On Thursday, Shares of Fastenal Company (NASDAQ:FAST), lost -1.01% to $40.05.
Fastenal, installed an additional FAST Solutions(R) industrial vending machine within the Terex(R) Mixer manufacturing plant in Fort Wayne, Indiana. Given how many vending devices (machines and lockers) Fastenal installs during a typical business day, it was a commonplace event … except in one regard: that particular machine represented the 50,000th FAST Solutions device concurrently installed at Fastenal customer sites worldwide.
This milestone would have seemed unthinkable in 2008 when Fastenal displayed two prototype machines at its annual customer expo, signaling the debut of its vending program. At the time, industrial vending (dispensing high-demand shop consumables at the point of use) was still very much a niche technology, mainly due to the high cost of the machines and the labor required to manage them. The breakthrough was Fastenal’s ability to provide machines and lockers as part of a low-cost, full-service inventory administration solution, leveraging its network of 2,600-plus stores to keep the devices continually filled with the right supplies to meet customers’ changing needs.
The concept took some time to gain traction, but over the past few years the cumulative number of FAST Solutions devices in place at customer sites has skyrocketed — from just over 7,000 at the close of 2011, to more than 46,000 by year-end 2014. Meanwhile, Fastenal’s vending technology offering has expanded and evolved to support a spectrum of product shapes and sizes — from tiny cutting tool inserts to bulky items like boxes and aerosol cans.
It’s fitting that the 50,000th installation took place within a Terex facility. Presently 23 Fastenal stores service 228 FAST Solutions devices implemented at multiple Terex sites nationwide.
Fastenal Company, together with its auxiliaries, engages in the wholesale distribution of industrial and construction supplies in the United States, Canada, and internationally. The company offers fasteners, and other industrial and construction supplies primarily under the Fastenal name.
Shares of Array Biopharma Inc (NASDAQ:ARRY), declined -4.83% to $5.71, during its last trading session.
Array BioPharma, stated results for the fourth quarter and full year of its fiscal year ended June 30, 2015.
Ron Squarer, Chief Executive Officer of Array, noted, “Binimetinib and encorafenib, two innovative oncology products in Phase 3, are on track for regulatory submissions in 2016. Additional data shared over the summer in BRAF-mutant melanoma and BRAF-mutant colorectal cancer further validate the value of these programs by showing the potential for differentiation contrast to other approaches. Binimetinib and encorafenib have accelerated our path to commercialization and provide us with opportunities to test these broadly active products across a number of indications.”
Array ended the quarter with $185.1 million in cash, cash equivalents, marketable securities and accounts receivable. Accounts receivable as of June 30, 2015 primarily comprises of current receivables predictable to be repaid by Novartis within three months. Revenue for the fourth quarter of fiscal 2015 was $12.3 million, contrast to $6.0 million for the same period last year. The $6.3 million enhance in revenue from the preceding period was primarily due to $5.7 million in reimbursable research and development expenses from Novartis. Cost of partnered programs for the fourth quarter of fiscal 2015 was $7.0 million, contrast to $11.4 million for the same period last year. Research and development expense was $18.6 million, contrast to $14.5 million in the same preceding year period. The enhance in research and development expense and corresponding decrease in cost of partnered programs is related to binimetinib and encorafenib being recently classified in research and development for the last three months of the fiscal year, rather than in the cost of partnered programs. Net loss for the fourth quarter was $12.7 million, or ($0.09) per share (diluted), and was $28.2 million, or ($0.22) per share (diluted), for the same period in fiscal 2014.
Array stated revenue of $51.9 million for the fiscal year ended June 30, 2015, contrast to revenue of $42.1 million for fiscal 2014. Cost of partnered programs was $44.4 million, contrast to $46.0 million in the same period last year. Net income for the fiscal year ended June 30, 2015 was $9.4 million, or $0.07 per share (diluted), contrast to a net loss of $85.3 million, or ($0.69) per share (diluted), stated in fiscal 2014.
Array BioPharma Inc., a biopharmaceutical company, focuses on the discovery, development, and commercialization of small molecule drugs to treat patients with cancer in North America, Europe, and the Asia Pacific.
At the end of Thursday’s trade, Shares of RXi Pharmaceuticals Corp (NASDAQ:RXII), lost -4.99% to $0.390.
RXi Pharmaceuticals Corporation stated its financial results for the quarter ended June 30, 2015 and offered a business update.
Selected Second Quarter 2015 Financial Highlights
Preferred Shares
The Company’s capital structure has been simplified with the full conversion of all remaining outstanding shares of Series A and Series A-1 convertible preferred stock during the second quarter of 2015 and with the acceleration of the next quarterly dividend payment date from June 30, 2015 to May 27, 2015, at which time the dividend shares were right away converted into common stock. As a result, no shares of preferred stock remain outstanding and no further dividends on those preferred shares will accrue.
Cash Position
At June 30, 2015, the Company had cash, cash equivalents and short-term investments of about $14.0 million, contrast with cash and cash equivalents of $8.5 million at December 31, 2014.
The Company improved its balance sheet with the completion of a public offering of common stock and warrants. The Company sold a total of 26 million units at a price per unit of $0.40 in the public offering that comprised of both institutional and retail investors. Each unit comprised of one share of common stock, a 13-month overallotment purchase right to purchase one-half of one share of common stock at a price of $0.455 per full share and a 5-year warrant to purchase one-half of one share of common stock at a price of $0.52 per full share. The Company received gross proceeds of $10.4 million and net proceeds of $9.2 million after payment of placement agent fees and other offering expenses, and assuming the overallotment purchase rights and warrants are not exercised.
The Company believes that its existing cash, cash equivalents and short-term investments should be sufficient to fund operations for at least one year.
RXi Pharmaceuticals Corporation, a biotechnology company, focuses on discovering and developing therapies primarily in the areas of dermatology and ophthalmology. The company develops therapies based on siRNA technology and immunotherapy agents.
Finally, Approach Resources Inc. (NASDAQ:AREX), ended its last trade with 0.36% gain, and closed at $2.79.
Approach Resources Inc., declared that the Company will take part in EnerCom’s The Oil & Gas Conference 20. The Company is planned to present on Monday, August 17 at 1:55 p.m. MT.
Approach Resources Inc., an independent energy company, focuses on the exploration, development, production, and acquisition of unconventional oil and gas reserves in the United States. The company’s properties are primarily located in the Permian Basin in west Texas.
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