Member Info for mulledwine

First quarter results reflect challenging revenue picture. Pipeline strengthened by Amgen collaboration, the agreement to acquire Ardea Biosciences and positive CHMP opinion for FORXIGATM (dapagliflozin) in Europe. Revenue for the first quarter was $7,349 million, down 11 percent at constant exchange rates (CER). -Loss of exclusivity on several key brands accounted for 8 percentage points of the revenue decline, which included the recognition of a $223 million returns reserve against US trade inventories of Seroquel IR following generic launches at the end of March 2012. -Emerging Markets revenue increased by 1 percent at CER, reflecting the quarterly phasing that the Company anticipated. Company anticipates a rebound in the remaining three quarters, but achieving double-digit growth for the full year may be a challenge. Core EPS was $1.81 in the first quarter, a 19 percent decline at CER compared with the first quarter last year, which benefited by $0.46 from two one-off gains. Excluding these gains, Core EPS would have increased by 2 percent compared with last year. -Core gross margin in the first quarter 2011 included a $131 million benefit ($0.07 per share) from settlement of patent disputes with PDL BioPharma, Inc. -Core EPS in the first quarter 2011 benefited by $0.39 as a result of agreements reached between the UK and US governments over certain tax matters. The third phase of the restructuring programme is being implemented with pace, reflected in the $702 million in restructuring costs taken in the first quarter. Reported EPS was down 39 percent at CER to $1.28. -Decline in Reported EPS is significantly larger than the decline in Core EPS, largely the result of restructuring costs that were $0.37 higher than the first quarter 2011. Net cash distributions to shareholders in the first quarter were $3,417 million, through dividend payments of $2,505 million and net share repurchases of $912 million. Core EPS target range for the full year lowered to $5.85 to $6.15.

http://www.investegate.co.uk/Article.aspx?id=201204260700251132C

Macquarie downgrades Hardy Oil & Gas from neutral to underperform, target price cut from 200p to 120p.

Business Report Sales for the Company increased 29.2% to $14.2 million in the first quarter of 2012 (Q1 2011: $11.1 million), driving EBITDA profitability of each business unit. Continued robust Supermarket Retail sales drove revenues up 60%, including sales of 422 Sterilox Fresh and FloraFresh Systems in leading US national and regional retailers. The Company has installed more than 5,700 Systems in approximately 20% of the target market stores in the US and Canada. In the UK, increased NHS spending in its final fiscal quarter drove Q1 sales for this business up 3% (5% at constant currency). The strategy to increase recurring revenues, including rentals, chemistry, and consumables, continues to be successful with a 12% increase, accounting now for 70% of division sales. In the Wound Care business, sales, including distribution sales, significantly increased 218%. PuriCore's continued its R&D investment in promising new applications and markets. Agriculture R&D continues for PuriCore's reformulated solution as a broad-spectrum fungicide, the Biotechnology and Biological Sciences Research Council (BBSRC) awarded a £500,000 research grant to The University of Oxford for the study of PuriCore's ActiVita Agricultural Solution. In addition, the US EPA confirmed the Aqualox System as an on-site generator of an oil and gas biocide to treat hydraulic fracturing (or frac) water. PuriCore will host a conference call for investors and analysts today at 2.00 pm BST, and a recording will be available.

Greg Bosch, Chief Executive Office, said: "PuriCore delivered a robust sales performance and EBITDA profitability across the business and in each major division, which drove the Company to be operational cash flow positive for the second quarter in a row. This performance resulted from the strong order book for the US Supermarket Retail business at the start of the year, and the increased spending by the UK NHS during the quarter, typically the heaviest as it ends its fiscal year, and strong sales in Wound Care."

Q1 2012 Interim Management Statement Strong Revenue Growth Drives Profitability and Operational Cash Flow PuriCore (LSE: PURI), the water-based clean technology company, today issues its Interim Management Statement covering the period 1 January 2012 to 26 April 2012. Q1 Financial Highlights (unaudited) · Sales up 29.2% (30.4% at constant currency) to $14.3 million (Q1 2011: $11.1 million) § Supermarket Retail sales up 60% to $7.4 million (Q1 2011: $4.6 million) § Endoscopy sales up 3% (5% at constant currency) to $6.6 million (Q1 2011: $6.4 million) § Wound Care sales up 218% to $0.4 million (Q1 2011: $0.1 million) · Operating expenses decreased 15% · EBITDA profitable across the company including in all business units · Strong operating cash flow positive · Cash as at 31 March 2012 of $6.3 million Q1 Operational Highlights · Supermarket Retail: sales of approximately 420 Sterilox Fresh and FloraFresh Systems from existing and new customers · Endoscopy: recurring revenues up 12%, accounting for 70% of revenues; growth driven by increase spending by UK NHS · Wound Care: strong organic and distribution sales · R&D: received confirmation from the US EPA for Aqualox System to treat frac water; the University of Oxford received a £500,000 grant to study PuriCore's ActiVita Agricultural Solution from the Biotechnology and Biological Sciences Research Council (BBSRC)

http://www.investegate.co.uk/Article.aspx?id=201204260700261136C

The owner of The Scotsman and the Yorkshire Post has plunged into a full-year loss and reported that a decline in advertising revenue accelerated in the first quarter. Johnston Press, which has been hit by job and classified advertising migrating online as well as by falling newspaper sales, reported a £143.8m pre-tax loss for last year, compared with a £16.5m profit in 2010. Losses swelled primarily because of a £163.7m charge relating to impairment in the value of its 225 newspapers, but the company emphasised that it had not changed forecasts for the financial performance of its titles. Advertising revenues fell by 9% to £231.3m but have declined by 10.6% over the first 15 weeks of this year, according to The Times.

Panmure Gordon downgrades UBM from hold to sell, target price cut from 600p to 500p.

Commenting on the Company's performance Group Chief Executive, David Dutro, said: "Trading for the first three months of the year is ahead of the same period last year reflecting excellent progress in a number of key markets, which more than offset an anticipated general slowdown in Europe. The trend of robust margins, in combination with a solid order book, has continued and we expect full year earnings to be in line with market expectations."

http://www.investegate.co.uk/Article.aspx?id=201204260700220942C

Stuart Green, CEO of ZOO, commented: "We are pleased to report a stronger second half of the financial year. 2011 was a very difficult year for the home entertainment industry due to the significant changes that have taken place in consumer markets. The innovation and diversification within our business has helped ZOO to broaden its offering into complementary markets and we believe that the business is in a strong position to take advantage of growth in a number of areas."

Trading Update ZOO Digital Group plc, the provider of workflow management software and services for creative media production, today provides an update on trading for the year ended 31 March 2012 ahead of the announcement of its full year results. The Board reports that trading for the second half of the financial year has progressed in line with expectations and expects to report turnover for the year to 31 March 2012 of US$11.2 million (FY2011: US$13.8 million), including increases in the second half of the year in the number of titles prepared using ZOO's Blu-ray and eBook platforms. Measures taken by the Board, as announced at the interim stage, to reduce costs and to increase the proportion of sales derived from ZOO's more advanced toolkits has led to the Company recording improved adjusted EBITDA(1) and adjusted operating profitability(2) in the second half of the year (US$1.0 million and US$0.2 million respectively, as compared to losses of US$0.4 million and US$0.9 million respectively in the six months to 30 September 2011). Consequently, the Board expects to report an adjusted EBITDA(1) for the full year of US$0.6 million (FY2011: US$2.5 million) and an operating loss(2) of US$0.8 million (FY2011: operating profit of US$1.5 million). The Company had a gross cash balance of US$1.2 million at 31 March 2012.

http://www.investegate.co.uk/Article.aspx?id=201204260700240963C

UBM, or United Business Media as it used to be known, released quarterly results yesterday. Its big events division is having a storming time, with revenues ahead by 19%, PR Newswire is flat while the marketing services unit is making a loss. But UBM’s shares trade at just 10 times forward earnings and with total group revenues growing at 11% Tempus thinks this stock is a buy, “if you accept the long term strategy”.

Bodycote, the heat treatment firm, has made a sensible purchase of US outfit Curtiss-Wright, thinks Tempus in the Times. Revenues have also been strong, 8.3% up in the first quarter, with aerospace, defence and energy particularly impressive. The shares trade at around 12 times 2012 earnings, which Tempus believes is par, the recommendation is hold.

Defo a share to keep an eye on - but looking for the ulltimate bottom aint easy

Update on Edda Media disposal Following announcements by the Norwegian Competition Authority and Norwegian Media Authority on 25th April, the Board remains highly confident that the disposal of Edda Media will complete by the end of July 2012, as previously anticipated. Commenting on the Interim Management Statement, Tom Toumazis, Group Chief Executive, said: "Our first quarter has delivered stable non-advertising revenues due to the strength of our 1.2 million subscriber base. The advertising environment, however, has deteriorated further and, although the impact is being partly mitigated by cost reductions as we successfully implement our restructuring programme, overall revenues have decreased. Our new strategy is on track and is strengthening Mecom's position within a challenging media environment. We have now launched apps for our top ten titles which are proving popular with our readers. We have also announced our intention to collaborate further on distribution with three other Dutch publishers to generate further cost savings. "For the year as a whole, we do not anticipate an improvement in the advertising environment but we will benefit from stable non-advertising revenues, further cost reductions and an earnings contribution from Edda in the first half of 2012."

Outlook The Group expects that the current declines in advertising markets will continue, with non-advertising revenues continuing to be stable. The Group expects to mitigate a substantial proportion of the decline in advertising revenues through cost reductions, in particular in the second half of 2012 when more cost restructuring projects enter their implementation phase. Notwithstanding this mitigation, however, the Group expects a modest reduction in EBITDA for ongoing operations in the full year. This expected decline is driven primarily by performance in the Netherlands, with some improvement in EBITDA in Denmark and a reduction in corporate costs versus 2011 levels. The Group expects to record the net result and cash flows of the discontinued Edda Media business for substantially all of the first half of 2012, and possibly to the end of July 2012, with the net Edda Media profit benefiting from the absence of depreciation of 'held for sale' non-current assets. Depreciation, interest and tax for ongoing operations are all expected to be lower than in 2011 and taking the various effects above into account, including the earnings of Edda, the Group expects total earnings per share for 2012 to be slightly lower than in 2011. The Board continues to expect a significant reduction in net debt during 2012, to levels broadly in line with current consensus estimates.

Nick Robertson, CEO, commented: "I am pleased to report a strong fourth quarter performance for both our UK and International businesses, particularly as we annualised against the introduction of Global Free Shipping last year. We ended the quarter with International sales representing 62% of the total up from 51% last year. Profit before tax and exceptional items for the full year to 31 March 2012 is expected to be in line with expectations. We remain committed to our global expansion plans and approach the new financial year with confidence."