latest news releases from the newsroom
Casinelli Named Executive Vice President at Hallsmith - Sysco Food Services, LLC
HOUSTON, Oct. 23, 2006 (PRIMEZONE) -- SYSCO Corporation (NYSE:SYY), North America's largest foodservice marketer and distributor, announced today that Frederick Casinelli has been named executive vice president of Hallsmith - Sysco Food Services, LLC, a SYSCO subsidiary located in Norton, Massachusetts. Mr. Casinelli, who is currently executive vice president at Sysco Food Services of Philadelphia, LLC, will assume his new role effective October 30, 2006. He succeeds John C. (Jack) Young, who is retiring from the company after 19 years of distinguished service.
Pacific Coast National Bancorp
Pacific Coast National Bancorp Expects to Restate Second Quarter 2006 Financial Statements to Correct Treatment of Stock-Based Compensation
SAN CLEMENTE, Calif., Oct. 23, 2006 (PRIMEZONE) -- Pacific Coast National Bancorp (OTCBB:PCST) announced today that it expects to restate its previously issued unaudited financial statements at and for the quarter and six months ended June 30, 2006 to correct errors related to accounting for stock-based compensation expenses. The audit committee, an internal committee composed of three outside directors that reports to the board of directors of the company, which recently launched an investigation into this matter, has reached a conclusion that an error was made in the application of SFAS No. 123R (Share Based Payments) as it relates to the amount of stock-based compensation expense attributable to stock option awards to employees that vested during the second quarter ended June 30, 2006. As a result, the company expects to record additional non-cash charges for stock-based compensation expense related to the unaudited financial statements at and for the quarter and six months ended June 30, 2006.
Northrop Grumman Corp.
Northrop Grumman Board Declares Quarterly Dividends
LOS ANGELES, Oct. 23, 2006 -- The board of directors of Northrop Grumman Corporation (NYSE:NOC) today declared a quarterly dividend of $0.30 per share on Northrop Grumman common stock, payable December 9, 2006, to shareholders of record as of the close of business November 27, 2006. The board also declared a regular dividend of $1.75 per share on the company's Series B convertible preferred stock, payable January 16, 2007, to shareholders of record as of the close of business January 4, 2007.
Nord Resources Corporation
Nord Resources Enters into Cash Merger Agreement With Platinum Diversified Mining, Inc.
TUCSON, Ariz., Oct. 23, 2006 (PRIMEZONE) -- Ronald Hirsch, Chairman of the board of Directors, announced that Nord Resources Corporation (Other OTC:NRDS) has entered into an agreement whereby Nord Resources Corporation ("Nord Resources") will be acquired by Platinum Diversified Mining, Inc. ("Platinum") in an all-cash merger transaction. The merger will be subject to the approval of the stockholders of each of Nord Resources and Platinum. Nord Resources has agreed to call a special meeting of its stockholders for the purpose of approving the merger and the merger agreement. Additional information regarding this meeting of stockholders will be included in a proxy statement to be filed by Nord Resources with the Securities and Exchange Commission (the "SEC"). Nord Resources and Platinum have agreed to use their best efforts to complete the merger as early as possible, and in no event later than February 15, 2007. The merger has been approved by a special committee of independent directors of Nord Resources who considered a fairness opinion of an independent financial advisor in reaching their determination.
NetManage Reports Financial Results for Third Quarter 2006
CUPERTINO, Calif., Oct. 23, 2006 (PRIMEZONE) -- NetManage, Inc. (Nasdaq:NETM), a leading software company that provides solutions for integrating, Web enabling and accessing enterprise information systems, today reported financial results for the third quarter and nine months ended September 30, 2006.
Northrop Grumman Corp.
Photo Release -- New Orleans Meet New Orleans
NEW ORLEANS, Oct. 23, 2006 (PRIMEZONE) -- The amphibious transport dock ship New Orleans (LPD 18) sailed away from Northrop Grumman Corporation's (NYSE:NOC) New Orleans facility early Monday morning for her builder's sea trial. The 684-foot ship sailed down the Mississippi River past the New Orleans skyline en route to the Gulf of Mexico where she will undergo testing of all the ship's systems while at sea. Following sea trial, shipbuilders will continue to work final details in preparation for the U.S. Navy's Board of Inspection and Survey's acceptance sea trial scheduled later this year. The ship is scheduled to be delivered in early 2007.