During Tuesday’s current trade, Dover Saddlery, Inc (NASDAQ:DOVR)’s shares gained 64.26%, to $8.41, hitting its highest level, today Dover Saddlery, Inc (DOVR), declared that it has reached a definitive merger contract under which a corporation formed by Webster Capital will attain all of the outstanding shares of Dover ordinary stock for $8.50 per share in cash and take Dover private. At closing all in-the-money stock options and warrants will be cashed out. Webster is partnering with QIC, one of Webster’s largest institutional investors, to provide equity financing. The Dover Board of Directors has unanimously approved the merger contract and recommended that Dover’s stockholders vote to approve the transaction.
The offer represents a noteworthy premium over Dover’s current share price. The transaction is predictable to close in the second quarter of fiscal 2015, subject to customary closing conditions, counting stockholder approval.
Stephen L. Day, CEO and Chairman of the Board of Dover, said, “We are very happy that the merger contract we have negotiated with Webster will, upon closing, produce tremendous value for our shareholders. As the leading omni-channel retailer in the equestrian industry, we are excited and looking forward to partnering with Webster to grow our retail store base and pursue other exciting expansion plans. Dover and its employees and customers will benefit from this partnership with Webster, which has extensive experience and business connections in the retail and direct-to-consumer sectors. With our long-standing customer relationships and excellent administration team, Dover fits well with Webster’s interest to invest in leading direct-to-consumer companies and assist these companies accelerate their growth and evolution. We feel that this will be a win-win outcome for all constituents.”
Donald Steiner, Managing Partner of Webster Capital, stated, “We are excited about the opportunity to work with Dover’s administration to assist Dover achieve its full potential. Webster will support Dover’s strategy to expand its retail store base in addition to its catalog and internet marketing programs of quality equestrian products for both the horse and the rider.”
Dover Saddlery, Inc. operates as a specialty retailer and omni-channel marketer of equestrian products in the United States. The corporation offers a selection of products required to own, ride, train, and compete with a horse. Its equestrian product line comprises various separate items, such as saddles, tacks, specialized apparel, footwear, horse clothing, and horse health and stable products.
China Ceramics Co Ltd (NASDAQ:CCCL)’s shares jumped 33.08% to $1.75, during the current trading session Tuesday’s, hitting its highest level, today, China Ceramics Co Ltd (CCCL), declared financial results for the fourth quarter ended December 31, 2014.
Fourth Quarter 2014 Highlights
- Proceed was RMB 240.1 million (US$ 38.7 million), up 9.0% from the fourth quarter of 2013
- Gross profit was RMB 29.1 million (US$ 4.7 million), as contrast to a gross loss of RMB 6.5 million in the fourth quarter of 2013
- Plant utilization was 39% as contrast to 47% in the fourth quarter of 2013
- Net profit was RMB 4.8 million (US$ 0.8 million) as contrast to net loss of RMB 10.6 million in the fourth quarter of 2013
- Unrestricted cash at December 31, 2014 was RMB 61.2 million (US$ 9.9 million), or RMB 2.99 (US$ 0.48) per share
“For the full year 2014, we generated an 11% raise in proceed, a 93% raise in our gross profit and solid operating profit before taking revenue statement deductions for realized and unrealized derivatives losses. In addition, in 2014 we responded quickly to regulatory requirements by changing our fuel sourcing to natural gas from coal in our Hengda plant and we raised our advertising to promote newly developed products to retain our competitive edge. We also saw more than a doubling in the sales of our high-margin polished glazed ceramic tiles in 2014. We believe that demand for this series of ceramic tile, which can be manufactured according to customer specifications and are used for both functional and decorative uses inside homes, will continue to raise. We believe that our ability to adapt to market conditions while capitalizing upon market opportunities is a key competitive advantage.
Fourth Quarter 2014 Results
Proceed for the fourth quarter ended December 31, 2014 was RMB 240.1 million (US$ 38.7 million), an raise of 9.0% from RMB 220.3 million for the fourth quarter ended December 31, 2013. The year-over-year raise in proceed was primarily due to an 8.7% raise in average selling price to RMB 31.1 (US$ 5.01) in the fourth quarter of 2014 from RMB 28.6 in the same year-ago quarter.
Gross profit for the fourth quarter ended December 31, 2014 was RMB 29.1 million (US$ 4.7 million), as contrast to a gross loss of RMB 6.5 million for the fourth quarter of 2013. The gross profit margin was 12.1% for the fourth quarter ended December 31, 2014 as contrast to a negative gross profit margin of 2.9% for the fourth quarter of 2013. The year-over-year change in gross profit margin was primarily driven by the 8.7% raise in average selling price as we raised our selling price on all of our products on July 1, 2014 which drove proceed gains in the fourth quarter of 2014, in addition to the decrease in inventory provision by RMB 22.8 million, which raised the cost of goods sold in the year-ago quarter.
China Ceramics Co., Ltd. manufactures and sells ceramic tiles for exterior siding and interior flooring, and design in residential and commercial buildings in the People’s Republic of China and internationally. It provides porcelain tiles, glazed tiles, glazed porcelain tiles, rustic tiles, ultra-thin tiles, and polished glazed tiles. The corporation sells its products under the Hengda, Hengdeli, Pottery Capital of Tang Dynasty, TOERTO, and WULIQIAO brands through a network of distributors, in addition to directly to property developers.
In an early morning trade, Solazyme Inc (NASDAQ:SZYM)’s shares climbed 13.40%, to $3.64, today, Solazyme Inc (SZYM) and Flotek Industries, Inc. (FTK) declared the companies and certain auxiliaries have reached contracts to globally commercialize Flocapso™, an innovative, advanced drilling fluid additive. In addition, Flotek will market Solazyme’s Encapso™ lubricant - the first commercially accessible, biodegradable encapsulated lubricant for drilling fluids – in certain Middle Eastern markets.
Under the Joint Product Development and Marketing Contract (the “Joint Contract”), Flotek and Solazyme will commercialize and market Flocapso, a proprietary formulation combining Flotek’s patented Complex nano-Fluid® chemistries with Solazyme’s proprietary Encapso technology to create an environmentally-conscious, highly effective drilling fluid additive focused on better lubricity and greater stabilization for drilling programs worldwide. Laboratory and commercial testing indicate that the Flocapso additive will allow the use of water-based fluids in wells that formerly required more expensive and invasive oil-based products, providing an environmentally superior, more efficient solution to drilling challenges around the globe.
“Our partnership with Solazyme is another important step in Flotek’s quest to identify and partner with innovative and efficacious technologies that advance oilfield chemistry for the benefit of our clients,” said John Chisholm, Chairman, President and Chief Executive Officer of Flotek. “Solazyme’s development of Encapso and its rapid recognition as a break-through lubricant in drilling applications is testament to Solazyme’s world-class research team. We are delighted to have an opportunity to work with the Solazyme team as we continue our focus on developing the best chemistry solutions for the oilfield.”
Under the Joint Contract, Flotek and Solazyme will continue the development of the Flocapso chemistries and work cooperatively to market Flocapso worldwide. The companies are presently in an active validation project with a large national oil corporation in the Middle East and are pursuing commercial applications in both domestic and international markets.
“Flotek’s expertise, infrastructure and established and emerging relationships in the Middle East make them an outstanding partner for Solazyme and Encapso,” added Wolfson. “Combined with our relationships and product support team, we believe the Flotek partnership provides an excellent opportunity to accelerate market adoption of Encapso, both through certain of Flotek’s distribution and sales channels in the Middle East, and through sales of the combined Flocapso drilling fluid additive worldwide.”
Solazyme, Inc. manufactures and sells renewable oils and other bioproducts. Its proprietary technology transforms a range of plant-based sugars into triglyceride oils and other bioproducts. The corporation offers renewable tailored oils, such as oleic oils that provide sustainable solutions within the food, lubricant, functional fluid, and oleo chemical markets; and drop-in replacements and blendstocks for marine, motor vehicle, and jet fuels, in addition to replacements for petrochemicals, oleochemicals, and functional fluids. It also provides fuels, counting SoladieselBD and SoladieselRD for on-road applications; ultra-low sulfur diesel; and Solajet for aviation use.
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