Stock movers for the week of August 11, 2008.
On Monday, Cheniere Energy (AMEX:LNG, Stock Forum) reported a net loss of $132.3 million, or $2.81 per share for the second quarter of 2008 compared with a net loss of $41.1 million, or 76 cents per share during the same quarter of 2007. Not including the impact of the restructuring charges in the second quarter of 2008, the company says its net loss would have been $53.7 million. On August 6, the company says it accepted a commitment for $250 million of convertible security financing in order to repay the $95 million bridge loan obtained in May and to provide for additional funds for working capital and general corporate purposes. As of June 30, Cheniere says it had completed construction of the initial 2.6 Bcf/d of send out capacity and 10.1 Bcf of storage capacity at the Sabine Pass receiving terminal. The terminal is operating and able to accept commercial cargoes. The 94-mile Creole Trail Pipeline has also been placed into commercial operations. Shares of Cheniere Energy were up 51.7% to $4.40.
VeriChip Corporation (NASDAQ: CHIP, Stock Forum) shares soared 29.6% to $2.10 Monday after the Florida-based provider of radio frequency identification systems for healthcare and patient-related needs announced after market close Friday that it had approved a one-time special dividend payment to stockholders. The special dividend payment of $1.35 per share to the company’s stockholders is payable on August 28 to stockholders of record as of August 18 and the aggregate amount of the special cash dividend is estimated to be up to $16.2 million.
In Tuesday trading, shares of U.S. Shipping Partners (NYSE: USS, Stock Forum) surged over 52% to $3.43 after the provider of long-haul marine transportation services reported its results for the second quarter after market close Monday. The company says it had voyage revenue of $49.8 million, operating income of $1.6 million and a net loss of $2.7 million for the second quarter, compared to voyage revenue of $45.6 million, operating income of $6.2 million and net income of $2.4 million for the same period in 2007.
Colorado Goldfields (OTC:BB: CGFI, Stock Forum) announced Tuesday that it has started drilling at its Gold King Mine Project in San Juan County, Colorado. CGFI says it will drill multiple holes into various geologic zones to “verify potentially recoverable gold and silver and to determine exactly where mining will yield the highest production.” The company notes that the immediate drilling plan is anticipated to hit additional vein structures that have not been adequately tested in the past. Shares of Colorado Goldfields climbed 37.5% to 11 cents.
On Wednesday, Pyramid Oil (AMEX: PDO, Stock Forum) saw its shares surge 44.9% to $13.48 after the California-based company announced its financial results for the second quarter, including an increase in revenue. Pyramid says second quarter revenue increased 91% to $2.1 million from $1.1 million in the second quarter last year, adding that approximately 93% of the increase resulted from higher oil and gas prices. Net income was up 154% to $908,000, or 24 cents per diluted share from $357,000, or 10 cents per diluted share in the second quarter of 2007.
Shares of Biofuel Energy Corp.(NASDAQ: BIOF, Stock Forum) gained 39.8% Wednesday afternoon, trading at $1.30 after the development stage ethanol production company announced its second quarter results. Tuesday, the company’s shares tumbled over 63% to 93 cents after it announced that as of the close of business Monday it had realized approximately $26.1 million of losses resulting from closing out various corn, ethanol and natural gas hedges. For the second quarter, Biofuel resources recorded net income of $948,000 or three cents per diluted share, as the company's first two ethanol plants started commercial operations in late June resulting in $292,000 in revenues for the second quarter. In the quarter, Biofuel borrowed $26 million under its bank credit facilities.
Thursday’s market action saw Intrusion Inc. (OTC:BB: INTZ, Stock Forum) shares surge 105% to 41 cents after the provider of identification systems, data privacy protection products announced its second quarter financial results after market close Wednesday. Intrusion's net income was $41,000 in the second quarter compared to a $0.5 million net loss for the second quarter of last year, while the company’s revenue was $1.3 million compared to $1 million for the same quarter of 2007.
Shares of Houston-based US Dataworks (AMEX: UDW, Stock Forum) surged over 198% to 26.9 cents after the developer of payment processing software announced financial results for its fiscal first quarter Thursday. Revenues for the first quarter were $2,069,049, an increase of 68.3% over the same period a year ago, says the company. US Dataworks also reported an operating profit for the first quarter of $107,148 compared to an operating loss of $837,072 for the first quarter of last year. Income from operations for the first quarter was $0.00 per share, compared to an operating loss of three cents per share for the same quarter last year.
And on Friday, shares of Gaming Partners International (NASDAQ: GPIC, Stock Forum) climbed over 56% to $5.40 after the company announced financial results for the second quarter after market close Thursday. The Las-Vegas based worldwide provider of casino currency and table gaming equipment reported revenues of $18.9 million, up 28% on revenues of $14.8 million for the second quarter of 2007. The increase in revenues was due to sales of casino chips to newly opened casinos in the United States, the strengthening of the euro against the dollar, and increased sales of gaming chips to casinos in Macau. Net income for the quarter was $1.8 million, or 23 cents per share, up 320% compared to a net income of $0.4 million, or five cents share, in the same quarter of last year.
Retailer American Apparel (AMEX: APP, Stock Forum) released its second quarter results after market close Thursday, including increased net sales and net income. The Los Angeles-based company reported net sales for the quarter of $133 million, up 38.9% increase over net sales of $95.7 million for the same quarter last year. Net income for the second quarter increased 42% to $6.8 million from $4.8 million in the second quarter of 2007, says the company, and earnings per diluted share in the second quarter were 10 cents, the same as in the second quarter of last year. Shares of American Apparel jumped 25.4% Friday to $8.20.
