RCS, ENZ, STNG, ORFG, IGD - Stock News & Updates from CRWEpicks.com
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PIMCO Strategic Global Government Fund Inc. (NYSE:RCS) announced its results for the fiscal quarter and nine months ended October 31, 2010.
The information provided is in accordance with generally accepted accounting principals ("GAAP"), which requires the Fund to treat amounts accrued by the Fund under swap agreements as net realized and unrealized gain (loss). However, these amounts are treated as net income (loss) for federal income tax purposes.
By using GAAP, Net Investment Income for the fiscal quarter and nine months ended October 31, 2010 was $386,823 (less than $0.01 per share) higher and $6,183 (less than $0.01 per share) lower, respectively, and Net Realized and Change in Unrealized Gain correspondingly lower/higher than those figures would have been if swap amounts were treated as net income (loss) in accordance with federal income tax treatment.
PIMCO Strategic Global Government Fund, Inc. operates as a nondiversified and closed-end management investment company. The fund primarily invests in government securities also.
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ENZO Opperational Highlights:
- Enzo Life Sciences, benefiting from increased emphasis on higher margin products, realized a greater than 100% gain in operating income.
- Enzo Clinical Labs increased revenues 6%, while reducing the operating loss 62%.
- Company-wide, gross margin increased $2.0 million or 17%.
- Operating expenses decreased 7%, or to 57% of revenues, from 63%.
- EBITDA, a non-GAAP measure, was $23,000, an improvement of $2.9 million from the prior quarter.
- Net loss for the quarter was reduced 70%.
Enzo Therapeutics Strategy
Enzo intends to exploit its broadly applicable and innovative technology platforms to develop products for treating a variety of diseases.
The broad diagnostic and therapeutic potential offered by Enzo's core technology platforms extend to applications well beyond those currently under development in-house.
For additional therapeutic applications that will not be developed in-house, Enzo seeks collaborations or partnerships with other companies that can provide a synergistic enhancement of drug development.
What is Enzo Clinical Labs?
Enzo Clinical Labs is a full service clinical reference laboratory. They are one of the leading regional labs in the country, as we combine the extensive testing capabilities of a large laboratory with the convenience and personalized service of a local one.
Enzo was one of the area’s first laboratories to be awarded the prestigious College of American Pathologist (CAP) accreditation. This award indicates that Enzo has passed an extremely rigorous series of inspections far more sophisticated than those mandated by licensing authorities.
Enzo Clinical Labs is much more than a highly respected clinical laboratory. Our lab is utilized extensively to demonstrate the benefits of gene-based products developed at Enzo Life Sciences. It also plays an important role in the development of and performance of tests used to support the on going trials of Enzo Therapeutics.
About Enzo Biochem
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 our founding in 1976, our strategic focus has been on the development of enabling technologies in the life sciences field.
Enzo Life Sciences develops, produces and markets proprietary labeling and detection products for gene sequencing, genetic analysis and immunological research, among others. Its catalog of over 30,000 products serves the molecular biology, drug discovery and pathology research markets worldwide. Enzo Clinical Labs provides laboratory services for a growing roster of physicians in the New York Metropolitan area, Eastern Pennsylvania and New Jersey.
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Scorpio Tankers Inc. (NYSE:STNG) announced that it has entered into time charter agreements for four vessels. The vessels and terms are summarized. BW Zambesi, a 2010 built LR1 tanker (76,578 DWT), was chartered-in for one year at $13,850 per day. The vessel was delivered in December 2010.
The agreement includes an option for Scorpio Tankers to extend the charter for an additional year at $14,850 per day. Krisjanis Valdemars, a 2007 built Handymax ice-class 1B product tanker (37,266 DWT), will be chartered-in for 10 months at $12,000 per day.
The agreement also includes a profit and loss sharing provision whereby 50% of all profits and losses (the difference between the vessel's pool earnings and the charter hire expense) will be shared with the owner of the vessel. The vessel is expected to be delivered in February 2011.
Scorpio Tankers Inc. provides marine transportation of petroleum products worldwide. Its fleet consists of four LR1 product tankers, two Handymax tankers, and one post-Panamax tanker.
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Orofino Gold Corp. (ORFG.PK) is a US (Nevada) company established for the purpose of creating a significant exploration and mining group to operate in Colombia.
Orofino has major criteria by which they select properties that includes:
* Significant historical production
* Favorable geology for hosting major ore bodies
* Significant property area for large target exploration
* Recent results available
* Favorable infrastructure and access to allow mine development
* Receptive local government and populace.
In addition, Orofino has acquired a database comprised of exploration and mining results from previous operators who left when the global mining sector experienced a major downturn in the three year period from 1997-2000.
The second part of the Company’s strategy to become a recognized player in the Colombia mining sector was the acquisition of an interest in an operating mine. The Company has acquired a 55% interest in the La Azul/La Estrella property with the rights to acquire up to 80%.
La Azul is one producing artesanal mine in the Senderos de Oro area controlled by Orofino, it is a mixed sequence of predominantly volcanic rocks with the vien systems comprised of high grade chalcopyrite, galena and sphalerite with pyrite in quartz viens.
Orofino will move ahead aggressively to pursue the current interpretations, work programs and drilling will begin soon.
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ING Global Equity Dividend & Premium Opportunity Fund (NYSE:IGD) announced the monthly distributions on the common shares of two of its closed-end funds: ING Global Equity Dividend and Premium Opportunity Fund (NYSE:IGD) and ING International High Dividend Equity Income Fund (NYSE:IID) (each a "Fund" and collectively, the "Funds").
With respect to each Fund, the distribution will be paid on January 17, 2011, to shareholders of record on December 31, 2010. The ex-dividend date is December 29, 2010.
ING Global Equity Dividend and Premium Opportunity Fund is a closed ended equity mutual fund launched and managed by ING Investments, LLC. It is co-managed by ING Investment Management Advisors B.V.
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Crown Equity Holdings Inc. (OTCPK:CRWE) has received 500,000 shares of 144 stock in Orofino Gold Corp. (PINK SHEETS: ORFG) valued at sixty five thousand dollars, and 500,000 shares of free trading shares valued at sixty five thousand dollars from a third party (QU CUI You) for 30 days advertising.
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