Trans-Pacific Aerospace Company, Inc. (OTCBB: TPAC) $0.31. Announced Thursday after market close that it has successfully achieved all fundamental milestones that will enable the company to begin the qualification process in June 2010.
"I am extremely pleased with the outcome of our trip to China," said Bill McKay, Trans-Pacific Aerospace CEO. "We have strong partners, tremendous local government support, and an excellent supply chain, as well as a facility in an ideal location close to the port, our suppliers and machine tool manufacturers."
Godfrey (China) Ltd., Trans-Pacific's partner (of which it owns 25%), facilitated formation of a Wholly Foreign Owned Enterprise (WFOE) which enables the company to do business domestically and export its goods globally. McKay commented, "Our company is one of just a handful of high-tech companies in Zhongshan, China, and the city's first aerospace company. Post-qualification, Trans-Pacific Aerospace would be the only company in China qualified to make SAE-AS81820, SAE-AS81934 and SAE-AS81935 spherical bearings, bushings and rod end bearings that are used throughout commercial aircraft produced by manufacturers like
Trans-Pacific Aerospace Company also announced today that it has successfully passed internal testing for liner bond integrity and peel strength, as outlined in SAE-AS81820. This SAE standard is the standard to which the Company intends to qualify its self-lubricating bearings to be produced in China.
Bill McKay commented, "We are very happy with the results of the prototype test. This success puts us on track for qualification and is a critical and necessary step in the qualification process. The success speaks to the quality of our tooling, bearing design and the bonding process being employed. It shows the skill of our qualification team in producing high quality bearings. In addition to the successful testing, all tooling for the qualification has been manufactured and approved by Trans-Pacific Aerospace Company. Furthermore, component designs have been turned into prototype parts and have been successfully manufactured. Our prototype parts look great, so full production of all SAE qualification test components has commenced and we expect them to be completed in time to meet our schedule for qualification production, testing and acceptance."
Trans-Pacific Aerospace Company plans to use its proprietary aerospace bearing technologies to manufacture and sell component parts for both new commercial aircraft and spares for the existing commercial fleet, initially through a joint venture in China. The component parts are referred to as self-lubricating spherical bearings, and they help with several flight critical tasks including aircraft flight controls and landing gears.
What They Do: Trans-Pacific Aerospace (TPAC) deals in proprietary aerospace bearing technologies and is a manufacturer of spare parts for both new and existing commercial air fleets.
The primary component parts are referred to as self-lubricating spherical bearings, and they help with several flight critical tasks including aircraft flight controls and landing gears.
Silicon Motion Technology Corporation (Nasdaq: SIMO) $6.20. Announced Thursday after market close that expected revenue in the first quarter of 2010 will be stronger than the Company's previous outlook. In addition, the Company has revised upwards fourth quarter 2009 obsolete inventory reserves and consequently revised downwards its fourth quarter 2009 gross margin.
The Company expects revenue in the first quarter of 2010 to increase sequentially 15% to 16%. This is a positive increase over the guidance provided by the Company in early February 2010 that revenue would be down 5% to up 5% sequentially.
What They Do: Silicon Motion Technology is a fabless semiconductor company that designs, develops and markets high performance, low-power semiconductor solutions for the multimedia consumer electronics market
Intuitive Surgical (Nasdaq: ISRG) $388.01. Announced Thursday after market close first quarter of 2010 revenue of $329 million, up from $188 million for the first quarter of 2009. First quarter of 2010 revenue growth was driven by continued robotic procedure adoption and higher da Vinci Surgical System sales. For comparison purposes, as previously reported, first quarter 2009 revenue was reduced by a total of $20 million related to revenue deferred in association with the introduction of the da Vinci Si system, $18 million from systems revenue and $2 million from accessory revenue.
First quarter of 2010 net income was $85 million, or $2.12 per diluted share, compared with $28 million, or $0.72 per diluted share for the first quarter of 2009. The first quarter 2009 revenue deferral reduced net income for the period by approximately $12 million, or $0.30 per diluted share.
What They Do: Intuitive Surgical is the global technology leader in robotic-assisted, minimally invasive surgery.
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