Metalico, Inc. (NYSE Amex:MEA) reported net income for the quarter ending September 30, 2010, of $4.5 million and earnings of $0.10 per diluted share on sales of $137 million, an increase of $45.5 million, or 50%, over same-quarter 2009 results. Operating income for the third quarter was $9.6 million, compared to $7.7 million in the prior-year. EBITDA (as defined below) increased by 22% to $13.8 million from $11.3 million for the same quarter in 2009.
Third Quarter Highlights
Year-over-year comparison to the third quarter of 2009 reflects continued improvement of operating performance:
-- Sales increased 50% to $137 million, an increase of $45.5 million over
-- EBITDA rose 22% to $13.8 million compared to $11.3 million.
-- Operating income increased 25% to $9.6 million, compared to operating
income of $7.7 million.
-- Net income was $4.5 million or $0.10 per diluted share, compared to
adjusted net income of $2.7 million, or $0.08 per diluted share. The
prior year's reported net income of $5.1 million, or $.12 per share,
benefitted from one-time gains (net of income taxes) and fair value
adjustments totaling $2.4 million or $.04 per share compared to a
benefit of $168,000 for similar items in the current quarter.
-- Unit volumes shipped increased 14% for ferrous scrap and 34% for
-- Platinum Group Metal ("PGM") unit volumes shipped increased 32%.
-- Lead product shipments decreased by 15%; however operating income
increased by 57%.
-- Effective income tax rate was 41% versus 31% last year.American Video Teleconferencing Corp. (AVOT.PK)
American Video Teleconferencing Corp. (Pink Sheets:AVOT), the company, is pleased to announce that it is presently in final discussions to enter into a formal agreement to acquire an exclusive option on a molybdenum property in the Otter lake area in the province of Quebec, Canada. The property has been dormant since the 1960's when Hupon Mining and Exploration carried out surface work, stripping, trenching and a minor drill program of 445 feet contained in 11 drill holes. Some of the sample results from the trenching in 1962 showed 0.94% to 25% molybdenum averaging 5-10%. These values were obtained from assessment files in the Department of Mines in Quebec City.
This property is only one of several advanced stage properties the company has under consideration in the province of Quebec.
China has been one of the main supplier to the US of the Earth's rare mineral supplies, with these rare minerals American manufacturers are able to make high-tech products such as cell phones, wind turbines, and guided missiles but all that might come to a screeching halt now that China has stopped supplying the material, the New York Times has reported.
In the wake of China's decision America now must look for other sources, that will be more reliable for our future needs, and American Video Teleconferencing Corp. (AVOT.PK) may just be the new source, here's why.
American Video believes the rare earths industry is where it wants to maintain a very strong focus and is looking to expand its holdings. It is currently looking for these Rare Earths Minerals in Canada, the US's Northern neighbor.
Video Teleconferencing is seeking a contractor to do an air borne Mag-EM radiometric survey for its present holdings and the immediate surrounding area looking for future acquisitions. Video Teleconferencing is pleased to be working in the Province of Quebec as it is rated the number one jurisdiction in the world to carry out mineral exploration. The Quebec Government gives a rebate up to 45% for property expenditures.
Presently the company is in the final stage of negotiations with Kondor Gold Pyt. in Australia.
The company is aggressively carrying out searches world-wide for opportunities in Precious, Base and Rare Earths metal projects.
Crown Equity Holdings Inc. (OTCBB:CRWE.OB) recently announced that its subsidiary company, Crown Tele Services Inc. is still moving forward after dissolving its joint venture with Communication Expert Corporation and will gradually start rolling out its internet based voice and video service IP-PBX solutions next year.
The cornerstone of Crown Tele Services Inc. strategy is to meet the highest standards when it comes to delivering VoIP (Voice over Internet Protocol) communication solutions specifically designed to meet the market needs.
Crown Equity Holdings Inc. assists and consults with domestic and foreign companies interested in becoming publicly traded in the United States. The company, through its subsidiary, Crown Trading Systems, Inc., designs and manufactures multi-monitor computer systems for financial traders and audio/video professionals. It also engages in the sale of various electronic products under the CTS Products trade name; and resale and distribution of computer components through its Web site, crowntradingsystems.com.
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