16 Aug 13. Russia sells part of controversial EADS stake. A Russian state-controlled bank has sold part of its 5 per cent stake in EADS , the European aerospace group, ending an audacious experiment in Russian integration with EU industrial policy. The sale by Vnesheconombank comes amid signs that it plans to sell out completely of EADS to fund an increasingly costly foray into civilian aircraft. In September 2006 the Kremlin told stunned French and German governments that
VTB, another Russian state bank, had bought a 5 per cent holding in Europe’s flagship aerospace group. The stake building was seen by many analysts as a bid by Moscow for a board seat or even a blocking minority in the conglomerate, though neither ever materialised. VTB later sold the stake to Vnesheconombank. Vnesheconombank declined to comment on the sale, which was originally reported by Russian newspaper Vedomosti. But a recent filing with the Dutch Financial Markets Authority showed the stake was reduced from 5 per cent to 2.88 per cent. The sale of the shares on that date would have been worth about €763m, based on market prices at the time. Since the initial investment, Russia’s strategy in global civil aerospace has become more modest, focusing on developing the S100 Superjet, which has suffered from huge cost overruns. (Source: FT.com)
20 Aug 13. Teledyne Technologies Incorporated (TDY) announced that its subsidiary, Teledyne Instruments, Inc., has entered into an agreement to acquire assets of SD Acquisition, Inc. (d/b/a CETAC Technologies). Headquartered in Omaha, Neb., CETAC Technologies is a leading designer and manufacturer of automated sample handling and sample introduction equipment for laboratory instrumentation. Terms of the transaction were not disclosed. The closing of the transaction, which is subject to various conditions, is anticipated to occur on August 30, 2013. CETAC manufactures rugged automated sample introduction equipment for a range of elemental and chemical analysis systems including inductively coupled plasma mass spectrometry (ICP-MS) and high-performance liquid chromatography (HPLC). In addition, CETAC provides unique sample preparation devices, including nebulizers and laser ablation systems, for trace elemental analysis, as well as complete mercury analysis systems. (Source: Yahoo!/BUSINESS WIRE)
19 Aug 13. Inrad Optics, Inc. (OTC Bulletin Board: INRD) has reported its consolidated financial results for its second quarter and six months ended June 30, 2013. Revenue for the second quarter was $2.7m, down 6.4% from $2.9m in the same period last year. For the six months ended June 30, 2013, revenue of $5.8m was up slightly compared to $5.7m for the comparable period last year. Orders were $2.7m and $4.8m for the three and six months ending June 30, 2013, down 19.3% and 23.8% compared to the respective periods last year. Orders from longtime aerospace and defense customers continued to decline, and were off a total of 15% as compared to the same period in 2012. Gross profit for the second quarter was $308,000 or 11.4% of sales, down from $567,000 or 19.7% in the comparable quarter last year. For the six months ended June 30, 2013, gross profit decreased to $1m or 17.4% of sales compared to $1.3m or 22.9% in 2012. The 2013 decrease in gross profit margin primarily reflects a less profitable sales mix compared to 2012 as well as the impact of the Company’s relatively fixed overhead structure. Sales to the Company’s top five customers represented approximately 34% of sales in six months ended June 30, 2013, down from 43% last year. The net loss was $648,000 and $817,000 for the three and six months ended June 30, 2013. This compares with a net loss of $333,000 and $482,000, in the comparable periods last year. The Company had a net loss per share of $0.05, basic and diluted, for the three months ended June 30, 2013 compared to a net loss of $0.03 last year. For the six months ended June 30, 2013 and 2012, the basi