OTCPicks.com Stocks to Watch for Monday, February 9th RF,
ZILA,
SPCB,
CVVUF,
FFGO,
MESA Our Stocks to Watch tomorrow include Regions Financial Corp. (NYSE:
RF), Zila Inc. (Nasdaq:
ZILA), Spectrum Brands Inc. (OTC:
SPCB), CanAlaska Uranium Ltd. (OTCBB:
CVVUF), Fortress Financial Group Inc.
(OTC:
FFGO) and Mesa Air Group Inc. (Nasdaq:
MESA).
Visit http://www.otcpicknews.com/otpmail/link.phpM191&N1&L9 to register for our Daily Market Mover`s Digest Newsletter, and Email Stock Watch Alerts.
REGIONS FINANCIAL CORPORATION (NYSE: RF) "Up 48.41% on Friday" Detailed Quote: http://www.otcpicknews.com/otpmail/link.phpM191&N1&L93 Regions Financial Corporation, with $146 billion in assets, is a member of the S&P 100 Index and one of the nations largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates 1,900 banking offices and approximately 2,300 ATMs. Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company Inc., provides services from over 300 offices.
RF News:
February 6 - Regions Acquires its Second Failed Bank in Five Months from FDIC Customers and Deposits of FirstBank Financial Services Find Safe Home With Regions Regions Financial Corporation (NYSE: RF) announced that it has assumed from the Federal Deposit Insurance Corporation (FDIC) approximately $285 million in total deposits, including all uninsured deposits, of FirstBank Financial Services, based in Henry County, Ga. This is the second acquisition in five months where Regions has worked with the FDIC to provide a safe harbor for the customers of a failed bank.
The Georgia Department of Banking and Finance at the close of business on February 6, 2009, appointed the FDIC as receiver of FirstBank. The FDIC approved the assumption of approximately $285 million in deposits by Regions Bank. The FDIC will retain most of FirstBanks loan portfolio for later disposition.
As a strong national institution, we believe it is our responsibility to work with and support the FDIC in finding solutions for depositors in these challenging times. We also felt it was important to be a safe harbor for all customers by assuming both insured and uninsured deposits, said Dowd Ritter, chairman, president and chief executive officer. Having recently completed a highly successful conversion of customers and deposits of another failed bank, we are ready to put our proven integration team and processes to work for the benefit of our new customers.
Under terms of an agreement with the FDIC, Regions will serve 6,400 accounts of FirstBank and will assume operations of the three branches in Henry County and one branch in Clayton County, when they reopen on February 9, 2009. The former FirstBank branches will immediately operate under the Regions name and customers will be able to conduct their business as usual. Customers of both banks should continue to use their existing branches until Regions can fully integrate the deposit records of FirstBank. Regions will work with FirstBank employees to identify possible job opportunities within Regions.
We look forward to welcoming the former customers of FirstBank into the Regions family, said Bill Linginfelter, area executive for Atlanta/North Georgia. We are committed to serving the needs of the entire community and this agreement will provide a safe and secure home for FirstBank customers banking relationships.
ZILA INCORPORATED (NASDAQ:
ZILA) "Up 43.10% on Friday" Detailed Quote: http://www.otcpicknews.com/otpmail/link.phpM191&N1&L83 Zila, Inc., headquartered in Phoenix, Arizona, is a diagnostic company dedicated to the prevention, detection and treatment of oral cancer and periodontal disease. Zila manufactures and markets ViziLite Plus with TBlue (ViziLite Plus), the companys flagship product for the early detection of oral abnormalities that could lead to cancer. ViziLite Plus is an adjunctive medical device cleared by the FDA for use in a population at increased risk for oral cancer. In addition, Zila designs, manufactures and markets a suite of proprietary products sold exclusively and directly to dental professionals for periodontal disease, including the Rotadent Professional Powered Brush, the Pro-Select Platinum ultrasonic scaler and a portfolio of oral pharmaceutical products for both in-office and home-care use. All of Zilas products are marketed and sold in the United States and Canada primarily through the companys direct field sales force and telemarketing organization. The companys products are marketed and sold in other international markets through the direct sales forces of third party distributors. Zilas marketing programs reach most U.S.
dental offices and include continuing education seminars for dentists and their staffs.
ZILA News:
December 8 - Zila Reports Fiscal 2009 First Quarter Financial Results Zila, Inc. (Nasdaq:
ZILA) reported financial results for its fiscal 2009 first quarter ended October 31, 2008.
Fiscal 2009 First Quarter Financial Results * Net revenues were $9.6 million compared with $11.4 million for the first quarter of fiscal 2008. Sales of ViziLite Plus were $3.2 million compared with $3.1 million for the first quarter of fiscal 2008.
* Gross profit was $5.9 million, or 61% of net revenues, compared with $6.9 million, or 60% of net revenues, in the first quarter of fiscal 2008.
* Marketing and selling expense decreased to $4.4 million from $5.3 million in the first quarter of fiscal 2008, reflecting a lower level of commissions and bonuses for the sales force on reduced sales levels and reductions in expenditures in non-direct selling related expenses.
* General and administrative expense decreased to $2.2 million from $3.5 million for the first quarter of fiscal 2008, primarily due to headcount and salary reductions, as well as the deferral or elimination of non-critical programs across the organization.
* Research and development (R&D) expense was $167,000, compared with $1.2 million for the first quarter of fiscal 2008. R&D in last year`s first quarter was primarily comprised of costs associated with the OraTest regulatory program. In the first quarter of fiscal 2008, the company closed enrollment in the OraTest clinical trial and reduced related expenditures.
* Net loss significantly narrowed to $2.8 million, or $0.28 per share, from a net loss of $4.9 million, or $0.55 per share, for the first quarter of fiscal 2008.
* Adjusted EBITDA loss narrowed to $623,000 from $2.8 million for the first quarter of fiscal 2008.
* Cash and cash equivalents at October 31, 2008 was $3.2 million, compared with $4.5 million at July 31, 2008. The decrease primarily reflects cash used in operations of $990,000, of which $367,000 resulted from working capital changes for the decline in accounts payable and accrued liabilities. Working capital was $5.7 million at October 31, 2008, compared with $6.6 million at July 31, 2008.
While cost reduction measures significantly lowered operating expenses, the recent economic downturn negatively impacted revenues in the fiscal 2009 first quarter, said David Bethune, chairman and chief executive officer of Zila. Our business is sensitive to general economic conditions. Accordingly, dental offices started deferring purchases of equipment, such as scalers, and patients postponed discretionary services, including oral cancer screening. Given that weak economic conditions are expected to continue, we are working to further reduce expenses over the next several quarters.
Bethune said that during the fiscal 2009 first quarter, the company added 800 new ViziLite Plus customers and certified 193 dental practices, bringing the total number of certified ViziLite Plus practices across the U.S. to 3,515. Reorders of ViziLite Plus however, declined approximately ten percent due to decreased adult patient traffic.
Recent Events In November, Sun Life and Always Care Dental were added to the growing list of dental plans offering ViziLite Plus exam coverage, bringing the estimate of total covered lives in the U.S. to 24 million. The company said it is actively working with the insurance companies to increase awareness among providers and patients of the ViziLite Plus coverage.
SPECTRUM BRANDS INCORPORATED (OTC:
SPCB) "Up 53.85% on Friday" Detailed Quote: http://www.otcpicknews.com/otpmail/link.phpM191&N1&L92 Spectrum Brands is a global consumer products company and a leading supplier of consumer Batteries, specialty pet supplies, shaving and grooming products, household and lawn insect and pest control products, personal care products and portable lighting. Spectrum Brands` products are sold by the world`s top 25 retailers and are available in more than one million stores in more than 120 countries around the world.
Headquartered in Atlanta, Georgia, Spectrum Brands generated fiscal year 2008 net sales of $2.7 billion.
SPCB News:
February 6 - Spectrum Brands Receives Court Authorization to Access New Financing Pursuant to a $235 Million DIP Facility as It Implements Pre-Negotiated Restructuring Court Grants Approval For First Day Motions Requested By Company Spectrum Brands (OTC:
SPCB) announced that it has received interim court approval to access new financing pursuant to a $235 million debtor-in-possession ("DIP") facility to satisfy customary obligations associated with its ongoing operations as it seeks to implement a pre-negotiated restructuring of its debt. Spectrum Brands also received interim or final court approval for a variety of other customary "First Day Motions" the Company submitted in conjunction with its voluntary filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The relief granted by the court will help ensure that Spectrum and all of its operating units in the U.S. and around the world continue to meet their respective obligations, subject to applicable limitations, to their suppliers, customers and employees in the ordinary course of business during the restructuring process, which is expected to be completed in approximately four to six months.
As previously announced, Spectrum Brands has reached agreements with noteholders representing, in the aggregate, approximately 70% of the face value of its outstanding bonds to pursue a refinancing that, if implemented as proposed, will significantly reduce the Company`s outstanding debt and put the Company in a stronger financial position for the future. To implement the refinancing in the most efficient manner and to take advantage of certain tax benefits, on February 3, 2009, Spectrum Brands and its U.S. subsidiaries filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division. The main case number is 09-50456. The Company`s non-U.S. operations, which are legally separate, are not included in the Chapter 11 proceedings.
Spectrum Brands has received commitments for $235 million in DIP financing from certain of its existing Asset Backed Facility ("ABL") lenders with a participating interest from certain of the Company`s existing noteholders, which represents an incremental $70 million in cash availability at the outset of the proceedings, subject to certain limitations and reserves. All of Spectrum Brands` ongoing international operations are cash-flow positive.
At a hearing in San Antonio on February 5, 2009, the Company received interim court authorization to access up to the full available amount of the $235 million DIP financing commitment. The Company also received "first day" authorization to pay certain pre-filing obligations in the ordinary course of business, as necessary to maintain continuing operations during the case. Among other things, Spectrum Brands received court authorization to:
* Provide employee compensation, benefits and expense reimbursements and related obligations without interruption and continue these programs after the filing; * Honor customer obligations and continue certain customer programs and practices; and * Facilitate the continuation of the Company`s cash management systems and other business operations.
A hearing at which the Company will seek final court approval for the DIP financing and certain other First Day Motions will be held March 4, 2009. Any valid obligation not authorized for payment by the Bankruptcy Court under these "first day" authorizations would in any event be paid in full under the Company`s plan of reorganization, if approved and implemented as proposed. Under the plan, if approved as proposed, the Company would pay suppliers in full for their claims upon consummation of the plan.
Kent Hussey, Chief Executive Officer of Spectrum Brands, said: "We are pleased to have received this initial authorization from the court for a number of critical `First Day Motions` that will help us conduct business in the ordinary course as we move forward to implement our proposed financial restructuring as quickly as possible. If the refinancing is implemented as proposed, it would reduce the amount of debt on our balance sheet by approximately $840 million, eliminate approximately $95 million in annual cash interest payments for at least each of the next two years, and free up additional cash that can be reinvested in the business to support meaningful revenue and profit growth." CANALASKA URANIUM LIMITED (OTCBB:
CVVUF) "Up 40.00% on Friday" Detailed Quote: http://www.otcpicknews.com/otpmail/link.phpM191&N1&L94 Canalaska Uranium Ltd. is undertaking uranium exploration in twenty 100%-owned and two optioned uranium projects in Canada`s Athabasca Basin. Since September 2004, the Company has aggressively acquired one of the largest land positions in the region, comprising over 2,500,000 acres (10,117 sq. km or 3,906 sq. miles). To date, CanAlaska has expended over C$45 million exploring its properties and has delineated multiple uranium targets. The Company`s geological expertise and high exploration profile has attracted the attention of major international strategic partners. Among others, Mitsubishi Development Pty., a subsidiary of Japanese conglomerate Mitsubishi Corporation, has undertaken to provide CanAlaska C$11 mil. in exploration funding for its West McArthur Project. Exploration of CanAlaska`s Cree East Project is also progressing under a C$19 mil. joint venture with a consortium of Korean companies led by Hanwha Corporation, and comprising Korea Electric Power Corp., Korea Resources Corp. and SK Energy Co, Ltd. A Memorandum of Understanding has also recently been executed with mining partner East Resources Inc. to commence exploration on the NE Wollaston Project comprising a potential 100,000 metres of drill testing.
CVVUF News:
February 6 - CanAlaska Uranium Ltd. - Uranium-gold-platinum mineralization found at Poplar project, northern Athabasca Basin CanAlaska Uranium Ltd. (OTCBB:
CVVUF) ("CanAlaska" or the "Company") announced results from summer prospecting on its Poplar project.
Multiple zones of uranium mineralization were detailed in basement rocks, just north of the northern limit of the Athabasca sandstone.
High gold and platinum values are associated with two of the showings.
The Poplar project straddles 120 km of the northern edge of the Athabasca Basin in Northern Saskatchewan.
In 2008, CanAlaska survey crews completed over 15,000 line-kms of shallow seismic profiling over the northern portion of Lake Athabasca, detailing the edge of the Athabasca sandstone, and the features surrounding numerous airborne conductors discovered by the previous season`s airborne (
VTEM) geophysical surveys.
Prospecting during summer 2008 included work on 13 new and historical uranium showings located along the north shore of Lake Athabasca. These showings are hosted in various rocks of the Murmac Bay Group and a series of granites. The assay results for the samples collected from these zones are reported below.
There are three significant areas of mineralized showings. Within these areas, two types of mineralizing styles are recognized:
1. Metamorphic re-concentrations in pegmatitic to granitic rocks with a low U/Th ratio; these showings contain less than 1 % U(3)O(8).
2. Hydrothermal vein-type showings in a variety of rocks with a high U/Th ratio; these showings contain distinctly higher U(3)O(8), reaching over 50% U(3)O(8).
The Felix Bay, Sharp Bay, Adair Bay, McIntosh Bay, and Natukam Peninsula target areas are all in the second, higher-grade mineralized group. Additionally, significant rare earth mineralization was observed at Adair Bay in granites/pegmatites associated with the showing.
The gamma spectrometry survey conducted over the central land portion of the Poplar Project shows a high total count and high uranium background over most of the area. This high overall uranium signature, together with the two types of mineralization, form good precursors for unconformity uranium deposits in areas of the project to the south.
The 2008 airborne EM and waterborne seismic surveys which covered the southern portion of the Poplar project defined a large number of structural events and zones of high conductivity and disruption in the sandstone cover. The data from these surveys is currently being compiled by CanAlaska personnel. There is strong evidence of structural dislocation of these conductors, especially in the area of the Felix Bay uranium-gold-platinum mineralization. The water-covered areas were planned to be drill-tested this winter season, but with the December termination of the previous option agreement with Mega Uranium, these targets will be re-evaluated and re-scheduled for the 2010 season.
The presence of graphitic conductors in the meta-sedimentary package, as revealed by the
VTEM surveys, and the presence of large scale structural disturbances, combine well with the uranium enriched-basement to enhance the potential for unconformity uranium deposits on this project.
FORTRESS FINANCIAL GROUP (OTC:
FFGO) "Up 100.00% on Friday" Detailed Quote: http://www.otcpicknews.com/otpmail/link.phpM191&N1&L0 Fortress Financial Group, Inc. operates as a reseller of domestic and international MasterCard debit cards. The company is based in the Bradenton, Florida.
FFGO News:
February 4 - Fortress Financial Group, Inc. Clarifies Record Date Fortress Financial Group, Inc. (OTC:
FFGO) wishes to clarify that it intends to immediately set its "Record Date" and once approved by FINRA, announce that date to its stockholders.
The "Record Date" will be announced early next week and very possibly sooner than that, and not at the end of February of 2009.
MESA AIR GROUP INCORPORATED (NASD:
MESA) "Up 33.75% on Friday" Detailed Quote: http://www.otcpicknews.com/otpmail/link.phpM191&N1&L7 Mesa Air Group, Inc., through its subsidiaries, provides scheduled passenger and airfreight services. It carries passengers, as well as freight and express packages on its passenger flights. The company also has interlined small cargo freight agreements with various other carriers. In addition, Mesa Air Group contracts with the U.S. Postal Service for carriage of mail to the cities it serves. Further, it occasionally operates charter flights. As of September 30, 2007, the company operated a fleet of 182 aircraft with approximately 1,100 daily departures to 184 cities in the United States, the District of Columbia, Canada, the Bahamas, and Mexico. Mesa Air Group was founded in 1980 and is headquartered in Phoenix, Arizona.
MESA News:
February 6 - Mesa Air Group Announces Number of Shares Issuable for Each $1,000 Face Amount of 2024 Notes Mesa Air Group, Inc. (Nasdaq:
MESA) announced that the number of shares of its common stock issuable on February 10, 2009 in exchange for each $1,000 principal amount at maturity of its Senior Convertible Notes due 2024 ("2024 Notes") is 4,890 shares. This number is based upon the average closing price of the Company`s common stock for the five trading days ended February 5, 2009.
Mesa currently operates 159 aircraft with approximately 800 daily system departures to 124 cities, 38 states, the District of Columbia, Canada, and Mexico. Mesa operates as Delta Connection, US Airways Express and United Express under contractual agreements with Delta Air Lines, US Airways and United Airlines, respectively, and independently as Mesa Airlines and go!. In June 2006 Mesa launched inter-island Hawaiian service as go!. This operation links Honolulu to the neighbor island airports of Hilo, Kahului, Kona and Lihue. The Company, founded by Larry and Janie Risley in New Mexico in 1982, has approximately 4,100 employees and was awarded Regional Airline of the Year by Air Transport World magazine in 1992 and 2005. Mesa is a member of the Regional Airline Association and Regional Aviation Partners.
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