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| TATA Group Logo |
Jaguar Land Rover is investing £5 billion ($8.2 billion) over the next five years to catch up on quality with BMW, Mercedes-Benz and Audi – the three German companies that dominate the luxury end of the automotive business globally.
The money will be spent mainly on product development and new equipment at JLR’s three UK plants, which together employ just over 17,000 people, with some of it likely to cover new investments at a planned factory in China.
The spending is seen as a sign of commitment to the UK by JLR’s Indian parent group, Tata. Ratan Tata, chairman, authorised the $2.3 billion purchase of JLR three years ago from Ford, only to see his plans blown off course by the global recession.
Prof Garel Rhys, an automotive specialist at Cardiff Business School, said the plans indicated that JLR, in spite of its relatively low production volumes, was keen to be a “real force” in its car sector niche.
The £5 billion in investment will focus on new engine technology and advances in car body design to emphasise reductions in fuel use to fit in with legislation forcing carmakers to cut carbon dioxide emissions.
It does not include the estimated £750 million that would be needed
to build a new engine plant that JLR will almost certainly construct in the UK in the next few years.
to build a new engine plant that JLR will almost certainly construct in the UK in the next few years.
At present JLR sources its engines from Ford Motor but is keen to sever this link. As part of the five-year plan, JLR is to collaborate on engines and other elements of design with AT&T Williams, one of the leaders in the UK’s Formula 1 racing car industry.
The plan will also feature closer links with Tata Steel – another part of the Tata Group that made a similar commitment to Europe with the $13.1 billion acquisition of the Anglo-Dutch Corus steelmaker in 2007.
Tata Steel is supplying new types of lightweight steel alloys that could prove useful for novel car types that could enter production within five years.
( Financial Times)
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| Obagi Medical Products Inc Logo |
Shares of Obagi Medical Products, which makes prescription and over-the-counter skin creams, plunged in premarket trading Friday after the company cut its profit guidance following a negative regulatory decision in Texas.
Thursday, the company announced quarterly loss $2.4 million, or 13 cents per share, compared with profit of $1.9 million, or 9 cents per share, during the same period a year prior. Revenue rose 3 percent to $26.5 million from $25.7 million.
Excluding charges, the company said it earned 16 cents per share. Analysts polled by FactSet expected profit of 13 cents per share on $27.1 million in revenue.
The charges included costs for a legal settlement with Zein Obagi and ZO Skin Health Inc. in a trademark dispute. They also included a sales return provision following a ruling by regulatory authorities in Texas to disallow the shipping of 4-percent hydroquinone products in the state. It is a key ingredient in certain Obagi products.
He said Texas accounted for 8.8 percent of the company's revenue in 2010.
The regulatory decision is a key factor in the company's lower-than-expected second-quarter guidance and lower full-year guidance.
The regulatory decision is a key factor in the company's lower-than-expected second-quarter guidance and lower full-year guidance.
Obagi expects profit between 15 cents and 17 cents on revenue between $26.5 million and $28 million in the second quarter. Analysts expect 18 cents per share in profit on $28.9 million in revenue.
For the full year, the company now expects profit between 75 cents and 78 cents per share on revenue between $114 million and $116 million, down from prior guidance of 87 cents to 91 cents per share in profit on revenue between $119 million and $122 million.
Analysts had expected full-year profit of 81 cents per share on $117.7 million in revenue.
( Associated Press )
Stocks those traded with unusual price movements in the After Hours on Wednesday April 5th 2011:
Gainers>>>
Immersion Corp ( NASDAQ:IMMR) :Company has reported quarterly results and come up with a surprise profit of $0.05 per share compared with a net loss of $0.09 per share of same quarter 2010. Also, company has issued quarterly guidance above analyst's estimate. Investors welcomed company's earnings and stock jumped 14% in after hours trade. Read more.
Xoma Ltd ( NASDAQ:XOMA), Company engaged in discovery and development of therapeutic antibody has reported a quarterly net loss of $0.22 per share from a net loss of $ 1.36 per share a year earlier quarter. It has secured funding which helped in doubling the revenue in the current quarter than a year earlier one. Also, company had collaborated with Servier, a world-class pharmaceutical partner committed to advancing XOMA 052 in multiple indications including Behcet's uveitis and cardiometabolic diseases.Read More about development Stock of the company had spiked in last trading session and retreated from its high as well and up 3.8 % in after hours.
Losers>>
GSI Technologies Inc ( NASDAQ: GSIT ) has reported an improved revenue and profit on YoY basis, but falls short in QoQ performance. It has reported a quarterly earnings below its own issued guidance and also lowered its next quarter guidance below analyst's expectations. Stock loose almost 19% in the after hours trade, but according to our view stock won't see much downside from here and might see a little recovery as well Read More about results.
iGo Inc ( NASDAQ:IGOI): Company's performance is improving in terms of revenue and profits but company reported a net loss in the current quarter due to it had paid up a debt and now its a zero debt company as of March 2011. Stock reaction was down more than 13 % in after hours trade, but our suggestions is to use this dip as a buying opportunity. As we see company has not any debt or liabilities and from next quarter its improved revenue performance will start reflecting in stock price. Investors might take a position as company is a good value buy according to our recommendation.Read More about earnings.
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| Xoma Ltd Logo |
XOMA Ltd. (Nasdaq:XOMA), a leader in the discovery and development of therapeutic antibodies, today announced its financial results for the first quarter ended March 31, 2011 and provided a general business update.
XOMA had total revenues of $15.6 million in the first quarter of 2011 compared with $7.2 million in the first quarter of 2010. The increase in revenues in the 2011 period compared with the 2010 period was due primarily to funding from the company's collaborative partner Les Laboratoires Servier (Servier) for XOMA 052 development and increased funding under the company's contracts with the U.S. government for XOMA 3AB development.
XOMA had a net loss of $6.3 million, or $0.22 per share, for the first quarter of 2011, compared with a net loss of $21.8 million, or $1.36 per share, for the first quarter of 2010. Research and development expenses in the first quarter of 2011 were $17.3 million as compared with $17.6 million in the first quarter of 2010. Selling, general and administrative expenses were $5.4 million in the first quarter of 2011 as compared with $5.6 million in the first quarter of 2010. At March 31, 2011, XOMA had cash and cash equivalents of $56.9 million, compared with $37.3 million at December 31, 2010.
"In the first quarter of 2011, we announced a strategic development and commercialization collaboration with Servier, a world-class pharmaceutical partner committed to advancing XOMA 052 in multiple indications including Behcet's uveitis and cardiometabolic diseases. Given its broad portfolio of medicines, Servier has the expertise that will help both companies unlock the potential of XOMA 052," said Steven B. Engle, Chairman and Chief Executive Officer of XOMA. "In the largest clinical study of XOMA 052 to date, the biological activity and safety of XOMA 052 as an anti-inflammatory agent was demonstrated over six months in a 421 patient trial and in all four XOMA 052 dose levels compared to placebo. XOMA and Servier plan to initiate a Phase 3 program in Behcet's uveitis and a Phase 2 program in cardiovascular disease."
Recent Highlights
1) Entered into strategic development and commercialization partnership for XOMA 052: The agreement with Servier includes an upfront payment and loan totaling approximately $35 million, potential milestone payments of approximately $470 million, depending on the U.S. dollar/euro exchange rate at the time the milestones are achieved, and tiered royalties up to a mid-teens percentage rate. Servier has committed to fund 100% of the first$50 million of Behcet's uveitis development and 50% of further development in this indication, and to fund development of XOMA 052 for cardiovascular disease and diabetes indications. This funding reduces the expensesXOMA may incur to advance XOMA 052.
2) XOMA has retained U.S. and Japanese development and commercialization rights to XOMA 052 for Behcet's uveitis and other inflammatory and oncology indications. Servier has worldwide rights to the diabetes and cardiovascular disease indications and rights outside the U.S. and Japan to other indications. XOMA has an option to reacquire rights to the diabetes and cardiovascular disease indications in the U.S. and Japan.
3) Phase 2 studies of XOMA 052 show positive anti-inflammatory results and confirmed safety: XOMA conducted two Phase 2 trials of XOMA 052 in Type 2 diabetes patients, a 421 patient Phase 2b trial and a 74 patient Phase 2a trial. XOMA 052 was well-tolerated in these trials, with no serious drug-related adverse events and a safety profile consistent with previous trials. The Phase 2b trial did not achieve the primary endpoint of reduction in glycosylated hemoglobin (HbA1c) levels after six monthly treatments with XOMA 052 compared with placebo. A modest reduction in HbA1c levels was observed at a three month interim review of the Phase 2a trial.
4) The potential for cardiovascular benefit with XOMA 052 was observed in both trials, with highly significant (p≤0.0005) decreases in C-reactive protein (CRP), a biomarker for the risk of heart attack, stroke and other cardiovascular diseases, in all four Phase 2b dose groups versus placebo. A decrease in CRP also was observed in the Phase 2a trial, although the trial was designed primarily to evaluate safety and was not designed to demonstrate statistically significant differences in measures of biological activity. Also supporting the potential of XOMA 052 in cardiovascular disease, significant (p≤0.05) improvements in high-density lipoprotein, or "good" cholesterol, were observed in two of four XOMA 052 dose groups versus placebo in the Phase 2b trial.
5) XOMA 3AB Phase 1 trial to be initiated by NIAID:The National Institute of Allergy and Infectious Diseases, part of the National Institutes of Health, informed XOMA that it is initiating a Phase 1 trial of XOMA 3AB, a novel formulation of three antibodies designed to prevent and treat botulism poisoning, among the most deadly bioterror threats. This double-blind, dose-escalation study in approximately 24 healthy volunteers, is designed to assess the safety and tolerability and determine the pharmacokinetic profile of XOMA 3AB.
6) XOMA 3AB results reported at national biodefense meeting: Several presentations highlighted advances in the development of XOMA 3AB. These included an invited oral presentation describing the successful lyophilization of XOMA 3AB, and studies demonstrating the stability of this formulation over time stored at a wide range of temperatures. The presentations were made at the Fifth Annual Public Health Emergency Medical Countermeasures Enterprise (PHEMCE) Stakeholders Workshop in Washington, DC.
Guidance
XOMA will not be providing specific guidance on overall revenues or cash receipts for 2011 so as to best manage its ongoing business development discussions and other activities. The company currently expects that cash used in operating activities in 2011 may range from $30 million to cash neutral
( Source Xoma Ltd )
( Source Xoma Ltd )
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| iGo Inc Logo |
iGo, Inc. (Nasdaq: IGOI), a leading provider of eco-friendly power management solutions and accessories for mobile electronic devices, today reported financial results for the first quarter ending March 31, 2011. Although company has reported a loss of $1.6 million or $0.05 a share, company has showed a full paid up debt or obligation as of March 2011.
Revenue was $9.2 million for the first quarter of 2011, an increase of 13% over revenue of $8.2 million in the same period of the prior year.
Net loss was $1.6 million, or ($0.05) per share, in the first quarter of 2011,
compared with net income of $769,000, or $0.02 per share, in the same quarter of the prior year. Financial results for the first quarter of 2010 were positively impacted by the recognition of a $1.7 million gain related to the reversal of a valuation allowance on a note receivable that was subsequently paid in full.
compared with net income of $769,000, or $0.02 per share, in the same quarter of the prior year. Financial results for the first quarter of 2010 were positively impacted by the recognition of a $1.7 million gain related to the reversal of a valuation allowance on a note receivable that was subsequently paid in full.
The Company’s financial position remained strong with $23.3 million in cash, cash equivalents, and short-term investments, $11.0 million in working capital (excluding cash, cash equivalents and short-term investments), and no debt as of March 31, 2011.
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| GSI Technology Inc Logo |
GSI Technology Inc( NASDAQ: GSIT) quarterly earnings, year end earnings and guidance for next quarter:
Year End 2011 Earnings:
For the fiscal year ended March 31, 2011, the Company reported record net income of $18.9 million, or $0.64 per diluted share, on record net revenues of $97.8 million, compared to net income of $10.4 million, or $0.38 per diluted share, on net revenues of $67.6 million in the prior fiscal year.
Gross margin was 45.8% compared to 43.3% in fiscal 2010. Total operating expenses of $21.4 million were $2.8 million higher than in fiscal 2010, reflecting increases of $1.6 million and $1.2 million, respectively, in research and development and selling, general and administrative expenses. Operating margin was 23.9% in 2011 compared to 15.7% in 2010.
Fourth quarter ended on March 2011 Earnings:
For the quarter ended March 31, 2011, net income was $3.4 million, or $0.11 per diluted share,
on net revenues of $21.9 million compared to net income of $3.8 million, or $0.14 per diluted share, on net revenues of $21.2 million in the comparable quarter a year ago. Pre-tax income was slightly higher at $4.8 million compared to $4.5 million in the same period a year ago. The lower fourth-quarter 2011 net income reflects a $1.4 million provision for income taxes compared to a $700,000 provision in the fourth quarter of 2010.
on net revenues of $21.9 million compared to net income of $3.8 million, or $0.14 per diluted share, on net revenues of $21.2 million in the comparable quarter a year ago. Pre-tax income was slightly higher at $4.8 million compared to $4.5 million in the same period a year ago. The lower fourth-quarter 2011 net income reflects a $1.4 million provision for income taxes compared to a $700,000 provision in the fourth quarter of 2010.
Both top- and bottom-line results were lower than in the prior quarter, when the Company reported net income of $5.8 million, or $0.20 per diluted share, on net revenues of $26.2 million. Although a sequential decline in net revenues had been expected, the decrease of $4.4 million was greater than anticipated and resulted in net revenues that were $1.6 million below the lower end of the Company's guidance issued at the time of its third-quarter earnings release in January. The shortfall was due primarily to lower-than-anticipated sales to Cisco Systems, the Company's largest customer, and also to generally softer demand in both China and North America.
FY2012 Q1 Guidance:
GSI Technology, Inc. announced that for the first quarter of 2012, it expect net revenues to be in the range of $22.0-$23.0 million, while it was expected to be $25.3 million according to Analysts ' Estimates.
( Business wire, Reuters )
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| Immersion Corp Logo |
Immersion Corp ( NASDAQ: IMMR) announced quarterly earnings as below:
Quarterly Earnings
Total revenues for the first quarter of 2011 were $9.8 million, as compared to $9.7 million for the first quarter of 2010. Royalty and license revenues totaled a record $8.4 million for the first quarter of 2011, an increase of 30% over $6.4 million in the same period last year. Net income for the first quarter of 2011 was $1.4 million, or $0.05 per share. This compares to net loss of $(2.7) million or $(0.09) per share, for the first quarter of 2010. Adjusted EBITDA for the first quarter of 2011 was $3.3 million, an increase of $2.9 million over $374,000 in the first quarter of 2010.
Guidance
Company expects revenues to be in the range of $31-$33 million. The Company expects to generate net income for fiscal 2011. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of $31 million and net profit of $5.4 million for fiscal 2011.
For detail Read Here
The identities of all 80 members of the American commando team who thundered into Abbottabad, Pakistan, and killed Osama bin Laden are the subject of intense speculation, but perhaps none more so than the only member with four legs.
Little is known about what may be the nation’s most courageous dog. Even its breed is the subject of great interest, although it was most likely a German shepherd or a Belgian Malinois, military sources say. But its use in the raid reflects the military’s growing dependence on dogs in wars in which improvised explosive devices have caused two-thirds of all casualties. Dogs have proved far better than people or machines at quickly finding bombs.
Gen. David H. Petraeus, commander of United States forces in Afghanistan, said last year that the military needed more dogs. “The capability they bring to the fight cannot be replicated by man or machine,” he said.
Maj. William Roberts, commander of the Defense Department’s Military Working Dog Center at Lackland Air Force Base in Texas, said the dog on the raid could have checked the compound for explosives and even sniffed door handles to see if they were booby-trapped.
And given that Saddam Hussein was found hiding in a narrow, dark hole beneath a mud shack in Iraq, the Seal team might have brought the dog in case Bin Laden had built a secret room into his compound.
“Dogs are very good at detecting people inside of a building,” Major Roberts said.
Another use may have been to catch anyone escaping the compound in the first moments of the raid. A shepherd or a Malinois runs twice as fast as a human.
Tech Sgt. Kelly A. Mylott, the kennel master at Langley Air Force Base in Virginia, called dogs ideal for getting someone who is running away without having to shoot them. “When the dogs go after a suspect, they’re trained to bite and hold them,” Sergeant Mylott said.
Some dogs are big enough that, when they leap on a suspect, the person tends to drop to the ground, Sergeant Mylott said. Others bite arms or legs. “Different dogs do different things,” she said. “But whatever they do, it’s very difficult for that person to go any further.”
Finally, dogs can be used to pacify an unruly group of people — particularly in the Middle East. “There is a cultural aversion to dogs in some of these countries, where few of them are used as pets,” Major Roberts said. “Dogs can be very intimidating in that situation.”
Sergeant Mylott said that dogs got people’s attention in ways that weapons sometimes did not. “Dogs can be an amazing psychological deterrent,” she said.
There are 600 dogs serving in Afghanistan and Iraq, and that number is expected to grow substantially over the next year, Ensign Brynn Olson of the United States Central Command said. Particularly popular with the troops are the growing number of Labrador retrievers who wander off-leash 100 yards or more in front of patrols to ensure the safety of the route. A Silver Star, one of the Navy’s highest awards, was awarded posthumously in 2009 to a dog named Remco after he charged an insurgent’s hide-out in Afghanistan.
The training of dogs in Navy Seal teams and other Special Operations units is shrouded in secrecy. Maj. Wes Ticer, a spokesman for United States Special Operations Command, said the dogs’ primary functions “are finding explosives and conducting searches and patrols.”
“Dogs are relied upon,” he continued, “to provide early warning for potential hazards, many times, saving the lives of the Special Operations Forces with whom they operate.”
Last year, the Seals bought four waterproof tactical vests for their dogs
that featured infrared and night-vision cameras so that handlers — holding a three-inch monitor from as far as 1,000 yards away — could immediately see what the dogs were seeing. The vests, which come in coyote tan and camouflage, let handlers communicate with the dogs with a speaker, and the four together cost more than $86,000. Navy Seal teams have trained to parachute from great heights and deploy out of helicopters with dogs.
that featured infrared and night-vision cameras so that handlers — holding a three-inch monitor from as far as 1,000 yards away — could immediately see what the dogs were seeing. The vests, which come in coyote tan and camouflage, let handlers communicate with the dogs with a speaker, and the four together cost more than $86,000. Navy Seal teams have trained to parachute from great heights and deploy out of helicopters with dogs.
The military uses a variety of breeds, but by far the most common are the German shepherd and the Belgian Malinois, which “have the best overall combination of keen sense of smell, endurance, speed, strength, courage, intelligence and adaptability to almost any climatic condition,” according to a fact sheet from the military working dog unit.
Suzanne Belger, president of the American Belgian Malinois Club, said she was hoping the dog was one of her breed “and that it did its job and came home safe.” But Laura Gilbert, corresponding secretary for the German Shepherd Dog Club of America, said she was sure the dog was her breed “because we’re the best!”
( Source: The New York Times )
