Proteonomix, Inc. (OTC.BB:PROT), a biotechnology company focused on developing therapeutics based upon human cells and their derivatives, reported further developments with Proteonomix’s Joint Venture Company, XGEN Medical LLC (”XGen“) towards implementing operations in the United Arab Emirates (U.A.E.). Proteonomix is the majority shareholder in XGen with the balance held by an anonymous investor group. Proteonomix personnel were on the ground in the U.A.E. over the past weeks to work together with the Investor Group through the start up phase. To date, XGen has established an office in the Monarch Office Tower on the prestigious Sheikh Zayed Road, and a residence for visiting Proteonomix personnel on Jumeira 2.
During initial meetings, it was mutually decided to open a local subsidiary corporation in the Dubai free zone. This wholly owned subsidiary will be the vehicle to conduct business in the GCC countries. XGen has filed the corporate papers and has established banking relations with a local bank both for receipt of the initial investment of $5 million and towards further financing expanded services in the region. The Ramadan holiday has slowed progress slightly on these corporate formalities, but full operation of the subsidiary and bank accounts are expected to complete within 30 days.
Proteonomix is a biotechnology company focused on developing therapeutics based upon the use of human cells and their derivatives. Proteoderm, Inc. is a wholly owned subsidiary of Proteonomix that has recently opened its retail web site, Proteoderm.com, and begun accepting pre-orders for its anti-aging line of skin care products. StromaCel, Inc.’s goal is the development therapeutic modalities for the treatment of Cardiovascular Disease (CVD). StromaCel, Inc. is pursuing the licensing of other technologies for therapeutic use. National Stem Cell, Inc. is Proteonomix’s operating subsidiary. The Sperm Bank of New York, Inc. is a fully operational tissue bank. Proteonomix Regenerative Translational Medicine Institute, Inc. (”PRTMI“) intends to focus on the translation of promising research in stem cell biology and cellular therapy to clinical applications of regenerative medicine. Proteonomix intends to create and dedicate a subsidiary to each of its technologies.
M & F Worldwide Corp. (NYSE:MFW) reported results for the second quarter and six months ended June 30, 2010. Additionally, M & F Worldwide filed its quarterly report on Form 10-Q with the Securities and Exchange Commission. M & F Worldwide's Second Quarter 2010 Highlights include: Net revenues of $451.3 million, down $0.6 million, or 0.1%, as compared to the second quarter of 2009; Operating income of $79.5 million, up $9.5 million, or 13.6%, as compared to the second quarter of 2009; and Net income of $29.8 million, up $0.7 million, or 2.4%, as compared to the second quarter of 2009. Net income for the second quarter of 2009 includes the impact of an $8.9 million ($5.5 million after tax) gain on early extinguishment of debt.
Operating income increased by $9.5 million, or 13.6%, to $79.5 million for the second quarter of 2010 from $70.0 million for the second quarter of 2009. The increase was primarily due to a $6.6 million decrease in restructuring costs and labor cost reductions resulting from restructuring activities. These increases were partially offset by volume declines in the Harland Clarke and Scantron segments, a $0.6 million non-cash asset impairment charge related to facilities that are held for sale at the Harland Clarke segment and a change in the mix of products sold resulting in lower average revenues per unit and increased raw material costs as a percentage of sales at the Licorice Products segment.
Net income increased by $0.7 million, or 2.4%, to $29.8 million for the second quarter of 2010 from $29.1 million for the second quarter of 2009. The increase in net income was primarily due to improvements in operating income, which increased $9.5 million ($5.8 million after tax) and interest expense, which declined $5.4 million ($3.3 million after tax) as compared to the second quarter of 2009, partially offset by an $8.9 million ($5.5 million after tax) gain on early extinguishment of debt related to the purchase of $24.2 million principal amount of Harland Clarke Holdings' Senior Notes for aggregate consideration of $14.6 million in the second quarter of 2009.
M & F Worldwide has four business segments, which are operated by Harland Clarke, Harland Financial Solutions, Scantron and Mafco Worldwide. Harland Clarke is a provider of checks and related products, direct marketing services and customized business and home office products. Harland Financial Solutions provides technology products and related services to financial institutions. Scantron is a leading provider of data management solutions and related services to educational, healthcare, commercial and governmental entities. Mafco Worldwide produces licorice products for sale to the tobacco, food, pharmaceutical and confectionery industries.
Just in time for family night, M&T Bank (NYSE:MTB) is introducing “Banking Built for Families” featuring cash bonuses up to $125 and up to $50 in Best Buy gift cards for new checking accounts and adding family-friendly services like free Web Bill Pay and overdraft protection. Families can jump on this opportunity and receive up to $100 just for opening a new checking account with direct deposit between now and Oct. 31. Customers can increase their bonus by using additional services. For example, new customers get a $25 Best Buy gift card for making three bill payments with M&T Bank’s Web Bill Pay within one month of opening a new checking account.
Families can earn another $25 Best Buy gift card by adding overdraft protection when linking their new M&T Bank checking account to a savings account, overdraft line of credit, or an M&T Credit Card. Customers can get up to $175 in bonuses, just for adding banking services they use every day! M&T Bank has great offers for current customers too, with bonus points with M&T Rewards, great rates on loans, $250 off closing costs on new mortgages, and more. Promotion details are available online at www.BuiltForFamilies.com and at our more 725 convenient branches in Pennsylvania, Virginia, New York, Maryland, Delaware, West Virginia, and Washington, D.C.
M.D.C. Holdings, Inc. (NYSE:MDC) reported a net loss for the 2010 second quarter of $3.7 million, or $0.08 per share, compared with a net loss for the 2009 second quarter of $29.6 million, or $0.64 per share. The improvement in operating results was driven primarily by an increase in home closings. For the six months ended June 30, 2010, net loss was $24.6 million, or $0.53 per diluted share, compared with a net loss for the six months ended June 30, 2009 of $70.4 million, or $1.52 per diluted share.
Home closings for the second quarter ended June 30, 2010 improved to 1,135 homes with an average selling price of $274,300, compared with home closings of 665 units with an average selling price of $279,000 during the same period in 2009. The improvement in closings is attributable to a beginning backlog of 1,234 units compared to 629 units in backlog to begin the second quarter of 2009. Total revenue for the second quarter of 2010 was $326.3 million, compared with revenue of $195.3 million for the same period in 2009. The increase in revenue was primarily driven by a 71% increase in home closings, partially offset by the 2% year-over-year decrease in average selling price.
Since 1972, M.D.C. Holdings’ subsidiary companies have built and financed the American dream for more than 160,000 families. M.D.C. Holdings’ commitment to customer satisfaction, quality and value is reflected in each home M.D.C. Holdings’ subsidiaries build. M.D.C. Holdings is one of the largest homebuilders in the United States. M.D.C. Holdings’ subsidiaries have homebuilding divisions across the country, including Denver, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, California, Northern Virginia, Maryland, Philadelphia/Delaware Valley and Jacksonville. M.D.C. Holdings’ subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively.
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