latest news releases from the newsroom
Shearson Financial Network, Inc.
Shearson Home Loans Posts Profit for Nine Months Ending 9/30/05
LAS VEGAS, Nov. 1, 2005 (PRIMEZONE) -- Shearson Home Loans (SHL), a wholly owned subsidiary of Consumer Direct of America, www.cdofamerica.com, (OTCBB:CSUA) announced today that it posted a profit for the nine-months ending September 30, 2005 of $390,658 on revenues of $5.7 million. The performance figures represent an increase of over 150% growth in revenue over last year and more than 100% growth in profitability over the same period.
Neoware Enters South African Market via New Distribution Relationship with IT Wise
KING OF PRUSSIA, Pa. and CENTURION, South Africa, Nov. 1, 2005 (PRIMEZONE) -- Neoware Systems, Inc. (Nasdaq:NWRE), the leading supplier of enterprise software, thin client appliances and related services, and IT Wise, a leading distributor in Sub-Saharan Africa, today announced a new distributor relationship with IT Wise to capitalize on the growing thin client market in South Africa.
The Film Foundation
The Story Of Movies Teaches Visual Literacy Through Classic Films
LOS ANGELES, Nov. 1, 2005 (PRIMEZONE) -- The Film Foundation announced today that it is distributing 10,000 copies of its Story of Movies program to middle schools and high schools across the country. This innovative, interdisciplinary curriculum is being provided free of charge to qualified teachers, thanks to the support of the foundation's partners at IBM and Turner Classic Movies (TCM). The Story of Movies is designed to teach students how to "read" a film, while developing the critical-thinking skills to analyze the historical, social, and cultural significance of film.
Wolverine Tube Inc.
Wolverine Tube Announces Third Quarter Results
HUNTSVILLE, Ala., Nov. 1, 2005 (PRIMEZONE) -- Wolverine Tube, Inc. (NYSE:WLV) today reported results for the third quarter and nine months ended October 2, 2005. The net loss for the third quarter of 2005 was $11.2 million, or $0.74 per diluted share. Included in the loss was $1.2 million of after-tax restructuring charges. Excluding these restructuring charges, the net loss would have been $10.0 million or $0.66 per diluted share. Also impacting financial results during the third quarter were a $6.2 million pre-tax hedge and metal valuation expense and a $0.9 million pre-tax currency translation loss. More specifically, the $1.2 million of after-tax restructuring charges related to a reduction in the Company's corporate headquarters' workforce, a reduction of certain support functions in its U.S. manufacturing operations, a reduction in leased facilities for corporate and administrative offices and the write-down of the Company's corporate aircraft that was subsequently sold in October. The $6.2 million pre-tax hedge and metal valuation expense reflects accounting-related timing differences of $5.4 million caused by the erratic changes in the spot and forward prices on the Company's hedge positions in copper and natural gas, and hedge losses of $0.8 million (associated with the copper hedge transactions of the Company's base inventory) caused by the copper spot price being greater than the forward price at the time these contracts were executed. Lastly, the $0.9 million pre-tax currency translation loss was related to the relative strengthening of the Canadian dollar versus the U.S. dollar. In the third quarter of 2004 the net loss from continuing operations was $2.5 million, or $0.17 per diluted share. Excluding $2.1 million of after-tax restructuring and non-recurring charges, the third quarter of 2004 net loss from continuing operations was $0.4 million, or $0.03 per diluted share.