Delivery Technology Solutions, Inc. (PINK SHEETS:DTSL) and its subsidiary Universal Delivery Solutions, Inc. management hosted a successful shareholder teleconference recently, revealing several important company updates.
CFO Jeff Smith opened the conference by addressing participants about the company’s history and detailed how UDS’ customized chain delivery system has already been adopted by a major American fast food retailer and a national movie theatre chain.
In the Q&A section Mr. Smith revealed that DTSL expects to realize a 100% revenue increase in Q3 over Q2 of this year, and another 100% increase in Q4 over Q3. He forecasted 2010 revenue at $400,000 to $500,000, with 2011 revenue expected to more than double this year’s total.
Mr. Smith assured investors that the company would explore every opportunity to market and raise awareness of the UDS delivery system, and the long-time shareholders showed excitement for the company to realize its potential by breaking away from the sub-penny values into penny lands. With this success, the company sees the potential to eventually move up to a higher stock exchange.
O.I. Corporation (NASDAQ:OICO) and ITT Corporation (NYSE:ITT) have entered into a definitive agreement for ITT to acquire all outstanding shares of O.I. Corporation, �OI�, for approximately $29 million.
OI�s Board of Directorshave unanimously approved the transaction, which is subject to approval from OI�s shareholders and other closing conditions, and is expected to close in late 2010.
OI is a leading provider of innovative instrumentation for laboratory and environmental testing in the pharmaceutical, petrochemical, power and industrial markets. The company�s portfolio will enhance ITT�s Analytics business, which was formed earlier this year with ITT�s acquisition of Nova Analytics.
OI was founded in 1963, and specializes in innovative total organic carbon (TOC) analyzers and gas-chromatography related instrumentation, as well as consumables and services. OI reported 2009 revenues of $20 million and projects full-year 2010 revenue of $25 million. It is headquartered in College Station, Texas, and employs 125 people. Its products are sold worldwide by direct sales, independent representatives, and distributors.
O2Micro International Limited (Nasdaq:OIIM) has approved a program to repurchase the Company’s ordinary shares, including ordinary shares represented by American Depositary Shares. Under the terms of the program, the company is authorized to repurchase up to $20 million worth of its ordinary shares as market conditions permit. No date was established for the completion of the share repurchase program.
Founded in April 1995, O2Micro develops and markets innovative power management and security components for the Computer, Consumer, Industrial, and Communications markets. Products include Intelligent Lighting, Battery Management, Power Management, and SmartCardBus products.
O2Micro International maintains an extensive portfolio of intellectual property with approximately 14,483 patent claims granted, and over 16,000 more pending. The company maintains offices worldwide.
Oak Ridge Financial Services, Inc. (Nasdaq:BKOR), parent company of Bank of Oak Ridge, headquartered in Oak Ridge, North Carolina, announced unaudited net income for the three months ended June 30, 2010, before adjusting for the effective dividend on preferred stock, of $15,000 compared to net income of $242,000 for the prior year period. After adjusting for $182,000 in dividends and accretion on preferred stock, net loss available for common shareholders for the current period was $167,000 or $0.09 per diluted share compared with diluted earnings per share of $0.04 for the quarter ended June 30, 2009. Earnings in the current period were positively impacted by an increased net interest margin as well as an increase in noninterest income. Negatively impacting net income were higher loan loss provisions in response to continuing economic weaknesses both locally and nationally, as well as an increase in noninterest operating expenses driven in part by a $300,000 Employee Stock Ownership Plan accrual.
Oak Ridge Financial Services President, Ron Black, in commenting on the results, noted, �Given the difficult economic environment, we are pleased that we were profitable in the second quarter of 2010 and were able to reduce our nonperforming assets from March 31, 2010 to June 30, 2010. Additionally, net income includes a $300,000 pretax ESOP accrual that the Company plans to use as an option to increase our common equity at some point in the future. We believe that the ESOP is a cost effective way to raise capital in this challenging economic environment.�
Mr. Black further commented �Our primary areas of focus for the rest of 2010 will be continuing to service our loan and other real estate owned portfolios and growing net interest income and noninterest income by providing extraordinary service to existing and prospective clients. We plan to continue to support our local economy by taking deposits, making loans, and providing financial advice for our clients in these difficult times. The community was incredibly supportive of our Bank in the first six months of 2010 and we had increases in loans and deposits. Lastly, at June 30, 2010 we were well-capitalized with ample capital for future growth. �
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