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Frontier Oil Corporation (NYSE: FTO) $13.60. Today announced quarterly net income of $8.3 million, or $0.08 per diluted share, for the quarter ended September 30, 2010, compared to a net loss of $8.8 million, or $0.08 per share, for the quarter ended September 30, 2009. For the nine months ended September 30, 2010, net income totaled $34.2 million, or $0.32 per diluted share, compared to a net loss of $8.7 million, or $0.08 per share, for the comparable period in 2009.
Frontier’s light/heavy crude differential averaged $10.39 per barrel in the third quarter of 2010, a substantial improvement from the average $6.33 per barrel in the same period of 2009. The WTI/WTS differential also improved to an average $2.13 per barrel in the third quarter of 2010, from an average $1.62 per barrel in the third quarter of 2009. Frontier’s total charges for the third quarter of 2010 averaged 180,605 barrels per day (“bpd”), up from an average 177,741 bpd in the same period of 2009, due to record throughput at the El Dorado Refinery and despite reduced throughput at the Cheyenne Refinery primarily as a result of the crude unit fire in July 2010.
What They Do: Frontier operates a 135,000 bpd refinery located in El Dorado, Kansas, and a 52,000 bpd refinery located in Cheyenne, Wyoming, and markets its refined products principally along the eastern slope of the Rocky Mountains and in other neighboring plains states.
Cott Corporation (NYSE: COT) $8.11. Today announced its results for the third quarter ended October 2, 2010. Cott acquired Cliffstar Corporation on August 17, 2010, and third quarter results include the impact of Cliffstar. Third quarter 2010 revenue was $491 million compared to $405 million, which included $80 million of revenue from Cliffstar. Excluding expenses related to the Cliffstar acquisition and purchase accounting adjustments, adjusted operating income increased 36% to $37 million from $27 million. Operating income decreased 14% to $23 million due to purchase accounting adjustments and transaction expenses related to the Cliffstar acquisition. Net income and earnings per diluted share were $8 million and $0.09, respectively. Excluding Cliffstar transaction-related expenses and purchase accounting adjustments, adjusted net income and adjusted earnings per diluted share were $21 million and $0.23, respectively.
"I am pleased that our third quarter saw core Cott volume growth of 4% in North America, ongoing cost savings on underlying SG&A and most importantly, the closing of our acquisition of Cliffstar," commented Jerry Fowden, Cott's Chief Executive Officer. "New business wins and a more modest national brand promotional environment drove higher volumes in North America, alongside continued growth in Mexico and RCI. Additionally, the U.K. continued its prior trend of double-digit growth in the energy and sports isotonic categories. Our efforts to integrate Cliffstar are proceeding according to plan and we remain confident in our synergy targets and goals to drive cash generation and debt reduction," continued Mr. Fowden.
What They Do: Cott is the world's largest retailer brand beverage company. With approximately 4,000 employees, Cott operates soft drink, juice, water and other beverage bottling facilities in the United States, Canada, the United Kingdom and Mexico.
DG (Nasdaq: DGIT) $23.53. Today announced record third quarter financial results. Consolidated revenue for the third quarter 2010 increased 18% to $56.9 million compared to $48.3 million in the same period of 2009. Third quarter adjusted EBITDA increased 24% to $26.0 million compared to $21.0 million for the same period of 2009.
"The Q3 results were driven by 59% growth in HD revenues, a result of both increasing demand from marketers and advertisers for HD spots, as well as accelerating HD adoption by the leading network and television broadcasters," said Scott Ginsburg, Chairman and CEO of DG. "A solid start to the new television season and strong performance in the entertainment and automotive verticals surpassed Company expectations."
What They Do: DG FastChannel, Inc. (now known as DG) provides innovative technology-based solutions to the advertising, broadcast and publishing industries.
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