BUSINESS NEWS
27 Jun 08. Paving the way to relisting on the New York Stock Exchange, Navistar International Corporation (Other OTC: NAVZ) today filed first and second quarter 2008 form 10-Qs with the Securities and Exchange Commission. “We’re happy to be caught up with our financial reporting. We will keep our focus on delivering on our commitments to shareholders,” said Daniel C. Ustian, Navistar chairman, president and chief executive officer. “In one of the weakest commercial truck markets in recent history, we are set to surpass our $15bn revenue goal for 2009 a year early and to realize nearly $1bn in manufacturing segment profit.” The company reported net sales and revenue of $6.9 billion for the first half of fiscal 2008, a 13 percent increase over the same period in 2007. Manufacturing segment profit was $424m, doubling 2007 performance of $208m. Net income was $162m, or $2.22 per diluted share, an improvement of $175 million or $2.41 per diluted share over the first half of fiscal 2007. “We look forward to our return to a premier exchange so that we can offer shareholders the best venue for optimal liquidity,” Ustian said. Navistar common stock will resume trading June 30 on the New York Stock Exchange under its original ticker symbol NAV; Navistar preferred stock will trade under NAVPrD.
24 Jun 08. Chemring Group Interims. FINANCIAL HIGHLIGHTS:
Revenue from continuing operations up 41% to £150.2m (2007: £106.8m)
Record order book of £425 million, up 45% since June 2007
Underlying operating profit from continuing operations* up 21% to £28.2m (2007: £23.3m)
Underlying profit before tax from continuing operations* up 17% to £23.6m (2007: £20.2m)
Profit after tax up 29% to £14.5m (2007: £11.2m)
Underlying earnings per share* up 24% at 52p (2007: 42p)Basic earnings per share from continuing operations up 10% at 45p (2007: 41p)
Interim dividend per ordinary share up 39% at 10.0p (2007: 7.2p)
£60mi equity issue announced today
DIVISIONAL HIGHLIGHTS
ENERGETICS
o Divisional revenue increased by 64% and underlying operating profit* by 44%
o Order book more than doubled to £291 million at June 2008 (2007: £140 million)
o Organic growth of over 20% achieved over a twelve month period
o Simmel Difesa restart successfully completed
o Continued strong performance from both Technical Ordnance and Chemring Defence
o Conditional acquisition of Martin Electronics, Inc. announced today
COUNTERMEASURES
o Divisional revenue increased by 21%
o Chemring Countermeasures (UK) increased revenue by 54%
o Success for Alloy Surfaces and Kilgore Flares in securing significant new five year contracts
Jun 08. Cohort Preliminary year-end April 2008 Results. Cohort plc, the independent technology group, today announces its preliminary unaudited results for the year ended 30 April 2008. Highlights include:
2008 2007
* Revenue: £57.1m £34.4m
* Adjusted operating profit: £6.1m £2.9m
* Profit before tax: £5.6m £2.7m
* Year-end cash balance: £6.1m £5.0m
* Normalised earnings per share*: 14.24 pence 8.71 pence
* Proposed final dividend per share: 1.0 pence 0.9 pence
* Excludes exceptional items (net of tax) and amortisation of other intangible assets.
Commenting on the results, Nick Prest CBE, Chairman of Cohort plc said: “Cohort has achieved its financial and strategic objectives for the year. Our second acquisition, SEA Group has exceeded expectations, whilst MASS and SCS continued to achieve strong revenue growth. We continue to seek complementary acquisitions, whilst organically growing the existing businesses. Overall the Board is positive about the outlook.”
24 Jun 08. Chemring has conditionally agreed to acquire Martin Electronics, Inc. (“MEI”), a specialist manufacturer of ammunit