Every public company loves when they put out good news and see the reflection in its stock price. The following four companies released positive news of some kind either this morning or late yesterday and have seen their stock prices soar so far today.
Pizza Inn Inc. (Nasdaq: PZZI) announced that its Board of Directors has authorized a stock repurchase plan whereby the company may repurchase up to 10 percent of its currently outstanding common stock, which is equivalent to 1,016,000 shares. The shares may be repurchased from time-to-time in the open market or through privately negotiated transactions at such prices deemed appropriate by the board. The stock repurchase plan will be funded primarily through the company’s available working capital. Shares of PZZI were trading up 24 cents (10 percent) to $2.68 per share on volume of 37,166.
JED Oil Inc. (AMEX: JDO) announced that it has made an offer to Caribou Resources Corp. (TSX Venture: CBU) to acquire all of its shares and settle with its creditors. In January 2007, Caribou filed for protection under the Canadian Companies’ Creditors Arrangement Act, which is similar to “Chapter 11” protection in the U.S. JED’s offer consists of payment in full in cash to the major secured creditor of approximately $26.7 million; cash of approximately $345,500 plus 5 million common shares to the unsecured creditors totaling approximately $17.7 million, and up to 4 million common shares for the acquisition of all of the 39 to 40 million shares of Caribou on the basis of one common share of JED for every 10 shares of Caribou held. Shares of JDO were trading up 10 cents (5 percent) to $2.05 per share on volume of 152,300.
China Sky One Medical Inc. (OTCBB: CSKI) announced its financial projections for its fiscal second quarter 2007 ending June 30, 2007. For the second quarter 2007, the company anticipates revenue to be in the range of approximately $12.8 million to $14.2 million and net income to be in the range of approximately $5 million to $5.5 million. In the second quarter 2006, the company reported revenues of $5.1 million and net income of $1.5 million. Shares of CSKI were trading up $1.14 (11 percent) to $11.20 per share on volume of 9,650.
iParty Corp. (Amex: IPT) reported financial results for its first quarter of fiscal year 2007, which ended on March 31, 2007. For the quarter, consolidated revenues were $15.6 million, a 15.2 percent increase compared to $13.5 million for the first quarter in 2006. The increase in first quarter revenues from the year-ago period was due to an 11.3 percent increase in comparable store sales from stores open more than one year and sales from one store that was acquired during the third quarter 2006. Consolidated net loss for the quarter was $1.5 million, or $0.07 per share, compared to consolidated net loss of $2.2 million, or $0.10 per share, for the first quarter in 2006. Shares of IPT were trading up 4 cents (10 percent) to 46 cents per share on volume of 291,400.
