LLBO, MEG, CBIS, WSTL, IGNT, SOMX OTCPicks.com Stocks to Watch for Thursday, July 23rd

LLBO, MEG, CBIS, WSTL, IGNT, SOMX OTCPicks.com Stocks to Watch for Thursday, July 23^rd

 

Our Stocks to Watch tomorrow include Lifeline Biotechnologies Inc. (OTC: LLBO), Media General Inc. (NYSE: MEG), Cannabis Science Inc. (OTCBB: CBIS), Westell Technologies Inc. (Nasdaq: WSTL), Ingen Technologies Inc. (OTC: IGNT) and Somaxon Pharmaceuticals Inc. (Nasdaq: SOMX).

 

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LIFELINE BIOTECHNOLOGIES INCORPORATED (OTC: LLBO)

"Up 235.00% on Wednesday"

 

Detailed Quote: http://www.otcpicks.com/quotes/LLBO.php

 

Lifeline Biotechnologies, Inc. operates as a medical technology company in the United States. Its technologies focus on prevention, early detection, diagnosis, and quick recovery of various disease conditions. The company is developing a non-imaging technology, known as the First Warning System, which measures tissue activity for the early detection of breast cancer in women.

 

LLBO News:

 

July 8 - Lifeline Biotechnologies' Subsidiary, First Warning Systems, Completes Private Placement

 

Lifeline Biotechnologies, Inc. (OTC: LLBO) announced that its First Warning Systems™ subsidiary completed a Series A private placement of $125,000.

 

Jim Holmes, Lifeline’s CEO, said that “Lifeline’s subsidiary, First Warning Systems, Inc., has completed a private placement of promissory notes in the amount of $125,000. The promissory notes, due in mid-2010, are convertible into common stock of First Warning Systems, Inc. This initial funding has provided us with important resources needed to move forward on our expected FDA filings. While this funding was essential, we are preparing for the next round, a Series B private placement of common stock for up to $1,500,000. This amount should see us through the FDA process and clearance. With clearance by the FDA, we would expect to be ready for the process of market introduction of the First Warning System™.”

 

Holmes said, “First Warning Systems, Inc., has retained a firm specialized in FDA filings to assist in the preparation of its preliminary filing with the FDA. We expect the filing to be completed this month. The FDA’s response to this initial filing could take several months to receive. We expect the FDA’s response to give us guidance for the subsequent filing required in order to obtain marketing clearance for this proprietary process.”

 

Lifeline Biotechnologies has in the past year filed for a patent on the recent technological advancements of the First Warning System™, which has achieved the robust capability of identifying and classifying tissue abnormalities of the breast with sensitivities (ability to identify) of 95% to 100% and specificities (verify) of 87% to 90%. Currently, it is a well-known fact that mammograms are missing an estimated 20% to 30% of the breast cancers.

 

MEDIA GENERAL INCORPORATED (NYSE: MEG)

"Up 84.26% on Wednesday"

 

Detailed Quote: http://www.otcpicks.com/quotes/MEG.php 

 

Media General is a leading provider of news, information and entertainment across multiple media platforms, serving consumers and advertisers in strong local markets, primarily in the Southeastern United States. Media General's operations are organized in five geographic market segments and a sixth segment that includes the company's interactive advertising services and certain other operations. The company's operations include 18 network-affiliated television stations and associated Web sites, 21 daily newspapers and associated Web sites, more than 200 specialty publications that include weekly newspapers, and niche publications targeted to various demographic, geographic and topical communities of interest. Many of the company's specialty publications have associated Web sites. Media General operates three interactive advertising services companies: Blockdot, which specializes in interactive entertainment and advergaming technologies; DealTaker.com, a coupon and shopping Web site; and NetInformer, a leading provider of wireless media and mobile marketing services.

 

MEG News:

 

July 22 - Media General Reports Second-Quarter 2009 Results

 

Media General, Inc. (NYSE: MEG) reported net income for the second quarter of 2009 of $20.6 million, or 90 cents per share, compared with a net loss of $532.2 million in the 2008 period, which included a non-cash, after-tax impairment charge of $532.1 million. The current quarter included a $7.1 million after-tax gain on the sale of a CW television station in Jacksonville, Fla., a $3.6 million tax benefit that resulted from a favorable determination concerning a state tax issue, and $7.5 million of tax benefits attributable to the company's first-half results from continuing operations. Excluding severance expense from both quarters, and last year's impairment charge, income from continuing operations before taxes was $3.8 million in 2009's second quarter compared with $2.6 million in the year-ago quarter.

 

"A 23-percent decrease in total operating costs year-over-year was a major contributor to the company's improved operating results, helping to offset a 20 percent revenue decline. Actions driving the lower expenses included reductions in force across the company, a furlough program, a suspension of matching in the company's 401(k) plan in 2009, and the final freeze of the company's pension plan effective May 31, 2009. Service accruals ceased in the partial freeze of the plan in 2006 and now future salary increases do not affect retirement benefits. Media General has implemented many difficult but necessary expense reductions that strengthen our ability to weather the deep recession and recognize the reduced revenue streams available in our business. As a result, we are in a stronger position to take advantage of an economic recovery," said Marshall N. Morton, president and chief executive officer.

 

"Our aggressive cost elimination actions were particularly evident in our Publishing segment, which generated a $12 million profit in the current quarter compared with $6.8 million in the prior-year. Publishing revenues declined 20.3 percent in the second quarter, about the same as the first quarter. We saw the rate of Classified advertising declines abate somewhat in the second quarter compared to the first quarter of 2009, mostly in the automotive category, and particularly in our Florida, Virginia and Alabama markets. The decline in Retail advertising in the current period was also less severe than in the first quarter of 2009.

 

"In the Broadcast segment, second quarter operating profit was $11.3 million in the current period compared with $14.9 million last year and largely reflected a $2 million decline in Political revenues in the current period. Time sales were quite weak in April but strengthened somewhat in May and June. Broadcast operating expenses decreased 21 percent year-over-year.

 

"The Interactive Media segment benefited from strong growth from its online coupon and shopping Web site DealTaker.com and higher Local advertising revenues, which were up 18 percent. We continue to accelerate our direct-sales initiatives, which are driving strong Local spending by new and existing advertisers. These positive results could not offset recession-driven declines in Classified and National/Regional advertising, however. Our online audience growth continued. Page views were up 8.8 percent, visitor sessions increased 17.1 percent and unique visitors rose 22.7 percent," he said.

 

"While we are still dealing with the recession, we are optimistic about our long-term prospects. Even as we have dramatically reduced expenses, we have expanded into new digital and mobile platforms and created new ways to serve consumers and advertisers. We are executing effectively on our Internet partnerships with Yahoo! and Zillow and generating new revenue streams in our interactive advertising services businesses such as DealTaker.com," Mr. Morton said.

 

"On July 1, we shifted to an operating structure focused on geographic markets rather than our former platform-based structure. Under the new structure, our leaders are responsible for the success of all of our media properties within a defined market area, not just a particular media platform. This change reflects our long-held recognition that the customer is in charge. The realignment opens new opportunities to put customer needs in the forefront and then provide the best solution to meet those needs, without allegiance to a particular media platform. The new structure greatly accelerates our Web-First strategy, by strengthening our ability to leverage all available resources on behalf of our Web sites, from both a content and a sales perspective," Mr. Morton said.

 

Beginning with the third quarter of 2009, Media General will report financial results based on five geographic market segments and a sixth segment that includes the company's interactive advertising services and certain other operations. In conjunction with its third-quarter earnings release, the company will recast results to reflect the market structure for the first two quarters of 2009, for all four quarters of and full-year 2008, and for full-year 2007.

 

Publishing Segment

 

Publishing Division profit for the second quarter of 2009, excluding severance and other special charges, increased 19.9 percent from the prior year. Total revenues decreased 20.3 percent, and advertising revenues declined 26 percent. The revenue decline, however, was offset by significant expense reductions, a 24.8 percent reduction excluding severance and other special charges.

 

Revenues declined 26 percent in Florida, 16.2 percent in Virginia, 25.8 percent in North Carolina and 18.7 percent in South Carolina. In Alabama, revenues decreased 12.2 percent, as Retail and Classified declines were not as sharp as in other markets.

 

Classified advertising revenues were below the prior year by $11.9 million, or 35.2 percent, due to shortfalls in all markets. In the metro markets, employment revenues decreased 63 percent and real estate revenues were down 54.9 percent. Automotive revenues declined 27.1 percent.

 

Retail advertising revenues declined $10.6 million, or 21 percent, due to lower spending across all markets in most categories. National revenues decreased $1.5 million, or 18.7 percent, reflecting decreases in a number of key categories in all markets, especially Tampa.

 

Circulation revenues increased $1.9 million, or 11.9 percent, driven by single-copy and home-delivery price increases in most markets.

 

Salary expense, excluding severance, decreased 24.6 percent, reflecting workforce reductions and the furlough savings. Benefit expense declined 41.8 percent, due to the absence of profit sharing and 401(k) match as well as reduced employee count. Newsprint expense decreased 29.1 percent as a result of a decline in consumption of 33.5 percent, driven by newsprint conservation efforts, decreased advertising linage and other initiatives. Partially offsetting the decline in consumption, the average price per ton increased $39, or 6.6 percent from the prior year.

 

Broadcast Segment

 

Total Broadcast revenues declined $17.7 million, or 21.4 percent, and gross time sales declined $22.4 million, or 26.3 percent. Local time sales decreased $13.6 million, or 24.8 percent, and National time sales decreased $6.9 million, or 24.7 percent. Lower automotive and telecommunications spending was the main factor for the decreases in both categories. Political revenues in the current quarter were $800,000.

 

Broadcast expenses decreased 19.6 percent, excluding severance, due to reduced salary expense from workforce reductions and furloughs, other cost containment initiatives, and lower costs of goods sold at a broadcast equipment subsidiary. Salary expense, excluding severance but including furlough savings, declined 22.9 percent.

 

Interactive Media Segment

 

The Interactive Media Division posted an operating loss of $1.1 million compared with a loss of $656,000 in the prior year. Total division revenues decreased 5.7 percent, mostly reflecting lower Classified advertising on the company's Web sites. A strong profit contribution by DealTaker.com and an 18 percent increase in Local online revenues from the company's local Web sites, partially offset declines in Classified and National advertising. Revenues at DealTaker.com rose 24 percent and visitors grew 85 percent in the quarter.

 

Other Results

 

Corporate expense declined by $3.5 million, or 35 percent, reflecting cost containment actions including furloughs. Acquisition intangibles amortization decreased $2.2 million, or 53 percent, as certain intangible assets had been written down as part of impairment charges in 2008. Interest expense was approximately $700,000 higher than the prior year due to increased all-in interest rates largely offset by lower average debt levels. Debt at the end of the second quarter was $711 million, compared to $730 million at the beginning of the year, mainly reflecting the use of proceeds from the sale of a television station.

 

EBITDA (income from continuing operations before interest, taxes, depreciation and amortization) was $28.6 million, compared with a deficit of $754.8 million in the 2008 period. After-Tax Cash Flow, excluding the 2008 non-cash impairment charge, was $28.4 million compared with $17.7 million in the prior year. Capital expenditures in the second quarter of 2009 were $3.8 million, compared with $4.5 million in the prior-year period. Free Cash Flow, excluding the 2008 non-cash impairment charge, (After-Tax Cash Flow minus capital expenditures) was $24.6 million, compared with $13.2 million in the prior-year period.

 

Media General provides the non-GAAP financial metrics EBITDA from continuing operations, After-Tax Cash Flow, and Free Cash Flow. The company believes these metrics are useful in evaluating financial performance and are common alternative measures used by investors, financial analysts and rating agencies. These groups use EBITDA, along with other measures, to evaluate a company's ability to service its debt requirements and to estimate the value of the company. A reconciliation of these metrics to amounts on the GAAP statements has been included in this news release.

 

CANNABIS SCIENCE INCORPORATED (OTCBB: CBIS)

"Up 47.06% on Wednesday"

 

Detailed Quote: http://www.otcpicks.com/quotes/CBIS.php

 

Cannabis Science Inc. is at the forefront of medical marijuana research and development. The company works with world authorities on phytocannabinoid science targeting critical illnesses, and adheres to scientific methodologies to develop, produce, and commercialize phytocannabinoid-based pharmaceutical products. It is dedicated to the creation of cannabis-based medicines, both with and without psychoactive properties, to treat disease and the symptoms of disease, as well as for general health maintenance.

 

CBIS News:

 

July 21 - CSI President Dr. Robert Melamede Testified Yesterday at Denver Hearing Which Stopped Attempt to Restrict Patients' Access to Medical Marijuana; Cannabis Science Plans for End of Marijuana Prohibition

 

Cannabis Science Inc. (OTCBB: CBIS), an emerging cannabis pharmaceutical company, reports that its CEO, Dr. Robert Melamede, Ph.D., spoke yesterday at a Denver hearing in opposition to an attempt to undermine a voter-approved constitutional amendment allowing the use of marijuana for medical purposes.

 

Colorado's state health board voted 6-3 Monday night to reject a move to limit suppliers of medical marijuana to helping only five patients at a time. Dr. Melamede pointed out that such restrictions would make it much more difficult for patients to get affordable medical marijuana.

 

Dr. Melamede explained, "Although Cannabis Science is committed to developing cannabis-based pharmaceuticals for FDA approval, the company's business strategy is based on the assumption that marijuana prohibition will end, and its products will have to compete with 'over-the-counter' products of the sort already available in medical marijuana dispensaries."

 

According to the Associated Press, there are 9,112 people registered to use medical marijuana in Colorado, up 2,000 just in the last month. Ron Hyman, the state health department registrar who oversees the medical marijuana registry, predicted that 15,000 people will be signed up by the end of the year. This rapid growth demonstrates the huge need for cannabis-based medicines.

 

WESTELL TECHNOLOGIES INCORPORATED (NASDAQ: WSTL)

"Up 62.12% on Wednesday"

 

Detailed Quote: http://www.otcpicks.com/quotes/WSTL.php

 

Westell Technologies, Inc., headquartered in Aurora, Illinois, is a holding company for Westell, Inc. and ConferencePlus, Inc. Westell, Inc. designs and develops broadband telecommunications access products. ConferencePlus, Inc. is a leading global provider of audio, web, video and IP conferencing services.

 

WSTL News:

 

July 21 - Westell Technologies Reports Profitable Fiscal 2010 First Quarter Results

 

Westell Technologies Fiscal 2010 First Quarter Highlights:

 

* Fiscal first quarter consolidated revenue of $40.5 million. Non-GAAP fiscal first quarter consolidated revenue of $53.8 million, which includes deferred revenue from UltraLine Series3 gateways.

 

* Fiscal first quarter net income of $1.6 million, or $0.02 per diluted share. Non-GAAP net income during the fiscal first quarter of $2.9 million, or $0.04 per diluted share.

 

* First profitable quarter since March 2007.

 

* Cash and cash equivalents increased by $3.2 million in the quarter to $49.2 million.

 

Westell Technologies, Inc. (Nasdaq: WSTL), a leading provider of broadband products, gateways and conferencing services, today announced results for its fiscal first quarter ended June 30, 2009. Total revenue for the fiscal first quarter was $40.5 million, up 6.3% from $38.1 million in the same quarter last year. Net income during the quarter was $1.6 million, or $0.02 per diluted share, compared to a net loss of $5.5 million, or a loss of $0.08 per diluted share, in the same period last year.

 

On a non-GAAP basis, revenue for the fiscal first quarter was $53.8 million, up 41.4% from the same quarter last year. The increase in the current quarter compared to the prior-year quarter is due primarily to shipments of UltraLine Series3 gateways, which started in the fiscal third quarter of 2009. Non-GAAP net income during the fiscal first quarter was $2.9 million, or $0.04 per diluted share, compared to a non-GAAP net loss of $5.6 million, or a loss of $0.08 per diluted share, in the prior year. The non-GAAP earnings per share were positively impacted by increased shipments, higher gross profits and lower operating expenses that resulted from recent restructuring and cost containment initiatives.

 

Total cash and cash equivalents were $49.2 million at June 30, 2009, up $3.2 million compared to the balance at March 31, 2009.

 

“We are pleased with our solid results for the first quarter of fiscal 2010, which is the first profitable quarter for Westell since March of 2007,” commented Rick Gilbert, President and Chief Executive Officer of Westell Technologies. “Although current economic conditions make future financial results very hard to predict, we remain rigorously focused on profit and cash generation for the remainder of the fiscal year.”

 

The Company supplements its financial analysis of the business using non-GAAP measures which may provide additional insight into current operating performance. The presentation at the end of this press release includes financial tables that reconcile non-GAAP measures to GAAP measures. There are two non-GAAP adjustments affecting the fiscal first quarter of 2010. First, during the quarter, the Company continued to ship UltraLine Series3 next-generation gateways which support a major customer’s fiber-to-the-home (FTTH) offering. Fiscal first quarter revenues totaling $13.3 million, together with certain related direct costs for these product shipments, are deferred and not recognized in the quarter, based on the required accounting for related software deliverables. This adjustment adds $0.7 million to non-GAAP net income for the quarter. Second, the Company recognized restructuring expense of $0.6 million in the quarter that represents the termination benefits for 50 employees whose positions were eliminated to reduce ongoing operating costs.

 

Conference Call Information

 

Management will address financial and business results during Westell’s first quarter fiscal 2010 earnings conference call on Wednesday, July 22, 9:30 AM ET. Conference Plus, Inc. (ConferencePlus), a Westell subsidiary, will manage Westell’s earnings conference call using its EventManager™ Service.

 

Participants can register for the conference at www.conferenceplus.com/westell.

 

With EventManager, participants can quickly register online in advance of the conference through a customizable web page that can be used to gather multiple pieces of information from each participant, as specified by the event arranger. After registering, participants receive dial-in numbers, a passcode, and a personal identification number (PIN) that is used to uniquely identify their presence and automatically join them into the audio conference. If a participant experiences any technical difficulties after joining the conference call on July 22, he or she can press *0 for support.

 

If a participant does not wish to register, he or she can participate in the call on July 22, by dialing ConferencePlus at 1-877-875-0056 no later than 9:15 AM, Eastern Time and using confirmation number 24962143. International participants may dial 1-847-585-4340. Westell’s press release on earnings and related information that may be discussed on the earnings conference will be posted on the Investor Relations’ section of Westell’s website, www.westell.com. An archive of the entire conference will be available on Westell’s website or via Digital Audio Replay following the conclusion of the conference until October 21, 2009. The replay of the conference can be accessed by dialing 1-888-843-8996 or 1-630-652-3044 and entering 9783733#.

 

ABOUT CONFERENCEPLUS

 

ConferencePlus, a Westell Technologies, Inc. subsidiary, is a leading global provider of audio, web, video and IP conferencing services. ConferencePlus is dedicated to providing high quality, innovative conferencing solutions to its domestic and international clients and telecommunications resellers. ConferencePlus is recognized for outstanding customer service and support to help clients meet their business objectives. The Company is headquartered in Schaumburg, Illinois, with an international headquarters in Dublin, Ireland.

 

INGEN TECHNOLOGIES INCORPORATED (OTC: IGNT)

"Up 35.19% on Wednesday"

 

Detailed Quote: http://www.otcpicks.com/quotes/IGNT.php

 

Ingen Technologies, Inc. is the leading world manufacturer of gravity-independent in-line oxygen flow meter products and services related to pulmonary and respiratory therapeutic hospital and home oxygen therapy. The company has adopted quality improvement (QI) initiatives throughout all areas of operations. Ingen Technologies is registered with the Food & Drug Administration, and licensed in good standing with the Department of Health Services. Headquartered in Yucaipa, California, the company distributes its respiratory products in North America, Asia and European Communities, and its operations provide sales, logistics, billing and collections. Supported by corporate functions such as Finance, Information Services, Human Resources, Legal and Contract Services, Ingen Technologies division and regional business units are able to respond quickly to customer and patient needs.

 

IGNT News:

 

July 22 - Ingen Stocks $2.5 Million in Oxyview Inventory for Future Orders

 

Investment Bank Commits to Deliver Shareholder Value

 

Ingen Technologies, Inc. (OTC: IGNT) a leading Medical Device Manufacturer focused in the $8 Billion global Respiratory Markets for the growing ageing population and emerging markets for Home (DME), Hospital and Aviation Industries announced today that the company has developed $2,500,000 worth of product inventory as a part of the initial strategic relationship with the Pacific Pearl Group and their commitment to assist Ingen Technologies with increased value.

 

"The distribution of the Company's flagship product — Oxyview — in China is an indication that Ingen Technologies recognizes the underserved, respiratory market, where COPD ranks first among the burdens of diseases in the country. Pacific Pearl Group is uniquely positioned to assist Ingen Technologies to assess potential bids from the domestic and international markets, in particular China, and we will simultaneously evaluate other viable strategies in order to deliver shareholder value," stated Reisa Jiang, founder and Chief Executive Officer of Pacific Pearl Group.

 

Pacific Pearl Group (Member FINRA/SIPC) is a China-focused investment bank dedicated to advising small- and micro-cap companies and privately-held firms. Headquartered in Pasadena, California, Pacific Pearl Group provides a broad array of financial and strategic advisory services to corporate clients including: mergers and acquisitions, private placements, proprietary market research and turnaround management.

 

The company has initiated the production of 100,000 Oxyview units , with an additional 60,000 Oxyview Nasal Cannula's being delivered in August-2009. The aggressive saturation advertising campaign scheduled in the Fall with COPD Digest, Medco Forum and several others, in combination with restructure and strengthening of the distribution network; Ingen anticipates better earnings than expected in the next few months to come. Despite the fierce cuts in Medicare and low priced cannuals being sold today without an oxyview attached, experts predict strong customer purchase support of the new Oxyview Nasal Cannula simply based on patient demand, and as a means to improve oxygen therapy and an overall savings as a result in a decrease of service calls.

 

"Ingen is now positioned to create strong revenues, earnings and shareholder profits," stated Scott R. Sand, Chief Executive Officer and Chairman of the Board.

 

SOMAXON PHARMACEUTICALS INCORPORATED (NASDAQ: SOMX)

"Up 30.89% on Wednesday"

 

Detailed Quote: http://www.otcpicks.com/quotes/SOMX.php

 

Headquartered in San Diego, CA, Somaxon Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the in-licensing and development of proprietary product candidates for the treatment of diseases and disorders in the fields of psychiatry and neurology. A New Drug Application (NDA) for Silenor® (doxepin), Somaxon’s drug candidate for insomnia, has been filed with the U.S. Food and Drug Administration and currently is under review.

 

SOMX News:

 

July 8 - Somaxon Pharmaceuticals Completes $6 Million Private Equity Financing

 

Somaxon Pharmaceuticals, Inc. (Nasdaq: SOMX), a specialty pharmaceutical company focused on the in-licensing, development and commercialization of proprietary branded pharmaceutical products and late-stage product candidates for the treatment of diseases and disorders in the central nervous system therapeutic area, today said it has completed its previously announced private placement of approximately 5.1 million shares of its common stock at a price of $1.05 per share and seven-year warrants to purchase up to approximately 5.1 million additional shares of its common stock, exercisable in cash or by net exercise at a price of $1.155 per share, for aggregate gross proceeds of approximately $6 million. The price paid for the common stock is equal to the consolidated closing bid price on the Nasdaq Capital Market on the day of pricing, July 2, 2009.

 

The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and were sold in a private placement pursuant to Regulation D of the Securities Act. The securities may not be offered or sold in the United States except via registration or pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. The company has agreed to file a registration statement covering the resale of the shares of common stock acquired by the investors and shares of common stock issuable upon exercise of the warrants acquired by the investors.

 

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