anticipated continued growth in the Asian and Latin
American markets.
Graham’s backlog was $72.6 million at December 31, 2011, down from $75.1
million at the end of the trailing second quarter and also down from
$90.5 million at December 31, 2010. Included in backlog was $12.8
million associated with Energy Steel, which improved when compared with
its backlog of $6.8 million at September 30, 2011. At December 31, 2011,
approximately 40% of backlog was related to other industrial or
commercial applications, which included the US Navy carrier project
order. In addition, 14% of backlog was related to refinery projects, 24%
for power projects, including nuclear, and 22% for chemical and
petrochemical projects as of the end of the third quarter.
Approximately 85% to 90% of orders currently in backlog are expected to
be converted to sales within the next 12 months. The US Navy project
order, which was received in December 2009, continues to have a
measurable impact on backlog and conversion. While a significant portion
of the project has converted during fiscal 2012, more than 50% of the
order is expected to still be in backlog at the end of fiscal 2012.
Full year revenue outlook tightened to range of $105 million to $108
million
Graham now expects for fiscal 2012 that revenue will be in the range of
$105 million to $108 million, gross profit margin will be 32% to 33%,
SGamp;A will be about 15% of total annual sales, and the effective tax rate
for the year will approximate 34%.
Mr. Lines noted, “We benefitted earlier this year from the shipment of
orders that had been received during the strong part of the last up
cycle, and now are seeing the impact of the current industrial economy
and pricing environment. While improving, recovery is still in the early
stages. Orders were bolstered this quarter by the success of Energy
Steel in the new-build nuclear energy arena, but overall the decline in
the refining industry was apparent in the organic business despite a
surge in orders from the petrochemical industry. Although the early
stages of the recovery have been protracted, based on the strength of
our pipeline and the number of quality projects in consideration, we
remain bullish on the long-term outlook for our industry.”
Webcast and Conference Call
Graham will host a conference call and live webcast today at 11:00 am
Eastern Time. During the conference call and webcast, James R. Lines,
President and Chief Executive Officer, and Jeffrey F. Glajch, Vice
President – Finance amp; Administration and Chief Financial Officer, will
review Graham’s financial condition and operating results for the third
quarter and first nine months of fiscal 2012, as well as Graham’s
strategy and outlook. Their review will be accompanied by a slide
presentation which will be available on Graham’s Web site at www.graham-mfg.com.
A question and answer session will follow the formal discussion.
Graham’s conference call can be accessed by dialing 1-201-689-8560. The
webcast can be monitored on Graham’s Web site at www.graham-mfg.com.
A telephonic replay will be available from 2:00 pm Eastern Time on the
day of release through February 3, 2012. To listen to the archived call,
dial 1-858-384-5517, and enter conference ID number 386497. A transcript
will also be available on Graham’s website, once available.
ABOUT GRAHAM CORPORATION
With world-renowned engineering expertise in vacuum and heat transfer
technology, Graham Corporation is a global designer, manufacturer and
supplier of custom-engineered ejectors, pumps, condensers, vacuum
systems and heat exchangers. For 75 years, Graham has built a reputation
for top quality, reliable products and high standards of customer
service. Sold either as components or complete system solutions, the
principal markets for Graham’s equipment are energy, including oil and
gas refining and nuclear and other power generation,
chemical/petrochemical and other process industries. In addition,
Grahams equipment can be found in diverse applications, such as metal
refining, pulp and paper processing, shipbuilding, water heating,
refrigeration, desalination, food processing, pharmaceutical, heating,
ventilating and air conditioning, and in nuclear power installations,
both inside the reactor vessel and outside the containment vessel.
Graham Corporation’s subsidiary Energy Steel amp; Supply Co. is a leading
code fabrication and specialty machining company dedicated exclusively
to the nuclear power industry.
Graham Corporation’s reach spans the globe. Its equipment is installed
in facilities from North and South America to Europe, Asia, Africa and
the Middle East. Graham routinely posts news and other important
information on its website, www.graham-mfg.com,
where additional comprehensive information on Graham Corporation and its
subsidiaries can be found.
Safe Harbor Regarding Forward Looking Statements
This news 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,” “appears,” “could,” and other
similar words. All statements addressing operating performance, events,
or developments that Graham Corporation expects or anticipates will
occur in the future, including but not limited to, statements relating
to Graham’s acquisition of Energy Steel amp; Supply Co. (including but not
limited to, the integration of the acquisition of Energy Steel, revenue,
backlog and expected performance of Energy Steel, and expected expansion
and growth opportunities within the domestic and international nuclear
power generation markets), anticipated revenue, the timing of conversion
of backlog to sales, market presence, profit margins, foreign sales
operations, its ability to improve cost competitiveness, customer
preferences, changes in market conditions in the industries in which it
operates, changes in general economic conditions and customer behavior,
forecasts regarding the timing and scope of the economic recovery in its
markets, and its acquisition strategy are forward-looking statements.
Because they are forward-looking, they should be evaluated in light of
important risk factors and uncertainties. These risk factors and
uncertainties are more fully described in Graham Corporations most
recent Annual and Quarterly Reports filed with the Securities and
Exchange Commission, included under the heading entitled “Risk Factors.”
Should one or more of these risks or uncertainties materialize, or
should any of Graham Corporations underlying assumptions prove
incorrect, actual results may vary materially from those currently
anticipated. In addition, undue reliance should not be placed on Graham
Corporations forward-looking statements. Except as required by law,
Graham Corporation disclaims any obligation to update or publicly
announce any revisions to any of the forward-looking statements
contained in this news release.
Statement from News Corporation and its Management and Standards Committee
NEW YORK–(BUSINESS WIRE)–Metropolitan Police Service (MPS) officers from Operation Elveden today
arrested four current and former employees from The Sun newspaper.
Searches have also taken place at the homes and offices of those
arrested.
News Corporation made a commitment last summer that unacceptable news
gathering practices by individuals in the past would not be repeated.
It commissioned the Management and Standards Committee (MSC) to
undertake a review of all News International titles, regardless of cost,
and to proactively co-operate with law enforcement and other authorities
if potentially relevant information arose at those titles.
As a result of that review, which is ongoing, the MSC provided
information to the Elveden investigation which led to today’s arrests.
No comment can be made on the nature of that information to avoid
prejudicing the investigation and the rights of individuals.
The MSC gave the MPS every assistance during the searches of News
International premises while ensuring that all appropriate steps were
taken to protect legal and journalistic privilege.
It also provided the option of immediate legal representation to those
arrested.
News Corporation will continue to give its total support to the
continued work of the MSC and to ensure that legitimate journalism is
vigorously pursued in both the public interest and in full compliance
with the law.
Notes to Editors:
The MSC was established by News Corporation in July 2011 to take
responsibility for all matters in relation to phone hacking at the News
of the World, payments to the police and all other related issues at
News International.
The MSC structure is independent and autonomous from News International.
The MSC is authorised to conduct internal investigations to fulfil its
responsibilities in relation to News Internationals papers. It has
powers to direct News International staff to co-operate fully with all
external and internal investigations, and to preserve, obtain and
disclose appropriate documents.
These internal investigations are being conducted by the law firm
Linklaters, who are the strategic legal advisers to the MSC.
For more information about the MSC go to the following link: http://www.newscorp.com/corp_gov/MSC_news.html
News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total
assets as of September 30, 2011 of approximately US$60 billion and total
annual revenues of approximately US$34 billion. News Corporation is a
diversified global media company with operations in six industry
segments: cable network programming; filmed entertainment; television;
direct broadcast satellite television; publishing; and other. The
activities of News Corporation are conducted principally in the United
States, Continental Europe, the United Kingdom, Australia, Asia and
Latin America.
Corporation to e-mail property tax receipts
CHENNAI: To ensure better accountability and transparency in tax collection, the revenue department of the Chennai Corporation has decided to begin sending e-mail statements for property tax from the next financial year. Under the new facility, the tax payer will get a receipt through e-mail once he remits property tax. The civic body also plans to resume the register your phone facility to remind people about the due date for paying tax.
A senior official said this was part of the digitisation process the corporation planned to start in the coming fiscal. A tax receipt through e-mail works fine for both the payer and the corporation. The payer doesnt misplace it and the corporation can save on paper, he said. About 80% of the corporations total revenue collection comes from property tax.
Jacksonville’s oldest bank taken over
JACKSONVILLE, Fla. –
The Federal Deposit Insurance Corporation assumed all deposits of Jacksonvilles oldest continuously operating bank on Friday and First Guaranty Bank and Trust Company of Jacksonville will reopen Monday under new ownership.
Weekly News Roundup: Chevron Corporation (NYSE:CVX)
Heres a round-up of Chevron Corp. (NYSE:CVX) news stories from this week. Chevron Corp. (NYSE:CVX) company shares ended the week at 103.96 (as of 1/27/2012).
Weekly News Roundup: Chevron Corporation (NYSE:CVX)
Monday 23 January
Engen Petroleum has acquired Chevron Corporation (NYSE:CVX) assets in seven sub-Sahara African countries.
According to an announcement made by Africa-based company Engen Petroleum, it has acquired the assets of Chevron Corporation (NYSE:CVX) in seven countries in sub-Sahara Africa.
Henry Akwaboah, Managing Director of Engen Ghana said, “We have completed the acquisition process from Chevron Corporation (NYSE:CVX), now the sky is the limit as we seek to become the champion in Africa. The company would continue to operate in its core functions – refining of crude oil, the marketing of primary refined petroleum products and the provision of convenience services through its extensive retail network.”