Walco Materials Group now offers innovative Chem-Trend Thermoplastics Premier Mold Release Agents, Cleaners, and Lubricants in the USA
Customers in the USA can now benefit from innovative Chem-Trend Thermoplastics and Rotational Molding product range offered by Walco Materials Group. Walco is among the few authorized distributors of Chem-Trend Thermoplastics and currently the only authorized distributor for Rotational Mold Release.
San Diego, CA, 3 March 2010 — Walco Materials Group, a leading supplier of materials for Electronic, Mold Making, Rapid Prototyping, Medical, Industrial and Automotive Manufacturing, is now offering the Chem-Trend Thermoplastics and Rotational Mold Release product range. Walco now becomes one of the very few authorized distributors of Chem-Trend Thermoplastics and is currently the only authorized distributor for Rotational Mold Release.
Walco has been offering a competitive line of Rotational Molding products and has served 7,626 customers in different industries across the USA since 1993. This new offering of Chem-Trend Thermoplastics marks an entry into the innovative thermoplastics product range. Read more
NPCIL and L&T Flag off Venture for Special Steels and Ultra Heavy Forgings
Filed under: Asia-Pacific, Energy, Manufacturing, Technology
One of World’s Biggest High Tech Forging Facilities
Surat, India, January 09, 2010: The Nuclear Power Corporation of India Limited (NPCIL), a Government of India Company responsible for design, construction, commissioning and operation of nuclear power plants and Larsen & Toubro (L&T), India’s leading engineering, manufacturing & construction major have laid the foundation stone for their world class steel manufacturing & heavy forging plant.
On 30th November 2009, L&T and NPCIL had announced the formation of a joint venture company to produce special steels and ultra heavy forgings. Read more
Photon Dynamics Demonstrates Compliance with NASDAQ Listing Qualifications
Filed under: Americas, Business, Defense, Manufacturing
SAN JOSE, Calif., Jan. 25 — Photon Dynamics, Inc. (Nasdaq: PHTN), a global supplier utilizing advanced digital imaging technology of Liquid Crystal Display (LCD) yield enhancement systems and high performance digital imaging systems for defense, surveillance, industrial inspection and medical imaging applications, today announced that the Nasdaq Listing Qualifications Panel notified Photon Dynamics (“the Company”) that the Company demonstrated compliance with all Nasdaq Marketplace Rules and the Panel determined to continue the listing of the Company’s securities on The Nasdaq Stock Market.Photon Dynamics reported financial results for its fourth quarter and fiscal year ended September 30, 2007. Revenue for the fourth quarter of fiscal 2007 was $24.5 million, compared to third quarter 2007 revenue of $14.4 million and $29.3 million reported for the same quarter a year ago. The net loss for the quarter was $3.4 million or $0.20 loss per share, compared to a net loss for the prior quarter of $8.7 million or $0.52 loss per share, and a restated net loss of $6.6 million or $0.39 loss per share for the same quarter a year ago.
Net loss for the fourth quarter of fiscal 2007 includes $3.7 million in charges, as follows:
-- Equity based compensation expense of $0.5 million
-- Loss on sales of fixed assets of $0.1 million
-- Acquired in-process research and development of $1.1 million
-- Amortization of intangible assets of $0.6 million
-- Restatement related expenses of $1.4 million
Non-GAAP net income for the fourth quarter was $0.3 million or $0.02 earnings per diluted share, compared to non-GAAP net loss for the prior quarter of $5.6 million or $0.34 loss per share, and a non-GAAP net loss of $4.9 million or $0.29 loss per share for the same quarter a year ago. Non-GAAP adjustments are further detailed in the accompanying Reconciliation of GAAP to Non-GAAP Results.
Bookings for the fourth quarter of fiscal 2007 were $29 million, and the Company posted a backlog of $45 million at the end of September 2007. The Company noted that bookings and backlog are not necessarily indicative of future revenue and that historically bookings have fluctuated on a quarter-to-quarter basis. These fluctuations in bookings may continue in the future.
For fiscal year ended September 30, 2007, revenue was $74.3 million, compared to revenue of $172.9 million for the year ended September 30, 2006. Net loss for the year ended September 30, 2007 was $35.1 million and loss per share was $2.09, compared to restated net income of $2.0 million and $0.12 earnings per diluted share for the year ended September 30, 2006.
Net loss for the fiscal 2007 includes $12.7 million in charges, as follows:
-- Write-down of excess inventory of $2.1 million due to order
cancellation
-- Equity based compensation expense of $2.0 million
-- Restructuring charge of $1.4 million
-- Impairment of fixed assets charge of $2.8 million
-- Loss on sales of fixed assets of $0.1 million
-- Acquired in-process research and development of $1.1 million
-- Amortization of intangible assets of 1.7 million
-- Restatement related expenses of $1.5 million
Non-GAAP net loss for fiscal 2007 was $22.4 million or $1.34 loss per share, compared to non-GAAP net income for the prior year of $7.6 million or $0.44 earnings per diluted share.
The Company’s cash, cash equivalents, short-term and long-term investments were $85 million as of September 30, 2007.
Company Projections for First Quarter Fiscal Year 2008
The Company estimates revenue for the first quarter of fiscal 2008 to be between $15.5 and $16.5 million with net loss per share of $0.51 to $0.47.
Amtower Litigation
On January 16, 2008, the Sixth District Court of Appeal for the State of California upheld the trial court’s judgment and award in favor of our Company and our former officers and affirmed the trial court award of approximately $445,000 in fees and costs and awarded additional costs and fees associated with the appeal.
Information Regarding Non-GAAP Financial Measures
Photon Dynamics provides non-GAAP net income and non-GAAP earnings per share data as additional information for its operating results. These measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies. Photon Dynamics’ non-GAAP net income or loss and non-GAAP earnings per diluted share exclude the effect of SFAS 123 ®, restructuring charge, Impairment of fixed assets, gain or loss on sale of fixed assets, write-down of excess inventory due to cancelled order, acquired in-process research and development, amortization of intangible assets, income (loss) from discontinued operations and restatement expenses. Because SFAS 123 ® is a material, non-cash item Photon Dynamics has also provided non-GAAP information excluding the impact of SFAS 123 ®. Management excludes the effect of SFAS 123 ® and other charges as indicated, because management does not believe that these charges are directly applicable to the core operating performance of Photon Dynamics. Management believes that although GAAP measures are important for investors to understand, providing investors with this non-GAAP measure provides investors additional important information to enable them to assess, in the way that management assesses, both the current and future operations of Photon Dynamics.
About Photon Dynamics, Inc.
Photon Dynamics, Inc. is a global supplier utilizing advanced machine vision technology for market leading Liquid Crystal Display (LCD) flat panel display test and repair systems and for high performance digital imaging systems for defense, surveillance, industrial inspection and medical imaging applications. For more information about Photon Dynamics (Nasdaq: PHTN – News), visit its website at http://www.photondynamics.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
The statements in this press release relating to Photon Dynamics’ estimated financial results for the first quarter of fiscal 2008 are forward-looking statements. Certain statements in this press release are forward-looking statements. These forward-looking statements are based on current expectations on the date of this press release and involve a number of uncertainties and risks including but not limited and those risks and uncertainties described in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the caption “Factors Affecting Operating Results” in Photon Dynamics’ Annual Report on Form 10-K for the year ended September 30, 2007 as filed with the Securities and Exchange Commission. As a result, actual results may differ substantially from expectations. Photon Dynamics undertakes no obligation to update or revise any forward-looking statements, whether as a result of new developments or otherwise.
PHOTON DYNAMICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except June 30, September 30,
share data) 2007 2006 2007
As Restated(1)
ASSETS
Current assets:
Cash and cash equivalents $28,253 $47,935 $41,170
Short-term investments 55,909 54,834 42,640
Accounts receivable, net 18,927 29,341 11,934
Inventories 18,097 18,442 13,292
Refundable customs obligations 4,082 3,157 560
Other current assets 3,518 3,972 3,661
Total current assets 128,786 157,681 113,257
Long-term investments 4,147 787 1,176
Land, property and
equipment, net 10,210 15,891 10,583
Other assets 4,826 4,542 5,365
Intangible assets, net 717 1,716 11,023
Goodwill 153 153 6,857
Total assets $148,839 $180,770 $148,261
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $7,033 $ 7,257 $4,217
Warranty 4,691 8,058 3,217
Employee notes payable -- 977 --
Customs obligations 11,144 8,673 4,114
Other current liabilities 9,679 8,967 9,874
Deferred gross margin 6,603 7,454 3,236
Total current liabilities 39,150 41,386 24,658
Long-term employee note payable -- -- 5,381
Other non-current liabilities 95 119 38
Total non-current liabilities 95 119 5419
Shareholders' equity:
Common stock 288,376 285,416 300,290
Accumulated deficit (178,088) (146,431) (181,503)
Accumulated other
comprehensive income (loss) (693) 280 (603)
Total shareholders' equity 109,595 139,265 118,184
Total liabilities and
shareholders' equity $148,839 $180,770 $148,261
(1) See Note 2, "Restatements of Consolidated Financial Statements and
Company Findings" to in Notes Consolidated Financial Statements.
PHOTON DYNAMICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except Quarter Ended Year Ended
per share data) 9/30/2006 6/30/2007 9/30/2007 2006 2007
As As As
restated(1) restated(1) restated(1)
Revenue $29,259 $14,430 $24,474 $172,872 $74,267
Cost of revenue 25,580 11,215 15,605 114,205 56,374
Gross margin 3,679 3,215 8,869 58,667 17,893
Operating expenses:
Research and
development 7,280 6,213 5,404 32,577 26,747
Selling, general and
administrative 3,784 5,831 5,879 24,506 23,076
Restructuring charge -- (95) -- 30 1,368
Impairment of property
and equipment 31 -- -- 81 2,834
Loss (gain) on sale
of property and equipment 58 -- 87 58 87
Acquired in-process
research and development -- -- 1,110 -- 1,110
Amortization of
intangible assets 372 254 654 1,489 1,653
Total operating
expenses 11,525 12,203 13,134 58,741 56,875
Loss from operations (7,846) (8,988) (4,265) (74) (38,982)
Interest income and
other, net 717 327 853 2,803 4,190
Income (loss) from
continuing operations
before income taxes
and discontinued
operations (7,129) (8,661) (3,412) 2,729 (34,792)
Provision for income
taxes (195) 72 3 561 280
Income (loss) from
continuing operations
before discontinued
operations 2,168 (35,072) (6,934) (8,733) (3,415)
Income (loss) from
discontinued operations 346 -- -- (127) --
Net income (loss) $(6,588) $(8,733) $(3,415) $2,041 $(35,072)
Income (loss) per share
from continuing
operations:
Basic $(0.41) $(0.52) $(0.20) $0.13 $(2.09)
Diluted $(0.41) $(0.52) $(0.20) $0.13 $(2.09)
Income (loss) per share
from discontinued
operations:
Basic $0.02 $ -- $ -- $(0.01) $ --
Diluted $0.02 $ -- $ -- $(0.01) $ --
Net income (loss)
per share:
Basic $(0.39) $(0.52) $(0.20) $0.12 $(2.09)
Diluted $(0.39) $(0.52) $(0.20) $0.12 $(2.09)
Weighted average number
of shares:
Basic 16,849 16,635 17,434 16,978 16,814
Diluted 16,849 16,635 17,434 17,011 16,814
(1) See Note 2, "Restatements of Consolidated Financial Statements and
Company Findings" to in Notes Consolidated Financial Statements.
Non-GAAP Net Income (Loss) Reconciliation For All Non-GAAP Items
Year Ended
Quarter Ended September
(In thousands, except 9/30/2006 6/30/2007 9/30/2007 2006 2007
per share data) As As As
restated(1) restated(1) restated(1)
GAAP net income
(loss) $(6,588) $(8,733) $(3,415) $2,041 $(35,072)
Write-down of excess
inventory due to order
cancellation 2,144 2,144
Stock-based employee
compensation expense 929 507 460 3,985 1,973
Restructuring charge -- 95 -- 30 1,368
Impairment of property
and equipment 31 -- 81 2,834
Loss (gain) on sale
of property and equipment 58 87 58 87
Acquired in-process
research and development -- 1,110 -- 1,110
Amortization of intangible
assets 372 254 654 1,489 1,653
Loss (income) from
discountinued operations 346 -- (127) --
Restatement related expense -- 88 1,416 -- 1,504
Non-GAAP net income (4,852) (5,645) 312 7,557 (22,399)
Non-GAAP Net Income (Loss) Per Diluted Share Reconciliation
For All Non-GAAP Items
GAAP net income (loss)
per share - diluted $(0.39) $(0.52) $(0.20) $0.12 $(2.09)
Write-down of excess
inventory due to
order cancellation -- 0.13 -- -- 0.13
Stock-based employee
compensation expense 0.06 0.03 0.03 0.23 0.12
Restructuring charge -- 0.01 -- 0.00 0.08
Impairment of property
and equipment 0.00 -- -- 0.00 0.17
Loss (gain) on sale of
property and equipment 0.00 -- 0.00 0.00 0.01
Acquired in-process
research and development -- -- 0.06 -- 0.07
Amortization of intangible
assets 0.02 0.02 0.04 0.09 0.10
Loss (income) from
discountinued operations 0.02 -- -- (0.01) --
Restatement related expense -- 0.0 0.08 -- 0.1
Non-GAAP net income (loss)
per share - diluted $(0.29) $(0.34) $0.02 $0.44 $(1.34)
Shares used in basic
shares calculation 16,849 16,635 17,434 16,978 16,814
Shares used
in diluted shares
calculation 16,849 16,635 17,434 17,011 16,814
Source: Photon Dynamics, Inc.
Alstom H1 Net Profit Up 49 Percent
Filed under: Engineering, Europe, Finance, Manufacturing, Transportation
PARIS (AP) — French train and generator manufacturer Alstom SA on Thursday reported a 49-percent jump in first-half net profit, on strong power and transport orders. Alstom, majority owned by French construction giant Bouygues SA, reported net profit for April-September of euro388 million (US$571 million), up from a restated figure of euro261 million a year earlier and above analysts’ expectations.
Sales came in at euro8 billion (US$11.78 billion), up 21 percent from euro6.61 billion a year ago.
They were boosted by a 33 percent rise in the group’s orders to euro12.85 billion (US$18.92 billion) over the period, bringing the total order backlog to euro37 billion (US$54.47 billion) at the end of September. Alstom’s backlog represents 28 months of sales.
Order intake at the group’s power turbo-systems division, Alstom’s largest by revenue, grew 30 percent while it rose by 18 percent at the group’s power equipment division and by 13 percent at Alstom’s transport division, which makes trains like the high-speed TGV in France.
Alstom flirted with bankruptcy in 2003 due to costly problems with malfunctioning gas turbines before being rescued by the French government, which bought a 21 percent stake in the company that it subsequently sold to Bouygues in April 2006.
The government is reviewing the future of the French nuclear industry and is said to favor a merger between Alstom and French nuclear group Areva.
To impose itself as the main private shareholder in a potential Alstom-Areva group, Bouygues recently acquired another 4.72 percent of Alstom, bringing its total stake to 30 percent.
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