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Friday March 12, 2010
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Sparta Commercial Services (OTC BB:SRCO) reported that, as a result of the growing interest among local and state governmental agencies, the Company is intensifying its marketing efforts in support of its Municipal Lease Product. With the recent addition of more cities and towns to Sparta�s roster of municipalities under contract for the leasing of vehicles and other equipment, and the rapidly growing number of inquiries from other agencies around the country, the Company believes that refocusing additional resources to its marketing activity is essential. According to the Company, their Municipal Lease Program is an ideal alternative to the traditional outright purchase of the police cars, police motorcycles and other essential equipment that these agencies require, especially during these difficult economic times. More than 17,000 state and local law enforcement agencies operating in the United States will purchase 65,000 police cars each year, creating over 1.6 billion dollars in annual sales. These agencies will also purchase over 60,000 police motorcycles during the next five years, creating an additional 1 billion dollars in sales over that time period. Sparta�s current goal is to capture a minimum of one percent of the estimated market for these vehicles, representing about 18 million dollars worth of annual municipal lease fundings. These figures do not take into account other essential equipment that Sparta includes in its Municipal Lease Purchase Financing Program, such as the on-board digital video and data equipment used on these vehicles. Sparta is currently working with major national suppliers of these assets to provide financing for these ancillary products as well.
Medicis (NYSE:MRX) today announced that the Company is scheduled to present at the Roth 22nd Annual OC Growth Stock Conference in Laguna Niguel, California. A live webcast of its presentation scheduled for Tuesday, March 16, 2010, at 2:00 p.m. Eastern Time (11:00 a.m. Pacific Time), may be accessed via the Internet.
Hansen Natural Corporation (Nasdaq:HANS) today announced that on March 11, 2010 its Board of Directors authorized a new share repurchase program for the repurchase of up to $200 million of the Company’s outstanding common stock. The Board of Directors terminated the common stock repurchase program authorized in April 2008, under which the Company had purchased approximately $189.8 million of common stock.
Frequency Electronics, Inc. (Nasdaq:FEIM) reported net income for the third quarter of fiscal 2010, which ended January 31, 2010, of $2.0 million, or $0.25 per diluted share, compared to a net loss of $129,000, or ($0.02) per diluted share in the preceding quarter, and net income of $99,000, or $0.01 per diluted share, in the third quarter of fiscal 2009. Net income for the first nine months of fiscal 2010 was $2.6 million, or $0.31 per diluted share, compared to net loss of $1.6 million, or ($0.19) per diluted share, in the same period of fiscal 2009. The fiscal year 2010 periods include a tax benefit of $2.0 million as a result of a change in tax laws regarding the carryback of net operating losses and also include non-cash investment impairment charges to income of $350,000 for the quarter and $550,000 for the nine months ended January 31, 2010.
Lightbridge Corporation (Nasdaq:LTBR), the leading developer of non-proliferative nuclear fuel technology and provider of comprehensive advisory services for civil nuclear energy programs, today announced it will be added to the WNA Nuclear Energy Index, a capitalization-weighted, float-adjusted index of the most prominent nuclear energy stocks in the world. Lightbridge will be one of three new additions to the index, beginning March 21, changing the number of components to 65.
The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced that two new exchange traded funds (ETFs) based on NASDAQ OMX’s PHLX Semiconductor SectorSM index (SOX) have been introduced today by Direxion Shares. The new ETFs are leveraged Bull and Bear index funds that seek 300% of the daily performance, or 300% of the inverse of the daily performance (before fees and expenses), of the PHLX Semiconductor Sector index, the most widely recognized index investors use to track the semiconductor industry.
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