May 19th, 2012

SciClone Reports Financial Results for the First Quarter 2012

FOSTER CITY, CA, May 09, 2012 (MARKETWIRE via COMTEX) –
SciClone Pharmaceuticals, Inc.

/quotes/zigman/77751/quotes/nls/scln SCLN
+0.52%

today reported
financial results for the first quarter ended March 31, 2012.
Revenues increased by 81% for the quarter ended March 31, 2012, to
$39.2 million, compared to revenues for the same period in the prior
year of $21.7 million. The increases in revenues in the first quarter
were due to the continued growth of the ZADAXIN business in China and
the inclusion of the NovaMed Pharmaceuticals, Inc. (NovaMed) revenues
since the date of the acquisition on April 18, 2011. For the first
quarter ending March 31, 2012, ZADAXIN revenues increased 37% to
$29.8 million compared to revenues for the same period in the prior
year of $21.7 million, and revenues attributable to the primary care
and oncology product lines were $9.4 million.

On a pro forma basis, assuming NovaMed had been acquired on January
1, 2011, revenues for the quarter ended March 31, 2012 would have
been $39.2 million compared to $28.2 million for the same period in
the prior year, an increase of $11.0 million.

“We are pleased to report that SciClone delivered a strong first
quarter 2012 performance with 37% ZADAXIN revenue growth year over
year, clearly growing ahead of the market. All our key products,
ZADAXIN, Depakine(R) and Aggrastat(R), contributed to this excellent
start for 2012,” said Friedhelm Blobel, Ph.D., SciClone President and
Chief Executive Officer. “We recently marked the one-year anniversary
of the SciClone-NovaMed acquisition, which was an occasion to
celebrate the significant accomplishments we’ve made integrating our
two companies. Our sales and marketing focused China team, which now
includes approximately 850 professionals, has greatly enhanced our
ability to expand commercial efforts more deeply and widely
throughout the China market, resulting in the increasing market
uptake of our expanded product portfolio. We believe we have created
a broad foundation for continuing to deliver strong financial results
in 2012 and further solidifying our position within the top tier of
specialty pharmaceutical companies in China.”

On a GAAP basis, SciClone’s net income for the first quarter of 2012
was $8.7 million, compared with $3.8 million for the same period in
the prior year, or $0.15 per share on both a basic and diluted basis
for the three months ended March 31, 2012, compared with $0.08 per
share on both a basic and diluted basis for the same period in the
prior year.

SciClone’s non-GAAP net income for the first quarter of 2012 was $9.6
million, compared with non-GAAP income of $4.9 million for the same
period in the prior year, or $0.17 and $0.16 per share on a basic and
diluted basis, respectively, for the three months ended March 31,
2012, compared with $0.10 per share on both a basic and diluted basis
for the same period in the prior year. Basic and diluted earnings per
share for the 2012 period reflect the issuance of 8.3 million shares
of common stock as part of the acquisition of NovaMed in April 2011.

SciClone believes this non-GAAP information is useful for investors,
taken in conjunction with SciClone’s GAAP financial statements,
because management uses such information internally for its
operating, budgeting and financial planning purposes. Non-GAAP
information is not prepared under a comprehensive set of accounting
rules and should only be used to supplement an understanding of
SciClone’s operating results as reported under GAAP. The non-GAAP
calculations and reconciliation to comparable GAAP measures were
derived principally as a result of the NovaMed acquisition and are
provided in the accompanying table titled “Reconciliation of GAAP to
Non-GAAP Net Income.”

Research and development (R&D) expenses for the first quarter of 2012
totaled $3.4 million, compared with $3.1 million for the same period
in the prior year. Following the Company’s announcement on March 2,
2012 regarding the futility of our SCV-07 clinical development
program in oral mucositis, the Company has taken certain steps to
reduce its future US-based clinical development expenses this year
and expects further substantial decreases in R&D expenses in 2013.
The increase in R&D for the quarter was primarily related to
severance costs associated with the discontinuation of the Company’s
SCV-07 program, and to a lesser extent to the addition of NovaMed’s
research and development expenses since its acquisition in April
2011, offset partially by a decrease in third-party expenses related
to the discontinuance of our US-based clinical development programs.

Sales and marketing expenses for the first quarter of 2012 were $17.6
million, compared with $5.2 million for the same period in the prior
year. The increase of $12.4 million was primarily a result of the
addition of approximately 450 sales and marketing employees through
the acquisition of NovaMed in April 2011, as well as the additional
expansion of the Company’s sales team by approximately 100 sales
representatives in the fourth quarter of last year, which
significantly expanded SciClone’s sales and marketing capabilities.
The Company now has a combined sales organization comprised of
approximately 850 sales and marketing focused professionals in China.

General and administrative expenses for the first quarter of 2012
were $4.0 million, compared with $6.0 million for the same period in
the prior year. The decrease in 2012 was primarily due to lower
professional services fees related to the Company’s FCPA
investigation, class action and derivative lawsuits, and professional
expenses in connection with the NovaMed acquisition, partially offset
by increases in general and administrative expenses attributable to
NovaMed operations.

At March 31, 2012, cash and investments totaled $74.9 million,
compared with $67.0 million at December 31, 2011. The increase in
SciClone’s cash balance was primarily due to the cash generated by
the Company’s commercial operations, partially offset by $1.1 million
used in the first quarter for the repurchase of SciClone stock.

Conference Call Today

SciClone is hosting a conference call today at 4:30 pm ET to provide
a financial update. The call will be hosted by Friedhelm Blobel,
Ph.D., President and CEO, Gary Titus, Senior Vice President and CFO.

LIVE CALL:
866 730.5768 (U.S./Canada)
857 350.1592 (International)

Passcode: 27284305

REPLAY:
888 286.8010 (U.S./Canada)
617 801.6888
(International)
Passcode: 13769826
(Replay available from Wednesday,
May 9, 2012, at 6:30 pm ET until 11:59 pm ET on Wednesday, May 16,
2012)

The conference call will contain forward-looking statements.
Interested parties who wish to listen to the webcast should visit the
Investor Relations section of SciClone’s website at
www.sciclone.com .
The information provided on the teleconference is accurate only at
the time of the conference call, and SciClone will take no
responsibility for providing updated information except as required
by law.

About SciClone

SciClone Pharmaceuticals is a revenue-generating, profitable,
specialty pharmaceutical company with a substantial commercial
business in China and a product portfolio of therapies for oncology,
infectious diseases and cardiovascular, urological, respiratory, and
central nervous system disorders. SciClone’s ZADAXIN(R) (thymalfasin)
is approved in over 30 countries and may be used for the treatment of
hepatitis B (HBV), hepatitis C (HCV), and certain cancers, and as a
vaccine adjuvant, according to the local regulatory approvals.
Besides ZADAXIN, SciClone markets about 15 mostly partnered products
in China, including Depakine(R), the most widely prescribed
broad-spectrum anti-convulsant in China; Tritace(R), an ACE inhibitor
for the treatment of hypertension; Stilnox(R), a fast-acting hypnotic
for the short-term treatment of insomnia (marketed as Ambien(R) in
the US); and Aggrastat(R), a recently-launched interventional
cardiology product. SciClone is also pursuing the registration of
several other therapeutic products in China. SciClone is
headquartered in Foster City, California. For additional information,
please visit
www.sciclone.com .

Forward-Looking Statements

This press release contains forward-looking statements regarding
expected financial results and expectations. Readers are urged to
consider statements that include the words “may,” “will,” “would,”
“could,” “should,” “might,” “believes,” “estimates,” “projects,”
“potential,” “expects,” “plans,” “anticipates,” “intends,”
“continues,” “forecast,” “designed,” “goal,” “unaudited,”
“approximately” or the negative of those words or other comparable
words to be uncertain and forward-looking. These statements are
subject to risks and uncertainties that are difficult to predict and
actual outcomes may differ materially. These include risk and
uncertainties relating to: the course, cost and outcome of regulatory
matters, including pricing decisions by authorities in China; the
on-going regulatory investigations; the Company’s ability to execute
on its goals in China and on its objectives for revenue in fiscal
2012; the challenges presented by integrating an acquired business
into existing operations; the variability in earnings on a GAAP basis
that may result from non-cash charges related to the NovaMed
acquisition; the dependence on third party license, promotion or
distribution agreements including the need to renew such agreements;
operating an international business; the clinical trial process,
including the regulatory approval and the process of initiating
trials at, and enrolling patients at, clinical sites; the effect of
changes in its practices and policies related to the Company’s
compliance programs. SciClone cannot predict the timing or outcome of
the SEC and DOJ investigations, or of the level of its efforts
required to cooperate with those investigations, however the Company
has incurred substantial expenses in connection with the
investigations and related litigation and expects to incur additional
expense and the investigations could result in fines and further
changes in its internal control or other remediation measures that
could adversely affect its business. Please also refer to other risks
and uncertainties described in SciClone’s filings with the SEC. All
forward-looking statements are based on information currently
available to SciClone and SciClone assumes no obligation to update
any such forward-looking statements.

Ambien, Depakine, Stilnox and Tritace are registered trademarks of
Sanofi and/or its affiliates.

Aggrastat is a registered trademark of Medicure International Inc. in
the United States, and Iroko Cardio LLC in numerous other countries.

SciClone, SciClone Pharmaceuticals, the SciClone Pharmaceuticals
design, the SciClone logo and ZADAXIN are registered trademarks of
SciClone Pharmaceuticals, Inc. in the United States and numerous
other countries.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

Three Months Ended
March 31,
————————
2012 2011
———– ———–

Net revenues:
Product sales $ 31,258 $ 21,662
Promotion services 7,905 –
———– ———–
Total revenues, net 39,163 21,662

Operating expenses:
Cost of product sales 4,941 3,103
Sales and marketing 17,640 5,228
Amortization of acquired intangible assets,
related to sales and marketing 884 –
Research and development 3,393 3,109
General and administrative 3,961 5,958
Contingent consideration* (916) –
———– ———–
Total operating expenses 29,903 17,398
———– ———–

Income from operations 9,260 4,264

Non-operating income (expense):
Interest income 30 20
Interest expense (55) (57)
Other (expense) income, net (1) 15
———– ———–
Income before provision for income tax 9,234 4,242
Provision for income tax 554 393
———– ———–
Net income $ 8,680 $ 3,849
=========== ===========

Basic net income per share $ 0.15 $ 0.08
Diluted net income per share $ 0.15 $ 0.08

Weighted average shares used in computing:
Basic net income per share 57,701 48,020
Diluted net income per share 59,691 50,402

UNAUDITED SELECTED BALANCE SHEET DATA
(in thousands)

March 31, December 31,
2012 2011
————- ————-

Cash and investments $ 74,855 $ 67,018
Accounts receivable 42,056 42,226
Inventories 8,518 8,813
Intangible assets, net 44,428 45,185
Goodwill 32,074 31,973
Total assets 206,997 200,326
Total current liabilities 24,114 25,284
Contingent consideration 14,484 15,400
Deferred tax liabilities 8,351 8,715
Borrowing on line of credit 2,500 2,500
Total shareholders’ equity 159,649 150,458

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME
(in thousands, except per share amounts)
(unaudited)

Three Months Ended
March 31,
—————————-
2012 2011
————- ————-

GAAP net income $ 8,680 $ 3,849
Non-GAAP adjustments:
Employee stock-based compensation 922 525
Contingent consideration (916) –
Amortization of acquired intangible assets 884 –
Acquisition related costs — 562
————- ————-
Non-GAAP net income $ 9,570 $ 4,936
============= =============

Non-GAAP basic net income per share $ 0.17 $ 0.10
Non-GAAP diluted net income per share $ 0.16 $ 0.10

Weighted average shares used in computing:
GAAP and Non-GAAP basic net income per share 57,701 48,020
GAAP and Non-GAAP diluted net income per share 59,691 50,402

SciClone management uses these non-GAAP financial measures to monitor
and evaluate the Company's operating results and trends on an
on-going basis and internally for operations, budgeting and financial
planning purposes. SciClone believes the non-GAAP information is
useful for investors by offering them the ability to better
understand how management evaluates the business. These non-GAAP
measures have limitations, however, because they do not include all
items of income and expenses that affect SciClone. These non-GAAP
financial measures that management uses are not prepared in
accordance with, and should not be considered in isolation of, or as
an alternative to, measurements required by GAAP.

SciClone's non-GAAP financial measures exclude the following items
from GAAP net income and net income per share:

-- Employee stock-based compensation. The effects of non-cash employee
stock-based compensation.
-- *Contingentconsideration. The contingent consideration related to the
acquisition of NovaMed is re-measured each reporting period and the
change in fair value is recorded as an adjustment to operating
expense. SciClone's non-GAAP financial measure excludes the change in
fair value of the liability for contingent consideration in connection
with the acquisition of NovaMed.
-- Amortization of acquired intangible assets. We recorded intangible
assets in connection with the acquisition of NovaMed. The amortization
of these intangible assets is excluded from SciClone's non-GAAP
financial measure.
-- Acquisition related costs. We incurred certain one-time acquisition
costs related to the acquisition of NovaMed. The effects of these
acquisition related costs are excluded from SciClone's non-GAAP
financial measure.

Corporate Contacts

Gary Titus
Chief Financial Officer
650.358.3456
gtitus@sciclone.com

Jane Green
Investors/Media
650.358.1447
jgreen@sciclone.com

SOURCE: SciClone Pharmaceuticals, Inc.

mailto:gtitus@sciclone.com
mailto:jgreen@sciclone.com

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SCLN

SciClone Pharmaceuticals Inc.

US

: U.S.: Nasdaq

$
5.80

+0.03
+0.52%

Volume: 507,314
May 18, 2012 4:00p

P/E Ratio10.40
Dividend YieldN/A

Market Cap$327.71 million
Rev. per Employee$172,734

Financial Glossary

Words used in this article:

Posted by Admin in Financial

May 17th, 2012

SGI Reports Financial Results For Third Quarter Of Fiscal 2012

FREMONT, Calif., May 9, 2012 /PRNewswire via COMTEX/ –
Silicon Graphics International Corp.

/quotes/zigman/113232/quotes/nls/sgi SGI
+4.05%

, the trusted leader in technical computing, today announced financial results for its third quarter of fiscal 2012.

Financial Summary for Q3 FY12

Revenue for the quarter was a record $199.4 million, up 39% Y/Y

Gross margin was 25.8%, down 236 bps Y/Y

EPS was ($0.04) compared to ($0.05) Y/Y; Non-GAAP EPS was $0.11, up $0.04 Y/Y

Updating FY 2012 guidance

“Since joining SGI, I have been working with management and the Board conducting a thorough review of the company’s business and operations,” said SGI’s CEO, Jorge Titinger. “It is clear to me that SGI is in the right markets with the right products.”

“In the coming months, we will finalize SGI’s long-term strategic plan with the goal of driving profitable growth. While we will continue to invest in technology innovation and differentiation, we will also seek ways to streamline our operations and add more rigor to our processes,” concluded Titinger.

Business summary for Q3 FY12 including recent events

Customer successes in the third fiscal quarter include COSMOS & Miracle Consortia (UK), Sikorsky, Total S.A. (France), The Australian National University, National Institute of Genetics (Japan), and we added 81 new customers in the quarter

Introduced SGI NAS – Modular Open Storage, scalable, performance, full-featured NAS with no limitations

SGI named 2012 Computerworld Honors Laureate by International Data Group (IDG)

Received CRN’s 2012 5-Star Partner Rating Designation

Named Robert J. Nikl as SGI’s executive vice president and chief financial officer effective on May 15, 2012

SGI’s channel sales (not including system integrators) contributed 13% and direct sales were 87%. Domestic business was 60%, while international contributed 40%. Products were 75% of revenue and services contributed 25%. Public sector and Cloud were the strongest vertical markets in the third quarter.

Summary of Results

Q3 FY12 Q2 FY12 Q3 FY11
Revenue (million) $199.4 $195.2 $143.7
Gross Margin 25.8% 26.7% 28.2%
GAAP EPS (Loss) ($0.04) ($0.07) ($0.05)
Non-GAAP EPS $0.11 $0.04 $0.07

SGI ended Q3 FY12 with $93.2 million in cash (including cash equivalents and restricted cash), down from $95.1 million last quarter. We have $15 million of borrowing from current credit facility.

Updated Fiscal Year 2012 Guidance

SGI is updating its previously released revenue and gross margin guidance for fiscal 2012 due to the following factors:

A large deal originally anticipated to revenue in Q4 FY12 slipped to Q1 FY13

Product transition and new products to be available late Q4 FY12, resulting in delay in demand from customers as they wait availability of the new products

A number of large deals with low gross margin expected to revenue in Q4 FY12

Guidance Metric Q4 FY12 Guidance Updated FY12 Guidance
Revenue $177 million to $197 million $750 million to $770 million
Gross Margin 19% to 21% 25% to 26%
EPS ($0.71) to ($0.56) ($0.90) to ($0.75)
Non-GAAP EPS ($0.52) to ($0.37) ($0.30) to ($0.15)

Note: Q4 FY12 non-GAAP EPS guidance excludes earnings per share impacts from share-based compensation and amortization of intangibles are anticipated to be approximately $0.10. In addition, SGI anticipates earnings per share impact from restructuring charges of approximately $0.10 in Q4 FY12.

Beginning in Q1 FY13, SGI will issue quarterly guidance rather than annual guidance.

Conference Call Information

In conjunction with this earnings press release, SGI has posted an earnings presentation which incorporates commentary from James Wheat, SGI's CFO, to the Investor Relations section of its website at investors.sgi.com.

The public is invited to listen to the earnings conference call at 2:00 p.m. PT (5:00 p.m. ET) by dialing (888) 463-5422 (toll-free) or (970) 315-0484 (international). Please dial-in 15 minutes ahead of time to ensure proper connection. Alternatively, a live webcast of the earnings conference call will be available on the Investor Relations section of SGI's website at investors.sgi.com.

A replay of the webcast will be available approximately two hours after the conclusion of the call and will remain available until the next earnings call. An audio replay of the conference call will also be made available approximately two hours after the conclusion of the call. The audio replay will remain available for five days and can be accessed by dialing (855) 859-2056 (toll-free) or (404) 537-3406 (international) and entering the confirmation code: 70934855.

About SGI

SGI, the trusted leader in technical computing, is focused on helping customers solve their most demanding business and technology challenges. Visit sgi.com for more information.

Cautionary Statement Regarding Forward Looking Statements

The statements made in this press release regarding projected financial results, financial objectives, and strategic plans, including SGI's Q4 and FY12 financial guidance and certain statements made in the earnings conference call, are forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those described by these statements due to a number of uncertainties, including, but not limited to:

Changes in demand for SGI's products;

Economic conditions impacting the purchasing decisions of SGI's customers;

The highly competitive market in which SGI operates that may cause pricing pressure on SGI's solutions;

Customer concentration risks;

SGI's international operations;

Market acceptance of new products;

Lengthy acceptance cycles of products by certain customers;

Liquidity pressures due to lengthy cash collection cycles on product sales to certain customers;

Changes in mix of products sold due to differences in profitability among products;

SGI's inability to control the supply, timing of delivery and pricing of essential product components;

Substantial sales to U.S. government entities which is subject to the government's budgetary constraints; and

Significant excess or obsolete inventory that SGI may be required to write off in the future.

In addition, SGI's actual revenue, gross margin, earnings per share and other projections on a GAAP and non-GAAP basis for the fiscal quarter and fiscal year ending June 29, 2012 could differ materially from the targets stated under "Updated Fiscal Year 2012 Guidance" above for a number of reasons, including, but not limited to (i) application of the actual consolidated GAAP and non-GAAP tax rates for such periods, or judgment by management to increase or decrease an income tax asset or liability, (ii) a determination by SGI that any portion of its goodwill or intangible assets have become impaired, (iii) changes in the anticipated amount of employee stock-based compensation expense recognized on SGI's financial statements, (iv) increases or decreases to estimated capital expenditures, (v) changes driven by new accounting rules, regulations, interpretations or guidance, (vi) changes in the anticipated amounts and timing of restructuring charges to be incurred and cost savings expected to be realized from our restructuring actions in Europe, (vii) expenses resulting from actual or potential transactions such as business combinations, mergers, acquisitions and financing transactions, (viii) charges or gains resulting from litigation or dispute settlement, (ix) general economic conditions, and (x) other risks as detailed in SGI's filings with the Securities and Exchange Commission ("SEC"), including those described in SGI's Annual Report on Form 10-K under the caption "Risk Factors" filed with the SEC on August 29, 2011, as updated by SGI's subsequent filings with the SEC, all of which are available at the SEC's Web site at
http://www.sec.gov . You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this announcement. All statements made in this press release are made only as of the date set forth at the beginning of this release May 9, 2012. SGI undertakes no obligation to update the information in this release, whether as a result of new information, future events or otherwise, unless otherwise required by law.

Use of Non-GAAP Financial Measures

The non-GAAP financial measures discussed in the text of this press release and accompanying non-GAAP supplemental information are financial measures used by SGI's management to evaluate the company's operating performance and to conduct its business operations. In evaluating SGI's performance, management uses one or more of the following measures that are not determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"): non-GAAP net income and non-GAAP basic and diluted net income per share. These measures are adjusted as described in the reconciliation of GAAP and non-GAAP numbers at the end of this release, but these adjustments should not be construed as an inference that all of these adjustments or costs are unusual, infrequent or non-recurring.

In addition, management uses these non-GAAP financial measures to facilitate its review of the comparability of SGI's core operating performance on a period to period basis as well as to better understand the fundamental economics of a specific period's operational and financial performance. Management uses this view of SGI's operating performance for purposes of comparison with its business plan and individual operating budgets and allocations of resources.

Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating SGI's financial and operational performance in the same way that management evaluates the company's financial performance. However, these non-GAAP financial measures have limitations as an analytical tool, as they exclude the financial impact of transactions necessary or advisable for the conduct of SGI's business, such as the granting of equity compensation awards and are not intended to be an alternative to financial measures prepared in accordance with GAAP. Hence, to compensate for these limitations, management does not review these non-GAAP financial metrics in isolation from its GAAP results, nor should investors. Pursuant to the requirements of SEC Regulation G, a detailed reconciliation between SGI's GAAP and non-GAAP financial results is provided at the end of this press release. Investors are advised to carefully review and consider this information as well as the GAAP financial results that are disclosed in SGI's SEC filings.

Contact Information:

Ben Liao SGI Investor Relations +1-510-933-8430 bliao@sgi.com

© 2012 SGI. SGI and its product names and logos are trademarks or registered trademarks of Silicon Graphics International Corp. or its subsidiaries in the United States and/or other countries. All other trademarks are property of their respective holders.

Silicon Graphics International Corp.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three months ended
March 30, December 30, March 25,
2012 2011 2011
Revenue $ 199,390 $ 195,214 $ 143,664
Cost of revenue 147,880 143,031 103,162
Gross profit 51,510 52,183 40,502
Operating expenses:
Research and development 14,982 16,255 13,305
Sales and marketing 21,824 23,100 16,607
General and administrative 16,176 14,799 12,428
Restructuring 19 (23) 915
Acquisition-related - - 1,094
Total operating expenses 53,001 54,131 44,349
Loss from operations (1,491) (1,948) (3,847)
Total other income (expense), net
Interest income (expense), net (126) 74 10
Other income (expense), net 913 (285) 2,880
Total other income (expense), net 787 (211) 2,890
Loss before income taxes (704) (2,159) (957)
Income tax provision 458 97 715
Net loss (1,162) (2,256) (1,672)
Basic and diluted net loss per share $ (0.04) $ (0.07) $ (0.05)
Shares used in computing basic and diluted net loss per share 31,783 31,604 30,577
Share-based compensation by category is as follows:
Cost of revenue $ 368 $ 385 $ 188
Research and development 526 507 82
Sales and marketing 458 439 262
General and administrative 2,264 909 963
Total $ 3,616 $ 2,240 $ 1,495

Silicon Graphics International Corp.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 30, December 30, June 24,
2012 2011 2011
ASSETS
Current assets:
Cash and cash equivalents $ 88,872 $ 92,174 $ 139,868
Current portion of restricted cash and cash equivalents 1,247 863 948
Accounts receivable, net 138,179 120,711 108,675
Inventories 107,517 117,640 80,965
Deferred cost of revenue 51,651 54,948 59,306
Prepaid expenses and other current assets 21,236 18,258 17,937
Total current assets 408,702 404,594 407,699
Non-current portion of restricted cash and cash equivalents 3,032 2,071 2,390
Property and equipment, net 28,713 29,516 29,573
Intangible assets, net 9,675 10,993 13,289
Non-current portion of deferred cost of revenue 24,190 31,384 45,219
Other assets 41,205 41,304 39,839
Total assets $ 515,517 $ 519,862 $ 538,009
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Credit facility $ 15,199 $ - $ -
Accounts payable 65,407 85,300 71,299
Accrued compensation 24,995 25,054 29,477
Current portion of deferred revenue 123,822 122,832 132,986
Other current liabilities 41,436 40,851 39,967
Total current liabilities 270,859 274,037 273,729
Non-current portion of deferred revenue 73,811 77,470 93,146
Long-term income taxes payable 22,567 21,724 24,104
Retirement benefit obligations 9,965 10,101 15,569
Other non-current liabilities 10,239 10,844 8,175
Total liabilities 387,441 394,176 414,723
Stockholders' equity 128,076 125,686 123,286
Total liabilities and stockholders' equity $ 515,517 $ 519,862 $ 538,009

Silicon Graphics International Corp.
Q3 FISCAL 2012 FINANCIAL RESULTS
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
($ in thousands, except per share data)
Three months ended
March 30 December 30, March 25
2012 2011 2011
GAAP Net Loss (1,162) (2,256) (1,672)
Share-based Compensation (1) 3,616 2,240 1,495
Amortization of Intangibles (1) 1,206 1,269 1,398
Restructuring Charges (2) - - 915
Transaction Related (2) - - 1,094
Revenue Recognition Related (2) - - (612)
Other (3) - - (341)
Non-GAAP Net Income (Loss) 3,660 1,253 2,277
Weighted average shares used in computing:
Basic net income/(loss) per share 31,783 31,604 30,577
Dilutive net income/(loss) per share 32,504 32,674 32,074
GAAP Basic and diluted net loss per share (0.04) (0.07) (0.05)
Non-GAAP Basic net income/(loss) per share 0.12 0.04 0.07
Non-GAAP Dilutive net income/(loss) per share 0.11 0.04 0.07
NOTE: This presentation includes certain financial measures not in conformity with Generally Accepted Accounting Principles in the United States (non-GAAP measures). Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
(1) Adjustments to exclude certain non-cash expenses such as share-based compensation and amortization of intangible assets.
(2) Adjustments to exclude the items discussed below because such items are either operating expenses which would not otherwise have been incurred by the company in the normal course of the company's business operations or are not reflective of the company's core results over time. These items may include recurring as well as non-recurring items.
Restructuring Charges -- Restructuring charges consist primarily of severance expense, facility closure and relocation costs.
Transaction-Related Costs-- The Company excludes certain expense items resulting from actual or potential transactions such as business combinations, mergers, acquisitions, and financing transactions, including expenses for advisors and representatives such as investment bankers, consultants, attorneys, and accounting firms.
Revenue Recognition Related- The Company added back gross margin impacts from revenue arrangements deferred under Software Revenue Recognition rules (ASC 985-605) and fair value allocation rules (ASC 605-25) in fiscal year 2011. These add backs are no longer presented for fiscal year 2012.
(3) Adjustments to exclude certain non-cash expenses and/or certain items which are either operating expenses which would not otherwise have been incurred by the company in the normal course of the company's business operations or are not reflective of the company's core results over time. These items may include recurring as well as non-recurring items such as: (i) realized gains/losses on the Company's auction rate securities, (ii) other-than-temporary impairment of an equity investment, (iii) litigation or dispute settlement charges or gains, (iv) inventory step-up from acquisitions, and (v) incremental excess and obsolete long-term service inventory charges.

SOURCE SGI

/quotes/zigman/113232/quotes/nls/sgi

Add to portfolio

SGI

Silicon Graphics International Corp.

US

: U.S.: Nasdaq

$
5.40

+0.21
+4.05%

Volume: 1.11M
May 16, 2012 4:00p

P/E RatioN/A
Dividend YieldN/A

Market Cap$165.75 million
Rev. per Employee$512,657

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Posted by Admin in Financial

May 16th, 2012

Premier Financial Bancorp, Inc. Reports First Quarter 2012 Earnings

HUNTINGTON, W.Va., May 1, 2012 /PRNewswire via COMTEX/ –
PREMIER FINANCIAL BANCORP, INC. (PREMIER), (NASDAQ/NMS-PFBI), a $1.1 billion bank holding company with four bank subsidiaries, announced its financial results for the first quarter of 2012. Premier realized income of $2,830,000 (31 cents per share) during the quarter ending March 31, 2012, a 69.4% increase from the $1,671,000 of net income reported for the first quarter of 2011. The increase in income in 2012 is largely due to an increase in interest income, a decrease in interest expense and a decrease in non-interest expense exceeding an increase in the provision for loan losses. On a diluted per share basis, Premier earned $0.31 during the first quarter 2012 compared to $0.17 per share earned during the first quarter of 2011.

President and CEO Robert W. Walker commented, “We are very pleased with our first quarter earnings and per share results. Our operating expenses are down because our data conversion is behind us and we are realizing cost savings on the new system. Interest expense continues to decrease due to the extended low interest rate environment. And interest income is up, largely due to the recognition of deferred interest and discounts on the successful resolution of a few of our non-performing assets. The timing of these successful resolutions is difficult to predict, which creates fluctuations in our reported loan interest income. Repeating what I have stated in the past, the pace of economic recovery is painfully slow, and the opportunities to liquidate troubled assets for reasonable values are also painfully slow to materialize. We continue to conservatively evaluate our credit risk, and increased our provision for loan losses accordingly during the quarter.”

Net interest income for the quarter ending March 31, 2012 totaled $12.418 million, compared to $10.749 million of net interest income earned in the first quarter of 2011. When compared to the first quarter of 2011, net interest income increased by $1.7 million, or 15.5%, largely due to a $1.4 million increase in interest income on loans. The increase in interest income on loans is largely due to deferred interest and discounts recognized on two non-accrual loans that paid off during the first quarter of 2012. Otherwise, a $172,000, or 8.4%, decrease in interest income from investments and interest-bearing bank balances was more than offset by $444,000, of interest expense savings. When compared to the first quarter of 2011, interest expense on deposits decreased by $397,000, or 20.5%, during the first quarter of 2012, while interest expense on short- and long-term borrowings decreased by $47,000, or 15.2%, during the first quarter of 2012.

During the quarter ending March 31, 2012, Premier recorded $950,000 of provisions for loan losses compared to $520,000 of provisions for loan losses during the same period of 2011. The increase in the level of provision expense was largely to provide for loans identified during the quarter as impaired under Premier’s internal analyses of evaluating credit risk. The increased risk is largely associated with the extended decline in economic conditions and the related impact on borrowers’ repayment abilities. While total non-accrual loans decreased by $13.2 million during the first quarter of 2012, most of these loans were discounted at the time of purchase and therefore a significant level of additional specific reserves on these loans was deemed not to be necessary. Evidence of the increased credit risk includes higher levels of loan charge-offs and other real estate owned as a result of foreclosures. The amount of future provisions for loan losses will depend on any future improvement or further deterioration in the estimated credit risk in the loan portfolio as well as whether additional payments are received on loans previously identified as having significant credit risk. Net charge-offs increased by $330,000 in the first quarter of 2012 when compared to the same quarter of 2011, largely due to the foreclosure on a West Virginia based loan that was identified in 2011 as a non-performing loan.

Net overhead costs (non-interest expenses less non-interest income) for the quarter ending March 31, 2012 totaled $7.077 million compared to $7.696 million in the first quarter of 2011. The $619,000 decrease in net overhead when compared to the first quarter of 2011 is largely due to reductions in 2012 data processing costs and FDIC insurance expense plus expenses recorded in 2011 related to Premier’s conversion to a new operating system. Non-interest income decreased by $94,000, or 5.8%, in the first quarter of 2012 when compared to the first quarter of 2011 as a $39,000, or 8.7%, increase in electronic banking income was more than offset by a $58,000, or 6.5%, decrease in service charges and fees on deposit accounts, a $63,000, or 71.6%, decrease in secondary market mortgage income and a $12,000, or 6.5%, decrease in income from other banking services. Non-interest expenses decreased by $713,000, or 7.7%, in the first quarter of 2012 compared to the first quarter of 2011, more than offsetting the decrease in non-interest income. Decreases in non-interest expenses include a $335,000, or 27.8%, decrease in data processing expenses, a $266,000, or 52.4%, decrease in FDIC insurance expense, a $68,000, or 1.7%, decrease in staff costs, a $55,000, or 4.5%, decrease in occupancy and equipment expense, a $38,000, or 19.7%, decrease in non-income based taxes and $379,000 of conversion expenses recorded in 2011. These expense reductions more than offset a $130,000 increase in expenses and writedowns of other real estate owned, OREO expenses, and a $462,000 increase in loan collection expenses.

Total assets as of March 31, 2012 were up $14.1 million, or 1.3%, from the $1.1 billion of total assets at year-end 2011. The increase in total assets since year-end is largely due to a $22.6 million, or 8.1%, increase in securities available for sale and a $9.2 million increase in interest bearing bank balances. These increases were partially offset by a $17.4 million decrease in net loans outstanding. Other real estate owned increased by $1.9 million largely due to one significant loan foreclosure. The proceeds to fund the growth in total assets came from a $19.1 million, or 2.6%, increase in interest bearing deposits and a $4.0 million, or 2.1%, increase in non-interest bearing deposits. A portion of these proceeds were used to reduce outstanding FHLB advances by $10.1 million, or 99.8%, reduce other borrowings by $517,000, or 2.9%, and satisfy $1.6 million of withdrawals from customer repurchase agreements. Shareholders’ equity of $147.3 million equaled 12.9% of total assets at March 31, 2012, which compares to shareholders’ equity of $144.0 million or 12.8% of total assets at December 31, 2011. The increase in shareholders’ equity was largely due to the $2.8 million of first quarter net income partially offset by dividends declared on Premier’s Series A Preferred Stock, plus a $664,000, net of tax, increase in the market value of the investment portfolio available for sale.

Certain Statements contained in this news release, including without limitation statements including the word “believes,” “anticipates,” “intends,” “expects” or words of similar import, constitute “forward-looking statements” within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Premier to be materially different from any future results, performance or achievements of Premier expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions, changes in business strategy or development plans and other factors referenced in this press release. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. Premier disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

Following is a summary of the financial highlights for Premier as of and for the period ending March 31, 2012

PREMIER FINANCIAL BANCORP, INC.
Financial Highlights
Dollars in Thousands (except per share data)
For the
Quarter Ended
March 31 March 31
2012 2011
Interest Income 14,216 12,991
Interest Expense 1,798 2,242
Net Interest Income 12,418 10,749
Provision for Loan Losses 950 520
Net Interest Income after Provision 11,468 10,229
Non-Interest Income 1,517 1,611
Non-Interest Expenses 8,594 9,307
Income Before Taxes 4,391 2,533
Income Taxes 1,561 862
NET INCOME 2,830 1,671
Preferred Stock Dividends and Accretion 305 305
Net Income Available to Common Shareholders 2,525 1,366
EARNINGS PER SHARE 0.32 0.17
DILUTED EARNINGS PER SHARE 0.31 0.17
DIVIDENDS PER SHARE 0.00 0.00
Charge-offs 521 181
Recoveries 87 77
Net charge-offs (recoveries) 434 104

PREMIER FINANCIAL BANCORP, INC.
Financial Highlights (continued)
Dollars in Thousands (except per share data)
Balances as of
March 31 December 31
2012 2011
ASSETS
Cash and Due From Banks 29,256 29,380
Interest Bearing Bank Balances 51,894 42,676
Federal Funds Sold 10,295 10,832
Securities Available for Sale 301,112 278,479
Loans (net) 663,688 681,128
Other Real Estate Owned 16,551 14,642
Other Assets 32,309 33,682
Goodwill and Other Intangible Assets 33,095 33,268
TOTAL ASSETS 1,138,200 1,124,087
LIABILITIES & EQUITY
Deposits 948,215 925,078
Fed Funds/Repurchase Agreements 21,634 23,205
FHLB Advances 24 10,083
Other Borrowings 17,613 18,130
Other Liabilities 3,462 3,584
TOTAL LIABILITIES 990,948 980,080
Preferred Stockholder's Equity 21,977 21,949
Common Stockholders' Equity 125,277 122,058
TOTAL LIABILITIES & 1,138,200 1,124,087
STOCKHOLDERS' EQUITY
TOTAL BOOK VALUE PER COMMON SHARE 15.78 15.38
Tangible Book Value per Common Share 11.61 11.19
Non-Accrual Loans 29,190 42,354
Loans 90 Days Past Due and Still Accruing 5,546 4,527

SOURCE Premier Financial Bancorp, Inc.

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Posted by Admin in Financial

May 16th, 2012

Stifel Financial Reports First Quarter 2012 Financial Results

ST. LOUIS, MO, May 09, 2012 (MARKETWIRE via COMTEX) –
Stifel Financial Corp.

/quotes/zigman/242086/quotes/nls/sf SF
-0.62%

Highlights for the three months ended March 31, 2012:

— Net revenues of $400.3 million.
— Net income of $34.8 million, or $0.55 per diluted share.
— Stockholders’ equity totaled $1.34 billion and book value per share
was $25.07.

Stifel Financial Corp.

/quotes/zigman/242086/quotes/nls/sf SF
-0.62%

today reported net income of $34.8
million, or $0.55 per diluted share, on net revenues of $400.3
million for the three months ended March 31, 2012, compared with net
income of $31.4 million, or $0.50 per diluted share, on net revenues
of $366.6 million for the first quarter of 2011. The company reported
net income of $27.0 million, or $0.43 per diluted share, on net
revenues of $356.9 million for the three months ended December 31,
2011.

"The first quarter of 2012 proved to be our second best quarter in
terms of net revenues, net income and diluted EPS. The overall
improvement in the economy positively impacted both our Global Wealth
Management and Institutional Group's businesses during the quarter,
particularly in investment banking and fixed income trading. During
the quarter, we continued to expand our retail platform as a result
of successful recruiting of financial advisors," commented Ronald J.
Kruszewski, Chairman, President and CEO of Stifel Financial.
"Increased levels of activity can be attributed to strong performance
of the equity markets, improving investor sentiment, lower
volatility, and increased risk taking as evidenced by improved
pricing and performance for new offerings. However, outside of a
major event or catalyst to move the markets, we remain cautious on
the outlook for the remainder of the year. That said, we continue to
believe we are well positioned to gain market share from the
dislocation in the marketplace and changing regulatory requirements."

----------------------------------------------------------------------------

Summary Results of Operations (Unaudited)
----------------------------------------------------------------------------
Three Months Ended
-----------------------------------------------
(in 000s) 3/31/12 3/31/11 % Change 12/31/11 % Change
--------- --------- -------- --------- --------
Net revenues $ 400,333 $ 366,613 9.2 $ 356,878 12.2
Net income $ 34,773 $ 31,398 10.7 $ 27,016 28.7
Earnings per share:
Basic $ 0.65 $ 0.60 8.3 $ 0.52 25.0
Diluted $ 0.55 $ 0.50 10.0 $ 0.43 27.9
Weighted average number of common shares
outstanding:
Basic 53,243 52,534 1.3 51,849 2.7
Diluted 62,669 63,179 (0.8) 62,695 --

----------------------------------------------------------------------------

Business Segment Results

----------------------------------------------------------------------------

Summary Segment Results (Unaudited)
----------------------------------------------------------------------------
Three Months Ended
-----------------------------------------------
(in 000s) 3/31/12 3/31/11 % Change 12/31/11 % Change
--------- --------- -------- --------- --------
Net revenues:
Global Wealth Management $ 248,348 $ 238,446 4.2 $ 224,569 10.6
Institutional Group 148,504 126,994 16.9 134,229 10.6
Other 3,481 1,173 196.8 (1,920) 281.3
--------- --------- -------- --------- --------
$ 400,333 $ 366,613 9.2 $ 356,878 12.2
--------- --------- -------- --------- --------
Operating contribution:
Global Wealth Management $ 69,178 $ 61,472 12.5 $ 62,872 10.0
Institutional Group 23,704 21,393 10.8 10,773 120.0
Other (33,628) (32,181) 4.5 (28,619) 17.5
--------- --------- -------- --------- --------
$ 59,254 $ 50,684 16.9 $ 45,026 31.6
--------- --------- -------- --------- --------

----------------------------------------------------------------------------

Global Wealth Management

For the quarter ended March 31, 2012, the Global Wealth Management
("GWM") segment generated pre-tax operating income of $69.2 million,
compared with $61.5 million in the first quarter of 2011 and $62.9
million in the fourth quarter of 2011. Net revenues for the quarter
were $248.3 million, compared with $238.4 million in the first
quarter of 2011, and $224.6 million in the fourth quarter of 2011.
The increase in net revenues from the first quarter of 2011 is
primarily attributable to an increase in net interest revenues and
investment banking revenues, as well as asset management and service
fees and principal transactions revenues, offset by a decrease in
commissions. The increase in net revenues from the fourth quarter of
2011 was primarily attributable to an increase in commissions and
principal transactions revenues, investment banking revenues and
asset management and service fees.

-- The Private Client Group reported record net revenues of $232.3
million, a 1% increase compared with the first quarter of 2011 and a
13% increase compared with the fourth quarter of 2011.
-- Stifel Bank reported net revenues of $16.0 million, an 80% increase
compared with the first quarter of 2011 and an 18% decrease compared
with the fourth quarter of 2011.

Institutional Group

For the quarter ended March 31, 2012, the Institutional Group segment
generated pre-tax operating income of $23.7 million, compared with
$21.4 million in the first quarter of 2011 and $10.8 million in the
fourth quarter of 2011. Net revenues for the quarter were $148.5
million, compared with $127.0 million in the first quarter of 2011
and $134.2 million in the fourth quarter of 2011. The increase in net
revenues from the first quarter of 2011 was primarily attributable to
an increase in capital raising and advisory fees, and an increase in
fixed income institutional brokerage revenues, offset by a decrease
in equity institutional brokerage revenues. The increase in net
revenues from the fourth quarter of 2011 was primarily attributable
to an increase in equity capital raising and equity and fixed income
institutional brokerage revenues, offset by a decline in equity
advisory fees.

Institutional brokerage revenues were $89.5 million, a 1% decrease
compared with the first quarter of 2011 and an 11% increase compared
with the fourth quarter of 2011.

-- Equity brokerage revenues were $44.2 million, a 16% decrease compared
with the first quarter of 2011 and a 9% increase compared with the
fourth quarter of 2011.
-- Fixed income brokerage revenues were $45.3 million, an 18% increase
compared with the first quarter of 2011 and a 14% increase compared
with the fourth quarter of 2011.

Investment banking revenues were $58.0 million, a 65% increase compared
with the first quarter of 2011 and an 11% increase compared with the
fourth quarter of 2011.

-- Equity capital raising revenues were $31.6 million, a 37% increase
compared with the first quarter of 2011 and a 212% increase compared
with the fourth quarter of 2011.
-- Fixed income capital raising revenues were $10.8 million, a 256%
increase compared with the first quarter of 2011 and an 18% decrease
compared with the fourth quarter of 2011.
-- Advisory fee revenues were $15.6 million, a 72% increase compared with
the first quarter of 2011, and a 46% decrease compared with the fourth
quarter of 2011.

Consolidated Compensation and Benefits Expenses

For the quarter ended March 31, 2012, compensation and benefits
expenses were $254.7 million, compared with $231.2 million in the
first quarter of 2011 and $228.7 million in the fourth quarter of
2011.

Compensation and benefits as a percentage of net revenues was 64% in
the first quarter of 2012 compared with 63% in the first quarter of
2011 and 64% in the fourth quarter of 2011. Transition pay, which
primarily consists of amortization of upfront notes, signing bonuses
and retention awards, as a percentage of net revenues was 5% in the
first quarter of 2012, consistent with the first and fourth quarters
of 2011.

Consolidated Non-Compensation Operating Expenses

For the quarter ended March 31, 2012, non-compensation operating
expenses were $86.4 million, compared with $84.8 million in the first
quarter of 2011 and $83.1 million in the fourth quarter of 2011.

Non-compensation operating expenses as a percentage of net revenues
for the quarter ended March 31, 2012 was 22% compared with 23% in the
first quarter of 2011 and 23% in the fourth quarter of 2011.

Provision for Income Taxes

The effective income tax rate for the quarter ended March 31, 2012
was 41% compared with 38% in the first quarter of 2011 and 40% in the
fourth quarter of 2011.

Statement of Financial Condition (Unaudited)

Total assets increased 21% to $5.5 billion as of March 31, 2012 from
$4.5 billion as of March 31, 2011. The increase is primarily
attributable to the growth of the company's bank subsidiary, which as
of March 31, 2012 had grown its assets to $2.6 billion from $1.8
billion as of March 31, 2011. As of March 31, 2012, Stifel Bank's
investment portfolio of $1.7 billion has increased 34% from March 31,
2011, with more than 99% of the investment portfolio comprised of
investment grade securities, of which more than 67% were
Government-Sponsored Enterprise guaranteed MBS or AAA-rated
investments. The company's broker-dealer subsidiary's gross assets
and liabilities, including trading inventory, stock loan/borrow,
receivables and payables from/to brokers, dealers and clearing
organizations and clients, fluctuate with business levels and overall
market conditions.

Total stockholders' equity as of March 31, 2012 increased $55.9
million, or 4%, to $1.34 billion from $1.29 billion as of March 31,
2011. Book value per share was $25.07 as of March 31, 2012 compared
to $24.32 as of March 31, 2011.

As of March 31, 2012, the company reported total securities owned and
investments at fair value of $2.2 billion, which included securities
categorized as Level 3 of $227.0 million. The company's Level 3
assets included auction rate securities and private equity and other
fixed income securities with fair values of $170.3 million and $56.7
million, respectively, as of March 31, 2012.

Conference Call Information

Stifel Financial Corp. will host its first quarter 2012 financial
results conference call on Wednesday, May 9, 2012, at 5:00 p.m.
Eastern time. The conference call may include forward-looking
statements.

All interested parties are invited to listen to the company's
Chairman, President, and CEO, Ronald J. Kruszewski, by dialing (800)
651-2240 and referencing conference ID #74559190. A live audio
webcast of the call, as well as a presentation highlighting the
company's results, will be available through the company's web site,

www.stifel.com . For those who cannot listen to the live broadcast, a
replay of the broadcast will be available through the
above-referenced web site beginning approximately one hour following
the completion of the call.

Oiltanking Partners, L.P. Reports Financial Results For The First Quarter 2012

HOUSTON, May 9, 2012 /PRNewswire via COMTEX/ –
Oiltanking Partners, L.P.

/quotes/zigman/5775514/quotes/nls/oilt OILT
-1.34%

(the “Partnership”) today reported first quarter 2012 net income of $15.9 million, or $0.40 per unit on a basic and diluted basis, compared to first quarter 2011 net income of $7.6 million. Adjusted EBITDA increased 21% to $20.2 million for the first quarter of 2012, compared to $16.7 million for the first quarter of 2011. Adjusted EBITDA, which is a financial measure that is not presented in accordance with U.S. generally accepted accounting principles (“GAAP”), is defined and reconciled to net income below.

The Partnership’s overall operating results for the first quarter of 2012 improved compared to the prior year period primarily due to higher storage and throughput volumes generating increased service fees, and higher ancillary service fees, slightly offset by higher operating expenses. Revenues increased approximately $4.3 million, or 14.5%, to $34.3 million during the 2012 quarter, mainly attributable to additional revenues from the new storage capacity placed into service in December 2011 and an escalation in storage fees, resulting in an increase in revenue of $2.4 million, higher throughput fees of $0.3 million and an increase in ancillary services fees of $1.6 million, approximately $1.4 million of which relates to revenue from a pipeline-related construction project for a customer that was completed and realized during the quarter.

Operating expenses during the first quarter of 2012 increased approximately $1.2 million as compared to the same period during the prior year, primarily due to expenses associated with the construction project mentioned above. The increased operating expenses for the quarter were partially offset by lower power and fuel costs and repairs and maintenance costs. Selling, general and administrative expenses decreased approximately $0.3 million. Interest expense declined approximately $2.1 million for the period as compared to the first quarter of 2011 due to a lower level of outstanding borrowings. Income tax expense was reduced by approximately $2.7 million due to the conversion to a non-taxable entity in connection with the Partnership’s initial public offering.

“We are pleased to report record results for the first quarter as the Partnership saw the positive impact of an additional 655,000 barrels of storage capacity that was put into service in mid-December and increased throughput during the quarter,” said Carlin Conner, Chairman, President and Chief Executive Officer of the Partnership’s general partner. “With the increasing need for crude oil storage by Gulf Coast refineries, oil producers and oil traders, we are excited to be bringing on substantial additional crude oil storage capacity and pipeline connectivity over the next several years to address this growing demand.”

“Since the completion of our initial public offering in July of 2011, we have announced over $200 million of organic growth projects to significantly expand our pipeline connectivity, flexibility and capacity, and acquire nearby land to support our announced expansions, which we believe will further position us for growth. Our confidence in future growth opportunities continues to build as our existing customer base and prospective new customers demonstrate support for these expansion plans with long-term contracts and strong interest in making future commitments. We also remain active in evaluating acquisition opportunities to further position us for growth,” added Conner.

Business Highlights

During the first quarter of 2012, the board of directors approved an additional $11.0 million of spending to extend the previously announced pipeline expansion project into a third party terminal in Houston. This connection will enable the Partnership’s pipeline system and Houston terminal to receive additional crude oil from the Eagle Ford shale and the Mid-Continent.

In April 2012, the Partnership announced an approximately $104.0 million expansion project to construct 3.2 million barrels of new crude oil storage capacity. The project includes the purchase of 95 acres of land near the Partnership’s Houston terminal on which the new capacity will be located. Also in April 2012, the Partnership placed an additional 390,000 barrels of storage capacity into service.

Once complete, the above mentioned projects, coupled with the one million barrel capacity expansion announced in November 2011, will bring total active storage capacity at the Partnership to approximately 22 million barrels by the end of 2013.

On April 23, 2012, the Partnership declared a cash distribution of $0.35 per unit, or $1.40 per unit on an annualized basis, for all of its outstanding limited partner units. The $13.9 million cash distribution will be paid on May 14, 2012 to all unitholders of record as of May 3, 2012. Distributable cash flow for the first quarter of 2012 provided distribution coverage of 1.38 times the amount needed for the Partnership to fund the quarterly distribution to both the general and limited partners. Distributable cash flow and distribution coverage ratio, which are non-GAAP financial measures, are defined and reconciled to net income below.

Conference Call

The Partnership will hold a conference call to discuss its first quarter 2012 financial results on May 10, 2012 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). To participate in the call, dial (480) 629-9645 and ask for the Oiltanking call ten minutes prior to the start time, or access it live over the internet at
www.oiltankingpartners.com on the “Investor Relations” page of the Partnership’s website.

A replay of the audio webcast will be available shortly after the call on the Partnership’s website. A telephonic replay will be available through May 17, 2012 by calling (303) 590-3030 and using the pass code 4532652#.

Oiltanking Partners is a master limited partnership engaged in independent storage and transportation of crude oil, refined petroleum products and liquefied petroleum gas. We provide our services to a variety of customers, including major integrated oil companies, distributors, marketers and chemical and petrochemical companies. Our assets are located along the Gulf Coast of the United States. For more information, visit
www.oiltankingpartners.com .

Forward-Looking Statements

This press release contains forward-looking statements. These forward-looking statements reflect the Partnership’s current expectations, opinions, views or beliefs with respect to future events, based on what it believes are reasonable assumptions. No assurance can be given, however, that these events will occur. Important factors that could cause actual results to differ from forward-looking statements include, but are not limited to: adverse economic or market conditions, changes in demand for the products that we handle or for our services, increased competition, changes in the availability and cost of capital, operating hazards and the effects of existing and future government regulations. These and other significant risks and uncertainties are described more fully in the Partnership’s filings with the Securities and Exchange Commission (the “SEC”), available at the SEC’s website at
www.sec.gov . The Partnership has no obligation and, except as required by law, does not undertake any obligation, to update or revise these statements or provide any other information relating to such statements.

Use of Non-GAAP Financial Measures

This news release and the accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, distributable cash flow and distribution coverage ratio, which may be used periodically by management when discussing our financial results with investors and analysts. The accompanying schedules of this news release provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Adjusted EBITDA, distributable cash flow and distribution coverage ratio are presented because management believes they provide additional information and metrics relative to the performance of our business, such as the cash distributions we expect to pay to our unitholders. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of the Partnership from period to period and to compare it with the performance of other publicly traded partnerships within the industry. You should not consider Adjusted EBITDA, distributable cash flow and distribution coverage ratio in isolation or as a substitute for analysis of the Partnership’s results as reported under GAAP. Because Adjusted EBITDA, distributable cash flow and distribution coverage ratio may be defined differently by other companies in the Partnership’s industry, the Partnership’s presentation of Adjusted EBITDA, distributable cash flow and distribution coverage ratio may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

The Partnership defines Adjusted EBITDA as net income (loss) before net interest expense, income tax expense (benefit) and depreciation and amortization expense, as further adjusted to exclude certain other non-cash and non-recurring items, including gains and losses on disposals of fixed assets and property casualty indemnification. Adjusted EBITDA is not a presentation made in accordance with GAAP. Adjusted EBITDA is a non-GAAP supplemental financial performance measure that management and external users of the consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess: (i) the Partnership’s financial performance as compared to other publicly traded partnerships in the midstream energy industry, without regard to historical cost basis or financing methods, and (ii) the viability of proposed projects and acquisitions and determine overall rates of returns on investment in various opportunities. The GAAP measure most directly comparable to Adjusted EBITDA is net income. Adjusted EBITDA has important limitations as an analytical tool because it excludes some but not all items that affect net income.

Distributable cash flow, which is a financial measure included in the schedules to this press release, is another non-GAAP financial measure used by the Partnership’s management. The Partnership defines distributable cash flow as the Partnership’s net income before (i) depreciation and amortization expense; (ii) gains or losses on disposal of fixed assets and property casualty indemnification; (iii) other (income) expense; and (iv) income tax expense; less maintenance capital expenditures. The Partnership’s management believes that distributable cash flow is useful to investors because it removes non-cash items from net income and provides a clearer picture of the Partnership’s cash available for distribution to its unitholders.

The Partnership defines distribution coverage ratio for any given period as the ratio of distributable cash flow during such period to the total quarterly distribution payable to all common and subordinated unitholders and the general partner interest.

Adjusted EBITDA, distributable cash flow and distribution coverage ratio should not be considered alternatives to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP.

The Partnership believes that investors benefit from having access to the same financial measures used by its management. Further, the Partnership believes that these measures are useful to investors because they are one of the bases for comparing the Partnership’s operating and financial performance with that of other companies with similar operations, although the Partnership’s measures may not be directly comparable to similar measures used by other companies. Please see the attached reconciliations of Adjusted EBITDA, distributable cash flow and distribution coverage ratio, to net income.

Contacts:

Ken Owen, Chief Financial Officer ir@oiltankingpartners.com (855) 866-6458

Jack Lascar / jlascar@drg-l.com Lisa Elliott / lelliott@drg-l.com DRG&L / 713-529-6600

— Tables to Follow –
OILTANKING PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per unit data)
(Unaudited)
Three Months Ended
March 31,
2012 2011
Revenues $ 34,286 $ 29,955
Costs and expenses:
Operating 9,627 8,424
Selling, general and administrative 4,488 4,792
Depreciation and amortization 3,966 3,875
Loss on disposal of fixed assets 13 544
Gain on property casualty indemnification — (247)
Total costs and expenses 18,094 17,388
Operating income 16,192 12,567
Other income (expense):
Interest expense (207) (2,279)
Interest income 20 15
Other income 14 96
Total other expense, net (173) (2,168)
Income before income tax expense 16,019 10,399
Income tax expense (80) (2,779)
Net income $ 15,939 $ 7,620
Allocation of net income to partners:
Net income allocated to general partner $ 387
Net income allocated to common unitholders $ 7,776
Net income allocated to subordinated unitholders $ 7,776
Earnings per limited partner unit:
Common unit (basic and diluted) $ 0.40
Subordinated unit (basic and diluted) $ 0.40
Weighted average number of limited partner units outstanding:
Common units (basic and diluted) 19,450
Subordinated units (basic and diluted) 19,450

OILTANKING PARTNERS, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except unit amounts)
(Unaudited)
March 31, December 31,
2012 2011
Assets:
Current assets:
Cash and cash equivalents $ 11,372 $ 23,836
Receivables:
Trade 8,100 5,613
Affiliates 3,867 3,751
Other 6 261
Note receivable, affiliate 17,000 15,300
Prepaid expenses and other 624 1,352
Total current assets 40,969 50,113
Property, plant and equipment, net 274,655 271,644
Other assets, net 246 278
Total assets $ 315,870 $ 322,035
Liabilities and partners' capital:
Current liabilities:
Accounts payable and accrued expenses $ 7,860 $ 13,582
Current maturities of long-term debt, affiliate 2,500 2,500
Accounts payable, affiliates 1,634 3,681
Federal income taxes due to parent 1,210 1,210
Total current liabilities 13,204 20,973
Long-term debt, affiliate, less current maturities 17,500 18,300
Deferred revenue 2,876 2,915
Total liabilities 33,580 42,188
Commitments and contingencies
Partners' capital:
Common units (19,449,901 units issued and outstanding at 246,477 245,314
March 31, 2012 and December 31, 2011)
Subordinated units (19,449,901 units issued and outstanding at 34,655 33,492
March 31, 2012 and December 31, 2011)
General partner's interests 1,158 1,041
Total partners' capital 282,290 279,847
Total liabilities and partners' capital $ 315,870 $ 322,035

OILTANKING PARTNERS, L.P.
CONDENSED CONSOLIDATED STATEMENTS (In thousands)
(Unaudited)
Cash flows from operating activities:
Depreciation and amortization Deferred income tax benefit Postretirement net periodic benefit cost Unrealized loss on investment in mutual funds Increase in cash surrender value Loss on disposal of fixed assets Gain on property casualty indemnification Amortization of deferred financing costs Changes in assets and liabilities:
Three Months Ended
March 31,
2012 2011
/> $ 15,939 $ 7,620
income to net cash provided by operating
3,966 3,875
-- (435)
-- 443
-- 5
of life insurance policies -- (18)
13 544
-- (247)
31 --
/> (2,232) 2,021
-- 3,143
729 822
(1,985) (1,102)
(5,317) (7,137)
-- 320
(444) (240)
(5,239) 1,994
10,700 9,614
/> (16,000) --
14,300 --
plant and equipment (6,990) (4,205)
-- (544)
-- 247
-- (488)
-- (1,328)
-- 1,816
(8,690) (4,502)
/> (800) (4,500)
-- (475)
(13,674) (2,000)
(14,474) (6,975)
(12,464) (1,863)
23,836 8,746
$ 11,372 $ 6,883

OILTANKING PARTNERS, L.P.
SELECTED OPERATING DATA
(Unaudited)
Operating data:
Three Months Ended
March 31,
2012 2011
Storage capacity, end of period (mmbbls) (1) 17.3 16.8
Storage capacity, average (mmbbls) 17.3 16.8
Terminal throughput (mbpd) (2) 846.2 822.1
Vessels per period 229 211
Barges per period 773 646
Trucks per period (3) 2,751 --
Rail cars per period (4) 2,288 --

(1) Represents million barrels ("mmbbls").
(2) Represents thousands of barrels per day ("mbpd").
(3) Beginning in June 2011, one of our customers began unloading product by truck.
(4) Beginning in November 2011, one of our customers began unloading product by rail car.

Revenues by service category:
(In thousands)
Three Months Ended
March 31,
2012 2011
Storage service fees $ 24,294 $ 21,883
Throughput fees 6,881 6,593
Ancillary service fees 3,111 1,479
Total revenues $ 34,286 $ 29,955

OILTANKING PARTNERS, L.P.
SELECTED FINANCIAL DATA
Non-GAAP Reconciliations
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2012 2011
Reconciliation of Adjusted EBITDA from net income:
Net income $ 15,939 $ 7,620
Depreciation and amortization 3,966 3,875
Income tax expense 80 2,779
Interest expense, net 187 2,264
Loss on disposal of fixed assets 13 544
Gain on property casualty indemnification -- (247)
Other income (14) (96)
Adjusted EBITDA $ 20,171 $ 16,739
Distributable cash flow:
Net income $ 15,939
Depreciation and amortization 3,966
Loss on disposal of fixed assets 13
Other income (14)
Maintenance capital expenditures (755)
Distributable cash flow $ 19,149
Cash distribution (1) $ 13,892
Distribution coverage ratio 1.38x

(1) Cash distribution represents the distribution of $0.35 per unit declared on April 23, 2012 attributable to the first quarter of 2012, to be paid on May 14, 2012.

SOURCE Oiltanking Partners, L.P.

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OILT

Oiltanking Partners LP

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Volume: 50,258
May 15, 2012 3:59p

P/E Ratio17.11
Dividend Yield4.53%

Market Cap$1.22 billion
Rev. per EmployeeN/A

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Posted by Admin in Financial

May 16th, 2012

Moody’s upgrades SCOR’s insurance financial strength ratings to A1

Press releaseÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
09 May 2012Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â

For more information, please contact:
Jean-Charles Simon / GÃraldine FontaineÂ Â +33 (0) 1 58 44 75 58
Communications and Public Affairs

Antonio MorettiÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â +33 (0) 1 58 44 77 15
Investor Relations Director

Moodys upgrades SCORs insurance financial strength ratings to A1

Moodys Investors Service has upgraded the insurance financial strength ratings (IFSR) of SCOR SE (SCOR) and various guaranteed subsidiaries to A1 from A2, and SCORs subordinated debt rating to A3 from Baa1. All ratings have a stable outlook.

According to the rating agency, this decision reflects SCORs enhanced franchise strength, consistent good profitability aligned with very low results volatility, and very good financial flexibility, whilst maintaining very good business diversification, a relatively conservative investment portfolio and good capitalisation.

Denis Kessler, Chairman and Chief Executive Officer of SCOR, commented: Following the recent upgrades by Fitch and AM Best, Moodys decision to upgrade SCORs financial strength ratings to A1 is another confirmation of SCORs strong fundamentals. It clearly shows the relevance of our strategic, business and financial choices.

Fitch had upgraded the rating of SCOR SE and its subsidiaries for insurer financial strength (IFS) and long-term issuer default ratings (IDRs) to A+ with a stable outlook on 15 March 2012.

On 2 May 2012, AM Best had upgraded the issuer credit ratings (ICR) of SCOR SE and its main subsidiaries to a+. They have also affirmed the financial strength ratings of A (Excellent). All ratings have a stable outlook.

The Moodys press release is available on the agencys homepage at the following address: http://www.moodys.com

*
*Â Â Â *

Â

Forward-looking statements
SCOR does not communicate profit forecasts in the sense of Article 2 of (EC) Regulation nÂ°809/2004 of the European Commission. Thus, any forward-.looking statements contained in this communication should not be held as corresponding to such profit forecasts. Information in this communication may include forward-looking statements, including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives, based on certain assumptions and include any statement which does not directly relate to a historical fact or current fact. Forward-looking statements are typically identified by words or phrases such as, without limitation, anticipate, assume, believe, continue, estimate, expect, foresee, intend, may increase and may fluctuate and similar expressions or by future or conditional verbs such as, without limitations, will, should, would and could. Undue reliance should not be placed on such statements, because, by their nature, they are subject to known and unknown risks, uncertainties and other factors, which may cause actual results, on the one hand, to differ from any results expressed or implied by the present communication, on the other hand.
Please refer to SCORs Document de rÃfÃrence filed with the AMF on 8 March 2012 under number D.12-0140 (the Document de rÃfÃrence), for a description of certain important factors, risks and uncertainties that may affect the business of the SCOR Group. As a result of the extreme and unprecedented volatility and disruption of the current global financial crisis, SCOR is exposed to significant financial, capital market and other risks, including movements in interest rates, credit spreads, equity prices, and currency movements, changes in rating agency policies or practices, and the lowering or loss of financial strength or other ratings.
The Groups financial information is prepared on the basis of IFRS and interpretations issued and approved by the European Union. This financial information does not constitute a set of financial statements for an interim period as defined by IAS 34 Interim Financial Reporting.

Â Â Â Â

Posted by Admin in Financial

May 16th, 2012

Encore Capital Group Announces First Quarter 2012 Financial Results And The …

SAN DIEGO, May 9, 2012 /PRNewswire via COMTEX/ –
Encore Capital Group, Inc.

/quotes/zigman/87512/quotes/nls/ecpg ECPG
-0.59%

, a leader in consumer debt buying and recovery, today announced consolidated financial results for the first quarter ended March 31, 2012.

“Encore delivered strong first quarter financial results with record collections and Adjusted EBITDA,” said Brandon Black, Encore’s President and Chief Executive Officer. “Our cost-to-collect continued to improve, declining to a record 38.4 cents per dollar collected. This cost advantage, combined with our analytical discipline and strong capital position, enabled us to deploy more than $130 million on portfolio purchases in the first quarter and positioned us to invest over $200 million in the second quarter, of which, more than $100 million is expected to come from the purchase of nine portfolios from one seller. Our continued strong performance is the direct result of the hard work and dedication of the entire Encore team.”

The company also announced the acquisition of Propel Financial Services, LLC, a leader in the tax lien acquisition industry. Black commented: “Propel has an excellent track record of deploying capital at attractive returns and provides a valuable and affordable service for consumers, consistent with Encore’s core competencies. The acquisition of Propel will capitalize on Encore’s expertise in consumer-level analytics and operational capabilities, will leverage the company’s deep experience assisting financially stressed consumers, and will put Encore in position to build a significant tax lien acquisition business.”

To facilitate these transactions, Encore announced the expansion of its existing credit facility, led by SunTrust Robinson Humphrey, to $555 million, with a $100 million accordion feature, and an increase in the availability of capital under a revised borrowing base calculation. In addition, the company established a new $160 million facility, led by Texas Capital Bank, to provide the funding for the Propel acquisition and its ongoing capital requirements. This facility also includes a $40 million accordion feature to provide for future growth.

Finally, Encore shared that it had reached an agreement in principle for the sale of its bankruptcy servicing subsidiary, Ascension Capital Group, to a company with deep expertise in the bankruptcy space and a strong technology platform. “This is a positive outcome for Encore’s shareholders, Ascension’s customers, and for our Ascension employees, who will now have the opportunity to flourish in a new environment,” said Black.

First Quarter 2012 Highlights:

Gross collections were $231.0 million, a 21% increase over the $191.1 million in the same period of the prior year.

Investment in receivable portfolios was $130.5 million, to purchase $2.9 billion in face value of debt, compared to $90.7 million, to purchase $2.9 billion in face value of debt in the same period of the prior year. Available capacity under the Company’s revolving credit facility, subject to borrowing base and applicable debt covenants, was $96.5 million as of March 31, 2012. Total debt, consisting of the revolving credit facility, senior secured notes and capital lease obligations, was $398.2 million as of March 31, 2012, an increase of 2% from $389.0 million as of December 31, 2011.

Revenue from receivable portfolios, net was $126.4 million, a 20% increase over the $105.3 million in the same period of the prior year. Revenue recognized on receivable portfolios, as a percentage of portfolio collections, excluding the effects of net portfolio allowances, was 54.9%, compared to 58.0% in the same period of the prior year.

Revenue from bankruptcy servicing was $3.8 million, a 23% decrease from the $4.9 million in the same period of the prior year.

Excluding a one-time, non-cash impairment charge for Ascension, operating expenses were $95.9 million, a 16% increase over the $82.5 million in the same period of the prior year. Cost per dollar collected (costs exclude stock-based compensation expense, bankruptcy servicing operating expenses, and acquisition related expenses) decreased to 38.4% compared to 40.0% in the same period of the prior year.

Adjusted EBITDA, defined as net income before interest, taxes, depreciation and amortization, stock-based compensation expense, portfolio amortization, one-time impairment charge for Ascension, and acquisition related expenses, was $143.3 million, a 23% increase over the $116.4 million in the same period of the prior year (see Non-GAAP Financial Measures section below).

Total interest expense was $5.5 million, compared to $5.6 million in the same period of the prior year.

Net income was $11.4 million or $0.44 per fully diluted share, compared to net income of $13.7 million or $0.54 per fully diluted share in the same period of the prior year. Excluding the non-cash impairment charges of $10.3 million, earnings per fully diluted share would have been $0.69, or 28% higher than the prior year.

Tangible book value per share, computed by dividing total stockholders’ equity less goodwill and identifiable intangible assets by the number of diluted shares outstanding, was $14.72 as of March 31, 2012, a 6% increase over $13.84 as of December 31, 2011.

Additional Financial Information:

Certain events affected the comparability of 2012 versus 2011 quarterly results, as outlined below. For a more detailed comparison of 2012 versus 2011 results, please refer to the Management’s Discussion and Analysis of Financial Condition and Results of Operations section included in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2012.

The Company recorded a pre-tax impairment charge for goodwill and identifiable intangible assets of $10.3 million, or $0.25 per fully diluted share, after the effect of income taxes, for its Ascension bankruptcy servicing business.

Acquisition of Propel Financial Services

On May 8th, Encore concluded the acquisition of Propel Financial Services, LLC, a Texas-based tax lien transfer company. Propel assists property owners who are delinquent on their property taxes by acquiring tax obligations from local municipalities and working with property owners to create mutually agreeable payment plans. Encore acquired Propel at a purchase price of $187 million, utilizing its new $160 million credit facility and existing cash and credit facilities. The acquisition is expected to be accretive to 2012 earnings.

For more information about Propel, please visit the Company’s website at
www.propelfinancialservices.com .

Conference Call and Webcast

The Company will hold a conference call and webcast today at 2:00 p.m. Pacific time / 5:00 p.m. Eastern time to discuss first quarter results. During the conference call, the Company will refer to slides which will be available via webcast and then for download at the Investor Relations page at
www.encorecapital.com

Members of the public are invited to listen to the event via a listen-only telephone conference call line or the Internet. To access the live telephone conference call line, please dial 877-670-9781 or (408) 940-3818. To access the live webcast via the Internet, log on at the Investor Relations page of the Company’s website at
www.encorecapital.com

For those who cannot listen to the live broadcast, a telephone replay will be available for seven days by dialing (404) 537-3406 and using conference ID 73935141. A replay of the conference call will also be available shortly after the call on the Company’s website.

Non-GAAP Financial Measures

The Company has included information concerning Adjusted EBITDA because management utilizes this information, which is materially similar to a financial measure contained in covenants used in the Company’s credit agreement, in the evaluation of its operations and believes that this measure is a useful indicator of the Company’s ability to generate cash collections in excess of operating expenses through the liquidation of its receivable portfolios. The Company has included information concerning adjusted operating expenses excluding stock-based compensation expense, bankruptcy servicing operating expenses, and acquisition related expenses in order to facilitate a comparison of approximate cash costs to cash collections for the debt purchasing business in the periods presented. Adjusted EBITDA, adjusted operating expenses excluding stock-based compensation expense, bankruptcy servicing operating expenses, and acquisition related expenses, and tangible book value per share have not been prepared in accordance with generally accepted accounting principles (GAAP). These non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, net income and total operating expenses as indicators of Encore Capital Group’s operating performance and total stockholders’ equity as an indicator of Encore Capital Group’s financial condition. Further, these non-GAAP financial measures, as presented by Encore Capital Group, may not be comparable to similarly titled measures reported by other companies. The Company has included a reconciliation of Adjusted EBITDA to reported earnings under GAAP, a reconciliation of adjusted operating expenses excluding stock-based compensation expense, bankruptcy servicing operating expenses, and acquisition related expenses to the GAAP measure total operating expenses, and a reconciliation of tangible book value per share to the GAAP measure total stockholders’ equity in the attached financial tables.

About Encore Capital Group, Inc.

Encore Capital Group is a leader in consumer debt buying and recovery. The company purchases portfolios of defaulted consumer receivables from major banks, credit unions, and utility providers and partners with individuals as they repay their obligations and work toward financial recovery. Encore’s success and future growth are driven by its sophisticated and widespread use of analytics, its broad investments in data and behavioral science, the significant cost advantages provided by both its worldwide operations and its enterprise-wide, account-level cost database, and the company’s demonstrated commitment to conducting business ethically and in ways that support its consumers’ financial recovery.

Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol:ECPG) and a component stock of the Russell 2000, the S&P SmallCap 600, and the Wilshire 4500. More information about the company can be found at
www.encorecapital.com .

Forward Looking Statements

The statements in this press release that are not historical facts, including, most importantly, those statements preceded by, or that include, the words “may,” “believe,” “projects,” “expects,” “anticipates” or the negation thereof, or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). These statements may include, but are not limited to, statements regarding our litigation, future operating results, performance, business plans or prospects. For all “forward-looking statements,” the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company and its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks, uncertainties and other factors are discussed in the reports filed by the Company with the Securities and Exchange Commission, including the most recent reports on Forms 10-K, 10-Q and 8-K, each as it may be amended from time to time. The Company disclaims any intent or obligation to update these forward-looking statements.

Contact:
Encore Capital Group, Inc.
Paul Grinberg (858) 309-6904
paul.grinberg@encorecapital.com
Adam Sragovicz (858) 309-9509
adam.sragovicz@encorecapitalgroup.com

FINANCIAL TABLES FOLLOW

ENCORE CAPITAL GROUP, INC.
Condensed Consolidated Statements of Financial Condition
(In Thousands, Except Par Value Amounts)
(Unaudited)
March 31, December 31,
2012 2011
Assets
Cash and cash equivalents $ 15,446 $ 8,047
Accounts receivable, net 3,615 3,265
Investment in receivable portfolios, net 741,580 716,454
Deferred court costs, net 39,839 38,506
Property and equipment, net 19,603 17,796
Other assets 11,842 11,968
Goodwill 6,047 15,985
Identifiable intangible assets, net -- 462
Total assets $ 837,972 $ 812,483
Liabilities and stockholders' equity
Liabilities:
Accounts payable and accrued liabilities $ 31,161 $ 29,628
Income tax payable 2,078 --
Deferred tax liabilities, net 16,333 15,709
Debt 398,246 388,950
Other liabilities 5,297 6,661
Total liabilities 453,115 440,948
Commitments and contingencies
Stockholders' equity:
Convertible preferred stock, $.01 par value, 5,000 shares authorized, -- --
no shares issued and outstanding
Common stock, $.01 par value, 50,000 shares authorized, 24,696 shares 247 245
and 24,520 shares issued and outstanding as of March 31, 2012 and
December 31, 2011, respectively
Additional paid-in capital 124,638 123,406
Accumulated earnings 261,258 249,852
Accumulated other comprehensive loss (1,286) (1,968)
Total stockholders' equity 384,857 371,535
Total liabilities and stockholders' equity $ 837,972 $ 812,483

ENCORE CAPITAL GROUP, INC.
Condensed Consolidated Statements of Comprehensive Income
(In Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended
March 31,
2012 2011
Revenues
Revenue from receivable portfolios, net $ 126,405 $ 105,326
Servicing fees and other related revenue 3,817 4,977
Total revenues 130,222 110,303
Operating expenses
Salaries and employee benefits (excluding stock-based compensation expense) 23,109 19,040
Stock-based compensation expense 2,266 1,765
Cost of legal collections 38,635 36,509
Other operating expenses 12,411 10,096
Collection agency commissions 3,959 3,914
General and administrative expenses 14,132 10,169
Depreciation and amortization 1,363 1,053
Impairment charge for goodwill and identifiable intangible assets 10,349 --
Total operating expenses 106,224 82,546
Income from operations 23,998 27,757
Other (expense) income
Interest expense (5,515) (5,593)
Other income 267 116
Total other expenses (5,248) (5,477)
Income before income taxes 18,750 22,280
Provision for income taxes (7,344) (8,601)
Net income $ 11,406 $ 13,679
Weighted average shares outstanding:
Basic 24,779 24,260
Diluted 25,740 25,451
Earnings per share:
Basic $ 0.46 $ 0.56
Diluted $ 0.44 $ 0.54
Other comprehensive income:
Unrealized gain on derivative instruments $ 1,122 $ 836
Income tax provision related to unrealized gain on derivative instruments (440) (329)
Other comprehensive income, net of tax 682 507
Comprehensive income $ 12,088 $ 14,186

ENCORE CAPITAL GROUP, INC
Condensed Consolidated Statements of Cash Flows
(Unaudited, In Thousands)
Three Months Ended
March 31,
2012 2011
Operating activities:
Net income $ 11,406 $ 13,679
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 1,363 1,053
Impairment charge for goodwill and identifiable intangible assets 10,349 --
Amortization of loan costs 466 440
Stock-based compensation expense 2,266 1,765
Deferred income tax expense (benefit) 623 (58)
Excess tax benefit from stock-based payment arrangements (1,067) (1,343)
Provision for allowances on receivable portfolios, net 373 5,498
Changes in operating assets and liabilities
Other assets (326) (1,819)
Deferred court costs (1,333) (2,128)
Prepaid income tax and income taxes payable 2,130 8,437
Accounts payable, accrued liabilities and other liabilities 853 (450)
Net cash provided by operating activities 27,103 25,074
Investing activities:
Purchases of receivable portfolios (130,463) (90,675)
Collections applied to investment in receivable portfolios, net 104,230 80,211
Proceeds from put-backs of receivable portfolios 734 900
Purchases of property and equipment (1,555) (630)
Net cash used in investing activities (27,054) (10,194)
Financing activities:
Payment of loan costs -- (734)
Proceeds from senior secured notes -- 25,000
Proceeds from revolving credit facility 43,500 19,000
Repayment of revolving credit facility (34,500) (46,000)
Proceeds from exercise of stock options 1,061 297
Taxes paid related to net share settlement of equity awards (2,093) (1,439)
Excess tax benefit from stock-based payment arrangements 1,067 1,343
Repayment of capital lease obligations (1,685) (877)
Net cash provided by (used in) financing activities 7,350 (3,410)
Net increase in cash and cash equivalents 7,399 11,470
Cash and cash equivalents, beginning of period 8,047 10,905
Cash and cash equivalents, end of period $ 15,446 $ 22,375
Supplemental disclosures of cash flow information:
Cash paid for interest $ 5,119 $ 5,002
Cash paid for income taxes 4,075 166
Supplemental schedule of non-cash investing and financing activities:
Fixed assets acquired through capital lease 1,564 371

ENCORE CAPITAL GROUP, INC.
Supplemental Financial Information
Reconciliation of Adjusted EBITDA to GAAP Net Income, Adjusted Operating Expenses Excluding Stock-based Compensation Expense, Bankruptcy Servicing Operating Expenses, and Acquisition Related Expenses to GAAP Total Operating Expenses, and Tangible Book Value Per Share to GAAP Total Stockholders' Equity
(In Thousands, Except Per Share Amounts)
(Unaudited)

Three Months Ended
March 31,
2012 2011
GAAP net income, as reported $ 11,406 $ 13,679
Interest expense 5,515 5,593
Provision for income taxes 7,344 8,601
Depreciation and amortization 1,363 1,053
Amount applied to principal on receivable portfolios 104,603 85,709
Stock-based compensation expense 2,266 1,765
Impairment charge for goodwill and identifiable intangible assets 10,349 --
Acquisition related expenses 489 --
Adjusted EBITDA $143,335 $116,400

Three Months Ended
March 31,
2012 2011
GAAP total operating expenses, as reported $ 106,224 $ 82,546
Stock-based compensation expense (2,266) (1,765)
Bankruptcy servicing operating expenses (14,830) (4,319)
Acquisition related expenses (489) --
Adjusted operating expenses excluding stock-based $88,639 $76,462
compensation expense, bankruptcy servicing operating expenses
and acquisition related expenses

As of As of
March 31, 2012 December 31, 2011
GAAP total stockholders' equity, as reported $384,857 $371,535
Goodwill (6,047) (15,985)
Identifiable intangible assets, net -- (462)
Tangible book value $378,810 $355,088
Diluted shares outstanding 25,740 25,657
Tangible book value per share $14.72 $13.84

SOURCE Encore Capital Group, Inc.

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ECPG

Encore Capital Group Inc.

US

: U.S.: Nasdaq

$
25.20

-0.15
-0.59%

Volume: 77,635
May 15, 2012 4:00p

P/E Ratio11.05
Dividend YieldN/A

Market Cap$626.04 million
Rev. per Employee$219,342

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Posted by Admin in Financial

May 14th, 2012

LPL Financial Awarded Advisory Solutions Field Sales Team of the Year By Money …

BOSTON, May 9, 2012 /PRNewswire via COMTEX/ –
LPL Financial LLC, the nation’s largest independent broker-dealer* and a wholly-owned subsidiary of LPL Investment Holdings Inc.

/quotes/zigman/1459925/quotes/nls/lpla LPLA
-1.61%

, today announced that its Advisory and Brokerage Consulting team has been awarded Field Sales Team of the Year by the Money Management Institute (MMI), the leading national organization for the advisory solutions industry.

This prestigious industry award was given in recognition of the Advisory and Brokerage Consulting team’s outstanding support to financial advisors in providing their clients with the right platforms, strategies and advice to meet their financial goals.

John Moninger, LPL Financial Executive Vice President of Advisory and Brokerage Consulting Services, said, “We are honored to receive this prominent industry recognition from the Money Management Institute. This award is a testament to our focus on partnering with our financial advisors in order to align the best strategies and product platforms with their practices so they can most effectively support their end clients to achieve their life goals. Importantly, this recognition is the outcome of an extraordinary, integrated effort across our entire team, and I am grateful to MMI for the opportunity to acknowledge our firm-wide dedication to our advisors and their end clients.”

Christopher L. Davis, President of the Money Management Institute, said, “We congratulate LPL Financial for this well-deserved award. They have continued to demonstrate industry leadership in breaking new ground in aligning exceptional services and solutions for financial advisors to provide to investors, and we look forward to their continued innovation and excellence.”

Prior to this industry recognition, the LPL Financial Advisory and Brokerage Consulting team has proven exceptionally effective in supporting advisors through such innovative platforms as the company’s Model Wealth Portfolios (MWP) platform, one of three centrally managed fee-based platforms enabling advisors to provide client-centric theme-based investment portfolios for a broad range of investor preferences. In 2010, MWP was awarded Advisory Solutions Product of the Year by MMI. Since its launch in early 2008, the MWP platform grew to $7.4 billion in assets in just over three and a half years, as of December 31, 2011.

About LPL Financial

LPL Financial, a wholly owned subsidiary of LPL Investment Holdings Inc.

/quotes/zigman/1459925/quotes/nls/lpla LPLA
-1.61%

, is the nation’s largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2011), a top RIA custodian, and a leading independent consultant to retirement plans. LPL Financial offers proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 12,900 financial advisors and approximately 680 financial institutions. In addition, LPL Financial supports over 4,400 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 2,700 employees with headquarters in Boston, Charlotte, and San Diego. For more information, please visit
www.lpl.com .

Securities offered through LPL Financial. Member FINRA/SIPC

*Based on total revenues, Financial Planning magazine, June 1996-2011

About the Money Management Institute (MMI)

Since 1997 MMI has been the leading voice for the global financial services organizations that provide advice and professionally-managed solutions to individual and institutional investors. Through industry advocacy, educational initiatives, regulatory affairs, data reporting and professional networking, MMI supports and advances the growth of advisory solutions. MMI members’ advice-driven investment solutions serve an evolving worldwide financial landscape and their organizations are committed to the highest standards of fiduciary responsibility and ethical conduct. For more information, visit
www.moneyinstitute.com .

LPLA-C

LPL Financial Media ContactsJoseph Kuo / Chris ClemensHaven Tower Group LLC(206) 420-3851 or (206) 420-1525jkuo@haventower.com or cclemens@haventower.com

SOURCE LPL Financial LLC

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LPLA

LPL Investment Holdings Inc.

US

: U.S.: Nasdaq

$
31.80

-0.52
-1.61%

Volume: 408,140
May 14, 2012 4:00p

P/E Ratio22.14
Dividend YieldN/A

Market Cap$3.57 billion
Rev. per Employee$1.29M

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LPLA

LPL Investment Holdings Inc.

US

: U.S.: Nasdaq

$
31.80

-0.52
-1.61%

Volume: 408,140
May 14, 2012 4:00p

P/E Ratio22.14
Dividend YieldN/A

Market Cap$3.57 billion
Rev. per Employee$1.29M

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Posted by Admin in Financial

May 13th, 2012

Dell Financial Services Offers Zero Percent Financing on EqualLogic Storage …

ROUND ROCK, Texas, May 09, 2012 (BUSINESS WIRE) –
–The promotion is the first zero percent financing offer available to Dell channel partners

Dell Financial
Services (DFS) is offering zero percent financing on Dell’s award
winning EqualLogic storage systems for growing businesses feeling the
pressure of data growth. With the offer, small and medium businesses
have access direct from Dell and through trusted partners to highly
virtualized storage technology that scales with their business, enabling
them to manage and store critical data as they grow.

The Zero Percent EqualLogic promotion helps small and medium businesses
manage their growing data storage needs while preserving their capital
for sales, marketing and R&D. Dell EqualLogic arrays, regardless of
generation, work together to automatically manage data, load balance
across all resources and scale as business demands change. A recent
analysis by analyst firm Enterprise
Strategy Group found Dell EqualLogic systems have the lowest total
cost of ownership (TCO)i. Today’s offer includes a zero
percent $1 buyout lease on a 36-month term on all EqualLogic storage
equipment. Dell Financial Services helps customers manage their budget
with fixed monthly payments.

“The number of devices, data movement and usage makes storage a crucial
component of accommodating business growth. However, access to capital
remains an obstacle for many small and medium businesses looking to
scale their IT infrastructures,” said Erik Reichman, vice president and
general manager, Dell Financial Services for Small and Medium Business.
“With Dell Financial Services, we eliminate a key barrier for customers
who can now move forward on long delayed purchases.”

Dell Financial Services understands customers’ technology needs. DFS
delivers customized payment solutions to better manage cash flow. In
addition, DFS financing experts are seamlessly integrated into Dell’s
sales process making financing Dell technology a hassle-free experience.

“Finding capital-efficient technical solutions that speed time to market
while providing scale and leverage is the holy grail for entrepreneurs,”
said Lauren Flanagan, Executive Chairman, Current Motor. “Thanks to Dell
Financial Services we can use our capital for sales, marketing and R&D.
We can grow faster this way.”

Zero Percent Promotional Financing from Dell Financial Services a
Dell Channel First

The Zero Percent EqualLogic promotion is the first zero percent offer
for the Dell partner channel, making it easier for Dell small and medium
business channel partners who are storage certified to help their
customers acquire business-critical storage. Dell is committed to being
a long-term partner for the channel community and is using this offering
to set the standard for integration of Dell Financial Services with the
PartnerDirect community.

“Dell’s storage solutions, based on the Fluid
Data Architecture, enable the right data to be available at the
right time for efficient and rapid access and analysis,” said Brian
Garrett, vice president, ESG Labs. “This offer makes it easier for small
and medium businesses to address not only the technology pain point, but
also the business pain point of cash flow. Dell is also recognizing how
important channel partners are to their SMB customers by making this
offer available through them.”

“The Zero Percent Dell Financial Services EqualLogic offering is a sign
of our commitment to making it easy for our partners to work with Dell,
enabling them to help growing businesses store their data while
providing a flexible way to manage their budget with fixed monthly
payments,” added Greg Davis, vice president and general manager Dell
Global Commercial Channel.

Pricing and Availability

The Zero Percent EqualLogic offering is a 36-month zero percent $1
buyout lease on all EqualLogic storage componentsii with no
minimum purchase amounts necessary and runs through August 3, 2012 in
the U.S. The $1 buyout lease gives customers a predictable budget with
fixed payments through the end-of-lease term and equipment ownership. In
addition, equipment may qualify for a standard depreciation schedule
(tax treatment).iii

Dell Storage Forum Boston

The financing offer comes in advance of Dell
Storage Forum Boston 2012, an event that promises to engage customer
and channel attendees with advanced technical content, open access to
experts, networking opportunities and insights into the latest Dell
Fluid Data architecture developments and roadmap. The second annual U.S.
Dell Storage Forum will take place on June 10-13, 2012 at the Westin
Boston Waterfront. Registration for Dell
Storage Forum Boston is now open.

Additional Information:

–
Dell Financial
Services

–
Dell EqualLogic Storage
Solutions

–
Dell
PartnerDirect

About Dell

Dell Inc.

/quotes/zigman/27952/quotes/nls/dell DELL
-0.84%

listens to customers and delivers innovative
technology and services that give them the power to do more. For more
information, visit
www.dell.com .

i According to Dell
EqualLogic TCO Analysis, April 2012

ii Zero Percent EqualLogic Leasing Offer: applicable for
36-month QuickLease with $1 Buyout end-of-lease purchase option. For
qualifying configurations of EqualLogic models. At the end of the $1
Buyout QuickLease, you purchase the equipment for $1, or you may return
the equipment to DFS. Zero percent is the discount rate causing the
present value of the stream of lease payments scheduled over the initial
term of the lease to equal the original cost of the product(s). This
percentage does not include any charges other than 36 monthly rent
payments (such as taxes, fees, shipping or handling charges). $75
documentation fee applies. All terms subject to credit approval and
availability and can change without notice. Provided by Dell Financial
Services L.L.C. (“DFS”) to qualified Small and Medium Business customers
in the U.S. with Dell Direct or with Registered Dell Resellers that are
Storage Certified. Not combinable with other Dell, DFS or other vendor
offers; assumes product availability. Not available for personal, family
or household use. Valid April 27, 2012 through Aug. 3, 2012.

iii Consult your tax advisor Dell and EqualLogic are
trademarks of Dell Inc. Dell disclaims any proprietary interest in the
marks and names of others.

SOURCE: Dell Inc.

Media Contacts:
Dell PR
Christina Furtado, 512-723-7523
Christina_Furtado@dell.com
or
Laura P. Thomas, 512-723-1376
Laura_p_thomas@dell.com
or
Investor Relations Contact:
Dell IR
Robert Williams, 512-728-7570
robert_williams@Dell.com

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DELL

Dell Inc.

US

: U.S.: Nasdaq

$
15.42

-0.13
-0.84%

Volume: 11.62M
May 11, 2012 4:00p

P/E Ratio8.18
Dividend YieldN/A

Market Cap$27.17 billion
Rev. per Employee$569,077

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Posted by Admin in Financial

May 13th, 2012

Toyota Announces Year-End Financial Results

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Tokyo, May 09, 2012 (JCN Newswire via COMTEX) –
Toyota Motor Corporation (TMC) today announced financial results for the fiscal year ended March 31, 2012.

On a consolidated basis, net revenues for the fiscal year ended March 31, 2012 totaled 18,583.6 billion yen, a decrease of 2.2 percent compared to the same period last fiscal year. Operating income decreased from 468.2 billion yen to 355.6 billion yen, while income before income taxes* was 432.8 billion yen. Net income** decreased from 408.1 billion yen to 283.5 billion yen.

Operatingincome decreased by 112.6 billion yen. Major factors contributing to the decrease include the negative effects from currency fluctuations of 250.0 billion yen and positive effects from marketing activities of 150.0 billion yen.

Consolidated vehicle sales for the fiscal year totaled 7,352 thousand units, an increase of 44 thousand units compared to the same period last fiscal year.

Commenting on the results, TMC President Akio Toyoda said: “Our vision is to establish a strong business foundation that will ensure profitability under any kind of difficult business environment. Certainly the last fiscal year was extremely challenging due to the natural disasters in Japan and Thailand, plus the unprecedented strength of the yen. But, thanks to the concerted efforts of our employees, suppliers, and dealers, we were able to recover production and sales faster than anticipated and achieved a strong result. I would like to express my heartfelt gratitude for their efforts to improve our business structure.

Thanks to their hard work, we were able to remain profitable, even in such a challenging environment. And special thanks, of course, go to our customers, who continue to demonstrate their loyalty in choosing Toyota and Lexus vehicles.”

In Japan, vehicle sales totaled 2,071 thousand units, an increase of 158 thousand units compared to the same period last fiscal year. The operating loss from Japanese operations decreased by 155.3 billion yen, to a loss of 207.0 billion yen.

In North America, vehicle sales totaled 1,872 thousand units, a decrease of 159 thousand units compared to the same period last fiscal year. Operating income decreased by 153.0 billion yen to 186.4 billion yen, including 26.2 billion yen of valuation gains/losses on

interest rate swaps. Operating income, excluding the impact of valuation gains/losses on interest rate swaps, decreased by 151.7 billion yen to 160.2 billion yen.

In Europe, vehicle sales totaled 798 thousand units, an increase of 2 thousand units, while operating income increased by 4.6 billion yen, to 17.7 billion yen.

In Asia, vehicle sales totaled 1,327 thousand units, an increase of 72 thousand units, while operating income decreased by 56.2 billion yen, to 256.7 billion yen.

In Central and South America, Oceania and Africa, vehicle sales totaled 1,284 thousand units, a decrease of 29 thousand units, while operating income decreased by 51.3 billion yen to 108.8 billion yen.

In the financial servicessegment, operating income decreased by 51.8 billion yen, to 306.4 billion yen compared to the same period last fiscal year, including 16.5 billion yen of valuation gains/losses on interest rate swaps. Excluding valuation gains/losses, operating incomedecreased by 31.0 billion yen to 289.8 billion yen.

TMC estimates that consolidated vehicles sales for the fiscal year ending March 31, 2013 will be 8,700 thousand units, an increase of 1,350 thousand units from fiscal year 2012, due to increasedsales volume in all regions.

TMC also forecasts consolidated net revenue of 22,000.0 billion yen, operating income of 1,000.0 billion yen and net income of 760.0 billion yen for the fiscal year ending March 31, 2013, based on an exchange rate of80yen to the U.S. dollar and 105 yen to the euro.

TMC also announced a year-end dividend of 30 yen per share, to be proposed at the general shareholders meeting in June.

* Income before income taxes and equity in earnings of affiliated companies

** Net income attributable to Toyota Motor Corporation

Further information is also available at
www.toyota-global.com

Cautionary Statement with Respect to Forward-Looking Statements:

This release contains forward-looking statements that reflect Toyota’s plans and expectations. These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements orfinancial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. A discussion of these and other factors which may affect Toyota’s actualresults, performance, achievements or financial position is contained in Toyota’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

About Toyota

Supported by people around the world, Toyota Motor Corporation

/quotes/zigman/199376/quotes/nls/tm TM
+1.23%

, has endeavored since its establishment in 1937 to serve society by creating better products. As of the end of March 2011, Toyota conducts its business worldwide with 50 overseas manufacturing companies in 26 countries and regions. Toyota’s vehicles are sold in more than 170 countries and regions. Toyota’s vehicles are sold in more than 170 countries and regions. For more information, please visit
www.toyota-global.com
.

Contact:

Toyota Motor Corporation
Corporate Communications Department
Public Affairs Division
Tel: +81-3-3817-9150

Copyright (C) Japan Corporate News NetWork

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TM

Toyota Motor Corp. ADS

US

: U.S.: NYSE

$
80.71

+0.98
+1.23%

Volume: 448,893
May 11, 2012 4:04p

P/E Ratio52.45
Dividend YieldN/A

Market Cap$139.64 billion
Rev. per Employee$696,045

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Posted by Admin in Financial

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