Solar Energy Initiatives, Inc., with businesses in solar project development, distribution and workforce training, today reported that Solar Energy Initiatives intends to distribute shares of Solar Park Initiatives (OTC.BB:SOPV). Solar Energy Initiatives will file a registration statement during the fourth quarter of 2010 with the U.S. Securities and Exchange Commission (SEC), which will enable Solar Energy Initiatives to distribute SOPV shares upon being declared effective.
Under the spin-off agreement, Solar Energy Initiatives' shareholders as of market close on October 29, 2010 will receive one share of Solar Park Initiatives for every two shares of Solar Energy Initiatives that they own. Upon the Registration Statement being declared effective by the SEC, Solar Energy Initiatives will distribute the shares of Solar Park Initiatives common stock to Solar Energy Initiatives stakeholders.
Solar Park Initiatives intends to develop land for large utility scale solar photovoltaic (”PV”) projects. Solar Park Initiatives will provide engineering, procurement of products and construction (”EPC”) via third party suppliers including its sister company Solar Energy Initiatives, Inc. Solar Park Initiatives will attempt to sell the resultant electrical production to various utilities and large commercial entities through a Power Purchase Agreement (”PPA”). Solar Park Initiatives expects to provide energy savings to commercial and municipality users without any out of pocket engineering, procurement or construction (”EPC”) costs to those users of energy.
Stein Mart, Inc. (NASDAQ:SMRT) recently reported comparable store sales increased 0.4 percent for the five week period ended October 2, 2010 compared to the five week period ended October 3, 2009. Total sales for the period were $101.4 million, a decrease of 0.6 percent from $101.9 million in the five week period ended October 3, 2009.
For September, home, accessories, ladies’ Boutique clothing, and men’s sportswear exceeded Company trend. Ladies’ special sizes and casual sportswear experienced weaker trends. Geographically, September sales were better than Company trend in Florida and Arizona while sales continued to be weakest in the Gulf States.
Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off-price retail chains. Currently with locations from California to Massachusetts, Stein Mart’s focused assortment of merchandise features current season, moderate to better fashion apparel for women and men, as well as accessories, gifts, linens and shoes.
Steiner Leisure Limited (Nasdaq:STNR) disclosed financial results for the second quarter ended June 30, 2010. The quarter and six months ended June 30, 2010 results and statistics below include the results of operations and locations of Bliss World Holdings, Inc. which was acquired on December 31, 2009.
Steiner Leisure's revenues for the second quarter ended June 30, 2010 increased 28.4% to $151.0 million from $117.6 million during the comparable quarter in 2009. Net income for the second quarter was $10.0 million compared with $8.3 million for the same quarter in 2009. In the second quarter of 2009, Cost of products was negatively impacted by a $4.1 million foreign exchange loss resulting from the weakening of the U.S. Dollar against the U.K. Pound Sterling relating to intercompany inventory purchases which was partially offset by a $1.9 million foreign exchange gain in Administrative expenses resulting from the weakening of the U.S. Dollar against the U.K. Pound Sterling and Euro currencies we were holding.
Steiner Leisure Limited is a worldwide provider of spa services. Steiner Leisure's operations include shipboard and land-based spas and salons.
Steinway Musical Instruments, Inc. (NYSE:LVB), one of the world's leading manufacturers of musical instruments, reported Steinway Musical Instruments' financial results for the quarter and six months ended June 30, 2010. A complete financial results earnings release has been posted to Steinway Musical Instruments' website, steinwaymusical.com. Interested parties may download a copy from Steinway Musical Instruments' home page under "Latest News" or directly from steinwaymusical.com/news.php.
Steinway Musical Instruments, Inc., through its Steinway and Conn-Selmer subsidiaries, is one of the world's leading manufacturers of musical instruments. Its notable products include Bach Stradivarius trumpets, Selmer Paris saxophones, C.G. Conn French horns, Leblanc clarinets, King trombones, Ludwig snare drums and Steinway & Sons pianos. Through its online music retailer, ArkivMusic, Steinway Musical Instruments also distributes classical music recordings.
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