Enzo Biochem, Inc. (NYSE:ENZ) is a leading life sciences and biotechnology company focused on harnessing genetic processes to develop research tools, diagnostics and therapeutics and provides reference laboratory services to the medical community.
The business activities of Enzo Biochem are performed by the company�s three wholly owned subsidiaries . . . Enzo Life Sciences, Enzo Therapeutics and Enzo Clinical Labs. Such activities include research and development, manufacturing and marketing of biomedical research products and tools through Enzo Life Sciences and research and development of therapeutic products through Enzo Therapeutics and the operation of a regional clinical reference laboratory through Enzo Clinical Labs.
Enzo Biochem, Inc. reported 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.
The Company’s financial condition remained strong, with working capital of $42.1 million. As of October 31, 2010, cash and cash equivalents, plus short term investments in US Treasury Bills, totaled $31.6 million. At November 30, 2010 Enzo�s cash, and cash equivalents and short-term investments were $33.9 million, which exceeded the July 31, 2010 balance by $0.3 million. Cash utilization in operations declined year over year by approximately $1 million to $1.8 million principally due to the reduced loss in the 2011 period. Management�s plan is to move towards being cash flow positive from operations in calendar 2011. There was no debt.
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%.
Crown Equity Holdings Inc. (OTCBB:CRWE) announced that its subsidiary company, Crown Tele Services Inc. (http://www.crownteleservices.com) is still moving forward after dissolving its joint venture with Communication Expert Corporation and will gradually start rolling out its internet based voice and video service IP-PBX solutions next year.
The cornerstone of Crown Tele Services Inc. strategy is to meet the highest standards when it comes to delivering VoIP (Voice over Internet Protocol) communication solutions specifically designed to meet the market needs.
Hosted IP-PBX lets you share a number of incoming phone lines among a larger number of extensions, so it’s not necessary to pay for a separate line for every office employee or workstation, which saves money. But the implementation and ongoing maintenance of an VOIP PBX system requires a type of expertise that your IT staff may not have. And if you go with a commercial product, the up-front costs for the hardware and software may be high.
According to ABI Research, the latest global business VoIP services forecasts show that the value of the overall market, which includes VoIP integrated access, SIP trunking, hosted IP-PBX/IP Centrex and managed IP-PBX services, is set to double over the next five years, to exceed $20 billion by 2015.
Crown Equity Holdings Inc., together with its digital network, currently provides electronic media services specializing in online publishing and Web sites, which bring together targeted audiences and advertisers that want to reach them. Crown Equity Holdings Inc. offers internet media-driven advertising services, which covers and connects a range of marketing specialties, as well as search engine optimization for clients interested in online media awareness.
Crown Equity Holdings Inc. announced in June of this year its 1- 10 forward stock split, as well as in August announcing that the company had surpassed One Million dollars (1,000,000) in sales.
Rackspace Hosting, Inc (NYSE:RAX) announced its acquisition of Cloudkick�, the creator of award-winning web applications for easy and efficient cloud-server management. Cloudkick offers what amounts to a cockpit for navigating complex cloud environments, with all the information and controls in one elegant, convenient panel to help developers and system administrators deploy and manage their cloud environments.
Rackspace Hosting, Inc. operates in the hosting and cloud computing industry. It provides information technology (IT) as a service, managing Web-based IT systems for small and medium-sized businesses, as well as large enterprises worldwide.
Forest Laboratories Inc. (NYSE:FRX) announced that Forest Healthcare B.V., a wholly owned subsidiary of Forest Laboratories, Inc. and Gruenenthal GmbH, have entered into an agreement whereby Forest has acquired all rights currently held by Gruenenthal for colistin and all rights previously licensed by Forest to Gruenenthal for Colobreathe. Colistin is an antibiotic used to treat the principal bacterial infections in cystic fibrosis patients, and Colobreathe is a novel dry powder inhaler containing colistin developed by Forest and currently being reviewed by the European Medicines Agency.
Forest Laboratories, Inc. develops, manufactures, and sells branded and generic forms of ethical drug products. Its principal products include Lexapro for the treatment of depression in adults and adolescents, and generalized anxiety disorder in adults; Namenda for the treatment of Alzheimer’s disease; and Savella for the management of fibromyalgia.
Leucadia National Corp. (NYSE:LUK) announced the closing of the transaction detailed in a press release dated November 29, 2010 with Inmet Mining Corporation whereby Inmet acquired Leucadia�s 30% indirect equity interest in and subordinated sponsor loans to the Cobre Las Cruces copper mining project. The purchase consideration was effectively comprised of US$150 million cash and 5,442,413 newly issued common shares of Inmet. In addition, Leucadia was released from its guarantee of US$72 million of debt owed by Las Cruces to an affiliate of Inmet.
Leucadia National Corporation engages in manufacturing, telecommunications, land based contract oil and gas drilling, property management and services, gaming entertainment, real estate activities, medical product development, and winery operations in the United States.
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