27 May 08. Chemring Group PLC has conditionally agreed to acquire the entire issued stock capital of Scot, Inc. from SMS Industries, Inc. (a private equity owner) for a cash consideration of US$40mi (£20.2m), with a working capital adjustment at completion. Scot, based in Downers Grove, Illinois, USA, is a leading manufacturer of cartridge-actuated and propellant-actuated devices (CAD/PADs) used in aircraft emergency systems and for aircrew egress. Scot also designs and manufactures actuators, valves and sequencers, separation nuts and bolts, and aircraft weapon ejector systems. In the year ended 31 December 2007, Scot reported an audited profit before tax (before non-recurring private equity interest costs of $2.7m (£1.36m)) of $4.7m (£2.37mi) on revenue of $23.8m (£12.0m). Gross assets as at that date were $9.7m (£4.9m). The acquisition is expected to enhance Chemring’s earnings in the first full financial year post-completion.
23 May 08. Hewlett-Packard Co. surpassed International Business Machines Corp. to become the top seller of server systems in the world based on revenue, a market research firm reported. H-P server sales between January and March generated $4bn, or a 29.6% share of overall server spending during the quarter, according to Gartner, a market data firm based in Stamford, Connecticut. Strong sales of H-P’s ProLiant and Integrity lines fuelled the growth, and offset losses from H-P’s lesser-selling lines. Meanwhile, Dell Inc. saw shipments of its servers increase 15% in the first quarter, which is the fastest of any of its competitors, Gartner reported. (Source: WSJ)
14 May 08. (NYSE:CGT)(TSX:CAE) – CAE today reported financial results for the fourth quarter and fiscal year ended March 31, 2008. Earnings from continuing operations were $47.0m ($0.19 per share) this quarter, compared to $35.1m ($0.14 per share) in the fourth quarter of last year. Earnings from continuing operations for the year were $164.8m ($0.65 per share) compared to $129.1m ($0.51 per share) last year. All financial information is in Canadian dollars.