Meanwhile, on Feb. 4, Google regulatory filing revealed that it was awarding its former CEO Eric Schmidt $100 million in Google Inc.'s restricted stock for the second time in the three years since he relinquished the position to company co-founder Larry Page.
On Feb. 5, GOOG’s share price closed at $1,143.20, up $5.04 cents from its closing price of $1,138.16 the previous day on volume of 2,400,619 shares.
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Total revenues for the third quarter were $18.0 million, down from $29.1 million in the same period last year. Revenues from Echelon's systems sales, reflecting sales to utility customers, were $7.8 million for the third quarter, down from $17.8 million in the same period last year. Included in systems sales were $2.0 million of data concentrator sales to Enel. Revenues from Echelon's sub-systems, largely from commercial customers, were $10.3 million in the third quarter, down from $11.3 million a year ago. Included in sub-systems revenues were $499,000 of sales to Enel in the third quarter compared with $1.8 million in the same period last year.
Gross margin in the third quarter of 2013 was 58.0% compared with 40.9% in the third quarter of 2012. Higher gross margins were driven by the one-time software deal with Ericsson related to the Sweden Grid Modernization Program. Total operating expenses for the quarter declined to $13.2 million from $15.7 million in the same period last year reflecting the Company's strategy to prudently manage costs.
GAAP net loss for the third quarter was $3.5 million, or $0.08 per share, compared with a net loss of $4.3 million, or $0.10 per share, in the same period last year. Non-GAAP net loss for the third quarter was $2.6 million, or $0.06 per share, compared with a non-GAAP net loss of $2.5 million, or $0.06 per share for the third quarter of 2012.
The two analysts that cover Echelon both recommend a “buy” rating.
On Feb. 5, ELON’s share price closed at $ 3.68, down 17 cents from its closing price of $ 3.85 the previous day on volume of 278,856 shares.
Solid Fourth-Quarter and 2013 Earnings
The company generated record revenue of $1.0 billion and $3.8 billion in the fourth quarter and full-year, respectively, each up 12%. Net income for the fourth quarter and full-year were $65 million and $377 million, respectively, or $0.01 and $0.06 per diluted common share, respectively.
Income from operations was $245 million and $1.0 billion in the fourth quarter and full-year 2013, respectively. Adjusted EBITDA increased 41% in the fourth quarter to a record $326 million. Full-year 2013 adjusted EBITDA was $1.17 billion, an increase of 27% from $920 million in 2012.
Potential Lawsuits Generated By Acquisition
Despite a myriad of law-firm investigations of Sirius XM for potential stockholder claims as a result of the satellite-radio company’s proposed acquisition by Liberty Media Corp., its stock price is holding its own.
On Jan. 3, 2014, Liberty Media make an offer to buy Sirius for about $10.4 billion at a rate of $3.68 per share. The deal involves creating a new class of stock called Series C, adding 0.076 per share to give the company a total market value of as much as $27 billion.
Although the pending acquisition has triggered a slew of potential stockholder lawsuits, without Liberty Media, Sirius XM might not have been here today.
That’s because in 2009, Liberty Media kept Sirius XM from going bankrupt with a $530 million loan. As a result, Sirius XM has been able to build a subscriber base 25.6 million strong. It’s done so with a line-up of paid-radio choices including classical, rock, alternative, country, sports and live concerts, including the extremely-popular morning man Howard Stern serving as the company’s anchor. Moreover, having new cars equipped with XM receivers has also boosted the company’s popularity and acceptability. However, Sirius XM still faces brutal competition from such digital radio competitors as Pandora Media Inc., AOLRadio and Apple Inc.
On Feb. 5, SIRI’s share price closed at $ 3.43, down 9 cents from its closing price of $ 3.52 the previous day on volume of 118,952,176 shares.
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