Turning Pennies into dollars: (Pink Sheets: STHG), (OTCBB: DPDW), (OTCBB: UDTT), (NASDAQ: COMS).
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Steadfast Holdings Group, Inc. (Pink Sheets: STHG) (Mon, March 24, 2008, 7:00am ET) Steadfast Holdings Group, Inc. announced that its flagship store in East Haven, Connecticut, reported a 40% increase in same store sales for the month of January, as compared to the same month in 2007.
John Calash, CEO of Steadfast Holdings Group, Inc., stated, "This surge in our January sales proves to us that we have implemented the right product line expansion and sales development strategy. Given the general softness of consumer sales, we are delighted and excited by January's results, and believe that as we open additional stores, the sales success of our product line will be repeated again and again."
About Steadfast Holdings Group, Inc.
Steadfast Holdings Group distributes a variety of products to the automotive aftermarket. The core business is its spray on truck bed protection product which offers specially formulated polymers that permanently bond to the truck's bed. The Company's spray-on Polyurea is a remarkable technology with a range of uses limited only by your imagination. They are also utilized in commercial, industrial, agricultural, military and custom applications when this tough coating is used to protect everything from metals to concrete against chemicals, solvents, fuel, etc. The Company is a licensed dealer for the following aftermarket products: A.R.E. Truck Caps and Lids, Tool Boxes, Nerf Bars, Tube Steps, Running Boards, Rack Systems, Rail Caps, Tonneau Covers, Fender Flares, Grilles, Visors, Bug Shields, Roll-Up Covers, Side Rails, Mud Guards, Floor Mats, Lights, Trailer Hitches, Stainless Steel Accessories and Lift Kits. Steadfast also has distribution agreements with the several companies that manufacture light truck aftermarket products. Additional information may be found at www.steadfastlinings.com.
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Deep Down, Inc. (OTCBB: DPDW) (Mon, March 24, 2008, 1:06pm ET) Deep Down, Inc. announced that it has converted all 5,000 shares of Series D Convertible Preferred Stock outstanding and held by Ronald E. Smith, President and CEO and Mary L. Budrunas, VP, into 25,866,529 shares of common stock of Deep Down. The Series D Convertible Preferred Stock was convertible at $0.1933 per share. The Holders of Series D Convertible Preferred Stock also had the option, beginning April 29, 2008, to force the Company to use up to 15.625% of the prior year's audited net income to redeem shares of Series D Preferred Stock held by them at $1,000 per share.
"Ron Smith and Mary Budrunas are once again signaling their confidence in the future operations of Deep Down by giving up their preference rights embedded in the preferred securities. We enthusiastically welcome this conversion, which continues the Company's efforts to simplify and strengthen its balance sheet. This conversion eliminates the potential redemption obligation and increases the equity on our balance sheet," said Robert E. Chamberlain, Jr., Chairman and Chief Acquisition Officer.
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Universal Detection Technology (OTCBB: UDTT) (Mon, March 24, 2008, 4:01pm ET) Universal Detection Technology (www.udetection.com) (, a developer of early warning monitoring technologies to protect people from bioterrorism and other infectious health threats and provider of counter terrorism consulting and training services, announced today that it has been invited to present the technology deployed in its BSM-2000 airborne anthrax monitor to the U.S. House of Representatives Committee on Homeland Security. UDT is one of only 15 companies invited to this technology fair.
The technology fair, sponsored by the Committee on Homeland Security, will focus on educating members and staff of the U.S. House of Representatives on current homeland security technologies available to successfully detect and respond to acts of bioterrorism by showcasing vendors involved in the production of these technologies. The vendors include companies involved in the detection of bio-agents in the air, water and food supply. The fair will take place on April 2nd at the Rayburn House Office Building Foyer in Washington, D.C.
The tech. fair will consist of a breakfast and lunch meeting with Congressman Bennie G. Thompson as well as officials from the Department of Homeland Security. Congressman Thompson is the first ever Democratic Chairman of the Homeland Security Committee, a committee which was created by the U.S. House of Representatives in 2002 in the aftermath of the September 11th attacks. As Chairman, Congressman Thompson recently introduced and engineered House passage of the most comprehensive homeland security package since September 11th, H.R. 1, the "9/11 Commission Recommendations Act of 2007."
"We are truly proud to have been invited to present our technology to Congressman Thompson and to other members of the House as we continuously seek the government's support in promoting our technology," said Mr. Jacques Tizabi, UDTT's Chief Executive Officer. "An Independent report by the U.S. GAO has shown that our detection technology, if used in conjunction with legacy detection systems, will save the government millions of dollars in consumables," he added.
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3Com Corporation (NASDAQ: COMS) (Mon, March 24, 2008, 4:12pm ET) 3Com Corporation reported financial results for its fiscal 2008 third quarter, which ended February 29, 2008. Revenue in the quarter was $336.4 million compared to revenue of $323.4 million in the corresponding period in fiscal 2007, a 4 percent increase.
Net loss in the quarter was $7.8 million, or $0.02 per share, compared with a net loss of $4.8 million, or $0.01 per share, in the third quarter of fiscal year 2007. The net loss increase resulted primarily from a $6.1 million non-cash deferred tax liability provision, which is expected to be reversed in coming quarters. On a non-GAAP basis, net income was $34.2 million, or $0.08 per diluted share, compared with net income of $11.0 million, or $0.03 per diluted share for the third quarter of fiscal year 2007.
In the third quarter, 3Com generated $44.1 million in cash from operations.
"On an operational basis we had a very strong quarter," said Edgar Masri, 3Com President and CEO. "In the third quarter, our revenues were at the highest level since we began consolidating H3C revenue; our gross margins reached a record high of 53 percent; we generated a non-GAAP net income margin of 10 percent; and we were cash-flow positive for the second consecutive quarter. We still have more work to do, but I am very pleased with the continued progress we are making in building a growing and profitable business."
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