Digchip : Database on electronics components
Electronics components database



Companies news of 2009-10-23 (page 7)

  • Honeywell Reports Third Quarter Sales of $7.7 Billion and Earnings of $0.80 Per Share-...
  • IDEXX Laboratories Announces Third Quarter Results
  • Cabot Expands Carbon Black Capacity in Tianjin, China
  • Rentrak Announces Top Ten Movies-On-Demand Titles For Week Ending October 18, 2009--...
  • NICE Placed in Leaders Quadrant in Leading Industry Analyst Firm's 2009 Magic Quadrant for...
  • As Education and Income Rise, Concern About Swine Flu Declines, According to Thomson...
  • Lihua International Appoints Kelvin Lau to Board of DirectorsCompany Regains Compliance...
  • Duke Energy and China-Based ENN Group to Build Solar Power Projects in U.S.
  • AMCOL International Corporation (NYSE: ACO) Reports Third Quarter Results
  • Isilon Ranked 119th Fastest Growing Company in North America on Deloitte's 2009 Technology...
  • Sierra Bancorp Declares Quarterly Cash Dividend
  • Delcath Systems Completes Executive Management Team with Strategic New Hires
  • Jamba Juice Lays Down New Roots in New York CityBananaman Helps MillionTreesNYC Reach...
  • Photos: TripAdvisor Launches World Heritage Campaign; Calls on the World's Largest Travel...
  • Whirlpool Corporation Reports Third-Quarter 2009 ResultsProductivity and cost reductions...
  • Gray Sets Date for Third Quarter Earnings Release and Earnings Conference Call
  • For Parents of Kids with Food Allergies, the Scariest Thing at Halloween is the...
  • ChinaEdu Corporation to Present At the Third Annual Signal Hill Education Preview Investor...
  • SMIC 2009 Technology Symposium Held in Shanghai
  • Acropolis Telecom et l'Echangeur PME organisent un séminaire sur les performances des...
  • Tetragon Financial Group Limited (TFG): Performance Report for Period Ended 30 September...
  • Tetragon Financial Group Limited (TFG) Announces Continuation of its Share Repurchase...
  • Tetragon Financial Group Limited (TFG): Performance Report for Period Ended 30 September...
  • Tetragon Financial Group Limited (TFG) Announces Continuation of its Share Repurchase...
  • Bayer and Onyx Initiate Phase 3 Trial of Nexavar in Patients With Non-Responsive Thyroid...
  • Ballast Nedam Trading Update - Third Quarter 2009
  • Ballast Nedam to buy Back its own Shares
  • Ballast Nedam to buy Back its own Shares
  • Ballast Nedam Trading Update - Third Quarter 2009
  • La société Performa de gategroup nomme un nouveau PDG



    Honeywell Reports Third Quarter Sales of $7.7 Billion and Earnings of $0.80 Per Share- Stronger Than Expected Earnings - Sales On Track, Positive Cost Actions - Cash Flow From Operations $2.6B YTD; Free Cash Flow $2.3B YTD, Up 14% - Full-Year EPS Guidance ~$2.85, Raising Free Cash Flow To ~$3.0 Billion

    MORRIS TOWNSHIP, N.J., Oct. 23 /PRNewswire-FirstCall/ -- Honeywell today announced third quarter 2009 sales of $7.7 billion, in line with expectations, versus $9.3 billion in the third quarter last year. Earnings were $0.80 per share compared to $0.97 per share in the third quarter of 2008. Third quarter 2009 EPS included the positive impact of lower than expected tax expense in the quarter of approximately $0.04, which the company expects to be offset on a full-year basis by a higher income tax rate in the fourth quarter of 2009. Cash flow from operations was $1,148 million versus $769 million last year, and free cash flow (cash flow from operations less capital expenditures) was $1,022 million versus $556 million in the third quarter of 2008.

    "Honeywell is positioning its businesses for long-term growth by continuing to invest in new products and services, geographic expansion, and key process initiatives," said Honeywell Chairman and Chief Executive Officer Dave Cote. "We executed well in the third quarter with sales on track and better than expected earnings and free cash flow performance. We're particularly pleased with our free cash flow performance year-to-date, which reflects our strong operating disciplines and working capital controls. These results reflect the impact of the growth investments and productivity actions we have taken in the midst of tough market conditions."

    "Our employees have responded remarkably in support of both our growth initiatives and productivity actions," continued Cote. "Their contributions have enabled us to meet our performance objectives despite ongoing volume headwinds. By preserving our industrial base and continuing to build a robust pipeline of differentiated technologies and new products for the global marketplace, we're confident Honeywell will emerge from this period a much stronger company, ready to grow and build on our great positions in good industries."

    Honeywell forecasts 2009 sales of approximately $31 billion, earnings per share of $2.85 and free cash flow of $3 billion.

    Segment Highlights Aerospace -- Sales were down 16% compared with the third quarter of 2008, resulting from lower volumes in Commercial Aerospace, partially offset by higher sales of original equipment for military platforms, logistics services and advanced aircraft modifications, and upgrades. -- Segment profit was down 12%, primarily due to volume declines, however segment margin increased 80 bps to 17.4% driven by cost savings initiatives and benefits from prior repositioning actions. -- Honeywell SmartPath(TM) Precision Landing System received FAA System Design Approval, making it the first ground-based augmentation system (GBAS) to receive this distinction. SmartPath provides differential Global Positioning System (GPS) corrections to replace or supplement older landing system technology such as Instrument Landing System (ILS), enabling more precision, more flight path flexibility, and more airport throughput. -- Honeywell signed a $77 million contract with AWAS, one of the world's leading aircraft leasing companies, to provide safety and navigational avionics and its fuel-efficient Auxiliary Power Unit (APU). The advanced avionics include IntuVue(TM), Honeywell's 3-D weather radar that allows pilots to better see and avoid weather, wind shear and turbulence, ensuring a safer and more comfortable ride for passengers, as well as cost savings for the airlines. -- Honeywell won a $185 million contract with the United Kingdom's Ministry of Defense to provide T55-L-714A engines and spares to retrofit their fleet of Chinook helicopters. The T55-L-714A engine increases power by 17%, increases maintenance intervals and reduces fuel consumption by nearly 5%. Automation and Control Solutions -- Sales were down 14%, compared with the third quarter of 2008, resulting from slower economic growth and the unfavorable impact of foreign exchange, partially offset by continued growth in emerging regions, new product introductions, and the net favorable impact from acquisitions and divestitures. -- Segment profit was flat due to lower sales, while segment margin increased 180 bps to 13.5% driven by cost savings initiatives and benefits from prior repositioning actions. -- Building Solutions completed one of the largest solar projects for the Army at Fort Dix, N.J., part of an energy savings performance contract (ESPC) valued at $17.6 million. The ESPC will decrease energy consumption at the post by almost 10% annually. -- Building Solutions signed a $33.6 million, 20-year energy efficiency and facility renewal program with the Minneapolis Public Housing Authority (MPHA). The program will help MPHA improve its infrastructure and reduce energy consumption, saving more than $3.7 million in utility costs per year. The program, which will impact more than 40 high-rise buildings and 700 single-family residences across the city, is one of the largest projects of its kind. -- Process Solutions was selected to automate Flambeau River Biofuels, the largest green diesel plant in the United States. Honeywell will provide the Park Falls, Wisconsin plant with a fully-integrated system to help produce 18 million gallons of green diesel annually from wood waste and forest residue. -- Honeywell Life Safety received a $3.5 million order from Y-12 National Security Complex in Oak Ridge, Tennessee, a U.S. Department of Energy facility, for respiratory protection products. Transportation Systems -- Sales were down 24% compared with the third quarter of 2008 due to lower volumes primarily driven by lower sales to global automotive OE customers and the negative impact of foreign exchange, partially offset by new platform launches with automotive OE customers and share gains in the automotive aftermarket retail channel. -- Segment profit was down 39% and segment margin decreased 170 bps to 7.1% due to lower sales volumes partially offset by cost savings initiatives and benefits from prior restructuring actions. -- Turbo Technologies was awarded contracts estimated at more than $370 million in revenue over the life of these programs. The contracts, which include critical platform wins with key customers in Europe, Asia, and the U.S. on both gasoline and diesel passenger and commercial vehicle applications, are expected to begin in 2011. Independent analysts expect turbo penetration to grow from 24% of all light vehicles today to around 70% by 2020, and predict rapid turbo adoption in the U.S. reaching close to 25% of the total light vehicle sales in the next five years. -- Honeywell launched its gasoline turbocharging technology on BMW's new ActiveHybrid engine intended for its 7-series and X6 vehicles. This 4.4L, V8 engine combines a hybrid transmission with an advanced gasoline turbocharged engine to deliver 407 hp and provide best-in-class fuel consumption and emissions in this vehicle category. Specialty Materials -- Sales were down 23% compared with the third quarter of 2008, resulting from lower volumes and the unfavorable impact of pass through raw material price declines at our Resins and Chemicals business, partially offset by higher petrochemical catalyst sales and traction on green initiatives at UOP. -- Segment profit was down 2%, primarily due to volume declines, however segment margin increased 330 bps to 15.2% due to the positive impact of lower material costs and cost savings initiatives. -- UOP announced that its green jet fuel process technology will be used to produce nearly 600,000 gallons of green jet fuel, made from sustainable, non-food feedstocks including animal fats, algae, and camelina, for the U.S. Navy and Air Force. This is part of a joint program for the U.S. Defense Energy Support Center for alternative fuels testing and certification. -- Electronic Materials announced the launch of SOLARC, a new anti-reflective coating that improves the efficiency and power output of photovoltaic panels. This new product uses materials originally developed for semiconductor manufacturing to improve the light transmittance through the glass that covers photovoltaic panels.

    Honeywell will discuss its results during its investor conference call today starting at 8:00 a.m. EDT. To participate, please dial (719) 457-2683 a few minutes before the 8:00 a.m. start. Please mention to the operator that you are dialing in for Honeywell's investor conference call. The live webcast of the investor call will be available through the "Investor Relations" section of the company's Website (http://www.honeywell.com/investor). Investors can access a replay of the webcast starting at 11:00 a.m. EDT, October 23, until midnight EDT, October 30, by dialing (719) 457-0820. The access code is 4845565.

    Honeywell (http://www.honeywell.com/) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes, and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell's shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit http://www.honeywellnow.com/.

    This release contains certain statements that may be deemed "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, that address activities, events or developments that we or our management intends, expects, projects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are based upon certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. Such forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by such forward-looking statements.

    Contacts: Media Investor Relations Robert C. Ferris Elena Doom (973) 455-3388 (973) 455-2222 rob.ferris@honeywell.com elena.doom@honeywell.com Consolidated Statement of Operations (Unaudited) ------------------------------------------------ (In millions except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ---- Product sales $5,947 $7,375 $17,569 $22,363 Service sales 1,753 1,900 5,267 5,481 ----- ----- ----- ----- Net sales 7,700 9,275 22,836 27,844 ----- ----- ------ ------ Costs, expenses and other Cost of products sold (A) 4,657 6,153 13,781 17,749 Cost of services sold (A) 1,140 1,323 3,454 3,722 ----- ----- ----- ----- 5,797 7,476 17,235 21,471 Selling, general and administrative expenses (A) 1,034 1,309 3,270 3,854 Other (income) expense (39) (660) 14 (730) Interest and other financial charges 110 112 350 342 --- --- --- --- 6,902 8,237 20,869 24,937 ----- ----- ------ ------ Income before taxes 798 1,038 1,967 2,907 Tax expense 179 315 489 808 --- --- --- --- Net income 619 723 1,478 2,099 Less: Net income attributable to the noncontrolling interest 11 4 23 14 -- - -- -- Net income attributable to Honeywell $608 $719 $1,455 $2,085 ==== ==== ====== ====== Earnings per share of common stock - basic $0.80 $0.98 $1.94 $2.82 ===== ===== ===== ===== Earnings per share of common stock - assuming dilution $0.80 $0.97 $1.94 $2.79 ===== ===== ===== ===== Weighted average number of shares outstanding - basic 761 731 749 739 === === === === Weighted average number of shares outstanding - assuming dilution 764 738 751 748 === === === === (A) Cost of products and services sold and selling, general and administrative expenses include amounts for repositioning and other charges, pension and other post-retirement expense, and stock compensation expense. Segment Data (Unaudited) ------------------------ (Dollars in millions) Three Months Ended Nine Months Ended September 30, September 30, Net Sales 2009 2008 2009 2008 --------- ---- ---- ---- ---- Aerospace $2,622 $3,110 $8,100 $9,421 Automation and Control Solutions 3,188 3,688 9,202 10,484 Specialty Materials 1,015 1,321 3,117 4,180 Transportation Systems 875 1,156 2,417 3,759 Corporate - - - - ---- ---- ---- ---- Total $7,700 $9,275 $22,836 $27,844 ====== ====== ======= ======= Reconciliation of Segment Profit to Income Before Taxes ------------------------------------------------------- Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- Segment Profit 2009 2008 2009 2008 -------------- ---- ---- ---- ---- Aerospace $455 $516 $1,397 $1,681 Automation and Control Solutions 431 430 1,088 1,148 Specialty Materials 155 158 430 609 Transportation Systems 62 102 84 400 Corporate (43) (48) (133) (153) --- --- ---- ---- Total Segment Profit 1,060 1,158 2,866 3,685 Other income/ (expense) (A) 31 633 (37) 681 Interest and other financial charges (110) (112) (350) (342) Stock compensation expense (B) (18) (31) (95) (107) Pension and other postretirement expense (B) (51) (36) (48) (89) Repositioning and other charges (B) (114) (574) (369) (921) ---- ---- ---- ---- Income before taxes $798 $1,038 $1,967 $2,907 ==== ====== ====== ====== (A) Equity income/(loss) of affiliated companies is included in Segment Profit (B) Amounts included in cost of products and services sold and selling, general and administrative expenses. Honeywell International Inc. Consolidated Balance Sheet (Unaudited) -------------------------------------- (Dollars in millions) September 30, December 31, 2009 2008 ---- ---- ASSETS Current assets: Cash and cash equivalents $2,604 $2,065 Accounts, notes and other receivables 6,464 6,129 Inventories 3,576 3,848 Deferred income taxes 900 922 Other current assets 342 299 --- --- Total current assets 13,886 13,263 Investments and long-term receivables 471 670 Property, plant and equipment - net 4,828 4,934 Goodwill 10,520 10,185 Other intangible assets - net 2,265 2,267 Insurance recoveries for asbestos related liabilities 1,045 1,029 Deferred income taxes 1,698 2,135 Other assets 1,060 1,007 ----- ----- Total assets $35,773 $35,490 ======= ======= LIABILITIES AND SHAREOWNERS' EQUITY Current liabilities: Accounts payable $3,201 $3,773 Short-term borrowings 253 56 Commercial paper 696 1,431 Current maturities of long-term debt 1,019 1,023 Accrued liabilities 5,865 6,006 ----- ----- Total current liabilities 11,034 12,289 Long-term debt 6,256 5,865 Deferred income taxes 730 698 Postretirement benefit obligations other than pensions 1,554 1,799 Asbestos related liabilities 1,559 1,538 Other liabilities 5,045 6,032 Shareowners' equity 9,595 7,269 ----- ----- Total liabilities and shareowners' equity $35,773 $35,490 ======= ======= Honeywell International Inc. Consolidated Statement of Cash Flows (Unaudited) ------------------------------------------------- (Dollars in millions) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Cash flows from operating activities: Net income attributable to Honeywell $608 $719 $1,455 $2,085 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 242 247 711 693 Gain on sale of non- strategic businesses and assets (15) (623) (15) (635) Repositioning and other charges 114 574 369 921 Net payments for repositioning and other charges (153) (97) (447) (237) Pension and other postretirement expense 51 36 48 89 Pension and other postretirement benefit payments (48) (50) (144) (153) Stock compensation expense 18 31 95 107 Deferred income taxes 87 5 432 248 Excess tax benefits from share based payment arrangements - (2) - (21) Other (12) (61) 274 28 Changes in assets and liabilities, net of the effects of acquisitions and divestitures: Accounts, notes and other receivables (140) 155 202 (465) Inventories 96 (49) 350 (393) Other current assets (57) 16 (49) (4) Accounts payable 36 (76) (605) 210 Accrued liabilities 321 (56) (61) 59 --- --- --- -- Net cash provided by operating activities 1,148 769 2,615 2,532 ----- --- ----- ----- Cash flows from investing activities: Expenditures for property, plant and equipment (126) (213) (352) (552) Proceeds from disposals of property, plant and equipment 4 2 21 52 Decrease in investments - - 1 14 Increase in investments - (4) - (4) Cash paid for acquisitions, net of cash acquired (440) (800) (468) (2,108) Proceeds from sales of businesses, net of fees paid 1 921 1 921 Other (5) - (53) 7 -- -- --- - Net cash used for investing activities (566) (94) (850) (1,670) ---- --- ---- ------ Cash flows from financing activities: Net increase/(decrease) in commercial paper 298 689 (735) 459 Net (decrease)/ increase in short-term borrowings (120) 1 (313) 22 Proceeds from issuance of common stock 11 16 20 142 Proceeds from issuance of long-term debt - - 1,488 1,487 Payments of long-term debt (611) - (1,104) (425) Excess tax benefits from share based payment arrangements - 2 - 21 Repurchases of common stock - (1,018) - (1,459) Cash dividends paid on common stock (232) (201) (684) (610) ---- ---- ---- ---- Net cash used for financing activities (654) (511) (1,328) (363) ---- ---- ------ ---- Effect of foreign exchange rate changes on cash and cash equivalents 70 (76) 102 (36) -- --- --- --- Net (decrease)/increase in cash and cash equivalents (2) 88 539 463 Cash and cash equivalents at beginning of period 2,606 2,204 2,065 1,829 ----- ----- ----- ----- Cash and cash equivalents at end of period $2,604 $2,292 $2,604 $2,292 ====== ====== ====== ====== Honeywell International Inc. Reconciliation of Cash Provided by Operating Activities to Free Cash Flow (Unaudited) -------------------------------------------------------------------- (Dollars in millions) Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2009 2008 2009 2008 ---- ---- ---- ---- Cash provided by operating activities $1,148 $769 $2,615 $2,532 Expenditures for property, plant and equipment (126) (213) (352) (552) ---- ---- ---- ---- Free cash flow $1,022 $556 $2,263 $1,980 ====== ==== ====== ====== We define free cash flow as cash provided by operating activities, less cash expenditures for property, plant and equipment. We believe that this metric is useful to investors and management as a measure of cash generated by business operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, and to pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This metric can also be used to evaluate our ability to generate cash flow from business operations and the impact that this cash flow has on our liquidity.

    Honeywell

    CONTACT: Media, Robert C. Ferris, +1-973-455-3388,
    rob.ferris@honeywell.com, Investor Relations, Elena Doom, +1-973-455-2222,
    elena.doom@honeywell.com

    Web Site: http://www.honeywell.com/




    IDEXX Laboratories Announces Third Quarter Results

    WESTBROOK, Maine, Oct. 23 /PRNewswire-FirstCall/ -- IDEXX Laboratories, Inc. , today reported that revenues for the third quarter of 2009 were $259.1 million compared to $251.1 million for the third quarter of 2008. Organic revenue growth, as defined below, was 5%. Earnings per diluted share ("EPS") for the quarter ended September 30, 2009 grew 24% to $0.52 from $0.42 for the same period in the prior year.

    Organic revenue growth excludes the impact of changes in currency exchange rates, which reduced revenue growth by approximately 2%, and revenue from businesses acquired or divested subsequent to the beginning of the prior year period, which had minimal impact on revenue growth.

    "In the third quarter IDEXX continued to execute against our strategy of technological innovation and international expansion, while addressing an economy that remains challenging," said Jonathan W. Ayers, Chief Executive Officer. "Our overall performance varied by line of business and geography, but our core companion animal businesses achieved solid organic growth worldwide. Growth of instrument and consumable sales, our largest business, continued to be led by sales of Catalyst Dx®, our next generation chemistry analyzer. Third quarter placements of 469 units put us on track for around 1,900 placements for the year. We continue to feel good about the progress in the Catalyst performance in the field and the energy and alignment in our sales channels, and thus, we expect a strong finish in the fourth quarter in both North America and Europe."

    "Our international performance was a highlight of the quarter, particularly in Asia where we have experienced organic growth of 17% year-to-date, driven by more than 20% organic growth in the last two quarters. All of our major lines of business are present in the region, and we believe that some of our most attractive growth opportunities are found in Asia as well as other international markets. The relative strength of certain markets outside the U.S. is helping us continue to achieve growth despite the difficult economy."

    "Strong bottom line performance during the quarter was driven to a large extent by our ongoing close management of operating expenses, where we have achieved some meaningful efficiencies. We also continue to see bottom line impact from careful management of the tax rate, finance leverage and share count."

    "While we are cautious about the near-term economy, we remain confident in our long-term outlook based on the fundamental attractiveness of our markets, our unique and innovative product and service offerings, our international footprint, and our ability to achieve increasing operating efficiencies based on our growing experience and the scale of our businesses."

    Revenue Performance

    Please refer to the table below entitled "Revenues and Revenue Growth Analysis by Product and Service Categories" in conjunction with the following discussion.

    Companion Animal Group. Companion Animal Group ("CAG") revenues for the third quarter of 2009 were $214.5 million compared to $204.8 million for the third quarter of 2008. Changes in foreign currency exchange rates reduced revenue growth by approximately 2%. Organic growth of 7% was the result of increased sales volume across all product lines and higher average unit sales prices. In the IDEXX VetLab® product line, higher sales volume was driven by sales of our Catalyst Dx® chemistry analyzer and related consumables. These favorable impacts were partly offset by lower sales volume and lower average unit sales prices for LaserCyte® hematology analyzers.

    Water. Water segment revenues for the third quarter of 2009 were $19.7 million compared to $20.3 million for the third quarter of 2008. The decrease in Water revenue was due to the unfavorable impact of changes in foreign currency exchange rates, which reduced reported revenue by 3%. The favorable impact of higher sales volumes was offset by lower unit sales prices.

    Production Animal Segment. Production Animal Segment ("PAS") revenues for the third quarter of 2009 were $15.9 million compared to $17.8 million for the third quarter of 2008. Changes in foreign currency exchange rates unfavorably impacted revenue by approximately 3%. Organically, PAS revenue declined due primarily to lower sales volumes.

    Year-to-Date Results

    Year-to-date revenues were $761.3 million compared to $780.7 million for the nine months ended September 30, 2008. Organic growth for the nine months ended September 30, 2009 was 4%.

    Year-to-date diluted EPS were $1.50 compared to $1.48 for the nine months ended September 30, 2008. As shown in the reconciliation of non-GAAP diluted EPS to earnings per share in the supplementary table provided below, diluted EPS of $1.50 grew 3% compared to 2008 non-GAAP diluted EPS of $1.46.

    Additional Operating Results for the Third Quarter

    Gross profit for the third quarter of 2009 increased $2.3 million, or 2%, to $130.5 million from $128.1 million for the third quarter of 2008. As a percentage of total revenue, gross profit decreased to 50% from 51%. The decrease in gross profit percentage was due primarily to higher overall manufacturing costs and higher relative sales of lower margin IDEXX VetLab® instruments and digital radiography systems, partly offset by lower depreciation expense related to IDEXX VetLab® instruments placed at customer sites and the impact of higher selling prices.

    Research and development ("R&D") expense for the third quarter of 2009 was $16.6 million, or 6% of revenue, compared to $17.9 million, or 7% of revenue for the third quarter of 2008. The decrease in R&D expense was due primarily to the absence of pharmaceutical business R&D spending in the third quarter of 2009, resulting from the disposition of substantially all of our pharmaceutical business and assets in the fourth quarter of 2008.

    Selling, general and administrative ("SG&A") expense for the third quarter of 2009 was $69.7 million, or 27% of revenue, compared to $71.2 million, or 28% of revenue, for the third quarter of 2008. The decrease in SG&A expense resulted primarily from the favorable impact of exchange rate changes on foreign currency denominated expenses, the absence of pharmaceutical business SG&A spending in the third quarter of 2009 and lower bad debt expense. These impacts were partly offset by higher personnel costs due, in part, to an increase in customer support resources.

    Supplementary Analysis of Results

    The accompanying financial tables provide more information concerning our revenue and other operating results for the three and nine months ended September 30, 2009, as well as a reconciliation of earnings per share to non-GAAP diluted EPS.

    Outlook for 2009 and 2010

    The Company provides the following updated guidance for the full year of 2009 and preliminary guidance for 2010. This guidance reflects an assumption that the value of the U.S. dollar relative to other currencies will remain at its current level for the balance of 2009 and 2010. Fluctuations in foreign currency exchange rates from current levels could have a significant positive or negative impact on our actual results of operations in both years.

    2009 -- Revenues are expected to be approximately $1.02 billion, which represents relatively flat reported revenues compared to 2008 and organic revenue growth of approximately 4%. This guidance is unchanged from the previous guidance provided in July 2009, as modest additional currency benefits from the weakening of the U.S. Dollar relative to other major currencies since July are offset by a slight reduction in organic revenue growth. -- Diluted EPS are expected to be $1.92 to $1.95, an increase from our previous guidance of $1.88 to $1.92, reflecting the anticipated currency benefits discussed above, third quarter tax benefits from the expiration of certain statutes of limitation and projected lower operating expenses. -- Free cash flow is expected to be approximately 105% of net income. 2010 -- Revenue is expected to be $1.08 to $1.1 billion, which represents revenue growth of 6% to 8% compared to projected revenue for 2009. Revenue growth adjusted to exclude a projected 2% benefit from foreign exchange rate changes is estimated to be in the range of 4% to 6%. -- Diluted EPS are expected to be in the range of $2.15 to $2.25. Conference Call and Webcast Information

    IDEXX Laboratories will be hosting a conference call today at 9:00 a.m. (eastern) to discuss its third quarter results. To participate in the conference call, dial 1-612-288-0340 or 1-877-209-9923 and reference confirmation code 119780. An audio replay will be available through Friday, October 30, 2009 by dialing 1-320-365-3844 and referencing replay code 119780.

    The call will also be available via live or archived Webcast on the IDEXX Laboratories' web site at http://www.idexx.com/.

    About IDEXX Laboratories

    IDEXX Laboratories, Inc. is a leader in pet healthcare innovation, serving practicing veterinarians around the world with a broad range of diagnostic and information technology-based products and services. IDEXX products enhance the ability of veterinarians to provide advanced medical care, improve staff efficiency and to build more economically successful practices. IDEXX is also a worldwide leader in providing diagnostic tests and information for the production animal industry and tests for the quality and safety of water and milk. Headquartered in Maine, IDEXX Laboratories employs more than 4,700 people and offers products to customers in over 100 countries.

    Note Regarding Forward-Looking Statements

    This press release contains statements about the Company's business prospects and estimates of the Company's financial results for future periods that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's expectations of future events as of the date of this press release, and the Company assumes no obligation to update any forward-looking statements as a result of new information or future events or developments. Actual results could differ materially from management's expectations. Factors that could cause or contribute to such differences include the following: the Company's ability to develop, manufacture, introduce and market new products and enhancements to existing products; the impact of a weak economy on demand for the Company's products and services; the impact of changes and disruptions in financial and currency markets; the effectiveness of the Company's sales and marketing activities; disruptions, shortages or pricing changes that affect the Company's purchases of products and materials from third parties, including from sole source suppliers; the Company's ability to identify acquisition opportunities, complete acquisitions and integrate acquired businesses; the impact of competition, technological change, and veterinary hospital consolidation on the markets for the Company's products; the Company's ability to manufacture complex biologic products; the effect of government regulation on the Company's business, including government decisions about whether and when to approve the Company's products and decisions regarding labeling, manufacturing and marketing products; the impact of distributor purchasing decisions on sales of the Company's products that are sold through distribution; changes or trends in veterinary medicine that affect the rate of use of the Company's products and services by veterinarians; the Company's ability to obtain patent and other intellectual property protection for its products, successfully enforce its intellectual property rights and defend itself against third party claims against the Company; the effects of operations outside the U.S., including from currency fluctuations, different regulatory, political and economic conditions, and different market conditions; the effects of interruptions to the Company's operations due to natural disasters or system failures; and the loss of key employees. A further description of these and other factors can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2008, and quarterly report on Form 10-Q for the quarter ended June 30, 2009, in the section captioned "Risk Factors."

    IDEXX Laboratories, Inc. and Subsidiaries Consolidated Statement of Operations Amounts in thousands except per share data (Unaudited) Three Months Ended Nine Months Ended -------------------- -------------------- Sept. 30, Sept. 30, Sept. 30, Sept. 30, 2009 2008 2009 2008 ------------------------------------------------------------ Revenue: Revenue $259,120 $251,093 $761,298 $780,737 Expenses and Income: Cost of revenue 128,643 122,944 367,948 371,492 ------------------------------------------------------------ Gross profit 130,477 128,149 393,350 409,245 Sales and marketing 41,504 41,527 124,365 129,742 General and administrative 28,185 29,705 88,047 89,407 Research and development 16,583 17,920 49,116 53,489 ------------------------------------------------------------ Income from operations 44,205 38,997 131,822 136,607 Interest expense, net (388) (560) (1,187) (1,688) ------------------------------------------------------------ Income before provision for income taxes 43,817 38,437 130,635 134,919 Provision for income taxes 12,281 12,738 39,361 42,305 ------------------------------------------------------------ Net Income: Net income $ 31,536 $ 25,699 $ 91,274 $ 92,614 ------------------------------------------------------------ Earnings per share: Basic $ 0.54 $ 0.43 $ 1.55 $ 1.54 ------------------------------------------------------------ Earnings per share: Diluted $ 0.52 $ 0.42 $ 1.50 $ 1.48 ------------------------------------------------------------ Shares outstanding: Basic 58,656 59,473 58,911 60,121 ------------------------------------------------------------ Shares outstanding: Diluted 60,668 61,865 60,718 62,603 ------------------------------------------------------------ IDEXX Laboratories, Inc. and Subsidiaries Key Operating Information (Unaudited) Three Months Ended Nine Months Ended -------------------- -------------------- Sept. 30, Sept. 30, Sept. 30, Sept. 30, 2009 2008 2009 2008 ---------------------------------------------------------- Key Operating Gross profit 50.4% 51.0% 51.7% 52.4% Ratios Sales, marketing, (as a general and percentage of administrative revenue): expense 26.9% 28.4% 27.9% 28.1% Research and development expense 6.4% 7.1% 6.5% 6.9% ---------------------------------------------------------- Income from operations (1) 17.1% 15.5% 17.3% 17.5% ---------------------------------------------------------- International International revenue (in thousands) $102,044 $99,646 $298,456 $316,902 ---------------------------------------------------------- Revenue: International revenue as a percentage of total revenue 39.4% 39.7% 39.2% 40.6% ---------------------------------------------------------- (1) The sum of individual items may not equal the total due to rounding. IDEXX Laboratories, Inc. and Subsidiaries Non-GAAP Financial Measures Amounts in thousands except per share data (Unaudited) Nine Months Ended ---------------------------------- Income from Gross Profit Operations ------------ ----------- Sept. 30, Sept. 30, Sept. 30, Sept. 30, 2009 2008 2009 2008 --------------------------------------------------------------------- GAAP measurement $393,350 $409,245 $131,822 $136,607 % of revenue 51.7% 52.4% 17.3% 17.5% Discrete income tax benefits(1) - - - - --------------------------------------------------------------------- Non-GAAP comparative measurements(2) $393,350 $409,245 $131,822 $136,607 --------------------------------------------------------------------- % of revenue 51.7% 52.4% 17.3% 17.5% Nine Months Ended --------------------------------------- Earnings per Share Net Income Diluted ---------- -------------------- Sept. 30, Sept. 30, Sept. 30, Sept. 30, 2009 2008 2009 2008 --------------------------------------------------------------------- GAAP measurement $91,274 $92,614 $1.50 $1.48 % of revenue 12.0% 11.9% Discrete income tax benefits(1) - (1,472) - (0.02) --------------------------------------------------------------------- Non-GAAP comparative measurements(2) $91,274 $91,142 $1.50 $1.46 --------------------------------------------------------------------- % of revenue 12.0% 11.7% Management believes adjusted diluted EPS is a useful non-GAAP financial measure to evaluate the results of ongoing operations, excluding significant specified events, period over period, and therefore believes that investors may find this information useful in addition to the GAAP results. We use these supplemental non-GAAP financial measures to evaluate the Company's comparative financial performance. The specified items that are excluded in these non-GAAP measures are actual charges that impact net income and cash flows, however, we believe that it is useful to evaluate our core business performance period over period excluding these specified items, in addition to relying upon GAAP financial measures. (1) We believe that certain significant discrete income tax items create impacts on financial measures that are not indicative of future performance because the items are not likely to recur within a reasonable period. For 2008, the separately identified discrete income tax benefit was due to a reduction in international deferred tax liabilities due to a reduction in international tax rates. (2) The sum of the individual items may not equal the non-GAAP measurement due to rounding of the individual items in this presentation. IDEXX Laboratories, Inc. and Subsidiaries Segment Information Amounts in thousands (Unaudited) Three Months Ended Nine Months Ended ------------------ ------------------ Sept. 30, Sept. 30, Sept. 30, Sept. 30, 2009 2008 2009 2008 --------------------------------------------------- Revenue: CAG $214,461 $204,762 $625,442 $637,534 Water 19,691 20,321 54,707 57,287 PAS 15,943 17,801 53,848 60,452 Other 9,025 8,209 27,301 25,464 --------------------------------------------------- Total $259,120 $251,093 $761,298 $780,737 --------------------------------------------------- Gross Profit: CAG $105,234 $ 99,807 $310,010 $321,842 Water 12,251 12,825 35,961 35,573 PAS 9,257 12,035 35,664 40,698 Other 3,721 3,462 11,462 10,840 Unallocated 14 20 253 292 --------------------------------------------------- Total $130,477 $128,149 $393,350 $409,245 --------------------------------------------------- Income from Operations: CAG $ 38,002 $ 28,800 $106,993 $105,412 Water 8,416 8,865 24,336 23,437 PAS 944 3,482 11,002 14,824 Other (244) 127 (145) 634 Unallocated (2,913) (2,277) (10,364) (7,700) --------------------------------------------------- Total $ 44,205 $ 38,997 $131,822 $136,607 --------------------------------------------------- Gross Profit (as a percentage of revenue): CAG 49.1% 48.7% 49.6% 50.5% Water 62.2% 63.1% 65.7% 62.1% PAS 58.1% 67.6% 66.2% 67.3% Other 41.2% 42.2% 42.0% 42.6% Income from Operations (as a percentage of revenue): CAG 17.7% 14.1% 17.1% 16.5% Water 42.7% 43.6% 44.5% 40.9% PAS 5.9% 19.6% 20.4% 24.5% Other (2.7%) 1.6% (0.5%) 2.5% IDEXX Laboratories, Inc. and Subsidiaries Revenues and Revenue Growth Analysis by Product and Service Categories Amounts in thousands (Unaudited) Three Months Ended ------------------ Sept. 30, Sept. 30, Dollar Percentage Net Revenue 2009 2008 Change Change ----------- ---- ---- ------ ------ CAG $214,461 $204,762 $9,699 4.7% Water 19,691 20,321 (630) (3.1%) PAS 15,943 17,801 (1,858) (10.4%) Other 9,025 8,209 816 9.9% -------- -------- ------ Total $259,120 $251,093 $8,027 3.2% ======== ======== ====== Three Months Ended ------------------ Percentage Change Net of Percentage Acquisitions/ Percentage Change from Divestitures Change from Acquisitions/ and Currency Net Revenue Currency (1) Divestitures (2) Effect (3) ----------- ------------ ---------------- ------------- CAG (1.9%) (0.1%) 6.7% Water (3.0%) - (0.1%) PAS (2.8%) - (7.6%) Other (0.4%) - 10.3% Total (2.0%) (0.1%) 5.3% Three Months Ended ------------------ Sept. 30, Sept. 30, Dollar Percentage Net Revenue 2009 2008 Change Change ----------- ---- ---- ------ ------ Instruments and consumables $83,922 $80,587 $3,335 4.1% Rapid assay products 37,753 36,300 1,453 4.0% Laboratory and consulting services 76,419 73,536 2,883 3.9% Practice information management systems and digital radiography 16,367 13,333 3,034 22.8% Pharmaceutical products - 1,006 (1,006) (100.0%) -------- -------- ------ Net CAG Revenue $214,461 $204,762 $9,699 4.7% ======== ======== ====== Three Months Ended ------------------ Percentage Change Net of Percentage Acquisitions/ Percentage Change from Divestitures Change from Acquisitions/ and Currency Net Revenue Currency (1) Divestitures (2) Effect (3) ----------- ------------ ---------------- ------------- Instruments and consumables (1.9%) - 6.0% Rapid assay products (0.5%) - 4.5% Laboratory and consulting services (2.7%) 0.9% 5.7% Practice information management systems and digital radiography (0.9%) 0.3% 23.4% Pharmaceutical products - (100.0%) - Net CAG revenue (1.9%) (0.1%) 6.7% (1) Represents the percentage change in revenue attributed to the effect of changes in currency rates from the three months ended September 30, 2009 to the three months ended September 30, 2008. (2) Represents the percentage change in revenue during the three months ended September 30, 2009 compared to the three months ended September 30, 2008 attributed to incremental revenues from businesses acquired or revenues lost from businesses divested or discontinued subsequent to June 30, 2008. (3) Organic growth IDEXX Laboratories, Inc. and Subsidiaries Revenues and Revenue Growth Analysis by Product and Service Categories Amounts in thousands (Unaudited) Nine Months Ended ----------------- Sept. 30, Sept. 30, Dollar Percentage Net Revenue 2009 2008 Change Change ----------- ---- ---- ------ ------ CAG $625,442 $637,534 $(12,092) (1.9%) Water 54,707 57,287 (2,580) (4.5%) PAS 53,848 60,452 (6,604) (10.9%) Other 27,301 25,464 1,837 7.2% -------- -------- -------- Total $761,298 $780,737 $(19,439) (2.5%) ======== ======== ======== Nine Months Ended ----------------- Percentage Change Net of Percentage Acquisitions/ Percentage Change from Divestitures Change from Acquisitions/ and Currency Net Revenue Currency (1) Divestitures (2) Effect (3) ----------- ------------ ---------------- ------------- CAG (4.2%) (2.8%) 5.1% Water (5.8%) - 1.3% PAS (7.7%) - (3.2%) Other (1.4%) - 8.6% Total (4.5%) (2.3%) 4.3% Nine Months Ended ----------------- Sept. 30, Sept. 30, Dollar Percentage Net Revenue 2009 2008 Change Change ----------- ---- ---- ------ ------ Instruments and consumables $239,889 $236,974 $2,915 1.2% Rapid assay products 116,997 116,628 369 0.3% Laboratory and consulting services 222,987 222,984 3 - Practice information management systems and digital radiography 45,515 42,373 3,142 7.4% Pharmaceutical products 54 18,575 (18,521) (99.7%) -------- -------- -------- Net CAG revenue $625,442 $637,534 $(12,092) (1.9%) ======== ======== ======== Nine Months Ended ----------------- Percentage Change Net of Percentage Acquisitions/ Percentage Change from Divestitures Change from Acquisitions/ and Currency Net Revenue Currency (1) Divestitures (2) Effect (3) ----------- ------------ ---------------- ------------- Instruments and consumables (4.9%) - 6.1% Rapid assay products (1.3%) - 1.6% Laboratory and consulting services (5.6%) 0.3% 5.3% Practice information management systems and digital radiography (2.0%) 0.1% 9.3% Pharmaceutical products - (100.0%) 0.3% Net CAG revenue (4.2%) (2.8%) 5.1% (1) Represents the percentage change in revenue attributed to the effect of changes in currency rates from the nine months ended September 30, 2009 to the nine months ended September 30, 2008. (2) Represents the percentage change in revenue during the nine months ended September 30, 2009 compared to the nine months ended September 30, 2008 attributed to incremental revenues from businesses acquired or revenues lost from businesses divested or discontinued subsequent to December 31, 2007. (3) Organic growth IDEXX Laboratories, Inc. and Subsidiaries Consolidated Balance Sheet Amounts in thousands (Unaudited) Sept. 30, Dec. 31, 2009 2008 ------------------------------------------------------ Assets: Current Assets: Cash and cash equivalents $106,728 $78,868 Accounts receivable, net 115,141 111,498 Inventories 124,488 115,926 Other current assets 39,370 49,598 -------------------------------------------------- Total current assets 385,727 355,890 -------------------------------------------------- Property and equipment, at cost 346,170 320,198 Less: accumulated depreciation 149,628 130,552 -------------------------------------------------- Property and equipment, net 196,542 189,646 -------------------------------------------------- Other long-term assets, net 232,620 219,901 -------------------------------------------------- Total assets $814,889 $765,437 -------------------------------------------------- Liabilities and Stockholders' Equity: Current Liabilities: Accounts payable $21,465 $28,006 Accrued expenses 102,706 104,616 Debt 63,398 151,385 Deferred revenue 10,994 11,285 -------------------------------------------------- Total current liabilities 198,563 295,292 -------------------------------------------------- Long-term debt, net of current portion 4,489 5,094 Line of credit, net of current portion 80,000 - Other long-term liabilities 32,203 26,857 -------------------------------------------------- Total long-term liabilities 116,692 31,951 -------------------------------------------------- Total stockholders' equity 499,634 438,194 -------------------------------------------------- Total liabilities and stockholders' equity $814,889 $765,437 -------------------------------------------------- IDEXX Laboratories, Inc. and Subsidiaries Key Balance Sheet Information (Unaudited) Sept. 30, June 30, March 31, Dec. 31, Sept. 30, 2009 2009 2009 2008 2008 ------------------------------------------------------------- Key Days sales Balance outstanding 41.2 40.2 43.8 41.9 42.3 Sheet Inventory Information: turns 1.8 1.8 1.6 2.0 1.9 IDEXX Laboratories, Inc. and Subsidiaries Consolidated Statement of Cash Flows Amounts in thousands (Unaudited) Nine Months Ended --------------------- Sept. 30, Sept. 30, 2009 2008 -------------------------------------------------------------- Operating: Cash Flows from Operating Activities: Net income $91,274 $92,614 Non-cash charges 49,439 38,843 Changes in current assets and liabilities, net of acquisitions (25,210) (21,643) -------------------------------------------------------------- Net cash provided by operating activities $115,503 $109,814 -------------------------------------------------------------- Investing: Cash Flows from Investing Activities: Purchase of property and equipment (35,615) (64,982) Proceeds from disposition of pharmaceutical product lines 1,377 - Proceeds from sale of property and equipment 2,056 - Acquisitions of intangible assets and businesses, net of cash acquired (6,680) (8,649) Acquisitions of equipment leased to customers (747) (560) -------------------------------------------------------------- Net cash used by investing activities $(39,609) $(74,191) -------------------------------------------------------------- Financing: Cash Flows from Financing Activities: Borrowings (payments) on revolving credit facilities, net (8,798) 92,099 Payment of other notes payable (731) (542) Purchase of treasury stock (57,966) (122,429) Proceeds from the exercise of stock options and employee stock purchase plans 13,104 14,856 Tax benefit from exercise of stock options and vesting of restricted stock units 3,851 5,906 -------------------------------------------------------------- Net cash used by financing activities $(50,540) $(10,110) -------------------------------------------------------------- Net effect of changes in exchange rates on cash 2,506 (1,287) -------------------------------------------------------------- Net increase in cash and cash equivalents 27,860 24,226 -------------------------------------------------------------- Cash and cash equivalents, beginning of period 78,868 60,360 -------------------------------------------------------------- Cash and cash equivalents, end of period $106,728 $84,586 -------------------------------------------------------------- IDEXX Laboratories, Inc. and Subsidiaries Free Cash Flow Amounts in thousands (Unaudited) Nine Months Ended -------------------- Sept. 30, Sept. 30, 2009 2008 --------------------------------------------------------------- Free Cash Flow: Net cash provided by operating activities $115,503 $109,814 Financing cash flows attributable to tax benefits from exercise of stock options and vesting of restricted stock units 3,851 5,906 Purchase of property and equipment (35,615) (64,982) Acquisition of equipment leased to customers (747) (560) ---------------------------------------------------------------- Free cash flow $82,992 $50,178 ---------------------------------------------------------------- Free cash flow indicates the cash generated from operations and tax benefits attributable to stock option exercises, reduced by investments in fixed assets. We feel free cash flow is a useful measure because it indicates the cash the operations of the business are generating after appropriate reinvestment for recurring investments in fixed assets that are required to operate the business. We believe this is a common financial measure useful to further evaluate the results of operations. IDEXX Laboratories, Inc. and Subsidiaries Common Stock Repurchases Amounts in thousands except per share data (Unaudited) Three Months Ended Nine Months Ended -------------------- -------------------- Sept. 30, Sept. 30, Sept. 30, Sept. 30, 2009 2008 2009 2008 ------------------------------------------------------------------------- Share repurchases during the period 372 391 1,433 2,343 Average price paid per share $48.99 $51.43 $40.45 $52.26 Shares remaining under repurchase authorization as of September 30, 2009: 2,780 Contact: Merilee Raines, Chief Financial Officer, 1-207-556-8155

    IDEXX Laboratories, Inc.

    CONTACT: Merilee Raines, Chief Financial Officer, IDEXX Laboratories,
    Inc., +1-207-556-8155

    Web Site: http://www.idexx.com/




    Cabot Expands Carbon Black Capacity in Tianjin, China

    BOSTON and TIANJIN, China, Oct. 23 /PRNewswire-FirstCall/ -- Cabot Corporation announced today the commissioning of 150,000 metric tons of manufacturing capacity at its carbon black facility in Tianjin, China, bringing the plant's annual production capacity to nearly 300,000 metric tons. The state-of-the-art manufacturing facility is a project of Cabot Chemical (Tianjin) Co., Ltd., an equity joint venture between Cabot (China) Limited, and Shanghai Coking Chemical Company, a member of the Huayi Group. Cabot and Shanghai Coking have been joint venture partners since 1988.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20000323/CABOTLOGO )

    Commenting at the official ceremony marking the start-up, Cabot's President and CEO Mr. Patrick Prevost said, "Cabot is pleased with the successful start-up of this capacity. It makes Tianjin the largest and most technologically advanced carbon black manufacturing site in the world. The continued support of officials in China and the dedication of our highly skilled local workforce have made this possible. China is a key geography in Cabot's future growth and this facility is a critical asset to allow us to meet customers' strong demand for high quality carbon black products."

    Dr. Xinsheng Zhang, Vice President and General Manager of Cabot's Asia Pacific region said, "This project includes the latest technologies for energy recovery and flue gas de-sulphurization. The successful construction and startup of this state-of-the-art capacity are the result of the project team's strong engagement and important support from the Tianjin and TEDA governments and our long time partner, Shanghai Coking. With its product quality and service, Cabot continues to create value for the China carbon black market."

    Mr. Hu Gongming, Chairman of Cabot Chemical (Tianjin) Co., Ltd and Party Secretary of Shanghai Coking Co., Ltd. commented, "Effective execution of this project reflects the strength of our longstanding relationship with our partner, Cabot Corporation. We look forward to building on the success of this relationship."

    Cabot Corporation, headquartered in Boston, Massachusetts, is a global performance materials company. Cabot's major products are carbon black, fumed silica, inkjet colorants, aerogels, capacitor materials, and cesium formate drilling fluids. The Company's website is: http://www.cabot-corp.com/

    Shanghai Coking & Chemical Corp was founded in 1958, and is one of the largest manufacturers of methanol and coke products in China. The Company's website is http://www.shcoking.com.cn/

    Photo: http://www.newscom.com/cgi-bin/prnh/20000323/CABOTLOGO
    AP Archive: http://photoarchive.ap.org/
    PRN Photo Desk photodesk@prnewswire.com Cabot Corporation

    CONTACT: Susannah Robinson, Director, Investor Relations of Cabot
    Corporation, +1-617-342-6129, susannah_robinson@cabot-corp.com

    Web Site: http://www.cabot-corp.com/




    Rentrak Announces Top Ten Movies-On-Demand Titles For Week Ending October 18, 2009-- Rentrak's OnDemand Essentials Measures Video-On-Demand Television at a Full Census Level --

    PORTLAND, Ore., Oct. 23 /PRNewswire-FirstCall/ -- Rentrak Corporation , today announced the top ten movies-on-demand (VOD) titles based on consumer transaction rate. Movies-on-demand are transactional (pay-per-purchase) films available through cable and telco providers.

    According to the company's OnDemand Essentials service, the top ten most-viewed titles, per data collected from October 12 through October 18, 2009 include:

    Rentrak Top Ten VOD Titles VOD RELEASE MPAA BOX RANK TITLE STUDIO DATE RATING OFFICE ($M) -------------------------------------------------------------------------- 1 X-Men Origins: Wolverine Fox 09/29/2009 PG-13 179.9 --------------------------------------------------------------------- 2 Ghosts Of Girlfriends Past Warner Bros. 09/22/2009 PG-13 55.3 --------------------------------------------------------------------- 3 Hannah Montana: The Movie Buena Vista 10/02/2009 G 79.6 --------------------------------------------------------------------- 4 My Life in Ruins Fox 10/06/2009 PG-13 8.7 --------------------------------------------------------------------- 5 Observe and Report Warner Bros. 9/22/2009 R 24.0 --------------------------------------------------------------------- 6 Fighting Universal 09/23/2009 PG-13 23.0 --------------------------------------------------------------------- 7 Away We Go Universal 9/29/2009 R 9.5 --------------------------------------------------------------------- 8 Adventureland Buena Vista 09/24/2009 R 16.0 --------------------------------------------------------------------- 9 Dance Flick Paramount 09/15/2009 PG-13 25.7 --------------------------------------------------------------------- 10 Twilight (2008) Summit 10/01/2009 PG-13 191.5 --------------------------------------------------------------------- Source: Rentrak OnDemand Essentials, as dated, rank based on Transaction Rate.

    © Rentrak Corporation 2009 -Content in this chart is produced and/or compiled by Rentrak Corporation and its OnDemand Essentials data collection and analytical service, and is covered by provisions of the Copyright Act. The material presented herein is intended to be available for public use. You may reproduce the content of the chart in any format or medium without first obtaining permission, subject to the following requirements: (1) the material must be reproduced accurately; and (2) any publication or issuance of any part of the material to others must acknowledge Rentrak Corporation as the source of the material.

    About OnDemand Essentials®

    OnDemand Essentials, a service of Rentrak's Advanced Media & Information Division, provides operators, content providers (including broadcast/cable networks, studios) and advertisers with a transactional tracking and reporting system to view and analyze on-demand content. The product is an extension of Rentrak's Essentials suite of business intelligence products customized for the entertainment industry. OnDemand Essentials clients have password protected, near real-time, Web browser-based 24/7 access to on demand consumer usage data at various access levels based on business and privacy rules. A sophisticated toolset aggregates and reports data across multiple vendors in one easy to use report system. Clients using the OnDemand Essentials system are able to instantly analyze and interpret their own business data to identify trends, program and promote more effectively, as well as track their performance against the broader business sector in which they operate.

    About Rentrak Corporation

    Rentrak Corporation, based in Portland, Oregon, is an information management company serving clients in the media, entertainment, retail and advertising industries. The company's Entertainment Essentials® suite of services is redefining media measurement in the digital broadband era. Entertainment Essentials provides customers with near-real-time, actionable insight into performance of content distributed over a wide variety of modern media technologies. Available by license or subscription, each Entertainment Essentials application allows executives to analyze detailed industry-wide and title-specific data to make decisions that enhance the bottom line and provide competitive advantage. For further information, please visit Rentrak's corporate website at http://www.rentrak.com/.

    Contacts: Sallie Olmsted/Amanda Bartz Rentrak Corporation 310-854-8124/8151

    Rentrak Corporation

    CONTACT: Sallie Olmsted, +1-310-854-8124, or Amanda Bartz,
    +1-310-854-8151, both for Rentrak Corporation

    Web Site: http://www.rentrak.com/




    NICE Placed in Leaders Quadrant in Leading Industry Analyst Firm's 2009 Magic Quadrant for Contact Center Workforce OptimizationEvaluation based on ability to execute and completeness of vision

    RA'ANANA, Israel, Oct. 23 /PRNewswire-FirstCall/ -- NICE Systems Ltd. , the global provider of advanced solutions that enable organizations to extract Insight from Interactions to drive performance, today announced that it has been positioned by Gartner, Inc. in the Leaders Quadrant of the October 2009 "Magic Quadrant for Workforce Optimization (WFO)" report.(1) Gartner defines Leaders as those companies that "provide functionally broad and deep WFO software solutions that can be deployed and supported globally. The solutions are suitable for all sizes and complexities of enterprises and have broad industry coverage. Revenue is strong, and new references are readily available."

    Contact center workforce optimization (WFO) can have a significant impact on customer experience and operational efficiency. According to Gartner, "By YE09, 30% of large organizations will adopt an integrated strategy for WFO to achieve the associated increases in operational efficiency and customer satisfaction."

    The Gartner report states that "Increased organizational awareness surrounding the value proposition associated with WFO, combined with an expanding set of viable vendors, is fueling market adoption." Gartner notes, "We estimate that more than 500 contact centers are deploying integrated WFO solutions globally (up from 350 last year) and that revenue from the combined functional domains exceeded $1 billion worldwide in 2008, and is fairing well in the current recession, due to the impact it can have on the customer experience and operational efficiency."

    As defined by Gartner, an integrated WFO solution "enables information, insights, workflow, and core contact center functions to be melded so that they complement and align with the business' high level strategy." The report outlines "the key functional domains" of WFO as "Workforce Management (WFM) and strategic planning, call recording and quality management (QM), coaching and e-learning, performance management, surveying, and interaction analytics," which includes speech analytics. As companies are turning their attention to analytics, "performance management and speech analytics in particular "should not be viewed as luxury "add ons"" but as embedded parts of a fully functional solution, given "the insight they provide."

    The report evaluated NICE for "completeness of vision" and "ability to execute", which is based in part on the product, service, and the customer experience.

    NICE SmartCenter, NICE's WFO suite of business applications for contact center and enterprise customers includes unique analytics-driven business solutions for addressing specific key business challenges such as first call resolution, average handle time, churn, and customer satisfaction. The NICE business solutions integrate recording, QM, WFM, interaction analytics and more into end-to-end, out-of-the-box solutions that improve operational efficiency, compliance with regulations, sales and marketing effectiveness, and the overall customer experience.

    Charles Born, Vice President of Global Marketing at NICE, said, "Today, more than ever, we see contact center and enterprise decision makers looking for a business solution that leverages the WFO functional domains to solve pressing business issues. NICE SmartCenter is an innovative solution that is helping companies maintain and nurture their customer assets, as well as control costs. We are pleased to be acknowledged as a Leader, which we believe is for our unique ability to deliver timely, relevant, and accurate business insights from customer interactions, allowing thousands of organizations worldwide to achieve their strategic and operational goals."

    About The Magic Quadrant

    The Magic Quadrant is copyrighted 2009 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the "Leaders" quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

    About NICE

    NICE Systems is the leading provider of Insight from Interactions solutions and value-added services, powered by advanced analytics of unstructured multimedia content - from telephony, web, radio and video communications. NICE's solutions address the needs of the enterprise and security markets, enabling organizations to operate in an insightful and proactive manner, and take immediate action to improve business and operational performance and ensure safety and security. NICE has over 24,000 customers in more than 150 countries, including more than 85 of the Fortune 100 companies. More information is available at http://www.nice.com/.

    NICE Trademarks:

    360 degrees View, Alpha, ACTIMIZE, Actimize logo, Customer Feedback, Dispatcher Assessment, Encorder, eNiceLink, Executive Connect, Executive Insight, FAST, FAST alpha Blue, FAST alpha Silver, FAST Video Security, Freedom, Freedom Connect, IEX, Interaction Capture Unit, Insight from Interactions, Investigator, Last Message Replay, Mirra, My Universe, NICE, NICE logo, NICE Analyzer, NiceCall, NiceCall Focus, NiceCLS, NICE Inform, NICE Learning, NiceLog, NICE Perform, NiceScreen, NICE SmartCenter, NICE Storage Center, NiceTrack, NiceUniverse, NiceUniverse Compact, NiceVision, NiceVision Alto, NiceVision Analytics, NiceVision ControlCenter, NiceVision Digital, NiceVision Harmony, NiceVision Mobile, NiceVision Net, NiceVision NVSAT, NiceVision Pro, Performix, Playback Organizer, Renaissance, Scenario Replay, ScreenSense, Tienna, TotalNet, TotalView, Universe, Wordnet are trademarks and/or registered trademarks of NICE Systems Ltd. All other trademarks are the property of their respective owners.

    This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on the current expectations of the management of NICE Systems Ltd. (the Company) only, and are subject to a number of risk factors and uncertainties, including but not limited to changes in technology and market requirements, decline in demand for the Company's products, inability to timely develop and introduce new technologies, products and applications, difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel, loss of market share, pressure on pricing resulting from competition, and inability to maintain certain marketing and distribution arrangements, which could cause the actual results or performance of the Company to differ materially from those described therein. We undertake no obligation to update these forward-looking statements. For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company's reports filed from time to time with the Securities and Exchange Commission.

    (1) Gartner "Magic Quadrant for Contact Center Workforce Optimization, 2009," by Jim Davies, October 12, 2009.

    Corporate Media Contact NICE Systems +1 877 245 7448 Galit Belkind Galit.belkind@nice.com Investors NICE Systems +1 877 245 7449 Daphna Golden ir@nice.com

    NICE Systems Ltd.

    CONTACT: Corporate: Galit Belkind, +1-877-245-7448,
    Galit.belkind@nice.com; or Investors: Daphna Golden, +1-877-245-7449,
    ir@nice.com, both of NICE Systems

    Web Site: http://www.nice.com/




    As Education and Income Rise, Concern About Swine Flu Declines, According to Thomson Reuters SurveyOnly About One-Third of Respondents Intend to Have Members of Their Household Vaccinated

    ANN ARBOR, Mich., Oct. 23 /PRNewswire/ -- Are Americans concerned about swine flu? About one-third say they are, one-third say they're not, and one-third say, well, maybe a little. Concern is greater among people with lower incomes and less education.

    "It appears that people with more education believe that steps being taken will prevent an outbreak," said Gary Pickens, chief research officer for the Healthcare & Science business of Thomson Reuters

    Do Americans intend to have everyone in their household vaccinated? About 36 percent say yes, and 47 percent say no. Older Americans are more likely to say members of their household will get swine flu shots.

    "It's astounding, with all the information being distributed about swine flu, that only a third of the population expects to get vaccinated," Pickens said. "There is also a group of people who are very concerned about swine flu, but not likely to get the flu shot. Presumably, they experience some type of barrier to care. They are mostly young adults, less educated, lower income, and female."

    These results are from a telephone survey of 3,003 households conducted from Oct. 5-15 -- a segment of the Thomson Reuters PULSE Healthcare Survey, the largest and longest-running survey of its kind. Each year, PULSE polls more than 100,000 U.S. households about healthcare behaviors, attitudes and utilization.

    The survey asked respondents to rate their level of concern about swine flu (1 = not at all concerned; 5 = very concerned):

    -- 36 percent rated it a 1 or 2. -- 29.6 percent rated it a 3. -- 34.4 percent rated it a 4 or 5.

    Half of people with a high school diploma or less education (49.8 percent) rated their concern 4 or 5, compared with 29 percent of people with at least a four-year college degree.

    At the same time, 43.3 percent of people earning under $25,000 annually rated their concern at 4 or 5. This compares with 33.3 percent of those earning $25,000 to $49,999, 30 percent of those earning $50,000 to $99,999, and 31 percent of those earning $100,000 or more.

    Respondents also were asked to rate the likelihood that everyone in their household would get the swine flu vaccination (1 = not at all likely; 5 = very likely):

    -- Almost half (47 percent) chose 1 or 2. -- 16.3 percent chose 3. -- 36.7 selected 4 or 5.

    Demographic groups most likely to say they will get flu shots are those age 65 and older (46.5 percent selected 4 or 5) and those with a high school diploma or less education (47.5 percent selected 4 or 5).

    Thomson Reuters

    Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto Stock Exchange (TSX: TRI) and New York Stock Exchange . For more information, go to http://www.thomsonreuters.com/.

    Thomson Reuters

    CONTACT: David Wilkins, +1-734-913-3397,
    David.wilkins@thomsonreuters.com

    Web Site: http://www.thomsonreuters.com/




    Lihua International Appoints Kelvin Lau to Board of DirectorsCompany Regains Compliance with Nasdaq Listing Requirements

    DANYANG, China, Oct. 23 /PRNewswire-Asia/ -- Lihua International, Inc., ("Lihua" or the "Company"), a leading Chinese developer, designer, manufacturer, marketer and distributor of low cost, high quality alternatives to pure copper superfine and magnet wire, today announced that Kelvin Siu Ki Lau has been appointed to the Company's Board of Directors, effective October 20, 2009. Mr. Lau will serve on the Board's Audit, Nominating and Corporate Governance and Compensation Committees. He replaces Mr. Su Liu, who resigned as a Director of the Company on October 11, 2009, for personal reasons.

    "We are very excited to have Kelvin Lau join our Board of Directors, as he brings over 20 years of capital markets knowledge to Lihua. We believe his wealth of experience in working with public companies in the U.S. capital markets, as well as his extensive work advising companies through the IPO and secondary fund raising processes will strengthen our Board as Lihua moves to the next level as a public company. We believe his expertise will prove invaluable as we work to continue growing the Company, expanding our leadership position in the market for superfine and magnet wire, and increasing shareholder value," said Jianhua Zhu, Chairman and Chief Executive Officer of Lihua.

    Kelvin Lau added, "I am honored to join the Board of Directors of Lihua International. The Company has an experienced management team, an exciting growth story and a strong position in an industry that is poised for substantial growth as a result of increased infrastructure spending associated with China's four trillion RMB stimulus package. These factors, coupled with their strong balance sheet and financial performance since the completion of the IPO give me a great deal of confidence about what the future holds for the Company and I am looking forward to contributing to their success."

    The Company's Board has determined that Mr. Lau qualifies as an "independent director" as defined and determined in accordance with Rule 5605(a)(2) of the Marketplace Rules of The NASDAQ Stock Market, LLC. (the "Nasdaq Marketplace Rules") and Section 10A(m)(3) of the Securities Exchange Act of 1934, as amended. The Company believes that with Mr. Lau's appointment, it has regained compliance with Nasdaq Marketplace Rule 5605, which requires that (i) a majority of the Board of Directors consist of independent directors, and (ii) the audit committee consist of at least three members, and as such, qualifies for continued listing on the Nasdaq Capital Market.

    Mr. Lau joins Lihua's Board with over 20 years of experience in investment banking and the finance industry. He is currently Managing Director of Capital Markets & Corporate Finance at Mizuho Securities Asia Limited, a Japanese investment bank and securities company, where he leads the origination, structuring and execution of equity and equity-linked capital market transactions and financial advisory activities for Greater China. Prior to joining Mizuho Securities in December 2008, he was Managing Director of DBS Asia Capital Limited, the investment banking unit of Singapore bank, DBS where he has served for over 10 years. Mr. Lau has also worked with the Listing Division The Stock Exchange of Hong Kong Limited in the late 1980s. Mr. Lau is a fellow member of the Chartered Association of Certified Accountants of the United Kingdom and a member of the Hong Kong Institute of Certified Public Accountants. He holds a Bachelor of Science Degree in Economics from University of London.

    About Lihua International, Inc.

    Lihua International, through its two wholly-owned subsidiaries, Lihua Electron and Lihua Copper, is a leading value-added manufacturer of copper replacement products for China's rapidly growing magnet and fine wire market. Lihua is one of the first vertically integrated companies in China to develop, design, manufacture, market and distribute lower cost, high quality, alternatives to pure copper magnet wire. Lihua's products include copper-clad aluminum wire ("CCA") and recycled scrap copper wire and are sold in China either directly to manufacturers or through distributors in the wire and cable industries and manufacturers in the consumer electronics, white goods, automotive, utility, telecommunications and specialty cable industries. Lihua's corporate and manufacturing headquarters are located in the heart of China's copper industry in Danyang, Jiangsu Province. http://www.lihuaintl.com/

    To be added to the Company's email distribution for future news releases, please send your request to lihua@tpg-ir.com.

    Safe Harbor Statement

    This press release contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, that address activities, events or developments that the Company expects, projects, believes or anticipates will or may occur in the future, including, without limitation, statements about its business or growth strategy, general industry conditions including availability of copper or recycled scrap copper, future operating results of the Company, capital expenditures, expansion and growth opportunities, bank borrowings, financing activities and other such matters, are forward-looking statements. Although the Company believes that its expectations stated in this press release are based on reasonable assumptions, actual results may differ from those projected in the forward-looking statements.

    Please note that information in this press release reflects management views as of the date of issuance.

    For more information, please contact: The Piacente Group, Inc. Investor Relations Kristen McNally / Brandi Floberg Tel: +1-212-481-2050 Email: lihua@tpg-ir.com

    Lihua International, Inc.

    CONTACT: The Piacente Group, Inc., Investor Relations, Kristen McNally or
    Brandi Floberg, +1-212-481-2050, or lihua@tpg-ir.com

    Web site: http://www.lihuaintl.com/




    Duke Energy and China-Based ENN Group to Build Solar Power Projects in U.S.

    LANGFANG, China, Oct. 23 /PRNewswire-FirstCall/ -- China-based ENN Group and Duke Energy will jointly develop commercial solar power projects in the U.S.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20040414/DUKEENERGYLOGO )

    Under an agreement signed today, ENN and Duke Energy will concentrate on two types of solar photovoltaic designs: large "utility-scale" solar farms and commercial distributed generation solar projects. Distributed generation systems produce electricity close to where the energy is used, rather than at large, central power plants.

    This joint development agreement builds upon a memorandum of understanding announced Sept. 23 at the Clinton Global Initiative's annual meeting at which time the companies pledged to work together to accelerate the development of low-carbon and clean energy technologies.

    "China is investing heavily in clean energy and we can make greater progress in the U.S. by joining forces and working together," said Duke Energy CEO Jim Rogers. "Duke Energy and ENN seek to not only accelerate the development of solar power in the U.S., but help achieve economies of scale and drive down the cost of renewable energy."

    "ENN and Duke Energy have very complementary strengths," said ENN Chairman Wang Yusuo. "We are both dedicated to the development and use of low-carbon, clean energy sources to combat the climate change crisis facing all humanity."

    Duke Energy Generation Services (DEGS), a commercial business unit of Duke Energy, will team with ENN to develop, own and operate the solar projects.

    The joint development agreement will expand DEGS' existing investments in renewable energy - including wind and biopower - and commercial transmission. DEGS owns and operates more than 630 megawatts (MW) of wind power projects in the U.S. and plans to add another 350 MW by the end of 2010. In the biopower market, DEGS is developing wood-waste-to-electricity power plants in the U.S. through ADAGE, the company it formed in 2008 with French-based AREVA.

    Keith Trent, president and group executive of Duke Energy's Commercial Businesses, and Wouter van Kempen, president of DEGS, joined ENN Chairman Wang Yusuo and Vice Chairman and Chief Scientist Gan Zhongxue in Langfang for the signing of the agreement.

    About ENN:

    ENN is committed to clean energy for China and the world. Since its founding 20 years ago, ENN has grown into an integrated group of companies that delivers clean energy to tens of millions of customers and provides overall clean energy solutions to city governments and heavy industry. ENN has more than 100 subsidiaries in over 80 cities across China and around the world, and employs more than 24,000 people.

    ENN Solar Energy is an international company that produces world-leading silicon thin

    film solar modules. It has also created an innovative system of integrated solar power stations.

    Additional information about ENN is available on the Internet at: http://www.enn.cn/en/index/index.html.

    About Duke Energy Generation Services:

    Duke Energy Generation Services (DEGS), part of Duke Energy's Commercial Businesses, is a leader in developing innovative renewable energy solutions, including wind, solar and biopower projects. DEGS builds, owns and operates electric generation for large energy consumers, municipalities, utilities and industrial facilities. DEGS is also working to build commercial transmission capacity to help the U.S. meet its energy needs of the future.

    Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: http://www.duke-energy.com/.

    MEDIA CONTACT: Greg Efthimiou Phone: 704-382-1925 24-Hour: 800-559-3853

    Photo: http://www.newscom.com/cgi-bin/prnh/20040414/DUKEENERGYLOGO
    http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com Duke Energy

    CONTACT: Greg Efthimiou of Duke Energy, +1-704-382-1925, 24-Hour:
    +1-800-559-3853

    Web Site: http://www.duke-energy.com/




    AMCOL International Corporation (NYSE: ACO) Reports Third Quarter Results

    HOFFMAN ESTATES, Ill., October 23, 2009 /PRNewswire-FirstCall/ -- AMCOL International Corporation today reported 2009 third quarter net income attributable to AMCOL shareholders of $13.3 million, or $0.43 per diluted share, compared with $1.9 million, or $0.06 per diluted share, in the prior year period. The current year period includes a net expense of $1.6 million, or $0.05 per diluted share, related to the write off of certain U.S. metal casting operations. Without this expense, diluted earnings per share would have been $0.48 per share. The prior year period includes the effect of a one-time loss incurred on our investment in an affiliate of $16.7 million, or $0.54 per diluted share. Without this loss, the 2008 period's diluted earnings per share would have been $0.60 per share.

    Net sales decreased 24.6% to $190.9 million for the quarter ended September 30, 2009 from $253.0 million in the 2008 period. Foreign currency fluctuations had a $14.1 million unfavorable impact. Operating profit decreased by 29.7% over the 2008 third quarter to $19.2 million; foreign currency fluctuations had an unfavorable impact of $2.0 million on current period operating profit. Our affiliates and joint ventures generated income amounting to $0.02 per diluted share as compared to losses of $0.47 per share in the prior year period. Our reduced effective tax rate for the quarter added $0.03 per diluted share.

    For the nine-month period ended September 30, 2009, net income attributable to AMCOL shareholders was $23.6 million, or $0.76 per diluted share, compared with $25.4 million, or $0.82 per diluted share in the prior year period, which includes a one-time loss of $0.63 per diluted share incurred on our investment in an affiliate.

    Net sales for the nine-month period ended September 30, 2009 decreased 22.4% to $526.5 million, compared with $678.3 million for the 2008 period. Foreign currency fluctuations had a $43.7 million unfavorable impact offset by $9.0 million in new revenue from acquisitions. Operating profit declined by 32.0% over the 2008 period to $43.2 million. Foreign currency fluctuations and acquisitions had unfavorable impacts of $5.7 million and $1.3 million, respectively, on current period operating profit. Our affiliates and joint ventures generated $0.9 million, or $0.03 per diluted share, of losses in the current year compared to losses of $14.1 million, or $0.45 per diluted share, in the prior year's comparable period.

    This release should be read in conjunction with the attached unaudited condensed consolidated financial statements. Further discussion of items and events impacting earnings are included later in this press release.

    "Although overall AMCOL revenue in the third quarter was still well behind the 2008 pace, there are some positive developments," said Larry Washow, AMCOL President and Chief Executive Officer. "Gross margins continue to improve across all segments. We continue to reduce debt as our focus on the balance sheet is producing results."

    Washow continued, "The Minerals segment did show stronger U.S. sales sequentially over second quarter 2009, as the "cash for clunkers" program helped increase foundry activity. On a sequential quarter basis, our business in Asia is improving, and Europe, which has a significant consumer related business, had a good quarter as well."

    "The third quarter is typically the strongest for our Environmental segment and this year is no exception. Gross margins improved but the building materials business remains very soft around the world. Our Lining Tech products are used in several markets and while the U.S. is well below last years pace, Europe is having a good year," Washow added.

    "Third quarter 2008 was the best quarter ever for our Oilfield Services segment but this year's results reflect the impact of lower oil and natural gas prices. Gross margins continue to be in line but project activity is slow and predicting a return to growth is very difficult," Washow continued."

    "The sequential improvement in the Minerals segment is very encouraging and shows the result of our pricing approach as well as cost controls. There is more project activity in the Environmental segment, but customers are cautious about starting new projects. The Oilfield Services segment is very well positioned when the business returns. All of our segments are prepared for growth but our key focus continues to be on the balance sheet and we expect continuing improvement in Q4," Washow concluded.

    STATEMENT OF OPERATIONS HIGHLIGHTS:

    The statement of operations highlights are supported by the segment results schedules included in this press release.

    Net sales: The following details the components of sales by segment for the 2009 third quarter compared to the prior year's third quarter.

    Minerals: The majority of the decrease in the quarter's revenue was due to lower volumes in the U.S. metal casting and basic minerals product lines, partially offset by price increases. Pass-through freight revenue accounted for approximately 18.7% of the total segment's decrease, principally from the pet products and basic minerals divisions. Foreign currency fluctuations represented approximately 16.7% of the decrease in revenue principally due to the weakening of the British pound against the U.S. dollar.

    Environmental: Base business revenues decreased due to lower demand in the U.S. for our lining technology and building materials products and services provided by our contracting services group. Foreign currency fluctuations represented approximately 38.0% of the revenue decrease, primarily due to the weakening of the British pound and the Polish zloty against the U.S. dollar.

    Oilfield Services: Lower demand for oil and natural gas has reduced production activities, driving the decrease in revenue in the current quarter compared to the prior year quarter. Domestic base business revenues declined across all services, compared to the prior year quarter.

    International revenue was down substantially in Nigeria and the United Kingdom compared to the prior year quarter due to lower demand for our services. However, both Brazil and Malaysia continue to experience solid growth over the prior year quarter.

    Transportation: Reductions in fuel-surcharge revenue represented 58.2% of the revenue decrease; the remaining decrease was due to reduced demand for consumer product shipments.

    Gross profit: Gross profit decreased $9.7 million, or 15.3%, from the 2008 third quarter while gross margin was 28.2%, a 310 basis point improvement from the 2008 quarter.

    Minerals: Gross profit decreased $0.9 million, or 4.3%, from the 2008 quarter while gross margins improved 450 basis points to 22.2%. The gross margin improvement results principally from domestic pricing initiatives put in place in 2008. The decrease in gross profit includes a net $2.0 million of write off expenses related to our domestic briquetting operations within our metalcasting group, due to reduced demand. These expenses negatively affected gross margins by 230 basis points but is offset by improvements in our product mix and other businesses.

    Environmental: Gross profit decreased $5.5 million, or 19.4%, from the 2008 quarter while gross margins increased 250 basis points to 35.5%; the margin increase is due to lower input costs, principally resin, and lower freight costs due to the reduction in energy costs. These benefits were partially offset by decreased volumes.

    Oilfield Services: Gross profit decreased $3.0 million, or 23.6%, from the 2008 quarter due to the reduction in revenues.

    Transportation: Gross profit decreased $0.3 million over the prior year quarter, and gross margin improved 190 basis points to 12.4% due to lower energy costs.

    General, selling and administrative expenses (GS&A): GS&A expenses decreased $1.6 million, or 4.4%, from the prior year quarter, mainly due to a $1.5 million decrease in our Environmental segment's GS&A expenses. This segment's GS&A expenses decreased 11.3% largely due to the effect of foreign currency fluctuations resulting from a weakening of the British pound and Polish zloty against the U.S. dollar. GS&A expenses in other segments remained relatively constant in each segment.

    Interest expense: Net interest expense decreased by $0.6 million over the prior year quarter due to reduced average debt levels.

    Other, net: Other, net is primarily comprised of foreign currency exchange income and losses. Other, net favorably impacted results in the 2009 period by $0.1 million versus $2.1 million of losses in the prior year's comparable period.

    Income taxes: The effective tax rate for the third quarter of 2009 was 19.8%, compared with 25.5% for the same period in 2008. The reduction is due to a greater proportion of our income being generated in lower tax rate jurisdictions, principally foreign countries.

    Income and losses from affiliates and joint ventures: Income from affiliates and joint ventures of $0.7 million is principally due to one of our Indian joint ventures, Ashapura Volclay and improvements in our Russian joint venture.

    This compares to losses of $14.7 million in the prior year period, primarily incurred in our largest Indian investment, Ashapura Minechem Limited. This investment is accounted for under the equity method. At December 31, 2008, we wrote off the balance of our investment and accordingly have discontinued recording additional losses from this affiliate.

    Share count: Weighted average common and common equivalent shares outstanding were comparable for the quarters ended September 30, 2009 and 2008, differing by less than 1%.

    FINANCIAL POSITION AND CASH FLOW HIGHLIGHTS:

    Long-term debt decreased $39.7 million to $217.1 million at September 30, 2009, compared to $256.8 million at December 31, 2008. The reduction was primarily due to reductions in working capital levels and minimizing capital expenditures. Total long-term debt represented 38.4% of capitalization at September 30, 2009, compared with 43.9% at December 31, 2008. Cash and cash equivalents remained the same at $19.4 million at September 30, 2009 as compared with December 31, 2008.

    Working capital decreased to $212.9 million at September 30, 2009 from $262.7 million at December 31, 2008. The reduction in working capital was due to a combination of lower sales volumes and continued efforts to reduce working capital.

    Cash flow generated from operating activities was $90.6 million for year-to-date September 30, 2009 compared with $2.6 million in the prior year period. This increase was principally due to the decrease in working capital.

    Excluding our corporate building (which was a sale-leaseback transaction) and $15.1 million of expenditures for our purchase of a 53% investment in a chrome mine in South Africa, capital expenditures in the 2009 period were $24.5 million compared with $29.7 million in the prior year period. The reduction in adjusted capital expenditures is due to our limiting capital expenditures to maintenance activities and minimal expansion projects in 2009.

    Dividends declared year-to-date through September 30, 2009 increased by 9.1 % over the prior year period to $16.5 million. Our dividend rate has remained constant at $0.18 per share since the third quarter of 2008.

    This release contains certain forward-looking statements regarding AMCOL's expected performance for future periods and actual results for such periods might materially differ. Such forward-looking statements are subject to uncertainties, which include, but are not limited to, actual growth in AMCOL's various markets, utilization of AMCOL's plants, currency exchange rates, currency devaluation, delays in development, production and marketing of new products, integration of acquired businesses, and other factors detailed from time to time in AMCOL's annual report and other reports filed with the Securities and Exchange Commission. AMCOL undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in AMCOL's expectations.

    AMCOL International, headquartered in Hoffman Estates, IL, produces and markets a wide range of specialty mineral products used for industrial, environmental and consumer-related applications. AMCOL is the parent of American Colloid Company, CETCO (Colloid Environmental Technologies Company), CETCO Oilfield Services Company and the transportation operations, Ameri-co Carriers, Inc. and Ameri-co Logistics, Inc. AMCOL's common stock is traded on the New York Stock Exchange under the symbol ACO. AMCOL's web address is http://www.amcol.com/. AMCOL's third quarter conference call will be available live today at 11 a.m. EDT on the AMCOL website or by dialing 888.539.3679.

    Financial tables follow. AMCOL INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In thousands, except per share data) Nine Months Ended Three Months Ended September 30, September 30, -------------- -------------- 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $526,539 $678,304 $190,920 $253,048 Cost of sales 382,320 505,727 137,069 189,481 ------- ------- ------- ------- Gross profit 144,219 172,577 53,851 63,567 General, selling and administrative expenses 101,047 109,061 34,626 36,214 ------- ------- ------ ------ Operating profit 43,172 63,516 19,225 27,353 ------ ------ ------ ------ Other income (expense): Interest expense, net (9,399) (8,642) (2,833) (3,404) Other, net (2,595) (1,533) 119 (2,128) ------ ------ --- ------ (11,994) (10,175) (2,714) (5,532) ------- ------- ------ ------ Income before income taxes and income (loss) from affiliates and joint ventures 31,178 53,341 16,511 21,821 Income tax expense 6,388 13,950 3,271 5,567 ----- ------ ----- ----- Income before income (loss) from affiliates and joint ventures 24,790 39,391 13,240 16,254 Income (loss) from affiliates and joint ventures (921) (14,072) 721 (14,697) ------ ------ ------ ----- Net income 23,869 25,319 13,961 1,557 ------ ------ ------ ----- Net income (loss) attributable to the noncontrolling interest 296 (58) 661 (365) ------- ------- ------- ------ Net income (loss) attributable to AMCOL shareholders $23,573 $25,377 $13,300 $1,922 ======= ======= ======= ====== Weighted average common shares outstanding 30,735 30,405 30,766 30,540 Weighted average common and common equivalent shares outstanding 30,967 30,993 31,057 31,129 Basic earnings per share attributable to AMCOL shareholders $0.77 $0.83 $0.43 $0.06 Diluted earnings per share attributable to AMCOL shareholders $0.76 $0.82 $0.43 $0.06 Dividends declared per share $0.54 $0.50 $0.18 $0.18 AMCOL INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) September 30, December 31, 2009 2008 ASSETS (unaudited) * ------ ----------- ----------- Current assets: Cash and equivalents $19,367 $19,441 Accounts receivable, net 165,477 197,611 Inventories 103,966 125,066 Prepaid expenses 14,190 12,812 Deferred income taxes 3,043 5,358 Income tax receivable 6,791 3,490 Other 232 7,409 --- ----- Total current assets 313,066 371,187 ------- ------- Investments in and advances to affiliates and joint ventures 30,292 30,025 ------ ------ Property, plant, equipment, mineral rights and reserves: Land and mineral rights 56,356 17,186 Depreciable assets 405,217 380,555 ------- ------- 461,573 397,741 Less: accumulated depreciation and depletion 229,387 206,398 ------- ------- 232,186 191,343 ------- ------- Other assets: Goodwill 71,537 68,482 Intangible assets, net 48,681 53,974 Deferred income taxes 14,361 15,867 Other assets 24,449 13,702 ------- ------- 159,028 152,025 ------- ------- $734,572 $744,580 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY ------------------------------------ Current liabilities: Accounts payable $47,116 $45,297 Accrued liabilities 53,080 63,197 ------- ------- Total current liabilities 100,196 108,494 ------- ------- Long-term debt 217,064 256,821 ------- ------- Pension liabilities 24,920 22,939 Other liabilities 44,650 27,971 ------ ------ 69,570 50,910 ------ ------ Equity: Common stock 320 320 Additional paid in capital 83,284 86,350 Retained earnings 269,500 262,453 Accumulated other comprehensive income 8,749 (4,721) ------- ------- 361,853 344,402 Less: Treasury stock (15,952) (18,196) ------- ------- Total AMCOL shareholder's equity 345,901 326,206 ------- ------- Noncontrolling interest 1,841 2,149 ------- ------- Total equity 347,742 328,355 ------- ------- $734,572 $744,580 ======== ======== * Condensed from audited financial statements. AMCOL INTERNATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands) Nine Months Ended September 30, ------------- 2009 2008 ---- ---- Cash flow from operating activities: Net income $23,869 $25,319 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation, depletion, and amortization 26,781 24,872 Undistributed (earnings) losses from affiliates and joint ventures 1,412 14,866 Other non - cash charges 7,611 2,409 Changes in assets and liabilities, net of effects of acquisitions: Decrease (Increase) in current assets 35,096 (86,237) Decrease (Increase) in noncurrent assets (1,257) 496 Increase (decrease) in current liabilities (7,480) 20,116 Increase (decrease) in noncurrent liabilities 4,586 788 ----- --- Net cash provided by (used in) operating activities 90,618 2,629 ------ ----- Cash flow from investing activities: Capital expenditures (39,637) (29,686) Capital expenditures - corporate building (9,651) (14,273) Proceeds from sale of depreciable assets - corporate building 9,651 - Acquisitions, net of cash (522) (42,549) Investments in and advances to affiliates and joint ventures (2,647) (10,993) Receipts from (advances to) Chrome Corp 6,000 (6,000) Other 2,906 (2,193) ----- ------ Net cash used in investing activities (33,900) (105,694) ------- -------- Cash flow from financing activities: Net change in outstanding debt (42,467) 105,495 Net change in outstanding debt - corporate building - 20,692 Proceeds from sales of treasury stock 1,005 1,550 Purchases of treasury stock (165) (2,062) Dividends (16,526) (15,143) Excess tax benefits from stock-based compensation 464 1,087 --- ----- Net cash provided by (used in) financing activities (57,689) 111,619 ------- ------- Effect of foreign currency rate changes on cash 897 (190) --- ---- Net increase (decrease) in cash and cash equivalents (74) 8,364 --- ----- Cash and cash equivalents at beginning of period 19,441 25,282 ------ ------ Cash and cash equivalents at end of period $19,367 $33,646 ======= ======= AMCOL INTERNATIONAL CORPORATION SEGMENT RESULTS (unaudited) QUARTER-TO-DATE Three Months Ended September 30, -------------------------------- 2009 2008 2009 vs 2008 ---- ---- ------------ Minerals (Dollars in Thousands) -------- ---------------------- Net sales $89,021 100.0% $116,881 100.0% $(27,860) -23.8% Cost of sales 69,232 77.8% 96,206 82.3% (26,974) -28.0% ------ ---- ------ ---- ------- Gross profit 19,789 22.2% 20,675 17.7% (886) -4.3% General, selling and administrative expenses 9,317 10.5% 9,565 8.2% (248) -2.6% ----- ---- ----- --- ---- Operating profit 10,472 11.7% 11,110 9.5% (638) -5.7% Three Months Ended September 30, -------------------------------- 2009 2008 2009 vs 2008 ---- ---- ------------ Environmental (Dollars in Thousands) ------------- ---------------------- Net sales $64,493 100.0% $86,133 100.0% $(21,640) -25.1% Cost of sales 41,603 64.5% 57,731 67.0% (16,128) -27.9% ------ ---- ------ ---- ------- Gross profit 22,890 35.5% 28,402 33.0% (5,512) -19.4% General, selling and administrative expenses 12,135 18.8% 13,683 15.9% (1,548) -11.3% ------ ---- ------ ---- ------ Operating profit 10,755 16.7% 14,719 17.1% (3,964) -26.9% Three Months Ended September 30, -------------------------------- 2009 2008 2009 vs 2008 ---- ---- ------------ Oilfield Services (Dollars in Thousands) ----------------- ---------------------- Net sales $29,109 100.0% $38,379 100.0% $(9,270) -24.2% Cost of sales 19,491 67.0% 25,785 67.2% (6,294) -24.4% ------ ---- ------ ---- ------ Gross profit 9,618 33.0% 12,594 32.8% (2,976) -23.6% General, selling and administrative expenses 6,522 22.4% 6,400 16.7% 122 1.9% ----- ---- ----- ---- --- Operating profit 3,096 10.6% 6,194 16.1% (3,098) -50.0% Three Months Ended September 30, -------------------------------- 2009 2008 2009 vs 2008 ---- ---- ------------ Transportation (Dollars in Thousands) -------------- ---------------------- Net sales $12,487 100.0% $17,983 100.0% $(5,496) -30.6% Cost of sales 10,933 87.6% 16,087 89.5% (5,154) -32.0% ------ ---- ------ ---- ------ Gross profit 1,554 12.4% 1,896 10.5% (342) -18.0% General, selling and administrative expenses 861 6.9% 938 5.2% (77) -8.2% --- --- --- --- --- Operating profit 693 5.5% 958 5.3% (265) -27.7% Three Months Ended September 30, ------------------------------- 2009 2008 2009 vs 2008 ---- ---- ------------ Corporate (Dollars in Thousands) --------- ---------------------- Intersegment shipping sales $(4,190) $(6,328) $2,138 Intersegment shipping costs (4,190) (6,328) $2,138 ------ ------ Gross profit - - General, selling and administrative expenses 5,791 5,628 163 2.9% ----- ----- Operating loss 5,791 5,628 163 2.9% AMCOL INTERNATIONAL CORPORATION SEGMENT RESULTS (unaudited) YEAR-TO-DATE Nine Months Ended September 30, ------------------------------- 2009 2008 2009 vs 2008 ---- ---- ------------ Minerals (Dollars in Thousands) -------- ---------------------- Net sales $244,657 100.0% $323,228 100.0% $(78,571) -24.3% Cost of sales 193,774 79.2% 267,532 82.8% (73,758) -27.6% ------- ---- ------- ---- ------- Gross profit 50,883 20.8% 55,696 17.2% (4,813) -8.6% General, selling and administrative expenses 27,020 11.0% 28,379 8.8% (1,359) -4.8% ------ ---- ------ --- ------ Operating profit 23,863 9.8% 27,317 8.4% (3,454) -12.6% Nine Months Ended September 30, ------------------------------- 2009 2008 2009 vs 2008 ---- ---- ------------ Environmental (Dollars in Thousands) ------------- ---------------------- Net sales $164,096 100.0% $222,393 100.0% $(58,297) -26.2% Cost of sales 107,580 65.6% 147,694 66.4% (40,114) -27.2% ------- ---- ------- ---- ------- Gross profit 56,516 34.4% 74,699 33.6% (18,183) -24.3% General, selling and administrative expenses 34,913 21.3% 41,754 18.8% (6,841) -16.4% ------ ---- ------ ---- ------ Operating profit 21,603 13.1% 32,945 14.8% (11,342) -34.4% Nine Months Ended September 30, ------------------------------- 2009 2008 2009 vs 2008 ---- ---- ------------ Oilfield Services (Dollars in Thousands) ----------------- ---------------------- Net sales $93,140 100.0% $100,177 100.0% $(7,037) -7.0% Cost of sales 60,554 65.0% 63,130 63.0% (2,576) -4.1% ------ ---- ------ ---- ------ Gross profit 32,586 35.0% 37,047 37.0% (4,461) -12.0% General, selling and administrative expenses 20,123 21.6% 18,156 18.1% 1,967 10.8% ------ ---- ------ ---- ----- Operating profit 12,463 13.4% 18,891 18.9% (6,428) -34.0% Nine Months Ended September 30, ------------------------------- 2009 2008 2009 vs 2008 ---- ---- ------------ Transportation (Dollars in Thousands) -------------- ---------------------- Net sales $35,336 100.0% $49,216 100.0% $(13,880) -28.2% Cost of sales 31,102 88.0% 44,081 89.6% (12,979) -29.4% ------ ---- ------ ---- ------- Gross profit 4,234 12.0% 5,135 10.4% (901) -17.5% General, selling and administrative expenses 2,551 7.2% 2,564 5.2% (13) -0.5% ----- --- ----- --- --- Operating profit 1,683 4.8% 2,571 5.2% (888) -34.5% Nine Months Ended September 30, ------------------------------- 2009 2008 2009 vs 2008 ---- ---- ------------ Corporate (Dollars in Thousands) --------- ---------------------- Intersegment shipping sales $(10,690) $(16,710) $6,020 Intersegment shipping costs (10,690) (16,710) $6,020 ------- ------- Gross profit - - General, selling and administrative expenses 16,440 18,208 (1,768) -9.7% ------ ------ ------ Operating loss 16,440 18,208 (1,768) -9.7% AMCOL INTERNATIONAL CORPORATION SUPPLEMENTARY INFORMATION (unaudited) QUARTER-TO-DATE Three Months Ended September 30, 2009 ------------------------------------- Composition of Sales by Asia Geographic Region Americas EMEA Pacific Total ----------------------- -------- ---- ------- ----- Minerals 29.0% 9.7% 8.0% 46.7% Environmental 17.0% 15.0% 1.8% 33.8% Oilfield services 13.7% 0.4% 1.1% 15.2% Transportation 4.3% 0.0% 0.0% 4.3% ---- ---- ---- ----- Total - current year's period 64.0% 25.1% 10.9% 100.0% ==== ==== ==== ===== Total from prior year's comparable period 66.9% 23.4% 9.7% 100.0% Three Months Ended September 30, 2009 vs. Three Months Ended September 30, 2008 ------------------------------------- Percentage of Revenue Base Acquisi- Foreign Growth by Component Business tions Exchange Total --------------------- -------- -------- -------- ----- Minerals -9.2% 0.0% -1.8% -11.0% Environmental -5.6% 0.2% -3.2% -8.6% Oilfield services -3.2% 0.0% -0.5% -3.7% Transportation -1.3% 0.0% 0.0% -1.3% ----- --- ---- ----- Total -19.3% 0.2% -5.5% -24.6% ===== === ==== ===== % of change 78.2% -0.9% 22.7% 100.0% Three Months Ended September 30, ---------------------------- 2009 2008 % change ---- ---- -------- Minerals Product Line Sales (Dollars in Thousands) --------------------------- ---------------------- Metalcasting $38,097 $46,392 -17.9% Specialty materials 26,661 29,033 -8.2% Pet products 16,959 19,559 -13.3% Basic minerals 6,348 19,471 -67.4% Other product lines 956 2,426 * ------ ------- Total 89,021 116,881 ====== ======= * Not meaningful. Three Months Ended September 30, -------------------------------- 2009 2008 % change Environmental Product ---- ---- -------- Line Sales (Dollars in Thousands) --------------------- ---------------------- Lining technologies $44,727 $57,320 -22.0% Building materials 14,227 22,237 -36.0% Other product lines 5,539 6,576 * ------ ------ Total 64,493 86,133 ====== ====== * Not meaningful. AMCOL INTERNATIONAL CORPORATION SUPPLEMENTARY INFORMATION (unaudited) YEAR-TO-DATE Nine Months Ended September 30, 2009 ------------------------------------ Composition of Sales by Asia Geographic Region Americas EMEA Pacific Total ----------------------- -------- ---- ------- ----- Minerals 29.6% 9.5% 7.4% 46.5% Environmental 15.6% 13.5% 2.1% 31.2% Oilfield services 16.1% 0.5% 1.1% 17.7% Transportation 4.6% 0.0% 0.0% 4.6% ---- ---- ---- ----- Total - current year's period 65.9% 23.5% 10.6% 100.0% ==== ==== ==== ===== Total from prior year's comparable period 67.3% 23.1% 9.6% 100.0% Nine Months Ended September 30, 2009 vs. Nine Months Ended September 30, 2008 ------------------------------------- Percentage of Revenue Base Acquisi- Foreign Growth by Component Business tions Exchange Total --------------------- -------- -------- -------- ----- Minerals -9.2% 0.0% -2.4% -11.6% Environmental -5.0% 0.2% -3.8% -8.6% Oilfield services -1.8% 1.1% -0.3% -1.0% Transportation -1.2% 0.0% 0.0% -1.2% ----- --- ---- ----- Total -17.2% 1.3% -6.5% -22.4% ===== === ==== ===== % of change 77.1% -5.9% 28.8% 100.0% Nine Months Ended September 30, ------------------------------- 2009 2008 % change ---- ---- -------- Minerals Product Line Sales (Dollars in Thousands) --------------------------- ---------------------- Metalcasting $100,592 $134,118 -25.0% Specialty materials 71,330 77,239 -7.7% Pet products 49,729 58,261 -14.6% Basic minerals 20,288 47,275 -57.1% Other product lines 2,718 6,335 * ------- ------- Total 244,657 323,228 ======= ======= * Not meaningful. Nine Months Ended September 30, ------------------------------- 2009 2008 % change Environmental Product ---- ---- -------- Line Sales (Dollars in Thousands) --------------------- ---------------------- Lining technologies $106,150 $138,267 -23.2% Building materials 41,704 65,090 -35.9% Other product lines 16,242 19,036 * ------- ------- Total 164,096 222,393 ======= ======= * Not meaningful.

    AMCOL International Corporation

    CONTACT: Don Pearson, Vice President & CFO of AMCOL International
    Corporation, +1-847-851-1500

    Web Site: http://www.amcol.com/




    Isilon Ranked 119th Fastest Growing Company in North America on Deloitte's 2009 Technology Fast 500(TM)Attributes Revenue Growth to Convergence of Enterprise Data Storage Needs with Scale-out NAS Capabilities

    SEATTLE, Oct. 23 /PRNewswire-FirstCall/ -- Isilon® Systems , the proven leader in scale-out NAS, today announced that it ranked 119th on the Technology Fast 500(TM), Deloitte LLP's ranking of 500 of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Rankings are based on percentage of fiscal year revenue growth during the five-year period from 2004 to 2008. Isilon's grew 1,395 percent during this period.

    Isilon's CEO, Sujal Patel, credits the ongoing convergence of enterprise data storage needs with the capabilities of scale-out NAS, as well as Isilon's continued business execution, with the company's 1,395 percent revenue growth over the past five years. He said, "Traditional NAS and SAN storage systems are simply incapable of delivering the simplicity, value and scale necessary to power today's file-based data applications, forcing enterprises to look elsewhere. As our revenue growth demonstrates, more and more of them are finding the solution they need with Isilon scale-out NAS."

    "Technology Fast 500(TM) recognizes innovative companies that have broken down barriers to success and defied the odds with their remarkable five-year revenue growth," said Phil Asmundson, vice chairman and U.S. technology, media and telecommunications leader, Deloitte LLP. "We congratulate Isilon on this accomplishment."

    "With its impressive five-year growth, Isilon has earned its position among the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America," said Mark Jensen, Managing Partner, technology and venture capital services, Deloitte & Touche LLP. "Deloitte is proud to honor Isilon for its achievement."

    Technology Fast 500(TM) Selection and Qualifying Criteria

    Technology Fast 500(TM) provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. This ranking is compiled from nominations submitted directly to the Technology Fast 500(TM) website, and public company database research conducted by Deloitte. Technology Fast 500(TM) award winners for 2009 are selected based on percentage fiscal year revenue growth during the five-year period from 2004 to 2008.

    In order to be eligible for Technology Fast 500(TM) recognition, companies must own proprietary intellectual property or proprietary technology that contributes to a significant portion of the company's operating revenues. Using other companies' technology or intellectual property in a unique way does not satisfy this requirement. Consulting companies, professional service firms, etc. are not eligible unless they have proprietary technology that contributes to a significant portion of their operating revenues.

    Technology Fast 500(TM) award eligibility requirements also include base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. These revenues must have more than doubled between 2004 and 2008. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.

    About Isilon Systems

    Isilon Systems is the proven leader in scale-out NAS. Isilon's clustered storage and data management solutions drive unique business value for customers by maximizing the performance of their mission-critical applications, workflows, and processes. Isilon enables enterprises and research organizations worldwide to manage large and rapidly growing amounts of file-based data in a highly scalable, easy-to-manage, and cost-effective way. Information about Isilon can be found at http://www.isilon.com/.

    About Deloitte

    As used in this document, "Deloitte" means Deloitte LLP. Please see http://www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

    The names of companies mentioned herein are the trademarks of their respective owners.

    Isilon Systems

    CONTACT: Lucas Welch of Isilon Systems, +1-206-315-7621,
    lucas.welch@isilon.com; or James McIntyre of McClenahan Bruer,
    +1-503-546-1016, james@mcbru.com, for Isilon Systems

    Web Site: http://www.isilon.com/




    Sierra Bancorp Declares Quarterly Cash Dividend

    PORTERVILLE, Calif., Oct. 23 /PRNewswire-FirstCall/ -- Sierra Bancorp , parent of Bank of the Sierra, today announced that its Board of Directors declared a regular quarterly cash dividend of $0.10 per share, subsequent to the Board's review of the Company's preliminary financial results and capital strength for the third quarter and first nine months of 2009. The per-share dividend is the same as paid last quarter. The dividend will be paid on November 19, 2009 to shareholders of record as of November 5, 2009.

    Sierra Bancorp is the holding company for Bank of the Sierra (http://www.bankofthesierra.com/), which is in its 32nd year of operations and is the largest independent bank headquartered in the South San Joaquin Valley. The Company has $1.3 billion in total assets with 24 branch offices, an agricultural credit center, an SBA center, an online "virtual" branch, and over 400 employees.

    The statements contained in this release that are not historical facts are forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties including but not limited to the bank's ability to maintain current dividend payments or increase dividend payouts to shareholder, its ability to continue to generate record financial results, changes in economic conditions, interest rates and loan portfolio performance, and other factors detailed in the Company's SEC filings. Sierra Bancorp undertakes no responsibility to update or revise any forward-looking statements.

    Sierra Bancorp

    CONTACT: Ken Taylor, EVP/CFO, or Kevin McPhaill, EVP/Chief Banking
    Officer, both of Sierra Bancorp, +1-559-782-4900, 1-888-454-BANK

    Web Site: http://www.bankofthesierra.com/
    http://www.sierrabancorp.com/




    Delcath Systems Completes Executive Management Team with Strategic New Hires

    NEW YORK, Oct. 23 /PRNewswire-FirstCall/ -- Delcath Systems, Inc. , a medical technology company testing its proprietary treatment method for primary and metastatic cancers to the liver, completed the expansion of its executive management team with three new hires. Armand "Chuck" Frigon will join Delcath as Vice President for Operations on November 2, 2009; Agustin Gago will join as Executive Vice President for Global Sales and Marketing, also on November 2; and John Purpura will join as Executive Vice President for Regulatory Affairs and Quality Assurance on November 16, 2009. These are all new positions.

    "With enrollment in our Phase III study of the Delcath PHP System(TM) for the regional delivery of melphalan to the liver now complete, we are focused on preparing for FDA submission in 2010, international licensing and manufacturing," said Eamonn Hobbs, President and CEO of Delcath. "We have brought on three exceptional executives to lead our efforts in these areas and deliver the additional skills and experience we need in executive management to transition from an R&D to a commercial enterprise. We look forward to working side-by-side with Chuck, Agustin and John to generate still greater momentum in our business."

    John Purpura, 48, was most recently with E-Z-EM as Vice President and then Executive Director of International Regulatory Affairs from 2007 to 2008, and Head of Regulatory Affairs for North America and Latin America from 2008 to the present. Prior to E-Z-EM, Mr. Purpura had an 11-year career with Sanofi-Aventis in progressively more senior regulatory CMC responsibilities, ultimately serving as Associate Vice President for Regulatory CMC from 2005 to 2007. Prior to Sanofi, Mr. Purpura held various quality and regulatory management roles with Bolar Pharmaceuticals, Luitpold Pharmaceuticals, and Eon Labs Manufacturing from 1985 to 1995. He earned a MS in Management & Policy and BS degrees in Chemistry and Biology at the State University of New York at Stony Brook.

    Before joining Delcath, Agustin Gago had been Vice President for International Oncology Surgery Sales at AngioDynamics, Inc since 2008. Prior to AngioDynamics, he was Vice President for the Global GI Business Unit at E-Z-EM from 2002 and Vice President of International Operations from 1998. He earned his BS in Business Management at Hofstra University and diplomas in International and Export Practices at universities overseas.

    Armand Frigon is known as Chuck. He has been general manager of Sterigenics International since 2007. Prior to Sterigenics, Mr. Frigon was with Tyco Healthcare since 1988 as materials manager in its disposable medical device unit. He was Production and Inventory Control Manager and Senior Industrial Engineer at Mallinkrodt Anesthesia Products from 1983 to 1988 and Production Manager, Plant Engineering Manager, and Plant Industrial Engineer at CR Bard from 1979 to 1982. He earned a BA in Operations Management from Excelsior College.

    Delcath also recently announced the additions of David McDonald as Chief Financial Officer and Dr. Krishna Kandarpa as Chief Medical Officer and EVP of Research and Development.

    About Delcath Systems, Inc.

    Delcath Systems, Inc. is a medical device company specializing in cancer treatment. The Company is testing a proprietary, patented drug delivery system for the treatment of liver cancers. Delcath's novel drug delivery platform is testing the delivery of ultra-high doses of anti-cancer drugs to the liver while preventing these high doses of drug from entering the patient's bloodstream. The Company maintains a broad intellectual property portfolio on a worldwide basis including the U.S., Europe, Asia and Canada. For more information, please visit the Company's website at http://www.delcath.com/.

    The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by the Company or on its behalf. This news release contains forward-looking statements, which are subject to certain risks and uncertainties that can cause actual results to differ materially from those described. Factors that may cause such differences include, but are not limited to, uncertainties relating to our ability to successfully complete clinical trials and secure regulatory approval of our current or future drug-delivery system and uncertainties regarding our ability to obtain financial and other resources for any research, development and commercialization activities. These factors, and others, are discussed from time to time in our filings with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise these forward-looking statements to reflect events or circumstances after the date they are made.

    Delcath Systems, Inc.

    CONTACT: investors, Doug Sherk, Stacey Fisher, Mike Pollack,
    +1-415-896-6820; or media, Steve DiMattia, +1-646-201-5445, all of EVC Group
    for Delcath Systems, Inc.

    Web Site: http://www.delcath.com/




    Jamba Juice Lays Down New Roots in New York CityBananaman Helps MillionTreesNYC Reach Their Goal of Planting 20,000 Trees Across Five New York Boroughs

    EMERYVILLE, Calif., Oct. 23 /PRNewswire-FirstCall/ -- -- Jamba Juice announced today that it will help New York City become a little more green as it aligns itself with MillionTreesNYC on Saturday, October 24th to plant 20,000 trees in one day. As part of the company's Fall 'Feel Good Campaign' Jamba will bring some cheer to the volunteers, by donating gardening gloves, rain ponchos, and Jamba Feel Good Bucks--in the fifteen different planting locations across New York City. Bananaman, The Jamba Juice "Feel Good Jambassador", will be getting his own hands dirty as he digs in to help volunteers, encouraging participation and helping New York City feel good--for generations to come.

    Launched just over two years ago by Mayor Bloomberg and Bette Midler, MillionTreesNYC is one of the 127 PLANYC initiatives - a citywide, public-private program with an ambitious goal: to plant and care for one million new trees across the city's five boroughs over the next decade. On October 24th, MillionTreesNYC and Jamba Juice will join forces to welcome and help to support over 1,000 volunteers working to beautify NYC neighborhoods and parks, making it a healthier, more environmentally sustainable city.

    Jamba Juice is sponsoring the greening event as a part of their current Feel Good Campaign, a three month promotion comprised of three parts, including 'Feel Good Bucks', 'Feel Good Moment Sweepstakes' and unexpected public 'Feel Good Events'. The campaign embraces the excitement customers have for Jamba Juice® products and blends up another way to keep them feeling good.

    "The Jamba Juice Fall Feel Good Campaign is all about connecting with and engaging our customers in their space, becoming a part of what makes them feel good," said James D. White President and CEO, Jamba, Inc. "Aligning with MillionTreesNYC allows us to really get our hands in the soil, giving back to a Jamba community and making a mark that will last for years to come."

    In addition to the sponsoring the MillionTreesNYC event, Jamba plans to give away 30 million Jamba Juice 'Feel Good Bucks'--vouchers worth anywhere from $1 towards a Jamba product purchase to $10,000 in cash-- during the course of this promotion. The individual value of the Feel Good Buck will be revealed by a Jamba team member when entered at a Jamba register, bringing an element of surprise to lucky Jamba Juice customers. Bucks may be used at participating Jamba Juice locations to purchase any Jamba product, including the new Grab-n-Go wraps, salads, sandwiches, California Flatbreads(TM) and Fruit Tea Infusions(TM). Some 'Feel Good Bucks' can be redeemed for Jamba gift cards valued between $5-$25; others for cash prizes ranging from $50 to the $10,000 grand prize.

    Coinciding with the Feel Good Bucks, Jamba Juice will encourage customers to win their ultimate 'Feel Good Moment' by filling out a sweepstakes form--located on the back of their buck and in-store--and submitting it at their local Jamba Juice. Whether it's a trip to an exotic destination, supporting their favorite cause or paying off a student loan--Jamba Juice will fulfill any wish up to $10,000 and within legal limits. Three lucky winners will be randomly selected and announced throughout the campaign.

    Jamba's Feel Good Moments Campaign will run in participating stores until January 4, 2010. To download a Feel Good Buck and for more information, please visit http://www.jamba.com/. To Follow Jamba's Feel Good Moments campaign and find out where Bananaman will be next, become a Facebook fan at: http://www.facebook.com/jambajuice

    About Jamba, Inc.

    Jamba, Inc. is a holding company and through its wholly-owned subsidiary, Jamba Juice Company, owns and franchises JAMBA JUICE® stores. Founded in 1990, Jamba Juice is a leading restaurant retailer of better-for-you food and beverage offerings, including great tasting fruit smoothies, juices, and teas, hot oatmeal made with organic steel cut oats, wraps, salads, sandwiches, and California Flatbreads(TM), and a variety of baked goods and snacks. As of October 6, 2009, Jamba Juice had 742 locations consisting of 488 company- owned and operated stores and 254 franchise stores. For the nearest location or a complete menu, visit the Jamba Juice website at http://www.jamba.com/ or call 1-866-4R-FRUIT.

    Jamba, Inc.

    CONTACT: Marci Coulson, marci@neighboragency.com, or Katy Saeger,
    katy@neighboragency.com, both of Neighbor Agency, +1-323-932-4102, for Jamba,
    Inc.

    Web Site: http://www.jamba.com/




    Photos: TripAdvisor Launches World Heritage Campaign; Calls on the World's Largest Travel Community to Help Protect the World's Most Important PlacesTripAdvisor Pledges $1.5 Million in Support and Traveler Feedback to UNESCO Survey Names Top Global Destinations Americans Want to Protect; 72% Would Do More to Help if They Knew How

    NEWTON, Mass., Oct. 23 /PRNewswire/ -- TripAdvisor®, the world's most popular and largest travel community, today kicked off the TripAdvisor World Heritage Campaign and has pledged to support the UNESCO World Heritage Centre by making a call to action for the 25 million monthly visitors on TripAdvisor to help protect the places around the world that matter the most.

    To view the Multimedia News Release, go to: http://multivu.prnewswire.com/mnr/tripadvisor/37979/

    (Photo: http://www.newscom.com/cgi-bin/prnh/20091023/NY97781 ) (Logo: http://www.newscom.com/cgi-bin/prnh/20080902/TRIPADVISORLOGO ) Giving Travelers the "Write Idea" to Help

    TripAdvisor is encouraging the contribution of reviews and opinions from its large and passionate community of millions of members to provide much needed information about the condition of World Heritage sites so they may be better protected. In order to compile traveler feedback on nearly 900 World Heritage sites across the globe, UNESCO's World Heritage Centre invited TripAdvisor, via its millions of members and technological expertise, to provide traveler insights and support to the Centre.

    As part of the two-year campaign, TripAdvisor has also pledged to donate up to $1.5 million U.S. of support, including a cash donation that will be allocated to UNESCO World Heritage initiatives. Travelers can learn more about how to help at http://www.tripadvisor.com/worldheritage.

    Survey Shows Travelers Would Do More to Help if They Knew How

    TripAdvisor conducted a World Heritage site survey of more than 2,500 U.S. respondents to determine traveler interest in and knowledge of culturally and naturally significant sites, as well as sustainable and responsible tourism. According to the survey:

    Top 10 Global Sites U.S. Travelers are Most Concerned About Preserving and Protecting

    1. Galapagos Islands 2. Grand Canyon National Park 3. Yellowstone National Park 4. Acropolis, Athens 5. Yosemite National Park 6. Venice and its Lagoon 7. Redwood National and State Parks 8. Statue of Liberty 9. Old City of Jerusalem and its Walls 10. Stonehenge, Avebury and Associated Sites Information Starved

    Seventy-two percent of U.S. respondents said they would do more to help protect sites of historical, cultural, or natural significance if they had more information on how they could help.

    Thinking Globally

    Sixty-six percent said they are "very concerned" about protecting sites of historical, cultural and environmental significance around the world, and 31 percent are "somewhat concerned." Fifty-three percent of U.S. respondents said they care more about historical, cultural or environmental destinations in other countries.

    Helping Hands

    Twenty-six percent of U.S. respondents said they are involved in supporting or protecting sites of historical, cultural and environmental significance around the world.

    Among those helping, 65 percent are donating money and 31 percent are actively encouraging decision makers to take necessary measures to help, such as with letters and phone calls.

    Hands Tied

    The main reason respondents are not already helping? According to survey results, 29 percent don't know what they can do to help, and an additional 29 percent said they are not involved because they are uncertain where their money is going. Twenty-five percent said they are unable to donate.

    What Gets Them Going

    Seventy-five percent of those surveyed said they are "very interested" in visiting sites of historical, cultural or environmental significance around the world. When asked where they spend the majority of their time on vacation, 61 percent cited visiting historical or cultural attractions such as the Alhambra in Spain, the Pyramids in Egypt or the Statue of Liberty in New York City.

    World Heritage for About a Half

    Fifty-five percent of U.S. respondents have visited a World Heritage site in their lifetime. Fifteen percent have never heard of a World Heritage site and 23 percent are not sure if they have ever visited one of the sites. Fifty-three percent plan to visit or are interested in visiting somewhere with a World Heritage site nearby in the future.

    Top 5 Steps U.S. Travelers Take to Contribute to Sustainable and Responsible Tourism

    1. 82% Participate in their hotel's linen/towel reuse program 2. 75% Recycle and or reuse plastic bottles and cans

    3. 60% Keep themselves informed about the fragility of certain destinations and pay attention to the advice given when visiting

    4. 58% Turn off/unplug electronic devices when not in their hotel room 5. 54% Walk, bike or take public transportation as much as possible Top 5 Historically or Culturally Significant Destinations in the World 1. Acropolis, Athens 2. Old City of Jerusalem and its Walls 3. Auschwitz Birkenau 4. Historic Center of Florence 5. Galapagos Islands Top 5 Historically or Culturally Significant Destinations in the U.S. 1. Statue of Liberty 2. Grand Canyon National Park 3. Independence Hall 4. Yellowstone National Park 5. Yosemite National Park Top 5 Environmentally or Naturally Significant Destinations in the World 1. Grand Canyon National Park 2. Galapagos Islands 3. Yellowstone National Park 4. Yosemite National Park 5. Redwood National and State Parks Top 5 Environmentally or Naturally Significant Destinations in the U.S. 1. Grand Canyon National Park 2. Yellowstone National Park 3. Yosemite National Park 4. Redwood National and State Parks 5. Everglades National Park Top 10 Places Every Traveler Should See in their Lifetime 1. New York City 2. Rome 3. Paris 4. London 5. Washington, D.C. 6. Athens 7. Venice 8. Cairo 9. Jerusalem 10. Florence

    "Travelers clearly want to do more to help protect sites around the world that matter, but are hungry for information on what they can do to contribute," said Christine Petersen, chief marketing officer for TripAdvisor. "By submitting reviews on the condition of World Heritage sites, TripAdvisor travelers can provide UNESCO with much needed information to help preserve the places we cherish for generations to come."

    Francesco Bandarin, Director of the UNESCO World Heritage Centre, said: "Because of TripAdvisor's excellent reach to their member community, we can, together, raise awareness of World Heritage as well as receive member feedback about sites. This certainly helps us flag site issues and provides useful information on how World Heritage travelers engage with the sites and their communities. We are looking forward to partnering with TripAdvisor on this initiative."

    About TripAdvisor Media Network

    TripAdvisor® Media Network, operated by TripAdvisor, LLC, attracts more than 36 million monthly visitors* across 15 popular travel brands: TripAdvisor®, http://www.airfarewatchdog.com/, http://www.bookingbuddy.com/, http://www.cruisecritic.com/, http://www.familyvacationcritic.com/, http://www.flipkey.com/, http://www.frequentflier.com/, http://www.holidaywatchdog.com/, http://www.independenttraveler.com/, http://www.onetime.com/, http://www.seatguru.com/, http://www.smartertravel.com/, http://www.travel-library.com/, http://www.travelpod.com/ and http://www.virtualtourist.com/. TripAdvisor-branded sites make up the largest travel community in the world, with more than 25 million monthly visitors*, 11 million registered members and 25 million reviews and opinions. Featuring real advice from real travelers, TripAdvisor-branded sites cover more than one million destinations, hotels, restaurants and attractions and operate in the U.S. (http://www.tripadvisor.com/), the U.K. (http://www.tripadvisor.co.uk/), Ireland (http://www.tripadvisor.ie/), France (http://www.tripadvisor.fr/), Germany (http://www.tripadvisor.de/), Italy (http://www.tripadvisor.it/), Spain (http://www.tripadvisor.es/), India (http://www.tripadvisor.in/), Japan (http://www.tripadvisor.jp/), Portugal and Brazil (http://www.tripadvisor.com.br/), Sweden (http://www.tripadvisor.se/), and The Netherlands (http://nl.tripadvisor.com/). TripAdvisor also operates in China under the brand daodao.com (http://www.daodao.com/). TripAdvisor® Media Network provides travel suppliers with graphical advertising opportunities and a cost-per-click marketing platform. Collectively, the sites comprising the TripAdvisor Media Network have won hundreds of awards and accolades from press and industry worldwide. TripAdvisor and the sites comprising the TripAdvisor Media Network are operating companies of Expedia, Inc. .

    TripAdvisor and the TripAdvisor logo are registered trademarks of TripAdvisor LLC in the U.S. and/or other countries. Other logos or product and company names mentioned herein may be the property of their respective owners.

    ©2009 TripAdvisor LLC. All rights reserved.

    *Source: comScore Media Metrix, July 2009

    Photo: http://www.newscom.com/cgi-bin/prnh/20080902/TRIPADVISORLOGO
    http://www.newscom.com/cgi-bin/prnh/20091023/NY97781
    http://photoarchive.ap.org/
    PRN Photo Desk, photodesk@prnewswire.com TripAdvisor

    CONTACT: Brooke Ferencsik of TripAdvisor, +1-617-670-6575, or
    bferencsik@tripadvisor.com

    Web Site: http://www.tripadvisor.com/




    Whirlpool Corporation Reports Third-Quarter 2009 ResultsProductivity and cost reductions drive operating profit improvement and strong cash flow generation

    Benton Harbor, Mich., Oct. 23 /PRNewswire/ -- Whirlpool Corporation announced today third-quarter 2009 earnings of $1.15 per diluted share compared to $2.15 per diluted share reported in the prior year. The company reported net sales of $4.5 billion, a decrease of 8 percent from the year-ago period. Excluding the impact of foreign exchange translation, the company's third-quarter sales declined approximately 3 percent.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20040202/DETU004LOGO)

    Third-quarter operating profit increased 8 percent compared to the prior year and was favorably impacted by cost reduction and productivity initiatives. These favorable items were partially offset by lower global sales and production volumes, unfavorable foreign currency impact and lower monetization of certain tax credits. Third-quarter results included a previously announced expense of $43 million, or $0.50 per share net of tax, related to an affiliate settlement agreement with the Brazilian competition commission.

    "Our strong operating performance improvement in the quarter highlights our successful cost reduction efforts, the strength of our global operating platform, our commitment to product innovation and strong consumer brands," said Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation. "These factors, combined with our continued emphasis on marketplace execution, will remain key focal points as we manage through this challenging macroeconomic environment."

    THIRD-Quarter RegionAL Review Whirlpool North America

    Third-quarter sales of $2.5 billion declined 9 percent from the prior year. Excluding the effects of currency, sales declined approximately 7 percent from the prior year. U.S. industry unit shipments of major appliances (T7)* declined 6 percent during the third quarter.

    The North America region reported operating profit of $140 million compared to $74 million in the previous year. The improvement was primarily the result of cost reduction and productivity initiatives. These factors were partially offset by lower unit production volume, unfavorable foreign currency fluctuations and lower product price/mix.

    Based on the current economic outlook, the company expects full-year 2009 U.S. industry unit shipments to decline approximately 10 percent compared with its prior expectation of a decline between 10 percent and 12 percent.

    Whirlpool Europe

    Whirlpool Europe reported third-quarter sales of $899 million, a 17 percent decrease from the prior year. Excluding the effects of currency, sales declined approximately 11 percent. Overall industry unit demand during the quarter declined approximately 10 percent from the prior year.

    The region reported an operating profit of $14 million during the third quarter compared with $52 million reported in the previous year. Results were negatively impacted by substantially lower volumes and the non-recurrence of an asset sale and insurance settlement recorded in the previous year. These factors were partially offset by cost reduction and productivity initiatives.

    The company continues to expect full-year 2009 industry unit shipments to decline approximately 13 percent from 2008 levels.

    Whirlpool Latin America

    Third-quarter net sales totaled $992 million compared to $989 million in the prior year. Excluding currency translation, sales increased approximately 12 percent. The sales increase was driven by a strong increase in Brazilian appliance demand. During the quarter, the company's Brazilian appliance sales increased 40 percent in local currency and the company continued to strengthen its leadership position in the marketplace.

    Operating profit totaled $93 million in the third quarter compared with $116 million in the prior year. The lower profitability is primarily related to significantly lower monetization levels of certain tax credits and unfavorable foreign currency fluctuations. These items were partially offset by cost reduction and productivity initiatives and an overall increase in unit shipments.

    The company currently anticipates full-year 2009 Brazilian appliance shipments will increase more than 15 percent compared to the previous expectation of more than 10 percent.

    Whirlpool Asia

    Whirlpool Asia reported third-quarter sales of $162 million, increasing 18 percent from the prior year. Excluding the impact of currency, sales increased 26 percent. Operating profit during the quarter totaled $8 million, an increase of $8 million from the prior year. The year-over-year increase in operating profit resulted from higher unit volume, higher productivity and cost reductions, and a $3 million asset sale gain. These favorable items were partially offset by unfavorable product price/mix.

    The company anticipates full-year 2009 industry unit shipments in Asia to be up 10 percent compared to the previous expectation of unit shipments of flat-to-up 5 percent from 2008 levels.

    Outlook

    For the full-year 2009, Whirlpool Corporation expects earnings per diluted share to be approximately $4.25 compared with the prior expectation of $3.50 to $4.00 per diluted share. For the full year, the company expects to generate free cash flow** of approximately $500 million to $600 million compared with the prior expectation of $300 million to $400 million. The company's earnings and free cash flow projections are based upon current economic forecasts and business plans.

    "Our improved outlook reflects our success in restructuring our business to aggressively align our capacity and resources to lower demand levels," said Fettig. "While we continue to see uncertain and volatile demand levels in many markets, we are well-positioned to deliver higher 2009 earnings and free cash flow compared with our previous expectations."

    * T7 refers to the following household appliance categories: washers, dryers, refrigerators, freezers, dishwashers, ranges and compactors.

    ** A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by operations appears below under the heading "Cash Flow Reconciliation."

    -- Whirlpool North America Region launched: -- The Whirlpool Gold free-standing, double oven range. The upper oven uses 50 percent less energy and pre-heats in half the time, compared to a conventional full-sized oven. -- The Maytag brand Performance Series front-load washing machine with Fresh Hold option and Dynamic Venting Technology. The high-efficiency, ENERGY STAR® qualified washing machine incorporates Dynamic Venting Technology, an industry-first available on certain models, and a fan to circulate air to help prevent odor. -- The Maytag brand Bravos high-efficiency top-load laundry pair featuring the largest capacity in the industry, faster spin speeds and Maytag commercial technology. The high-efficiency top-load laundry pair now has an even larger capacity of 5.0 cubic feet that can wash up to 18 pounds of laundry per load. -- The Maytag brand ICE2O refrigerator with patented door seal to keep cold air in and warm air out to maintain a steady temperature while saving energy. The ICE2O also features a Beverage Chiller to keep liquids four degrees cooler than the rest of the refrigerator, a measured fill option with rotating faucet, Store-N-Door Ice Dispensing System and a color LCD touch screen with a power outage indicator. -- A Maytag brand gas range with the industry's largest oven capacity available and powerful 17,000 BTU burners, which boil water faster than a standard burner. -- The Amana brand top-freezer refrigerator in a new midnight blue color. -- Gladiator GarageWorks tool storage solutions for its classic and premier product lines. Components are sold separately, but are designed to work together: -- The premier three-piece stacked tool chest consisting of a seven-drawer roll-away, three-drawer intermediate chest and six-drawer tool chest. -- A classic three-piece stacked tool chest consisting of a five-drawer roll-away, three-drawer intermediate chest and nine-drawer tool chest. -- The premier 41" wide tool chest consisting of a 10-drawer tool chest and 12-drawer roll-away. -- A premier 52" wide tool chest consisting of a 10-drawer tool chest and 10-drawer roll-away. -- Whirlpool Europe Region launched: -- The Whirlpool brand iXelium stainless steel cooktop, the first cooktop that never loses its shine. With the exclusive application of nanotechnology to steel, the iXelium steel cooktop is quick and easy to clean: its surface prevents food residue from becoming attached. The cooktop is unaffected by chemical agents or mechanical actions, and it never becomes stained or scratched. -- The Whirlpool brand Green Generation washing machine. The washing machine features Whirlpool exclusive 6TH SENSE technology, a SuperEco cycle that reduces energy consumption by up to 40 percent on a full load, and a Detergent Optimization System (DOS) capable of reducing detergent use by up to 20 percent for every wash. In addition, the hot fill connection, that uses water heated by solar panels or other alternative sources, can reduce energy consumption by up to 60 percent. -- The Whirlpool brand no-frost Fresh Control refrigerator designed to naturally keep food fresh for up to twice as long. Its active sensors detect changes in temperature and humidity, and the refrigerator adapts to these changes to maintain the optimal environment for preserving food. -- The Bauknecht brand EcoStyle dishwasher featuring sensors that detect the soil level of the dishes to reduce water consumption by up to 50 percent and cycle times by up to 60 percent. -- The KitchenAid brand induction cooktop featuring a griddle function and griddle accessory. When the griddle is placed on the cooktop and the griddle function is selected, the cooktop automatically adjusts the power level to maintain the correct temperature. -- Whirlpool Latin America Region launched: -- The Brastemp brand Ative! dishwasher featuring an LCD display and seven wash cycles. The dishwasher uses eight times less water than hand washing. -- The Brastemp brand Gourmand line of kitchen appliances, offering consumers the ability to create an aesthetically unified kitchen, with state-of-the-art innovation and modern, robust design. Some items in the new Gourmand line include two-door refrigerators, dishwashers, microwaves, cooktops, a wine cellar, and five-burner ranges - including one with a steamer in the stove. The line also offers kitchen accessories, such as pots and utensils. -- The Consul brand window air conditioner with humidifier to the Brazilian market. The Consul Bem-Estar unit can be used to provide both cool air and increased humidity for drier climates. -- The Consul brand's first five-burner range. The Consul Facilite range features a pre-heating sensor, a Super Flame function to aid in the preparation of long-standing foods, tall feet for easier cleaning under the unit, an iron handle and double grills. -- Whirlpool Asia Region launched: -- The SuperWash washing machine series featuring India's only semi-automatic washing machine with built-in heater. Other washing machine features in the series include large load capacities and a patented wash system agitator. THIRD-QUARTER 2009 AWARDS AND ACCOMPLISHMENTS -- Whirlpool Corporation was named to the 2009/2010 Dow Jones Sustainability Index (DJSI), an international stock portfolio that evaluates corporate performance using economic, environmental and social criteria. This is the fifth year in a row that Whirlpool has been named to a Dow Jones Sustainability Index. -- Whirlpool Corporation was named to the Newsweek Green Rankings, a list of the 500 greenest big companies in America. Whirlpool ranked 78th on the list. -- Whirlpool Corporation became a member of The Demand Response and Smart Grid Coalition (DRSG) and announced its commitment to make 1 million smart-grid ready dryers by the end of 2011. -- Whirlpool Corporation teamed up with Habitat for Humanity® to help build eight homes in five days in Atlanta as part of the fourth annual Whirlpool Building Blocks program. -- Whirlpool Corporation was named to the Human Rights Campaign's Corporate Equality Index 2010, receiving a top rating of 100 percent. The index recognizes businesses that work with and provide for lesbian, gay, bisexual and transgender workers and consumers. This marks the sixth consecutive year on the index. -- Whirlpool Latin America was named the Best Company to work for in Brazil for the 13th consecutive year by Guia Voce S.A/Exame. -- Whirlpool Latin America was named one of the 25 most innovative companies in Brazil, according to a survey led by Epoca Negocios magazine. -- The Jenn-Air brand ductless downdraft cooktop was named one of the 100 Best New Products by Professional Builder for 2009, for innovation and new technology. -- The July issue of Building Products named the Whirlpool brand SteamClean range a 2009 Most Valuable Product. -- The Maytag Bravos high-efficiency top-load washing machine was named the No. 1 top-load washer by a leading consumer magazine. -- Three Amana brand refrigerators received Best Buy recognition by a leading consumer magazine. -- The Whirlpool brand was recognized with a 2009 Good Green Design Award from the Chicago Athenaeum for its Duet fabric care system. -- In China, the Whirlpool brand three-door refrigerator won an iF design award. This marks Whirlpool Corporation's third iF Design Award this year. -- The Institut Francais du Design in Paris awarded the Whirlpool brand PURE water filtration product with the prestigious Janus de l'Industrie Award. This water filtration product, designed in Europe, meets growing consumer demand for products that help achieve a more eco-friendly lifestyle. -- In Europe, the Whirlpool brand Max 28 grill microwave oven picked up a Best Buy award in the August 2009 issue of U.K. consumer magazine, Which?. -- In Europe, the Whirlpool brand combi microwave oven was named Best Buy and Best in Test in the September 2009 issue of French consumer magazine, Que Choisir. -- Whirlpool India received the Frost & Sullivan 2009 Business Development Strategy Leadership Award in the Indian Residential Point-of-Use Water Treatment Systems Market. The award is presented annually to a company that is able to anticipate consumer needs and develop products and/or services that meet consumer demands, successfully introduce products or services to the industry and identify new market segments to expand the existing consumer base. Cash Flow Reconciliation

    The table below reconciles actual 2009 and 2008 and projected 2009 cash provided by operations determined in accordance with generally accepted accounting principles (GAAP) in the United States to free cash flow, a non-GAAP measure. Management believes that free cash flow provides shareholders with a relevant measure of liquidity and a useful basis for assessing the company's ability to fund its activities and obligations. There are limitations to using non-GAAP financial measures, including the difficulty associated with comparing companies that use similarly named non-GAAP measures whose calculations may differ from the company's calculations. As defined by the company, free cash flow is cash provided by operations after capital expenditures and proceeds from the sale of assets/businesses.

    Nine Months Ended September 30 ------------ (millions of dollars) 2009 2008 2009 Outlook ---- ---- ------------ Cash provided by (used in) operations $652 $(6) $900 - $1,025 Capital expenditures (348) (378) (475) - (525) Proceeds from sale of assets 69 35 75 - 100 --- --- --- --- Free cash flow $373 $(349) $500 $600 === === === === About Whirlpool Corporation

    Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of approximately $19 billion in 2008, 70,000 employees, and 67 manufacturing and technology research centers around the world. The company markets Whirlpool, Maytag, KitchenAid, Jenn-Air, Amana, Brastemp, Consul, Bauknecht and other major brand names to consumers in nearly every country around the world. Additional information about the company can be found at http://www.whirlpoolcorp.com/.

    Whirlpool Additional Information:

    This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries ("Whirlpool") that speak only as of this date. Whirlpool disclaims any obligation to update these statements. Forward-looking statements in this document may include, but are not limited to, statements regarding expected earnings per share, cash flow, productivity and material and oil-related prices. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool's forward-looking statements. Among these factors are: (1) changes in economic conditions which affect demand for our products, including the strength of the building industry and the level of interest rates; (2) the effects of the global economic crisis on our customers, suppliers and the availability of credit; (3) Whirlpool's ability to continue its relationship with significant trade customers, including Sears Holding Corporation in North America (accounting for approximately 11% of Whirlpool's 2008 consolidated net sales of $18.9 billion) and the ability of these trade customers to maintain or increase market share; (4) intense competition in the home appliance industry reflecting the impact of both new and established global competitors, including Asian and European manufacturers; (5) the ability of Whirlpool to manage foreign currency fluctuations; (6) litigation including product liability and product defect claims; (7) the ability of Whirlpool to achieve its business plans, productivity improvements, cost control, leveraging of its global operating platform, and acceleration of the rate of innovation; (8) fluctuations in the cost of key materials (including steel, oil, plastic, resins, copper and aluminum) and components and the ability of Whirlpool to offset cost increases; (9) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (10) health care cost trends and regulatory changes that could increase future funding obligations for pension and other postretirement benefit plans; (11) Whirlpool's ability to obtain and protect intellectual property rights; (12) global, political and/or economic uncertainty and disruptions, especially in Whirlpool's significant geographic regions, including uncertainty and disruptions arising from natural disasters or terrorist attacks; (13) the effects of governmental investigations or related actions by third parties; (14) the impact of labor relations; (15) our ability to attract, develop and retain executives and other qualified employees; (16) the cost of compliance with environmental and health and safety regulations. Additional information concerning these and other factors can be found in Whirlpool Corporation's filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.

    WHIRLPOOL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF INCOME (UNAUDITED) FOR THE PERIOD ENDED SEPTEMBER 30 (Millions of dollars, except per share data) Three Months Nine Months Ended Ended ------------ ----------- 2009 2008 2009 2008 ---- ---- ---- ---- Net sales $4,497 $4,902 $12,235 $14,592 Expenses Cost of products sold 3,877 4,217 10,537 12,541 Selling, general and administrative (exclusive of intangible amortization) 400 477 1,117 1,419 Intangible amortization 7 7 21 21 Restructuring costs 24 24 71 72 --- --- --- --- Operating profit 189 177 489 539 Other income (expense) Interest and sundry income (expense) (51) (3) (110) (34) Interest expense (58) (52) (178) (150) --- --- ---- ---- Earnings before income taxes and other items 80 122 201 355 Income tax benefit (13) (46) (51) (41) --- --- --- --- Net earnings 93 168 252 396 Less: Net earnings available to noncontrolling interests (6) (5) (19) (22) --- --- --- --- Net earnings available to Whirlpool common stockholders $87 $163 $233 $374 === ==== ==== ==== Per share of common stock Basic net earnings available to Whirlpool common stockholders $1.17 $2.18 $3.13 $4.96 ===== ===== ===== ===== Diluted net earnings available to Whirlpool common stockholders $1.15 $2.15 $3.10 $4.89 ===== ===== ===== ===== Dividends $0.43 $0.43 $1.29 $1.29 ===== ===== ===== ===== Weighted-average shares outstanding (in millions) Basic 74.7 74.6 74.4 75.4 Diluted 75.7 75.5 75.2 76.4 WHIRLPOOL CORPORATION CONSOLIDATED CONDENSED BALANCE SHEETS (Millions of dollars, except share data) (Unaudited) September 30, December 31, 2009 2008 ------------ ------------ Assets Current assets Cash and equivalents $725 $146 Accounts receivable, net of allowance for uncollectible accounts of $74 and $66 at September 30, 2009 and December 31, 2008, respectively 2,742 2,103 Inventories 2,418 2,591 Deferred income taxes 388 580 Other current assets 649 624 --- --- Total current assets 6,922 6,044 ----- ----- Other assets Goodwill, net 1,728 1,728 Other intangibles, net of accumulated amortization of $123 and $96 at September 30, 2009 and December 31, 2008, respectively 1,802 1,821 Other assets 1,339 954 ----- --- Total other assets 4,869 4,503 ----- ----- Property, plant and equipment Land 74 74 Buildings 1,221 1,186 Machinery and equipment 8,107 7,549 Accumulated depreciation (6,336) (5,824) ------ ------ Total property, plant and equipment 3,066 2,985 ----- ----- Total assets $14,857 $13,532 ======= ======= Liabilities and stockholders' equity Current liabilities Accounts payable $3,067 $2,805 Accrued expenses 686 530 Accrued advertising and promotions 476 440 Employee compensation 463 306 Notes payable 45 393 Current maturities of long-term debt 371 202 Other current liabilities 649 887 --- --- Total current liabilities 5,757 5,563 ----- ----- Noncurrent liabilities Long-term debt 2,503 2,002 Pension benefits 1,495 1,505 Postretirement benefits 774 822 Other liabilities 636 567 --- --- Total noncurrent liabilities 5,408 4,896 ----- ----- Commitments and contingencies Stockholders' equity Common stock, $1 par value, 250 million shares authorized, 104 million shares issued at September 30, 2009 and December 31, 2008, respectively, 74 million and 73 million shares outstanding at September 30, 2009 and December 31, 2008, respectively 104 104 Additional paid-in capital 2,040 2,033 Retained earnings 4,130 3,993 Accumulated other comprehensive income (loss) (845) (1,259) Treasury stock, 30 million shares and 31 million shares at September 30, 2009 and December 31, 2008, respectively (1,839) (1,865) ------ ------ Total Whirlpool stockholders' equity 3,590 3,006 ----- ----- Noncontrolling interests 102 67 --- -- Total equity 3,692 3,073 ----- ----- Total liabilities and stockholders' equity $14,857 $13,532 ======= ======= WHIRLPOOL CORPORATION CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) NINE MONTHS ENDED SEPTEMBER 30 (Millions of dollars) 2009 2008 ---- ---- Operating activities Net earnings $252 $396 Adjustments to reconcile earnings to cash provided by (used in) operating activities: Depreciation and amortization 388 467 Curtailment gain (92) - Decrease in LIFO inventory reserve (23) - Gain on disposition of assets (10) (16) Changes in assets and liabilities: Accounts receivable (524) (67) Inventories 332 (459) Accounts payable 94 68 Restructuring charges, net of cash paid (40) - Taxes deferred and payable, net (92) (116) Accrued pension (16) (96) Employee compensation 165 1 Other 218 (184) --- ---- Cash provided by (used in) operating activities 652 (6) --- --- Investing activities Capital expenditures (348) (378) Proceeds from sale of assets 69 35 Other (15) - --- --- Cash used in investing activities (294) (343) ---- ---- Financing activities Proceeds from borrowings of long-term debt 863 502 Net (repayments)/proceeds from short-term borrowings (340) 561 Repayments of long-term debt (206) (131) Dividends paid (96) (98) Purchase of treasury stock - (247) Common stock issued - 21 Other (37) (1) --- --- Cash provided by financing activities 184 607 --- --- Effect of exchange rate changes on cash and equivalents 37 (34) -- --- Increase in cash and equivalents 579 224 Cash and equivalents at beginning of period 146 201 --- --- Cash and equivalents at end of period $725 $425 ==== ====

    Photo: http://www.newscom.com/cgi-bin/prnh/20040202/DETU004LOGO Whirlpool Corporation

    CONTACT: Whirlpool Corporation, Media: Whirlpool Corporation Press
    Office, +1-269-923-7405, Media@Whirlpool.com; or Financial: Greg Fritz,
    +1-269-923-2641, Investor_relations@whirlpool.com

    Web Site: http://www.whirlpoolcorp.com/




    Gray Sets Date for Third Quarter Earnings Release and Earnings Conference Call

    ATLANTA, Oct. 23 /PRNewswire-FirstCall/ -- Gray Television, Inc. today announced that it will release its earnings results for the quarter ending September 30, 2009 on November 9, 2009.

    Earnings Conference Call Information

    Gray Television, Inc. will host a conference call to discuss its third quarter operating results on November 9, 2009. The call will begin at 1:00 p.m. Eastern Time. The live dial-in number is 1-800-723-6751 and the confirmation code is 8794660. The call will be webcast live and available for replay at http://www.gray.tv/. The taped replay of the conference call will be available at 1-888-203-1112 Confirmation Code: 8794660 until December 8, 2009.

    Gray Television, Inc.

    Gray Television, Inc. is a television broadcast company headquartered in Atlanta, GA. We currently operate 36 television stations serving 30 markets. Each of the stations are affiliated with either CBS (17 stations), NBC (10 stations), ABC (8 stations) or FOX (1 station). In addition, we currently operate 38 digital second channels including 1 ABC, 4 Fox, 7 CW, 16 MyNetworkTV, 1 Universal Sports Network, plus 8 local news/weather channels and 1 "independent" channel in certain of our existing markets.

    Gray Television, Inc.

    CONTACT: Bob Prather, President and Chief Operating Officer,
    +1-404-266-8333, or Jim Ryan, Senior V. P. and Chief Financial Officer,
    +1-404-504-9828

    Web Site: http://www.gray.tv/




    For Parents of Kids with Food Allergies, the Scariest Thing at Halloween is the Trick-or-Treat Bag- Be prepared to avoid food-allergy horrors at Halloween -

    BASKING RIDGE, N.J., Oct. 23 /PRNewswire/ -- The haunted happenings of Halloween are upon us and soon we'll be carving pumpkins, dressing in costumes and telling spooky stories. But if your child has a food allergy, what's at the bottom of his or her trick-or-treat bag may be more frightening than any ghost or goblin.

    According to a new national survey of 678 moms of children with food allergies - whether to peanuts, tree nuts, milk or eggs, eight out of ten say Halloween causes a great deal of anxiety because they fear their little ones might eat candy containing peanuts or another allergen.(1) Their anxiety is heightened by the fact that food allergies can cause a potentially life-threatening severe allergic reaction called anaphylaxis. Anaphylaxis is caused when an allergic reaction becomes so severe that a person may stop breathing. Unfortunately, it is impossible to predict when a child with food allergies might experience an anaphylactic reaction.

    According to the survey, 40 percent of moms said that this time of year makes their children feel alienated because the child can't fully engage or participate in Halloween activities.(1) The fear is so great that nearly half of these moms said they are thinking about having their child skip trick-or-treating altogether.

    In spite of these concerns, less than half of moms surveyed are adequately prepared to handle a life-threatening allergic reaction - 43 percent of moms surveyed said they carry or have immediate access to an epinephrine auto-injector, such as EpiPen® (epinephrine) and EpiPen® Jr Auto-Injectors 0.3/0.15 mg.(1) EpiPen® Auto-Injector is a self-administered medicine that is used in the emergency treatment of a severe allergic reaction, including an anaphylactic reaction.

    "The Halloween season can be an emotionally troubling time for children with food allergies because they are often faced with the temptation of delicious treats they can't eat and parties they can't fully enjoy. Halloween is also a frightening time for many parents who fear that their child might accidentally eat an allergen-containing piece of candy or treat while at school or out trick-or-treating," said Stacy DeBroff. "But there's no reason your son or daughter needs to miss out on all the fun this Halloween. With a good plan, they can still have an enjoyable time and be prepared."

    The new survey was conducted by Mom Central, a one-stop web resource dedicated to providing busy moms with smart household and parenting solutions. Dey Pharma, L.P., a subsidiary of Mylan Inc. sponsored the survey. A total of 678 moms of children with a known allergy completed the online survey. The survey also found that:(1)

    -- 61 percent of children have been prescribed an epinephrine auto-injector; however, only 23 percent of them carry it with them at all times. -- One in five moms is unsure how they feel about their school's emergency plans in place to deal with a severe allergic reaction. -- While many moms feel they have good information on food allergies, they also expressed a clear desire for more: 78 percent of survey respondents say they would benefit from additional information on food allergies and how best to prepare for and treat allergy-related medical emergencies.

    "Parents of children with food allergies need to be vigilant throughout the year, and at Halloween when the temptation for sweet peanut-based or chocolate treats may be especially high. Even a child who has experienced a mild allergic reaction to foods in the past may be at risk for a more severe allergic reaction - or even anaphylaxis - in the future, so it's vital that every parent and child is prepared," said Dr. Phil Lieberman, Clinical Professor, Medicine and Pediatrics University of Tennessee College of Medicine. "Whatever you do this season, make sure you know if you or your child has allergies that are severe enough to put them at risk for anaphylaxis, and if they are, be sure to ask your healthcare provider if you or your child should have access to and carry an epinephrine auto-injector like EpiPen® Auto-Injector. In the case of an anaphylactic emergency, prompt administration of this medication can help save the child's life."

    Tips for an Allergy-friendly Halloween

    For parents of children with food allergies, monitoring Halloween candy is just one way to avoid an accidental allergic reaction. Stacy DeBroff from Mom Central offers additional tips for enjoying an allergy-free holiday:

    -- Find Allergy-Free Activities: With a little research, you can find many festive activities right in your own backyard. Take the family pumpkin picking, on a hayride or for a scavenger hunt. -- Bring the Fun to Your Child: Consider hosting your own costume party for your child's friends. Invite everyone over for pumpkin carving, bobbing for apples, spooky stories, a scavenger hunt and other Halloween-themed games. This way, your child can still have fun and you can control all the goodies that are being passed out.

    For those children who do go trick-or-treating, the American Academy of Allergy, Asthma, and Immunology (AAAAI) offers these helpful tips:

    -- Never Go Alone: Always accompany younger children trick-or-treating and have older children go out with friends. -- Inform Others: Make sure all the adults and friends in your group know about your child's food allergies and what to do in an emergency. -- Pack Medication: While out for Halloween, make sure you or your child is carrying an epinephrine auto-injector. Make sure your child's friends or other adults know how to administer this medication. -- Provide Safe Snacks: Provide your close neighbors and even your child's teacher at school with safe treats or even non-food items like stickers that can be given to your child. -- Check the Goodies: Carefully read labels or check the candy company's Web site to make sure the product doesn't contain something that can cause an allergic reaction. It's important to remember that the ingredients of 'fun size' candy bars may differ from the regular-size bars. -- When in Doubt, Throw It Out: If you can't find information on a treat's ingredients or are simply not sure if it's safe, then throw the candy away or stick it in a treat jar that is out of the reach of the child. -- Avoid Snacking: Eating dinner before trick-or-treating might curb your child's urge to sneak goodies from the bag. About Food Allergies

    Food allergies are three to four times more prevalent among children than adults and are a leading cause of anaphylactic reactions, causing an estimated 30,000 emergency room visits and 150 deaths annually.(2) Studies of deaths from anaphylaxis caused by food allergies have found that nearly half of all such deaths occur in children aged 10 to 19. Even though most of these children had known allergies to food, most of them were not carrying their self-injectable epinephrine or had never even been prescribed the medication.(3,4) Unfortunately, the vast majority of deaths from anaphylaxis occur in people who do not receive epinephrine in time.(5)

    Learning More About Food Allergies

    Parents of children with food allergies should consult their healthcare provider to learn more about the causes of allergies, possible medical treatments, and emergency action plans in the case of an anaphylactic reaction. Additional information about allergies and treatment can be found at the Center for Anaphylactic Support(TM) (http://www.epipen.com/CAS). The Center for Anaphylactic Support(TM) provides a range of free information and support services for people with severe allergic reactions and their caregivers.

    About EpiPen

    EpiPen® and EpiPen® Jr (0.3 and 0.15 mg epinephrine) Auto-Injectors are for the emergency treatment of severe allergic reactions (anaphylaxis) caused by allergens, exercise, or unknown triggers; and for patients who are at increased risk for these reactions.

    EpiPen® and EpiPen® Jr Auto-Injectors are designed for you to use immediately in an emergency, to treat an allergic reaction fast and help give you time to get to a hospital or medical center. EpiPen® and EpiPen® Jr Auto-Injectors are not a substitute for emergency medical treatment.

    As with any medication, the EpiPen® Auto-Injector has an expiration date printed directly on the unit and shelf carton, and should therefore be replaced when the unit expires. The product should be stored at room temperature and never refrigerated or kept where it might be exposed to extreme temperatures, such as in the glove compartment of a car.

    Dey Pharma, L.P., the worldwide distributor of EpiPen® Auto-Injectors, offers patient support through free membership in the EpiPen® Center for Anaphylactic Support (CAS) Program(TM). This program provides helpful tips, resources and an expiration reminder program. Information on how to join can be found on the patient insert dispensed with the product and by visiting http://www.epipen.com/.

    Important Safety Information

    Each EpiPen Auto-Injector contains a single dose of a medicine called epinephrine, which you inject into your outer thigh. DO NOT INJECT INTRAVENOUSLY. DO NOT INJECT INTO YOUR BUTTOCK, as this may not be effective for a severe allergic reaction. In case of accidental injection, please seek immediate medical treatment.

    Epinephrine should be used with caution if you have heart disease or are taking certain medicines that can cause heart-related (cardiac) symptoms.

    Side effects may include an increase in heart rate, a stronger or irregular heartbeat, sweating, nausea and vomiting, difficulty breathing, paleness, dizziness, weakness or shakiness, headache, apprehension, nervousness, or anxiety. These side effects usually go away quickly, especially if you rest. If you have high blood pressure or an overactive thyroid, these side effects may be more severe or longer lasting. If you have heart disease, you could experience chest pain (angina). If you have diabetes, your blood sugar levels may increase after use. If you have Parkinson's disease, your symptoms may temporarily get worse.

    EpiPen and EpiPen Jr Auto-Injectors are intended for immediate self-administration as emergency supportive therapy only and are not intended as a substitute for immediate medical or hospital care.

    See accompanying full prescribing information or visit http://www.epipen.com/ for full prescribing information.

    Talk to your doctor to find out if you should be prescribed an EpiPen® and EpiPen® Jr Auto-Injector.

    About Dey

    Dey Pharma L.P., a subsidiary of Mylan Inc. , is a specialty pharmaceutical company focused on the development, manufacturing and marketing of prescription drug products for the treatment of respiratory diseases, severe allergic reactions and psychiatric disorders. The company puts patients first and facilitates efficient, cost-effective partnerships with customers. For more information, please visit http://www.dey.com/.

    About Mylan Inc.

    Mylan Inc. ranks among the leading generic and specialty pharmaceutical companies in the world and provides products to customers in more than 140 countries and territories. The company maintains one of the industry's broadest and highest quality product portfolios supported by a robust product pipeline; operates the world's third largest active pharmaceutical ingredient manufacturer; and runs a specialty business focused on respiratory and allergy therapies. For more information, please visit http://www.mylan.com/.

    Forward Looking Statement

    This press release contains statements that constitute "forward-looking statements", including with regard to the EpiPen Auto-Injector and the treatment of severe anaphylaxis. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the effects of competition; changes in third-party relationships; decisions by regulatory authorities; exposure to lawsuits; uncertainties and matters beyond the control of management; and the other risks detailed in the periodic filings filed by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

    DEY®, EpiPen®, EpiPen 2-Pak®, and EpiPen Jr 2-Pak® are registered trademarks of Dey Pharma, L.P.

    Center for Anaphylactic Support(TM) (CAS) is a trademark of Dey Pharma, L.P.

    © Dey Pharma, L.P. 2009. All rights reserved. Printed in the USA for USA residents only.

    (1) Mom Central Survey, September 2009.

    (2) Report of the Expert Panel on Food Allergy Research. National Institute of Allergy and Infectious Disease, National Institutes of Health, 2003. http://www.niaid.nih.gov/.

    (3) Bock SA, Munoz-Furlong A, Sampson HA. Fatalities due to anaphylactic reactions to foods. J Allergy Clin Immunol. 2001; 107(1): 191-93.

    (4) Bock SA, Munoz-Furlong A, Sampson HA. Further fatalities caused by anaphylactic reactions to food, 2001-02. J Allergy Clin Immunol. 2007;119(4):1016-18.

    (5) Sampson H, Mendelson L, Rosen J. Fatal and near-fatal anaphylactic reactions to food in children and adolescents. N Engl J Med. 1992;327:380-84.

    Dey Pharma L.P.

    CONTACT: Melissa Luke, Ogilvy Public Relations Worldwide,
    +1-518-731-1385

    Web Site: http://www.dey.com/




    ChinaEdu Corporation to Present At the Third Annual Signal Hill Education Preview Investor Conference

    BEIJING, Oct. 23 /PRNewswire-Asia-FirstCall/ -- ChinaEdu Corporation ("ChinaEdu" or "the Company"), a leading educational services provider in China, announced that it is scheduled to present at the Third Annual Signal Hill Education Preview Investor Conference on November 12, 2009 at the Hyatt Regency Baltimore located in Baltimore, Maryland.

    Lily Liu, CFO, is scheduled to present and will also be available for one- on-one meetings with analysts and portfolio managers. Interested parties and investors who wish to meet with ChinaEdu may contact Signal Hill directly.

    A copy of the presentation will be available on our investor relations website following the conference at http://ir.chinaedu.net/ or a request can be made to ir@chinaedu.net.

    About ChinaEdu

    ChinaEdu Corporation is an educational services provider in China, incorporated as an exempted limited liability company in the Cayman Islands. Established in 1999, the Company's primary business is to provide comprehensive services to the online degree programs of leading Chinese universities. These services include academic program development, technology services, enrollment marketing, student support services and finance operations. The Company's other lines of businesses include the operation of private primary and secondary schools, online interactive tutoring services and providing marketing and support for international curriculum programs.

    The Company believes it is the largest service provider to online degree programs in China in terms of the number of higher education institutions that are served and the number of student enrollments supported. The Company currently has 13 long-term, exclusive contracts that generally vary from 10 to 50 years in length. ChinaEdu also performs recruiting services for 17 universities through our nationwide learning center network.

    For more information, please contact: Company Contacts: Lily Liu, CFO ChinaEdu Corporation Tel: +86-10-8418-6655 x1002 E-mail: ir@chinaedu.net S. Jimmy Xia, IR Manager ChinaEdu Corporation Tel: +86-10-8418-6655 x1150 E-mail: ir@chinaedu.net

    ChinaEdu Corporation

    CONTACT: Company Contacts: Lily Liu, CFO of ChinaEdu Corporation, +86-10-
    8418-6655 x1002, or ir@chinaedu.net; or S. Jimmy Xia, IR Manager of ChinaEdu
    Corporation, +86-10-8418-6655 x1150, or ir@chinaedu.net

    Web site: http://ir.chinaedu.net/




    SMIC 2009 Technology Symposium Held in Shanghai

    SHANGHAI, Oct. 23 /PRNewswire-Asia/ -- Semiconductor Manufacturing International Corporation ("SMIC", NYSE: SMI and SEHK: 0981.HK) held their ninth technology symposium in Shanghai on October 23. The seminar attracted more than 300 customers, design service providers, technology partners and vendors from around the world.

    (Logo: http://www.newscom.com/cgi-bin/prnh/20090727/SMICLOGO )

    "Opportunity, Challenge, Innovation" was the theme of this year's symposium. As the semiconductor industry is recovering, SMIC arranged this symposium to win customers and seize opportunities for the coming year. SMIC President and CEO Dr. Richard Chang made the opening speech. He talked about SMIC's recent achievements made through innovation and cooperation and spoke of future growth as SMIC adapts to the industry's trends. He stated that SMIC's customers, partners and vendors had been a strong support, and that SMIC looks forward to working more closely in continued collaboration in order to achieve greater success.

    Lin Benchu, Deputy Director Of Science & Technology Commission, People's Government Of Pudong New Area, Shanghai, gave a speech affirming the important contributions SMIC had made in Shanghai's IC industry. He also mentioned hope for close cooperation to jointly promote industrial development. Afterwards, CTO of Datang Telecom Technology & Industry Group, Dr. Shanzhi Chen, gave the great keynote presentation on "Mobile Communication and TD-SCDMA Development."

    The symposium also invited speakers from industry leaders and prominent IP providers. Mr. James Liu, General Manager of Cadence, gave a speech titled "Cadence Design Solutions for Advanced Process Nodes," Mr. Danny Peng, Managing Director of Mentor Graphics Pacific-Asia addressed "Advanced Design Flow & DFM Platform for 65nm and Below," and Mr. Paul Lai, Marketing Director for SVP, Synopsys, spoke about "65nm Low Power Flow and SMIC / Synopsys IP availabilities."

    SMIC's technology team also held workshops on various topics: 45/65 nanometer logic technology, mixed-signal technologies, RF, analog and power integrated circuit technology, micro-electromechanical systems technology, and the status quo and development trends. The seminars also gave insight on SMIC's latest products, technologies and services.

    In addition, the symposium featured an exhibition where approximately 30 manufacturers displayed their products and services, including intelligent display modules, library, EDA tools such as electronic design automation products and packaging and testing, design and other services.

    In addition to Shanghai, SMIC will also hold its symposium on November 24th in Japan. Other dates and locations include: September 15th in Wuhan, September 22nd in Chengdu, September 25th in Shenzhen, and October 15th in Beijing. For more details visit: http://www.smics.com/symposium/website/CN/en/index.jsp

    About SMIC

    Semiconductor Manufacturing International Corporation ("SMIC"; NYSE: SMI; SEHK: 981) is one of the leading semiconductor foundries in the world and the largest and most advanced foundry in Mainland China, providing integrated circuit (IC) foundry and technology services at 0.35um to 45nm. Headquartered in Shanghai, China, SMIC has a 300mm wafer fabrication facility (fab) and three 200mm wafer fabs in its Shanghai mega-fab, two 300mm wafer fabs in its Beijing mega-fab, a 200mm wafer fab in Tianjin, a 200mm fab under construction in Shenzhen, and an in-house assembly and testing facility in Chengdu. SMIC also has customer service and marketing offices in the U.S., Europe, and Japan, and a representative office in Hong Kong. In addition, SMIC manages and operates a 200mm wafer fab in Chengdu owned by Cension Semiconductor Manufacturing Corporation and a 300mm wafer fab in Wuhan owned by Wuhan Xinxin Semiconductor Manufacturing Corporation. For more information, please visit http://www.smics.com/ .

    For more information, please contact: International Media: Beverly Liu SMIC Investor Relations Tel: +86-21-3861-0000 Email: Beverly_Liu@smics.com China Media: Angela Miao SMIC Public Relations Tel: +86-21-3861-0000 Email: Angela_Miao@smics.com

    Photo: http://www.newscom.com/cgi-bin/prnh/20090727/SMICLOGO Semiconductor Manufacturing International Corporation

    CONTACT: International Media, Beverly Liu of SMIC Investor Relations,
    +86-21-3861-0000, Beverly_Liu@smics.com; or China Media: Angela Miao of SMIC
    Public Relations, +86-21-3861-0000, Angela_Miao@smics.com

    Web site: http://www.smics.com/
    http://www.smics.com/symposium/website/CN/en/index.jsp




    Acropolis Telecom et l'Echangeur PME organisent un séminaire sur les performances des solutions VoIP pour les entreprises, le 26 novembre 2009 à Paris

    PARIS, October 23 /PRNewswire/ -- Dans le cadre de leur partenariat initié en novembre 2007, Acropolis Telecom, l'Echangeur PME, et la Chambre de Commerce de Paris, organisent une session d'information sur le thème de la << Voix sur IP >> (VoIP). Ce séminaire, qui s'adresse aux PME, se déroulera dans les locaux de l'Echangeur PME à Paris, le 26 novembre 2009, et aura pour thème : << Comment la VoIP peut améliorer les performances de votre entreprise ? >>.

    La solution VoIP s'impose naturellement dans de nombreux cas : quand l'entreprise décide de remplacer son PABX vieillissant ou lorsqu'elle déménage. Cette migration vers la VoIP constitue pour l'entreprise une réelle opportunité d'améliorer sa performance et sa productivité.

    Le séminaire apportera un éclairage sur :

    - les nombreux avantages de la VoIP,

    - les différentes options de migration,

    - la maturité des solutions,

    - les outils de collaboration sous la forme de services en ligne (SaaS pour Software as a Service),

    - les différents modes de financement.

    Le programme comprend les interventions d'Acropolis Telecom et de son partenaire Mitel, fournisseur mondial de solutions de communication (services et équipements) notamment dans le domaine de la VoIP.

    Un partenariat de premier plan avec Mitel

    La participation conjointe d'Acropolis Telecom et de Mitel au séminaire de l'Echangeur PME est la traduction concrète du resserrement récent des liens entre les 2 sociétés, suite notamment au changement, en septembre 2009, du statut attribué par Mitel à Acropolis Telecom, qui passe de << Authorised dealer >> à << Select partner >>. Ce changement de statut qui reflète le succès des produits Mitel auprès des clients d'Acropolis Telecom confirme le positionnement d'Acropolis Telecom en tant qu'acteur de premier plan sur le marché de la VoIP et des services associés.

    Acropolis Telecom et l'Echangeur PME : des partenaires au service de la performance des entreprises

    L'Echangeur PME Paris-Ile de France est un service aux Entreprises de la Chambre de Commerce et d'Industrie de Paris.

    Il a pour objectif de faire découvrir et faire adopter par les chefs d'entreprise et les responsables des TPE/PME, les commerçants et les professionnels du tourisme, les technologies de l'Information afin d'améliorer la compétitivité de leur entreprise.

    Initié en novembre 2007, le partenariat entre Acropolis Telecom et l'Echangeur PME conforte Acropolis Telecom dans son rôle d'acteur de premier plan pour les solutions de communication au service de la performance des entreprises.

    Inscriptions au séminaire

    Les inscriptions au séminaire sont gratuites et se font, à partir du lundi 26 octobre, sur le site d'Acropolis Telecom : http://www.acropolistelecom.net

    A propos d'Acropolis Télécom

    Acropolis Télécom est spécialisé dans la téléphonie sur IP et la convergence voix, vidéo et données. La société propose aux entreprises PME des prestations de téléphonie fixe, de téléphonie mobile et de services d'accès à Internet.

    Sur un marché en plein essor, la société bénéficie de plusieurs atouts:

    - être spécialisée dans la VoIP

    - être indépendante de tout fournisseur au niveau de son backbone

    - pouvoir proposer des offres sur mesure

    La société qui a été créée en 2001 regroupe aujourd'hui 22 personnes.

    FR0010678284 - MLACR

    http://www.acropolistelecom.net

    Acropolis Telecom

    Contacts: Acropolis Télécom, Samir KOLEILAT, Président fondateur, +33(0)1-70-72-50-00, marketing@acropolistelecom.net; Cap Value, Gilles BROQUELET/Olivier PARIA, Communication financière, gbroquelet@capvalue.fr / +33(0)1-80-81-50-01, http://www.capvalue.fr




    Tetragon Financial Group Limited (TFG): Performance Report for Period Ended 30 September 2009

    LONDON, October 23 /PRNewswire/ -- Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on Euronext Amsterdam by NYSE Euronext under the ticker symbol "TFG."

    In this quarterly update, unless otherwise stated, we report on the consolidated business incorporating TFG and Tetragon Financial Group Master Fund Limited.(1) References to "we" are to Polygon Credit Management LP, TFG's investment manager.

    Portfolio and Market Developments - Executive Summary and Outlook:

    - Financial Overview: The third quarter of 2009 saw a return to profitability, driven in part by improvements in the O/C cushions of certain U.S. portfolio deals. The quarter witnessed positive earnings as well as an increase in the Accelerated Loss Reserves due to the restoration of certain previously released amounts. Improved portfolio performance also saw cash receipts from investments increase quarter- on-quarter, pushing cash balances higher. - Collateral Performance: The third quarter was characterized by a notable improvement in secondary loan prices as the U.S. high yield capital markets and fundamental credit conditions showed signs of continued stabilization. - Key Drivers of Collateral Performance: Although defaults continued at a material level during the third quarter, annualized quarterly and monthly default rates declined significantly from the highs reached during Q1 2009. Similarly, the pace of U.S. CCC downgrades decelerated during the quarter. As a result, while total CCC and defaulted asset holdings of many CLOs remained high, the net increases in such holdings were largely offset by market value and/or trading gains driving improvements in U.S. CLO O/C levels, on an aggregate basis. European CLOs, however, generally continued to see O/C deterioration due to, among other factors, continuing realized and unrealized losses and certain transaction-specific haircut requirements. - CLO Market Developments: Secondary CLO prices posted strong gains as underlying loan prices rallied during the quarter and signs of fundamental stabilization emerged. Global arbitrage cash flow CLO issuance, however, remained subdued with new transactions dominated by balance sheet securitizations and restructurings of older-vintage CLOs. - Outlook: We expect that the remainder of 2009 may present challenges to the continued improvement of TFG's portfolio as additional downgrades and defaults, among other factors, may exert negative pressures on TFG's investments.

    As we assess potential uses of our cash, we intend to continue to evaluate new secondary CLO debt or equity investments, both as add-ons to existing portfolio positions or in new transactions which meet our investment criteria. Additionally, we continue to explore strategic opportunities in the leveraged loan asset management space as a means of potentially diversifying TFG's revenue base and benefitting from the anticipated recovery in the credit markets.

    Q3 2009 Financial Results at a Glance:

    - Net Income: Q3 2009 saw a consolidated net profit of $31.2 million, compared to a loss of $(26.7) million in Q2 2009 and a profit of $48.8 million in the corresponding quarter in 2008. - Cash Receipts: The investment portfolio generated $35.3 million of cash during Q3 2009, or approximately $0.28 per share (calculated using the average number of shares outstanding in TFGMF during the period based on quarter-end holdings). This compares to $31.9 million of cash generated during Q2 2009. - Earnings per Share: EPS for Q3 2009 was approximately $0.25 per share resulting in a consolidated EPS of approximately $(3.25) for the first three quarters of 2009, compared to a positive EPS of $1.11 in the same period of 2008. - Net Assets and NAV per Share: Consolidated net assets were $720.8 million, or $5.71per share, as of September 30, 2009, up from $693.1 million as of June 30, 2009, or $5.50 per share. - Cash Balance: Cash holdings increased during Q3 to $149.7 million at September 30, 2009, or approximately $1.19 per outstanding share, compared to $123.8 million at the end of Q2 2009. TFG continued to have no outstanding borrowings. - Dividend: On October 21, 2009, the Board of TFG declared a dividend of $0.03 per share in respect of Q3 2009, which will be payable on November 18, 2009. Please refer to the website (http://www.tetragoninv.com) for additional information regarding the dividend, including the Optional Stock Dividend Plan. - IRRs: The weighted-average IRR ended the quarter at 10.3%, up from 9.2% at the end of Q2 2009. This reflected, among other factors, improvements in the prices of distressed, excess CCCs and defaulted assets, which in certain investments outweighed the negative effect of continued increases in the amount of such assets on O/C cushions. - Life-to-Date Net Loss Reserves: (2) Excess loss reserves increased in Q3 2009, with approximately $95.4 million of excess loss reserves having been factored into our IRR calculations as of September 30, 2009. At the end of Q2 2009, excess loss reserves were approximately $38.9 million. - Accelerated Loss Reserve: (3) As of the end of Q3 2009, the Accelerated Loss Reserve totaled $333.8 million, compared to $254.1 million at the end of the prior quarter. - Hurdle Rate: The hurdle rate for Q4 2009 incentive fee has been reset at 2.9329% (Q3: 3.2354%) as per the process outlined in TFG's 2008 Audited Financial Statements and in accordance with TFG's Investment management agreement.(4) No incentive fee was paid for Q1, Q2, or Q3 2009.

    Portfolio Detail:

    - Portfolio Size: As of the end of Q3 2009, the estimated fair value of the investment portfolio totaled $567.4 million, with look- through exposure to over $17.0 billion of leveraged loans. No new collateralized loan obligation ("CLO") investments were made during the quarter. - Portfolio Composition: The portfolio currently consists of 61 CLO investments managed by 32 CLO managers.(5) - Collateral Performance: As of the end of Q3 2009, 24 or approximately 40.0% of our CLO investments were failing their most junior O/C test,(6) a decrease from 25 investments or 41.7% at the end of Q2. As O/C tests are breached, CLO structures may divert excess interest cash flows away from the equity tranche holders, such as TFG, to pay down the CLO's debt thereby curing the O/C breach via deleveraging. Accordingly, the aforementioned 24 investments have ceased to generate cash flows to TFG or are expected to cease generating cash flows on the next applicable payment date. Once enough debt has been repaid to cure the O/C test breach, however, distributions of excess interest cash flows to equity tranche holders could resume to the extent not precluded due to the investments' realized or unrealized losses. - Portfolio Credit Quality: As of September 30, 2009, the weighted-average percentage of corporate obligors rated Caa1/CCC+ or below in our 61 CLO investments was 12.6% compared to an approximate 7.8% weighted-average maximum level permitted under the terms of our investments.([7]) The weighted-average WARF stood at approximately 2,813. Each of these foregoing statistics represents a weighted-average summary of all of our 61 investments.([8]) Each individual investment's metrics will differ from this average and vary across the portfolio. TFG Investment Weighted- Average Summary Q3 2009 Q2 2009 Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008 Caa1/CCC+ or Below Obligors: 12.6% 11.6% 11.4% 7.6% 4.9% 4.4% 3.4% WARF: 2,813 2,800 2,758 2,577 2,490 2,472 2,443

    Market Detail:

    - TFG and Market Default Rate: The lagging 12-month U.S. institutional loan default rate increased to 9.75% by principal amount as of September 30, 2009, according to S&P/LCD, up from approximately 9.15% during the prior quarter. ([9]) Although this rolling 12-month average default rate remains high, we believe a quarterly view may point to a turn-around in the pace of defaults (by par amount). For example, the annualized Q3 2009 default rate fell to 4.76% by principal amount from 8.7% in the second quarter and from a high of 19.5% during Q1 2009. (9) Furthermore, September 2009 was the slowest month for loan defaults since November 2008. (9) We believe that this deceleration in the notional amount of defaults may be partially attributable to the relative scarcity of large defaults, as the default rate by number of loans declined at a slower pace - to 8.0% in Q3 2009 from 9.3% in the second quarter. (9) TFG's lagging 12-month corporate loan default rate increased to 6.7% during the third quarter.([10]) Q3 2009 Q2 2009 Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008 TFG Trailing 12-Month Default Rate: 6.7% 5.1% 4.0% 2.5% 1.5% 1.3% 0.8% - Secondary loan market rally: September marked the end of a strong third quarter for leveraged loans in the U.S., as the S&P/LSTA Leveraged Loan Index gained 46.1% YTD. ([11]) Distressed and lower-rated credits gained the most during the rally with CCC-rated credits returning 76% YTD, as compared with 55% for B-rated loans and 34% for BB-rated credits.([12]) We believe that this positive momentum was attributable to both technical and fundamental factors. From a technical perspective, the secondary loan market benefitted from a pick-up in prepayments financed largely via high yield bond issuance. During Q3 2009, $12.7 billion of such bond-for-loan take outs were issued totaling approximately 73% of the $17.5 billion notional repaid during the quarter. ([13]) This repayment volume outpaced institutional new issuance, which totaled only $7.8 billion during the quarter, reducing the size of the institutional loan market by 2.5% during Q3 2009 and 7.0% YTD, the biggest decline on record according to S&P. ([14]) - U.S. fundamentals and credit quality stabilize; European recovery lags U.S.: We believe that U.S. fundamental conditions also began to reveal signs of stabilization during Q3 2009 providing further support for the increase in loan prices. The operating results of certain leveraged loan borrowers registered modest improvements in earnings and revenue trends. S&P reported that of the 100 largest S&P/LSTA Index issuers, of which approximately 50% reported Q2 2009 results as of the date of the article, average EBITDA was up 9.6% and revenues increased by 4.9% sequentially vs. Q1 2009. ([15]) Although these results are promising, year-over-year revenue trends are still generally negative and financial performance continues to vary across industries and issuers. Furthermore, cost-cutting and rationalization measures may have run their course and we believe that continued top-line growth will likely require meaningful macro-economic recovery.

    The European loan market, however, remained strained during Q3 2009. Although the S&P European Leveraged Loan Index posted a 35.0% gain for the year, a weak primary market, as well as continuing downgrades and defaults continued to weigh on the space. ([16]) European new issue loan volume totaled only EUR1.5 billion during Q3 2009, ([17]) down from EUR9.6 billion issued during Q2 (dominated by the EUR8.9 billion Heidelberg Cement pro-rata loan) and up slightly from EUR1.2 billion in the first quarter. ([18]) The market also continued to work through a series of restructurings and amendments, which proved more challenging to resolve than many similar situations in the U.S. due to limited liquidity and unique European legal as well as institutional loan market dynamics. As many European borrowers continue to see earnings contraction we expect that European credit recovery is likely to continue to trail the U.S.

    - Balance sheet restructurings continue: The third quarter continued to see amendment, distressed exchange, and below-par buy-back activity, albeit at a slower pace than in prior quarters. During Q3 2009, only 30 borrowers sought covenant relief vs. 58 in the second quarter. ([19]) Companies also responded to the contraction in the capital markets by increasing their cash balances by an average of 22% year-over-year to increase in liquidity. ([20]) Additionally, leveraged loan borrowers were also able to extinguish or extend approximately $20 billion of pre-2009 maturities during Q3 2009, bringing the YTD total to $124 billion. ([21]) - Loan and high yield bond issuance volumes increase, providing much needed liquidity: Q3 2009 saw a pick-up in the new issuance volumes of both loans and high yield bonds. U.S. institutional loan issuance totaled $7.8 billion during the third quarter vs. $6.2 billion in the prior quarter, bringing the YTD total to $19.1 billion. ([22]) Furthermore, Q3 2009 issuance shifted away from rescue loans and DIPs toward transactions motivated by general corporate purposes. As a result institutional loans accounted for 54% of Q3 2009 new issue volume, excluding DIPs, as compared with 28% during 1H 2009. ([23]) Additionally, the end of the third quarter saw the re-emergence of M&A-driven institutional loan issuance, which market participants expect to continue in 2010, capital market conditions permitting. Q3 2009 high yield bond issuance exceeded new issue loan volumes, totaling approximately $12.7 billion during the quarter and $41.2 billion YTD, $23.6 billion or 57% of which was used to refinance loans. ([24]) - U.S. CLO O/C ratios improve while European CLOs continue to face O/C pressures: The third quarter of 2009 witnessed a general improvement in the level of U.S. CLO O/C coverage levels. These gains were the result of a combination of factors, including a moderation of default rates and CCC downgrades, broad increases in loan prices (with material gains in CCC-rated credits), waterfall-prescribed reinvestment and/or de-leveraging, as well as manager trading strategies designed to improve O/C cushions. Based on a surveillance universe consisting of 485 USD-denominated CLOs issued during 2000-2008, Morgan Stanley estimated that 247 or approximately 51% were failing their junior O/C test as of trustee reports available at the end of September 2009 ([25]) as compared with 280 out of 521 or approximately 54% at the end of Q2 2009. ([26]) Unfortunately, European CLOs continued to see O/C deterioration during the quarter. - Secondary CLO debt prices increase: Paralleling the pick-up in underlying loan prices, stabilizing fundamentals, as well as the broader credit market recovery, CLO prices increased at the end of the third quarter with mezzanine tranches posting the biggest relative gains. Although structural, collateral quality and documentation characteristics, among other factors, continue to generate price differences across individual CLO tranches, generic CLO spreads are currently at their tightest levels since the collapse of the credit markets. Despite these gains, however, CLO debt continues to offer a lower-cost alternative to accessing leveraged loan exposure and may therefore represent an interesting investment opportunity for certain investors. ([27]) - CLO issuance volumes remain subdued: Global CLO issuance remained subdued in Q3 2009, totaling $28.5 billion and bringing the YTD total to $124.5 billion. ([28]) As in prior quarters, new issuance continued to be driven by European balance sheet and Small and Medium Enterprise ("SME") CLOs.

    Share Repurchase Program

    As noted in the Share Repurchase Program press release of today, TFG will continue with its share repurchase program on the same material terms as currently in effect with the exception of the program's daily trading volume limitation, which will be increased substantially. TFG's maximum daily trading volume for such purchases under the updated program will be based on the average daily volume traded in September 2009 compared with March 2009 under the current version of the program. The Board of TFG continues to be confident in the long-term prospects of TFG. The Board also believes that the purchase of shares in the market may at appropriate price levels below Net Asset Value represent an attractive use of TFG's excess cash and an efficient means to return cash to its shareholders.

    Quarterly Investor Call

    We will host a conference call for investors on October 23, 2009 at 15:00 BST/16:00 CET/10:00 EDT to discuss Q3 2009 results and to provide a company update.

    The conference call may be accessed by dialing +44(0)20-7162-0025 and +1-334-323-6201 (a passcode is not required). Participants may also register for the conference call in advance by going to: https://eventreg1.conferencing.com/webportal3/reg.html?Acc=084793&Conf=16843 3 or by going to the TFG website, http://www.tetragoninv.com.

    A replay of the call will be available for 30 days by dialing +44(0)20-7031-4064 and +1-954-334-0342, access code 846047 and as an MP3 recording on the TFG website.

    Expected Upcoming Events Date Q3 Record Date October 27, 2009 October 2009 Monthly Report November 17, 2009 (approx) Q3 Dividend Payment Date November 18, 2009

    This Performance Report constitutes TFG's interim management statement as required pursuant to Section 5:25e of the Netherlands Financial Markets Supervision Act (Wet op het financieel toezicht, "FMSA"). Pursuant to Section 5:25e and 5:25m of the FMSA, this report is made public by means of a press release and has been filed with the Netherlands Authority for the Financial Markets (Autoriteit Financiele Marketen) and also made available to the public by way of publication on the TFG website (http://www.tetragoninv.com).

    An investment in TFG involves substantial risks. Please refer to TFG's website at http://www.tetragoninv.com for a description of the risks and uncertainties pertaining to an investment in TFG.

    (1) TFG invests substantially all its capital through a master fund, Tetragon Financial Group Master Fund Limited ("TFGMF"), in which it holds 100% of the issued shares. Tetragon Financial Group LP (TFGLP), a U.S. "feeder fund", has previously held an interest in TFGMF and accordingly, received a pro-rata allocation of the performance of TFGMF.

    ([2]) The life-to-date net loss reserve is transaction-specific. It is calculated by subtracting the actual collateral loss for each transaction from the expected collateral loss, where the expected loss is a function of expected collateral size, TFG's loss assumptions and the length of time the investment has been held.

    ([3]) The Accelerated Loss Reserve, like the life-to-date net loss reserve, is transaction specific. Whereas the life-to-date net loss reserve is an adjustment embedded in TFG's modeling assumptions, the Accelerated Loss Reserve is a direct adjustment to the fair value of an investment to account for the potential impact of certain losses and the cumulative value of such adjustments will be and is evidenced in TFG's financial statements.

    ([4]) The hurdle rate is reset each quarter using 3M USD LIBOR plus a spread of 2.647858% in accordance with TFG's investment management agreement. Please see the TFG website, http://www.tetragoninv.com, for more details.

    ([5]) Excludes CDO-squared and ABS CDO transactions which were written off in October 2007. TFG continues to hold the economic rights to four of these written-off transactions.

    ([6]) Based on the most recent trustee reports available for our investments as of September 30, 2009.

    ([7]) Excess Caa/CCC+ or below rated assets above the transaction specific permitted maximum holding levels are generally haircut in our transactions at market value for purposes of the over-collateralization and/or interest reinvestment test ratios.

    ([8]) Weighted by the original USD cost of each investment.

    ([9]) Source: S&P / LSTA Leveraged Commentary and Data," Loan defaults hit record 9.75%; outlook continues to brighten," October 1, 2009.

    ([10]) Please note that the calculation of TFG's lagging 12-month corporate loan default rate does not include certain underlying investment collateral that due to, among other things, the occurrence of an applicable issuer debt repurchase or exchange was assigned a "Selective Default" rating by one or more of the applicable rating agencies. Such Selected Defaults are included the S&P/LCD lagging 12-month U.S. institutional loan default rate discussed above. Furthermore, TFG's investment portfolio includes approximately 15.6% CLOs with primary exposure to European broadly syndicated senior secured loans and such loans are included in the calculation of TFG's corporate default rate.

    ([11]) Source: S&P / LSTA Leveraged Commentary and Data," Behind Sept. loan returns (3.20%) Index hits new high of 1807," October 1, 2009.

    ([12]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009."

    ([13]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009."

    ([14]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009."

    ([15]) Source: S&P / LSTA Leveraged Commentary and Data," Loan defaults hit record 9.75%; outlook continues to brighten," October 1, 2009.

    ([16]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009."

    ([17]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009."

    ([18]) Source: S&P / LSTA Leveraged Commentary and Data, "(EUR) 1H09 primary volume sporadic; maturity management in focus," July 10, 2009.

    ([19]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009."

    ([20]) Source: Morgan Stanley High Yield Strategy Research, "Back to School High Yield Outlook," September 2009.

    ([21]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009."

    ([22]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009."

    ([23]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009."

    ([24]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009," M&A transactions e.g.: Warner Chilcott ($1.5 billion) and Skype ($600 million).

    ([25]) Source: Morgan Stanley CDO Market Update, October 3, 2009.

    ([26]) Source: Morgan Stanley CDO Market Update, July 10, 2009.

    ([27]) Source: Morgan Stanley CDO Market Insights, "Revisiting CLO Value Proposition," September 18, 2009.

    ([28]) Source: JP Morgan Global CDO Weekly Snapshot, October 5, 2009.

    Tetragon Financial Group Limited (TFG) PERFORMANCE REPORT FOR PERIOD ENDED 30 September 2009 TETRAGON FINANCIAL GROUP Financial Highlights Q3 2009 Q2 2009 Q1 2009 Q4 2008 Net income ($MM) $31.2 ($26.7) ($414.3) ($187.1) EPS ($) $0.25 ($0.21) ($3.29) ($1.48) Cash receipts ($MM) $35.3 $31.9 $47.1 $75.3 Cash receipts per share ($) $0.28 $0.25 $0.37 $0.60 Net cash balance ($MM) $149.7 $123.8 $94.3 $59.9 Net assets ($MM) $721 $693 $723 $1,142 Number of shares outstanding (million) 126.2 125.9 125.7 126.0 NAV per share ($) $5.71 $5.50 $5.75 $9.06 DPS ($) $0.03 $0.03 $0.03 $0.03 Weighted average IRR on completed transactions (%) 10.3% 9.2% 10.6% 13.8% Number of investments (1) 61 61 61 61 Net excess life-to-date loss accruals ($MM) (2) ($95.0) ($39.0) ($50.0) ($115.0) Accelerated loss reserve ($MM) ($333.8) ($254.1) ($315.0) ($141.0) Q3 2008 Q2 2008 Q1 2008 Q4 2007 Net income ($MM) $48.8 $45.8 $45.9 ($13.8) EPS ($) $0.39 $0.36 $0.36 ($0.11) Cash receipts ($MM) $77.7 $118.0 $74.0 $76.3 Cash receipts per share ($) $0.62 $0.94 $0.59 $0.61 Net cash balance ($MM) $13.4 ($69.4) ($152.9) ($186.0) Net assets ($MM) $1,348 $1,319 $1,289 $1,264 Number of shares outstanding (million) 126.2 126.3 125.7 126.1 NAV per share ($) $10.69 $10.44 $10.25 $10.02 DPS ($) $0.15 $0.15 $0.15 $0.15 Weighted average IRR on completed transactions (%) 16.9% 16.6% 16.0% 16.6% Number of investments (1) 61 61 61 61 Net excess life-to-date loss accruals ($MM) (2) ($158.0) ($137.0) ($116.0) ($106.0) Accelerated loss reserve ($MM) $0.0 $0.0 $0.0 $0.0

    (1) Excludes CDO-squared and ABS CDO transactions written off in October 2007. TFG continues to hold the economic rights to 4 of these written-off transactions.

    (2) Net excess life-to-date loss accrual is deal specific. It subtracts the actual collateral loss from the expected loss, where the expected loss is a function of expected collateral size, TFG's loss assumption and length of time the investment has been held.

    Tetragon Financial Group Limited (TFG) PERFORMANCE REPORT FOR PERIOD ENDED 30 september 2009 Consolidated Performance Statement of Operations Q3 2009 Q2 2009 Q1 2009 Q4 2008 ($MM) ($MM) ($MM) ($MM) Interest Income from Investments 39.6 49.6 47.6 53.1 Interest Income from Cash 0.0 0.0 0.1 0.1 Other Income 0.3 0.2 0.5 0.0 Investment Income 39.9 49.8 48.2 53.2 Management Fees (2.6) (2.7) (4.2) (5.0) Admin/ Custody and Other Fees (0.5) (0.5) (0.6) (1.0) Interest Expense - - (0.6) (1.3) Total Operating Expenses Excluding Performance Fee (3.1) (3.2) (5.4) (7.3) Net Investment Income 36.8 46.6 42.8 45.9 Realised and Unrealised Gains/(Losses) From Hedging (2.1) (2.1) 0.1 2.0 Net Increase/(Decrease) in Unrealised Appreciation/( Depreciation) in Investments (3.5) (71.2) (457.2) (235.0) Net Realised and Unrealised Gains /(Losses) from Investments and FX (5.6) (73.3) (457.1) (233.0) Net Increase/(Decrease) in Net Assets From Operation Before Performance Fees 31.2 (26.7) (414.3) (187.1) Performance Fees 0.0 0.0 0.0 0.0 Net Increase/(Decrease) in Net Assets from Operations 31.2 (26.7) (414.3) (187.1) Tetragon Financial Group Limited (TFG) PERFORMANCE REPORT FOR PERIOD ENDED 30 september 2009 TETRAGON FINANCIAL GROUP Unaudited Balance Sheet as at 30 September 2009 TFG TFG TFG Master Total Fund ($MM) ($MM) ($MM) Assets Investments in securities, at fair value 567.4 567.4 Cash and cash equivalents 149.7 149.7 Amounts due from brokers 6.7 6.7 Other receivables 0.2 0.2 Total Assets 724.0 0.0 724.0 Liabilities Unrealised loss on forward contracts 2.8 2.8 Other payables and accrued expenses 0.3 0.3 Total Liabilities 3.2 0.0 3.2 Net Assets 720.8 0.0 720.8 Tetragon Financial Group Limited (TFG) Portfolio Composition Portfolio Held by Tetragon Financial Group Master Fund Limited (unless otherwise stated) As of September 30, 2009 Report Date TFG Share TFG group TFG No. of Price ($) Market group Closed CLO Cap Net Transactions ($MM)(1) Assets ($MM) 30 September $1.90 $246.5 $720.8 61(2) 2009 Capital Allocation by Asset Class Risk Investment Investment Overall Capital - Fair - Leverage(5) Allocation Value Amortized ($MM)(3) Cost B/Fwd ($MM)(4) Broadly Syndicated Senior Secured Loans: US 61.2% $347.3 $674.2 Broadly Syndicated Senior Secured Loans: Europe 15.6% $88.5 $208.4 Middle Market Senior Secured Loans: US 23.2% $131.6 $170.1 CDOs Squared: US 0.0% $0.0 $0.0 ABS and Structured Finance: US 0.0% $0.0 $0.0 Total 100.0% $567.4 $1,052.8 0.79 Geographic Allocation by Asset Class USA Europe Asia Total Pacific Broadly Syndicated Senior Secured Loans 79.7% 20.3% 0.0% 100.0% Middle Market Senior Secured Loans 100.0% 0.0% 0.0% 100.0% CDOs Squared 0.0% 0.0% 0.0% 0.0% ABS and Structured Finance 0.0% 0.0% 0.0% 0.0% 84.4% 15.6% 0.0% 100.0% Top 15 Underlying Bank Loan Credits Bank Loan Exposure (6) Community Health 0.89% TXU Corp 0.83% HCA Inc 0.80% Georgia Pacific Corp 0.76% Univision Communications 0.75% Cablevision Systems Corp 0.61% SunGard Data Systems Inc 0.61% First Data Corp 0.60% Aramark Corp 0.58% Nielsen Company 0.54% Calpine Corp 0.53% Celanese US Holdings LLC 0.52% Idearc 0.52% Mylan Laboratories 0.52% Sabre Holdings Corp 0.50%

    EUR-USD FX:

    (1) Calculated using TFG shares outstanding and month end exchange price.

    (2) Excludes CDO-squared and ABS CDO transactions which were written off in October 2007. TFG continues to hold the economic rights to 4 of these written-off transactions.

    (3) Equivalent to Investment in Securities at Fair Value in the US GAAP Financial Statements.

    (4) Investments at Amortized Cost less interest accrued since last payment date. Internal Rate of Return (IRR) x Amortized Cost B/Fwd determines CDO income.

    (5) Equals CDO Amortized Cost BFwd / Book Value.

    (6) Calculated as a percentage of total corporate loan assets that TFG has exposure to based on its equity-based pro-rata share of each CLO's total portfolio (net of any single name CDS hedges held against that credit).

    An investment in TFG involves substantial risks. Please refer to the Company's website at http://www.tetragoninv.com for a description of the risks and uncertainties pertaining to an investment in TFG.

    This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of TFG have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to US persons unless they are registered under applicable law or exempt from registration. TFG does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, TFG has not been and will not be registered under the US Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. TFG is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act ("FMSA") as a collective investment scheme from a designated country. This release constitutes regulated information ("gereglementeerde informatie") within the meaning of Section 1:1 of the FMSA.

    Board of Directors Paddy Dear Reade Griffith David Jeffreys* Lee Olesky* Rupert Dorey* Alex Jackson Byron Knief* *Independent Director Shareholder Information Registered Office of TFG and the Master Fund Tetragon Financial Group Limited Tetragon Financial Group Master Fund Limited Tudor House Le Bordage St. Peter Port, Guernsey Channel Islands GYI 3PF Investment Manager Polygon Credit Management LP 399 Park Avenue, 22nd Floor New York, NY 10022 United States of America General Partner of Investment Manager Polygon Credit Management GP LLC 399 Park Avenue, 22nd Floor New York, NY 10022 United States of America Investor Relations David Wishnow / Yuko Thomas ir@tetragoninv.com Press Inquiries Finsbury Charles Chichester/Talia Druker/Rollo Head +44-20-7251-3801 Auditors KPMG Channel Islands Ltd 20 New Street St. Peter Port, Guernsey Channel Islands GYI 4AN Administrator and Registrar State Street Fund Services (Guernsey) Limited Tudor House Le Bordage St. Peter Port, Guernsey Channel Islands GYI 3PF Sub-Registrar and Transfer Agent The Bank of New York One Wall Street New York, NY 10286 United States of America Issuing Agent, Dutch Paying and Transfer Agent Kas Bank N.V. Spuistraat 172 1012 VT Amsterdam, The Netherlands Legal Advisor (as to U.S. law) Cravath, Swaine & Moore LLP One Ropemaker Street London EC2Y 9HR United Kingdom Legal Advisor (as to Guernsey law) Ogier Ogier House St. Julian's Avenue St. Peter Port, Guernsey Channel Islands GYI 1WA Legal Advisor (as to Dutch law) De Brauw Blackstone Westbroek N.V. Tripolis Burgerweeshuispad 301 1076 HR Amsterdam, The Netherlands Stock Listing NYSE EuroNext ---------------------------------

    UNAUDITED QUARTERLY REPORT TETRAGON FINANCIAL GROUP LIMITED FOR THE PERIOD ENDED 30 SEPTEMBER 2009 AND FOR THE PERIOD ENDED 30 SEPTEMBER 2008 TETRAGON FINANCIAL GROUP LIMITED STATEMENTS OF ASSETS AND LIABILITIES as at 30 September 2009 (unaudited) 30 Sep 2009 31 Dec 2008 US$ US$ Assets Investment in Master Fund 720,846,408 1,141,950,194 Amounts receivable from Master Fund 44,603 74,366 Total assets 720,891,011 1,142,024,560 Liabilities Amounts payable on treasury shares 44,603 74,366 Total liabilities 44,603 74,366 Net assets 720,846,408 1,141,950,194 Equity Share capital 126,195 125,980 Share Premium 1,182,157,534 1,182,232,455 Capital Reserve in respect of share options 11,789,336 11,789,336 Earnings (473,226,657) (52,197,577) 720,846,408 1,141,950,194 Shares outstanding Number Number Participating shares 126,195,146 125,979,883 Net asset value per share Participating shares US$5.71 US$9.06

    TETRAGON FINANCIAL GROUP LIMITED STATEMENTS OF OPERATIONS For the period ended 30 September 2009 and for the period ended 30 September 2008 (unaudited) Quarter Quarter 9 Months 9 Months Ended Ended Ended Ended 30 Sep 2009 30 Sep 2008 30 Sep 2009 30 Sep 2008 US$ US$ US$ US$ Investment income allocated from the Master Fund Interest income 39,660,355 54,472,877 136,955,255 162,688,641 Other income 281,815 - 963,552 - Investment income allocated from the Master Fund 39,942,170 54,472,877 137,918,807 162,688,641 Direct expenses Incentive fee - (10,329,924) - (21,930,546) Direct expenses - (10,329,924) - (21,930,546) Operating expenses allocated from the Master Fund Management fees (2,607,033) (4,974,128) (9,473,344) (14,123,548) Administration fees (132,004) (200,333) (457,861) (518,406) Custodian fees (16,734) - (42,104) - Legal and professional fees (44,653) (112,479) (113,099) (413,039) Audit fees (90,292) (92,447) (228,456) (238,688) Directors' fees (50,000) (50,000) (150,004) (145,175) Transfer agent fees (28,739) (33,158) (89,916) (109,249) Other operating expenses (163,100) (336,409) (501,485) (605,164) Interest expense - (3,017,787) (592,021) (11,388,798) Operating expenses allocated from the Master Fund (3,132,555) (8,816,741) (11,648,290) (27,542,067) Total operating expenses (3,132,555) (19,146,665) (11,648,290) (49,472,613) Net investment income 36,809,615 35,326,212 126,270,517 113,216,028

    TETRAGON FINANCIAL GROUP LIMITED STATEMENTS OF OPERATIONS (continued) For the period ended 30 September 2009 and for the period ended 30 September 2008 (unaudited) Quarter Quarter 9 Months 9 Months Ended Ended Ended Ended 30 Sep 2009 30 Sep 2008 30 Sep 2009 30 Sep 2008 US$ US$ US$ US$ Net realized and unrealized (loss)/gain from investments and foreign currencies allocated from the Master Fund Net realized gain/(loss) from: Investments - - - 303,684 Foreign currency transactions (4,250,644) 19,409,958 6,158,675 (1,104,697) Credit default swaps - 14,499,885 - 19,731,448 (4,250,644) 33,909,843 6,158,675 18,930,435 Net (decrease)/increase in unrealized (depreciation)/ appreciation on: Investments (3,499,523) 10,009,579 (531,855,631) 11,168,452 Forward foreign exchange contracts 1,693,573 4,355,043 2,031,931 2,477,163 Credit default swaps - (10,931,088) - (9,606,673) Foreign Exchange Options (595,500) - (5,475,600) - Translation of assets and liabilities in foreign currencies 1,090,691 (23,918,958) (6,841,244) 177,213 (1,310,759) (20,485,424) (542,140,544) 4,216,155 Net realized and unrealized (loss)/gain from investments and foreign currencies allocated from the Master Fund (5,561,403) 13,424,419 (535,981,869) 23,146,590 Net increase/(decrease) in net assets resulting from operations 31,248,212 48,750,631 (409,711,352)136,362,618

    TETRAGON FINANCIAL GROUP LIMITED STATEMENTS OF CHANGES IN NET ASSETS For the period ended 30 September 2009 and for the period ended 30 September 2008 (unaudited) 9 Months Ended 9 Months Ended 30 Sep 2009 30 Sep 2008 US$ US$ Total investment income 137,918,807 162,688,641 Total operating expenses (11,648,290) (49,472,613) Net realized gain from investments and foreign currencies allocated from the Master Fund 6,158,675 18,930,435 Net unrealized (loss)/gain from investments and foreign currencies allocated from the Master Fund (542,140,544) 4,216,155 Net (decrease)/increase in net assets resulting from operations (409,711,352) 136,362,618 Dividends paid to shareholders (11,317,728) (54,342,978) Issue of shares 909,146 87,244,339 Treasury shares (983,852) (8,999,699) (Decrease)/increase in net assets resulting from net share transactions (74,706) 78,244,640 Total (decrease)/increase in net assets (421,103,786) 160,264,280 Net assets at start of period 1,141,950,194 1,188,220,992 Net assets at end of period 720,846,408 1,348,485,272

    TETRAGON FINANCIAL GROUP LIMITED STATEMENTS OF CASH FLOWS For the period ended 30 September 2009 and for the period ended 30 September 2008 (unaudited) 9 Months Ended 9 Months Ended 30 Sep 2009 30 Sep 2008 US$ US$ Operating and investing activities Net (decrease)/increase in net assets resulting from operations (409,711,352) 136,362,618 Adjustments for: Net unrealized depreciation/(appreciation) on investments in Master Fund 421,103,786 (170,594,204) Operating cash flows before movements in working capital 11,392,434 (34,231,586) Decrease in receivables 29,763 110,984 (Decrease)/increase in payables (29,763) 10,218,940 Cash flows from operations 11,392,434 (23,901,662) Cash inflows/(outflows) from operating and investing activities 11,392,434 (23,901,662) Financing activities Issue of shares 909,146 87,244,339 Treasury shares (983,852) (8,999,699) Dividends paid to shareholders (11,317,728) (54,342,978) Cash (outflows)/inflows from financing activities (11,392,434) 23,901,662 Net (decrease)/increase in cash and cash equivalents - - Cash and cash equivalents at beginning of period - - Cash and cash equivalents at end of period - -

    UNAUDITED QUARTERLY REPORT TETRAGON FINANCIAL GROUP MASTER FUND LIMITED FOR THE PERIOD ENDED 30 SEPTEMBER 2009 AND FOR THE PERIOD ENDED 30 SEPTEMBER 2008 TETRAGON FINANCIAL GROUP MASTER FUND LIMITED STATEMENTS OF ASSETS AND LIABILITIES as at 30 SEPTEMBER 2009 (unaudited) 30 Sep 2009 31 Dec 2008 US$ US$ Assets Investments in securities, at fair value 567,432,382 1,082,495,071 Cash and cash equivalents 149,699,437 63,042,822 Amounts due from brokers 6,675,770 114,374,113 Derivative financial assets - foreign exchange options 2,000 5,477,600 Other receivables 225,737 176,192 Total assets 724,035,326 1,265,565,798 Liabilities Payables under repurchase and swap agreements - 117,557,492 Derivative financial liabilities - forward contracts 2,809,645 4,841,576 Amounts payable to feeder fund 44,603 74,366 Interest payable - 665,976 Other payables and accrued expenses 334,670 476,194 Total liabilities 3,188,918 123,615,604 Net assets 720,846,408 1,141,950,194 Equity Share capital 126,195 125,980 Share premium 1,141,380,618 1,141,455,539 Earnings (420,660,405) 368,675 720,846,408 1,141,950,194 Shares outstanding Number Number Shares 126,195,146 125,979,883 Net asset value per share Shares US$5.71 US$9.06

    TETRAGON FINANCIAL GROUP MASTER FUND LIMITED STATEMENTS OF OPERATIONS For the period ended 30 SEPTEMBER 2009 and for the period ended 30 SEPTEMBER 2008 (unaudited) Quarter Quarter 9 Months 9 Months Ended Ended Ended Ended 30 Sep 2009 30 Sep 2008 30 Sep 2009 30 Sep 2008 US$ US$ US$ US$ Interest income 39,660,355 54,472,877 136,955,255 168,254,245 Other income 281,815 - 963,552 - Investment income 39,942,170 54,472,877 137,918,807 168,254,245 Management fees (2,607,033) (4,974,128) (9,473,344) (14,585,744) Administration fees (132,004) (200,333) (457,861) (534,511) Custodian fees (16,734) - (42,104) - Legal and professional fees (44,653) (112,479) (113,099) (431,283) Audit fees (90,292) (92,447) (228,456) (246,261) Directors' fees (50,000) (50,000) (150,004) (150,000) Transfer agent fees (28,739) (33,158) (89,916) (112,943) Other operating expenses (163,100) (336,409) (501,485) (621,414) Interest expense - (3,017,787) (592,021) (11,835,507) Operating expenses (3,132,555) (8,816,741) (11,648,290) (28,517,663) Net investment income 36,809,615 45,656,136 126,270,517 139,736,582 Realized and unrealized (loss)/gain from investments and foreign currency Net realized gain/(loss) from: Investments - - - 322,349 Foreign currency (4,250,644) 19,409,958 6,158,675 (2,385,457) transactions Credit default swaps - 14,499,885 - 20,119,865 (4,250,644) 33,909,843 6,158,675 18,056,757 Net (decrease)/increase in unrealized (depreciation)/appreciation on: Investments (3,499,523) 10,009,579 (531,855,631) 10,806,962 Forward foreign exchange contracts 1,693,573 4,355,043 2,031,931 2,526,799 Credit Default Swaps - (10,931,088) - (9,786,587) Foreign Exchange Options (595,500) - (5,475,600) - Translation of assets and liabilities in foreign currencies 1,090,691 (23,918,958) (6,841,244) 1,471,054 (1,310,759) (20,485,424) (542,140,544) 5,018,228 Net realized and unrealized (loss)/ gain from investments and foreign currencies (5,561,403) 13,424,419 (535,981,869) 23,074,985 Net increase/(decrease) in net assets resulting from operations 31,248,212 59,080,555 (409,711,352) 162,811,567

    TETRAGON FINANCIAL GROUP MASTER FUND LIMITED STATEMENTS OF CHANGES IN NET ASSETS For the period ended 30 SEPTEMBER 2009 and for the period ended 30 SEPTEMBER 2008 (unaudited) 9 Months Ended 9 Months Ended 30 Sep 2009 30 Sep 2008 US$ US$ Investment income 137,918,807 168,254,245 Operating expenses (11,648,290) (28,517,663) Net realized gain from investments and foreign currency 6,158,675 18,056,757 Net unrealized (depreciation) / appreciation on investments and translation of assets and liabilities in foreign currencies (542,140,544) 5,018,228 Net (decrease) / increase in net assets resulting from operations (409,711,352) 162,811,567 Dividends paid to shareholders (11,317,728) (68,622,012) Issue of shares 909,146 9,187,384 Treasury shares (983,852) (8,999,699) (Decrease) / increase in net assets resulting from net share transactions (74,706) 187,685 Total (decrease) / increase in net assets (421,103,786) 94,377,240 Net assets at start of period 1,141,950,194 1,264,437,956 Net assets at end of period 720,846,408 1,358,815,196

    TETRAGON FINANCIAL GROUP MASTER FUND LIMITED STATEMENTS OF CASH FLOWS For the period ended 30 SEPTEMBER 2009 and for the period ended 30 SEPTEMBER 2008 (unaudited) Quarter ended Quarter ended 30 Sep 2009 30 Sep 2008 US$ US$ Operating and investing activities Net (decrease) / increase in net assets resulting from operations (409,711,352) 162,811,567 Adjustments for: Realized gain on investments - (322,349) Non cash interest income on investments (25,070,302) 105,585,526 Unrealized losses/(gains) 542,140,544 (5,018,229) Operating cash flows before movements in working capital 107,358,890 263,056,515 (Increase) / Decrease in receivables (49,545) 11,665,717 Decrease in payables (837,263) (7,205,678) Cash flows from operations 106,472,082 267,516,554 Proceeds from repayments on investments - 322,349 Cash inflows from operating and investing activities 106,472,082 267,838,903 Financing activities Amounts due from brokers 107,698,343 (20,163,549) Proceeds from issue of shares 909,146 9,187,384 Treasury shares (983,852) (8,999,699) Dividends paid to shareholders (11,317,728) (68,622,012) Repayment on repurchase and swap agreements (117,557,492) (274,621,701) Bank overdraft - 252,826,526 Cash outflows from financing activities (21,251,583) (110,393,051) Net increase in cash and cash equivalents 85,220,499 157,445,852 Cash and cash equivalents at beginning of period 63,042,822 209,237,922 Effect of exchange rate fluctuations on cash and cash equivalents 1,436,116 24,928 Cash and cash equivalents at end of period 149,699,437 366,708,702

    For further information, please contact: TFG: Press Inquiries: David Wishnow/Yuko Thomas Finsbury Investor Relations Charles Chichester/Talia ir@tetragoninv.com Druker/Rollo Head +44-20-7251-3801

    PRN NLD

    Tetragon Financial Group Limited

    For further information, please contact: TFG: David Wishnow/Yuko Thomas, Investor Relations, ir@tetragoninv.com. Press Inquiries: Finsbury, Charles Chichester/Talia Druker/Rollo Head, +44-20-7251-3801




    Tetragon Financial Group Limited (TFG) Announces Continuation of its Share Repurchase Program

    LONDON, October 23 /PRNewswire/ -- TFG today announces that it will continue its share repurchase program. The Board of TFG continues to be confident in the long-term prospects of TFG. The Board also believes that the purchase of shares in the market may at appropriate price levels below Net Asset Value represent an attractive use of TFG's excess cash and an efficient means to return cash to its shareholders.

    The updated share repurchase program will commence on October 26, 2009 and will continue for a period of up to October 31, 2010, until 5% of the Company's outstanding shares have been repurchased under the updated program or until terminated by the Board. Other than as described below, the updated share repurchase program shall be conducted on the same terms as the previously announced program on April 27, 2009. Accordingly, the maximum price to be paid per share under the share repurchase program shall not exceed the higher of the price of the last independent trade and the highest current independent bid on Eurolist by NYSE Euronext Amsterdam. TFG's maximum daily trading volume for such purchases shall be based on the average daily volume traded in September 2009 and shall be fixed for the duration of the program.

    About Tetragon:

    Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on Euronext Amsterdam by NYSE Euronext under the ticker symbol "TFG."

    Tetragon Financial Group Limited (TFG) currently invests through long-term funding vehicles such as collateralized loan obligations (CLOs) in selected securitized asset classes and aims to provide stable returns to investors across various interest rate and credit cycles.

    This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of TFG have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to US persons unless they are registered under applicable law or exempt from registration. TFG does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, TFG has not been and will not be registered under the US Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. TFG is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act (the FMSA") as a collective investment scheme from a designated country. This release constitutes regulated information ("gereglementeerde informatie") within the meaning of Section 1:1 of the FMSA.

    For further information, please contact: TFG: Greg Wadsworth/Yuko Thomas Investor Relations ir@polygoninv.com Press Inquiries: Finsbury Charles Chichester/Talia Druker/Rollo Head +44-20-7251-3801

    PRN NLD

    Tetragon Financial Group Limited

    For further information, please contact: TFG: Greg Wadsworth/Yuko Thomas, Investor Relations, ir@polygoninv.com. Press Inquiries: Finsbury, Charles Chichester/Talia Druker/Rollo Head, +44-20-7251-3801




    Tetragon Financial Group Limited (TFG): Performance Report for Period Ended 30 September 2009

    LONDON, October 23 /PRNewswire-FirstCall/ -- Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on Euronext Amsterdam by NYSE Euronext under the ticker symbol "TFG."

    In this quarterly update, unless otherwise stated, we report on the consolidated business incorporating TFG and Tetragon Financial Group Master Fund Limited.(1) References to "we" are to Polygon Credit Management LP, TFG's investment manager.

    Portfolio and Market Developments - Executive Summary and Outlook: - Financial Overview: The third quarter of 2009 saw a return to profitability, driven in part by improvements in the O/C cushions of certain U.S. portfolio deals. The quarter witnessed positive earnings as well as an increase in the Accelerated Loss Reserves due to the restoration of certain previously released amounts. Improved portfolio performance also saw cash receipts from investments increase quarter- on-quarter, pushing cash balances higher. - Collateral Performance: The third quarter was characterized by a notable improvement in secondary loan prices as the U.S. high yield capital markets and fundamental credit conditions showed signs of continued stabilization. - Key Drivers of Collateral Performance: Although defaults continued at a material level during the third quarter, annualized quarterly and monthly default rates declined significantly from the highs reached during Q1 2009. Similarly, the pace of U.S. CCC downgrades decelerated during the quarter. As a result, while total CCC and defaulted asset holdings of many CLOs remained high, the net increases in such holdings were largely offset by market value and/or trading gains driving improvements in U.S. CLO O/C levels, on an aggregate basis. European CLOs, however, generally continued to see O/C deterioration due to, among other factors, continuing realized and unrealized losses and certain transaction-specific haircut requirements. - CLO Market Developments: Secondary CLO prices posted strong gains as underlying loan prices rallied during the quarter and signs of fundamental stabilization emerged. Global arbitrage cash flow CLO issuance, however, remained subdued with new transactions dominated by balance sheet securitizations and restructurings of older-vintage CLOs. - Outlook: We expect that the remainder of 2009 may present challenges to the continued improvement of TFG's portfolio as additional downgrades and defaults, among other factors, may exert negative pressures on TFG's investments.

    As we assess potential uses of our cash, we intend to continue to evaluate new secondary CLO debt or equity investments, both as add-ons to existing portfolio positions or in new transactions which meet our investment criteria. Additionally, we continue to explore strategic opportunities in the leveraged loan asset management space as a means of potentially diversifying TFG's revenue base and benefitting from the anticipated recovery in the credit markets.

    Q3 2009 Financial Results at a Glance: - Net Income: Q3 2009 saw a consolidated net profit of $31.2 million, compared to a loss of $(26.7) million in Q2 2009 and a profit of $48.8 million in the corresponding quarter in 2008. - Cash Receipts: The investment portfolio generated $35.3 million of cash during Q3 2009, or approximately $0.28 per share (calculated using the average number of shares outstanding in TFGMF during the period based on quarter-end holdings). This compares to $31.9 million of cash generated during Q2 2009. - Earnings per Share: EPS for Q3 2009 was approximately $0.25 per share resulting in a consolidated EPS of approximately $(3.25) for the first three quarters of 2009, compared to a positive EPS of $1.11 in the same period of 2008. - Net Assets and NAV per Share: Consolidated net assets were $720.8 million, or $5.71per share, as of September 30, 2009, up from $693.1 million as of June 30, 2009, or $5.50 per share. - Cash Balance: Cash holdings increased during Q3 to $149.7 million at September 30, 2009, or approximately $1.19 per outstanding share, compared to $123.8 million at the end of Q2 2009. TFG continued to have no outstanding borrowings. - Dividend: On October 21, 2009, the Board of TFG declared a dividend of $0.03 per share in respect of Q3 2009, which will be payable on November 18, 2009. Please refer to the website (http://www.tetragoninv.com/) for additional information regarding the dividend, including the Optional Stock Dividend Plan. - IRRs: The weighted-average IRR ended the quarter at 10.3%, up from 9.2% at the end of Q2 2009. This reflected, among other factors, improvements in the prices of distressed, excess CCCs and defaulted assets, which in certain investments outweighed the negative effect of continued increases in the amount of such assets on O/C cushions. - Life-to-Date Net Loss Reserves: (2) Excess loss reserves increased in Q3 2009, with approximately $95.4 million of excess loss reserves having been factored into our IRR calculations as of September 30, 2009. At the end of Q2 2009, excess loss reserves were approximately $38.9 million. - Accelerated Loss Reserve: (3) As of the end of Q3 2009, the Accelerated Loss Reserve totaled $333.8 million, compared to $254.1 million at the end of the prior quarter. - Hurdle Rate: The hurdle rate for Q4 2009 incentive fee has been reset at 2.9329% (Q3: 3.2354%) as per the process outlined in TFG's 2008 Audited Financial Statements and in accordance with TFG's Investment management agreement.(4) No incentive fee was paid for Q1, Q2, or Q3 2009. Portfolio Detail: - Portfolio Size: As of the end of Q3 2009, the estimated fair value of the investment portfolio totaled $567.4 million, with look- through exposure to over $17.0 billion of leveraged loans. No new collateralized loan obligation ("CLO") investments were made during the quarter. - Portfolio Composition: The portfolio currently consists of 61 CLO investments managed by 32 CLO managers.(5) - Collateral Performance: As of the end of Q3 2009, 24 or approximately 40.0% of our CLO investments were failing their most junior O/C test,(6) a decrease from 25 investments or 41.7% at the end of Q2. As O/C tests are breached, CLO structures may divert excess interest cash flows away from the equity tranche holders, such as TFG, to pay down the CLO's debt thereby curing the O/C breach via deleveraging. Accordingly, the aforementioned 24 investments have ceased to generate cash flows to TFG or are expected to cease generating cash flows on the next applicable payment date. Once enough debt has been repaid to cure the O/C test breach, however, distributions of excess interest cash flows to equity tranche holders could resume to the extent not precluded due to the investments' realized or unrealized losses. - Portfolio Credit Quality: As of September 30, 2009, the weighted-average percentage of corporate obligors rated Caa1/CCC+ or below in our 61 CLO investments was 12.6% compared to an approximate 7.8% weighted-average maximum level permitted under the terms of our investments.([7]) The weighted-average WARF stood at approximately 2,813. Each of these foregoing statistics represents a weighted-average summary of all of our 61 investments.([8]) Each individual investment's metrics will differ from this average and vary across the portfolio. TFG Investment Weighted- Average Summary Q3 2009 Q2 2009 Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008 Caa1/CCC+ or Below Obligors: 12.6% 11.6% 11.4% 7.6% 4.9% 4.4% 3.4% WARF: 2,813 2,800 2,758 2,577 2,490 2,472 2,443 Market Detail: - TFG and Market Default Rate: The lagging 12-month U.S. institutional loan default rate increased to 9.75% by principal amount as of September 30, 2009, according to S&P/LCD, up from approximately 9.15% during the prior quarter. ([9]) Although this rolling 12-month average default rate remains high, we believe a quarterly view may point to a turn-around in the pace of defaults (by par amount). For example, the annualized Q3 2009 default rate fell to 4.76% by principal amount from 8.7% in the second quarter and from a high of 19.5% during Q1 2009. (9) Furthermore, September 2009 was the slowest month for loan defaults since November 2008. (9) We believe that this deceleration in the notional amount of defaults may be partially attributable to the relative scarcity of large defaults, as the default rate by number of loans declined at a slower pace - to 8.0% in Q3 2009 from 9.3% in the second quarter. (9) TFG's lagging 12-month corporate loan default rate increased to 6.7% during the third quarter.([10]) Q3 2009 Q2 2009 Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008 TFG Trailing 12-Month Default Rate: 6.7% 5.1% 4.0% 2.5% 1.5% 1.3% 0.8% - Secondary loan market rally: September marked the end of a strong third quarter for leveraged loans in the U.S., as the S&P/LSTA Leveraged Loan Index gained 46.1% YTD. ([11]) Distressed and lower-rated credits gained the most during the rally with CCC-rated credits returning 76% YTD, as compared with 55% for B-rated loans and 34% for BB-rated credits.([12]) We believe that this positive momentum was attributable to both technical and fundamental factors. From a technical perspective, the secondary loan market benefitted from a pick-up in prepayments financed largely via high yield bond issuance. During Q3 2009, $12.7 billion of such bond-for-loan take outs were issued totaling approximately 73% of the $17.5 billion notional repaid during the quarter. ([13]) This repayment volume outpaced institutional new issuance, which totaled only $7.8 billion during the quarter, reducing the size of the institutional loan market by 2.5% during Q3 2009 and 7.0% YTD, the biggest decline on record according to S&P. ([14]) - U.S. fundamentals and credit quality stabilize; European recovery lags U.S.: We believe that U.S. fundamental conditions also began to reveal signs of stabilization during Q3 2009 providing further support for the increase in loan prices. The operating results of certain leveraged loan borrowers registered modest improvements in earnings and revenue trends. S&P reported that of the 100 largest S&P/LSTA Index issuers, of which approximately 50% reported Q2 2009 results as of the date of the article, average EBITDA was up 9.6% and revenues increased by 4.9% sequentially vs. Q1 2009. ([15]) Although these results are promising, year-over-year revenue trends are still generally negative and financial performance continues to vary across industries and issuers. Furthermore, cost-cutting and rationalization measures may have run their course and we believe that continued top-line growth will likely require meaningful macro-economic recovery.

    The European loan market, however, remained strained during Q3 2009. Although the S&P European Leveraged Loan Index posted a 35.0% gain for the year, a weak primary market, as well as continuing downgrades and defaults continued to weigh on the space. ([16]) European new issue loan volume totaled only EUR1.5 billion during Q3 2009, ([17]) down from EUR9.6 billion issued during Q2 (dominated by the EUR8.9 billion Heidelberg Cement pro-rata loan) and up slightly from EUR1.2 billion in the first quarter. ([18]) The market also continued to work through a series of restructurings and amendments, which proved more challenging to resolve than many similar situations in the U.S. due to limited liquidity and unique European legal as well as institutional loan market dynamics. As many European borrowers continue to see earnings contraction we expect that European credit recovery is likely to continue to trail the U.S.

    - Balance sheet restructurings continue: The third quarter continued to see amendment, distressed exchange, and below-par buy-back activity, albeit at a slower pace than in prior quarters. During Q3 2009, only 30 borrowers sought covenant relief vs. 58 in the second quarter. ([19]) Companies also responded to the contraction in the capital markets by increasing their cash balances by an average of 22% year-over-year to increase in liquidity. ([20]) Additionally, leveraged loan borrowers were also able to extinguish or extend approximately $20 billion of pre-2009 maturities during Q3 2009, bringing the YTD total to $124 billion. ([21]) - Loan and high yield bond issuance volumes increase, providing much needed liquidity: Q3 2009 saw a pick-up in the new issuance volumes of both loans and high yield bonds. U.S. institutional loan issuance totaled $7.8 billion during the third quarter vs. $6.2 billion in the prior quarter, bringing the YTD total to $19.1 billion. ([22]) Furthermore, Q3 2009 issuance shifted away from rescue loans and DIPs toward transactions motivated by general corporate purposes. As a result institutional loans accounted for 54% of Q3 2009 new issue volume, excluding DIPs, as compared with 28% during 1H 2009. ([23]) Additionally, the end of the third quarter saw the re-emergence of M&A-driven institutional loan issuance, which market participants expect to continue in 2010, capital market conditions permitting. Q3 2009 high yield bond issuance exceeded new issue loan volumes, totaling approximately $12.7 billion during the quarter and $41.2 billion YTD, $23.6 billion or 57% of which was used to refinance loans. ([24]) - U.S. CLO O/C ratios improve while European CLOs continue to face O/C pressures: The third quarter of 2009 witnessed a general improvement in the level of U.S. CLO O/C coverage levels. These gains were the result of a combination of factors, including a moderation of default rates and CCC downgrades, broad increases in loan prices (with material gains in CCC-rated credits), waterfall-prescribed reinvestment and/or de-leveraging, as well as manager trading strategies designed to improve O/C cushions. Based on a surveillance universe consisting of 485 USD-denominated CLOs issued during 2000-2008, Morgan Stanley estimated that 247 or approximately 51% were failing their junior O/C test as of trustee reports available at the end of September 2009 ([25]) as compared with 280 out of 521 or approximately 54% at the end of Q2 2009. ([26]) Unfortunately, European CLOs continued to see O/C deterioration during the quarter. - Secondary CLO debt prices increase: Paralleling the pick-up in underlying loan prices, stabilizing fundamentals, as well as the broader credit market recovery, CLO prices increased at the end of the third quarter with mezzanine tranches posting the biggest relative gains. Although structural, collateral quality and documentation characteristics, among other factors, continue to generate price differences across individual CLO tranches, generic CLO spreads are currently at their tightest levels since the collapse of the credit markets. Despite these gains, however, CLO debt continues to offer a lower-cost alternative to accessing leveraged loan exposure and may therefore represent an interesting investment opportunity for certain investors. ([27]) - CLO issuance volumes remain subdued: Global CLO issuance remained subdued in Q3 2009, totaling $28.5 billion and bringing the YTD total to $124.5 billion. ([28]) As in prior quarters, new issuance continued to be driven by European balance sheet and Small and Medium Enterprise ("SME") CLOs. Share Repurchase Program

    As noted in the Share Repurchase Program press release of today, TFG will continue with its share repurchase program on the same material terms as currently in effect with the exception of the program's daily trading volume limitation, which will be increased substantially. TFG's maximum daily trading volume for such purchases under the updated program will be based on the average daily volume traded in September 2009 compared with March 2009 under the current version of the program. The Board of TFG continues to be confident in the long-term prospects of TFG. The Board also believes that the purchase of shares in the market may at appropriate price levels below Net Asset Value represent an attractive use of TFG's excess cash and an efficient means to return cash to its shareholders.

    Quarterly Investor Call

    We will host a conference call for investors on October 23, 2009 at 15:00 BST/16:00 CET/10:00 EDT to discuss Q3 2009 results and to provide a company update.

    The conference call may be accessed by dialing +44(0)20-7162-0025 and +1-334-323-6201 (a passcode is not required). Participants may also register for the conference call in advance by going to: https://eventreg1.conferencing.com/webportal3/reg.html?Acc=084793&Conf=16843 3 or by going to the TFG website, http://www.tetragoninv.com/.

    A replay of the call will be available for 30 days by dialing +44(0)20-7031-4064 and +1-954-334-0342, access code 846047 and as an MP3 recording on the TFG website.

    Expected Upcoming Events Date Q3 Record Date October 27, 2009 October 2009 Monthly Report November 17, 2009 (approx) Q3 Dividend Payment Date November 18, 2009

    This Performance Report constitutes TFG's interim management statement as required pursuant to Section 5:25e of the Netherlands Financial Markets Supervision Act (Wet op het financieel toezicht, "FMSA"). Pursuant to Section 5:25e and 5:25m of the FMSA, this report is made public by means of a press release and has been filed with the Netherlands Authority for the Financial Markets (Autoriteit Financiele Marketen) and also made available to the public by way of publication on the TFG website (http://www.tetragoninv.com/).

    An investment in TFG involves substantial risks. Please refer to TFG's website at http://www.tetragoninv.com/ for a description of the risks and uncertainties pertaining to an investment in TFG.

    (1) TFG invests substantially all its capital through a master fund, Tetragon Financial Group Master Fund Limited ("TFGMF"), in which it holds 100% of the issued shares. Tetragon Financial Group LP (TFGLP), a U.S. "feeder fund", has previously held an interest in TFGMF and accordingly, received a pro-rata allocation of the performance of TFGMF.

    ([2]) The life-to-date net loss reserve is transaction-specific. It is calculated by subtracting the actual collateral loss for each transaction from the expected collateral loss, where the expected loss is a function of expected collateral size, TFG's loss assumptions and the length of time the investment has been held.

    ([3]) The Accelerated Loss Reserve, like the life-to-date net loss reserve, is transaction specific. Whereas the life-to-date net loss reserve is an adjustment embedded in TFG's modeling assumptions, the Accelerated Loss Reserve is a direct adjustment to the fair value of an investment to account for the potential impact of certain losses and the cumulative value of such adjustments will be and is evidenced in TFG's financial statements.

    ([4]) The hurdle rate is reset each quarter using 3M USD LIBOR plus a spread of 2.647858% in accordance with TFG's investment management agreement. Please see the TFG website, http://www.tetragoninv.com/, for more details.

    ([5]) Excludes CDO-squared and ABS CDO transactions which were written off in October 2007. TFG continues to hold the economic rights to four of these written-off transactions.

    ([6]) Based on the most recent trustee reports available for our investments as of September 30, 2009.

    ([7]) Excess Caa/CCC+ or below rated assets above the transaction specific permitted maximum holding levels are generally haircut in our transactions at market value for purposes of the over-collateralization and/or interest reinvestment test ratios.

    ([8]) Weighted by the original USD cost of each investment.

    ([9]) Source: S&P / LSTA Leveraged Commentary and Data," Loan defaults hit record 9.75%; outlook continues to brighten," October 1, 2009.

    ([10]) Please note that the calculation of TFG's lagging 12-month corporate loan default rate does not include certain underlying investment collateral that due to, among other things, the occurrence of an applicable issuer debt repurchase or exchange was assigned a "Selective Default" rating by one or more of the applicable rating agencies. Such Selected Defaults are included the S&P/LCD lagging 12-month U.S. institutional loan default rate discussed above. Furthermore, TFG's investment portfolio includes approximately 15.6% CLOs with primary exposure to European broadly syndicated senior secured loans and such loans are included in the calculation of TFG's corporate default rate.

    ([11]) Source: S&P / LSTA Leveraged Commentary and Data," Behind Sept. loan returns (3.20%) Index hits new high of 1807," October 1, 2009.

    ([12]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009." ([13]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009." ([14]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009."

    ([15]) Source: S&P / LSTA Leveraged Commentary and Data," Loan defaults hit record 9.75%; outlook continues to brighten," October 1, 2009.

    ([16]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009." ([17]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009."

    ([18]) Source: S&P / LSTA Leveraged Commentary and Data, "(EUR) 1H09 primary volume sporadic; maturity management in focus," July 10, 2009.

    ([19]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009."

    ([20]) Source: Morgan Stanley High Yield Strategy Research, "Back to School High Yield Outlook," September 2009.

    ([21]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009." ([22]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009." ([23]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009."

    ([24]) Source: S&P / LCD Quarterly Review, "Third Quarter 2009," M&A transactions e.g.: Warner Chilcott ($1.5 billion) and Skype ($600 million).

    ([25]) Source: Morgan Stanley CDO Market Update, October 3, 2009. ([26]) Source: Morgan Stanley CDO Market Update, July 10, 2009.

    ([27]) Source: Morgan Stanley CDO Market Insights, "Revisiting CLO Value Proposition," September 18, 2009.

    ([28]) Source: JP Morgan Global CDO Weekly Snapshot, October 5, 2009. Tetragon Financial Group Limited (TFG) PERFORMANCE REPORT FOR PERIOD ENDED 30 September 2009 TETRAGON FINANCIAL GROUP Financial Highlights Q3 2009 Q2 2009 Q1 2009 Q4 2008 Net income ($MM) $31.2 ($26.7) ($414.3) ($187.1) EPS ($) $0.25 ($0.21) ($3.29) ($1.48) Cash receipts ($MM) $35.3 $31.9 $47.1 $75.3 Cash receipts per share ($) $0.28 $0.25 $0.37 $0.60 Net cash balance ($MM) $149.7 $123.8 $94.3 $59.9 Net assets ($MM) $721 $693 $723 $1,142 Number of shares outstanding (million) 126.2 125.9 125.7 126.0 NAV per share ($) $5.71 $5.50 $5.75 $9.06 DPS ($) $0.03 $0.03 $0.03 $0.03 Weighted average IRR on completed transactions (%) 10.3% 9.2% 10.6% 13.8% Number of investments (1) 61 61 61 61 Net excess life-to-date loss accruals ($MM) (2) ($95.0) ($39.0) ($50.0) ($115.0) Accelerated loss reserve ($MM) ($333.8) ($254.1) ($315.0) ($141.0) Q3 2008 Q2 2008 Q1 2008 Q4 2007 Net income ($MM) $48.8 $45.8 $45.9 ($13.8) EPS ($) $0.39 $0.36 $0.36 ($0.11) Cash receipts ($MM) $77.7 $118.0 $74.0 $76.3 Cash receipts per share ($) $0.62 $0.94 $0.59 $0.61 Net cash balance ($MM) $13.4 ($69.4) ($152.9) ($186.0) Net assets ($MM) $1,348 $1,319 $1,289 $1,264 Number of shares outstanding (million) 126.2 126.3 125.7 126.1 NAV per share ($) $10.69 $10.44 $10.25 $10.02 DPS ($) $0.15 $0.15 $0.15 $0.15 Weighted average IRR on completed transactions (%) 16.9% 16.6% 16.0% 16.6% Number of investments (1) 61 61 61 61 Net excess life-to-date loss accruals ($MM) (2) ($158.0) ($137.0) ($116.0) ($106.0) Accelerated loss reserve ($MM) $0.0 $0.0 $0.0 $0.0

    (1) Excludes CDO-squared and ABS CDO transactions written off in October 2007. TFG continues to hold the economic rights to 4 of these written-off transactions.

    (2) Net excess life-to-date loss accrual is deal specific. It subtracts the actual collateral loss from the expected loss, where the expected loss is a function of expected collateral size, TFG's loss assumption and length of time the investment has been held.

    Tetragon Financial Group Limited (TFG) PERFORMANCE REPORT FOR PERIOD ENDED 30 september 2009 Consolidated Performance Statement of Operations Q3 2009 Q2 2009 Q1 2009 Q4 2008 ($MM) ($MM) ($MM) ($MM) Interest Income from Investments 39.6 49.6 47.6 53.1 Interest Income from Cash 0.0 0.0 0.1 0.1 Other Income 0.3 0.2 0.5 0.0 Investment Income 39.9 49.8 48.2 53.2 Management Fees (2.6) (2.7) (4.2) (5.0) Admin/ Custody and Other Fees (0.5) (0.5) (0.6) (1.0) Interest Expense - - (0.6) (1.3) Total Operating Expenses Excluding Performance Fee (3.1) (3.2) (5.4) (7.3) Net Investment Income 36.8 46.6 42.8 45.9 Realised and Unrealised Gains/(Losses) From Hedging (2.1) (2.1) 0.1 2.0 Net Increase/(Decrease) in Unrealised Appreciation/( Depreciation) in Investments (3.5) (71.2) (457.2) (235.0) Net Realised and Unrealised Gains /(Losses) from Investments and FX (5.6) (73.3) (457.1) (233.0) Net Increase/(Decrease) in Net Assets From Operation Before Performance Fees 31.2 (26.7) (414.3) (187.1) Performance Fees 0.0 0.0 0.0 0.0 Net Increase/(Decrease) in Net Assets from Operations 31.2 (26.7) (414.3) (187.1) Tetragon Financial Group Limited (TFG) PERFORMANCE REPORT FOR PERIOD ENDED 30 september 2009 TETRAGON FINANCIAL GROUP Unaudited Balance Sheet as at 30 September 2009 TFG TFG TFG Master Total Fund ($MM) ($MM) ($MM) Assets Investments in securities, at fair value 567.4 567.4 Cash and cash equivalents 149.7 149.7 Amounts due from brokers 6.7 6.7 Other receivables 0.2 0.2 Total Assets 724.0 0.0 724.0 Liabilities Unrealised loss on forward contracts 2.8 2.8 Other payables and accrued expenses 0.3 0.3 Total Liabilities 3.2 0.0 3.2 Net Assets 720.8 0.0 720.8 Tetragon Financial Group Limited (TFG) Portfolio Composition Portfolio Held by Tetragon Financial Group Master Fund Limited (unless otherwise stated) As of September 30, 2009 Report Date TFG Share TFG group TFG No. of Price ($) Market group Closed CLO Cap Net Transactions ($MM)(1) Assets ($MM) 30 September $1.90 $246.5 $720.8 61(2) 2009 Capital Allocation by Asset Class Risk Investment Investment Overall Capital - Fair - Leverage(5) Allocation Value Amortized ($MM)(3) Cost B/Fwd ($MM)(4) Broadly Syndicated Senior Secured Loans: US 61.2% $347.3 $674.2 Broadly Syndicated Senior Secured Loans: Europe 15.6% $88.5 $208.4 Middle Market Senior Secured Loans: US 23.2% $131.6 $170.1 CDOs Squared: US 0.0% $0.0 $0.0 ABS and Structured Finance: US 0.0% $0.0 $0.0 Total 100.0% $567.4 $1,052.8 0.79 Geographic Allocation by Asset Class USA Europe Asia Total Pacific Broadly Syndicated Senior Secured Loans 79.7% 20.3% 0.0% 100.0% Middle Market Senior Secured Loans 100.0% 0.0% 0.0% 100.0% CDOs Squared 0.0% 0.0% 0.0% 0.0% ABS and Structured Finance 0.0% 0.0% 0.0% 0.0% 84.4% 15.6% 0.0% 100.0% Top 15 Underlying Bank Loan Credits Bank Loan Exposure (6) Community Health 0.89% TXU Corp 0.83% HCA Inc 0.80% Georgia Pacific Corp 0.76% Univision Communications 0.75% Cablevision Systems Corp 0.61% SunGard Data Systems Inc 0.61% First Data Corp 0.60% Aramark Corp 0.58% Nielsen Company 0.54% Calpine Corp 0.53% Celanese US Holdings LLC 0.52% Idearc 0.52% Mylan Laboratories 0.52% Sabre Holdings Corp 0.50% EUR-USD FX: (1) Calculated using TFG shares outstanding and month end exchange price.

    (2) Excludes CDO-squared and ABS CDO transactions which were written off in October 2007. TFG continues to hold the economic rights to 4 of these written-off transactions.

    (3) Equivalent to Investment in Securities at Fair Value in the US GAAP Financial Statements.

    (4) Investments at Amortized Cost less interest accrued since last payment date. Internal Rate of Return (IRR) x Amortized Cost B/Fwd determines CDO income.

    (5) Equals CDO Amortized Cost BFwd / Book Value.

    (6) Calculated as a percentage of total corporate loan assets that TFG has exposure to based on its equity-based pro-rata share of each CLO's total portfolio (net of any single name CDS hedges held against that credit).

    An investment in TFG involves substantial risks. Please refer to the Company's website at http://www.tetragoninv.com/ for a description of the risks and uncertainties pertaining to an investment in TFG.

    This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of TFG have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to US persons unless they are registered under applicable law or exempt from registration. TFG does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, TFG has not been and will not be registered under the US Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. TFG is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act ("FMSA") as a collective investment scheme from a designated country. This release constitutes regulated information ("gereglementeerde informatie") within the meaning of Section 1:1 of the FMSA.

    Board of Directors Paddy Dear Reade Griffith David Jeffreys* Lee Olesky* Rupert Dorey* Alex Jackson Byron Knief* *Independent Director Shareholder Information Registered Office of TFG and the Master Fund Tetragon Financial Group Limited Tetragon Financial Group Master Fund Limited Tudor House Le Bordage St. Peter Port, Guernsey Channel Islands GYI 3PF Investment Manager Polygon Credit Management LP 399 Park Avenue, 22nd Floor New York, NY 10022 United States of America General Partner of Investment Manager Polygon Credit Management GP LLC 399 Park Avenue, 22nd Floor New York, NY 10022 United States of America Investor Relations David Wishnow / Yuko Thomas ir@tetragoninv.com Press Inquiries Finsbury Charles Chichester/Talia Druker/Rollo Head +44-20-7251-3801 Auditors KPMG Channel Islands Ltd 20 New Street St. Peter Port, Guernsey Channel Islands GYI 4AN Administrator and Registrar State Street Fund Services (Guernsey) Limited Tudor House Le Bordage St. Peter Port, Guernsey Channel Islands GYI 3PF Sub-Registrar and Transfer Agent The Bank of New York One Wall Street New York, NY 10286 United States of America Issuing Agent, Dutch Paying and Transfer Agent Kas Bank N.V. Spuistraat 172 1012 VT Amsterdam, The Netherlands Legal Advisor (as to U.S. law) Cravath, Swaine & Moore LLP One Ropemaker Street London EC2Y 9HR United Kingdom Legal Advisor (as to Guernsey law) Ogier Ogier House St. Julian's Avenue St. Peter Port, Guernsey Channel Islands GYI 1WA Legal Advisor (as to Dutch law) De Brauw Blackstone Westbroek N.V. Tripolis Burgerweeshuispad 301 1076 HR Amsterdam, The Netherlands Stock Listing NYSE EuroNext --------------------------------- UNAUDITED QUARTERLY REPORT TETRAGON FINANCIAL GROUP LIMITED FOR THE PERIOD ENDED 30 SEPTEMBER 2009 AND FOR THE PERIOD ENDED 30 SEPTEMBER 2008 TETRAGON FINANCIAL GROUP LIMITED STATEMENTS OF ASSETS AND LIABILITIES as at 30 September 2009 (unaudited) 30 Sep 2009 31 Dec 2008 US$ US$ Assets Investment in Master Fund 720,846,408 1,141,950,194 Amounts receivable from Master Fund 44,603 74,366 Total assets 720,891,011 1,142,024,560 Liabilities Amounts payable on treasury shares 44,603 74,366 Total liabilities 44,603 74,366 Net assets 720,846,408 1,141,950,194 Equity Share capital 126,195 125,980 Share Premium 1,182,157,534 1,182,232,455 Capital Reserve in respect of share options 11,789,336 11,789,336 Earnings (473,226,657) (52,197,577) 720,846,408 1,141,950,194 Shares outstanding Number Number Participating shares 126,195,146 125,979,883 Net asset value per share Participating shares US$5.71 US$9.06 TETRAGON FINANCIAL GROUP LIMITED STATEMENTS OF OPERATIONS For the period ended 30 September 2009 and for the period ended 30 September 2008 (unaudited) Quarter Quarter 9 Months 9 Months Ended Ended Ended Ended 30 Sep 2009 30 Sep 2008 30 Sep 2009 30 Sep 2008 US$ US$ US$ US$ Investment income allocated from the Master Fund Interest income 39,660,355 54,472,877 136,955,255 162,688,641 Other income 281,815 - 963,552 - Investment income allocated from the Master Fund 39,942,170 54,472,877 137,918,807 162,688,641 Direct expenses Incentive fee - (10,329,924) - (21,930,546) Direct expenses - (10,329,924) - (21,930,546) Operating expenses allocated from the Master Fund Management fees (2,607,033) (4,974,128) (9,473,344) (14,123,548) Administration fees (132,004) (200,333) (457,861) (518,406) Custodian fees (16,734) - (42,104) - Legal and professional fees (44,653) (112,479) (113,099) (413,039) Audit fees (90,292) (92,447) (228,456) (238,688) Directors' fees (50,000) (50,000) (150,004) (145,175) Transfer agent fees (28,739) (33,158) (89,916) (109,249) Other operating expenses (163,100) (336,409) (501,485) (605,164) Interest expense - (3,017,787) (592,021) (11,388,798) Operating expenses allocated from the Master Fund (3,132,555) (8,816,741) (11,648,290) (27,542,067) Total operating expenses (3,132,555) (19,146,665) (11,648,290) (49,472,613) Net investment income 36,809,615 35,326,212 126,270,517 113,216,028 TETRAGON FINANCIAL GROUP LIMITED STATEMENTS OF OPERATIONS (continued) For the period ended 30 September 2009 and for the period ended 30 September 2008 (unaudited) Quarter Quarter 9 Months 9 Months Ended Ended Ended Ended 30 Sep 2009 30 Sep 2008 30 Sep 2009 30 Sep 2008 US$ US$ US$ US$ Net realized and unrealized (loss)/gain from investments and foreign currencies allocated from the Master Fund Net realized gain/(loss) from: Investments - - - 303,684 Foreign currency transactions (4,250,644) 19,409,958 6,158,675 (1,104,697) Credit default swaps - 14,499,885 - 19,731,448 (4,250,644) 33,909,843 6,158,675 18,930,435 Net (decrease)/increase in unrealized (depreciation)/ appreciation on: Investments (3,499,523) 10,009,579 (531,855,631) 11,168,452 Forward foreign exchange contracts 1,693,573 4,355,043 2,031,931 2,477,163 Credit default swaps - (10,931,088) - (9,606,673) Foreign Exchange Options (595,500) - (5,475,600) - Translation of assets and liabilities in foreign currencies 1,090,691 (23,918,958) (6,841,244) 177,213 (1,310,759) (20,485,424) (542,140,544) 4,216,155 Net realized and unrealized (loss)/gain from investments and foreign currencies allocated from the Master Fund (5,561,403) 13,424,419 (535,981,869) 23,146,590 Net increase/(decrease) in net assets resulting from operations 31,248,212 48,750,631 (409,711,352)136,362,618 TETRAGON FINANCIAL GROUP LIMITED STATEMENTS OF CHANGES IN NET ASSETS For the period ended 30 September 2009 and for the period ended 30 September 2008 (unaudited) 9 Months Ended 9 Months Ended 30 Sep 2009 30 Sep 2008 US$ US$ Total investment income 137,918,807 162,688,641 Total operating expenses (11,648,290) (49,472,613) Net realized gain from investments and foreign currencies allocated from the Master Fund 6,158,675 18,930,435 Net unrealized (loss)/gain from investments and foreign currencies allocated from the Master Fund (542,140,544) 4,216,155 Net (decrease)/increase in net assets resulting from operations (409,711,352) 136,362,618 Dividends paid to shareholders (11,317,728) (54,342,978) Issue of shares 909,146 87,244,339 Treasury shares (983,852) (8,999,699) (Decrease)/increase in net assets resulting from net share transactions (74,706) 78,244,640 Total (decrease)/increase in net assets (421,103,786) 160,264,280 Net assets at start of period 1,141,950,194 1,188,220,992 Net assets at end of period 720,846,408 1,348,485,272 TETRAGON FINANCIAL GROUP LIMITED STATEMENTS OF CASH FLOWS For the period ended 30 September 2009 and for the period ended 30 September 2008 (unaudited) 9 Months Ended 9 Months Ended 30 Sep 2009 30 Sep 2008 US$ US$ Operating and investing activities Net (decrease)/increase in net assets resulting from operations (409,711,352) 136,362,618 Adjustments for: Net unrealized depreciation/(appreciation) on investments in Master Fund 421,103,786 (170,594,204) Operating cash flows before movements in working capital 11,392,434 (34,231,586) Decrease in receivables 29,763 110,984 (Decrease)/increase in payables (29,763) 10,218,940 Cash flows from operations 11,392,434 (23,901,662) Cash inflows/(outflows) from operating and investing activities 11,392,434 (23,901,662) Financing activities Issue of shares 909,146 87,244,339 Treasury shares (983,852) (8,999,699) Dividends paid to shareholders (11,317,728) (54,342,978) Cash (outflows)/inflows from financing activities (11,392,434) 23,901,662 Net (decrease)/increase in cash and cash equivalents - - Cash and cash equivalents at beginning of period - - Cash and cash equivalents at end of period - - UNAUDITED QUARTERLY REPORT TETRAGON FINANCIAL GROUP MASTER FUND LIMITED FOR THE PERIOD ENDED 30 SEPTEMBER 2009 AND FOR THE PERIOD ENDED 30 SEPTEMBER 2008 TETRAGON FINANCIAL GROUP MASTER FUND LIMITED STATEMENTS OF ASSETS AND LIABILITIES as at 30 SEPTEMBER 2009 (unaudited) 30 Sep 2009 31 Dec 2008 US$ US$ Assets Investments in securities, at fair value 567,432,382 1,082,495,071 Cash and cash equivalents 149,699,437 63,042,822 Amounts due from brokers 6,675,770 114,374,113 Derivative financial assets - foreign exchange options 2,000 5,477,600 Other receivables 225,737 176,192 Total assets 724,035,326 1,265,565,798 Liabilities Payables under repurchase and swap agreements - 117,557,492 Derivative financial liabilities - forward contracts 2,809,645 4,841,576 Amounts payable to feeder fund 44,603 74,366 Interest payable - 665,976 Other payables and accrued expenses 334,670 476,194 Total liabilities 3,188,918 123,615,604 Net assets 720,846,408 1,141,950,194 Equity Share capital 126,195 125,980 Share premium 1,141,380,618 1,141,455,539 Earnings (420,660,405) 368,675 720,846,408 1,141,950,194 Shares outstanding Number Number Shares 126,195,146 125,979,883 Net asset value per share Shares US$5.71 US$9.06 TETRAGON FINANCIAL GROUP MASTER FUND LIMITED STATEMENTS OF OPERATIONS For the period ended 30 SEPTEMBER 2009 and for the period ended 30 SEPTEMBER 2008 (unaudited) Quarter Quarter 9 Months 9 Months Ended Ended Ended Ended 30 Sep 2009 30 Sep 2008 30 Sep 2009 30 Sep 2008 US$ US$ US$ US$ Interest income 39,660,355 54,472,877 136,955,255 168,254,245 Other income 281,815 - 963,552 - Investment income 39,942,170 54,472,877 137,918,807 168,254,245 Management fees (2,607,033) (4,974,128) (9,473,344) (14,585,744) Administration fees (132,004) (200,333) (457,861) (534,511) Custodian fees (16,734) - (42,104) - Legal and professional fees (44,653) (112,479) (113,099) (431,283) Audit fees (90,292) (92,447) (228,456) (246,261) Directors' fees (50,000) (50,000) (150,004) (150,000) Transfer agent fees (28,739) (33,158) (89,916) (112,943) Other operating expenses (163,100) (336,409) (501,485) (621,414) Interest expense - (3,017,787) (592,021) (11,835,507) Operating expenses (3,132,555) (8,816,741) (11,648,290) (28,517,663) Net investment income 36,809,615 45,656,136 126,270,517 139,736,582 Realized and unrealized (loss)/gain from investments and foreign currency Net realized gain/(loss) from: Investments - - - 322,349 Foreign currency (4,250,644) 19,409,958 6,158,675 (2,385,457) transactions Credit default swaps - 14,499,885 - 20,119,865 (4,250,644) 33,909,843 6,158,675 18,056,757 Net (decrease)/increase in unrealized (depreciation)/appreciation on: Investments (3,499,523) 10,009,579 (531,855,631) 10,806,962 Forward foreign exchange contracts 1,693,573 4,355,043 2,031,931 2,526,799 Credit Default Swaps - (10,931,088) - (9,786,587) Foreign Exchange Options (595,500) - (5,475,600) - Translation of assets and liabilities in foreign currencies 1,090,691 (23,918,958) (6,841,244) 1,471,054 (1,310,759) (20,485,424) (542,140,544) 5,018,228 Net realized and unrealized (loss)/ gain from investments and foreign currencies (5,561,403) 13,424,419 (535,981,869) 23,074,985 Net increase/(decrease) in net assets resulting from operations 31,248,212 59,080,555 (409,711,352) 162,811,567 TETRAGON FINANCIAL GROUP MASTER FUND LIMITED STATEMENTS OF CHANGES IN NET ASSETS For the period ended 30 SEPTEMBER 2009 and for the period ended 30 SEPTEMBER 2008 (unaudited) 9 Months Ended 9 Months Ended 30 Sep 2009 30 Sep 2008 US$ US$ Investment income 137,918,807 168,254,245 Operating expenses (11,648,290) (28,517,663) Net realized gain from investments and foreign currency 6,158,675 18,056,757 Net unrealized (depreciation) / appreciation on investments and translation of assets and liabilities in foreign currencies (542,140,544) 5,018,228 Net (decrease) / increase in net assets resulting from operations (409,711,352) 162,811,567 Dividends paid to shareholders (11,317,728) (68,622,012) Issue of shares 909,146 9,187,384 Treasury shares (983,852) (8,999,699) (Decrease) / increase in net assets resulting from net share transactions (74,706) 187,685 Total (decrease) / increase in net assets (421,103,786) 94,377,240 Net assets at start of period 1,141,950,194 1,264,437,956 Net assets at end of period 720,846,408 1,358,815,196 TETRAGON FINANCIAL GROUP MASTER FUND LIMITED STATEMENTS OF CASH FLOWS For the period ended 30 SEPTEMBER 2009 and for the period ended 30 SEPTEMBER 2008 (unaudited) Quarter ended Quarter ended 30 Sep 2009 30 Sep 2008 US$ US$ Operating and investing activities Net (decrease) / increase in net assets resulting from operations (409,711,352) 162,811,567 Adjustments for: Realized gain on investments - (322,349) Non cash interest income on investments (25,070,302) 105,585,526 Unrealized losses/(gains) 542,140,544 (5,018,229) Operating cash flows before movements in working capital 107,358,890 263,056,515 (Increase) / Decrease in receivables (49,545) 11,665,717 Decrease in payables (837,263) (7,205,678) Cash flows from operations 106,472,082 267,516,554 Proceeds from repayments on investments - 322,349 Cash inflows from operating and investing activities 106,472,082 267,838,903 Financing activities Amounts due from brokers 107,698,343 (20,163,549) Proceeds from issue of shares 909,146 9,187,384 Treasury shares (983,852) (8,999,699) Dividends paid to shareholders (11,317,728) (68,622,012) Repayment on repurchase and swap agreements (117,557,492) (274,621,701) Bank overdraft - 252,826,526 Cash outflows from financing activities (21,251,583) (110,393,051) Net increase in cash and cash equivalents 85,220,499 157,445,852 Cash and cash equivalents at beginning of period 63,042,822 209,237,922 Effect of exchange rate fluctuations on cash and cash equivalents 1,436,116 24,928 Cash and cash equivalents at end of period 149,699,437 366,708,702 For further information, please contact: TFG: Press Inquiries: David Wishnow/Yuko Thomas Finsbury Investor Relations Charles Chichester/Talia ir@tetragoninv.com Druker/Rollo Head +44-20-7251-3801

    Tetragon Financial Group Limited

    CONTACT: For further information, please contact: TFG: David
    Wishnow/Yuko Thomas, Investor Relations, ir@tetragoninv.com. Press Inquiries:
    Finsbury, Charles Chichester/Talia Druker/Rollo Head, +44-20-7251-3801




    Tetragon Financial Group Limited (TFG) Announces Continuation of its Share Repurchase Program

    LONDON, October 23 /PRNewswire-FirstCall/ -- TFG today announces that it will continue its share repurchase program. The Board of TFG continues to be confident in the long-term prospects of TFG. The Board also believes that the purchase of shares in the market may at appropriate price levels below Net Asset Value represent an attractive use of TFG's excess cash and an efficient means to return cash to its shareholders.

    The updated share repurchase program will commence on October 26, 2009 and will continue for a period of up to October 31, 2010, until 5% of the Company's outstanding shares have been repurchased under the updated program or until terminated by the Board. Other than as described below, the updated share repurchase program shall be conducted on the same terms as the previously announced program on April 27, 2009. Accordingly, the maximum price to be paid per share under the share repurchase program shall not exceed the higher of the price of the last independent trade and the highest current independent bid on Eurolist by NYSE Euronext Amsterdam. TFG's maximum daily trading volume for such purchases shall be based on the average daily volume traded in September 2009 and shall be fixed for the duration of the program.

    About Tetragon:

    Tetragon Financial Group Limited (TFG) is a Guernsey closed-ended investment company traded on Euronext Amsterdam by NYSE Euronext under the ticker symbol "TFG."

    Tetragon Financial Group Limited (TFG) currently invests through long-term funding vehicles such as collateralized loan obligations (CLOs) in selected securitized asset classes and aims to provide stable returns to investors across various interest rate and credit cycles.

    This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of TFG have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), as amended, and may not be offered or sold in the United States or to US persons unless they are registered under applicable law or exempt from registration. TFG does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, TFG has not been and will not be registered under the US Investment Company Act of 1940, and investors will not be entitled to the benefits of such Act. TFG is registered in the public register of the Netherlands Authority for the Financial Markets under Section 1:107 of the Financial Markets Supervision Act (the FMSA") as a collective investment scheme from a designated country. This release constitutes regulated information ("gereglementeerde informatie") within the meaning of Section 1:1 of the FMSA.

    For further information, please contact: TFG: Greg Wadsworth/Yuko Thomas Investor Relations ir@polygoninv.com Press Inquiries: Finsbury Charles Chichester/Talia Druker/Rollo Head +44-20-7251-3801

    Tetragon Financial Group Limited

    CONTACT: For further information, please contact: TFG: Greg
    Wadsworth/Yuko Thomas, Investor Relations, ir@polygoninv.com. Press
    Inquiries: Finsbury, Charles Chichester/Talia Druker/Rollo Head,
    +44-20-7251-3801




    Bayer and Onyx Initiate Phase 3 Trial of Nexavar in Patients With Non-Responsive Thyroid Cancer

    WAYNE, N.J. and EMERYVILLE, Calif., Oct. 23 /PRNewswire-FirstCall/ -- Bayer HealthCare Pharmaceuticals, Inc. and Onyx Pharmaceuticals, Inc. today announced the companies have begun enrolling patients in an international Phase 3 trial to evaluate Nexavar® (sorafenib) tablets for the treatment of patients with radioactive iodine-refractory, locally advanced or metastatic differentiated thyroid cancer. This Phase 3 trial was started based on the results from Phase 2 clinical trials evaluating Nexavar in patients with advanced thyroid cancer.

    "Patients with thyroid cancer who failed to respond to surgical or radiotherapies, have limited treatment options to help them manage their disease," said Dimitris Voliotis, vice president, Nexavar clinical development, Bayer HealthCare Pharmaceuticals. "Recognizing this unmet need, we are evaluating Nexavar in this special patient population."

    Phase 3 Trial Design

    The DECISION (stuDy of sorafEnib in loCally advanced or metastatIc patientS with radioactive Iodine refractory thyrOid caNcer) trial is an international, multicenter, randomized, placebo-controlled study that will enroll approximately 400 patients with locally advanced or metastatic, radioactive iodine-refractory, differentiated thyroid cancer (papillary, follicular and Hurthle cell) who have received no prior systemic therapy.

    Patients will be randomized to receive 400 mg of oral Nexavar twice daily or matching placebo. Patients will continue on treatment until disease progression, toxicity, non-compliance or withdrawal of consent. At the time of progression, patients receiving placebo will have an option to cross over to Nexavar at the discretion of the investigator, based on the patient's clinical status. The primary endpoint of the study is progression-free survival as defined by Response Evaluation Criteria in Solid Tumors (RECIST). Secondary endpoints include overall survival, time to progression and response rate. The safety and tolerability of the two treatment groups will also be compared.

    The study will be conducted at sites in the United States, Europe, Asia, and Japan. For information about enrolling in the study, please visit http://www.clinicaltrials.gov/.

    Phase 2 Trial Results

    Updated results from a single institution, investigator sponsored Phase 2 open-label study in 55 patients with metastatic, iodine refractory, thyroid cancer treated with Nexavar 400 mg twice daily were presented at the American Society of Clinical Oncology (ASCO) Annual Meeting, May 29-June 3, 2009 Orlando, FL, by Marcia Brose, M.D., Ph.D., an assistant professor of Hematology/Oncology and Otorhinolaryngology in the Abramson Cancer Center at the University of Pennsylvania, Philadelphia, PA, U.S.A. In 50 evaluable patients, 18 (36 percent) had a partial response per RECIST criteria. Updated survival results on the first 30 patients enrolled into the study demonstrated that across all histologies the median progression-free survival (PFS) was 63 weeks and the median overall survival was 140 weeks. The most common adverse events (AE) seen in the trial were hand-foot skin reaction, rash, fatigue, stomatitis/mucositis, weight loss, and musculoskeletal pain, and were predominantly grade 1 or 2. Dr. Brose and Martin J. Schlumberger, Institut Gustave-Roussy, Villejuif, France, are the lead investigators on the Phase 3 trial.

    "Based on the positive signal generated in the Phase 2 trial, the initiation of this Phase 3 represents progress in exploring the full potential of Nexavar in a variety of treatment settings and tumor types," said Todd Yancey, M.D., vice president of clinical development at Onyx. "Building on our successful foundation of treating unresectable liver cancer and advanced kidney cancer, we are hopeful that this Phase 3 trial will lead to a new treatment option for patients with non-responsive thyroid cancer."

    About Thyroid Cancer

    Thyroid cancer, one of the few cancers that has increased in incidence over the past several years, is the sixth most common cancer in women and about three times as many women as men get thyroid cancer.(1) There are more than 140,000 new cases of thyroid cancer and more than 35,000 people die worldwide each year.(2)

    Nexavar's Differentiated Mechanism

    Nexavar targets both the tumor cell and tumor vasculature. In preclinical studies, Nexavar has been shown to target members of two classes of kinases known to be involved in both cell proliferation (growth) and angiogenesis (blood supply) - two important processes that enable cancer growth. These kinases included Raf kinase, VEGFR-1, VEGFR-2, VEGFR-3, PDGFR-B, KIT, FLT-3 and RET.

    Nexavar is currently approved in more than 80 countries for the treatment of patients with liver cancer and in more than 90 countries for the treatment of patients with advanced kidney cancer. Nexavar is also being evaluated by the companies, international study groups, government agencies and individual investigators as a single agent or combination treatment in a wide range of cancers, including breast cancer, colorectal cancer, lung cancer, ovarian cancer, and as an adjuvant therapy for liver cancer.

    Important Safety Considerations for Patients Taking Nexavar

    Based on the currently approved U.S. package insert for the treatment of patients with unresectable hepatocellular carcinoma and advanced kidney cancer, hypertension may occur early in the course of therapy and blood pressure should be monitored weekly during the first six weeks of therapy and treated as needed. In HCC patients, bleeding with a fatal outcome from any site was reported in 2.4% for Nexavar and 4% in placebo. The incidence of treatment-emergent cardiac ischemia/infarction was 2.7% for Nexavar vs. 1.3% for placebo. In RCC patients, incidence of bleeding regardless of causality was 15% for Nexavar vs. 8% for placebo and the incidence of treatment-emergent cardiac ischemia/infarction was 2.9% for Nexavar vs. 0.4% for placebo. Most common adverse events 20% related to Nexavar for both HCC and RCC were fatigue, weight loss, rash/desquamation, hand-foot skin reaction, alopecia, diarrhea, nausea, and abdominal pain. Grade 3/4 adverse events in HCC and RCC patients, respectively, were 45% for Nexavar vs. 32% for placebo and 38% for Nexavar and 28% for placebo. Women of child-bearing potential should be advised to avoid becoming pregnant and advised against breast-feeding. In cases of any severe or persistent side effects, temporary treatment interruption, dose modification or permanent discontinuation should be considered.

    For information about Nexavar including U.S. Nexavar prescribing information, visit http://www.nexavar.com/ or call 1.866.NEXAVAR (1.866.639.2827).

    About Bayer HealthCare Pharmaceuticals Inc.

    Bayer HealthCare Pharmaceuticals Inc. is the U.S.-based pharmaceuticals unit of Bayer HealthCare LLC, a division of Bayer AG. One of the world's leading, innovative companies in the healthcare and medical products industry, Bayer HealthCare combines the global activities of the Animal Health, Consumer Care, Diabetes Care, and Pharmaceuticals divisions. In the U.S., Bayer HealthCare Pharmaceuticals comprises the following business units: Women's Healthcare, Diagnostic Imaging, Specialized Therapeutics, Hematology/Cardiology and Oncology. The company's aim is to discover and manufacture products that will improve human health worldwide by diagnosing, preventing and treating diseases.

    About Onyx Pharmaceuticals, Inc.

    Onyx Pharmaceuticals, Inc. is a biopharmaceutical company committed to improving the lives of people with cancer. The company, in collaboration with Bayer HealthCare Pharmaceuticals, Inc., is developing and marketing Nexavar® (sorafenib) tablets, a small molecule drug. For more information about Onyx, visit the company's website at http://www.onyx-pharm.com/.

    Forward Looking Statements

    This news release may contain forward-looking statements based on current assumptions and forecasts made by Bayer Group or subgroup management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in Bayer's public reports which are available on the Bayer Web site at http://www.bayer.com/. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.

    This news release also contains "forward-looking statements" of Onyx within the meaning of the federal securities laws. These forward-looking statements include without limitation, statements regarding timing, progress and results of the clinical development, safety, regulatory processes, commercialization efforts or commercial potential of Nexavar. These statements are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated. Reference should be made to Onyx's Annual Report on Form 10-K for the year ended December 31, 2008, filed with the Securities and Exchange Commission under the heading "Risk Factors" and Onyx's Quarterly Reports on Form 10-Q for a more detailed description of such factors. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release. Onyx undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.

    Nexavar® (sorafenib) tablets is a registered trademark of Bayer Healthcare Pharmaceuticals, Inc.

    (1) American Cancer Society

    (2) Globocan 2002, World Health Organization, www-dep.iarc.fr/

    Onyx Pharmaceuticals, Inc.; Bayer HealthCare Pharmaceuticals, Inc.

    CONTACT: Media, David Freundel of Bayer HealthCare Pharmaceuticals,
    +1-973-305-5310; or Lori Murray, +1-510-597-6394; or Investors, Julie Wood,
    +1-510-597-6505, both of Onyx Pharmaceuticals, Inc.

    Web Site: http://www.nexavar.com/
    http://www.onyx-pharm.com/
    http://www-dep.iarc.fr/




    Ballast Nedam Trading Update - Third Quarter 2009

    NIEUWEGEIN, The Netherlands, October 23 /PRNewswire/ --

    - Slight Fall in Order Book - to EUR 1.8 Billion

    - 2009 Forecast Under Greater Pressure: Operating Result of Approximately EUR 15 Million to EUR 20 Million

    Situation in the third quarter of 2009

    Compared to the first six months of this year, the markets for property and infrastructure showed no improvement during the third quarter.

    The order book fell from EUR 1,910 million in mid-year to EUR 1,830 million. Nevertheless, the value of the order book is still 10% higher than it was at the end of 2008. The relatively high level of the order book particularly reflects large, long-term projects such as the Ministry of Justice and the Ministry of the Interior and Kingdom Relations in The Hague, various PPP projects such as the Kromhout Barracks in Utrecht, and the construction of the multi-fuel power plant for Nuon, at the port of Eemshaven in the province of Groningen, which recommenced in the third quarter. In the fourth quarter, the civil part of the major, long-term A2 Maastricht project will be entered into the order book. In contrast, the order book for the regional companies declined, in line with general market developments.

    Third quarter results fell short of our expectations. The construction companies' results in particular (both the regional construction companies and the major projects) were more adversely affected than had been anticipated. The Infrastructure division's performance was in line with expectations.

    In the third quarter, the net financing position fell to EUR 159 million (a drop of EUR 14 million) due to an increase in PPP loans. Net cash, which was included in the net financing position, increased by EUR 2 million to EUR 18 million.

    Forecast for 2009 - results under greater pressure

    In the third quarter, results were even more adversely affected because the results of the Construction and Development division fell behind. Among other things, this was due to an unfavourable settlement of a claim on a large project and further delay in the sale of real estate. In view of this, the Board of Management expects an operating result of approximately EUR 15 million to EUR 20 million for 2009, with a lower revenue than in 2008.

    This forecast makes no allowance for a possible provision for a fine of EUR 9 million imposed by the UK competition authority (Office of Fair Trading) nor for the potential beneficial outcome of proceedings against a former director, who was held liable for approximately EUR 20 million in an interlocutory decision.

    The half-yearly report was still based on a forecast result of approximately EUR 25 million, with a range of EUR 20 million to EUR 26 million.

    Ballast Nedam NV

    Note for the editorial staff: Further details can be obtained from: Ballast Nedam N.V., Adrie van Kessel, telephone +31(0)30-285-41-61 / +31(0)6-22-45-71-85




    Ballast Nedam to buy Back its own Shares

    NIEUWEGEIN, The Netherlands, October 23 /PRNewswire/ -- Ballast Nedam N.V. announces that it has decided to buy a maximum of 100,000 depositary share receipts of Ballast Nedam N.V. to cover current management options obligations.

    The required approval for the share buy-back is obtained at the General Meeting of Shareholders on 6 May 2009 and runs until 6 November 2010. The acquisition of the depositary share receipts will begin as of today.

    The price per depositary share receipt shall not be higher than the average stock market quotation plus ten per cent. The average stock market quotation shall be calculated based on the average closing rate for the five business days previous to the date of purchase.

    Ballast Nedam NV

    To the editor: Public Relations, Adrie van Kessel, telephone number +31-(0)30-285-41-61; Investor Relations, Richard Feenstra, telephone number+31-(0)30-285-41-05




    Ballast Nedam to buy Back its own Shares

    NIEUWEGEIN, The Netherlands, October 23 /PRNewswire-FirstCall/ -- Ballast Nedam N.V. announces that it has decided to buy a maximum of 100,000 depositary share receipts of Ballast Nedam N.V. to cover current management options obligations.

    The required approval for the share buy-back is obtained at the General Meeting of Shareholders on 6 May 2009 and runs until 6 November 2010. The acquisition of the depositary share receipts will begin as of today.

    The price per depositary share receipt shall not be higher than the average stock market quotation plus ten per cent. The average stock market quotation shall be calculated based on the average closing rate for the five business days previous to the date of purchase.

    Ballast Nedam NV

    CONTACT: To the editor: Public Relations, Adrie van Kessel, telephone
    number +31-(0)30-285-41-61; Investor Relations, Richard Feenstra, telephone
    number+31-(0)30-285-41-05




    Ballast Nedam Trading Update - Third Quarter 2009

    NIEUWEGEIN, The Netherlands, October 23 /PRNewswire-FirstCall/ -- - Slight Fall in Order Book - to EUR 1.8 Billion

    - 2009 Forecast Under Greater Pressure: Operating Result of Approximately EUR 15 Million to EUR 20 Million

    Situation in the third quarter of 2009

    Compared to the first six months of this year, the markets for property and infrastructure showed no improvement during the third quarter.

    The order book fell from EUR 1,910 million in mid-year to EUR 1,830 million. Nevertheless, the value of the order book is still 10% higher than it was at the end of 2008. The relatively high level of the order book particularly reflects large, long-term projects such as the Ministry of Justice and the Ministry of the Interior and Kingdom Relations in The Hague, various PPP projects such as the Kromhout Barracks in Utrecht, and the construction of the multi-fuel power plant for Nuon, at the port of Eemshaven in the province of Groningen, which recommenced in the third quarter. In the fourth quarter, the civil part of the major, long-term A2 Maastricht project will be entered into the order book. In contrast, the order book for the regional companies declined, in line with general market developments.

    Third quarter results fell short of our expectations. The construction companies' results in particular (both the regional construction companies and the major projects) were more adversely affected than had been anticipated. The Infrastructure division's performance was in line with expectations.

    In the third quarter, the net financing position fell to EUR 159 million (a drop of EUR 14 million) due to an increase in PPP loans. Net cash, which was included in the net financing position, increased by EUR 2 million to EUR 18 million.

    Forecast for 2009 - results under greater pressure

    In the third quarter, results were even more adversely affected because the results of the Construction and Development division fell behind. Among other things, this was due to an unfavourable settlement of a claim on a large project and further delay in the sale of real estate. In view of this, the Board of Management expects an operating result of approximately EUR 15 million to EUR 20 million for 2009, with a lower revenue than in 2008.

    This forecast makes no allowance for a possible provision for a fine of EUR 9 million imposed by the UK competition authority (Office of Fair Trading) nor for the potential beneficial outcome of proceedings against a former director, who was held liable for approximately EUR 20 million in an interlocutory decision.

    The half-yearly report was still based on a forecast result of approximately EUR 25 million, with a range of EUR 20 million to EUR 26 million.

    Ballast Nedam NV

    CONTACT: Note for the editorial staff: Further details can be obtained
    from: Ballast Nedam N.V., Adrie van Kessel, telephone +31(0)30-285-41-61




    La société Performa de gategroup nomme un nouveau PDG

    ZURICH, October 23 /PRNewswire/ --

    - La marque s'élargit en offrant des services de restauration pendant des événements

    gategroup, le principal fournisseur mondial indépendant de services et de produits à bord, a nommé Jaap Roukens à titre de président-directeur général de sa marque Performa, dans le cadre de l'expansion des activités de Performa, pour y intégrer la prestation de divers services et de services de restauration à l'occasion d'événements mondiaux.

    Performa, qui puise ses racines dans l'élaboration de concepts de services et d'environnements exceptionnels, y compris le design, la construction et l'exploitation de salons d'attente dans les aéroports, deviendra la porte d'entrée de gategroup dans l'univers des événements de calibre mondial.

    Performa Events fournira des aliments, du matériel, des marchandises et des services d'hébergement à l'occasion d'événements et de salons sportifs et sociaux, à l'échelle régionale et mondiale, et misera sur l'introduction réussie de Performa sur le marché des salons d'attente dans les aéroports, comme dans le cas de ses activités de gestion du salon d'attente de l'aéroport Heathrow à Londres pour l'alliance des sociétés aériennes SkyTeam. La société tirera profit des vastes capacités de gategroup en s'appuyant sur l'expertise de la gamme de marques gategroup qui transportent les fournisseurs mondiaux de premier plan sur les marchés des transporteurs aériens et des lignes ferroviaires.

    << La combinaison du savoir-faire commercial et de l'esprit d'initiative de Jaap Roukens sera bénéfique pour le groupe, à ce point dans l'histoire de Performa >>, a déclaré Guy Dubois, PDG de gategroup. << Nous sommes impatients de bénéficier de ses contributions dans l'élaboration d'offres novatrices pour le nouveau secteur des événements, ainsi que dans l'établissement et l'entretien de relations avec les clients dans les marchés actuels de Performa, c'est-à-dire les salons d'attente et l'accueil. >>

    M. Roukens fait partie de l'équipe de direction de gategroup depuis mai 2008 et est responsable de la recherche et du développement concernant les produits et les services de gategroup. Il conserve son siège au conseil de direction de gategroup.

    Il est fondateur et ancien PDG de Supplair, une société membre de gategroup. Sous sa direction, Supplair a enregistré une hausse de ses recettes de plus de 100 millions CHF sur cinq ans. M. Roukens possède notamment une vaste expérience en développement de services et de produits pour des hôtels, des restaurants et des services de détail, dont trois années au sein de groupe de supermarchés Ahold, basé aux Pays-Bas, ainsi que sa division de restaurants.

    Keith Yates, ancien président de Performa, poursuivra son service auprès de la société à titre d'expert-conseil pendant cette période de transition. << L'énergie et la vision de M. Yates ont donné lieu à la création de Performa, et nous lui sommes reconnaissants de ses précieuses contributions >>, a déclaré M. Dubois. << Il a fourni une plate-forme solide grâce à laquelle le groupe peut propulser Performa vers un niveau supérieur, et nous lui souhaitons beaucoup de succès dans ses projets futurs. >>

    Dans le cadre de cette réorganisation, Beat Ehlers a été désigné directeur de l'exploitation de Performa. Au service de la société depuis 16 ans, M. Ehlers occupait jusqu'à récemment le poste de directeur du groupe responsable du marketing.

    La société soeur de Performa, Elan, laquelle procède au recrutement et à la formation de représentants du service à la clientèle dans les industries des transporteurs aériens et de l'accueil, est désormais sous la direction de Mike Pooley, président du groupe pour la région Asie-Pacifique.

    À propos de gategroup :

    gategroup est constitué de 11 sociétés membres, dont sa marque principale, Gate Gourmet. Les capacités de calibre mondial de la société sont axées sur la restauration et l'accueil, l'approvisionnement, ainsi que les solutions à bord. Les actions de gategroup, dont le siège social se situe à Zurich, sont négociées sur la Bourse suisse SIX sous le symbole GATE. Veuillez consulter le www.gategroup.com.

    gategroup

    John Bronson de gategroup, +41-43-812-2048, jbronson@gategourmet.com

    page 1     page 2     page 3     page 4     page 5     page 6     page 7     page 8    

    News archive of April 2014
    1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29  30 



    News Archives of October 2009
    1   2   3   4   5   6   7   8   9   10   11   12   13   14   15   16   17   18   19   20   21   22   23   24   25   26   27   28   29   30   31  

    News Archives other dates
        2014:   Jan     Feb     Mar     Apr     May     Jun     Jul     Aug     Sep     Oct     Nov     Dec    
        2013:   Jan     Feb     Mar     Apr     May     Jun     Jul     Aug     Sep     Oct     Nov     Dec    
        2012:   Jan     Feb     Mar     Apr     May     Jun     Jul     Aug     Sep     Oct     Nov     Dec    
        2011:   Jan     Feb     Mar     Apr     May     Jun     Jul     Aug     Sep     Oct     Nov     Dec    
        2010:   Jan     Feb     Mar     Apr     May     Jun     Jul     Aug     Sep     Oct     Nov     Dec    
        2009:   Jan     Feb     Mar     Apr     May     Jun     Jul     Aug     Sep     Oct     Nov     Dec    
        2008:   Jan     Feb     Mar     Apr     May     Jun     Jul     Aug     Sep     Oct     Nov     Dec    
        2007:   Jan     Feb     Mar     Apr     May     Jun     Jul     Aug     Sep     Oct     Nov     Dec    
        2006:   Jan     Feb     Mar     Apr     May     Jun     Jul     Aug     Sep     Oct     Nov     Dec