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Vulcan Materials Company (NYSE:VMC ), the nation’s largest producer of construction aggregates, announced results recently for the third quarter ended September 30, 2010.
Third Quarter Summary and Comparisons with the Prior Year:
Net earnings were $0.10 per diluted share and earnings from continuing operations were $11 million, or $0.08 per diluted share.
EBITDA was $150 million and cash earnings were $116 million.
Aggregates shipments declined 2.6 percent, decreasing pretax earnings $7 million.
The average price for aggregates was in line with the prior year, with wide variations across markets.
Excluding energy costs, unit cost of sales for aggregates decreased 2 percent.
Unit cost for diesel fuel increased 17 percent, reducing pretax earnings $4 million.
Unit cost for liquid asphalt increased 14 percent, reducing pretax earnings $6 million.
Selling, administrative and general expenses were reduced by $2 million.
Vulcan Materials Company engages in the production and sale of construction aggregates for the infrastructure industry primarily in the United States. The company operates in three segments: Aggregates, Asphalt Mix and Concrete, and Cement. The Aggregates segment produces construction aggregates, including crushed stone, sand and gravel, and recycled concrete. Its aggregates are used in public and private sector construction projects, including highways, water and sewer systems, industrial manufacturing facilities, and residential and nonresidential buildings, as well as railroad track ballast.
Global Hunter Corp. (TSX.V:BOB.V) (FSE:G5D)
Global Hunter Corp. has arranged a $2,500,000 loan to advance its Corona de Cobre project in Chile. The proceeds from the loan will be used by Global Hunter to fund project expenses and for general working capital purposes.
The loan will have a two year term and loan principal will be convertible at the option of the lender in whole or in part into units (“Principal Units”) of Global Hunter until eighteen months from the date of the loan advance at the price of $0.06 per Principal Unit. Each Principal Unit will be comprised of one common share and one-half of a non-transferable warrant. Each whole warrant will be exercisable to purchase one additional common share for $0.10 at any time until eighteen months from the date of the loan advance. The loan will bear interest at the rate of 12% per annum, payable on maturity, and accrued and unpaid interest will be convertible at the option of the lender in whole or in part into units (“Interest Units”) of Global Hunter until eighteen months from the date of the loan advance at the price of $0.05 per Interest Unit. Each Interest Unit will be comprised of one common share and one-half of a non-transferable warrant. Each whole warrant will be exercisable to purchase one additional common share for $0.075 at any time until eighteen months from the date of the loan advance.
The lender is at arm’s length from Global Hunter and will not become an insider as a result of any conversion of principal and interest. The loan principal and accrued interest will be secured by a pledge of the shares of Global Hunter’s subsidiary, Global Hunter Chile Ltda., and may be repaid without penalty or bonus on 30 day’s notice. All shares issued on any conversion of loan principal or interest will be subject to a four month hold period from the date of advance of loan proceeds. A finder’s fee equal to 6% of the loan proceeds will be paid in cash as permitted by policies of the TSX Venture Exchange anACd applicable securities laws. The loan is subject to acceptance by the TSX Venture Exchange.
To learn more about Global Hunter Corp. visit: http://www.globalhunter.ca
G&B Solutions, a wholly owned subsidiary of VSE Corporation (NASDAQ:VSEC), received notification of a contract award, as a subcontractor to CSC, to provide Information Technology Support Services (ITSS) to the Social Security Administration (SSA). CSC is one of four firms to be awarded this $2.8 billion indefinite-delivery/indefinite quantity (IDIQ) contract with a base period of one year and six one-year options.
VSE marked its 50th year as a government contractor in 2009. VSE is a diversified Federal Services company of choice for solving issues of global significance with integrity, agility, and value. VSE is dedicated to making our clients successful by delivering talented people and innovative solutions for consulting and program management, logistics, equipment and vehicle/vessel refurbishment, engineering, information technology, energy consulting, and construction program management.
Hiru Corporation (HIRU.PK)
Hiru Corporation is considering a merger with a Canada-based health products company. This company operates a full-service natural health clinic and distributes its signature brand of health products.
The company's various products promote brain health, pain management and hormone balance, and help combat high blood pressure and high cholesterol. These products come highly regarded by the Chinese market, and have already received positive online testimonials from consumers who say using the products improved their health.
Services at the natural health clinic include specialty massage, EIS scanning, acupuncture, and computer-guided biofeedback scanning.
HIRU is excited at the prospect of merging with this growing medical company, which has distributors and franchise outlets opening across the country. The name, revenues and all other details will be released by the company shortly, as the discussions progress. HIRU is of the opinion that this is a material event that warrants a public announcement.
In other corporate news, HIRU intends to rescind the 5-1 forward split previously under consideration, as upon further review the management is of the opinion that this course of action would not be in the best interest of the shareholders.
Hiru Corporation operates through its subsidiary, Jiangxi Shaungshi Pharmaceutical Co., Ltd., is a producer of Chinese herbs for the naturopathic industry in China. Jiangxi Shaungshi Pharmaceutical Co., Ltd. focuses on producing and manufacturing of herbs, herbal extracts and herbal preparations. The company's products are based on the traditional Chinese systems. Company researches and develops dosage approaches and health applications of these traditional recipes. On December 3, 2009, HIRU completed the merger with the China-based company Jiangxi Shaungshi Pharmaceutical Co., Ltd.
To learn more about HIRU visit: http://www.hirucorporation.com
Vringo, Inc. (NYSE:VRNG), a provider of video ringtones and personalization solutions for mobile devices, announced earlier this month that it has exceeded 100,000 subscribers in Malaysia together with its partner and the country's leading integrated communications provider, Maxis.
This milestone is noteworthy in that Vringo has achieved roughly one percent penetration of the Maxis subscriber base in Malaysia in less than one year following the initial commercial launch. Maxis' subscriptions total 12.97 million as at June 30, 2010, and the company is also the leading regional content player with 36.6% of non-voice revenue.
Founded in 2006, Vringo (NYSE Amex:VRNG) is bringing about the evolution of ringtones. With its award-winning video ringtone application and mobile software platform, Vringo transforms the basic act of making and receiving mobile phone calls into a highly visual, social experience. By installing Vringo's application, which is compatible with more than 200 handsets, users can create or take video, images and slideshows from virtually anywhere and make it into their personal call signature.
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