SPOW, LNET, RCON, MOTR, OBJE, REVU
Our Stocks to Watch tomorrow include Sky Power Solutions Corp. (OTCBB: SPOW), LodgeNet Interactive Corp. (Nasdaq: LNET), Recon Technology Ltd. (Nasdaq: RCON), Motricity Inc. (OTCBB: MOTR), Obscene Interactive Inc. (OTCBB: OBJE) and Education Holdings 1 Inc. (OTC: REVU).
SKY POWER SOLUTIONS CORPORATION (OTCBB: SPOW)
"Up 71.43% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/SPOW.php
Sky Power Solutions Corp. focuses on developing a standalone residential solar generation system for homeowners. It also intends to develop rechargeable lithium ion batteries for power production for various uses, including hybrid vehicles and other applications. The company is based in Las Vegas, Nevada.
No recent news for Sky Power Solutions Corp. (OTCBB: SPOW).
LODGENET INTERACTIVE CORPORATION (NASDAQ: LNET)
"Up 25.69% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/LNET.php
LodgeNet Interactive Corporation is the leading provider of interactive media and connectivity services to hospitality and healthcare businesses and the consumers they serve. Recently named by Advertising Age as one of the Leading 100 US Media Companies, LodgeNet Interactive serves approximately 1.6 million hotel rooms worldwide in addition to healthcare facilities throughout the United States. The Company's services include: Interactive Television, Broadband and Advertising Media Solutions along with nationwide technical and professional support services. LodgeNet Interactive Corporation owns and operates businesses under the industry leading brands: LodgeNet, The Hotel Networks and LodgeNet Healthcare.
October 22 - LodgeNet Names Michael Bennett Senior Director Of Sales
LodgeNet Executive and Long-Time Hospitality Industry Professional Brings Extensive Strategic Sales and Operational Experience
LodgeNet Interactive Corporation (Nasdaq: LNET), the leading provider of interactive media and connectivity services to hospitality and healthcare businesses and the consumers they serve, announced today that Michael Bennett has been promoted to Senior Director of Sales. In this role, Bennett will provide management oversight to all field sales efforts, including gaming, in the Hospitality sector. Previously, Bennett served as LodgeNet's Director of Gaming Sales. Bennett has an extensive background in the hospitality industry, providing hospitality solutions to the gaming industry and a track record of success through numerous positions at Sprint, Hospitality Network and Cox Communications. He will report to LodgeNet President and CEO, Rich Battista.
"Mike is a first rate sales executive who has delivered great results for the company in the gaming sector," said Battista. "His strategic selling skills, customer focus, passion and deep knowledge of our products and services make him the ideal candidate to oversee our field sales organization."
It was also announced today that Company veteran Richard Swift, Senior Director of Hospitality Solutions, will serve in a new role, reporting to Bennett. In his new position, Swift will primarily focus on promoting LodgeNet's comprehensive portfolio of products and services to hotel owners and management groups, working with them to develop solutions tailored to their properties. Corporate Sales Manager Matt Dice, who handles sales to boutique and smaller hotel properties, will also report to Bennett. Suzie O'Meara, Senior Director of National Account Management, will continue to report to CEO Rich Battista.
RECON TECHNOLOGY LIMITED (NASDAQ: RCON)
"Up 21.03% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/RCON.php
Recon Technology, Ltd. is a non-state-owned oil field service company in China. The company has been providing software, equipment and services designed to increase the efficiency and automation in oil and gas exploration, extraction, production and refinery for Chinese oil and gas fields for more than 10 years.
October 1 - Recon Reports fiscal year 2012 Financial Results
Recon Technology, Ltd. (Nasdaq: RCON), an oilfield services provider that operates primarily in the People's Republic of China (the "Company"), today announced its financial results for fiscal year 2012 ended June 30, 2012.
Fiscal Year 2012 Highlights
* Total revenues increased by 18.61% in fiscal year 2012 to RMB 75.54 million ($11.95 million), due to the company's move into the horizontal fracturing business and development of overseas business.
* Gross profits increased 20.05% in fiscal year 2012 were RMB24.27 million ($3.84 million).
* Gross margin was 32.13%, compared to 31.75% in FY 2011.
* Operating loss in fiscal year 2012 decreased by 81.93% to RMB3.54 mullion ($560 thousand) from FY 2011.
* Comprehensive loss attributable to Recon in fiscal year 2012 was RMB3.82 million ($605 thousand), an 86.84% decrease from FY2011.
* Diluted Losses per Share attributable to Recon for fiscal year 2012 was RMB0.97 ($0.15), a reduction of 86.8% from diluted losses per share of RMB7.35 in 2011.
* Adjust EBITDA in fiscal year 2012 was a loss of RMB1.29 million ($204 thousand), an improvement of 92.28% from FY 2011.
"I'm pleased that we closed the year with improved operating results," said Mr. Yin Shenping, CEO of Recon, "The high-end segment of China's oilfield service industry has opened more to private companies, and we believe there are opportunities for Chinese oilfield services companies, especially experienced companies that can provide all-in-one solutions for customers. As a small company, Recon now is more focused on oilfield automation and production stimulation-related services. But we also seek to extend our business on the industrial chain by providing more integrated services and incremental measures and growing our business from a predominantly up-ground business to include some down-hole services as well. We believe our experience and reputation will help us remain competitive in this arena."
Fiscal Year 2012 Results
Total revenues for the year ended June 30, 2012 were RMB75.54 million ($11.95 million), an increase of RMB11.85 million or 18.61%. The deconsolidation of ENI was responsible for a decrease of RMB18.68 million in hardware and hardware-related revenues. Excluding the effect of deconsolidating ENI, our operating revenue increased by RMB30.54 million, or 67.85%
Gross profit increased by RMB4.05 million ($641 thousand), or 20.05%, to RMB24.27 million ($3.84 million) for fiscal year 2012. Gross profit as a percentage of revenues increased slightly from 31.75% to 32.13%.
Selling and distribution expenses decreased by RMB2.68 million, or 34.67%, from RMB7.74 million for the year ended June 30, 2011 to RMB 5.05 million ($780 thousand) for the same period of 2012 as a result of focusing our selling efforts on a more limited number of clients.
General and administrative expenses decreased by RMB9.30 million ($1.47 million), or 29.01%, from RMB32.06 million in FY2011 to RMB22.76 million ($3.60 million) in the same period of 2012, which was mainly attributable to deconsolidation of ENI during the fiscal year 2011, offset by increase in expenses in research and development activities, staff wages, in order to retain talented staff and SOX compliance services.
Loss from operations was RMB3.54 million ($560 thousand) for FY2012, an improvement of RMB16.03 million, or 81.93%, from a loss of RM19.57 million for 2011. This improvement in operations is attributed primarily to the deconsolidation of ENI, increase in revenues and reduction in expenses during this year.
Net loss attributable to ordinary shareholders was RMB3.82 million ($605 thousand) for the year ended June 30, 2012, an improvement of RMB25.22 million or 86.84%, from a loss of RMB29.04 million for same period of 2011.
As of June 30, 2012, cash and cash equivalents was RMB3.53 million ($553 thousand). Except for RMB6.89 million ($1.09 million) of short-term borrowings and RMB23 million ($3.64 million) short-term bank loan, there were no other financing activities and contingent liabilities.
Net cash used in operating activities was RMB21.87 million ($3.46 million) for the year ended June 30, 2012, an increase of RMB15.54 million ($2.46 million) from RMB6.33 million for the same period of 2011. The increase in the use of cash in the current period was due to an increase in trade accounts receivable and purchase advances, which resulted from increased business activities, offset by the increased in inventory turnover and accounts payable.
Net cash provided in financing activities was RMB22.74 million ($3.60 million) for the year ended June 30, 2012, compared to net cash provided by financing activities amounting to RMB2.62 million for the same period of 2011. The increase in net cash provided by financing activities was mainly due to the increase of bank loans and short-term borrowings from related parties to supplement our working capital.
Net cash used in investing activities was RMB840 thousand ($133 thousand) for the year ended June 30, 2012, a decrease of RMB1.59 million from RMB2.43 million for the same period of 2011. The decrease was mainly caused by a loss on cash due to the deconsolidation of ENI amounting to RMB2.56 million in the fiscal 2011, while there was no such loss for the same period of 2012.
MOTRICITY INCORPORATED (NASDAQ: MOTR)
"Up 29.20% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/MOTR.php
Motricity empowers mobile operators, brands and advertising agencies to maximize the reach and economic potential of the mobile ecosystem through the delivery of relevance-driven merchandising, marketing and advertising solutions. Motricity leverages advanced predictive analytics capabilities to deliver the right content, to the right person at the right time. Motricity provides their entire suite of mobile data service solutions through one, integrated, highly scalable managed service platform. Motricity's unique combination of technology, expertise and go-to-market approach delivers return-on-investment for our mobile operator, brand and advertising agency customers.
October 11 - Motricity Announces Results of Rights Offering
Motricity, Inc. (OTCBB: MOTR) announced the results of its previously announced rights offering (the "Rights Offering").
Pursuant to the Rights Offering, on July 23, 2012, the Company distributed 46,163,685 subscription rights to the holders of its common stock. Each subscription right entitled the holder thereof to purchase, for a subscription price of $0.65 per unit, a unit consisting of 0.02599 shares of 13% Redeemable Series J Preferred Stock (the "Series J Preferred Stock") and 0.21987 warrants to purchase a share of common stock at an exercise price of the greater of $0.65 and 120% of the closing price of the common stock on the date of issuance (the "Common Stock Warrants"). The Rights Offering expired on October 3, 2012 and the exercise price for the Common Stock Warrants was fixed at $0.65.
The Rights Offering was fully subscribed with total basic subscription privileges and over-subscription privileges being exercised for an aggregate of 1,199,643 shares of Series J Preferred Stock and 10,149,824 Common Stock Warrants. All subscription rights that were not exercised by 5:00 p.m., New York City time, on October 3, 2012 have expired.
Motricity expects to receive net proceeds of approximately $28 million from the Rights Offering.
The Series J Preferred Stock and the Common Stock Warrants subscribed for in the Rights Offering will be distributed to participants or credited through DTC on or about October 11, 2012. Any excess payments to be refunded to participating holders will be mailed by the subscription agent as promptly as practicable.
Motricity anticipates that the Series J Preferred Stock and the Common Stock Warrants will be quoted on the OTCQB under the symbols MOTRP and MOTRW, respectively.
Mr. Carl C. Icahn, Motricity's largest stockholder, who as of July 23, 2012 beneficially owned approximately 16.5% of the Company's outstanding securities and controlled approximately 14.7% of the voting power of its common stock, exercised his basic subscription privilege and his over-subscription privilege in full. Following the consummation of the Rights Offering, Mr. Carl C. Icahn will beneficially own approximately 30.7 % of the Company's common stock and control approximately 14.7% of the voting power of its common stock. Additionally, he will hold 1,146,131 shares of Series J Preferred Stock, or approximately 95.5% of that class of stock, which class has limited voting rights.
OBSCENE INTERACTIVE LLC (OTCBB: OBJE)
"Up 18.18% on Friday"
Detailed Quote: www.otcpicks.com/quotes/OBJE.php
Obscene Interactive is an emerging global developer of social gaming applications. OBJE's cutting-edge technology platform enables its titles to be accessible to a broad audience of consumers all over the world, supporting multiple platforms for universal appeal. Obscene Interactive is focused on delivering the best in social gaming solutions to the mass market.
October 23 - OBJE Unleashes Cutting-Edge Design Concepts for Debut Game Launch
Obscene Interactive (OTCBB: OBJE), the gaming division of OBJ Enterprises (OBJE) took a big step toward hitting the start button on its debut game – “Wayfarers” – this week by releasing the first character designs.
“Wayfarers” is the first online roleplay game in the works from Novalon Games, the developer founded by the joint venture of OBJ Enterprises (OBJE) and Source Street, LLC. Built using the award-winning 3D framework HeroEngine — the same software used by BioWare Austin to create “Star Wars: The Old Republic” — “Wayfarers” will feature a unique mixture of one-on-one battles and tower-defense strategy games.
Novalon posted the rough, internal concept art of two characters scheduled to appear in the game on its blog this week. They can be viewed online here: www.novalongames.com/wayfarers-character-concept-art/.
The two-dimensional artwork was created to help establish an exciting new look for “Wayfarers” and its playable characters. Currently, OBJE and its partners are seeking design feedback from gamers and potential investors. Constructive comments and criticism are welcome and wanted on the Novalon Games blog and Facebook page.
“Wayfarers” has been conceptualized as a social, turn-based tower defense game based on the increasingly popular free-to-play (FTP) model. Thanks to the viral nature of social platforms and the increasing usage of mobile devices, ground-breaking new games and applications such as “Wayfarers” can now potentially reach millions of users within seconds. Obscene Interactive is dedicated to developing innovative, robust mobile games and applications to capitalize on this multi-billion dollar online gaming market.
The company plans to announce more details on its first foray into MMORPGs in the coming weeks.
Obscene Interactive is a division of OBJ Enterprises, Inc., that is working to develop innovative products to service the fast-growing social gaming sector alongside companies such as Zynga Inc., Glu Mobile Inc. (NASDAQ: GLUU), The9 Limited (NASDAQ: NCTY) and Majesco Entertainment Co. (NASDAQ: COOL).
EDUCATION HOLDINGS 1 INCORPORATED (OTC: REVU)
"Up 109.52% on Friday"
Detailed Quote: http://www.otcpicks.com/quotes/REVU.php
Formerly known as The Princeton Review, Education Holdings 1 Inc. provides in-person, online, and print education products and services for the high school and post-secondary markets. Its Higher Education Readiness division provides in-person and online test preparation courses, including classroom-based and small group instruction and individual tutoring in test preparation and academic subjects. This division also offers test preparation courses through its independent international franchisees, and sells approximately 165 print and software titles on test preparation, academic admissions, and related topics under the Princeton Review brand.
No recent news for Education Holdings 1 Inc. (OTC: REVU).