Water Stocks Sector Close – Up, Finding the Green in Water Stocks
Featured Water Stocks Showcase Company: Wescorp Energy Inc. (OTCBB: WSCE )
POINT ROBERTS, WA and DELTA, BC –November 2, 2009 www.Water-Stocks.com, an investor and industry portal for the water sector within Investorideas.com, presents a sector close-up on publicly traded water stocks.
www.Water-Stocks.com, an investor portal within the InvestorIdeas.com content umbrella, offers water investors sector- close- ups, research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.
Investorideas.com and its water portal www.Water-Stocks.com will be expanding current water investing content with additional commentary and analysis from well- known industry experts.
Water Stocks Trading as of November 2, 2009
American Water Works Company, Inc. (NYSE: AWK) trading at $9.07, up $ 0.10 (0.53%) 2:33pm ET
Ameron International Corporation (NYSE: AMN) trading down at 58.25 -0.73 (-1.24%) 2:43pm ET
American States Water Company (NYSE:AWR) trading down at 33.00 0.15 (0.45%) 2:36pm ET
Aqua America (NYSE: WTR) trading up at $15.55, up 0.10 (0.65%) 2:50pm ET
ITT Corporation (NYSE:ITT) trading down at $50.62 0.08 (0.16%) 2:52pm ET
Middlesex Water Company (NasdaqGS: MSEX) trading up at $ 15.46, up 0.07 (0.45%) 2:41pm ET
Pentair, Inc. (NYSE: PNR) trading up at $29.5, up 0.43 (1.48%) 2:54PM ET
Watts Water Technologies, Inc. (NYSE: WTS ) trading at $28.51, up 0.26 (0.92)
Wescorp Energy Inc. (OTCBB: WSCE ) trading at $0.26 - 0.27days trading range.
Investors can research global water stocks at the Water Stocks Directory
The Investorideas.com Water Stocks Index - Published at www.investinwhoyouare.com
Index based on 9 water stocks from the global water stocks directory at www.Investorideas.com and www.water-stocks.com
Featured Water Stock Showcase Company: Wescorp Energy Inc. (OTCBB: WSCE )
Wescorp Energy Inc Showcase Profile Page
Wescorp Energy Inc. (OTCBB: WSCE) is an Oil and Gas solutions provider focused on deploying its water remediation and environmental technologies that overcome tough operational challenges facing oil and gas operators today on a global basis. Virtually anywhere in the world oil is produced contaminated water is produced, this includes associated formation water in conventional oil and gas production and potable water used in unconventional oil production such as the massive Oil Sands development in Alberta Canada.
Using conventional oil/water/solids separation technology, between 0.05% - 5% (500 ppm - 50,000 ppm) residual oil content remains in the water, Wescorp's patented, proven and highly scalable H2Omaxx microscopic aeration technology addresses this crisis by being able to increase the recovery of oil and reduce the amount of hydrocarbons in the contaminated water to less than 0.001% or 10 ppm. Wescorp's H2Omaxx is extremely economical and environmentally friendly eliminating the use of chemicals, filtration systems, high temperature systems and high pressure vessels.
Wescorp Energy Inc Company Website: http://www.wescorpenergy.com/
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Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Monday, November 2, 2009
Friday, October 30, 2009
Water stocks news -Middlesex Water Company Reports Third Quarter 2009 Financial Results
Middlesex Water Company Reports Third Quarter 2009 Financial Results
Tidewater Utilities, Inc.ISELIN, NJ October 30, 2009) - Middlesex Water Company (NASDAQ: MSEX) today reported operating results for the quarter ended September 30, 2009.
Third Quarter Operating Results
Consolidated operating revenues, for the third quarter of 2009, decreased by less than $0.2 million from the same period in 2008. Revenues in the Middlesex system in New Jersey decreased $0.5 million as a result of abnormally lower water consumption across all customer classes. In the third quarter, we experienced a 6.9% decline in water use by our general retail metered customers, which includes commercial and industrial customers. Water consumption patterns for many larger industrial customers were lower than normal as a number of these businesses have reduced output from their individual production processes. A significant factor impacting water consumption was unseasonably cool, wet weather patterns in the mid-Atlantic region which persisted throughout the quarter. In the Tidewater Utilities system in Delaware, water consumption revenues decreased by $0.5 million, largely attributable to the same weather patterns. Revenues improved $0.7 million in that system, a result of interim rates which took effect in March 2009 and customer growth. Revenues from our contract operations business rose $0.2 million, due mostly to higher pass-through charges and scheduled management fee increases. Higher expenses offset higher revenues realized with the pass-through charges.
Middlesex Water Company CEO, Dennis W. Doll, said, "A pattern of below normal water consumption as a result of abnormally cool, wet weather continued in the third quarter in the Northeast. This pattern, coupled with the continued economic challenges of a number of our customers, particularly our commercial and industrial customers who are substantial water users, has characterized 2009 as a year of unprecedented anomalies. It is in unusual times like these that we are reminded of the strong regulatory framework that is in place to help instill confidence in our customers and our investors that not only does service reliability and related quality remain a constant but also, that our regulated utility business model is designed to help mitigate the short-term financial challenges resulting from aberrations such as abnormal weather and a difficult economy. To mitigate rising unit costs in power, fuel and chemicals and other related operating costs, and to recover $39.0 million of investments in infrastructure in the past two years, Middlesex Water filed a request for rate relief with the New Jersey Board of Public Utilities in August for an overall increase of approximately $15.1 million over current revenues. We continue to develop opportunities for profitable growth and to carefully manage our costs as we work through the various challenges and opportunities."
Net income declined from $4.7 million to $4.0 million. Diluted earnings per share decreased to $0.29 for the three months ended September 30, 2009, compared to $0.35 for the same period in 2008.
Operation and maintenance expenses for the three months ended September 30, 2009 increased $0.7 million or 5.7%. Labor costs increased $0.3 million due to increases in wages and resources necessary to meet the growing needs of our Delaware service territory. Despite lower water production due to unfavorable weather patterns and economic conditions, costs for chemicals and residual disposals rose $0.4 million over the same period in 2008. This was attributable to unit cost rate increases and significant rainfall which necessitated more water treatment.
Nine Month Operating Results
Operating revenues for the nine months ended September 30, 2009 decreased $0.4 million or less than 1.0% from the same period in 2008. Operation and maintenance expenses increased $2.8 million or 7.7%. Net income decreased $2.1 million or 19.9%. Diluted earnings per share decreased to $0.60 for the nine months ended September 30, 2009 compared to $0.75 for the same period in 2008.
Board Increases Quarterly Dividend
The Company's Board of Directors approved an increase in the Company's quarterly cash dividend to $0.1800 from $0.1775. The new dividend rate is payable December 1, 2009 to shareholders of record as of November 13, 2009. This dividend increase raises the annual dividend to $0.72 from $0.71 per share of common stock.
About Middlesex Water Company
Middlesex Water Company, organized in 1897, provides regulated and unregulated water and wastewater utility services in New Jersey and Delaware through various subsidiary companies. For additional information regarding Middlesex Water Company including information about the Company's newly amended Dividend Reinvestment and Common Stock Purchase Plan, visit the Company's Web site at www.middlesexwater.com or call (732) 634-1500.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, our long-term strategy and expectations, the status of our acquisition program, the impact of our acquisitions, the impact of current and projected rate requests and the impact of our capital program on our environmental compliance. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives and other factors discussed in our filings with the Securities and Exchange Commission.
*financial tables and full release visit www.middlesexwater.com
Research water stocks at Investorideas.com and Water-stocks.com
Water Stocks Directory
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Tidewater Utilities, Inc.ISELIN, NJ October 30, 2009) - Middlesex Water Company (NASDAQ: MSEX) today reported operating results for the quarter ended September 30, 2009.
Third Quarter Operating Results
Consolidated operating revenues, for the third quarter of 2009, decreased by less than $0.2 million from the same period in 2008. Revenues in the Middlesex system in New Jersey decreased $0.5 million as a result of abnormally lower water consumption across all customer classes. In the third quarter, we experienced a 6.9% decline in water use by our general retail metered customers, which includes commercial and industrial customers. Water consumption patterns for many larger industrial customers were lower than normal as a number of these businesses have reduced output from their individual production processes. A significant factor impacting water consumption was unseasonably cool, wet weather patterns in the mid-Atlantic region which persisted throughout the quarter. In the Tidewater Utilities system in Delaware, water consumption revenues decreased by $0.5 million, largely attributable to the same weather patterns. Revenues improved $0.7 million in that system, a result of interim rates which took effect in March 2009 and customer growth. Revenues from our contract operations business rose $0.2 million, due mostly to higher pass-through charges and scheduled management fee increases. Higher expenses offset higher revenues realized with the pass-through charges.
Middlesex Water Company CEO, Dennis W. Doll, said, "A pattern of below normal water consumption as a result of abnormally cool, wet weather continued in the third quarter in the Northeast. This pattern, coupled with the continued economic challenges of a number of our customers, particularly our commercial and industrial customers who are substantial water users, has characterized 2009 as a year of unprecedented anomalies. It is in unusual times like these that we are reminded of the strong regulatory framework that is in place to help instill confidence in our customers and our investors that not only does service reliability and related quality remain a constant but also, that our regulated utility business model is designed to help mitigate the short-term financial challenges resulting from aberrations such as abnormal weather and a difficult economy. To mitigate rising unit costs in power, fuel and chemicals and other related operating costs, and to recover $39.0 million of investments in infrastructure in the past two years, Middlesex Water filed a request for rate relief with the New Jersey Board of Public Utilities in August for an overall increase of approximately $15.1 million over current revenues. We continue to develop opportunities for profitable growth and to carefully manage our costs as we work through the various challenges and opportunities."
Net income declined from $4.7 million to $4.0 million. Diluted earnings per share decreased to $0.29 for the three months ended September 30, 2009, compared to $0.35 for the same period in 2008.
Operation and maintenance expenses for the three months ended September 30, 2009 increased $0.7 million or 5.7%. Labor costs increased $0.3 million due to increases in wages and resources necessary to meet the growing needs of our Delaware service territory. Despite lower water production due to unfavorable weather patterns and economic conditions, costs for chemicals and residual disposals rose $0.4 million over the same period in 2008. This was attributable to unit cost rate increases and significant rainfall which necessitated more water treatment.
Nine Month Operating Results
Operating revenues for the nine months ended September 30, 2009 decreased $0.4 million or less than 1.0% from the same period in 2008. Operation and maintenance expenses increased $2.8 million or 7.7%. Net income decreased $2.1 million or 19.9%. Diluted earnings per share decreased to $0.60 for the nine months ended September 30, 2009 compared to $0.75 for the same period in 2008.
Board Increases Quarterly Dividend
The Company's Board of Directors approved an increase in the Company's quarterly cash dividend to $0.1800 from $0.1775. The new dividend rate is payable December 1, 2009 to shareholders of record as of November 13, 2009. This dividend increase raises the annual dividend to $0.72 from $0.71 per share of common stock.
About Middlesex Water Company
Middlesex Water Company, organized in 1897, provides regulated and unregulated water and wastewater utility services in New Jersey and Delaware through various subsidiary companies. For additional information regarding Middlesex Water Company including information about the Company's newly amended Dividend Reinvestment and Common Stock Purchase Plan, visit the Company's Web site at www.middlesexwater.com or call (732) 634-1500.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, our long-term strategy and expectations, the status of our acquisition program, the impact of our acquisitions, the impact of current and projected rate requests and the impact of our capital program on our environmental compliance. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives and other factors discussed in our filings with the Securities and Exchange Commission.
*financial tables and full release visit www.middlesexwater.com
Research water stocks at Investorideas.com and Water-stocks.com
Water Stocks Directory
Visit our Water Stocks Directory - Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Thursday, October 22, 2009
Dr Oz on drinking water -
http://www.doctoroz.com/videos/dont-drink-water
Living in the US we are not accustomed to worrying about the safety of the water coming out of our taps. That's because state and federal standards are in place that help safeguard public drinking water. Still, while the US is among the safest water in the world, tainted water can enter our bodies when we drink, bathe, cook, launder and play – sometimes with catastrophic consequences. Life-threatening illness and birth defects can sometimes be traced back to contaminated drinking water, but mild diseases such as gastrointestinal upset, diarrhea, rashes, allergies and tooth wear can also be caused by toxins in our water.
In 1974 Congress passed the Clean Water Act, which regulates the nation's public drinking water. The US Environmental Protection Agency (EPA) is charged with enforcing standards for contaminants in drinking water – making sure public water is treated and distributed by qualified operators and that pollutant-specific tests are performed regularly. Water suppliers are then required to issue to their customers an annual water quality report or consumer confidence report (CCR) that indicates what contaminants have been detected and how those levels compare to drinking water standards. They are also required to notify the general public if water isn't fit for human consumption.
While this system is protective, it is not perfect and contamination happens. Nearly 10 percent of water systems fail to meet EPA's standards for tap water quality. That is a cause for concern for all Americans.
Cruising for Contaminants
Contamination can occur at the source and anywhere down the pipe ending at our faucets: the watershed, reservoirs, main pipes, wells, storage tanks and plumbing. Some contamination comes about naturally, while others are knowingly and unintentionally inserted by man.
Examples of Contaminants:
· Microorganisms such as bacteria, viruses and parasites
· Inorganic materials such as salts and metals (arsenic, lead, mercury)
· Organic materials such as synthetic and volatile chemicals (methane, solvents, pesticides and herbicides)
· Industrial waste
· Agricultural waste such as livestock feces
· Sewage
· Pharmaceuticals
· Radioactive substances
Most contaminants have no smell, color or taste so you may not be able to detect a problem if you have one and water can taste different from place to place. Still, there are some conditions or activities that can signal a concern.
Here are some signs your water may not be right:
· Water that has an objectionable or unusual smell, taste or appearance
· Recurrent intestinal or other health problems particular if they are clustered in households or neighborhoods
· Old lead pipes
· Nearby livestock, agricultural crops, toxic dumps
· Stained sinks, tubs and laundry
· Indoor radon gas
· Poorly lathering soaps, shampoos and detergents
· Rapidly corroded water treatment supplies
Visit the water stocks directory at Investorideas.com and Water-stocks.com
Living in the US we are not accustomed to worrying about the safety of the water coming out of our taps. That's because state and federal standards are in place that help safeguard public drinking water. Still, while the US is among the safest water in the world, tainted water can enter our bodies when we drink, bathe, cook, launder and play – sometimes with catastrophic consequences. Life-threatening illness and birth defects can sometimes be traced back to contaminated drinking water, but mild diseases such as gastrointestinal upset, diarrhea, rashes, allergies and tooth wear can also be caused by toxins in our water.
In 1974 Congress passed the Clean Water Act, which regulates the nation's public drinking water. The US Environmental Protection Agency (EPA) is charged with enforcing standards for contaminants in drinking water – making sure public water is treated and distributed by qualified operators and that pollutant-specific tests are performed regularly. Water suppliers are then required to issue to their customers an annual water quality report or consumer confidence report (CCR) that indicates what contaminants have been detected and how those levels compare to drinking water standards. They are also required to notify the general public if water isn't fit for human consumption.
While this system is protective, it is not perfect and contamination happens. Nearly 10 percent of water systems fail to meet EPA's standards for tap water quality. That is a cause for concern for all Americans.
Cruising for Contaminants
Contamination can occur at the source and anywhere down the pipe ending at our faucets: the watershed, reservoirs, main pipes, wells, storage tanks and plumbing. Some contamination comes about naturally, while others are knowingly and unintentionally inserted by man.
Examples of Contaminants:
· Microorganisms such as bacteria, viruses and parasites
· Inorganic materials such as salts and metals (arsenic, lead, mercury)
· Organic materials such as synthetic and volatile chemicals (methane, solvents, pesticides and herbicides)
· Industrial waste
· Agricultural waste such as livestock feces
· Sewage
· Pharmaceuticals
· Radioactive substances
Most contaminants have no smell, color or taste so you may not be able to detect a problem if you have one and water can taste different from place to place. Still, there are some conditions or activities that can signal a concern.
Here are some signs your water may not be right:
· Water that has an objectionable or unusual smell, taste or appearance
· Recurrent intestinal or other health problems particular if they are clustered in households or neighborhoods
· Old lead pipes
· Nearby livestock, agricultural crops, toxic dumps
· Stained sinks, tubs and laundry
· Indoor radon gas
· Poorly lathering soaps, shampoos and detergents
· Rapidly corroded water treatment supplies
Visit the water stocks directory at Investorideas.com and Water-stocks.com
Tuesday, October 20, 2009
Water Stocks News - Pentair (NYSE:PNR) Reports Third Quarter Net Income Per Share from Continuing Operations of $0.38; Adjusted EPS of $0.42
Water Stocks News - Pentair (NYSE:PNR) Reports Third Quarter Net Income Per Share from Continuing Operations of $0.38; Adjusted EPS of $0.42
•Reports third quarter sales of $663 million, down 23 percent year-over-year. •Delivers $103 million of free cash flow; Year to date free cash flow at $202 million •Operating margins in Water Group increase year over year; Technical Products adjusted operating margins over 14 percent •Introduces fourth quarter adjusted EPS guidance of $0.40 to $0.44 and updates full year adjusted EPS guidance of $1.40 to $1.44. All financial information and period-to-period references are on a continuing operations basis unless otherwise noted. Reconciliations to discontinued operations as well as GAAP and Non-GAAP reconciliations are in the attached financial tables.
MINNEAPOLIS-- October 20 2009 -Pentair, Inc. (NYSE:PNR) today announced third quarter 2009 net earnings per diluted share from continuing operations (EPS) of $0.38. This represents a decrease of 12 percent as compared to the $0.43 of EPS in the third quarter last year. Current period results included a negative $0.04 per share impact from restructuring charges. Adjusting for these items, third quarter 2009 EPS was $0.42, compared to adjusted third quarter 2008 EPS of $0.56, a decrease of 25 percent.
Total company sales decreased 23 percent to $663 million, compared with $856 million in the third quarter of 2008. The company delivered third quarter operating income of $67 million. On an adjusted basis, the company delivered operating income of $74 million versus $101 million in the year-ago quarter. The company’s adjusted operating income in the current quarter excluded the impact of additional severance charges associated with the third quarter elimination of 275 positions not included in prior restructuring. Overall, adjusted operating margins for the third quarter contracted 60 basis points to 11.2 percent. The positive impact from productivity and price did not offset the significant negative impact related to lower volumes.
Total company free cash flow was positive $103 million for the quarter. Year-to-date the company has generated $202 million of free cash flow, which is $95 million more than was generated in the first three quarters of 2008. The company said it remains on track to achieve free cash flow greater than $225 million for 2009.
“We continue to benefit from our cost actions and remain committed to our full year outlook. Additionally, with our strong free cash flow generation and the investments we have maintained in product innovation and sales and marketing we believe the company remains in an excellent position to benefit as markets recover,” said Randall J. Hogan, Pentair chairman and chief executive officer.
THIRD QUARTER BUSINESS HIGHLIGHTS
The Water Group delivered $462 million in sales, a 17 percent decline year-over-year. Sales were down 16 percent excluding foreign exchange.
•Flow Technologies sales were down 14 percent versus the year-ago quarter, as growth in the company’s global municipal market did not offset declines in commercial, industrial and residential markets. •Filtration sales were down 21 percent as sales to global residential, commercial and industrial markets continue to reflect inventory destocking and overall market softness. •Global Pool sales were down 16 percent as the prolonged decline in North American residential pool markets persists. The Water Group’s third quarter reported operating income totaled $53 million, up 7 percent as compared to $50 million in the same period last year. In the quarter, the Water Group had $3 million in pre-tax restructuring charges associated with severance from recently announced additional headcount reductions. Excluding these items, third quarter 2009 adjusted operating income was $56 million, down 12 percent versus third quarter 2008 adjusted operating income of $63 million. Adjusted operating margins of 12.1 percent were up 80 basis points as benefits from productivity more than offset the negative impact from volume declines, inflation, and pay-as-you-go restructuring costs.
Technical Products delivered third quarter 2009 sales of $201 million, a decrease of 32 percent versus the year-earlier period. Sales were down 31 percent excluding the impact of foreign exchange.
•Global Electrical sales were down 29 percent as industrial customers continue to reduce capital projects and distributors aggressively reduced inventory levels. •Global Electronic sales were down 34 percent as each of our major vertical markets contracted. Technical Products’ third quarter reported operating income totaled $24 million, down 49 percent compared to $48 million in the same quarter last year. Adjusting for a restructuring charge, operating income was $29 million. Adjusted operating margins were 14.4 percent, down 180 basis points versus the third quarter 2008. In the quarter, the benefits from productivity did not offset the negative impact from volume declines and foreign exchange.
“Overall, our third quarter results were solid given the recessionary environment. The results of our productivity actions were reflected in our Water business adjusted margins which expanded 80 basis points year over year despite a 17 percent sales decline,” said Randall J. Hogan, Pentair chairman and chief executive officer. “Additionally, our Technical Products business produced adjusted margins of over 14 percent despite sales declines of 32 percent, which were worse than anticipated and reflected declines in most major end markets.”
OUTLOOK
The company introduces its fourth quarter reported 2009 EPS guidance range of $0.37 to $0.41 which would be up when compared to fourth quarter 2008 reported EPS of $0.22. Adjusting for non-recurring items in both years (see attached reconciliation table) fourth quarter adjusted EPS is expected to be $0.40 to $0.44 or essentially flat with the year ago quarter. Fourth quarter sales are expected to be down approximately 14 percent.
The company updates its full year reported 2009 EPS guidance to $1.25 to $1.29, which would be down approximately 50 percent when compared to reported full year 2008 EPS. Adjusting for non-recurring items in both years full year adjusted 2009 EPS is expected to be $1.40 to $1.44 or down approximately 35 percent year over year. The company continues to anticipate future non-recurring gains from certain tax items but the timing is uncertain so these items are not included in the current full year reported EPS guidance.
“As anticipated, the benefits of our cost actions are rapidly improving our operating margins and earnings,” said Hogan. “Our fourth quarter EPS guidance demonstrates the results of our structural cost savings as we expect earnings to be flat year over year with higher operating margins despite anticipated sales declines.”
“We continue to position the company for market recovery, which we are seeing in some select markets and regions, and expect our operating margins and earnings growth will demonstrate that much of what we’ve accomplished in 2009 is sustainable,” Hogan added.
EARNINGS CONFERENCE CALL
Pentair Chairman and CEO Randall J. Hogan and Chief Financial Officer John L. Stauch will discuss the company’s performance and fourth quarter and full year 2009 guidance on a two-way conference call with investors and a live audio webcast at 9 a.m. Eastern today. Reconciliation of non-GAAP financial measures are set forth in the attachments to this third quarter 2009 earnings release and in the third quarter 2009 earning release conference call presentation, both of which can be found at Pentair’s web site (www.pentair.com). Related financial charts and certain other information to be discussed on the conference call will be available on the company’s website shortly before the conference call. The web cast and presentation will be archived at the same site following the conclusion of the conference call.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Any statements made about the company’s anticipated financial results are forward-looking statements subject to risks and uncertainties such as the breadth and severity of the global economic downturn; the strength of housing and related markets; the ability to implement our restructuring and other cost reduction plans successfully and the risk that expected benefits may not be fully realized or may take longer to realize than expected; foreign currency effects; retail, commercial and industrial demand; product introductions; and pricing and other competitive pressures, as well as other risk factors set forth in our SEC filings. Forward-looking statements included herein are made as of the date hereof, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.
ABOUT PENTAIR, INC.
Pentair (www.pentair.com) is a diversified operating company headquartered in Minnesota. Its Water Group is a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. Pentair’s Technical Products Group is a leader in the global enclosures and thermal management markets, designing and manufacturing thermal management products and standard, modified, and custom enclosures that house and protect sensitive electronics and electrical components. With 2008 revenues of $3.35 billion, Pentair employs approximately 13,100 people worldwide.
For financial tables see company news at www.pentair.com
Published at www.Water-Stocks.com, a portal within the InvestorIdeas.com content umbrella, offers investors research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.Research more global water stocks at the water Stocks Directory, one of the largest water stock directories online - full access available to Investor Ideas Members.
•Reports third quarter sales of $663 million, down 23 percent year-over-year. •Delivers $103 million of free cash flow; Year to date free cash flow at $202 million •Operating margins in Water Group increase year over year; Technical Products adjusted operating margins over 14 percent •Introduces fourth quarter adjusted EPS guidance of $0.40 to $0.44 and updates full year adjusted EPS guidance of $1.40 to $1.44. All financial information and period-to-period references are on a continuing operations basis unless otherwise noted. Reconciliations to discontinued operations as well as GAAP and Non-GAAP reconciliations are in the attached financial tables.
MINNEAPOLIS-- October 20 2009 -Pentair, Inc. (NYSE:PNR) today announced third quarter 2009 net earnings per diluted share from continuing operations (EPS) of $0.38. This represents a decrease of 12 percent as compared to the $0.43 of EPS in the third quarter last year. Current period results included a negative $0.04 per share impact from restructuring charges. Adjusting for these items, third quarter 2009 EPS was $0.42, compared to adjusted third quarter 2008 EPS of $0.56, a decrease of 25 percent.
Total company sales decreased 23 percent to $663 million, compared with $856 million in the third quarter of 2008. The company delivered third quarter operating income of $67 million. On an adjusted basis, the company delivered operating income of $74 million versus $101 million in the year-ago quarter. The company’s adjusted operating income in the current quarter excluded the impact of additional severance charges associated with the third quarter elimination of 275 positions not included in prior restructuring. Overall, adjusted operating margins for the third quarter contracted 60 basis points to 11.2 percent. The positive impact from productivity and price did not offset the significant negative impact related to lower volumes.
Total company free cash flow was positive $103 million for the quarter. Year-to-date the company has generated $202 million of free cash flow, which is $95 million more than was generated in the first three quarters of 2008. The company said it remains on track to achieve free cash flow greater than $225 million for 2009.
“We continue to benefit from our cost actions and remain committed to our full year outlook. Additionally, with our strong free cash flow generation and the investments we have maintained in product innovation and sales and marketing we believe the company remains in an excellent position to benefit as markets recover,” said Randall J. Hogan, Pentair chairman and chief executive officer.
THIRD QUARTER BUSINESS HIGHLIGHTS
The Water Group delivered $462 million in sales, a 17 percent decline year-over-year. Sales were down 16 percent excluding foreign exchange.
•Flow Technologies sales were down 14 percent versus the year-ago quarter, as growth in the company’s global municipal market did not offset declines in commercial, industrial and residential markets. •Filtration sales were down 21 percent as sales to global residential, commercial and industrial markets continue to reflect inventory destocking and overall market softness. •Global Pool sales were down 16 percent as the prolonged decline in North American residential pool markets persists. The Water Group’s third quarter reported operating income totaled $53 million, up 7 percent as compared to $50 million in the same period last year. In the quarter, the Water Group had $3 million in pre-tax restructuring charges associated with severance from recently announced additional headcount reductions. Excluding these items, third quarter 2009 adjusted operating income was $56 million, down 12 percent versus third quarter 2008 adjusted operating income of $63 million. Adjusted operating margins of 12.1 percent were up 80 basis points as benefits from productivity more than offset the negative impact from volume declines, inflation, and pay-as-you-go restructuring costs.
Technical Products delivered third quarter 2009 sales of $201 million, a decrease of 32 percent versus the year-earlier period. Sales were down 31 percent excluding the impact of foreign exchange.
•Global Electrical sales were down 29 percent as industrial customers continue to reduce capital projects and distributors aggressively reduced inventory levels. •Global Electronic sales were down 34 percent as each of our major vertical markets contracted. Technical Products’ third quarter reported operating income totaled $24 million, down 49 percent compared to $48 million in the same quarter last year. Adjusting for a restructuring charge, operating income was $29 million. Adjusted operating margins were 14.4 percent, down 180 basis points versus the third quarter 2008. In the quarter, the benefits from productivity did not offset the negative impact from volume declines and foreign exchange.
“Overall, our third quarter results were solid given the recessionary environment. The results of our productivity actions were reflected in our Water business adjusted margins which expanded 80 basis points year over year despite a 17 percent sales decline,” said Randall J. Hogan, Pentair chairman and chief executive officer. “Additionally, our Technical Products business produced adjusted margins of over 14 percent despite sales declines of 32 percent, which were worse than anticipated and reflected declines in most major end markets.”
OUTLOOK
The company introduces its fourth quarter reported 2009 EPS guidance range of $0.37 to $0.41 which would be up when compared to fourth quarter 2008 reported EPS of $0.22. Adjusting for non-recurring items in both years (see attached reconciliation table) fourth quarter adjusted EPS is expected to be $0.40 to $0.44 or essentially flat with the year ago quarter. Fourth quarter sales are expected to be down approximately 14 percent.
The company updates its full year reported 2009 EPS guidance to $1.25 to $1.29, which would be down approximately 50 percent when compared to reported full year 2008 EPS. Adjusting for non-recurring items in both years full year adjusted 2009 EPS is expected to be $1.40 to $1.44 or down approximately 35 percent year over year. The company continues to anticipate future non-recurring gains from certain tax items but the timing is uncertain so these items are not included in the current full year reported EPS guidance.
“As anticipated, the benefits of our cost actions are rapidly improving our operating margins and earnings,” said Hogan. “Our fourth quarter EPS guidance demonstrates the results of our structural cost savings as we expect earnings to be flat year over year with higher operating margins despite anticipated sales declines.”
“We continue to position the company for market recovery, which we are seeing in some select markets and regions, and expect our operating margins and earnings growth will demonstrate that much of what we’ve accomplished in 2009 is sustainable,” Hogan added.
EARNINGS CONFERENCE CALL
Pentair Chairman and CEO Randall J. Hogan and Chief Financial Officer John L. Stauch will discuss the company’s performance and fourth quarter and full year 2009 guidance on a two-way conference call with investors and a live audio webcast at 9 a.m. Eastern today. Reconciliation of non-GAAP financial measures are set forth in the attachments to this third quarter 2009 earnings release and in the third quarter 2009 earning release conference call presentation, both of which can be found at Pentair’s web site (www.pentair.com). Related financial charts and certain other information to be discussed on the conference call will be available on the company’s website shortly before the conference call. The web cast and presentation will be archived at the same site following the conclusion of the conference call.
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Any statements made about the company’s anticipated financial results are forward-looking statements subject to risks and uncertainties such as the breadth and severity of the global economic downturn; the strength of housing and related markets; the ability to implement our restructuring and other cost reduction plans successfully and the risk that expected benefits may not be fully realized or may take longer to realize than expected; foreign currency effects; retail, commercial and industrial demand; product introductions; and pricing and other competitive pressures, as well as other risk factors set forth in our SEC filings. Forward-looking statements included herein are made as of the date hereof, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.
ABOUT PENTAIR, INC.
Pentair (www.pentair.com) is a diversified operating company headquartered in Minnesota. Its Water Group is a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. Pentair’s Technical Products Group is a leader in the global enclosures and thermal management markets, designing and manufacturing thermal management products and standard, modified, and custom enclosures that house and protect sensitive electronics and electrical components. With 2008 revenues of $3.35 billion, Pentair employs approximately 13,100 people worldwide.
For financial tables see company news at www.pentair.com
Published at www.Water-Stocks.com, a portal within the InvestorIdeas.com content umbrella, offers investors research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.Research more global water stocks at the water Stocks Directory, one of the largest water stock directories online - full access available to Investor Ideas Members.
Monday, October 19, 2009
Water News - Bunker Hill Capital Partners with Senior Executive from Water Industry
Water News - Bunker Hill Capital Partners with Senior Executive from Water Industry
BOSTON---Bunker Hill Capital announced today that it has partnered with Donald W. Borden Jr. to assist in the identification and acquisition of companies in the water and wastewater industry. This operating partner relationship provides Bunker Hill Capital with a seasoned senior executive who has extensive experience in the water and wastewater industry including a deep network of market contacts.
Prior to partnering with Bunker Hill Capital, Mr. Borden served as the President of Crane Environmental, a division of the $2.3 billion publicly-traded Crane Co. While at Crane Co., Mr. Borden managed the water treatment group which included two major industrial product lines, and he oversaw product manufacturing at two of the Company’s production facilities. Mr. Borden’s division experienced significant growth due to the successful implementation of lean enterprise and six sigma techniques which required the development of a unique one-piece-flow system, reduction in lead times on large reverse osmosis product units and significant improvement in both on-time delivery and product quality. Through a direct sales model and by providing the highest quality reverse osmosis products, Mr. Borden’s division grew at a double-digit rate for over five years. Mr. Borden stated, “I decided to join forces with Bunker Hill Capital in order to capitalize on the numerous and exciting investment opportunities in the water and wastewater sector. My operating background and water industry experience should complement Bunker Hill Capital’s proven investment approach and strategic market assessment. As a result, I am enthusiastic about working with Bunker Hill Capital to target new investments in the water and wastewater industry.”
Bunker Hill Capital identified the water and wastewater industry as an attractive area for investment after extensive due diligence on the industry. Mark DeBlois, a Managing Partner at Bunker Hill Capital, said, “We periodically select industry sectors that are fragmented and forecasted to experience exceptional growth rates such as the water and wastewater sector. Our collaboration with an exceptional C-level executive like Don Borden, including his strong network of contacts, makes for a compelling consolidation strategy.”
Rufus Clark, also a Managing Partner at Bunker Hill Capital, added, “We are very pleased to have Don on board and believe his deep industry experience will greatly assist us in our proactive investment approach within this sector. We believe that sub-sector fragmentation, the product replacement cycle, government support for improved infrastructure and long-term demand for increased efficiencies will continue to create exceptional investment opportunities in this industry.”
About Bunker Hill Capital, L.P.
Bunker Hill Capital is a private equity firm that makes investments in lower middle market companies with enterprise values up to $150 million. The principals of Bunker Hill Capital have invested over $400 million in 29 transactions and target opportunities across four industry sectors, including industrial products, business services, consumer products and specialty retail. Bunker Hill Capital’s portfolio company investments include California Family Fitness, the leading owner and operator of fitness centers in the greater Sacramento, CA area; Papa Gino’s/D’Angelo, a dominant quick-service restaurant operator in New England; Smith & Wollensky, a premier steakhouse concept in the United States; and /n Spro, a leading Canadian provider of functional consulting services focused on SAP AG software solution architecture and configuration. For additional information on Bunker Hill Capital, please go to www.bunkerhillcapital.com.
Published at www.Water-Stocks.com, a portal within the InvestorIdeas.com content umbrella, offers investors research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.
Research global water stocks at the Water Stocks Directory
Visit the Investorideas.com Marketplace for water opportunities for business and investors
BOSTON---Bunker Hill Capital announced today that it has partnered with Donald W. Borden Jr. to assist in the identification and acquisition of companies in the water and wastewater industry. This operating partner relationship provides Bunker Hill Capital with a seasoned senior executive who has extensive experience in the water and wastewater industry including a deep network of market contacts.
Prior to partnering with Bunker Hill Capital, Mr. Borden served as the President of Crane Environmental, a division of the $2.3 billion publicly-traded Crane Co. While at Crane Co., Mr. Borden managed the water treatment group which included two major industrial product lines, and he oversaw product manufacturing at two of the Company’s production facilities. Mr. Borden’s division experienced significant growth due to the successful implementation of lean enterprise and six sigma techniques which required the development of a unique one-piece-flow system, reduction in lead times on large reverse osmosis product units and significant improvement in both on-time delivery and product quality. Through a direct sales model and by providing the highest quality reverse osmosis products, Mr. Borden’s division grew at a double-digit rate for over five years. Mr. Borden stated, “I decided to join forces with Bunker Hill Capital in order to capitalize on the numerous and exciting investment opportunities in the water and wastewater sector. My operating background and water industry experience should complement Bunker Hill Capital’s proven investment approach and strategic market assessment. As a result, I am enthusiastic about working with Bunker Hill Capital to target new investments in the water and wastewater industry.”
Bunker Hill Capital identified the water and wastewater industry as an attractive area for investment after extensive due diligence on the industry. Mark DeBlois, a Managing Partner at Bunker Hill Capital, said, “We periodically select industry sectors that are fragmented and forecasted to experience exceptional growth rates such as the water and wastewater sector. Our collaboration with an exceptional C-level executive like Don Borden, including his strong network of contacts, makes for a compelling consolidation strategy.”
Rufus Clark, also a Managing Partner at Bunker Hill Capital, added, “We are very pleased to have Don on board and believe his deep industry experience will greatly assist us in our proactive investment approach within this sector. We believe that sub-sector fragmentation, the product replacement cycle, government support for improved infrastructure and long-term demand for increased efficiencies will continue to create exceptional investment opportunities in this industry.”
About Bunker Hill Capital, L.P.
Bunker Hill Capital is a private equity firm that makes investments in lower middle market companies with enterprise values up to $150 million. The principals of Bunker Hill Capital have invested over $400 million in 29 transactions and target opportunities across four industry sectors, including industrial products, business services, consumer products and specialty retail. Bunker Hill Capital’s portfolio company investments include California Family Fitness, the leading owner and operator of fitness centers in the greater Sacramento, CA area; Papa Gino’s/D’Angelo, a dominant quick-service restaurant operator in New England; Smith & Wollensky, a premier steakhouse concept in the United States; and /n Spro, a leading Canadian provider of functional consulting services focused on SAP AG software solution architecture and configuration. For additional information on Bunker Hill Capital, please go to www.bunkerhillcapital.com.
Published at www.Water-Stocks.com, a portal within the InvestorIdeas.com content umbrella, offers investors research tools, news, Blogs, online conferences, Podcasts , interviews and a directory of public companies within the water sector .The water-stocks content hub has created a global marketplace and meeting place for investors, public companies, industry buyers and sellers of water technology, services and water assets.
Research global water stocks at the Water Stocks Directory
Visit the Investorideas.com Marketplace for water opportunities for business and investors
Sunday, October 18, 2009
Updating home page of www.water-stocks.com
Next week we will be updating the look and feel of the www.water-stocks.com home page to better direct investors
Water-Stocks.com : Investor Research for Water Stocks, Water industry News and Research Tools including our water stocks directory
Showcase water companies – be a top water company
WESCORP ENERGY INC (OTCBB: WSCE)- water remediation for oil and gas industry Corporate profile, news and info Website: http://www.wescorpenergy.com/
PFW WATER FUND
Visit our Water Industry Perspective by Neil Berlant
Fund Manager of the PFW Water Fund : PFW Water A (PFWAX)
Water Stocks Directory
Visit our Water Stocks Directory - Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investorideas.com and Water-stocks.com Water Stocks Index
Water Stocks Index
Published at http://www.investinwhoyouare.com/*Based stocks from the Investorideas.com water stocks directoryComponents: AMERON INTL INC, AMERICAN WTR WKS CO INC NEW, AMERICAN STS WTR CO, AQUA AMERICA INC, ITT CORP NEW, MIDDLESEX WATER CO, PENTAIR INC, WATTS WATER TECHNOLOGIES INC, WESCORP ENERGY INC
Top Water News Story
Water Stocks Sector Close-Up on Publicly Traded Water Stocks from the Investorideas.com Water Stocks Index
Water and Cleantech News
Water Stocks News - Skinny Water Now Available at All Fairway Market Locations in New York and New Jersey
Water Stocks Marketplace update for Investing In Water Companies for Accredited Investors
Water Stocks News - Ocean Power Technologies (Nasdaq: OPTT) Signs Agreement for Development of Wave Power Station in Japan
More Water Stocks News – Go
Water and Cleantech Commentary
Water Industry Perspective by Neil Berlant
Investing in Water Podcasts – Interviews with Industry experts including Neil Berlant
Water-Stocks.com : Investor Research for Water Stocks, Water industry News and Research Tools including our water stocks directory
Showcase water companies – be a top water company
WESCORP ENERGY INC (OTCBB: WSCE)- water remediation for oil and gas industry Corporate profile, news and info Website: http://www.wescorpenergy.com/
PFW WATER FUND
Visit our Water Industry Perspective by Neil Berlant
Fund Manager of the PFW Water Fund : PFW Water A (PFWAX)
Water Stocks Directory
Visit our Water Stocks Directory - Listed Water Companies on TSX, TSX Venture, OTC, NASDAQ, AMEX, NYSE, ASX, AIM and other leading Stock Exchanges.
Investorideas.com and Water-stocks.com Water Stocks Index
Water Stocks Index
Published at http://www.investinwhoyouare.com/*Based stocks from the Investorideas.com water stocks directoryComponents: AMERON INTL INC, AMERICAN WTR WKS CO INC NEW, AMERICAN STS WTR CO, AQUA AMERICA INC, ITT CORP NEW, MIDDLESEX WATER CO, PENTAIR INC, WATTS WATER TECHNOLOGIES INC, WESCORP ENERGY INC
Top Water News Story
Water Stocks Sector Close-Up on Publicly Traded Water Stocks from the Investorideas.com Water Stocks Index
Water and Cleantech News
Water Stocks News - Skinny Water Now Available at All Fairway Market Locations in New York and New Jersey
Water Stocks Marketplace update for Investing In Water Companies for Accredited Investors
Water Stocks News - Ocean Power Technologies (Nasdaq: OPTT) Signs Agreement for Development of Wave Power Station in Japan
More Water Stocks News – Go
Water and Cleantech Commentary
Water Industry Perspective by Neil Berlant
Investing in Water Podcasts – Interviews with Industry experts including Neil Berlant
Tuesday, October 13, 2009
Water Stocks News - Skinny Water Now Available at All Fairway Market Locations in New York and New Jersey
Water Stocks News - Skinny Water Now Available at All Fairway Market Locations in New York and New Jersey
BALA CYNWYD, Pa- Skinny Nutritional Corp. (OTC BB:SKNY), the maker of Skinny Water® and a leader in the zero-calorie enhanced water category, announced today that Skinny Water is now available at all Fairway Market grocery stores.
Servicing the residents of New York and New Jersey since the 1940s, Fairway Market transformed from a fruit and vegetable grocery store into a “high-end, low price specialty store.” This transformation is attributed to each previous generation’s determination to cultivate the vision of offering the best grocery selection in a warm, friendly atmosphere.
Besides being a fixture in the communities they serve, one of Fairway Market’s many accolades include being recognized by Specialty Food Magazine as one of the country’s ‘Six Outstanding Specialty Food Retailers’ as well as ‘Consumer Deal of the Year’ by M & A Magazine.
The Skinny Water® lineup features six great-tasting flavors, including Acai Grape Blueberry (Hi-Energy), Raspberry Pomegranate (Crave Control), Goji Fruit Punch (Shape), Lemonade Passionfruit (Total-V), Peach Mango Mandarin (XXX-Detox), and introducing Orange Cranberry Tangerine (Wake Up). Every bottle of Skinny Water® has calcium, potassium, and EGCG and has zero calories, sugar, sodium, no preservatives, and all natural colors and flavors.
ABOUT SKINNY NUTRITIONAL CORP. Headquartered in Bala Cynwyd, Pa., Skinny Nutritional Corp., the creators of Skinny Water®, a zero-calorie, zero-sugar, zero-sodium and zero-preservative enhanced water. Skinny Water comes in six great tasting flavors that include Acai Grape Blueberry, Goji Fruit Punch, Peach Mango Mandarin, Raspberry Pomegranate, Orange Cranberry Tangerine and Lemonade Passionfruit. Skinny Nutritional Corp. also expects to launch additional branded products, including Skinny Tea®, and other Skinny branded beverages. For more information, visit www.SkinnyWater.com.
ABOUT FAIRWAY MARKET With over 2000 current employees, Fairway Market currently has five locations throughout New York and New Jersey, with a highly-anticipated sixth store opening at the end of this year in Westchester County, NY, as well as a seventh location in Stamford, Connecticut, and an eighth in Douglaston, NY. For more information, please visit www.fairwaymarket.com.
SAFE HARBOR STATEMENT This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. When used in this release, the words "believe," "anticipate," "think," "intend," "plan," "will be," "expect," and similar expressions identify such forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the Company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Visit the water stocks directory at Investorideas.com and Water-stocks.com
BALA CYNWYD, Pa- Skinny Nutritional Corp. (OTC BB:SKNY), the maker of Skinny Water® and a leader in the zero-calorie enhanced water category, announced today that Skinny Water is now available at all Fairway Market grocery stores.
Servicing the residents of New York and New Jersey since the 1940s, Fairway Market transformed from a fruit and vegetable grocery store into a “high-end, low price specialty store.” This transformation is attributed to each previous generation’s determination to cultivate the vision of offering the best grocery selection in a warm, friendly atmosphere.
Besides being a fixture in the communities they serve, one of Fairway Market’s many accolades include being recognized by Specialty Food Magazine as one of the country’s ‘Six Outstanding Specialty Food Retailers’ as well as ‘Consumer Deal of the Year’ by M & A Magazine.
The Skinny Water® lineup features six great-tasting flavors, including Acai Grape Blueberry (Hi-Energy), Raspberry Pomegranate (Crave Control), Goji Fruit Punch (Shape), Lemonade Passionfruit (Total-V), Peach Mango Mandarin (XXX-Detox), and introducing Orange Cranberry Tangerine (Wake Up). Every bottle of Skinny Water® has calcium, potassium, and EGCG and has zero calories, sugar, sodium, no preservatives, and all natural colors and flavors.
ABOUT SKINNY NUTRITIONAL CORP. Headquartered in Bala Cynwyd, Pa., Skinny Nutritional Corp., the creators of Skinny Water®, a zero-calorie, zero-sugar, zero-sodium and zero-preservative enhanced water. Skinny Water comes in six great tasting flavors that include Acai Grape Blueberry, Goji Fruit Punch, Peach Mango Mandarin, Raspberry Pomegranate, Orange Cranberry Tangerine and Lemonade Passionfruit. Skinny Nutritional Corp. also expects to launch additional branded products, including Skinny Tea®, and other Skinny branded beverages. For more information, visit www.SkinnyWater.com.
ABOUT FAIRWAY MARKET With over 2000 current employees, Fairway Market currently has five locations throughout New York and New Jersey, with a highly-anticipated sixth store opening at the end of this year in Westchester County, NY, as well as a seventh location in Stamford, Connecticut, and an eighth in Douglaston, NY. For more information, please visit www.fairwaymarket.com.
SAFE HARBOR STATEMENT This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. When used in this release, the words "believe," "anticipate," "think," "intend," "plan," "will be," "expect," and similar expressions identify such forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, risks set forth in documents filed by the Company from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, the Company, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
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