Zevotek (Pinksheets: ZVTK) $0.014. Announced after market close the completion of an overseas marketing and sales agreement. The sales agreement shall cover the territories of Germany, Austria, Switzerland, Slovakia, Hungry, Liechtenstein, Romania, Poland and the Czech Republic.
This marks a major venture into the European market for Zevotek. With an infomercial being broadcast into multiple countries and put into several different languages it has more depth then previous given to our products then in earlier sales deals. With their vast experience in the As Seen on TV market we felt this was the best opportunity to gain market share at this juncture.
The agreement calls for 60,000 bulbs over a 12-month period as the foundation of the marketing agreement. As needed, our European partner, in this deal can increase their orders to meet demand. The number of bulbs this deal calls for is only a starting point as we feel that the company Zevotek has chosen to work with, has a strong track record, and will be able to help us gain a foothold in the increasing market of energy efficient lighting. Discussions on the nightlight product were tabled at this time as they have prepared only the standard bulbs infomercial.
What They Do: Zevotek, Inc. plans to market and sell independently a range of distinct and independent lines of home care and household products.
ARRIS Group (Nasdaq: ARRS) $10.11. Announced after market close preliminary and unaudited financial results for the first quarter 2009, which were within the revenue and earnings guidance that the Company provided on February 11, 2009.
Revenues were $253.5 million as compared to first quarter 2008 revenues of $273.5 million and as compared to fourth quarter 2008 revenues of $292.4 million.
GAAP net income in the first quarter 2009 was $0.10 per diluted share, as compared to the first quarter 2008 net income of $0.03 per diluted share, and as compared to the fourth quarter 2008 net loss of $(1.33) per diluted share. The fourth quarter 2008 loss was primarily the result of a goodwill impairment, net of a related estimated tax benefit, of $(184.6) million, or $(1.48) per diluted share resulting from the Company's annual goodwill impairment analysis.
What They Do: ARRIS is a global communications technology company specializing in the design, engineering and supply of technology supporting triple and quad-play broadband services for residential and business customers around the world.
Tetra Tech (Nasdaq: TTEK) $24.07. Announced after market close results for the second quarter ended March 29, 2009. Revenue in the quarter was $522.3 million, up 13.2% from $461.4 million, and revenue, net of subcontractor costs, was $332.2 million, up 15.6% from $287.4 million for the same quarter last year.
Income from operations was $27.8 million, up 12.1% from $24.8 million for the same quarter last year. Net income was $19.2 million, up 40.5% from $13.7 million for the same quarter last year. Diluted earnings per share (EPS) were $0.32, up 36.6% from $0.23 for the same quarter last year.
What They Do: Tetra Tech is a leading provider of consulting, engineering, program management, construction and technical services addressing the resource management and infrastructure markets.
General Maritime Corporation (NYSE: GMR) $8.64. Announced after market close its financial results for the three months ended March 31, 2009. Excluding the $0.5 million in other income, and $0.5 million in additional costs related to the Genmar Defiance litigation, the Company recorded net income of $18.9 million or $0.35 basic and $0.34 diluted earnings per share for the three months ended March 31, 2009 compared to $13.4 million or $0.35 basic and $0.34 diluted earnings per share for the three months ended March 31, 2008 (excluding $0.5 million in other loss in that period).
Other income for the quarter of $0.5 million included a $1.0 million unrealized non-cash gain associated with the change in fair value of our freight derivatives as well as a $0.5 million loss associated with the monthly cash settlements of our freight derivatives. Net income was $18.9 million or $0.35 basic and $0.34 diluted earnings per share for the three months ended March 31, 2009 compared to net income of $12.9 million, or $0.33 basic and $0.32 diluted earnings per share, for the three months ended March 31, 2008. The increase in net income was principally the result of a rise in net voyage revenue compared with the prior year period.
What They Do: General Maritime Corporation is a leading crude and products tanker company serving principally within the Atlantic basin, which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe and the North Sea.
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