Forest Oil Corporation (NYSE:FST) reported financial and operational results for the third quarter of 2010.
The Company reported the following highlights:
* Net sales volumes of 457 MMcfe/d organically increased 16% from the corresponding 2009 period, pro forma for asset divestitures
* Net sales volumes guidance range increased to 470 – 480 MMcfe/d and 450 – 455 MMcfe/d for the fourth quarter 2010 and full year 2010, respectively
* Net sales volumes attributable to liquids increased from 22% in first quarter 2010 to 26% in third quarter 2010 and is expected to increase to approximately 28% in fourth quarter 2010
* Net debt decreased 3% sequentially to $1.6 billion at September 30, 2010
Forest Oil Corporation engages in the acquisition, exploration, development, and production of oil, natural gas, and natural liquids primarily in North America.
PTS, Inc. (OTCPK:PTSH) Announces New IT 3 Year Service Contract
PTS, Inc. (OTC.BB:PTSH) www.ptspi.com/ announced that through its ThinLine division has signed a 3-year Voice Over Internet Protocol (OTCPK:VOIP) contract with MC Universal Art (www.greatamericanart.com).
MC Universal Art has been designing and installing quality framed art for over 30 years. They are a leading provider of wholesale and retail art frames, fine art prints, signed limited additions, as well as providing interior design consulting services. MC Universal Art works with leading interior designers, architects, and office furniture dealers - they help their wholesale clients achieve an environment that drives the image and identity they want to project for customers.
MC Universal Art is expanding its office and manufacturing infrastructure and required a scalable communications system that can handle their growth without effecting customer service. They also had a need to insure that their IT architecture would not be impacted with their communication upgrade.
"We were looking for a company that had VOIP expertise but also had the IT expertise to install, manage and scale our telecommunications infrastructure", said Macky Pannu CEO of MC Universal Art. "ThinLine met all of our criteria and we look forward to growing our services with them in the future," added Macky Pannu.
"I am impressed with MC Universal Art. They have a world class company and I am excited to have the opportunity to work with Macky and his team," said Raj Kalra CEO of PTS, Inc. "Our VOIP product will work perfectly to meet their existing demand, and will allow them to grow as quickly as they need so they can scale to keep up with their growth," added Raj Kalra.
In other company news:
Following several queries from the investment community, PTSH explains the relationship with ThinLine and addresses its "70% ownership". Raj Kalra, CEO of PTSH explains, "PTSH purchased my 70% ownership of ThinLine in a Share Exchange Agreement last week. In exchange of my 70% ownership I received restricted shares of PTSH stock. ThinLine has two owners, PTSH (70%) and a second party (30%). ThinLine is a subsidiary of PTSH, owning 70% therefore shall receive 70% of the profits. In respect to why the deal won't close until December 31, 2010 is due to two factors: 1) ThinLine has approx 70 days to complete SEC audits and; 2) PTSH has its year end 12/31/10, and it makes for easier accounting. For all intensive purposes it is business as usual for PTSH and ThinLine since the merger.
PTS, Inc. does not have significant operations. It intends to acquire undervalued businesses and/or merge with businesses with a history of operating revenues. Prior to February 23, 2010, the company engaged in the provision of accessibility compliance consulting services to government, school districts, and municipalities and other public entities, as well as to retail, commercial, recreational, and corporate customers. PTS, Inc. was founded in 1996 and is based in Las Vegas, Nevada.
Star Buffet, Inc. (Nasdaq:STRZ) recently filed a Form 10-Q with the Securities and Exchange Commission for its second quarter of fiscal 2011 ending August 9, 2010. Star Buffet, Inc. had revenues of $13.8 million and net loss of $(1,386,000), or $(0.43) per share on a diluted basis of 3,213,075 of shares outstanding for the twelve weeks ended August 9, 2010.
Star Buffet, Inc., through its subsidiaries, operates as a multi-concept restaurant holding company in the United States. It operates in two divisions, Buffet and Non-Buffet.
Deere & Company (NYSE:DE) is introducing a new name – John Deere Financial - for its business unit that offers credit and other financial services. The change is being made to better represent the full breadth of products and services offered by the business. It had previously been known as John Deere Credit.
Deere & Company provides products and services primarily for agriculture and forestry worldwide. The company operates in three segments: Agriculture and Turf, Construction and Forestry, and Credit.
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