News

Ebix, Goldman Sachs Affiliate to Terminate Merger Agreement

Charles Gross — Thu, 20 Jun 2013 00:06:21 +0000

Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, announced today that it and an affiliate of Goldman, Sachs & Co. (NYSE: GS) have agreed to terminate their previously announced merger agreement. The merger agreement, announced on May 1, 2013, had provided for Ebix to be acquired by an affiliate of Goldman ...

'Hemlock Grove' to Return for Second Season on Netflix

Charles Gross — Thu, 20 Jun 2013 00:05:08 +0000

The Netflix Original Series "Hemlock Grove," a riveting and eerie mystery from executive producer Eli Roth and based on Brian McGreevy's novel of the same name, will return with a second season next year. Seasoned showrunner Charles H. (Chic) Eglee ("The Walking Dead," ...

Repros Therapeutics Prices 3.75M Share Offering at $19.00/Share

Charles Gross — Thu, 20 Jun 2013 00:03:53 +0000

Repros Therapeutics (NASDAQ: RPRX) today announced the pricing of an underwritten public offering of 3,750,000 shares of its common stock at a public offering price of $19.00 per share, before underwriting discounts and other offering expenses. ...

Kayne Anderson Increases Distribution to $0.58/Share for Q2 2013

Charles Gross — Thu, 20 Jun 2013 00:01:51 +0000

Kayne Anderson MLP Investment Company (NYSE: KYN)
announced today its quarterly distribution of $0.58 per share for the
quarter ended May 31, 2013. This distribution represents an increase of
2.7% from the prior quarter's distribution ...

CVB Financial Increases Q2 2013 Dividend 18%

Charles Gross — Thu, 20 Jun 2013 00:01:12 +0000

CVB Financial Corp. (NASDAQ: CVBF) announced a ten cent ($0.10) per share
cash dividend with respect to the second quarter of 2013. The dividend
was approved at the regularly scheduled Board of Directors meeting held
on ...

Finisar Beats Estimates; Provides Q1 Guidance Above Consensus (FNSR)

Scott Rubin — Wed, 19 Jun 2013 23:08:21 +0000

Finisar (NASDAQ: FNSR) released its fiscal fourth-quarter earnings results on Wednesday after the closing bell.

The company reported both earnings per share and revenue that was ahead of Wall Street estimates. Finisar also provided strong first-quarter guidance, with expected EPS above current consensus estimates. In late trading, the stock was last trading up more than 9 percent to $15.87.

Q4 Results

Finisar reported net income of $3.9 million or $0.04 per share, compared to $18.0 million or $0.19 per ...

Red Hat Jumps on Q1 Results (RHT)

Scott Rubin — Wed, 19 Jun 2013 23:06:37 +0000

Linux software vendor Red Hat (NYSE: RHT) released its fiscal first-quarter earnings results after the closing bell on Wednesday.

The company reported both earnings per share and revenue that were ahead of Wall Street expectations. In late trading, Red Hat shares were last up almost 4 percent to $47.99.

Management Commentary

"The first quarter was a solid start to Fiscal 2014, with both revenue and profitability coming in above the high-end of our guidance. We delivered mid-teens revenue growth driven by customer demand for innovative open source technologies based on a ...

Micron Reports Q3 Results Ahead of Estimates (MU)

Scott Rubin — Wed, 19 Jun 2013 23:05:04 +0000

Boise, Idaho-based chipmaker Micron Technology (NASDAQ: MU) released its fiscal third-quarter earnings results on Wednesday after the closing bell.

The company reported both earnings and revenue that were ahead of Wall Street consensus estimates. Nevertheless, the shares were last trading down around 0.75 percent to $13.87 in the after-hours. Micron has been a leading semiconductor stock in 2013, with shares rising more than 120 ...

Jabil Circuit Posts Lower Q3 Profit (JBL)

Scott Rubin — Wed, 19 Jun 2013 23:03:37 +0000

Jabil Circuit (NYSE: JBL) released its fiscal third-quarter earnings results after the closing bell on Wednesday.

Although the company reported a lower profit in the quarter, its revenue rose versus the year ago period. Jabil Circuit also reported both earnings and revenue that came in ahead of Wall Street analysts' consensus estimates. In addition, the company provided guidance for the fiscal fourth-quarter. In late trade, the stock was last down 0.35 percent to $19.75.

Q3 Results

For the third-quarter, Jabil Circuit reported net income of $49.6 million or $0.24 per share, ...

Benzinga's M&A Chatter for Wednesday June 19, 2013

Charles Gross — Wed, 19 Jun 2013 22:17:01 +0000

The following are the M&A deals, rumors and chatter circulating on Wall Street for Wednesday June 19, 2013:

Report Forest Labs May Bid for Elan

The Rumor:
Shares of both Elan (NYSE: ELN) and Forest Labs surged higher Wednesday on a report from Reuters that Forest may bid for the Irish drugmaker. Elan rejected an offer of $13 per share, plus CVR worth up to $2.50 per share from Royalty Pharma. Royalty withdrew its bid on Wednesday.

Both Elan and Forest Labs declined comment on the report.

Elan closed at $14.15 Wednesday, a gain of 4.5% on 4 times average volume.

Dish Declines to Submit Revised Offer for Sprint

The Decision:
Dish Network (NASDAQ: DISH) announced late Tuesday in a press release that it would be unable to submit a revised offer for Sprint ...

Dell CFO Sends Letter To Employees, Still Recommends Committee's Option For Michael Dell Buyout

James Hunt — Wed, 19 Jun 2013 21:04:38 +0000

In approximately four weeks, Dell will be holding a Special Meeting of Stockholders to consider and vote on the proposed transaction in which Michael and Silver Lake Partners will acquire Dell and take it private.

The proposed transaction continues to attract interest from the media and investors, including Carl Icahn, who yesterday put forth the concept that Dell pursue a self-tender for its shares of approximately $16 billion. In a statement issued later in the day, the Special Committee of the Board emphasized that, ...

Michael MacDonald Elected to DSA Board of Directors

Paul Quintaro — Wed, 19 Jun 2013 21:02:38 +0000

Medifas (NYSE: MED), a leading United States manufacturer and provider of clinically proven, portion-controlled weight-loss products and programs, announced today the appointment of Medifast Chairman and Chief Executive Officer, Michael MacDonald, to the Direct Selling Association (DSA) Board of Directors. The DSA is a national trade association of leading companies that manufacture and distribute goods and services sold directly to consumers.

"For many years, Medifast, through its Take Shape For Life direct selling division, has worked closely with the organization to uphold the high ethical standards which are the tenets of the DSA. I am pleased to have the opportunity to now contribute to the growth and development of this esteemed association," said Michael MacDonald, Chairman and Chief Executive Officer, Medifast, Inc.

MacDonald was elected to a three-year term at the DSA Annual Meeting in Phoenix, Arizona. He brings more than 30 years of leadership experience to the Board and joins an elite group of executives in the direct selling industry who oversee the DSA's efforts.

"Mike MacDonald has a proven track record of leading successful businesses and we're excited to have him as part of our Board of Directors. We welcome his wealth of knowledge and deep business ...

Guggenheim Investments Announces Final Liquidation Amount Per Share for the Liquidation of Guggenheim Yuan Bond ETF

James Hunt — Wed, 19 Jun 2013 21:01:22 +0000

Guggenheim Investments, the investment management division of Guggenheim Partners, announced today the final liquidation amount per share for the Guggenheim Yuan Bond ETF (NYSE: RMB). The per-share liquidating amount will be $25.91 per share, the proceeds of which will be delivered to remaining shareholders on June 20, 2013.

Past performance is not indicative of future performance.

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Willis Lease Finance Further Expands Revolving Credit Facility to $450 Million

James Hunt — Wed, 19 Jun 2013 20:54:45 +0000

Willis Lease Finance Corporation (Nasdaq: WLFC), the premier independent jet engine lessor, today announced that it increased its revolving credit facility to $450 million from $430 million. The credit facility is available to Willis Lease on a revolving basis through November 2016. This and other credit facilities support the company and ...

PetroQuest Acquires Shallow Water Gulf of Mexico Assets for $193M in Cash; Updates 2013 And Provides 2014 Production Guidance

Paul Quintaro — Wed, 19 Jun 2013 20:44:22 +0000

PetroQuest Energy, Inc. (NYSE: PQ) announced today that it has entered into definitive agreements to acquire certain shallow water Gulf of Mexico producing properties (the "Acquired Assets") for approximately $193 million in cash. The transactions will be effective as of January 1, 2013 and are expected to close in July 2013, subject to customary closing conditions.

Transaction Overview

Average daily net production from the Acquired Assets in May 2013 is estimated to be approximately 1,100 Bbls of oil and 19,000 Mcf of natural gas. The Company expects to operate approximately 80% of the production associated with the Acquired Assets. Based on a third-party reserve engineering firm's report, the estimated proved reserves attributable to the Acquired Assets as of December 31, 2012 were 2,105 MBbls of oil, 134 MBbls of natural gas liquids and 23.8 Bcf of natural gas with a PV-10 value of $195 million, using average prices of $106.88 per barrel of oil and $2.72 per Mcf of natural gas. The Company estimates that after adjusting December 31, 2012 proved reserves for the estimated net production from the effective date through June 30, 2013, the proved reserves associated with the Acquired Assets as of July 1, 2013 are approximately 5,276 MBoe with an associated PV-10 value of approximately $171 million, using average prices of $92.32 per barrel of oil and $4.37 per Mcf of natural gas. In addition, the Company estimates that, after adjusting December 31, 2012 proved reserves for the estimated production from the effective date through June 30, 2013, the proved plus probable and possible reserves associated with the Acquired Assets as of July 1, 2013 are approximately 8,500 MBoe (41% liquids) with an associated PV-10 value of approximately $278 million, utilizing the two "above" pricing assumptions in the preceding sentence. During the quarter ended March 31, 2013 and the year ended December 31, 2012, the Acquired Assets generated revenues less direct operating expenses totaling $13.0 million and $37.6 million, respectively. The tables below illustrate the pro forma impact of the Acquired Assets on the Company after adjusting for such revenues less direct operating expenses for the periods presented:

Twelve Months Three Months

Ended December 31, 2012 Ended March 31, 2013

PQ PQ - Pro Forma (2) PQ PQ - Pro Forma (2) Adjusted EBITDA (MM) (1) $87.3 $124.9 $21.5 $34.5 Production: Oil (Bbls/d) 1,422 2,070 1,397 2,364 NGL (Mcfe/d) 9,199 10,412 11,829 12,388 Natural Gas (Mcf/d) 75,044 91,350 71,518 90,300 Total (Mcfe/d) 92,775 114,182 91,729 116,872

(1) See the attached reconciliation of the Company's Adjusted EBITDA to net income

(2) Includes adjustments for production and revenues less direct operating expenses of the Acquired Assets

The Acquired Assets include: Interest in seven offshore blocks 14 producing wells and ...