LSB Industries, Inc., through its subsidiaries, engages in the manufacture and sale of geothermal and water source heat pumps, air handling products, and chemical products. The company operates in two segments, Climate Control and Chemical.
The Climate Control segment manufactures and sells various heating, ventilation, and air conditioning (HVAC) products that include geothermal and water source heat pumps, hydronic fan coils, and other HVAC products, including custom air handlers and modular chiller systems. Its HVAC products are used in commercial and residential new building construction, renovation of existing buildings, and replacement of existing systems. This segment sells its products primarily to original equipment manufacturers, contractors, and independent sales representatives. It also sells its products to hotels, schools, hospitals, apartment and office buildings, and other commercial or residential structures.
The Chemical segment manufactures and sells anhydrous ammonia, ammonium nitrate, urea ammonium nitrate, and ammonium nitrate ammonia solution for agricultural applications; concentrated, blended, and regular nitric acid, mixed nitrating acids, metallurgical and commercial grade anhydrous ammonia, sulfuric acid, and high purity ammonium nitrate for industrial applications; and industrial grade ammonium nitrate and solutions for the mining industry. It sells its products primarily to the polyurethane, paper, fibers, fuel additives, emission control, and electronics industries. This segment also sells its products to farmers, ranchers, fertilizer dealers, distributors, and explosive manufacturers.
LSB Industries, Inc. (NYSE:LXU) announced record results for the quarter ended March 31, 2011.First Quarter 2011 Financial Highlights Compared to First Quarter 2010:Net sales were $177.5 million, a 36% increase from $130.4 million.
Operating income was $34.0 million compared to $4.4 million.
Net income was $20.9 million compared to $1.7 million.
Net income applicable to common shareholders was $20.6 million compared to $1.4 million.
Diluted earnings per common share were $.90 compared to $.07.
Discussion of First Quarter of 2011:The 36% increase in net sales was the result of a $36.6 million or 49% increase in Chemical Business net sales and a $10.0 million or 19% increase in Climate Control Business net sales.Consolidated operating income was $34.0 million for the first quarter of 2011 compared to $4.4 million for the same period in 2010, an increase of $29.6 million. The $29.6 million increase in consolidated operating income includes:
$27.2 million improvement in Chemical Business� operating income resulting from increased selling prices and sales volume across all major product lines. Of special note, the Pryor, Oklahoma facility (�Pryor Facility�) contributed $11.3 million to operating income in the first quarter of 2011. In the same period one year earlier, due to limited production, the Pryor Facility incurred an operating loss of $6.0 million, and $2.9 million increase in Climate Control Business operating income.
First Quarter - Chemical Business:Chemical Business sales for the first quarter of 2011 were $111.4 million, up 49% over the first quarter of 2010, due to increased pricing and volume across all product lines. Agricultural sales for the Chemical Business for the period were $51.1 million compared to $24.5 million for the same period in 2010. The increase was due primarily to $19.3 million of Pryor Facility sales compared to $0.3 million for the first quarter in 2010. The remainder of the increase in agricultural sales was due to increased pricing of UAN and agricultural grade AN sold from our Cherokee, AL and El Dorado, AR facilities, respectively. Comparable quarter net sales of mining and industrial products also increased due to a combination of higher average selling prices resulting from higher raw material costs passed through in the sales price, and a 13% increase in tons shipped of our mining products.First Quarter - Climate Control Business:Net sales for the Climate Control Business were $63.6 million, a 19% increase from the same period of 2010 due to a 15% increase in geothermal and water heat pump net sales, a 52% increase in net sales of hydronic fan coils and a 6% increase in other Climate Control product net sales. There was a 21% improvement in commercial and institutional product sales and a 10% increase in residential product sales. The Climate Control Business� sales increase was primarily a result of continued higher overall incoming order levels, coupled with higher beginning backlog of orders entering in 2011. The increase in segment sales resulted in a $2.9 million or 53% increase in 2011 segment operating income.
For More Information, Please Visit LSB’s Website at: http://www.lsbindustries.com
Orofino Gold Corp. (ORFG)
Orofino Gold Corp. has several Gold development properties in Colombia, a current hot spot of gold production in the world markets.
The large application for gold in electronics is for bonding wire, which consumes more than 100 tons of gold each year. Wire bonding is the method used to form electrical connections within a semiconductor device. Gold remains the foremost material for this application. Using gold, automated systems can achieve bonding rates of the order of 20 bonds per second. Gold’s preeminence in this application is due to the very high reliability of the bonds, high production rate, and the inertness of the gold wires, ensuring that they do not corrode during the life of the chip.
Orofino Gold Corp. is a Colombia based gold producer founded as a private company in 2009 by former executives with over 50 cumulative years in mining exploration, finance, and development expertise.
As well as bonding wire and gold-plated contacts, the metal is also used in optoelectronic devices, inks for screen printing and high-melting-point solders. Taken together these uses mean gold is a fundamental commodity in the electronics industry. The uses of gold up valuable space in the chip. By applying a proprietary coating to the wire, an insulated system can be achieved. This has obvious advantages, potentially leading to smaller, lighter chips and ultimately an improved lower cost product.
Gold is valuable to modern medicine because it is non-toxic and biologically benign, one of the most efficient conductors of electricity, and its density enables it to be seen under electron microscopes. And although gold is virtually indestructible, it is a soft metal, easy to work with, shape, flatten or draw out into microscopic strands.
Orofino’s corporate objective is to continue to build shareholder value through the exploration and development of Senderos de Oro and additional accretive acquisitions, capitalizing on the extensive experience and relationships that management has developed over the past 25 years.
Orofino Gold Corp. has been working with Colombian utilities supplier Electricaribe to establish power to the villages of the local populations within Orofino’s concessions. Buena Sena was supplied with electricity in July of 2010. And by mid May, Orofino expects to have complete electrical service established at La Azul.
La Azul’s connection is coming from an intermediate station operating at 13,200 cycles/second located in the town of Rio Viejo. Once operational, La Azul’s infrastructure is expected to initially be tied into a 50 kva transformer.
“When the power connection was established in Buena Sena last year, it was a very important date for that community,” explains Orofino President and CEO, Mr. Ary F. Pernett Marquez. “Imagine what it would be like to have publicly supplied electricity for the first time in your life. We’re excited that the residents and miners of La Azul will also be getting the benefits of such a vital piece of infrastructure.”
In addition to providing a critical piece of infrastructure to promote growth of La Azul village, Orofino expects the connection to the region’s power grid to significantly improve production capabilities of mine workers. As current production is being performed with outdated equipment powered only by generators, connecting La Azul to the region’s power grid will enable Orofino to introduce modern mining equipment and technology.
For more information about Orofino Gold Corp. visit its website www.orofinogoldcorp.com
Watsco Inc. (NYSE:WSO) announced that Barry S. Logan, Senior Vice President, is scheduled to present at the Wells Fargo Securities Industrial and Construction Conference being held at the New York Palace Hotel in New York City on Tuesday, May 10, 2011 at 2:40 p.m. (EDT). Internet users can listen to a live webcast of the presentation at the Investor Relations section of Watsco’s website at http://www.watsco.com.
Watsco, Inc., together with its subsidiaries, distributes air conditioning, heating, and refrigeration equipment and related parts and supplies in the United States. Watsco was founded in 1945 and is headquartered in Coconut Grove, Florida.
Philip Morris International, Inc. (NYSE:PM) will host a live audio webcast at www.pmi.com on Wednesday, May 11, 2011 at 9:00 a.m. ET of the 2011 Annual Meeting of Stockholders. The webcast will be in a listen-only mode. An archived copy of the webcast will be available until 5:00 p.m. ET on Thursday, June 9, 2011 at www.pmi.com.
Philip Morris International Inc., through its subsidiaries, engages in the manufacture and sale of cigarettes and other tobacco products in markets outside of the United States. The company is based in New York, New York.
Stepan Company (NYSE:SCL) the Board of Directors has declared a quarterly cash dividend on its common stock of $0.2600 per share. The dividend is payable on June 15, 2011, to common stockholders of record on May 27, 2011. The Board of Directors also declared a quarterly cash dividend on its five and one half percent (5.5%) convertible preferred stock at the quarterly rate of $0.34375 per share. Dividends are payable on May 27, 2011, to preferred stockholders of record on May 13, 2011.
Stepan Company engages in the production and sale of specialty and intermediate chemicals. The company operates in three segments: Surfactants, Polymers, and Specialty Products. The company was founded in 1932 and is headquartered in Northfield, Illinois.
No comments:
Post a Comment