latest news releases from the newsroom
Northrop Grumman Corp.
Northrop Grumman Provides Operational/Damage Assessment of Hurricane Katrina
LOS ANGELES, Sept. 8, 2005 (PRIMEZONE) -- Northrop Grumman Corporation (NYSE:NOC) stated today that the impact of Hurricane Katrina ("Katrina") will affect the near-term operations and financial results of its Ship Systems sector, which is reported as part of the Ships segment in the company's financial reports. Other Northrop Grumman sectors operate smaller facilities in the Gulf Coast region that have also been impacted by Katrina, but to a much lesser extent than the Ship Systems operations. While the company's facilities have incurred significant damage and its operations have been impacted, the company also stated that it has adequate resources and liquidity to meet its current obligations and does not expect a material impact to its overall financial health. The company presently expects that its 2006 financial guidance will be largely unaffected by the hurricane, as there are aggressive efforts underway to restore the shipyards to full operations.
Northrop Grumman Corp.
Incorrect Employee Disaster Relief Fund Phone Number Reported
ADVISORY, Sept. 8, 2005 (PRIMEZONE) -- Northrop Grumman Corporation is receiving word that some Gulf Coast news media are misreporting the toll-free telephone number for the company's Employee Disaster Relief Fund. The result is that a third party has received hundreds of wrong-number calls and these employees are not receiving the assistance they seek.
CoSine Communications, Inc.
CoSine Communications, Inc. Adopts Stockholder Rights Plan
SAN JOSE, Calif., Sept. 8, 2005 (PRIMEZONE) -- CoSine Communications, Inc. (Pink Sheets:COSN) announced today that its Board of Directors has adopted a share purchase rights plan effective as of September 1, 2005, which provides for a dividend distribution of one preferred share purchase right for each outstanding share of the Company's common stock. The dividend is payable on September 12, 2005 to the Company's stockholders of record at the close of business on that date. This action was taken after careful study and was not taken in response to any pending takeover bid for the Company. The primary purpose of the plan is to preserve the Company's existing and projected net operating losses, or "NOLs," for tax purposes. Under the Internal Revenue Code and rules promulgated by the Internal Revenue Service, the Company can carry forward these NOLs in certain circumstances to offset current and future earnings, and thus reduce its federal income tax liability (subject to certain requirements and restrictions). The Company believes that it will be able to carry forward a substantial portion of its NOLs and that these NOLs, therefore, constitute a substantial asset of the Company.
San Diego Gas & Electric
CPUC Approves $50 Million Refund for SDG&E Customers
SAN DIEGO, Sept. 8, 2005 (PRIMEZONE) -- The California Public Utilities Commission (CPUC) today approved a request by San Diego Gas & Electric (SDG&E) to refund approximately $50 million to its customers. The refunds, scheduled to begin in Oct. 1, 2005 and continue to Sept. 30, 2006, come from settlements negotiated earlier this year with companies involved in the California energy crisis of 2000-2001.
ATA Airlines, Inc.
ATA Reports August Scheduled Service Traffic
INDIANAPOLIS, Sept. 8, 2005 (PRIMEZONE) -- ATA Airlines, Inc., the principal subsidiary of ATA Holdings Corp. (Pink Sheets:ATAHQ), today reported that August scheduled service traffic decreased 45.0 percent from 2004 to 674.7 million RPMs (revenue passenger miles). Capacity decreased 46.3 percent compared to 2004 to 831.6 million ASMs (available seat miles). ATA's August scheduled service passenger load factor increased 1.9 points to 81.1 percent. There were 526,694 passengers enplaned in August, a decrease of 45.5 percent.
Wolverine Tube Inc.
Wolverine Tube Announces Restructuring Details
HUNTSVILLE, Ala., Sept. 8, 2005 (PRIMEZONE) -- Wolverine Tube, Inc. (NYSE:WLV) today announced several strategic initiatives in its continuing effort to reduce operating expenses, enhance cash flow and improve operating efficiencies. These initiatives include a reduction in the Company's corporate headquarters' workforce by nearly twenty percent, a reduction of certain support functions in its U.S. manufacturing operations, a reduction in leased facilities for executive and administrative offices and the continued process of production rationalization in response to global competition. The Company currently expects to take a pre-tax restructuring charge over the next few quarters totaling approximately $1.5 million ($0.07 per diluted share after tax) to account for these initiatives, including severance and other related expenses. These actions should result in year-over-year cost savings of up to approximately $4.0 million annually, once fully implemented, primarily reflecting reduced Selling, General and Administrative expenses.
TelePlus Enterprises, Inc.
TelePlus Reports Record 27 Percent Increase in August Same Store-Count Sales
MONTREAL, Sept. 8, 2005 (PRIMEZONE) -- TelePlus Enterprises, Inc. (OTCBB:TLPE) (http://www.teleplus.ca), a vertically integrated provider of wireless and landline communications products and services across North America, today announced that its subsidiary TelePlus Retail Services, Inc. ("TelePlus Retail") reported an increase of 8% in August gross wireless activations (carrier handsets and sims) over the same period in 2004.