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Lionsgate (NYSE: LGF) $7.30, Up $0.81. Today announced that it has received a revised unsolicited tender offer from Carl Icahn and certain of his affiliated entities (the "Icahn Group") to acquire up to all of Lionsgate's outstanding common shares for U.S.$7.50 per share in cash.
Consistent with its fiduciary duties and in consultation with its financial and legal advisors, Lionsgate's Board of Directors will review Mr. Icahn's revised offer and will make its recommendation to shareholders promptly.
The Board of Directors' recommendation will be included in an amended Solicitation/Recommendation Statement filing on a Schedule 14D-9. Lionsgate added that there is no need for shareholders to take any action at this time.
What They Do: Lionsgate is the leading next generation studio with a strong and diversified presence in the production and distribution of motion pictures, television programming, home entertainment, family entertainment, video-on-demand and digitally delivered content.
Energy Focus (Nasdaq: EFOI) $1.79, Up $0.20. Today announced that its research and development team has recently been selected to receive funding on three projects: a Phase I Department of Defense (DoD) Small Business Innovation Research (SBIR) Grant to develop additional LED lighting fixtures based on its proprietary Intellitube(TM) technology for the Naval Air Systems Command (NAVAIR); increased VHESC funding to accelerate the development of advanced coatings; and a grant for the development of advanced optical designs totaling about $410,000.
Roger Buelow, Energy Focus CTO, commented, "We're especially excited about this additional funding since the work on all three projects directly contributes to the development of our LED Intellitube technology. The result will be products that can offer both significant energy savings and longer life over fluorescent bulb alternatives for commercial as well as military applications. We believe that our award of the Phase I SBIR can be attributed to our success in the $1.4 Million NAVSEA contract and the huge potential of our LED Intellitube technology".
What They Do: Energy Focus, Inc. is a leading provider of turnkey energy efficient lighting solutions. These solutions provide energy savings, aesthetics, safety and maintenance cost benefits over conventional lighting.
Energy Conversion Devices (Nasdaq: ENER) $4.32, Up $0.34. Today announced financial results for its fourth quarter and fiscal year ended June 30, 2010. Total consolidated revenues for the quarter were $86.2 million, compared to $51.4 million in the fourth quarter of fiscal 2009, a 68% increase, and $72.4 million in the third quarter of fiscal 2010, a 19% increase. Solar product and system sales for the quarter were $81.3 million, compared to $46.0 million in the same quarter last year, a 77% increase, and $65.1 million in the third quarter of fiscal 2010, a 25% increase.
For the fourth quarter, the company reported a loss of $20.4 million or $0.48 per fully diluted share compared to a net loss of $17.6 million or $0.42 per fully diluted share in the year-ago period. This compares to a net loss of $26.8 million or $0.63 per fully diluted share in the third quarter of fiscal 2010, which excluded a non-cash impairment charge of $358.0 million or $8.46 per share.
What They Do: Energy Conversion Devices is a leading global provider of thin-film flexible solar laminate products and systems for the building integrated and commercial rooftop markets.
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