Water Stocks; Pall Corporation (NYSE: PLL) Closes $375 Million Notes Offering
PORT WASHINGTON, N.Y.--(Investorideas.com water stocks newswire, www.water-stocks.com )
Pall Corporation (NYSE: PLL) today announced that it has completed the previously announced public offering of its $375 million aggregate principal amount of 5.00% Senior Notes due June 15, 2020.
Pall plans to use the net proceeds from this offering to redeem the $280 million aggregate principal amount of its outstanding 6% Senior Notes due 2012 and for general corporate purposes.
About The Offering
Banc of America Securities LLC and J.P. Morgan Securities Inc. are acting as joint bookrunning managers for the offering of notes.
About Pall Corporation
Pall Corporation (NYSE: PLL) is a filtration, separation and purification leader providing Total Fluid ManagementSM solutions to meet the critical needs of customers in biopharmaceutical; hospital, transfusion and veterinary medicine; energy and alternative energy; electronics; municipal and industrial water; aerospace; transportation and broad industrial markets. Together with our customers, we foster health, safety and environmentally responsible technologies. The company’s engineered solutions enable process and product innovation and minimize emissions and waste. Pall Corporation, with total revenues of $2.3 billion for fiscal 2009, is an S&P 500 company with more than 10,000 employees serving customers worldwide. Pall has been named a top “green company” by Newsweek magazine.
This news release shall not constitute an offer to sell or a solicitation to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made only by means of a prospectus and related prospectus supplement, which may be obtained by visiting the SEC’s website at www.sec.gov or by contacting Banc of America Securities LLC, 100 West 33rd Street, 3rd Floor, New York, NY 10001, Attention: Prospectus Department, telephone: 212-449-1668, or by contacting J.P. Morgan Securities Inc., collect at 212-834-4533.
Forward-Looking Statements
The matters discussed in this release contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those that address activities, events or developments that the Company or management intends, expects, projects, believes or anticipates will or may occur in the future. All statements regarding future performance, earnings projections, earnings guidance, management’s expectations about its future cash needs and effective tax rate, and other future events or developments are forward-looking statements. Forward-looking statements are those that use terms such as "may," "will," "expect," "believe," "intend," "should," "could," "anticipate," "estimate," "forecast," "project," "plan," "predict," "potential" and similar expressions. Forward-looking statements contained in this and other written and oral reports are based on management’s assumptions and assessments in the light of past experience and trends, current conditions, expected future developments and other relevant factors. They are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements. Our forward-looking statements are also subject to risks and uncertainties, which can affect our performance in both the near- and long-term and cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those discussed in Part I, Item 1A, “Risk Factors” in the 2009 Form 10-K, and other reports the Company files with the Securities and Exchange Commission, including the effect of litigation and regulatory inquiries associated with the restatement of our prior period financial statements; our ability to successfully complete our business improvement initiatives, which include integrating and upgrading our information systems, and the effect of a serious disruption in our information systems; the impact of legislative, regulatory and political developments globally and the impact of the uncertain global economic environment and the timing and strength of a recovery in the markets and regions we serve, and the extent to which adverse economic conditions may affect our sales volume and results; demand for our products and business relationships with key customers and suppliers, which may be impacted by their cash flow and payment practices, as well as delays or cancellations in shipments; volatility in foreign currency exchange rates, interest rates and energy costs and other macro economic challenges currently affecting us; changes in product mix, market mix and product pricing, particularly relating to the expansion of the systems business; increase in costs of manufacturing and operating costs; our ability to obtain regulatory approval or market acceptance of new technologies, enforce patents and protect proprietary products and manufacturing techniques; fluctuations in our effective tax rate; our ability to successfully complete or integrate any acquisitions; the impact of pricing and other actions by competitors; and our ability to achieve the savings anticipated from cost reduction and gross margin improvement initiatives. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company makes these statements as of the date of this disclosure and undertakes no obligation to update them, whether as a result of new information, future developments or otherwise.
__________________________________________________________________
More water stocks info and water stocks research: Visit the water stocks directory at Investorideas.com and www.water-stocks.com to research publicly traded water companies, listed on global stock exchanges : http://www.investorideas.com/Water-Stocks/Stock_List.asp
Saturday, June 19, 2010
Thursday, June 17, 2010
Water Stocks News; Ecosphere Technologies (OTCBB:ESPH) Files Patent to Raise BP Oil to Surface
Water Stocks News; Ecosphere Technologies (OTCBB:ESPH) Files Patent to Raise BP Oil to Surface
Environmentally Friendly Process Can Replace Chemical Dispersants
STUART, Fla., as relesaed June 14th (Investorideas.com water stocks newswire ) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering and environmental services company, is pleased to announce that it has filed a new patent based on its patented Ozonix technology to help BP and other energy exploration companies recover oil during a deepwater spill. This new process is known as the Ecosphere Deepwater Oil Recovery Process. Click the following link to view a PowerPoint presentation on the process:
http://ir.stockpr.com/ecospheretech/industry-presentations
Sanjeev Jakhete, Senior V.P. Of Engineering, stated, "Based on our past project experience Ecosphere is confident to be able to offer our Ozonix Technology with nano bubbles as a chemical free solution to the Gulf oil disaster. The Ozonix Deepwater Oil Recovery Process will aid in raising oil to the surface with the help of millions of nano bubbles thus reducing the release of toxic elements to the sea water."
John Ely of Ely and Associates commented, "I have been very involved with Ecosphere Technologies for the past 2 years. My stimulation company has pumped the Ozonix fluid on frac jobs and I have witnessed the Ozonix technology eliminate the use of biocide for major energy companies. This Deepwater Oil Recovery Process is a great application of the Ozonix technology to help BP. Any time we can reduce chemicals in our business and protect the environment we need to."
Ecosphere also announced that it has recently received approval from the U.S. Patent Office for its third patent this year for its Ozonix technology.
Make sure you are first to receive timely information on Ecosphere Technologies when it hits the newswire. Sign up for Ecosphere's email news alert system today at: http://www.ESPH-IR.com.
About Ecosphere Technologies:
Ecosphere Technologies, Inc. (OTCBB:ESPH - News) is a diversified water engineering and environmental services company. The Company provides environmental services and technologies for use in large-scale and sustainable applications across industries, nations and ecosystems.
For more information, please visit: http://www.ecospheretech.com/.
More water stocks info and water stocks research: Visit the water stocks directory at Investorideas.com and www.water-stocks.com to research publicly traded water companies, listed on global stock exchanges : http://www.investorideas.com/Water-Stocks/Stock_List.asp
Environmentally Friendly Process Can Replace Chemical Dispersants
STUART, Fla., as relesaed June 14th (Investorideas.com water stocks newswire ) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a diversified water engineering and environmental services company, is pleased to announce that it has filed a new patent based on its patented Ozonix technology to help BP and other energy exploration companies recover oil during a deepwater spill. This new process is known as the Ecosphere Deepwater Oil Recovery Process. Click the following link to view a PowerPoint presentation on the process:
http://ir.stockpr.com/ecospheretech/industry-presentations
Sanjeev Jakhete, Senior V.P. Of Engineering, stated, "Based on our past project experience Ecosphere is confident to be able to offer our Ozonix Technology with nano bubbles as a chemical free solution to the Gulf oil disaster. The Ozonix Deepwater Oil Recovery Process will aid in raising oil to the surface with the help of millions of nano bubbles thus reducing the release of toxic elements to the sea water."
John Ely of Ely and Associates commented, "I have been very involved with Ecosphere Technologies for the past 2 years. My stimulation company has pumped the Ozonix fluid on frac jobs and I have witnessed the Ozonix technology eliminate the use of biocide for major energy companies. This Deepwater Oil Recovery Process is a great application of the Ozonix technology to help BP. Any time we can reduce chemicals in our business and protect the environment we need to."
Ecosphere also announced that it has recently received approval from the U.S. Patent Office for its third patent this year for its Ozonix technology.
Make sure you are first to receive timely information on Ecosphere Technologies when it hits the newswire. Sign up for Ecosphere's email news alert system today at: http://www.ESPH-IR.com.
About Ecosphere Technologies:
Ecosphere Technologies, Inc. (OTCBB:ESPH - News) is a diversified water engineering and environmental services company. The Company provides environmental services and technologies for use in large-scale and sustainable applications across industries, nations and ecosystems.
For more information, please visit: http://www.ecospheretech.com/.
More water stocks info and water stocks research: Visit the water stocks directory at Investorideas.com and www.water-stocks.com to research publicly traded water companies, listed on global stock exchanges : http://www.investorideas.com/Water-Stocks/Stock_List.asp
Wednesday, June 16, 2010
Has there ever been a better time to talk about water?
Has there ever been a better time to talk about water?
BP Environmental Disaster leads investors to cleantech and water stocks
June 16 2010 (Investorideas.com water stocks newswire) Investorideas.com and its leading water investor portal http://www.water-stocks.com/ report site traffic and investor interest in water stock is up with the global attention on the BP environmental disaster. Government and industry are pushing to a cleaner technology shift and investors are now looking at one of the most critical sectors in cleantech; water stocks.
Investors can track trends in water with our columns, Hydrocommerce Corner - Where Water & Money Meet with Bill Brennan and coming Soon - BlueTech Tracker with Paul O’Callaghan. Regular content has also included interviews with some of the leading experts in the water sector.
Due to the increasing global issues in water from drought to pollution to infrastructure needs, Investorideas.com will be launching a new water newswire (http://www.waternewswire.com/ ) shortly to create a global destination for news on the subject.
Investorideas.com and its water portal are posturing to be a leader in the water space for water stocks research. The new water news feed Water Stocks News at Investorideas.com and the global water stocks directory are two of the top tools available in addition to industry commentary and interviews.
Investorideas.com and water-stocks.com have created a directory of global publicly traded water stocks . The stock directory features water stocks ranging from desalination companies to bottled water stocks, to infrastructure, water treatment and technology as well as other sub sectors. The directory in PDF format, features hyperlinks to stocks symbol(s), company's URL and company's description. For investors following water stocks this is one of the most comprehensive directories in the sector available.
Investors following the water sector can subscribe to the news feed at http://www.investorideas.com/RSS/feeds/Water-Stocks.xml. Water companies can submit news and press releases online to be included in the new syndicated water stocks feed at http://www.investorideas.com/News-Upload/
About our water investor portal:
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 water –stocks.com work with private companies in the water space seeking funding and joint ventures through the global marketplace.
Publicly traded water companies -publish your press releases, company profiles or become a monthly showcase stock on our site and be seen by the world.. Learn more:
http://www.investorideas.com/Investors/Renewable_Energy_Awareness.asp
Visit the Investorideas.com Marketplace for water opportunities for business and investors
About us
InvestorIdeas.com:
Investorideas.com creates a meeting place for investing ideas to take form and come to life in an entrepreneurial environment, servicing the needs of small investors and start- up companies to large conglomerates! We cover multiple industry sectors but specialize in environmental and water.
Become an Investor Ideas member and access our water stocks directory and all cleantech stock directories. Learn more http://www.investorideas.com/membership/
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured showcase companies news submissions and online advertising. Read our Compensation Disclosure and disclaimers.
For More Information Contact:
Water-stocks.com
Dawn Van Zant 800-665-0411
Email: dvanzant@investorideas.com
Web Site: www.InvestorIdeas.com www.water-stocks.com
Source: Water-Stocks.com, Investorideas.com
BP Environmental Disaster leads investors to cleantech and water stocks
June 16 2010 (Investorideas.com water stocks newswire) Investorideas.com and its leading water investor portal http://www.water-stocks.com/ report site traffic and investor interest in water stock is up with the global attention on the BP environmental disaster. Government and industry are pushing to a cleaner technology shift and investors are now looking at one of the most critical sectors in cleantech; water stocks.
Investors can track trends in water with our columns, Hydrocommerce Corner - Where Water & Money Meet with Bill Brennan and coming Soon - BlueTech Tracker with Paul O’Callaghan. Regular content has also included interviews with some of the leading experts in the water sector.
Due to the increasing global issues in water from drought to pollution to infrastructure needs, Investorideas.com will be launching a new water newswire (http://www.waternewswire.com/ ) shortly to create a global destination for news on the subject.
Investorideas.com and its water portal are posturing to be a leader in the water space for water stocks research. The new water news feed Water Stocks News at Investorideas.com and the global water stocks directory are two of the top tools available in addition to industry commentary and interviews.
Investorideas.com and water-stocks.com have created a directory of global publicly traded water stocks . The stock directory features water stocks ranging from desalination companies to bottled water stocks, to infrastructure, water treatment and technology as well as other sub sectors. The directory in PDF format, features hyperlinks to stocks symbol(s), company's URL and company's description. For investors following water stocks this is one of the most comprehensive directories in the sector available.
Investors following the water sector can subscribe to the news feed at http://www.investorideas.com/RSS/feeds/Water-Stocks.xml. Water companies can submit news and press releases online to be included in the new syndicated water stocks feed at http://www.investorideas.com/News-Upload/
About our water investor portal:
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 water –stocks.com work with private companies in the water space seeking funding and joint ventures through the global marketplace.
Publicly traded water companies -publish your press releases, company profiles or become a monthly showcase stock on our site and be seen by the world.. Learn more:
http://www.investorideas.com/Investors/Renewable_Energy_Awareness.asp
Visit the Investorideas.com Marketplace for water opportunities for business and investors
About us
InvestorIdeas.com:
Investorideas.com creates a meeting place for investing ideas to take form and come to life in an entrepreneurial environment, servicing the needs of small investors and start- up companies to large conglomerates! We cover multiple industry sectors but specialize in environmental and water.
Become an Investor Ideas member and access our water stocks directory and all cleantech stock directories. Learn more http://www.investorideas.com/membership/
Disclaimer: Our sites do not make recommendations. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. We attempt to research thoroughly, but we offer no guarantees as to the accuracy of information presented. All Information relating to featured companies is sourced from public documents and/ or the company and is not the opinion of our web sites. This site is currently compensated by featured showcase companies news submissions and online advertising. Read our Compensation Disclosure and disclaimers.
For More Information Contact:
Water-stocks.com
Dawn Van Zant 800-665-0411
Email: dvanzant@investorideas.com
Web Site: www.InvestorIdeas.com www.water-stocks.com
Source: Water-Stocks.com, Investorideas.com
Tuesday, May 11, 2010
Water Stocks; Flowserve (NYSE: FLS) Receives Order for Approximately $10 Million for Desalination Energy Recovery Systems
Water Stocks; Flowserve (NYSE: FLS) Receives Order for Approximately $10 Million for Desalination Energy Recovery Systems
DALLAS--(Investorideas.com water stocks newswire )--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced an order for CALDER Dual Work Exchanger Energy Recovery (DWEER) units with an approximate value of $10 million USD for the Sorek seawater desalination plant. The majority of the booking for this order is to be reflected in the second quarter of 2010.
“This order further solidifies our position as a leader in the growing desalination industry”
.With a capacity of 150 million cubic meters (39.6 trillion U.S. gallons) per year, Sorek is the largest seawater desalination plant in the world featuring isobaric chamber recovery system technology. Sorek Desalination Ltd., a joint venture between IDE Technologies and Hutchison Water, owns the facility.
“This order further solidifies our position as a leader in the growing desalination industry,” said Tom Ferguson, president, Flow Solutions Group. “A key factor in selecting Flowserve was the lowest total cost of ownership; a 24-year life-cycle cost analysis found Flowserve was the most efficient and economical choice for Sorek when considering capital, operating cost, energy efficiency and maintenance. As the worldwide demand for fresh water continues to outpace supply, Flowserve is proud to offer technology that can help reduce the cost of the desalination process and provides more potable water for those who need it.”
Flowserve CALDER products and technologies specialize in the design, engineering and supply of energy recovery equipment and related proprietary technologies for the reverse-osmosis process used in desalination plants around the world. CALDER energy recovery technology is designed to capture and reuse waste energy in the desalination process, lowering net energy consumption and improving overall process efficiency.
About IDE Technologies
IDE Technologies Ltd. is a pioneer and world leader in water technologies. The company specializes in the development, engineering, production and operation of advanced desalination as well as innovative industrial solutions. For more information, please visit www.ide-tech.com.
About Hutchison Water
Hutchison Water was established in 2008 as an operation of Hutchison Whampoa Ltd. The company provides a wide range of integrated solutions and services that include development, design, detailed design, systems integration, engineering, procurement and construction. For more information, please visit www.hutchisonwater.com.
About Flowserve Corp.
Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves, as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.
SAFE HARBOR STATEMENT:
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in the global financial markets and the availability of capital and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the petroleum, chemical, power and water industries; the adverse impact of volatile raw materials prices on our products and operating margins; our ability to execute and realize the expected financial benefits from our strategic realignment initiatives; economic, political and other risks associated with our international operations, including military actions or trade embargoes that could affect customer markets, particularly Middle Eastern markets and global petroleum producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; our exposure to fluctuations in foreign currency exchange rates, particularly in hyperinflationary countries such as Venezuela; our furnishing of products and services to nuclear power plant facilities; potential adverse consequences resulting from litigation to which we are a party, such as shareholder litigation and litigation involving asbestos-containing material claims; a foreign government investigation regarding our participation in the United Nations Oil-for-Food Program; our foreign subsidiaries autonomously conducting limited business operations and sales in certain countries identified by the U.S. State Department as state sponsors of terrorism; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangibles; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
________________________________________
More water stocks info and water stocks research:
Visit the water stocks directory at Investorideas.com and www.water-stocks.com to research publicly traded water companies, listed on global stock exchanges :
http://www.investorideas.com/Water-Stocks/Stock_List.asp
DALLAS--(Investorideas.com water stocks newswire )--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced an order for CALDER Dual Work Exchanger Energy Recovery (DWEER) units with an approximate value of $10 million USD for the Sorek seawater desalination plant. The majority of the booking for this order is to be reflected in the second quarter of 2010.
“This order further solidifies our position as a leader in the growing desalination industry”
.With a capacity of 150 million cubic meters (39.6 trillion U.S. gallons) per year, Sorek is the largest seawater desalination plant in the world featuring isobaric chamber recovery system technology. Sorek Desalination Ltd., a joint venture between IDE Technologies and Hutchison Water, owns the facility.
“This order further solidifies our position as a leader in the growing desalination industry,” said Tom Ferguson, president, Flow Solutions Group. “A key factor in selecting Flowserve was the lowest total cost of ownership; a 24-year life-cycle cost analysis found Flowserve was the most efficient and economical choice for Sorek when considering capital, operating cost, energy efficiency and maintenance. As the worldwide demand for fresh water continues to outpace supply, Flowserve is proud to offer technology that can help reduce the cost of the desalination process and provides more potable water for those who need it.”
Flowserve CALDER products and technologies specialize in the design, engineering and supply of energy recovery equipment and related proprietary technologies for the reverse-osmosis process used in desalination plants around the world. CALDER energy recovery technology is designed to capture and reuse waste energy in the desalination process, lowering net energy consumption and improving overall process efficiency.
About IDE Technologies
IDE Technologies Ltd. is a pioneer and world leader in water technologies. The company specializes in the development, engineering, production and operation of advanced desalination as well as innovative industrial solutions. For more information, please visit www.ide-tech.com.
About Hutchison Water
Hutchison Water was established in 2008 as an operation of Hutchison Whampoa Ltd. The company provides a wide range of integrated solutions and services that include development, design, detailed design, systems integration, engineering, procurement and construction. For more information, please visit www.hutchisonwater.com.
About Flowserve Corp.
Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves, as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.
SAFE HARBOR STATEMENT:
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as, “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in the global financial markets and the availability of capital and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the petroleum, chemical, power and water industries; the adverse impact of volatile raw materials prices on our products and operating margins; our ability to execute and realize the expected financial benefits from our strategic realignment initiatives; economic, political and other risks associated with our international operations, including military actions or trade embargoes that could affect customer markets, particularly Middle Eastern markets and global petroleum producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; our exposure to fluctuations in foreign currency exchange rates, particularly in hyperinflationary countries such as Venezuela; our furnishing of products and services to nuclear power plant facilities; potential adverse consequences resulting from litigation to which we are a party, such as shareholder litigation and litigation involving asbestos-containing material claims; a foreign government investigation regarding our participation in the United Nations Oil-for-Food Program; our foreign subsidiaries autonomously conducting limited business operations and sales in certain countries identified by the U.S. State Department as state sponsors of terrorism; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangibles; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
________________________________________
More water stocks info and water stocks research:
Visit the water stocks directory at Investorideas.com and www.water-stocks.com to research publicly traded water companies, listed on global stock exchanges :
http://www.investorideas.com/Water-Stocks/Stock_List.asp
Friday, May 7, 2010
Investorideas.com - Water Stocks; Middlesex Water Company (NASDAQ:MSEX) Announces First Quarter Results
Investorideas.com - Water Stocks; Middlesex Water Company (NASDAQ:MSEX) Announces First Quarter Results
Water Stocks; Middlesex Water Company (NASDAQ:MSEX) Announces First Quarter Results
ISELIN, NJ - May 7, 2010 (Investorideas.com Water Stocks Newswire) - Middlesex Water Company (NASDAQ:MSEX), a provider of water and wastewater and related services primarily in New Jersey and Delaware, today announced operating revenues for the quarter ended March 31, 2010 of $21.6 million, up $1.1 million from the same period in 2009.
First Quarter Operating Results
Revenues in the Company's Middlesex system in New Jersey increased $0.4 million primarily due to $0.2 million of higher revenues from contract sales to municipalities and increased revenues of $0.2 million from the effects of the purchase water adjustment clause implemented on July 1, 2009. Water use by residential, commercial and industrial customers remained consistent with the first quarter of 2009 but below historical average usage. Revenues in our Tidewater system in Delaware increased $0.7 million, primarily due to a combination of increased rates that went into effect in late March 2009, customer growth and increased water consumption.
"While water consumption patterns typically remained constant in the first quarter relative to the same period in the prior year, as we enter our peak season for water demand we are encouraged by customer and related consumption growth in our Delaware operations. We are also anticipating the benefit from rate relief awarded in New Jersey in mid-March 2010," said Middlesex Water President and CEO Dennis W. Doll.
Operation and maintenance expenses for the three months ended March 31, 2010 increased $0.6 million compared to the same period in 2009, with materials, supplies and outside contractor costs rising $0.3 million due to a higher incidence of weather-related water main breaks in New Jersey. Labor costs in our New Jersey and Delaware operations increased $0.2 million, largely due to snow removal related to several significant snow storms both in New Jersey and Delaware. Water production costs were $0.2 million higher due to increased chemical and residual disposal expenses required due to heightened rainfall in March 2010, increased purchased water costs and increased facilities maintenance expenses. Net income increased $0.2 million to $1.5 million. Basic and diluted earnings per share increased to $0.11 for the three months ended March 31, 2010, compared to $0.10 for the same period in 2009.
Board Declares Quarterly Dividend
The Company's Board of Directors declared a quarterly cash dividend of $0.1800 per share, payable June 1, 2010 to common shareholders as of May 14, 2010. The Company has paid cash dividends in varying amounts continually since 1912. The Company has a Dividend Reinvestment Plan under which dividends and optional cash payments can be used to purchase additional shares of Common stock. Middlesex Water is currently offering a 5% discount on shares of its Common Stock to participants in its Dividend Reinvestment Plan, through June 1, 2010.
Annual Shareholders Meeting
The Company will host its annual meeting of shareholders on Tuesday, May 25, 2010, beginning at 11:00 EDT at its corporate headquarters in Iselin, NJ.
About Middlesex Water Company
Middlesex Water Company, organized in 1897, is a water utility serving customers in central and southern New Jersey and in the State of Delaware. Headquartered in Iselin, NJ, Middlesex Water is subject to various Federal and State regulatory agencies concerning water quality standards.
For additional information regarding Middlesex Water Company, 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.
Contact:
Bernadette Sohler,
Middlesex Water Company
Vice President – Corporate Affairs
(732) 638-7549
Source: Middlesex Water Company
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Water Stocks; Middlesex Water Company (NASDAQ:MSEX) Announces First Quarter Results
ISELIN, NJ - May 7, 2010 (Investorideas.com Water Stocks Newswire) - Middlesex Water Company (NASDAQ:MSEX), a provider of water and wastewater and related services primarily in New Jersey and Delaware, today announced operating revenues for the quarter ended March 31, 2010 of $21.6 million, up $1.1 million from the same period in 2009.
First Quarter Operating Results
Revenues in the Company's Middlesex system in New Jersey increased $0.4 million primarily due to $0.2 million of higher revenues from contract sales to municipalities and increased revenues of $0.2 million from the effects of the purchase water adjustment clause implemented on July 1, 2009. Water use by residential, commercial and industrial customers remained consistent with the first quarter of 2009 but below historical average usage. Revenues in our Tidewater system in Delaware increased $0.7 million, primarily due to a combination of increased rates that went into effect in late March 2009, customer growth and increased water consumption.
"While water consumption patterns typically remained constant in the first quarter relative to the same period in the prior year, as we enter our peak season for water demand we are encouraged by customer and related consumption growth in our Delaware operations. We are also anticipating the benefit from rate relief awarded in New Jersey in mid-March 2010," said Middlesex Water President and CEO Dennis W. Doll.
Operation and maintenance expenses for the three months ended March 31, 2010 increased $0.6 million compared to the same period in 2009, with materials, supplies and outside contractor costs rising $0.3 million due to a higher incidence of weather-related water main breaks in New Jersey. Labor costs in our New Jersey and Delaware operations increased $0.2 million, largely due to snow removal related to several significant snow storms both in New Jersey and Delaware. Water production costs were $0.2 million higher due to increased chemical and residual disposal expenses required due to heightened rainfall in March 2010, increased purchased water costs and increased facilities maintenance expenses. Net income increased $0.2 million to $1.5 million. Basic and diluted earnings per share increased to $0.11 for the three months ended March 31, 2010, compared to $0.10 for the same period in 2009.
Board Declares Quarterly Dividend
The Company's Board of Directors declared a quarterly cash dividend of $0.1800 per share, payable June 1, 2010 to common shareholders as of May 14, 2010. The Company has paid cash dividends in varying amounts continually since 1912. The Company has a Dividend Reinvestment Plan under which dividends and optional cash payments can be used to purchase additional shares of Common stock. Middlesex Water is currently offering a 5% discount on shares of its Common Stock to participants in its Dividend Reinvestment Plan, through June 1, 2010.
Annual Shareholders Meeting
The Company will host its annual meeting of shareholders on Tuesday, May 25, 2010, beginning at 11:00 EDT at its corporate headquarters in Iselin, NJ.
About Middlesex Water Company
Middlesex Water Company, organized in 1897, is a water utility serving customers in central and southern New Jersey and in the State of Delaware. Headquartered in Iselin, NJ, Middlesex Water is subject to various Federal and State regulatory agencies concerning water quality standards.
For additional information regarding Middlesex Water Company, 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.
Contact:
Bernadette Sohler,
Middlesex Water Company
Vice President – Corporate Affairs
(732) 638-7549
Source: Middlesex Water Company
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Wednesday, May 5, 2010
Water Stocks; Mueller Water Products(NYSE: MWA) Reports Fiscal Second Quarter 2010 Results
Water Stocks; Mueller Water Products(NYSE: MWA) Reports Fiscal Second Quarter 2010 Results
Net Sales Excluding Divested Operations Increased Year-over-Year
Mueller Co. Core Products Bookings up 40 Percent Year-over-Year
Second Quarter EPS Loss of $0.15 and Adjusted EPS Loss of $0.11
ATLANTA--(Investorideas.com water stocks newswire)--Mueller Water Products, Inc. (NYSE: MWA) reported net sales of $301.8 million and a net loss of $23.7 million for the quarter ended March 31, 2010. Summarized consolidated 2010 second quarter results compared to 2009 second quarter results are as follows:
“Our second-quarter results came in essentially as we had expected. Net sales excluding divested operations in the second quarter increased from the prior year period, the first quarter in six quarters in which net sales increased year-over-year”
.•Net sales for the 2010 second quarter were $301.8 million, down 6.3 percent compared to $322.2 million for the 2009 second quarter. Excluding the net sales of two divested Anvil businesses, net sales for the 2010 second quarter increased 2.3 percent year-over-year.
•Loss from operations for the 2010 second quarter was $22.9 million compared to a loss from operations of $618.2 million for the 2009 second quarter. Adjusted loss from operations for the 2010 second quarter was $12.4 million compared to adjusted loss from operations of $5.1 million for the 2009 second quarter.
•Adjusted EBITDA was $9.0 million for the 2010 second quarter compared to $18.8 million for the 2009 second quarter.
•Net loss per share was $0.15 for the 2010 second quarter compared to a net loss per share of $4.90 for the 2009 second quarter. Adjusted net loss per share was $0.11 for the 2010 second quarter compared to adjusted net loss per share of $0.13 for the 2009 second quarter.
•Net debt, which is total debt less cash and cash equivalents, at March 31, 2010, decreased $88.4 million to $590.3 million since September 30, 2009.
“Our second-quarter results came in essentially as we had expected. Net sales excluding divested operations in the second quarter increased from the prior year period, the first quarter in six quarters in which net sales increased year-over-year,” said Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products. “Capacity utilization increased in all three business segments: Mueller Co., U.S. Pipe and Anvil, which is expected to benefit our financial performance in the second half of the year. Unit bookings of our core products at Mueller Co. – valves, hydrants and brass service - increased 40 percent year-over-year, and bookings on a tonnage basis at U.S. Pipe increased over 50 percent. However, pricing continued to negatively impact sales at U.S. Pipe during the quarter, and we believe pricing could remain challenging for the balance of the fiscal year. Anvil’s results reflect the downturn in non-residential construction.
“We are seeing clear signs the water infrastructure market is gradually recovering and positive trends in some of our businesses. The improved order trends we saw in our water infrastructure markets in the first quarter strengthened further in the second quarter. The uptick in orders, especially as we enter the construction season, reinforces our belief that we will continue to increase capacity utilization, which should lead to higher margins.”
Second Quarter Consolidated Results
Net sales for the 2010 second quarter of $301.8 million declined $20.4 million from $322.2 million for the 2009 second quarter. Net sales declined due to the divestiture of two Anvil businesses, which had sales of $27.3 million in the 2009 second quarter, and lower pricing of $19.4 million, mainly at U.S. Pipe. These items were partially offset by $25.1 million of higher shipment volumes and favorable Canadian currency exchange rates of $2.6 million.
Adjusted loss from operations for the 2010 second quarter of $12.4 million increased $7.3 million from $5.1 million for the 2009 second quarter. Results were negatively impacted by the lower sales pricing and $9.4 million of higher per-unit overhead costs primarily due to lower production. The quarter’s results were positively impacted by $12.9 million of manufacturing and other cost savings, $7.4 million of higher shipment volumes and $3.6 million of lower raw material costs.
Second Quarter Segment Results
Mueller Co.
Net sales for Mueller Co. increased $26.4 million to $141.2 million for the 2010 second quarter from $114.8 million for the 2009 second quarter due mainly to $26.8 million of higher shipment volumes. Shipment volumes of iron gate valves, hydrants and brass service products for the quarter all increased above the prior year period.
Income from operations of $9.7 million for the 2010 second quarter increased $7.1 million from adjusted income from operations of $2.6 million for the 2009 second quarter. Adjusted EBITDA increased to $22.2 million for the 2010 second quarter from $15.8 million for the 2009 second quarter. Income from operations increased due to $9.9 million of higher shipment volumes and $5.3 million of manufacturing and other cost savings. These items were partially offset by $2.8 million of higher selling, general and administrative expenses primarily associated with investments in Mueller Systems, $2.0 million of higher per-unit overhead costs, and $1.2 million of lower sales pricing.
U.S. Pipe
Net sales for U.S. Pipe of $83.0 million for the 2010 second quarter declined $10.2 million from $93.2 million for the 2009 second quarter. This decrease was due to $17.6 million of lower pricing partially offset by $7.4 million of higher shipment volumes.
Adjusted loss from operations of $19.6 million and an adjusted EBITDA loss of $14.6 million for the 2010 second quarter compare to adjusted loss from operations of $10.9 million and an adjusted EBITDA loss of $4.7 million for the 2009 second quarter. The 2010 second quarter results were negatively impacted by lower sales pricing partially offset by a number of positive factors, including $4.8 million of manufacturing and other cost savings, $1.9 million of higher shipment volumes, $1.4 million of lower selling, general and administrative expenses and $1.1 million of lower raw material costs. During the quarter we recorded $10.4 million in restructuring charges primarily associated with the closure of the North Birmingham facility.
Anvil
Net sales for Anvil of $77.6 million for the 2010 second quarter declined $36.6 million from $114.2 million for the 2009 second quarter. Net sales declined $27.3 million due to the divestiture of two businesses and $9.1 million due to lower shipment volumes.
Adjusted income from operations of $6.0 million and adjusted EBITDA of $9.7 million for the 2010 second quarter compare to adjusted income from operations of $12.1 million and adjusted EBITDA of $16.5 million in the 2009 second quarter. Adjusted income from operations decreased $8.1 million from higher per-unit overhead costs primarily due to lower production and $4.4 million of lower shipment volumes. These decreases were partially offset by $3.1 million from the gain on the sale of one of the divestitures, $2.8 million of manufacturing and other cost savings and $2.1 million of lower raw material costs.
Interest Expense
Net interest expense of $14.8 million for the 2010 second quarter decreased from $16.6 million for the 2009 second quarter. The 2010 second quarter included a $1.2 million net benefit from the settlement of interest rate swap contracts associated with debt repayments. When adjusted, 2010 second quarter net interest expense decreased $0.6 million from the 2009 second quarter primarily due to lower debt levels during the 2010 second quarter partially offset by higher interest rates.
Use of Non-GAAP Measures
The Company presents adjusted income (loss) from operations, adjusted EBITDA, adjusted net loss, adjusted net loss per share, net debt and free cash flow as non-GAAP measures. Adjusted income (loss) from operations represents income (loss) from operations excluding impairment, restructuring and debt extinguishment-related items. Adjusted EBITDA represents income (loss) before depreciation, amortization, debt-related transactions, interest income, income taxes, impairment and restructuring charges. The Company presents adjusted EBITDA because it is an important supplemental measure of performance, and management believes it is frequently used by securities analysts, investors and interested parties in the evaluation of financial performance. Adjusted EBITDA has limitations as an analytical tool, and investors should not consider it in isolation or as a substitute for analysis of the Company's results as reported under accounting principles generally accepted in the United States ("GAAP"). Adjusted net loss and adjusted net loss per share exclude impairment and restructuring charges, gains and losses from the early settlement of interest rate swap contracts and the early extinguishment of debt. These items are excluded because they are considered unusual and not indicative of recurring operations. Net debt, which is total debt less cash and cash equivalents, is used because management reviews net debt as part of its management of the Company’s overall liquidity, financial flexibility, capital structure and leverage. Furthermore, certain debt rating agencies, creditors and credit analysts monitor the Company’s net debt as part of their assessment of the Company’s business. Free cash flow, which represents cash flows from operating activities less capital expenditures, is presented as a measurement of cash flow because it is commonly used by the investment community.
A reconciliation of non-GAAP to GAAP results is included as an attachment to this press release and has been posted online at www.muellerwaterproducts.com.
Conference Call Webcast
Mueller Water Products’ quarterly earnings conference call will take place Wednesday, May 5, 2010 at 9:00 a.m. EDT. Mueller Water Products’ chairman, president and chief executive officer, Gregory E. Hyland, and members of the Company’s leadership team will discuss the Company’s recent financial performance and respond to questions from financial analysts. Mueller Water Products invites interested investors to listen to the call and view the accompanying slide presentation, which will be carried live on its Web site at www.muellerwaterproducts.com.
Investors interested in listening to the call should log on to the Web site several minutes before the start of the call. After selecting the presentation icon, investors should follow the instructions to ensure their systems are set up to hear the event and view the accompanying presentation slides.
Safe Harbor Statement
This press release contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that address activities, events or developments that we intend, expect, plan, project, believe or anticipate will or may occur in the future are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding our ability to increase capacity utilization. Forward-looking statements are based on certain assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions and expected future developments. Actual results and the timing of events may differ materially from those contemplated by the forward-looking statements due to a number of factors, including regional, national or global political, economic, business, competitive, market and regulatory conditions and the following:
•the demand level of manufacturing and construction activity;
•our ability to service our debt obligations; and
•the other factors that are described in the section entitled “RISK FACTORS” in Item 1A of our most recently filed Annual Report on Form 10-K.
Undue reliance should not be placed on any forward-looking statements. We do not have any intention or obligation to update forward-looking statements after we file this press release, except as required by law.
About Mueller Water Products, Inc.
Mueller Water Products, Inc. is a leading North American manufacturer and marketer of a broad range of water infrastructure, flow control and piping component system products for use in water distribution networks and water treatment facilities. The Company's broad product portfolio includes engineered valves, fire hydrants, pipe fittings, water meters and ductile iron pipe, which are used by municipalities, as well as the residential and non-residential construction industries for heating, ventilation and air conditioning, fire protection, industrial, energy and oil & gas industries. With latest 12 months net sales through March 31, 2010 of $1.4 billion, the Company is comprised of three operating segments: Mueller Co., U.S. Pipe and Anvil. Based in Atlanta, Georgia, the Company employs approximately 5,100 people. The Company's common stock trades on the New York Stock Exchange under the ticker symbol MWA. For more information about Mueller Water Products, Inc., please visit the Company's Web site at http://www.muellerwaterproducts.com/. See full financial tables at news at http://www.muellerwaterproducts.com/
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Net Sales Excluding Divested Operations Increased Year-over-Year
Mueller Co. Core Products Bookings up 40 Percent Year-over-Year
Second Quarter EPS Loss of $0.15 and Adjusted EPS Loss of $0.11
ATLANTA--(Investorideas.com water stocks newswire)--Mueller Water Products, Inc. (NYSE: MWA) reported net sales of $301.8 million and a net loss of $23.7 million for the quarter ended March 31, 2010. Summarized consolidated 2010 second quarter results compared to 2009 second quarter results are as follows:
“Our second-quarter results came in essentially as we had expected. Net sales excluding divested operations in the second quarter increased from the prior year period, the first quarter in six quarters in which net sales increased year-over-year”
.•Net sales for the 2010 second quarter were $301.8 million, down 6.3 percent compared to $322.2 million for the 2009 second quarter. Excluding the net sales of two divested Anvil businesses, net sales for the 2010 second quarter increased 2.3 percent year-over-year.
•Loss from operations for the 2010 second quarter was $22.9 million compared to a loss from operations of $618.2 million for the 2009 second quarter. Adjusted loss from operations for the 2010 second quarter was $12.4 million compared to adjusted loss from operations of $5.1 million for the 2009 second quarter.
•Adjusted EBITDA was $9.0 million for the 2010 second quarter compared to $18.8 million for the 2009 second quarter.
•Net loss per share was $0.15 for the 2010 second quarter compared to a net loss per share of $4.90 for the 2009 second quarter. Adjusted net loss per share was $0.11 for the 2010 second quarter compared to adjusted net loss per share of $0.13 for the 2009 second quarter.
•Net debt, which is total debt less cash and cash equivalents, at March 31, 2010, decreased $88.4 million to $590.3 million since September 30, 2009.
“Our second-quarter results came in essentially as we had expected. Net sales excluding divested operations in the second quarter increased from the prior year period, the first quarter in six quarters in which net sales increased year-over-year,” said Gregory E. Hyland, chairman, president and chief executive officer of Mueller Water Products. “Capacity utilization increased in all three business segments: Mueller Co., U.S. Pipe and Anvil, which is expected to benefit our financial performance in the second half of the year. Unit bookings of our core products at Mueller Co. – valves, hydrants and brass service - increased 40 percent year-over-year, and bookings on a tonnage basis at U.S. Pipe increased over 50 percent. However, pricing continued to negatively impact sales at U.S. Pipe during the quarter, and we believe pricing could remain challenging for the balance of the fiscal year. Anvil’s results reflect the downturn in non-residential construction.
“We are seeing clear signs the water infrastructure market is gradually recovering and positive trends in some of our businesses. The improved order trends we saw in our water infrastructure markets in the first quarter strengthened further in the second quarter. The uptick in orders, especially as we enter the construction season, reinforces our belief that we will continue to increase capacity utilization, which should lead to higher margins.”
Second Quarter Consolidated Results
Net sales for the 2010 second quarter of $301.8 million declined $20.4 million from $322.2 million for the 2009 second quarter. Net sales declined due to the divestiture of two Anvil businesses, which had sales of $27.3 million in the 2009 second quarter, and lower pricing of $19.4 million, mainly at U.S. Pipe. These items were partially offset by $25.1 million of higher shipment volumes and favorable Canadian currency exchange rates of $2.6 million.
Adjusted loss from operations for the 2010 second quarter of $12.4 million increased $7.3 million from $5.1 million for the 2009 second quarter. Results were negatively impacted by the lower sales pricing and $9.4 million of higher per-unit overhead costs primarily due to lower production. The quarter’s results were positively impacted by $12.9 million of manufacturing and other cost savings, $7.4 million of higher shipment volumes and $3.6 million of lower raw material costs.
Second Quarter Segment Results
Mueller Co.
Net sales for Mueller Co. increased $26.4 million to $141.2 million for the 2010 second quarter from $114.8 million for the 2009 second quarter due mainly to $26.8 million of higher shipment volumes. Shipment volumes of iron gate valves, hydrants and brass service products for the quarter all increased above the prior year period.
Income from operations of $9.7 million for the 2010 second quarter increased $7.1 million from adjusted income from operations of $2.6 million for the 2009 second quarter. Adjusted EBITDA increased to $22.2 million for the 2010 second quarter from $15.8 million for the 2009 second quarter. Income from operations increased due to $9.9 million of higher shipment volumes and $5.3 million of manufacturing and other cost savings. These items were partially offset by $2.8 million of higher selling, general and administrative expenses primarily associated with investments in Mueller Systems, $2.0 million of higher per-unit overhead costs, and $1.2 million of lower sales pricing.
U.S. Pipe
Net sales for U.S. Pipe of $83.0 million for the 2010 second quarter declined $10.2 million from $93.2 million for the 2009 second quarter. This decrease was due to $17.6 million of lower pricing partially offset by $7.4 million of higher shipment volumes.
Adjusted loss from operations of $19.6 million and an adjusted EBITDA loss of $14.6 million for the 2010 second quarter compare to adjusted loss from operations of $10.9 million and an adjusted EBITDA loss of $4.7 million for the 2009 second quarter. The 2010 second quarter results were negatively impacted by lower sales pricing partially offset by a number of positive factors, including $4.8 million of manufacturing and other cost savings, $1.9 million of higher shipment volumes, $1.4 million of lower selling, general and administrative expenses and $1.1 million of lower raw material costs. During the quarter we recorded $10.4 million in restructuring charges primarily associated with the closure of the North Birmingham facility.
Anvil
Net sales for Anvil of $77.6 million for the 2010 second quarter declined $36.6 million from $114.2 million for the 2009 second quarter. Net sales declined $27.3 million due to the divestiture of two businesses and $9.1 million due to lower shipment volumes.
Adjusted income from operations of $6.0 million and adjusted EBITDA of $9.7 million for the 2010 second quarter compare to adjusted income from operations of $12.1 million and adjusted EBITDA of $16.5 million in the 2009 second quarter. Adjusted income from operations decreased $8.1 million from higher per-unit overhead costs primarily due to lower production and $4.4 million of lower shipment volumes. These decreases were partially offset by $3.1 million from the gain on the sale of one of the divestitures, $2.8 million of manufacturing and other cost savings and $2.1 million of lower raw material costs.
Interest Expense
Net interest expense of $14.8 million for the 2010 second quarter decreased from $16.6 million for the 2009 second quarter. The 2010 second quarter included a $1.2 million net benefit from the settlement of interest rate swap contracts associated with debt repayments. When adjusted, 2010 second quarter net interest expense decreased $0.6 million from the 2009 second quarter primarily due to lower debt levels during the 2010 second quarter partially offset by higher interest rates.
Use of Non-GAAP Measures
The Company presents adjusted income (loss) from operations, adjusted EBITDA, adjusted net loss, adjusted net loss per share, net debt and free cash flow as non-GAAP measures. Adjusted income (loss) from operations represents income (loss) from operations excluding impairment, restructuring and debt extinguishment-related items. Adjusted EBITDA represents income (loss) before depreciation, amortization, debt-related transactions, interest income, income taxes, impairment and restructuring charges. The Company presents adjusted EBITDA because it is an important supplemental measure of performance, and management believes it is frequently used by securities analysts, investors and interested parties in the evaluation of financial performance. Adjusted EBITDA has limitations as an analytical tool, and investors should not consider it in isolation or as a substitute for analysis of the Company's results as reported under accounting principles generally accepted in the United States ("GAAP"). Adjusted net loss and adjusted net loss per share exclude impairment and restructuring charges, gains and losses from the early settlement of interest rate swap contracts and the early extinguishment of debt. These items are excluded because they are considered unusual and not indicative of recurring operations. Net debt, which is total debt less cash and cash equivalents, is used because management reviews net debt as part of its management of the Company’s overall liquidity, financial flexibility, capital structure and leverage. Furthermore, certain debt rating agencies, creditors and credit analysts monitor the Company’s net debt as part of their assessment of the Company’s business. Free cash flow, which represents cash flows from operating activities less capital expenditures, is presented as a measurement of cash flow because it is commonly used by the investment community.
A reconciliation of non-GAAP to GAAP results is included as an attachment to this press release and has been posted online at www.muellerwaterproducts.com.
Conference Call Webcast
Mueller Water Products’ quarterly earnings conference call will take place Wednesday, May 5, 2010 at 9:00 a.m. EDT. Mueller Water Products’ chairman, president and chief executive officer, Gregory E. Hyland, and members of the Company’s leadership team will discuss the Company’s recent financial performance and respond to questions from financial analysts. Mueller Water Products invites interested investors to listen to the call and view the accompanying slide presentation, which will be carried live on its Web site at www.muellerwaterproducts.com.
Investors interested in listening to the call should log on to the Web site several minutes before the start of the call. After selecting the presentation icon, investors should follow the instructions to ensure their systems are set up to hear the event and view the accompanying presentation slides.
Safe Harbor Statement
This press release contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that address activities, events or developments that we intend, expect, plan, project, believe or anticipate will or may occur in the future are forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements we make regarding our ability to increase capacity utilization. Forward-looking statements are based on certain assumptions and assessments made by us in light of our experience and perception of historical trends, current conditions and expected future developments. Actual results and the timing of events may differ materially from those contemplated by the forward-looking statements due to a number of factors, including regional, national or global political, economic, business, competitive, market and regulatory conditions and the following:
•the demand level of manufacturing and construction activity;
•our ability to service our debt obligations; and
•the other factors that are described in the section entitled “RISK FACTORS” in Item 1A of our most recently filed Annual Report on Form 10-K.
Undue reliance should not be placed on any forward-looking statements. We do not have any intention or obligation to update forward-looking statements after we file this press release, except as required by law.
About Mueller Water Products, Inc.
Mueller Water Products, Inc. is a leading North American manufacturer and marketer of a broad range of water infrastructure, flow control and piping component system products for use in water distribution networks and water treatment facilities. The Company's broad product portfolio includes engineered valves, fire hydrants, pipe fittings, water meters and ductile iron pipe, which are used by municipalities, as well as the residential and non-residential construction industries for heating, ventilation and air conditioning, fire protection, industrial, energy and oil & gas industries. With latest 12 months net sales through March 31, 2010 of $1.4 billion, the Company is comprised of three operating segments: Mueller Co., U.S. Pipe and Anvil. Based in Atlanta, Georgia, the Company employs approximately 5,100 people. The Company's common stock trades on the New York Stock Exchange under the ticker symbol MWA. For more information about Mueller Water Products, Inc., please visit the Company's Web site at http://www.muellerwaterproducts.com/. See full financial tables at news at http://www.muellerwaterproducts.com/
_____________________________________
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Visit the water stocks directory at Investorideas.com and www.water-stocks.com to research publicly traded water companies, listed on global stock exchanges :
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Water Stocks; ITT’s (NYSE: ITT) WEDECO Ozone Generators Chosen for City of Wichita Aquifer Storage Project
Water Stocks; ITT’s (NYSE: ITT) WEDECO Ozone Generators Chosen for City of Wichita Aquifer Storage Project
Combined treatment system removes Endocrine Disrupting Compounds, kills pathogens
CHARLOTTE, N.C.--(Investorideas.com water stocks newswire)--ITT Corporation (NYSE: ITT), a global leader in the transport and treatment of water and wastewater, announced that its WEDECO ozone generators have been chosen by Air Products and Chemicals, Inc. for placement in a new treatment plant in Wichita, Kansas. Together with Air Products’ Halia™ advanced oxidation system, ITT’s WEDECO ozone generators form a complete Advanced Oxidation Process (AOP) solution that removes Endocrine Disrupting Compounds (EDCs), which result from the use of pharmaceuticals and personal care products. The AOP solution is also capable of killing pathogens and mitigating bromate formation as a carcinogenic by-product. The system will treat 30 million gallons of water per day at the Wichita surface water treatment plant.
The plant is built in conjunction with the Equus Beds Aquifer Storage and Recovery Project. To counter water shortages due to population growth, the City of Wichita has developed this multi-phase project that will draw excess water from the Little Arkansas River. That water will be treated and then pumped into the Equus Beds Aquifer for future residential, agricultural and commercial use.
Shaun Porter, water industry specialist at Air Products said, “We are extremely pleased with our arrangement with ITT to provide a cost-effective contaminant removal solution. The Halia advanced oxidation system can help meet disinfection requirements while also destroying trace contaminants and minimizing the formation of by-products, such as bromate, making it ideal for drinking water applications, as well as water reuse and process water clean-up.”
WEDECO PDO Series ozone generators were selected for this project, with each unit producing 2,100 pounds per day of ozone. This system comes completely mounted and instrumented and utilizes the industry-leading WEDECO EFFIZON® HP electrodes and variable frequency power supply technology.
About ITT’s Water & Wastewater Business
ITT's Water & Wastewater business is a global provider of water handling and treatment solutions for municipal and industrial customers in more than 140 countries. ITT designs and delivers energy-efficient solutions and related services for water and wastewater transport, biological treatment, filtration and disinfection. The Water and Wastewater business employs a global sales network, has manufacturing sites in Europe, Asia and the Americas, and is based in Stockholm, Sweden. www.ittwww.com
About ITT Corporation
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company generated 2009 revenue of $10.9 billion. www.itt.com
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Combined treatment system removes Endocrine Disrupting Compounds, kills pathogens
CHARLOTTE, N.C.--(Investorideas.com water stocks newswire)--ITT Corporation (NYSE: ITT), a global leader in the transport and treatment of water and wastewater, announced that its WEDECO ozone generators have been chosen by Air Products and Chemicals, Inc. for placement in a new treatment plant in Wichita, Kansas. Together with Air Products’ Halia™ advanced oxidation system, ITT’s WEDECO ozone generators form a complete Advanced Oxidation Process (AOP) solution that removes Endocrine Disrupting Compounds (EDCs), which result from the use of pharmaceuticals and personal care products. The AOP solution is also capable of killing pathogens and mitigating bromate formation as a carcinogenic by-product. The system will treat 30 million gallons of water per day at the Wichita surface water treatment plant.
The plant is built in conjunction with the Equus Beds Aquifer Storage and Recovery Project. To counter water shortages due to population growth, the City of Wichita has developed this multi-phase project that will draw excess water from the Little Arkansas River. That water will be treated and then pumped into the Equus Beds Aquifer for future residential, agricultural and commercial use.
Shaun Porter, water industry specialist at Air Products said, “We are extremely pleased with our arrangement with ITT to provide a cost-effective contaminant removal solution. The Halia advanced oxidation system can help meet disinfection requirements while also destroying trace contaminants and minimizing the formation of by-products, such as bromate, making it ideal for drinking water applications, as well as water reuse and process water clean-up.”
WEDECO PDO Series ozone generators were selected for this project, with each unit producing 2,100 pounds per day of ozone. This system comes completely mounted and instrumented and utilizes the industry-leading WEDECO EFFIZON® HP electrodes and variable frequency power supply technology.
About ITT’s Water & Wastewater Business
ITT's Water & Wastewater business is a global provider of water handling and treatment solutions for municipal and industrial customers in more than 140 countries. ITT designs and delivers energy-efficient solutions and related services for water and wastewater transport, biological treatment, filtration and disinfection. The Water and Wastewater business employs a global sales network, has manufacturing sites in Europe, Asia and the Americas, and is based in Stockholm, Sweden. www.ittwww.com
About ITT Corporation
ITT Corporation is a high-technology engineering and manufacturing company operating on all seven continents in three vital markets: water and fluids management, global defense and security, and motion and flow control. With a heritage of innovation, ITT partners with its customers to deliver extraordinary solutions that create more livable environments, provide protection and safety and connect our world. Headquartered in White Plains, N.Y., the company generated 2009 revenue of $10.9 billion. www.itt.com
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