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Yasheng ECO-Trade Corporation (OTCBB: YASH) $0.55. Announced Wednesday after market close that it has entered negotiations with Management Consulting Company to explore further expansion and acquisitions for Yasheng Russia, a Yasheng Eco-Trade Corporation joint venture. Management Consulting Company is a division of IFD Kapital Group in Russia.
Yasheng ECO-Trade Chairman Greg Rubin stated, “We are excited about the possibility of making strategic moves that will help the company achieve its vision. In addition, the relationship we are establishing with one of Russia’s premier financial services firm may be important as the company moves to expand into the region.”
IFD Kapital is one of the largest financial groups in Russia with US$4.9 Billion in total assets and US$2 billion in total equity. IFD Kapital has more than 7,000 employees.
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.
Comverge (Nasdaq: COMV) $12.15. Today announced a multi-deal agreement with a leading Virginia-based utility including: A 5-year, 117 megawatt (MW) commercial and industrial (C&I) Virtual Peaking Capacity (VPC) contract. An agreement to supply more than 150,000 advanced metering infrastructure (AMI)-enabled energy management devices for a residential demand response program and A license to utilize Comverge's Apollo((TM)) Demand Response Management System software to manage both the C&I and residential demand response programs.
These contracts will give participating commercial, industrial and residential customers the ability to reduce load at times of peak electrical demand. Comverge will begin mobilization of both programs effective immediately, with regulatory approval by the Virginia State Corporation Commission and implementation anticipated in early 2010.
What They Do: Comverge, with over 3000 megawatts of clean energy capacity under management, is a leading provider of clean energy solutions that improve grid reliability and supply electric capacity on a more cost-effective basis than conventional alternatives by reducing base load and peak load energy consumption.
Littelfuse (Nasdaq: LFUS) $24.76. Today announced sales and earnings for the second quarter of 2009 that were in line with the company’s updated guidance issued on July 7, 2009. Sales for the second quarter of 2009 were $101.4 million, a 20% sequential increase from the first quarter of 2009 and a 32% decline compared to the prior-year quarter. On a GAAP basis, the company had a loss of ($0.12) per diluted share, which included restructuring charges of $7.0 million (pre-tax) or approximately $0.22 per share. Adjusted diluted earnings per share (see Supplemental Information on page 8) were $0.10. The restructuring charges reflect the costs to further consolidate manufacturing and reduce operating expenses as announced on May 19, 2009. The company ended the second quarter of 2009 with $48.3 million in cash and $75.0 million of borrowing capacity under its revolving credit facility. At June 27, 2009, the company was in compliance with all debt covenants and expects to remain so for the foreseeable future.
What They Do: The worldwide leader in circuit protection products and solutions with annual sales of $530.9 million in 2008, the Littelfuse portfolio is backed by industry-leading technical support, design and manufacturing expertise.
Endo Pharmaceuticals (Nasdaq: ENDP) $20.29. Today announced financial results for the second quarter of 2009, including a full quarter of results of Indevus Pharmaceuticals, Inc., which Endo acquired during the first quarter. Total revenues during the second quarter of 2009 increased 22 percent to $373.1 million compared with $306.2 million in the second quarter of 2008.
Net income for the three months ended June 30, 2009, was $30.0 million, compared with $57.1 million in the comparable 2008 period.
What They Do: Endo Pharmaceuticals is a specialty pharmaceutical company engaged in the research, development, sale and marketing of branded and generic prescription pharmaceuticals used to treat and manage pain, overactive bladder, prostate cancer and the early onset of puberty in children, or central precocious puberty (CPP).
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