Enzo Biochem, Inc. (NYSE:ENZ) reported improved sequential results for the first fiscal quarter ended October 31, 2010, the result of recent programs to reduce expenses, consolidate activities and expand operations. Total revenues for the first quarter of fiscal 2011 increased to $25.7 million, from $25.2 million a year ago, or 2%, despite slightly lower revenues at Life Sciences resulting from a program to emphasize higher margined products, and advanced 3% sequentially. Enzo Clinical Labs benefited from an increase in market share and a new provider contract.
Gross profit margin improved 17% to $13.5 million, or 53% of revenues, compared to the fiscal 2010 fourth quarter’s $11.5 million and was a slight improvement year over year. R&D expenses were $1.8 million, 28% lower than both a year ago and in the July 2010 quarter, and SG&A declined $0.5 million to $11.0 million, as a percentage of revenues down 3% from a year ago and 1% from the prior quarter. Overall operating expenses, including R&D, SG&A, legal and provision for uncollectible accounts were $14.6 million, a decline of 4% from last year’s first quarter and 7% from the preceding July period. The operating loss decreased 42%, to ($1.1) million from the corresponding year-ago period, while the net loss of ($1.1) million was 38% lower year over year. EBITDA, adjusted for approximately $1.1 million in both periods for depreciation and amortization, was $23,000, compared to a year ago EBITDA loss of ($959,000), an improvement of $936,000. Enzo Biochem’s financial condition remained strong, with working capital of $42.1 million.
As of October 31, 2010, cash and cash equivalents, plus short term investments in US Treasury Bills, totaled $31.6 million. At November 30, 2010 Enzo’s cash, and cash equivalents and short-term investments were $33.9 million, which exceeded the July 31, 2010 balance by $0.3 million. Cash utilization in operations declined year over year by approximately $1 million to $1.8 million principally due to the reduced loss in the 2011 period. Management’s plan is to move towards being cash flow positive from operations in calendar 2011. There was no debt.
Enzo Biochem, Inc., is a growth-oriented integrated life sciences and biotechnology company focused on harnessing biological process to develop research tools, diagnostics and therapeutics, and serves as a provider of test services, including esoteric tests, to the medical community. Since Enzo Biochem’s founding in 1976, Enzo Biochem’s strategic focus has been on the development of enabling technologies in the life sciences field. Enzo Biochem has three divisions: Life Sciences, Clinical Labs, and Therapeutics. In the course of Enzo Biochem’s research and development activities, Enzo has also developed a substantial portfolio of intellectual property asset with patent coverage across a number of key technologies
Global Hunter Corp. (TSX.V:BOB)(FSE:G5D) is pleased to announce that it recently completed a surface sampling program at La Corona de Cobre. The program was designed to collect surface samples from the numerous prospective shear zones. This will aid in the definition of drill targets to expand on the copper oxide mineralization. Global Hunter has collected approximately 250 samples from the shear zones listed below. The shear zones and areas of alteration that have been sampled (from East to West ) include the following zones: El Manto; La Golondrina; Cerro Borracho; El Tazon; La Copa; La Varrilla; Et Tazon; Vino Fino; Abisinia; and Las Posadas.
The samples will be collected from outcrops along the entire strike lengths of the shears and have been shipped to ALS Chemex Labs in La Serena Chile for analysis. Results will be released as soon as practical after they have been received. These shear zones can be traced on surface for hundreds of metres, with the longest being Vino Fino, which has been mapped for over 6,000 metres. Local miners are currently extracting ore from several shear zones on the property and transporting it to Enami for processing. The surface sample results in conjunction with previous geophysical work completed on the property Global Hunter intends to prepare a multi-hole drill program on the shear zones scheduled to begin early 2011 as part of its ongoing evaluation of its Corona de Cobre project.
In addition to sampling and drilling of the prospective shear zones at La Corona de Cobre mentioned above, Global Hunter will continue its work on the Las Posadas resource over the coming months and will provide a summary of its progress as information becomes available.
Global Hunter’s flagship project is the La Corona de Cobre property, located 70 kilometres north of La Serena, Chile, along the Pan American Highway, within the coastal belt of the Andean Cordillera. The NI 43-101-compliant resource contains 225 million pounds of copper oxide. In addition, Global Hunter has its Rabbit South molybdenum project in south-central British Columbia, Canada.
AllianceBernstein Holding L.P. (NYSE:AB) announced that preliminary assets under management decreased to $485 billion from $499 billion during November 2010. The 2.8% decline was due to negative investment returns and net asset outflows, mainly from institutional accounts. Certain statements provided by management in this news release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
AllianceBernstein Holding L.P. and its subsidiaries provide investment management and related services to institutional, retail, and private clients in the United States and internationally.
John Bean Technologies Corporation (NYSE:JBT) announced that its JBT AeroTech business was awarded additional production units for the United States Navy Large Land-based Air Conditioner (LBAC) program. This order includes 40 units and support equipment valued at over $7 million, bringing the total contracted number of units to 180. Deliveries are expected throughout 2011-2012. The LBAC units are used for on-ground operations and maintenance support of C-130, C-40, C-9, P-8 and P-3 military aircraft. JBT AeroTech’s Jetway Systems business unit has delivered over 30 LBAC units around the world.
John Bean Technologies Corporation provides technology solutions for the food processing and air transportation industries in the United States and internationally.
Piedmont Office Realty Trust Inc (NYSE:PDM) announced the completion of two new leases totaling 158,075 square feet at its Piedmont Pointe properties, located at 6720-A and 6720-B Rockledge Drive in Bethesda, MD. The Henry M. Jackson Foundation for the Advancement of Military Medicine, Inc. (HJF) signed a new lease agreement totaling 124,517 square feet to relocate its headquarters from Rockville, MD to Piedmont Pointe in the third quarter of 2011. Bernie McCarthy, Morgan Sullivan and Amanda Davis of Jones Lang LaSalle represented the tenant in the transaction.
Piedmont Office Realty Trust, Inc. engages in the acquisition and ownership of commercial real estate properties in the United States. Its property portfolio primarily consists of office and industrial buildings.
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