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Ocean Bio-Chem (Nasdaq: OBCI) Trading at $3.40, Up $1.25. Today announced financial results for 2010. The Company reported record net income for the year ended December 31, 2010 of approximately $2.0 million, compared to net income of $1.1 million for 2009, an increase of approximately 92%. Basic earnings per share were $0.26 per share compared to $0.14 per share for the year 2009. Diluted earnings per share were $0.24 per share compared to $0.14 per share for the year ended 2009. Record net sales, for the year ended December 31, 2010, were approximately $27.4 million compared to approximately $24.6 million for 2009, an increase of $2.8 million or 11%.
What They Do: Ocean Bio-Chem, Inc. manufactures and markets a full line of maintenance and care products for marine, automobile, motorcycle, power sports, outdoor power equipment, RV, agriculture, hardware, lawn & garden and OEMs.
Spectrum Control (Nasdaq: SPEC). Trading at $19.67, Up $5.66. a leading designer and manufacturer of custom electronic products and systems, today reported results for the first quarter ended February 28, 2011.
For the first quarter of fiscal 2011, the Company reported net income of $3.3 million or 25 cents per diluted share on sales of $41.2 million, compared to net income of $2.4 million or 19 cents per diluted share on sales of $37.9 million for the same period last year.
Dick Southworth, the Company's President and Chief Executive Officer, commented, "Compared to a year ago, our 2011 first quarter revenue grew 9%, principally driven by the successful integration of our recent business acquisitions. Demand for our products in various commercial applications continues to increase, reflecting improved general economic conditions and the impact from several of our new product offerings and capabilities. In the first quarter of fiscal 2011, our total sales into commercial markets amounted to $16.0 million, up $1.3 million or 9% from the same quarter of 2010. These positive factors helped to offset a military/defense market which continues to be somewhat tentative, as many of our military/defense customers proceed cautiously during this period of defense spending scrutiny and reassessed priorities. With our overall increase in shipments, and our ability to leverage our operating costs and manufacturing capacity over greater sales volume, our profitability improved significantly. Our net income grew to $3.3 million in the current period, up 36% from a year ago, and our earnings per share increased by 32%."
What They Do: Spectrum Control, Inc. is a leader in the design, development and manufacture of custom electronic products and systems for the defense, aerospace, communications, and medical industries worldwide.
Rural/Metro Corporation (Nasdaq; RURL) Trading at $17.11, Up $4.56. Today announced it has entered into a definitive agreement for the acquisition of the Company by the private equity firm Warburg Pincus in an all-cash transaction.
Under terms of the agreement, Rural/Metro shareholders will receive $17.25 per share of common stock in cash, representing a 37% premium over the closing price on March 25, 2011 and a 28% premium over the volume weighted average share price over the previous month. The Company's Board of Directors, acting on the recommendation of a Special Committee consisting of independent directors, unanimously approved the terms of the agreement and recommended that Rural/Metro shareholders approve the transaction. In addition to shareholder approval, the transaction is subject to the satisfaction of customary closing conditions and regulatory approvals. It is currently anticipated the transaction will be completed by the end of June 2011.
What They Do: Rural/Metro Corporation is a leading national provider of emergency and non-emergency ambulance services and private fire protection services in 20 states and approximately 440 communities throughout the United States.
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