Enzo Biochem, Inc. (NYSE:ENZ)
Enzo Biochem, Inc. reported recently 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.
“We are pleased to report that our program instituted this quarter aimed at making Enzo more efficient and designed to produce more effective use of our assets is beginning to show results, as demonstrated by improved performance, ” said Barry Weiner, President of ENZ. “While we are in the early stages of this comprehensive program, the results experienced to date are very encouraging.”
“Moreover, in the first quarter, we achieved several milestones. We submitted Colon Sentry, a unique assay for risk-stratification of colon cancer occurrence, to the New York State Department of Health for approval. In addition, we began enrolling the first patients in our clinical trial of Optiquel, our candidate therapeutic for the treatment of autoimmune uveitis. We also continued to roll out proprietary products and systems designed to aid in drug development,” he added.
Among the quarter’s highlights (all references are to sequential quarter over quarter results, normalized for an inventory charge and severance of $1.8 million where applicable):
- 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 Biochem, Inc., a life sciences and biotechnology company, engages in the research, development, manufacture, and marketing of diagnostic and research products based on genetic engineering, biotechnology, and molecular biology. ENZ operates in three segments: Enzo Life Sciences, Enzo Clinical Labs, and Enzo Therapeutics. The Enzo Life Sciences segment manufactures, develops, and markets functional biology and cellular biochemistry products and tools to research and pharmaceutical customers. It offers products applied in the fields of antibiotics, autophagy, cancer, cell cycle, cell death, cell signaling, cell trafficking, genomics/molecular biology, immunology, inflammation, lipid signaling, neurobiology, protein degradation, ROS/RNS, and stress/heat shock. The Enzo Clinical Labs segment offers routine and esoteric clinical laboratory tests or procedures used in general patient care by physicians to establish or support a diagnosis, monitor treatment or medication, and search for an otherwise undiagnosed condition. It also operates a full-service clinical laboratory, a network of 30 patient service centers, a stand alone or rapid response laboratory, and a full-service phlebotomy department. The Enzo Therapeutics segment engages in the research and development of various therapeutic drug candidates based on cell signaling, immune regulation, and gene regulation for the treatment of gastrointestinal, infectious, ophthalmic, and metabolic diseases. ENZ sells its products through direct sales force and distributors in the United States, Switzerland, the United Kingdom, Belgium, and Germany. ENZ was founded in 1976 and is headquartered in New York, New York.
To learn more about ENZ visit: http://www.enzo.com
Emeritus Corp. (NYSE:ESC) announced this month that it has been awarded a prestigious SeniorHomes.com Best of the Web Award 2011. The national award program is the first of its kind in the senior care space, and is reserved for the nation’s most influential senior living and caregiving websites, blogs, and resources on the Internet.
Emeritus Corporation operates senior living communities that provide assisted living, and Alzheimer's and dementia care services to senior citizens in the United States. Its communities provide residential housing alternatives, including independent living, assisted living, specialized memory care, and skilled nursing services.********
Colony Financial, Inc. (NYSE:CLNY) declared a special dividend for 2010 of $0.05 per common share in order to distribute the balance of the Company’s estimated taxable income for 2010. The special dividend will be paid on January 14, 2011 to stockholders of record on December 31, 2010.
Colony Financial, Inc. operates as a commercial mortgage REIT that focuses on acquiring and originating commercial real estate mortgage loans and real estate-related debt. The company is qualified as a real estate investment trust (REIT) under the Internal Revenue Code. As a REIT, its net income would be exempted from federal taxation to the extent that it is distributed as dividends to shareholders. Colony Financial, Inc. was founded in 2009 and is based in Santa Monica, California.********
Parkway Properties Inc. (NYSE:PKY) announced that it is under contract to purchase 3344 Peachtree on behalf of Parkway Properties Office Fund II, L.P. for a total purchase price of $167.3 million. The due diligence period has expired and Fund II's $6 million earnest money deposit is non-refundable. Final closing and all earnest money are contingent upon customary closing conditions and the successful assumption by Fund II as borrower of an existing $90 million non-recourse first mortgage loan on the Property. Final closing is expected to occur in late January 2011.
Parkway Properties, Inc., a real estate investment trust (REIT), engages in the operation, acquisition, ownership, management, and leasing of office properties. It operates and invests principally in office properties in the southeastern and southwestern United States and Chicago. The company also offers real estate services.
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