Tenneco Inc. (NYSE:TEN), together with its subsidiaries, designs, manufactures, and sells automotive emission control and ride control systems and products worldwide. The emission control systems from Tenneco includes catalytic converters and diesel oxidation catalysts to reduce harmful gaseous emissions; diesel particulate filters to eliminate particulate matter emitted from diesel engines; burner systems, which combust fuel and air inside the exhaust system; and hydrocarbon vaporizers and injectors to add fuel to a diesel exhaust system in order to regenerate diesel particulate filters. Tenneco Inc. was founded in 1987 and is based in Lake Forest, Illinois.
Tenneco Inc. reported second quarter net income of $50 million, or 81-cents per diluted share, versus net income of $40 million, or 66-cents per diluted share in second quarter 2010. Adjusted for the items below, net income was $50 million, or 81-cents per diluted share, compared with $38 million, or 62-cents per diluted share a year ago. The tables in this press release reconcile GAAP results to non-GAAP results.
We are making excellent progress on growing our businesses, particularly as we launch and ramp-up commercial vehicle emission control programs, which contributed to our record-high quarterly revenue and earnings, said Gregg Sherrill, chairman and CEO, Tenneco. We are also pleased with our robust growth in emerging markets including China, where we are investing to keep pace with expanding opportunities.
EBIT (earnings before interest, taxes and noncontrolling interests) was $113 million, a 22% increase from $93 million in second quarter 2010. Adjusted EBIT improved to $115 million, versus $97 million a year ago, driven by higher OE volumes globally and the launch and ramp-up of higher-margin light and commercial vehicle business. The improvement was partially offset by previously announced higher year-over-year aftermarket customer changeover costs. Favorable currency had a $10 million year-over-year impact on EBIT. EBITDA including noncontrolling interests (EBIT before depreciation and amortization) rose 14% to $167 million, compared with $146 million a year ago. Adjusted EBITDA including noncontrolling interests was $169 million, versus $149 million in second quarter 2010.
For more information about Tenneco, please visit: www.tenneco.com.
Sanderson Farms, Inc. (Nasdaq:SAFM) announced that its Board of Directors has declared a regular quarterly cash dividend of $0.17 (seventeen cents) per share payable August 23, 2011, to stockholders of record on August 9, 2011.
Sanderson Farms, Inc., an integrated poultry processing company, engages in the production, processing, marketing, and distribution of fresh, frozen, processed, and prepared chicken products.
API Technologies Corp. (Nasdaq:ATNY) announced that Bel Lazar, API Technologies' President and Chief Operating Officer, will be presenting at the Jefferies 2011 Global Industrial and A&D Conference on Tuesday, August 9, 2011 at 9:30 a.m. EDT, at the Grand Hyatt New York, in New York City.
API Technologies Corp., through its subsidiaries, designs, develops, and manufactures systems, subsystems, RF, and secure communications solutions for defense, aerospace, and commercial applications.
Cleantech Transit Inc (OTCPK:CLNO)
These days when one thinks about clean energy, solar and wind power most likely come to mind first while geothermal and wave power may not be too far behind. However, the other growing source of clean energy that is plentiful, available and producing jobs is Biomass Energy and right now its proponents are working hard towards making the industry a major player in the clean energy sector.
Cleantech Transit Inc. was founded to capitalize on technology advances and manufacturing opportunities in the growing clean energy public transportation sector. Cleantech Transit Inc has expanded its focus to invest directly in specific green projects that could maximize shareholder value. Recognizing the many economic and operational advances of converting wood waste into renewable sources of energy, Cleantech Transit Inc. has selected to invest in Phoenix Energy (www.phoenixenergy.net).
Cleantech Transit, Inc. (OTCPK:CLNO) is pleased to announce it has met its funding requirement to secure the Company's ability to earn in 25% of the 500KW Merced Project.
The Company is in the final stages of closing its initial interest in the Merced Project and is currently working on completing the necessary documentation and expects closing the transaction soon. As previously announced Cleantech has the option to earn up to 40% of the Merced Project and the Company plans to continue to work towards increasing its interest in the Merced Project as they move ahead.
For more information about CLNO, visit www.cleantechtransitinc.com
Community Capital Corporation (Nasdaq:CPBK) reports operating results for the six months and quarter ended June 30, 2011. Capital levels remained above regulatory requirements to be considered "well capitalized" as the total risk based capital ratio increased to 13.15% at June 30, 2011 from 12.17% at December 31, 2010, and the Tier 1 leverage capital ratio grew to 8.32% at June 30, 2011 from 7.77% at December 31, 2010. Net interest margin for the quarter ended June 30, 2011 remains above 3% even after reversing $307,000 in interest on loans placed in nonaccrual status during the quarter and maintaining a significant amount of cash on the balance sheet. Noninterest bearing deposits comprised 22.57% of total deposits at June 30, 2011 versus 18.40% at June 30, 2010
Community Capital Corporation operates as a holding company for CapitalBank, which provides various general commercial and retail banking services to individuals and small to medium sized businesses.
Ariba Inc. (Nasdaq:ARBA) announced results for the third quarter of fiscal year 2011 ended June 30, 2011. Subscription software revenue of $76.4 million, up 74% year-over-year. Network revenue of $37.2 million, up 249% year-over-year. Total revenues of $121.9 million and loss per share of $0.13 from continuing operations. Non-GAAP EPS of $0.20 from continuing operations. Cash flow from continuing operations of $22.4 million. Ending cash, cash equivalents, investments and restricted cash of $266.6 million
Ariba, Inc., together with its subsidiaries, provides collaborative business commerce solutions for buying and selling goods and services.
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