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Yasheng ECO-Trade Corporation (OTCBB: YASH) $0.55. Today announced it has signed a Financial Advisor Engagement Agreement with Cukierman & Co. Investment House LTD. (“Cukierman”). This engagement will allow Cukierman to work on behalf of YASH to identify potential acquisition target companies as well as facilitate YASH’s expansion into Europe and the Middle East.
As announced on July 21, 2009, YASH, Cukierman and Dr. Sam Frankel are working to obtain funding from semi-governmental funding sources for the Yasheng Russia Breeding Complex. Utilizing the vast contacts of Cukierman, the Company was introduced to Better Online Solutions.
As a result of said the above agreements and in order to accelerate commencing the Company’s pending projects, which include Yasheng Russia and the California logistic center, the Company agreed with Cukierman to put together a senior team which will include Cukierman senior board management and the Company management to go to China to meet in order to put together a firm plan of accelerating the Company’s projects.
Yasheng ECO-Trade Chairman Dr. Rubin commented, “We are excited that Cukierman has decided to expand their role in helping us fulfill our vision for the company. Their network and access in Europe and the Middle East will be greatly appreciated.”
What They Do: The Company's business has been the identification and acquisition of undervalued assets within emerging industries for the purpose of consolidation and development of these businesses and sale if favorable market conditions exist. The Company's objective is to find, acquire and develop resources at the lowest cost possible and recycle its cash flows into new projects yielding the highest returns with controlled risk. The Company's competencies include financial services, mergers and acquisitions, accounting, real estate development and natural resources exploration.
The Company is currently in the process of developing a logistics center. As part of its strategy to develop a logistics center, the Company has entered a term sheet with Yasheng Group in which Yasheng Group, among other things, has agreed to contribute real property for the development of a logistics center. Further, the Company and Yasheng Group have jointly entered into a cooperation agreement with Legend Transportation based in Texas.
Callaway Golf Company (NYSE: ELY) $5.68. Today announced its financial results for the second quarter and first half of the year ended June 30, 2009. For the second quarter, the Company reported net sales of $302 million, a decrease of 17% compared to $366 million for the second quarter of 2008. On a currency neutral basis, net sales would have been $321 million, a decrease of 12% compared to the second quarter of 2008. The Company also reported gross profit for the second quarter of 2009 of $110 million (36% of net sales), compared to gross profit of $171 million (47% of net sales) in the second quarter of 2008, and reported operating expenses of $100 million (33% of net sales) compared to $111 million (30% of net sales) for the same period in 2008. Fully diluted earnings per share were $0.10 (on 66.8 million shares outstanding), compared to $0.58 (on 63.9 million shares outstanding) in 2008. Fully diluted earnings per share for the second quarter include after-tax charges for gross margin improvement initiatives of $0.02 per share in 2009 and $0.05 per share in 2008.
What They Do: Callaway Golf Company creates products and services designed to make every golfer a better golfer. Callaway Golf Company manufactures and sells golf clubs and golf balls, and sells golf accessories, under the Callaway Golf®, Odyssey®, Top-Flite®, Ben Hogan® and uPro™ brands in more than 110 countries worldwide.
GSI Commerce Inc. (Nasdaq: GSIC) $16.24. Today announced its financial results for its fiscal 2009 second quarter ended July 4. Net revenues decreased to $187.2 million from $193.2 million. Non-GAAP net revenues increased to $109.7 million from $102.9 million. Loss from operations was $12.3 million compared to a loss from operations of $17.4 million.
What They Do: GSI Commerce is a leading provider of services that enable e-commerce, multichannel retailing and interactive marketing for large, business-to-consumer (b2c) enterprises in the U.S. and internationally.
American Capital Agency Corp. (Nasdaq: AGNC) $23.94. Today announced net income for the second quarter of 2009 of $30.4 million, or $2.02 per share and declared a dividend of $1.50 per common share.
"Our results for the quarter benefited from several factors, including slower than expected prepayment speeds, a larger investment portfolio, lower funding costs and improved valuations on higher coupon agency securities," commented Gary Kain, Chief Investment Officer of AGNC.
What They Do: AGNC is a REIT that invests exclusively in agency pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by a U.S. Government agency or a U.S. Government-sponsored entity.
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