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Pan American Silver (PAAS)
Pan American Silver reported for the full year 2009 earnings of $61.998 million, or $0.71 per share, on sales of $454.8 million. That compares to the prior year earnings of $24.602 million, or $0.31 per share, on sales of $338.6 million.
The company expects silver production to increase modestly to 23.4 million ounces and gold production to decline in fiscal 2010, to 85,600 ounces as a result of slightly lower gold grades at Manantial Espejo and Alamo Dorado. In contrast, the Company expects zinc, lead and copper production to increase to 46,000 tonnes, 15,800 tonnes and 7,300 tonnes respectively, due to a fiscal 2010's production from San Vicente and an increase in throughput at Huaron.
Feb 15 · 7:41:00 PM · Source: Company Press Release
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by Michael Oliveto
Nexen (NXY)
Nomura Holdings plans to buy the European natural gas and power trading businesses of Nexen in a deal reportedly worth about $55 million.
Feb 15 · 7:35:00 PM · Source: Reuters
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by Michael Oliveto
Navistar International (NAV)
Navistar Financial Corporation, a wholly owned subsidiary of Navistar International Corporation, has sold $250 million of wholesale floor plan notes in a two-year 144-A transaction to support its dealer inventory funding.
This is NFC's first asset sale of calendar-year 2010, and it brings NFC's total wholesale capacity to $1.1 billion when combined with previously issued public and private funding. NFC initially sought $200 million and increased the amount to $250 million due to strong demand.
Feb 15 · 7:33:00 PM · Source: Company Press Release
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by Michael Oliveto
Mexco Energy (MXC)
Mexco Energy today reported net income of $167,145, or $0.09 per diluted share, for the quarter ending December 31, 2009, the Company's third quarter of fiscal 2010.
This was a 27% increase from $131,501 for the same quarter of fiscal 2009. Operating revenues in the third quarter of fiscal 2010 were $865,169, a 7% decrease from $927,644 for the third quarter of fiscal 2009.
Feb 15 · 7:30:00 PM · Source: Your Industry News
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by Michael Oliveto
Geokinetics (GOK)
Geokinetics announced today that it has completed its acquisition of Petroleum Geo-Services' ("PGS") onshore seismic data acquisition and multi-client data library business ("PGS Onshore").
"The combination of PGS Onshore and Geokinetics solidifies our position as the clear leader in the onshore seismic data acquisition business," said Richard F. Miles, President and Chief Executive Officer of Geokinetics. "It not only brings together two strong complementary seismic data acquisition operations, but it also accelerates our strategic initiatives in the multi-client library
business."
Feb 15 · 7:24:00 PM · Source: Reuters
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by Michael Oliveto
Glatfelter (GLT)
Glatfelter announced today that it has completed its previously announced acquisition of Concert Industries Corp. from Brookfield Special Situations Management Limited, an affiliate of Brookfield Asset Management for $235 million subject to a post-closing working capital adjustment.
Glatfelter financed the acquisition through a combination of cash on hand, proceeds from the 7 1/8% unsecured senior notes issued on February 5, 2010 and borrowings under its existing revolving credit agreement.
Glatfelter will operate Concert as a third business unit along with its Specialty Papers and Composite Fibers business units.
Feb 15 · 7:21:00 PM · Source: Environmental Expert · Related: Brookfield Asset Management Inc
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by Michael Oliveto
Franklin Electric (FELE)
Franklin Electric has told its 50 remaining employees at the Arkansas plant that their jobs are being eliminated and the plant will shut down.
The 50 workers are what’s left of as many as 800 employed there as recently as 2006.
Feb 15 · 7:16:00 PM · Source: Ft Wayne Journal Gazette
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by Michael Oliveto
Delta Air Lines (DAL)
Delta Air Lines CEO Richard Anderson blasted the U.S Department of Transportation Friday for picking winners and losers in its oversight of airlines, and called for further deregulation of the industry.
The top officer of the world’s largest airline criticized the DOT’s decision earlier this week to approve a takeoff and landing slot swap between the Atlanta-based carrier and US Airways Inc. with conditions that call for the airlines to sell some flying rights to competitors to maintain competition. Delta is the Twin Cities' largest carrier and has significant business operations in Eagan.
“Our industry needs to be deregulated and it’s clear the [Department of Justice] had no case to stop this transaction,” Anderson said of the government’s evaluation of the deal on grounds it could be anti-competitive. Instead, he said the Department of Transportation stepped in and “put its thumb on the scale of competition.”
Feb 15 · 7:12:00 PM · Source: Minneapolis St. Paul Business Journal
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by Michael Oliveto
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