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Synchronoss Technologies, Inc. (NASDAQ:SNCR), the world's leading provider of transaction management, cloud enablement and connectivity services for connected devices, announced financial results for the second quarter of 2011. "We are very pleased with the company's performance in the second quarter, which led to revenue and profitability that were above the high-end of our guidance," said Stephen G. Waldis, President and Chief Executive Officer of Synchronoss. "We are making excellent progress with the expansion of our relationships with tier one service providers. For the second quarter of 2011, Synchronoss reported generally accepted accounting principles ("GAAP") net revenues of $54.8 million, an increase of 47% compared to the second quarter of 2010. Gross profit was $28.9 million in the second quarter of 2011. Income from operations, determined in accordance with GAAP, was $4.6 million. GAAP net income applicable to common stockholders was $3.2 million and GAAP diluted earnings per share were $0.06, compared to $0.09 for the second quarter of 2010. Synchronoss reported non-GAAP net revenues, which adds back the purchase accounting adjustment related to FusionOne's revenues, of $55.4 million, an increase of 49% compared to the second quarter of 2010. Non-GAAP gross profit for the second quarter of 2011 was $30.8 million, representing a non-GAAP gross margin of 56%. Non-GAAP income from operations was $11.7 million in the second quarter of 2011, representing a year-over-year increase of 43% and a non-GAAP operating margin of 21%. Non-GAAP net income, which takes into account adjustments to non-GAAP income from operations, was $8.0 million in the second quarter of 2011, leading to non-GAAP diluted earnings per share of $0.21, an increase of 40% compared with $0.15 for the second quarter of 2010.
Synchronoss Technologies, Inc. provides on-demand transaction, content, and connectivity management platforms that enable communications service providers, cable operators/multi-services operators, original equipment manufacturers, and e-Tailers/retailers with embedded connectivity primarily in North America.
L & L Energy, Inc. (Nasdaq:LLEN) a U.S.-based company operating coal businesses in China, announced its financial results for the fiscal year ended April 30, 2011. The Company filed its Form 10-K posting record annual revenue, which doubled to $224 million from its previous fiscal year. Revenues generated in fiscal year 2011 increased to approximately $224 million up from $109 million, in 2010. Income from continued operations for fiscal year 2011 increased to approximately $37 million compared to $31 million in 2010. Fully diluted earnings per share from continued operations for fiscal year 2011 were approximately $1.21.
L & L Energy, Inc., through its subsidiaries, engages in coal mining, clean coal washing, coal coking, and coal wholesaling businesses in the People's Republic of China.
Cleantech Transit Inc (OTCPK:CLNO)
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). This project could benefit the Company's manufacturing clients worldwide.
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.
Biomass utilization may prevent the harmful effects that forest fires have on the atmosphere by preventing their occurrence. Mercury, toxic materials and particulate matter are released in forest fires. Carbon dioxide, carbon monoxide, methane, nitrogen oxide, and other gases are also emitted. Moreover, the loss of vegetation means that carbon dioxide can no longer be sequestered. Biofuels contribute to cleaner air by reducing gasoline emission from motor vehicles. Ethanol is blended with gasoline to increase octane. Biodiesel is another common fuel blend that greatly reduces pollution.
For more information about CLNO, visit www.cleantechtransitinc.com
Donegal Group Inc. (Nasdaq:DGICB) reported that its board of directors yesterday declared a regular quarterly cash dividend of $.12 per share of Class A common stock and $.1075 per share of Class B common stock payable August 15, 2011 to stockholders of record as of the close of business on August 1, 2011.
Donegal Group Inc., through its subsidiaries, offers personal and commercial lines of property and casualty insurance to businesses and individuals in the United States.
Treehouse Foods, Inc. (NYSE:THS) will host a live audio Webcast of its second quarter earnings results conference call on Thursday, August 4, 2011 at 9:00 a.m. EDT. Management will discuss the results for the second quarter. An earnings release will be issued before the market opens on the same date. The Webcast will last approximately one hour and will be accessible by visiting http://www.treehousefoods.com and by clicking on "Calendar of Events" under "Investor Relations."
TreeHouse is a food manufacturer servicing primarily the retail grocery and foodservice channels. Its products include non-dairy powdered coffee creamer; canned soup, salad dressings and sauces; sugar free drink mixes and sticks, instant oatmeal and hot cereals; macaroni and cheese, skillet dinners and other value-added side dishes and salads; salsa and Mexican sauces; jams and pie fillings under the E.D.
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