Furniture Brands International, Inc. (NYSE:FBN)
FBN has named Dr. George E. Ross to FBN's board of directors. In March 2010, Dr. Ross was appointed president of Central Michigan University, Michigan's fourth largest university and among the 100 largest public universities in the nation.
"George Ross is an outstanding addition to Furniture Brands' board of directors," said Ralph P. Scozzafava, chairman & chief executive officer. "George has extensive experience managing large, complex organizations and building coalitions with a variety of public and private groups. Throughout his career, one of George's top priorities has been creating programs and infrastructure that support the development of individuals and their organizations. That experience is key to Furniture Brands' goal of becoming a world-class manufacturer, retailer and employer. We welcome George to the board and look forward to his contributions."
FBN designs, manufactures, sources, and retails home furnishings. FBN offers case goods, including bedroom, dining room, and living room furniture products; stationary upholstery products comprising sofas, loveseats, sectionals, and chairs; motion upholstered furniture products consisting of recliners and sleep sofas; occasional furniture products, such as accent pieces, home entertainment centers, and home office furniture products, as well as wood, metal, and glass tables; and decorative accessories. FBN markets its products under the Broyhill, Lane, Thomasville, Drexel Heritage, Henredon, Hickory Chair, Pearson, Laneventure, and Maitland-Smith brand names. FBN sells its products through a network of independently owned furniture retailers, national and regional department stores and chains, and trade showrooms, as well as through various retail channels, including mass merchant stores, single-branded stores, independent dealers, and specialized interior designers. As of December 31, 2009, FBN operated 37 stores. FBN was founded in 1836 and is headquartered in St. Louis, Missouri.
To learn more about FBN visit: http://www.furniturebrands.com
Fushi Copperweld, Inc. (Nasdaq:FSIN)
FSIN, the leading global manufacturer and innovator of copper-clad bimetallic wire used in a variety of telecommunication, utility, transportation and other electrical applications, recently announced financial results for the second quarter ended June 30, 2010.
Second Quarter Highlights:
GAAP Net Income increased significantly to $13.4M, or $0.35 per diluted share
Adjusted Net Income increased 74.5% to $12.4M, or $0.33 per diluted share
US operations realized Net Income of $0.6M; best quarter since second quarter 2008
Expanded presence in Southern China through acquisition of Shanghai Hongtai
Sequential volume as measured in metric tons increased 9.6% as compared to the first quarter of 2010
Gross profit increased 45.6% to $19.6M, or 28.4% of revenue
Successfully installed 8,200 metric tons of copper-clad steel (CCS) capacity in Dalian facility
Revenues for the second quarter of 2010 increased 42.9% to $69.0 million, up from $48.3 million in the prior year quarter. Organic revenue growth excluding the impact of acquisitions during the quarter was 22.0%. The $20.7 million increase in revenues was primarily driven by continued improvement in global demand, higher average selling prices partially due to increased copper prices, and incremental contribution from recent acquisitions.
FSIN, through its subsidiaries, develops, designs, manufactures, markets, and distributes bimetallic wire products, principally copper-clad aluminum (CCA) and copper-clad steel (CCS). FSIN's CCA and CCS conductors are used as a substitute for solid copper conductors in applications where specific electrical or physical attributes are necessary. FSIN markets its products under Copperweld and Fushi brand names. FSIN primarily serves end-user applications in the telecommunication, electrical utility, and transportation markets. FSIN's CCS products in the utility market are used in grounding applications, power cables, electrified railroad tracks, and tracer wires. FSIN's CCS and CCA wires in transportation market are used in original equipment and aftermarket applications for electrified rail applications, as well as in automobiles, trucks, motorcycles, commercial off road equipment, and trailers. FSIN sells its products through its direct sales force, as well as through sales agents or distributors primarily in North America, Europe, North Africa, the Middle East, and the People's Republic of China. FSIN is based in Beijing, the People's Republic of China.
To learn more about FSIN visit: http://www.fushicopperweld.com
Proteonomix, Inc. (PROT.OB)
PROT, a biotechnology company, engages in the development of stem cell therapies primarily for the treatment of diabetes and cardiac therapy, as well as offers cosmeceutical products. The stem cell therapy involves the introduction of healthy new stem cells to repair and replace damaged or lost cells. It offers product for the treatment of anti-aging and damaged skin. PROT develops cosmetic products using its technologies, Secreted Matrix and Matrix NC-138 that is a stem cell derived proteins technology. PROT is also involved in the operation of retail Web site, Proteoderm.com to sell its anti-aging line of skin care products; develops therapeutic modalities for the treatment of cardiovascular disease; and engages in the reproductive tissue banking, including sperm, ova, ovarian tissue, and testicular tissue. In addition, PROT develops intellectual properties for patent applications, including a medium and scaffolding for enhancing the growth of stem cells, a growth platform for stem cells, a cord blood banking cryopreservation bag, and a device to eliminate malformed stem cells via filtration. Further, PROT is developing pre-clinical-stage therapeutic agents and treatments for cancer, diabetes, heart, lung, and kidney diseases, as well as for stem cell bone marrow and organ transplants. PROT was formerly known as National Stem Cell Holding, Inc. and changed its name to Proteonomix, Inc. in August 2008. PROT was founded in 2005 and is based in Mountainside, New Jersey.
PROT, a biotechnology company focused on developing therapeutics based upon human cells and their derivatives, announced further developments with its Joint Venture Company, XGEN Medical LLC ("XGen") towards implementing operations in the United Arab Emirates (U.A.E.).
PROT is the majority shareholder in XGen with the balance held by an anonymous investor group. PROT personnel were on the ground in the U.A.E. over the past weeks to work together with the Investor Group through the start up phase. To date, XGen has established an office in the Monarch Office Tower on the prestigious Sheikh Zayed Road, and a residence for visiting PROT personnel on Jumeira 2.
During initial meetings, it was mutually decided to open a local subsidiary corporation in the Dubai free zone. This wholly owned subsidiary will be the vehicle to conduct business in the GCC countries. XGen has filed the corporate papers and has established banking relations with a local bank both for receipt of the initial investment of $5 million and towards further financing expanded services in the region. The Ramadan holiday has slowed progress slightly on these corporate formalities, but full operation of the subsidiary and bank accounts are expected to complete within 30 days.
To learn more about PROT visit: http://www.proteonomix.com
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